Composition of Committees. From the Effective Time until 24 months after the Effective Time, unless otherwise determined by at least 75 percent of the Entire Board of Directors, the Board shall have only four committees: Executive, Audit, Nominating and Compensation, and Risk Management (the “Required Committees”). From the Effective Time until 24 months after the Effective Time, the Required Committees will be composed of 50 percent independent Continuing Yadkin Directors and 50 percent independent Continuing Vantage Directors. The Nominating and Compensation Committee will be chaired by a Continuing Yadkin Director and the Risk Management and Audit Committee will be chaired by a Continuing Vantage Director.
Appears in 4 contracts
Samples: The Agreement and Plan of Merger (Vantagesouth Bancshares, Inc.), The Agreement and Plan of Merger (YADKIN FINANCIAL Corp), Agreement and Plan of Merger (Vantagesouth Bancshares, Inc.)
