Common use of Board Designee Clause in Contracts

Board Designee. For a period of three years from the Effective Date, the Company will appoint a designee of Maxim who is reasonably acceptable to the Company as a member of the Board of Directors of the Company. Alternatively, Maxim shall have the right to send a representative (who need not be the same individual from meeting to meeting) to observe each meeting of the Board of Directors. Such designee or representative, as the case may be, shall be entitled to be reimbursed for all reasonable out-of-pocket expenses incurred in attending such meetings, including but not limited to food, lodging and transportation and such designee shall receive no more or less compensation than is paid to other non-management directors of the Company. The Company will obtain and maintain a liability insurance policy affording coverage for the acts of its officers and directors in an amount not less than $5,000,000 and will include Maxim’s designee as an insured under such policy. The Company agrees to give Maxim written notice of each such meeting and to provide Maxim with an agenda and minutes of the meeting no later than it gives such notice and provides such items to the other directors.

Board Designee. For a period of three years from the Effective Date, the Company will appoint a designee of Maxim who is reasonably acceptable to the Company as a member of the Board of Directors of the Company. Alternatively, Maxim shall have the right to send a representative (who need not be the same individual from meeting to meeting) to observe each meeting of the Board of Directors. Such designee or representative, as the case may be, shall receive no more or less compensation than is paid to other non- management directors of the Company and shall be entitled to be reimbursed for all reasonable out-of-pocket expenses incurred in attending such meetings, including but not limited to food, lodging and transportation and such designee shall receive no more or less compensation than is paid to other non-management directors of the Companytransportation. The Company will obtain and maintain a liability insurance policy affording coverage for the acts of its officers and directors in an amount not less than $5,000,000 and will include Maxim’s designee as an insured under such policy. The Company agrees to give Maxim written notice of each such meeting and to provide Maxim with an agenda and minutes of the meeting no later than it gives such notice and provides such items to the other directors.

Board Designee. For a period of three years from the Effective Date, the Company will appoint a designee of Maxim who is reasonably acceptable to the Company as a member of the Board of Directors of the Company. Alternatively, Maxim shall have the right to send a representative (who need not be the same individual from meeting to meeting) to observe each meeting of the Board of Directors. Such designee or representative, as the case may be, shall receive no more or less compensation than is paid to other non-management directors of the Company and shall be entitled to be reimbursed for all reasonable out-of-pocket expenses incurred in attending such meetings, including but not limited to food, lodging and transportation and such designee shall receive no more or less compensation than is paid to other non-management directors of the Companytransportation. The Company will obtain and maintain a liability insurance policy affording coverage for the acts of its officers and directors in an amount not less than $5,000,000 and will include Maxim’s 's designee as an insured under such policy. The Company agrees to give Maxim written notice of each such meeting and to provide Maxim with an agenda and minutes of the meeting no later than it gives such notice and provides such items to the other directors.