Common use of Vacancies and Newly Created Directorships Clause in Contracts

Vacancies and Newly Created Directorships. Subject to the rights of the holders of any series of Preferred Stock then outstanding, newly created directorships resulting from any increase in the authorized number of directors or any vacancies in the Board of Directors resulting from death, resignation, retirement, disqualification or other cause (including removal from office by a vote of the stockholders) may be filled only by a majority vote of the directors then in office, though less than a quorum (and not by stockholders), or by the sole remaining director and directors so chosen shall hold office until the expiration of the applicable term for that particular director seat or until such director’s successor shall have been duly elected and qualified. No decrease in the number of authorized directors shall shorten the term of any incumbent director.

Appears in 2 contracts

Samples: Loan and Security Agreement (Halozyme Therapeutics Inc), Loan and Security Agreement (Halozyme Therapeutics Inc)

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Vacancies and Newly Created Directorships. Subject to the rights of the holders of any series of Preferred Stock then outstandingExcept as otherwise provided by law, newly created directorships resulting from any increase in the authorized number of directors or any vacancies in on the Board of Directors resulting from death, resignation, disqualification, retirement, disqualification removal or other cause (including removal causes and any newly created directorships resulting from office any increase in the number of directors shall be filled exclusively by a the affirmative vote of the stockholders) may be filled only by a majority vote of the directors then in office, though even if less than a quorum (and not by stockholders)quorum, or by the a sole remaining director (other than any directors elected by the separate vote of one or more outstanding series of Preferred Stock), and directors so chosen shall not be filled by the stockholders. Any director appointed in accordance with the preceding sentence shall hold office until the expiration of the applicable term for that particular of the class to which such director seat or until such director’s successor shall have been duly elected and qualified. No decrease in the number of authorized directors shall shorten the term of any incumbent directorappointed or until his or her earlier death, resignation, retirement, disqualification, or removal.

Appears in 1 contract

Samples: Agreement and Plan of Merger (ION Acquisition Corp 2 Ltd.)

Vacancies and Newly Created Directorships. Subject to the rights of the holders of any outstanding series of Preferred Stock then outstandingStock, and unless otherwise required by law or provided for or fixed pursuant to the Certificate of Incorporation, newly created directorships resulting from any increase in the authorized number of directors or and any vacancies in the Board of Directors resulting from death, resignation, retirement, disqualification disqualification, removal from office or other cause (including removal from office shall be filled solely by a the affirmative vote of the stockholders) may be filled only by a majority vote of the remaining directors then in office, even though less than a quorum (and not by stockholders)quorum, or by the sole remaining director. Any director and directors so chosen shall hold office until the expiration next election of the applicable term class for that particular which such director seat shall have been chosen and until his or until such director’s her successor shall have been duly elected and qualified. No decrease in the authorized number of authorized directors shall shorten the term of any incumbent director.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Founder SPAC)

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Vacancies and Newly Created Directorships. Subject to any limitations imposed by applicable law and the rights of the holders of any one or more series of Preferred Stock then outstanding, newly created directorships resulting from any increase in the authorized number of directors Directors or any vacancies in on the Board of Directors resulting from death, resignation, retirement, disqualification disqualification, removal from office or other cause (including removal from office by a vote of the stockholders) may shall be filled only by the affirmative vote of a majority vote of the directors remaining Directors then in office, though even if less than a quorum (of the Board, and not by the stockholders), or by the sole remaining director and directors . Any Director so chosen shall hold office until the expiration of the applicable term for that particular director seat his or her successor shall be duly elected and qualified or until such directorDirector’s successor shall have been duly elected and qualifiedearlier death, disqualification, resignation or removal. No decrease in the number of authorized directors Directors shall shorten the term of any incumbent directorDirector then in office.

Appears in 1 contract

Samples: Letter Agreement (CENAQ Energy Corp.)

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