Working Directors. (a) The Strategic Partner shall have an option to re-nominate as its nominee any or all of the working directors that have resigned at the Closing Board Meeting. (b) The Parties agree that if any working director that has resigned at the Closing Board Meeting is not re-nominated by the Strategic Partner pursuant to Clause 3.3(a), then such working director(s) shall be entitled, subject to applicable Law, to compensation from the Company which is higher of: (i) remuneration for the balance period remaining of their term of employment under their respective employment contract(s) with the Company; or (ii) remuneration as provided under their respective employment contract(s) for a period of six months.
Appears in 2 contracts