Common use of Voting Right Clause in Contracts

Voting Right. If and whenever dividends on the Convertible Preferred Stock have not been paid in an aggregate amount equal, to at least six quarterly Dividend Periods (whether consecutive or not) (a “Nonpayment”), the number of directors constituting the Board of Directors shall be increased by two, and the Holders (together with holders of any class or series of the Company’s authorized preferred stock having equivalent voting rights and entitled to vote thereon), shall have the right, voting separately as a single class without regard to class or series (and with voting rights allocated pro rata based on the liquidation preference of each such class or series), to the exclusion of the holders of Common Stock, to elect two directors of the Company to fill such newly created directorships (and to fill any vacancies in the terms of such directorships), provided that the Holders and the holders of any such other class or series shall not be entitled to elect such directors to the extent such election would cause the Company to violate the corporate governance requirements of the New York Stock Exchange (or other exchange on which the Company’s securities may be listed) that listed companies must have a majority of independent directors, and further provided that the Board of Directors shall at no time include more than two such directors. Each such director so elected is referred to as a “Preferred Stock Director.”

Appears in 2 contracts

Samples: Investment Agreement (Dow Chemical Co /De/), Investment Agreement (Dow Chemical Co /De/)

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Voting Right. If and whenever dividends on the Convertible Perpetual Preferred Stock have not been paid in an aggregate amount equal, to at least six quarterly Dividend Periods (whether consecutive or not) (a “Nonpayment”), the number of directors constituting the Board of Directors shall be increased by two, and the Holders (together with holders of any class or series of the Company’s authorized preferred stock having equivalent voting rights and entitled to vote thereon), shall have the right, voting separately as a single class without regard to class or series (and with voting rights allocated pro rata based on the liquidation preference of each such class or series), to the exclusion of the holders of Common Stock, to elect two directors of the Company to fill such newly created directorships (and to fill any vacancies in the terms of such directorships), provided that the Holders and the holders of any such other class or series shall not be entitled to elect such directors to the extent such election would cause the Company to violate the corporate governance requirements of the New York Stock Exchange (or other exchange on which the Company’s securities may be listed) that listed companies must have a majority of independent directors, and further provided that the Board of Directors shall at no time include more than two such directors. Each such director so elected is referred to as a “Preferred Stock Director.”

Appears in 1 contract

Samples: Investment Agreement (Dow Chemical Co /De/)

Voting Right. If and whenever dividends on the Convertible Series [A] Non-Voting Preferred Stock have not been paid in an aggregate amount equal, equal to at least six quarterly three semi-annual Dividend Periods (whether consecutive or not) (a “Nonpayment”), the number of directors constituting the Board of Directors shall be increased by two, and the Holders each holder of record of Series [A] Non-Voting Preferred Stock (together with holders of any class or series of the CompanyCorporation’s authorized preferred stock Preferred Stock having equivalent voting rights and entitled to vote thereon), shall have the right, voting separately as a single class without regard to class or series (and with voting rights allocated pro rata based on the liquidation preference of each such class or series), to the exclusion of the holders of Common Stock, to elect two directors of the Company Corporation to fill such newly created directorships (and to fill any vacancies in the terms of such directorships), provided that the Holders and the holders of any such other class or series shall not be entitled to elect such directors to the extent such election would cause the Company Corporation to violate the corporate governance requirements of the New York Stock Exchange (or other exchange on which the CompanyCorporation’s securities may be listed) that listed companies must have a majority of independent directors, and further provided that the Board of Directors shall at no time include more than two such directors. Each such director so elected is referred to as a “Preferred Stock Director.”

Appears in 1 contract

Samples: Asset Purchase Agreement (Energizer Holdings Inc)

Voting Right. If and whenever dividends on the Convertible Series BB Preferred Stock or any other class or series of preferred stock that ranks on parity with the Series BB Preferred Stock as to payment of dividends and upon which voting rights equivalent to those granted by this Section 7(b)(i) have been conferred and are exercisable (any such class or series being referred to herein as “dividend parity stock”) have not been declared and paid in an aggregate amount equal, as to any class or series, to at least three semi-annual or six quarterly Dividend Periods dividend periods, as applicable, (whether consecutive or not) (a Series BB 13 “Nonpayment”), the authorized number of directors constituting the Board of Directors shall be increased by two, and the Holders (Holders, together with holders of any class or series of the Company’s authorized preferred stock having equivalent voting rights and entitled to vote thereon)dividend parity stock, shall have the right, voting separately as a single class without regard to class or series (and with voting rights allocated pro rata based on the liquidation preference of each such class or series), to the exclusion of the holders of Common Stock, to elect two directors of the Company to fill such newly created directorships (and to fill any vacancies in the terms of such directorships), provided that the Holders and the holders it shall be a qualification for election of any such other class or series director that the election of such director shall not be entitled to elect such directors to the extent such election would cause the Company to violate the corporate governance requirements of the New York Stock Exchange (or other exchange on which the Company’s securities may be listed) that listed companies must have a majority of independent directors, directors and further provided that the Board of Directors shall at no time include more than two such directors. Each such director so elected by the Holders together with holders of dividend parity stock is referred to as a “Preferred Stock Director.”

Appears in 1 contract

Samples: Deposit Agreement (Citigroup Inc)

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Voting Right. If and whenever dividends on the Convertible Series AA Preferred Stock or any other class or series of preferred stock that ranks on parity with the Series AA Preferred Stock as to payment of dividends and upon which voting rights equivalent to those granted by this Section 7(b)(i) have been conferred and are exercisable (any such class or series being referred to herein as “dividend parity stock”) have not been declared and paid in an aggregate amount equal, as to any class or series, to at least three semi-annual or six quarterly Dividend Periods dividend periods, as applicable, (whether consecutive or not) Series AA 9 (a “Nonpayment”), the authorized number of directors constituting the Board of Directors shall be increased by two, and the Holders (Holders, together with holders of any class or series of the Company’s authorized preferred stock having equivalent voting rights and entitled to vote thereon)dividend parity stock, shall have the right, voting separately as a single class without regard to class or series (and with voting rights allocated pro rata based on the liquidation preference of each such class or series), to the exclusion of the holders of Common Stock, to elect two directors of the Company to fill such newly created directorships (and to fill any vacancies in the terms of such directorships), provided that the Holders and the holders it shall be a qualification for election of any such other class or series director that the election of such director shall not be entitled to elect such directors to the extent such election would cause the Company to violate the corporate governance requirements of the New York Stock Exchange (or other exchange on which the Company’s securities may be listed) that listed companies must have a majority of independent directors, directors and further provided that the Board of Directors shall at no time include more than two such directors. Each such director so elected by the Holders together with holders of dividend parity stock is referred to as a “Preferred Stock Director.”

Appears in 1 contract

Samples: Deposit Agreement (Citigroup Inc)

Voting Right. If and whenever dividends on the Convertible Preferred Stock have not been paid in an aggregate amount equal, equal to at least six quarterly Dividend Periods (whether consecutive or not) (a “Nonpayment”), the number of directors constituting the Board of Directors shall be increased by two, and the Holders (together with holders of any class or series of the Company’s authorized preferred stock having equivalent voting rights and entitled to vote thereon), shall have the right, voting separately as a single class without regard to class or series (and with voting rights allocated pro rata based on the liquidation preference of each such class or series), to the exclusion of the holders of Common Stock, to elect two directors of the Company to fill such newly created directorships (and to fill any vacancies in the terms of such directorships), provided that the Holders and the holders of any such other class or series shall not be entitled to elect such directors to the extent such election would cause the Company to violate the corporate governance requirements of the New York Stock Exchange (or other exchange on which the Company’s securities may be listed) that listed companies must have a majority of independent directors, and further provided that the Board of Directors shall at no time include more than two such directors. Each such director so elected is referred to as a “Preferred Stock Director.”

Appears in 1 contract

Samples: Investment Agreement (Dow Chemical Co /De/)

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