Common use of Additional Director Clause in Contracts

Additional Director. Upon SCOA's exercise of so much of the SCOA Warrant so that SCOA will have acquired not less than 1,500,000 shares of Common Stock in accordance with the provisions of this Agreement and the Warrant Agreement and for so long as the Marketing Agreement is in effect, SCOA shall have the right, but not the obligation, to nominate one additional candidate for appointment and election to DRC's Board of Directors. DRC agrees to nominate as a director and shall use its best efforts (including recommending the election of such additional nominee to DRC's stockholders) to cause SCOA's additional nominee to remain as a director of DRC by SCOA. It is understood and agreed that SCOA shall be entitled to a maximum of two (2) directors to be appointed by DRC to its Board of Directors under this Paragraph 6.3.

Appears in 2 contracts

Sources: Stock Purchase Agreement (Daleco Resources Corp), Stock Purchase Agreement (Sumitomo Corporation of America)