Examples of Ownership Reduction in a sentence
For the avoidance of doubt, no Ownership Reduction shall result in the Purchaser having to forfeit or transfer any Private Placement Warrants.
The required sixty (60) days' written notice may be provided before or after the Ownership Reduction Date, so long as (i) the termination date is no earlier than the Ownership Reduction Date and (ii) the period between the date of notice and the termination date is at least sixty (60) days.
Upon the occurrence of an Uncured Share Ownership Reduction, the Investor Stockholders at the expiration of the applicable Share Ownership Reduction Cure Period shall cause one or more Investor Directors, as applicable, to immediately resign from the Board such that following such resignation(s), the number of Investor Directors on the Board shall be equal to the Investor Director Entitlement as of the time immediately following the Share Ownership Reduction Cure Period.
The Class B Common Stock Option may be exercised by Xxxxxx Xxxxxxx (or any Xxxxxx Xxxxxxx Entity to which all or any part of the Class B Common Stock Option has been assigned) only for such number of shares as are necessary to prevent a Xxxxxx Xxxxxxx Ownership Reduction.
Failure by the Investor Stockholders to provide the Additional Notice within the Share Ownership Reduction Cure Period shall be deemed confirmation that there has been the reduction in Investor Director Entitlement or Board Representation Entitlement, as the case may be, set forth in the Company Notice.
By way of example and without limiting the foregoing, in the event the Purchaser, the Subscribing Parties and their affiliates collectively own five percent (5%) of the Public Shares (after giving effect to any redemptions of their Public Shares), the Purchaser shall forfeit 50% of its Initial Subscriber Founder Shares, in which case the Ownership Reduction shall equal 50% of the Initial Subscriber Founder Shares.
The Options shall terminate upon the occurrence of a Xxxxxx Xxxxxxx Ownership Reduction, other than a Xxxxxx Xxxxxxx Ownership Reduction resulting from any Issuance Event in violation of this Agreement.
By way of example and without limiting the foregoing, in the event the Purchaser owns five percent (5%) of the Public Shares (after giving effect to any redemptions of their Public Shares), the Purchaser shall forfeit 50% of its Initial Subscriber Founder Shares, in which case the Ownership Reduction shall equal 50% of the Initial Subscriber Founder Shares.
Upon the Ownership Reduction Date, all benefits of Communications Employees who participated in the Other Plans shall be paid solely by the Communications Other Plans.
As soon as practicable after, and in any event within ninety (90) days after, and effective as of, the Ownership Reduction Date, Communications shall establish an employee stock ownership plan (with terms and conditions substantially comparable in all material respects to the Willxxxx Xxxestment Plan) and a related trust intended to qualify under Section 401(a), Section 501(a), and Section 4975 of the Code (the "Communications Investment Plan").