Common use of Number, Election, Tenure and Qualifications Clause in Contracts

Number, Election, Tenure and Qualifications. Except as otherwise fixed by resolution of the Board of Directors pursuant to the Articles of Incorporation relating to the authorization of the Board of Directors to provide by resolution for the issuance of Preferred Stock and to determine the rights of the holders of such Preferred Stock to elect directors, the Board of Directors shall consist of at least one (1) individual who shall be elected at the annual meeting of the stockholders of the corporation and who shall hold office for one (1) year or until his or her successor is elected and qualify. A director need not be a stockholder of the corporation.