Separate Board Commitment Sample Clauses
The Separate Board Commitment clause establishes that a designated individual or entity will serve on the board of a company as a distinct obligation, independent of other roles or agreements. In practice, this means that a representative—often from an investor or strategic partner—will be formally appointed to the board and is expected to participate in board meetings and decision-making processes. This clause ensures that the board benefits from the expertise and oversight of the appointed member, and it clarifies the commitment required, thereby promoting effective governance and accountability.
Separate Board Commitment. At closing and thereafter, Oncor Electric Delivery Company LLC (“Oncor”) will have a separate board of directors that will not include any employees of Berkshire Hathaway Energy Company (“BHE”) competitive affiliates in Texas, any members from the boards of directors of BHE’s competitive affiliates in Texas, or any individuals other than the Chairman of the Board of BHE with direct responsibility for the management or strategies of the competitive affiliates.
Separate Board Commitment. At closing and thereafter, Oncor Electric Delivery Company LLC (“Oncor”) will have a separate board of directors. If, at closing or thereafter, Sempra Energy (“Parent”) has competitive affiliates in Texas, the Oncor board of directors will not include any employees of Parent competitive affiliates in Texas, any members from the boards of directors of Parent’s competitive affiliates in Texas, or any individuals with direct responsibility for the management or strategies of such competitive affiliates.