Common Directors definition
Examples of Common Directors in a sentence
In the event that any Common Director is removed for cause, resigns or is otherwise unable or unwilling to serve as a director of LSG prior to the expiration of the term of such Common Director, the holders of the LSG Series B Preferred Stock will take such action necessary to cause the election or appointment of a replacement director designated by the remaining Common Directors to fill the vacancy and serve as a director of LSG for the unexpired term of such Common Director.
A vacancy in any directorship (whether as a result of death, permanent disability, resignation (including as a result of a Subsection (c) Resignation) or removal) elected by the holders of record of shares of Common Stock and Series A Preferred Stock shall be filled by the remaining Common Directors then in office or, if there is none, then by vote or written consent of the holders of record of shares of Common Stock and Series A Preferred Stock, in the manner set forth in this Section 15.
Any vacancy in the office of a Common Director may be filled only with the vote or written consent of the holders of a majority of the outstanding Common Shares, voting as a separate class, and in each case in accordance with the requirements of this Agreement for designation of the Common Directors.
The rights, duties and authority of the Common Directors and the Class B Directors shall be identical in all respects.
The Common Directors shall be elected by the holders of Common Stock by a plurality vote and the Class B Directors shall be elected by the holders of the Class B Common Stock by a plurality vote, in either case at an annual stockholders meeting, except as hereinafter provided, and each director shall hold office until his successor has been duly elected and qualified or his earlier death, resignation or removal.