Common use of Audit Committee of the Board Clause in Contracts

Audit Committee of the Board. The Board shall establish an audit committee of the Board (the “Audit Committee”) comprising three (3) members to establish a framework for and monitor financial accountability, and to review and supervise the financial reporting process and internal control procedures of the Company provided that, subject to Section 1.2(a), (i) holders of Ordinary Shares shall be entitled to appoint one (1) director to sit on the Audit Committee, (ii) Series A Holders shall be entitled to appoint one (1) director to sit on the Audit Committee, (iii) Series B Holders shall be entitled to appoint one (1) director to sit on the Audit Committee, and (iv) the director appointed by the Investors to sit on the Compensation Committee will not be elected to sit on the Audit Committee, and vice versa.

Appears in 1 contract

Samples: Shareholders’ Agreement (Le Gaga Holdings LTD)

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Audit Committee of the Board. The Board shall establish an audit committee of the Board (the “Audit Committee”) comprising three (3) members to establish a framework for and monitor financial accountability, and to review and supervise the financial reporting process and internal control procedures of the Company Company; provided that, subject to Section 1.2(a), (i) holders of Ordinary Shares shall be entitled to appoint one (1) director to sit on the Audit Committee, (ii) Series A Holders shall be entitled to appoint one (1) director to sit on the Audit Audit. Committee, (iii) Series B Holders shall be entitled to appoint one (1) director to sit on the Audit Committee, and (iv) the director appointed by the Investors to sit on the Compensation Committee will not be elected to sit on the Audit Committee, and vice versa.

Appears in 1 contract

Samples: Shareholders’ Agreement (Le Gaga Holdings LTD)

Audit Committee of the Board. The Board shall establish an audit committee of the Board (the “Audit Committee”) comprising three (3) members to establish a framework for and monitor financial accountability, and to review and supervise the financial reporting process and internal control procedures of the Company Company; provided that, subject to Section 1.2(a), (i) holders of Ordinary Shares shall be entitled to appoint one (1) director to sit on the Audit Committee, (ii) Series A Holders shall be entitled to appoint one (1) director to sit on the Audit Committee, (iii) Series B Holders shall be entitled to appoint one (1) director to sit on the Audit Committee, and (iv) the director appointed by the Investors Series B Holders to sit on the Compensation Committee will not be elected to sit on the Audit Committee, and vice versa.

Appears in 1 contract

Samples: Shareholders’ Agreement (Le Gaga Holdings LTD)

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Audit Committee of the Board. The Board shall establish an audit committee of the Board (the “Audit Committee”) comprising three (3) members to establish a framework for and monitor financial accountability, and to review and supervise the financial reporting process and internal control procedures of the Company Company, provided that, subject to Section 1.2(a), (i) holders of Ordinary Shares shall be entitled to appoint one (1) director to sit on the Audit Committee, (ii) Series A Holders shall be entitled to appoint one (1) director to sit on the Audit Committee, ; (iii) Series B Holders shall be entitled to appoint one (1) director to sit on the Audit Committee, and (iv) the director appointed by the Investors Series B Holders to sit on the Compensation Committee will not be elected to sit on the Audit Committee, and vice versa.

Appears in 1 contract

Samples: Series B1 Preferred Share Subscription Agreement (Le Gaga Holdings LTD)

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