Common use of Seller Representative Clause in Contracts

Seller Representative. (a) By approving this Agreement and the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative and attorney-in-fact to act on behalf of such Person with respect to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 5 contracts

Sources: Equity Purchase Agreement (AIRO Group Holdings, Inc.), Equity Purchase Agreement (AIRO Group Holdings, Inc.), Equity Purchase Agreement (AIRO Group Holdings, Inc.)

Seller Representative. (a) By approving 26.1. Each Seller Party hereby appoints the Seller Parent as its representative, in each case as from the date of this Agreement and the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representativeagreement. The Seller Representative will act as such Person’s representative and attorney-in-fact Parent is hereby authorised to act on behalf deliver any notice or document or the making of such Person with respect to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required request, election, proposal or permitted consent expressed to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller RepresentativeParty to any Buyer Party pursuant to this agreement. Unless specifically stated to the contrary in this agreement, each Buyer Party shall have regard only to, and to rely absolutely upon and act in accordance with, without any liability to any Party for having relied or acted thereon, notices, requests, elections, proposals or consents, issued by the Seller Parent. Service of any notice or other communication on the Seller Parent shall be deemed to constitute valid service thereof on all of the Seller Parties. The Seller Parent shall pass (and for the purposes of this agreement shall be deemed to have passed) any other action taken or purported notices received pursuant to be taken this agreement on behalf of any Seller by Party to such Seller Representative, as being fully binding upon Party without undue delay. 26.2. The Seller Parties may appoint a replacement representative provided that 10 Business Days’ prior written notice of such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative replacement and Buyer or Holdings relating appointment has been given to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the sameBuyer. 26.3. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative Parent shall not be liable to any of the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any claims whatsoever arising from any act done or omitted pursuant to omission undertaken by the advice Seller Parent in its capacity as their representative, save in the case of counsel, accountants and other professionals and experts retained by fraud or wilful default. 26.4. Each Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless keep indemnified the Seller Representative Parent from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claimscosts, actionscharges and expenses that may be incurred by it as a result of the performance of its duties, damages functions and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities role as Seller Representative the representative under this Agreement and the Promissory Notes (the “Representative Losses”)agreement, in each case as such Representative Loss is suffered or incurred; provided, that save in the event it is finally adjudicated that a Representative Loss case of fraud or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)wilful default.

Appears in 4 contracts

Sources: Asset Purchase Agreement (Noble Finance Co), Asset Purchase Agreement (Noble Corp), Asset Purchase Agreement (Noble Corp)

Seller Representative. (a) By approving this Agreement Seller Group, by delivery of a Letter of Transmittal, on behalf of itself and its successors and assigns, hereby irrevocably constitutes and appoints ▇▇▇▇ ▇▇▇▇▇▇▇▇, in the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS capacity as the initial Seller Representative. The Seller Representative will act , as such Person’s representative the true and lawful agent and attorney-in-fact of such Persons with full powers of substitution to act in the name, place and stead of thereof with respect to the performance on behalf of such Person with respect to under the terms and provisions of this Agreement and the Promissory Notes Ancillary Documents to which the Seller Representative is a party or otherwise has rights in such capacity (together with this Agreement, the “Seller Representative Documents”), as the same may be from time to time amended, and to take any do or refrain from doing all such further acts and things, and to execute all actions and make any decisions required or permitted to be taken by such documents on behalf of such Person, if any, as the Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions will deem necessary or appropriate in connection with any of the good faith judgment of transactions contemplated under the Seller Representative for the accomplishment of the foregoing. Holdings Documents, including: (i) managing, controlling, defending and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed settling on behalf of an Indemnifying Party any indemnification claims against any of them under Article VI, including controlling, defending, managing, settling and participating in any Third Party Claim in accordance with Section (a); (ii) acting on behalf of such Person under the Escrow Agreement; (iii) terminating, amending or waiving on behalf of such Person any provision of any Seller by Representative Document (provided, that any such action, if material to the rights and obligations of the Seller in the reasonable judgment of the Seller Representative, and on any other action taken or purported to will be taken in the same manner with respect to the Seller unless otherwise agreed by each Seller Stockholder who is subject to any disparate treatment of a potentially material and adverse nature); (iv) signing on behalf of such Person any releases or other documents with respect to any dispute or remedy arising under any Seller by Representative Document; (v) employing and obtaining the advice of legal counsel, accountants and other professional advisors as the Seller Representative, in its reasonable discretion, deems necessary or advisable in the performance of its duties as being fully binding upon the Seller Representative and to rely on their advice and counsel; (vi) incurring and paying reasonable costs and expenses, including fees of brokers, attorneys and accountants incurred pursuant to the transactions contemplated hereby, and any other reasonable fees and expenses allocable or in any way relating to such transaction or any indemnification claim, whether incurred prior or subsequent to Closing; (vii) receiving all or any portion of the consideration provided to the Seller under this Agreement and to distribute the same to the Seller; and (viii) otherwise enforcing the rights and obligations of any such Persons under any Seller Representative Document, including giving and receiving all notices and communications hereunder or thereunder on behalf of such Person. Notices or communications to or from All decisions and actions by the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunderRepresentative, including any agreement between the Seller Representative and Buyer the Purchaser Representative, the Purchaser or Holdings any Indemnified Party relating to the defense, payment defense or settlement of any claims for indemnification hereunderwhich an Indemnifying Party may be required to indemnify an Indemnified Party pursuant to Article VI, shall constitute a decision or action of all Sellers be binding upon the Seller and shall be finalits respective successors and assigns, binding and conclusive upon each such Person. No Seller neither they nor any other Party shall have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, Section 9.17 are irrevocable and coupled with an interest interest. The Seller Representative ▇▇▇▇▇▇ accepts its appointment and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventauthorization as the Seller Representative under this Agreement. (b) The Any other Person, including the Purchaser Representative, the Purchaser, the Company and the Indemnified Parties and the Indemnifying Parties may conclusively and absolutely rely, without inquiry, upon any actions of the Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The the acts of the Seller under any Seller Representative may resign at any time. (ii) Documents. The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Purchaser Representative, a new Seller Representative shall be appointed by the vote or written consent of Purchaser, the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer Company and the Target Company each Indemnified Party and Indemnifying Party shall be entitled to rely conclusively on the instructions and decisions and actions of the prior Seller Representative as described to (i) the settlement of any indemnification claims by an Indemnified Party pursuant to Article VI, (ii) any payment instructions provided by the Seller Representative or (iii) any other actions required or permitted to be taken by the Seller Representative hereunder, and neither the Seller nor any Indemnifying Party shall have any cause of action against the Purchaser Representative, the Purchaser, the Company or any other Indemnified Party for any action taken by any of them in reliance upon the instructions or decisions of the Seller Representative. The Purchaser Representative, the Purchaser, the Company and the other Indemnified Parties shall not have any Liability to the Seller or any Indemnifying Party for any allocation or distribution to the Seller by the Seller Representative of payments made to or at the direction of the Seller Representative. All notices or other communications required to be made or delivered to the Seller under any Seller Representative Document shall be made to the Seller Representative for the benefit of the Seller, and any notices so made shall discharge in full all notice requirements of the other parties hereto or thereto to the Seller with respect thereto. All notices or other communications required to be made or delivered by the Seller shall be made by the Seller Representative (except for a notice under Section 10.1(a9.17(d) aboveof the replacement of the Seller Representative). (c) The Seller Representative shall will act as a fiduciary with fiduciary duties to for the Sellers. If Seller on all of the matters set forth in this Agreement in the manner the Seller Representative has a personal conflict of interest with respect to any action, decision or determination believes to be made in the best interest of the Seller, but the Seller Representative will not be responsible to the Seller for any Losses that the Seller or any Indemnifying Party may suffer by reason of the performance by the Seller Representative of the Seller Representative’s duties under this Agreement, other than Losses arising from the bad faith, gross negligence or willful misconduct by the Seller Representative in the performance of its duties under this Agreement. From and after the Closing, the Seller shall indemnify, defend and hold the Seller Representative harmless from and against any and all Losses reasonably incurred without gross negligence, bad faith or willful misconduct on the part of the Seller Representative (in its capacity as such) and arising out of or in connection with the acceptance or administration of the Seller Representative’s duties under any Seller Representative Document, including the reasonable fees and expenses of any legal counsel retained by the Seller Representative, . In no event shall the Seller Representative must notify the Sellers. (d) in such capacity be liable hereunder or in connection herewith for any indirect, punitive, special or consequential damages. The Seller Representative shall not be liable to for any act done or omitted under any Seller Representative Document as the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional Seller Representative while acting in good faith and without willful misconduct or bad faith (it being understood that gross negligence, and any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative counsel shall be conclusive evidence of such good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative shall be fully protected in relying upon any written notice, demand, certificate or document that it in good faith believes to be genuine, including facsimiles or copies thereof, and no Person shall have any Liability for relying on the Seller Representative in the foregoing manner. In connection with the performance of its rights and obligations hereunder, the Seller Representative shall have the right at any time and from time to time to select and againstengage, compensate it forat the reasonable cost and expense of the Seller, reimburse it for attorneys, accountants, investment bankers, advisors, consultants and pay any clerical personnel and all lossesobtain such other professional and expert assistance, liabilities, claims, actions, damages maintain such records and incur other reasonable out-of-pocket expenses, including reasonable attorneys’ fees as the Seller Representative may reasonably deem necessary or appropriate from time to time. All of the indemnities, immunities, releases and disbursements, arising out of and in connection with its activities as powers granted to the Seller Representative under this Agreement Section 9.17 shall survive the Closing and continue indefinitely. (d) If the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse die, become disabled, dissolve, resign or otherwise be unable or unwilling to fulfill its responsibilities as representative and agent of the Sellers Seller, then Seller shall, within ten (10) days after such death, disability, dissolution, resignation or other event, appoint a successor Seller Representative (as determined by the amount board of directors of the Seller, within two (2) Business Days after such appointment) notify the Purchaser Representative and the Purchaser in writing of the identity of such indemnified Representative Loss attributable to successor. Any such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses successor so appointed shall be satisfied from become the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)“Seller Representative” for purposes of this Agreement.

Appears in 4 contracts

Sources: Agreement and Plan of Merger (Tingo, Inc.), Agreement and Plan of Merger (MICT, Inc.), Agreement and Plan of Merger (MICT, Inc.)

Seller Representative. (a) By approving Each Seller Guarantor and each Seller irrevocably appoints Seller Representative to act as such Seller Guarantor’s and such Seller’s exclusive agent and true and lawful attorney-in-fact with full power of substitution to do on behalf of such Seller Guarantor and such Seller any and all things, including executing any and all documents, which may be necessary, convenient or appropriate to facilitate the consummation of the Stock Purchase, including: (i) receiving and disbursing payments to be made hereunder; (ii) receiving notices and communications pursuant to this Agreement and the Seller Ancillary Agreements; (iii) administering this Agreement and the Seller Ancillary Agreements, including the initiation and resolution of any disputes or claims; (iv) making determinations to settle any dispute with respect to the purchase price adjustments contemplated by Section 2.3(b); (v) resolving, settling or compromising claims for indemnification asserted against the Seller Guarantors and the Sellers pursuant to Article 12; (vi) agreeing to amendments of this Agreement, waivers of conditions and obligations under this Agreement and the Seller Ancillary Agreements; (vii) asserting claims for or defending claims of indemnification under Article 8 and resolving, settling or compromising any such claim; (viii) taking any other actions of the Seller Guarantor and the Sellers under this Agreement and the Seller Ancillary Agreements; and (ix) performing all acts, as contemplated by or deemed advisable by the Seller Representative in connection with this Agreement, the Escrow Agreement, the Seller Representative Engagement Agreement and the Seller Ancillary Agreements. Notwithstanding the foregoing, the Seller Representative shall have no obligation to act on behalf of the Sellers, except as expressly provided herein, in the Escrow Agreement, in the Seller Ancillary Agreements and in the Seller Representative Engagement Agreement, and for purposes of clarity, there are no obligations of the Seller Representative in any ancillary agreement, schedule, exhibit or the Company Disclosure Letter. A decision, act, consent or instruction of Seller Representative shall constitute a decision for all of the Seller Guarantors and the Sellers under this Agreement, the Seller Ancillary Agreements, the Escrow Agreement, the Seller Representative Engagement Agreement and the transactions contemplated herebyhereby and thereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative and attorney-in-fact to act on behalf of such Person with respect to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon the Seller Guarantors and Sellers and their successors as if expressly ratified and confirmed in writing, and Acquiror, its Affiliates and Representatives may rely upon any such decision, act, consent or instruction of Seller Representative as being the decision, act, consent or instruction of each such Person. No of the Seller Guarantors and the Sellers (without investigation) and none of Acquiror or any of its Affiliates or Representatives shall have any liability to any Seller Guarantor or any Seller as a result of such reliance. Any payment by Acquiror to Seller Representative (in such capacity) under this Agreement or any Seller Ancillary Agreement will be considered a payment by Acquiror to the right to object to, dissent from, protest or otherwise contest Seller Guarantors and the sameSellers. The provisions of this Sectionpowers, including immunities and rights to indemnification granted to the power of attorney granted hereby, Seller Representative Group are independent and severable, are irrevocable and coupled with an interest and shall not will be terminated irrevocable by any act Seller Guarantor or any Seller in any manner or for any reason and survive the death, incompetence, bankruptcy or liquidation of any one Seller and shall be binding on any successor thereto, and shall survive the delivery of an assignment by any Seller of the whole or Sellersany fraction of his, her or by operation of Law, whether by death or other eventits interest in the Adjustment Escrow Amount. (b) The If at any time there is more than one Person appointed to serve as the Seller Representative, any act of the Seller Representative may will require the act of a majority of the Seller Representatives which will be removedbinding upon the Seller Guarantors, etc. as provided the Sellers and the Seller Representatives, and upon such act by a majority of the Seller Representatives, Acquiror will, in reliance thereon, be entitled to all benefits and protections of this Section 11.1(b). (i13.18(b) The as though such act were the unanimous act of all Seller Representatives. Any Seller Representative may resign as a Seller Representative at any time. (ii) The time by written notice delivered to the Seller Guarantors, the Sellers and to Acquiror. If at any time there is no Person acting as the Seller Representative may be removed for any reason or no reason reason, the Seller Guarantors and the Sellers will promptly designate a new Person by a majority decision made by the vote or written consent of Seller(s) holding a majority in interest of the shares of the Company Stock held by the Sellers according immediately prior to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Agreement Date to act as the Seller Representative resign or be removed without and notify Acquiror in writing of such determination. Following the Majority Holders having first appointed time that Acquiror is notified that the Seller Representative has resigned and until such time as a new Person is designated to act as the Seller Representative who as provided herein and ▇▇▇▇▇▇▇▇ is so notified in writing, the Sellers collectively will act as the Seller Representative, with decisions made by the Seller(s) holding a majority of the shares of the Company Stock held by the Sellers immediately prior to the Agreement Date. The immunities and rights to indemnification shall assume such duties immediately upon survive the resignation or removal of the Seller Representative. (iii) In the event Representative or any member of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer Advisory Group and the Target Company shall be entitled to rely on Closing and/or any termination of this Agreement and the decisions and actions of the prior Seller Representative as described in Section 10.1(a) aboveEscrow Agreement. (c) The Seller Representative shall act acknowledges that it has read and understands this Section 13.18, and ▇▇▇▇▇▇ accepts such appointment. Certain Sellers have entered into an engagement agreement (the “Seller Representative Engagement Agreement”) with the Seller Representative to provide direction to the Seller Representative in connection with its services under this Agreement, the Escrow Agreement, the Seller Ancillary Agreements and the Seller Representative Engagement Agreement (such Sellers, including their individual representatives, collectively hereinafter referred to as a fiduciary the “Advisory Group”). The Seller Representative and its members, managers, directors, officers, contractors, agents and employees and any member of the Advisory Group (collectively, the “Seller Representative Group”) will incur no liability of any kind with fiduciary duties respect to any action or omission by the Seller Representative in connection with the Seller Representative’s services pursuant to this Agreement, the Escrow Agreement, the Seller Representative Engagement Agreement and the Seller Ancillary Agreements, except in the event of liability directly resulting from the Seller Representative’s Fraud, gross negligence or willful misconduct. The Seller Guarantor and Sellers will indemnify, defend and hold harmless the Seller Representative Group from and against any and all Damages, losses, claims, liabilities, fees, costs, expenses (including fees, disbursements and costs of counsel and other skilled professionals and in connection with seeking recovery from insurers), judgments, fines or amounts paid in settlement (collectively, the “Seller Representative Expenses”) arising out of or in connection with the Seller Representative’s execution and performance of this Agreement, the Escrow Agreement, the Seller Representative Engagement Agreement and the Seller Ancillary Agreements, in each case, as such Seller Representative Expenses are suffered or incurred. Such Seller Representative Expenses may be recovered first, from any distribution of the Adjustment Escrow Amount or Earn-Out Payment otherwise distributable to the Sellers at the time of distribution, and second, directly from the Sellers. If The Sellers acknowledge that the Seller Representative shall not be required to expend or risk its own funds or otherwise incur any financial liability in the exercise or performance of any of its powers, rights, duties or privileges or pursuant to this Agreement, the Escrow Agreement or the transactions contemplated hereby or thereby. Furthermore, the Seller Representative shall not be required to take any action unless the Seller Representative has a personal conflict of interest been provided with respect funds, security or indemnities which, in its determination, are sufficient to any actionprotect the Seller Representative against the costs, decision or determination to expenses and liabilities which may be made incurred by the Seller Representative, the Seller Representative must notify the Sellersin performing such actions. (d) The Seller Representative shall not be liable entitled to: (i) rely upon the Payment Schedule, (ii) rely upon any signature believed by it to the Sellers for actions taken pursuant to this Agreement or the Promissory Notesbe genuine, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith and (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated iii) reasonably assume that a Representative Loss signatory has proper authorization to sign on behalf of the applicable Seller or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)other party.

Appears in 4 contracts

Sources: Stock Purchase Agreement (Revelyst, Inc.), Stock Purchase Agreement (Outdoor Products Spinco Inc.), Stock Purchase Agreement (Outdoor Products Spinco Inc.)

Seller Representative. (a) By approving this Agreement and Each of the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS Equityholders hereby appoints ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ as the initial Seller Representative. The Seller Representative will act as such Person’s representative its agent and attorney-in-fact to act fact, as the Seller Representative for and on behalf of such Person with respect the Equityholders to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) , to agree to, negotiate, enter into settlements and compromises of, and demand arbitration and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree toof courts and awards of arbitrators with respect to claims by Indemnified Parties for indemnification pursuant to this Agreement, to assert, negotiate, enter into settlements and compromises of, and demand arbitration and comply with orders of courts and awards of arbitrators with respect to, any other claim by any Indemnified Parties against any Equityholders or by any such Equityholders against any Indemnified Parties or any dispute between any Indemnified Parties and any such Equityholders, in each case relating to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement or the transactions contemplated hereby, and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all other actions that are either (i) necessary or appropriate in the good faith judgment of the Seller Representative for the accomplishment of the foregoing or (ii) specifically mandated by the terms of this Agreement. Such agency may be changed by the Equityholders from time to time upon not less than thirty (30) days prior written notice to Buyer; provided, however, that the Seller Representative may not be removed unless holders of a majority of the Seller Shares immediately prior to the Closing agree to such removal and to the identity of the substituted agent. Notwithstanding the foregoing, a vacancy in the position of Seller Representative may be filled by the holders of a majority of the Seller immediately prior to the Closing. Holdings and Buyer No bond shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence required of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by the Seller Representative, and on the Seller Representative shall not receive any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Personcompensation for its services. Notices or communications to or from the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event.Equityholders (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers Equityholders for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted hereunder as Seller Representative while acting in good faith and in the exercise of reasonable judgment. The Indemnifying Parties shall indemnify the Seller Representative and hold the Seller Representative harmless against any loss, liability or expense incurred without gross negligence or bad faith on the part of the Seller Representative and arising out of or in connection with the acceptance or administration of the Seller Representative’s duties hereunder, including the reasonable fees and expenses of any legal counsel retained by the Seller Representative. A decision, act, consent or instruction of the Seller Representative, including an amendment, alteration or modification of this Agreement pursuant to Section 11.01, shall constitute a decision of the advice Equityholders and shall be final, binding and conclusive upon the Equityholders; and Buyer may rely upon any such decision, act, consent or instruction of counsel, accountants and other professionals and experts retained by the Seller Representative shall be conclusive evidence as being the decision, act, consent or instruction of good faith)the Equityholders. The Sellers shall severally and not jointly (Buyer is hereby relieved from any liability to any person for any acts done by it in accordance with their Pro Rata Shares)such decision, indemnify and hold harmless Seller Representative from and againstact, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out consent or instruction of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 3 contracts

Sources: Stock Purchase Agreement, Stock Purchase Agreement, Stock Purchase Agreement (Cvent Inc)

Seller Representative. (a) By approving virtue of the adoption of this Agreement by the Sellers other than [***], and the transactions contemplated herebywithout further action of any such Seller, each such Seller shall be deemed to have irrevocably authorized constituted and appointed Dangroup ApS [***] (and by execution of this Agreement [***] hereby accepts such appointment) as the initial Seller Representative. The Seller Representative will act as such Person’s representative agent and attorney-in-fact to act (in such capacity, the “Seller Representative”) for and on behalf of such Person the Sellers (in their capacity as such), with full power of substitution, to act in the name, place and stead of each Seller with respect to this Agreement and the Promissory Notes in connection with and to take facilitate the consummation of the transactions contemplated hereby, including the taking by the Seller Representative of any and all actions and make the making of any decisions required or permitted to be taken by the Seller Representative pursuant to this Agreement under Section 2.2 or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same7. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and in this Section 8.1 is coupled with an interest and is irrevocable, may be delegated by the Seller Representative and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by survive the death or other eventincapacity of each Seller. No bond shall be required of the Seller Representative, and the Seller Representative shall receive no compensation for his services. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to any Person for any act taken in good faith and in the Sellers for actions taken pursuant to exercise of his reasonable judgment and arising out of or in connection with the acceptance or administration of his duties under this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative legal counsel shall be conclusive evidence of such good faith). The Sellers shall severally faith and not jointly (in accordance with their Pro Rata Sharesreasonable judgment), indemnify and hold harmless Seller Representative from and against, compensate it shall not be liable for, reimburse it for and pay may seek indemnification from the Sellers for, any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused Losses incurred by the Seller Representative, except to the extent of any Losses actually incurred as a proximate result of the gross negligence, fraud, intentional misconduct negligence or bad faith of the Seller Representative, . The Seller Representative shall reimburse be entitled to recover any out-of-pocket costs and expenses reasonably incurred by the Seller Representative in connection with actions taken by the Seller Representative pursuant to the terms of Section 2.2 or Article 7 of this Agreement or Article 5 or Section 11.12 of the Collaboration Agreement (including the payment of brokers’ fees and expenses, the hiring of legal counsel and the incurring of legal fees and costs), from the Sellers jointly and severally, including, without limitation, by deducting such costs and expenses from amounts otherwise distributable to the amount Sellers. (c) From and after the date of such indemnified this Agreement, any decision, act, consent or instruction of the Seller Representative Loss attributable with respect to such gross negligence, fraud, intentional misconduct Section 2.2 or bad faith. The Representative Losses Article 7 shall constitute a decision of all Sellers and shall be satisfied final, binding and conclusive upon each Seller, and the Buyer may rely upon any decision, act, consent or instruction of the Seller Representative as being the decision, act, consent or instruction of each Seller. Buyer is hereby relieved from the Sellers, severally and not jointly (any liability to any Person for any acts done by Buyer in accordance with their Pro Rata Shares)any such decision, act, consent or instruction of the Seller Representative.

Appears in 3 contracts

Sources: Collaboration Agreement (Pdi Inc), Collaboration Agreement (Pdi Inc), Collaboration Agreement (Pdi Inc)

Seller Representative. (a) By approving this Agreement Each Company Holder, by delivery of a Letter of Transmittal, on behalf of itself and the transactions contemplated herebyits successors and assigns, each Seller shall have hereby irrevocably authorized constitutes and appointed Dangroup ApS appoints ▇▇▇▇▇▇ ▇▇▇▇, in his capacity as the initial Seller Representative. The Seller Representative will act , as such Person’s representative the true and lawful agent and attorney-in-fact of such Persons with full powers of substitution to act in the name, place and stead thereof with respect to the performance on behalf of such Person with respect to under the terms and provisions of this Agreement and the Promissory Notes Ancillary Documents to which the Seller Representative is a party or otherwise has rights in such capacity (together with this Agreement, the “Seller Representative Documents”), as the same may be from time to time amended, and to take any do or refrain from doing all such further acts and things, and to execute all actions and make any decisions required or permitted to be taken by such documents on behalf of such Person, if any, as the Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions will deem necessary or appropriate in connection with any of the good faith judgment of transactions contemplated under the Seller Representative for the accomplishment of the foregoing. Holdings Documents, including: (i) controlling and Buyer shall be entitled making any determinations with respect to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported whether Earnout Shares are to be executed issued under Section 2.13; (ii) terminating, amending or waiving on behalf of such Person any provision of any Seller by Representative Document (provided, that any such action, if material to the rights and obligations of the Company Holders in the reasonable judgment of the Seller Representative, and on any other action taken or purported to will be taken in the same manner with respect to all Company Holders unless otherwise agreed by each Company Holder who is subject to any disparate treatment of a potentially material and adverse nature); (iii) signing on behalf of such Person any releases or other documents with respect to any dispute or remedy arising under any Seller by Representative Document; (iv) employing and obtaining the advice of legal counsel, accountants and other professional advisors as the Seller Representative, in its reasonable discretion, deems necessary or advisable in the performance of its duties as being fully binding upon the Seller Representative and to rely on their advice and counsel; (v) incurring and paying reasonable costs and expenses, including fees of brokers, attorneys and accountants incurred pursuant to the transactions contemplated hereby, and any other reasonable fees and expenses allocable or in any way relating to such transaction, whether incurred prior or subsequent to Closing; (vi) receiving all or any portion of the consideration provided to the Company Holders under this Agreement and to distribute the same to the Company Holders in accordance with their pro rata share; and (vii) otherwise enforcing the rights and obligations of any such Persons under any Seller Representative Document, including giving and receiving all notices and communications hereunder or thereunder on behalf of such Person. Notices or communications to or from All decisions and actions by the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunderRepresentative, including any agreement between the Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunderSPAC Representative, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller Company Holder and their respective successors and assigns, and neither they nor any other Party shall have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, Section 11.8 are irrevocable and coupled with an interest interest. The Seller Representative ▇▇▇▇▇▇ accepts its appointment and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventauthorization as the Seller Representative under this Agreement. (b) The Any other Person, including the SPAC Representative, Pubco, SPAC and the Company may conclusively and absolutely rely, without inquiry, upon any actions of the Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The the acts of the Company Holders under any Seller Representative may resign at any time. (ii) Documents. The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller SPAC Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to BuyerPubco, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer SPAC and the Target Company shall be entitled to rely conclusively on the instructions and decisions and actions of the prior Seller Representative as described to (i) the settlement of any disputes with respect to Section 2.13, (ii) any payment instructions provided by the Seller Representative or (iii) any other actions required or permitted to be taken by the Seller Representative hereunder, and no Company Holder shall have any cause of action against the SPAC Representative, SPAC, the Company for any action taken by any of them in reliance upon the instructions or decisions of the Seller Representative. None of the SPAC Representative, Pubco, SPAC, or the Company shall have any Liability to any Company Holder for any allocation or distribution among the Company Holders by the Seller Representative of payments made to or at the direction of the Seller Representative. All notices or other communications required to be made or delivered to a Company Holder under any Seller Representative Document shall be made to the Seller Representative for the benefit of such Company Holder, and any notices so made shall discharge in full all notice requirements of the other parties hereto or thereto to such Company Holder with respect thereto. All notices or other communications required to be made or delivered by a Company Holder shall be made by the Seller Representative (except for a notice under Section 10.1(a) above11.2 of the replacement of the Seller Representative). (c) The Seller Representative shall will act as a fiduciary with fiduciary duties to for the Sellers. If Company Holders on all of the matters set forth in this Agreement in the manner the Seller Representative has a personal conflict of interest with respect to any action, decision or determination believes to be made in the best interest of the Company Holders, but the Seller Representative will not be responsible to the Company Holders for any Losses that any Company Holder may suffer by reason of the performance by the Seller Representative of the Seller Representative’s duties under this Agreement, other than Losses arising from the bad faith, gross negligence or willful misconduct by the Seller Representative in the performance of its duties under this Agreement. From and after the Closing, the Company Holders shall jointly and severally indemnify, defend and hold the Seller Representative harmless from and against any and all Losses reasonably incurred without gross negligence, bad faith or willful misconduct on the part of the Seller Representative (in its capacity as such) and arising out of or in connection with the acceptance or administration of the Seller Representative’s duties under any Seller Representative Document, including the reasonable fees and expenses of any legal counsel retained by the Seller Representative, . In no event shall the Seller Representative must notify the Sellers. (d) in such capacity be liable hereunder or in connection herewith for any indirect, punitive, special or consequential damages. The Seller Representative shall not be liable to for any act done or omitted under any Seller Representative Document as the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional Seller Representative while acting in good faith and without willful misconduct or bad faith (it being understood that gross negligence, and any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative counsel shall be conclusive evidence of such good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative shall be fully protected in relying upon any written notice, demand, certificate or document that it in good faith believes to be genuine, including facsimiles or copies thereof, and no Person shall have any Liability for relying on the Seller Representative in the foregoing manner. In connection with the performance of its rights and obligations hereunder, the Seller Representative shall have the right at any time and from time to time to select and againstengage, compensate it forat the reasonable cost and expense of the Company Holders, reimburse it for attorneys, accountants, investment bankers, advisors, consultants and pay any clerical personnel and all lossesobtain such other professional and expert assistance, liabilities, claims, actions, damages maintain such records and incur other reasonable out-of-pocket expenses, including reasonable attorneys’ fees as the Seller Representative may reasonably deem necessary or appropriate from time to time. All of the indemnities, immunities, releases and disbursements, arising out of and in connection with its activities as powers granted to the Seller Representative under this Agreement Section 11.8 shall survive the Closing and continue indefinitely. (d) If the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse die, become disabled, dissolve, resign or otherwise be unable or unwilling to fulfill its responsibilities as representative and agent of Company Holders, then the Sellers Company Holders shall, within ten (10) days after such death, disability, dissolution, resignation or other event, appoint a successor Seller Representative (by vote or written consent of the amount Company Holders holding in the aggregate a Pro Rata Share in excess of fifty percent (50%)), and promptly thereafter (but in any event within two (2) Business Days after such appointment) notify the SPAC Representative, Pubco and SPAC in writing of the identity of such indemnified Representative Loss attributable to successor. Any such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses successor so appointed shall be satisfied from become the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)“Seller Representative” for purposes of this Agreement.

Appears in 3 contracts

Sources: Business Combination Agreement (SilverBox Corp IV), Business Combination Agreement (SilverBox Corp IV), Business Combination Agreement (SilverBox Corp IV)

Seller Representative. (a) By approving this Agreement and the transactions contemplated hereby, each Seller shall ▇▇▇▇▇▇▇ have irrevocably authorized and appointed Dangroup ApS ▇▇▇▇▇ ▇▇▇▇ to act as the initial Seller Representative. The Seller Representative will act as such Person’s representative and agent, proxy, attorney-in-fact and representative for the Sellers and their successors and assigns for all purposes under this Agreement (the “Seller Representative”), and the Seller Representative, by his signature below, agrees to act serve in such capacity. (b) The Seller Representative shall have the power and authority to take such actions on behalf of such Person with respect each Seller as the Seller Representative, in his sole judgment, may deem to be in the best interests of the Sellers or otherwise appropriate on all matters related to or arising from this Agreement or any other Transaction Document. Such powers shall include: (i) executing and delivering this Agreement, the other Transaction Documents, any certificates, consents and other documents contemplated by this Agreement, and any and all supplements, amendments, waivers or modifications thereto; (ii) giving and receiving notices and other communications relating to this Agreement, the other Transaction Documents and the transactions contemplated hereby and thereby; (iii) taking or refraining from taking any actions (whether by negotiation, settlement, litigation or otherwise) to resolve or settle all matters and disputes arising out of or related to this Agreement, including matters in ARTICLE IX, the other Transaction Documents and the performance or enforcement of the obligations, duties and rights pursuant to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IXTransaction Documents; (iv) litigate, arbitrate, resolve, settle taking all actions necessary or compromise appropriate in connection with any claim for indemnification pursuant to Article VII and Article IXdisputes regarding the Estimated Closing Statement or the Final Calculations; (v) execute engaging attorneys, accountants, financial and deliver all documents other advisors, paying agents and other persons necessary or desirable to carry out appropriate, in the intent sole and absolute discretion of the Seller Representative in the performance of its duties under this Agreement and any Ancillary Document (including the Promissory Notes);other Transaction Documents; and (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take taking all actions necessary or appropriate in the good faith judgment of the Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If power of attorney appointing the Seller Representative has a personal conflict as attorney-in-fact is coupled with an interest and the death or incapacity of interest with respect to any action, decision Seller shall not terminate or determination to be made by diminish the authority and agency of the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions any action taken or omitted to be taken by the Seller Representative in his capacity as Seller Representative pursuant to the terms of this Agreement or the Promissory NotesAgreement, except to the extent such actions action or omission shall have been determined by a court of competent jurisdiction in a final non-appealable judgment to have constituted gross negligence or involved fraud, intentional misconduct or bad faith fraud. Reasonable legal fees incurred by Seller Representative in connection with serving as Sellers Representative shall be borne by the Sellers. (it being understood that e) The Sellers shall, jointly and severally, indemnify, defend and hold harmless the Seller Representative and his heirs, representatives, successors and assigns, from and against any act done and all claims, demands, suits, actions, causes of action, losses, damages, obligations, liabilities, costs and expenses (including attorneys’ fees and court costs) arising as a result of or incurred in connection with any actions taken or omitted to be taken by the Seller Representative pursuant to the advice terms of counselthis Agreement, accountants except to the extent such action or omission shall have been determined by a court of competent jurisdiction in a final non-appealable judgment to have constituted intentional misconduct or fraud on the part of the Seller Representative; provided, that no Seller shall be liable to the Seller Representative pursuant to this Section 2.3(e) for any amount in excess of the portion of the Transaction Consideration to which such Seller is entitled pursuant to this Agreement. In addition, each Seller forever voluntarily releases and other professionals discharges the Seller Representative, his heirs, representatives, successors and experts retained assigns, from any and all claims, demands, suits, actions, causes of action, losses, damages, obligations, liabilities, costs and expenses (including attorneys’ fees and court costs), whether known or unknown, anticipated or unanticipated, arising as a result of or incurred in connection with any actions taken or omitted to be taken by the Seller Representative pursuant to the terms of this Agreement, except to the extent such action or omission shall have been determined by a court of competent jurisdiction in a final non-appealable judgment to have constituted intentional misconduct or fraud. The Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their entitled to recover from each Seller based on such Seller’s Pro Rata Shares)Portion of the Transaction Consideration, indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, expenses (including reasonable attorneys’ fees and disbursementscourt costs) incurred by the Seller Representative in defending any claim, demand, suit, action or cause of action. (f) Each Seller agrees that Purchaser shall be entitled to rely, and shall be fully protected in relying, on any action taken, or any action not taken, by the Seller Representative, on behalf of such Seller, pursuant to this Section 2.3(f) (an “Authorized Action”), and that each Authorized Action shall be binding on each Seller as fully as if such Seller had taken such Authorized Action. (g) Purchaser shall not be liable to any Seller Indemnitee for Losses sustained by any such Seller Indemnitee, to the extent arising out of and in connection with its activities as or related to the performance of, or failure to perform by, the Seller Representative under of his obligations set forth in this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by other Transaction Documents, as applicable, nor shall the gross negligenceactions of, fraudor the failure to act by, intentional misconduct or bad faith of Seller Representative, the Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable be used as a defense against any claim for Losses made by a Purchaser Indemnitee pursuant to such gross negligence, fraud, intentional misconduct this Agreement or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)any other Transaction Documents.

Appears in 3 contracts

Sources: Membership Interest Purchase Agreement (Planet 13 Holdings Inc.), Membership Interest Purchase Agreement (Planet 13 Holdings Inc.), Membership Interest Purchase Agreement (Planet 13 Holdings Inc.)

Seller Representative. (a) By approving Each ▇▇▇ Subsidiary, by executing this Agreement Agreement, irrevocably constitutes and the transactions contemplated herebyappoints REC and its successors, each Seller shall have irrevocably authorized and appointed Dangroup ApS acting as the initial Seller Representative. The Seller Representative will act hereinafter provided, as such appointing Person’s representative and attorney-in-fact to act on behalf of such Person in connection with respect the authority granted to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative REC pursuant to this Agreement or Section 13.15, and acknowledges that such appointment is coupled with an interest. (b) Each ▇▇▇ Subsidiary, by the Promissory Notesappointment described in Section 13.15(a), including the exercise of the power to: (i) authorizes REC subsequent to the Execution Date (A) to give and receive written consents, reports, notices and communications; (ii) agree tocommunications to or from Buyer relating to this Agreement, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions transactions contemplated by this Agreement and the other Transaction Documents, (B) to act on such appointing Person’s behalf with respect to any Ancillary Document and all matters affecting such appointing Person in this Agreement, including giving and receiving all notices and communications to be given or received with respect to any such matters, and (including C) to negotiate, compromise and resolve any dispute that may arise under this Agreement; provided, however, that in each of clauses (A) through (C) preceding, REC will not have the Promissory Notes);authority to execute any agreements or documents (other than consents, reports, notices and communications) on behalf of each ▇▇▇ Subsidiary, and (ii) agrees to be bound by all agreements and determinations made by and documents executed and delivered by REC pursuant to the authority granted to REC hereunder. (viic) engageEach ▇▇▇ Subsidiary, employ by the execution of this Agreement, expressly acknowledges and agrees that (i) REC is authorized to act on its behalf with respect to this Agreement, notwithstanding any dispute or appoint any agents or representatives disagreement between such appointing Person and REC, and (including attorneys, accountants and consultantsii) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall will be entitled to deal exclusively with Seller Representative solely interact with, and rely on any and all matters relating to actions taken by, REC under this Agreement (including Article IX) and shall be entitled without any liability to, or obligation to rely conclusively (without further evidence of any kind whatsoever) on any document executed inquire of, such appointing Person. Any notice or purported to be executed on behalf of any Seller by Seller Representativecommunication given or received by, and on any other action taken decision, action, failure to act within a designated period of time, agreement, consent, settlement, resolution or purported to be taken on behalf instruction of, REC that is within the scope of any Seller by Seller Representative, as being fully binding upon such Person. Notices REC’s authority under this Section 13.15 will constitute a notice or communications communication to or from Seller Representative shall constitute notice by, or a decision, action, failure to act within a designated period of time, agreement, consent, settlement, resolution or from each instruction of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall will be final, binding and conclusive upon each such appointing Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall will be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to upon any such notice, communication, decision, action, decision failure to act within a designated period of time, agreement, consent, settlement, resolution or determination instruction as being a notice or communication to be made by the Seller Representativeor by, the Seller Representative must notify the or a decision, action, failure to act within a designated period of time, agreement, consent, settlement, resolution or interaction of, such appointing Person and Sellers. (d) The Each Seller and Seller Representative shall not be is, and hereby agrees to be, jointly and severally liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except Buyer with respect to the extent such actions shall have been determined by a court representations, warranties and covenants of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by each Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), set forth herein and/or in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)Transaction Document.

Appears in 2 contracts

Sources: Asset Purchase Agreement, Asset Purchase Agreement (Rex Energy Corp)

Seller Representative. (a) By approving the execution and delivery of this Agreement Agreement, Seller hereby constitutes and appoints the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS Representative as the initial Seller Representative. The Seller Representative will act as such Person’s representative true and lawful agent and attorney-in-fact of Seller with full power of substitution to act in the name, place and stead of Seller and to act on behalf of Seller in any litigation or arbitration involving this Agreement, do or refrain from doing all such Person further acts and things, and execute all such documents as the Seller Representative shall deem necessary or appropriate in connection with respect to the transactions contemplated by this Agreement and including, without limitation, the Promissory Notes and power: (a) to take any and all actions and make any decisions required or permitted act for Seller with regard to be taken by Seller Representative pursuant matters pertaining to indemnification referred to in this Agreement or the Promissory NotesAgreement, including the exercise power to compromise any indemnity claim on behalf of the power to: (i) give Seller and receive notices and communicationsto transact matters of litigation; (iib) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all waivers under and amendments to this Agreement, ancillary agreements, certificates and documents necessary or desirable to carry out that the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions deems necessary or appropriate in connection with the good faith judgment consummation of the transactions contemplated by this Agreement; (c) to receive funds and make payments of funds; (d) to do or refrain from doing any further act or deed on behalf of Seller that the Seller Representative deems necessary or appropriate in its sole discretion relating to the subject matter of this Agreement as fully and completely as Seller could do if personally present. The Buyer and any other Person may conclusively and absolutely rely, without inquiry, upon any action of the Seller Representative in all matters referred to herein. All notices required to be made or delivered by the Buyer to the Seller shall be made to the Seller Representative for the accomplishment benefit of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute discharge in full all notice to or from each requirements of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellersthereto. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 2 contracts

Sources: Asset Purchase Agreement (Alpha Natural Resources, Inc.), Asset Purchase Agreement (Alpha Natural Resources, Inc.)

Seller Representative. (a) By approving Each Seller, by the execution of this Agreement and the transactions contemplated herebyAgreement, each Seller shall be deemed to have irrevocably appointed, authorized and appointed Dangroup ApS directed ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ III, in his capacity as the initial Seller Representative. The Seller Representative will , to act as such PersonSeller’s representative agent, representative, proxy and attorney-in-fact to act for the purpose of effecting the consummation of the transactions contemplated by this Agreement and exercising, on behalf of all Sellers, the rights and powers of Sellers hereunder and thereunder. Without limiting the generality of the foregoing, the Seller Representative shall have full power and authority, and is hereby directed, for and on behalf of all Sellers, to take such Person with respect to this Agreement and the Promissory Notes action, and to take exercise such rights, power and authority, as are authorized, delegated and granted to the Seller Representative hereunder in connection with the transactions contemplated hereby and to exercise such rights, power and authority as are incidental thereto, to represent any Seller at and all actions and make after the Closing, to give or receive any decisions notices required or permitted to be taken by Seller Representative pursuant given hereunder and thereunder, to this Agreement or the Promissory Notes, including the exercise accept service of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed process on behalf of any Seller, to execute and deliver, or hold in escrow and release, any exhibits or amendments to this Agreement, or any other agreements, certificates, statements, notices, approvals, extensions or waivers relating to the transactions contemplated hereby or thereby, to conduct or cease to conduct the defense of all claims against any Seller by Seller Representativein connection with this Agreement, and on any other action taken or purported to be taken settle all such claims on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the all Sellers. Any decision or action by Seller Representative hereunderThe appointment and agency created hereby is irrevocable, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right deemed to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and be coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etcinterest. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act serve as a fiduciary with fiduciary duties such from the date hereof until the earlier of his resignation, death or incapacity or the completion of his obligations hereunder. In the event that ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ III is unable or unwilling to the Sellers. If the Seller Representative has a personal conflict of interest with respect continue to any action, decision or determination to be made by serve as the Seller Representative, the Seller Representative must notify the or otherwise ceases to be Sellers Representative, his successor shall be promptly appointed by Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 2 contracts

Sources: Membership Interest Purchase Agreement (Red Rock Resorts, Inc.), Membership Interest Purchase Agreement (Station Casinos LLC)

Seller Representative. (a) By approving this Agreement and the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS Sellers hereby designate IODA S.A. to serve as the initial sole and exclusive representative of Sellers (the “Seller Representative. The Seller Representative will act as such Person’s representative and attorney-in-fact to act on behalf of such Person ”) with respect to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent those provisions of this Agreement and any Ancillary Document (including Agreement that contemplate or permit action by the Promissory Notes);Seller Representative. The appointment of the Seller Representative is coupled with an interest and shall be irrevocable by Sellers for any reason. The Seller Representative h▇▇▇▇▇ accepts its appointment as representative of Sellers. (vib) make In addition to the other rights and authority granted to the Seller Representative elsewhere in this Agreement, Sellers collectively and irrevocably constitute and appoint the Seller Representative as their agent, attorney-in-fact and representative with full powers of substitution to act in the name, place and stead of Sellers to act from and after the date hereof and to do any and all elections things and execute any and all documents which may be necessary, convenient or decisions appropriate to facilitate the consummation of the transactions contemplated by this Agreement and any Ancillary Document Agreement, including: (including i) execution of the Promissory Notes); documents and certificates pursuant to this Agreement and the any Ancillary Agreements; (ii) receipt and forwarding of notices and communications pursuant to this Agreement and the any Ancillary Agreements; (iii) administration of the provisions of this Agreement and the any Ancillary Agreements; (iv) giving or agreeing to, on behalf of all Sellers or any Seller, any and all consents, waivers, amendments or modifications deemed by the Seller Representative, in its reasonable and good faith discretion, to be necessary or appropriate under this Agreement or any Ancillary Agreement and the execution or delivery of any documents that may be necessary or appropriate in connection therewith; (v) amending this Agreement or any Ancillary Agreements; (vi) negotiating and compromising, on behalf of each Seller, any dispute that may arise under, and exercising or refraining from exercising any remedies available under, this Agreement or any Ancillary Agreement; (vii) engageengaging, employ or appoint any and paying fees relating to, attorneys, accountants, agents or representatives (including attorneys, accountants consultants on behalf of each Seller in connection with this Agreement or any Ancillary Agreement; and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take taking all actions necessary or appropriate in the good faith judgment of the Seller Representative for the accomplishment of any of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement . (including Article IXc) and shall be entitled to rely conclusively (without further evidence A decision, act, consent or instruction of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each Seller, and Purchaser may rely upon any decision, act, consent or instruction of the Seller Representative as being the decision, act, consent or instruction of each and every Seller. Purchaser is hereby relieved from any liability to any Person (including Sellers and their respective Affiliates) for any acts done by it in accordance with such Persondecision, act, consent or instruction of the Seller Representative. No Notices or communications to or from the Seller Representative shall have constitute notice to or from each Seller for purposes of this Agreement. All acts of the right Seller Representative hereunder in its capacity as such shall be deemed to object to, dissent from, protest or otherwise contest the samebe acts on behalf of S▇▇▇▇▇▇. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason service by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed without compensation. Each Seller hereby consents and agrees to all actions or inactions taken or omitted to be taken in good faith by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and hereby agrees to indemnify and hold harmless, jointly and severally, the Promissory Notes Seller Representative from and against all damages, losses, liabilities, charges, penalties, costs and expenses (the “Representative Losses”), in each case as such Representative Loss is including court costs and legal fees and expenses) incurred or suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse acting in such capacity, provided that the Sellers the amount of such indemnified Seller Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad was acting in good faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 2 contracts

Sources: Business Combination Agreement (Goal Acquisitions Corp.), Business Combination Agreement (Goal Acquisitions Corp.)

Seller Representative. (a) By approving this Agreement Each Company Shareholder, by delivery of a Letter of Transmittal, on behalf of itself and its successors and assigns, hereby irrevocably constitutes and appoints ▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇▇, in the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS capacity as the initial Seller Representative. The Seller Representative will act , as such Person’s representative the true and lawful agent and attorney-in-fact of such Persons with full powers of substitution to act in the name, place and stead of thereof with respect to the performance on behalf of such Person with respect to under the terms and provisions of this Agreement and the Promissory Notes Ancillary Documents to which the Seller Representative is a party or otherwise has rights in such capacity (together with this Agreement, the “Seller Representative Documents”), as the same may be from time to time amended, and to take any do or refrain from doing all such further acts and things, and to execute all actions and make any decisions required or permitted to be taken by such documents on behalf of such Person, if any, as the Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions will deem necessary or appropriate in connection with any of the good faith judgment of transactions contemplated under the Seller Representative for the accomplishment of the foregoing. Holdings Documents, including: (i) controlling and Buyer shall be entitled making any determinations with respect to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) whether any Triggering Events have occurred and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported Earnout Shares are to be executed issued under Section 1.13; (ii) terminating, amending or waiving on behalf of such Person any provision of any Seller by Representative Document (provided, that any such action, if material to the rights and obligations of the Company Shareholders in the reasonable judgment of the Seller Representative, and on any other action taken or purported to will be taken in the same manner with respect to all Company Shareholders unless otherwise agreed by each Company Shareholder who is subject to any disparate treatment of a potentially material and adverse nature); (iii) signing on behalf of such Person any releases or other documents with respect to any dispute or remedy arising under any Seller by Representative Document; (iv) employing and obtaining the advice of legal counsel, accountants and other professional advisors as the Seller Representative, in its reasonable discretion, deems necessary or advisable in the performance of its duties as being fully binding upon the Seller Representative and to rely on their advice and counsel; (v) incurring and paying reasonable costs and expenses, including fees of brokers, attorneys and accountants incurred pursuant to the transactions contemplated hereby, and any other reasonable fees and expenses allocable or in any way relating to such transaction, whether incurred prior or subsequent to Closing; (vi) receiving all or any portion of the consideration provided to the Company Shareholders under this Agreement and to distribute the same to the Company Shareholders in accordance with their Pro Rata Share or Earnout Pro Rata Portion, as applicable; and (vii) otherwise enforcing the rights and obligations of any such Persons under any Seller Representative Document, including giving and receiving all notices and communications hereunder or thereunder on behalf of such Person. Notices or communications to or from All decisions and actions by the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunderRepresentative, including any agreement between the Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunderSPAC Representative, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller Company Shareholder and their respective successors and assigns, and neither they nor any other Party shall have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, Section 10.18 are irrevocable and coupled with an interest interest. The Seller Representative ▇▇▇▇▇▇ accepts its appointment and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventauthorization as the Seller Representative under this Agreement. (b) The Any other Person, including the SPAC Representative, Pubco, SPAC and the Company may conclusively and absolutely rely, without inquiry, upon any actions of the Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The the acts of the Company Shareholders under any Seller Representative may resign at any time. (ii) Documents. The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller SPAC Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to BuyerPubco, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer SPAC and the Target Company shall be entitled to rely conclusively on the instructions and decisions and actions of the prior Seller Representative as described to (i) the settlement of any disputes with respect to whether the Triggering Events have occurred pursuant to Section 1.13; (ii) any payment instructions provided by the Seller Representative or (iii) any other actions required or permitted to be taken by the Seller Representative hereunder, and no Company Shareholder shall have any cause of action against the SPAC Representative, SPAC, the Company for any action taken by any of them in reliance upon the instructions or decisions of the Seller Representative. The SPAC Representative, Pubco, SPAC, the Company shall not have any Liability to any Company Shareholder for any allocation or distribution among the Company Shareholders by the Seller Representative of payments made to or at the direction of the Seller Representative. All notices or other communications required to be made or delivered to a Company Shareholder under any Seller Representative Document shall be made to the Seller Representative for the benefit of such Company Shareholder, and any notices so made shall discharge in full all notice requirements of the other parties hereto or thereto to such Company Shareholder with respect thereto. All notices or other communications required to be made or delivered by a Company Shareholder shall be made by the Seller Representative (except for a notice under Section 10.1(a10.18(d) aboveof the replacement of the Seller Representative). (c) The Seller Representative shall will act as a fiduciary with fiduciary duties to for the Sellers. If Company Shareholders on all of the matters set forth in this Agreement in the manner the Seller Representative has a personal conflict of interest with respect to any action, decision or determination believes to be made in the best interest of the Company Shareholders, but the Seller Representative will not be responsible to the Company Shareholders for any Losses that any Company Shareholder may suffer by reason of the performance by the Seller Representative of the Seller Representative’s duties under this Agreement, other than Losses arising from the bad faith, gross negligence or willful misconduct by the Seller Representative in the performance of its duties under this Agreement. From and after the Closing, Pubco shall jointly and severally with the Company Shareholders indemnify, defend and hold the Seller Representative harmless from and against any and all Losses reasonably incurred without gross negligence, bad faith or willful misconduct on the part of the Seller Representative (in its capacity as such) and arising out of or in connection with the acceptance or administration of the Seller Representative’s duties under any Seller Representative Document, including the reasonable fees and expenses of any legal counsel retained by the Seller Representative, . In no event shall the Seller Representative must notify the Sellers. (d) in such capacity be liable hereunder or in connection herewith for any indirect, punitive, special or consequential damages. The Seller Representative shall not be liable to for any act done or omitted under any Seller Representative Document as the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional Seller Representative while acting in good faith and without willful misconduct or bad faith (it being understood that gross negligence, and any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative counsel shall be conclusive evidence of such good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative shall be fully protected in relying upon any written notice, demand, certificate or document that it in good faith believes to be genuine, including facsimiles or copies thereof, and no Person shall have any Liability for relying on the Seller Representative in the foregoing manner. In connection with the performance of its rights and obligations hereunder, the Seller Representative shall have the right at any time and from time to time to select and againstengage, compensate it forat the reasonable cost and expense of the Company prior to the Closing, reimburse it for and pay any the Company and all lossesPubco following the Closing, liabilitiesattorneys, claimsaccountants, actionsinvestment bankers, damages advisors, consultants and clerical personnel and obtain such other professional and expert assistance, maintain such records and incur other reasonable out-of-pocket expenses, including reasonable attorneys’ fees as the Seller Representative may reasonably deem necessary or appropriate from time to time. All of the indemnities, immunities, releases and disbursements, arising out of and in connection with its activities as powers granted to the Seller Representative under this Agreement Section 10.18 shall survive the Closing and continue indefinitely. (d) If the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse die, become disabled, dissolve, resign or otherwise be unable or unwilling to fulfill its responsibilities as representative and agent of Company Shareholders, then the Sellers Company Shareholders shall, within ten (10) days after such death, disability, dissolution, resignation or other event, appoint a successor Seller Representative (by vote or written consent of the amount Company Shareholders holding in the aggregate a Pro Rata Share in excess of fifty percent (50%)), and promptly thereafter (but in any event within two (2) Business Days after such appointment) notify the SPAC Representative, Pubco and the SPAC in writing of the identity of such indemnified Representative Loss attributable to successor. Any such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses successor so appointed shall be satisfied from become the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)“Seller Representative” for purposes of this Agreement.

Appears in 2 contracts

Sources: Business Combination Agreement (Launch One Acquisition Corp.), Business Combination Agreement (Launch One Acquisition Corp.)

Seller Representative. (a) By approving Each Seller hereby appoints ▇▇▇▇▇ ▇▇▇▇▇▇▇ or ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ as his, her or its representative to receive and provide notices under this Agreement Agreement, whether from the Purchaser or otherwise, and the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representativeincluding any notice relating to indemnification or payments or disputes arising hereunder. The Seller Representative will shall have the authority, both prior to and after the Closing Date, to, subject to the terms of this Agreement, make all decisions regarding any and all matters related to this Agreement, including, but not limited to, resolution of claims for Indemnity Losses, receipt of any funds due Sellers and, subject to the terms of this Agreement, decisions related to the Lower Presidio/St. Helens Projects, claims and/or litigation or arbitration including, but not limited to, pursuing, settling or compromising all such clams, litigation or arbitration. (b) The Seller Representative may be changed by a majority vote of the Sellers from time to time. In determining the outcome of the vote, Sellers shall have the number of votes corresponding to their percentage ownership of the Company immediately prior to the closing of this transaction. The change shall be effective upon written notice to Purchaser signed by at least a majority of the Sellers. (c) The Seller Representative has the unrestricted right, power, authority and capacity to act for and bind each Seller as such Person’s representative and their attorney-in-fact to act on behalf with power of such Person attorney with respect to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) Agreement, the Note and shall be entitled to rely conclusively (without further evidence any Related Agreement, and any decision, act, consent or instruction of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by the Seller Representative, and on including but not limited to an amendment, extension or waiver of this Agreement, the Note or any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunderRelated Agreement, shall constitute a decision or action of all the Sellers and shall be final, binding and conclusive upon each such Personthe Sellers. No Seller Said appointment shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and be considered as coupled with an interest and shall not be terminated by irrevocable until all performance and obligations under this Agreement, the Note, and the Related Agreements have been fulfilled. The Purchaser may rely upon any act of any one such decision, act, consent or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest instruction of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to being the decision, act, consent or instruction of the Sellers. If Purchaser shall be obligated to communicate and negotiate with the Seller Representative has a personal conflict of interest with respect to any action, decision or determination all matters reserved to be made by the Seller Representative, the Seller Representative must notify the Sellerspursuant to this Section 10.16. (d) The Seller Representative shall not have any liability for any action taken or suffered by him or omitted hereunder as Seller Representative while acting in good faith in the absence of gross negligence. The Seller Representative may, in all questions arising hereunder, rely on the advice of counsel and the Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement anything done, omitted or suffered in good faith in the Promissory Notes, except to the extent such actions shall have been determined by a court absence of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to by the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith)based on such advice. The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from undertakes to perform such duties and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and only such duties as are specifically set forth in connection with its activities as Seller Representative under this Agreement and no implied covenants or obligations shall be read into this Agreement against the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 2 contracts

Sources: Share Purchase Agreement (Great Lakes Dredge & Dock CORP), Share Purchase Agreement (Great Lakes Dredge & Dock CORP)

Seller Representative. (a) By approving Each Seller hereby constitutes and appoints OneBeacon LLC to act as its representative for all purposes under this Agreement and the transactions contemplated herebyAncillary Agreements (OneBeacon LLC, each Seller shall have irrevocably authorized and appointed Dangroup ApS as in such capacity, the initial Seller Representative. The ”), and the Seller Representative will act hereby accepts such appointment. Each Seller hereby irrevocably constitutes and appoints, with full power of substitution, the Seller Representative as such Person’s representative its true and lawful attorney-in-fact to act on behalf of fact, with full power and authority in such Person with respect to this Agreement and the Promissory Notes and Seller’s name, to take any and all actions and make any decisions required or permitted to be taken by hereunder or under the Ancillary Agreements, and to otherwise act on behalf of, and to bind, each Seller Representative pursuant to for all purposes under this Agreement or under the Promissory NotesAncillary Agreements, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for the receipt of proceeds or any other receivables hereunder, administering any indemnification made by Buyer pursuant matter on behalf of Sellers, including agreeing to Article VII the settlement of any indemnification matter and Article IX; (iv) litigate, arbitrate, resolve, settle otherwise handling and negotiating indemnification matters. Each Seller acknowledges that this Section 11.8 is intended to promote the efficient negotiation and handling of matters arising under or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of in connection with this Agreement and the Ancillary Agreements. Buyer will be entitled to rely upon, without independent investigation, any Ancillary Document (including act, notice, instruction or communication from the Promissory Notes); (vi) make Seller Representative on behalf of Sellers and will not be liable in any manner whatsoever for any action taken or not taken in reliance upon the actions taken or not taken or communications or writings given or executed by the Seller Representative. Without limiting the generality of the foregoing, each Seller hereby irrevocably constitutes and appoints, with full power of substitution, the Seller Representative as its true and lawful attorney-in-fact, with full power and authority in such Seller’s name, place and stead, to execute, certify, acknowledge, deliver, file and record all elections or decisions contemplated by this Agreement agreements, certificates, instruments and other documents and any Ancillary Document (including amendment thereto, and take any other action which the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions deems necessary or appropriate in connection with Sellers’ or the good faith judgment Seller Representative’s obligations under this Agreement and the Ancillary Agreements. The appointment of the Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall by each Seller as such Person’s attorney-in-fact will be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported deemed to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act will survive the bankruptcy or dissolution of any one or Sellers, or by operation Seller giving such power. The arrangements between Sellers and the Seller Representative set forth in this Section 11.8 are made in consideration of Law, whether by death or other eventthe Seller Representative’s acceptance of its appointment as the Seller Representative. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of that the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative becomes unable to perform its responsibilities hereunder, Sellers shall promptly select another representative to fill such vacancy and such substituted representative shall be appointed by deemed to be the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later for all purposes of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer this Agreement and the Target Company shall be entitled to rely on Ancillary Agreements and the decisions document delivered pursuant hereto and actions of the prior Seller Representative as described in Section 10.1(a) abovethereto. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If All actions, decisions and instructions of the Seller Representative has a personal conflict in accordance with the power and authority granted to it under the terms of interest with respect this Agreement and the Ancillary Agreements will be conclusive and binding upon all Sellers and will be deemed authorized, approved, ratified and confirmed by Sellers, having the same force and effect as if performed pursuant to the direct authorization of such Sellers, and no Seller will have any actioncause of action against the Seller Representative for any action taken, decision made or determination to be made instruction given by the Seller Representative, Representative under this Agreement or under the Seller Representative must notify the SellersAncillary Agreements. (d) The Seller Representative shall not provisions of this Section 11.8 will be liable to binding upon the Sellers for actions taken pursuant to legal representatives, and successors of each Seller, and any references in this Agreement or to a Seller will mean and include the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable successors to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)Person’s rights hereunder.

Appears in 2 contracts

Sources: Purchase Agreement (Tower Group, Inc.), Purchase Agreement (OneBeacon Insurance Group, Ltd.)

Seller Representative. (a) By approving virtue of the execution of this Agreement by each Seller, and without further action of any Seller, the transactions contemplated hereby, each Seller shall Sellers will be deemed to have irrevocably authorized constituted and appointed Dangroup ApS ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ as the initial Seller Representative. The Seller Representative will act ” (and by execution of this Agreement ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ hereby accepts such appointment) as such Person’s representative agent and attorney-in-fact to act for and on behalf of such Person Sellers, with full power of substitution, to act in the name, place and stead of each Seller with respect to this Agreement and the Promissory Notes and to take taking by Seller Representative of any and all actions and make the making of any decisions required or permitted to be taken by any Seller Representative pursuant under this Agreement, in each case either (x) on and prior to this Agreement or the Promissory NotesClosing, including and (y) immediately following the Closing. Such powers shall include the exercise of the power to: : (i) give and receive notices and communications; communications under this Agreement; (ii) agree toreceive and pay funds under this Agreement, negotiate(iii) prepare and deliver documents, enter into settlements certificates and compromises ofinstruments, and comply with orders give instructions, under this Agreement, (iv) authorize or otherwise handle object to claims for indemnification made by any other matters described in Section 2.5; Buyer Indemnitee under this Agreement; (iiiv) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by any Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of Indemnitee under this Agreement and any Ancillary Document (including the Promissory Notes); Agreement; (vi) make all elections agree to, negotiate, enter into settlements and compromises of, and comply with orders or decisions contemplated by this Agreement and otherwise handle any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) other matters specifically delegated to assist Seller Representative in complying with its duties this Agreement; and obligations; and (viiivii) take all actions necessary or appropriate in the good faith judgment of the Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative; provided, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from that the Seller Representative shall constitute notice have no authority to take any action on or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating prior to the defense, payment or settlement of Closing which would bind any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have Company following the right to object to, dissent from, protest Closing except as provided in this Agreement or otherwise contest consented to in writing by the sameBuyer. The provisions power of this Sectionattorney hereby is coupled with an interest and is irrevocable; provided, including that the power of attorney granted herebyby this Section shall, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated without any further action by any act Person, be deemed automatically revoked and of no further effect with respect to any one or SellersCompany immediately following the Closing. The identity of the Seller Representative and the terms of the agency may be changed, or by operation and a successor Seller Representative may be appointed, from time to time (including in the event of Lawthe death, whether by death disability or other eventincapacity of the Seller Representative) by the consent of Sellers accounting for at least fifty percent of the Pro Rata Shares, and any such successor will succeed the Seller Representative as Seller Representative under this Agreement. Amounts paid by or on behalf of Buyer to the Seller Representative on behalf of the Sellers shall be treated as received by the Sellers. (b) The Seller Representative may will not be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed liable for any reason act done or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative omitted hereunder as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has while acting in good faith and not in a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted manner constituting gross negligence or involved fraudwillful misconduct, intentional misconduct or bad faith (it being understood that and any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall counsel will be conclusive evidence of such good faith). The Each Seller will jointly and severally indemnify the Seller Representative and hold the Seller Representative harmless against any losses incurred without gross negligence or willful misconduct on the part of the Seller Representative and arising out of or in connection with the acceptance or administration of the Seller Representative’s duties hereunder. (c) A decision, act, consent or instruction of the Seller Representative will constitute a decision of all Sellers shall severally and not jointly (will be final, binding and conclusive upon each Seller, and Buyer, its Affiliates, any other Buyer Indemnitee and any other Person may rely upon any decision, act, consent or instruction of the Seller Representative as being the decision, act, consent or instruction of each Seller. Buyer, its Affiliates, any other Buyer Indemnitee, and any other Person are hereby relieved from any liability to any Person for any acts done by Seller Representative and any acts done by Buyer, its Affiliates, any other Buyer Indemnitee and any other Person in accordance with their Pro Rata Shares)any such decision, indemnify and hold harmless act, consent or instruction of the Seller Representative from in accordance with this Section. (d) The Representative Expense Fund Amount will be deposited by Buyer in the Representative Expense Fund in accordance with Section 1.4(a). Other than the obligation to make such deposit pursuant to the terms and againstconditions of this Agreement, compensate it Buyer shall have no responsibility, obligation, or liability with respect to the Representative Expense Fund. The Representative Expense Fund shall be held by the Seller Representative as agent and for the benefit of the Sellers in a segregated client account and shall be used for the purpose of pay directly, or reimbursing the Seller Representative for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and expenses incurred in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (performance of the Seller Representative’s duties and obligations hereunder, including to pay the fees and expenses of counsel and accountants incurred in resolving disputes with Buyer. The Seller Representative Losses”)is not providing any investment supervision, recommendations or advice and shall have no responsibility or liability for any loss of principal of the Representative Expense Fund other than as a result of gross negligence or willful misconduct. The Seller Representative is not acting as a withholding agent or in each case any similar capacity in connection with the Representative Expense Fund, and has no tax reporting or income distribution obligations. The Sellers will not receive any interest on the Representative Expense Fund and assign to the Seller Representative any such interest. As soon as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused reasonably determined by the gross negligenceseller Representative that the Representative Expense Fund is no longer required to be withheld, fraudand in any event not later than thirty (30) days after the later of (i) the date any remaining balance of the Indemnity Holdback is paid out to the Sellers or (ii) the date that the last indemnity claim of a Buyer Indemnitee has been finally resolved, intentional misconduct or bad faith of Seller Representative, the Seller Representative shall reimburse distribute the then- remaining amount of the Representative Expense Fund, if any, to the Sellers the amount of such indemnified Representative Loss attributable according to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their respective Pro Rata Shares).

Appears in 2 contracts

Sources: Membership Interest Purchase Agreement (Village Farms International, Inc.), Membership Interest Purchase Agreement (Village Farms International, Inc.)

Seller Representative. (a) By approving Each Seller, by executing this Agreement and the transactions contemplated Agreement, does hereby, each Seller shall have for itself or himself and its or his heirs, representatives and successors, irrevocably authorized constitute and appointed Dangroup ApS appoint Energy Spectrum Capital II LP as its or his agent and representative (in such capacity, the initial "Seller Representative. The Seller Representative will act as such Person’s representative and attorney-in-fact to act on behalf of such Person with respect to this Agreement and the Promissory Notes and ") to take any and all actions and make any decisions required or permitted to be taken by the Seller Representative under or in connection with this Agreement, and for the following additional purposes: (a) To execute and deliver such waivers and consents in connection with this Agreement or any of the transactions contemplated hereby as the Seller Representative, in its sole discretion, determines to be necessary or desirable; (b) To take any action on the part of the Sellers contemplated by the Escrow Agreement and authorize the release of the Escrow Funds pursuant thereto; (c) To collect and receive all moneys and other proceeds and property payable to the Sellers pursuant to the terms of this Agreement and, subject to the withholding of amounts necessary to pay expenses in accordance with Section 13.3, to cause the same to be disbursed to the Sellers; (d) To enforce and protect the rights and interests of the Sellers or any of them arising out of or under or in any manner relating to this Agreement or any other agreement, document, instrument or certificate relating to the Promissory Notestransactions contemplated hereby and, including in connection therewith, to assert, institute, investigate, defend, contest, litigate, prosecute and appeal any claim with respect thereto; to compromise or settle any such claim on such terms as the exercise Seller Representative shall determine to be appropriate; and give receipts, releases and discharges on behalf of all of the power to: (i) give and receive notices and communicationsSellers with respect to any such claim; (iie) agree toTo refrain from enforcing any rights and interests of the Sellers arising out of or under or in any manner relating to this Agreement and each other agreement, negotiatedocument, enter into settlements and compromises ofinstrument or certificate relating to the transactions contemplated hereby (provided, and comply with orders however, that no such failure to act on the part of the Seller Representative shall, except as otherwise expressly provided in any of the foregoing agreements, instruments or otherwise handle documents, be deemed a waiver of any other matters described in Section 2.5;such right or interest by the Seller Representative or the Sellers); and (iiif) agree toTo make, negotiateexecute, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute acknowledge and deliver all documents necessary such other agreements, guarantees, orders, receipts, endorsements, notices, requests, instructions, certificates, stock powers, letters and other writings, and, in general, to do any and all things and to take any and all action that the Seller Representative, in its sole discretion, may consider necessary, proper or desirable convenient in connection with or to carry out the intent activities described in paragraphs (a) through (d) above. The grant of authority provided for in this Agreement Section 13.1 (i) is coupled with an interest, shall be irrevocable and (to the maximum extent permitted by law) shall survive the death, incompetency, bankruptcy or liquidation of any Ancillary Document Seller and shall be binding on its or his heirs, representatives and successors; and (including ii) may be exercised by the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of by signing separately as Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunderSellers or, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of after listing all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); providedexecuting an instrument, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities signing as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith for all of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)them.

Appears in 2 contracts

Sources: Securities Purchase Agreement (Resource America Inc), Securities Purchase Agreement (Atlas America Inc)

Seller Representative. (a) By approving this Agreement and the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act hereby constitutes and appoints ▇▇▇▇▇▇ ▇▇▇▇▇ as such Person’s its representative and its true and lawful attorney-in-fact fact, with full power and authority in its name and on its behalf: (i) to act on Seller’s behalf in the absolute discretion of such Person the Seller Representative with respect to all matters relating to this Agreement, including, without limitation, execution and delivery of any amendment, supplement, or modification of this Agreement, any waiver of any claim or right arising out of this Agreement and the Promissory Notes any claims for indemnification pursuant to ARTICLE VII and ARTICLE VIII; and (ii) in general, to do all things and to take perform all acts, including executing and delivering all agreements, certificates, receipts, instructions and other instruments contemplated by or deemed advisable to effectuate the provisions of this Agreement. This appointment and grant of power and authority is coupled with an interest and is in consideration of the mutual covenants made herein and is irrevocable and shall not be terminated by any act of Seller or by operation of law or by the occurrence of any other event. Seller hereby consents to the taking of any and all actions and make the making of any decisions required or permitted to be taken or made by the Seller Representative pursuant to this Agreement Section 10.04. Seller agrees that the Seller Representative shall have no obligation or Liability to any Person for any action or omission to be taken or omitted by the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties good faith hereunder, and obligations; andSeller shall indemnify and hold the Seller Representative harmless from and against any and all loss, damage, expense or liability (including reasonable counsel fees and expenses) which the Seller Representative may sustain as a result of any such action or omission by the Seller Representative hereunder. (viiib) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and The Purchaser Parties shall be entitled to rely conclusively (without further evidence upon any document or other paper delivered by the Seller Representative as being authorized by Seller, and the Purchaser Parties shall not be liable to Seller or any of its Affiliates or its stockholders for any kind whatsoever) action taken or omitted to be taken by the Purchaser Parties based on such reliance. Seller agrees that the Purchaser Parties shall be entitled to rely on any document executed agreement, settlement, notice, waiver, decision, act, consent or purported to be executed on behalf instruction of any Seller by the Seller Representative, including an amendment, extension or waiver of this Agreement, and on any other each action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers Seller and shall be final, binding and conclusive upon each Seller as if Seller had taken such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) aboveaction. (c) The With respect to Sections 2.04, 7.03, 7.04, 7.05, 7.06, 7.09, 8.04, 8.05 and 10.01 of this Agreement, any reference to Seller, or to any act to be taken by Seller Representative shall act or to any right of Seller being exercised, in each case after the Closing, shall, in the event that Seller is dissolved, be construed as a fiduciary with fiduciary duties reference to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any actionRepresentative, decision or determination to be made that act being taken or that right being exercised by the Seller Representative, as the Seller Representative must notify the Sellerscase may be. (d) The In the event that the Seller Representative shall not be liable resigns, is replaced or otherwise ceases to the Sellers for actions taken pursuant to this Agreement act as liquidator, administrator or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and similar officeholder in connection with its activities the liquidation, administration or any other analogous process with respect to Seller, Seller shall appoint such successor liquidator, administrator or similar officeholder as the successor Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)Agreement.

Appears in 2 contracts

Sources: Purchase Agreement, Purchase Agreement (Sungy Mobile LTD)

Seller Representative. (a) By approving this Agreement and the transactions contemplated hereby, each Seller shall The parties hereto have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative and attorney-in-fact agreed that it is desirable to designate BCP III to act on behalf of such Person with respect to this Agreement the Sellers, other than GPC, GPCH, GCC, GEC and the Promissory Notes ▇▇▇▇▇▇ Family Holders, for certain limited purposes, as specified herein (the “Seller Representative”). The Seller Representative shall have the right to resign and appoint a successor Seller Representative upon notice to the Company. (b) By its signature hereto, each of the Sellers, other than GPC, GPCH and the ▇▇▇▇▇▇ Family Holders, irrevocably appoints and ratifies the designation of BCP III (or any successor representative) as Seller Representative as provided in this Agreement, including the power to take any and all actions and make any decisions required specified in or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of the Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with The Seller Representative on shall take any and all matters relating to actions that it believes are necessary or appropriate under this Agreement (including Article IX) for and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representativesuch Sellers, as being fully as such holders were acting on their own behalf. All actions taken by the Seller Representative under this Agreement shall be binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from Sellers and their successors as if expressly confirmed and ratified in writing by each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) abovethem. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict Except in cases of interest with respect to any action, decision willful misconduct or determination to be made by the Seller Representativefraud, the Seller Representative must notify will have no liability to Buyer, the Sellers. (d) The Company, the Sellers or their successors or assigns with respect to actions taken or omitted to be taken in good faith in its capacity as the Seller Representative and shall not be liable to indemnified from the Sellers for actions taken pursuant entitled to this Agreement receive a portion of the consideration paid hereunder against any loss, liability or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, expenses arising out of and actions taken or omitted to be taken in connection with good faith in its activities capacity as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 2 contracts

Sources: Equity Purchase Agreement (Hicks Acquisition CO I Inc.), Equity Purchase Agreement (Graham Packaging Holdings Co)

Seller Representative. (a) By approving this Agreement and Each Seller hereby irrevocably appoints the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Original Seller Representative will act as such PersonSeller’s representative and representative, attorney-in-fact and agent, with full power of substitution to act in the name, place and stead of such Seller with respect to the transactions contemplated by this Agreement, including the transfer of the Acquired Shares set forth on Exhibit B attached hereto next to such Seller’s name to Purchaser, in accordance with the terms and provisions of this Agreement and to act on behalf of such Person with respect to Seller in any amendment of or litigation or arbitration involving this Agreement and the Promissory Notes to do or refrain from doing all such further acts and things, including in connection with any indemnification matters pursuant to ARTICLE IX, and to execute all such documents, as such Seller Representative shall deem necessary or appropriate in conjunction with any of the transactions contemplated by this Agreement, including the power: (i) to take all action necessary or desirable in connection with the waiver of any condition to the obligations of Sellers to consummate the transactions contemplated by this Agreement; (ii) to negotiate, execute and deliver all actions ancillary agreements, certificates, statements, notices, approvals, extensions, waivers, undertakings, amendments and make any decisions other documents required or permitted to be given in connection with the consummation of the transactions contemplated by this Agreement (it being understood that such Seller shall execute and deliver any such documents which the Seller Representative agrees to execute); (iii) to terminate this Agreement if Sellers are entitled to do so in accordance with the terms and provisions of this Agreement; (iv) to give and receive all notices and communications to be given or received by such Seller under this Agreement and to receive service of process on behalf of such Seller in connection with any claims under this Agreement, including service of process in connection with arbitration; (v) to take all actions under this Agreement which may be taken by such Seller and to do or refrain from doing any further act or deed on behalf of such Seller which the Seller Representative deems necessary or appropriate in its sole discretion relating to the subject matter of this Agreement as fully and completely as such Seller could do if personally present; and (vi) to act for such Seller with respect to all indemnification matters referred to in this Agreement, including the right to compromise on behalf of such Seller any indemnification claim by or against such Seller. (b) Provided that the Seller Representative uses commercially reasonable efforts to distribute all amounts received by it hereunder to Sellers in accordance with the terms and conditions of this Agreement, the Seller Representative will not be liable for any act taken or omitted by it as permitted under this Agreement, except if such act is taken or omitted in bad faith or by willful breach or gross negligence. The Seller Representative will also be fully protected in relying upon any written notice, demand, certificate or document that it in good faith believes to be genuine (including facsimiles thereof). In no event shall Purchaser or the Company or any of their Affiliates, have any liability to any Seller for any action taken or omission to act by the Seller Representative. (c) Sellers agree, severally but not jointly, to indemnify (on a pro rata basis based upon such Seller’s Proportional Share) the Seller Representative for, and to hold the Seller Representative harmless against, any loss, liability or expense incurred without willful breach, gross negligence or bad faith on the part of the Seller Representative, arising out of or in connection with the Seller Representative’s carrying out its duties under this Agreement, including costs and expenses of successfully defending the Seller Representative against any claim of liability with respect thereto. The Seller Representative may consult with counsel of its own choice and will have full and complete authorization and protection for any action taken and suffered by it in good faith and in accordance with the opinion of such counsel. The Seller Representative shall not be entitled to any fees, commissions or other compensation for acting as the Seller Representative. (d) If the Original Seller Representative resigns in writing as Seller Representative or otherwise becomes unable to serve as Seller Representative, a majority of Sellers may designate as a successor Seller Representative any other Person with the prior written consent of Purchaser (the “Successor Seller Representative”). If for any reason no Successor Seller Representative has been appointed within thirty (30) days of such resignation or inability to serve by the Original Seller Representative, then any Seller or Purchaser shall have the right to petition a court of competent jurisdiction for appointment of a Successor Seller Representative. Upon written acceptance by such Successor Seller Representative to serve as Seller Representative, such Successor Seller Representative shall thereupon succeed to and become vested with all of the powers and duties and obligations of the Original Seller Representative without further act. Notwithstanding any replacement of the Original Seller Representative hereunder, the provisions of this Section 10.16 shall continue in effect for the benefit of the Original Stockholder Representative with respect to all actions taken or omitted to be taken by it while acting as Stockholder Representative. (e) Purchaser shall have the right to rely upon all actions taken or omitted to be taken by the Seller Representative pursuant to this Agreement or Agreement, all of which actions and omissions shall be legally binding upon Sellers. No party hereunder shall have any cause of action against Purchaser to the Promissory Notes, including the exercise extent Purchaser has relied upon decisions and actions of the power to:Seller Representative. (f) The grant of authority to the Seller Representative provided for in this Section 10.16, (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and is coupled with an interest and shall not be terminated by any act irrevocable and survive the death, incompetency, bankruptcy or liquidation of any one or of Sellers, or by operation of Law, whether by death or other eventand (ii) shall survive the Closing. (bg) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest All of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); providedindemnities, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer immunities and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties powers granted to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and shall survive the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith Closing and/or termination of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)this Agreement.

Appears in 2 contracts

Sources: Share Purchase Agreement (Jinglong Group Co., Ltd.), Share Purchase Agreement (JA Solar Holdings Co., Ltd.)

Seller Representative. Each Seller hereby irrevocably appoints ▇▇▇▇▇▇ ▇. ▇'▇▇▇▇▇▇ (a) By approving this Agreement and the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial "Seller Representative. The Seller Representative will act "), as such Person’s representative and Seller's representative, attorney-in-fact and agent, with full power of substitution to act in the name, place and stead of such Seller with respect to the transfer of such Seller's Interests to Buyers in accordance with the terms and provisions of this Agreement and to act on behalf of such Person with respect to Seller in any litigation or arbitration involving this Agreement and the Promissory Notes to do or refrain from doing all such further acts and things, and to take execute all such documents, as such Seller Representative shall deem necessary or appropriate in connection with any of the transactions contemplated under this Agreement, including, without limitation, the power: (a) to act for such Seller with regard to matters pertaining to indemnification referred to in this Agreement, including the power to compromise any claim on behalf of such Seller, to bring and transact matters of litigation and to refer matters to arbitration; (b) to receive, hold, and deliver to Buyers the Interests accompanied by executed stock powers, signature guarantees, and any other documents relating thereto on behalf of such Seller; (c) to execute and deliver all actions ancillary agreements, certificates, statements, notices, approvals, extensions, waivers, undertakings, amendments and make any decisions other documents required or permitted to be taken by Seller Representative pursuant to this Agreement or given in connection with the Promissory Notes, including the exercise consummation of the power to:transactions contemplated by this Agreement; (id) to receive funds and give receipt for funds including in respect of the Purchase Price for the Interests for such Seller's Interests, to distribute to the Seller their respective share of the Purchase Price for the Interests and to withhold from such funds a contingency reserve for the matters referred to below; (e) to give and receive all notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders communications to be given or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of received under this Agreement and to receive service of process in connection with any Ancillary Document (claims under this Agreement, including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative service of process in complying connection with its duties and obligationsarbitration; and (viiif) to take all actions which under this Agreement may be taken by the Seller Representative and to do or refrain from doing any further act or deed on behalf of such Seller which Seller Representative deems necessary or appropriate in his sole discretion relating to the good faith judgment subject matter of this Agreement as fully and completely as such Seller could do if personally present. If ▇▇▇▇▇▇ ▇. ▇'▇▇▇▇▇▇ dies or otherwise becomes incapacitated and unable to serve as Seller Representative, ▇▇▇▇▇▇ ▇'▇▇▇▇▇▇ shall become Seller Representative. The death or incapacity of any Seller shall not terminate the agency and power of attorney granted hereby 57 to the Seller Representative. The appointment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively deemed coupled with Seller Representative on all matters relating to this Agreement (including Article IX) an Interest and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, irrevocable and on MMA Buyer and any other person may conclusively and absolutely rely, without inquiry, upon any action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of such Seller in all Sellers and shall be finalmatters referred to herein. All actions, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions instructions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence and binding upon all of good faith). The the Sellers and no Seller shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless have any cause of action against Seller Representative from and againstfor any action taken or not taken by Seller Representative in his role as such, compensate it for, reimburse it except for and pay any and all losses, liabilities, claims, actions, damages and expenses, including action or omission taken or made fraudulently or in bad faith with respect to such Seller. All reasonable attorneys’ out-of-pocket fees and disbursements, arising out of expenses (including fees payable to counsel and other professional and brokerage fees) incurred by Seller Representative in connection with performing such function and in connection with its activities as the transactions contemplated hereby and all payments, damages, costs, fees and expenses in connection with any indemnification claim by or other dispute with MMA Buyer under the Agreement shall be paid by each Seller in proportion to his respective Interests and may be deducted by Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or from any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of amounts otherwise payable to any Seller Representative, hereunder. Seller Representative shall reimburse the Sellers the amount may withhold from funds received on behalf of each Seller prior to distribution of such indemnified funds to each Seller any amount which Seller Representative Loss attributable to deems necessary as a reserve for any such gross negligencefees, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally expenses and not jointly (in accordance with their Pro Rata Shares)indemnification claims.

Appears in 2 contracts

Sources: Purchase and Sale Agreement (Friedman Billings Ramsey Group Inc), Purchase and Sale Agreement (Friedman Billings Ramsey Group Inc)

Seller Representative. (a) By approving Each Seller hereby authorizes, directs and appoints Katsujin ▇▇▇▇▇ ▇▇▇▇ to act as sole and exclusive agent, attorney-in-fact and representative of such Seller (the “Seller Representative”), and authorized and directs the Seller Representative to (i) take any and all actions (including without limitation executing and delivering any documents, incurring any costs and expenses for the account of such Seller and making any and all determinations) which may be required or permitted by this Agreement to be taken by such Seller or Sellers, (ii) exercise such other rights, power and authority as are authorized, delegated and granted to the Seller Representative hereunder in connection with the transactions contemplated hereby, each Seller shall have irrevocably authorized (iii) exercise such rights, power and appointed Dangroup ApS authority as are incidental to the initial Seller Representative. The Seller Representative will act as such Person’s representative foregoing, and attorney-in-fact to act on behalf of such Person with respect to this Agreement (iv) give and the Promissory Notes and to take receive any and all actions and make any decisions notices, consents, waivers or other communications required or permitted to be taken given under the terms of this Agreement. Any such actions taken, exercises of rights, power or authority, and any decision or determination made by the Seller Representative pursuant consistent therewith, shall be absolutely and irrevocably binding on each Seller, as if such Seller personally had taken such action, exercised such rights, power or authority or made such decision or determination in such Seller’s individual capacity. The Seller Representative hereby acknowledges and accepts the foregoing authorization and appointment and agrees to this Agreement or serve as the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying accordance with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventAgreement. (b) The Seller Representative may be removed, etc. shall serve as provided in this Section 11.1(b). (i) The Seller Representative may until his resignation, removal from office, incapacity or death; provided, however, that the Seller Representative shall not have the right to resign at any time. without (iiA) prior written notice to Sellers and (B) picking a successor reasonably satisfactory to Purchaser to serve until a successor thereto is elected by Sellers. The Seller Representative may be removed for at any reason or no reason time and a successor representative, reasonably satisfactory to Purchaser, may be appointed, pursuant to written action by Sellers who, immediately prior to the date of removal, hold at least one Share. No appointment of a successor shall be effective unless such successor agrees in writing to be bound by the vote or written consent terms of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) abovethis Agreement. (c) The Seller Representative shall act as a fiduciary with fiduciary duties be permitted to retain counsel, consultants and other advisors at its own expense and shall promptly notify Purchaser after retaining any such person. (d) Notwithstanding any notice received by Purchaser to the Sellers. If contrary (except any notice for the appointment of a successor Seller Representative approved by Purchaser in accordance with Section 9.7(b) above), Purchaser (i) shall be fully protected in relying upon and shall be entitled to rely upon, shall have no liability to Sellers with respect to, and shall be indemnified by Sellers from and against all liability arising out of, actions, decisions and determinations of the Seller Representative has a personal conflict and (ii) shall be entitled to assume that all actions, decisions and determinations of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the are fully authorized by Sellers. (de) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement the performance of any act or the Promissory Notes, except failure to act so long as he acted or failed to act in good faith in what he reasonably believed to be the extent such actions shall have been determined by scope of his authority and for a court of competent jurisdiction purpose which he reasonably believed to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith best interests of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 2 contracts

Sources: Stock Purchase Agreement, Stock Purchase Agreement (Recruit Co., Ltd.)

Seller Representative. (a) By approving this Agreement Each Seller hereby constitutes and appoints ▇▇▇▇▇ ▇▇▇▇▇▇ as its representative and true and lawful attorney in fact (the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative ”), with full power and attorney-in-fact authority in each of their names and on behalf of each of them: (i) to act on behalf of such Person each of them in the absolute discretion of the Seller Representative, but only with respect to the following provisions of this Agreement and Agreement, with the Promissory Notes and power to: (A) designate the account for payment of the Purchase Price pursuant to take any and all actions and make any decisions required Section 1.7 or permitted 1.10 or other payments to be taken by made to any Seller Representative pursuant to this Agreement or either Escrow Agreement, (B) act pursuant to Sections 1.11, 1.12 and 1.13 with respect to prorations and Purchase Price adjustments (including the Promissory NotesNet Assets Adjustment Amount and the Final Net Assets Settlement Amount) and related matters, including executing any amendment hereto to reflect any Purchase Price adjustment or reduction agreed to pursuant to Section 1.12 or 1.13, (C) execute, deliver and act under each Escrow Agreement, (D) grant any waiver or consent under Article 6, Section 8.1 or Section 12.14, make any determination under Article 6 or Section 8.1 (including a determination that the exercise conditions in Article 6 have been satisfied), or terminate this Agreement pursuant to Section 8.1, (E) act in connection with any matter as to which Sellers, jointly and severally, have or are alleged to have obligations, or as to which any Seller is or claims to be an Indemnified Person, under Article 10, (F) consent to the assignment of the power to: rights under this Agreement in accordance with Section 12.3(a), (iG) give and receive notices pursuant to Section 12.6, and communications;(H) receive and accept such notices or correspondence, execute such other documents, and take such other actions as are provided herein to be received, accepted, executed or taken by the Seller Representative; and (ii) agree toin general, negotiateto do all things and to perform all acts, enter into settlements including executing and compromises ofdelivering all agreements, certificates, receipts, instructions and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions instruments contemplated by this Agreement and any Ancillary Document (including or deemed advisable to effectuate the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the Section 1.14. (b) The foregoing appointment and grant of power of attorney granted hereby, are independent and severable, are irrevocable and authority is coupled with an interest and is in consideration of the mutual covenants made herein and is irrevocable and shall not be terminated by any act of any one or Sellers, Seller or by operation of Law, whether law or by death or the occurrence of any other event. (bc) The Each Seller consents to the taking by the Seller Representative of any and all actions and the making by the Seller Representative of any decisions required or permitted to be taken or made by the Seller Representative pursuant to this Section 1.14, and agrees that each such action or decision shall bind such Seller. Each Seller hereby authorizes, approves and ratifies the execution of the Execution Date Escrow Agreement by the Seller Representative on such Seller’s behalf and further acknowledges and agrees that such Seller is bound thereby as if such Seller had executed the Execution Date Escrow Agreement directly. (d) Each Seller agrees that the Seller Representative shall have no obligation or liability to any Person for any action or omission taken or omitted by the Seller Representative in good faith hereunder. Sellers, jointly and severally, shall indemnify and hold the Seller Representative harmless from and against any and all loss, damage, expense or liability (including reasonable counsel fees and expenses) which the Seller Representative may be removed, etc. sustain as provided in this Section 11.1(b)a result of any such action or omission by the Seller Representative hereunder. (ie) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer Purchaser and the Target Company Escrow Agent shall be entitled to rely on conclusively rely, without any independent verification or inquiry, upon any document or other paper delivered by or other action taken by the decisions and actions of the prior Seller Representative as described in Section 10.1(a(i) above. genuine and correct and (cii) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision having been duly signed or determination to be made sent or taken by the Seller Representative, and neither Purchaser nor the Escrow Agent shall be liable to any Seller for any action taken or omitted to be taken by Purchaser or such Escrow Agent in such reliance. (f) Payments made to or as directed by the Seller Representative must notify under Section 1.10 or any other provision of this Agreement, or under either Escrow Agreement, are binding to the same extent as though such payments were made directly to Sellers. Neither Purchaser nor the Escrow Agent shall have any responsibility or liability for any further delivery or application of any such payment, it being agreed by Sellers that, on the terms set forth herein, (i) any payment Purchaser is required to make hereunder, and any payment the Escrow Agent is required to make under either Escrow Agreement, may be made to or as directed by the Seller Representative on behalf of Sellers, (ii) Sellers shall determine among themselves the amount due to each Seller from each payment made to or as directed by the Seller Representative hereunder or under either Escrow Agreement, and (iii) each Seller shall look solely to the Seller Representative for each Seller’s respective share of any payment made to or as directed by the Seller Representative hereunder or under either Escrow Agreement. (dg) The ▇▇▇▇▇ ▇▇▇▇▇▇ may appoint Seller Representative, LLC, a Tennessee limited liability company (the “Successor Representative”), as the successor Seller Representative shall not to replace ▇▇▇▇▇ ▇▇▇▇▇▇. To be liable effective, such appointment must be written, signed by ▇▇▇▇▇ ▇▇▇▇▇▇ as the Seller Representative to indicate such appointment, signed by the Successor Representative to indicate its acceptance of such appointment and its agreement to be bound by the terms hereof pertaining to the Sellers for actions taken pursuant “Seller Representative,” delivered to Purchaser and be reasonably satisfactory to Purchaser in form and substance. Upon such an appointment of a successor Seller Representative under this Agreement or Agreement, such successor Seller Representative will succeed to and become vested with all of the Promissory Notesrights, except to powers, privileges and duties of the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraudpredecessor Seller Representative, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to and the advice of counsel, accountants and other professionals and experts retained by predecessor Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally discharged from such predecessor Seller Representative’s duties and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative obligations under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)Agreement.

Appears in 2 contracts

Sources: Asset Purchase Agreement (Horizon Health Corp /De/), Asset Purchase Agreement (Horizon Health Corp /De/)

Seller Representative. (a) By approving Each Indemnifying Party, by the adoption of this Agreement Agreement, irrevocably and unconditionally authorizes the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative and attorney-in-fact to act on behalf of such Person with respect to this Agreement and the Promissory Notes and (i) to take any and all additional action as is contemplated to be taken or otherwise may be taken by or on behalf of the Indemnifying Parties by or under the terms of this Agreement, including any actions in connection with any Post-Closing Adjustment or Objection Notice contained in Section 1.7, any waivers of Closing conditions or waivers of other Indemnifying Party rights and make any agreement to terminate or alter this Agreement, (ii) to take all action necessary to the defense and/or settlement of any claims for which the Indemnifying Parties may be required to indemnify Buyer pursuant to ARTICLE VIII hereof, and (iii) to give and receive all notices required to be given or received by the Indemnifying Parties under this Agreement. Seller Representative may take the foregoing actions, with full power of substitution, as Seller Representative may in its sole discretion determine to be necessary, desirable or appropriate in connection with any claim for indemnification. (b) All decisions and actions by the Seller Representative, including without limitation any agreement between the Seller Representative and Buyer (i) relating to the determination of the existence of any Post-Closing Adjustment or the settlement of any disputes or disagreements with regard to any Post-Closing Adjustment pursuant to Section 1.7 or (ii) relating to the defense or settlement of any claims for which the Indemnifying Parties may be required to indemnify Buyer pursuant to ARTICLE VIII hereof, shall be binding upon all Indemnifying Parties, and no Indemnifying Party shall have the right to object, dissent, protest or otherwise contest the same. (c) The Seller Representative shall not have any liability to any of the parties hereto for any act done or omitted hereunder as Seller Representative while acting in good faith and in the exercise of reasonable judgment, and any act done or omitted pursuant to the advice of counsel shall be conclusive evidence of such good faith. The Indemnifying Parties shall severally but not jointly indemnify the Seller Representative and hold it harmless against any loss, liability or expense incurred without gross negligence or bad faith on the part of the Seller Representative and arising out of or in connection with the acceptance or administration of its duties hereunder. The Seller Representative shall be entitled to be reimbursed for reasonable expenses incurred in the performance of its duties (including, without limitation, the reasonable fees of counsel) by the Indemnifying Parties. (d) The Seller Representative shall have reasonable access to relevant information about the Company and the reasonable assistance of the Company’s employees for purposes of performing its duties and exercising his rights hereunder; provided that the Seller Representative shall treat confidentially and not disclose any nonpublic information from or about the Company or Buyer to anyone (except on a need-to-know basis to individuals who agree to treat such information confidentially) and execute a non-disclosure agreement in the form provided by Buyer. (e) By his, her or its adoption of this Agreement, each Indemnifying Party agrees, in addition to the foregoing, that: (i) Buyer shall be entitled to rely conclusively on the instructions and decisions of the Seller Representative as to (i) the settlement of any disputes or disagreements in connection with any Post-Closing Adjustments pursuant to Section 1.7 and (ii) the settlement of any claims for indemnification by Buyer pursuant to ARTICLE VIII hereof, or any other actions required or permitted to be taken by the Seller Representative pursuant to this Agreement hereunder, and no party hereunder shall have any cause of action against Buyer for any action taken by Buyer in reliance upon the instructions or the Promissory Notes, including the exercise decisions of the power to: (i) give and receive notices and communicationsSeller Representative; (ii) agree toall actions, negotiatedecisions and instructions of the Seller Representative shall be conclusive and binding upon all of the Indemnifying Parties and no Indemnifying Party shall have any cause of action against the Seller Representative for any action taken, enter into settlements and compromises ofdecision made or instruction given by the Seller Representative under this Agreement, and comply except for fraud or willful misconduct by the Seller Representative in connection with orders or otherwise handle any other the matters described in this Section 2.510.15; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, Section 10.15 are independent and severable, are irrevocable and coupled with an interest and shall not be terminated enforceable notwithstanding any rights or remedies that any Indemnifying Party may have in connection with the transactions contemplated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”)Agreement; provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders.and (iv) Notice the provisions of such vote or a copy of the written consent appointing such new Seller Representative this Section 10.15 shall be sent to Buyer, such appointment to be effective binding upon the later executors, heirs, legal representatives, personal representatives, successor trustees and successors of each Indemnifying Party, and any references in this Agreement to an Indemnifying Party shall mean and include the date indicated in such consent successors to the rights of each applicable Indemnifying Party hereunder, whether pursuant to testamentary disposition, the laws of descent and distribution or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) aboveotherwise. (cv) The Seller Representative the Sellers shall act as a fiduciary with fiduciary duties to the Sellers. If indemnify, defend and hold harmless the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals its successors and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative assigns from and against, compensate it for, reimburse it for and pay against any and all claims, demands, suits, actions, causes of action, losses, damages, obligations, liabilities, claims, actions, damages costs and expenses, expenses and other Losses (including reasonable attorneys’ fees and disbursementscourt costs) (collectively, “Seller Representative Losses”) arising out as a result of and or incurred in connection with its activities as any actions taken or omitted to be taken by the Seller Representative under pursuant to the terms of this Agreement and the Promissory Notes (the “Representative Losses”)or any Transaction Document, in each case as such Seller Representative Loss is suffered incurred or incurred; providedsuffered. Notwithstanding the foregoing, that in the event it is finally adjudicated that a Seller Representative Loss or any portion thereof was primarily caused by the bad faith, gross negligence, fraud, intentional negligence or willful misconduct or bad faith of the Seller Representative, Seller Representative shall reimburse the Sellers preceding sentence will not apply to the amount of such indemnified the seller Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The , gross negligence or willful misconduct. (f) Royston Tay hereby accepts his appointment as Seller Representative. (g) Each party to this Agreement agrees that Royston Tay may resign as the Seller Representative Losses shall be satisfied from at any time and in his sole discretion, provided that Shareholder Representative Services LLC or other individual or entity mutually agreed on by (i) the SellersBuyer, severally and not jointly (in accordance with their ii) the Sellers representing at least the majority of the aggregated Pro Rata Shares).Portions, has been appointed as the Seller Representative and made a party to this Agreement. [Remainder of page intentionally left blank]

Appears in 2 contracts

Sources: Share Purchase and Sale Agreement, Share Purchase and Sale Agreement (Zendesk, Inc.)

Seller Representative. Each Seller hereby appoints GarMark Advisors II L.L.C. as the “Seller Representative” to act as the agent of the Sellers with the full power (ai) By approving to resolve all questions, disputes, conflicts and controversies concerning Losses as provided in this ARTICLE 11, (ii) to execute and enter into, on behalf of the Sellers, the Escrow Agreement, and to take all actions thereunder for and on their behalf, including but not limited the authorization of payments of amounts held under the Escrow Agreement in connection with Losses as provided herein and therein, (iii) to negotiate and/or settle all claims under this Agreement or the Escrow Agreement, (iv) to receive from the Buyer monies payable to the Sellers in accordance with the provisions of this Agreement and the transactions contemplated herebyEscrow Agreement, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative and attorney-in-fact to act on behalf of such Person with respect to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary to otherwise take such actions (or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IXrefrain from taking actions) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) execute such documents on any document executed or purported to be executed on the Sellers’ behalf of any Seller by Seller Representativein connection with this Agreement, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representativethe Escrow Agreement, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, in its sole discretion, deems proper and (vi) to perform all of the Seller Representative must notify functions of the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (Escrow Agreement. The foregoing notwithstanding, the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse not have the power to negotiate and/or settle any claims under this Agreement in which a single Seller is liable due to a breach by such Seller unless the Seller Representative has received the prior written consent of such Seller to negotiate and/or settle such claim. The Buyer and the Escrow Agent are entitled to rely on the acts and agreements of the Seller Representative as the acts and agreements of the Sellers. The Seller Representative shall be entitled to retain counsel and to incur such reasonable expenses (including court costs and reasonable attorney’s fees and expenses) as the Seller Representative deems to be reasonably necessary or appropriate in connection with its performance of its obligations under this Agreement and the Escrow Agreement, and all such fees and expenses incurred by the Seller Representative shall be borne pro rata by the Sellers based upon their respective initial economic interests in the amount of such indemnified Representative Loss attributable Escrow Amount. Subject to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)the provisions of the Escrow Agreement, the fees and expenses incurred by the Seller Representative pursuant to this Section 11.04 shall be paid by the Sellers directly to the Seller Representative and shall not be paid from the Escrow Fund.

Appears in 2 contracts

Sources: Securities Purchase Agreement, Securities Purchase Agreement (Calumet Specialty Products Partners, L.P.)

Seller Representative. (a) By approving The Sellers hereby appoint ▇▇▇▇▇▇▇ as the “Seller Representative.” The Seller Representative shall serve as representative of the Sellers with full power and authority to take all actions under this Agreement and the transactions contemplated herebyAncillary Agreements solely on behalf of each of such Sellers. Each Seller by approval of this Agreement, each hereby irrevocably appoints the Seller shall have irrevocably authorized and appointed Dangroup ApS Representative as the initial Seller Representative. The Seller Representative will act as such Person’s representative agent, proxy and attorney-in-fact for such Seller for all purposes of this Agreement, including full power and authority on such Seller’s behalf (i) to act execute and deliver on behalf of such Person with respect to this Agreement and the Promissory Notes and Seller any waiver hereto, (ii) to take any and all other actions and make any decisions required or permitted to be taken by or on behalf of such Seller Representative pursuant in connection herewith, (iii) to negotiate, settle, compromise and otherwise handle all disputes under Section 2.6 and claims made under Sections 5.3 or Article 6 hereof, and (iv) to do each and every act and exercise any and all rights which such Seller or Sellers collectively are permitted or required to do or exercise under this Agreement or the Promissory NotesAncillary Agreements. Each Seller agrees that such agency and proxy are coupled with an interest, including are therefore irrevocable without the exercise consent of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer shall survive the death, incapacity or Holdings bankruptcy of any Seller. Neither the Seller Representative nor any agent employed by it shall incur any liability to any Seller relating to the defenseperformance of its duties hereunder except for actions or omissions constituting fraud, payment gross negligence or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventwillful misconduct. (b) The Seller Representative may be removedagrees that it shall not commence proceedings to liquidate, etcdissolve or wind up its affairs without providing to Buyer and each other Seller prior written notice of its intention to do so. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice Upon receipt of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is receivednotice, Buyer and the Target Company Seller Representative shall have the right, and hereby agree, to appoint a mutually acceptable substitute Person (which may or may not be entitled a Seller) to rely act as “Seller Representative” hereunder with all rights, powers and authority to act on the decisions and actions behalf of the prior Sellers as the initial Seller Representative as described in has pursuant to this Section 10.1(a) above7.1(b). (c) Any expenses or liabilities incurred by the Seller Representative in connection with the performance of its duties in such capacity under this Agreement or the Ancillary Agreements shall be reimbursed to the Seller Representative by the Sellers. The Seller Representative shall act as a fiduciary with fiduciary duties may from time to time submit invoices to the SellersSellers covering their Adjusted Pro Rata Portion of such expenses and/or liabilities and, upon the request of any Seller, shall provide such Seller with an accounting of all expenses paid. If the Seller Representative has a personal conflict of interest with respect In addition to any action, decision other rights or determination to be made by the Seller Representativeremedies, the Seller Representative must notify may, upon prior or contemporaneous written notice, offset any amounts determined by it to be owed by any Seller to the Seller Representative against any amounts to be paid to the Sellers. (d) Each Seller shall severally, but not jointly, based on their respective Adjusted Pro Rata Portion, indemnify and hold harmless, the Seller Representative from any and all losses, liabilities and expenses (including the reasonable fees and expenses of counsel) arising out of or in connection with the Seller Representative’s execution and performance (solely in its capacity as the Seller Representative and not in its capacity as a Seller) of this Agreement and the Ancillary Agreements, except for fraud or willful misconduct by the Seller Representative. This indemnification will survive the termination of this Agreement and the Ancillary Agreements. The Seller Representative shall may, in all questions arising under this Agreement, rely on the advice of counsel and for anything done, omitted or suffered in good faith by the Seller Representative in accordance with such advice, the Seller Representatives will not be liable to the Sellers. In no event will the Seller Representative (solely in its capacity as the Seller Representative and not in its capacity as a Seller) be liable hereunder or in connection herewith to any of the Sellers for actions taken pursuant to this Agreement any indirect, punitive, special or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith consequential damages. (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by e) Each Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”)including, in each case as such Representative Loss is suffered or incurred; providedfor purposes of this Section 7.1(e), the Seller Representative) agrees that in Buyer and, following the event it is finally adjudicated that a Representative Loss or Closing, LPT, shall be entitled to rely on any portion thereof was primarily caused action taken by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, on behalf of each Seller (each, an “Authorized Action”), and that each Authorized Action shall be binding on each Seller as fully as if such Seller had taken such Authorized Action. Each Seller agrees to pay, and to indemnify and hold harmless, each of the Buyer Parties from and against any Losses which they may suffer, sustain, or become subject to, as the result of any claim by any Person that an Authorized Action is not binding on, or enforceable against, any Seller. In addition, each Seller hereby releases and discharges Buyer and, following the Closing, LPT, from and against any Losses arising out of or in connection with the Seller Representative’s failure to distribute any amounts received by the Seller Representative on the Sellers’ behalf to the Sellers. Payment of all amounts paid by or on behalf of Buyer to the Seller Representative shall reimburse constitute payment by Buyer to each of the Sellers and satisfaction of the Buyer’s obligation to pay such amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from hereunder (notwithstanding any withholding by the Sellers, severally and not jointly (in accordance with their Pro Rata SharesSeller Representative).

Appears in 2 contracts

Sources: Stock Purchase Agreement, Stock Purchase Agreement (Faro Technologies Inc)

Seller Representative. (a) By approving The Stockholders, by virtue of the approval and adoption of this Agreement Agreement, the Optionholders, by virtue of the cancellation of Company Options in exchange for the applicable Option Consideration or the assumption by Parent and conversion into an Assumed Award, as applicable, and the transactions contemplated herebyWarrantholders, each Seller shall have by virtue of the cancellation of Company Warrants in exchange for the applicable Warrant Consideration, irrevocably authorized constitute and appointed Dangroup ApS as appoint the initial Seller Representative. The Seller Representative will act (and by execution and delivery of this Agreement, the Seller Representative hereby accepts such appointment) as such Person’s representative their agent and attorney-in-fact to act for and on behalf of such Person each Securityholder with full power of substitution, to act in the name, place and stead of each Securityholder, with respect to any matter relating to or under this Agreement and the Promissory Notes Escrow Agreement, including (i) taking or foregoing such actions and making such decisions as may be necessary or appropriate in connection with the determination of the Final Merger Consideration; (ii) enforcing or foregoing enforcement of this Agreement and the Escrow Agreement on behalf of the Securityholders; (iii) giving and receiving all notices required to take be given under this Agreement and the Escrow Agreement; (iv) taking or foregoing any and all actions and make making any and all decisions required or permitted to be taken or made by the Seller Representative pursuant to under this Agreement or and the Promissory Notes, including the exercise of the power to: (i) give Escrow Agreement; and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute taking or foregoing any and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment furtherance of Seller Representative or for the accomplishment of the foregoing. Holdings The power of attorney granted in this Section 7.14 by each Securityholder to the Seller Representative is coupled with an interest and Buyer is irrevocable, may be delegated by the Seller Representative and shall survive the death or incapacity of any Securityholder. No bond shall be required of the Seller Representative. The Seller Representative shall be entitled to deal exclusively with engage outside legal counsel, accountants, consultants, experts or other advisors as the Seller Representative deems necessary or appropriate (in its sole discretion) in connection with performing its duties or exercising its rights under this Agreement and the Escrow Agreement; provided that the cost of any of the foregoing during the Pre-Closing Period shall be considered an Selling Expenses at Closing and the cost of the forgoing during the period following the Closing shall be the sole responsibilities of the Seller Representative. Each Securityholder shall be deemed to have agreed to receive correspondence from the Seller Representative, including in electronic form. (b) All decisions, consents, instructions and actions by the Seller Representative made or taken in accordance with this Agreement or the Escrow Agreement shall be final and binding on all matters relating to of the Securityholders, and no Securityholder shall have any cause of action against the Seller Representative for any decision made, consent or instruction given, or action taken by the Seller Representative under this Agreement (including Article IX) and or the Escrow Agreement, except for any such decision, consent, instruction or action that constitutes fraud or willful misconduct by or on behalf of the Seller Representative. Parent shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed decisions, consents, instructions and actions or purported to be executed on behalf of any omissions by the Seller by Seller RepresentativeRepresentative made or taken in connection with this Agreement or the Escrow Agreement, and on no party hereto shall have any other cause of action against Parent for any action taken by Parent in reliance upon any such decision, consent, instruction or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) aboveaction. (c) The Seller Representative shall not have any liability to any of the Securityholders for any act done or omitted hereunder as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict while acting in good faith and in the exercise of interest with respect to any actionreasonable judgment, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that and any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative outside legal counsel shall be conclusive evidence of such good faith). The Sellers Securityholders shall severally and but not jointly (in accordance with jointly, based on their respective Pro Rata Shares)Portions, indemnify and hold harmless the Seller Representative from and againstagainst any loss, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, liability or expense incurred by the Seller Representative arising out of and or in connection with the acceptance, performance or administration of its activities as Seller Representative duties under this Agreement and the Promissory Notes Escrow Agreement, except for any such loss, liability or expense based primarily upon or arising out of any fraud or willful misconduct by or on behalf of the Seller Representative. The Seller Representative shall be entitled to recover any (x) such losses, liabilities or expenses which are indemnifiable hereunder and (y) reasonable and documented fees, costs or other expenses it may incur in performing its duties or exercising its rights under this Agreement or the Escrow Agreement (i) first by recourse to any amounts available in the Seller Representative Losses”Fund, (ii) second by recourse to any amounts in the Adjustment Escrow Fund (but only to the extent such amounts are otherwise available for distribution to Securityholders pursuant to this Agreement and the Escrow Agreement), and (iii) third by recourse directly to the Securityholders, based on their respective Pro Rata Portions. (d) From and after the Effective Time, Parent shall cause the Surviving Corporation to provide the Seller Representative with reasonable updates related to the Surviving Corporation, reasonable access (including electronic access, to the extent available) to the books, records and other documents and materials of the Surviving Corporation and the reasonable assistance of the officers and employees of Parent and the Surviving Corporation as reasonably requested by the Seller Representative, in each case solely to the extent necessary for performing the Seller Representative’s duties under this Agreement and the Escrow Agreement. From and after the Effective Time, the Seller Representative may retain copies, reproductions, summaries, analyses or extracts (whether in hard-copy form or on intangible media, such as such electronic mail or computer files) of the contents of any virtual data room maintained by the Company in connection with the transactions contemplated hereby, the Company’s corporate books and records and all of the Company’s historical written communications (including electronic mail) prior to the Effective Time, in each case to be used solely for record retention purposes or in connection with performing its duties or exercising its rights under this Agreement and the Escrow Agreement. (e) The identity of the Seller Representative Loss is suffered or incurred; providedand the terms of the agency may be changed, that and a successor Seller Representative may be appointed, from time to time (including in the event it is finally adjudicated that of the resignation, death, disability or other incapacity of the Seller Representative) by consent of a majority-in-interest (based on the number of Fully Diluted Shares held by them) of the Securityholders. Each successor Seller Representative Loss or any portion thereof was primarily caused shall have all of the power, authority, rights, privileges and obligations conferred by this Agreement upon the gross negligence, fraud, intentional misconduct or bad faith of original Seller Representative, and the term “Seller Representative Representative” as used herein shall reimburse be deemed to include any such successor Seller Representatives. (f) The provisions of this Section 7.14 shall be binding upon the Sellers executors, heirs, legal representatives, personal representatives, successor trustees and successors of each Securityholder, and any references in this Agreement to a Securityholder shall mean and include the amount successors to the rights of such indemnified Representative Loss attributable Securityholder hereunder, whether pursuant to such gross negligencetestamentary disposition, fraud, intentional misconduct the Laws of descent and distribution or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)otherwise.

Appears in 2 contracts

Sources: Merger Agreement, Merger Agreement (Infor, Inc.)

Seller Representative. (a) By approving this Agreement Each Selling Equityholder has, or prior to the Closing and as a condition to receiving its portion of the transactions contemplated herebyMerger Consideration will have, each constituted, appointed and empowered, effective from and after the Closing Date, New Holdco to act as a representative for the Selling Equityholders (in such capacity, as “Seller shall have irrevocably authorized Representative”), for the benefit of the Selling Equityholders and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative exclusive agent and attorney-in-fact to act on behalf of such Person each Selling Equityholder, with respect to the matters specified in this Section 9.16, which shall include the power and authority: (i) to enforce and protect the rights and interests of the Selling Equityholders and to enforce and protect the rights and interests of such Persons arising out of or under or in any manner relating to this Agreement and the Promissory Notes transactions provided for herein, from and after the Closing, and to take any and all actions which Seller Representative believes are necessary or appropriate under this Agreement with respect to any actions provided for in Sections 2.6, 2.9 and make Article VII, for and on behalf of the Selling Equityholders including (A) consenting to, compromising or settling any decisions required objections set forth in the Objection Statement, conducting negotiations with Parent regarding such claims and in connection therewith, (B) directing the method of payment for any deferred payments owed to the Selling Equityholders pursuant to Section 2.9 and coordinating with Parent with respect thereto and (C) consenting to, compromising or permitted settling any Parent Indemnification Claims, conducting negotiations with Parent regarding such claims and in connection therewith, it being understood, in the case of each of (A), (B) and (C), that Seller Representative shall not have any obligation to take any actions, and shall not have any liability for any failure to take any actions; (ii) to make, execute, acknowledge and deliver all such other agreements, guarantees, orders, receipts, endorsements, notices, requests, instructions, certificates, stock powers, letters and other writings, and, in general, to do any and all things and to take any and all action that Seller Representative, in its sole and absolute discretion, may consider necessary or proper or convenient in connection therewith and (iii) to engage outside counsel, accountants and other advisors and incur such other expenses on behalf of the Selling Equityholders in connection with any matter arising under this Agreement. (b) Parent shall have the right to rely upon all actions taken or omitted to be taken by Seller Representative pursuant to this Agreement Agreement, all of which actions or omissions shall be legally binding upon the Promissory Notes, including the exercise Selling Equityholders. (c) The grant of the power to: authority provided for herein (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and is coupled with an interest and shall not be terminated by any act irrevocable and survive the death, incompetency, bankruptcy or liquidation of any one Selling Equityholder and (ii) shall survive the consummation of the Mergers, and any action taken by Seller Representative pursuant to the authority granted in this Agreement shall be effective and binding on each Selling Equityholder notwithstanding any contrary action of or Sellersdirection from such Selling Equityholder, except for actions or by operation omissions of Law, whether by death or other eventSeller Representative constituting willful misconduct. (bd) The Seller Representative may be removedrepresents and warrants that it is a Delaware limited liability company, etcduly organized, validly existing and in good standing under the laws of Delaware, and it has the requisite power and authority, and has taken all action necessary or required, to execute and deliver this Agreement and to perform its obligations hereunder. as provided in this Section 11.1(b). (i) The This Agreement has been duly executed and delivered by Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of and, assuming that this Agreement constitutes a majority in interest valid and binding obligation of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); providedother parties hereto, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed constitutes a new Seller Representative who shall assume such duties immediately upon the resignation or removal valid and binding obligation of Seller Representative. (iiie) In the event of the death, incapacity, resignation or removal The rights and obligations of Seller RepresentativeRepresentative pursuant to this Agreement, a new and the grant of authority to such Seller Representative shall set forth in this Section 9.16 may be appointed by the vote or assigned from time to time upon unanimous written consent of the Majority Holders. Selling Equityholders; provided, however, that no such assignment shall be effective unless and until (ivi) Notice evidence of the consent referred to in the immediately preceding sentence is provided to Parent and (ii) the assignee of such vote or rights and obligations becomes a copy party to this Agreement by executing a joinder in a form reasonably acceptable to Parent. Upon any such assignment, the Person accepting and assuming the rights and obligations of the written consent appointing such new Seller Representative shall be sent to Buyerbecome, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representativepurposes, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)hereunder.

Appears in 2 contracts

Sources: Merger Agreement (Nexeo Solutions Holdings, LLC), Merger Agreement (WL Ross Holding Corp.)

Seller Representative. (a) By approving the execution and delivery of this Agreement (and with respect to Company Shareholders, by delivery of a Letter of Transmittal), the transactions contemplated herebyCompany (solely with respect to periods prior to the Effective Time) and each Company Shareholder on behalf of itself and its successors and assigns, each Seller shall have hereby irrevocably authorized constitutes and appointed Dangroup ApS appoints ▇▇▇▇▇▇▇▇▇ ▇▇▇ in its capacity as the initial Seller Representative. The Seller Representative will act , as such Person’s representative the true and lawful agent and attorney-in-fact of the Company and such Company Shareholder with full powers of substitution to act in the name, place and stead of thereof with respect to the performance on behalf of such Person with respect to under the terms and provisions of this Agreement and the Promissory Notes Ancillary Documents to which the Seller Representative is a party, as the same may be from time to time amended, and to take any do or refrain from doing all such further acts and things, and to execute all actions and make any decisions required or permitted to be taken by such documents on behalf of such Person, if any, as the Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions will deem necessary or appropriate in connection with any of the good faith judgment transactions contemplated under this Agreement or any of the Ancillary Documents to which the Seller Representative for the accomplishment of the foregoing. Holdings is a party, including: (i) managing, controlling, defending and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed settling on behalf of an Indemnifying Party certain indemnification claims against any of them under Article VI; (ii) acting on behalf of such Person under the Escrow Agreement; (iii) terminating, amending or waiving on behalf of such Person any provision of this Agreement or any Ancillary Documents to which the Seller by Representative is a party (provided, that any such action, if material to the rights and obligations of the Company Shareholders in the reasonable judgment of the Seller Representative, and on any other action taken or purported to will be taken in the same manner with respect to all Company Shareholders unless otherwise agreed by each Company Shareholder who is subject to any disparate treatment of a potentially adverse nature); (iv) signing on behalf of such Person any releases or other documents with respect to any dispute or remedy arising under this Agreement or any Ancillary Documents to which the Seller by Representative is a party; (v) employing and obtaining the advice of legal counsel, accountants and other professional advisors as the Seller Representative, in its reasonable discretion, deems necessary or advisable in the performance of its duties as being fully binding upon the Seller Representative and to rely on their advice and counsel; (vi) incurring and paying reasonable out-of-pocket costs and expenses, including fees of brokers, attorneys and accountants incurred pursuant to the transactions contemplated hereby, and any other reasonable out-of-pocket fees and expenses allocable or in any way relating to such transaction or any indemnification claim, whether incurred prior or subsequent to Closing; (vii) receiving all or any portion of the consideration provided to the Company Shareholders under this Agreement and to distribute the same to the Company Shareholders in accordance with their Pro Rata Share; and (viii) otherwise enforcing the rights and obligations of any such Persons under this Agreement and the Ancillary Documents to which the Seller Representative is a party, including giving and receiving all notices and communications hereunder or thereunder on behalf of such Person. Notices or communications to or from All decisions and actions by the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunderRepresentative, including any agreement between the Seller Representative and Buyer the Purchaser Representative, the Purchaser or Holdings any Indemnified Party relating to the defense, payment defense or settlement of any indemnification claims for indemnification hereunderwhich an Indemnifying Party may be required to indemnify an Indemnified Party pursuant to Article VI, shall constitute a decision or action of all Sellers be binding upon the Company, each Company Shareholder and their respective successors and assigns, and they (nor any other Party) shall be final, binding and conclusive upon each such Person. No Seller shall not have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, Section 10.15 are irrevocable and coupled with an interest interest. The Seller Representative hereby accepts its appointment and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventauthorization as the Seller Representative under this Agreement. (b) The Any other Person, including the Purchaser Representative, the Purchaser, the Company and the Indemnified Parties and the Indemnifying Parties may conclusively and absolutely rely, without inquiry, upon any actions of the Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The the acts of the Company and the Company Shareholders hereunder or any Ancillary Document to which the Seller Representative may resign at any time. (ii) is a party. The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Purchaser Representative, a new Seller Representative shall be appointed by the vote or written consent of Purchaser, the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer Company and the Target Company each Indemnified Party and Indemnifying Party shall be entitled to rely conclusively on the instructions and decisions and actions of the prior Seller Representative as described to (i) the settlement of any indemnification claims by an Indemnified Party pursuant to Article VI, (ii) any payment instructions provided by the Seller Representative or (iii) any other actions required or permitted to be taken by the Seller Representative hereunder, and neither the Company, any Company Shareholder nor any Indemnifying Party shall have any cause of action against the Purchaser Representative, the Purchaser, the Company or any other Indemnified Party for any action taken by any of them in reliance upon the instructions or decisions of the Seller Representative. The Purchaser Representative, the Purchaser, the Company and the other Indemnified Parties shall not have any Liability to the Company or any Company Shareholder or Indemnifying Party for any allocation or distribution among the Company Shareholders by the Seller Representative of payments made to or at the direction of the Seller Representative. All notices or other communications required to be made or delivered to the Company or a Company Shareholder under this Agreement or any Ancillary Document to which the Seller Representative is a party shall be made to the Seller Representative for the benefit of such Company Shareholder, and any notices so made shall discharge in full all notice requirements of the other parties hereto or thereto to such Company Shareholder with respect thereto. All notices or other communications required to be made or delivered by the Company or a Company Shareholder shall be made by the Seller Representative (except for a notice under Section 10.1(a10.15(d) aboveof the replacement of the Seller Representative). (c) The Seller Representative shall will act as a fiduciary with fiduciary duties to for the Sellers. If Company and the Company Shareholders on all of the matters set forth in this Agreement in the manner the Seller Representative has a personal conflict of interest with respect to any action, decision or determination believes to be made in the best interest of the Company and the Company Shareholders, but the Seller Representative will not be responsible to Company or the Company Shareholders for any Losses that Company or the Company Shareholders or Indemnifying Party may suffer by reason of the performance by the Seller Representative of the Seller Representative’s duties under this Agreement, other than Losses arising from the bad faith, gross negligence or willful misconduct by the Seller Representative in the performance of its duties under this Agreement. The Purchaser shall indemnify, defend and hold harmless the Seller Representative from and against any and all Losses incurred without gross negligence, bad faith or willful misconduct on the part of the Seller Representative (in its capacity as such) and arising out of or in connection with the acceptance or administration of the Seller Representative’s duties under this Agreement or any Ancillary Document, including the reasonable out-of-pocket fees and expenses of any legal counsel retained by the Seller Representative, . In no event shall the Seller Representative must notify the Sellers. (d) in such capacity be liable hereunder or in connection herewith for any indirect, punitive, special or consequential damages. The Seller Representative shall not be liable to the Sellers for actions taken pursuant to any act done or omitted under this Agreement or any Ancillary Document as the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional Seller Representative while acting in good faith and without willful misconduct or bad faith (it being understood that gross negligence, and any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative counsel shall be conclusive evidence of such good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative shall be fully protected in relying upon any written notice, demand, certificate or document that it in good faith believes to be genuine, including facsimiles or copies thereof, and no Person shall have any Liability for relying on the Seller Representative in the foregoing manner. In connection with the performance of its rights and obligations hereunder, the Seller Representative shall have the right at any time and from time to time to select and againstengage, compensate it forat the reasonable cost and expense of the Purchaser, reimburse it for attorneys, accountants, investment bankers, advisors, consultants and pay any clerical personnel and all lossesobtain such other professional and expert assistance, liabilities, claims, actions, damages maintain such records and incur other reasonable out-of-pocket expenses, including reasonable attorneys’ fees as the Seller Representative may reasonably deem necessary or appropriate from time to time. All of the indemnities, immunities, releases and disbursements, arising out of and in connection with its activities as powers granted to the Seller Representative under this Agreement Section 10.15 shall survive the Closing and continue indefinitely. (d) If the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse die, become disabled, dissolve, resign or otherwise be unable or unwilling to fulfill its responsibilities as representative and agent of Company Shareholders, then the Sellers Company Shareholders shall, within ten (10) days after such death, disability, dissolution, resignation or other event, appoint a successor Seller Representative (by vote or written consent of the amount Company Shareholders holding in the aggregate a Pro Rata Share in excess of fifty percent (50%)), and promptly thereafter (but in any event within two (2) Business Days after such appointment) notify the Purchaser Representative and the Purchaser in writing of the identity of such indemnified Representative Loss attributable to successor. Any such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses successor so appointed shall be satisfied from become the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)“Seller Representative” for purposes of this Agreement.

Appears in 2 contracts

Sources: Merger Agreement (Borqs Technologies, Inc.), Merger Agreement (Pacific Special Acquisition Corp.)

Seller Representative. (a) By approving virtue of its execution of this Agreement and the transactions contemplated herebyAgreement, each Seller shall have Party designates and irrevocably authorized and appointed Dangroup ApS as appoints the initial Seller Representative. The Seller Representative will act as such PersonSeller Party’s representative agent and attorney-in-fact to act on behalf for the following purposes of such Person with respect to this Agreement with the full power and the Promissory Notes and authority on such Seller Party’s behalf: (i) to take any and all actions and make any decisions required or permitted contemplated to be taken by the Seller Representative pursuant to as set forth in the provisions of this Agreement or the Promissory NotesAgreement, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, to negotiate, enter into settlements settle, compromise and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to all claims for indemnification made by Buyer any Indemnified Party pursuant to Article VII and Article IX; Section 11.1, with the sole exception of any indemnification to be provided by Eager Corp (iv) litigatewhich shall only be negotiated, arbitratesettled, resolvecompromised or otherwise handled by Eager Corp, it being agreed that only Eager Corp shall have the authority to negotiate, settle or compromise any claim for indemnification pursuant with respect to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out which Eager Corp has any liability). All decisions within the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment scope of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller preceding sentence by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each Seller Party (other than Eager Corp solely with respect to clause (ii) thereof), and no such Person. No Seller Party shall have the any right to object toobject, dissent fromdissent, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removeddelegate its authority as the Seller Representative to any one of the Seller Parties (or their Affiliates) for a fixed or indeterminate period of time upon not fewer than five (5) Business Days’ prior written notice to the Buyer in accordance with Section 12.10. Each successor Seller Representative has all of the power, etc. authority, rights and privileges conferred by this Agreement upon the original Seller Representative, and the term “Seller Representative” as provided used in this Section 11.1(b). (i) The Seller Representative may resign at Agreement includes any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of successor Seller Representative. (iiic) In the event A decision, act, consent or instruction of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent acting on behalf of the Majority Holders. Seller Parties in accordance with the provisions hereof (ivincluding, for the avoidance of doubt, clause (ii) Notice of Section 12.14(a)) constitutes a decision of all such vote Seller Parties (except where the context otherwise requires) and is final, binding and conclusive upon such Seller Parties, and the Buyer Parties and any Indemnified Party may rely upon any such decision, act, consent or a copy instruction of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described being the decision, act, consent or instruction of such Seller Parties. The Buyer Indemnitees are hereby relieved from, and the Seller Parties (other than Eager Corp) shall indemnify and hold the Buyer Indemnitees harmless from, any liability to any Person for any acts done by any of them in Section 10.1(a) above. (c) accordance with such decision, act, consent or instruction of the Seller Representative. The Seller Representative shall act as a fiduciary with fiduciary duties Buyer Indemnitees may for all purposes of this Agreement treat every notice, payment or any other action directed to the Sellers. If the Seller Representative has a personal conflict of interest with respect as if such notice, payment or other action had been directed to any action, decision or determination to be made by the such Seller Representative, the Seller Representative must notify the SellersParty. (d) The Seller Representative shall not be liable will have no liability to the Sellers any Seller Party on behalf of whom it is acting for actions taken pursuant to any act done or omitted under this Agreement or as the Promissory NotesSeller Representative while acting in good faith and not in a manner constituting wanton misconduct, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that and any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall counsel will be conclusive evidence of such good faith). The Sellers shall Seller Parties (other than Eager Corp) will severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless the Seller Representative from and against, compensate it for, reimburse it for and pay against any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Losses the Seller Representative under this Agreement may suffer as a result of any such action or omission. (e) This appointment and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused grant of power and authority by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Parties to the Seller Representative shall reimburse pursuant to this Section 12.14 is coupled with an interest, is in consideration of the Sellers mutual covenants made in this Agreement, is irrevocable and may not be terminated by the amount act of such indemnified Representative Loss attributable to such gross negligenceany Seller Party or by operation of law, fraudwhether upon the death or incapacity of any Seller Party, intentional misconduct or bad faith. The Representative Losses shall be satisfied from by the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)occurrence of any other event.

Appears in 2 contracts

Sources: Merger Agreement (Reliant Software, Inc.), Merger Agreement (Community Choice Financial Inc.)

Seller Representative. (a) By approving the execution and delivery of this Agreement, each Seller hereby irrevocably constitutes and appoints ▇▇▇▇▇ ▇▇▇ as the Seller Representative, and in such capacity, to be the true and lawful agent and attorney-in-fact of such Seller with full powers of substitution to act in the name, place and stead of thereof with respect to the performance on behalf of such Seller under the terms and provisions of this Agreement and the Transaction Documents, as the same may be from time to time amended, and to do or refrain from doing all such further acts and things, and to execute all such documents on behalf of such Seller, if any, as the Seller Representative will deem necessary or appropriate in connection with any of the transactions contemplated under this Agreement or any of the Transaction Documents, including: (i) agree upon or compromise any matter related to the calculation of any adjustments to the Purchase Price under this Agreement; (ii) direct the distribution of the Purchase Price; (iii) act for Sellers with respect to all indemnification matters referred to in this Agreement, including the right to compromise on behalf of Sellers any indemnification claim made by or against Sellers, if any; (iv) act for Sellers with respect to all post-Closing matters; (v) terminate, amend or waive any provision of this Agreement; (vi) employ and obtain the advice of legal counsel, accountants and other professional advisors as the Seller Representative, in the Seller Representative’s sole discretion, deems necessary or advisable in the performance of his duties as the Seller Representative and to rely on their advice and counsel; (vii) incur and pay expenses, including fees of brokers, attorneys and accountants incurred pursuant to the transactions contemplated hereby, each and any other fees and expenses allocable or in any way relating to such transaction or any indemnification claim, whether incurred prior or subsequent to Closing; (viii) receive all or any portion of the Purchase Price and to distribute the same; (ix) distribute the Seller shall have irrevocably authorized Representative Reserve; (x) sign any releases or other documents with respect to any dispute or remedy arising under this Agreement or the Transaction Documents; and appointed Dangroup ApS (xi) do or refrain from doing any further act or deed on behalf of Sellers which the Seller Representative deems necessary or appropriate, in his sole discretion after consultation with ▇▇▇▇▇▇▇ ▇▇▇▇, relating to the subject matter of this Agreement as fully and completely as any Seller could do if personally present and acting. The Seller Representative hereby accepts his appointment and authorization as the initial Seller RepresentativeRepresentative under this Agreement. (b) The appointment of the Seller Representative will be deemed coupled with an interest and will be irrevocable, and any other Person, including Buyer and the Company may conclusively and absolutely rely, without inquiry, upon any actions of the Seller Representative as the acts of Sellers hereunder or any Transaction Document to which they are a party. The Seller Representative will act as such Person’s representative and attorney-in-fact for Sellers on all of the matters set forth in this Agreement in the manner the Seller Representative believes to act on behalf be in the best interest of Sellers, but the Seller Representative will not be responsible to Sellers for any loss or damage that any Seller may suffer by reason of the performance by the Seller Representative of such Person with respect Seller Representative’s duties under this Agreement, other than loss or damage arising from fraud, gross negligence or willful misconduct in the performance of the Seller Representative’s duties under this Agreement. Sellers do hereby jointly and severally agree to this Agreement indemnify and hold the Promissory Notes Seller Representative harmless from and to take against any and all actions and make any decisions required Losses reasonably incurred or permitted to be taken by suffered as a result of the performance of the Seller Representative’s duties under this Agreement. The Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall will not be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall any fee, commission or other compensation for the performance of his services hereunder, but will be entitled to rely conclusively (without further evidence the payment from Sellers on a pro rata basis of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by all expenses incurred as the Seller Representative, and on any other action taken or purported to which payment may be taken on behalf of any recovered by the Seller by Representative from the Seller Representative, as being fully binding upon such Person. Notices or communications to or from Representative Reserve. (c) If the Seller Representative shall constitute notice die, become disabled, resign or otherwise be unable to fulfill his responsibilities as agent of Sellers, then Sellers shall, within ten (10) days after such death or from each disability, appoint a successor agent and, promptly thereafter (but in any event within two (2) Business Days after such appointment), shall notify Buyer in writing of the Sellers. Any decision or action by identity of such successor; provided, that if for any reason no successor has been appointed within such ten (10) day period, then any Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall will have the right to object to, dissent from, protest or otherwise contest the same. The provisions petition a court of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed competent jurisdiction for any reason or no reason by the vote or written consent appointment of a majority in interest of successor to the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative . Any such successor shall be appointed by the vote or written consent of Sellers, and any successor so appointed shall become the Majority Holders“Seller Representative” for purposes of this Agreement. (ivd) Notice of such vote All notices or a copy of the written consent appointing such new Seller Representative other communications required to be made or delivered by Buyer to Sellers shall be sent made to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict for the benefit of interest with respect Sellers. All notices or other communications required to any action, decision be made or determination to delivered by Sellers shall be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 2 contracts

Sources: Equity Purchase Agreement (Cinedigm Corp.), Equity Purchase Agreement (Cinedigm Corp.)

Seller Representative. (a) By approving this Agreement and Concurrently with the transactions contemplated herebyEffective Time, each NorthStar stockholder shall, as a condition to his/her participation in the NorthStar Merger and receipt of the Consideration after the Closing, be deemed to appoint ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ to act as a representative for such NorthStar stockholder (“Seller Representative”), and ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ hereby accepts such appointment. Seller Representative shall have irrevocably authorized the authority to execute any and appointed Dangroup ApS as all instruments and other documents concerning the initial Seller Representative. The Seller Representative will act as such Person’s representative and attorney-in-fact to act Contemplated Transactions on behalf of such Person with respect to this Agreement and the Promissory Notes NorthStar stockholders and to take do any and all actions and make any decisions required other acts or permitted to be taken by things on behalf of the NorthStar stockholders, which Seller Representative pursuant to may deem necessary or advisable on behalf of the NorthStar stockholders or which may be required by this Agreement or the Promissory Notes, including NorthStar Closing Documents in connection with the exercise consummation of the power Contemplated Transactions. Without limiting the generality of the foregoing, Seller Representative shall have full and exclusive authority to: (ia) agree with Buyer with respect to any matter or thing required by or deemed necessary by Seller Representative in connection with this Agreement or the NorthStar Closing Documents, including without limitation any amendments thereto; (b) give and receive notices on behalf of the NorthStar stockholders, except as to the notices referenced in Sections 2.5(e), 2.6 and communications2.7 of this Agreement; (iic) agree togenerally do all things and perform all acts, negotiateincluding without limitation executing and delivering all agreements, enter into settlements and compromises ofcertificates, receipts, consents, elections, instructions, and comply other instruments or documents contemplated by or deemed necessary or advisable by Seller Representative in connection with orders this Agreement or otherwise handle any other matters described in Section 2.5the NorthStar Closing Documents; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viiid) take all actions necessary or desirable in connection with the operation of this Agreement or the Escrow Agreement, including enforcement of amounts due NorthStar stockholders under the Escrow Agreement and defense and/or settlement of any indemnification or other claims made by Indemnified Persons pursuant to Section 9 of this Agreement or the Escrow Agreement; and (e) retain attorneys, accountants and other professionals to provide services to the Seller Representative in fulfillment of his obligations hereunder and as otherwise deemed appropriate in connection with the good faith judgment Closing of the Contemplated Transactions or related matters arising thereafter, including but not limited to issues involving the Escrow Agreement. All decisions by Seller Representative for the accomplishment of the foregoingshall be binding upon each NorthStar stockholder. Holdings and The NorthStar stockholders shall not have any right to object, dissent, protest, or otherwise contest Seller Representative’s decisions. Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) rely upon, and shall be entitled to rely conclusively (without further evidence of fully protected in relying upon, any kind whatsoever) on notice or document received by or from Seller Representative and any document executed action taken or purported to be executed decision made by Seller Representative on behalf of any NorthStar stockholder. If ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ resigns or becomes unable to perform his duties under this Section 10.16, NorthStar shall promptly select a new Seller by Seller Representative, Representative and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from new Seller Representative shall constitute notice promptly execute and deliver to or from each Buyer a supplement to this Agreement agreeing to the terms of this Section 10.16. No compensation shall be paid to the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided serving in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”)capacity; provided, however, in no event shall that if the Seller Representative resign or be removed without incurs out-of-pocket expenses in connection herewith, the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions reimbursement of the prior Seller Representative as described in Section 10.1(a) above. (c) all such expenses. The Seller Representative shall act as a fiduciary with fiduciary duties maintain (at the offices of NorthStar) invoices and other evidences of the expenses reimbursed. Any payments due to NorthStar stockholders under the Sellers. If Escrow Agreement shall first be applied to reimburse the Seller Representative has a personal conflict for his out-of-pocket expenses, upon notice delivered to Escrow Agent of interest with respect to any action, decision or determination the amount to be made by reimbursed. Except as to the obligations specifically required of the Seller RepresentativeRepresentative under this Agreement and the Escrow Agreement, the Seller Representative must notify shall not be responsible for the Sellers. (d) The obligations of the Acquired Companies or be obligated to the Buyer for Damages, except to the extent the Seller Representative is also a stockholder of NorthStar and except for his bad faith, gross negligence or willful conduct. Seller Representative shall not be liable to the Sellers NorthStar stockholders with respect to any action taken or suffered by him in reliance upon any notice, direction, instruction, consent or statement or other paper or document believed by him to be genuine and duly authorized, nor for actions taken pursuant to this Agreement or the Promissory Notesanything except his own willful conduct, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to gross negligence. All conduct of the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence undertaken in good faith and he shall not, as the result of good faith)his acting as Seller Representative, be responsible for the validity, enforceability or collectibility of any of the obligations of any of the other parties to the Merger Agreement. The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative shall be entitled to indemnification from and againstbe held harmless by the NorthStar stockholders against any loss, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, expense (including reasonable attorneys’ fees and disbursements, fees) or other liability arising out of and in connection with its activities his service as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”)Agreement, in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily other than for harm directly caused by the his willful misconduct, bad faith or gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of and in such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses event he shall be satisfied entitled to payment thereof from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)Escrow Fund out of amounts otherwise payable to the NorthStar stockholders.

Appears in 2 contracts

Sources: Agreement and Plan of Merger (Enterprise Financial Services Corp), Merger Agreement (Enterprise Financial Services Corp)

Seller Representative. (a) By approving Seller hereby appoints GEIE, as such Seller’s representative to act as Representative for all purposes of this Agreement and the transactions contemplated hereby, each with the right, in such capacity, in his discretion, to do any and all things and to execute any and all documents in Seller’s place and stead, in any way which such Seller shall have irrevocably authorized could do if personally present, in connection with this Agreement and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative and attorney-in-fact to act transactions contemplated thereby, including the authority on behalf of such Person Seller, without giving notice to such Seller, to take any of the following actions: (i) to accept on such Seller’s behalf any amount payable to such Seller under this Agreement; (ii) to negotiate and otherwise deal with respect Parent, LuxCo or BHN, in all respects; (iii) to accept and give service of process and all other notices and other communications relating to this Agreement; (iv) to settle any dispute relating to the terms of this Agreement; (v) to execute any instrument or document that the Representative may determine is necessary or desirable in the exercise of his authority under this Agreement and power-of-attorney; and (vi) to act in connection with all matters relating to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notestransactions contemplated thereby, including the exercise of the power toto employ auditors, attorneys and other Persons in connection therewith. (b) Seller further agrees, as follows: (i) give Seller recognizes the inherent conflict of interest of GEIE as the Representative and receive notices and communicationswaives any claims with respect thereto; (ii) agree tothe Representative (A) shall not incur any personal liability for acting in such capacity if in doing so it acts upon advice of counsel or otherwise acts in good faith, negotiate(B) shall not incur any personal liability for acting in such capacity in the absence of its willful misconduct, enter into settlements (C) may act upon any instrument or signature believed by it to be genuine and compromises ofmay assume that any Person purporting to give any notice or instruction under this Agreement or under any other related agreement or document believed by it to be authorized has been authorized to do so (D) shall not be responsible for the investment of any payments received from Parent for the benefit of Seller, and comply with orders or otherwise handle (E) shall be promptly reimbursed by Seller, pro rata for out-of-pocket expenses incurred by it in its capacity of Representative, and such expenses shall first be satisfied from any other matters described in Section 2.5;payment paid by Parent and received by the Representative for the benefit of Seller, prior to distribution of such payments to Seller; and (iii) agree toIf GEIE is unable to serve or resigns as the Representative, negotiateSeller may appoint from among their ranks a substitute Representative to replace GEIE which Representative shall have all the powers and authority granted to GEIE by this Section 13.15. Parent, enter into settlements LuxCo and compromises ofBHN shall accept such substitute Representative without objection; provided, and comply with orders of courts with respect however, that GEIE shall continue to claims for indemnification made serve as the Representative until such substitute Representative has been appointed by Buyer pursuant to Article VII and Article IX;Seller. (ivc) litigateAt and after Closing, arbitrateParent, resolve, settle or compromise any claim for indemnification pursuant to Article VII LuxCo and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer BHN shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and the transactions contemplated hereby involving Seller, or any of them, and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document statements made by the Representative or documents executed or purported to be executed on behalf of any Seller by Seller the Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Personthe Representative including the appropriate communication or delivery to Seller. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. [The provisions remainder of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according page intentionally left blank; signature pages to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).follow]

Appears in 2 contracts

Sources: Purchase Agreement (Prime Acquisition Corp), Purchase Agreement (Prime Acquisition Corp)

Seller Representative. (a) By approving their execution of this Agreement and the transactions contemplated herebytransfer and delivery of their Certificates, each and/or their acceptance of any consideration pursuant to this Agreement the Sellers hereby irrevocably (subject only to Section 1.6(d)) appoint the Seller shall have irrevocably authorized and appointed Dangroup ApS Representative as the initial Seller Representative. The Seller Representative will act as such Person’s representative and representative, attorney-in-fact to act on behalf and agent of such Person the Sellers in connection with respect to the transactions contemplated by this Agreement and the Promissory Notes Escrow Agreement and to take in any and all actions and make any decisions required litigation or permitted to be taken by Seller Representative pursuant to arbitration involving this Agreement or the Promissory NotesEscrow Agreement. In connection therewith, including the exercise of Seller Representative is authorized to do or refrain from doing all further acts and things, and to execute all such documents as the Seller Representative shall deem necessary or appropriate, and shall have the power and authority to: (i) give and receive notices and communicationsact for some or all of the Sellers with regard to all matters pertaining to this Agreement or the Escrow Agreement; (ii) act for the Sellers to transact matters of litigation with regard to all matters pertaining to this Agreement or the Escrow Agreement; (iii) execute and deliver all amendments, waivers, ancillary agreements, certificates and documents that the Seller Representative deems necessary or appropriate in connection with the consummation of the transactions contemplated by this Agreement or the Escrow Agreement, including delivering any update to or correction, amendment or modification of the Closing Date Allocation Schedule permitted by Section 1.8(a); (iv) receive funds, make payments of funds, and give receipts for funds; (v) do or refrain from doing, on behalf of the Sellers, any further act or deed that the Seller Representative deems necessary or appropriate in the Seller Representative’s discretion relating to the subject matter of this Agreement or the Escrow Agreement, in each case as fully and completely as the Sellers could do if personally present; (vi) give and receive all notices required to be given or received by the Sellers under this Agreement or the Escrow Agreement; (vii) give any written direction to the Escrow Agent on behalf of any Seller; (viii) agree to, negotiate, enter into settlements and compromises of, and and/or comply with arbitration awards and court orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by the Buyer pursuant to under Article VII and Article IX;V; and (ivix) litigate, arbitrate, resolve, settle or compromise receive service of process in connection with any claim for indemnification pursuant to Article VII and Article IX;claims under this Agreement and/or the Escrow Agreement. (vb) execute All decisions and deliver all documents necessary or desirable actions of the Seller Representative on behalf of the Sellers shall be deemed to carry out the intent be facts ascertainable outside of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on binding upon all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller RepresentativeSellers, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No no Seller shall have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties for the Sellers on all of the matters set forth in this Agreement and the Escrow Agreement in the manner the Seller Representative believes to be in the best interest of the Sellers. If the The Seller Representative has a personal conflict is authorized to act on behalf of interest with respect to the Sellers notwithstanding any action, decision dispute or determination to be made by disagreement among the Sellers. In taking any action as Seller Representative, the Seller Representative must notify may rely conclusively, without any further inquiry or investigation, upon any certification or confirmation, oral or written, given by any Person whom the Sellers. (d) Seller Representative reasonably believes to be authorized thereunto. The Seller Representative may, in all questions arising hereunder, rely on the advice of counsel, and the Seller Representative shall not be liable to any Seller for anything done, omitted or suffered in good faith by the Seller Representative based on such advice. The Seller Representative undertakes to perform such duties and only such duties as are specifically set forth in this Agreement and no implied covenants or obligations shall be read into this Agreement against the Seller Representative. The Seller Representative shall not have any liability to any of the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by hereunder as Seller Representative while acting in good faith. The Seller Representative shall be conclusive evidence indemnified by the Sellers from and against any loss, liability or expense incurred in good faith on the part of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless the Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and or in connection with its activities as the acceptance or administration of the Seller Representative’s duties hereunder. (d) In the event the Seller Representative becomes unable to perform the Seller Representative’s responsibilities hereunder or resigns from such position, the Sellers (acting by a written instrument signed by Sellers who held, as of immediately prior to the Closing, a majority (by voting power) of the then outstanding Company Shares) shall select another representative to fill the vacancy of the Seller Representative, and such substituted representative shall be deemed to be the Seller Representative for all purposes of this Agreement. The Seller Representative may be removed only upon delivery of written notice to the Buyer signed by Sellers who, as of immediately prior to the Closing, held a majority (by voting power) of the then outstanding Company Shares; provided that no such removal shall be effective until such time as a successor Seller Representative shall have been validly appointed hereunder. Any substituted representative shall provide the Buyer prompt written notice of any such representative, including his, her or its identity and address. (e) For all purposes of this Agreement: (i) the Buyer shall be entitled to rely conclusively on the instructions and decisions of the Seller Representative as to the settlement of any disputes or claims under this Agreement and or the Promissory Notes (the “Representative Losses”)Escrow Agreement, in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused other actions required or permitted to be taken by the gross negligenceSeller Representative hereunder, fraud, intentional misconduct and no party hereunder or bad faith any Seller shall have any cause of action against the Buyer for any action taken by the Buyer in reliance upon the instructions or decisions of the Seller Representative; (ii) the provisions of this Section 1.6 are independent and severable, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable are irrevocable (subject only to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses Section 1.6(d)) and coupled with an interest and shall be satisfied from enforceable notwithstanding any rights or remedies that any Seller may have in connection with the Sellerstransactions contemplated by this Agreement; and (iii) the provisions of this Section 1.6 shall be binding upon the executors, severally heirs, legal representatives, personal representatives, successor trustees and not jointly (successors of each Seller, and any references in accordance with their Pro Rata Shares)this Agreement to a Seller shall mean and include the successors to the rights of each applicable Seller hereunder, whether pursuant to testamentary disposition, the Laws of descent and distribution or otherwise.

Appears in 2 contracts

Sources: Share Purchase Agreement, Share Purchase Agreement (Eleven Biotherapeutics, Inc.)

Seller Representative. (a) By approving The Seller hereby appoints the Seller Representative as the representative, agent and attorney-in-fact of Seller and each securityholder of Seller for all purposes in connection with this Agreement and the transactions contemplated hereby. In addition, by voting in favor of the adoption of this Agreement, the approval of the principal terms hereof, and the consummation of the transaction or participating in the transaction and/or receiving the benefits thereof, including the right to receive the consideration payable in connection herewith, each securityholder of Seller shall be deemed to have irrevocably authorized approved the designation of, and appointed Dangroup ApS hereby designates, Shareholder Representative Services LLC as the initial Seller Representative. The Seller Representative will act as such Person’s representative and attorney-in-fact to act on behalf of such Person with respect to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) . The Seller Representative may be removed for will incur no liability of any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest kind with respect to any action, decision action or determination to be made omission by the Seller Representative, Representative in connection with the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to Representative’s services in connection with this Agreement or the Promissory NotesAgreement, except to in the extent such actions shall have been determined by a court event of competent jurisdiction to have constituted liability directly resulting from the Seller Representative’s bad faith, gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith)willful misconduct. The Sellers shall severally Seller and not jointly (in accordance with their Pro Rata Shares)the Seller’s securityholders will indemnify, indemnify defend and hold harmless the Seller Representative from and against, compensate it for, reimburse it for and pay against any and all losses, liabilities, damages, claims, penalties, fines, forfeitures, actions, damages fees, costs and expenses, expenses (including reasonable attorneys’ the fees and disbursementsexpenses of counsel and experts and their staffs and all expense of document location, arising out of duplication and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes shipment) (the collectively, “Representative Losses”)) arising out of or in connection with the Seller Representative’s execution and performance of this Agreement, in each case as such Representative Loss is suffered or incurred; provided, that in the event it that any such Representative Loss is finally adjudicated that a Representative Loss or any portion thereof was primarily to have been directly caused by the bad faith, gross negligence, fraud, intentional negligence or willful misconduct or bad faith of the Seller Representative, the Seller Representative shall will reimburse the Sellers applicable Seller or Seller securityholder the amount of such indemnified Representative Loss to the extent attributable to such gross negligence, fraud, intentional misconduct or bad faith, gross negligence or willful misconduct. In no event will the Seller Representative be required to advance its own funds on behalf of the Sellers or otherwise. The foregoing indemnities will survive the resignation or removal of the Seller Representative Losses shall be satisfied from or the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)termination of this Agreement.

Appears in 2 contracts

Sources: Asset Purchase Agreement (Synacor, Inc.), Asset Purchase Agreement (Synacor, Inc.)

Seller Representative. The Sellers hereby appoint Al A. ▇▇▇▇▇▇▇▇▇ ▇▇ their representative (a) By approving this Agreement the "Seller Representative"), who shall have full power and authority to make all decisions relating to the Statement provided in Section 2.3 and the transactions contemplated hereby, each Seller shall have irrevocably authorized defense and/or settlement of any claims for which the Sellers may be required to so indemnify the Buyer (and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative and attorney-in-fact to act on behalf of such Person with respect to this Agreement and the Promissory Notes vice versa) and to take such other actions (and any and all other actions and make any decisions required reasonably related or permitted ancillary thereto) provided herein to be taken by the Seller Representative. If the Seller Representative pursuant to this Agreement shall die, become totally incapacitated or resign from such position, the Promissory Notesremaining Sellers shall select another member from among the selling group (or their heirs, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree toexecutors, negotiate, enter into settlements and compromises of, and comply with orders administrators or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultantspersonal representatives) to assist Seller Representative in complying with its duties fill such vacancy. All decisions and obligations; and (viii) take all actions necessary or appropriate in by the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representativeincluding, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunderwithout limitation, including any agreement between the Seller Representative and the Buyer or Holdings relating to the defensedetermination of Adjusted Profit or Loss, payment the defense or settlement of any claims for indemnification hereunderwhich the Sellers may be required to so indemnify Buyer, any decision, action or agreement to be made or taken under the Escrow Agreement, any amendment to this Agreement or the Escrow Agreement or any other action provided herein to be taken by the Seller Representative, shall constitute a decision or action be binding upon all of all Sellers the Sellers, and shall be final, binding and conclusive upon each such Person. No no Seller shall have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The By their execution of this Agreement, the Sellers shall be deemed to have agreed that (i) the provisions of this Section, including the power of attorney granted hereby, Section 8.6 are independent and severable, are irrevocable and coupled with an interest and shall not be terminated enforceable notwithstanding any rights or remedies that any Seller may have in connection with the transactions contemplated by any act of any one or Sellersthis Agreement, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed the remedy at law for any reason or no reason by the vote or written consent of a majority in interest breach of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); providedprovisions of this Section 8.6 would be inadequate, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event Buyer shall be entitled to temporary and permanent injunctive relief without the necessity of proving damages if it brings an action to enforce the deathprovisions of this Section 8.6, incapacity(iv) the provisions of this Section 8.6 shall be binding upon the heirs, resignation executors, administrators, personal representatives and successors of each Seller and (v) any references in this Agreement to a Seller or removal Sellers shall mean and include the successors to the Sellers' rights hereunder, whether pursuant to testamentary disposition, the laws of Seller Representative, a new descent and distribution or otherwise. All fees and expenses incurred by the Seller Representative shall be appointed paid by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 2 contracts

Sources: Stock Purchase Agreement (Pool Energy Services Co), Stock Purchase Agreement (Gonsoulin Alton Anthony Jr)

Seller Representative. (a) By approving this Agreement and Seller hereby irrevocably appoints the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative and its representative, attorney-in-fact and agent, with full power of substitution to act in the name, place and stead of Seller with respect to the Transactions, and to act on behalf of Seller in any amendment of or litigation involving this Agreement and to do or refrain from doing all such Person further acts and things, and to execute all such documents, as Seller Representative shall deem necessary or appropriate in conjunction with any of the Transactions, including the power: (i) to take all action necessary or desirable in connection with the waiver of any condition to the obligations of the Seller to consummate the Transactions; (ii) to negotiate, execute or deliver all ancillary agreements, statements, certificates, notices, approvals, extensions, waivers, undertakings, amendments and other documents required or permitted in connection with the consummation of the Transactions (it being understood that Seller shall execute and deliver any such document which Seller Representative agrees to execute); (iii) to give and receive all notices and communications to be given or received under this Agreement and to receive service of process in connection with any claims under this Agreement; (iv) to take all actions that under this Agreement may be taken by the Seller and to do or refrain from doing any further act or deed on behalf of the Seller that Seller Representative deems necessary or appropriate in its sole discretion relating to the subject matter of this Agreement as fully and completely as Seller could do if personally present; (v) to take all actions in connection with the review, negotiation, dispute and agreement with respect to this Agreement and the Promissory Notes and Closing Purchase Price under Section 1.7; (vi) to take any and all actions and actions, make any and all decisions and determinations (including settlement decisions) and other actions under and pursuant to ARTICLE 6 and the Escrow Agreement (including authorizing the disbursement of funds thereunder); and (vii) any and all actions required or permitted to be taken by the Seller Representative pursuant to under this Agreement or the Promissory Notes, Escrow Agreement with respect to any claims (including the defense and settlement thereof) made by a Purchaser Indemnified Party under Section 6.3 (including the exercise of the power to: to (ix) give and receive notices and communications; authorize the delivery of any or all of the Escrow Fund to a Purchaser Indemnified Party in satisfaction of claims by a Purchaser Indemnified Party, (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iiiy) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII such claims, and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viiiz) take all actions necessary or appropriate in the good faith judgment of the Seller Representative for the accomplishment of the foregoing). Holdings and Buyer Seller shall be entitled to deal exclusively with Seller Representative on bound by all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action such actions taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) . The Seller Representative shall not be liable to the Sellers Seller for actions taken pursuant any error of judgment, or any action taken, suffered or omitted to be taken, in connection with the performance by the Seller Representative of the Seller Representative’s duties or the exercise of its rights under this Agreement or the Promissory NotesEscrow Agreement, except to in the extent such actions shall have been case of its bad faith or willful misconduct, as finally determined by a court of competent jurisdiction to have constituted gross negligence or involved fraudjurisdiction. No bond shall be required of the Seller Representative. The Seller Representative may consult with legal counsel, intentional misconduct or bad faith (independent public accountants and other experts selected by it being understood that and shall not be liable for any act done action taken or omitted pursuant to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts. The Seller Representative shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or the Escrow Agreement. Without limiting the generality of the foregoing, the Seller Representative shall have the full power and other professionals authority to interpret all the terms and experts retained by provisions of this Agreement and the Escrow Agreement, and to consent to any amendment hereof or thereof on behalf of Seller and its respective successors and assigns. In all matters relating to the Escrow Fund, the Seller Representative shall be conclusive evidence the only party entitled to assert the rights of the Seller. (b) This power of attorney is a special power of attorney coupled with an interest and is irrevocable, and shall survive the Closing and death, disability, legal incapacity, bankruptcy, insolvency, dissolution, or cessation of existence of Seller. This power of attorney may be exercised by Seller Representative with the single signature of Seller Representative acting as attorney-in-fact for Seller. (c) Seller hereby forever releases and discharges Seller Representative from any and all liability which may arise in connection with Seller Representative’s performance in good faith). The Sellers shall severally faith and not jointly (any acts or omissions which Seller Representative takes on behalf of Seller in accordance with their Pro Rata Shares)the terms of this limited power of attorney or otherwise in accordance with this Agreement, indemnify and hold harmless except in the case of bad faith or willful misconduct of Seller Representative. (d) Seller Representative from is authorized to act on behalf of the Seller, and against, compensate it for, reimburse it for and pay Purchaser shall be entitled to rely on any and all lossesaction taken by Seller Representative without any liability to, liabilitiesor obligation to inquire of, claimsthe Seller. Purchaser is expressly authorized to rely on the genuineness of the signature of Seller Representative and, actionsupon receipt of any writing which reasonably appears to have been signed by Seller Representative, damages Purchaser may act upon the same without any further duty of inquiry as to the genuineness of the writing. (e) After the Closing, the Seller Representative may resign at any time by giving thirty (30) days’ notice to Purchaser and expensesthe Seller; provided, including however, that such resignation shall not be effective unless and until a successor Seller Representative has been appointed and accepts such position under the terms hereof and of the Escrow Agreement. In such event, the Seller Representative shall appoint its successor, which successor must be reasonably acceptable (x) to Purchaser and (y) the Seller. After the Closing if the Seller Representative dies or is otherwise unable to perform his obligations under this Agreement or, in the case of a Seller Representative that is not a natural Person, becomes bankrupt, insolvent or ceases to exist, then the successor Seller Representative shall be selected by Seller, which successor must be reasonably acceptable to Purchaser. The Seller Representative shall have reasonable attorneys’ fees access to the books and disbursementsrecords and other information about the Seller and its assets, arising out business and financial condition and the reasonable assistance of Seller’s officers and employees for purposes of performing its duties and exercising its rights hereunder and under the Escrow Agreement, provided that the Seller Representative shall treat confidentially and not disclose any nonpublic information from or about Seller (except on a need to know basis to individuals who agree to treat such information confidentially) except as appropriate or necessary in any litigation, arbitration or other proceeding by or against it in connection with its activities as Seller Representative under this Agreement and or the Promissory Notes (Escrow Agreement or the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)Transactions.

Appears in 2 contracts

Sources: Asset Purchase Agreement (BOSTON OMAHA Corp), Asset Purchase Agreement (BOSTON OMAHA Corp)

Seller Representative. (a) By approving this Agreement Each Seller hereby appoints, authorizes and the transactions contemplated hereby, each empowers Seller shall have irrevocably authorized and appointed Dangroup ApS Representative to act as the initial Seller Representative. The Seller Representative will act as such Person’s representative representative, exclusive agent and attorney-in-fact for the benefit of Sellers in connection with, and to act on behalf facilitate the consummation of, the transactions contemplated hereby, in each case, which shall include the power and authority: (i) to execute and deliver any Other Transaction Agreement (with such modifications or changes therein as to which Seller Representative, in its sole discretion, shall have consented) and to agree to such amendments or modifications thereto as Seller Representative, in its sole discretion, determines to be desirable; (ii) to execute and deliver such waivers and consents in connection with this Agreement and any Other Transaction Agreement as Seller Representative, in its sole discretion, may deem necessary or desirable; (iii) to enforce and protect the rights and interests of such Person with respect Sellers under or relating to this Agreement and the Promissory Notes any Other Transaction Agreement, and to take any and all actions that Seller Representative believes are necessary or appropriate hereunder for and make on behalf of Sellers, including asserting or pursuing any decisions Claim against Parent, Buyer or their Representatives, in each case, to the extent such Claims are permitted hereunder, compromising or settling any such Claims, conducting negotiations with Parent, Buyer and their Representatives regarding such Claims and, in connection therewith, to (A) assert or institute any Claim, (B) investigate, defend, contest or litigate any Claim initiated by a Party, its Affiliates or any other Person, or by any federal, state or local Governmental Entity against Seller Representative, any of Sellers and receive process on behalf of any Seller in any such Claim or investigation and compromise or settle on such terms as Seller Representative shall determine to be appropriate, and give receipts, releases and discharges related to, any such Claim or investigation, (C) file any proofs of debt, claims and petitions as Seller Representative may deem advisable or necessary and (D) file and prosecute appeals from any Order rendered in any such Claim or investigation, it being understood that Seller Representative shall not have any obligation to take any such actions and shall not have any liability for any failure to take any such actions; (iv) to receive or provide any notice or communication hereunder and under any Other Transaction Agreement; (v) to refrain from enforcing any right of any Seller under or relating to this Agreement or any Other Transaction Agreement; provided, however, that no such failure to act on the part of Seller Representative, except as otherwise provided herein, shall be deemed a waiver of any such right or interest by Seller Representative or Sellers, unless such waiver is made under Section 8.3; and (vi) to make, execute, acknowledge and deliver all such other Contracts, agreements, guarantees, orders, receipts, endorsements, notices, requests, instructions, certificates, stock powers, letters and other writings, and, in general, to do any and all things and to take any and all action that Seller Representative, in its sole and absolute discretion, may consider necessary or proper or convenient in connection with or to carry out the transactions contemplated by this Agreement or any Other Transaction Agreement. (b) Seller Representative shall be entitled to reimbursement from each Seller for such Seller’s Pro Rata Share of Seller Representative’s out-of-pocket fees, costs and expenses incurred in the performance of his duties as Seller Representative under this Agreement or any Other Transaction Agreement. In connection with this Agreement and any Other Transaction Agreement, and in exercising or failing to exercise all or any of the powers conferred on Seller Representative hereunder, Seller Representative shall incur no responsibility or liability whatsoever to any Seller by reason of any error in judgment or other act or omission performed or omitted hereunder or any Other Transaction Agreement. Sellers shall indemnify, defend and hold harmless Seller Representative from and against any and all losses, liabilities, damages, claims, penalties, fines, forfeitures, actions, fees, costs and expenses (including the fees and expenses of counsel and experts and their staffs and all expense of document location, duplication and shipment) (collectively, “Representative Losses”) related to Seller Representative’s execution and delivery of, performance of its covenants and agreements under or the exercise of its rights or duties hereunder and any agreements ancillary hereto, in each case, as such Representative Loss is suffered or incurred. In no event shall Seller Representative be required to advance its own funds on behalf of any Seller. (c) Parent, Buyer and their Affiliates shall have the right to rely upon all actions taken or permitted omitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Other Transaction Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections such actions or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer omissions shall be entitled to deal exclusively with Seller Representative legally binding on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The appointment and grant of power and authority to Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith hereunder (it being understood that any act done or omitted pursuant to the advice of counsel, accountants i) is coupled with an interest and other professionals and experts retained by Seller Representative shall be conclusive evidence irrevocable and survive bankruptcy or liquidation of good faith). The Sellers any Seller and (ii) shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out survive the consummation of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)transactions contemplated hereby.

Appears in 2 contracts

Sources: Asset Purchase Agreement (Digital Media Solutions, Inc.), Asset Purchase Agreement (Digital Media Solutions, Inc.)

Seller Representative. (a) By approving this Agreement Each Seller hereby irrevocably appoints BTO Urban and Family Holdings, acting jointly, to serve (and each Purchaser-Side Party hereby acknowledges that the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act serve) as such Person’s representative the exclusive agent, proxy and attorney-in-fact for such Seller for all purposes under this Agreement (including full power and authority to act on behalf of such Person with respect Seller). Without limiting the generality of the foregoing appointment, the Seller Representative is authorized and empowered to this Agreement and the Promissory Notes and to take execute any and all actions instruments, certificates or other documents on behalf of each Seller, and make to do any decisions required and all other acts or permitted to be taken by things on behalf of each Seller, which the Seller Representative may deem necessary or advisable, or which may be required pursuant to this Agreement or otherwise, in connection with the Promissory Notesconsummation of the Transactions and the performance of all obligations hereunder or under any other Transaction Agreements from and after the date hereof, including the exercise of the power to: : (i) execute any documents on behalf of each Seller, including any amendment to, or waiver under, this Agreement, (ii) give and receive notices and communications; communications to or from any other Person relating to this Agreement or any of the Transactions and other matters contemplated hereby or by any other Transaction Agreement (iiexcept to the extent that this Agreement expressly contemplates that any such notice or communication shall be given or received by a Seller individually), (iii) engage and employ, on behalf of the Sellers, Representatives (including legal counsel and other professionals) and incur such expenses as the Seller Representative may in its sole discretion determine necessary or appropriate in connection with the administration of the foregoing, at the expense of the Sellers (which shall reimburse the Seller Representative for the same), (iv) agree to, object to, negotiate, resolve, enter into settlements and compromises of, and comply with orders demand arbitration or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises litigation of, and comply with orders of arbitrators or courts with respect to, any dispute between any other Person and any or all of the Sellers, in each case, relating to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigatethis Agreement or the Transactions, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver pay or cause to be paid all documents necessary expenses incurred or desirable to carry out be incurred by or on behalf of the intent of Sellers in connection with this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of the Seller Representative for the accomplishment of the foregoing. Any action taken by the Seller Representative will require the prior written consent of each of BTO Urban and Family Holdings, except to the extent otherwise agreed by BTO Urban and Family Holdings in writing. The Seller Representative shall have the sole and Buyer exclusive authority and power to act on behalf of each Seller with respect to the disposition, settlement or other handling of all claims under this Agreement and all rights or obligations arising under this Agreement. Each Seller shall be entitled to deal exclusively with bound by all actions taken and documents executed by the Seller Representative on all matters relating to in compliance with this Agreement (including Article IX) Section 12.18 in connection with this Agreement, and each Purchaser-Side Party shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed action or purported to be executed on behalf decision of any Seller by the Seller Representative, provided such action or decision reflects the consent of both BTO Urban and on any Family Holdings. The Seller Representative shall receive no compensation (other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Personthan the expense reimbursement contemplated above) for its services. Notices or communications to or from the Seller Representative shall constitute notice to or from each Seller. (b) The Seller Representative will have no duties or responsibilities except for those expressly set forth herein, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on behalf of any Seller will exist with respect to the Seller Representative in its capacity as such. The agencies and proxies created hereunder by the Sellers are coupled with an interest and are therefore irrevocable without the consent of the SellersSeller Representative, and will survive the death, incapacity, bankruptcy, dissolution or liquidation of any Seller. Any decision or action All decisions and acts by the Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall will be final, binding and conclusive upon each such Person. No Seller, and no Seller shall will have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The provisions Seller Representative is authorized to act on behalf of each Seller in accordance with the terms of this SectionSection 12.18, including notwithstanding any dispute or disagreement with or among the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act In performing the functions specified in this Agreement, as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative neither BTO Urban nor Family Holdings shall not be liable to any Seller for any errors in judgment, negligence, lack of oversight, breach of duty or otherwise. Each Seller severally (based on the Sellers for actions taken pursuant to this consideration such Seller actually receives (or would have received, in the event the Agreement or the Promissory Notes, except is terminated prior to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraudClosing) under this Agreement), intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares)jointly, shall indemnify and hold harmless BTO Urban and Family Holdings in their joint capacity as Seller Representative from and against, compensate it for, reimburse it for and pay against any and all losses, liabilitiesdamages, claims, actions, damages claims and expenses, liabilities (including reasonable attorneys’ fees and disbursements, other costs of defending against claims) incurred by them and arising out of and or in connection with its activities as the acceptance or administration of the Seller Representative’s duties hereunder. The Seller Representative under this Agreement is serving in that capacity solely for purposes of administrative convenience, and the Promissory Notes (the “Representative Losses”), is not liable in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss capacity or any portion thereof was primarily caused other capacity for any of the obligations of any Seller-Side Party hereunder, and each Purchaser-Side Party agrees that it will not in any event look to the assets of BTO Urban or Family Holdings, acting in such capacity, for the satisfaction of any obligations to be performed by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)any Seller-Side Party hereunder.

Appears in 2 contracts

Sources: Transaction Agreement (Replay Acquisition LLC), Transaction Agreement (Replay Acquisition Corp.)

Seller Representative. (a) By approving this Agreement Each Company Stockholder, by delivery of a Letter of Transmittal, on behalf of itself and the transactions contemplated herebyits successors and assigns, each Seller shall have hereby irrevocably authorized constitutes and appointed Dangroup ApS appoints Y▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, in his capacity as the initial Seller Representative. The Seller Representative will act , as such Person’s representative the true and lawful agent and attorney-in-fact of such Persons with full powers of substitution to act in the name, place and stead of thereof with respect to the performance on behalf of such Person with respect to under the terms and provisions of this Agreement and the Promissory Notes Ancillary Documents to which the Seller Representative is a party or otherwise has rights in such capacity (together with this Agreement, the “Seller Representative Documents”), as the same may be from time to time amended, and to take any do or refrain from doing all such further acts and things, and to execute all actions and make any decisions required or permitted to be taken by such documents on behalf of such Person, if any, as the Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions will deem necessary or appropriate in connection with any of the good faith judgment of transactions contemplated under the Seller Representative for Documents, including: (i) controlling and making any determinations with respect to the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement post-Closing Merger Consideration adjustments under Section 1.15; (including Article IXii) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed acting on behalf of such Person under the Escrow Agreement; (iii) terminating, amending or waiving on behalf of such Person any provision of any Seller by Representative Document (provided, that any such action, if material to the rights and obligations of the Company Stockholders in the reasonable judgment of the Seller Representative, and on any other action taken or purported to will be taken in the same manner with respect to all Company Stockholders unless otherwise agreed by each Company Stockholder who is subject to any disparate treatment of a potentially material and adverse nature); (iv) signing on behalf of such Person any releases or other documents with respect to any dispute or remedy arising under any Seller by Representative Document; (v) employing and obtaining the advice of legal counsel, accountants and other professional advisors as the Seller Representative, in its reasonable discretion, deems necessary or advisable in the performance of its duties as being fully binding upon the Seller Representative and to rely on their advice and counsel; (vi) incurring and paying reasonable costs and expenses, including fees of brokers, attorneys and accountants incurred pursuant to the transactions contemplated hereby, and any other reasonable fees and expenses allocable or in any way relating to such transaction or any indemnification claim, whether incurred prior or subsequent to Closing; (vii) receiving all or any portion of the consideration provided to the Company Stockholders under this Agreement and to distribute the same to the Company Stockholders in accordance with their Pro Rata Share; and (viii) otherwise enforcing the rights and obligations of any such Persons under any Seller Representative Document, including giving and receiving all notices and communications hereunder or thereunder on behalf of such Person. Notices or communications to or from All decisions and actions by the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller Company Stockholder and their respective successors and assigns, and neither they nor any other Party shall have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, Section 10.14 are irrevocable and coupled with an interest interest. The Seller Representative h▇▇▇▇▇ accepts its appointment and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventauthorization as the Seller Representative under this Agreement. (b) The Any other Person, including the Purchaser Representative, the Purchaser and the Company may conclusively and absolutely rely, without inquiry, upon any actions of the Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The the acts of the Company Stockholders under any Seller Representative may resign at any time. (ii) Documents. The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Purchaser Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer Purchaser and the Target Company shall hall be entitled to rely conclusively on the instructions and decisions and actions of the prior Seller Representative as described to (i) any payment instructions provided by the Seller Representative or (ii) any other actions required or permitted to be taken by the Seller Representative hereunder, and no Company Stockholder shall have any cause of action against the Purchaser Representative, the Purchaser, the Company or any other Indemnified Party for any action taken by any of them in reliance upon the instructions or decisions of the Seller Representative. The Purchaser Representative, the Purchaser, the Company and the other Indemnified Parties shall not have any Liability to any Company Stockholder for any allocation or distribution among the Company Stockholders by the Seller Representative of payments made to or at the direction of the Seller Representative. All notices or other communications required to be made or delivered to a Company Stockholder under any Seller Representative Document shall be made to the Seller Representative for the benefit of such Company Stockholder, and any notices so made shall discharge in full all notice requirements of the other Parties or thereto to such Company Stockholder with respect thereto. All notices or other communications required to be made or delivered by a Company Stockholder shall be made by the Seller Representative (except for a notice under Section 10.1(a10.14(d) aboveof the replacement of the Seller Representative). (c) The Seller Representative shall will act as a fiduciary with fiduciary duties to for the Sellers. If Company Stockholders on all of the matters set forth in this Agreement in the manner the Seller Representative has a personal conflict of interest with respect to any action, decision or determination believes to be made in the best interest of the Company Stockholders, but the Seller Representative will not be responsible to the Company Stockholders for any losses that any Company Stockholder may suffer by reason of the performance by the Seller Representative of the Seller Representative’s duties under this Agreement, other than losses arising from the bad faith, gross negligence or willful misconduct by the Seller Representative in the performance of its duties under this Agreement. From and after the Closing, the Company Stockholders shall jointly and severally indemnify, defend and hold the Seller Representative harmless from and against any and all losses reasonably incurred without gross negligence, bad faith or willful misconduct on the part of the Seller Representative (in its capacity as such) and arising out of or in connection with the acceptance or administration of the Seller Representative’s duties under any Seller Representative Document, including the reasonable fees and expenses of any legal counsel retained by the Seller Representative, . In no event shall the Seller Representative must notify the Sellers. (d) in such capacity be liable hereunder or in connection herewith for any indirect, punitive, special or consequential damages. The Seller Representative shall not be liable to for any act done or omitted under any Seller Representative Document as the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional Seller Representative while acting in good faith and without willful misconduct or bad faith (it being understood that gross negligence, and any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative counsel shall be conclusive evidence of such good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative shall be fully protected in relying upon any written notice, demand, certificate or document that it in good faith believes to be genuine, including facsimiles or copies thereof, and no Person shall have any Liability for relying on the Seller Representative in the foregoing manner. In connection with the performance of its rights and obligations hereunder, the Seller Representative shall have the right at any time and from time to time to select and againstengage, compensate it forat the reasonable cost and expense of the Company Stockholders, reimburse it for attorneys, accountants, investment bankers, advisors, consultants and pay any clerical personnel and all lossesobtain such other professional and expert assistance, liabilities, claims, actions, damages maintain such records and incur other reasonable out-of-pocket expenses, including reasonable attorneys’ fees as the Seller Representative may reasonably deem necessary or appropriate from time to time. All of the indemnities, immunities, releases and disbursements, arising out of and in connection with its activities as powers granted to the Seller Representative under this Agreement Section 10.14 shall survive the Closing and continue indefinitely. (d) If the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse die, become disabled, dissolve, resign or otherwise be unable or unwilling to fulfill its responsibilities as representative and agent of Company Stockholders, then the Sellers Company Stockholders shall, within ten (10) days after such death, disability, dissolution, resignation or other event, appoint a successor Seller Representative (by vote or written consent of the amount Company Stockholders holding in the aggregate a Pro Rata Share in excess of fifty percent (50%)), and promptly thereafter (but in any event within two (2) Business Days after such appointment) notify the Purchaser Representative and the Purchaser in writing of the identity of such indemnified Representative Loss attributable to successor. Any such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses successor so appointed shall be satisfied from become the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)“Seller Representative” for purposes of this Agreement.

Appears in 2 contracts

Sources: Agreement and Plan of Merger (Pono Capital Two, Inc.), Merger Agreement (Pono Capital Two, Inc.)

Seller Representative. (a) By approving Each Seller (by virtue of its execution and delivery of this Agreement and the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS Agreement) hereby appoints ▇▇▇▇▇▇ ▇. ▇▇▇▇ as the initial Seller Representative. The Seller Representative will act as such Person’s representative agent and attorney-in-fact to act fact, with full power of substitution and re-substitution, as the "Seller Representative" for and on behalf of such Person Seller, to, in accordance with respect to this Agreement and the Promissory Notes Power of Attorney: (i) serve as custodian of the Purchased Securities (as contemplated by Section 6.8); (ii) give and to take receive payments, notices and communications hereunder and under the Seller Closing Documents and any of the other agreements or instruments contemplated hereby; (iii) authorize any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise on behalf of the power to: Sellers related to the payment or allocation of the Holdback Amount and the Contingent Payment, (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iiiiv) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII the payment of Contingent Payment, and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of the Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with foregoing or implementation of any provision of this Agreement or the Power of Attorney for which the Seller Representative on all matters relating to this Agreement is authorized hereby, thereby or otherwise. (including Article IXb) and shall be entitled to rely conclusively (without further evidence A decision, act, consent or instruction of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all the Sellers and shall be final, binding and conclusive upon each of the Sellers, and the Buyer and any other Person may rely upon any such Person. No decision, act, consent or instruction of the Seller shall have Representative as being the right to object todecision, dissent fromact, protest consent or otherwise contest the sameinstruction of each Seller. The provisions of this Section, including the power of attorney granted hereby, Buyer and any other Person (except any Seller) are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by hereby relieved from any act of liability to any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed Person for any reason acts done by them in accordance with any such decision, act, consent or no reason by the vote or written consent of a majority in interest instruction of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iiic) In the event that the Seller Representative is unable or unwilling to serve as such, the Sellers shall, within five (5) business days following notice of the deathsuch inability or unwillingness, incapacity, resignation or removal of appoint a successor Seller Representative, a new Seller Representative which person shall be appointed by the vote or written consent a resident of the Majority Holders. (iv) Notice United States of such vote or a copy America, in accordance with the Power of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the SellersAttorney. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted hereunder as the Seller Representative unless it is proved by clear and convincing evidence that his action or failure to act involved an act or omission undertaken with deliberate intent to cause injury to Sellers or the Put/Call Holders or undertaken with reckless disregard to the best interests of the Sellers or Put/Call Holders. Except as provided in this Section 12.4(d), the Sellers and the Put/Call Holders (as provided in Section 9(d) of the Put and Call Agreement) shall, severally and pro rata to the number of shares of the capital stock of the Company to be sold or subject to sale by them to the Buyer pursuant to the advice terms of counsel, accountants this Agreement and other professionals the Put and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares)Call Agreement, indemnify and hold harmless the Seller Representative harmless from and againstagainst any loss, compensate it for, reimburse it for liability or expense incurred on the part of the Seller Representative and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and or in connection with its activities as the acceptance or administration of the Seller Representative under this Agreement Representative's duties hereunder, including the reasonable fees and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or expenses of any portion thereof was primarily caused legal counsel retained by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 2 contracts

Sources: Securities Purchase Agreement (Jarden Corp), Securities Purchase Agreement (Jarden Corp)

Seller Representative. (a) By approving this Agreement and Each Seller irrevocably appoints the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative and attorney-in-fact to act on behalf of the Sellers for all purposes under this Agreement, including the sole, exclusive and full power and authority to act on such Person with respect Seller’s behalf: (i) to consummate the transactions contemplated by this Agreement Agreement; (ii) to negotiate disputes arising under, or relating to, this Agreement; (iii) to receive and disburse to such Seller any funds or the Promissory Notes and Parent Stock received on behalf of the Sellers contemplated by this Agreement; (iv) to take withhold any and all actions and make any decisions required or permitted to be taken by Seller Representative amounts received on behalf of the Sellers pursuant to this Agreement or otherwise to satisfy any and all obligations or liabilities incurred by the Promissory Notes, including Sellers or the exercise Seller Representative in the performance of the power to: (i) give its duties hereunder and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; thereunder; (v) to execute and deliver all documents necessary any amendment or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating waiver to this Agreement (including Article IXwithout the prior approval of the Sellers); and (vi) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported take all other actions to be executed taken by or on behalf of any Seller by Seller Representativethe Sellers in connection with this Agreement and the Transaction Documents; provided that (ii), (iv) and on any other action taken or purported to (v) may only be taken on behalf after consultation with the Sellers. Each Seller further agrees that such agency and proxy are coupled with an interest, are therefore irrevocable without the consent of the Seller Representative and shall survive the death, incapacity, bankruptcy, dissolution or liquidation of any Seller Seller. Except in the event of fraud, all decisions and actions by Seller Representative, as being fully binding upon such Person. Notices or communications to or from the Seller Representative shall constitute notice to or from each be binding upon all of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No no Seller shall have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The Seller Representative shall have no duties or obligations hereunder, including any fiduciary duties, except those set forth herein, and such duties and obligations shall be determined solely by the express provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventAgreement. (b) The Each Seller Representative may be removedseverally, etc. as provided for itself only and not jointly, in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each accordance with such Seller’s Pro Rata Share (Percentage, agrees to indemnify and hold harmless the “Majority Holders”); provided, however, in no event shall Seller Representative resign and its Representatives against any and all actions, liabilities, losses, damages, fines, penalties, fees, costs, expenses or be removed without amounts paid in settlement (in each case, including reasonable attorneys’ fees and expenses), whether or not involving a third party, arising as a result of its serving as the Majority Holders having first appointed a new Seller Representative, including those incurred by the Seller Representative who shall assume or the Affiliates of the Seller Representative or any employees, principals, fiduciaries, agents or representatives of the Seller Representative or such duties immediately upon affiliates in connection with the resignation protection, defense, enforcement of any rights, or removal fulfilment of any obligations under this Agreement or any expenses in connection therewith. Any and all payments made by or on behalf of any Seller Representativeunder this Section 11.16(b) will be made free and clear of any present or future taxes, deductions, charges or withholdings and all liabilities with respect thereto. (iiic) Neither the Seller Representative nor any of its Representatives shall incur any liability to any Seller by virtue of the failure or refusal of such Persons for any reason to consummate the transactions contemplated hereby or relating to the performance of their duties hereunder, except for actions or omissions constituting intentional and knowing fraud. The Seller Representative and its Representatives shall have no liability in respect of any Proceeding brought against such Persons by any Seller, regardless of the legal theory under which such liability or obligation may be sought to be imposed, whether sounding in contract or tort, or whether at law or in equity, or otherwise, if such Persons took or omitted taking any action in good faith. (d) In the event of that the deathSeller Representative becomes unable or unwilling to continue in its capacity as Seller Representative, incapacity, resignation or removal of if the Seller Representative resigns as the Seller Representative, a new Seller Representative shall be appointed by the vote or written consent majority-in-number of shares of the Majority Holders. Company (ivprior to the Closing) may, by written consent, appoint a new representative as the Seller Representative. Notice of such vote or and a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon representative and bearing the later signatures of a majority-in-number of the date indicated in such consent or Sellers must be delivered to the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company each Seller. (e) The Buyer shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to upon any actionaction or decision of, decision or determination to be made by the Seller Representativeinstruction by, or any document or other paper delivered by, the Seller Representative must notify on behalf of the Sellers. Sellers (d) The without any obligation to inquire into the authority of the Seller Representative or the genuineness or correctness of such document or other paper or any signature of the Seller Representative), and the Buyer shall not be liable to the Sellers any Seller for actions any action taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to be taken by the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (Buyer in accordance such reliance or with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, respect to actions, damages decisions and expenses, including reasonable attorneys’ fees and disbursements, arising out determinations of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Stock Purchase Agreement (LiveXLive Media, Inc.)

Seller Representative. (a) By approving Each of the Sellers, by the execution and delivery of this Agreement and Agreement, hereby appoint the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such PersonSeller’s representative and representative, attorney-in-fact and agent, with full power of substitution to act in the name, place and stead of such Seller, to act on behalf of such Person Seller in any amendment of or Action or dispute involving this Agreement, including defending, negotiating, settling or otherwise dealing with claims under Section 1.4 or Article IX hereof or under any other Transaction Documents, and to do or refrain from doing all such further acts and things, and to execute all such documents, as the Seller Representative shall deem necessary or appropriate in conjunction with any of the transactions contemplated by this Agreement, including the power to: (i) agree upon or compromise any matter related to the calculation of any adjustments to the purchase price provided under this Agreement; (ii) direct the distribution of the payments to Sellers; (iii) act for the Sellers with respect to all indemnification matters referred to in this Agreement, including the right to compromise on behalf of the Sellers any indemnification claim made by or against the Sellers, if any, and provide instructions to the Escrow Agent with respect to the funds in the Escrow Accounts; (iv) act for the Sellers with respect to all post-Closing matters; (v) terminate, amend, or waive any provision of this Agreement or any other Transaction Document; provided that any such action, if material to the rights and obligations of the Promissory Notes Sellers in the reasonable judgment of the Seller Representative, will be taken in the same manner with respect to all of the Sellers unless otherwise agreed by each of the Sellers who is subject to any disparate treatment of a potentially adverse nature; (vi) to negotiate, execute and to take any deliver all ancillary agreements, statements, certificates, notices, approvals, extensions, waivers, undertakings, amendments and all actions and make any decisions other documents required or permitted to be taken given in connection with the consummation of the transactions contemplated by this Agreement or any other Transaction Document; (vii) to give and receive all notices and communications to be given or received under this Agreement or any other Transaction Document and to receive service of process in connection with any disputes or claims hereunder or thereunder; (vii) employ and obtain the advice of legal counsel, accountants, and other professional advisors as the Seller Representative, in its sole discretion, deems necessary or advisable in the performance of its duties as the Seller Representative and to rely on their advice and counsel; (ix) incur and pay expenses, including fees of brokers, attorneys and accountants incurred pursuant to the transactions contemplated hereby, and any other fees and expenses allocable or in any way relating to such transaction or any indemnification claim, whether incurred prior or subsequent to Closing; (x) receive all or any portion of the purchase price and to distribute the same pursuant to the terms of this Agreement; (xi) retain a portion of the purchase price in the Seller Representative Fund as a reserve against the payment of expenses incurred in its capacity as the Seller Representative; (xii) sign any releases or other documents with respect to and dispute or remedy arising under this Agreement or the other Transaction Documents; (xiii) purchase insurance to help cover the Sellers’ obligations under this Agreement or for directors’ and officers’ indemnification to cover claims based on Pre-Closing Periods, and (xiv) do or refrain from doing any further act or deed on behalf of the Sellers which the Seller Representative deems necessary or appropriate in its sole discretion relating to the subject matter of this Agreement as fully and completely as any of the Sellers could do if personally present and acting. Each Seller acknowledges and agrees that upon execution of this Agreement, any delivery by the Seller Representative of any waiver, amendment, agreement, opinion, certificate or other documents executed by the Seller Representative or any decisions made by the Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer 10.16 shall be entitled to deal exclusively with binding on such Seller Representative on all matters relating to this Agreement (including Article IX) as fully as if such Seller had executed and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed delivered such documents or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon made such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventdecisions. (b) In connection with the performance of his rights and obligations hereunder, the Seller Representative shall have the right at any time and from time to time to select and engage, at the cost and expense of the Sellers, attorneys, accountants, investment bankers, advisors, consultants and clerical personnel and obtain such other professional and expert assistance, maintain such records and incur other out-of-pocket expenses, as the Seller Representative may deem necessary or desirable from time to time. The Seller Representative may Fund shall be removed, etc. as provided used to reimburse the Seller Representative for its out-of-pocket fees and expenses and to pay other obligations to or of the Seller Representative in connection with this Section 11.1(b). 10.16 or otherwise pursuant to this Agreement, or shall (i) The to the extent not previously distributed by the Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason subject to a claim by the vote or written consent of a majority in interest of Seller Representative) be distributed to the Sellers according to (in accordance with each Seller’s Pro Rata Share (Escrow Share) in such manner, and at such time, as the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without directs. Upon the Majority Holders having first appointed a new delivery of the Seller Representative who Amount to the Seller Representative by Buyer, the Sellers, without act by them, shall assume be treated as having received from Buyer such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event cash in accordance with their respective Escrow Share of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by Amount and then as having deposited such cash into the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) aboveFund. (c) The Seller Representative shall not have any Liability for any act done or omitted hereunder as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict while acting in good faith and in the exercise of interest with respect to any actionreasonable judgment, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that and any act done or omitted pursuant to the advice of counselcounsel shall be conclusive evidence of such good faith. The Sellers shall severally (based on their Escrow Share) indemnify the Seller Representative and hold it harmless against any Loss, accountants Liability or expense incurred without gross negligence or bad faith on the part of the Seller Representative and arising out of or in connection with the acceptance or administration of its duties hereunder, including any out-of-pocket costs and expenses and legal fees and other professionals legal costs incurred by the Seller Representative. The Seller Representative shall first use the amounts in the Seller Representative Fund before seeking any amounts directly from the Sellers. In the event that any Seller fails to promptly pay any amounts owed to the Seller Representative hereunder (after depletion of the Seller Representative Fund), the Seller Representative is hereby authorized to direct Buyer and experts retained the Escrow Agent that all or any portion of any amounts otherwise payable to such Seller under this Agreement or the Escrow Agreement be paid to the Seller Representative in satisfaction of Buyer’s or the Escrow Agent’s obligations to make such payment under the terms of this Agreement and the Escrow Agreement, and to the extent such payment is made to the Seller Representative, such Seller shall have no cause of action against Buyer or the Escrow Agent with respect to such Seller’s failure to receive such payment. In no event shall the Seller Representative be liable hereunder or in connection herewith for any indirect, punitive, exemplary, special, incidental or consequential damages. The Seller Representative shall be fully protected against the Sellers in relying upon any written notice, demand, certificate or document that it in good faith believes to be genuine, including facsimiles or copies thereof. No bond shall be required of the Seller Representative. The Seller Representative shall not receive any compensation for its services hereunder as Seller Representative. (d) By its execution of this Agreement, each Seller agrees, in addition to the foregoing, that: (i) Buyer and any other Buyer Indemnified Person shall be entitled to rely conclusively on the instructions and decisions of the Seller Representative as to (A) the settlement of any claims for indemnification by Buyer or such Buyer Indemnified Person pursuant to Article IX hereof, or (B) any other actions required or permitted to be taken by the Seller Representative hereunder, and no party hereunder shall have any cause of action against Buyer or such Buyer Indemnified Person for any action taken by Buyer or such Buyer Indemnified Person in reliance upon the instructions or decisions of the Seller Representative; and (ii) all actions, decisions and instructions of the Seller Representative shall be conclusive evidence and binding upon all of good faith). The the Sellers and no Seller shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless have any cause of action against the Seller Representative from and againstfor any action taken, compensate it fordecision made or instruction given by the Seller Representative under this Agreement, reimburse it except for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and gross negligence or bad faith acts by the Seller Representative in connection with its activities the matters described in this Section 10.16. (e) The Seller Representative may resign (upon no less than ten (10) days prior notice to Buyer, the Escrow Agent and each Seller). In the event of the dissolution or termination of existence (or if an individual, the death or permanent disability) of the then Seller Representative, or if the then-acting Seller Representative shall give notice of intent to resign, Sellers with an aggregate Escrow Share of greater than fifty percent (50%), by written notice to Buyer and the Escrow Agent, shall appoint a successor Seller Representative as soon as practicable, and in no event later than ten (10) days following such dissolution, termination of existence, death, permanent disability or notice of intent to resign. In addition, the individual serving as the Seller Representative may be replaced from time to time by Sellers with an aggregate Escrow Share of at least sixty percent (60%) upon not less than ten (10) days prior written notice to Buyer, the Escrow Agent and each Seller. Each successor Seller Representative shall have all of the power, authority, rights and privileges conferred by this Agreement upon the original Seller Representative, and the term “Seller Representative” as used herein shall be deemed to include any such successor Seller Representative. (f) The appointment of the Seller Representative will be deemed coupled with an interest and will be irrevocable. Each Seller, by executing this Agreement, agrees that such agency, proxy and power of attorney are coupled with an interest, and are therefore irrevocable without the consent of the Seller Representative and shall survive the death, incapacity, or bankruptcy of such Seller. The provisions of this Section 10.16 shall be binding upon the executors, heirs, legal representatives, personal representatives, successor trustees and successors of each Seller. All of the indemnities, immunities, releases and powers granted to the Seller Representative under this Agreement and shall survive the Promissory Notes Closing. (g) Notwithstanding anything to the “Representative Losses”)contrary contained herein, in each case as such Representative Loss is suffered or incurred; provided, that in the event it that any Seller fails to provide proper payment instructions to Buyer or its Affiliates prior to the time that any payment from Buyer (or such Affiliate) is finally adjudicated due to such Seller (or if there is a requirement under this Agreement to provide payment instructions in advance of such payment, prior to the time that a Representative Loss such instructions are required to be provided), Buyer (or any portion thereof was primarily caused such Affiliate) shall instead make such payment to an account designated by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, who shall hold such amounts for distribution (without interest) to such Seller promptly after the Seller Representative shall reimburse the Sellers the amount of receives proper payment instructions from such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)Seller.

Appears in 1 contract

Sources: Stock Purchase Agreement (Miller Herman Inc)

Seller Representative. For purposes of this Agreement: (a) By approving ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ is hereby appointed as the "Seller Representative" and is hereby granted the full power and authority, on behalf of each Seller and his, her or its successors and assigns, to (i) interpret the terms and provisions of this Agreement and the transactions contemplated herebydocuments to be executed and delivered in connection herewith, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative and attorney-in-fact to act on behalf of such Person with respect to this Agreement including, without limitation, Article VII and the Promissory Notes Ancillary Documents, (ii) execute and to take any deliver and receive deliveries of all actions agreements, certificates, statements, notices, approvals, extensions, waivers, undertakings, amendments and make any decisions other documents required or permitted to be taken given in connection with the consummation of the transactions contemplated by Seller Representative pursuant to this Agreement and the Ancillary Documents, (iii) receive service of process in connection with any claims under this Agreement or the Promissory NotesAncillary Documents, including the exercise of the power to: (i) give and receive notices and communications; (iiiv) agree to, to negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree toassume the defense of claims, negotiate, enter into settlements and compromises of, demand arbitration and comply with orders of courts and awards of arbitrators with respect to such claims and to take all actions necessary or appropriate in the sole judgment of the Seller Representative for indemnification made by Buyer pursuant to the accomplishment of the foregoing, including, without limitation, taking all such actions as may be necessary under Article VII and Article IX; (iv) litigateVI, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute give and deliver all documents necessary receive notices and communications, (vi) authorize delivery or desirable release to carry out Buyer of funds held in the intent Escrow Account, (vii) receive and disburse funds hereunder to the Sellers in accordance with the terms of this Agreement and any Ancillary Document (including the Promissory Notes); (vischedules and exhibits attached hereto) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to behalf of the Sellers in connection with this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventAncillary Documents. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall will not be liable to the Sellers any Seller for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted under this Agreement or any Ancillary Document as Seller Representative while acting in good faith, and any act taken or omitted to be taken pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall counsel will be conclusive evidence of such good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Securities Purchase Agreement (Kirby Corp)

Seller Representative. (a) By approving this Agreement and the transactions contemplated hereby, each Seller shall have irrevocably authorized Resilience is hereby constituted and appointed Dangroup ApS by the Sellers as the initial Seller Representative. The Seller Representative will act as such Person’s representative agent and attorney-in-fact to act for and on behalf of such Person with respect the other Sellers and is the Seller Representative for all purposes under this Agreement. Without limiting the generality of the foregoing, the Seller Representative has full power and authority, on behalf of each Seller and his, her or its successors and assigns, to (i) interpret the terms and provisions of this Agreement and the Promissory Notes documents to be executed and delivered by the Sellers in connection herewith, including the Escrow Agreement, and to take any agree to such amendment, modifications or changes thereto as the Seller Representative in its sole discretion determines to be desirable, (ii) execute and deliver and receive deliveries of all actions agreements, certificates, statements, notices, approvals, extensions, waivers, undertakings, amendments and make any decisions other documents required or permitted to be taken given in connection with the consummation of the transactions contemplated by Seller Representative pursuant to this Agreement or the Promissory NotesAgreement, including the exercise Escrow Agreement, (iii) receive service of process in connection with any claims under this Agreement, the power to: Escrow Agreement, (i) give and receive notices and communications; (iiiv) agree to, negotiate, negotiate and enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises assume the defense of, claims, and demand arbitration and comply with orders Orders of courts and awards of arbitrators with respect to claims such claims, and take all actions necessary or appropriate in the judgment of the Seller Representative for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigatethe accomplishment of the foregoing, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute give and deliver all documents necessary or desirable to carry out the intent of this Agreement receive notices and any Ancillary Document (including the Promissory Notes); communications, (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of the Seller Representative on behalf of the Sellers in connection with this Agreement, (vii) make any determinations and settle any matters in connection with the adjustments to the Purchase Price in Section 2.3, (viii) authorize (in accordance with this Agreement and the Escrow Agreement) delivery to Buyer and to any Buyer Indemnitee of the Escrow Funds or any portion thereof in satisfaction of claims, (ix) distribute (in accordance with this Agreement and the Escrow Agreement) the Escrow Funds and any earning proceeds thereon and (x) deduct, hold back or redirect any funds, including the Escrow Agreement and the Holdback Amount, which may be payable to any Seller pursuant to the terms of this Agreement or any agreements or documents executed and delivered in connection herewith in order to pay, or establish a reserve for, (A) any amount that may be payable by such Seller hereunder or (B) any costs, fees, expenses and other liabilities incurred by the Seller Representative (in its capacity as such) in connection with this Agreement or its rights or obligations hereunder. (b) Such agency may be changed by Resilience from time to time upon not less than five (5) days’ prior written notice to Buyer. The Seller Representative, or any successor hereafter appointed, may resign at any time by written notice to Buyer; provided that such resignation shall only be effective upon the appointment of a successor Seller Representative pursuant to this Section 10.1(b) and the assumption by it of the Seller Representative’s obligations under this Agreement. A successor Seller Representative shall be named by Resilience. All power, authority, rights and privileges conferred in this Agreement to Resilience as the Seller Representative shall apply to any successor Seller Representative. (c) The Seller Representative shall not be liable for any act done or omitted under this Agreement as the Seller Representative while acting in good faith, and any act taken or omitted to be taken pursuant to the advice of counsel shall be conclusive evidence of such good faith. Buyer agrees that it shall not look to the personal assets of the Seller Representative, acting in such capacity, for the accomplishment satisfaction of any obligations to be performed by the Company (pre-Closing) or the Sellers. In performing any of its duties under this Agreement or any agreements or documents executed and delivered in connection herewith, the Seller Representative shall not be liable to the Sellers for any Losses that any Person may incur as a result of any act, or failure to act, by the Seller Representative under this Agreement or any agreements or documents executed and delivered in connection herewith, and the Seller Representative shall be indemnified and held harmless by the Sellers for all Losses, except to the extent that the actions or omissions of the foregoingSeller Representative were taken or omitted not in good faith. Holdings The limitation of liability provisions of this Section 10.1(c) shall survive the termination of this Agreement and the resignation of the Seller Representative. Notwithstanding any other provision in this Agreement, in no event shall the Seller Representative be relieved of any liability in the case of (i) fraud by the Seller Representative, (ii) an act of bad faith by the Seller Representative giving rise to, or a willful and intentional, breach by the Seller Representative of its obligations under this Agreement, or (iii) a breach by the Seller Representative of its obligations pursuant to Section 2.3(e)(i) (in which case Buyer shall be entitled to deal exclusively with all rights and remedies available at law or in equity against the Seller Representative on all matters relating to this Agreement and the Sellers). (including Article IXd) and shall be entitled to rely conclusively (without further evidence A decision, act, consent or instruction of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by the Seller Representative, and on any other action taken or purported including an amendment of this Agreement pursuant to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunderSection 10.8, shall constitute a decision or action of all of the Sellers and shall be final, binding and conclusive upon each such Personthe Sellers. No Seller The Escrow Agent, Buyer and, following the Closing, the Company shall have the right to object rely upon all actions taken or omitted to be taken by the Seller Representative pursuant to this Agreement and the Escrow Agreement, all of which actions or omissions shall be final, binding and conclusive upon the Sellers. Neither Buyer nor, following the Closing, the Company or any of the Subsidiaries shall have any liability to any of the Sellers for any failure by the Seller Representative to deliver amounts paid to the Seller Representative on behalf of the Sellers in accordance with this Agreement or any acts or omission taken or not taken by any other Persons at the direction of the Seller Representative. (e) Each Seller acknowledges and agrees that the Seller Representative shall be entitled to, dissent fromand shall retain, protest in an account the Holdback Account the Holdback Amount, which represents the amount of cash set aside from the Purchase Price proceeds pursuant to Article II for the payment of any (a) costs, fees, expenses and liabilities incurred by the Seller Representative in connection with this Agreement, the Escrow Agreement and its obligations hereunder and thereunder and (b) other amounts or otherwise contest obligations of the same. The provisions Sellers as agreed upon by the Sellers, to be held by the Seller Representative in the Holdback Account in accordance with the terms and conditions of this Section, including the power Agreement. (f) The grant of attorney granted hereby, are independent and severable, are irrevocable and authority provided for herein (i) is coupled with an interest and shall not be terminated by any act irrevocable and survive the death, incompetency, bankruptcy or liquidation of any one or SellersSeller, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. and (ii) The Seller Representative may be removed for any reason or no reason by shall survive the vote or written consent of a majority in interest consummation of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representativetransactions contemplated by this Agreement. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Stock Purchase Agreement (CPI International Holding Corp.)

Seller Representative. (a) By approving this Agreement Each Common Seller, for himself and the transactions contemplated herebyhis respective heirs, each Seller shall have executors, administrator, successors and assigns, hereby irrevocably authorized and appointed Dangroup ApS as the initial appoints Carl ▇. ▇▇▇▇▇▇ (▇▇e "Seller Representative. The Seller Representative will act ") as such Person’s representative Common Seller's agent and attorney-in-fact fact, authorizing him to act on behalf of such Person with respect Common Seller to this Agreement supervise the Closing on behalf of Common Seller, to execute and deliver any instruments of transfer or other documents required of such Common Seller and receive documents required of Buyers at the Promissory Notes and Closing, to take any and all actions and make any decisions other action on the part of such Common Seller permitted or required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises ofAgreement, and comply with orders or otherwise handle any to administer on behalf of such Common Seller all other matters described in Section 2.5; (iii) agree torelated hereto, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions as contemplated by this Agreement and any Ancillary Document (including Agreement; provided that the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties may be removed or replaced by Common Sellers owning more than 50% of the total number of shares of Common Stock issued and obligations; and (viii) take all actions necessary or appropriate in outstanding immediately prior to the good faith judgment Closing. Each such Common Seller acknowledges that the appointment of the Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and herein made is coupled with an interest and shall may not be terminated by any revoked. The Seller Representative accepts his appointment and authorization to act as attorney-in-fact and agent of any one or the Common Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removedIn furtherance of this appointment herein made, etc. as provided in this Section 11.1(b). each Common Seller, fully and without restriction: (i) The Seller Representative may resign at any time. (ii) The Seller Representative may agrees to be removed for any reason or no reason bound by all notices received and agreements and determinations made by and documents executed and delivered by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and Agreement; (ii) authorizes the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to (A) dispute or refrain from disputing any Claim made by either Buyer under this Agreement; (B) negotiate and compromise any dispute relating to such gross negligenceCommon Seller which may arise under this Agreement, fraud, intentional misconduct (C) exercise or bad faith. The Representative Losses shall be satisfied refrain from exercising any remedies available to the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).Common Seller under this Agreement; 71 77

Appears in 1 contract

Sources: Merger Agreement (Amvescap PLC/London/)

Seller Representative. (a) By approving this Agreement Each Company Stockholder, by delivery of a Letter of Transmittal, on behalf of itself and the transactions contemplated herebyits successors and assigns, each Seller shall have hereby irrevocably authorized constitutes and appointed Dangroup ApS appoints S▇▇▇▇▇▇ ▇▇▇▇▇, in its capacity as the initial Seller Representative. The Seller Representative will act , as such Person’s representative the true and lawful agent and attorney-in-fact of such Persons with full powers of substitution to act in the name, place and stead of thereof with respect to the performance on behalf of such Person with respect to under the terms and provisions of this Agreement and the Promissory Notes Ancillary Documents to which the Seller Representative is a party or otherwise has rights in such capacity (together with this Agreement, the “Seller Representative Documents”), as the same may be from time to time amended, and to take any do or refrain from doing all such further acts and things, and to execute all actions and make any decisions required or permitted to be taken by such documents on behalf of such Person, if any, as the Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions will deem necessary or appropriate in connection with any of the good faith judgment of transactions contemplated under the Seller Representative for Documents, including: (i) controlling and making any determinations with respect to the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement post-Closing Merger Consideration adjustments under Section 1.13; (including Article IXii) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed acting on behalf of such Person under the Escrow Agreement or Purchase Price Escrow Agreement; (iii) terminating, amending or waiving on behalf of such Person any provision of any Seller by Representative Document (provided, that any such action, if material to the rights and obligations of the Company Stockholders in the reasonable judgment of the Seller Representative, and on any other action taken or purported to will be taken in the same manner with respect to all Company Stockholders unless otherwise agreed by each Company Stockholder who is subject to any disparate treatment of a potentially material and adverse nature); (iv) signing on behalf of such Person any releases or other documents with respect to any dispute or remedy arising under any Seller by Representative Document; (v) employing and obtaining the advice of legal counsel, accountants and other professional advisors as the Seller Representative, in its reasonable discretion, deems necessary or advisable in the performance of its duties as being fully binding upon the Seller Representative and to rely on their advice and counsel; (vi) incurring and paying reasonable costs and expenses, including fees of brokers, attorneys and accountants incurred pursuant to the transactions contemplated hereby, and any other reasonable fees and expenses allocable or in any way relating to such transaction or any indemnification claim, whether incurred prior or subsequent to Closing; (vii) receiving all or any portion of the consideration provided to the Company Stockholders under this Agreement and to distribute the same to the Company Stockholders in accordance with their Pro Rata Share; and (viii) otherwise enforcing the rights and obligations of any such Persons under any Seller Representative Document, including giving and receiving all notices and communications hereunder or thereunder on behalf of such Person. Notices or communications to or from All decisions and actions by the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller Company Stockholder and their respective successors and assigns, and neither they nor any other Party shall have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, Section 10.14 are irrevocable and coupled with an interest interest. The Seller Representative hereby accepts its appointment and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventauthorization as the Seller Representative under this Agreement. (b) The Any other Person, including the Purchaser Representative, the Purchaser and the Company may conclusively and absolutely rely, without inquiry, upon any actions of the Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The the acts of the Company Stockholders under any Seller Representative may resign at any time. (ii) Documents. The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Purchaser Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer Purchaser and the Target Company shall hall be entitled to rely conclusively on the instructions and decisions and actions of the prior Seller Representative as described to (i) any payment instructions provided by the Seller Representative or (ii) any other actions required or permitted to be taken by the Seller Representative hereunder, and no Company Stockholder shall have any cause of action against the Purchaser Representative, the Purchaser, the Company or any other Indemnified Party for any action taken by any of them in reliance upon the instructions or decisions of the Seller Representative. The Purchaser Representative, the Purchaser, the Company and the other Indemnified Parties shall not have any Liability to any Company Stockholder for any allocation or distribution among the Company Stockholders by the Seller Representative of payments made to or at the direction of the Seller Representative. All notices or other communications required to be made or delivered to a Company Stockholder under any Seller Representative Document shall be made to the Seller Representative for the benefit of such Company Stockholder, and any notices so made shall discharge in full all notice requirements of the other parties hereto or thereto to such Company Stockholder with respect thereto. All notices or other communications required to be made or delivered by a Company Stockholder shall be made by the Seller Representative (except for a notice under Section 10.1(a10.14(d) aboveof the replacement of the Seller Representative). (c) The Seller Representative shall will act as a fiduciary with fiduciary duties to for the Sellers. If Company Stockholders on all of the matters set forth in this Agreement in the manner the Seller Representative has a personal conflict of interest with respect to any action, decision or determination believes to be made in the best interest of the Company Stockholders, but the Seller Representative will not be responsible to the Company Stockholders for any losses that any Company Stockholder may suffer by reason of the performance by the Seller Representative of the Seller Representative’s duties under this Agreement, other than losses arising from the bad faith, gross negligence or willful misconduct by the Seller Representative in the performance of its duties under this Agreement. From and after the Closing, the Company Stockholders shall jointly and severally indemnify, defend and hold the Seller Representative harmless from and against any and all losses reasonably incurred without gross negligence, bad faith or willful misconduct on the part of the Seller Representative (in its capacity as such) and arising out of or in connection with the acceptance or administration of the Seller Representative’s duties under any Seller Representative Document, including the reasonable fees and expenses of any legal counsel retained by the Seller Representative, . In no event shall the Seller Representative must notify the Sellers. (d) in such capacity be liable hereunder or in connection herewith for any indirect, punitive, special or consequential damages. The Seller Representative shall not be liable to for any act done or omitted under any Seller Representative Document as the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional Seller Representative while acting in good faith and without willful misconduct or bad faith (it being understood that gross negligence, and any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative counsel shall be conclusive evidence of such good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative shall be fully protected in relying upon any written notice, demand, certificate or document that it in good faith believes to be genuine, including facsimiles or copies thereof, and no Person shall have any Liability for relying on the Seller Representative in the foregoing manner. In connection with the performance of its rights and obligations hereunder, the Seller Representative shall have the right at any time and from time to time to select and againstengage, compensate it forat the reasonable cost and expense of the Company Stockholders, reimburse it for attorneys, accountants, investment bankers, advisors, consultants and pay any clerical personnel and all lossesobtain such other professional and expert assistance, liabilities, claims, actions, damages maintain such records and incur other reasonable out-of-pocket expenses, including reasonable attorneys’ fees as the Seller Representative may reasonably deem necessary or appropriate from time to time. All of the indemnities, immunities, releases and disbursements, arising out of and in connection with its activities as powers granted to the Seller Representative under this Agreement Section 10.14 shall survive the Closing and continue indefinitely. (d) If the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse die, become disabled, dissolve, resign or otherwise be unable or unwilling to fulfill its responsibilities as representative and agent of Company Stockholders, then the Sellers Company Stockholders shall, within ten (10) days after such death, disability, dissolution, resignation or other event, appoint a successor Seller Representative (by vote or written consent of the amount Company Stockholders holding in the aggregate a Pro Rata Share in excess of fifty percent (50%)), and promptly thereafter (but in any event within two (2) Business Days after such appointment) notify the Purchaser Representative and the Purchaser in writing of the identity of such indemnified Representative Loss attributable to successor. Any such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses successor so appointed shall be satisfied from become the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)“Seller Representative” for purposes of this Agreement.

Appears in 1 contract

Sources: Merger Agreement (Pono Capital Corp)

Seller Representative. (a) By approving this Agreement TA, Marshall and the transactions contemplated hereby, each Seller shall have hereby irrevocably authorized constitute and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative appoint ▇▇▇ ▇▇▇shall, with full power of substitution and re-substitution, ▇▇ ▇▇▇ ▇▇▇ their true and lawful agent, attorney-in-fact and representative (such person and his appointed and designated successor or successors being herein referred to as the "Seller Representative"), with full power to act for and on behalf of TA and the Sellers, and each of them, for all purposes under this Agreement and in connection with the transactions contemplated hereby including, without limitation, for purposes of: (i) determining the amount of any Damages (as such Person term is hereinafter defined) suffered or incurred by FreeStar and the number of shares of FreeStar Common Stock to be delivered for cancellation in satisfaction of the Sellers' indemnification obligations, (ii) determining the amount of Seller Damages (as that term is hereinafter defined) suffered or incurred by the Sellers, (iii) receiving notices from FreeStar given under this Agreement, of which the Seller Representative will give a copy to the other Sellers, (iv) approving and agreeing with respect FreeStar as to additions, deletions, changes, modifications and amendments to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory NotesAnnexes hereto, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts except with respect to claims for indemnification made by Buyer pursuant any addition, deletion, change, modification or amendment to Article VII a material financial term or condition of any of such documents that would materially, financially and Article IX; (iv) litigateadversely affect the Sellers, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute settling finally and deliver all documents necessary completely any disputes or desirable controversies among the parties hereto (other than solely among the Sellers) with respect to carry out the intent interpretation or effect of or damages or relief under this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make and all elections or decisions transactions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist hereby. The Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with reimbursement by the Sellers from the consideration actually payable to the Sellers or otherwise for all reasonable costs and expenses incurred by him in fulfilling his duties hereunder, and the Sellers agree among themselves that such costs and expenses shall be borne pro rata among them according to the number of shares of TA Common Stock owned immediately prior to the Closing. The Sellers agree that the Seller Representative on all matters relating may make reasonable requests for advances to this Agreement (including Article IX) cover such costs and shall expenses, and the Sellers will promptly make such advances. In no event will FreeStar be entitled to rely conclusively (without further evidence liable for any costs or expenses of any kind whatsoever) on nature incurred by the Seller Representative in its capacity as such. TA AND EACH SELLER, JOINTLY AND SEVERALLY, AGREE THAT THE SELLER REPRESENTATIVE SHALL HAVE NO LIABILITY TO THE SELLERS FOR ACTION TAKEN OR OMITTED IN GOOD FAITH IN EXERCISING THE AUTHORITY GRANTED UNDER THIS SECTION 1.07. FreeStar shall not have any document executed obligation or purported liability to be executed on behalf indemnify or defend the Seller Representative in respect of any claim or liability asserted against the Seller Representative by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller or its successors or assigns. All determinations, decisions, actions and the like made by Seller Representative, as being fully binding upon such Person. Notices or communications to or from the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, conclusive and binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the all Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative persons claiming under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)through them.

Appears in 1 contract

Sources: Stock Purchase Agreement (Transaxis Inc)

Seller Representative. (a) By approving The execution of this Agreement and by the transactions contemplated hereby, each Seller Sellers shall have irrevocably authorized and appointed Dangroup ApS constitute the irrevocable appointment of Corporation Service Company as the initial Seller Representative. Representative (in accordance with this Section 8.16). (b) The Seller Representative will shall act as such Person’s representative true and lawful attorney-in-fact fact, exclusive agent, and representative of the Sellers, and each Seller hereby authorizes the Seller Representative to act solely and exclusively on behalf of, and in the name of, such Seller, without having to seek or obtain the consent of such Person Seller, with respect the full power to exercise as the Seller Representative in its sole discretion deems appropriate, the powers which such Seller could exercise under the provisions of this Agreement and or the Promissory Notes other Transaction Documents and to take any and all actions and make any decisions required or permitted to be taken by such Seller or the Seller Representative pursuant to in connection with this Agreement or the Promissory Notes, including other Transaction Documents. The authority conferred upon the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or SellersSeller, or by operation of Lawlaw, whether by death the dissolution or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at inability to act of any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according or by the occurrence of any event or events. Notwithstanding any provision of this Agreement to each Seller’s Pro Rata Share (the “Majority Holders”); providedcontrary, howeverany obligation of the Purchaser or the Parent herein to consult with, in no event notify, advise, or otherwise communicate with the Sellers shall Seller Representative resign be deemed an obligation to consult with, notify, advise or be removed without otherwise communicate solely and exclusively with the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iiic) In the event of that the deathSeller Representative is unable to fulfill its responsibilities under this Agreement, incapacity, resignation or removal of otherwise deems it advisable that it resigns as the Seller Representative, the Sellers shall, within 10 Business Days after such resignation or inability, appoint a new successor to the Seller Representative shall be appointed by and promptly thereafter notify the vote or written consent Purchaser of the Majority Holdersidentity of such successor. Any such successor shall succeed the Seller Representative as Seller Representative hereunder. (ivd) Notice Each of the Sellers hereby agrees, by virtue of the execution of this Agreement, that: (i) in all matters in which action by any Seller or the Seller Representative is required or permitted under this Agreement, the Seller Representative is authorized to act on behalf of such vote Seller notwithstanding any dispute or a copy of disagreement among the written consent appointing such new Sellers, or between any Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company Seller Representative, and the Purchaser and the Parent shall be entitled to rely conclusively on any and all instructions or decisions of, or actions taken by, the decisions and actions Seller Representative under this Agreement or the other Transaction Documents without any liability to, or obligation to inquire of, any of the prior Seller Representative as described in Section 10.1(a) above.Sellers; (cii) The any decision, act, consent, or instruction of the Seller Representative shall act as constitute a fiduciary with fiduciary duties to decision of all of the Sellers. If Sellers and shall be final, binding, and conclusive upon each Seller; (iii) the Seller Representative has a personal conflict power and authority of interest with respect to any action, decision or determination to be made by the Seller Representative, as described in this Section 8.16, shall continue in force until all rights and obligations of the Sellers under this Agreement shall have terminated, expired, or been fully performed; (iv) the Seller Representative must notify shall not have by reason of this Agreement a fiduciary relationship in respect of any Seller. All actions, decisions, and instructions of the Seller Representative shall be conclusive and binding upon all of the Sellers. (d) The , and no Seller shall have any cause of action against the Seller Representative, and the Seller Representative shall not be liable to any Seller, for any action taken or not taken, decision made, or instruction given by the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement or the other Transaction Documents, except for actions or omissions constituting fraud or willful misconduct by the Seller Representative; and (v) the Purchaser Indemnified Parties have the right to rely conclusively on the instructions and decisions of the Promissory Notes (Seller Representative as to the “Representative Losses”)settlement of any claims for indemnification by the Purchaser Indemnified Parties pursuant to ARTICLE V, in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused other actions required to be taken by the gross negligenceSeller Representative hereunder, fraud, intentional misconduct and no party hereto will have any cause of action against the Purchaser or bad faith the Parent for any action taken by the Purchaser or the Parent in reliance upon the instructions or decisions of the Seller Representative, . (e) The Sellers shall pay and indemnify and hold harmless the Seller Representative shall reimburse from and against any Damages that may be imposed on, incurred by, or asserted against the Sellers Seller Representative in any way relating to or arising out of this Agreement or any action taken or omitted by the amount of such indemnified Seller Representative Loss attributable to such gross negligenceunder this Agreement or under any other Transaction Document, fraud, intentional except for actions or omissions constituting fraud or willful misconduct or bad faith. The Representative Losses shall be satisfied from by the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)Seller Representative.

Appears in 1 contract

Sources: Asset Purchase Agreement (Tucows Inc /Pa/)

Seller Representative. (a) By approving this Agreement and Each Seller does hereby irrevocably appoint the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative its, his or her true and attorney-in-lawful attorney in fact and agent, with full power of substitution, to act on behalf of such Person with respect to this Agreement and the Promissory Notes and Seller, to take any and all actions actions, to refrain from taking any actions, to execute and deliver all such documents, and to make any decisions required or permitted to be taken by and all determinations, as the Seller Representative pursuant shall deem necessary or appropriate in its sole discretion, in any case in respect of this Agreement or the Adjustment Escrow Agreement or the transactions contemplated by this Agreement or the Adjustment Escrow Agreement, including (for clarity) to, on behalf of the Sellers, (a) negotiate, execute, and deliver all amendments, modifications, and waivers to this Agreement or the Promissory NotesAdjustment Escrow Agreement, including the exercise of the power to: (ib) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of under this Agreement and the Adjustment Escrow Agreement, and (c) initiate, prosecute, defend, and/or settle any Ancillary Document (including the Promissory Notes); (vi) make all elections claims and disputes under or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating related to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence or the Adjustment Escrow Agreement, in each case except only for or in respect of any kind whatsoever) on any document executed claims or purported to be executed on behalf disputes against such Seller for a breach by such Seller of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf covenant under Section 6). The appointment of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and deemed coupled with an interest and shall not be terminated by irrevocable and shall survive the Closing, and Parent and Buyer may conclusively and absolutely rely, without inquiry and without liability, upon any act action, decision, consent or instruction of any one or Sellers, or by operation of Law, whether by death or other event. (b) The the Seller Representative may be removedas the action, etcdecision, consent or instruction of each Seller in all matters referred to herein. as provided in this Section 11.1(b). (i) The Each Seller does hereby confirm all that the Seller Representative may resign at any time. (ii) The Seller Representative may does or cause to be removed for any reason or no reason done by virtue of his appointment as the vote or written consent of a majority in interest representative of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellershereunder. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions any action taken by him pursuant to this Agreement or Agreement, and the Promissory NotesSellers shall indemnify and hold harmless the Seller Representative from any Losses arising out of his serving as agent hereunder, including legal fees and other expenses that the Seller Representative incurs in the course of his services, except only to the extent such actions shall have been the Seller Representative has engaged in bad faith or willful misconduct as finally determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)jurisdiction.

Appears in 1 contract

Sources: Stock Purchase Agreement (Malibu Boats, Inc.)

Seller Representative. (a) By approving this Agreement TA, Marshall and the transactions contemplated hereby, each Seller shall have irrevocably authorized hereby irrevo▇▇▇▇▇ ▇▇nstitute and appointed Dangroup ApS appoint Don Marshall, with full power of subst▇▇▇▇▇▇▇ ▇▇▇ re-substitution, as the initial Seller Representative. The Seller Representative will act as such Person’s representative its and their true and lawful agent, attorney-in-fact and representative (such person and his appointed and designated successor or successors being herein referred to as the "Seller Representative"), with full power to act for and on behalf of TA and the Sellers, and each of them, for all purposes under this Agreement and in connection with the transactions contemplated hereby including, without limitation, for purposes of: (i) determining the amount of any Damages (as such Person term is hereinafter defined) suffered or incurred by FreeStar and the number of shares of FreeStar Common Stock to be delivered for cancellation in satisfaction of the Sellers' indemnification obligations, (ii) determining the amount of Seller Damages (as that term is hereinafter defined) suffered or incurred by the Sellers, (iii) receiving notices from FreeStar given under this Agreement, of which the Seller Representative will give a copy to the other Sellers, (iv) approving and agreeing with respect FreeStar as to additions, deletions, changes, modifications and amendments to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory NotesAnnexes hereto, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts except with respect to claims for indemnification made by Buyer pursuant any addition, deletion, change, modification or amendment to Article VII a material financial term or condition of any of such documents that would materially, financially and Article IX; (iv) litigateadversely affect the Sellers, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute settling finally and deliver all documents necessary completely any disputes or desirable controversies among the parties hereto (other than solely among the Sellers) with respect to carry out the intent interpretation or effect of or damages or relief under this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make and all elections or decisions transactions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist hereby. The Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with reimbursement by the Sellers from the consideration actually payable to the Sellers or otherwise for all reasonable costs and expenses incurred by him in fulfilling his duties hereunder, and the Sellers agree among themselves that such costs and expenses shall be borne pro rata among them according to the number of shares of TA Common Stock owned immediately prior to the Closing. The Sellers agree that the Seller Representative on all matters relating may make reasonable requests for advances to this Agreement (including Article IX) cover such costs and shall expenses, and the Sellers will promptly make such advances. In no event will FreeStar be entitled to rely conclusively (without further evidence liable for any costs or expenses of any kind whatsoever) on nature incurred by the Seller Representative in its capacity as such. TA AND EACH SELLER, JOINTLY AND SEVERALLY, AGREE THAT THE SELLER REPRESENTATIVE SHALL HAVE NO LIABILITY TO THE SELLERS FOR ACTION TAKEN OR OMITTED IN GOOD FAITH IN EXERCISING THE AUTHORITY GRANTED UNDER THIS SECTION 1.07. FreeStar shall not have any document executed obligation or purported liability to be executed on behalf indemnify or defend the Seller Representative in respect of any claim or liability asserted against the Seller Representative by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller or its successors or assigns. All determinations, decisions, actions and the like made by Seller Representative, as being fully binding upon such Person. Notices or communications to or from the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, conclusive and binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the all Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative persons claiming under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)through them.

Appears in 1 contract

Sources: Stock Purchase Agreement (Freestar Technology Corp)

Seller Representative. (a) By approving The Sellers hereby irrevocably constitute and appoint, the Seller Representative, as the true and lawful agent and attorney-in-fact of the Sellers with full powers of substitution to act in the name, place and stead of the Sellers with respect to the performance on behalf of the Sellers under the terms and provisions of this Agreement, as the same may be from time to time amended, and to do or refrain from doing all such further acts and things, and to execute all such documents on behalf of the Sellers as the Seller Representative deems necessary or appropriate in connection with any of the transactions contemplated under this Agreement, including: (i) following the Closing, to agree upon or compromise any matter related to any payments due after Closing under this Agreement including with respect to any calculations thereof; (ii) to direct the distribution of all or any portions of the Purchase Price hereunder; (iii) to act for the Sellers with respect to all indemnification matters referred to in this Agreement, including the right to negotiate and compromise on behalf of the Sellers any indemnification claim made by or against the Sellers; (iv) to act for the Sellers with respect to all post-Closing matters pursuant to Sections 9 and 10 or otherwise, including to enforce payment and distribution, if any, of the Indemnity Escrow Amount, the Working Capital Escrow Amount or the BCA Earnout Escrow Amount and any other amounts payable to the Sellers, in each case to the extent of each of the Sellers’ respective interests therein, and to make any withholding of Taxes that the Seller Representative deems necessary; (v) to cause to be distributed out of the Indemnity Escrow Amount or otherwise: (A) the amounts payable to the Sellers in accordance with this Agreement and the Consideration Waterfall (including any post-Closing adjustments pursuant to Section 1.4) and (B) the amount of any judgment for Losses awarded in favor of a Purchaser Indemnified Party, or any amounts payable to a Purchaser Indemnified Party in respect of any agreement, compromise or settlement of any claim for Losses agreed to by the Seller Representative in its sole discretion; (vi) to terminate, amend, or waive any provision of this Agreement; provided that any such action (A), if material to the rights and obligations of the Sellers in the reasonable judgment of the Seller Representative, will be taken in the same manner with respect to all the Sellers unless otherwise agreed by each of the Sellers who is subject to any disparate treatment of a potentially adverse nature and (B) will not impose any additional obligations (or increase any existing obligations) on any Seller without such Seller’s consent; (vii) to employ and obtain at the expense of the Sellers the advice of legal counsel, accountants and other professional advisors as the Seller Representative, in his sole discretion, deems necessary or advisable in the performance of his duties as the Seller Representative and to rely on their advice and counsel; (viii) to retain, subject to Section 25(d), a portion of the Purchase Price in the amount of Four Hundred Thousand Dollars ($400,000) as a reserve against the payment of expenses incurred in his capacity as the Seller Representative (“Seller Representative Fund”); (ix) to incur and pay out of the Seller Representative Fund expenses, including fees of brokers, attorneys and accountants incurred by the Seller Representative pursuant to the transactions contemplated herebyhereby including Section 25(a)(vii), each and any other fees and expenses allocable or in any way relating to such transaction or any indemnification claim, whether incurred prior or subsequent to Closing; (x) to sign any releases or other documents with respect to and dispute or remedy arising under the Transaction Documents; and (xi) to do or refrain from doing any further act or deed on behalf of the Sellers which the Seller shall have irrevocably authorized Representative deems necessary or appropriate in his sole discretion relating to the subject matter of this Agreement as fully and appointed Dangroup ApS completely as any of the Seller could do if personally present and acting. (b) The appointment of the Seller Representative will be deemed coupled with an interest and will be irrevocable, and any other Person may conclusively and absolutely rely, without inquiry, upon any actions of the Seller Representative as the initial acts of the Sellers hereunder appointing the Seller Representative in all matters referred to in this Agreement or any other Transaction Document to which it is a party. All that the Seller Representative will do or cause to be done by virtue of such Seller Representative’s appointment as Seller Representative of the Sellers is hereby ratified and confirmed by each of the Sellers. The Seller Representative will act as such Person’s representative and attorney-in-fact to act on behalf of such Person with respect to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of Sellers appointing the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all of the matters relating to set forth in this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported in the manner the Seller Representative believes to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of in the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in best interest of the Sellers according to each Seller’s Pro Rata Share (but the “Majority Holders”); provided, however, in no event shall Seller Representative resign will not be responsible to any of the Sellers for any loss or be removed without damage any of the Majority Holders having first appointed a new Sellers may suffer by reason of the performance by the Seller Representative who shall assume of such duties immediately upon the resignation or removal of Seller Representative. (iii) In ’s duties under this Agreement, other than loss or damage arising from willful misconduct in the event performance of the death, incapacity, resignation or removal of such Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above’s duties under this Agreement. (c) The Seller Representative shall is authorized to act as a fiduciary with fiduciary duties on behalf of the Sellers notwithstanding any dispute or disagreement among the Sellers and that any Person may rely on any and all action taken by the Seller Representative under this Agreement without liability to, or obligation to inquire of, any of the Sellers. If the Seller Representative resigns or ceases to function in such capacity for any reason whatsoever, then the successor Seller Representative shall be the Person appointed by the Sellers that held a majority of the Acquired Units, immediately prior to the Closing Date; provided, however, that if for any reason no successor has been appointed within thirty (30) days, then any Seller holding more than ten percent (10%) of the Acquired Units, immediately prior to the Closing Date, will have the right to petition a personal conflict court of interest with respect to competent jurisdiction for appointment of a successor Seller Representative. The Sellers hereby jointly and severally indemnify and hold harmless the Seller Representative from and against any actionand all liability, decision loss, cost, damage or determination to be made by expense (including attorneys’ fees) reasonably incurred or suffered as a result of the performance of such Seller Representative’s duties under this Agreement except for any such liability arising out of the gross negligence or willful misconduct of the Seller Representative, the Seller Representative must notify the Sellers. (d) Upon the final distribution of funds from the Indemnity Escrow Account in accordance with the Escrow Agreement, the Seller Representative will distribute the amount remaining in the Sellers Representative Fund (if any) to the Sellers in accordance with the Consideration Waterfall. (e) The Seller Representative shall will not be liable entitled to any fee, commission or other compensation for the performance of his services hereunder, but will be entitled to the payment from the Sellers for actions taken pursuant to this Agreement or of all his expenses incurred as the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Equity Purchase Agreement (Maximus Inc)

Seller Representative. (a) By approving virtue of the execution of this Agreement by each Seller, and without further action of any Seller, the transactions contemplated hereby, each Seller shall Sellers will be deemed to have irrevocably authorized constituted and appointed Dangroup ApS C▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ as the initial Seller Representative. The Seller Representative will act ” (and by execution of this Agreement C▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ hereby accepts such appointment) as such Person’s representative agent and attorney-in-fact to act for and on behalf of such Person Sellers, with full power of substitution, to act in the name, place and stead of each Seller with respect to this Agreement and the Promissory Notes and to take taking by Seller Representative of any and all actions and make the making of any decisions required or permitted to be taken by any Seller Representative pursuant under this Agreement, in each case either (x) on and prior to this Agreement or the Promissory NotesClosing, including and (y) immediately following the Closing. Such powers shall include the exercise of the power to: : (i) give and receive notices and communications; communications under this Agreement; (ii) agree toreceive and pay funds under this Agreement, negotiate(iii) prepare and deliver documents, enter into settlements certificates and compromises ofinstruments, and comply with orders give instructions, under this Agreement, (iv) authorize or otherwise handle object to claims for indemnification made by any other matters described in Section 2.5; Buyer Indemnitee under this Agreement; (iiiv) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by any Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of Indemnitee under this Agreement and any Ancillary Document (including the Promissory Notes); Agreement; (vi) make all elections agree to, negotiate, enter into settlements and compromises of, and comply with orders or decisions contemplated by this Agreement and otherwise handle any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) other matters specifically delegated to assist Seller Representative in complying with its duties this Agreement; and obligations; and (viiivii) take all actions necessary or appropriate in the good faith judgment of the Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative; provided, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from that the Seller Representative shall constitute notice have no authority to take any action on or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating prior to the defense, payment or settlement of Closing which would bind any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have Company following the right to object to, dissent from, protest Closing except as provided in this Agreement or otherwise contest consented to in writing by the sameBuyer. The provisions power of this Sectionattorney hereby is coupled with an interest and is irrevocable; provided, including that the power of attorney granted herebyby this Section shall, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated without any further action by any act Person, be deemed automatically revoked and of no further effect with respect to any one or SellersCompany immediately following the Closing. The identity of the Seller Representative and the terms of the agency may be changed, or by operation and a successor Seller Representative may be appointed, from time to time (including in the event of Lawthe death, whether by death disability or other eventincapacity of the Seller Representative) by the consent of Sellers accounting for at least fifty percent of the Pro Rata Shares, and any such successor will succeed the Seller Representative as Seller Representative under this Agreement. Amounts paid by or on behalf of Buyer to the Seller Representative on behalf of the Sellers shall be treated as received by the Sellers. (b) The Seller Representative may will not be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed liable for any reason act done or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative omitted hereunder as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has while acting in good faith and not in a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted manner constituting gross negligence or involved fraudwillful misconduct, intentional misconduct or bad faith (it being understood that and any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall counsel will be conclusive evidence of such good faith). The Each Seller will jointly and severally indemnify the Seller Representative and hold the Seller Representative harmless against any losses incurred without gross negligence or willful misconduct on the part of the Seller Representative and arising out of or in connection with the acceptance or administration of the Seller Representative’s duties hereunder. (c) A decision, act, consent or instruction of the Seller Representative will constitute a decision of all Sellers shall severally and not jointly (will be final, binding and conclusive upon each Seller, and Buyer, its Affiliates, any other Buyer Indemnitee and any other Person may rely upon any decision, act, consent or instruction of the Seller Representative as being the decision, act, consent or instruction of each Seller. Buyer, its Affiliates, any other Buyer Indemnitee, and any other Person are hereby relieved from any liability to any Person for any acts done by Seller Representative and any acts done by Buyer, its Affiliates, any other Buyer Indemnitee and any other Person in accordance with their Pro Rata Shares)any such decision, indemnify and hold harmless act, consent or instruction of the Seller Representative from in accordance with this Section. (d) The Representative Expense Fund Amount will be deposited by Buyer in the Representative Expense Fund in accordance with Section 1.4(a). Other than the obligation to make such deposit pursuant to the terms and againstconditions of this Agreement, compensate it Buyer shall have no responsibility, obligation, or liability with respect to the Representative Expense Fund. The Representative Expense Fund shall be held by the Seller Representative as agent and for the benefit of the Sellers in a segregated client account and shall be used for the purpose of pay directly, or reimbursing the Seller Representative for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and expenses incurred in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (performance of the Seller Representative’s duties and obligations hereunder, including to pay the fees and expenses of counsel and accountants incurred in resolving disputes with Buyer. The Seller Representative Losses”)is not providing any investment supervision, recommendations or advice and shall have no responsibility or liability for any loss of principal of the Representative Expense Fund other than as a result of gross negligence or willful misconduct. The Seller Representative is not acting as a withholding agent or in each case any similar capacity in connection with the Representative Expense Fund, and has no tax reporting or income distribution obligations. The Sellers will not receive any interest on the Representative Expense Fund and assign to the Seller Representative any such interest. As soon as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused reasonably determined by the gross negligenceseller Representative that the Representative Expense Fund is no longer required to be withheld, fraudand in any event not later than thirty (30) days after the later of (i) the date any remaining balance of the Indemnity Holdback is paid out to the Sellers or (ii) the date that the last indemnity claim of a Buyer Indemnitee has been finally resolved, intentional misconduct or bad faith of Seller Representative, the Seller Representative shall reimburse distribute the then- remaining amount of the Representative Expense Fund, if any, to the Sellers the amount of such indemnified Representative Loss attributable according to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their respective Pro Rata Shares).

Appears in 1 contract

Sources: Membership Interest Purchase Agreement (Village Farms International, Inc.)

Seller Representative. (a) By approving The Sellers and the Principals hereby appoint the Seller Representative as agent for and on behalf of the Sellers and the Principals to give and receive any and all notices and communications under this Agreement (including all notices and the transactions contemplated herebycommunications pursuant to Article XI), each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative and attorney-in-fact to otherwise act on behalf of such Person with respect to this Agreement the Sellers and the Promissory Notes and to take any and all actions and make any decisions Principals as provided in, or required or permitted to be taken by Seller Representative pursuant to by, this Agreement or the Promissory NotesAgreement, including the exercise right to object to any Losses specified in a written notice pursuant to Section 11.6, to make any claims for indemnification on behalf of one or more of the power to: (i) give and receive notices and communications; (ii) agree toSellers against the Purchaser, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) to agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts and awards of arbitrators with respect to claims for indemnification made by Buyer pursuant such claims, and to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of the Seller Representative for the accomplishment of the foregoing. Holdings and Buyer Such agency may be changed at the sole election of the Board of Managers from time to time upon not less than five (5) days’ prior written notice to the Purchaser. No bond shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence required of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by the Seller Representative, and on any other action taken or purported to be taken on behalf of any the Seller by Seller Representative, as being fully binding upon such PersonRepresentative shall receive no compensation for services. Notices or communications to or from the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Sellers and the Principals. (b) The Seller Representative hereundershall not be liable for any act done or omitted hereunder as Seller Representative while acting in good faith and in the exercise of reasonable judgment, including and any agreement between act done or omitted pursuant to the advice of counsel shall be conclusive evidence of such good faith. The Sellers and the Principals shall severally and pro rata indemnify, in accordance with Article XI, and hold harmless the Seller Representative against any loss, liability or expense incurred without gross negligence, willful misconduct or bad faith on the part of the Seller Representative and Buyer arising out of or Holdings relating to in connection with the defenseacceptance or administration of the Seller Representative’s duties under this Agreement. (c) A decision, payment act, consent or settlement instruction in writing of any claims for indemnification hereunder, the Seller Representative shall constitute a decision or action of all of the Sellers and the Principals and shall be final, binding and conclusive upon each of the Sellers and the Principals, and the Purchaser and the Escrow Agent may rely upon any decision, act, consent or instruction in writing of the Seller Representative as being the decision, act, consent or instruction of each and every Seller and Principal. Any decision, act, consent or instruction by any Seller or Principal other than in such Person’s capacity as a Designated Person (as defined below), if applicable, may be disregarded by the Purchaser, the Escrow Agent and their respective Affiliates, provided that if such Person informs the Purchaser, the Escrow Agent and/or their respective Affiliates, as the case may be, at the time of such decision, act, consent or instruction that such Person is acting in his or her capacity as a Designated Person, then the Purchaser, the Escrow Agent and/or their respective Affiliates, as the case may be, may rely on such decision, act, consent or instruction by such Person. No Seller shall have The Purchaser, the right Escrow Agent and their respective Affiliates are hereby relieved from any liability to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed Person for any reason or no reason acts done by the vote or written consent of a majority them in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); providedaccordance with such decision, howeveract, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions instruction in writing of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable hereby represents and warrants to the Sellers for actions taken pursuant Sellers, the Purchaser and the Guarantor as of the Execution Date and as of the Closing Date as follows: (i) the Seller Representative is a limited liability company, duly organized and validly existing under the Laws of Delaware; (ii) the Seller Representative is duly qualified or licensed to do business, and is in good standing, in all domestic jurisdictions in which the character or the location of the assets owned or leased by it or the nature of the business conducted by it requires such licensing or qualification; (iii) the Seller Representative has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder; (iv) ▇▇▇ ▇▇▇▇▇▇▇▇, M.D. (the “Designated Person”) is the only Person authorized to speak, act or execute any documents or instruments on behalf of the Promissory NotesSeller Representative for purposes of this Agreement and the Seller Representative’s obligations hereunder. (e) From time to time, except to the extent Seller Representative may change the list of Persons identified as Designated Persons hereunder; provided, however, that the Purchaser and the Escrow Agent shall be notified in writing of any such actions shall have been determined changes. (f) In the event that the Seller Representative (i) voluntarily or involuntarily dissolves, (ii) resigns, or (iii) in the case of a Seller Representative that is an individual, dies or is deemed permanently incapacitated by a court of competent jurisdiction (each, a “Triggering Event”), the Sellers and the Principals shall appoint a substitute Person to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to serve as the advice of counsel, accountants and other professionals and experts retained by Seller Representative (the “Substitute Representative”) within twenty (20) Business Days of such Triggering Event. Any Substitute Representative appointed by the Sellers and Principals shall be conclusive evidence deemed to be the Seller Representative for purposes of good faith)this Agreement and have all the rights and obligations as such hereunder. The If the Sellers shall severally and the Principals have not jointly (appointed or fail to appoint a Substitute Representative in accordance with their Pro Rata Sharesthis Section 7.10(f), indemnify and hold harmless Seller ▇▇▇ ▇▇▇▇▇▇▇▇, M.D. shall be deemed to be the acting Substitute Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement until a successor is appointed hereunder and the Promissory Notes (Purchaser and the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses Escrow Agent shall be satisfied from entitled to rely upon any decision, act, consent or instruction in writing of ▇▇▇ ▇▇▇▇▇▇▇▇, M.D. as the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)acting Substitute Representative until such appointment.

Appears in 1 contract

Sources: Asset Purchase Agreement (Kindred Healthcare, Inc)

Seller Representative. (a) By approving this Agreement and Each Seller irrevocably appoints the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative and attorney-in-fact to act on behalf of the Sellers for all purposes under this Agreement, including the sole, exclusive and full power and authority to act on such Person with respect Seller’s behalf: (i) to consummate the transactions contemplated by this Agreement Agreement; (ii) to negotiate disputes arising under, or relating to, this Agreement; (iii) to receive and disburse to such Seller any funds or the Promissory Notes and Parent Stock received on behalf of the Sellers contemplated by this Agreement; (iv) to take withhold any and all actions and make any decisions required or permitted to be taken by Seller Representative amounts received on behalf of the Sellers pursuant to this Agreement or otherwise to satisfy any and all obligations or liabilities incurred by the Promissory Notes, including Sellers or the exercise Seller Representative in the performance of the power to: (i) give its duties hereunder and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; thereunder; (v) to execute and deliver all documents necessary any amendment or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating waiver to this Agreement (including Article IXwithout the prior approval of the Sellers); and (vi) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported take all other actions to be executed taken by or on behalf of any Seller by Seller Representativethe Sellers in connection with this Agreement and the Transaction Documents; provided that (ii), (iv) and on any other action taken or purported to (v) may only be taken on behalf after consultation with the Sellers. Each Seller further agrees that such agency and proxy are coupled with an interest, are therefore irrevocable without the consent of the Seller Representative and shall survive the death, incapacity, bankruptcy, dissolution or liquidation of any Seller Seller. Except in the event of fraud, all decisions and actions by Seller Representative, as being fully binding upon such Person. Notices or communications to or from the Seller Representative shall constitute notice to or from each be binding upon all of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No no Seller shall have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The Seller Representative shall have no duties or obligations hereunder, including any fiduciary duties, except those set forth herein, and such duties and obligations shall be determined solely by the express provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventAgreement. (b) The Each Seller Representative may be removedseverally, etc. as provided for itself only and not jointly, in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each accordance with such Seller’s Pro Rata Share (Percentage, agrees to indemnify and hold harmless the “Majority Holders”); provided, however, in no event shall Seller Representative resign and its Representatives against any and all actions, liabilities, losses, damages, fines, penalties, fees, costs, expenses or be removed without amounts paid in settlement (in each case, including reasonable attorneys’ fees and expenses), whether or not involving a third party, arising as a result of its serving as the Majority Holders having first appointed a new Seller Representative, including those incurred by the Seller Representative who shall assume or the Affiliates of the Seller Representative or any employees, principals, fiduciaries, agents or representatives of the Seller Representative or such duties immediately upon affiliates in connection with the resignation protection, defense, enforcement of any rights, or removal fulfilment of any obligations under this Agreement or any expenses in connection therewith. Any and all payments made by or on behalf of any Seller Representativeunder this Section 8.16(b) will be made free and clear of any present or future taxes, deductions, charges or withholdings and all liabilities with respect thereto. (iiic) Neither the Seller Representative nor any of its Representatives shall incur any liability to any Seller by virtue of the failure or refusal of such Persons for any reason to consummate the transactions contemplated hereby or relating to the performance of their duties hereunder, except for actions or omissions constituting intentional and knowing fraud. The Seller Representative and its Representatives shall have no liability in respect of any Proceeding brought against such Persons by any Seller, regardless of the legal theory under which such liability or obligation may be sought to be imposed, whether sounding in contract or tort, or whether at law or in equity, or otherwise, if such Persons took or omitted taking any action in good faith. (d) In the event of that the deathSeller Representative becomes unable or unwilling to continue in its capacity as Seller Representative, incapacity, resignation or removal of if the Seller Representative resigns as the Seller Representative, a new Seller Representative shall be appointed by the vote or written consent majority-in-number of shares of the Majority Holders. Company (ivprior to the Closing) may, by written consent, appoint a new representative as the Seller Representative. Notice of such vote or and a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon representative and bearing the later signatures of a majority-in-number of the date indicated in such consent or Sellers must be delivered to the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company each Seller. (e) The Buyer shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to upon any actionaction or decision of, decision or determination to be made by the Seller Representativeinstruction by, or any document or other paper delivered by, the Seller Representative must notify on behalf of the Sellers. Sellers (d) The without any obligation to inquire into the authority of the Seller Representative or the genuineness or correctness of such document or other paper or any signature of the Seller Representative), and the Buyer shall not be liable to the Sellers any Seller for actions any action taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to be taken by the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (Buyer in accordance such reliance or with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, respect to actions, damages decisions and expenses, including reasonable attorneys’ fees and disbursements, arising out determinations of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Stock Purchase Agreement (LiveXLive Media, Inc.)

Seller Representative. 9.13.1 By the execution and delivery of this Agreement, each of the Sellers hereby irrevocably constitutes and appoints Touchstone Wireless Investment Partners, LLC, as the true and lawful agent and attorney in fact (ain such capacity, the “Seller Representative”) By approving of the Sellers with full power of substitution to act in the name, place and stead of the Sellers with respect to this Agreement, the Escrow Agreement and the transactions contemplated herebyhereby and thereby as the Seller Representative may deem appropriate, and to act on behalf of the Sellers in any litigation or arbitration involving this Agreement or the Escrow Agreement, do or refrain from doing all such further acts and things, and execute all such documents as the Seller Representative shall deem necessary or appropriate in connection with the transactions contemplated by this Agreement and the Escrow Agreement, including the power: (i) to act for the Sellers with regard to matters pertaining to the determination of the Purchase Price, the adjustment to the Purchase Price and pertaining to the indemnification referred to in this Agreement, including the power to settle any indemnity claim on behalf of the Sellers and to transact matters of litigation; (ii) to execute and deliver all ancillary agreements, certificates and documents that the Seller Representative deems necessary or appropriate in connection with the consummation of the transactions contemplated by this Agreement and the Escrow Agreement; (iii) to authorize the release of funds, to receive funds and to give receipts for funds, including the Purchase Price and in respect of any adjustments to the Purchase Price or any amounts distributed under the Escrow Agreement; (iv) to negotiate, arbitrate and settle any adjustment to the Purchase Price under Section 2.3; (v) to do or refrain from doing any further act or deed on behalf of the Sellers that the Seller Representative deems necessary or appropriate in its sole discretion relating to the subject matter of this Agreement or the Escrow Agreement as fully and completely as the Sellers could do if personally present; (vi) to receive service of process in connection with any claims under this Agreement or the Escrow Agreement; (vii) to sign the Seller Closing Certificate on behalf of each Seller unless such Seller has otherwise previously advised the Seller Representative in writing prior to Closing (it being understood that Buyer shall have irrevocably authorized the right to rely on such executed Seller Closing Certificate as binding on each Seller); and (viii) to accept notices in accordance with Section 12.5. 9.13.2 Touchstone Wireless Investment Partners, LLC hereby agrees and appointed Dangroup ApS consents to its appointment as the initial Seller RepresentativeRepresentative pursuant to this Section 9.13 effective as of the date of this Agreement. The appointment of the Seller Representative shall be deemed coupled with an interest and shall be irrevocable, and Buyer and any other Person may conclusively and absolutely rely, without inquiry, upon any action or decision of the Seller Representative in all matters referred to herein; provided, however, that the Seller Representative shall have the right to resign and appoint a successor Seller Representative on thirty (30) days’ advance notice to the Sellers and Buyer. All actions and decisions of Seller Representative shall be binding and conclusive on each Seller. All notices required to be made or delivered by Buyer to the Sellers shall be made to the Seller Representative for the benefit of the Sellers and shall discharge in full all notice requirements of Buyer to the Sellers with respect thereto. The Sellers hereby confirm all that the Seller Representative shall do or cause to be done by virtue of its appointment as the Seller Representative of the Sellers. The Seller Representative will act as such Person’s representative and attorney-in-fact have no liability to act on behalf of such Person the Sellers or their successors or assigns with respect to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required taken or permitted omitted to be taken in its capacity as Seller Representative, and shall be entitled to indemnification from the Sellers against any loss, liability or expenses arising out of actions taken or omitted to be taken in its capacity as the Seller Representative (such indemnification rights to include the right to set off any such loss, liability or expense against payments due to the Sellers). All fees and expenses incurred by the Seller Representative pursuant to this Agreement or shall be paid by the Promissory Notes, including the exercise Sellers in accordance with their pro rata shares of the power to: (i) give and receive notices and communications; (ii) purchase price. For the avoidance of doubt, the Sellers agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer that there shall be entitled no recourse to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to directly or personally for any action, decision or determination payments required to be made by the Seller RepresentativeRepresentative in its capacity as such hereunder. 9.13.3 If any individual Seller should die or become incapacitated, if any trust or estate should terminate or if any other similar event should occur, any action taken by the Seller Representative must notify pursuant to this Section 9.13 shall be valid as if such death or incapacity, termination or other event had not occurred, regardless of whether or not the SellersSeller Representative or Buyer shall have received notice of such death, incapacity, termination or similar event. 9.13.4 The Sellers acknowledge and agree that One Hundred Thousand Dollars (d$100,000) The (the “Seller Representative Reserve”) of the Purchase Price will be withheld from the Closing Date Purchase Price to cover the costs and expenses of the Seller Representative, including expenses associated with 2010 Tax preparation, dissolution and winding up of the General Partner and legal and accounting fees incurred prior to or after the Closing. To the extent the Seller Representative Reserve is not used, in the discretion of the Seller Representative, it shall not be liable paid to the Sellers for actions taken pursuant based on their pro rata shares of the purchase price, following the Seller Representative’s determination that such reserve is no longer necessary to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that advisable in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount ’s discharge of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)its duties hereunder.

Appears in 1 contract

Sources: Partnership Interest Purchase Agreement (Brightpoint Inc)

Seller Representative. (a) By approving this Agreement Each Seller, by delivery of a Letter of Transmittal, on behalf of itself and the transactions contemplated herebyits successors and assigns, each Seller shall have hereby irrevocably authorized constitutes and appointed Dangroup ApS appoints H▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, in its capacity as the initial Seller Representative. The Seller Representative will act , as such Person’s representative the true and lawful agent and attorney-in-fact of such Persons with full powers of substitution to act in the name, place and stead of thereof with respect to the performance on behalf of such Person with respect to under the terms and provisions of this Agreement and the Promissory Notes Ancillary Documents to which the Seller Representative is a party, as the same may be from time to time amended, and to take any do or refrain from doing all such further acts and things, and to execute all actions and make any decisions required or permitted to be taken by such documents on behalf of such Person, if any, as the Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions will deem necessary or appropriate in connection with any of the good faith judgment transactions contemplated under this Agreement or any of the Ancillary Documents to which the Seller Representative for the accomplishment of the foregoing. Holdings is a party, including: (i) bringing, managing, controlling, defending and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed settling on behalf of a Seller Indemnitee or Seller Indemnitor any indemnification claims by or against, as applicable, any of them under Article VI, including controlling, defending, managing, settling and participating in any Third Party Claim in accordance with Section 6.4; (ii) controlling and making any determinations with respect to the post-Closing Merger Consideration adjustments under Section 1.15; (iii) acting on behalf of such Person under the Escrow Agreement; (iv) terminating, amending or waiving on behalf of such Person any provision of this Agreement or any Ancillary Documents to which the Seller by Representative is a party (provided, that any such action, if material to the rights and obligations of the Sellers in the reasonable judgment of the Seller Representative, and on any other action taken or purported to will be taken in the same manner with respect to all Sellers unless otherwise agreed by each Seller who is subject to any disparate treatment of a potentially material and adverse nature); (v) signing on behalf of such Person any releases or other documents with respect to any dispute or remedy arising under this Agreement or any Ancillary Documents to which the Seller by Representative is a party; (vi) employing and obtaining the advice of legal counsel, accountants and other professional advisors as the Seller Representative, in its reasonable discretion, deems necessary or advisable in the performance of its duties as being fully binding upon the Seller Representative and to rely on their advice and counsel; (vii) incurring and paying reasonable costs and expenses, including fees of brokers, attorneys and accountants incurred pursuant to the transactions contemplated hereby, and any other reasonable fees and expenses allocable or in any way relating to such transaction or any indemnification claim, whether incurred prior or subsequent to Closing; (viii) receiving all or any portion of the consideration provided to the Sellers under this Agreement and to distribute the same to the Sellers in accordance with their Pro Rata Share; and (ix) otherwise enforcing the rights and obligations of any such Persons under this Agreement and the Ancillary Documents to which the Seller Representative is a party, including giving and receiving all notices and communications hereunder or thereunder on behalf of such Person. Notices or communications to or from All decisions and actions by the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunderRepresentative, including any agreement between the Seller Representative and Buyer the Purchaser Representative, Purchaser, Pubco or Holdings any other Indemnitor or Indemnitee relating to the defense, payment defense or settlement of any claims for indemnification hereunderwhich an Indemnitor may be required to indemnify an Indemnitee pursuant to Article VI, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller, Seller Indemnitee and Seller Indemnitor and their respective successors and assigns, and neither they nor any other Party shall have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, Section 10.15 are irrevocable and coupled with an interest interest. The Seller Representative hereby accepts its appointment and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventauthorization as the Seller Representative under this Agreement. (b) The Any other Person, including the Purchaser Representative, Pubco, Purchaser, the Company and the Indemnitees and the Indemnitors may conclusively and absolutely rely, without inquiry, upon any actions of the Seller Representative may be removedas the acts of the Sellers, etc. as provided in this Section 11.1(b). (i) The the Seller Indemnitors and Sellers Indemnitees hereunder or any Ancillary Document to which the Seller Representative may resign at any time. (ii) is a party. The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Purchaser Representative, a new Seller Representative shall be appointed by Pubco, Purchaser, the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer Company and the Target Company each Indemnitee and Indemnitor shall be entitled to rely conclusively on the instructions and decisions and actions of the prior Seller Representative as described to (i) the settlement by a Seller Indemnitee or Seller Indemnitor of any indemnification claims pursuant to Article VI, (ii) any payment, issuance or delivery instructions provided by the Seller Representative or (iii) any other actions required or permitted to be taken by the Seller Representative hereunder, and no Seller nor any Seller Indemnitee or Seller Indemnitor shall have any cause of action against the Purchaser Representative, Pubco, Purchaser, the Company or any other Indemnitor or Indemnitee for any action taken by any of them in reliance upon the instructions or decisions of the Seller Representative. The Purchaser Representative, Pubco, Purchaser, the Company and the other Purchaser Indemnitees shall not have any Liability to any Seller, Seller Indemnitee or Seller Indemnitor for any allocation or distribution among the Sellers, the Seller Indemnitees or the Sellers Indemnitors by the Seller Representative of payments or issuances made to or at the direction of the Seller Representative. All notices or other communications required to be made or delivered to a Seller, Seller Indemnitee or Seller Indemnitor under this Agreement or any Ancillary Document to which the Seller Representative is a party shall be made to the Seller Representative for the benefit of such Seller, Seller Indemnitee or Seller Indemnitor and any notices so made shall discharge in full all notice requirements of the other parties hereto or thereto to such Seller, Seller Indemnitee or Seller Indemnitor with respect thereto. All notices or other communications required to be made or delivered by a Seller, Seller Indemnitee or Seller Indemnitor shall be made by the Seller Representative (except for a notice under Section 10.1(a10.15(d) aboveof the replacement of the Seller Representative). (c) The Seller Representative shall will act as a fiduciary with fiduciary duties for the Sellers, Seller Indemnitees and Seller Indemnitors on all of the matters set forth in this Agreement in the manner the Seller Representative believes to be in their best interests, but the Seller Representative will not be responsible to the Sellers. If , the Seller Indemnitees or the Seller Indemnitors for any Losses that the Sellers or other Seller Indemnitees or Seller Indemnitors may suffer by reason of the performance by the Seller Representative has of the Seller Representative’s duties under this Agreement, other than Losses arising from the bad faith, gross negligence or willful misconduct by the Seller Representative in the performance of its duties under this Agreement. The Sellers, by delivery of Letters of Transmittal, will jointly and severally indemnify, defend and hold the Seller Representative harmless from and against any and all Losses reasonably incurred or suffered as a personal conflict result of interest with respect to the performance of the Seller Representative’s duties under this Agreement or any actionAncillary Document, decision or determination to be made including the reasonable fees and expenses of any legal counsel retained by the Seller Representative, except for any liability arising out of the bad faith, gross negligence or willful misconduct of the Seller Representative. In no event shall the Seller Representative must notify the Sellers. (d) in such capacity be liable hereunder or in connection herewith for any indirect, punitive, special or consequential damages. The Seller Representative shall not be liable to the Sellers for actions taken pursuant to any act done or omitted under this Agreement or any Ancillary Document as the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional Seller Representative while acting in good faith and without willful misconduct or bad faith (it being understood that gross negligence, and any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative counsel shall be conclusive evidence of such good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative shall be fully protected in relying upon any written notice, demand, certificate or document that it in good faith believes to be genuine, including facsimiles or copies thereof, and no Person shall have any Liability for relying on the Seller Representative in the foregoing manner. In connection with the performance of its rights and obligations hereunder, the Seller Representative shall have the right at any time and from time to time to select and againstengage, compensate it forat the reasonable cost and expense of the Sellers or other Seller Indemnitees or Seller Indemnitors, reimburse it for attorneys, accountants, investment bankers, advisors, consultants and pay any clerical personnel and all lossesobtain such other professional and expert assistance, liabilities, claims, actions, damages maintain such records and incur other reasonable out-of-pocket expenses, including reasonable attorneys’ fees as the Seller Representative may reasonably deem necessary or appropriate from time to time. All of the indemnities, immunities, releases and disbursements, arising out of and in connection with its activities as powers granted to the Seller Representative under this Agreement Section 10.15 shall survive the Closing and continue indefinitely. (d) If the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse die, become disabled, dissolve, resign or otherwise be unable or unwilling to fulfill its responsibilities as representative and agent of Sellers, then the Sellers shall, within ten (10) days after such death, disability, dissolution, resignation or other event, appoint a successor Seller Representative (by vote or written consent of the amount Sellers holding in the aggregate a Pro Rata Share in excess of fifty percent (50%)), and promptly thereafter (but in any event within two (2) Business Days after such appointment) notify the Purchaser Representative, Pubco and Purchaser in writing of the identity of such indemnified Representative Loss attributable to successor. Any such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses successor so appointed shall be satisfied from become the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)“Seller Representative” for purposes of this Agreement.

Appears in 1 contract

Sources: Merger Agreement (MTech Acquisition Corp)

Seller Representative. In order to administer efficiently the transactions and related matters contemplated by this Agreement and the Escrow Agreement, including (i) the waiver of any breach or default hereunder and (ii) the defense and/or settlement of any claims that may be made by any Seller against the Indemnification Escrow Amount, Seller hereby designates ▇▇▇▇▇ ▇▇▇▇▇▇ as its representative (“Seller Representative”). (a) By approving this Each Seller hereby irrevocably grants Seller Representative full power and authority to act as agent and attorney in fact for such Seller, (i) to execute and deliver the Escrow Agreement and on behalf of such Seller, (ii) to take all action necessary in connection with the waiver of any breach or default hereunder, the waiver of any condition to the obligations of such Seller to consummate the transactions contemplated hereby, each Seller shall have irrevocably authorized or the defense and/or settlement of any claims that may be made by Buyers or Buyer Representative following the Closing against the Indemnification Escrow Amount, (iii) to give and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative and attorney-in-fact to act on behalf of such Person with respect to this Agreement and the Promissory Notes and to take any and receive all actions and make any decisions notices required or permitted to be taken given or received by such Seller Representative pursuant to under this Agreement or the Promissory NotesEscrow Agreement, including (iv) to authorize payment to Buyers of cash from the exercise Indemnification Escrow Amount in satisfaction of the power to: (i) give and receive notices and communications; (ii) claims by Buyers or Buyer Representative, to object to such deliveries, to agree to, to negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts demand arbitration with respect to claims for indemnification made by Buyer pursuant to Article VII such claims, and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute to take any and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions additional action necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed foregoing or purported as is contemplated to be executed taken by or on behalf of such Seller by the terms of this Agreement and the Escrow Agreement. (b) Seller Representative may be changed from time to time by approval of a majority (in amount, based on the Allocation) of Sellers upon written notice to Buyer Representative. In the event that Seller Representative dies, dissolves, liquidates, becomes unable or unwilling to perform his, her or its responsibilities hereunder or resigns from such position, the other Sellers shall select another representative to fill such vacancy within thirty (30) days after such event and such substituted representative shall be deemed to be Seller Representative for all purposes of this Agreement and the documents delivered pursuant hereto. No bond shall be required of Seller Representative and Seller Representative shall not receive compensation for his, her or its services. No provision of this Agreement shall restrict in any way the ability or right of Seller Representative to voluntarily resign from such position at any time, and any such resignation shall be done without any Liability to the other Sellers. (c) All decisions and actions by Seller Representative, including without limitation any agreement between Seller Representative and Buyer Representative relating to the defense and/or settlement of any claims that may be made by Buyers or Buyer Representative following the Closing against the Indemnification Escrow Amount shall be binding upon each Seller and no such Seller shall have the right to object, dissent, protest or otherwise contest the same. (d) By execution of this Agreement, each Seller agrees that: (i) Each Buyer and Buyer Representative shall be able to rely conclusively on the instructions and decisions of Seller Representative as to any matters set forth in Article 2, the settlement of any claims for indemnification of Buyers pursuant to the Escrow Agreement or Article 8 or any other action taken actions required or purported permitted to be taken on behalf by Seller Representative hereunder, and no party hereunder shall have any cause of action against any Buyer or Buyer Representative to the extent that such Parties have relied upon the instructions or decisions of Seller Representative; (ii) all actions and decisions of Seller Representative shall be conclusive and binding upon such Seller and no such Seller shall have any cause of action against Seller Representative for any action taken, decision made or instruction given by Seller Representative under this Agreement, except for fraud or criminal misconduct of this Agreement by Seller Representative, as being fully binding upon such Person. Notices ; (iii) notices or communications to or from Seller Representative shall constitute notice to or from each such Seller for purposes of this Agreement and the Escrow Agreement; (iv) Seller Representative shall have full power to determine all questions and doubts arising in relation to any of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this SectionAgreement and every such determination made in good faith shall be conclusive and binding on such Seller and Seller Representative may act on the opinion or advice of, including the power of attorney granted herebyor information obtained from, are independent and severableany attorney, are irrevocable and coupled with an interest banker, broker, accountant or other expert and shall not be terminated responsible for any loss occasioned by so acting; (v) each Seller shall, jointly and severally, indemnify Seller Representative from and against any act and all Liabilities, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any one kind or Sellersnature whatsoever that may be imposed on, incurred by, or by operation of Law, whether by death or other event. (b) The asserted against Seller Representative may be removed, etc. as provided by Buyers or any other Person in connection with this Section 11.1(b). (i) The Seller Representative may resign at Agreement and in suing for and recovering any time. (ii) The Seller Representative may be removed for sum due to Buyers or any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”)them under this Agreement; provided, howeverthat, in no event such indemnity shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of not extend to losses arising from Seller Representative.’s fraud or criminal misconduct; (iiivi) In in performing the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated functions specified in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer this Agreement and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any actionEscrow Agreement, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to such Seller in the Sellers for actions taken pursuant to absence of fraud or criminal misconduct on the part of Seller Representative; and (vii) the provisions of this Section 9.1 shall be binding upon the executors, heirs, legal representatives, personal representatives, successor trustees and successors of such Seller and any references in this Agreement or to such Persons shall mean and include the Promissory Notes, except successors to each Person’s rights hereunder. (e) Upon the extent such actions shall have been determined by a court final release of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted the remaining Indemnification Escrow Amount pursuant to the advice of counselEscrow Agreement, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as expenses incurred by Seller Representative under this Agreement and may be paid from such remaining amounts after satisfaction of all claims of Buyers against the Promissory Notes (Indemnification Escrow Amount. Nothing in this Section 9.1(e) shall limit the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith obligations of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Sharesunder Section 9.1(d)(v).

Appears in 1 contract

Sources: Asset Purchase Agreement (Fox Factory Holding Corp)

Seller Representative. (a) By approving Each Seller designates ▇▇▇▇▇▇ ▇. ▇▇▇▇ (the “Seller Representative”) as his or her representative for purposes of this Agreement. The Sellers and their respective successors shall be bound by any and all actions taken by the Seller Representative on their behalf under or otherwise relating to this Agreement and the other documents contemplated hereby and the transactions contemplated herebyhereunder and thereunder as if such actions were expressly ratified and confirmed by each of them in writing. In the event any Seller Representative is unable or unwilling to serve or shall resign, each a successor Seller Representative shall have irrevocably authorized be selected by the Sellers holding a majority of the shares of Company Common Stock outstanding immediately prior to the Closing. A Seller Representative may not resign, except upon 30 days prior written notice to Buyer. In the event of a notice of proposed resignation, or any death, disability or other replacement of a Seller Representative, a successor shall be appointed effective immediately thereafter (and, in the case of a death of a Seller Representative, the successor shall be deemed to be the executor or other representative of such Seller Representative’s estate) and appointed Dangroup ApS as Buyer shall be notified promptly of such appointment by the initial successor Seller Representative. No resignation, nor any other replacement, of any Seller Representative is effective against the Buyer until selection of a successor and prior written notice to the Buyer of such selection (such consent not to be unreasonably withheld). Each successor Seller Representative shall have all the power, rights, authority and privileges hereby conferred upon the original Seller Representative. (b) The Buyer shall be entitled to rely upon any actions, communication or writings taken, given or executed by the Seller Representative on behalf of the Sellers. All communications or writings to be sent to the Sellers pursuant to this Agreement may be addressed to the Seller Representative and any communication or writing so sent shall be deemed notice to all of the Sellers hereunder. The Sellers consent and agree that the Seller Representative is authorized to accept deliveries, including any notice, on behalf of each Seller pursuant hereto. (c) The Seller Representative will act as such Person’s representative is hereby appointed and constituted the true and lawful attorney-in-fact of each Seller, with full power of substitution in such Seller’s name and on such Seller’s behalf to act on behalf according to the terms of such Person with respect to this Agreement and the Promissory Notes other documents contemplated hereby in the absolute discretion of the Seller Representative; and in general to do all things and to take any perform all acts including, without limitation, executing and delivering all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notesagreements, including the exercise of the power to: (i) give and receive certificates, receipts, instructions, notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply other instruments contemplated by or deemed advisable in connection with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (the other documents contemplated hereby, including without limitation Article IX hereof. This power of attorney and all authority hereby conferred is granted subject to the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment interest of the foregoing. Holdings other Sellers hereunder and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) in consideration of the mutual covenants and agreements made herein, and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or SellersSeller, or by operation of Lawlaw, whether by such Seller’s death or disability or by any other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not hereby acknowledges and agrees to serve as the Seller Representative in accordance with the applicable terms hereof and to be liable to bound by such terms. At Buyer’s request, the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally enter into an agreement in form and not jointly (in accordance with their Pro Rata Shares), indemnify substance reasonably satisfactory to Buyer and hold harmless the Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and which the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).Seller

Appears in 1 contract

Sources: Stock Purchase Agreement (Si International Inc)

Seller Representative. (a) By approving Each Seller hereby irrevocably makes, constitutes and appoints ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ as its agent and representative (the “Representative”) for all purposes under this Agreement and the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller RepresentativeEscrow Agreements. The Seller Representative will act as such Person’s representative and attorney-in-fact to act on behalf of such Person with respect to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal incapacity of Seller the Representative, the Sellers shall promptly designate another individual to act as their representative under this Agreement and the Escrow Agreements so that at all times there will be a new Seller Representative with the authority provided in this Section 10.18. Such successor Representative shall be appointed designated by the vote Sellers by an instrument in writing signed by the Sellers (or written consent their successors in interest) holding a majority of the Majority HoldersShares, and such appointment shall become effective as to the successor Representative when such instrument shall have been delivered to it and a copy thereof delivered to the Buyer. (b) Each Seller hereby authorizes the Representative, on its behalf and in its name, to: (i) receive all notices or documents given or to be given to such Seller pursuant hereto or in connection herewith and to receive and accept service of legal process in connection with any suit or Action arising under this Agreement or the Escrow Agreements. The Representative shall promptly forward a copy of such notice of process to such Seller; (ii) deliver at the Closing the certificates for the Purchase Shares in exchange for such Seller’s Pro Rata Share of the consideration payable with respect to all of the Purchase Shares; (iii) upon confirmation of the receipt of wire transfers, sign and deliver to the Buyer at the Closing a receipt for such Seller’s Pro Rata Share of the consideration and forward such amount to each Seller; (iv) Notice of deliver to the Buyer at the Closing all certificates and documents to be delivered to the Buyer by such vote Seller pursuant to this Agreement or a copy the Escrow Agreements, together with any other certificates and documents executed by such Seller and deposited with the Representative for such purpose; (v) engage legal counsel, accountants and other advisors for the Sellers and incur such other expenses on behalf of the written consent appointing Sellers in connection with this Agreement and the Escrow Agreements and the transactions contemplated hereby and thereby as the Representative may deem appropriate; and (vi) take such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later action on behalf of the date indicated Sellers as the Representative may deem appropriate in respect of: A. waiving any inaccuracies in the representations or warranties of the Buyer contained in this Agreement, the Escrow Agreements or in any document delivered by the Buyer pursuant thereto; B. waiving the fulfillment of any of the conditions precedent to the Sellers’ obligations hereunder, except with respect to payment of the consideration due to the Sellers under Section 2.2; C. any such consent other action as the Representative is authorized to take under this Agreement or the date Escrow Agreements; D. receiving all documents or certificates and making all determinations, on behalf of the Sellers required or permitted under this Agreement or the Escrow Agreements, including in respect of any indemnification claims; E. all such notice is received by Buyer; providedother matters as the Representative may deem necessary or appropriate to consummate this Agreement, that until such notice is received, Buyer the Escrow Agreements and the Target Company shall transactions contemplated by such instruments; and F. all such actions as may be entitled necessary after the Closing Date to rely on carry out the decisions transactions contemplated by this Agreement and actions of the prior Seller Representative as described in Section 10.1(a) aboveEscrow Agreements. (c) The Seller appointment of the Representative shall act as a fiduciary with fiduciary duties hereunder is irrevocable and any action taken by the Representative pursuant to the Sellers. If the authority granted in this Section 10.18 shall be effective and absolutely binding on each Seller Representative has notwithstanding any contrary action of, or direction from, a personal conflict of interest with respect to any actionSeller, decision or determination to be made except for actions taken by the Seller Representative, the Seller Representative must notify the Sellersthat constitute willful misconduct or gross negligence. (d) The Seller Representative may resign at any time by giving written notice to each Seller, and such resignation shall be effective upon the appointment and qualification of a successor. The Representative may be discharged, and replaced by another natural person to act as his or her successor, by an instrument in writing signed by the Sellers (or their successors in interest) holding a majority of the Shares. (e) In performing any duties as Representative under this Agreement and the Escrow Agreements, the Representative shall not incur any Liability to any Person, except for Liability caused by the Representative’s willful misconduct or gross negligence. Accordingly, the Representative shall not incur any such Liability for (i) any action taken or omitted in good faith regarding any questions relating to the duties and responsibilities of the Representative under this Agreement or the Escrow Agreements, or (ii) any action taken or omitted to be taken in reliance upon any instrument that the Representative shall in good faith believe to be genuine, to have been signed or delivered by a proper person or persons, and to conform with the provisions of this Agreement or the Escrow Agreements. The Sellers, jointly and severally, shall indemnify, defend and hold harmless the Representative against, from and in respect of any Liability or loss arising out of or resulting from the performance of his or her duties hereunder or in connection with this Agreement and the Escrow Agreements (except for Liabilities or losses arising from the gross negligence or willful misconduct of the Representative). The Buyer shall not be liable to the Sellers for actions taken pursuant to this Agreement or dealing with the Promissory Notes, except to Representative in good faith (other than as a result of the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional willful misconduct or bad faith (it being understood that any act done or omitted pursuant to of the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata SharesBuyer).

Appears in 1 contract

Sources: Stock Purchase Agreement (Kapstone Paper & Packaging Corp)

Seller Representative. (a) By approving this Agreement and Each of the transactions contemplated hereby, each Seller shall have BlueMountain Sellers hereby irrevocably authorized and appointed Dangroup ApS as appoints the initial Seller Representative. The Seller Representative will act as such Person’s representative agent and attorney-in-fact for and on behalf of the BlueMountain Sellers, and the Seller Representative hereby accepts his appointment as the “Seller Representative” hereunder. The Seller Representative shall have full power and authority to represent all of the BlueMountain Sellers and their respective successors with respect to all matters arising under this Agreement for which the Seller Representative is authorized to act on behalf of such Person with respect to this Agreement and the Promissory Notes and to take any and all their behalf. All actions and make any decisions required or permitted to be taken by the Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer authority granted hereunder shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from the BlueMountain Sellers as if expressly confirmed and ratified in writing by each of them. and the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, BlueMountain Sellers shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall not have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The provisions Seller Representative shall take any and all actions that the Seller Representative believes are necessary or appropriate under this Agreement for and on behalf of the BlueMountain Sellers as if the BlueMountain Sellers were acting on their own behalf. Purchaser and the AMG Seller may rely (without investigation) upon any representation or action taken or notice, consent or instruction given by the Seller Representative on behalf of the BlueMountain Sellers pursuant to the terms of this Section, including Agreement as being authorized by the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or BlueMountain Sellers, and no party hereto shall have any cause of action against Purchaser, the AMG Seller, the BlueMountain Operating Companies or any BlueMountain Subsidiary for any action taken by operation of LawPurchaser or the AMG Seller (as applicable) in reliance upon any such decision, whether by death consent, instruction or other eventaction. (b) The All actions, decisions and instructions of the Seller Representative may in connection with the administration of his duties hereunder shall be removed, etcconclusive and binding upon all of the BlueMountain Sellers. Except as otherwise provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller RepresentativeAgreement, the Seller Representative must notify shall have no duties to the BlueMountain Sellers. (d) , shall not be deemed to be an agent of the BlueMountain Sellers and shall have no liability to the BlueMountain Sellers for any action taken, decision made or instruction given by the Seller Representative pursuant to the authority granted to the Seller Representative under the terms of this Agreement, except in the case of the Seller Representative’s willful misconduct. The Seller Representative may, in all questions arising under this Agreement, rely on the advice of counsel, and for anything done, omitted or suffered in good faith by the Seller Representative in accordance with such advice, the Seller Representative shall not be liable to the BlueMountain Sellers. The BlueMountain Sellers for actions taken pursuant to this Agreement shall severally but not jointly indemnify, defend and hold the Seller Representative harmless against any Loss, liability or expense incurred without gross negligence, fraud or willful misconduct on the Promissory Notespart of the Seller Representative and arising out of or in connection with the acceptance or administration of his duties hereunder, except to including the extent such actions shall have been determined by a court reasonable fees and expenses of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts third party retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes performance of his duties hereunder. (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in c) In the event it is finally adjudicated that a Representative Loss of the death or any portion thereof was primarily caused by permanent disability of the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, a successor Seller Representative shall reimburse be selected by the BlueMountain Sellers (or their respective estates, executors or personal representatives) representing a majority of the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sale Percentages held by all BlueMountain Sellers, severally and not jointly (in accordance with their Pro Rata Shares)which event the selected successor shall promptly notify Purchaser in writing of his, her or its succession as the Seller Representative.

Appears in 1 contract

Sources: Purchase Agreement (Assured Guaranty LTD)

Seller Representative. (a) By approving this Agreement Each Company Stockholder, by delivery of a Letter of Transmittal, on behalf of itself and its successors and assigns, hereby irrevocably constitutes and appoints B▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, solely in the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS capacity as the initial Seller Representative. The Seller Representative will act , as such Person’s representative the true and lawful agent and attorney-in-fact of such Persons with full powers of substitution to act in the name, place and stead of thereof with respect to the performance on behalf of such Person with respect to under the terms and provisions of this Agreement and the Promissory Notes Ancillary Documents to which the Seller Representative is a party or otherwise has rights in such capacity (together with this Agreement, the “Seller Representative Documents”), as the same may be from time to time amended, and to take any do or refrain from doing all such further acts and things, and to execute all actions and make any decisions required or permitted to be taken by such documents on behalf of such Person, if any, as the Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions will deem necessary or appropriate in connection with any of the good faith judgment of transactions contemplated under the Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement Documents, including: (including Article IXi) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed terminating, amending or purported to be executed waiving on behalf of such Person any provision of any Seller by Representative Document (provided, that any such action, if material to the rights and obligations of the Company Stockholders in the reasonable judgment of the Seller Representative, and on any other action taken or purported to will be taken in the same manner with respect to all Company Stockholders unless otherwise agreed by each Company Stockholder who is subject to any disparate treatment of a potentially material and adverse nature); (ii) signing on behalf of such Person any releases or other documents with respect to any dispute or remedy arising under any Seller by Representative Document; (iii) employing and obtaining the advice of legal counsel, accountants and other professional advisors as the Seller Representative, in its reasonable discretion, deems necessary or advisable in the performance of its duties as being fully binding upon the Seller Representative and to rely on their advice and counsel; (iv) incurring and paying reasonable costs and expenses, including fees of brokers, attorneys and accountants incurred pursuant to the transactions contemplated hereby, and any other reasonable fees and expenses allocable or in any way relating to such transaction or any indemnification claim, whether incurred prior or subsequent to Closing; (v) receiving all or any portion of the consideration provided to the Company Stockholders under this Agreement and to distribute the same to the Company Stockholders in accordance with their Pro Rata Share; and (vi) otherwise enforcing the rights and obligations of any such Persons under any Seller Representative Document, including giving and receiving all notices and communications hereunder or thereunder on behalf of such Person. Notices or communications to or from All decisions and actions by the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller Company Stockholder and their respective successors and assigns, and neither they nor any other Party shall have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, Section 13.13 are irrevocable and coupled with an interest interest. The Seller Representative h▇▇▇▇▇ accepts its appointment and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventauthorization as the Seller Representative under this Agreement. (b) The Any other Person, including the Purchaser, Holdco, Sponsor, and the Company may conclusively and absolutely rely, without inquiry, upon any actions of the Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The the acts of the Company Stockholders under any Seller Representative may resign at any time. (ii) Documents. The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); providedPurchaser, howeverHoldco, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the deathSponsor, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely conclusively on the instructions and decisions and actions of the prior Seller Representative as described to (i) any payment instructions provided by the Seller Representative or (ii) any other actions required or permitted to be taken by the Seller Representative hereunder, and the Company Stockholders shall have no cause of action against the Purchaser, Holdco, Sponsor, or the Company for any action taken by any of them in reliance upon the instructions or decisions of the Seller Representative. The Purchaser, Holdco, Sponsor, and the Company shall not have any Liability to any Company Stockholder for any allocation or distribution among the Company Stockholders by the Seller Representative of payments made to or at the direction of the Seller Representative. All notices or other communications required to be made or delivered to the Company Stockholder under any Seller Representative Document shall be made to the Seller Representative for the benefit of such Company Stockholder, and any notices so made shall discharge in full all notice requirements of the other parties hereto or thereto to such Company Stockholder with respect thereto. All notices or other communications required to be made or delivered by the Company Stockholder shall be made by the Seller Representative (except for a notice under Section 10.1(a13.13(d) aboveof the replacement of the Seller Representative). (c) The Seller Representative shall will act as a fiduciary with fiduciary duties to for the Sellers. If Company Stockholders on all of the matters set forth in this Agreement in the manner the Seller Representative has a personal conflict of interest with respect to any action, decision or determination believes to be made in the best interest of the Company Stockholders, but the Seller Representative will not be responsible to the Company Stockholders for any losses that any Company Stockholder may suffer by reason of the performance by the Seller Representative of the Seller Representative’s duties under this Agreement, other than losses arising from the bad faith, gross negligence or willful misconduct by the Seller Representative in the performance of its duties under this Agreement. From and after the Closing, the Company Stockholders shall jointly and severally indemnify, defend and hold the Seller Representative harmless from and against any and all losses reasonably incurred without gross negligence, bad faith or willful misconduct on the part of the Seller Representative (in its capacity as such) and arising out of or in connection with the acceptance or administration of the Seller Representative’s duties under any Seller Representative Document, including the reasonable fees and expenses of any legal counsel retained by the Seller Representative, . In no event shall the Seller Representative must notify the Sellers. (d) in such capacity be liable hereunder or in connection herewith for any indirect, punitive, special or consequential damages. The Seller Representative shall not be liable to for any act done or omitted under any Seller Representative Document as the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional Seller Representative while acting in good faith and without willful misconduct or bad faith (it being understood that gross negligence, and any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative counsel shall be conclusive evidence of such good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative shall be fully protected in relying upon any written notice, demand, certificate or document that it in good faith believes to be genuine, including facsimiles or copies thereof, and no Person shall have any Liability for relying on the Seller Representative in the foregoing manner. In connection with the performance of its rights and obligations hereunder, the Seller Representative shall have the right at any time and from time to time to select and againstengage, compensate it forat the reasonable cost and expense of the Company Stockholders, reimburse it for attorneys, accountants, investment bankers, advisors, consultants and pay any clerical personnel and all lossesobtain such other professional and expert assistance, liabilities, claims, actions, damages maintain such records and incur other reasonable out-of-pocket expenses, including reasonable attorneys’ fees as the Seller Representative may reasonably deem necessary or appropriate from time to time. All of the indemnities, immunities, releases and disbursements, arising out of and in connection with its activities as powers granted to the Seller Representative under this Agreement Section 13.13 shall survive the Closing and continue indefinitely. (d) If the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse die, become disabled, dissolve, resign or otherwise be unable or unwilling to fulfill its responsibilities as representative and agent of Company Stockholders, then the Sellers Company Stockholders shall, within ten (10) days after such death, disability, dissolution, resignation or other event, appoint a successor Seller Representative (by vote or written consent of the amount Company Stockholders holding in the aggregate a Pro Rata Share in excess of fifty percent (50%)), and promptly thereafter (but in any event within two (2) Business Days after such appointment) notify the Purchaser in writing of the identity of such indemnified Representative Loss attributable to successor. Any such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses successor so appointed shall be satisfied from become the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)“Seller Representative” for purposes of this Agreement.

Appears in 1 contract

Sources: Merger Agreement (Denali Capital Acquisition Corp.)

Seller Representative. (a) By approving this Agreement Each of ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ and ▇▇▇▇▇ ▇▇▇▇▇▇▇ (the transactions contemplated hereby, each Seller shall have irrevocably authorized “Appointing Sellers”) hereby constitutes and appointed Dangroup ApS appoints ▇▇▇▇▇ ▇▇▇▇▇▇▇ as the initial Seller Representative. The Seller Representative will act as such Person’s his representative and true and lawful agent and attorney-in-fact (in such capacity, the “Seller Representative”) with full power and authority in each of their names and on behalf of each of them: (i) to act on behalf of such Person each of them in the absolute discretion of the Seller Representative, but only with respect to the following provisions of this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory NotesAgreement, including the exercise of with the power to: : (iA) upon written instructions from an Appointing Seller, designate the account for payment of any payments to be made to any Appointing Seller pursuant to the Escrow Agreement; (B) act pursuant to Section 2.5, including with respect to the Closing Working Capital determinations; (C) execute, deliver and act under the Escrow Agreement; (D) execute and deliver any waiver, consent or amendment under or to the Escrow Agreement; (E) act in connection with any matter as to which the Appointing Sellers have or are alleged to have indemnity obligations, or as to which any Appointing Seller is or claims to be an Indemnified Person, under Article IX; (F) act, give and receive notices pursuant to this Agreement; and communications;(G) receive and accept such notices or correspondence, execute such other documents, and take such other actions as are provided herein or in the Escrow Agreement to be received, accepted, executed or taken by the Seller Representative; and (ii) agree toin general, negotiateto do all things and to perform all acts, enter into settlements including executing and compromises ofdelivering all agreements, certificates, receipts, instructions and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions instruments contemplated by this Agreement and any Ancillary Document (including or deemed advisable, to effectuate the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the Section 2.7. (b) The foregoing appointment and grant of power of attorney granted hereby, are independent and severable, are irrevocable and authority is coupled with an interest and is in consideration of the mutual covenants made herein and is irrevocable and shall not be terminated by any act of any one or Sellers, Appointing Seller or by operation of Law, whether law or by death or the occurrence of any other event. By the Seller Representative’s execution of this Agreement, the Seller Representative accepts such appointment and grant. (bc) The Each Appointing Seller consents to the taking by the Seller Representative may of any and all actions and the making by the Seller Representative of any decisions required or permitted to be removed, etc. as provided in taken or made by the Seller Representative pursuant to this Section 11.1(b)2.7 and agrees that each such action or decision shall bind such Appointing Seller. Each Appointing Seller hereby authorizes and approves the execution and delivery of the Escrow Agreement by the Seller Representative on such Appointing Seller’s behalf and further acknowledges and agrees that, when so executed and delivered, such Appointing Seller shall be bound thereby as if such Seller had executed the Escrow Agreement directly. (id) The Each Appointing Seller agrees that the Seller Representative may resign at shall have no obligation or liability to any timePerson for any action or omission taken or omitted by the Seller Representative in good faith hereunder. (e) Buyer and the Escrow Agent shall be entitled to conclusively rely, without any independent verification or inquiry, upon any document or notice delivered by the Seller Representative or upon any other action taken by the Seller Representative as (i) genuine and correct and (ii) The Seller Representative may be removed for any reason having been duly signed or no reason sent or taken by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (f) Payments made to or as directed by the Seller Representative under the Escrow Agreement, are binding to the same extent as though such payments were made directly to the appropriate Appointing Sellers entitled to the same, as the case may be. Neither Buyer nor the Escrow Agent shall have any responsibility or liability for any further delivery or application of any such payment, it being agreed by the Appointing Sellers that, on the terms set forth herein, (i) any payment the Escrow Agent is required to make under the Escrow Agreement may be made to or as directed by the Seller Representative on behalf of such Appointing Seller; (ii) the Appointing Sellers shall determine among themselves the amount due to each Appointing Seller from each payment made to or as directed by the Seller Representative hereunder or under the Escrow Agreement; and (iii) In each Appointing Seller shall look solely to the event Seller Representative for such Seller’s respective share of any payment made to or as directed by the Seller Representative hereunder or under the Escrow Agreement. (g) The Seller Representative or any successor thereto may appoint a successor Seller Representative (the “Successor Seller Representative”). To be effective, such appointment must be (i) written, (ii) signed by the outgoing Seller Representative or outgoing Successor Seller Representative as the Seller Representative hereunder, (iii) indicate such appointment, (iv) signed by the Successor Seller Representative to indicate its acceptance of such appointment and its agreement to be bound by the terms hereof pertaining to the “Seller Representative,” and (v) delivered to Buyer. Upon such an appointment of a Successor Seller Representative under this Agreement, such Successor Seller Representative will succeed to and become vested with all of the deathrights, incapacitypowers, resignation or removal privileges and duties of the Seller Representative, a new and the Seller Representative shall be appointed by the vote or written consent of the Majority Holdersdischarged from such predecessor Seller Representative’s duties and obligations under this Agreement. (ivh) Notice of such vote or a copy of the written consent appointing such new ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ is not an Appointing Seller Representative and shall not be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made represented by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Membership Interests Purchase Agreement (NYTEX Energy Holdings, Inc.)

Seller Representative. (a) By approving this Agreement and the transactions contemplated hereby, each Seller shall have irrevocably authorized and Each Put Holder has executed a Power of Attorney (attached hereto as Exhibit B) that appointed Dangroup ApS ▇▇▇▇▇▇ ▇. ▇▇▇▇ as the initial Seller Representative. The Seller Representative will act as such Person’s representative agent and attorney-in-fact to act fact, with full power of substitution and re-substitution, as the "Seller Representative" for and on behalf of such Person Put Holder, to, in accordance with respect to this Agreement and the Promissory Notes Power of Attorney: (i) negotiate, execute, and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to deliver this Agreement or the Promissory Notes, including the exercise on behalf of the power to: each Put Holder; (iii) give and receive payments, notices and communications; communications hereunder on behalf of any Put Holder (ii) agree toincluding the Call Election Notice, negotiate, enter into settlements and compromises ofa Put Election Notice (once such election is made by such Put Holder), and comply with orders any Call Right Cash Consideration or otherwise handle any other matters described in Section 2.5; Put Right Cash Consideration to be received by such Put Holder hereunder); (iii) agree to, negotiate, enter into settlements to collect Transfer Materials from the Put Holders and compromises of, distribute same to the Buyer; and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of the Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with foregoing or implementation of any provision of this Agreement or the Power of Attorney for which the Seller Representative on all matters relating is authorized hereby, thereby or otherwise. The Power of Attorney does not grant the Seller Representative the authority to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed exercise a Put Right on behalf of any Put Holder. Each Put Holder maintains the exclusive authority and power to exercise a Put Right with respect to its Put/Call Shares.. (b) To the extent and with respect to matters on which the Seller by Seller RepresentativeRepresentative has been empowered through the Power of Attorney, and on any other action taken a decision, act, consent or purported to be taken on behalf instruction of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers the Put Holders and shall be final, binding and conclusive upon each of the Put Holders, and the Buyer and any other Person may rely upon any such Person. No decision, act, consent or instruction of the Seller shall have Representative as being the right to object todecision, dissent fromact, protest consent or otherwise contest the sameinstruction of each Seller. The provisions of this Section, including the power of attorney granted hereby, Buyer and any other Person (except any Put Holder) are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by hereby relieved from any act of liability to any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed Person for any reason acts done by them in accordance with any such decision, act, consent or no reason by the vote or written consent of a majority in interest instruction of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iiic) In the event that the Seller Representative is unable or unwilling to serve as such, the Sellers shall, within five (5) business days following notice of the deathsuch inability or unwillingness, incapacity, resignation or removal of appoint a successor Seller Representative, a new Seller Representative which person shall be appointed by the vote or written consent a resident of the Majority Holders. (iv) Notice United States of such vote or a copy America, in accordance with the Power of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the SellersAttorney. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant hereunder as the Seller Representative unless it is proved by clear and convincing evidence that his action or failure to act involved an act or omission undertaken with deliberate intent to cause injury to the advice Put Holders or undertaken with reckless disregard to the best interests of counselthe Put Holders. Except as provided in this Section 9(d), accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall each Put Holder shall, severally and not jointly (in accordance with their Pro Rata Shares)pro rata to the number of Put/Call shares held by such Put Holder, indemnify and hold harmless the Seller Representative harmless from and againstagainst any loss, compensate it for, reimburse it for liability or expense incurred on the part of the Seller Representative and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and or in connection with its activities as the acceptance or administration of the Seller Representative under this Agreement Representative's duties hereunder, including the reasonable fees and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or expenses of any portion thereof was primarily caused legal counsel retained by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Put and Call Agreement (Jarden Corp)

Seller Representative. (a) By approving this Agreement and Each Seller hereby irrevocably appoints I▇▇▇ ▇▇▇▇▇ (the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act ”), as such Person’s representative agent and attorney-in-fact to act fact, with full power of substitution for and on behalf of such Person with respect to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: Persons; (i) to give and receive notices and communications; ; (ii) to object to such payments, to agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, seek and comply with orders of courts and awards of arbitrators with respect to this Agreement or any other Transaction Document (other than the Consulting Agreements); (iii) to negotiate, resolve and settle any and all claims for indemnification made by Buyer pursuant to under Article VII 9; and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoingforegoing including to engage counsel and accountants and other professionals and the carrying out any other duties of Seller Representative under this Agreement. Holdings and Buyer No bond shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence required of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to receive no compensation for his or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventher services. (b) The Upon the death, disability, resignation or other unavailability of Seller Representative, any vacancy in the position of Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason filled by a vote of the vote or written consent holders of a majority in interest of the Equity Interests held by Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event as of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by moment before the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) aboveClosing. (c) The Each Seller agrees (i) that Buyer, the Company and their Affiliates are fully protected and may rely conclusively on the instructions and decisions of Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the and (ii) that all actions and decisions of Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the are conclusive and binding on Sellers. (d) The Seller Representative, in his or her capacity as such, shall not be liable or responsible to any Seller for any action taken by Seller Representative (or for any failure on the part of such Seller Representative to take any action) unless (i) such Seller Representative did not believe in good faith that such action (or failure to take action) was within the scope of the authority conferred on him or her by this Agreement or (ii) such action (or failure to take action) constituted willful misconduct or gross negligence on the part of such Seller Representative; provided, that the foregoing shall not relieve such Seller Representative of any liability he or she may otherwise have under this Agreement. Without limiting the generality or the effect of the foregoing, in the absence of bad faith on the part of Seller Representative: (x) Seller Representative may rely, and shall be fully protected in acting, upon the advice or opinion of any attorney, accountant or consultant retained by such Seller Representative in connection with any matter relating to this Agreement or the Transactions; (y) Seller Representative may rely, and shall be fully protected in relying, upon the genuineness of any document believed by him or her to be genuine and to be signed by the proper party or parties; and (z) Seller Representative shall not be liable to for any error in judgment in the Sellers for actions taken pursuant to construction of this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)Transaction Document.

Appears in 1 contract

Sources: Stock Purchase Agreement (Life Clips, Inc.)

Seller Representative. (a) By approving The Seller, on behalf of itself and its Subsidiaries, successors and assigns, by execution and delivery of this Agreement and Agreement, hereby irrevocably appoints R. A▇▇▇ ▇▇▇▇▇▇▇, in the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS capacity as the initial Seller Representative. The Seller Representative will act , as each such Person’s representative and agent, attorney-in-fact and representative, with full power of substitution to act in the name, place and stead of such Person, to act on behalf of such Person from and after the Closing in connection with: (i) controlling and making any determinations with respect to this Agreement and the Promissory Notes and post-Closing Seller Consideration adjustments under Section 1.5; (ii) signing on behalf of such Person any releases or other documents with respect to take any and all actions and make any decisions required dispute or permitted to be taken by Seller Representative pursuant to remedy arising after the Closing under this Agreement or any Ancillary Documents to which the Promissory NotesSeller Representative is a party or otherwise has rights in such capacity (together with this Agreement, the “Seller Representative Documents”); (iii) employing and obtaining the advice of legal counsel, accountants and other professional advisors as the Seller Representative, in its reasonable discretion, deems necessary or advisable in the performance of its duties as the Seller Representative and to rely on their advice and counsel; (iv) incurring and paying reasonable out-of-pocket costs and expenses, including fees of brokers, attorneys and accountants incurred pursuant to the exercise transactions contemplated hereby, and any other out-of-pocket fees and expenses allocable or in any way relating to such transaction or any indemnification claim; and (v) otherwise enforcing the rights and obligations of any such Persons after the power to: (i) give Closing under any Seller Representative Documents, including giving and receive receiving all notices and communications; (ii) agree tocommunications hereunder or thereunder on behalf of such Person; provided, negotiate, enter into settlements that the Parties acknowledge that the Seller Representative is specifically authorized and compromises directed to act on behalf of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises for the benefit of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment members of Seller Representative for (after giving effect to the accomplishment of Reorganization). All decisions and actions by the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between the Seller Representative and Buyer or Holdings Purchaser Representative relating to the defense, payment or settlement of any claims for indemnification hereunderdisputes under Section 1.5, shall constitute a decision or action of all Sellers be binding upon the Seller and shall be finalits Subsidiaries, binding successors and conclusive upon each such Person. No Seller assigns, and neither they nor any other Party shall have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, Section 10.15 are irrevocable and coupled with an interest interest. The Seller Representative hereby accepts its appointment and shall not be terminated by any act authorization as the Seller Representative under this Agreement. In the event of any one distribution of the Seller Consideration Units or Sellersshares of Purchaser Class V Common Stock by the Seller to its members after the Closing, or the members of Seller, as a condition to receiving such distribution, shall irrevocably appoint the Seller Representative as their agent, attorney-in-fact and representative, with the indemnities, immunities, releases and powers granted by operation the Seller under this Section 10.15 (with the obligations of Law, whether by death or other eventsuch members being pro rata among the members based on the Seller Consideration Units received). (b) The Any other Person, including the Purchaser Representative, the Purchaser and the Company may conclusively and absolutely rely, without inquiry, upon any actions of the Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The the acts of Seller under any Seller Representative may resign at any time. (ii) Documents. The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Purchaser Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer Purchaser and the Target Company shall be entitled to rely conclusively on the instructions and decisions and actions of the prior Seller Representative as described to (i) any payment instructions provided by the Seller Representative or (ii) any other actions required or permitted to be taken by the Seller Representative under any Purchaser Representative Document, and the Seller shall not have any cause of action against the Purchaser Representative, the Purchaser or the Company for any action taken by any of them in reliance upon the instructions or decisions of the Seller Representative. The Purchaser Representative, the Purchaser and the Company shall not have any Liability to the Seller or its members for any allocation or distribution among the Seller’s members by the Seller Representative of payments made or securities delivered to or at the direction of the Seller Representative. All notices or other communications required to be made or delivered to a member of Seller under any Seller Representative Document shall be made to the Seller Representative for the benefit of such Seller member, and any notices so made shall discharge in full all notice requirements of the other parties hereto or thereto to such Seller member with respect thereto. All notices or other communications required to be made or delivered by a Seller member shall be made by the Seller Representative (except for a notice under Section 10.1(a10.15(d) aboveof the replacement of the Seller Representative). (c) The Seller Representative shall not be liable for any act done or omitted under any Seller Representative as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional while acting in good faith and without willful misconduct or bad faith (it being understood that gross negligence, and any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative counsel shall be conclusive evidence of such good faith). The Sellers Seller shall severally and not jointly (in accordance with their Pro Rata Shares)indemnify, indemnify defend and hold harmless the Seller Representative from and against, compensate it for, reimburse it for and pay against any and all losses, liabilitiesActions, claimsOrders, actionsLiabilities, damages damages, amounts paid in settlement, costs and expenses (including reasonable expenses of investigation and court costs and reasonable attorney’s fees and expenses) incurred without gross negligence, including reasonable attorneys’ fees bad faith or willful misconduct on the part of the Seller Representative (in its capacity as such) and disbursements, arising out of and or in connection with the acceptance or administration of the Seller Representative’s duties under any Seller Representative Document, including the reasonable fees and expenses of any legal counsel retained by the Seller Representative. In no event shall the Seller Representative in such capacity be liable under or in connection with any Seller Representative Document for any indirect, punitive, special or consequential damages. The Seller Representative shall be fully protected in relying upon any written notice, demand, certificate or document that it in good faith believes to be genuine, including facsimiles or copies thereof, and no Person shall have any Liability for relying on the Seller Representative in the foregoing manner. In connection with the performance of its activities rights and obligations hereunder, the Seller Representative shall have the right at any time and from time to time to select and engage, at the cost and expense of the Seller, attorneys, accountants, investment bankers, advisors, consultants and clerical personnel and obtain such other professional and expert assistance, maintain such records and incur other out-of-pocket expenses, as the Seller Representative may deem necessary or appropriate from time to time. All of the indemnities, immunities, releases and powers granted to the Seller Representative under this Agreement Section 10.15 shall survive the Closing and continue indefinitely. (d) The Person serving as the Seller Representative may resign upon ten (10) days’ prior written notice to the Purchaser, the Purchaser Representative and the Promissory Notes Seller. If the Seller Representative shall die, become disabled, dissolve, resign or otherwise be unable or unwilling to fulfill its responsibilities as representative and agent of the Seller, then the Seller shall, within ten (10) days after such death, disability, dissolution, resignation or other event, appoint a successor Seller Representative (by vote or written consent of Seller’s members holding in the “Representative Losses”aggregate a majority of the voting equity interests of Seller (or upon the liquidation of Seller, a majority of the Seller Consideration Units)), and promptly thereafter (but in each case as any event within two (2) Business Days after such appointment) notify the Purchaser Representative Loss is suffered or incurred; providedand the Purchaser in writing of the identity of such successor. Each successor Seller Representative shall have all of the power, that in authority, rights and privileges conferred by this Agreement upon the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of original Seller Representative, and the term “Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses Representative” as used herein shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)deemed to include any such successor Seller Representatives.

Appears in 1 contract

Sources: Business Combination Agreement (Andina Acquisition Corp. III)

Seller Representative. (a) By approving the execution of this Agreement and the transactions contemplated herebyAgreement, each Seller shall have hereby irrevocably authorized constitutes and appointed Dangroup ApS as the initial appoints CH Seller (“Seller Representative. The Seller Representative will act ”) as such Person’s representative its agent, proxy, and attorney-in-fact for each of the Seller Group Members for all purposes authorized under this Agreement, including the full power and authority on behalf of the Seller Group Members (i) to act direct or disburse any payments to be made to the Sellers hereunder; (ii) to endorse and deliver any certificates or instruments representing the Purchased Interests and the Blocker Interests and execute such further instruments of assignment as Buyer or Parent shall reasonably request; (iii) to execute and deliver on behalf of such Person with respect Seller Group Member any amendment or waiver hereto; (iv) (A) to this Agreement and the Promissory Notes and dispute or refrain from disputing, or to take deliver instructions, on behalf of such Seller Group Member relative to any and all actions and make any decisions required or permitted amounts to be taken received by the applicable Seller Representative pursuant to under this Agreement or the Promissory Notesany Ancillary Agreement, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification claim made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of Parent under this Agreement and or any Ancillary Document Agreement, (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultantsB) to assist Seller Representative in complying with its duties negotiate and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed compromise, on behalf of any Seller by Seller RepresentativeGroup Member, any dispute that may arise under, and on exercise or refrain from exercising any other action taken remedies available under, this Agreement or purported any Ancillary Agreement, and (C) to be taken execute, on behalf of each Seller Group Member, any settlement agreement, release or other document with respect to such dispute or remedy; (v) to engage attorneys, accountants, agents or consultants on behalf of the Seller by Group Members in connection with this Agreement or any Ancillary Agreement and pay any out-of-pocket fees related thereto; and (vii) to do each and every act and exercise any and all rights which such Seller Representative, as being fully binding upon such Person. Notices Group Member individually or communications collectively with the other Seller Group Members are permitted or required to do or from exercise in the judgment of Seller Representative shall constitute notice to or from each accomplish any of the Sellersforegoing or as contemplated by this Agreement or any Ancillary Agreement. Any decision Each Seller agrees that such agency and proxy are coupled with an interest, are therefore irrevocable without the consent of Seller Representative and shall survive the death, incapacity, bankruptcy, dissolution or action liquidation of any such Seller or its successors and assigns. All decisions and actions by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating (to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and extent authorized by this Agreement) shall be finalbinding upon all of the Seller Group Members, binding and conclusive upon each such Person. No no Seller Group Member shall have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Each Seller agrees that ▇▇▇▇▇ and Parent shall be entitled to rely on any action taken by Seller Representative, on behalf of such Seller Group Member, pursuant to Section (c) Seller Representative may shall not have by reason of this Agreement a fiduciary relationship in respect of any Seller Group Member, except in respect of amounts received on behalf of such Seller Group Member for further distribution to the applicable Seller Group Member. Seller Representative shall not be removedliable to any Seller Group Member for any action taken or omitted by it or any agent employed by it hereunder or under any Ancillary Agreement, etcexcept that Seller Representative shall not be relieved of any liability imposed by law for willful misconduct. as provided Seller Representative shall not be liable to the Seller Group Members for any apportionment or distribution of payments made by Seller Representative in good faith, and if any such apportionment or distribution is subsequently determined to have been made in error the sole recourse of any Seller Group Member to whom payment was due, but not made, shall be to recover from the other Seller Group Members any payment in excess of the amount to which they are determined to have been entitled. Seller Representative shall not be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of this Section 11.1(b)Agreement. Neither Seller Representative nor any agent employed by it shall incur any liability to any Seller Group Member by virtue of the failure or refusal of Seller Representative for any reason to consummate the transactions contemplated hereby or relating to the performance of its other duties hereunder, except for actions or omissions constituting actual and intentional fraud. (id) The Seller Representative (in its capacity as such) shall be entitled to retain counsel and to incur such expenses (including court costs and reasonable attorneys’ fees and expenses) as Seller Representative deems to be necessary or appropriate in connection with its performance of its obligations under this Agreement. All fees and expenses incurred by Seller Representative in performing its duties as the Seller Representative shall be borne by the Sellers. (e) Each Seller hereby agrees to indemnify Seller Representative (in its capacity as such) against, and to hold Seller Representative (in its capacity as such) harmless from any and all liabilities of whatever kind which may at any time be imposed upon, incurred by or asserted against Seller Representative (in its capacity as such) in any way relating to or arising out of Seller Representative’s action or failure to take action pursuant to this Agreement or in connection herewith or therewith in such capacity; provided, that Sellers shall not be liable for the payment of any portion of such liabilities to the extent resulting from the fraud of Seller Representative. Sellers hereby authorize Seller Representative to apply proceeds otherwise distributable to Sellers pursuant to this Agreement to satisfy any of Sellers’ obligations under this Section 7.14. (f) Seller Representative may resign at any time. (ii) The Seller Representative , and may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share on a pro rata basis (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of the Seller Representative. (iii) . In the event of the death, incapacity, resignation or removal of the Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) . Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Parent and Buyer, such appointment to be effective upon the 80 later of the date indicated in such consent or the date such notice is received by ▇▇▇▇▇▇ and Buyer; provided, that until such notice is received, Buyer Parent and the Target Company Buyer, shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith7.14(a). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)[Signatures on Following Page.]

Appears in 1 contract

Sources: Membership Interest Purchase Agreement (Titan International Inc)

Seller Representative. (a) The Seller Representative, in such capacity, has no obligation to incur or pay any expense in connection herewith, including that the Seller Representative, in such capacity, has no obligation (indemnification or otherwise) for any Loss of any other party or any Seller. However, if the Seller Representative is also a Seller, then the Seller Representative in his capacity as a Seller has all rights and liabilities with respect hereto as such. (b) The Buyer and, following the Closing, the Company will be entitled to rely on all statements, actions, representations and decisions of the Seller Representative as being the binding acts of all Sellers or any of them, notwithstanding any communication from any Seller to the contrary (other than communication regarding termination or replacement of the Seller Representative pursuant to this Section 8.18). The Buyer’s or, following the Closing, the Company’s obligation to make any payment to or for the benefit of any Seller under or in connection with this Agreement is to make such payment to the Sellers Representative or the Paying Agent, as described herein. If such payment is properly made, then the Buyer or, following the Closing, the Company will be entitled to rely conclusively and without independent verification on the Seller Representative making further payment, and the Seller Representative will make all of such payments, each in the proper amount, to the proper Persons. (c) Without limiting the foregoing terms of this Section 8.12 and without limiting the terms of, or being limited by the terms of (and this will survive the execution and delivery of), the follow will apply: (i) By approving virtue of a Seller’s execution and delivery of this Agreement and the transactions contemplated herebywithout any Seller needing to take any further act, each such Seller shall have irrevocably authorized constitutes and appointed Dangroup ApS appoints ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ as the initial Seller Representative. The Seller Representative will act or, if applicable, any successor to such Person appointed pursuant to this Agreement as such Person’s the sole, exclusive and true and lawful agent, representative and attorney-in-fact for such Seller and for each other applicable Seller with full power of substitution or resubstitution, solely for the purposes set forth in this Agreement, such appointment being coupled with an interest and irrevocable. This power of attorney will not be affected by and will survive the subsequent death, disability or incapacity of each of the Sellers. (ii) The Seller Representative has the sole and exclusive right and authority to act for, in the name of and on behalf of each Seller under this Agreement and regarding the Sellers Expense Amount and in connection with any transaction or action contemplated herein or therein. Each Seller will be absolutely and irrevocably bound by all statements, directions, instructions, actions, representations, decisions and determinations of the Seller Representative in such capacity. The Seller Representative may, and is permitted to, act in its capacity as the Seller Representative in a manner that the Seller Representative believes to be in the best interest of the Sellers taken as a whole (consistent with this Agreement). Neither the Seller Representative nor any of the Seller Representative’s agents or representatives will be liable to any Seller for any error of judgment, or any action taken, suffered or omitted to be taken, except in the case of the Seller Representative’s bad faith or willful misconduct. The Seller Representative may consult with legal counsel, independent public accountants and other experts selected by the Seller Representative and will not be liable to any Seller for any action taken or omitted to be taken in good faith by the Seller Representative in accordance with the advice of such counsel, accountants or experts. As to any matters not expressly provided for in this Agreement, the Seller Representative will not be required to exercise any discretion or take any action. In all matters relating to this Agreement, the Seller Representative will be the only Person entitled to assert the rights of the Sellers. By executing and delivering this Agreement, each Seller confirms and ratifies all that the Seller Representative will do or cause to be done in the capacity of the Seller Representative. (iii) The Seller Representative may resign at any time. The Seller Representative may be changed or replaced, and any vacancy in the position of the Seller Representative may be filled, in each case by affirmative action of the Sellers holding a majority of the economic interests in the remaining portion of the Sellers Expense Amount. No bond will be required of the Seller Representative. The Seller Representative promptly will inform the Buyer of any such resignation or other change. (iv) The Sellers will indemnify, defend and hold harmless the Seller Representative from and against all Losses of the Seller Representative arising out of or resulting from any action taken or omitted to be taken by the Seller Representative in such capacity, other than Losses from the Seller Representative’s bad faith or willful misconduct (including without limitation that the Seller Representative may withdraw such indemnification from the Sellers Expense Amount). The Seller Representative will not be liable to any Seller for any act done or omitted under this Agreement as the Seller Representative unless such action or omission results from or arises out of bad faith or willful misconduct of the Seller Representative. The Sellers will reimburse the Seller Representative for all out‑of‑pocket expenses incurred by the Seller Representative in such capacity, but the Seller Representative will not be entitled to any compensation for any such services rendered in its capacity as the Seller Representative. The obligations in this Section 8.18(c)(iv) will be satisfied severally and not jointly by the Sellers in proportion to each Seller’s Pro Rata Portion. (v) The Buyer and, following the Closing, the Company are entitled to conclusively and absolutely rely, without inquiry, on all statements, actions, representations and decisions of the Seller Representative as being the binding acts of all of the Sellers or any of them, notwithstanding any communication from any Seller to the contrary (other than communication regarding termination or replacement of the Seller Representative pursuant to the terms of this Agreement). The Buyer’s or, following the Closing, the Company’s obligation to make any payment to or for the benefit of any Seller under or in connection with this Agreement is to make such payment to the Seller Representative or the Paying Agent, as described in this Agreement. If such payment is properly made, then Buyer or, following the Closing, the Company will be entitled to rely conclusively and without independent verification on the Seller Representative making further payment, and the Seller Representative will make all of such payments, each in the proper amount, to the proper Persons. (vi) The Seller Representative has no obligation of any nature (fiduciary or other) to obtain or maximize any interest, appreciation, income or other earnings for any Seller with respect to this Agreement and Agreement, the Promissory Notes and to take any and all Sellers Expense Amount or otherwise. (vii) The actions and make any decisions required or permitted to be taken by the Seller Representative pursuant to this Agreement or the Promissory Notesmay include, including the exercise of the power but are not limited to: : (i) give and receive notices and communications; communications pursuant to this Agreement and make and receive service of process in any proceeding arising out of or related to this Agreement, and institute or defend any proceeding; (ii) agree to, negotiate, enter into settlements and compromises of, and comply demand dispute resolution with orders or otherwise handle any other matters described in Section 2.5; (iii) agree respect to, negotiate, enter into settlements and compromises ofany proceeding or other dispute arising out of or related to this Agreement, and comply with orders of courts and awards of arbitrators with respect to claims for indemnification made by Buyer pursuant such claims; (iii) effect any amendment to Article VII and Article IX; this Agreement that Sellers Representative deems necessary or desirable; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver on behalf of any Seller all documents necessary or desirable that may be executed and delivered pursuant to carry out the intent of this Agreement Agreement; and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viiiv) take all actions necessary or appropriate in the good faith judgment of the Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Stock Purchase Agreement (Airgain Inc)

Seller Representative. (a) By approving HTA Holdings (the “Seller Representative” ) is hereby appointed as the representative of the Sellers and as the attorney-in-fact, with full power of substitution, and agent for and on behalf of each such Seller for purposes of this Agreement and the transactions contemplated hereby, each Seller shall have irrevocably authorized Ancillary Agreements and appointed Dangroup ApS as will take such actions to be taken by the initial Seller Representative. The Seller Representative will act as under this Agreement and the Ancillary Agreements and such Person’s representative and attorney-in-fact to act other actions on behalf of such Person Sellers as it may deem necessary or appropriate in connection with respect or to consummate the transactions contemplated by this Agreement and the Promissory Notes and to take any and Ancillary Agreements, including (i) taking all actions and make making all filings on behalf of such Sellers with any decisions required Governmental Authority or permitted other Person necessary to be taken effect the consummation of the transactions contemplated by Seller Representative pursuant to this Agreement or the Promissory NotesAncillary Agreements, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree agreeing to, negotiatenegotiating, enter entering into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply complying with orders of courts with respect to to, and otherwise administering and handling any claims for indemnification made by Buyer pursuant to Article VII under this Agreement or the Ancillary Agreements on behalf of such Sellers, including indemnifications claims, (iii) negotiating and Article IX; executing any waivers or amendments of this Agreement or the Ancillary Agreements (provided that any amendment that shall materially adversely and disproportionately affect the rights or obligations of any Seller (except as is consistent with such Seller’s Purchase Price Percentage) shall require the prior written consent of such Seller) and (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver taking all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all other actions that are either necessary or appropriate in the good faith judgment of the Seller Representative for the accomplishment of the foregoingforegoing or contemplated by the terms of this Agreement or the Ancillary Agreements. Holdings and Buyer shall be entitled to deal exclusively with The Seller Representative on all matters relating hereby accepts such appointment. Each Seller shall promptly provide written notice to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence the Seller Representative of any kind whatsoeverchange of address of such Seller. (b) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from The Seller Representative shall constitute notice be the only party entitled to or from each assert the rights of the SellersSellers with respect to any matter contemplated by this Agreement or the Ancillary Agreements. Any decision A decision, act, consent or action by instruction of the Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, hereunder shall constitute a decision decision, act, consent or action instruction of all Sellers and shall be final, binding and conclusive upon each of such Person. No Sellers, and shall be binding upon the successors, heirs, executors, administers and legal representatives of each such Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act affected by, and shall survive, the death, incapacity, bankruptcy, dissolution or liquidation of any one Seller, and the Escrow Agent, Buyer the Issuer and the Company may rely upon any such decision, act, consent or Sellers, or by operation instruction of Law, whether by death or other event. (b) The the Seller Representative may as being the decision, act, consent or instruction of each and every such Seller. The Escrow Agent, Buyer, Issuer and the Company and their Affiliates shall not be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at liable to any time. (ii) The Seller Representative may be removed Person for any reason acts done by them in accordance with such decision, act, consent or no reason by the vote or written consent of a majority in interest instruction of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iiic) In The Seller Representative will incur no liability with respect to any action taken or suffered by any party in reliance upon any notice, direction, instruction, consent, statement or other document believed by such Seller Representative to be genuine and to have been signed by the proper person (and shall have no responsibility to determine the authenticity thereof), nor for any other action or inaction by the Seller Representative in connection with the Seller Representative’s services pursuant to this Agreement or any Ancillary Agreement, except in the event of liability directly resulting from the death, incapacity, resignation gross negligence or removal willful misconduct of the Seller Representative. In all questions arising under this Agreement or any Ancillary Agreement, a new the Seller Representative shall may rely on the advice of outside counsel, and the Seller Representative will not be appointed liable to any Seller for anything done, omitted or suffered in good faith by the vote or written consent of the Majority HoldersSeller Representative based on such advice. (ivd) A majority-in-interest of Sellers may, by written consent, appoint a new representative as the Seller Representative. Notice of such vote or together with a copy of the written consent appointing such new Seller Representative shall representative and bearing the signatures of Sellers of a majority-in-interest of those Sellers must be sent delivered to BuyerBuyer and the Issuer and, if applicable, the Escrow Agent not less than 10 days prior to such appointment. Such appointment to will be effective upon the later of the date indicated in such the consent or the date such notice consent is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on Issuer and, if applicable, the decisions and actions Escrow Agent. For the purposes of this Section 10.21, a “majority-in-interest of the prior Seller Representative as described Sellers” means Sellers representing in Section 10.1(a) abovethe aggregate over 50% of the aggregate Purchase Price Percentage. (ce) The Seller Representative shall act as a fiduciary with fiduciary duties to In the Sellers. If event that the Seller Representative has becomes unable or unwilling to continue in his, her or its capacity as Seller Representative, or if the Seller Representative resigns as a personal conflict Seller Representative, a majority-in-interest of interest the Sellers may, by written consent, and with respect to any actionthe prior written consent of the Buyer, decision or determination to be made by appoint a new representative as the Seller Representative. Notice and a copy of the written consent appointing such new representative and bearing the signatures of the Sellers of a majority-in-interest of the Sellers must be delivered to Buyer and the Issuer and, if applicable, the Seller Representative must notify Escrow Agent. Such appointment will be effective upon the Sellers. (d) The Seller Representative shall not be liable to later of the Sellers for actions taken pursuant to this Agreement date indicated in the consent or the Promissory Notes, except to the extent date such actions shall have been determined consent is received by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement Buyer and the Promissory Notes (Issuer and, if applicable, the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)Escrow Agent.

Appears in 1 contract

Sources: Unit Purchase Agreement (VERRA MOBILITY Corp)

Seller Representative. (a) By approving the execution and delivery of this Agreement and the transactions contemplated herebyAgreement, each Seller shall have hereby irrevocably authorized constitutes and appointed Dangroup ApS appoints ▇▇▇ ▇▇ (in such capacity, the “Seller Representative”) as the initial Seller Representative. The Seller Representative will act as such Person’s representative true and lawful agent and attorney-in-fact of such Seller with full powers of substitution to act in the name, place and stead of thereof with respect to the performance on behalf of such Person with respect to Seller under the terms and provisions of this Agreement and the Promissory Notes other Transaction Documents, as the same may be from time to time amended, and to take do or refrain from doing all such further acts and things, and to execute all such documents on behalf of such Seller, if any, as the Seller Representative will deem necessary or appropriate in connection with any of the transactions contemplated under this Agreement or any of the other Transaction Documents, including: (i) act for the Sellers with respect to all indemnification matters referred to in this Agreement, including the right to compromise on behalf of the Sellers any indemnification claim made by or against the Sellers, if any; (ii) act for the Sellers with respect to all post-Closing matters; (iii) terminate, amend or waive any provision of this Agreement; provided, that any such action, if material to the rights and obligations of the Sellers in the reasonable judgment of the Seller Representative, will be taken in the same manner with respect to all of the Sellers unless otherwise agreed by each Seller who is subject to any disparate treatment of a potentially adverse nature; (iv) employ and obtain the advice of legal counsel, accountants and other professional advisors as the Seller Representative, in his or her sole discretion, deems necessary or advisable in the performance of his or her duties as the Seller Representative and to rely on their advice and counsel; (v) incur and pay expenses, including fees of brokers, attorneys and accountants incurred pursuant to the Transactions, and any other fees and expenses allocable or in any way relating to such Transactions or any indemnification claim, whether incurred prior or subsequent to Closing; (vi) sign any releases or other documents with respect to and dispute or remedy arising under this Agreement or the other Transaction Documents; and (x) do or refrain from doing any further act or deed on behalf of Sellers which the Seller Representative deems necessary or appropriate in his or her sole discretion relating to the subject matter of this Agreement as fully and completely as any Seller could do if personally present and acting. The Seller Representative ▇▇▇▇▇▇ accepts his or her appointment and authorization as the Seller Representative under this Agreement. (b) The appointment of the Seller Representative will be deemed coupled with an interest and will be irrevocable, and any other Person, including the Purchaser, Fresh2, any Group Company and any other Purchaser Indemnified Parties, may conclusively and absolutely rely, without inquiry, upon any actions of the Seller Representative as the acts of Sellers hereunder or any other Transaction Document. Each Purchaser Indemnified Party shall be entitled to rely conclusively on the instructions and make decisions of the Seller Representative as to (i) the settlement of any decisions claims for indemnification by a Purchaser Indemnified Party pursuant to Section 7 hereof, (ii) any payment instructions provided by the Seller Representative, or (iii) any other actions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between and no Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller Indemnified Party shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions any cause of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by action against any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed Purchaser Indemnified Party for any reason action taken by a Purchaser Indemnified Party in reliance upon the instructions or no reason by the vote or written consent of a majority in interest decisions of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall will act for the Sellers on all of the matters set forth in this Agreement in the manner the Seller Representative believes to be in the best interest of the Sellers, but the Seller Representative will not be responsible to any Seller for any loss or damage that any Seller may suffer by reason of the performance by the Seller Representative of such Seller Representative’s duties under this Agreement, other than loss or damage arising from fraud, gross negligence or willful misconduct in the performance of the Seller Representative’s duties under this Agreement. The Sellers do hereby jointly and severally agree to indemnify and hold the Seller Representative harmless from and against any and all Losses reasonably incurred or suffered as a fiduciary with fiduciary result of the performance of the Seller Representative’s duties under this Agreement, except for any such liability arising out of the fraud, gross negligence or willful misconduct of the Seller Representative. The Seller Representative will not be entitled to any fee, commission or other compensation for the performance of his or her services hereunder, but will be entitled to the Sellers. payment from Sellers of all his or her expenses incurred as the Seller Representative. (d) If the Seller Representative has shall die, become disabled, resign or otherwise be unable or unwilling to fulfill his or her responsibilities as agent of ▇▇▇▇▇▇▇, then Sellers shall, within ten (10) days after such death or disability, appoint a personal conflict successor agent and, promptly thereafter (but in any event within two (2) Business Days after such appointment), shall notify the Purchaser and Fresh2 in writing of interest the identity of such successor. Any such successor shall be appointed by the written consent of the Sellers holding a majority of the Pro Rata Share held by all Sellers, and any successor so appointed shall become the “Seller Representative” for purposes of this Agreement. (e) All notices or other communications required to be made or delivered by the Purchaser or Fresh2 to a Seller shall be made to the Seller Representative for the benefit of such Seller, and any notices so made shall discharge in full all notice requirements of the Purchaser to such Seller with respect thereto. All notices or other communications required to any action, decision be made or determination to delivered by a Seller shall be made by the Seller Representative, Representative (except for a notice under Section 8.3(d) of the replacement of the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Share Purchase Agreement (Fresh2 Group LTD)

Seller Representative. (a) By approving this Agreement and ▇▇▇▇ ▇▇▇▇▇▇▇ (the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act ”) is hereby irrevocably appointed as such Person’s representative representative, agent and attorney-in-fact for Seller (i) to act give and receive notices and communications relating to the transactions and other matters contemplated by this Agreement or the Seller Related Agreements, including those relating to indemnification claims, (ii) to make decisions on behalf of such Person Seller with respect to the transactions and other matters contemplated by this Agreement and or the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant Related Agreements, (B) indemnification claims, (C) amendments to this Agreement or the Promissory NotesSeller Related Agreements and (D) the defense of third party suits that may be the subject of indemnification claims, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, to negotiate, enter into settlements and compromises of, and comply demand litigation or arbitration with orders respect to such third party suits or otherwise handle any other matters described in Section 2.5; claims by Purchaser for indemnification and (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders to take other actions on behalf of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions Seller as contemplated by this Agreement and any Ancillary Document (or the Seller Related Agreements, including the Promissory Notes);exercise of all rights granted to Seller under this Agreement or the Seller Related Agreements. (viib) engage, employ or appoint any agents or representatives Seller agrees that (including attorneys, accountants and consultantsi) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, Section 8.1 are independent and severable, are irrevocable and coupled with an interest and shall not be terminated enforceable notwithstanding any rights or remedies Seller may have in connection with the transactions contemplated by any act of any one this Agreement or Sellersthe Seller Related Agreements, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed a remedy at law for any reason or no reason by the vote or written consent of a majority in interest breach of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); providedprovisions of this Section 8.1 would be inadequate, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. and (iii) In the event provisions of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative this Section 8.1 shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective binding upon the later successors and assigns of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) aboveSeller. (c) The A decision, act, consent or instruction of Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant relating to this Agreement or the Promissory NotesSeller Related Agreements shall constitute a decision for Seller, except to the extent and shall be final, binding and conclusive upon Seller, and Purchaser may rely upon any such actions shall have been determined by a court decision, act, consent or instruction of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence as being the decision, act, consent or instruction of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)Seller.

Appears in 1 contract

Sources: Asset Purchase Agreement (Digital Domain Media Group, Inc.)

Seller Representative. (a) By approving 9.14.1. Subject to the requirements of Section 9.14.2 below, by approval of this Agreement and in accordance with the transactions contemplated herebylaws of the State of Delaware, each Seller shall have hereby irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act appoints Yuz, on an exclusive basis, as such PersonSeller’s representative true and lawful attorney-in-fact fact, representative, agent and proxy, with full power of substitution or re-substitution, to act solely and exclusively, on behalf of such Person Seller with respect to any and all matters relating to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory NotesEscrow Agreement, including the exercise of the power to: (i) give and receive notices and communications; that the Parent Stock subject to the Escrow Stock Amount initially may be titled in the name of the Stockholder Representative on behalf of the Sellers until released from the Escrow Account, at which time the Parent Stock will be re-titled in the name of the Sellers in accordance with the Allocation Schedule, (ii) to perform covenants, exercise rights and satisfy obligations of the Sellers herein, to communicate to, and receive all communications and notices from the Buyer, (iii) to resolve with the Buyer and the Independent Referee the Closing Statement and the calculation of any adjustment to the Purchase Price related thereto, (iv) to authorize deliveries to the Buyer Indemnified Parties of cash or other property from the Escrow Account, or to object to related claims in accordance with the Escrow Agreement, (v) to consent or agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts Governmental Orders with respect to any indemnification claims or disputes under this Agreement, (vi) to authorize the release of the Seller Representative Fund Amount or otherwise control the Seller Representative Fund Amount, and (vii) to do each and every act, implement any decision and exercise any and all rights which the Sellers are permitted or required to do or exercise under this Agreement, except that (x) the Seller Representative may not receive any funds payable hereunder on behalf of the Sellers, and if Seller Representative receives any such funds, it will promptly distribute those funds to the applicable Sellers in accordance with the Allocation Schedule and (y) any action by on or the party of the Seller Representative, including in respect of indemnification claims, disputes related to the release of escrow funds, or matters related to the Earn-Out, that might impact the proceeds payable to Siemens or otherwise relates to any liability of Siemens also requires the written consent of Siemens, which Siemens may grant or withhold in its discretion. If ▇▇▇ or any successor or replacement of his as Seller Representative is ever unable and/or unwilling to act as a Seller Representative, the Persons holding a majority of the Shares to be sold pursuant to this Agreement may select another representative or representatives to replace such Seller Representative(s) and such substituted representative shall be deemed to be such Seller Representative(s) for indemnification all purposes of this Agreement. 9.14.2. Subject to the approval requirements set forth in the proviso below, the Seller Representative is hereby authorized and empowered to exclusively act as the representative of the Sellers, and to take all action deemed by the consent of the Seller Representative on behalf of the Sellers required or permitted to be taken by the Seller Representative under this Agreement and/or the Escrow Agreement, including with respect to any claims (including the settlement thereof) made by the Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII this Section 9; provided that, prior to taking any action on behalf of the Sellers (including in respect of the use of the Seller Representative Fund Amount) (a “Proposed Action”), the Seller Representative must first submit the Proposed Action to Siemens, ▇▇▇▇▇▇▇ ▇▇▇ and Article IX; ▇▇▇▇▇ ▇▇▇▇▇▇ (veach, a “Representative Committee Member” and collectively, the “Representative Committee”) execute for approval. A Proposed Action will be deemed approved by the Representative Committee and deliver the Seller Representative may undertake such Proposed Action if a majority of the Representative Committee Members vote to approve the Proposed Action. For the avoidance of doubt, the Seller Representative may not undertake a Proposed Action if the Representative Committee does not approve such Proposed Action. Each Representative Committee Member may approve a Proposed Action in writing, including electronically via email, and meetings of the Representative Committee are not required. The Sellers shall be bound by all documents necessary actions taken by the Seller Representative in its capacity as such. Each Seller acknowledges and agrees that the Seller Representative shall for all purposes be deemed the sole authorized agent of the Sellers until such time as the agency is terminated and no Seller shall have any right to act on its own behalf with respect to any of the foregoing matters. The Seller Representative shall promptly, and in any event within five (5) Business Days thereof, provide written notice to the Sellers of any action taken on behalf of the Sellers by the Seller Representative pursuant to the authority delegated to the Seller Representative under this Section 9.14. The Seller Representative shall at all times act in its capacity as Seller Representative in a manner that the Seller Representative believes to be in the best interest of the Sellers. The Sellers agree that the Buyer Indemnified Parties shall be entitled to rely exclusively upon all actions taken or desirable omitted to carry out be taken by the intent of Seller Representative pursuant to this Agreement and any Ancillary Document of the foregoing matters. Notwithstanding anything contained herein to the contrary, the Sellers shall remain bound by their obligations under this Agreement, including under Sections ‎ 8 and ‎ 9. 9.14.3. Neither the Seller Representative (including nor any of his Representatives, if applicable) nor the Promissory Notes); (vi) make all elections Representative Committee Members shall be liable to any Person for any error of judgment, or decisions contemplated by any action taken, suffered or omitted to be taken, under this Agreement or the Escrow Agreement, except in the case of his gross negligence, bad faith, fraud or willful misconduct. Each of the Seller Representative and the Representative Committee Members, respectively, may consult with legal counsel, independent public accountants and other experts selected by them and shall not be liable for any Ancillary Document (including action taken or omitted to be taken in good faith in accordance with the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneysadvice of counsel, accountants or experts. Neither the Seller Representative nor any Representative Committee Member, respectively, shall have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or the Escrow Agreement. As to any matters not expressly provided for in this Agreement or the Escrow Agreement, the Seller Representative and consultants) the Representative Committee Members, respectively, shall not be required to assist exercise any discretion or take any action. Each Seller, severally in accordance with its pro rata share of the Purchase Price, shall indemnify and hold harmless and reimburse the Seller Representative and the Representative Committee Members from and against any and all Losses incurred by the Seller Representative and each Representative Committee Member, respectively, in each case solely in his capacity as such, arising out of or resulting from any action taken or omitted to be taken by the Seller Representative under this Agreement or the Escrow Agreement, other than such Losses arising out of or resulting from the Seller Representative’s gross negligence, bad faith, fraud or willful misconduct. 9.14.4. At the Closing, ▇▇▇▇▇ will deliver the Seller Representative Fund Amount to a bank account designated by the Seller Representative, which will be controlled by the Seller Representative and used solely to pay the costs and expenses, if any, incurred by the Seller Representative in complying with its duties and obligations; andthe performance of his obligations as the Seller Representative. (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing9.14.5. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on In all matters relating to this Agreement (including Article IX) 9 and shall be entitled subject to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each the approval requirements of the Sellers. Any decision or action by Seller Representative hereunderCommittee, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent only party entitled to assert the rights of the Majority Holders. (iv) Notice of such vote or a copy of Sellers, and the written consent appointing such new Seller Representative shall be sent permitted to Buyer, such appointment to be effective upon the later perform all of the date indicated in such consent or obligations of the date such notice is received Sellers hereunder, provided that the Sellers shall remain bound by Buyer; provided, that until such notice is received, their obligations under this Agreement including any payment obligations. Buyer and the Target Company shall be entitled to rely on the all statements, representations, and decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Stock Purchase Agreement (Nano-X Imaging Ltd.)

Seller Representative. (a) By approving the execution and delivery of this Agreement Agreement, Company and the transactions contemplated hereby, each Seller shall have hereby irrevocably authorized constitute and appointed Dangroup ApS appoint ▇▇. ▇▇▇▇▇▇▇▇▇ as the initial Seller Representative. The Seller Representative will act as such Person’s representative true and lawful agent and attorney-in-fact (the “Seller Representative”) of such Seller with full powers of substitution to act in the name, place and stead of thereof with respect to the performance on behalf of such Person with respect Seller under the terms and provisions of this Agreement, as the same may be from time to this Agreement and the Promissory Notes time amended, and to take any do or refrain from doing all such further acts and things, and to execute all actions and make any decisions required or permitted to be taken by such documents on behalf of the Sellers, if any, as the Seller Representative pursuant to this Agreement shall deem necessary or the Promissory Notes, including the exercise appropriate in connection with any of the power totransactions contemplated under this Agreement, including: (i) give and receive notices and communicationsto agree upon or compromise any matter related to the calculation of any adjustments, under this Agreement; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5to direct the distribution of the Purchase Price; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders to execute the Escrow Agreement on behalf of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IXthe Sellers; (iv) litigateto act for the Sellers with respect to all indemnification matters referred to in this Agreement, arbitrateincluding the right to compromise on behalf of the Sellers any indemnification claim made by or against the Sellers, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IXif any; (v) execute to act for the Sellers with respect to all post-Closing matters including pursuant to Section 12 and deliver including to consent to the payment of funds in the Escrow Account to Purchaser and/or to petition the Escrow Agent for the release of any or all documents necessary or desirable to carry out funds due the intent of this Agreement and any Ancillary Document (including Sellers under the Promissory Notes)Escrow Agreement; (vi) make after the Closing, to terminate, amend, or waive any provision of this Agreement; provided that any such action shall be taken in the same manner with respect to all elections or decisions contemplated the Sellers unless otherwise agreed by this Agreement and each of the Sellers who is subject to any Ancillary Document (including the Promissory Notes)disparate treatment of a potentially adverse nature; (vii) engage, to employ or appoint any agents or representatives (including attorneysand obtain the advice of legal counsel, accountants and consultantsother professional advisors as the Seller Representative reasonably deems necessary or advisable in the performance of his duties as the Seller Representative and to rely on their advice and counsel; (viii) to assist retain a portion of the Purchase Price as a reserve against the payment of expenses incurred in his capacity as the Seller Representative in complying Representative; (ix) to sign any releases or other documents with its duties respect to and obligationsdispute or remedy arising under the Transaction Documents; and (viiix) take all actions to do or refrain from doing any further act or deed on behalf of the Sellers which the Seller Representative reasonably deems necessary or appropriate in relating to the good faith judgment subject matter of this Agreement as fully and completely as any of the Sellers could do if personally present and acting. Without limiting the foregoing, after the Closing Seller Representative for shall take the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported actions to be taken on behalf by the Sellers under Section 12 hereof. (b) The appointment of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and deemed coupled with an interest and shall not be terminated irrevocable, and any other Person may conclusively and absolutely rely, without inquiry, upon any actions of the Seller Representative as the acts of the Sellers hereunder appointing the Seller Representative in all matters referred to in this Agreement. Each of Company and Sellers appointing the Seller Representative hereby ratifies and confirms all that the Seller Representative shall do or cause to be done by any act virtue of any one or such Seller Representative’s appointment as Seller Representative of the Sellers, or by operation of Law, whether by death or other event. (b) . The Seller Representative may be removed, etc. as provided shall act for the Sellers appointing the Seller Representative on all of the matters set forth in this Section 11.1(b). (i) The Agreement in the manner the Seller Representative may resign at any time. (ii) The Seller Representative may believes to be removed for any reason or no reason by in the vote or written consent of a majority in best interest of the Sellers according to each Seller’s Pro Rata Share (but the “Majority Holders”); provided, however, in no event shall Seller Representative resign shall not be responsible to the Company nor any of the Sellers for any loss or be removed without damage that the Majority Holders having first appointed a new Company or any of the Sellers may suffer by reason of the performance by the Seller Representative who shall assume of such duties immediately upon the resignation or removal of Seller Representative’s duties under this Agreement and any other agreement appointing such Seller Representative, other than loss or damage arising from fraud, gross negligence or willful misconduct in the performance of such Seller Representative’s duties under this Agreement. (iiic) In the event Each of the death, incapacity, resignation or removal of Seller Representative, a new Sellers appointing the Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, hereunder hereby expressly acknowledges and agrees that until such notice is received, Buyer and the Target Company any Person shall be entitled to rely on any and all action taken by the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties under this Agreement without liability to, or obligation to inquire of, any of the Sellers. If the Seller Representative has a personal conflict of interest with respect resigns or ceases to function in such capacity for any actionreason whatsoever, decision or determination to be made by then the Seller Representative, the Seller Representative must notify the Sellers. (d) The successor Seller Representative shall not be liable the Person appointed by the Sellers that held a majority of the Company Equity outstanding immediately prior to the Sellers Effective Time; provided, however, that if for actions taken pursuant to this Agreement or any reason no successor has been appointed within thirty (30) days, then any Seller, who as of the Promissory Notes, except date and time immediately prior to the extent such actions Effective Time, held more than five percent (5%) of the outstanding Company Equity shall have been determined by the right to petition a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice for appointment of counsel, accountants and other professionals and experts retained by a successor Seller Representative shall be conclusive evidence of good faith)Representative. The Sellers shall appointing the Seller Representative do hereby severally agree to indemnify and not jointly (hold the Seller Representative harmless, ratably in accordance with their Common Pro Rata Shares)Percentages, indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay against any and all losses, liabilities, claims, actions, damages and expenses, Loss (including reasonable attorneys’ fees and disbursementsfees) reasonably incurred or suffered as a result of the performance of such Seller Representative’s duties under this Agreement, except for any such liability arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional negligence or willful misconduct or bad faith of the Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Equity Purchase Agreement (Sra International Inc)

Seller Representative. (a) By approving Except as otherwise provided herein, SvoCo is hereby irrevocably constituted and appointed as the sole, exclusive, true and lawful agent, representative and attorney-in-fact of all of the Sellers and each of them (the “Seller Representative”), with respect to any and all matters relating to, arising out of, or in connection with this Agreement and the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative and attorney-in-fact to act including for purposes of taking any action on behalf of such Person with respect to any of the Sellers or any of them under this Agreement and the Promissory Notes Escrow Agreement, as fully to all intents and to take any and all actions and make any decisions required purposes as such Person might or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notescould do in person, including the exercise of the power toincluding, without limitation: (i) give determining any matters required to be determined pursuant to Section 2.5, and receive notices taking any and communicationsall action on behalf of the Sellers from time to time as the Seller Representative may deem necessary or desirable to defend, pursue, resolve and/or settle disputes pursuant to Section 2.5; (ii) agree to, negotiate, enter into settlements determining the presence (or absence) and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5directing payment of proceeds of claims for indemnification against the Buyer pursuant to Article IX; (iii) agree todelivering all notices required to be delivered by the Sellers or any of them under this Agreement, negotiateincluding, enter into settlements and compromises ofwithout limitation, and comply with orders of courts with respect to claims any Protest Notice under Section 2.5 or a claim for which indemnification made by Buyer pursuant to Article VII and is sought under Article IX; (iv) litigatereceiving all notices required to be delivered to the Sellers or any of them under this Agreement, arbitrateincluding, resolvewithout limitation, settle or compromise any notice of a claim for which indemnification pursuant to Article VII and is sought under Article IX; (v) execute receiving from the Buyer and deliver all documents necessary the Escrow Agent any payments and disbursements under this Agreement, the Escrow Agreement or desirable to carry out the intent of this Agreement and any Ancillary Document (including Agreement on behalf of the Promissory Notes)Sellers, and making payments and disbursements of same, including, without limitation, any payments and disbursements pursuant to the Sale Bonus Letters; (vi) make incurring costs or expenses, including, but not limited to, Tax obligations, on behalf of all elections or decisions Sellers in connection with the transactions contemplated by this Agreement hereby and any Ancillary Document (including the Promissory Notes)obligations of the Sellers hereunder; (vii) engagepaying (or establishing one or more reserves to pay), employ out of funds received on behalf of the Sellers pursuant to this Agreement or appoint the Escrow Agreement, obligations of the Sellers under this Agreement and the Escrow Agreement, costs and expenses incurred on behalf of the Sellers in connection with the transactions contemplated hereby and the obligations of the Sellers hereunder, and the payment of any additional amounts payable under the Sale Bonus Letters, as determined by Seller Representative in its sole discretion; (viii) executing any Ancillary Agreement on behalf of the Sellers or any Seller; (ix) taking any and all action on behalf of the Sellers or any of them from time to time as the Seller Representative may deem necessary or desirable to defend, pursue, resolve and/or settle disputes or claims under this Agreement, including, without limitation, claims for indemnification under Article IX; (x) consenting on behalf of the Sellers or any of them with respect to matters under this Agreement or the transactions contemplated hereby; (xi) engaging and employing agents or and representatives (including attorneysaccountants, accountants legal counsel and consultantsother professionals) to assist Seller Representative and incurring such other expenses as he deems necessary or prudent in complying connection with its duties and obligationsthe administration of the foregoing; and (viiixii) take taking any and all actions necessary action on behalf of the Sellers or appropriate in any of them to convey to the good faith judgment Buyer all of the Shares and to evidence any such conveyance, including without limitation execution and, if necessary, filing with the proper Governmental Bodies documents evidencing such conveyance of the Shares. All actions, notices, communications and determinations by or on behalf of the Sellers or any of them shall be given or made by the Seller Representative for and all such actions, notices, communications and determinations by the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating shall conclusively be deemed to this Agreement (including Article IX) have been authorized by, and shall be entitled to rely conclusively (without further evidence binding upon, the Sellers or any of any kind whatsoever) on any document executed or purported to be executed on behalf them. Execution of any Seller this Agreement by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative the Sellers shall constitute notice to or from each ratification and approval of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventappointment. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest None of the Sellers according may revoke the authority of the Seller Representative. Each Seller hereby ratifies and confirms, and hereby agrees to each Seller’s Pro Rata Share (ratify and confirm, any action taken by the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without in the Majority Holders having first appointed a new exercise of the power-of-attorney granted to the Seller Representative who pursuant to this Section 10.2, which power-of-attorney, being coupled with an interest, is irrevocable and shall assume such duties immediately upon survive and not be affected by the resignation or removal of Seller Representative. (iii) In the event of the subsequent dissolution, termination, bankruptcy, death, incapacitydisability, resignation incapacity or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice incompetence of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) aboveSeller. (c) The Seller Representative shall act as not have by reason of this Agreement a fiduciary with fiduciary duties to the Sellersrelationship in respect of any Seller, except in respect of amounts received on behalf of such Seller. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to any Seller for any action taken or omitted by him or any agent employed by him hereunder or under any other Transaction Document, or in connection therewith, except that the Seller Representative shall not be relieved of any liability imposed by law for gross negligence or willful misconduct. The Seller Representative shall not be liable to any of the Sellers for actions any apportionment or distribution of payments made by him in good faith, and if any such apportionment or distribution is subsequently determined to have been made in error the sole recourse of any Seller to whom payment was due, but not made, shall be to recover from other Sellers any payment in excess of the amount to which they are determined to have been entitled. The Seller Representative shall not be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of this Agreement. (d) In the event that the Seller Representative resigns for any reason, the Seller Representative shall (in consultation with the Sellers) select another representative to fill such vacancy. Any substituted representative shall be deemed the Seller Representative for all purposes of this Agreement and the other Ancillary Agreements. If at any time there shall not be a Seller Representative, then Buyer may have a court of competent jurisdiction appoint a Seller Representative hereunder. (e) Each Seller agrees that the Buyer shall be entitled to rely on any action taken by the Seller Representative, on behalf of the Sellers, pursuant to this Agreement or Section 9.2(a) above (each, an “Authorized Action”), and that each Authorized Action shall be binding on each Seller as fully as if such Seller had taken such Authorized Action. The Buyer agrees that the Promissory NotesSeller Representative shall have no liability to the Buyer for any Authorized Action, except to the extent that such actions shall have been determined Authorized Action is found by a final order of a court of competent jurisdiction to have constituted gross negligence fraud or involved fraud, intentional misconduct or bad faith willful misconduct. (it being understood that any act done or omitted pursuant f) The Buyer shall be entitled to rely on the advice full power and authority of counsel, accountants and other professionals and experts retained by the Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally to act hereunder and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay under any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered Exhibit or incurred; provided, that in the event it is finally adjudicated that a Representative Loss Schedule hereto or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith Ancillary Agreement on behalf of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and shall not jointly (be liable in accordance with their Pro Rata Shares)any way whatsoever for any action the Buyer takes or omits to take in reliance upon such power and authority. No party hereunder shall have any cause of action against the Buyer for any action taken by the Buyer in reliance upon the instructions or decisions of the Seller Representative.

Appears in 1 contract

Sources: Stock Purchase Agreement (Farmer Brothers Co)

Seller Representative. (a) By approving D▇▇▇▇▇ ▇▇▇▇▇▇▇▇ as Seller Representative is hereby designated as the agent of the Sellers with exclusive authority to make all decisions and determinations and to take all actions (including giving consents and waivers to this Agreement Agreement) required or permitted hereunder on behalf of the Sellers, and any such action, decision or determination so made or taken shall be deemed the transactions contemplated herebyaction, each decision or determination of the Sellers, and any notice, document, certificate or information required to be given to any Seller shall have irrevocably authorized and appointed Dangroup ApS as be deemed so given if given to the initial Seller Representative. The Seller Representative will act as Without limiting the generality of the foregoing, such Person’s representative powers and attorney-in-fact to act authority shall include, without limitation, acting in the name of and on behalf of such Person the Sellers with respect to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give the execution, delivery, receipt and receive notices acceptance of delivery of, such notices, releases, instruments and communicationsother documents as the Seller Representative determines, in its sole discretion, to be appropriate to consummate the transactions contemplated by this Agreement; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5providing the calculations contemplated by Article 2 of this Agreement; (iii) agree tothe investigation, negotiateprosecution, enter into settlements and compromises of, and comply with orders defense and/or settlement of courts with respect to any claims for indemnification made by Buyer pursuant to Article VII and Article IX;6 of this Agreement, or otherwise related to this Agreement or the transactions contemplated hereby; and (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IXauthorizing disbursements from the Escrow Account; (v) execute and deliver making all documents necessary decisions in connection with any amendment to this Agreement, the Escrow Agreement or desirable any other document related to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions transactions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes);Agreement. (viib) engageEach Seller, employ or appoint for itself and its successors and assigns, together with, in the case of any agents or representatives (including attorneysSeller that is an individual, accountants his heirs and consultants) to assist personal representatives, and in the case of any Seller that is a trust, its trustee and its beneficiaries, hereby constitutes and appoints the Seller Representative as its attorney-in-fact, with full power of substitution, with full power and authority to perform any action described above in complying the foregoing provisions or this Section 8.10, it being understood that the foregoing power of attorney shall be deemed to be coupled with its duties an interest and obligations; andshall survive the death, incapacity, liquidation, dissolution or other termination of an Seller. (viiic) take all actions necessary or appropriate in All actions, decisions and instructions of the good faith judgment of Seller Representative for taken, made or given pursuant to the accomplishment authority granted to the Seller Representative pursuant to this Section 8.10 shall be final, conclusive and binding upon all Sellers. The power and authority of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to Representative, as described in this Agreement shall continue in full force until all rights and obligations of Sellers under this Agreement shall have terminated, expired or been fully performed. (including Article IXd) and Buyer, its Affiliates and, after the Closing, the Companies shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the instructions, decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If all matters in which action by the Seller Representative has a personal conflict of interest with respect to any actionis required or permitted, decision or determination otherwise contemplated to be made by the Seller Representativetaken by, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement or otherwise, and Buyer, its Affiliates and, after the Promissory Notes Closing, the Companies are hereby released and relieved from any liability to any Person for (the “Representative Losses”), in each case as such Representative Loss is suffered a) any acts or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or omissions by any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (them in accordance with their Pro Rata Sharesany instructions (including payment instructions), decisions or acts of the Seller Representative and (b) any instructions, decisions or actions of the Seller Representative in all matters in which action by the Seller Representative is required or permitted, or otherwise contemplated to be taken by, the Seller Representative under this Agreement or otherwise.

Appears in 1 contract

Sources: Equity Purchase Agreement (Steven Madden, Ltd.)

Seller Representative. (a) By approving this Agreement execution hereof, Hillstone Parent and the transactions contemplated hereby, Selling Blocker Equityholders each Seller shall have (i) irrevocably authorized constitutes and appointed Dangroup ApS appoints Hillstone Parent as the initial Seller Representative. The Seller Representative will to act as such Person’s representative agent and attorney-in-fact for and on its behalf regarding any matter under this Agreement or otherwise relating to act the transactions contemplated hereby, including: (A) delivering and receiving notices, including service of process, with respect to any matter under this Agreement; (B) executing and delivering any and all documents and taking any and all such actions as shall be required or permitted of Seller Representative pursuant to this Agreement, including any and all such documents and actions with respect to the final determination of any adjustment of the Initial Purchase Price pursuant to Section 2.4; (C) providing notice of, demanding, pursuing or enforcing, in its discretion, any claim, including specific performance in accordance with the terms of Section 9.10, against Buyer for a breach of this Agreement; (D) taking, in its discretion, any and all actions, and delivering and receiving any and all notices hereunder, in respect of or in connection with any claim for Losses, including the negotiation, settlement or compromise of any disagreement or dispute with Buyer in respect thereof; (E) withholding funds to pay expenses and obligations arising in its capacity as Seller Representative; (F) executing and delivering, on behalf of Sellers, any Contract, agreement, amendment or other document or certificate, including any settlement agreement or release of claims, to effectuate any of the foregoing or as may otherwise be specifically permitted by this Agreement, any such Person with respect Contract, agreement, amendment or other document or certificate to this Agreement have the effect of binding Sellers as if each Seller, as applicable, had personally entered into such agreement; (G) taking all such other actions as Seller Representative shall deem necessary or appropriate, in its discretion, for the accomplishment of the foregoing and the Promissory Notes transactions contemplated by the Escrow Agreement; and (H) engaging such attorneys, accountants, consultants and other Persons as Seller Representative, in its discretion, deems necessary or appropriate to take accomplish any and all actions and make any decisions action required or permitted of it hereunder, and (ii) agrees to be taken bound by all agreements and determinations made by and documents executed and delivered by Seller Representative pursuant to the authority granted to it hereunder. (b) Seller Representative will not be liable for any act taken or omitted to be taken as Seller Representative, while acting in good faith, and any act taken or omitted to be taken pursuant to the advice of counsel will be conclusive evidence of such good faith. Seller Representative shall be entitled to rely, and shall be fully protected in relying, upon any statements furnished to Seller Representative by Sellers, the Company, Buyer, the GGC Blockers, or any third party or any other evidence deemed by Seller Representative to be reliable, and Seller Representative shall be entitled to act on the advice of its selected counsel. Seller Representative shall be fully justified in failing or refusing to take any action under this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders any related document or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts agreement if Seller Representative shall have received such advice or concurrence as it deems appropriate with respect to claims for indemnification made such inaction, or if Seller Representative shall not have been expressly indemnified by Buyer pursuant Sellers to Article VII his satisfaction against any and Article IX;all Liability and expense that Seller Representative may incur by reason of taking or continuing to take any such action. Sellers hereby agree to indemnify Seller Representative from any Losses arising out of service in its capacity as Seller Representative hereunder. (ivc) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant Subject to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent last sentence of this Agreement Section 9.14, from and any Ancillary Document (including after the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engageClosing, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be is entitled to deal exclusively with Seller Representative on all matters relating to this Agreement and related agreements. The Selling Blocker Equityholders shall not have any rights to participate in the resolution of such matters in any manner. A decision, act, consent or instruction of Seller Representative constitutes a decision of Sellers. Such decision, act, consent or instruction is final, binding and conclusive upon Hillstone Parent and the Selling Blocker Equityholders, and Buyer and the Escrow Agent may rely upon any decision, act, consent or instruction of Seller Representative without any Liability to, or obligation to inquire of, any Seller (including Article IX) other than Seller Representative in its capacity as such). The appointment and power of attorney made in this Section 9.14 shall to the fullest extent permitted by applicable Law be entitled deemed an agency coupled with an interest and all authority conferred hereby shall to rely conclusively (without further evidence the fullest extent permitted by Law be irrevocable and not be subject to termination by operation of applicable Law, whether by the death or incapacity or liquidation or dissolution of Hillstone Parent or the Selling Blocker Equityholders or the occurrence of any kind whatsoever) on any document executed other event or purported to be executed events. Any action taken by Seller Representative on behalf of Hillstone Parent or the Selling Blocker Equityholders pursuant to this Agreement shall be as valid as if any Seller by such death, incapacity, liquidation, dissolution or other event had not occurred, regardless of whether or not Hillstone Parent, Seller Representative, and on the Company, the GGC Blockers, the Selling Blocker Equityholders, any other action taken related Person or purported to be taken on behalf Buyer shall have received notice of any Seller by Seller Representativesuch death, as being fully binding upon such Personincapacity, liquidation, dissolution or other event. Notices or communications to or from Seller Representative shall will constitute notice to or from each of Hillstone Parent and the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventSelling Blocker Equityholders. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iiid) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith incapacity of Seller Representative, Seller Representative or his trustee, receiver or personal Representative, as applicable, shall reimburse the promptly designate a substitute and its written notice to Sellers the amount of such indemnified substitute, which substitute shall from the time of such designation have all the rights and responsibilities of Seller Representative Loss attributable hereunder, as applicable; provided, however, if for any reason no successor Seller Representative has been appointed pursuant to the foregoing within fifteen (15) days after such gross negligenceincapacity, fraud, intentional misconduct or bad faith. The Representative Losses Buyer shall have the right to appoint a substitute (which substitute shall be satisfied from one of the Sellers) to serve as Seller Representative until Seller. Any amounts paid by Buyer (including any amounts payable related to the post-Closing adjustments under Section 2.4) to Seller Representative on behalf of the Sellers, severally and not jointly (or in accordance with their Pro Rata Shares)its instructions, in each case, in accordance with this Agreement, shall be deemed to have been paid to the Sellers, and Buyer shall have no further liability to Seller Representative or Sellers with respect to such funds.

Appears in 1 contract

Sources: Equity Purchase Agreement (NGL Energy Partners LP)

Seller Representative. (a) By approving this Agreement and the transactions contemplated herebyexecution hereof, each Seller shall have irrevocably authorized constitutes and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will appoints ECP III-A to act as such Person’s representative agent and attorney-in-fact for and on its behalf (“Seller Representative”) regarding any matter under this Agreement or otherwise relating to act on behalf the transactions contemplated hereby, including: (i) delivering and receiving notices, including service of such Person process, with respect to any matter under this Agreement Agreement; (ii) executing and the Promissory Notes and to take delivering any and all documents and taking any and all such actions and make any decisions as shall be required or permitted to be taken by of Seller Representative pursuant to this Agreement Agreement, including any and all such documents and actions with respect to the final determination of any adjustment of the Initial Purchase Price pursuant to Section 2.3; (iii) providing notice of, demanding, pursuing or enforcing, in its discretion, any claim, including specific performance in accordance with the Promissory Notesterms of Section 8.9, against Buyers for a breach of this Agreement; (iv) taking, in its discretion, any and all actions, and delivering and receiving any and all notices hereunder, in respect of or in connection with any claim for Losses, including the exercise negotiation, settlement or compromise of any disagreement or dispute with Buyers in respect thereof; (v) withholding funds to pay expenses and obligations arising in its capacity as Seller Representative; (vi) executing and delivering, on behalf of Sellers, any Contract, agreement, amendment or other document or certificate, including any settlement agreement or release of claims, to effectuate any of the power to:foregoing or as may otherwise be specifically permitted by this Agreement, any such Contract, agreement, amendment or other document or certificate to have the effect of binding Sellers as if each Seller, as applicable, had personally entered into such agreement; and (vii) engaging such attorneys, accountants, consultants and other Persons as Seller Representative, in its discretion, deems necessary or appropriate to accomplish any action required or permitted of it hereunder. (ib) give and receive notices and communications; (ii) agree toSeller Representative will not be liable for any act taken or omitted to be taken as Seller Representative, negotiate, enter into settlements and compromises ofwhile acting in good faith, and comply with orders any act taken or otherwise handle omitted to be taken pursuant to the advice of counsel will be conclusive evidence of such good faith. Seller Representative shall be entitled to rely, and shall be fully protected in relying, upon any statements furnished to Seller Representative by Sellers, the Partnership, Buyers, or any third-party or any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises ofevidence deemed by Seller Representative to be reliable, and comply with orders Seller Representative shall be entitled to act on the advice of courts its selected counsel. Seller Representative shall be fully justified in failing or refusing to take any action under this Agreement or any related document or agreement if Seller Representative shall have received such advice or concurrence as it deems appropriate with respect to claims for indemnification made such inaction, or if Seller Representative shall not have been expressly indemnified to its satisfaction against any and all liability and expense that Seller Representative may incur by Buyer pursuant reason of taking or continuing to Article VII and Article IX;take any such action. Sellers hereby agree to indemnify Seller Representative from any Losses arising out of service in its capacity as Seller Representative hereunder. (ivc) litigateSeller Representative hereby accepts the foregoing appointment and agrees to serve as representative, arbitratesubject to the provisions hereof, resolvefor the period of time from and after the date hereof without compensation except for the reimbursement from Sellers, settle or compromise any claim for indemnification pursuant pro rata based on their respective ownership of the LP Interests as of immediately prior to Article VII Closing, of fees and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated expenses incurred by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying its capacity as such. In accordance with Section 2.5(c)(iii)(A), Buyers will, on the Closing Date, pay the Seller Representative Expense Amount to Seller Representative by wire transfer of immediately available funds to an account designated by Seller Representative, as a fund for the fees and expenses incurred by Seller Representative in its duties capacity as such in connection with this Agreement (the “Seller Representative Expense Account”). Any balance of the Seller Representative Expense Account not used for such purposes (as determined by Seller Representative in good faith) shall be paid to Sellers, pro rata based on their respective ownership of the LP Interests as of immediately prior to Closing, as though such amount had not been held back and obligations; andhad instead been paid to Sellers by Buyers in accordance with Section 2.5(c)(iii)(B). For U.S. federal income and other applicable Tax purposes, the Seller Representative Expense Amount shall be treated as having been paid to and voluntarily set aside by Sellers on the Closing Date. (viiid) take all actions necessary or appropriate in Subject to Section 8.13(e), from and after the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Closing, each Buyer shall be is entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and related agreements. A decision, act, consent or instruction of Seller Representative constitutes a decision of Sellers. Such decision, act, consent or instruction is final, binding and conclusive upon Sellers and Buyers may rely upon any decision, act, consent or instruction of Seller Representative. The appointment and power of attorney made in this Section 8.13 shall to the fullest extent permitted by applicable Law be entitled deemed an agency coupled with an interest and all authority conferred hereby shall to rely conclusively (without further evidence the fullest extent permitted by Law be irrevocable and not be subject to termination by operation of applicable Law, whether by the death or incapacity or liquidation or dissolution of a Seller or the occurrence of any kind whatsoever) on any document executed other event or purported to be executed events. Any action taken by Seller Representative on behalf of Sellers pursuant to this Agreement shall be as valid as if any Seller by such death, incapacity, liquidation, dissolution or other event had not occurred, regardless of whether or not Sellers, Seller Representative, and on the Partnership, any other action taken related Person or purported to be taken on behalf Buyers shall have received notice of any Seller by Seller Representativesuch death, as being fully binding upon such Personincapacity, liquidation, dissolution or other event. Notices or communications to or from Seller Representative shall will constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iiie) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith incapacity of Seller Representative, Seller Representative or his trustee, receiver or personal representative, as applicable, shall reimburse the promptly designate a substitute and its written notice to Sellers the amount of such indemnified Representative Loss attributable to such gross negligencesubstitute, fraud, intentional misconduct or bad faith. The Representative Losses which substitute shall be satisfied from the Sellerstime of such designation have all the rights and responsibilities of Seller Representative hereunder, severally and not jointly (in accordance with their Pro Rata Shares)as applicable.

Appears in 1 contract

Sources: Equity Purchase Agreement (Crestwood Equity Partners LP)

Seller Representative. (a) By approving the execution and delivery of this Agreement and the transactions contemplated herebyAgreement, including counterparts thereof, each Seller shall have hereby irrevocably authorized constitutes and appointed Dangroup ApS appoints ▇▇▇ ▇▇▇▇▇ (the “Seller Representative”), and the Seller Representative hereby accepts such appointment, as the initial Seller Representative. The Seller Representative will act as such Person’s representative true and lawful agent and attorney-in-fact of such Seller with full powers of substitution to act in the name, place and stead of such Seller with respect to the performance on behalf of such Person with respect to this Agreement Seller under the terms and the Promissory Notes provisions hereof and to take any do or refrain from doing all such further acts and things, and to execute all actions and make any decisions required or permitted to be taken by such documents, as the Seller Representative pursuant to this Agreement shall deem necessary or the Promissory Notesappropriate in connection with any transaction contemplated hereunder, including the exercise of the power to: (i) give and receive notices and communicationsact for such Seller, if applicable, with respect to all indemnification matters referred to herein, including the right to compromise or settle any such claim on behalf of such Seller; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders amend or otherwise handle waive any other matters described provision hereof in Section 2.5any manner; (iii) agree toemploy, negotiateobtain and rely upon the advice of legal counsel, enter into settlements accountants and compromises ofother professional advisors as the Seller Representative, and comply with orders in the sole discretion thereof, deems necessary or advisable in the performance of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IXhis duties as the Seller Representative; (iv) litigateact for such Seller with respect to all Initial Purchase Price matters, arbitrateincluding any adjustments thereto, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IXall earn-out matters; (v) execute incur any expenses, liquidate and deliver all documents withhold assets received on behalf of such Seller prior to their distribution to such Seller to the extent of any amount that the Seller Representative deems necessary for the payment of or desirable to carry out as a reserve against expenses, and pay such expenses or deposit the intent of this Agreement and any Ancillary Document (including the Promissory Notes)same in an interest-bearing bank account established for such purpose; (vi) make receive all elections or decisions contemplated by this Agreement notices, service of process, communications and any Ancillary Document (including the Promissory Notes);deliveries hereunder on behalf of such Seller; and (vii) engage, employ do or appoint refrain from doing any agents further act or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed deed on behalf of any such Seller by that the Seller Representative deems necessary or appropriate, in the sole discretion of the Seller Representative, relating to the subject matter hereof as fully and on completely as such Seller could do if personally present and acting and as though any other action taken or purported reference to be taken on behalf of any such Seller by herein was a reference to the Seller Representative, as being fully binding upon such Person. Notices or communications to or from . (b) The appointment of the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and deemed coupled with an interest and shall not be terminated by irrevocable, and any act of other Person may conclusively and absolutely rely, without inquiry, upon any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest action of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described the act of such Seller in Section 10.1(a) aboveall matters referred to herein. (c) The Seller Representative shall act as a fiduciary with fiduciary not have any duties to or obligations except those expressly set forth herein. Without limiting the Sellers. If generality of the foregoing, (i) the Seller Representative has a personal conflict of interest shall not be subject to any fiduciary or other implied duties with respect to any action, decision or determination to be made by Seller; (ii) the Seller RepresentativeRepresentative shall not have any duty to take any discretionary action or exercise any discretionary powers, and (iii) except as expressly set forth herein, the Seller Representative must notify shall not have any duty to disclose, and shall not be liable for the Sellers. (d) failure to disclose to any Seller, any information relating to Purchaser, this Agreement or the transaction contemplated hereunder except as specifically required herein or in any other agreement, including but not limited to any information obtained by the Seller Representative in his capacity as a Seller. The Seller Representative shall not be liable to for any action taken or not taken by him in the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court absence of competent jurisdiction to have constituted his own gross negligence or involved fraudwillful misconduct. (d) In the event the Seller Representative resigns or ceases to function in such capacity for any reason whatsoever, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to then the advice of counsel, accountants and other professionals and experts retained by successor Seller Representative shall be conclusive evidence of good faith). the Person that ▇▇▇ ▇▇▇▇▇ appoints. (e) The Sellers Purchaser acknowledges and agrees that except for his liability as a Seller hereunder, ▇▇▇ ▇▇▇▇▇ shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative have no additional liability under this Agreement and due to the Promissory Notes (appointment of such Seller as the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Stock Purchase Agreement (Willdan Group, Inc.)

Seller Representative. (a) By approving this Agreement Each Alps Holdco Shareholder, by delivery of a Letter of Transmittal, on behalf of itself and the transactions contemplated herebyits successors and assigns, each Seller shall have hereby irrevocably authorized constitutes and appointed Dangroup ApS appoints D▇. ▇▇▇▇ ▇▇▇▇ Kong, in his capacity as the initial Seller Representative. The Seller Representative will act , as such Person’s representative the true and lawful agent and attorney-in-fact of such Persons with full powers of substitution to act in the name, place and stead of thereof with respect to the performance on behalf of such Person with respect to under the terms and provisions of this Agreement and the Promissory Notes Additional Agreements to which the Seller Representative is a party or otherwise has rights in such capacity (together with this Agreement, the “Seller Representative Documents”), as the same may be from time to time amended, and to take any do or refrain from doing all such further acts and things, and to execute all actions and make any decisions required or permitted to be taken by such documents on behalf of such Person, if any, as the Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions will deem necessary or appropriate in connection with any of the good faith judgment of transactions contemplated under the Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement Documents, including: (including Article IXi) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed making on behalf of such Person and taking all actions on their behalf relating to the achievement of the requirements for the Earn-out Shares and any disputes with respect thereto; (ii) managing, controlling, defending and settling on behalf of an Indemnifying Party any indemnification claims against any of them under ARTICLE XII, including controlling, defending, managing, settling and participating in any Third-Party Claim thereunder; (iii) acting on behalf of such Person under the Escrow Agreement; (iv) terminating, amending or waiving on behalf of such Person any provision of any Seller by Representative Document (provided, that any such action, if material to the rights and obligations of the Alps Holdco Shareholders in the reasonable judgment of the Seller Representative, and on any other action taken or purported to will be taken in the same manner with respect to all Alps Holdco Shareholders unless otherwise agreed by each Alps Holdco Shareholder who is subject to any disparate treatment of a potentially material and adverse nature); (v) signing on behalf of such Person any releases or other documents with respect to any dispute or remedy arising under any Seller by Representative Document; (vi) employing and obtaining the advice of legal counsel, accountants and other professional advisors as the Seller Representative, in its reasonable discretion, deems necessary or advisable in the performance of its duties as being fully binding upon the Seller Representative and to rely on their advice and counsel; (vii) incurring and paying reasonable costs and expenses, including fees of brokers, attorneys and accountants incurred pursuant to the transactions contemplated hereby, and any other reasonable fees and expenses allocable or in any way relating to such transaction or any indemnification claim, whether incurred prior or subsequent to Closing; (viii) receiving all or any portion of the consideration provided to the Alps Holdco Shareholders under this Agreement and to distribute the same to the Alps Holdco Shareholders in accordance with their Pro Rata Share; and (ix) otherwise enforcing the rights and obligations of any such Persons under any Seller Representative Document, including giving and receiving all notices and communications hereunder or thereunder on behalf of such Person. Notices or communications to or from All decisions and actions by the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunderRepresentative, including any agreement between the Seller Representative and Buyer the Parent Representative, Parent or Holdings any Indemnified Party relating to the defense, payment defense or settlement of any claims for indemnification hereunderwhich an Indemnifying Party may be required to indemnify an Indemnified Party pursuant to ARTICLE XII, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller Alps Holdco Shareholder and their respective successors and assigns, and neither they nor any other party shall have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, Section 13.21 are irrevocable and coupled with an interest interest. The Seller Representative h▇▇▇▇▇ accepts its appointment and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventauthorization as the Seller Representative under this Agreement. (b) The Any other Person, including the Parent Representative, Parent, Alps Holdco and the Indemnified Party and the Indemnifying Parties may conclusively and absolutely rely, without inquiry, upon any actions of the Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The the acts of the Alps Holdco Shareholders under any Seller Representative may resign at any time. (ii) Documents. The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Parent Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to BuyerParent, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer Alps Holdco and the Target Company each Indemnified Party and Indemnifying Party shall be entitled to rely conclusively on the instructions and decisions and actions of the prior Seller Representative as described to (i) the settlement of any indemnification claims by an Indemnified Party pursuant to ARTICLE XI, (ii) any payment instructions provided by the Seller Representative or (iii) any other actions required or permitted to be taken by the Seller Representative hereunder, and no Alps Holdco Shareholder nor any Indemnifying Party shall have any cause of action against the Parent Representative, Parent or any other Indemnified Party for any action taken by any of them in reliance upon the instructions or decisions of the Seller Representative. The Parent Representative and Parent shall not have any Liability to any Alps Holdco Shareholder or Indemnifying Party for any allocation or distribution among the Alps Holdco Shareholders by the Seller Representative of payments made to or at the direction of the Seller Representative. All notices or other communications required to be made or delivered to a Alps Holdco Shareholder under any Seller Representative Document shall be made to the Seller Representative for the benefit of such Alps Holdco Shareholder, and any notices so made shall discharge in full all notice requirements of the other parties hereto or thereto to such Alps Holdco Shareholder with respect thereto. All notices or other communications required to be made or delivered by an Alps Holdco Shareholder shall be made by the Seller Representative (except for a notice under Section 10.1(a13.21(d) aboveof the replacement of the Seller Representative). (c) The Seller Representative shall will act as a fiduciary with fiduciary duties to for the Sellers. If Alps Holdco Shareholders on all of the matters set forth in this Agreement in the manner the Seller Representative has a personal conflict of interest with respect to any action, decision or determination believes to be made in the best interest of the Alps Holdco Shareholders, but the Seller Representative will not be responsible to the Alps Holdco Shareholders for any Losses that any Alps Holdco Shareholder or any Indemnifying Party may suffer by reason of the performance by the Seller Representative of the Seller Representative’s duties under this Agreement, other than Losses arising from the bad faith, gross negligence or willful misconduct by the Seller Representative in the performance of its duties under this Agreement. From and after the Closing, the Alps Holdco Shareholders shall jointly and severally indemnify, defend and hold the Seller Representative harmless from and against any and all Losses reasonably incurred without gross negligence, bad faith or willful misconduct on the part of the Seller Representative (in its capacity as such) and arising out of or in connection with the acceptance or administration of the Seller Representative’s duties under any Seller Representative Document, including the reasonable fees and expenses of any legal counsel retained by the Seller Representative, . In no event shall the Seller Representative must notify the Sellers. (d) in such capacity be liable hereunder or in connection herewith for any indirect, punitive, special or consequential damages. The Seller Representative shall not be liable to for any act done or omitted under any Seller Representative Document as the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional Seller Representative while acting in good faith and without willful misconduct or bad faith (it being understood that gross negligence, and any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative counsel shall be conclusive evidence of such good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative shall be fully protected in relying upon any written notice, demand, certificate or document that it in good faith believes to be genuine, including facsimiles or copies thereof, and no Person shall have any liability for relying on the Seller Representative in the foregoing manner. In connection with the performance of its rights and obligations hereunder, the Seller Representative shall have the right at any time and from time to time to select and againstengage, compensate it forat the reasonable cost and expense of the Alps Holdco Shareholders, reimburse it for attorneys, accountants, investment bankers, advisors, consultants and pay any clerical personnel and all lossesobtain such other professional and expert assistance, liabilities, claims, actions, damages maintain such records and incur other reasonable out-of-pocket expenses, including reasonable attorneys’ fees as the Seller Representative may reasonably deem necessary or appropriate from time to time. All of the indemnities, immunities, releases and disbursements, arising out of and in connection with its activities as powers granted to the Seller Representative under this Agreement Section 13.21 shall survive the Closing and continue indefinitely. (d) If the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse die, become disabled, dissolve, resign or otherwise be unable or unwilling to fulfill its responsibilities as representative and agent of Alps Holdco Shareholders, then the Sellers Alps Holdco Shareholders shall, within ten (10) days after such death, disability, dissolution, resignation or other event, appoint a successor Seller Representative (by vote or written consent of the amount Alps Holdco Shareholders holding in the aggregate a Pro Rata Share in excess of fifty percent (50%)), and promptly thereafter (but in any event within two (2) Business Days after such appointment) notify the Parent Representative and Parent in writing of the identity of such indemnified Representative Loss attributable to successor. Any such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses successor so appointed shall be satisfied from become the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)“Seller Representative” for purposes of this Agreement.

Appears in 1 contract

Sources: Merger Agreement (Globalink Investment Inc.)

Seller Representative. (a) By The Company Holders, by approving this Agreement and the transactions contemplated hereby, each Seller shall have irrevocably authorized appoint and appointed Dangroup ApS constitute Shareholder Representative Services LLC as the initial Seller Representative. The Seller Representative will act as such Person’s representative for and attorney-in-fact to act on behalf of such Person with respect the Company Holders to execute and deliver this Agreement and the Promissory Notes and for all other purposes hereunder, to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) , to authorize the refraining by Parent from issuing the applicable portion of Holdback Shares and the withholding by Parent of the applicable portion of the Earn-Out Payments in satisfaction of Claims by a Parent Indemnified Person, to object to such refraining from issuance and withholdings, to agree to, negotiate, enter into settlements and compromises of, and agree to or request arbitration and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) of courts and awards of arbitrators with respect to such claims, to agree to, negotiate, enter into settlements and compromises ofprovide amendments and supplements to and waivers in respect of this Agreement in accordance with Section 8.4 and Section 8.5 of this Agreement, retain legal counsel, accountants, consultants and other experts, and comply incur any other reasonable expenses, in connection with orders of courts all matters and things set forth or necessary with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any the Ancillary Document (including Agreements and the Promissory Notes); (vi) make all elections or decisions transactions contemplated by this Agreement hereby and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants thereby and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions reasonably necessary or appropriate in the good faith judgment of the Seller Representative for the accomplishment of any or all of the foregoing. Holdings The Seller Representative may resign at any time, and Buyer such agency may be changed by the holders of a majority in interest of entitlement to the Holdback Shares from time to time upon not less than ten (10) days’ prior written notice to all of the Company Holders and to Parent. No bond shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence required of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by the Seller Representative, and on it shall not be paid any compensation other action taken or purported than pursuant to that certain Engagement Agreement to be taken on behalf entered into by and among Shareholder Representative Services LLC, the Company and certain of any Seller by Seller Representativethe Company Holders (the “Engagement Agreement”). After the Closing, as being fully binding upon such Person. Notices notices or communications communications, in writing, to or from the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventCompany Holders. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement any act done or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad omitted hereunder as Seller Representative while acting in good faith (it being understood that and any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative counsel shall be conclusive evidence of such good faith). The Sellers Company Holders shall severally and not jointly pro rata (in accordance with their based on each Indemnifying Person’s respective Pro Rata SharesIndemnification Share compared to the Pro Rata Indemnification Shares of all Indemnifying Persons), indemnify and hold harmless defend the Seller Representative from and againsthold it harmless against any loss, compensate it forliability, reimburse it for damage, claim, penalty, fine, forfeiture, action, fee, cost or expense (including the fees and pay any expenses of counsel and experts and their staffs and all lossesexpense of document location, liabilitiesduplication and shipment) (collectively, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”)) arising out of or in connection with the acceptance or administration of its duties hereunder, in each case as such Representative Loss is suffered or incurred; provided, that in the event it that any such Representative Loss is finally adjudicated that a Representative Loss or any portion thereof was to have been primarily caused by the gross negligence, fraud, intentional misconduct negligence or bad faith of the Seller Representative, the Seller Representative shall will reimburse the Sellers Company Holders the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct negligence or bad faith. The If not paid directly to the Seller Representative by the Company Holders, any such Representative Losses shall may be satisfied recovered by the Seller Representative from (i) the Expense Fund, (ii) the Holdback Amount at such time as remaining amounts would otherwise be distributable to the Company Holders, and (iii) the First Earn-Out Payment and/or the Second Earn-Out Payment at such time as any such amounts would otherwise be distributable to the Company Holders; provided, that while this section allows the Seller Representative to be paid from the SellersExpense Fund, severally the Holdback Amount, the First Earn-Out Payment and the Second Earn-Out Payment, this does not relieve the Company Holders from their obligation to promptly pay such Representative Losses as they are suffered or incurred, nor does it prevent the Seller Representative from seeking any remedies available to it at law or otherwise. (c) The Seller Representative shall have reasonable access to information about the Company (as Surviving Corporation II) and Parent and the reasonable assistance of the Company’s (as Surviving Corporation II) and Parent’s officers and employees for purposes of performing his duties and exercising its rights under this ARTICLE IX, provided that the Seller Representative shall treat confidentially and not jointly disclose any nonpublic information from or about the Company (as Surviving Corporation II) or Parent to anyone (except (i) as required by applicable Legal Requirement, or (ii) on a need to know basis (A) to its employees, advisors and consultants, (B) to those Company Holders that sign the Engagement Agreement and (C) to any other individuals identified to the Company and Parent in accordance with their Pro Rata Shares)writing in advance, in each case who agree in writing to treat such information confidentially.

Appears in 1 contract

Sources: Merger Agreement (Stratasys Ltd.)

Seller Representative. (a) By approving executing this Agreement and the transactions contemplated herebyAgreement, each of the Seller Parties shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s its representative and attorney-in-fact to act on behalf of such Person with respect to this Agreement and the Promissory Notes Escrow Agreement and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory NotesEscrow Agreement, including the exercise of the power to: (i) give and receive notices and communications; (ii) authorize delivery to Purchaser of cash from the Purchase Price Adjustment Escrow Fund (or, if necessary, the Indemnification Escrow Fund) in satisfaction of any amounts owed to Purchaser pursuant to Section 2.04(f) or from the R&W Retention Fund or the Indemnification Escrow Fund in satisfaction of claims for indemnification made by Purchaser pursuant to Article IX; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.52.04(f); (iiiiv) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer Purchaser pursuant to Article VII and Article IXIX (subject to the limitations set forth therein); (ivv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IXIX (subject to the limitations set forth therein); (vvi) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory NotesEscrow Agreement); (vivii) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory NotesEscrow Agreement); (viiviii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) Representatives to assist Seller Representative in complying with its duties and obligations; and (viiiix) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer Purchaser shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller Party by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller Party by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the SellersSeller Party. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings Purchaser relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers Seller Parties and shall be final, binding and conclusive upon each such Person. No Seller Party shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellersmore Seller Parties, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative , and may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers members of the Seller Group according to each Sellermember’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) . In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) . Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to BuyerPurchaser, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by BuyerPurchaser; provided, that until such notice is received, Buyer and the Target Company Purchaser shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a11.01(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers Seller Parties for actions taken pursuant to this Agreement or the Promissory NotesEscrow Agreement, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers Seller Group shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes Escrow Agreement (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers Seller Group the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied satisfied: (i) from the SellersSeller Representative Expense Fund; and (ii) to the extent the amount of the Representative Losses exceeds amounts available to Seller Representative under (i), from the Seller Group, severally and not jointly (in accordance with their Pro Rata Shares). As soon as practicable after the date on which the final obligation of Seller Representative under this Agreement and the Escrow Agreement have been discharged or such other date as Seller Representative deems appropriate, the Escrow Agent shall pay any amounts remaining in the Seller Representative Expense Fund to the Seller Parties in accordance with their Pro Rata Shares, as set forth in the Escrow Agreement.

Appears in 1 contract

Sources: Membership Interest Purchase Agreement (Northwest Pipe Co)

Seller Representative. (a) By approving The Stockholders, by virtue of the approval and adoption of this Agreement and the transactions contemplated herebydelivery of the Requisite Stockholder Approval, each Seller shall have and the Optionholders, by virtue of the cancellation of Company Options in exchange for the applicable Option Consideration, irrevocably authorized constitute and appointed Dangroup ApS as appoint the initial Seller Representative. The Seller Representative will act (and by execution and delivery of this Agreement, the Seller Representative ▇▇▇▇▇▇ accepts such appointment) as such Person’s representative their agent and attorney-in-fact to act for and on behalf of such Person each Securityholder, with full power of substitution, to act in the name, place and stead of each Securityholder, with respect to any matter relating to or under this Agreement and the Promissory Notes Escrow Agreement, including (i) taking such actions and making such decisions as may be necessary or appropriate in connection with the determination of the Final Merger Consideration; (ii) taking such actions and making such decisions as may be necessary or appropriate in connection with any claim asserted by Parent pursuant to take ARTICLE VII (Survival; Specific Indemnities; Waiver), including reviewing, disputing, agreeing to, negotiating, entering into settlements or compromises of any such claim; (iii) enforcing this Agreement and the Escrow Agreement for and on behalf of the Securityholders; (iv) giving and receiving all notices required-to be given under this Agreement and the Escrow Agreement; (v) taking any and all actions and make making any and all decisions required or permitted to be taken or made by the Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of under this Agreement and any Ancillary Document (including the Promissory Notes); Escrow Agreement; and (vi) make all elections or decisions contemplated by this Agreement taking any and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative furtheranceof or for the accomplishment of the foregoing. Holdings and Buyer shall be entitled The power of ▇▇▇▇▇▇▇ granted in this Section 8.5 by each Securityholder to deal exclusively with the Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and is coupled with an interest and is irrevocable, may be delegated by the Seller Representative and shall not be terminated by any act survive the death or incapacity of any one or SellersSecurityholder. No bond shall be required of the Seller Representative. The Seller Representativeshallbe entitled to engage outside legal counsel, or by operation of Lawaccountants, whether by death consultants, experts or other eventadvisors as the Seller Representative deems necessary or appropriate in connection with performing its duties or exercising its rights under this Agreement and the Escrow Agreement. Each Securityholder shall be deemed to have agreed to receive correspondence from the Seller Representative, including in electronic form. (b) The Seller Representative may be removedAll decisions, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); providedconsents, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions instructions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If by the Seller Representative has a personal conflict of interest made or taken in accordance with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory NotesEscrow Agreement shall be final and binding on all of the Securityholders, except to the extent such actions and no Securityholder shall have been determined by a court any cause of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to action against the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence or any of good faith). The Sellers shall severally and not jointly the Parent Related Parties (in accordance with their Pro Rata Shares)including, indemnify and hold harmless Seller Representative from and againstafter the Effective Time, compensate it forthe Company or any of its Subsidiaries) for any decision made, reimburse it for and pay any and all lossesconsent or instruction given, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as or action taken by the Seller Representative under this Agreement and or the Promissory Notes (the “Representative Losses”)Escrow Agreement, in each case as except for any such Representative Loss is suffered decision, consent, instruction or incurred; providedaction that constitutes fraud, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith or willful misconduct by or on behalf of the Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).**MSPSC Electronic Copy ** 2016-UA-186 Filed on 09/23/2016 **

Appears in 1 contract

Sources: Purchase Agreement

Seller Representative. (a) By approving this Agreement and Each Seller hereby irrevocably appoints the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such PersonSeller’s representative and representative, attorney-in-fact and agent, with full power of substitution to act in the name, place and stead of such Seller with respect to the transfer of such Seller’s Purchased Shares to Buyer in accordance with the terms and provisions of this Agreement, and to act on behalf of such Person Seller in any amendment of or litigation or arbitration involving this Agreement and to do or refrain from doing all such further acts and things, and to execute all such documents, as such Seller Representative shall deem necessary or appropriate in conjunction with respect any of the Transactions, including, without limitation, the power: (i) to take all action necessary or desirable in connection with the waiver of any condition to the obligations of the Sellers to consummate the Transactions; (ii) to negotiate, execute and deliver (A) the Escrow Agreement (with all such modifications or changes thereto as to which the Seller Representative, in its sole discretion, shall have consented); and (B) all ancillary agreements, certificates, statements, notices, approvals, extensions, waivers, undertakings, amendments and other documents required or permitted to given in connection with the consummation of the Transactions (it being understood that such Seller shall execute and deliver any such documents which the Seller Representative agrees to execute); (iii) to collect and receive any amounts due or paid for the benefit of such Seller under this Agreement and to disburse such amounts to such Seller in accordance with its respective Pro Rata Percentage; (iv) to enforce and protect the rights and interest of such Seller arising out of or under or in any manner relating to this Agreement and the Promissory Notes Escrow Agreement, and each other agreement, document, instrument or certificate referred to take herein or therein or the Transactions or provided for therein (including without limitation, in connection with any and all actions claims for indemnification brought by any indemnified party under Article X); (v) to enforce payment of amounts due to such Seller from the Escrow Account and any other amounts payable to such Seller under this Agreement or the Escrow Agreement, in each case, on behalf of such Seller to the extent of such Seller’s Pro Rata Percentage, in the name of the Seller Representative or, if the Seller Representative so elects, in the names of such Seller; (vi) to determine the final Purchase Price on behalf of such Seller in accordance with Section 3.4 hereof; (vii) to cause to be paid out of the Escrow Account, in accordance with Section 3.4, the full amount of any losses, Liabilities, claims, demands, judgments, damages, diminution in value, fines, suits, actions, costs and expenses arising out of the adjustment provisions set forth in Section 3.4; (viii) to utilize the funds comprising the Escrow Amount to make any decisions payment which is required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to:Escrow Agreement; (iix) to terminate this Agreement if the Sellers are entitled to do so; (x) to give and receive all notices and communicationscommunications to be given or received under this Agreement by such Seller and to receive service of process in connection with any claims against such Seller under this Agreement, including service of process in connection with arbitration; (iixi) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver take all documents necessary or desirable to carry out the intent of actions under this Agreement and any Ancillary Document (including expressly contemplated to be taken by the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligationsRepresentative; and (viiixii) to take all actions which under this Agreement may be taken by the Sellers and to do or refrain from doing any further act or deed on behalf of the Seller which the Seller Representative deems necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings his sole discretion relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions subject matter of this Section, including the power of attorney granted hereby, are independent Agreement as fully and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventcompletely as such Seller could do if personally present. (b) The Seller Representative may will not be removedliable to any Seller for any act taken or omitted by it as permitted under this Agreement, etcexcept if such act is taken or omitted in bad faith or by willful misconduct. The Seller Representative will also be fully protected as provided against each Seller in this Section 11.1(brelying upon any written notice, demand, certificate or document that it in good faith believes to be genuine (including facsimiles thereof). (ic) The Sellers agree, severally but not jointly, to indemnify the Seller Representative for, and to hold the Seller Representative harmless against, any loss, Liability or expense incurred without willful misconduct or bad faith on the part of the Seller Representative, arising out of or in connection with the Seller Representative’s carrying out its duties under this Agreement, including costs and expenses of successfully defending Seller Representative against any claim of Liability with respect thereto. The Seller Representative may resign at consult with counsel of its own choice and will have full and complete authorization and protection from and against each Seller for any timeaction taken and suffered by it in good faith and in accordance with the opinion of such counsel. (iid) The All of the indemnities, immunities and powers granted to the Seller Representative may under this Agreement shall survive the Closing and/or termination of this Agreement. (e) Buyer shall have the right to rely upon all actions taken or omitted to be removed for any reason or no reason taken by the vote or written consent Seller Representative pursuant to this Agreement, all of a majority in interest of which actions and omissions shall be legally binding upon the Sellers. (f) Any and all reasonable out-of-pocket expenses incurred by the Seller Representative will be paid by the Sellers, and allocated among the Sellers according in accordance with their Pro Rata Percentage, and may also be deducted from any distributions received by Sellers pursuant to each this Agreement based on such Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller RepresentativePercentage. (iiig) In If American Capital Ltd. becomes unable to serve as the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall such other Person or Persons as may be appointed designated by the vote or written consent Sellers receiving a majority of the Majority Holders. (iv) Notice of such vote or a copy proceeds of the Purchase Price received by all Sellers, shall succeed as the Seller Representative. The Sellers or such successor shall provide prompt written consent appointing such new Seller Representative shall be sent notice thereof to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date . Until such notice is received by Buyer; provided, that until such notice is received, the Buyer and the Target Company shall will be entitled to rely on the decisions and actions of the prior previous Seller Representative. Any such replacement or successor shall become the “Seller Representative” for purposes of this Agreement. If for any reason there is no Seller Representative as described in Section 10.1(a) above. (c) The at any time, all references herein to the Seller Representative shall act as a fiduciary with fiduciary duties be deemed to the Sellers. If the Seller Representative has a personal conflict of interest with respect refer to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (da) The Seller Representative shall not be liable to power of attorney granted by the Sellers for actions taken pursuant to in this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith Section 11.3 (it being understood that any act done or omitted pursuant to the advice of counsel, accountants i) is coupled with an interest and other professionals and experts retained by Seller Representative shall is irrevocable; (ii) may be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused delegated by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative; and (iii) shall survive the death, Seller Representative shall reimburse the Sellers the amount incapacity, dissolution or liquidation of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from each of the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Purchase Agreement (B&G Foods, Inc.)

Seller Representative. (a) By approving the execution and delivery of this Agreement Agreement, Seller and the transactions contemplated herebyeach Member hereby irrevocably constitutes and appoints ▇▇▇▇ ▇▇▇▇▇▇, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative true and lawful agent and attorney-in-fact (the “Seller Representative”) of Seller and each Member with full powers of substitution to act in the name, place and stead of Seller and each Member with respect to the performance on behalf of such Person with respect Seller and each Member under terms and provisions of the Acquisition Documents including the Escrow Agreement as the same may be from time to this Agreement and the Promissory Notes time amended, and to take any do or refrain from doing all such further acts and things, and to execute all actions and make any decisions required or permitted to be taken by such documents, as the Seller Representative pursuant to this Agreement shall deem necessary or appropriate in connection with any of the Promissory Notestransactions contemplated under the Acquisition Documents, including the exercise of including, without limitation, the power to: (ia) give act for Seller and receive notices the Members with respect to all matters referred to in the Acquisition Documents, including all adjustments to the Purchase Price and communicationsall indemnification matters set forth herein and the right to compromise or settle any such claims on behalf of Seller and the Members; (iib) agree to, negotiate, enter into settlements and compromises of, and comply with orders amend or otherwise handle waive any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders provision of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document Acquisition Documents (including the Promissory Notesany condition to Closing); (vic) make all elections employ and obtain the advice of legal counsel, accountants and other professional advisors as the Seller Representative, in his sole discretion, deems necessary or decisions contemplated by this Agreement advisable in the performance of his duties as the Seller Representative and any Ancillary Document (including the Promissory Notes)rely on their advice and counsel; (viid) engageincur any expenses, employ liquidate and withhold assets received on behalf of Seller and the Members prior to their distribution to the Members to the extent of any amount which the Member Representative deems necessary for payment of or appoint any agents as a reserve against expenses, and pay such expenses or representatives deposit the same in an interest-bearing bank account established for such purpose; (including attorneyse) receive all notices, accountants communications and consultants) to assist deliveries hereunder on behalf of Seller Representative in complying with its duties and obligationsthe Members under the Acquisition Documents; and (viiif) take all actions necessary do or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without refrain from doing any further evidence of any kind whatsoever) on any document executed act or purported to be executed deed on behalf of Seller and the Members which the Seller Representative deems necessary or appropriate, in his or her sole discretion, relating to the subject matter of the Acquisition Documents as fully and completely as Seller or any of the Members could do if personally present and acting and as though any reference to Seller by or any of the Members in the Acquisition Documents were a reference to the Seller Representative, and on any other action taken or purported to be taken on behalf . The appointment of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and deemed coupled with an interest and shall not be terminated irrevocable, and any other person may conclusively and absolutely rely, without inquiry, upon any actions of the Seller Representative as the acts of Seller and each Member in all matters referred to in the Acquisition Documents. The Seller and each Member hereby ratifies and confirms all that the Seller Representative shall do or cause to be done by any act virtue of any one or Sellers, or by operation such Seller Representative’s appointment as Seller Representative of Law, whether by death or other event. (b) Seller and each Member. The Seller Representative may be removed, etc. as provided shall act for Seller and each Member on all of the matters set forth in this Section 11.1(b). (i) The the Acquisition Documents in the manner the Seller Representative may resign at any time. (ii) The Seller Representative may believes to be removed for any reason or no reason by in the vote or written consent of a majority in best interest of Seller and the Sellers according to each Seller’s Pro Rata Share (Members, but the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall not be appointed responsible to Seller or any Members for any loss or damage Seller or any Members may suffer by reason of the performance by the vote or written consent Seller Representative of such Seller Representative’s duties under the Acquisition Documents. The Seller Representative’s obligations hereunder are subject to the Written Consent of the Majority Holders. (iv) Notice Members of such vote or a copy Seller, dated as of the written consent appointing such new Effective Date which indemnification terms are incorporated herein by reference. The Seller and each Member hereby expressly acknowledges and agrees that the Seller Representative shall be sent is authorized to Buyer, such appointment to be effective upon the later act on behalf of Seller and each Member notwithstanding any dispute or disagreement among Seller and/or any of the date indicated in such consent or the date such notice is received by Buyer; providedMembers, and that until such notice is received, Buyer and the Target Company any person shall be entitled to rely on any and all action taken by the decisions and actions Seller Representative under the Acquisition Documents without liability to, or obligation to inquire of, Seller or any of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the SellersMembers. If the Seller Representative has a personal conflict of interest with respect resigns or ceases to function in such capacity for any actionreason whatsoever, decision or determination to be made by then the Seller Representative, the Seller Representative must notify the Sellers. (d) The successor Seller Representative shall not be liable to the Sellers person which Seller and the Members appoint; provided, however, that if for actions taken pursuant to this Agreement any reason no successor has been appointed within thirty (30) days, then Seller or the Promissory Notes, except to the extent such actions any Member shall have been determined by the right to petition a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice for appointment of counsel, accountants and other professionals and experts retained by a successor Seller Representative shall be conclusive evidence of good faith)Representative. The Sellers shall Seller and each Member does hereby agree to jointly and severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless the Seller Representative harmless from and against, compensate it for, reimburse it for and pay against any and all lossesliability, liabilitiesloss, claimscost, actionsaction, damages cause of action, damage, suits, debts, dues, sums of money, account reckonings, bills, covenants, contracts and expensesagreements whatsoever in law or equity, including reasonable or expense (including, without limitation, attorneys’ fees and disbursements, arising out costs) reasonably incurred or suffered as a result of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as performance of such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse ’s duties under the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)Acquisition Documents.

Appears in 1 contract

Sources: Asset Purchase Agreement (MSC-Medical Services CO)

Seller Representative. (a) By approving the approval of this Agreement pursuant to the DGCL, the Stockholder Consent and the transactions contemplated herebyLetters of Transmittal, each Seller shall have the Holders irrevocably authorized appoint and appointed Dangroup ApS constitute Fortis Advisors LLC as the initial Seller Representative. The Seller Representative will act as such Person’s representative exclusive agent, proxy and attorney-in-fact fact, with full power of substitution, to act on behalf of such Person with respect to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Holders for certain limited purposes, as the Seller Representative pursuant to this Agreement or the Promissory NotesRepresentative, including the exercise of full power and authority to act on the power to: Holders’ behalf as provided in Section 2.15(b). The Holders, by approving this Agreement, further agree that the powers, immunities and right to indemnification granted to the Seller Representative Group hereunder: (i) give are coupled with an interest, are therefore irrevocable without the consent of the Seller Representative, except as provided in Section 2.15(c), and receive notices shall be binding upon the successors, heirs, executors, administers and communications; legal representatives of each Holder and shall not be affected by, and shall survive, the death, incapacity, bankruptcy, dissolution or liquidation of any Holder, and (ii) agree toshall survive the delivery of an assignment by any Holder of the whole or any fraction of his, negotiate, enter into settlements and compromises of, and comply with orders her or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate interest in the good faith judgment of Seller Representative for Indemnity Escrow Fund. All decisions, actions, consents and instructions by the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each Holder and such Person. No Seller Holder’s successors as if expressly confirmed and ratified in writing by such Holder, and no Holder shall have the right to object to, dissent from, protest or otherwise contest the sameany such decision, action, consent or instruction. The provisions Buyer and Merger Sub shall be entitled to rely on any decision, action, consent or instruction of this Sectionthe Seller Representative as being the decision, including action, consent or instruction of the power Holders, and the Buyer and Merger Sub are hereby relieved from any liability to any Person for acts done by them in accordance with any such decision, act, consent or instruction. The Seller Representative shall be entitled to: (A) rely upon the Pro Rata Portions provided to Seller Representative, (B) rely upon any signature believed by it to be genuine, and (C) reasonably assume that a signatory has proper authorization to sign on behalf of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death the applicable Holder or other eventparty. (b) The Seller Representative may shall have such powers and authority as are necessary to carry out the functions assigned to it under this Agreement. Without limiting the generality of the foregoing, the Seller Representative shall have full power, authority and discretion to (i) consummate the transactions contemplated under this Agreement and the Ancillary Agreements (including pursuant to Section 2.13 hereof); (ii) negotiate disputes arising under, or relating to, this Agreement and the Ancillary Agreements (including pursuant to Section 2.13 and Article VIII hereof); (iii) withhold any amounts received on behalf of the Holders under this Agreement or otherwise to satisfy any and all obligations or liabilities incurred by the Holders or the Seller Representative in the performance of their duties hereunder (including pursuant to Section 2.13, Section 2.14 and Article VIII hereof); and (iv) following the Closing Date execute and deliver, on behalf of the Holders, any amendment or waiver to this Agreement and the Ancillary Agreements (without the prior approval of the Holders) that the Seller Representative deems necessary or appropriate in connection with the consummation of the transactions contemplated by this Agreement, provided that such amendment does not require approval of the Stockholders pursuant to applicable Law. Notwithstanding anything to the contrary herein, the Seller Representative shall have no authority to resolve any claim that is made by a Buyer Indemnitee against a particular Holder for such Holder’s fraud (made with intent to deceive). The Seller Representative shall have full power and authority to take any action (or refrain from doing any further act or deed) by or on behalf of the Holders which the Seller Representative deems necessary or appropriate in its sole discretion in connection with this Agreement (including pursuant to Section 2.13 and Article VIII hereof) and the Ancillary Agreements. The Seller Representative shall have no duties or obligations hereunder, including any fiduciary duties, except those set forth herein and in the Escrow Agreement, and such duties and obligations shall be removeddetermined solely by the express provisions of this Agreement and the Escrow Agreement, etc. as provided and for purposes of clarity, there are no obligations of the Seller Representative in this Section 11.1(b)any other schedule, exhibit or the Disclosure Schedules. (ic) The Seller Representative may resign at any time. (ii) The Seller Representative , and may be removed for any reason or no reason by the vote or written consent of Holders holding a majority in interest of the Sellers according to each Seller’s Pro Rata Share Fully Diluted Shares (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) . In the event of the death, incapacity, resignation or removal of the Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) . Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyerthe Buyer and, such appointment after the Effective Time, to be effective upon the later of the date indicated in such consent or the date such notice is received by BuyerSurviving Corporation; provided, that until such notice is received, Buyer the Buyer, Merger Sub and the Target Company Surviving Corporation, as applicable, shall be entitled to rely on the decisions decisions, actions, consents and actions instructions of the prior Seller Representative as described in Section 10.1(a) above2.15(a). The immunities and rights to indemnification shall survive the resignation or removal of the Seller Representative or any member of the Advisory Group and the Closing and/or any termination of this Agreement and the Escrow Agreement. (cd) Certain Holders have entered into an engagement agreement with the Seller Representative to provide direction to the Seller Representative in connection with its services under this Agreement, the Escrow Agreement and the Seller Representative engagement agreement (such Holders, including their individual representatives, collectively hereinafter referred to as the “Advisory Group”). Neither the Seller Representative nor its members, managers, directors, officers, contractors, agents and employees nor any member of the Advisory Group (collectively, the “Seller Representative Group”), shall be liable to any Holder for any action or failure to act in connection with the acceptance or administration of the Seller Representative’s responsibilities hereunder, under the Escrow Agreement or under any Seller Representative engagement agreement, unless and only to the extent such action or failure to act constitutes gross negligence or willful misconduct. (e) The Seller Representative shall act as a fiduciary with fiduciary be entitled to recover any Seller Representative Expenses it may incur in performing its duties or exercising its rights under this Agreement: (i) first by recourse to the Sellers. If the Seller Representative has a personal conflict Reserve paid to Seller Representative under Section 2.16 of interest with respect this Agreement, (ii) second by recourse from any distribution of the Indemnity Escrow Fund otherwise distributable to the Holders in the event such expenses exceed the Seller Representative Reserve, and (iii) third by recourse directly to the Holders based on their respective Pro Rata Portions in the event such expenses exceed the Seller Representative Reserve; provided, however, notwithstanding the foregoing or any actionother term in this Agreement, decision in no event shall any Holder be liable for any obligations of the Seller Representative in an amount in excess of the aggregate proceeds received by such Holder (before withholding) pursuant to Article II of this Agreement. Notwithstanding anything to the contrary in this Agreement, other than the payment of the Seller Representative Reserve to the Seller Representative under Section 2.16 hereof, neither the Buyer nor the Company nor its Subsidiaries shall have any monetary obligation or determination liability to be made by the Seller Representative, . The Holders acknowledge that the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable required to expend or risk its own funds or otherwise incur any financial liability in the Sellers for actions taken exercise or performance of any of its powers, rights, duties or privileges or pursuant to this Agreement, the Escrow Agreement or the Promissory Notestransactions contemplated hereby or thereby. Furthermore, except the Seller Representative shall not be required to take any action unless the extent Seller Representative has been provided with funds, security or indemnities which, in its determination, are sufficient to protect the Seller Representative against the costs, expenses and liabilities which may be incurred by the Seller Representative in performing such actions shall have been determined by a court actions. (f) By the approval of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted this Agreement pursuant to the advice DGCL, the Stockholder Consent, and the Letters of counselTransmittal, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall the Holders hereby, severally and but not jointly (in accordance with jointly, based on their respective Pro Rata Shares)Portions, indemnify agree to indemnify, defend and hold harmless the Seller Representative Group from and against, compensate it for, reimburse it for and pay against any and all losses, liabilities, liabilities claims, actionsdamages, damages fees, costs or expenses (including fees, disbursements and expenses, including reasonable attorneys’ fees costs of counsel and disbursements, arising out of other skilled professionals and in connection with its activities as seeking recovery from insurers), judgments, fines or amounts paid in settlement incurred on the part of the Seller Representative under this Agreement and (except for those arising out of the Promissory Notes Seller Representative’s gross negligence or willful misconduct) (collectively, the “Seller Representative LossesExpenses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Merger Agreement (Infor, Inc.)

Seller Representative. (a) By approving this Agreement Each Company Stockholder, by delivery of a Letter of Transmittal, on behalf of itself and the transactions contemplated herebyits successors and assigns, each Seller shall have hereby irrevocably authorized constitutes and appointed Dangroup ApS appoints S▇▇▇▇▇ ▇▇▇▇▇▇▇, in his capacity as the initial Seller Representative. The Seller Representative will act , as such Person’s representative the true and lawful agent and attorney-in-fact of such Persons with full powers of substitution to act in the name, place and stead of thereof with respect to the performance on behalf of such Person with respect to under the terms and provisions of this Agreement and the Promissory Notes Ancillary Documents to which the Seller Representative is a party or otherwise has rights in such capacity (together with this Agreement, the “Seller Representative Documents”), as the same may be from time to time amended, and to take any do or refrain from doing all such further acts and things, and to execute all actions and make any decisions required or permitted to be taken by such documents on behalf of such Person, if any, as the Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions will deem necessary or appropriate in connection with any of the good faith judgment of transactions contemplated under the Seller Representative for Documents, including: (i) controlling and making any determinations with respect to the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement post-Closing Merger Consideration adjustments under Section 1.15; (including Article IXii) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed acting on behalf of such Person under the Escrow Agreement; (iii) terminating, amending or waiving on behalf of such Person any provision of any Seller by Representative Document (provided, that any such action, if material to the rights and obligations of the Company Stockholders in the reasonable judgment of the Seller Representative, and on any other action taken or purported to will be taken in the same manner with respect to all Company Stockholders unless otherwise agreed by each Company Stockholder who is subject to any disparate treatment of a potentially material and adverse nature); (iv) signing on behalf of such Person any releases or other documents with respect to any dispute or remedy arising under any Seller by Representative Document; (v) employing and obtaining the advice of legal counsel, accountants and other professional advisors as the Seller Representative, in its reasonable discretion, deems necessary or advisable in the performance of its duties as being fully binding upon the Seller Representative and to rely on their advice and counsel; (vi) incurring and paying reasonable costs and expenses, including fees of brokers, attorneys and accountants incurred pursuant to the transactions contemplated hereby, and any other reasonable fees and expenses allocable or in any way relating to such transaction or any indemnification claim, whether incurred prior or subsequent to Closing; (vii) receiving all or any portion of the consideration provided to the Company Stockholders under this Agreement and to distribute the same to the Company Stockholders in accordance with their Pro Rata Share; and (viii) otherwise enforcing the rights and obligations of any such Persons under any Seller Representative Document, including giving and receiving all notices and communications hereunder or thereunder on behalf of such Person. Notices or communications to or from All decisions and actions by the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller Company Stockholder and their respective successors and assigns, and neither they nor any other Party shall have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, Section 10.14 are irrevocable and coupled with an interest interest. The Seller Representative h▇▇▇▇▇ accepts its appointment and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventauthorization as the Seller Representative under this Agreement. (b) The Any other Person, including the Purchaser Representative, the Purchaser and the Company may conclusively and absolutely rely, without inquiry, upon any actions of the Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The the acts of the Company Stockholders under any Seller Representative may resign at any time. (ii) Documents. The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Purchaser Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer Purchaser and the Target Company shall hall be entitled to rely conclusively on the instructions and decisions and actions of the prior Seller Representative as described to (i) any payment instructions provided by the Seller Representative or (ii) any other actions required or permitted to be taken by the Seller Representative hereunder, and no Company Stockholder shall have any cause of action against the Purchaser Representative, the Purchaser, the Company or any other Indemnified Party for any action taken by any of them in reliance upon the instructions or decisions of the Seller Representative. The Purchaser Representative, the Purchaser, the Company and the other Indemnified Parties shall not have any Liability to any Company Stockholder for any allocation or distribution among the Company Stockholders by the Seller Representative of payments made to or at the direction of the Seller Representative. All notices or other communications required to be made or delivered to a Company Stockholder under any Seller Representative Document shall be made to the Seller Representative for the benefit of such Company Stockholder, and any notices so made shall discharge in full all notice requirements of the other Parties or thereto to such Company Stockholder with respect thereto. All notices or other communications required to be made or delivered by a Company Stockholder shall be made by the Seller Representative (except for a notice under Section 10.1(a10.14(d) aboveof the replacement of the Seller Representative). (c) The Seller Representative shall will act as a fiduciary with fiduciary duties to for the Sellers. If Company Stockholders on all of the matters set forth in this Agreement in the manner the Seller Representative has a personal conflict of interest with respect to any action, decision or determination believes to be made in the best interest of the Company Stockholders, but the Seller Representative will not be responsible to the Company Stockholders for any losses that any Company Stockholder may suffer by reason of the performance by the Seller Representative of the Seller Representative’s duties under this Agreement, other than losses arising from the bad faith, gross negligence or willful misconduct by the Seller Representative in the performance of its duties under this Agreement. From and after the Closing, the Company Stockholders shall jointly and severally indemnify, defend and hold the Seller Representative harmless from and against any and all losses reasonably incurred without gross negligence, bad faith or willful misconduct on the part of the Seller Representative (in its capacity as such) and arising out of or in connection with the acceptance or administration of the Seller Representative’s duties under any Seller Representative Document, including the reasonable fees and expenses of any legal counsel retained by the Seller Representative, . In no event shall the Seller Representative must notify the Sellers. (d) in such capacity be liable hereunder or in connection herewith for any indirect, punitive, special or consequential damages. The Seller Representative shall not be liable to for any act done or omitted under any Seller Representative Document as the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional Seller Representative while acting in good faith and without willful misconduct or bad faith (it being understood that gross negligence, and any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative counsel shall be conclusive evidence of such good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative shall be fully protected in relying upon any written notice, demand, certificate or document that it in good faith believes to be genuine, including facsimiles or copies thereof, and no Person shall have any Liability for relying on the Seller Representative in the foregoing manner. In connection with the performance of its rights and obligations hereunder, the Seller Representative shall have the right at any time and from time to time to select and againstengage, compensate it forat the reasonable cost and expense of the Company Stockholders, reimburse it for attorneys, accountants, investment bankers, advisors, consultants and pay any clerical personnel and all lossesobtain such other professional and expert assistance, liabilities, claims, actions, damages maintain such records and incur other reasonable out-of-pocket expenses, including reasonable attorneys’ fees as the Seller Representative may reasonably deem necessary or appropriate from time to time. All of the indemnities, immunities, releases and disbursements, arising out of and in connection with its activities as powers granted to the Seller Representative under this Agreement Section 10.14 shall survive the Closing and continue indefinitely. (d) If the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse die, become disabled, dissolve, resign or otherwise be unable or unwilling to fulfill its responsibilities as representative and agent of Company Stockholders, then the Sellers Company Stockholders shall, within ten (10) days after such death, disability, dissolution, resignation or other event, appoint a successor Seller Representative (by vote or written consent of the amount Company Stockholders holding in the aggregate a Pro Rata Share in excess of fifty percent (50%)), and promptly thereafter (but in any event within two (2) Business Days after such appointment) notify the Purchaser Representative and the Purchaser in writing of the identity of such indemnified Representative Loss attributable to successor. Any such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses successor so appointed shall be satisfied from become the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)“Seller Representative” for purposes of this Agreement.

Appears in 1 contract

Sources: Merger Agreement (Pono Capital Corp)

Seller Representative. (a) By approving Southcross GP and each Southcross Entity, by executing this Agreement Agreement, irrevocably constitutes and the transactions contemplated herebyappoints Southcross and its successors, each Seller shall have irrevocably authorized and appointed Dangroup ApS acting as the initial Seller Representative. The Seller Representative will act hereinafter provided, as such appointing Person’s representative and attorney-in-fact to act on behalf of such Person in connection with the authority granted to Southcross pursuant to this ‎Section 13.15, and acknowledges that such appointment is coupled with an interest. (b) Southcross GP and each Southcross Entity, by the appointment described in ‎Section 13.15(a), (i) authorizes Southcross subsequent to the date hereof (A) to give and receive written consents, reports, notices and communications to or from Buyer relating to this Agreement, the Transactions and the other Transaction Documents, (B) to act on such appointing Person’s behalf with respect to any and all matters affecting such appointing Person in this Agreement, including giving and receiving all notices and communications to be given or received with respect to any such matters, and (C) to negotiate, compromise and resolve any dispute that may arise under this Agreement and (ii) agrees to be bound by all agreements and determinations made by and documents executed and delivered by Southcross pursuant to the authority granted to Southcross hereunder. (c) Southcross GP and each Southcross Entity, by the execution of this Agreement, expressly acknowledges and agrees that (i) Southcross is authorized to act on its behalf with respect to this Agreement Agreement, notwithstanding any dispute or disagreement between such appointing Person and the Promissory Notes Southcross, and (ii) Buyer will be entitled to take solely interact with, and rely on any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to by, Southcross under this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree without any Liability to, negotiate, enter into settlements and compromises or obligation to inquire of, such appointing Person. Any notice or communication given or received by, and comply with orders any decision, action, failure to act within a designated period of time, agreement, consent, settlement, resolution or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises instruction of, and comply with orders Southcross that is within the scope of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle Southcross’s authority under this ‎Section 13.15 will constitute a notice or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications communication to or from Seller Representative shall constitute notice by, or a decision, action, failure to act within a designated period of time, agreement, consent, settlement, resolution or from each instruction of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall will be final, binding and conclusive upon each such appointing Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall will be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to upon any such notice, communication, decision, action, decision failure to act within a designated period of time, agreement, consent, settlement, resolution or determination instruction as being a notice or communication to be made by the Seller Representativeor by, the Seller Representative must notify the or a decision, action, failure to act within a designated period of time, agreement, consent, settlement, resolution or interaction of, such appointing Person and Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Asset Purchase Agreement (Southcross Energy Partners, L.P.)

Seller Representative. (a) By approving the adoption of the Mergers and approval of this Agreement pursuant to the DGCL, the Act, the GA Stockholder Consent and Agreement and the GBOS Stockholder Consent and Agreement, and by receiving the benefits in connection herewith, including the consideration payable hereunder, the Sellers shall be deemed to have irrevocably appointed and constituted, and hereby irrevocably appoint and constitute Shareholder Representative Services LLC, as of the Closing, as representative, agent, proxy and attorney-in-fact, with full power of substitution, to act on behalf of the Sellers for all purposes in connection with this Agreement and the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as agreements ancillary hereto (the initial Seller Representative”), including the full power and authority to act on the Sellers’ behalf as provided in Section 2.14(b). The Seller Representative will act as Sellers, by approving this Agreement, further agree that such Person’s representative agency, proxy and attorney-in-fact to act on behalf of such Person are coupled with respect to this Agreement and an interest, are therefore irrevocable without the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise consent of the power to: (i) give and receive notices and communications; (ii) agree toSeller Representative, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described except as provided in Section 2.5; (iii) agree to2.14(c), negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence binding upon the successors, heirs, executors, administers and legal representatives of each Seller and shall not be affected by, and shall survive, the death, incapacity, bankruptcy, dissolution or liquidation of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller Seller. All decisions, actions, consents and instructions by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from the Seller Representative shall constitute notice to or from each be binding upon all of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No no Seller shall have the right to object to, dissent from, protest or otherwise contest any such decision, action, consent or instruction. Parent, NewCo 1, NewCo 2, NewCo 3 and NewCo 4 shall be entitled to rely on any decision, action, consent or instruction of the same. The provisions Seller Representative as being the decision, action, consent or instruction of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, and Parent, NewCo 1, NewCo 2, NewCo 3 and NewCo 4 are hereby relieved from any liability to any Person for acts done by them in accordance with any such decision, act, consent or by operation of Law, whether by death or other eventinstruction. (b) The Seller Representative may shall have such powers and authority as are necessary to carry out the functions assigned to it under this Agreement. Without limiting the generality of the foregoing, the Seller Representative shall have full power, authority and discretion to (i) consummate the transactions contemplated under this Agreement and the Ancillary Agreements; (ii) negotiate disputes arising under, or relating to, this Agreement and the Ancillary Agreements (including pursuant to Section 2.11 hereof); (iii) authorize the disbursement to the Sellers any funds payable to the Sellers under this Agreement or the Ancillary Agreements (including pursuant to Section 2.11 hereof); (iv) withhold any amounts payable to the Sellers under this Agreement or otherwise to satisfy any and all obligations or liabilities incurred by the Sellers or the Seller Representative in the performance of their duties hereunder (including pursuant to Section 2.11 and Section 2.14 hereof); (v) execute and deliver any amendment or waiver to this Agreement and the Ancillary Agreements (without the prior approval of the Sellers); and (vi) take all other actions to be removed, etc. as provided taken by or on behalf of the Sellers in connection with this Section 11.1(b)Agreement and the Ancillary Agreements. (ic) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) . In the event of the death, incapacity, resignation or removal of the Seller Representative, a new Seller Representative shall be appointed by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ (or, if ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ is then unavailable, by ▇▇▇ ▇▇▇), with the vote or written prior consent of the Majority Holders. (iv) Parent, not to be unreasonably withheld, conditioned or delayed. Notice of such vote or a copy the appointment of the written consent appointing such new Seller Representative shall be sent to BuyerParent, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by BuyerParent; provided, that until such notice is received, Buyer Parent, NewCo ▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ 4, the GA Surviving Entity and the Target Company GBOS Surviving Entity, as applicable, shall be entitled to rely on the decisions decisions, actions, consents and actions instructions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers2.14(a). (d) The Seller Representative shall use the Expense Fund only for expenses incurred by the Sellers Representative in the performance of its duties in connection with this Agreement and the agreements ancillary hereto. The Sellers will not be liable receive any interest or earnings on the Expense Fund and irrevocably transfer and assign to the Seller Representative any ownership right that they may otherwise have had in any such interest or earnings. The Seller Representative will hold the Expense Fund separate from its corporate funds and will not voluntarily make such funds available to creditors in the event of bankruptcy. As soon as practicable following the completion of the Seller Representative’s responsibilities in connection herewith, the Seller Representative will cause (at the Sellers’ expense) the disbursement of any remaining balance of the Expense Fund to the Sellers (in accordance with their Allocated Shares), except, if any, in the case of payments to employees or former employees of the Group Companies for actions taken which employment tax withholding is required, which such amounts shall be delivered to Parent, the GA Surviving Entity or the GBOS Surviving Entity and paid through Parent’s or such surviving entity’s payroll processing service or system. For tax purposes, the Expense Fund will be treated as having been received, and voluntarily set aside, by the Sellers at the time of Closing. The parties agree that the Seller Representative is not responsible for any tax reporting or withholding in connection with the distribution of the Expense Fund. (e) The Seller Representative will incur no liability in connection with its services pursuant to this Agreement or the Promissory Notes, and any related agreements except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted resulting from its gross negligence or involved fraud, intentional misconduct willful misconduct. The Seller Representative shall not be liable for any action or bad faith (it being understood that any act done or omitted omission pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless the Seller Representative from against any reasonable, documented, and against, compensate it for, reimburse it for and pay any and all out-of-pocket losses, liabilities, claims, actions, damages liabilities and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes expenses (the “Representative Losses”)) arising out of or in connection with this Agreement and any related agreements, in each case as such Representative Loss is suffered or incurred; provided, that in the event it that any such Representative Loss is finally adjudicated that a Representative Loss or any portion thereof was primarily to have been caused by the gross negligence, fraud, intentional negligence or willful misconduct or bad faith of the Seller Representative, the Seller Representative shall will reimburse the Sellers the amount of such indemnified Representative Loss to the extent attributable to such gross negligencenegligence or willful misconduct. Representative Losses may be recovered by the Seller Representative from (i) the funds in the Expense Fund and (ii) any other funds that become payable to the Sellers under this Agreement at such time as such amounts would otherwise be distributable to the Sellers; provided, fraudthat while the Seller Representative may be paid from the aforementioned sources of funds, intentional misconduct this does not relieve the Sellers from their obligation to promptly pay such Representative Losses as they are suffered or bad faithincurred. In no event will the Seller Representative be required to advance its own funds on behalf of the Sellers or otherwise. Notwithstanding anything in this Agreement to the contrary, any restrictions or limitations on liability or indemnification obligations of, or provisions limiting the recourse against non-parties otherwise applicable to, the Sellers set forth elsewhere in this Agreement are not intended to be applicable to the indemnities provided to the Seller Representative hereunder. The foregoing indemnities will survive the Closing, the resignation or removal of the Seller Representative Losses shall be satisfied from or the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)termination of this Agreement.

Appears in 1 contract

Sources: Transaction Agreement (StepStone Group Inc.)

Seller Representative. (a) By approving this Agreement Seller and the transactions contemplated herebySeller Partners hereby appoint ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, each Seller shall have irrevocably authorized and appointed Dangroup ApS acting as the initial representative of Seller and the Seller Partners (the “Seller Representative. The Seller Representative will act ”), as such Person’s representative and the attorney-in-fact to act for and on behalf of such Person with respect to this Agreement Seller and each Seller Partner, and the Promissory Notes and to take taking by the Seller Representative of any and all actions and make the making of any decisions required or permitted to be taken by Seller Representative pursuant to him under this Agreement or and under the Promissory NotesGuaranty, including the exercise of the power to: to (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, of and comply with orders of courts and awards of arbitrators with respect to claims for of indemnification made by Buyer pursuant to under this Article VII 10 (an “Indemnification Claim”), (ii) resolve any Indemnification Claims and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viiiiii) take all actions necessary or appropriate in the good faith judgment of the Seller Representative for the accomplishment of the foregoingforegoing and all of the other terms, conditions and limitations of this Agreement. Holdings and Buyer shall be entitled to deal exclusively with Accordingly, the Seller Representative has unlimited authority and power to act on all matters relating behalf of Seller and each Seller Partner with respect to this Agreement, the Guaranty and the disposition, settlement or other handling of all Indemnification Claims, rights or obligations arising from and taken pursuant to this Agreement. The Seller and the Seller Partners will be bound by all actions taken by the Seller Representative in connection with this Agreement (including Article IX) and the Guaranty, and Purchaser and Parent shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed action or purported to be executed on behalf decision of any Seller by the Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may shall be removedgiven access to such information about Seller, etc. Purchaser or the Purchased Assets as provided is necessary and appropriate to enable the Seller Representative to perform the duties and responsibilities set forth in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”)10.6; provided, however, that, except to the extent necessary to perform the duties and responsibilities set forth in no event shall this Section 10.6, the Seller Representative resign agrees not to use or be removed without disclose, and to hold in strict confidence, any such information about the Majority Holders having first appointed a new Seller, Purchaser or the Purchased Assets so provided. The Seller Representative who will incur no liability to the Seller or the Seller Partners with respect to any action taken or suffered by him in reliance upon any notice, direction, instruction, consent, statement or other document believed by him to be genuine and to have been signed by the proper person (and shall assume have no responsibility to determine the authenticity thereof), nor for any other action or inaction, except his own willful misconduct or gross negligence. The Seller and the Seller Partners agree that in all questions arising under this Agreement, the Seller Representative may rely on the advice of counsel, and the Seller Representative will not be liable to Seller or any of the Seller Partners for anything done, omitted or suffered in good faith by the Seller Representative based on such duties immediately upon advice. The Seller and the resignation Seller Partners agree that the Seller Representative will not be required to take any action involving any expense unless the payment of such expense is made or removal of provided for by Seller Representativeand the Seller Partners in a manner satisfactory to him. (iiic) In At any time during the event term of this Agreement, Seller and the death, incapacity, resignation or removal of Seller Representative, a new Partners may remove and replace the individual serving as the Seller Representative shall be appointed by the vote or unanimous written consent of the Majority Holders. (iv) Notice of such vote or by sending notice and a copy of the written consent appointing such new individual or individuals signed by Seller Representative shall be sent and each of the Seller Partners to Buyer, such Purchaser. Such appointment to will be effective upon the later of the date indicated in such the consent or the date such notice consent is received by Buyer; provided, that until Purchaser. Any such notice is received, Buyer and the Target Company new individual shall be entitled to rely on the decisions and actions of the prior Seller Representative as described serve in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties such capacity subject to the Sellers. If the Seller Representative has a personal conflict terms and conditions of interest this Agreement and provide notice to Purchaser of his or her identity, along with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellersnotice information for purposes of this Agreement. (d) The Each of Seller Representative shall not be liable to and the Sellers for actions taken pursuant to this Agreement or the Promissory NotesSeller Partners shall, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants jointly and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares)severally, indemnify and hold harmless the Seller Representative harmless from and against, compensate it for, reimburse it for and pay any and all lossesliability and expense (including, liabilitieswithout limitation, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising counsel fees) that may arise out of and in connection with its activities any action taken or omitted by him as the Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)this Agreement, as the same may be amended, modified or supplemented, except such liability and expense as may result from the gross negligence or willful misconduct of the Seller Representative. (e) All reasonable costs and expenses payable by the Seller Representative hereunder on behalf of Seller and the Seller Partners will be paid exclusively on a pro rata basis by Seller and the Seller Partners upon demand by the Seller Representative.

Appears in 1 contract

Sources: Asset Purchase Agreement (Core-Mark Holding Company, Inc.)

Seller Representative. (a) By approving In order to administer efficiently the determination of the Final Closing Adjustment Statement, the Final Earnout Statement, the defense and/or settlement of any indemnification obligations of the Seller Parties and any other obligations of the Seller Parties contained in this Agreement and Agreement, the transactions contemplated herebySeller Parties hereby irrevocably appoint ▇▇▇▇▇ ▇. ▇▇▇▇, each Seller shall have irrevocably authorized and appointed Dangroup ApS III as the initial Seller Representative. The Seller Representative will act as such Person’s representative representative, agent and attorney-in-fact to act on behalf of such Person with respect to this Agreement and (the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: Representative”) for each Seller Party (i) to give and receive notices and communications; communications relating to the transactions and other matters contemplated by this Agreement, the Seller Ancillary Documents and the Purchaser Ancillary Documents, including those relating to the determination of the Final Closing Adjustment Statement, the determination of the Final Earnout Statement, indemnification claims, and any other claims or obligations contained in this Agreement, (ii) agree toto make decisions on behalf of the Seller Parties with respect to the transactions and other matters contemplated by this Agreement, the Seller Ancillary Documents, including regarding (A) the determination of the Final Closing Date Balance Sheet, (B) the determination of the Final Earnout Statement, (C) indemnification claims, (D) amendments to this Agreement, the Seller Ancillary Documents, or the Purchaser Ancillary Documents, (E) the preparation and review of any Tax Returns and (F) the defense of third party suits that may be the subject of indemnification claims, and to negotiate, enter into settlements and compromises of, and comply demand litigation or arbitration with orders respect to such third party suits or otherwise handle claims by the Purchaser for indemnification, or any other matters described claims contained in Section 2.5; this Agreement, and (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all other actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller Party as contemplated by this Agreement, the Seller Ancillary Documents, or the Purchaser Ancillary Documents, including the exercise of all rights granted to any Seller Party under this Agreement, the Seller Ancillary Documents, or the Purchaser Ancillary Documents. (b) In the event that the Seller Representative becomes unable to perform his responsibilities hereunder or resigns from such position, the Sellers shall, by election of the Sellers (or, if applicable, their respective heirs, legal representatives, successors and assigns) who held a majority in interest of the voting power of the Company prior to the Closing, select another representative to fill such vacancy and such substituted representative shall be deemed to be the Seller Representative for all purposes of this Agreement. (c) All decisions and actions by the Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of including the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment defense or settlement of any claims for indemnification hereunderwhich any Seller Parties may be required to indemnify the Purchaser pursuant to Article VIII hereof, shall constitute a decision or action be binding upon all of all Sellers the Seller Parties, and shall be final, binding and conclusive upon each such Person. No no Seller Party shall have the right to object toobject, dissent fromdissent, protest or otherwise contest the same. The . (d) Each Seller Party agrees that: (i) he, she or it shall not have any cause of action against the Seller Representative for any action taken or not taken, decision made or instruction given by the Seller Representative under this Agreement, except for fraud, gross negligence, willful misconduct or bad faith by the Seller Representative; (ii) he, she or it shall indemnify and hold harmless the Seller Representative from all loss, liability or expense (including the reasonable fees and expenses of counsel) arising out of or in connection with the Seller Representative’s execution and performance of this Agreement, except for fraud, gross negligence, willful misconduct or bad faith by the Seller Representative; provided, however, that no Seller shall be liable under this Section 9.16(d)(ii) in an amount in excess of the amount of the Purchase Price actually received by such Seller Party and its Affiliates pursuant to this Agreement; (iii) the provisions of this Section, including the power of attorney granted hereby, Section 9.16 are independent and severable, are irrevocable and coupled with an interest and shall not be terminated enforceable notwithstanding any rights or remedies any Seller Party may have in connection with the transactions contemplated by any act of any one this Agreement, the Seller Ancillary Documents or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders.Purchaser Ancillary Documents; (iv) Notice of such vote or a copy the remedy at law for any breach of the written provisions of this Section 9.16 would be inadequate; and (v) the provisions of this Section 9.16 shall be binding upon the successors and assigns of each Seller Party. (e) Any decision, act, consent appointing such new or instruction of the Seller Representative relating to this Agreement, the Seller Ancillary Documents, or the Purchaser Ancillary Documents shall constitute a decision for all Seller Parties, and shall be sent to Buyerfinal, such appointment to be effective binding and conclusive upon the later Seller Parties, and the Purchaser may rely upon any such decision, act, consent or instruction of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) abovebeing the decision, act, consent or instruction of every Seller Party. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Securities Purchase Agreement (Repay Holdings Corp)

Seller Representative. (a) By approving the execution and delivery of this Agreement and the transactions contemplated herebyAgreement, each Seller shall have hereby irrevocably authorized constitutes and appointed Dangroup ApS appoints the Seller Representative as the initial Seller Representative. The Seller Representative will act as such Person’s true and lawful agent, representative and attorney-in-fact of such Seller with full powers of substitution to act in the name, place and stead of thereof with respect to the performance on behalf of such Person with respect to Seller under the terms and provisions of this Agreement and the Promissory Notes Ancillary Documents, as the same may be from time to time amended, and to take do or refrain from doing all such further acts and things, and to execute all such documents on behalf of such Seller, if any, as the Seller Representative will deem necessary or appropriate in connection with any of the transactions contemplated under this Agreement or any of the Ancillary Documents, including: (i) act for Sellers with respect to all indemnification matters referred to in this Agreement, including the right to compromise on behalf of Sellers any indemnification claim made by or against Sellers, if any; (ii) act for Sellers with respect to all post-Closing matters; (iii) terminate, amend or waive any provision of this Agreement; provided, that any such action, if material to the rights and obligations of Sellers in the reasonable judgment of the Seller Representative, will be taken in the same manner with respect to all Sellers unless otherwise agreed by each Seller who is subject to any disparate treatment of a potentially adverse nature; (iv) employ and obtain the advice of legal counsel, accountants and other professional advisors as the Seller Representative, in his or her sole discretion, deems necessary or advisable in the performance of his or her duties as the Seller Representative and to rely on their advice and counsel; (v) incur and pay expenses, including fees of brokers, attorneys and accountants incurred pursuant to the transactions contemplated hereby, and any other fees and expenses allocable or in any way relating to such transaction or any indemnification claim, whether incurred prior or subsequent to Closing; (vi) receive all or any portion of the Purchase Price and to distribute the same to Sellers pro rata in proportion to their ownership interests; (vii) sign any releases or other documents with respect to and dispute or remedy arising under this Agreement or the Ancillary Documents; and (viii) do or refrain from doing any further act or deed on behalf of Sellers which the Seller Representative deems necessary or appropriate in his or her sole discretion relating to the subject matter of this Agreement as fully and completely as any Seller could do if personally present and acting. The Seller Representative hereby accepts his or her appointment and authorization as the Seller Representative under this Agreement. (b) The appointment of the Seller Representative will be deemed coupled with an interest and will be irrevocable, and any other Person, including Buyer, the Company and any other Buyer Indemnified Parties may conclusively and absolutely rely, without inquiry, upon any actions of the Seller Representative as the acts of Sellers hereunder or any Ancillary Document to which the Seller Representative is a party. Each Buyer Indemnified Party shall be entitled to rely conclusively on the instructions and make decisions of the Seller Representative as to (i) the settlement of any decisions claims for indemnification by a Buyer Indemnified Party pursuant to ARTICLE VII hereof, (ii) any payment instructions provided by the Seller Representative or (iii) any other actions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including and no Seller Indemnified Party shall have any agreement between cause of action against any Buyer Indemnified Party for any action taken by a Buyer Indemnified Party in reliance upon the instructions or decisions of the Seller Representative. No Buyer Indemnified Party shall have any liability to Sellers for any allocation or distribution among Sellers by the Seller Representative and Buyer of payments made to or Holdings relating to at the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest direction of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall will act for Sellers on all of the matters set forth in this Agreement in the manner the Seller Representative believes to be in the best interest of Sellers, but the Seller Representative will not be responsible to Sellers for any loss or damage that any Seller may suffer by reason of the performance by the Seller Representative of such Seller Representative’s duties under this Agreement, other than loss or damage arising from fraud, gross negligence or willful misconduct in the performance of the Seller Representative’s duties under this Agreement. Sellers do hereby jointly and severally agree to indemnify and hold the Seller Representative harmless from and against any and all Losses reasonably incurred or suffered as a fiduciary with fiduciary result of the performance of the Seller Representative’s duties under this Agreement, except for any such liability arising out of the fraud, gross negligence or willful misconduct of the Seller Representative. The Seller Representative will not be entitled to any fee, commission or other compensation for the performance of his or her services hereunder, but will be entitled to the Sellers. payment from Sellers of all his or her expenses incurred as the Seller Representative. (d) If the Seller Representative has shall die, become disabled, resign or otherwise be unable or unwilling to fulfill his or her responsibilities as agent of Sellers, then Sellers shall, within ten (10) days after such death or disability, appoint a personal conflict successor agent and, promptly thereafter (but in any event within two (2) Business Days after such appointment), shall notify Buyer in writing of interest the identity of such successor. Any such successor shall be appointed by the written consent of Sellers, and any successor so appointed shall become the “Seller Representative” for purposes of this Agreement. (e) All notices or other communications required to be made or delivered by a Buyer Party to a Seller shall be made to the Seller Representative for the benefit of such Seller, and any notices so made shall discharge in full all notice requirements of a Buyer Party to such Seller with respect thereto. All notices or other communications required to any action, decision be made or determination to delivered by a Seller shall be made by the Seller Representative, Representative (except for a notice under Section 8.16(d) of the replacement of the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Merger Agreement (Efactor Group Corp.)

Seller Representative. (a) By approving Each Seller hereby irrevocably appoints BLP as such Seller’s representative, agent and attorney in fact for and on behalf of the Sellers, and BLP is hereby the Seller Representative for all purposes under this Agreement. Without limiting the generality of the foregoing, the Seller Representative has full power and authority, on behalf of each Seller and such Seller’s successors and assigns, to (i) interpret the terms and provisions of this Agreement and the transactions contemplated herebyRelated Agreements, each Seller shall have irrevocably authorized (ii) execute and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act as such Person’s representative deliver and attorney-in-fact to act on behalf receive deliveries of such Person with respect to this Agreement all agreements, certificates, statements, notices, approvals, extensions, waivers, undertakings, amendments and the Promissory Notes and to take any and all actions and make any decisions other documents required or permitted to be taken given in connection with the consummation of the transactions contemplated by Seller Representative pursuant to this Agreement and any Related Agreement, (iii) receive service of process in connection with any claims under this Agreement or any Related Agreement, (iv) agree to, negotiate and enter into settlements and compromises of, assume the Promissory Notesdefense of claims, including and comply with orders of courts and awards of arbitrators with respect to such claims, and to take all actions necessary or appropriate in the exercise judgment of the power to: Seller Representative for the accomplishment of the foregoing, (iv) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on behalf of the Sellers in connection with this Agreement, and (vii) authorize recovery by any the Purchaser Indemnified Party of claims brought by any the Purchaser Indemnified Party for Indemnity Losses. (b) From and after the Closing, a decision, act, consent or instruction of the Seller Representative will constitute a decision of all matters relating Sellers and will be final, binding, conclusive and non-appealable upon each Seller, and the Purchaser is hereby entitled to this Agreement (including Article IX) rely upon any decision, act, consent or instruction of the Seller Representative as being the decision, act, consent or instruction of each Seller. Any notice or communication delivered by the Purchaser or any Company Party to the Seller Representative after the Closing shall, as between the Purchaser and such Company Party, on the one hand, and the Sellers, on the other hand, be deemed to have been delivered to all Sellers. The Purchaser, the Company, and each of their respective Affiliates shall be entitled to rely conclusively (without further evidence of exclusively upon any kind whatsoever) on any document communication or writings given or executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of in connection with any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest indemnity and shall not be terminated by liable in any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed manner whatsoever for any reason action taken or no reason not taken in reliance upon the actions taken or not taken or communications or writings given or executed by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In . The Purchaser, the event Company, and each of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company their respective Affiliates shall be entitled to rely on disregard any notices or communications given or made by the decisions and actions of the prior Seller Representative as described Sellers in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary connection with fiduciary duties to the Sellers. If any claims for indemnity unless given or made through the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out the provisions of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)Agreement.

Appears in 1 contract

Sources: Contribution Agreement (Greenlane Holdings, Inc.)

Seller Representative. (a) By approving this Agreement and Each Seller hereby appoints the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS Non-US Holding Company as the initial Seller Representative. The Non-US Holding Company hereby accepts such appointment and agrees to perform all of the duties of the Seller Representative will act as such Person’s representative hereunder. (b) Each Seller hereby authorizes the Seller Representative to make all decisions and attorney-in-fact take all actions on its behalf to act on behalf of such Person with respect administer the transactions contemplated hereby (except to the extent that this Agreement and specifically requires Purchaser to deal directly with a particular Seller or the Promissory Notes and Management Stockholder Representative), including (i) the receipt from Purchaser of all payments made by Purchaser to take any and all actions and make any decisions required or permitted to be taken by Seller Representative MRM Sellers pursuant to this Agreement or the Promissory NotesAgreement, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements giving and compromises ofreceiving of notices to be given or received by any Seller, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree tothe contest, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment defense or settlement of any claims for indemnification hereunder, shall constitute a decision which any Seller may be required or action of all Sellers requested to indemnify Purchaser pursuant to Section 10.2. All decisions and actions by the Seller Representative ------------ permitted by this Agreement shall be finalbinding upon all of the Sellers, binding and conclusive upon each such Person. No no Seller shall have the any right to object toobject, dissent fromdissent, protest or otherwise contest the same. (c) Purchaser shall be entitled to deal with and rely conclusively on the Seller Representative as provided herein as if, and with the same effect as if, the Seller Representative constituted all of the Sellers, and Purchaser shall be under no obligation to involve itself with the Seller Representative's performance for the benefit of the Sellers, or the Sellers' relationships inter se. -------- Notwithstanding the foregoing provisions of this Section 11.17, or any ------------- other provisions of this Agreement, Purchaser may in its sole discretion elect to deal directly with any Seller instead of the Seller Representative. (d) The provisions of this Section, including the power of attorney granted hereby, are independent and severable, Section 11.17 are irrevocable and ------------- coupled with an interest and shall not be terminated by enforceable notwithstanding any act of any one rights or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood remedies that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and may have in connection with its activities as Seller Representative under the transactions contemplated by this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)Agreement.

Appears in 1 contract

Sources: Stock Purchase Agreement (Mutual Risk Management LTD)

Seller Representative. (a) By approving Without any further action by the Holdcos or the Sellers, each of the Sellers and the Holdcos hereby agree and acknowledge that Seller Representative is hereby appointed as the representative and agent on behalf of the Holdcos and each of the Sellers, with exclusive authority to make all decisions and determinations and to take all actions (including giving consents and waivers to this Agreement) required or permitted hereunder, under the Escrow Agreement and under the transactions contemplated herebyCompany Documents and the Seller Documents on behalf of the Holdcos and the Sellers, each and any such action, decision or determination so made or taken shall be deemed the action, decision or determination of the Holdcos and the Sellers, and any notice, document, certificate or information required to be given to the Holdcos or any Seller shall have irrevocably authorized and appointed Dangroup ApS as be deemed so given if given to the initial Seller Representative. The Seller Representative will act as hereby accepts such Personappointment. Without limiting the generality of the foregoing, the Seller Representative’s representative powers and attorney-in-fact to act authority shall include, without limitation, acting in the name of and on behalf of such Person the Holdcos and the Sellers with respect to this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken by Seller Representative pursuant to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give the execution, delivery, receipt and receive notices acceptance of delivery of, such notices, releases, instruments and communicationsother documents as the Seller Representative determines, in its sole discretion, to be appropriate to consummate the transactions contemplated by this Agreement, the Company Documents, and the Seller Documents; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5providing the calculations contemplated by Article II of this Agreement; (iii) agree tothe investigation, negotiateprosecution, enter into settlements and compromises of, and comply with orders defense and/or settlement of courts with respect to any claims for indemnification made by Buyer pursuant to Article VII and Article IX;X of this Agreement, or otherwise related to this Agreement, the Escrow Agreement, any Company Document, any Seller Document or the transactions contemplated hereby; and (iv) litigate, arbitrate, resolve, settle or compromise making all decisions in connection with any claim for indemnification pursuant amendment to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and or any Ancillary Document (including other document related to the Promissory Notes); (vi) make all elections or decisions transactions contemplated by this Agreement. (b) Each Seller and Holdco, for itself and its successors and assigns, together with, in the case of any Seller that is an individual, his heirs and personal representatives, hereby constitutes and appoints the Seller Representative as its attorney-in-fact, with full power of substitution, with full power and authority to perform any action described above in the foregoing provisions or this Section 12.11, it being understood that the foregoing power of attorney shall be deemed to be coupled with an interest and shall survive the death, incapacity, liquidation, dissolution or other termination of any Seller or any Holdco. The appointment of the Seller Representative as each Seller’s attorney-in-fact revokes any power of attorney heretofore granted that authorized any other Person to represent such Seller with regard to this Agreement, the Company Documents and the Seller Documents. Each Seller shall promptly provide written notice to the Seller Representative of any change of address of such Seller. (c) All actions, decisions and instructions of the Seller Representative taken, made or given pursuant to the authority granted to the Seller Representative pursuant to this Section 12.11 shall be final, conclusive and binding upon the Holdcos and all Sellers. The power and authority of the Seller Representative as described in this Agreement shall continue in full force until all rights and obligations of the Holdcos and the Sellers under this Agreement, any Company Document and any Ancillary Seller Document (including the Promissory Notes);shall have terminated, expired or been fully performed. (viid) engagePurchaser, employ or appoint any agents or representatives (including attorneysits Affiliates and, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in after the good faith judgment of Seller Representative for Closing, the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and Company Group, shall be entitled to rely conclusively on the instructions, decisions and actions of the Seller Representative in all matters in which action by the Seller Representative is required or permitted, or otherwise contemplated to be taken by, the Seller Representative under this Agreement, the Escrow Agreement, any Company Document or any Seller Document, and Purchaser, its Affiliates and, after the Closing, the Company Group are hereby released and relieved from any Liability to any Person for (i) any acts or omissions by any of them in accordance with any instructions (including payment instructions), decisions or acts of the Seller Representative and (ii) any instructions, decisions or actions of the Seller Representative in all matters in which action by the Seller Representative is required or permitted, or otherwise contemplated to be taken by, the Seller Representative under this Agreement, the Escrow Agreement, any Company Document or any Seller Document. (e) The Sellers shall severally (based on each Seller’s Indemnification Percentage) but not jointly (i) indemnify the Seller Representative and hold the Seller Representative harmless against any loss, Liability, damage, cost or expense incurred without further evidence gross negligence or willful misconduct on the part of the Seller Representative and arising out of or in connection with the acceptance, administration or performance of the Seller Representative’s duties hereunder, including the reasonable fees and expenses of any kind whatsoever) on any document executed legal counsel or purported to be executed on behalf of any Seller other advisors reasonably retained by the Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller (ii) pay all fees and expenses incurred by Seller Representative, as being fully binding upon such Person. Notices or communications to or from the Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Personin performing its duties. No Seller shall have the right any Liability or obligation under this Section 12.11 in excess of an amount equal to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act such Seller’s Indemnification Percentage of any one or Sellers, or by operation of Law, whether by death or other eventamounts due under this Section 12.11. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iiif) In the event that the Seller Representative becomes unable to perform the Seller Representative’s responsibilities or resigns from such position, the Sellers that collectively have Indemnification Percentages greater than 50% shall select another representative to fill such vacancy. At any time, the Sellers that collectively have Indemnification Percentages greater than 50% can select another representative. Any such substituted representative shall (i) be deemed to be the Seller Representative for all purposes of this Agreement and (ii) exercise the deathrights and powers or, incapacityand be entitled to the indemnity, resignation reimbursement and other benefits of, the Seller Representative. The Sellers (or removal of the successor Seller Representative, a new Seller Representative shall be appointed by the vote or written consent acting on behalf of the Majority Holders. (ivSellers) Notice of such vote or a copy shall provide written notice to Purchaser of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later selection of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior each successor Seller Representative as described in Section 10.1(a) abovepromptly as practicable following such selection. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Membership Interest Purchase Agreement (PGT Innovations, Inc.)

Seller Representative. (a) By approving the execution and delivery of this Agreement Agreement, each of the Sellers hereby irrevocably constitutes and appoints Register GP, as the true and lawful agent and attorney in fact (in such capacity, the “Seller Representative”) of the Sellers with full power of substitution to act in the name, place and stead of the Sellers with respect to this Agreement, the Escrow Agreement, the Note and the transactions contemplated hereby, each Seller shall have irrevocably authorized hereby and appointed Dangroup ApS thereby as the initial Seller Representative. The Seller Representative will act as such Person’s representative may deem appropriate, and attorney-in-fact to act on behalf of the Sellers in any litigation or other dispute involving this Agreement or any Transaction Document, do or refrain from doing all such Person further acts and things, and execute all such documents as the Seller Representative shall deem necessary or appropriate in connection with respect to the transactions contemplated by this Agreement and each Transaction Document, including the Promissory Notes power: (i) to act for the Sellers with regard to matters pertaining to the determination of the Purchase Price, the adjustment to the Purchase Price and pertaining to the indemnification referred to in this Agreement, including the power to settle any indemnity claim on behalf of the Sellers and to take transact matters of litigation; (ii) to execute and deliver all ancillary agreements, certificates and documents that the Seller Representative deems necessary or appropriate in connection with the consummation of the transactions contemplated by this Agreement and each Transaction Document; (iii) to receive funds and give receipts for funds, including in respect of any adjustments to the Purchase Price or any amounts distributed under the Escrow Agreement or the Note; (iv) to do or refrain from doing any further act or deed on behalf of the Sellers that the Seller Representative deems necessary or appropriate in its sole discretion relating to the subject matter of this Agreement or any Transaction Document as fully and all actions completely as the Sellers could do if personally present; (v) to receive service of process in connection with any claims under this Agreement or any Transaction Document; and (vi) to accept notices in accordance with Section 12.02. (b) Register GP hereby agrees and make any decisions required or permitted consents to be taken by its appointment as the Seller Representative pursuant to this Agreement or the Promissory NotesSection 10.07, including the exercise effective as of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent date of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment Agreement. The appointment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and deemed coupled with an interest and shall be irrevocable, and the Purchaser and any other Person may conclusively and absolutely rely, without inquiry, upon any action or decision of the Seller Representative in all matters referred to herein. All actions and decisions of Seller Representative shall be binding and conclusive on each Seller. All notices required to be made or delivered by the Purchaser to the Sellers shall be made to the Seller Representative for the benefit of the Sellers and shall discharge in full all notice requirements of the Purchaser to the Sellers with respect thereto. The Sellers hereby confirm all that the Seller Representative shall do or cause to be done by virtue of its appointment as the Seller Representative of the Sellers. The Seller Representative shall act for the Sellers on all of the matters set forth in this Agreement and the Transaction Documents in the manner the Seller Representative believes to be in the best interest of the Sellers and consistent with the obligations under this Agreement and each Transaction Document, but the Seller Representative shall not be terminated responsible to the Sellers for any loss or damages the Sellers may suffer by the performance by the Seller Representative of its duties under this Agreement or any act Transaction Document, other than any loss or damage arising from intentional violation of the law by the Seller Representative of its duties under this Agreement or any one or Transaction Document. If and solely to the extent, after the final resolution of all claims for indemnification pursuant to this Article X, there is any amount remaining in the Escrow Account that is distributable to the Sellers, or then the out-of-pocket expenses incurred by operation the Seller Representative as a result of Lawits performance of its obligations under this Agreement and each Transaction Document up to an aggregate amount of $250,000 shall be reimbursed from the Escrow Account, whether by death or other eventin accordance with the terms of the Escrow Agreement. (bc) The If any individual Seller should die or become incapacitated, if any trust or estate should terminate or if any other similar event should occur, any action taken by the Seller Representative may be removed, etc. as provided in pursuant to this Section 11.1(b). (i) 10.07 shall be valid as if such death or incapacity, termination or other event had not occurred, regardless of whether or not the Seller Representative or the Purchaser shall have received notice of such death, incapacity, termination or similar event. The Person appointed as Seller Representative may resign as such at any time. (ii) The time on not less than five Business Days’ notice to the Sellers. A vacancy in the position of Seller Representative may shall be removed for any reason or no reason filled by a Person determined by the vote or written consent holders of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that amount then held in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)Escrow Account.

Appears in 1 contract

Sources: Purchase Agreement (WEB.COM Group, Inc.)

Seller Representative. (a) By approving this Agreement and the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial The Seller Representative. The Seller Representative will act Each of the Sellers hereby irrevocably designates and appoints Syratech or the Liquidating Trust as such Person’s representative the successor thereto as the case may be, as its, his or her agent and attorney-in-fact to act fact, for and on behalf of each Seller (the "Seller Representative"), with full power and authority to represent such Person Seller and its, his or her successors and assigns with respect to all matters arising under this Agreement. Each and every notice, delivery, statement, agreement or other action taken by the Seller Representative hereunder shall be binding upon each Seller and its, his or her successors and assigns as if expressly done by, and ratified and confirmed in writing by, such Seller. The Purchaser shall be entitled to rely on, and each Seller shall be bound by, each and every notice, delivery, statement, agreement or other action made by the Seller Representative on behalf of the Sellers, or any of them, in accordance with this Agreement. Where any notice, delivery, statement, agreement or other action is required, permitted or contemplated in this Agreement and the Promissory Notes and to take any and all actions and make any decisions required or permitted to be taken made by the Seller Representative, no such notice, delivery, statement, agreement or other action shall be effective unless made in writing and signed by the Seller Representative. Without limiting the generality of the foregoing, the Seller Representative pursuant shall have full power and authority, in the name of and on behalf of each Sellers and its, his or her successors and assigns, to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give interpret all the terms and receive notices and communications; provisions of this Agreement, (ii) agree towaive any condition on behalf of any or all members of the Sellers under Section 9.2 hereof, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) dispute or fail to dispute or expressly agree to any claims of Losses or damages made by any Purchaser Indemnitee, (iv) assert claims of Losses or damages against any indemnifying party, (v) negotiate, compromise and settle any dispute (including, but not limited to, negotiateany dispute relating to Losses or damages) that may arise under this Agreement, enter into settlements and compromises of, and comply with orders of courts (vi) sign any releases or other documents with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigateany such dispute, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ authorize payment or appoint delivery of any agents part of the Escrow Fund pursuant to the Escrow Agreement or representatives (including attorneys, accountants any other payments to be made with respect thereto and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all other actions that are either (A) necessary or appropriate in the good faith judgment of the Seller Representative for the accomplishment of the foregoingforegoing or (B) specifically mandated by the terms of this Agreement. Holdings and Buyer Each notice required to be given to the Sellers pursuant to the Agreement shall be entitled deemed to deal exclusively with have been given to all of the Sellers on the date given to the Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence Representative. A decision, act, consent or instruction of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by the Seller Representative, and on any other action taken including an extension or purported to be taken on behalf waiver of any Seller by Seller Representativethis Agreement, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunderapplicable, shall constitute a decision or action of all the Sellers and shall be final, binding and conclusive upon each the Sellers; the Purchaser may rely upon any such Person. No Seller shall have the right to object todecision, dissent fromact, protest consent or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest instruction of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to being the decision, act, consent or instruction of all the Sellers. If The Purchaser and the Sellers are hereby relieved from any Liability to any Person for any acts done by them in accordance with such decision, act, consent or instruction of the Seller Representative. The Sellers shall be solely responsible for the fees and expenses of the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by and the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that seek any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied payment therefor from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)Purchaser or from the Escrow Fund.

Appears in 1 contract

Sources: Asset Purchase Agreement (Lifetime Brands, Inc)

Seller Representative. (a) By approving this Agreement Each of the Sellers, for himself, and the transactions contemplated herebyfor his heirs, each Seller shall have legal representatives, successors and assigns, hereby irrevocably authorized nominates, constitutes and appointed Dangroup ApS appoints Jack Aviv as the initial "Seller Representative" with full discretionary po▇▇▇ and authority and without any further consent of such Seller, and with full power of substitution, for and on such Seller's behalf and in such Seller's name, place and stead, to perform and consummate all acts and transactions as may be required, permitted or contemplated to be performed by Sellers pursuant to this Agreement. The Seller Representative will act shall have no liability to Sellers for anything done or omitted to be done by him hereunder in his capacity as such Person’s representative and attorney-in-fact to act on behalf Seller Representative except for his willful misconduct, gross negligence or bad faith. Each of such Person with respect to this Agreement Rheometric, Acquisition Sub and the Promissory Notes Surviving Corporation shall be entitled to rely, as being binding upon Sellers, upon any document, instrument or other communication believed by it to be genuine or correct and to take have been signed or sent by the Seller Representative and none of Rheometric, Acquisition Sub or the Surviving Corporation shall be liable to any and all actions and make Seller for any decisions required action taken or permitted omitted to be taken by Seller Representative pursuant Rheometric, Acquisition Sub or the Surviving Corporation based upon such reliance. All actions required, permitted or contemplated to be performed by Sellers under this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant to Article VII and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall may only be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made performed by the Seller Representative, . Jack Aviv agrees to act as Seller Representative on behalf of Sellers. ▇ach of the Sellers listed on Schedule B hereto acknowledges that the Seller Representative must notify is such Seller's purchaser representative (as defined in Rule 501(h) promulgated under the Sellers. (dSecurities Act) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement evaluating the merits and risks of the Promissory Notes (the “Representative Losses”), prospective investment in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)Rheometric.

Appears in 1 contract

Sources: Merger Agreement (Rheometric Scientific Inc)

Seller Representative. (a) By approving this Agreement Each of Sellers hereby irrevocably constitutes and appoints the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act , acting as such Person’s representative and hereinafter provided, as its attorney-in-fact and agent in its name, place and stead in connection with the provisions of this Agreement and the Escrow Agreement that contemplate action by the Seller Representative, and acknowledges that such appointment is coupled with an interest. By executing and delivering this Agreement, the Seller Representative hereby (i) accepts his appointment and authorization as Seller Representative to act as attorney-in-fact and agent in the name, place and stead of each of Sellers in accordance with the terms of this Agreement, and (ii) agrees to perform his duties and obligations hereunder. (b) Each Seller authorizes the Seller Representative in the name and on behalf of such Person with respect Seller: (i) to give and receive any notice required or permitted under this Agreement or the Escrow Agreement; (ii) to interpret the terms and provisions of this Agreement and the Promissory Notes documents to be executed and delivered by Sellers in connection herewith, including the Escrow Agreement; (iii) to exercise any rights and to take any and all actions and make any decisions action required or permitted to be taken by the Seller Representative under this Agreement or the Escrow Agreement; (iv) to execute and deliver and receive deliveries of all agreements, certificates, statements, notices, approvals, extensions, waivers, undertakings, amendments, and other documents required or permitted to be given in connection with the consummation of the transactions contemplated by this Agreement and the Escrow Agreement; (v) to dispute or to refrain from disputing any claim made by Parent and Purchaser under this Agreement or the Escrow Agreement; (vi) to negotiate and compromise any dispute which may arise, and to exercise or refrain from exercising remedies available under this Agreement and the Escrow Agreement and to sign any releases or other documents with respect to any such dispute or remedy; (vii) to authorize delivery to Purchaser of the Escrow Funds or any portion thereof in satisfaction of claims brought by Purchaser or Parent for Damages or to object to such deliveries; (viii) to distribute the Escrow Funds and any earnings and proceeds thereon; and (ix) to give such instructions and to do such other things and refrain from doing such other things as the Seller Representative shall deem necessary or appropriate to carry out the provisions of this Agreement and any other agreements, instruments and documents delivered or to be delivered by or on behalf of such Seller pursuant to this Agreement or the Promissory NotesEscrow Agreement. (c) Each of Sellers agrees to be bound by all agreements and determinations made, including and agreements, documents and instruments negotiated, executed and delivered by the exercise Seller Representative under this Agreement. (d) Each of Sellers hereby expressly acknowledges and agrees that the Seller Representative is authorized to act in its name and on its behalf. Notwithstanding any dispute or disagreement among Sellers and/or the Seller Representative, Parent and Purchaser shall be entitled in good faith to rely on any and all action taken by the Seller Representative under this Agreement and the other agreements, instruments and documents to be delivered by or on behalf of Sellers pursuant to this Agreement without any liability to, or obligation to inquire of, any of Sellers. Parent and Purchaser are hereby expressly authorized in good faith to rely on the genuineness of the power to:signatures of the Seller Representative, and upon receipt of any writing which reasonably appears to have been signed by the Seller Representative, Parent and Purchaser may act upon the same in good faith without any further duty of inquiry as to the genuineness of the writing. (ie) give and receive notices and communications; (ii) agree toIf ▇▇▇▇▇▇, negotiateas the Seller Representative, enter into settlements and compromises ofceases to function for any reason whatsoever, and comply with orders or otherwise handle then ▇▇▇▇▇ shall serve as the successor Seller Representative; if ▇▇▇▇▇ ceases to function as the Seller Representative for any other matters described in Section 2.5; (iii) agree toreason whatsoever, negotiatethen Sellers by mutual agreement may appoint a successor; provided, enter into settlements and compromises ofhowever, and comply with orders of courts with respect to claims that if for indemnification made by Buyer any reason no successor has been appointed pursuant to Article VII the foregoing within thirty (30) days, then Parent and Article IX; (iv) litigatePurchaser shall have the right but not the obligation to petition a court of competent jurisdiction for appointment of a successor. Each successor Seller Representative, arbitrateif required to serve, resolve, settle or compromise any claim for indemnification pursuant shall sign an acknowledgment in writing agreeing to Article VII perform and Article IX; (v) execute and deliver be bound by all documents necessary or desirable to carry out of the intent provisions of this Agreement applicable to the Seller Representative. Each successor Seller Representative shall have all of the power, authority, rights and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated privileges conferred by this Agreement upon the original Seller Representative, and the term “Seller Representative” as used herein shall be deemed to include any Ancillary Document (including the Promissory Notes);successor Seller Representative. (viif) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist The authorization of the Seller Representative in complying with its duties shall be effective until such rights and obligations; andobligations under this Agreement terminate by virtue of the termination of any and all obligations of Sellers hereunder. (viiig) take all actions necessary or appropriate in Service by the good faith judgment of Seller Representative shall be without compensation except for the accomplishment reimbursement by Sellers of out-of-pocket expenses and indemnification specifically provided herein. Notwithstanding anything to the foregoing. Holdings and Buyer shall be entitled to deal exclusively with contrary contained in this Agreement, the Seller Representative on all matters relating to this Agreement (including Article IX) shall have no duties or responsibilities except those expressly set forth herein, and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed no implied covenants, functions, responsibilities, duties, obligations or purported to be executed liabilities on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by exist against the Seller Representative, the Seller Representative must notify the Sellers. (d) . The Seller Representative shall not be liable to the Sellers for actions taken pursuant to any acts or omissions under this Agreement or the Promissory Notes, Section 9.16 except to the extent such actions shall have been it is finally determined by a court of competent jurisdiction to have by clear and convincing evidence that the actions taken by the Seller Representative constituted gross negligence or involved fraudwillful misconduct. Each Seller agrees to indemnify and to save and hold harmless the Seller Representative of, intentional misconduct from, against and in respect of any claim, action, cause of action, cost, liability or bad faith (it being understood that expense suffered or incurred by or asserted against the Seller Representative based upon or arising out of the performance by the Seller Representative of any act done act, matter or omitted thing pursuant to the advice appointment herein made, except that no Seller shall be held or required to indemnify or to save or hold harmless the Seller Representative to the extent it is finally determined by a court of counsel, accountants competent jurisdiction by clear and other professionals and experts retained convincing evidence that the actions taken by the Seller Representative constituted gross negligence or willful misconduct. The Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (protected in accordance with their Pro Rata Shares)acting upon any notice, indemnify and hold harmless statement or certificate believed by the Seller Representative from to be genuine and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of to have been furnished by the appropriate Person and in connection acting or refusing to act in good faith on any matter. Except with its activities as respect to fraud or willful misconduct, neither the Seller Representative under this Agreement and nor any agent employed by the Promissory Notes (the “Seller Representative Losses”)shall be liable to Parent, in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss Purchaser or any portion thereof was primarily caused of their Affiliates solely by reason of the gross negligence, fraud, intentional misconduct or bad faith performance of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares)’s duties hereunder.

Appears in 1 contract

Sources: Purchase and Sale Agreement (Altisource Portfolio Solutions S.A.)

Seller Representative. (a) By approving this Agreement Each Seller hereby irrevocably appoints and the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will authorizes C. D▇▇▇▇▇▇ ▇▇▇▇ to act as such Person’s its respective representative and attorney-in-fact (the “Seller Representative”) with full authority, in its sole discretion, to act (a) negotiate, defend, pursue, settle and pay any indemnification claims or other disputes with Buyer which may arise under this Agreement, (b) execute, as Seller Representative and as attorney-in-fact for each Seller, and take all actions required of or permitted to the Sellers under this Agreement and any other agreement or document required to be executed by the Sellers in connection with the transactions contemplated herein, including the Transaction Documents, (c) take any other action specifically authorized by this Agreement or that may be necessary or desirable on behalf of such Person the Sellers in connection with respect to this Agreement and the Promissory Notes and to take or any and all actions and make any decisions other agreement or document required or permitted to be taken by Seller Representative pursuant delivered in connection herewith or in connection with the transaction contemplated herein, (d) exercise or refrain from exercising any remedies available to Sellers under this Agreement, and (e) approve and execute amendments to this Agreement or the Promissory Notes, including the exercise waive portions of this Agreement on behalf of the power to: (i) give Sellers. The appointment of the Seller Representative by each Seller as its attorney-in-fact hereunder is coupled with an interest and receive notices and communications; (ii) agree toirrevocable In the event of the incapacity or refusal to serve of C. D▇▇▇▇▇▇ ▇▇▇▇ as the Seller Representative, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5; (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders then J▇▇▇ ▇▇▇▇▇ shall be the successor Seller Representative. The Seller Representative shall act as the representative of courts the Sellers with respect to claims for indemnification any act or decision to be taken or made by Buyer pursuant to Article VII Sellers hereunder, and Article IX; (iv) litigate, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX; (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled conclusively to deal exclusively with rely upon any action taken by the Seller Representative on as an action of all matters relating the Sellers or the Remaining Sellers as applicable, including without limitation as the action of Sellers or Remaining Sellers under Sections 2.04, 2.08 and 2.09 and under Articles VI and VIII. Notice sent by the Buyer to the Seller Representative shall have the same force and effect as if delivered to each of the Sellers. (b) The Sellers, jointly and severally, shall be responsible for all costs and expenses, including attorneys’ fees, incurred by the Seller Representative in connection with his duties contemplated by this Agreement (including Article IX) Agreement. The Seller Representative shall have no liability whatsoever to the Sellers for any loss caused by any act or by failure to do any act if the loss suffered by the Sellers arises out of any action taken, or not taken, by the Seller Representative in good faith. The Seller Representative shall have no obligation to take any action as Seller Representative unless it has been provided with funds, security or indemnity by the Sellers, which the Seller Representative in its sole discretion deems sufficient. The Seller Representative shall be entitled to engage such counsel, experts and other agents as it shall deem necessary in performing its functions, and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, the opinions and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions of this Section, including the power of attorney granted hereby, are independent and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other event. (b) The Seller Representative may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice advice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) abovePersons. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Stock Purchase Agreement (Addvantage Technologies Group Inc)

Seller Representative. (a) By approving this Agreement and Each Seller hereby irrevocably appoints ▇▇. ▇▇▇▇▇ Sheng (the transactions contemplated hereby, each Seller shall have irrevocably authorized and appointed Dangroup ApS as the initial Seller Representative. The Seller Representative will act ”) as such PersonSeller’s representative and representative, attorney-in-fact and agent, with full power of substitution to act in the name, place and stead of such Seller with respect to the transfer of such Seller’s Shares to Buyer in accordance with the terms and provisions of this Agreement and to act on behalf of such Person with respect to Seller in any amendment of or litigation or arbitration involving this Agreement and the Promissory Notes to do or refrain from doing all such further acts and things, and to execute all such documents, as such Seller Representative shall deem necessary or appropriate in conjunction with any of the transactions contemplated by this Agreement, including the power: (i) to take all action necessary or desirable in connection with the waiver of any condition to the obligations of the Sellers to consummate the transactions contemplated by this Agreement; (ii) to negotiate, execute and deliver all actions ancillary agreements, statements, certificates, statements, notices, approvals, extensions, waivers, undertakings, amendments and make any decisions other documents required or permitted to be taken given in connection with the consummation of the transactions contemplated by this Agreement (it being understood that such Seller shall execute and deliver any such documents which the Seller Representative pursuant agrees to this Agreement or the Promissory Notes, including the exercise of the power to: (i) give and receive notices and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with orders or otherwise handle any other matters described in Section 2.5execute); (iii) agree to, negotiate, enter into settlements and compromises of, and comply with orders of courts with respect to claims for indemnification made by Buyer pursuant terminate this Agreement if the Sellers are entitled to Article VII and Article IXdo so; (iv) litigateto give and receive all notices and communications to be given or received under this Agreement and to receive service of process in connection with the any claims under this Agreement, arbitrate, resolve, settle or compromise any claim for indemnification pursuant to Article VII and Article IX;including service of process in connection with arbitration; and (v) execute and deliver all documents necessary or desirable to carry out the intent of this Agreement and any Ancillary Document (including the Promissory Notes); (vi) make all elections or decisions contemplated by this Agreement and any Ancillary Document (including the Promissory Notes); (vii) engage, employ or appoint any agents or representatives (including attorneys, accountants and consultants) to assist Seller Representative in complying with its duties and obligations; and (viii) take all actions which under this Agreement may be taken by the Sellers and to do or refrain from doing any further act or deed on behalf of the Seller which the Seller Representative deems necessary or appropriate in the good faith judgment of Seller Representative for the accomplishment of the foregoing. Holdings and Buyer shall be entitled to deal exclusively with Seller Representative on all matters relating to this Agreement (including Article IX) and shall be entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed on behalf of any Seller by Seller Representative, and on any other action taken or purported to be taken on behalf of any Seller by Seller Representative, as being fully binding upon such Person. Notices or communications to or from Seller Representative shall constitute notice to or from each of the Sellers. Any decision or action by Seller Representative hereunder, including any agreement between Seller Representative and Buyer or Holdings his sole discretion relating to the defense, payment or settlement of any claims for indemnification hereunder, shall constitute a decision or action of all Sellers and shall be final, binding and conclusive upon each such Person. No Seller shall have the right to object to, dissent from, protest or otherwise contest the same. The provisions subject matter of this Section, including the power of attorney granted hereby, are independent Agreement as fully and severable, are irrevocable and coupled with an interest and shall not be terminated by any act of any one or Sellers, or by operation of Law, whether by death or other eventcompletely as such Seller could do if personally present. (b) The If ▇▇. ▇▇▇▇▇ Sheng becomes unable to serve as Seller Representative Representative, Mr. Xin Weidong, or such other Person or Persons as may be removed, etc. as provided in this Section 11.1(b). (i) The Seller Representative may resign at any time. (ii) The Seller Representative may be removed for any reason or no reason designated by the vote or written consent of a majority in interest of the Sellers according to each Seller’s Pro Rata Share (Sellers, shall succeed as the “Majority Holders”); provided, however, in no event shall Seller Representative resign or be removed without the Majority Holders having first appointed a new Seller Representative who shall assume such duties immediately upon the resignation or removal of Seller Representative. (iii) In the event of the death, incapacity, resignation or removal of Seller Representative, a new Seller Representative shall be appointed by the vote or written consent of the Majority Holders. (iv) Notice of such vote or a copy of the written consent appointing such new Seller Representative shall be sent to Buyer, such appointment to be effective upon the later of the date indicated in such consent or the date such notice is received by Buyer; provided, that until such notice is received, Buyer and the Target Company shall be entitled to rely on the decisions and actions of the prior Seller Representative as described in Section 10.1(a) above. (c) The Seller Representative shall act as a fiduciary with fiduciary duties to the Sellers. If the Seller Representative has a personal conflict of interest with respect to any action, decision or determination to be made by the Seller Representative, the Seller Representative must notify the Sellers. (d) The Seller Representative shall not be liable to the Sellers for actions taken pursuant to this Agreement or the Promissory Notes, except to the extent such actions shall have been determined by a court of competent jurisdiction to have constituted gross negligence or involved fraud, intentional misconduct or bad faith (it being understood that any act done or omitted pursuant to the advice of counsel, accountants and other professionals and experts retained by Seller Representative shall be conclusive evidence of good faith). The Sellers shall severally and not jointly (in accordance with their Pro Rata Shares), indemnify and hold harmless Seller Representative from and against, compensate it for, reimburse it for and pay any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and disbursements, arising out of and in connection with its activities as Seller Representative under this Agreement and the Promissory Notes (the “Representative Losses”), in each case as such Representative Loss is suffered or incurred; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence, fraud, intentional misconduct or bad faith of Seller Representative, Seller Representative shall reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence, fraud, intentional misconduct or bad faith. The Representative Losses shall be satisfied from the Sellers, severally and not jointly (in accordance with their Pro Rata Shares).

Appears in 1 contract

Sources: Equity Transfer Agreement (Perkinelmer Inc)