Common use of Director Status Clause in Contracts

Director Status. On the date of this Agreement, each Recipient is a director of the Company. If any Recipient or ceases to be a director of the Company for any reason whatsoever before a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Company and one or more businesses, all of such Recipient’s Shares shall be, at the GP Sponsor’s election, either (a) repurchased by the GP Sponsor (or its designee) at the purchase price such Recipient paid for those Shares, as set forth on Annex II, or (b) forfeited to the Company for no consideration.