Common use of Resignations of Present Directors and Executive Officers and Designation of New Directors and Executive Officers Clause in Contracts

Resignations of Present Directors and Executive Officers and Designation of New Directors and Executive Officers. The present directors and executive officers of ISI shall have resigned, in seriatim, and shall have designated the directors and executive officers of FPAI to serve in their place and stead, and until their respective successors shall be elected and qualified or until their respective prior resignations or terminations.

Resignations of Present Directors and Executive Officers and Designation of New Directors and Executive Officers. The On Closing, the present directors and executive officers of ISI shall have resignedresign, in seriatim, and shall have designated designate the directors and executive officers of FPAI to serve in their place and stead, until the next respective annual meetings of the stockholders and the Board of Directors of ISI, and until their respective successors shall be elected and qualified or until their respective prior resignations or terminations.