Rights to Distribution. The holders of INX Tokens shall not be entitled to their Pro Rata Portion of the Distributable Amount until March 31, 2021. Holders of record of the INX Tokens on March 31, 2021 shall be entitled to their Pro Rata Portion (calculated as of March 31, 2021) of the Distributable Amount (calculated as of December 31, 2020), with payment (if any) occurring on April 30, 2021. Thereafter, holders of record of INX Tokens as of March 31 of any subsequent year (each year, an “Eligible Year”) shall be entitled to distributions of their Pro Rata Portion (calculated as of March 31 of such Eligible Year) of the Distributable Amount calculated as of December 31 of the year prior to such respective Eligible Year. If on December 31, 2020, December 31, 2021 or December 31 of any Eligible Year the Distributable Amount is negative, then no distribution shall be made. No holder of INX Tokens shall be entitled to their Pro Rata Portion of the Distributable Amount, and no rights to the distribution shall accrue, until March 31, 2021 or March 31 of an Eligible Year.
Appears in 7 contracts
Samples: Token Purchase Agreement, Token Purchase Agreement (INX LTD), Token Purchase Agreement (INX LTD)
