Termination of the Purchaser's Directorship Clause Samples

Termination of the Purchaser's Directorship. (i) If the Purchaser shall cease to serve as a Director of the Company, for any reason whatsoever, the Company shall 6 6 have the right (but not the obligation) to purchase from the Purchaser all or any portion of the Unvested Shares owned by the Purchaser at the time the Purchaser ceases to serve as a Director of the Company. Such right to purchase shall be exercisable by written notice to that effect given by the Company to the Purchaser within 60 days after the Purchaser has ceased to serve as a Director of the Company, as aforesaid. Upon the giving of such written notice, the Purchaser shall for all purposes cease to be a stockholder of the Company as to the Unvested Shares covered by such notice and shall have no rights against the Company or any other person in respect of such Unvested Shares except the right to receive payment for such Unvested Shares in accordance herewith. Notwithstanding the provisions of Subsection (a) of this Section 5, Unvested Shares not so purchased by the Company shall upon the expiration of such 60-day period become Vested Shares. (ii) At the time and date specified in the notice given by the Company referred to in clause (c)(i), which date shall in no event be more than 15 days after the expiration of the 60-day period for the exercise of the right to purchase set forth therein, the Purchaser shall deliver to the Company, at the business headquarters of the Company, the Unvested Shares to be sold by the Purchaser in due and proper form for transfer, against payment by the Company of the purchase price therefor, as determined in accordance with clause (c)(iv). (iii) If at the time of payment of the purchase price referred to in clause (c)(ii), any amount of principal of or interest on any indebtedness of the Purchaser to the Company shall be outstanding, payment of the purchase price for the Unvested Shares shall be made, at the Company's option, as a credit against such indebtedness to the extent of the principal thereof and interest thereon then outstanding (whether or not such principal and interest is then due and payable). (iv) The per Share purchase price for the Unvested Shares payable by the Company pursuant to clause (c)(ii) shall be $0.10. The number of Unvested Shares to be purchased and the per Share purchase price pursuant to this clause (c)(iv) shall be appropriately adjusted by the Board of Directors of the Company to reflect any subdivision or combination of the Common Stock of the Company or any stock divi...
View SourceView Similar (2)

Related to Termination of the Purchaser's Directorship

  • Termination of Directorship To the extent the Option becomes exercisable, the Option shall remain exercisable until twelve (12) months following any subsequent termination of directorship with the Company or its subsidiaries for any reason whatsoever but in no event shall the Option be exercisable after the Expiration Date.

  • Termination of Agreement for Cause 5.1.1. If A/E breaches any of the covenants or conditions of this AGREEMENT, COUNTY shall have the right to terminate this AGREEMENT upon ten (10) days written notice prior to the effective day of termination. 5.1.2. A/E shall have the opportunity to cure the alleged breach prior to termination. 5.1.3. In the event the alleged breach is not cured by A/E prior to termination, all work performed by A/E pursuant to this AGREEMENT, which work has been reduced to plans or other documents, shall be made available to COUNTY.

  • Termination of Employment for Cause If Optionee’s employment with the Bancorp or a subsidiary corporation is terminated for cause, this option shall expire thirty (30) days from the date of such termination. Termination for cause shall include, but not be limited to, termination for malfeasance or gross misfeasance in the performance of duties or conviction of a crime involving moral turpitude, and, in any event, the determination of the Board of Directors with respect thereto shall be final and conclusive.

  • Termination of Employment Relationship A casual employee who has not been called to report for work, or who has been unavailable for work for twelve (12) months, notwithstanding Article 39.03(b), shall cease to be an employee.

  • Termination without Cause or Resignation for Good Reason in Connection with a Change of Control If during the period commencing three (3) months before and ending twelve (12) months after a Change of Control, (1) Executive terminates his employment with the Company (or any Affiliate) for Good Reason or (2) the Company (or any Affiliate) terminates Executive’s employment for other than Cause, Executive becoming Disabled or Executive’s death, then, subject to Section 4, Executive will receive the following severance from the Company: