Seller Director definition
Examples of Seller Director in a sentence
Notwithstanding the foregoing, the Nominating and Corporate Governance Committee may, in its sole discretion, recommend for nomination a Seller Director or Sponsor Director that has tendered his or her resignation pursuant to this Section 2.1(d).
For the avoidance of doubt, removal and replacement of the Independent Director and any Seller Director, as applicable (and the failure to re-appoint such director at the end of any term) shall require the same approvals as appointment of the Independent Director and such Seller Director, as applicable, and the last sentence of Section 9.1(a)(iii) shall apply to any replacement Independent Director or Seller Director designated pursuant to this Section 9.1(c)(i).
Any potential Sponsor Director or Seller Director nominee shall be subject to PubCo’s customary due diligence process, including its review of a completed questionnaire and a background check.
A Seller Director must meet all of the relevant qualifications and standards set forth in the Company’s corporate governance documents and the rules and regulations of the Commission and the listing standards of a stock exchange designated by the Board (the “Listing Standards”).
Each of the Sellers and MatlinPatterson shall take, or cause to be taken, such actions as may be required from time to time to maintain the number of persons comprising the Board of the Company at nine, and to elect as directors all of the directors nominated by the Company for election as directors, including the Seller Director.
Compliance with the paragraph above will be determined by the Board and Sellers agree that if it is determined that the Seller Director at any time fails to meet the standards and qualifications set forth in the paragraph above, the Sellers will cause the Seller Director to resign from the Board and be replaced in accordance with the provisions of this Agreement.
The Seller Director will serve on Buyer's Board of Directors until the next annual meeting of Buyer's shareholders.
Seller shall inform Purchaser in writing not less than two (2) Business Days prior to the Closing Date whether Seller will exercise its right to nominate Seller Director, together with the name of the Seller Director.
Upon resignation of a Seller Director, a Purchaser Director will, by operation of law, replace the resigning Seller Director as director of the Company.
Without prejudice of the foregoing and for so long as Sellers have the right to the Seller Director, ▇▇.