Common use of Board Declassification Clause in Contracts

Board Declassification. The Board shall take all action necessary to provide shareholders with a binding vote to declassify the Board at the 2014 Annual Meeting. If, in the Board’s good faith determination, it is not possible to hold such a vote at the 2014 Annual Meeting, then the Board shall call and hold a special shareholders’ meeting for the purpose of providing shareholders with a binding vote to declassify the Board. Any declassification of the Board shall not shorten the term of any existing director. The Company covenants and agrees that at least a majority of the directors will stand for election at the 2015 Annual Meeting.