Common use of Removal and Replacement of Directors Clause in Contracts

Removal and Replacement of Directors. The Duke Member shall have the right, at any time and for any reason (or for no reason), to remove any or all of the Duke Directors. The COP Member shall have the right, at any time and for any reason (or for no reason), to remove any or all of the COP Directors. Should any Director be unwilling or unable to continue to serve, or otherwise cease to serve (including by reason of his or her involuntary removal or the expiration of any applicable term of office), then (a) in the case of a vacancy of a Duke Director, the Duke Member shall fill the resulting vacancy on the Company Board by a Person designated by the Duke Member, and (b) in the case of a vacancy of a COP Director, the COP Member shall fill the resulting vacancy in the Company Board by a Person designated by the COP Member.

Appears in 3 contracts

Samples: Limited Liability Company Agreement (Phillips 66), Limited Liability Company Agreement (Spectra Energy Corp.), Limited Liability Company Agreement (Duke Energy Corp)

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Removal and Replacement of Directors. The Duke Member DEFS Holding shall have the right, at any time and for any reason (or for no reason), to remove any or all of the Duke Directors. The COP Member PGC shall have the right, at any time and for any reason (or for no reason), to remove any or all of the COP Xxxxxxxx Directors. Should any Director be unwilling or unable to continue to serve, or otherwise cease to serve (including by reason of his or her involuntary removal or the expiration of any applicable term of office), then (a) in the case of a vacancy of a Duke Director, the Duke Member DEFS Holding shall fill the resulting vacancy on the Company Board by a Person designated by the Duke MemberDuke, and (b) in the case of a vacancy of a COP Xxxxxxxx Director, the COP Member PGC shall fill the resulting vacancy in the Company Board by a Person designated by the COP MemberPGC.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Phillips Petroleum Co)

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Removal and Replacement of Directors. The Duke Member DEFS Holding shall have the right, at any time and for any reason (or for no reason), to remove any or all of the Duke Directors. The COP Member PGC shall have the right, at any time and for any reason (or for no reason), to remove any or all of the COP DirectorsPhilxxxx Xxxectors. Should any Director be unwilling or unable to continue to serve, or otherwise cease to serve (including by reason of his or her involuntary removal or the expiration of any applicable term of office), then (a) in the case of a vacancy of a Duke Director, the Duke Member DEFS Holding shall fill the resulting vacancy on the Company Board by a Person designated by the Duke MemberDuke, and (b) in the case of a vacancy of a COP DirectorPhilxxxx Xxxector, the COP Member PGC shall fill the resulting vacancy in the Company Board by a Person designated by the COP MemberPGC.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Duke Energy Field Services LLC)

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