Existing Preferred Director Sample Clauses

Existing Preferred Director. In the case of a vacancy of a director elected pursuant to Section 2.1(a), so long as Austin Ventures holds the AV Requisite Threshold, Austin Ventures shall choose a successor to the Existing Preferred Designee, and each Voting Party shall vote all Shares held by such Voting Party to elect the new Existing Preferred Designee pursuant to Section 2.1(a). So long as Austin Ventures holds the AV Requisite Threshold, any director who shall have been elected pursuant to Section 2.1(a) may be removed during such director’s term of office, whether with or without cause, only upon written direction by Austin Ventures to the Voting Parties to remove such director, following which each Voting Party agrees to vote all Shares then held by such Voting Party in favor of such removal. In the event Austin Ventures no longer holds the AV Requisite Threshold, the holders of a majority of the Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock then outstanding, voting together as a single class, may elect to remove the Existing Preferred Director from office, whether with or without cause, by written direction to the Voting Parties, following which each Voting Party agrees to vote all Shares then held by such Voting Party in favor of such removal. In the event Austin Ventures no longer holds the AV Requisite Threshold and there is a vacancy in the office of a director elected pursuant to Section 2.1(a), the holders of a majority of the Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock then outstanding, voting together as a single class, may choose a new Existing Preferred Designee, and each Voting Party shall vote all Shares held by such Voting Party to elect the new Existing Preferred Designee pursuant to Section 2.1(a).