Share Redemption Clause Samples
The Share Redemption clause outlines the terms under which a company may repurchase or redeem its own shares from shareholders. Typically, this clause specifies the conditions, procedures, and pricing mechanisms for redemption, such as whether redemption is mandatory or at the company's discretion, and how the redemption price is determined. By establishing clear rules for when and how shares can be redeemed, this clause provides certainty to both the company and its shareholders, helping to manage capital structure and protect shareholder interests.
POPULAR SAMPLE Copied 2 times
Share Redemption. (1) During the Share Redemption Period, the Company shall, as provided in Sections 2(d)(2) and 2(d)(3), redeem the principal installments of this Note due on November 2, 2005 and November 2, 2008 in whole or from time to time in part, in each such case by issuing the number of shares of Common Stock to the Holder determined as provided in Section 2(c)(2), so long as the following conditions precedent are satisfied:
(A) on the date a particular Share Redemption Notice is given and at all times thereafter to and including the applicable Share Redemption Date, no Event of Default and no event which, with notice or passage of time, or both, would become an Event of Default has occurred and is continuing (unless, by reason of such redemption, the requirements of this clause (A) will be satisfied immediately after the redemption of this Note and the Other Note on the applicable Share Redemption Date and the Company shall furnish Company Certificates to the Holder to such effect on the date such Share Redemption Notice is given to the Holder and on the applicable Share Redemption Date);
(B) on the date such Share Redemption Notice is given and at all times thereafter to and including the applicable Share Redemption Date, no Repurchase Event has occurred with respect to which the Holder has the right to exercise repurchase rights pursuant to Section 5 or with respect to which the Holder has exercised such repurchase rights and the Repurchase Price has not been paid to the Holder and no event which, with notice or passage of time, or both, would become a Repurchase Event has occurred and is continuing;
(C) on the date such Share Redemption Notice is given and at all times thereafter to and including the applicable Share Redemption Date, the Registration Statement shall be effective and available for use by the Holder, the holders of the Other Note and the holders of the Warrants for the resale of the shares of Common Stock issued and issuable upon such Share Redemption and issued or issuable upon conversion of this Note and the Other Note and issued or issuable upon exercise of the Warrants, as the case may be, and is reasonably expected to remain effective and available for such use for at least 30 days after the applicable Share Redemption Date, and the Company shall be in compliance in all material respects with its obligations under the Registration Rights Agreement;
(D) on the date such Share Redemption Notice is given, the Company has authorized and unissued ...
Share Redemption. The Member acknowledges that the Shares represent ownership in Servus Credit Union and that the value of the Shares is neither guaranteed nor insured. Share redemptions are subject to approval by the Board of Directors of Servus Credit Union, or as delegated to the President and CEO of Servus Credit Union, or his or her designate. Redemptions are also subject to restrictions under the Credit Union Act (Alberta) and regulations thereunder, and the bylaws of Servus Credit Union. Members are eligible for immediate payout of Shares in the following scenarios:
a. The Member’s Shares are valued at less than $1,000 and the Member closes all Accounts;
b. The Member is a corporation or other entity carrying on business and ceases all business activities;
c. The Member moves outside of the Trading Area;
d. The Death of the Member (at the time of Account closure); or
e. When a trust Account is assigned to a child up to $1,000 in Shares are eligible for immediate payout. Remaining Shares greater than $1,000 will be transferred to the personal Account of the child Member. All other redemption requests must be submitted by application and received by Servus Credit Union on or before November 15th in any given year for payout by December 20th of that year.
Share Redemption. The Borrower will procure that no member of the Group will directly or indirectly redeem, purchase, retire or otherwise acquire for consideration any shares issued by it or set apart any sum for any such purpose or otherwise reduce its capital (except where:
Share Redemption. If and to the extent that the Underwriters do not exercise in full their over-allotment option prior to the expiration or termination of such over-allotment option, the Company shall redeem, at cost, up to 3,000,000 Units sold pursuant to the Unit Subscription Agreement (“Sponsor Units”) from the holders thereof on a pro rata basis in an amount sufficient to cause the number of shares of Common Stock underlying the outstanding Sponsor Units held by the Initial Stockholders and their permitted transferees to equal 20% of the Company’s then-outstanding Common Stock after giving effect to the initial public offering (without giving effect to any Units purchased by the Initial Stockholders or any such transferees in the initial public offering) and the exercise, if any, of the Underwriters’ over-allotment option. The Company shall give effect to this mandatory redemption of Sponsor Units within 10 Business Days following the earlier to occur of the expiration or termination of the Underwriters’ over-allotment option. If the Underwriters exercise their over-allotment option in full, the Company shall have no right or obligation to redeem any of the Sponsor Units.
Share Redemption. The Shareholders of SSI listed on Schedule 7.6 hereto shall have delivered to counsel for SSI certificates representing the number of post-forward split shares of SSI set forth opposite their respective names to be redeemed and cancelled and returned to the status of authorized but unissued shares of SSI. The referenced shares shall be delivered by SSI's counsel to SSI's transfer agent for cancellation immediately following the Closing.
Share Redemption. Upon withdrawal from or termination of membership, the Co‑op shall redeem the Member's Shares in the Co‑op in the amount and in the manner specified in the Rules.
Share Redemption. You acknowledge that the Shares represent ownership in the Credit Union and that the value of the Shares is neither guaranteed nor insured. You acknowledge that Shares may not be eligible for redemption until you have closed each Account under this membership and ceased using all services. You further acknowledge that the timing of the redemption of Shares and the payment of their value is at the sole discretion of the Credit Union.
Share Redemption. ASI shall have completed the redemption of 1,793,214 of its shares of common stock such that the sole owner of record of ASI capital stock and the number of shares issued and outstanding shall be as set forth on Exhibit A-1.
Share Redemption. The Member acknowledges that the shares represent ownership in Servus Credit Union and that the value of the shares is neither guaranteed nor insured. Share redemptions are subject to approval by the Board of Directors of Servus Credit Union, or as delegated to the President and CEO of Servus Credit Union, or their designate. Redemptions are also subject to restrictions under the Credit Union Act (Alberta) and regulations thereunder, and the bylaws of Servus Credit Union. Members are eligible for immediate payout of shares in the following scenarios:
a. The member’s shares are valued at less than $1,000 and the member closes all accounts.
b. The member is a corporation or other entity carrying on business and ceases all business activities.
c. The member moves outside of the trading area.
d. The death of the member (upon account closure)
e. When a non-designated trust account is signed over to the beneficiary, up to $1,000 in shares are eligible for immediate payout to the trustee; remaining shares greater than $1,000 will be transferred to the beneficiary’s share account.
f. For the purpose of participating in a Home Buyers’ Plan or Lifelong Learning Plan. All other redemption requests must be submitted by application and received by Servus Credit Union on or before November 15th in any given year for payout by December 20th of that year.
Share Redemption. Subject to the terms of any Preferred Shares, the Company shall be entitled at its discretion to purchase for cancellation any Shares held by a Member provided such purchase does not violate Section 18-607 of the Act or other applicable law.