Gryphon Board Managers Sample Clauses

Gryphon Board Managers. (i) Except as provided by Paragraphs (1)(b)(ii) – (1)(b)(iv) of this Schedule 7.1 or as otherwise set forth in this Agreement, Gryphon shall be entitled to designate two (2) Board Managers, who will at first be ▇▇▇▇▇ ▇. ▇’▇▇▇▇ and ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ (the “Gryphon Board Managers”). (ii) If for any reason Gryphon holds less than twenty-five percent (25%) but more than ten percent (10%) of the outstanding Class A Units, Gryphon shall have the right to designate one (1) Board Manager, and one of the two (2) initial Gryphon Board Managers will be deemed immediately to have resigned and been removed from the Board of Managers, and the number of Board Managers shall be decreased by one (1); provided that Gryphon shall designate which Board Manager is so removed. (iii) If for any reason Gryphon holds less than ten percent (10%) of the outstanding Class A Units, Gryphon shall not be entitled to designate a Board Manager, and any Gryphon Board Managers will be deemed immediately to have resigned and been removed from the Board of Managers, and the number of Board Managers shall be decreased by one (1). 7.1 1