Common use of Seller Representation Clause in Contracts

Seller Representation. For so long as the Sellers and their Permitted Transferees, either individually or as a group (as such term is construed in accordance with the Exchange Act) Beneficially Own Common Stock in PubCo representing at least the percentage, shown below, of the Common Stock held by the Sellers and their Permitted Transferees immediately after the Closing, PubCo shall take all Necessary Action to include in the slate of nominees recommended by the Board for election as directors at each applicable annual or special meeting of stockholders at which directors are to be elected that number of individuals designated by the Equityholder Representative that, if elected, will result in the Sellers having the number of directors serving on the Board that is shown below. 70% or greater 7 60% or greater, but less than 70% 6 50% or greater, but less than 60% 5 40% or greater, but less than 50% 4 30% or greater, but less than 40% 3 20% or greater, but less than 30% 2 Greater than 10%, but less than 20% 1