Founder Majority definition

Founder Majority means Founders representing more than [75]% of all the Shares that are owned by Founders;
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Founder Majority means Founder; provided that upon the death of Founder (or at such other time approved in writing by Founder), it shall mean the holders of a majority of the Units owned by the Founder Group.
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Founder Majority means one or more Founders who collectively hold more than sixty-six point six seven percent (66.67%) of the voting power of the then issued and outstanding Shares directly or indirectly held by all Founders, Founder Holdcos and Founder Investment Entities.
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Examples of Founder Majority in a sentence

  • Accordingly, Mr Arbuthnott claims, none of the respondent shareholders could give the Founder Majority approval required by the express terms of Article 39.

  • Mr Chivers submitted, as he had at the trial, that in any event the amended Article 39 had no application on the facts because a “Relevant Sale” for the purposes of Article 39 was one approved by a Founder Majority, excluding “any Founder who is the Buyer or is acting in concert with the Buyer”.

  • It is perfectly natural that, in such circumstances, they would be willing to rely on the honest judgment of the Founder Majority as to what were fair and reasonable terms for a sale in the context of clause 7.2. In the light of the factual background to the Shareholders’ Agreement, I consider that clause 7.2 contained an implied term that the Founder Majority would not agree to pursue an Exit except on terms which they honestly considered to be fair and reasonable.

  • In other words, Mr Arbuthnott, as one of the Founders, agreed that he would be bound by the price with which the Founder Majority was content.

  • Mr Chivers further submitted that, in any event, the power of the Founder Majority under clause 7.2 to bind the non-purchasing shareholders was a power to be exercised in the best interests of those shareholders.

  • If at any time there shall not be a Sellers’ Representative and a Founder Majority fails to designate in writing a successor Sellers’ Representative within five Business Days after receipt of a written request delivered by Brooklyn to Seller requesting that a successor Sellers’ Representative be designated, then Brooklyn may petition a court of competent jurisdiction to appoint a new Sellers’ Representative hereunder.

  • Aside from the issue of the remuneration model, I do not propose to address each of Mr Chivers’ submissions on the valuation issue because the general answer to all of them is that each of the Founders agreed in clause 7.2 of the Shareholders’ Agreement that, if the Founder Majority agreed to pursue an Exit, he would be bound to sell his shares “provided that the terms on which he is required to sell his shares are no less favourable to him than those being offered to any other shareholder”.

  • On 14 December 2011 a Founder Majority Consent form was circulated to approve the sale of shares pursuant to an offer as a Relevant Sale as required under Article 39, which was signed by the requisite majority on 16 December 2011.

  • Should the Sellers’ Representative die, become legally incapacitated or bankrupt or, in the case of a successor Sellers’ Representative that is not a natural person, dissolve or liquidate, or otherwise similarly be unable to serve or to appoint a successor to serve in his stead, the Founder Majority shall designate in writing to Brooklyn within five Business Days a single Person to replace the Sellers’ Representative as the successor Sellers’ Representative hereunder.

  • I accept Mr Chivers’ submission that the power of the Founder Majority under clause 7.2 to compel the sale of shares by non-purchasing shareholders carried with it an obligation beyond an unconditional self-interest.


More Definitions of Founder Majority

Founder Majority means the Founders and/or such persons' Beneficiaries;
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Founder Majority means the consent or approval of Seller Indemnifying Parties who would be entitled to receive a majority of the Escrowed Shares if then distributed.
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Founder Majority means a majority of the Founders that are employed by the Company or one of its Affiliates as of the applicable time.
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Related to Founder Majority

  • Super Majority has the meaning set forth in paragraph 5(b) of Annex I.

  • Investor Majority means [the holders of at least [ ] per cent of Series A Shares from time to time] [Note: amend as appropriate];

  • Super Majority Vote means, the affirmative vote of the holders of Outstanding Interests of all Series representing at least two thirds of the total votes that may be cast by all such Outstanding Interests, voting together as a single class.

  • Super-Majority Banks means at any time Banks having at least 85% of the aggregate amount of the Commitments or, if the Commitments shall have been terminated, holding Notes evidencing at least 85% of the aggregate unpaid principal amount of the Loans.

  • Super Majority Lenders means at any time a Lender or group of Lenders whose Commitments aggregate more than 80% of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 80% of the Total Commitments immediately prior to that reduction).

  • special majority means the majority of votes described in §11.2 which is required to pass a special resolution. Act and Interpretation Act Definitions Applicable

  • Required Majority means a required majority, as defined in Section 57(o) of the Act.7

  • Unit Majority means (i) during the Subordination Period, at least a majority of the Outstanding Common Units (excluding Common Units owned by the General Partner and its Affiliates), voting as a class, and at least a majority of the Outstanding Subordinated Units, voting as a class, and (ii) after the end of the Subordination Period, at least a majority of the Outstanding Common Units.

  • Note Majority means a majority by principal amount of the Noteholders.

  • Requisite Majority means, as at any particular time, Passenger Operators whose Vehicle departures from the Station, expressed as a percentage of Total Departures, as at the relevant date, together are at least equal to the percentage specified in paragraph 4 of Annex 8 (or such other percentage as the ORR may specify by notice to the Station Facility Owner and to each Passenger Operator as the new percentage which is to apply for these purposes following the entry into, variation, amendment or termination of an access contract permitting a passenger service operator to use the Station, a Change in Control of any Passenger Operator or any event which results in a material change to the proportion of the Total Departures made by trains operated by or on behalf of any Passenger Operator);

  • Age of majority means the age when the procedural safeguards and other rights afforded to the parent or parents of a student with a disability transfer to the student. In Virginia, the age of majority is 18.

  • absolute majority , of the Committee, means a majority of the committee members currently holding office and entitled to vote at the time (as distinct from a majority of committee members present at a committee meeting);

  • Majority Investors means, as of any date, the holders of a majority of the Investor Shares outstanding on such date.

  • Majority Members means Members holding a majority of the Units owned by all Members or if there is only one Member, such Member.

  • Majority Shareholders means Sxx Xxxxxx, Sxxxx Xxxxx, Mxxxxxx Xxxxx and Gxxxx XxXxxxxx.

  • Majority Stockholders means any Stockholder or combination of Stockholders who at the date of this Agreement own shares of Company Common Stock representing more than two-thirds of the total number of shares of Company Common Stock outstanding at the date of this Agreement.

  • Simple Majority means a decision made by the Management Committee by more than 50 percent of the votes represented and entitled to be cast at a meeting thereof.

  • Majority Shareholder means a holder of more than fifty percent (50%) of the outstanding stock of the Company, or if no person holds more than fifty percent (50%) of the outstanding stock of the Company, the holder of a plurality of the outstanding stock of the Company.

  • Majority Shareholder Vote means a vote of “a majority of the outstanding voting securities” (as such term is defined in the 0000 Xxx) of the Trust with each class and series of Shares voting together as a single class, except to the extent otherwise required by the 1940 Act or this Declaration with respect to any one or more classes or series of Shares, in which case the applicable proportion of such classes or series of Shares voting as a separate class or series, as the case may be, also will be required.

  • Majority Participating Holders means Participating Holders holding more than 50% of the Registrable Securities proposed to be included in any offering of Registrable Securities by such Participating Holders pursuant to Section 2.1 or Section 2.2.

  • Majority Vote means a vote made by more than half of the Members who are present at a Meeting and who are entitled to vote and voting at that Meeting upon a resolution put to that Meeting.

  • Majority Stockholder means any person that would be a “50-percent shareholder” (within the meaning of section 382(g)(4)(D) of the U.S. Tax Code) of Common Stock if such person claimed a Worthless Stock Deduction at any time on or after the Petition Date.

  • Majority in Interest As to any Class of Regular Certificates, the Holders of Certificates of such Class evidencing, in the aggregate, at least 51% of the Percentage Interests evidenced by all Certificates of such Class.

  • Majority Holders means at any time the Holders of Warrants exercisable for a majority of the shares of Warrant Stock issuable under the Warrants at the time outstanding.

  • Majority (as defined in the 0000 Xxx) of the Fund's outstanding voting securities, provided that in either event the continuance is also approved by a majority of the Board of Directors who are not "interested persons" (as defined in said Act) of any party to this Agreement, by vote cast in person at a meeting called for the purpose of voting on such approval. This Agreement is terminable, without penalty, on 60 days' written notice, by the Board of Directors of the Fund or by vote of holders of a majority of the Fund's shares, or upon 90 days' written notice, by the Adviser. This Agreement will also terminate automatically in the event of its assignment (as defined in said Act).