Common use of Governance Principles Clause in Contracts

Governance Principles. Notwithstanding anything to the contrary in this Agreement, the Company and the Investors shall take all Necessary Actions to, implement and effect the governance principles below within the time period referenced therein: (a) by the date that is two (2) years following the Closing Date, all committees of the Board will have a majority of Independent Directors; (b) by the date that is five (5) years following the Closing Date, all committees of the Board will consist only of Independent Directors, except for one (1) representative of the Group where necessary and permitted by applicable Law; and (c) by the date that is two (2) years following the Closing Date, a lead Independent Director will be appointed.