Membership of the Company. As of the date of this Agreement, the Members set forth on Exhibit A constitute all of the Members of the Company. The Class A Units of the Members set forth on Exhibit A (after giving effect to the conversion of the Class B Units immediately prior to the Effective Time as described in the footnotes thereto) constitute all of the outstanding LLC Equity Interests. The Merger constitutes a Class B Conversion Trigger Event.
Membership of the Company. All BID Levy Payers will be invited to become a Member of the Company. Company Members may subsequently nominate themselves for directorships or to sit on one of the BID Sub-Groups. The Board will manage the Executive Team, which will deliver the projects and services as set out in the BID Proposal.
Membership of the Company. No Class "B" Member, in that status, shall take part in the management or control of the business of the Company or transact any business in the name of the Company. No Class "C" Member, in that status, shall take part in the management or control of the business of the Company or transact any business in the name of the Company other than within the scope of this or her employment by the Company; if the employment of any Class "C" Member by the Company terminates or is terminated for any reason whatsoever, such Class "C" Member thereafter has no right whatsoever to participate in the management or control of the business of the Company or transact any business in the name of the Company. The Class "B" Members and Class "C" Members shall, however, have the powers and be entitled to exercise the rights given to them by the terms of this Agreement and under the Act or other nonwaivable provision of applicable law, and the exercise of these rights and powers shall not constitute participation by the Class "B" member or Class "C" member in the control of the Company's business. No Member shall have the right or power to: (a) withdraw or reduce his contribution to the capital of the Company except as a result of the dissolution and termination of the Company, (b) bring an action for partition against the Company, or (c) cause the dissolution and termination of the Company by court decree or otherwise, except as set forth in this Agreement.
Membership of the Company. Only Class "A" Member Units shall exist under this Agreement, as held by the original two parties, being MAP and Seafarer Exploration, in their status, shall take part in the management or control of the business of the Company or transact any business in the name of the Company. Any Class B or other units shall be expressly made to this LLC under such terms as set forth herein.
Membership of the Company. All BID Xxxx Xxxxxx, will be invited to become a Member of the Company. Company Members may subsequently nominate themselves for directorships or to sit on one of the BID Sub-Groups. The Board will manage the Executive Team, which will deliver the projects and services as set out in the BID Proposal.
Membership of the Company
