Common use of Composition of the Board of Managers Clause in Contracts

Composition of the Board of Managers. The Board of Managers of the Company shall consist of such number of individuals and with such qualifications, and may include voting and non-voting Managers, as may be determined from time to time by resolution adopted by the Board of Trustees of the University of Illinois, as sole Member of the Company. Managers shall be appointed, and may be removed at any time, by resolution adopted by the Board of Trustees of the University of Illinois. The Board of Managers shall consist of at least nine (9) individuals as voting Managers, who shall serve for the terms specified in Section 5.7. The nine individuals will be recommended by the Principal Officer to the Chancellor for submission to the Board of Trustees for approval. The Board of Managers shall, to the extent reasonably feasible, include:‌ (1) One member of the Board of Trustees of the University of Illinois; (2) The Vice-Chancellor for Research of the University of Illinois at Urbana-Champaign; (3) A representative of the University of Illinois System administration recommended by the President of the University; (4) At least two representatives of the faculty of the University of Illinois at Urbana- Champaign; and (5) At least four business leaders with expertise in entrepreneurship, real estate development, and/or corporate innovation strategy. The Comptroller of the University and/or his or her designee and a senior administrator for the University of Illinois at Urbana-Champaign who leads capital planning shall serve as non-voting Managers. Additional non-voting Managers shall be considered if determined beneficial to the Company by the Member for needed representation or contemplation of expanded responsibilities. A representative of the University Counsel shall attend meetings and provide legal advice and counsel in accordance with the terms of the Services and Management Agreement described herein. 5.2.1. Managers need not be Members; or officers, directors or employees of the Member.

Composition of the Board of Managers. The Board of Managers of the Company shall consist of such number of individuals and with such qualifications, and may include voting and non-voting Managers, as may be determined from time to time by resolution adopted by the Board of Trustees of the University of Illinois, as sole Member of the Company. Managers shall be appointed, and may be removed at any time, by resolution adopted by the Board of Trustees of the University of Illinois. The Board of Managers shall consist of at least nine (9) individuals as voting Managers, who shall serve for the terms specified in Section 5.7. The nine individuals will be recommended by the Principal Officer to the Chancellor for submission to the Board of Trustees for approval. The Board of Managers shall, to the extent reasonably feasible, include:‌ (1) include: One member of the Board of Trustees of the University of Illinois; (2) ; The Vice-Chancellor for Research of the University of Illinois at Urbana-Champaign; (3) ; A representative of the University of Illinois System administration recommended by the President of the University; (4) ; At least two representatives of the faculty of the University of Illinois at Urbana- Urbana-Champaign; and (5) and At least four business leaders with expertise in entrepreneurship, real estate development, and/or corporate innovation strategy. The Comptroller of the University and/or his or her designee and a senior administrator for the University of Illinois at Urbana-Champaign who leads capital planning shall serve as non-voting Managers. Additional non-voting Managers shall be considered if determined beneficial to the Company by the Member for needed representation or contemplation of expanded responsibilities. A representative of the University Counsel shall attend meetings and provide legal advice and counsel in accordance with the terms of the Services and Management Agreement described herein. 5.2.1. Managers need not be Members; or officers, directors or employees of the Member.