Nominee Directors definition
Examples of Nominee Directors in a sentence
If a quorum is not present at the Adjourned Meeting and the sole reason for such lack of quorum was the absence of the Nominee Directors of the same party whose Nominee Directors’ absence was the sole cause of the Original Meeting being adjourned, then the Directors present at such Adjourned Meeting shall constitute a valid quorum.
The successors to such Nominee Directors shall be selected by majority vote of the entire Board consistent with a nomination process to be established by the Board.
In this Agreement, the term “Board” shall mean the entire Board (comprising all Representative Directors and Nominee Directors) and the term “Director” shall be used to refer generally to either a Representative Director or a Nominee Director).
Thereafter, so as to insure that at all times Representative Directors comprise a majority of the Board, at such time as the Commission has at least seven (7) Members, the number of Nominee Directors shall be increased to six (6) and at such time as the Commission has at least ten (10) Members, the number of Nominee Directors shall be increased to nine (9), in each case with the additional directors nominated by the Sponsoring Organizations as provided above.
Thereafter, Nominee Directors shall serve staggered three (3) year terms expiring at the Annual Board Meeting in every third year or until their respective successors are appointed.