OIC definition
Examples of OIC in a sentence
DentonX has issued, or will issue, equity-based incentive awards to certain Key Persons of OIC in the form of Three Hundred Sixty (360) Series B Preferred Shares of DentonX, as further described in the DentonX Share Grant Agreement (the “Share Grant Agreement”).
After the lock-up period, if OIC wishes to transfer any vested shares, DentonX (or Newco, as designated by the Board) shall have a right of first refusal to purchase such shares on the same terms as offered to any third party.
OIC shall ensure Newco’s operations comply with all applicable laws, regulations, and industry standards, and shall cooperate with DentonX’s public company reporting and compliance requirements.
If the Management Agreement between Newco and OIC is terminated for cause, or if OIC voluntarily resigns before full vesting, all unvested shares as of the termination date shall be immediately forfeited and redeemable by Newco at nominal value.
For any New Business developed under Newco’s management, OIC shall pay Newco a Performance Participation Fee equal to [5%–20%] of the net profits attributable to such New Business, calculated after statutory taxes and agreed reserves.