Common use of Exercise Process Clause in Contracts

Exercise Process. The option described in Section 1.1 may be exercised, if at all, at any time after either (a) ___________, 202_2 until the date that is four (4) years and six (6) months following the date hereof, or (b) if earlier than _____, 202_3, the date on which ICG no longer has the right to appoint a majority of the members of the board of directors of Positive. Such option may be exercised by either Positive or Diversus giving an irrevocable written notice (a “Merger Notice”) to the other that the person giving the Merger Notice is exercising its right to cause Positive and Diversus to enter into the Merger by a date to be set forth in such Merger Notice, which date shall not be later than six (6) months following the date of the Merger Notice; provided that the Merger shall have been approved by the Diversus board of directors and approved by the required vote of holders of Diversus capital stock.

Appears in 2 contracts

Sources: Option Agreement (Positive Physicians Holdings,inc.), Option Agreement (Positive Physicians Holdings,inc.)