Progress Energy definition
Examples of Progress Energy in a sentence
For so long as Progress Energy’s Company Percentage Interest is greater than fifty percent (50%), the Chairman shall be selected by Progress Energy from among the Progress Energy Designees.
If the New Investor Group subsequently fails to effect such New Investor Removal Designation within twenty-four (24) hours of receipt of such written notice, Progress Energy may make the New Investor Removal Designation (in Progress Energy’s sole discretion).
Notwithstanding the foregoing, nothing herein shall affect the representations and warranties of Progress Energy or New Investor in the Investment Agreement.
Such committee shall be chaired by the chairman of the Board and consist of at least three (3) other Managers, all of whom shall be Progress Energy Designees who are U.S. citizens.
The Members covenant and agree that, upon the written request or motion of Progress Energy that any or all of the Progress Energy Designees be removed from the Board, they will vote their Units or act by written consent with respect to such Units so as to cause such Manager or Managers to be removed in accordance with such request or motion.
The Company shall maintain directors’ and officers’ insurance coverage for the Managers so long as at least one Progress Energy Designee or New Investor Designee is on the Board.
If the determination of the Put Price in accordance with the highest Put Member FMV Valuation is within ten percent (10%) of the Put Price as determined in accordance with the highest Progress Energy FMV Valuation, then, for the purposes of determining the Put Price in accordance with Section 7.3(d)(iv)(1), the Put Price will be the average of such determinations.
Progress Energy Seller shall procure that the Third-Party Purchaser purchases such Tag-Along Investor’s Tag-Along Portion in addition to the Units proposed to be Transferred by the Progress Energy Seller to the Third-Party Purchaser.
Each of the Members shall take all actions as may be reasonably necessary to cause the Board to consist of such number of Progress Energy Designees and New Investor Designees.
If the Valuation Arbiter determines the Put Price pursuant to Section 7.3(d)(ii)(3)(x), the fees and expenses of the Valuation Arbiter shall be borne equally by Progress Energy and the Put Right Member.