Composition Requirements. At all times the Board shall consist of: (i) one (1) Director who is the CEO of the Company, who shall be considered an Industry Director; and (ii) a sufficient number of (A) Non-Industry Directors (including Independent Directors), (B) Industry Directors (including Investor Directors) and (C) Member Representative Directors (which shall not include Investor Directors) to meet the following composition requirements: (A) the number of Non-Industry Directors shall equal or exceed the sum of the number of Industry Directors (including Investor Directors) and Member Representative Directors (which shall not include Investor Directors) elected pursuant to Section 7.4; (B) at least two (2) of the Non-Industry Directors shall also qualify as Independent Directors; (C) at least one of the Non-Industry Directors shall be representative of issuers and investors and not associated with an Exchange Member, a broker, or a dealer; and (D) the number of Member Representative Directors (which shall not include Investor Directors) shall be at least twenty percent (20%) of the Board.
Appears in 6 contracts
Sources: Limited Liability Company Agreement, Limited Liability Company Agreement, Limited Liability Company Agreement