Selection and Nomination of Directors. While this Plan is in effect, the selection and nomination of persons to be Independent Directors of the Company shall be committed to the discretion of the incumbent Independent Directors. Nothing herein shall prevent the incumbent Independent Directors from soliciting the views or the involvement of others in such selection or nomination as long as the final decision on any such selection and nomination is approved by a majority of the incumbent Independent Directors.
Appears in 2 contracts
Sources: Distribution Agreement (Penn Street Fund Inc), Service Plan and Agreement (Penn Street Fund Inc)