Common use of Subsequent Nominations Clause in Contracts

Subsequent Nominations. Until March 17, 1997, the Stockholders shall, at any time that Directors of the Corporation are to be elected, take such action as may be necessary to nominate or to cause the Board of Directors to nominate and recommend to the Stockholders, as the proposed members of the Board of Directors: (i) for as long as Limited at all times after December 23, 1992 owns at least 500,000 shares of Common Stock - two Persons designated by Limited, two Persons designated by the Incumbent Chairman of the Board and four Public Directors approved by the Nominating Committee and the Board of Directors, provided, however, that after July 31, 1993 the number of Public Directors approved by the Nominating Committee and the Board of Directors shall be five; (ii) for as long as Limited at all times after December 23, 1992 owns at least 100,000 shares of Common Stock but at any time owns less than 500,000 shares of Common Stock - one Person designated by Limited, two Persons designated by the Incumbent Chairman of the Board and five Public Directors approved by the Nominating Committee and the Board of Directors, provided, however, that after July 31, 1993 the number of Public Directors approved by the Nominating Committee and the Board of Directors shall be six; and