Number of Stockholders. As long as an SBIC Holder holds in excess of 5% of the outstanding shares of Common Stock on a fully-diluted basis, the Company shall notify each SBIC Holder (i) at least 15 days prior to taking any action after which members of the Company's management would cease to own at least 25% of the outstanding voting securities of the Company and (ii) of any other action or occurrence after which members of the Company's management would cease to own at least 25% of the outstanding voting securities of the Company, as soon as practicable after the Company becomes aware that such other action or occurrence has occurred or is proposed to occur.
Appears in 3 contracts
Sources: Senior Subordinated Note, Preferred Stock and Warrant Purchase Agreement (Boner Tom E), Senior Subordinated Note, Preferred Stock and Warrant Purchase Agreement (Anderson David E), Senior Subordinated Note, Preferred Stock and Warrant Purchase Agreement (Zimmerman Sign Co)