Common use of Establishment of Compensation Committee and Audit Committee Clause in Contracts

Establishment of Compensation Committee and Audit Committee. As reasonably practicable as possible following the Effective Date, the Company shall establish and maintain (i) a Compensation Committee and (ii) an Audit Committee, and each Preferred Director shall be a member of each of the Compensation Committee and the Audit Committee. The Compensation Committee shall propose the terms of the Company’s share incentive plans, and all grants of awards thereunder (including the ESOP), to the Board for approval and adoption by the Board and the Shareholders and shall have the power and authority to (a) administer the Company’s share incentive plans (including the ESOP) and to grant options thereunder, and (b) approve all management compensation levels and arrangements, and shall have such other powers and authorities as the Board shall delegate to it. The Audit Committee shall select the Auditors of the Company and approve the scope of the Company’s annual audit, and shall have such other powers and authorities as the Board shall delegate to it.

Establishment of Compensation Committee and Audit Committee. As reasonably practicable as possible following the Effective Date, upon request by the Series B Director, the Company shall establish and maintain (i) a Compensation Committee and (ii) an Audit Committee, and each Preferred the Series B Director shall be a member of each of the Compensation Committee and the Audit Committee. The Compensation Committee shall propose the terms of the Company’s share incentive plans, and all grants of awards thereunder (including the ESOP), to the Board for approval and adoption by the Board and the Shareholders and shall have the power and authority to (aA) approve the guidelines of, and administer the Company’s share incentive plans (including the ESOPStock Option Plan) and to grant options thereunder, and (bB) approve all management compensation levels and arrangements, and shall have such other powers and authorities as the Board shall delegate to it. The Audit Committee shall select the Auditors auditors of the Company and approve the scope of the Company’s annual audit, and shall have such other powers and authorities as the Board shall delegate to it. All the approvals or resolutions of the Compensation Committee and Audit Committee shall include the affirmative vote of the Series B Director (which shall not be unreasonable withheld or delayed by Series B Director).

Establishment of Compensation Committee and Audit Committee. As reasonably practicable as possible following Within ninety (90) days after the Effective DateClosing, the Company shall establish and maintain (i) a Compensation Committee and (ii) an Audit Committee, and each Preferred Director at least two (2) Investor Directors, as so elected by the Investor Directors, shall be a member members of each of the Compensation Committee and the Audit CommitteeCommittee and shall be required to establish a quorum for any meeting or action to be taken by such committees, provided that in the event that one Strategic Investor Director is elected to serve on any committee of the Board, then the other Strategic Investor Director shall be entitled to serve on the same committee. The Compensation Committee shall propose the terms of the Company’s share incentive plans, plans and all grants of awards thereunder (including the ESOP), Share Incentive Plans) to the Board for approval and adoption by the Board and the Shareholders and shall have the power and authority to (a) administer the Company’s share incentive plans (including the ESOPShare Incentive Plans) and to grant options thereunder, and (b) approve all management compensation levels and arrangements, and shall have such other powers and authorities as the Board shall delegate to it. The Audit Committee shall select the Auditors of the Company and approve the scope of the Company’s annual audit, and shall have such other powers and authorities as the Board shall delegate to it.

Establishment of Compensation Committee and Audit Committee. As reasonably practicable as possible following the Effective Date, the Company shall establish and maintain (i) a Compensation Committee and (ii) an Audit Committee, and each Preferred an ADV Director shall be a member of entitled to serve on each of the Compensation Committee and the Audit Committee. The Compensation Committee shall propose the terms of the Company’s share equity incentive plans, and all grants of awards thereunder (including without limitation, the ESOP), to the Board for approval and adoption by the Board and the Shareholders and shall have the power and authority to (a) administer the Company’s share equity incentive plans (including without limitation, the ESOP) and to grant options and awards thereunder, and (b) approve all management compensation levels and arrangements, and shall have such other powers and authorities as the Board shall delegate to it. The Audit Committee shall select the Auditors auditors of the Company and approve the scope of the Company’s annual audit, and shall have such other powers and authorities as the Board shall delegate to it.