Common use of Replacement Nominees Clause in Contracts

Replacement Nominees. If a VSVI Nominee shall cease to be a director of ▇▇▇▇▇▇ for any reason between meetings of the shareholders of ▇▇▇▇▇▇, VSVI shall have the right, but not the obligation, to cause ▇▇▇▇▇▇ to fill the vacancy created on the Board of Directors as a result thereof and to cause such VSVI Nominee to be replaced by another nominee to be designated by VSVI, provided such person is eligible to serve on the Board of Directors of ▇▇▇▇▇▇ (the “Replacement Nominee”), such Replacement Nominee to hold office until the next meeting of the shareholders of ▇▇▇▇▇▇ at which directors of ▇▇▇▇▇▇ are elected. If VSVI chooses to exercise the foregoing right, it shall give written notice to the corporate secretary of ▇▇▇▇▇▇ as to the name of the Replacement Nominee not more than thirty (30) days after the date on which the VSVI Nominee ceases to be a director of ▇▇▇▇▇▇. VSVI shall provide ▇▇▇▇▇▇ with any additional information with respect to the Replacement Nominee that ▇▇▇▇▇▇ may reasonably request, including information that may be required for corporate or regulatory filings by ▇▇▇▇▇▇. In the event that VSVI fails to provide a notice in the manner set out above, it shall be deemed to have waived its right to designate a Replacement Nominee in respect of such VSVI Nominee pursuant to this section 4. The failure by VSVI to designate a Replacement Nominee pursuant to this section 4 shall not negate any other provision of this Agreement and shall not be construed or interpreted as a waiver by VSVI of any of its other rights under this Agreement.

Replacement Nominees. If a VSVI Vitus Nominee shall cease to be a director of ▇▇▇▇▇▇ for any reason between meetings of the shareholders of ▇▇▇▇▇▇, VSVI ▇▇▇▇▇ shall have the right, but not the obligation, to cause ▇▇▇▇▇▇ to fill the vacancy created on the Board of Directors as a result thereof and to cause such VSVI Vitus Nominee to be replaced by another nominee to be designated by VSVIVitus, provided such person is eligible to serve on the Board of Directors of ▇▇▇▇▇▇ (the “Replacement Nominee”), such Replacement Nominee to hold office until the next meeting of the shareholders of ▇▇▇▇▇▇ at which directors of ▇▇▇▇▇▇ are elected. If VSVI Vitus chooses to exercise the foregoing right, it shall give written notice to the corporate secretary of ▇▇▇▇▇▇ as to the name of the Replacement Nominee not more than thirty (30) days after the date on which the VSVI Vitus Nominee ceases to be a director of ▇▇▇▇▇▇. VSVI Vitus shall provide ▇▇▇▇▇▇ with any additional information with respect to the Replacement Nominee that ▇▇▇▇▇▇ may reasonably request, including information that may be required for corporate or regulatory filings by ▇▇▇▇▇▇. In the event that VSVI Vitus fails to provide a notice in the manner set out above, it shall be deemed to have waived its right to designate a Replacement Nominee in respect of such VSVI Vitus Nominee pursuant to this section 4. The failure by VSVI Vitus to designate a Replacement Nominee pursuant to this section 4 shall not negate any other provision of this Agreement and shall not be construed or interpreted as a waiver by VSVI Vitus of any of its other rights under this Agreement.