Termination of Right to Elect Directors Sample Clauses

Termination of Right to Elect Directors. The number of directors which Xxxxxx X. Xxxxxx, Xxxxx X. Xxxxxxxxx, the Applicable XXX Holders, and the Applicable Xxx Holders shall have the right to designate to the Board of Directors of the Company and its Subsidiaries shall be reduced as follows: Xx. Xxxxxx'x right to designate a director shall terminate on the date that Xx. Xxxxxx is no longer an employee of the Company. Xx. Xxxxxxxxx'x right to designate one director shall terminate when Xx. Xxxxxxxxx and his Permitted Transferees own less than fifty percent (50%) of the Shares held by him on the date hereof, and his right to designate the other director shall terminate when he owns less than five percent (5%) of the Common Stock of the Company then outstanding. The Applicable Xxx Holders' right to designate one director shall terminate when the Applicable Xxx Holders collectively own less than fifty percent (50%) of the Shares held by them on the date hereof, and their right to designate the other director (which shall be the director designated by Xxx Equity Partners in accordance with Section 2.3(b)) shall terminate when the Applicable Xxx Holders collectively own less than five percent (5%) of the Common Stock of the Company then outstanding. The Applicable XXX Holders' right to designate a director shall terminate when the Applicable XXX Holders collectively own less than five percent (5%) of the Common Stock of the Company then outstanding.
Sample 1
AutoNDA by SimpleDocs
Termination of Right to Elect Directors. If either Shareholder ceases to own at least thirty percent (30%) of the outstanding ordinary shares in the Company, such Shareholder will thereafter lose the rights granted to it in this Clause 4.2 to elect directors (but retaining all rights granted to shareholders generally under the Companies Act, including the right to vote for the election of directors generally).
Sample 1

Related to Termination of Right to Elect Directors

  • Termination of Rights The right of first refusal granted the --------------------- Company by Section 3(b) above and the option to repurchase the Shares in the event of an involuntary transfer granted the Company by Section 3(c) above shall terminate upon the first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act. Upon termination of the right of first refusal described in Section 3(b) and the expiration or exercise of the Repurchase Option, a new certificate or certificates representing the Shares not repurchased shall be issued, on request, without the legend referred to in Section 6(a)(ii) below and delivered to Purchaser.

  • Termination of Rights as Holder If the Placement Warrants are terminated in accordance with Section 6.1, then after such time Subscriber (or its successor in interest) shall no longer have any rights as a holder of such Placement Warrants and the Company shall take such action as is appropriate to cancel such Placement Warrants. Subscriber hereby irrevocably grants the Company a limited power of attorney for the purpose of effectuating the foregoing and agrees to take any and all measures reasonably requested by the Company necessary to effect the foregoing.

  • Duration of Rights If an Exchange Event does not occur within the time period set forth in the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time, the Rights shall expire and shall be worthless.

  • Termination of Rights as Shareholder If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such action as is appropriate to cancel such forfeited Shares.

  • Exercise of Rights; Separation of Rights (a) Subject to Sections 3.1, 5.1 and 5.10 and subject to adjustment as herein set forth, each Right will entitle the holder thereof, after the Separation Time and prior to the Expiration Time, to purchase, for the Exercise Price, one one-hundredth of a share of Preferred Stock.

  • Termination of Rights as Stockholder If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such action as is appropriate to cancel such forfeited Shares.

  • Appointment of Rights Agent The Company hereby appoints the Rights Agent to act as agent for the Company and the holders of the Rights (who, in accordance with Section 3 hereof, shall prior to the Distribution Date also be the holders of the Common Stock) in accordance with the terms and conditions hereof, and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint such Co-Rights Agents as it may deem necessary or desirable.

  • Release of Claims and Waiver of Rights Executive, on Executive’s own behalf and that of Executive’s heirs, executors, attorneys, administrators, successors, and assigns, fully releases and discharges the Company, its predecessors, successors, parents, subsidiaries, affiliates, and assigns, and its and their directors, officers, trustees, employees, and agents, both in their individual and official capacities, and the current and former trustees and administrators of each retirement and other benefit plan applicable to the employees and former employees of the Company, both in their official and individual capacities (the “Releasees”) from all liability, claims, demands, and actions Executive now has, may have had, or may ever have, whether currently known or unknown, as of or prior to Executive’s execution of this Agreement (the “Release”), including liability claims, demands, and actions:

  • Company Not to Diminish Benefits of Rights The Company covenants and agrees that after the earlier of the Shares Acquisition Date or Distribution Date it will not, except as permitted by Section 23, Section 26 or Section 27, take (or permit any Subsidiary to take) any action if at the time such action is taken it is reasonably foreseeable that such action will substantially diminish or otherwise eliminate the benefits intended to be afforded by the Rights.

  • Expiration of Rights The Rights will expire on the earliest of (a) 5:00 p.m., New York City time, on December 30, 2021 (b) the time at which the Rights are redeemed (as described in Section 6 below), and (c) the time at which the Rights are exchanged in full (as described in Section 7 below).

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!