Common use of Manner of Redemption Clause in Contracts

Manner of Redemption. In the event the Corporation redeems the Redemption Shares pursuant to subsection (a) above, the Corporation shall send written notice of its intent or obligation to do so to each holder of record of such shares at least thirty (30) days prior to the Date of Redemption, which shall set forth the following: (i) the number of shares to be redeemed by the Corporation from such shareholder; (ii) the aggregate number of Redemption Shares to be redeemed from all the holders thereof; (iii) the Date of Redemption; (iv) the Series BB Redemption Price per share; and (v) instructions to the holders thereof to surrender all certificates evidencing the Redemption Shares to the Corporation at its principal office (or such other place as may be designated in the notice by the Corporation); provided, however, that the failure of the Corporation to deliver such notice shall not relieve the Corporation of its obligation to redeem the Redemption Shares pursuant to the terms of this Section 8. Upon receipt of such notice, each holder of Redemption Shares shall surrender to the Corporation all certificates evidencing the shares to be redeemed as instructed, and, thereupon, the Corporation shall pay the Series BB Redemption Price for each such share to the order of the holder of the shares so redeemed and each such certificate and the shares evidenced thereby shall be canceled and retired. No Redemption Shares redeemed by the Corporation shall be reissued by the Corporation. From and after the Date of Redemption set forth in the Corporation’s notice of redemption, no further dividends shall accrue upon any shares of Series BB Preferred Stock, subject to the redemption thereof on such date.

Appears in 1 contract

Sources: Stock Purchase Agreement (Metastorm Inc)

Manner of Redemption. In the event the Corporation redeems the becomes obligated to redeem any Series CC Redemption Shares pursuant to subsection (ab) above, or any Series AA Redemption Shares pursuant to Section 2(b) of this Article Tenth, the Corporation shall send written notice of its intent or such obligation to do so to each holder of record of such shares following the Applicable Redemption Request Deadline and at least thirty (30) days prior to the Date of RedemptionApplicable Redemption Date, which notice shall set forth the following: (i) the number of shares to be redeemed by the Corporation from such shareholderstockholder; (ii) the aggregate number of Series CC Redemption Shares and Series AA Redemption Shares, as applicable, to be redeemed from all the holders thereof; (iii) the Date of RedemptionApplicable Redemption Date; (iv) the Series BB CC Redemption Price or Series AA Redemption Price, as applicable, per share; and (v) instructions to the holders thereof to surrender all certificates evidencing the Series CC Redemption Shares and Series AA Redemption Shares, as applicable, to the Corporation at its principal office (or such other place as may be designated in the notice by the Corporation); provided, however, that the failure of the Corporation to deliver such notice shall not relieve the Corporation of its obligation to redeem the Series CC Redemption Shares and Series AA Redemption Shares, as applicable, pursuant to the terms of this Section 8. Upon receipt of such notice, each holder of Redemption Shares shall surrender to the Corporation all certificates evidencing the shares to be redeemed as instructed, and, thereupon, the Corporation shall pay the Series BB Redemption Price for each such share to the order of the holder of the shares so redeemed and each such certificate and the shares evidenced thereby shall be canceled and retired. No Redemption Shares redeemed by the Corporation shall be reissued by the Corporation. From and after the Date of Redemption set forth in the Corporation’s notice of redemption, no further dividends shall accrue upon any shares of Series BB Preferred Stock, subject to the redemption thereof on such dateArticle Tenth.

Appears in 1 contract

Sources: Stock Purchase Agreement (Metastorm Inc)