SERIES B PREFERRED DIRECTOR Sample Clauses
SERIES B PREFERRED DIRECTOR. Notwithstanding anything herein to the contrary, the Company and the Board shall approve of and shall take all actions as may be necessary to elect the director that the holders of the Series B Preferred Stock of the Company are entitled to cause the nomination and election of pursuant to Article III.5(b) of the Certificate of Designation. In addition, for so long as Durus or its Affiliates own at least fifty percent (50%) of the outstanding shares of Series B Preferred Stock and the holders of Series B Preferred Stock of the Company are entitled to elect a director pursuant to Article III.5(b) of the Certificate of Designation, (i) one of the Investor Designees shall be the director elected by the holders of the Series B Preferred Stock pursuant to Article III.5(b) of the Certificate of Designation, and (ii) Durus or its Affiliates, as the case may be, shall have the right to designate such Investor Designee elected by the holders of the Series B Preferred Stock as a member of any or all committees of the Board, subject to applicable law and NASDAQ requirements.
SERIES B PREFERRED DIRECTOR. The Series B Preferred Director shall serve until his successor is elected and qualified or until his earlier resignation or removal. The Series B Preferred Director may be removed during his term of office, with or without cause, only at the direction of Bay. Any vacancy in the office of the Series B Preferred Director may be filled at the direction of Bay in accordance with Section 2.2(b) hereto.