Qualifying Ownership Interest definition

Qualifying Ownership Interest means an ownership interest that is:

Qualifying Ownership Interest has the meaning set forth in Section 4.18.

Qualifying Ownership Interest means 4.9% or more of the number of shares of Common Stock outstanding (counting as shares of Common Stock owned by the Investor and outstanding, all shares of Common Stock into which the Warrant owned by the Investor is convertible, and excluding all Common Shares issued by the Company after the date hereof other than as contemplated by the Merger Agreement). The Company shall be required to recommend to its stockholders the election of the Board Representative to the Board of Directors at all of the Company’s applicable annual meetings, subject to satisfaction of all legal and governance requirements regarding service as a director of the Company and to the approval of the Nominating Committee (such approval not to be unreasonably withheld or delayed). If the Investor no longer has a Qualifying Ownership Interest, the Investor shall have no further rights under Section 4.4(a) through 4.4(c) and, in each case, at the written request of the Board of Directors, shall use all reasonable best efforts to cause its Board Representative to resign from the Board of Directors as promptly as possible thereafter. The Board Representative shall be entitled to the same compensation and same indemnification in connection with his role as a director as the other members of the Board of Directors and be entitled to reimbursement for documented, reasonable out-of-pocket expenses incurred in attending meetings of the Board of Directors or any committee thereof, to the same extent as the other members of the Board of Directors. The Company shall notify the Board Representative of all regular meetings and special meetings of the Board of Directors and of all regular and special meetings of any committee of the Board of Directors of which the Board Representative is a member. The Company shall provide the Board Representative with copies of all notices, minutes, consents and other material that it provides to all other members of the Board of Directors concurrently as such materials are provided to the other members.”

Examples of Qualifying Ownership Interest in a sentence

• If the Investors no longer have a Qualifying Ownership Interest, the Investors shall have no further rights under this Section 4.8 and, at the written request of the Board of Directors, shall use all reasonable best efforts to cause their Board Representative to resign from the Board of Directors as promptly as possible thereafter.

• If the Investor no longer has a Qualifying Ownership Interest, the Investor shall have no further rights under Sections 4.4(a) through 4.4(c) and, in each case, at the written request of the Board of Directors, shall use all reasonable best efforts to cause their Board Representative to resign from the Boards of Directors as promptly as possible thereafter.

• The Investor shall promptly inform the Company if and when it ceases to hold a Qualifying Ownership Interest in the Company.

• If the Investor no longer has the Qualifying Ownership Interest, it shall have no further rights under Sections 3.4(a), 3.4(b), 3.4(c) and 3.4(d) and, in each case, at the written request of the Board of Directors, the Investor shall use all reasonable best efforts to cause the Investor Designated Director to resign from the Board of Directors and the Bank Board as promptly as possible thereafter.

• If the Investor no longer has a Qualifying Ownership Interest, it shall have no further rights under this Section 4.1 and, in each case, at the request of the Board of Directors, as applicable, the Investor shall use all reasonable best efforts to cause the Investor Designated Director to resign from the Board of Directors as promptly as possible thereafter.

More Definitions of Qualifying Ownership Interest

Qualifying Ownership Interest shall have the meaning ascribed to such term in Section 6.5 hereof.

Qualifying Ownership Interest means shares of Common Stock that constitute 25% or more of the Voting Securities.

Qualifying Ownership Interest shall be deemed to exist at any time the Investors and the Permitted Transferees beneficially own, in the aggregate, at least 26 million shares of Common Stock (as such number is adjusted to reflect any stock split, stock dividend, combination or similar transaction).

Qualifying Ownership Interest has the meaning set forth in Section 1.1(b).

Qualifying Ownership Interest means 25% of Securities acquired by such person hereunder, calculated on an as converted basis (assuming a Conversion Price equal to the value of clause (iii) of the definition of Floor Price (each as defined in the applicable Certificate of Designations)).

Qualifying Ownership Interest shall be deemed to exist at any time the Purchasers and the Permitted Transferees own a number of shares of Series B Preferred Stock and shares of Common Stock that in the aggregate represent (assuming conversion of any such shares of Series B Preferred Stock into shares of Common Stock in accordance with the terms of the Certificate of Designation) not less than 50% of the number of shares of Common Stock that would be issuable at such time upon conversion of all the Preferred Shares initially acquired by the Purchasers pursuant to this Agreement (without regard to whether such Preferred Shares are then outstanding).

Qualifying Ownership Interest means 3.0% or more of the number of shares of Common Stock (counting (i) as shares of Common Stock owned by the Investor and outstanding, all shares of Common Stock into which Series D Shares owned by the Investor are convertible and (ii) as shares outstanding, (A) all shares of Common Stock into which shares of Series B Stock and Series D Stock then outstanding are convertible and (B) excluding all Common Shares issued by the Company after the Closing Date other than as contemplated by this Agreement and the Securities).