Common use of Initial Composition Clause in Contracts

Initial Composition. Effective at the Closing, the Company shall cause the Board to be increased from ten directorships to twelve directorships (one of which new directorships shall be elected for an initial term expiring at the Company's annual meeting of Stockholders in 1999 and the other shall be elected for an initial term expiring at the Company's annual meeting of Stockholders in 2000). Effective at the Closing, the Board shall elect the Investor Directors to fill the vacancies created in accordance with this Section 2.1.

Appears in 1 contract

Sources: Investors Agreement (Berlitz International Inc)

Initial Composition. 2.1.1 Effective at the First Closing, the Company shall cause the theCompany Board to be increased from ten eight directorships to twelve ten directorships (one of which new directorships shall be elected for an initial term expiring at the Company's annual meeting of Stockholders in 1999 2000 and the other shall be elected for an initial term expiring at the Company's annual meeting of Stockholders in 20002001). Effective at the First Closing, the Company Board shall elect appoint the Investor Directors Nominees to fill the two vacancies created in accordance with this Section 2.12.1.1.

Appears in 1 contract

Sources: Investors Agreement (United Road Services Inc)