Independent Director Matters. The Investor represents that it will nominate sufficient Investor Designees to meet the Independence Standards when combined with the other existing independent directors of the Company. If at any time during the Qualifying Ownership Period an Investor Designee ceases to be considered as an “independent” director, and only if such action would cause the Company to fail to have a majority of independent directors, then the Investor shall designate a Qualified Replacement who qualifies as an “independent director” under applicable law, Nasdaq Stock Market listing standards, and the Company’s Articles of Incorporation.
Appears in 4 contracts
Samples: Directors Designation Agreement, Directors Designation Agreement (Supertel Hospitality Inc), Directors Designation Agreement (Supertel Hospitality Inc)
