Examples of Newco Board in a sentence
The Parties also agree that Newco shall offer employment to all or nearly all other employees of the Facilities, and maintain such persons’ employment and their current length of service credit, subject to customary pre-employment background checks and the exigencies of the market place, for a period of no less than eighteen (18) months following the Closing Date, unless otherwise approved by the Newco Board.
The Newco Board will oversee the day-to-day operations of the Facilities, develop the Facilities’ operating and capital budgets, develop strategic plan recommendations, provide input with respect to local compensation recommendations, and take primary responsibility for matters related to medical staff processes, clinical quality and safety, fundraising and other statutorily mandated accreditation and regulatory issues, subject to the reserve powers of LCMC.
Subject to the ongoing reviews that would be customary with respect to their positions, it is intended that the Chief Executive Officer (“CEO”) of the Hospital will report to the LCMC CEO, as well as to the Newco Board.
Consistent with the Public Purpose, Newco shall maintain an open medical staff unless otherwise determined by the Newco Board to be in the best interests of the Hospital.
Subject to the ultimate authority of the Newco Board of Managers, during the Termination Wind Down Period, the District, Newco and LCMC will establish a transition committee (the “Transition Committee”) with half of the persons serving on the Transition Committee appointed by the District (and the remaining members to be appointed by LCMC), to work with the Newco Board of Managers in the transition of Hospital operations.