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holders of fractional shares shall have the right to a fractional vote. Upon election, such directors shall become additional directors of the Corporation and the authorized number of directors of the Corporation shall thereupon be automatically increased by such number of directors. Such right of the holders of Participating Preferred Stock to elect directors may be exercised until all dividends in default on the Participating Preferred Stock shall have been paid in full, and dividends for the current dividend period declared and funds therefor set apart, and when so paid and set apart, the right of the holders of Participating Preferred Stock to elect such number of directors shall cease, the term of such directors shall thereupon terminate, and the authorized number of directors of the Corporation shall thereupon return to the number of authorized directors otherwise in effect, but subject always to the same provisions for the vesting of such special voting rights in the case of any such future dividend default or defaults. The fact that dividends have been paid and set apart as required by the preceding sentence shall be evidenced by a certificate executed by the President and the chief financial officer of the Corporation and delivered to the Board of Directors. The directors so elected by holders of Participating Preferred Stock shall serve until the certificate described in the preceding sentence shall have been delivered to the Board of Directors or until their respective successors shall be elected or appointed and qualify. At any time when such special voting rights have been so vested in the holders of the Participating Preferred Stock, the Secretary of the Corporation may, and upon the written request of the holders of record of 10% or more of the number of shares of the Participating Preferred Stock then outstanding addressed to such Secretary at the principal office of the Corporation in the State of Illinois, shall, call a special meeting of the holders of the Participating Preferred Stock for the election of the directors to be elected by them as hereinabove provided, to be held in the case of such written request within forty (40) days after delivery of such request, and in either case to be held at the place and upon the notice provided by law and in the By-laws of the Corporation for the holding of meetings of stockholders; provided, however, that the Secretary shall not be required to call such a special meeting (i) if any such request is received less than ninety (90) days before the date 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"with-or-without-cause", "type": "clause", "offset": [2693, 2714]}, {"key": "director-or-officer", "type": "clause", "offset": [2777, 2796]}, {"key": "section-12", "type": "clause", "offset": [2851, 2861]}, {"key": "an-officer", "type": "clause", "offset": [2900, 2910]}, {"key": "the-departments", "type": "clause", "offset": [2938, 2953]}, {"key": "division-of-the", "type": "clause", "offset": [2957, 2972]}], "snippet": "Section 1. The number and classification of the Board of Directors shall be as set forth in the Charter of the Bank.\nSection 2. No person who has attained the age of seventy-two (72) years shall be nominated for election to the Board of Directors of the Company, provided, however, that this limitation shall not apply to any person who was serving as director of the Company on September 16, 1971.\nSection 3. The class of Directors so elected shall hold office for three years or until their successors are elected and qualified.\nSection 4. The affairs and business of the Company shall be managed and conducted by the Board of Directors.\nSection 5. The Board of Directors shall meet at the principal office of the Company or elsewhere in its discretion at such times to be determined by a majority of its members, or at the call of the Chairman of the Board of Directors or the President.\nSection 6. Special meetings of the Board of Directors may be called at any time by the Chairman of the Board of Directors or by the President, and shall be called upon the written request of a majority of the directors.\nSection 7. A majority of the directors elected and qualified shall be necessary to constitute a quorum for the transaction of business at any meeting of the Board of Directors.\nSection 8. Written notice shall be sent by mail to each director of any special meeting of the Board of Directors, and of any change in the time or place of any regular meeting, stating the time and place of such meeting, which shall be mailed not less than two days before the time of holding such meeting.\nSection 9. In the event of the death, resignation, removal, inability to act, or disqualification of any director, the Board of Directors, although less than a quorum, shall have the right to elect the successor who shall hold office for the remainder of the full term of the class of directors in which the vacancy occurred, and until such director's successor shall have been duly elected and qualified.\nSection 10. The Board of Directors at its first meeting after its election by the stockholders shall appoint an Executive Committee, a Trust Committee, an Audit Committee and a Compensation Committee, and shall elect from its own members a Chairman of the Board of Directors and a President who may be the same person. The Board of Directors shall also elect at such meeting a Secretary and a Treasurer, who may be the same person, may appoint at any time such other committees and elect or appoint such other officers as it may deem advisable. The Board of Directors may also elect at such meeting one or more Associate Directors.\nSection 11. The Board of Directors may at any time remove, with or without cause, any member of any Committee appointed by it or any associate director or officer elected by it and may appoint or elect his successor.\nSection 12. 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[2667, 2691]}, {"key": "adversely-affect", "type": "definition", "offset": [2695, 2711]}, {"key": "rights-of", "type": "definition", "offset": [2716, 2725]}], "snippet": "(a) Promptly upon the purchase by Richfood or --------- any of its Subsidiaries (including Merger Subsidiary) of such number of shares of Dart Common Stock which represents at least a majority of the outstanding shares of Dart Common Stock, and from time to time thereafter, Richfood shall be entitled to designate such number of directors (\"Richfood's Designees\"), rounded up to the next whole number, as will give Richfood representation on the Board of Directors of Dart equal to the product of (x) the number of directors on the Board of Directors of Dart (giving effect to any increase in the number of directors pursuant to this Section 2.4), and (y) the percentage that such number of Shares so purchased ----------- bears to the aggregate number of Shares outstanding (such number being, the \"Board Percentage\"), and Dart shall, subject to Richfood's having theretofore provided Dart with the information with respect to Richfood's Designees required pursuant to Section 14(f) of the Exchange Act, promptly satisfy the Board Percentage by (i) increasing the size of the Board of Directors of Dart, or (ii) securing the resignations of such number of directors as is necessary to enable Richfood's Designees to be elected to the Board of Directors of Dart (and Dart shall use its best efforts to cause the then-remaining members of the Dart's Board of Directors to promptly so elect Richfood's Designees). At the request of Richfood, Dart shall take, at Dart's expense, all lawful action necessary to effect any such election, including, without limitation, mailing to Dart's stockholders the information required by Section 14(f) of the Exchange Act and Rule 14f-1 promulgated thereunder, unless such information has previously been provided to Dart's stockholders in the Schedule 14D-9.\n(b) Following the election or appointment of Richfood's Designees pursuant to this Section 2.4 and prior to the Effective Time of the Merger, any amendment ----------- or termination of this Agreement by Dart, extension for the performance or waiver of the obligations or other acts of Richfood or Merger Subsidiary hereunder by Dart or waiver of Dart's rights hereunder shall require the concurrence of a majority of directors of Dart then in office who are directors on the date hereof and who voted to approve this Agreement; provided, that if there shall be no such directors, such -------- actions may be effected by majority vote of the entire Board of Directors of Dart; and provided, further, that after the approval of this Agreement by the -------- ------- stockholders of Dart, no such amendment, termination, modification or supplement shall reduce or change the Merger Consideration or adversely affect the rights of Dart's stockholders hereunder without the approval of such stockholders.", "samples": [{"hash": "fZzYj18HmSs", "uri": "/contracts/fZzYj18HmSs#directors", "label": "Merger Agreement (Dart Group Corp)", "score": 18.0, "published": true}, {"hash": "dODOhNFwbyH", "uri": "/contracts/dODOhNFwbyH#directors", "label": "Merger Agreement (Richfood Holdings Inc)", "score": 18.0, "published": true}, {"hash": "2CzOZeyYXe6", "uri": "/contracts/2CzOZeyYXe6#directors", "label": "Merger Agreement (Dart Group Corp)", "score": 18.0, "published": true}], "size": 357, "hash": "1e9d12813a43f1301ea050f663edf90d", "id": 4}, {"snippet_links": [{"key": "at-the-effective-time", "type": "clause", 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Subsidiaries pursuant to the Offer, Parent shall be entitled to designate for appointment or election to the Company's then existing Board of Directors, upon written notice to the Company, such number of directors, rounded up to the next whole number, on the Board of Directors such that the percentage of its designees on the Board shall equal the percentage of the outstanding shares of Company Common Stock owned of record by Parent and each of its direct or indirect Subsidiaries. In furtherance thereof, the Company shall, upon request of Merger Sub, use its reasonable efforts promptly to cause Parent's designees (and any replacement designees in the event that any designee shall no longer be on the Board of Directors) to be so appointed or elected to the Company's Board, and in furtherance thereof, to the extent necessary, increase the size of the Board of Directors or use its reasonable efforts to obtain the resignation of such number of its current directors as is necessary to give effect to the foregoing provision. At such time, the Company shall also, upon the request of Parent, use its reasonable efforts to cause the Persons designated by Parent to constitute at least the same percentage (rounded up to the next whole number) as is on the Company's Board of Directors of each committee of the Company's Board of Directors. Notwithstanding the foregoing, until the Effective Time, the Board of Directors of the Company shall have at least two directors who are directors of the Company on the date of this Agreement and who are not officers of the Company (the \"Independent Directors\"); provided, however, that (x) notwithstanding the foregoing, in no event shall the requirement to have at least two Independent Directors result in Parent's designees constituting less than a majority of the Company's Board of Directors unless Parent shall have failed to designate a sufficient number of Persons to constitute at least a majority and (y) if the number of Independent Directors shall be reduced below two for any reason whatsoever (or if immediately following Consummation of the Offer there are not at least two then-existing directors of the Company who (1) are Qualified Persons (as defined below) and (2) are willing to serve as Independent Directors), then the number of Independent Directors required hereunder shall be one, unless the remaining Independent Director is able to identify a person, who is not an officer or Affiliate of the Company, Parent or any of their respective Subsidiaries (any such person being referred to herein as a \"Qualified Person\"), willing to serve as an Independent Director, in which case such remaining Independent Director shall be entitled to designate any such Qualified Person or Persons to fill such vacancy, and such designated Qualified Person shall be deemed to be an Independent Director for purposes of this Agreement, or if no Independent Directors then remain, the other directors shall be required to designate two Qualified Persons to fill such vacancies, and such persons shall be deemed to be Independent Directors for purposes of this Agreement.\n(b) The Company shall promptly take all actions required pursuant to Section 14(f) of the Exchange Act and Rule 14f-1 promulgated thereunder in order to fulfill its obligations under Section 2.3(a), including mailing to stockholders the information required by such Section 14(f) and Rule 14f-1 (which the Company shall mail together with the Schedule 14D-9 if it receives from Parent and Merger Sub the information below on a basis timely to permit such mailing) as is necessary to fulfill the Company's obligations under Section 2.3(a). 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