Resignation as Officer/Director. On the Closing Date: (a) Effective as of the Closing Date, or such later date as agreed to between the Issuer and its current officers, (i) the Issuer’s officers and directors shall resign and be duly replaced by the Purchaser’s designees; and (ii) the Issuer will cause the Purchaser’s director designee to be duly appointed. (b) The Seller will use its reasonable best efforts to ensure that two of the Issuer’s current directors will remain a director of the Issuer until the expiration of the 10-day period beginning on the date of the filing of the Information Statement relating to a change in majority of directors of the Issuer with the Commission pursuant to Rule 14f-1 promulgated under the Exchange Act (“Information Statement”).
Appears in 4 contracts
Samples: Stock Purchase Agreement (Map Vi Acquisition, Inc.), Stock Purchase Agreement (Map Iv Acquisition, Inc.), Stock Purchase Agreement (Map v Acquisition, Inc.)
