Common use of Operating Board Clause in Contracts

Operating Board. Subject to Section 6.7, the business and affairs of the Company shall be managed by the Members in their membership capacity through an operating board (the “Operating Board”) which shall consist of individuals designated as follows: (1) one individual (initially ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇) shall be designated by the Lincoln Group; (2) one individual ( ) shall be designated by a group of Members consisting of ; (3) one individual (initially ) shall be designated by ; (4) one individual (initially ) shall be designated by ; (5) one individual (initially ) shall be designated by a group of Members consisting of , and each of the Persons in the Lincoln Group; and (6) two individuals (initially ) shall be designated by ABC. ABC shall be entitled at any time to designate a third individual to the Operating Board, and the Operating Board will be expanded to eight individuals upon the election of such individual. Other than the expansion referred to in the immediately preceding sentence, the Operating Board may not expand the number of individuals serving on the Operating Board. Any Person or group of Persons having the right to designate a member or members of the Operating Board shall also have the power to remove or replace members of the Operating Board so designated by such Person or group of Persons.

Operating Board. Subject to Section 6.7, the business and affairs of the Company shall be managed by the Members in their membership capacity through an operating board (the “Operating Board”) which shall consist of _____individuals designated as follows: (1) one individual (initially ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇) shall be designated by the Lincoln Group; (2) one individual ( (_______________) shall be designated by a group of Members consisting of of_______________________; (3) one individual (initially initially__________) shall be designated by by_____________; (4) one individual (initially initially__________) shall be designated by by______________________; (5) one individual (initially initially_____________) shall be designated by a group of Members consisting of of_______________________, and each of the Persons in the Lincoln Group; and (6) two individuals (initially initially______________________) shall be designated by ABC. ABC shall be entitled at any time to designate a third individual to the Operating Board, and the Operating Board will be expanded to eight individuals upon the election of such individual. Other than the expansion referred to in the immediately preceding sentence, the Operating Board may not expand the number of individuals serving on the Operating Board. Any Person or group of Persons having the right to designate a member or members of the Operating Board shall also have the power to remove or replace members of the Operating Board so designated by such Person or group of Persons.