Election/Term. Where a non-departmentalized group is formed, the chairperson shall be elected for a two (2) year term from and by the regular and contract employees of the non-departmentalized division. Such chairperson may be recalled by a two-thirds (2/3) vote of the same constituency.
Election/Term. Licensee may exercise each Commercial Option at any time prior to the […***…] of the Effective Date (the “Election Term”); provided that Licensee may extend the Election Term for an additional […***…] at any time prior to the […***…] of the Effective Date by providing written notice to Licensor of such extension and simultaneously paying Licensor a fee of […***…], which notice and payment must be received by Licensor at least […***…] prior to the […***…] of the Effective Date. If Licensee does extend the Election Term by timely providing such notice and payment, the Election Term will automatically be extended until the […***…] of the Effective Date.
Election/Term. The Members shall elect the governors at a regular meeting of Members. The procedural process for nominating and electing governors shall be determined in advance of the meeting by the Board of Governors and shall be communicated to all Members in a timely manner. Each governor, other than the interim initial Board, shall hold office for a term of three (3) years; except that at the first annual meeting the governors shall be elected to staggered one, two, and three year terms. Two of the Governors elected at the first meeting of Members shall be elected to a one year term, two for a two year term, and three for a three year term.
Election/Term. Officers shall be elected at the annual meeting of the Board and may be elected at such other time or times as the Board shall determine. They shall hold office, unless removed, until the next annual meeting of the Board or until their successors are elected. Any officer may resign at any time upon written notice to the Board and such resignation shall be effective when notice is delivered unless the notice specifies a later effective date. Vacancies among the officers shall be filled by a vote of the Board or by the Sole Member.
Election/Term. Licensee may exercise each Commercial Option at any time prior to the **** of the Effective Date (the “Election Term”); provided that Licensee may extend the Election Term for an additional **** at any time prior to the **** of the Effective Date by providing written notice to Licensor of such extension and simultaneously paying Licensor a fee of ****, which notice and payment must be received by Licensor at least **** prior to the **** of the Effective Date. If Licensee does extend the Election Term by timely providing such notice and payment, the Election Term will automatically be extended until the **** of the Effective Date.
Election/Term. Officers shall be elected at the regular Annual Meeting of the Board of Directors or at such other time as the Board of Directors may determine and shall hold office, unless removed, until the next Annual Meeting of the Board of Directors and until their successors are elected and qualified. The Chairman of the Board and any Vice Chairmen of the Board shall be elected at the regular Annual Meeting of the Board of Directors or at such other time as the Board of Directors may determine and shall hold office, unless removed, until the next Annual Meeting of the Board of Directors and until their successors are elected and qualified. The Chairman of the Board and any Vice Chairmen of the Board shall be chosen from the members of the Board of Directors.
Election/Term. At each annual meeting of Members, the Managers shall be elected by the vote of the Members as provided in Sections 7.3 and 9.
Election/Term. Each Trustee named herein, or elected or appointed hereafter, shall (except in the event of resignation, removal or vacancy) hold office until a successor has been elected or appointed and has qualified to serve as Trustee. Trustees shall have terms of unlimited duration, subject to the resignation and removal provisions of Section 2.3 hereof. Except as herein provided and subject to Section 16(a) of the 1940 Act, Trustees need not be elected by Shareholders, and the Trustees may elect and appoint their own successors and may, pursuant to Section 2.4 hereof, appoint Trustees to fill vacancies. The Trustees may adopt By-Laws not inconsistent with this Declaration or any provision of law to provide for election of Trustees by Shareholders at such time or times as the Trustees shall determine to be necessary or advisable. Except for the Trustees named herein, an individual may not commence to serve as Trustee except if appointed pursuant to a written instrument signed by a majority of the Trustees then in office or unless elected by Shareholders, and any such election or appointment shall not become effective until the individual appointed or elected shall have accepted such election or appointment and agreed in writing to be bound by the terms of this Declaration of Trust. A Trustee shall be an individual at least 21 years of age who is not under a legal disability.
Election/Term. The Manager shall initially be KLT. KLT shall remain as Manager and shall not be subject to removal as Manager unless and until (a) there is a Change of Control, and (b) the other party or parties to this Agreement show Cause. If the Manager sells all of its Interest in the Company to a third party, the third party shall automatically become the Manager, but from and after the date of such sale, the Manager is subject to removal as Manager for Cause. For purposes of this Section, the term "sale" shall mean a voluntary, arm's length transfer for money, but shall not include sales to Affiliates. The term "sale" shall be strictly construed and shall not apply to certain transfers that might be considered sales in the broadest sense including, without limitation, mortgages, mergers, reorganizations and consolidations. The Manager may be removed for Cause by an affirmative vote of the Non-Manager Member owning a majority interest in the Company after excluding the Interest of the Manager Member. Such vote shall not be deemed effective until a written notice has been delivered to the Manager by the Non-Manager Member detailing the alleged default and the Manager has failed to cure the default within 30 days from its receipt of the notice. Such removal shall be effective immediately upon the failure to cure such default within the applicable notice period.
Election/Term. Each Manager so elected shall serve until his, her or its successor shall have been duly elected and qualified.
