Removal of Chief Executive Officer. Each of the parties hereto shall use its best efforts to cause the Board to amend the By-laws of the Company to require that the termination of the chief executive officer of the Company will require either (i) the affirmative vote of at least seven Directors, in the event that there are 11 Directors, (ii) the affirmative vote of at least six Directors (including at least one Independent Director), in the event that there are 10 Directors, (iii) the affirmative vote of at least two-thirds of the Directors (including at least one Independent Director), in the event that there are fewer than 10 Directors or (iv) the affirmative vote of at least a majority of the Directors (including at least one Independent Director), in the event that there are more than 11 Directors.
Appears in 4 contracts
Samples: Stockholders' Agreement (Oak Hill Capital Partners L P), Preferred Stock Subscription Agreement (Asc East Inc), Stockholders' Agreement (American Skiing Co /Me)
