Common use of Committees of Directors Clause in Contracts

Committees of Directors. The Board of Directors may, by resolution passed by a majority of the whole Board, designate one or more committees, each committee to consist of one or more of the Directors of the Company. The Board may designate one or more Directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, and subject to Sections 6.9 and 6.10, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Company, but no such committee shall have the power and authority to declare a distribution, unless the resolution of the Board designating such committee expressly so provides. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board of Directors. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.

Committees of Directors. The Board of Directors may, by resolution passed by a majority of the whole Board, designate one or more committees, each committee to consist of one or more of the Directors of the Company. The Board may designate one or more Directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, and subject to Sections 6.9 and 6.10Board, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Company, but no such committee shall have the power or authority in reference to amending this Agreement, adopting an agreement of merger or consolidation, recommending to the Members the sale, lease or exchange of all or substantially all of the Company’s property and authority assets, recommending to declare the Members a distribution, dissolution of the Company or a revocation of a dissolution; and unless the resolution of the Board designating such the committee expressly so provides, no such committee shall have the power or authority to declare a distribution. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board of DirectorsBoard. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.

Committees of Directors. The Board of Directors (a) shall designate (i) a compensation committee (the "Compensation Committee") and (ii) an Executive Committee and (b) may, by resolution passed by a majority unanimous consent of the whole BoardDirectors, designate one or more additional committees, each . Such resolution shall specify the duties and quorum requirements of such additional committees. Each committee to consist of one or more of the Board shall be comprised of at least three (3) Directors, two (2) of whom shall be Directors designated by Kelso and the other Director shall be the Chief Executive Officer of the CompanyXxxxx Shipping. The Board may designate one or more Directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, and subject to Sections 6.9 and 6.10Board, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Company, but no such committee shall have the power and authority to declare a distribution, unless the resolution of the Board designating such committee expressly so provides. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board of DirectorsBoard. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.

Committees of Directors. The Board of Directors may, by resolution passed by a majority of the whole Boardvotes held by all Directors, designate one or more committees. Such resolution shall specify the duties, quorum requirements, number of votes and qualifications of each of the members of such committees, each such committee to consist of such number of Directors as the Board may fix from time to time; provided that each such committee shall include at least one or more of the Directors of the CompanyRM Director and one McJ Director. The Board may designate one or more Directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, and subject to Sections 6.9 and 6.10Board, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Company, but no such committee shall have the power and authority to declare a distribution, unless the resolution of the Board designating such committee expressly so provides. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board of DirectorsBoard. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.

Committees of Directors. The Board of Directors may, by resolution passed by a majority of the whole Board, designate one or more committees, each committee to consist of one or more of the Directors of the Company. The Board may designate one or more Directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof of the committee present at any meeting and not disqualified from voting, whether or not such members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, and subject to Sections 6.9 and 6.10Board, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Company, but no such committee shall have the power and or authority to declare a distribution, unless the resolution take any of the Board designating such committee expressly so providesactions described in Section 6.9 of this Agreement unless authorized in writing by each Director. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board of DirectorsBoard. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.

Committees of Directors. The Board of Directors (a) shall designate (i) a compensation committee (the "Compensation Committee") and (ii) an Executive Committee and (b) may, by resolution passed by a majority unanimous consent of the whole BoardDirectors, designate one or more additional committees, each . Such resolution shall specify the duties and quorum requirements of such additional committees. Each committee to consist of one or more of the Board shall be comprised of at least three (3) Directors, two (2) of whom shall be Directors designated by Kelso xxx xhe other Director shall be the Chief Executive Officer of the CompanyEagle Shipping. The Board may designate one or more Directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, and subject to Sections 6.9 and 6.10Board, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Company, but no such committee shall have the power and authority to declare a distribution, unless the resolution of the Board designating such committee expressly so provides. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board of DirectorsBoard. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.