Common use of Change of Company Name Clause in Contracts

Change of Company Name. Effective within fifteen (15) days of the Second Closing Date (the “Name Change Date”), the Company will amend its name to such name as determined in the Purchaser’s discretion, provided, that such amended name will not contain the word “Fieldpoint” or any similar word that may be associated with Seller or any of its Affiliates. Purchaser further agrees that for each day following the Name Change Date that the Company’s name change is not effective, Purchaser shall pay Seller Seventy-Five Thousand Dollars ($75,000) per day by direct bank wire to the Seller; provided, however, that such payment shall not be required for any period after Purchaser has in good faith taken all commercially reasonable actions necessary to effect the name change and the delay in finalizing the name change is due to regulatory review by FINRA.