Common use of Removal of Designees Clause in Contracts

Removal of Designees. (i) If at any time, the holders of at least a majority of the outstanding shares of the GDI Series A Preferred and GDI Series B Preferred notifies the other Stockholders of their wish to remove at any time and for any reason (or no reason) any of the Preferred Designees, then each Stockholder shall vote all of its Shares so as to remove such Preferred Designee. (ii) If at any time, Xxxxxx Xxxxxx notifies the other Stockholders of his wish to remove at any time and for any reason (or no reason) any of the Management Designees, then each Stockholder shall vote all of its Shares so as to remove such Management Designee.

Appears in 3 contracts

Samples: Stockholders Agreement (General Devices Inc), Securities Purchase Agreement (General Devices Inc), Stockholders Agreement (General Devices Inc)

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Removal of Designees. (i) If at any time, the holders of at least a majority of the outstanding shares of the GDI Series A Preferred and GDI Series B Preferred notifies the other Stockholders of their wish to remove at any time and for any reason (or no reason) any of the Preferred Designees, then each Stockholder shall vote all of its Shares so as to remove such Preferred Designee. (ii) If at any time, Xxxxxx Xxxxxx notifies the other Stockholders of his wish to remove at any time and for any reason (or no reason) any of the Management Designees, then each Stockholder shall vote all of its Shares so as to remove such Management Designee.

Appears in 1 contract

Samples: Securities Purchase Agreement (General Devices Inc)

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