Board Designee. The Subscriber agrees that the Placement Agent shall have the right, on behalf of the Subscribers, to choose the individual designee to the Company's board of directors which the investors in the Placement have the right to designate under the terms described in the Memorandum. The Subscriber hereby authorizes the Placement Agent to make that choice unless and until the Required Holders (as defined in Section 5.2 hereof) advise the Placement Agent or the Company in writing of their choice of an alternate designee.
Appears in 4 contracts
Samples: Private Placement Subscription Agreement (Comdial Corp), Private Placement Subscription Agreement (Comdial Corp), Private Placement Subscription Agreement (Priddy Robert L)
