Common use of Developer Interests Clause in Contracts

Developer Interests. In addition to any Equity Split in the Project Entity, Developer shall also receive: a) The same class and type of equity as White Mountain; b) Customary drag-along and tag-along rights, such that it shall receive the right to exit on the same terms as White Mountain; c) A right of first refusal in respect of any sale or transfer of White Mountain’s interest in the Project Entity; d) The right to appoint at least one director, manager or equivalent position of the Project Entity, which individual shall have input with respect to business development issues; e) Preemptive rights in respect of any new equity issued in the Project Entity, such that Developer will have the right to maintain its percentage equity ownership; f) The right to approve material transactions relating to the Project Entity, including, without limitation, capital expenditures, a sale of all or substantially all of the assets of the Project Entity, any new issuance of equity of the Project Entity, any change in the rights of the terms of the equity granted to Developer, the creation of any class of equity of the Project Entity, and the admission of any new member or stockholder of the Project Entity; and g) The ability to put its equity interest in the Project Entity to White Mountain or the Project Entity at a price equal to fair market value upon the occurrence of certain events, including a breach or violation by White Mountain of any of the terms set forth within this Development Assignment.