Additional Director. Notwithstanding the provisions of Section 1.2 above, in the event that Persons other than the holders of class 5 “Noteholder Claims” under the Plan, other Investors, and their respective Affiliates (together, the “Noteholders”) collectively own 20% or more of the outstanding Common Stock on the Effective Date, then the size of the Board shall be increased to six (6) persons and the holders of a majority of the Common Stock held by Persons other than the Noteholders shall be entitled to designate one (1) director to serve on the Board.
Appears in 2 contracts
Sources: Stockholders Agreement (Par Petroleum Corp/Co), Stockholders Agreement (Delta Petroleum Corp/Co)