STAGGERED BOARD OF DIRECTORS. At the Effective Date, Newco's Board of Directors shall be classified into three classes consisting of Classes A, B and C, with each class serving for staggered three year terms. As an initial matter, the Directors in Class A will serve for a term ending at Newco's annual meeting of stockholders in 1999; the Directors in Class B will serve for a term ending at Newco's annual meeting of stockholders in 2000; and the Directors in Class C will serve for a term ending at Newco's annual meeting of stockholders in 2001. At the Effective Date, the class A Directors shall consist of Gregxxx Xxxxxxx, Xxofxxxx Xxxxxx xxx Roel Xxxxxx; xxe Class B Directors shall consist of Mark Xxxxxx, Xxsexx Xxxxx, Xxllxxx Xxxxxxx xxx Terexxx X. Xxxxxxxxxx; xxd the Class C Directors shall consist of Stepxxx Xxxxxx, Xxed xxx den Bosch and Stepxxx X. Xxxxx.
STAGGERED BOARD OF DIRECTORS. The number of directors of the Corporation shall be fixed from time to time in the manner set forth in the Bylaws.
STAGGERED BOARD OF DIRECTORS. 1. The Board of Directors, other than those who may be elected by the holders of any class or series of Preferred Stock under specified circumstances, shall be divided into three classes: Class I, Class II and Class III.
STAGGERED BOARD OF DIRECTORS. XXXX’s board of directors is divided into three classes so that each director serves for a term ending on the date of the third annual meeting following the annual meeting at which such director was elected. In the event of any increase in the authorized number of directors, the newly created directorships resulting from such increase shall be apportioned among the three classes of directors so as to maintain such classes as nearly equal as possible, and the terms of any newly created directorships filled by the board from such increase in the number of directors shall expire at the next election of directors by the shareholders. Approximately one-third of the board of directors will be elected at each annual meeting of shareholders. The classification of directors, together with the provisions in the Articles of Incorporation and bylaws described below that limit the ability of shareholders to remove directors and that permit the remaining directors to fill any vacancies on the board of directors, have the effect of making it more difficult for shareholders to change the composition of the board of directors. As a result, at least two annual meetings of shareholders may be required for the shareholders to change a majority of the directors, whether or not a change in the board of directors would be beneficial and whether or not a majority of shareholders believe that such a change would be desirable, and three meetings, rather than one, would be required to replace the entire board.
STAGGERED BOARD OF DIRECTORS. The Articles of Incorporation and/or Bylaws of VDAT shall have been amended to provide for a staggered Board of Directors as of the Effective Time as set forth in Section 1.4(c).
