Redemption Clause Example with 12 Variations from Business Contracts
This page contains Redemption clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Redemption. 23.1 The Board of Directors may, at its option, at any time prior to such time as any Person becomes an Acquiring Person, redeem all, but not less than all, of the then outstanding Rights at a redemption price of $0.001 per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (the "Redemption Price"). The redemption of the Rights by the Board of Directors may be made effective at such time, on such basis and subject to su...ch conditions as the Board of Directors in its sole discretion may establish. 23.2 Immediately upon the time of the effectiveness of the redemption of the Rights or such earlier time as may be determined by the Board of Directors in the action ordering such redemption (although not earlier than the time of such action) (the "Redemption Date"), and without any further action and without any notice, the right to exercise the Rights shall terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price. The Company shall promptly give public notice of any such redemption (with prompt written notice to the Rights Agent); provided, that the failure to give, or any defect in, any such notice shall not affect the validity of such redemption. Within ten Business Days after action of the Board of Directors ordering the redemption of the Rights, the Company shall mail, or cause the Rights Agent to mail (at the expense of the Company), a notice of redemption to the holders of the then outstanding Rights at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent for the Common Shares. Any notice mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. If the payment of the Redemption Price is not included with such notice, each such notice shall state the method by which the payment of the Redemption Price will be made. Neither the Company nor any of its Affiliates or Associates may redeem, acquire or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section 23 or in Section 24, other than in connection with the purchase of Common Shares prior to the Distribution Date.View More
Variations of a "Redemption" Clause from Business Contracts
Redemption. 23.1 The Board of Directors may, at its option, at any time prior to such time as any Person becomes an Acquiring Person, the Stock Acquisition Date, redeem all, but not less than all, all of the then outstanding Rights at a redemption price of $0.001 per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (the (such redemption price, the "Redemption Price"). The redemption of the Rights by the Board of Directors may be ...made effective at such time, on such basis and subject to such conditions as the Board of Directors in its sole discretion may establish. 23.2 Immediately upon the time action of the effectiveness Board electing to redeem the Rights, or, if the resolution of the redemption of Board electing to redeem the Rights states that the redemption will not be effective until the occurrence of a specified future time or such earlier time as may be determined by event, upon the Board of Directors in the action ordering such redemption (although not earlier than the time occurrence of such action) future time or event (the "Redemption Date"), Time"), and without any further action and without any notice, the right to exercise the Rights shall terminate and the only right 17 thereafter of the holders of Rights shall be to receive the Redemption Price. The Company shall promptly give public notice of any such redemption (with prompt written notice to the Rights Agent); redemption; provided, however, that the failure to give, or any defect in, any such notice shall not affect the validity of such redemption. Within ten Business Days days after action of the Board of Directors ordering the redemption of the Rights, the Company shall mail, or cause the Rights Agent to mail (at the expense of the Company), deliver a notice of redemption to all the holders of the then outstanding Rights at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent for the Common Shares. Any notice mailed delivered in the manner herein provided shall be deemed given, whether or not the holder receives the notice. If the payment of the Redemption Price is not included with such notice, each such notice shall state the method by which the payment of the Redemption Price will be made. Neither the Company nor any of its Affiliates or Associates may redeem, acquire or purchase for value any Rights at any time in any manner other than that as specifically set forth in this Section 23 or in Section 24, other than in connection with the purchase of Common Shares prior to the Distribution Stock Acquisition Date. View More
Redemption. 23.1 (a) The Rights may be redeemed by action of the Board of Directors pursuant to Section 23(b) and shall not be redeemed in any other manner. (b) The Board of Directors of the Company may, at its option, at any time prior to such time as any Person becomes an Acquiring Person, redeem all, all but not less than all, of all the then outstanding Rights at a redemption price of $0.001 per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring aft...er the date hereof (the (such redemption price being hereinafter referred to as the "Redemption Price"). The redemption of the Rights by the Board of Directors may be made effective at such time, time on such basis and subject to with such conditions as the Board of Directors in its sole discretion may establish. 23.2 Notwithstanding anything contained in this Agreement to the contrary, the Rights shall not be exercisable after the first occurrence of a Section 11(a)(ii) Event until such time as the Company's right of redemption hereunder has expired. (c) Immediately upon the time effectiveness of the effectiveness action of the Board of Directors of the Company ordering the redemption of the Rights or such earlier time as may be determined by the Board of Directors in the action ordering such redemption (although not earlier than the time of such action) (the "Redemption Date"), pursuant to Section 23(b), and without any further action and without any notice, the right to exercise the Rights shall will terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price. The Company shall promptly give public notice of any such redemption (with prompt written notice to the Rights Agent); redemption; provided, however, that the failure to give, or any defect in, any such notice shall not affect the validity of such redemption. Within ten Business Days 10 days after the effectiveness of the action of the Board of Directors ordering the redemption of the Rights, Rights pursuant to Section 23(b), the Company shall mail, or cause the Rights Agent to mail (at the expense of the Company), a notice of redemption to all the holders of the then outstanding Rights at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent for the Common Shares. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. If the payment of the Redemption Price is not included with such notice, each Each such notice shall of redemption will state the method by which the payment of the Redemption Price will be made. Neither the Company nor any of its 13 Affiliates or Associates may redeem, acquire or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section 23 or in Section 24, 24 hereof, and other than in connection with the purchase of Common Shares prior to the Distribution Date. View More
