Common use of Ceasing to be a Shareholder Clause in Contracts

Ceasing to be a Shareholder. If any Person sells, transfers or otherwise disposes of all Shares owned by it, such Person shall cease to be a Shareholder. On ceasing to be a Shareholder: (a) the former Shareholder shall certify to the Company that all material correspondence, Annual Budgets, Business Plans, schedules, documents and other records provided to it by the Company and held by it or any Shareholder or any third party which has acquired such matter through such former Shareholder has been destroyed and shall not keep any copies or electronic versions thereof, in each case, except as required by applicable Law or pursuant to established record keeping policies; (b) the former Shareholder shall immediately upon transfer of its Shares procure the resignation of all its appointees to the Board (other than Independent Directors) unless it has transferred its rights hereunder to appoint Directors to its transferee (in which case such transferee may remove such Directors in accordance with Section 6.07 as if such transferee had appointed such Directors); and (c) the former Shareholder shall continue to comply with its obligations under Article XI for the term specified in Article XI (including with respect to any items not destroyed pursuant to Section 8.06(a)).