{"component": "clause", "props": {"groups": [{"size": 6, "snippet": "Subject to Section 2.2, the quorum which shall be required for action to be taken by the Board (other than an adjournment of any meeting of the Board) shall be the GECC Designee, the Permal Designee, the THLi Fund Designee and the Hawl\u2587\u2587 \u2587\u2587\u2587ignee. Directors participating by telephone conference in any meeting of the Board shall be considered in determining whether a quorum of directors is present.", "samples": [{"hash": "gf3k5bNPuux", "uri": "/contracts/gf3k5bNPuux#quorum-requirements", "label": "Stockholders Agreement (Th Lee Putnam Internet Fund Advisors LLC)", "score": 18.0, "published": true}, {"hash": "eWMHcZl5U9B", "uri": "/contracts/eWMHcZl5U9B#quorum-requirements", "label": "Stockholders Agreement (Krauses Furniture Inc)", "score": 18.0, "published": true}, {"hash": "bTDpqEyImQL", "uri": "/contracts/bTDpqEyImQL#quorum-requirements", "label": "Stockholders Agreement (Krauses Furniture Inc)", "score": 18.0, "published": true}], "snippet_links": [{"key": "section-22", "type": "clause", "offset": [11, 22]}, {"key": "action-to-be-taken", "type": "clause", "offset": [63, 81]}, {"key": "by-the-board", "type": "clause", "offset": [82, 94]}, {"key": "meeting-of-the-board", "type": "clause", "offset": [129, 149]}, {"key": "telephone-conference", "type": "clause", "offset": [275, 295]}, {"key": "board-shall", "type": "definition", "offset": [318, 329]}, {"key": "quorum-of-directors", "type": "clause", "offset": [369, 388]}], "hash": "b309628800e1ad68d927e939886fd411", "id": 1}, {"size": 4, "snippet": "There are no quorum requirements generally applicable to general meetings of shareholders. To this extent, our practice varies from the requirement of Nasdaq Listing Rule 5620(c), which requires an issuer to provide in its bylaws for a generally applicable quorum, and that such quorum may not be less than one-third of the outstanding voting shares. According to Section 70 of the Danish Companies Act, shares in a company may be redeemed by a shareholder holding more than nine-tenths of the shares and the corresponding voting rights in the company. Furthermore, according to Section 73 of the Danish Companies Act, a minority shareholder may require a majority shareholder holding more than nine-tenths of the shares and the corresponding voting rights to redeem the minority shareholder\u2019s shares. As of July 3, 2016, EU Regulation No 596/2014 on market abuse entered into force and Chapter 10 of the Danish Securities Trading Act was repealed. Pursuant to said Chapter 10, we had adopted an internal code on inside information in respect of the holding of and carrying out of transactions by our board of directors and executive officers and employees in the shares or ADSs or in financial instruments the value of which is determined by the value of the ordinary shares or ADSs, and we had drawn up a list of those persons working for us who could have access to inside information on a regular or incidental basis and had informed such persons of the rules on \u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587 and market manipulation, including the sanctions which could be imposed in the event of a violation of those rules. However, said EU Regulation No 596/2014 on market abuse imposes no such requirements on us and we have abandoned our previous practice. Under Danish law, members of the board of directors or senior management may be held liable for damages in the event that loss is caused due to their negligence. They may be held jointly and severally liable for damages to the company, the shareholders and to third parties for acting in violation of the articles of association and Danish law. The general meeting is allowed to discharge our board members and members of our senior management from liability for any particular financial year based on a resolution relating to the financial statements. This discharge means that the general meeting will discharge such board members and members of our senior management from liability to us; however, the general meeting cannot discharge any claims by individual shareholders or other third parties. Additionally, we have entered into agreements with our board members and members of our senior management, pursuant to which, subject to limited exceptions, we have agreed to indemnify such board members and members of senior management from civil liability, including (i) any damages or fines payable by them as a result of an act or failure to act in the exercise of their duties currently or previously performed by them; (ii) any reasonable costs of conducting a defense against a claim; and (iii) any reasonable costs of appearing in other legal proceedings in which such individuals are involved as current or former board members or members of senior management. There is a risk that such agreement will be deemed void under Danish law, either because the agreement is deemed contrary to the rules on discharge of liability in the Danish Companies Act, as set forth above, because the agreement is deemed contrary to sections 19 and 23 of the Danish Act on Damages, which contain mandatory provisions on recourse claims between an employee (including members of our senior management) and us, or because the agreement is deemed contrary to the general provisions of the Danish Contracts Act. In addition to such indemnification, we provide our board members and senior management with directors\u2019 and officers\u2019 liability insurance. The following comparison between Danish corporate law, which applies to us, and Delaware corporate law, the law under which many publicly traded companies in the United States are incorporated, discusses additional matters not otherwise described in our Annual Report on Form 20-F. This summary is subject to Danish law, including the Danish Companies Act, and Delaware corporate law, including the Delaware General Corporation Law. Further, please note that ADS holders will not be treated as our shareholders and will not have any shareholder rights.", "samples": [{"hash": "hUz7O21qptb", "uri": "/contracts/hUz7O21qptb#quorum-requirements", "label": "Share Capital Description (Ascendis Pharma a/S)", "score": 35.1122512817, "published": true}, {"hash": "4irVXzaBR63", "uri": "/contracts/4irVXzaBR63#quorum-requirements", "label": "Share Capital Description (Ascendis Pharma a/S)", "score": 34.1156730652, "published": true}], "snippet_links": [{"key": "no-quorum", "type": "clause", "offset": [10, 19]}, {"key": "requirements-generally", "type": "clause", "offset": [20, 42]}, {"key": "general-meetings-of-shareholders", "type": "clause", "offset": [57, 89]}, {"key": "the-requirement", "type": "clause", "offset": [132, 147]}, {"key": "nasdaq-listing-rule", "type": "definition", "offset": [151, 170]}, {"key": "to-provide", "type": "clause", "offset": [205, 215]}, {"key": "outstanding-voting-shares", "type": "clause", 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{"key": "annual-report", "type": "clause", "offset": [4127, 4140]}, {"key": "form-20", "type": "definition", "offset": [4144, 4151]}, {"key": "delaware-general-corporation-law", "type": "definition", "offset": [4272, 4304]}, {"key": "please-note-that", "type": "clause", "offset": [4315, 4331]}, {"key": "shareholder-rights", "type": "definition", "offset": [4406, 4424]}], "hash": "4e273fecfa45730b987357d2f91d7f51", "id": 6}, {"size": 4, "snippet": "The General Assembly may validly meet if 2/3 of the Contractors are present or represented. In case quorum is not met, the General Assembly will be convened once again within no more than three (3) weeks from this date, and may validly deliberate even in the absence of quorum. If their deputy cannot attend the General Assembly, the members of the General Assembly may grant a power of attorney to other members to represent them as their proxies, with a limit of two (2) proxiesy per member.", "samples": [{"hash": "dyXnkIzGwTE", "uri": "/contracts/dyXnkIzGwTE#quorum-requirements", "label": "Consortium Agreement", "score": 26.38945961, "published": true}, {"hash": "1dDDDqyoFNk", "uri": "/contracts/1dDDDqyoFNk#quorum-requirements", "label": "Consortium Agreement", "score": 26.38945961, "published": true}], "snippet_links": [{"key": "in-case", "type": "clause", "offset": [92, 99]}, {"key": "not-met", "type": "definition", "offset": [110, 117]}, {"key": "absence-of-quorum", "type": "clause", "offset": [259, 276]}, {"key": "members-of-the-general-assembly", "type": "definition", "offset": [334, 365]}, {"key": "a-power-of-attorney", "type": "clause", "offset": [376, 395]}, {"key": "other-members", "type": "definition", "offset": [399, 412]}], "hash": "a77a2112cf999adb27a2c655003ecea9", "id": 5}, {"size": 2, "snippet": "To constitute a quorum of members at a School Site Council meeting, the Principal/Headmaster must be present as well as at least two teachers and two parents for site councils with 9 to 12 members, or three parents and three teachers for site councils with 13 or more members.", "samples": [{"hash": "iI5srVYZ01L", "uri": "/contracts/iI5srVYZ01L#quorum-requirements", "label": "Educational Services", "score": 24.3319644928, "published": true}, {"hash": "aSpDjEX7RPG", "uri": "/contracts/aSpDjEX7RPG#quorum-requirements", "label": "Educational Services Agreement", "score": 21.0, "published": true}], "snippet_links": [{"key": "quorum-of-members", "type": "definition", "offset": [16, 33]}, {"key": "council-meeting", "type": "definition", "offset": [51, 66]}, {"key": "the-principal", "type": "definition", "offset": [68, 81]}, {"key": "site-councils", "type": "clause", "offset": [162, 175]}], "hash": "8f69bb70892187c000d5459791d9b549", "id": 8}, {"size": 5, "snippet": "A majority in interest of the Members entitled to vote at a meeting shall constitute a quorum for the transaction of business. Once a Member is represented for any purpose at a meeting, such Member shall be deemed present for quorum purposes for the remainder of the meeting and for any adjournment of that meeting, unless a new record date is or must be set for that adjourned meeting.", "samples": [{"hash": "geAQe7AqxQ9", "uri": "/contracts/geAQe7AqxQ9#quorum-requirements", "label": "Operating Agreement (Erie Shores Emergency Physicians, Inc.)", "score": 19.0, "published": true}, {"hash": "9vprOrHyUhe", "uri": "/contracts/9vprOrHyUhe#quorum-requirements", "label": "Operating Agreement (Erie Shores Emergency Physicians, Inc.)", "score": 19.0, "published": true}, {"hash": "6PunAexo2tb", "uri": "/contracts/6PunAexo2tb#quorum-requirements", "label": "Operating Agreement (Erie Shores Emergency Physicians, Inc.)", "score": 19.0, "published": true}], "snippet_links": [{"key": "majority-in-interest-of-the-members", "type": "definition", "offset": [2, 37]}, {"key": "entitled-to-vote", "type": "definition", "offset": [38, 54]}, {"key": "transaction-of-business", "type": "clause", "offset": [102, 125]}, {"key": "a-member", "type": "definition", "offset": [132, 140]}, {"key": "the-meeting", "type": "clause", "offset": [263, 274]}, {"key": "record-date", "type": "definition", "offset": [329, 340]}, {"key": "adjourned-meeting", "type": "clause", "offset": [368, 385]}], "hash": "bb3766ac2463fe0fb002d9fe7039d985", "id": 3}, {"size": 6, "snippet": "The presence of a majority of Directors then in office shall constitute a quorum. If a quorum is not achieved at any duly called meeting, such meeting may be postponed to a time no earlier than 24 hours after written notice of such postponement has been given to the Directors.", "samples": [{"hash": "kqy898L2ztg", "uri": "/contracts/kqy898L2ztg#quorum-requirements", "label": "Stockholder Rights Agreement", "score": 31.3408622742, "published": true}, {"hash": "2yZvFuNdKwZ", "uri": "/contracts/2yZvFuNdKwZ#quorum-requirements", "label": "Stockholder Rights Agreement (Eco-Stim Energy Solutions, Inc.)", "score": 28.1841201782, "published": true}, {"hash": "ANYa2H7IDq", "uri": "/contracts/ANYa2H7IDq#quorum-requirements", "label": "Stockholder Rights Agreement (Eco-Stim Energy Solutions, Inc.)", "score": 25.421628952, "published": true}], "snippet_links": [{"key": "a-majority", "type": "clause", "offset": [16, 26]}, {"key": "of-directors", "type": "clause", "offset": [27, 39]}, {"key": "in-office", "type": "clause", "offset": [45, 54]}, {"key": "duly-called-meeting", "type": "definition", "offset": [117, 136]}, {"key": "notice-of", "type": "definition", "offset": [217, 226]}, {"key": "the-directors", "type": "clause", "offset": [263, 276]}], "hash": "811e6aec94d458c9aa1c30164f0dfbc4", "id": 2}, {"size": 4, "snippet": "The quorum requirement for:\n(i) A shareholder meetings is:\n(1) at least 50% of all issued shares; and\n(2) The PT Shareholders are in attendance; and\n(ii) A board meeting is two (2) directors, which must include at least one (1) director appointed by the PT Shareholders. All Board resolutions shall not be passed without the approval of at least one (1) director appointed by the PT Shareholders.", "samples": [{"hash": "5Z9bUS9PStu", "uri": "/contracts/5Z9bUS9PStu#quorum-requirements", "label": "Shareholder Agreement (J & Friends Holdings LTD)", "score": 35.3093771389, "published": true}, {"hash": "gIdIdwitzuy", "uri": "/contracts/gIdIdwitzuy#quorum-requirements", "label": "Shareholders Agreement (Pintec Technology Holdings LTD)", "score": 34.6769332886, "published": true}], "snippet_links": [{"key": "quorum-requirement", "type": "definition", "offset": [4, 22]}, {"key": "shareholder-meetings", "type": "definition", "offset": [34, 54]}, {"key": "issued-shares", "type": "clause", "offset": [83, 96]}, {"key": "in-attendance", "type": "definition", "offset": [130, 143]}, {"key": "board-meeting", "type": "definition", "offset": [156, 169]}, {"key": "board-resolutions", "type": "definition", "offset": [275, 292]}, {"key": "approval-of", "type": "definition", "offset": [325, 336]}], "hash": "f9d20386ad992613c1022cca623ff5da", "id": 4}, {"size": 2, "snippet": "The Governing Board may validly meet if \u00bers of its members are present or represented. In case quorum is not met, the Governing Board will be convened once again within no more than three (3) weeks from this date, and may validly deliberate even in the absence of quorum. All of the members of the Governing Board may grant a power of attorney to other members to represent them as their proxies, with a limit of one (1) proxy per member.", "samples": [{"hash": "lYvmOhVkFCU", "uri": "/contracts/lYvmOhVkFCU#quorum-requirements", "label": "Consortium Agreement", "score": 26.4565372467, "published": true}, {"hash": "fd3Ef4FaIRM", "uri": "/contracts/fd3Ef4FaIRM#quorum-requirements", "label": "Consortium Agreement", "score": 24.3059539795, "published": true}], "snippet_links": [{"key": "the-governing-board", "type": "definition", "offset": [0, 19]}, {"key": "in-case", "type": "clause", "offset": [87, 94]}, {"key": "not-met", "type": "definition", "offset": [105, 112]}, {"key": "absence-of-quorum", "type": "clause", "offset": [253, 270]}, {"key": "members-of-the", "type": "clause", "offset": [283, 297]}, {"key": "a-power-of-attorney", "type": "clause", "offset": [324, 343]}, {"key": "other-members", "type": "definition", "offset": [347, 360]}], "hash": "735996d911405e1886fd522c867524d4", "id": 7}, {"size": 2, "snippet": "(A) In respect of any matters that do not constitute Shareholder Reserved Matters at the applicable time, the meeting quorum in respect of such matters shall be six Directors and the decision quorum shall be formed by the favourable vote of at least six Directors present at a quorate meeting.\n(B) Each Party agrees, solely in respect of each Shareholder Reserved Matter described in Section 6.05, (a) the meeting quorum referred to in Section 6.04(A) shall include at least one Director representing Dogus Shareholders; and (b) the decision quorum at such quorate meeting of the Board of Directors shall be a majority of the votes cast at such meeting which must include the affirmative vote of at least one Director representing Dogus Shareholders.\n(C) Where required by law or regulation for one or more independent directors and/or representatives of minority shareholders (other than the Parties) to be appointed to the Board, the Parties agree that the quorum requirements in Section 6.04(A) shall be revised and shall take all such steps as they are able to cause the quorum requirements of the Board to be such that (i) the veto rights of the Dogus Shareholders designated Directors on the Board are maintained in respect of the Shareholder Reserved Matters applicable to it and (ii) otherwise the intentions of the Parties in agreeing the Board composition set out in Sections 6.03 and 6.04 are appropriately reflected in any such Board.\n(D) The Parties agree to vote all Garanti Shares they then own and take all such steps as they are able to cause the quorum requirements in this Section 6.04 to be observed and implemented by them.", "samples": [{"hash": "lJWJ9zwnGbt", "uri": "/contracts/lJWJ9zwnGbt#quorum-requirements", "label": "Shareholders' Agreement", "score": 31.3408622742, "published": true}, {"hash": "3Om566krko2", "uri": "/contracts/3Om566krko2#quorum-requirements", "label": "Shareholders Agreement (Banco Bilbao Vizcaya Argentaria, S.A.)", "score": 23.3162212372, "published": true}], "snippet_links": [{"key": "in-respect-of", "type": "clause", "offset": [4, 17]}, {"key": "shareholder-reserved-matters", "type": "clause", "offset": [53, 81]}, {"key": "applicable-time", "type": "clause", "offset": [89, 104]}, {"key": "meeting-quorum", "type": "clause", "offset": [110, 124]}, {"key": "directors-and", "type": "clause", "offset": [165, 178]}, {"key": "the-decision", "type": "clause", "offset": [179, 191]}, {"key": "each-party", "type": "clause", "offset": [298, 308]}, {"key": "dogus-shareholders", "type": "definition", "offset": [501, 519]}, {"key": "meeting-of-the-board-of-directors", "type": "clause", "offset": [565, 598]}, {"key": "a-majority", "type": "clause", "offset": [608, 618]}, {"key": "votes-cast", "type": "definition", "offset": [626, 636]}, {"key": "affirmative-vote", "type": "definition", "offset": [676, 692]}, {"key": "law-or-regulation", "type": "definition", "offset": [773, 790]}, {"key": "independent-directors", "type": "clause", "offset": [807, 828]}, {"key": "representatives-of", "type": "clause", "offset": [836, 854]}, {"key": "minority-shareholders", "type": "definition", "offset": [855, 876]}, {"key": "the-parties-agree-that", "type": "clause", "offset": [932, 954]}, {"key": "requirements-of-the", "type": "clause", "offset": [1082, 1101]}, {"key": "rights-of-the", "type": "clause", "offset": [1137, 1150]}, {"key": "designated-directors", "type": "definition", "offset": [1170, 1190]}, {"key": "on-the-board", "type": "definition", "offset": [1191, 1203]}, {"key": "the-shareholder", "type": "clause", "offset": [1233, 1248]}, {"key": "matters-applicable-to", "type": "clause", "offset": [1258, 1279]}, {"key": "intentions-of-the-parties", "type": "clause", "offset": [1306, 1331]}, {"key": "board-composition", "type": "definition", "offset": [1348, 1365]}, {"key": "set-out", "type": "definition", "offset": [1366, 1373]}, {"key": "agree-to", "type": "clause", "offset": [1463, 1471]}], "hash": "6761f772c987ed994ab339c22bdca2bd", "id": 9}, {"size": 2, "snippet": "A quorum we will be achieved when five (5) voting members are present. Members normally should attend in person but may participate by teleconference if in person attendance is deemed impractical by the Chairperson. *Chairperson 1. UNSATISFACTORY (KPI Score \u2013 0) a. 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Typically, this clause specifies a percentage or fixed number of attendees needed before official business can be conducted, such as requiring at least half of board members to be present for a board meeting to proceed. Its core practical function is to ensure that decisions are made with sufficient representation, preventing a small, unrepresentative group from making binding decisions on behalf of the whole."}, "json": true, "cursor": ""}}