Founder Common Stock definition
Examples of Founder Common Stock in a sentence
Each share of Founder Common Stock will convert into one share of Parent Common Stock at the Closing.
Each Founder owns, beneficially and of record, with full power to vote, the number of shares of Founder Common Stock set forth beside such Founder's name on Exhibit 1.1 and such shares are so held by the Founders free and clear of all liens, encumbrances and claims whatsoever.
If the last reported sale price of the Parent Common Stock does not equal or exceed $15.00 within the required time period, such shares of Founder Common Stock will be forfeited to Parent for no consideration.
Parent shall enforce to the fullest extent permitted by Law the restrictions on transfer of the 4,989,977 shares of Parent Common Stock acquired by the Sponsor and other Parent insiders prior to the consummation of the IPO (the “Founder Common Stock”) as well as the waiver of each of the Founder Stockholders’ respective rights to redeem such Founder Common Stock, in accordance with that certain letter agreement, dated as of July 22, 2015, among Parent, the Sponsor and the individuals party thereto.
In such event, the Exchange shall be deemed to occur automatically and without any further action on the part of any person effective as of the successful completion of the IPO, and thereafter, each certificate previously representing the outstanding shares of Founder Common Stock shall thereafter represent the right to receive shares of Restricted Common Stock.
The Lock-Up Agreement shall have been executed and delivered by the Sponsor and holders of Founder Common Stock identified in Schedule 5.15(b) of the Company Schedule and shall be in full force and effect.
If no Change in Control occurs and the last reported sale price of the Parent Common Stock does not equal or exceed $15.00 within the required time period, such shares of Founder Common Stock will be forfeited to Parent for no consideration on the day after the fifth anniversary of the Closing Date.
The Company agrees to provide to Developer 2,100,000 shares of common stock of the Company on the date of this Agreement pursuant to the provisions of a Founder Common Stock Purchase Agreement of even date herewith between the Company and Developer (the “Purchase Agreement”).
The Exchange shall be consummated in the event, but only in the event that the Company successfully completes its IPO (as defined below) within one year from the Effective Date, and only to the extent that the aggregate voting power of all Founder Common Stock would exceed the aggregate voting power of all Common Stock received by shareholders of the Wood▇▇▇ ▇▇▇panies in the Wood▇▇▇ ▇▇▇uisition but for the Exchange.
The Company agrees to provide to Developer 2,650,000 shares of common stock of the Company on the date of this Agreement pursuant to the provisions of a Founder Common Stock Purchase Agreement of even date herewith between the Company and Developer (the “Purchase Agreement”).