ESSENTIAL PERSONNEL. For a period of one year commencing on the effective date of this Agreement, the Distributor and the Fund agree that the retention of (i) the chief executive officer, president, chief financial officer and secretary of the Distributor and (ii) each director, officer and employee of the Distributor or any of its Affiliates (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) who serves as an officer of the Fund (each person referred to in (i) or (ii) hereinafter being referred to as an "Essential Person"), in his or her current capacities, is in the best interest of the Fund and the Fund's shareholders. In connection with the Distributor's acceptance of employment hereunder, the Distributor hereby agrees and covenants for itself and on behalf of its Affiliates that neither the Distributor nor any of its Affiliates shall make any material or significant personnel changes or replace or seek to replace any Essential Person or cause to be replaced any Essential Person, in each case without first informing the Board of Trustees of the Fund in a timely manner. In Addition, neither the Distributor nor any Affiliate of the Distributor shall change or seek to change or cause to be changed, in any material respect, the duties and responsibilities of any Essential Person, in each case without first informing the Board of Trustees of the Fund in a timely manner.
Appears in 4 contracts
Samples: Distribution and Service Agreement (Van Kampen Tax Free Trust), Distribution and Service Agreement (Van Kampen Equity Trust), Distribution and Service Agreement (Van Kampen Equity Trust Ii)
