Common use of Purchaser Designees Clause in Contracts

Purchaser Designees. The Purchaser shall have the right to designate up to two individuals to serve on the Board (each a “Purchaser Designee” and collectively the “Purchaser Designees) at the following times and on the following conditions: (a) On the later of the initial closing of the transactions contemplated by the Purchase Agreement or April 1, 2021 and until March 31, 2022, the Purchaser shall have the right to designate two Purchaser Designees; (b) As of March 31, 2022, and at any date thereafter, the Purchaser shall have the right to designate (i) two Purchaser Designees if the Purchaser beneficially owns (as defined in Rule 13d-3 under the Exchange Act, which meaning will apply for all purposes of this Agreement) at least 15% of the total issued and outstanding common stock of the Company, (ii) one Purchaser Designee if the Purchaser beneficially owns less than 15%, but at least 5%, of the total issued and outstanding common stock of the Company, and (iii) no Purchaser Designees if the Purchaser beneficially owns less than 5% of the total issued and outstanding common stock of the Company.

Purchaser Designees. The Purchaser shall have the right to designate up to two individuals to serve on the Board (each a “Purchaser Designee” and collectively the “Purchaser Designees) at the following times and on the following conditions: : (a) On the later of the initial closing of the transactions contemplated by the Purchase Agreement or April 1, 2021 and until March 31, 2022, the Purchaser shall have the right to designate two Purchaser Designees; ; (b) As of March 31, 2022, and at any date thereafter, the Purchaser shall have the right to designate (i) two Purchaser Designees if the Purchaser beneficially owns (as defined in Rule 13d-3 under the Exchange Act, which meaning will apply for all purposes of this Agreement) at least 15% of the total issued and outstanding common stock of the Company, (ii) one Purchaser Designee if the Purchaser beneficially owns less than 15%, but at least 5%, of the total issued and outstanding common stock of the Company, and (iii) no Purchaser Designees if the Purchaser beneficially owns less than 5% of the total issued and outstanding common stock of the Company.