Total Voting Power. In furtherance of this paragraph, Spruce House and its controlled Affiliates hereby irrevocably appoint the Company and any individuals designated by the Company, and each of them individually, as the attorneys, agents and proxies, with full power of substitution and re-substitution in each of them, for Spruce House and its controlled Affiliates, and in the name, place and stead of Spruce House and its controlled Affiliates, to vote (or cause to be voted) in such manner as set forth in this paragraph the Voting-Restricted Shares that Spruce House and its controlled Affiliates are or may be entitled to vote at any meeting of the Company held after the date hereof (but prior to the End Date), whether annual or special and whether or not an adjourned meeting, and to act by written consent in lieu of a meeting to the extent permissible with respect to the Voting-Restricted Securities (the “Irrevocable Proxy”). The Irrevocable Proxy is coupled with an interest, shall be irrevocable and binding on any successor in interest of Spruce House and/or its controlled Affiliates and shall not be terminated by operation of law upon the occurrence of any event; provided, however, that notwithstanding any other provision hereof (i) the Irrevocable Proxy shall cease to apply to any shares upon the sale or transfer thereof by Spruce House or its controlled Affiliates to anyone other than Spruce House or its controlled Affiliates or any “group” (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934) of which Spruce House or its controlled affiliates is a member and (ii) the Irrevocable Proxy shall terminate upon the earlier of the End Date or mutual agreement of the Company and Spruce House. The Irrevocable Proxy shall operate to revoke and render void any prior proxy as to any securities of the Company heretofore granted by Spruce House and its controlled Affiliates which is inconsistent herewith, including the proxy granted by Spruce House pursuant to the letter agreement dated December 21, 2018. Spruce House shall cause any of its controlled Affiliates that may from time to time beneficially own Voting-Restricted Shares, if and when requested by the Company from time to time, to promptly execute and deliver to the Company an irrevocable proxy, substantially in the form of the Irrevocable Proxy. This paragraph shall be effective only as to any shares of the Company’s common stock held by Spruce House and/or its controlled Affiliates that are, once purchased, Voting-Restricted Shares, and shall automatically cease to be effective and shall terminate upon any sale or transfer if, as result of such sale or transfer, Spruce House and its controlled Affiliates no longer hold any Voting-Restricted Shares (it being acknowledged that if Spruce House and its controlled Affiliates at any time cease to hold Voting-Restricted Shares but subsequently and prior to the End Date acquire shares of the Company that are Voting-Restricted Shares, this paragraph shall be effective as to such subsequently acquired shares). Nothing herein shall be construed to create any limitation on the sale, transfer or pledge of any shares of the Company’s common stock by Spruce House. For the avoidance of doubt, the Irrevocable Proxy, any other proxies that may have been entered into pursuant to this paragraph and the obligations of Spruce House pursuant to this paragraph shall terminate on the End Date. The Company shall use its reasonable efforts to cooperate with Spruce House to give prior notice to, and obtain consents of, all governmental entities necessary to permit Spruce House and/or its controlled Affiliates to acquire beneficial ownership of the Company’s common stock not exceeding 30% of the Company’s Total Voting Power, including the Regulatory Approvals. In connection therewith, Spruce House and the Company shall (i) promptly make appropriate filings with respect to all governmental entities necessary to permit Spruce House and/or its controlled Affiliates to acquire beneficial ownership of the Company’s common stock not exceeding 30% of the Company’s Total Voting Power, including the Regulatory Approvals, (ii) supply as promptly as practicable to the appropriate governmental entities any additional information and documentary material that may be requested in connection therewith and (iii) cooperate and coordinate with each other with respect thereto. Notwithstanding the foregoing, in connection with obtaining such consents the Company shall not be required to agree to any limitation on the conduct of the business of the Company or any of its subsidiaries or to commence or participate in any action or proceeding against any governmental entity. Best regards, GTT COMMUNICATIONS, INC. By: /s/ ▇▇▇▇▇ ▇▇▇▇▇ Name: ▇▇▇▇▇ ▇▇▇▇▇ Title: EVP, Secretary and General Counsel
Appears in 1 contract
Sources: Investor Rights Agreement (Spruce House Investment Management LLC)
Total Voting Power. In furtherance of this paragraph, Spruce House and its controlled Affiliates hereby irrevocably appoint the Company and any individuals designated by the Company, and each of them individually, as the attorneys, agents and proxies, with full power of substitution and re-substitution in each of them, for Spruce House and its controlled Affiliates, and in the name, place and stead of Spruce House and its controlled Affiliates, to vote (or cause to be voted) in such manner as set forth in this paragraph the Voting-Restricted Shares that Spruce House and its controlled Affiliates are or may be entitled to vote at any meeting of the Company held after the date hereof (but prior to the End Date), whether annual or special and whether or not an adjourned meeting, and to act by written consent in lieu of a meeting to the extent permissible with respect to the Voting-Restricted Securities (the “Irrevocable Proxy”). The Irrevocable Proxy is coupled with an interest, shall be irrevocable and binding on any successor in interest of Spruce House and/or its controlled Affiliates and shall not be terminated by operation of law upon the occurrence of any event; provided, however, that notwithstanding any other provision hereof (i) the Irrevocable Proxy shall cease to apply to any shares upon the sale or transfer thereof by Spruce House or its controlled Affiliates to anyone other than Spruce House or its controlled Affiliates or any “group” (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934) of which Spruce House or its controlled affiliates is a member and (ii) the Irrevocable Proxy shall terminate upon the earlier of the End Date or mutual agreement of the Company and Spruce House. The Irrevocable Proxy shall operate to revoke and render void any prior proxy as to any securities of the Company heretofore granted by Spruce House and its controlled Affiliates which is inconsistent herewith, including the proxy granted by Spruce House pursuant to the letter agreement dated December 21, 2018. Spruce House shall cause any of its controlled Affiliates that may from time to time beneficially own Voting-Restricted Shares, if and when requested by the Company from time to time, to promptly execute and deliver to the Company an irrevocable proxy, substantially in the form of the Irrevocable Proxy. This paragraph shall be effective only as to any shares of the Company’s common stock held by Spruce House and/or its controlled Affiliates that are, once purchased, Voting-Restricted Shares, and shall automatically cease to be effective and shall terminate upon any sale or transfer if, as result of such sale or transfer, Spruce House and its controlled Affiliates no longer hold any Voting-Restricted Shares (it being acknowledged that if Spruce House and its controlled Affiliates at any time cease to hold Voting-Restricted Shares but subsequently and prior to the End Date acquire shares of the Company that are Voting-Restricted Shares, this paragraph shall be effective as to such subsequently acquired shares). Nothing herein shall be construed to create any limitation on the sale, transfer or pledge of any shares of the Company’s common stock by Spruce House. For the avoidance of doubt, the Irrevocable Proxy, any other proxies that may have been entered into pursuant to this paragraph and the obligations of Spruce House pursuant to this paragraph shall terminate on the End Date. The Company shall use its reasonable efforts to cooperate with Spruce House to give prior notice to, and obtain consents of, all governmental entities necessary to permit Spruce House and/or its controlled Affiliates to acquire beneficial ownership of the Company’s common stock not exceeding 30% of the Company’s Total Voting Power, including the Regulatory Approvals. In connection therewith, Spruce House and the Company shall (i) promptly make appropriate filings with respect to all governmental entities necessary to permit Spruce House and/or its controlled Affiliates to acquire beneficial ownership of the Company’s common stock not exceeding 30% of the Company’s Total Voting Power, including the Regulatory Approvals, (ii) supply as promptly as practicable to the appropriate governmental entities any additional information and documentary material that may be requested in connection therewith and (iii) cooperate and coordinate with each other with respect thereto. Notwithstanding the foregoing, in connection with obtaining such consents the Company shall not be required to agree to any limitation on the conduct of the business of the Company or any of its subsidiaries or to commence or participate in any action or proceeding against any governmental entity. Best regards, GTT COMMUNICATIONS, INC. By: /s/ ▇▇▇▇▇ ▇▇▇▇▇ Name: ▇▇▇▇▇ ▇▇▇▇▇ Title: EVP, Secretary and General Counsel.
Appears in 1 contract
Sources: Investor Rights Agreement (GTT Communications, Inc.)