PRRP definition
Examples of PRRP in a sentence
CNYF hereby represents and warrants to Niagara Bancorp that the maximum number of shares of CNYF Common Stock subject to issuance pursuant to the exercise of stock options issued and outstanding under CNYF Stock Option Plans is not and shall not be at or prior to the Effective Time more than 340,690 and the maximum number of shares awarded pursuant to the PRRP is not and shall not be at or prior to the Effective Time more than 181,278 shares.
There are 4,601,373 shares of CNYF Common Stock validly issued and outstanding, all of which are fully paid and non-assessable, which shares include 32,988 shares which the PRRP Trust owns but which have not yet awarded to PRRP participants.
CNYF DISCLOSURE SCHEDULE 3.02(a) sets forth: the name of each holder of options to purchase CNYF Common Stock, the number of shares each such individual may acquire pursuant to the exercise of such options, and the exercise price relating to the options held; and the name of each recipient of an award under the PRRP, the number of unvested shares subject to such award, and the vesting schedule.
CNYF shall take all actions necessary so that as of the Merger Effective Date, or as soon thereafter as permitted under the PRRP trust, all shares held by the PRRP trust which are not yet the subject of awards shall be returned to CNYF or the Surviving Corporation and no Merger Consideration shall be payable with respect thereto, except to the extent the Niagara Bancorp reasonably directs CNYF to do otherwise.
All shares awarded pursuant to the PRRP which have not yet been distributed by the PRRP trust to the beneficial owners thereof shall, on the Merger Effective Date, convert into the right to receive the Merger Consideration and shall be treated in the same manner as all other issued and outstanding shares.
PRRP acknowledges that all information in respect of the Property furnished to PRRP is and has been so furnished on the condition that PRRP maintain the confidentiality thereof.
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As of the Closing Date, there shall be no Service Contracts or utility contracts other than those approved or deemed approved by PRRP.
At any time prior to the Closing, PRRP shall not contact any of the Property's tenants regarding any of the transactions contemplated herein without first allowing AJV to be present either in person or on the telephone during such contact.
Except with respect to a subsidiary of PRRP, PRRP's interest under this Agreement may not be assigned, encumbered or otherwise transferred whether voluntarily, involuntarily, by operation of law or otherwise, in whole or in part, without the prior written consent of AJV.