Common use of Co-Chairmen Clause in Contracts

Co-Chairmen. For so long as each of MTG and Telcrest holds more than ten percent (10%) of the Shares then outstanding and therefore has a right to designate a Co-Chairman pursuant to Section 1.1 (Board Composition), such Co-Chairmen shall serve by rotation as the Chairman of individual meetings of the Board on a meeting-by-meeting basis. In the event that MTG or Telcrest does not hold more than ten percent (10%) of the Shares then outstanding, the other party shall have the right to designate the sole Chairman; provided that such other party continues to hold at least twenty percent (20%) of the Shares then outstanding. If such other party does not hold at least twenty percent (20%) of the Shares then outstanding but holds more than ten percent (10%) of the Shares then outstanding, such other party shall have the right to designate a Co-Chairman, and the Board, acting by a simple majority of the entire Board as then constituted, shall designate a member of the Board to serve as second Co-Chairman. If neither MTG nor Telcrest holds more than ten percent (10%) of the Shares then outstanding, the Board, acting by a simple majority of the entire Board as then constituted, shall designate a member of the Board to serve as sole Chairman. Notwithstanding the foregoing, in the event that MTG or Telcrest shall, in accordance with this Agreement, hold more than fifty percent (50%) of the Shares then outstanding at any time, then one of the members of the Board designated by such party shall serve as sole Chairman.

Co-Chairmen. For so long as each of MTG and Telcrest Alfa holds more than ten percent (10%) of the Shares then outstanding and therefore has a right to designate a Co-Chairman pursuant to Section 1.1 (Board Composition), such Co-Chairmen shall serve by rotation as the Chairman of individual meetings of the Board on a meeting-by-meeting basis. In the event that MTG or Telcrest Alfa does not hold more than ten percent (10%) of the Shares then outstanding, the other party shall have the right to designate the sole Chairman; provided that such other party continues to hold at least twenty percent (20%) of the Shares then outstanding. If such other party does not hold at least twenty percent (20%) of the Shares then outstanding but holds more than ten percent (10%) of the Shares then outstanding, such other party shall have the right to designate a Co-Chairman, and the Board, acting by a simple majority of the entire Board as then constituted, shall designate a member of the Board to serve as second Co-Chairman. If neither MTG nor Telcrest Alfa holds more than ten percent (10%) of the Shares then outstanding, the Board, acting by a simple majority of the entire Board as then constituted, shall designate a member of the Board to serve as sole Chairman. Notwithstanding the foregoing, in the event that MTG or Telcrest Alfa shall, in accordance with this Agreement, hold more than fifty percent (50%) of the Shares then outstanding at any time, then one of the members of the Board designated by such party shall serve as sole Chairman.

Co-Chairmen. For so long as each of MTG and Telcrest holds more than ten percent (10%) of the Shares then outstanding and therefore has a right to designate a Co-Chairman pursuant to Section 1.1 1.01 (Board Composition), such Co-Chairmen shall serve by rotation as the Chairman of individual meetings of the Board on a meeting-by-meeting basis. In the event that MTG or Telcrest does not hold more than ten percent (10%) of the Shares then outstanding, the other party shall have the right to designate the sole Chairman; provided that such other party continues to hold at least twenty percent (20%) of the Shares then outstanding. If such other party does not hold at least twenty percent (20%) of the Shares then outstanding but holds more than ten percent (10%) of the Shares then outstanding, such other party shall have the right to designate a Co-Chairman, and the Board, acting by a simple majority of the entire Board as then constituted, shall designate a member of the Board to serve as second Co-Chairman. If neither MTG nor Telcrest holds more than ten percent (10%) of the Shares then outstanding, the Board, acting by a simple majority of the entire Board as then constituted, shall designate a member of the Board to serve as sole Chairman. Notwithstanding the foregoing, in the event that MTG or Telcrest shall, in accordance with this Agreement, hold more than fifty percent (50%) of the Shares then outstanding at any time, then one of the members of the Board designated by such party shall serve as sole Chairman.