Corporate Governance Matters. (a) As soon as reasonably practicable, the Company shall increase the size of its Board of Directors and appoint such number of additional directors such that the Board of Directors is comprised of a majority of independent members as determined under applicable NASDAQ rules. (b) As soon as reasonably practicable, the Company shall establish an audit committee and a compensation committee that each meet applicable NASDAQ standards. (c) All transaction with related persons required to be disclosed under Item 404 of Regulation S-K under the Exchange Act shall be approved by the Company’s independent directors. (d) As soon as reasonably practicable, the Company shall establish an xxxxxxx xxxxxxx policy applicable to all officers, directors, employees and consultants of the Company.
Appears in 4 contracts
Samples: Securities Purchase Agreement (CannLabs, Inc.), Note Purchase Agreement (CannLabs, Inc.), Note Purchase Agreement (CannLabs, Inc.)
