Examples of Minimum Ownership Percentage in a sentence
If any Investor and its Affiliates cease to collectively hold a Minimum Ownership Percentage, the size and composition of the Board of Directors shall be determined by the Investors that, together with their respective Affiliates, continue to hold a Minimum Ownership Percentage.
The Option may be exercised by HNC (or any HNC Entity to which all or any part of the Option has been assigned) for a number of shares equal to or less than the number of shares that are necessary for the HNC Entities to maintain, in the aggregate, the Minimum Ownership Percentage.
Notwithstanding the foregoing, HNC shall not be entitled to exercise the Option in connection with the Initial Public Offering of the Common Stock by Retek if, upon the completion of the Initial Public Offering, including the full exercise of all underwriters' over-allotment options, HNC owns at least the Minimum Ownership Percentage (without regard to clause (i)(c) of the definition of the Minimum Ownership Percentage).
In the event that the Founders cease to have the Sterling Minimum Ownership Percentage, one of the Sterling Directors shall offer its resignation as a Director to the Board and Sterling shall thereafter be entitled to designate only one (1) Sterling Director, who may be removed and/or replaced at any time and from time to time without cause by the Founders, and for so long as Executive is the Chief Executive Officer of Laureate, Sterling shall be entitled to appoint Executive as an additional Director.
For so long as each Investor (together with its Affiliates) continues to hold a Minimum Ownership Percentage, the Board of Directors shall be comprised of two Directors, one of whom shall be designated by the TPG Investors (the “TPG Designee”) and one of whom shall be designated by the GS Investors (the “GS Designee” and, together with the TPG Designee, the “Designated Directors”).