Retirement of Class B Shares Sample Clauses

The "Retirement of Class B Shares" clause outlines the process by which Class B shares are withdrawn from circulation and effectively cancelled by the issuing company. Typically, this clause specifies the conditions under which the company may retire these shares, such as upon conversion to another class, redemption by the company, or at the discretion of the board. For example, it may detail the notice requirements, the method of payment to shareholders, and the effect on voting rights or dividends. The core function of this clause is to provide a clear mechanism for reducing the number of outstanding Class B shares, thereby managing the company’s capital structure and ensuring transparency for shareholders.
Retirement of Class B Shares. No holder of Class B Common Stock may transfer shares of Class B Common Stock to any person unless such holder transfers a corresponding number of LLC Units to the same person in accordance with the provisions of the Amended and Restated Goosehead Financial, LLC Agreement, as such agreement may be amended from time to time in accordance with the terms thereof. If any outstanding share of Class B Common Stock ceases to be held by a holder of an LLC Unit, such share shall automatically and without further action on the part of the Corporation or any holder of Class B Common Stock be transferred to the Corporation for no consideration and retired.
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Retirement of Class B Shares. The Managing Member hereby returns to the Company for retirement 1,514,138 Class B Shares. As of the date hereof, such Class B Shares shall be deemed to no longer be outstanding. Schedule A to the Agreement is hereby deleted in its entirety and replaced by Schedule A-1 attached hereto, which schedule sets forth the amount of Membership Shares and resulting Percentage Interest of each Member as of the date hereof. Schedule A-1 is also amended to reflect certain administrative changes thereto.
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Retirement of Class B Shares. The Corporation shall take all such action as is necessary so that any shares of Class B Common Stock that have been transferred to the Corporation in exchange for, or converted into, shares of Class A Common Stock or any other series of Class B Common Stock shall be retired and may not be reissued as shares of Class B Common Stock.
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Related to Retirement of Class B Shares

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.