Directors of Parent. (a) At the Effective Time, the Parent Board shall consist of seven (7) directors, of whom (i) five (5) directors shall be designated by Parent, which designees shall consist of Xxxxx Xxxxx and four (4) other members of the Parent Board as of immediately prior to the Effective Time as shall be designated in writing by Parent prior to the Effective Time (the “Parent Designees”), and (ii) two (2) directors shall be designated by the Supporting Noteholders, which designees shall be acceptable to Parent and determined to be independent by the Parent Board and shall be designated in writing by the Supporting Noteholders prior to the Effective Time (the “Company Designees”). Xx. Xxxxx shall remain as the Chairman of the Parent Board following the Effective Time.
Appears in 3 contracts
Samples: Agreement and Plan of Merger (HighPoint Resources Corp), Registration Rights Agreement (Bonanza Creek Energy, Inc.), Agreement and Plan of Merger (HighPoint Resources Corp)
Directors of Parent. (a) At the Effective Time, the Parent Board shall consist of seven (7) directors, of whom (i) five (5) directors shall be designated by Parent, which designees shall consist of Xxxxx Bxxxx Xxxxx and four (4) other members of the Parent Board as of immediately prior to the Effective Time as shall be designated in writing by Parent prior to the Effective Time (the “Parent Designees”), and (ii) two (2) directors shall be designated by the Supporting Noteholders, which designees shall be acceptable to Parent and determined to be independent by the Parent Board and shall be designated in writing by the Supporting Noteholders prior to the Effective Time (the “Company Designees”). XxMx. Xxxxx shall remain as the Chairman of the Parent Board following the Effective Time.
Appears in 1 contract
Samples: Agreement and Plan of Merger (Bonanza Creek Energy, Inc.)
