Corporate Governance Rights. (1) On the Effective Date, the Purchaser shall be entitled to nominate two Qualified Persons to serve as directors on the Board and the Board shall increase the number of directors from five to seven and appoint these two Qualified Persons as directors to fill the two newly-created vacancies. On the Warrant Exercise Date (and after exercise of the Initial Warrant and the Second Warrant), the Purchaser shall have the right to nominate a third Qualified Person to serve on the Board and the Board shall increase the number of directors from seven to eight and appoint the third Qualified Person to fill the newly-created vacancy. If the Exchange rejects one or more of the Purchaser nominees, the Purchaser will have the right to nominate a replacement.
Corporate Governance Rights. (1) Subject to compliance with applicable Laws, and the constating documents of the Corporation from and after the Closing Date for a period of three (3) years, the Purchaser shall be entitled (but not obliged), at any time and from time to time, to nominate one (1) director (a "Purchaser Representative") to the board of directors of the Corporation.
Corporate Governance Rights
