Common Contracts
1 similar Liability Company Agreement contracts
EXHIBIT C – DIRECTOR FITNESS STANDARDSLiability Company Agreement • July 26th, 2013
The SwapEx, LLC (“SwapEx”) Amended and Restated Limited Liability Company Agreement (the “Operating Agreement”) specifies that the board of directors (the “Board”) will be composed of no less than three (3) but no more than five (5) directors. (See Exhibit A-1 at Section 6.1(b).) The Operating Agreement and Rule 201(c) in the SwapEx, LLC Rulebook (“SwapEx Rulebook”) provide that, at all times, at least 35% and no less than two (2) of the directors of SwapEx must be Public Directors. (See Exhibit A-1 at Section 6.1(c) and Exhibit M-1, Rule 201(c).) The SwapEx Rulebook and the Operating Agreement define the term “Public Director” to mean (i) prior to the time at which the CFTC Regulations establish required qualifications for public directors, any director of SwapEx, and (ii) from and after such time at which the CFTC Regulations establish required qualifications for public directors, a director of SwapEx found by the Board to have satisfied such requirements. (See Exhibit A-1 at Article
