Common use of Initial Board Composition Clause in Contracts

Initial Board Composition. The Board shall initially consist of seven (7) individuals (each in such capacity, a “Manager”, and together, the “Managers”), which are initially designated as set forth in the Plan. Subject to the terms and conditions herein, the number of Managers may be increased or decreased by the approval of the Board and such approval shall include (i) at least one Tier 1 Manager then serving on the Board for so long as the Tier 1 Group Majority has the right to designate and appoint at least one Manager pursuant to Section 6.4(a), and (ii) the Tier 2 Manager then serving on the Board for so long as the Tier 2 Group Majority has the right to designate and appoint a Manager pursuant to Section 6.4(a)(ii); provided, however, that the Board may not reduce the number of Managers to a number less than the greater of seven (7) and the number of Managers then serving. As of the Effective Date, the Tier 1 Managers shall be ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ and ▇▇▇▇▇▇ ▇▇▇▇▇, the Tier 2 Manager shall be ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, the Joint Manager shall be ▇▇▇▇▇ ▇▇▇▇▇▇▇, one of the Independent Managers shall be ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, the Other Manager shall be the Initial CEO and the remaining Independent Manager shall be appointed by the Board within 60 days of the Effective Date, or, if not so appointed within such 60 day period, as provided by Section 6.5(b) (for purposes of which such vacancy shall be deemed created as of the Effective Date).

Initial Board Composition. The Board shall initially consist of seven (7) individuals (each in such capacity, a “Manager”, and together, the “Managers”), which are initially designated as set forth in the Plan. Subject to the terms and conditions herein, the number of Managers may be increased or decreased by the approval of the Board and such approval shall include (i) at least one Tier 1 Manager then serving on the Board for so long as the Tier 1 Group Majority has the right to designate and appoint at least one Manager pursuant to Section 6.4(a6.4(a)(i), and (ii) the Tier 2 Manager then serving on the Board for so long as the Tier 2 Group Majority has the right to designate and appoint a Manager pursuant to Section 6.4(a)(ii); provided, however, that the Board may not reduce the number of Managers to a number less than the greater of seven (7) and the number of Managers then serving. As of the Effective Date, the Tier 1 Managers shall be ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ and ▇▇▇▇▇▇ ▇▇▇▇▇, the Tier 2 Manager shall be ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, the Joint Manager shall be ▇▇▇▇▇ ▇▇▇▇▇▇▇, one of the Independent Managers shall be ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, and ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, and the Other Manager shall be the Initial CEO and the remaining Independent Manager shall be appointed by the Board within 60 days of the Effective Date, or, if not so appointed within such 60 day period, as provided by Section 6.5(b) (for purposes of which such vacancy shall be deemed created as of the Effective Date)...

Initial Board Composition. The Board shall initially consist of seven (7) individuals (each in such capacity, a “Manager”, and together, the “Managers”), which are initially designated as set forth in the Plan. Subject to the terms and conditions herein, the number of Managers may be increased or decreased by the approval of the Board and such approval shall include (i) at least one Tier 1 Manager then serving on the Board for so long as the Tier 1 Group Majority has the right to designate and appoint at least one Manager pursuant to Section 6.4(a6.4(a)(i), and (ii) the Tier 2 Manager then serving on the Board for so long as the Tier 2 Group Majority has the right to designate and appoint a Manager pursuant to Section 6.4(a)(ii); provided, however, that the Board may not reduce the number of Managers to a number less than the greater of seven (7) and the number of Managers then serving. As of the Effective Date, the Tier 1 Managers shall be ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ and ▇▇▇▇▇▇ ▇▇▇▇▇, the Tier 2 Manager shall be ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, the Joint Manager shall be ▇▇▇▇▇ ▇▇▇▇▇▇▇, one of the Independent Managers shall be ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ and ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, and the Other Manager shall be the Initial CEO and the remaining Independent Manager shall be appointed by the Board within 60 days of the Effective Date, or, if not so appointed within such 60 day period, as provided by Section 6.5(b) (for purposes of which such vacancy shall be deemed created as of the Effective Date).CEO.‌