Common use of Supermajority Vote Clause in Contracts

Supermajority Vote. A “Supermajority Vote” means Executive Board approval of an item accomplished by securing affirmative votes of both: (1) not less than two-thirds (66%) of all Members of the Executive Board in number and (2) not less than sixty percent (60%) of the Weighted Vote of all Members of the Executive Board. (By way of example, so long as there are five Principals, then four Member in number must vote in the affirmative to satisfy the first prong of a Supermajority Vote).

Supermajority Vote. A “Supermajority Vote” means Executive Board approval of an item accomplished by securing affirmative votes of both: (1) not less than two-thirds (66thirds(66%) of all Members of the Executive Board in number number; and (2) not less than sixty percent (60two-thirds(66%) of the Weighted Vote of all Members of the Executive Board. (By way of example, so long as there are five Principals, then four Member in number must vote in the affirmative to satisfy the first prong of a Supermajority Vote).

Supermajority Vote. A “Supermajority Vote” means Executive Board approval of an item accomplished by securing affirmative votes of both: (1) not less than twosixty-thirds six percent (66%) of all voting Board Members of the Executive Board in number number, and (2) not less than sixty sixty-six percent (6066%) in number of the Weighted Vote of all Members of the Executive Board. (By way of example, so long as there are five Original Principals, then four Member in number must vote in the affirmative to satisfy the first prong of a Supermajority Vote).