Common use of Separate Board Commitment Clause in Contracts

Separate Board Commitment. At closing and thereafter, Oncor Electric Delivery Company LLC (“Oncor”) will have a separate board of directors. If, at closing or thereafter, Sempra Energy (“Parent”) has competitive affiliates in Texas, the Oncor board of directors will not include any employees of Parent competitive affiliates in Texas, any members from the boards of directors of Parent’s competitive affiliates in Texas, or any individuals with direct responsibility for the management or strategies of such competitive affiliates.

Appears in 3 contracts

Sources: Oncor Letter Agreement (Oncor Electric Delivery Co LLC), Oncor Letter Agreement (Sempra Energy), Merger Agreement (Sempra Energy)