Common use of Composition; Initial Managers Clause in Contracts

Composition; Initial Managers. Subject to the remaining provisions of this Article 7, the Board shall consist of six (6) natural persons designated as Managers who need not be Members or residents of the State of Delaware and whom shall be designated as follows: (i) two (2) members of the Board shall be the then-current Chief Executive Officer and Chief Financial Officer of the Company (each, a “Management Manager”); (ii) one (1) member of the Board shall be designated by the Members owning a majority of the outstanding Class A-2 Units (a “Class A-2 Manager”); (iii) three (3) members of the Board shall be designated by the Members owning a majority of the outstanding Class A-1 Units (each, a “Class A-1 Manager”); A Person or group of Persons entitled to designate or nominate a Manager may do so at any time by written notice to the Company. Each Manager shall serve in such capacity until such Manager’s successor has been elected and qualified or until such individual’s death, resignation or removal. The initial Board shall consist of the individuals listed on Exhibit B as of the date hereof and the Board shall amend Exhibit B, without the consent of any other Person, as necessary from time to time to accurately reflect the information contained therein.