Common use of Election of Directors and Terms Clause in Contracts

Election of Directors and Terms. Directors are classified into three groups designated as Group I, Group II and Group III, with each such group being elected to serve for a staggered term of three (3) years. As of the Effective Date, the current term of the Group I Directors expires in 2012, the current term of the Group II Directors expires in 2010, and the current term of the Group III Directors expires in 2011. At each annual meeting of the Members, the group of Directors whose term expires as of the date of such annual meeting shall be elected by the Class A Members and the Class B Members, voting together as a single class, for a term of three (3) years, and each such elected Director shall serve until a successor is elected and qualified, or until the earlier death, resignation, removal or disqualification of any such Director; provided, however, that any Class A Member who is authorized to appoint a Director pursuant to Section 5.3(c) shall not be entitled to vote for the election of any other Directors that the Class A Members and the Class B Members are entitled to elect, and the Units held by such Class A Member shall not be included in determining a majority of the Membership Voting Interests for purposes of electing Directors. Except for the special right of appointment of certain Directors as provided in subsection (c) hereof, Directors shall be elected by a plurality vote of the Class A Members and the Class B Members, voting together as a single class, so that the nominees receiving the greatest number of votes relative to all other nominees are elected as Directors. The Class C Members shall not be entitled to any vote in connection with the election of Directors.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

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Election of Directors and Terms. Directors are classified into three groups designated as Group IIn accordance with Section 5.2 of this Agreement, Group II and Group III, with each such group being elected to serve for a staggered term of three (3) years. As of the Effective Date, the current term of the Group I Directors expires in 2012, the current term of the Group II Directors expires in 2010, and the current term of the Group III Directors expires in 2011. At at each annual meeting of the Members, the group of Directors whose term expires as of the date of such annual meeting shall be elected by the Class A Members and the Class B Members, voting together as a single class, for a term staggered terms of three (3) years, years and each such elected Director shall serve until a successor is elected and qualified, or until the earlier death, resignation, removal or disqualification of any such Director; provided, provided however, that any Class A Member who is authorized to appoint a Director pursuant to Section 5.3(c) shall not be entitled to vote for the election of any other Directors that the Class A Members and the Class B Members are entitled to elect, and the Units held by such Class A Member shall not be included in determining a majority plurality of the Membership Voting Interests for purposes of electing Directors. Prior to the expiration of their initial terms, the initialThe Directors shall, by resolution approved by a majority vote of the initial Directors, 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 termsIf at any time the number of Directors is changed as provided in Section 5.2, the number 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 termsmay be adjusted as necessary, by resolution approved by a majority vote of the Directors, so that approximately one-third of the Directors are elected at each annual meeting of three years).the Members. Except for the special right of appointment of certain Directors as provided in subsection (cSection 5.3(c) hereof,), Directors shall be elected by a plurality vote of the Class Membership Voting InterestsClass A Members and the Class B Members, voting together as a single class, so that the nominees receiving the greatest number of votes relative to all other nominees are elected as Directors. The Class C Members shall not be entitled to any vote in connection with the election of Directors.

Appears in 1 contract

Samples: Operating Agreement (Cardinal Ethanol LLC)

Election of Directors and Terms. The initial Directors, appointed by the initial Members, shall be the individuals set forth on Exhibit “B” attached hereto. The initial Directors are classified into three groups designated as Group I, Group II and Group III, with each such group being elected to shall serve for a staggered term of three (3) years. As of until the Effective Date, the current term of the Group I Directors expires in 2012, the current term of the Group II Directors expires in 2010, and the current term of the Group III Directors expires in 2011. At each first annual or special meeting of the Members, the group of Directors whose term expires as Members following substantial completion of the date construction of such annual meeting shall be elected by the Class A Members and the Class B Members, voting together as a single class, for a term of three (3) yearsFacilities, and each such elected Director shall serve 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 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; provided, provided however, that any Class A Member who is authorized to appoint a Director pursuant to Section 5.3(c5.3 (c) shall not be entitled to vote for the election of any other Directors that the Class A Members and the Class B Members are entitled to elect, and the Units held by such Class A Member shall not be included in determining a majority of the Membership Voting Interests for purposes of electing Directors. The initial Directors shall, by resolution adopted prior to the expiration of their initial term, separately identify the Director positions to be elected and 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). Except for the special right of appointment of certain Directors as provided for in subsection (c) hereofthis Section, Directors shall be elected by a plurality vote of the Class A Members and the Class B Members, voting together as a single class, so that the nominees receiving the greatest number of votes relative to all other nominees are elected as Directors. The Class C Members shall not be entitled to any vote in connection with the election of Directorsdirectors.

Appears in 1 contract

Samples: Operating Agreement (Central Iowa Energy, LLC)

Election of Directors and Terms. The initial Directors, appointed by the initial Members, and shall include the individuals set forth on Exhibit “B” attached hereto. The initial Directors are classified into three groups designated as Group I, Group II and Group III, with each such group being elected to shall serve for a staggered an initial term of three (3) years. As of ending at the Effective Date, the current term of the Group I Directors expires in 2012, the current term of the Group II Directors expires in 2010, and the current term of the Group III Directors expires in 2011. At each first annual or special meeting of the Members, the group of Directors whose term expires as members following substantial completion of the date construction of such annual meeting shall be elected by the Class A Members and the Class B Members, voting together as a single class, for a term of three (3) yearsFacilities, and each such elected Director shall serve in all cases until a successor is elected and qualified, or until the earlier death, resignation, removal or disqualification of any such Director. In accordance with section 5.2, at the first annual or special meeting of the members following substantial completion of the construction of the Facilities, the number of Directors shall be a minimum of 7 and a maximum of 15, subject to the appointment of additional Directors pursuant to section 5.3(c) below. 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; provided, however, that any Class A Member who is authorized to appoint a Director pursuant to Section 5.3(c) shall not be entitled to vote for the election of any other Directors that the Class A Members and the Class B Members are entitled to elect, and the Units held by such Class A Member shall not be included in determining a majority plurality of the Membership Voting Interests for purposes of electing Directors. Prior to the expiration of their initial terms, the initial Directors shall, by resolution adopted prior to the expiration of their initial term, separately identify the Director positions to be elected and 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). Except for the special right of appointment of certain Directors as provided in subsection (c) hereof, Directors shall be elected by a plurality vote of the Class A Members and the Class B Members, voting together as a single class, Membership Voting Interests so that the nominees receiving the greatest number of votes relative to all other nominees are elected as Directors. The Class C Members shall not be entitled to any vote in connection with the election of Directors.

Appears in 1 contract

Samples: Operating Agreement (Northwest Iowa Renewable Energy LLC)

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Election of Directors and Terms. The initial Directors, appointed by the initial Members, shall be the individuals set forth on Exhibit "B" attached hereto. The initial Directors are classified into three groups designated as Group I, Group II and Group III, with each such group being elected to shall serve for a staggered term of three (3) years. As of until the Effective Date, the current term of the Group I Directors expires in 2012, the current term of the Group II Directors expires in 2010, and the current term of the Group III Directors expires in 2011. At each first annual or special meeting of the Members, the group of Directors whose term expires as Members following substantial completion of the date construction of such annual meeting shall be elected by the Class A Members and the Class B Members, voting together as a single class, for a term of three (3) yearsFacilities, and each such elected Director shall serve 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; provided, provided however, that any Class A Member who is authorized to appoint a Director pursuant to Section 5.3(c) shall not be entitled to vote for the election of any other Directors that the Class A Members and the Class B Members are entitled to elect, and the Units held by such Class A Member shall not be included in determining a majority of the Membership Voting Interests for purposes of electing Directors. The initial Directors shall, by resolution adopted prior to the expiration of their initial term, separately identify the Director positions to be elected and 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). Except for the special right of appointment of certain Directors as provided in subsection (c) hereof, Directors shall be elected by a plurality vote of the Class A Members and the Class B Members, voting together as a single class, so that the nominees receiving the greatest number of votes relative to all other nominees are elected as Directors. The Class C Members shall not be entitled to any vote in connection with the election of Directors.

Appears in 1 contract

Samples: Operating Agreement (Siouxland Ethanol, LLC)

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