Voting rules. A decision is adopted by a two-thirds (2/3) majority. The Steering Committee has a quorum when two-thirds (2/3) of the members are present at the meeting or take part in an electronic vote, either personally or represented by a proxy. In matters which substantially alter the individual Participant’s rights and obligations under the Project, the decision must be adopted unanimously. Such decisions require all members of the Steering Committee to take part in the vote. Amendment of the Collaboration Agreement and the adoption of annual budgets require the unanimous approval of the Participants. The members of the Steering Committee have one vote each. A Participant is not entitled to vote on a matter regarding its own breach of the Collaboration Agreement and the consequences thereof.
Appears in 5 contracts
Sources: Collaboration Agreement, Collaboration Agreement, Collaboration Agreement