Common use of Consent to Certain Repurchases Clause in Contracts

Consent to Certain Repurchases. As authorized by Section 402.5(c) of the California Corporations Code, Sections 502 and 503 of the California Corporations Code shall not apply with respect to Distributions made by the Companym in connection with the repurchase of shares of Common Stock issued to or held by employees, consultants, officers and directors, at a price not greater than the amount paid by such persons for such shares, upon termination of their employment or services pursuant to agreements providing for the right of said repurchase upon the unanimous approval of the Board of Directors.

Appears in 2 contracts

Samples: Stock Purchase Agreement (Lightspan Partnership Inc), Stock Purchase Agreement (Lightspan Partnership Inc)

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Consent to Certain Repurchases. As authorized by Section 402.5(c) of the California Corporations Code, Sections 502 and 503 of the California Corporations Code shall not apply with respect to Distributions made by the Companym Company in connection with the repurchase of shares of Common Stock issued to or held by employees, consultants, officers and directors, at a price not greater than the amount paid by such persons for such shares, upon termination of their employment or services pursuant to agreements providing for the right of said repurchase upon the unanimous approval of the Board of Directors.

Appears in 2 contracts

Samples: Stock Purchase Agreement (Lightspan Partnership Inc), Stock Purchase Agreement (Lightspan Partnership Inc)

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Consent to Certain Repurchases. As authorized by Section 402.5(c) ------------------------------ of the California Corporations Code, Sections 502 502, 503 and 503 506 of the California Corporations Code shall not apply with respect to Distributions distributions (as defined in Section 166 of the California Corporations Code) made by the Companym Company in connection with the repurchase of shares of Common Stock issued to or held by employees, consultants, officers and directors, at a price not greater than the amount paid by such persons for such shares, directors upon termination of their employment or services pursuant to agreements providing for the right of said repurchase upon the unanimous approval of the Board of Directorsrepurchase.

Appears in 1 contract

Samples: Stock Purchase Agreement (Artest Corp)

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