Common use of Replacement of Designees Clause in Contracts

Replacement of Designees. (i) If at any time, a vacancy is created on the Board of Directors by reason of the incapacity, death, removal or resignation of any of the Preferred Designees, then the holders of at least a majority of the outstanding shares of the GDI Series A Preferred and GDI Series B Preferred shall designate an individual who shall be elected to fill the vacancy until the next Stockholders Meeting. Upon receipt of notice of the designation of a nominee pursuant to this Section 3.4(b)(i) each Stockholder shall, as soon as practicable after the date of such notice, take all reasonable actions, including the voting of its Shares, to elect the director so designated to fill the vacancy. (ii) If at any time, a vacancy is created on the Board of Directors by reason of the incapacity, death, removal or resignation of any of the Management Designees, then Xxxxxx Xxxxxx shall designate an individual who shall be elected to fill the vacancy until the next Stockholders Meeting. Upon receipt of notice of the designation of a nominee pursuant to this Section 3.4(b)(ii) each Stockholder shall, as soon as practicable after the date of such notice, take all reasonable actions, including the voting of its Shares, to elect the director so designated to fill the vacancy.

Replacement of Designees. (i) If at any time, a vacancy is created on the Board of Directors by reason of the incapacity, death, removal or resignation of any of the Preferred Designees, then the holders of at least a majority of the outstanding shares of the GDI Series A Preferred and GDI Series B Preferred shall designate an individual who shall be elected to fill the vacancy until the next Stockholders Meeting. Upon receipt of notice of the designation of a nominee pursuant to this Section 3.4(b)(i) each Stockholder shall, as soon as practicable after the date of such notice, take all reasonable actions, including the voting of its Shares, to elect the director so designated to fill the vacancy. (ii) If at any time, a vacancy is created on the Board of Directors by reason of the incapacity, death, removal or resignation of any of the Management Designees, then Xxxxxx Xxxxxx shall designate an individual who shall be elected to fill the vacancy until the next Stockholders Meeting. Upon receipt of notice of the designation of a nominee pursuant to this Section 3.4(b)(ii) each Stockholder shall, as soon as practicable after the date of such notice, take all reasonable actions, including the voting of its Shares, to elect the director so designated to fill the vacancy.