Incumbent Board. The "Incumbent Board" consists of the members of the Board of Directors of PETCO as of the date of this Agreement, to the extent they continue to serve as Board members and any individual who becomes a Board member after the date of this Agreement if (i) his or her election or nomination as a director was approved by a vote of at least two-thirds of the then Incumbent Board and such person does not own more than 20% of PETCO's securities, or (ii) such individual is a representative of an institutional investor that either owns less than 20% of PETCO's securities or was represented on the Board as of the date of this Agreement.
Appears in 4 contracts
Samples: Retention Agreement (Petco Animal Supplies Inc), Retention Agreement (Petco Animal Supplies Inc), Retention Agreement (Petco Animal Supplies Inc)
