Replacement and Vacancy Clause Samples
Replacement and Vacancy. Any person acting as the Shareholders’ Representative may from time to time be removed and replaced upon not less than 30 days prior written notice to the Parent. No more than one natural person may serve as the Shareholders’ Representative at any one time. No person acting as the Shareholders’ Representative may be removed or replaced unless the holders of greater than the aggregate of a two-thirds interest of the Escrow agree to such removal and to the identity of the substituted person to act as the Shareholders’ Representative. The Shareholders’ Representative may not resign until the vacancy in the position of the Shareholders’ Representative is filled by the affirmative agreement of the holders of a majority in interest of the Escrow. The Parent may assume that any incumbent Shareholders’ Representative continues to serve in such capacity until the Parent is notified in writing of a replacement and receives evidence satisfactory to it of such removal and replacement.
Replacement and Vacancy. In the event of resignation, retirement or vacation of office of a Director for any reason whatsoever, the Party nominating such Director shall be entitled to nominate another Director in place of such outgoing Director by way of providing a written notice to the Board within 7 (seven) Business Days of such resignation, retirement or vacation. It is clarified that the right of the Party nominating such Director under ▇▇▇▇▇▇ 2.1.1 above does not fall-away in the event of any failure by such Party to provide a notice to the Board to nominate another Director in place of the outgoing Director within 7 (seven) Business Days of such resignation, retirement or vacation. Within 10 (ten) Business Days from the date of receipt the said notice, all the Parties shall forthwith exercise all their rights and take all such actions as may be needed to ensure the appointment of the individual nominated as aforesaid. In the event there is a vacancy on the Board and an individual has been designated to fill such vacancy, the first order of business in the Board meeting immediately held after the vacancy is created shall be to fill such vacancy.
Replacement and Vacancy. If there is no Managing Member by reason of the death, disability, termination for cause in accordance with Section 3.01(c) or resignation of the Managing Member, the holders of the Class B Membership Units are entitled to select, by a vote as a class with one vote per Unit, a replacement to serve as the Managing Member. The Members shall take any action necessary to cause the replacement Managing Member selected by the Class B Members to be appointed as Managing Member.