Board Seat

Example Definitions of "Board Seat"
Board Seat. The Company provides that Wes Trombley shall have one seat on the Company's Board of Directors, subject to The NASDAQ Stock Market and SEC requirements and Board of Directors approval, so long as the Holders hold debt equal in value to at least 25% of the amount invested as of the date of this Debenture or have an equity interest in the Company representing no less than 10% of the number of shares originally issued to the Holders upon conversion. By way of example only, if Holders convert the... Debenture into equity and are issued 100 shares, Wes Trombley will have one seat on the Company's Board of Directors as long as Holders hold at least 10 shares of the Company's stock. Subject to the conditions set forth in this paragraph, the Company shall agree to nominate such board nominee. It is further agreed that the Company's initial nomination, of such nominee, shall be no later than its 2013 Annual Meeting. View More
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