Common use of Election of Directors and Terms Clause in Contracts

Election of Directors and Terms. The initial Directors shall be elected by the initial Members and shall include the individuals set forth on Exhibit “B” attached hereto. The initial Directors shall serve until the first annual or special meeting of the Members following the date on which substantial operations of the Facilities commence, and in all cases until a successor is elected and qualified, or until the earlier death, resignation, removal or disqualification of any such Director. After the expiration of the initial terms of the Directors, at each annual meeting of the Members, Directors shall be elected by the Members for staggered terms of three (3) years and until a successor is elected and qualified. Prior to the expiration of their initial terms, the initial Directors shall, by written resolution, separately identify the Director positions to be elected and so classify each such Director position as Group I, Group II or Group III, with such classification to serve as the basis for the staggering of terms among the elected Directors. The terms of Group I Directors shall expire first (initial term of one year with successors elected to three year terms thereafter), followed by those of Group II Directors (initial term of two years with successors elected to three year terms thereafter), and then Group III Directors (initial and subsequent terms of three years). Directors shall be elected by a plurality vote of the Members so that the nominees receiving the greatest number of votes relative to all other nominees are elected as Directors.

Appears in 2 contracts

Samples: Operating Agreement (First United Ethanol LLC), Operating Agreement (First United Ethanol LLC)

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Election of Directors and Terms. The initial Directors shall be elected Directors, appointed by the initial Members and Members, shall include be the individuals set forth on Exhibit “B” attached hereto. The initial Directors shall serve until the first annual or special meeting of the Members following the date on which substantial operations completion of the Facilities commenceconstruction of the Facilities, and in all cases until a successor is elected and qualified, or until the earlier death, resignation, removal or disqualification of any such Director. After the expiration of the initial terms term of the Directors, at each annual meeting of the Members, Directors shall be elected by the Members for staggered terms of three (3) years and until a successor is elected and qualified. Prior The initial Directors shall, by resolution adopted prior to the expiration of their initial terms, the initial Directors shall, by written resolutionterm, separately identify the Director positions to be elected and so shall classify each such Director position as Group I, Group II or Group III, with such classification to serve as the basis for the staggering of terms among the elected Directorsdirectors. The terms of Group I Directors shall expire first (initial term of one year with successors elected to three three-year terms thereafter), followed by those of Group II Directors (initial term of two years with successors elected to three three-year terms thereafter), and then Group III Directors (initial and subsequent terms of three years). Directors shall be elected by a plurality vote of the Members so that the nominees receiving the greatest number of votes relative to all other nominees are elected as Directors.

Appears in 2 contracts

Samples: Operating Agreement (Iowa Renewable Energy, LLC), Operating Agreement (Western Dubuque Biodiesel, LLC)

Election of Directors and Terms. The initial Directors shall be elected by the initial Members and shall include the individuals set forth on Exhibit “B” attached hereto. The initial Directors shall serve until for an initial term ending at the first annual or special meeting of the Members following the date on which substantial operations of the Facilities commenceheld in 2011, and in all cases until a successor is elected and qualified, or until the earlier death, resignation, removal or disqualification of any such Director. After the expiration of the initial terms of the Directors, at each annual meeting of the Members, Directors shall be elected by the Members for staggered terms of three (3) years and until a successor is elected and qualified. Prior to the expiration of their initial terms, the initial Directors shall, by written resolutionresolution adopted prior to the expiration of their initial term, separately identify the Director positions to be elected and so shall classify each such Director position as Group I, Group II or Group III, with such classification to serve as the basis for the staggering of terms among the elected Directors. The terms of Group I Directors shall expire first (initial term of one year with successors elected to three year terms thereafter), followed by those of Group II Directors (initial term of two years with successors elected to three year terms thereafter), and then Group III Directors (initial and subsequent terms of three years). After the expiration of the initial terms of the Directors, at each annual meeting of the Members, Directors shall be elected by the Members for staggered terms of three (3) years and until a successor is elected and qualified. Directors shall be elected by a plurality vote of the Members Membership Voting Interests so that the nominees receiving the greatest number of votes relative to all other nominees are elected as Directors.

Appears in 1 contract

Samples: Operating Agreement (Soy Energy, LLC)

Election of Directors and Terms. The initial Directors shall be elected appointed by the initial Members Board of Directors and shall include the individuals set forth on Exhibit “B” attached hereto. The initial Directors shall serve until for an initial term ending no later than ninety (90) days after the first Financing Closing, at which time a special or annual or special meeting of the Members following the date on which substantial operations of the Facilities commence, and in all cases until a successor is elected and qualified, or until the earlier death, resignation, removal or disqualification of any such Directorshall be called to elect Directors. After the expiration of the initial terms of the Directors, at each annual meeting of the Members, Directors shall be elected by the Members for staggered terms of three (3) years and until a successor is elected and qualified. Prior to the expiration of their initial terms, the initial Directors shall, shall by written resolution, resolution separately identify the Director positions to be elected and so classify each such Director position as Group I, Group II II, or Group III, with such classification to serve as the basis for the staggering of terms among the elected Directors. The terms of Group I Directors shall expire first (initial term of one year with successors elected to three year terms thereafter), followed by those of Group II Directors (initial term of two years with successors elected to three year terms thereafter), and then Group III Directors (initial and subsequent terms of three years). Directors shall be elected by a plurality vote of the Members Membership Voting Interests so that the nominees receiving the greatest number of votes relative to all other nominees are elected as Directors.

Appears in 1 contract

Samples: Operating Agreement (Victory Renewable Fuels LLC)

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Election of Directors and Terms. The initial Directors shall be elected Directors, appointed by the initial Members and Members, shall include be the individuals set forth on Exhibit “B” attached hereto. The initial Directors shall serve until the first annual or special meeting of the Members following the date on which substantial operations completion of the Facilities commenceconstruction of the Facilities, and in all cases until a successor is elected and qualified, or until the earlier death, resignation, removal or disqualification of any such Director. After the expiration of the initial terms term of the Directors, at each annual meeting of the Members, Directors shall be elected by the Members for staggered terms of three (3) years and until a successor is elected and qualified. Prior The initial Directors shall, by resolution adopted prior to the expiration of their initial terms, the initial Directors shall, by written resolutionterm, separately identify the Director positions to be elected and so shall classify each such Director position as Group I, Group II or Group III, with such classification to serve as the basis for the staggering of terms among the elected Directorsdirectors. The terms of Group I Directors shall expire first (initial term of one year until second annual meeting with successors elected to three three-year terms thereafter), followed by those of Group II Directors (initial term of two years until third annual meeting with successors elected to three three-year terms thereafter), and then Group III Directors (initial term until the fourth annual meeting and subsequent terms of three years). Directors shall be elected by a plurality vote of the Members so that the nominees receiving the greatest number of votes relative to all other nominees are elected as Directors.

Appears in 1 contract

Samples: Operating Agreement (Western Dubuque Biodiesel, LLC)

Election of Directors and Terms. The initial Directors shall be elected Directors, appointed by the initial Members and Members, shall include be the individuals set forth on Exhibit “B” attached hereto. The initial Directors shall serve until the first annual or special meeting of the Members following the date on which substantial operations completion of the Facilities commenceconstruction of the Facilities, and in all cases until a successor is elected and qualified, or until the earlier death, resignation, removal or disqualification of any such Director. After the expiration of the initial terms term of the Directors, at each annual meeting of the Members, Directors shall be elected by the Members for staggered terms of three (3) years and until a successor is elected and qualified. Prior The initial Directors shall, by resolution adopted prior to the expiration of their initial terms, the initial Directors shall, by written resolutionterm, separately identify the Director positions to be elected and so shall classify each such Director position as Group I, Group II or Group III, with such classification to serve as the basis for the staggering of terms among the elected Directorsdirectors. The terms of Group I Directors shall expire first (initial term of one year until second annual meeting with successors elected to three three-year terms thereafter), followed by those of Group II Directors (initial term of two years until third annual meeting with successors elected to three three-year terms thereafter), and then Group III Directors (initial and subsequent terms of three years). Directors shall be elected by a plurality vote of the Members so that the nominees receiving the greatest number of votes relative to all other nominees are elected as Directors.

Appears in 1 contract

Samples: Operating Agreement (Iowa Renewable Energy, LLC)

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