Voting Shares Vote means a vote taken by the Board pursuant to Section 4.12.2 that is based on the voting shares of each Party described in Section 1.1.23 and set forth in Exhibit C to this Agreement. A Voting Shares vote cannot take place on a matter unless the matter first receives an affirmative or tie Percentage Vote in the manner required by Section 4.12.1 and three or more Directors immediately thereafter request such vote.
Voting Shares Vote means a vote taken by the Board pursuant to Section 4.12.2 that is based on the voting shares of each Party described in Section 1.1.23 and set forth in Exhibit C to this Agreement. A Voting Shares vote cannot take place on a matter unless the matter first receives an affirmative or tie Percentage Vote in the manner required by Section
Voting Shares Vote as defined in Section 1.1.22). To approve an action by a Voting Shares Vote, the corresponding voting shares (as defined in Section 1.1.23 and Exhibit C) of all Directors voting in the affirmative shall exceed 50% of the voting share of all Directors on the entire Board, or such other higher voting shares percentage expressly required by this Agreement or the Operating Rules and Regulations. In the event that any one Director has a voting share that equals or exceeds that which is necessary to disapprove the matter being voted on by the Board, at least one other Director shall be required to vote in the negative in order to disapprove such matter. When a voting shares vote is held, action by the Board requires both an affirmative Percentage Vote and an affirmative Voting Shares Vote. Notwithstanding the foregoing, in the event of a tie in the Percentage Vote, an action may be approved on an affirmative Voting Shares Vote. When a supermajority vote is required by this Agreement or the Operating Rules and Regulations, the supermajority vote is subject to the Voting Share Vote provisions of this Section 4.12.2, and the specified supermajority of all Voting Shares is required for approval of the action, if the provision of this Section 4.12.2 are triggered.
Examples of Voting Shares Vote in a sentence
No action may be taken solely by a Voting Shares Vote without first having taken an Equal Vote.
If the Voting Shares Vote succeeds, the legal effect is to nullify the Equal Vote with respect to which the Voting Shares Vote was taken.
If the underlying Equal Vote was a tie, the Voting Shares Vote replaces that tie vote.
All votes taken pursuant to this subsection 3.9.2 shall be referred to as a “Voting Shares Vote.” If a Voting Shares Vote yields a “no” vote, the legal effect is to affirm the Equal Vote with respect to which the Voting Shares Vote was taken.
Notwithstanding the foregoing, in the event of a tie in a percentage vote, the Board can break the tie and act upon an affirmative voting shares vote as described in section 4.10.2 (Voting Shares Vote).
Notwithstanding the foregoing, in the event of a tie in the Percentage Vote, an action may be approved on an affirmative Voting Shares Vote.
When a voting shares vote is held, action by the Board requires both an affirmative Percentage Vote and an affirmative Voting Shares Vote.
A “yes” vote on the Voting Shares Vote shall be a vote to reverse and reject the Per Capita Vote; a “no” vote on the Voting Shares Vote shall be a vote to affirm the Per Capita Vote.
As money springs up in this model as a solution that avoids autarchy, starvation and a painful old age.
Immediately after (and during the same Board Meeting as) an affirmative or tie Per Capita Vote, two or more Directors shall have the right to request and conduct a Voting Shares Vote (defined below) to reconsider that action approved by the Per Capita Vote.
More Definitions of Voting Shares Vote
Voting Shares Vote means a vote taken by the Board pursuant to Section 4.9.2 that is based on the voting shares of each Party described in Section 4.9.3 and set forth in Exhibit D to this Agreement. A voting shares vote cannot take place on a matter unless the matter first receives an affirmative percentage vote in the manner required by Section 4.9.1 and two or more Directors immediately thereafter request such vote. EXHIBIT B LIST OF THE PARTIES City of Xxxxxxxx City of Cupertino City of Gilroy City of Los Altos Town of Los Altos Hills Town of Los Gatos City of Milpitas City of Monte Sereno City of Xxxxxx Xxxx City of Xxxxxxxx Xxxx Xxxxxx xx Xxxxx Xxxxx (Unincorporated Area) City of Saratoga Exhibit B EXHIBIT C ANNUAL ENERGY USE This Exhibit C is effective as of February 9, 2022. Party kWh (2021*) Campbell 183,921,521 Cupertino 200,723,619 Gilroy 222,069,595 Los Altos 115,868,549 Los Altos Hills 40,344,474 Los Gatos 169,578,308 Milpitas 577,186,354 Monte Sereno 15,230,783 Xxxxxx Xxxx 202,621,844 Mountain View 457,964,351 Santa Xxxxx County (Unincorporated) 345,776,076 Saratoga 112,218,897 Sunnyvale 1,043,674,527 Total 3,687,178,898 *Data provided by Pacific Gas and Electric Company EXHIBIT D VOTING SHARES This Exhibit D is effective as of February 9, 2022. Party kWh (2021*) Voting Share Section 4.9.2 Campbell 183,921,521 5.0% Cupertino 200,723,619 5.4% Gilroy 222,069,595 6.0% Los Altos 115,868,549 3.2% Los Altos Hills 40,344,474 1.1% Los Gatos 169,578,308 4.6% Milpitas 577,186,354 15.7% Monte Sereno 15,230,783 0.4% Xxxxxx Xxxx 202,621,844 5.5% Mountain View 457,964,351 12.4% Santa Xxxxx County (Unincorporated) 345,776,076 9.4% Saratoga 112,218,897 3.0% Sunnyvale 1,043,674,527 28.3% Total 3,687,178,898 100.0% *Data provided by Pacific Gas and Electric Company Exhibit D EXHIBIT E FUNDING OF INITIAL COSTS Party Phase 1(*) Phase 2 and 3 (**) Campbell -- $100,000 Cupertino $170,000 $350,000 Gilroy -- $100,000 Los Altos -- $100,000 Los Altos Hills -- $25,000 Los Gatos -- $100,000 Monte Sereno -- $25,000 Xxxxxx Xxxx -- $100,000 Mountain View $170,000 $350,000 Santa Xxxxx County (Unincorporated) $170,000 $350,000 Saratoga -- $100,000 Sunnyvale $170,000 $350,000 Total $680,000 $2,050,000 - (*) Certain Parties have contributed funding prior to the Effective Date of this Agreement, as shown above under Phase 1, to conduct initial legal, technical, and administrative activities in support of the establishment of the Authority. Such activities are part of the Initial Costs described in...
Voting Shares Vote means a vote taken by the Board pursuant to Section 4.9.2 that is based on the voting shares of each Party described in Section 4.9.3 and set forth in Exhibit D to this Agreement. A voting shares vote cannot take place on a matter unless the matter first receives an affirmative percentage vote in the manner required by Section 4.9.1 and two or more Directors immediately thereafter request such vote. DRAFT EXHIBIT B LIST OF THE PARTIES (This draft exhibit is based on the assumption that all of the Initial Participants will become Parties. On the Effective Date, this exhibit will be revised to reflect the Parties to this Agreement at that time.) City of Xxxxxxxx City of Cupertino City of Gilroy City of Los Altos Town of Los Altos Hills Town of Los Gatos City of Monte Sereno City of Xxxxxx Xxxx City of Xxxxxxxx Xxxx Xxxxxx xx Xxxxx Xxxxx (Unincorporated Area) City of Saratoga City of Sunnyvale DRAFT EXHIBIT C ANNUAL ENERGY USE (This draft exhibit is based on the assumption that all of the Initial Participants will become Parties. On the Effective Date, this exhibit will be revised to reflect the Parties to this Agreement at that time.) This Exhibit C is effective as of March 31, 2016. Party kWh (2014*) Campbell 208,827,224 Cupertino 243,359,722 Gilroy 296,992,863 Los Altos 142,219,276 Los Altos Hills 42,576,999 Los Gatos 196,007,285 Monte Sereno 7,939,338 Xxxxxx Xxxx 232,520,509 Mountain View 664,209,464 Santa Xxxxx County (Unincorporated) 397,902,304 Saratoga 131,604,010 Sunnyvale 1,407,826,241 *Data provided by PG&E DRAFT EXHIBIT D VOTING SHARES (This draft exhibit is based on the assumption that all of the Initial Participants will become Parties. On the Effective Date, this exhibit will be revised to reflect the Parties to this Agreement at that time.) This Exhibit D is effective as of March 31, 2016. Section 4.9.2 Campbell 208,827,224 5.3% Cupertino 243,359,722 6.1% Gilroy 296,992,863 7.5% Los Altos 142,219,276 3.6% Los Altos Hills 42,576,999 1.1% Los Gatos 196,007,285 4.9% Monte Sereno 7,939,338 0.2% Xxxxxx Xxxx 232,520,509 5.9% Mountain View 664,209,464 16.7% Santa Xxxxx County (Unincorporated) 397,902,304 10.0% Saratoga 131,604,010 3.3% Sunnyvale 1,407,826,241 35.4% Total 3,971,985,235 100.0% *Data provided by PG&E Party kWh (2014*) Voting Share DRAFT EXHIBIT E FUNDING OF INITIAL COSTS (This draft exhibit is based on the assumption that all of the Initial Participants will become Parties. On the Effective Date, this exhibit will be revised to reflect ...
Voting Shares Vote as defined in Section 1.1.22). To approve an action by a Voting Shares Vote, the corresponding voting shares (as defined in Section 1.1.23 and Exhibit
Voting Shares Vote as defined iin Section 1.1.21). To approve an action by a Voting Shares Votevote of the voting shares, In such event,the corresponding voting shares (as described defined in Section 1.1.22 and Exhibit C) of all Directors voting in the affirmative shall exceed 50% of the voting share of all Direcctors on the entire Board, or such other higher voting shares percentage expressly required by this Agreement or the Operating Rules and Regulations, of the voting shares of all Directors on the entire Board. All votes taken pursuant to this Section 4.110.2 shall be referred to as a voting shares vote. In the event that any one Director has a voting share that equals or exceeds that which is necessary to disapprove the matter being voted on by the Board, at least one other Director shall be required to vote in the negative in order to disapprove such matter. When a voting shares vote is held, action by the Board requires both an affirmative Ppercentage Vvote and an affirmative voting shares vote. Notwithstanding the foregoing, in the event of a tie in the pPercentage Vvote, an action may be approved proceed solely on an affirmative Vvoting Sshares Vvote. When a supermajority vote is required by this Agreement or the Operating Rules and Regulations, the supermajority vote isit is subject to the Vvoting Sshare Vvote provisions of this Section 4.11.2, and the specified supermajority of all Vvoting Sshares is required for approval of the action, if the provision of this Section 4.11.2 are triggered.