Board of Managers following Financial Closing; Number Sample Clauses

Board of Managers following Financial Closing; Number. Commencing on the next business day following Financial Closing, the number of Managers serving on the Board of Managers shall be seven (7). The Class A Members will elect from one to four Managers, depending upon the percentage of Class A Units outstanding as of the record date established for the annual meeting, in relation to the total number of Class A and Class C Units then outstanding. The "Percentage of Class A Units Outstanding" shall be determined by dividing the total number of Class A Units outstanding over the total number of Class A and Class C Units then outstanding. The Class B Member(s) have the right to appoint three (3) Managers, at least one of which must be a member of the Board of Directors of United Cooperative, so long as United Cooperative holds Class B Units. The Class C Members shall elect the remaining Managers not elected by Class A Members or appointed by the Class B Member(s). The number and election or appointment of the Managers to the Board by class of Members is as set forth in the following table: Representatives on Board of Managers Percentage of Class A Units Outstanding Class A Class B Class C Total Less than 13% 0 3 4 7 More than 13%, and up to 37% 1 3 3 7 More than 37%, and up to 62% 2 3 2 7 More than 62%, and up to 87% 3 3 1 7 More than 87% 4 3 0 7
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