Changes to Governance Structure Clause Samples

Changes to Governance Structure. Beginning on the Effective Date, Exact and Pfizer agree to (a) commence, and diligently and in good faith pursue, negotiations for a revised internal governance model consistent with the Parties’ mutually desired goals of adding flexibility to, and increasing the speed and efficiency of, the Parties’ decision making and dispute escalation processes and procedures (the “Revised Governance Model”), and (b) finalize and memorialize such Revised Governance Model in form and substance acceptable to each Party as soon as practicable after the Effective Date, but in no event later than sixty (60) days after the Effective Date (or such longer period mutually agreed upon by the Parties in writing). Until such time as the Parties finalize and memorialize the Revised Governance Model pursuant to the immediately foregoing sentence of this Section 2.7, the provisions of this Article 2 shall continue to govern matters as set forth herein. Once finalized and agreed upon pursuant to this Section 2.7, it is the Parties’ intent that the Revised Governance Model shall amend this Agreement with respect to Sections 2.1, 2.2, and 2.3.