Director Retirement Clause Samples
Director Retirement. The mandatory retirement age for directors is 72. A director shall not stand for re-election to the Board if he or she would be 72 years old when the new term of office begins. A director who turns 72 after re-election may continue to serve as director until the following Annual General Meeting. Further, a director shall be deemed to have retired with the consent of the Board for purposes of such director’s equity award agreements, absent a resolution by the Board to the contrary, if (i) he or she does not stand for re-election due to the mandatory retirement age; or (ii) he or she does not stand for re-election after at least five years of service on the Board (including service on the board of any predecessor entity or entity acquired directly or indirectly by the Company).
Director Retirement. A director shall retire as a director of the Corporation and of Pinnacle Bank effective as of the first annual meeting of the Corporation occurring after the date on which such director has turned seventy-five (75) years of age, without any further action by the shareholders or the Boards of Directors of the Corporation or of Pinnacle Bank; provided that this Section 4 shall not apply to (i) ▇▇. ▇▇▇▇▇▇ prior to the Vice Chairman Succession Date and (ii) ▇▇. ▇▇▇▇▇▇▇▇ prior to the first anniversary of the Effective Time (as such period for ▇▇. ▇▇▇▇▇▇▇▇ may be extended on an annual basis by the affirmative vote of a majority of the Entire Board of Directors).
Director Retirement. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ has informed the Board that he will retire as a director of Company (but not as an executive of Company) upon the closing of the polls at the 2018 Annual Meeting.
Director Retirement. ▇▇▇▇▇▇▇▇ shall have obtained and delivered to BOC the modification and release agreements described in Paragraph 6.06(b) in form and substance reasonably satisfactory to BOC.