Departing Director Sample Clauses
The Departing Director clause outlines the procedures and consequences when a director leaves their position on a company's board. Typically, it specifies the notice requirements, the process for appointing a replacement, and any obligations the departing director may have, such as returning company property or maintaining confidentiality. This clause ensures a smooth transition of board responsibilities and helps maintain continuity in corporate governance by clearly defining the steps to be taken when a director departs.
Departing Director. Except as provided by this section, the obligation of a director to abide by and enforce this Agreement shall terminate when the director leaves office, but nothing herein shall relieve the departing director of any responsibility that the director may have, pursuant to the laws and regulations of the United States, not to disclose classified information or Export Controlled Information obtained during the course of the director’s service on the Company Board, and such responsibility shall not terminate by virtue of the director leaving office. The Company’s FSO shall advise the departing director of such responsibility when the director leaves office, but the failure of the FSO to so advise the director shall not relieve the director of such responsibility.