Change in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement and except for any recomposition of the Board in connection with an initial public offering of the securities of the Company), individuals who at the beginning of such period constitute the Board and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in Section 14(b)(i), 14(b)(iii) or 14(b)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a least a majority of the members of the Board;
Appears in 5 contracts
Samples: Indemnification Agreement (Lightwave Logic, Inc.), Director Agreement (Lightwave Logic, Inc.), Director Agreement (Lightwave Logic, Inc.)
Change in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement and except for any recomposition of the Board in connection with an initial public offering of the securities of the CompanyAgreement), individuals who at the beginning of such period constitute the Board board of directors of Holdings (the “Holdings Board”), and any new director (other than a director designated by a person who has entered into an agreement with Holdings of the Company Company, as applicable, to effect a transaction described in Section 14(b)(i), 14(b)(iii) or 14(b)(iv)) whose election by the Holdings Board or nomination for election by the Company’s Holdings’ stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a least a majority of the members of the Holdings’ Board;
Appears in 2 contracts
Samples: Indemnification Agreement (Generac Holdings Inc.), Indemnification Agreement (Generac Holdings Inc.)
Change in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement and except for any recomposition of the Board in connection with an initial public offering of the securities of the Company)years, individuals who at the beginning of such period constitute the Board Board, and any new director (other than a director designated by a person who has effected, or entered into an agreement with the Company to effect effect, a transaction described in Section 14(b)(iSections 2(a)(i), 14(b)(iii2(a)(iii) or 14(b)(iv)2(a)(iv) or who has provided notice to the Company under the Company’s Bylaws within the past year of its intention to nominate candidates to the Board) whose election by the Board or nomination for election by the Company’s stockholders shareholders was approved by a vote of at least two-thirds a majority of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a least a majority of the members of the Board;
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