Board Tenure Sample Clauses
The Board Tenure clause defines the length of time a director may serve on a company's board. Typically, it sets fixed terms for board members, such as three years per term, and may include limits on the number of consecutive terms a director can serve. This clause ensures regular board refreshment, promotes good governance, and helps prevent stagnation or entrenchment of board members.
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Board Tenure. The Board believes that experienced Directors provide valuable insight into the operations, prospects and strategy of the Company based on their experience with and understanding of the Company’s history and objectives. Consequently, the Board does not believe arbitrary limits on the number of years a Director can serve on the Board or mandatory retirement ages are appropriate. Similarly, the Board does not believe that Directors should automatically expect to be re-nominated annually as long as he or she desires to serve as a Director. The Nomination & Governance Committee evaluates the continued service of each Director annually before recommending that the Board nominate the Director for election. If a Director decides to retire, resign or otherwise not stand for re-election at an upcoming meeting of stockholders, he or she shall provide written notice of the decision to the Corporate Secretary, specifying the effective date of the retirement or resignation. The Company will not be deemed to have notice of such decision until the written notice is received by the Corporate Secretary. Upon receipt of the written notice from the Corporate Secretary, the Nomination & Governance Committee shall evaluate and recommend to the Board, and the Board shall determine, whether such resignation should be accepted.
Board Tenure. The formation of the Board shall remain the same as set out in this Article (3) as long as the Company exists; provided, however that (i) each Party shall have the power and authority to remove any Director appointed by it, by delivering written notice of such removal to the Company and the other Party; (ii) both Parties shall only take a mutually agreed decision to remove the Independent Director in case of its poor performance or unavailability to participate in Company business & etc.; and (iii) vacancies on the Board of Directors shall be filled by the Party that appointed the Director previously holding the position which is then vacant (or, with respect to an Independent Director vacancy, by the First Party Directors and Second Party Directors as provided in Clause 3.1(c)).
Board Tenure. If Executive is a member of the Board at the time of termination of his employment for any reason, he will immediately offer his resignation to the Board.