Common use of Service as a Director Clause in Contracts

Service as a Director. During the Term, and for so long after the date of Termination as the Executive beneficially owns shares of the Company’s common stock (including units of limited partnership interest in Dupont Fabros Technology, L.P. (the “Operating Partnership”)) representing 9.8% or more of the outstanding shares of common stock of the Company, calculated on a diluted basis assuming conversion into shares of common stock of the Company of all outstanding units of limited partnership interest in the Operating Partnership: (i) the Executive agrees to continue to serve as a director of the Company; and (ii) the Company agrees that the Executive shall be nominated for election as a director of the Company at each annual meeting of the Company’s stockholders or other meeting of the Company’s stockholders at which directors are elected. Any failure by the Board to nominate the Executive for election as a director of the Company in accordance with clause (ii) above shall be deemed to be a material breach by the Company of this Agreement and shall also constitute Good Reason for the Executive to resign in accordance with Section 5.4 of this Agreement.

Appears in 5 contracts

Samples: Employment Agreement (Dupont Fabros Technology, Inc.), Employment Agreement (Dupont Fabros Technology, Inc.), Employment Agreement (Dupont Fabros Technology, Inc.)

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Service as a Director. During the Term, and for so long after the date of Termination as the Executive beneficially owns shares of the Company’s common stock (including units of limited partnership interest in Dupont DuPont Fabros Technology, L.P. (the “Operating Partnership”)) representing 9.8% or more of the outstanding shares of common stock of the Company, calculated on a diluted basis assuming conversion into shares of common stock of the Company of all outstanding units of limited partnership interest in the Operating Partnership: (i) the Executive agrees to continue to serve as a director of the Company; and (ii) the Company agrees that the Executive shall be nominated for election as a director of the Company at each annual meeting of the Company’s stockholders or other meeting of the Company’s stockholders at which directors are elected. Any failure by the Board to nominate the Executive for election as a director of the Company in accordance with clause (ii) above shall be deemed to be a material breach by the Company of this Agreement and shall also constitute Good Reason for the Executive to resign in accordance with Section 5.4 of this Agreement.

Appears in 1 contract

Samples: Employment Agreement (Dupont Fabros Technology, Inc.)

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Service as a Director. During the Term, and for so long after the date of Termination as the Executive beneficially owns shares of the Company’s 's common stock (including units of limited partnership interest in Dupont Fabros Technology, L.P. (the “Operating Partnership”)) representing 9.8% or more of the outstanding shares of common stock of the Company, calculated on a diluted basis assuming conversion into shares of common stock of the Company of all outstanding units of limited partnership interest in the Operating Partnership: (i) the Executive agrees to continue to serve as a director of the Company; and (ii) the Company agrees that the Executive shall be nominated for election as a director of the Company at each annual meeting of the Company’s 's stockholders or other meeting of the Company’s 's stockholders at which directors are elected. Any failure by the Board to nominate the Executive for election as a director of the Company in accordance with clause (ii) above shall be deemed to be a material breach by the Company of this Agreement and shall also constitute Good Reason for the Executive to resign in accordance with Section 5.4 of this Agreement.

Appears in 1 contract

Samples: Employment Agreement (Dupont Fabros Technology, Inc.)

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