Common use of Formation of the Board Clause in Contracts

Formation of the Board. (1) The date on which the CJV obtains its business license shall be considered the date of establishment of the Board. (2) The Board shall consist of five (5) Directors, two (2) of whom shall be appointed by Anesiva and two (2) of whom shall be appointed by Wanbang, with the remaining one to be jointly appointed by the Anesiva and Wanbang. The CJV shall maintain one (1) Chairman of the Board of Directors, who shall be appointed by [*]. The CJV shall maintain one (1) Vice Chairman, who shall be appointed by [*]. In the event that the Chairman is unable to or fails to exercise his/her rights and duties, the Vice Chairman shall perform the powers of the Chairman. (3) At the time this Contract is executed and each time any Director is appointed or removed, the Party which made such appointment or removal shall promptly notify other Parties in writing of the same. Any appointment or removal of Director(s) shall take effect from the date it is notified to the CJV in writing, and shall be filed with the SAIC for the record. (4) Each Director shall be appointed for a term of [*] and may serve consecutive terms if reappointed by the Party which originally appointed him. If a seat on the Board is vacant due to retirement, resignation, illness, disability or death of a Director or by the removal of such Director by the Party which originally appointed him, the Party which originally appointed such Director shall appoint a successor to serve the remainder of such Director’s term. Each Party may replace its appointed Director at its own discretion.

Formation of the Board. (1) The date on which the CJV obtains its business license shall be considered the date of establishment of the Board. (2a) The Board shall consist of five nine (59) Directorsdirectors, two three (23) of whom shall be appointed by Anesiva Party A, and two six (26) of whom shall be appointed by Wanbang, with the remaining one to be jointly appointed by the Anesiva and Wanbang. The CJV shall maintain one (1) Chairman of the Board of Directors, who shall be appointed by [*]. The CJV shall maintain one (1) Vice Chairman, who shall be appointed by [*]. In the event that the Chairman is unable to or fails to exercise his/her rights and duties, the Vice Chairman shall perform the powers of the Chairman. (3) Party B. At the time this Contract is executed and each time any Director a director is appointed or removedappointed, the each Party which made such appointment or removal shall promptly notify other Parties in writing of the same. Any appointment or removal of Director(s) shall take effect from the date it is notified to the CJV in writing, and shall be filed with other Party the SAIC for the recordnames of its appointee(s). (4b) In the event of any change in the ratio of ownership of the Parties of the registered capital of the Company (including as a result of an increase in the registered capital), the total number of directors and the number of directors appointed by each Party shall be changed as necessary to reflect such change. The Board may by its decision increase or decrease the number of directors from time to time, subject to the requirements of PRC law. (c) Each Director director shall be appointed for a term of [*] four (4) years and may serve consecutive terms if reappointed by the Party originally appointing him. A director shall serve and may be removed at the pleasure of the Party which originally appointed him. If a seat on the Board is vacant due to vacated by the retirement, resignation, illness, disability or death of a Director director or by the removal of such Director director by the Party which originally appointed him, the Party which originally appointed such Director director shall appoint a successor to serve the remainder of out such Directordirector’s term. (d) A director selected by Party B shall serve as the Chairman of the Board and a director selected by Party A shall serve as Vice Chairman of the Board. Each Party may replace its appointed Director at its own discretionThe Chairman of the Board shall be the legal representative of the Company.

Formation of the Board. (1) The date on which the CJV obtains its business license shall be considered the date of establishment of the Board. (2a) The Board shall consist of five nine (59) Directorsdirectors, two three (23) of whom shall be appointed by Anesiva Party A, and two six (26) of whom shall be appointed by Wanbang, with the remaining one to be jointly appointed by the Anesiva and Wanbang. The CJV shall maintain one (1) Chairman of the Board of Directors, who shall be appointed by [*]. The CJV shall maintain one (1) Vice Chairman, who shall be appointed by [*]. In the event that the Chairman is unable to or fails to exercise his/her rights and duties, the Vice Chairman shall perform the powers of the Chairman. (3) Party B. At the time this Contract is executed and each time any Director a director is appointed or removedappointed, the each Party which made such appointment or removal shall promptly notify other Parties in writing of the same. Any appointment or removal of Director(s) shall take effect from the date it is notified to the CJV in writing, and shall be filed with other Party the SAIC for the recordnames of its appointee(s). (4b) In the event of any change in the ratio of ownership of the Parties of the registered capital of the Company (including as a result of an increase in the registered capital), the total number of directors and the number of directors appointed by each Party shall be changed as necessary to reflect such change. The Board may by its decision increase or decrease the number of directors from time to time, subject to the requirements of PRC law. (c) Each Director director shall be appointed for a term of [*] four (4) years and may serve consecutive terms if reappointed by the Party originally appointing him. A director shall serve and may be removed at the pleasure of the Party which originally appointed him. If a seat on the Board is vacant due to vacated by the retirement, resignation, illness, disability or death of a Director director or by the removal of such Director director by the Party which originally appointed him, the Party which originally appointed such Director director shall appoint a successor to serve the remainder of out such Directordirector’s term. (d) A director selected by Party B shall serve as the Chairman of the Board and a director selected by Party A shall serve as Vice Chairman of the Board. Each Party The Chairman of the Board shall be the legal representative of the Company. Whenever the Chairman of the Board is unable to perform his responsibilities for any reason, another director as designated by the Chairman may replace its appointed Director at its own discretiontemporarily represent him. The Chairman of the Board shall exercise his authority within the limits prescribed by the Board and may not under any circumstances contractually bind the Company or otherwise take any action on behalf of the Company without prior approval of the Board. (e) Subject to a decision by the Board, the Company shall indemnify the director against all claims and liabilities incurred by reason of acting as a director of the Company, except if incurred as a result of willful misconduct, gross negligence or violations of criminal laws.

Formation of the Board. (1) The date on which the CJV obtains its business license shall be considered the date of establishment of the Board. (2) The Board shall consist of five (5) Directors, two (2) of whom shall be appointed by Anesiva Party A and two three (23) of whom shall be appointed by WanbangParty B. The CJV shall maintain one (1) chairman of the Board, with the remaining one to who shall be jointly appointed by Party B. The legal representative of the Anesiva and WanbangCJV shall be the chairman of the Board. The CJV shall maintain one (1) Chairman of the Board of Directorsvice chairman, who shall be appointed by [*]. The CJV shall maintain one (1) Vice Chairman, who shall be appointed by [*]. Party A. In the event that the Chairman chairman is unable to or fails to exercise his/her rights and duties, the Vice Chairman vice chairman or another Director shall be authorized to temporarily perform the powers of the Chairmanchairman. (3) At the time this Contract is executed and each time any Director is appointed or removed, the Party which made such appointment or removal shall promptly notify other Parties Party in writing of the same. Any appointment or removal of Director(s) shall take effect from the date it is notified to the CJV in writing, and shall be filed with the SAIC for the record. (4) Each Director shall be appointed for a term of [*] three (3) years and may serve consecutive terms if reappointed by the Party which originally appointed him. If a seat on the Board is vacant due to retirement, resignation, illness, disability or death of a Director or by the removal of such Director by the Party which originally appointed him, the Party which originally appointed such Director shall appoint a successor to serve the remainder of such Director’s term. Each Party may replace its appointed Director at its own discretion.