The Company appoints the Director. and the Director agrees to serve the Company as a Non-Executive Director of the Company. This appointment is subject to and conditional upon admission of shares in the Company to trading on the AIM of the London Stock Exchange (the “Condition Precedent”). If the Condition Precedent has not been satisfied on or before July 31, 2008 this Agreement shall be of no effect whatsoever. Where the Condition Precedent is satisfied in accordance with above, the appointment under this Agreement shall be deemed to have commenced on the Commencement Date and, subject to Section 8, shall continue unless or until terminated on the expiry of not less than 3 months’ notice in writing given by either party expiring. The Director shall carry out such duties as are consistent with his position as an officer of a company including attendance at Board meetings and other meetings of the directors and meetings of such committees of the Board as may from time to time be required. The role to be performed by the Director is an important position, and the Company’s expectation is that the Director will attend all of the meetings referred to above unless he is too ill to attend, or his absence has otherwise been excused. The Director shall faithfully and diligently serve the Company as a director and shall act at all times in the best interests of the Company. The Director shall be expected to bring an objectivity and independence of view to the Board discussions, and to help the Board to provide the Company with effective leadership, as well as ensuring the continuing effectiveness of the management team and the high standards of financial probity and corporate governance. By accepting this appointment, the Director confirms that he is able to allocate sufficient time to meet the expectations of his role. He will communicate to the Board any conflict of interest arising out of his position as a non-executive director and he agrees to notify the Board before accepting any external commitment that might affect the time he is able to devote to his role as a non-executive director of the Company or which is or might be in competition with the interests of the Company.
Appears in 10 contracts
Samples: Director Appointment Agreement (Resaca Exploitation, Inc.), Director Appointment Agreement (Resaca Exploitation, Inc.), Director Appointment Agreement (Resaca Exploitation, Inc.)
