Examples of Requisite Directors in a sentence
In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced agreements or any restricted stock agreement between the Company and any employee, without the consent of the Requisite Directors.
The Issuer shall not, without the approval of a majority of the Board, including the Requisite Directors, (a) create or amend any stock option plan or similar stock option, equity participation or bonus arrangement or (b) allocate any capital stock or any securities convertible into or evidencing the right to purchase shares of capital stock to employees, directors or consultants of the Issuer.
In addition, unless otherwise approved by the Board of Directors, including the Requisite Directors, the Company shall retain a “right of first refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase unvested shares at the lesser of cost or fair market value of any unvested shares held by such holder upon termination of employment of a holder of restricted stock.
Any amendment to the vesting terms of any such stock option grants shall also be subject to the approval of the Board (including the Requisite Directors) or approval of the Compensation Committee.
The Company shall use its commercially reasonable efforts to maintain Directors and Officers liability insurance covering the Company’s directors and officers, with a minimum coverage amount of $3 million and on terms and conditions satisfactory to the Board of Directors, including the Requisite Directors, until such time as the Board of Directors determines that such insurance should be discontinued.