Common use of Establishment of Board of Directors Clause in Contracts

Establishment of Board of Directors. There is hereby established a committee of Member representatives (the “Board of Directors”) comprised of natural Persons (the “Directors”) having the authority and duties set forth in this Agreement. The size of the Board of Directors shall be eight and may from time to time be increased or decreased by the Board of Directors (with the approval of Fiat so long as Fiat remains a Member and the Fiat Group has a Total Interest equal to or exceeding the Fiat Initial Ownership Interest). The Directors shall be elected or appointed pursuant to Section 5.3. The term served by each of the Directors shall commence on the date of most recent appointment or election of such Director and shall terminate on June 10, 2012. Directors shall be designated or elected thereafter in accordance with this ARTICLE V for terms not to exceed one year. Directors may serve an unlimited number of consecutive terms. Each Director elected shall hold office until a successor is duly elected and qualified or until his or her earlier death, resignation or removal as provided in this ARTICLE V. The Members shall take all such actions as are necessary to effectuate the provisions of this ARTICLE V.

Establishment of Board of Directors. There is hereby established a committee of Member representatives (the “"Board of Directors”Directors ") comprised of natural Persons (the “"Directors”") having the authority and duties set forth in this Agreement. The size of the Board of Directors shall initially be eight nine and may from time to time be increased or decreased by the Board of Directors (with the approval of Fiat so long as Fiat remains a Member and the Fiat Group has a Total Interest equal to or exceeding the Fiat Initial Ownership Interest). The Directors shall be elected or appointed pursuant to Section 5.3. The initial term served by each of the Directors shall commence on the date of most recent appointment or election of such Director Closing Date and shall terminate on June 10the third anniversary of the Closing Date (the "Initial Term"). Upon the expiration of the Initial Term, 2012. the Directors shall be designated or elected thereafter in accordance with this ARTICLE V will serve for terms a specified term not to exceed one year. Directors may serve an unlimited number of consecutive termstermns. Each Director elected shall hold office until a successor is duly elected and qualified or until his or her earlier death, resignation or removal as provided in this ARTICLE V. The Members shall take all such actions as are necessary to effectuate the provisions of this ARTICLE V.