Qualifications for Voting Senior Officer of Bidding Participants Sample Clauses

Qualifications for Voting Senior Officer of Bidding Participants. The following criteria must be met before a Voting Senior Officer is eligible to represent a Bidding Participant and serve on the Selection Committee: (i) the Voting Senior Officer is not responsible for the Bidding Participant’s market operations, and is responsible primarily for the Bidding Participant’s legal and/or regulatory functions, including functions related to the formulation and implementation of the Bidding Participant’s legal and/or regulatory program; (ii) the Bidding Participant has established functional separation of its legal and/or regulatory functions from its market operations and other business or commercial objectives; (iii) the Voting Senior Officer ultimately reports (including through the Bidding Participant’s CEO or Chief Legal Officer/General Counsel) to an independent governing body that determines or oversees the Voting Senior Officer’s compensation, and the Voting Senior Officer does not receive any compensation (other than what is determined or overseen by the independent governing body) that is based on achieving business or commercial objectives; (iv) the Voting Senior Officer does not have responsibility for any non- regulatory functions of the Bidding Participant, other than the legal aspects of the organization performed by the Chief Legal Officer/General Counsel or the Office of the General Counsel; (v) the ultimate decision making of the Voting Senior Officer position is tied to the regulatory effectiveness of the Bidding Participant, as opposed to other business or commercial objectives; (vi) promotion or termination of the Voting Senior Officer is not based on achieving business or commercial objectives; (vii) the Voting Senior Officer has no decision-making authority with respect to the development or formulation of the Bid submitted by or including the Participant or an Affiliate of the Participant; however, the staff assigned to developing and formulating such Bid may consult with the Voting Senior Officer, provided such staff members cannot share information concerning the Bid with the Voting Senior Officer; (viii) the Voting Senior Officer does not report to any senior officers responsible for the development or formulation of the Bid submitted by or including the Participant or by an Affiliate of the Participant; however, joint reporting to the Bidding Participant’s CEO or similar executive officer by the Voting Senior Officer and senior staff developing and formulating such Bid is permissible, but the Biddin...
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Related to Qualifications for Voting Senior Officer of Bidding Participants

  • Resignation as Officer or Director Upon a termination of employment for any reason, Executive shall, resign each position (if any) that Executive then holds as an officer or director of the Company and any of its affiliates. Executive’s execution of this Agreement shall be deemed the grant by Executive to the officers of the Company of a limited power of attorney to sign in Executive’s name and on Executive’s behalf any such documentation as may be required to be executed solely for the limited purposes of effectuating such resignations.