Required Board Approval definition

Required Board Approval means the majority vote or written consent of a majority of the directors of the Board or the Sub Board, as applicable, including the approval of the Investor Designee, or, if there is more than one Investor Designee, that Investor Designee that has been designated in writing by the Required Investor Approval as the person whose approval is necessary for purposes of this definition.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Required Board Approval means either (i) if the Board comprises less than five directors, the unanimous approval of the Board, or (ii) if the Board comprises five directors, the approval of four of the five members of the Board.

Required Board Approval has the meaning set forth in Section 4.4.

Examples of Required Board Approval in a sentence

Except as otherwise may be approved in advance by Required Board Approval, the Company will not engage in any transactions giving rise to unrelated business taxable income, as such term is defined under Section 512 of the Internal Revenue Code.
If the Offered Price includes consideration other than cash or if there is no consideration, the cash-equivalent value of the non-cash consideration or the Fair Market Value of the Offered Securities, as the case may be, will be determined by the Board in good faith pursuant to the Required Board Approval.
Subject to Section 3.4(b), in the event that the Board determines pursuant to the Required Board Approval that it would be advisable to cause the equity of the Company or its business to be sold to the public in a Public Offering, it may invoke Section 6.1(c).
Except as provided in Section 7.1(b), this Agreement may only be amended by the Required Board Approval and the consent of each of the Minority Stockholders, provided, that no amendment shall (i) change the limitation on liability of the Stockholders or the Stockholders’ right to distributions on a pro rata basis in each case without the written consent of each affected Stockholder or (ii) adversely affect any Stockholder without the written consent of the Stockholder so adversely affected.
This Agreement may not be assigned by the Stockholder without the prior written consent of the directors of the Company, approved by the Required Board Approval.
If the Company requires funds for any purpose and such funds are not otherwise available to the Company, then the Company, upon Required Board Approval, may borrow such funds from any Member.
Except as may be expressly permitted pursuant to the terms of this Agreement, no act shall be taken, sum expended, decision made or obligation incurred by the Company (in its own behalf or in its capacity as a member, manager, partner or other equity holder of any Subsidiary) or the Board of Managers, unless and until the Required Board Approval shall have been obtained pursuant to and in accordance with this Agreement.
For avoidance of doubt and notwithstanding anything to the contrary herein, no matter may be approved and no action taken by the Board of Directors without Required Board Approval.
For avoidance of doubt, any action constituting a Unanimous Decision or Major Decision shall require the Required Board Approval of the Board of Managers as set forth herein.
The Company, upon Required Board Approval, shall, within three (3) years of the date hereof, have the right to admit one or more New Members to the Company and issue another tranche of equity in the amount of the aggregate capital commitments of Watt, IHP and any New Members previously admitted to the Company.

More Definitions of Required Board Approval

Required Board Approval means approval of the Board by majority vote including the affirmative vote of at least one director originally nominated by Halter Marine.

Required Board Approval means either (i) if the Board comprises less than five directors, the unanimous approval of the Board, or (ii) if the Board

Required Board Approval means, with respect to any Unanimous Decision, the unanimous affirmative approval by all of the Board of Directors and with respect to any Majority Decision, the affirmative approval of a majority of the Board of Directors.

Required Board Approval means approval by majority vote or written consent of the Board of Directors of the Company including in such majority the Director elected by majority vote of the holders of the Company’s Series B and Series C Preferred Stock.

Required Board Approval means the majority vote or written consent of a majority of the Board of Directors of the Corporation or a Subsidiary, as applicable, including that member designated by a Majority of the Series B Holders (the "Investor Designee"), or, if there is more than one Investor Designee, that Investor Designee that has been designated in writing by a Majority of the Series B Holders as the person whose approval is necessary for purposes of this definition.

Required Board Approval means: