Governance Voting Sample Clauses
Governance Voting. The management of the Company and the preparation and adoption of the Company’s business plan will be vested in the Board of Directors and such officers as the Board may designate from time to time. Subject to the management guidelines attached hereto as Exhibit A and the other terms of this Agreement, the day-to-day management of the Company will be at the direction of the Board of Directors. The Board and the members appointed thereto (each a “Director”) shall be proposed by and shall serve at the direction of the Stockholders as provided for herein and in the Memorandum of Association and Articles of Association.
(a) The Board of Directors shall be comprised of five (5) Directors or such other number of directors as may be established in accordance with the Company’s organizational documents from time to time. So long as the Series A Preferred shall remain outstanding, the Purchaser shall be entitled to nominate three (3) candidates for membership on the Board of Directors of the Company, and the Founders shall be entitled to nominate two (2) directors for membership on the Board of Directors of the Company. From and after the retirement of the Series A Preferred, so long as the Founders hold a majority of the outstanding Common Stock, the Purchaser (if the Purchaser then holds shares of Common Stock) shall be entitled to nominate two (2) candidates for membership on the Board of Directors of the Company, and the Founders shall be entitled to nominate three (3) directors for membership on the Board of Directors of the Company. The Purchaser and the Founders agree to vote for the nominees of each of them. If a Founder is unable to serve or has transferred his shares of Common Stock in the manner permitted by Section 3.3(a), then the Founder’s successor in interest as holder of his Shares or his legal representative shall be entitled to nominate directors in the same manner and to the same extent as if the Founder were himself acting.
(b) Subject to the Company’s Memorandum of Association and Articles of Association (as in effect on the date hereof and from time to time thereafter) and the terms and conditions of this Agreement, the Board will have the authority on behalf and in the name of the Company to perform all acts necessary and desirable to the objects and purposes of the Company and to comply, as deemed necessary in the Board’s sole discretion, with any and all applicable laws, regulations, orders or decrees including without limitation, such law...
Governance Voting. The FP system has two important principles in terms of governance voting. The first is that it is open to system owners, and any FPT holder can fairly enter the system to vote. Another is that the development of the system is determined by the person who has the deepest bond with the system economy. Therefore, the voting weight of users in FP system is determined by the number of FPTs and the lock-up time of users. The longer the lock-up time is, the greater the weight of FPT voting. After the voting result is executed, the party that has passed the vote also needs to enforce the lock-up. This is to prevent users from malicious voting in economic mechanism to damage the health of the system. The voting results are executed by the team, who does not have the power to change it, but the FPT in the hands of the team can participate in the voting. Previous experiences of Blockchain projects tell us that most users are not motivated to actively participate in voting governance, which damages the decentralization of the system and turns the system into a tool for a small group of people. Therefore, in FP DeFi, users participating in governance can also get staking rewards. Before discussing the risk control system, the risk sources of FP should be taken into consideration. For the lending system, the biggest risk comes from debt overdue, loan pool runs and fraud risks from malicious users. Corresponding risk control management will be carried out around these sources of risk. As users in FP DeFi are allowed to borrow on balances, it will cause a run on the fund pool and damage the financial stability of the system if they has not returned the principal. Therefore, there are periodic requirements for borrowers in terms of loan issuance. When the users make a loan, they are forced to choose the loan period within the longest loan period, such as 6 months or 12 months. Moreover, their loan limit, that is, the maximum loan amount of Tokens, must be strictly reviewed. Credit loans are also graded, and not everyone can use credit loans. Different users' mortgage limits range from 80% to 120%. If the user needs a higher amount of credit loan, he needs to find a credit node as a guarantee. In other DeFi lending, the user first deposits the deposit into the fund pool, and then uses the voucher to borrow from other fund pools by way of over-collateralization. In this case, the number of fund pools will be limited while only a limited fund pool can be launched in the syste...
Governance Voting. As shall be required in bylaws to be adopted by the Board:
i. Actions of the Board will be taken by vote of the Board in which each member of the Board shall have one equal vote unless Weighted Voting is required. Decisions will be made by a majority of the votes cast except where a Supermajority is required.
ii. Weighted Voting is required: to approve or revise the System Plan; to approve periodic budgets, including required contributions to be made by each Participant in support of such budgets; to employ any personnel of the Board; and to approve the issuance of any bonds or debt obligations of the Board. In the case of the issuance of debt, an affirmative vote of two-thirds Supermajority of the votes cast is required.
iii. When weighted voting is required, the weight of each Participant’s vote is determined by the Participant’s proportional contribution to the total annual Operations and Maintenance costs of the Board in the year the vote is taken, multiplied by one hundred. In no event shall the total of the weighted votes be in excess of, or less than, one hundred (100). However, no prevailing vote will pass without the support of at least three Participants.
Governance Voting