Examples of New Board in a sentence
On the Effective Date, the officers of the Reorganized Debtors shall be substantially the same and their employment shall be subject to the ordinary rights and powers of the New Board to remove or replace them in accordance with the Reorganized Debtors’ organizational documents and any applicable employment agreements that are assumed under the Plan.
It is expected that the Reorganized Debtors will require that each of the members of the New Board and each member of the Reorganized Debtors’ senior management team will be a United States citizen for purposes of compliance with applicable federal laws relating to air carriers and government contractors.
Process and Criteria for New Board Appointment and Re-election In proposing candidates for appointment or re-election as Directors, the NGC considers several factors, including (a) the composition, the diversity and the need for progressive renewal of the Board, (b) each candidate’s competencies, commitment, contribution and performance (including attendance, preparedness, participation and candour) and (c) potential conflicts of interest.
As of the Effective Date, the terms of the current members of the board of directors of PHI shall expire, and, without further order of the Bankruptcy Court, the New Board shall be appointed and shall initially comprise seven (7) members as follows: (a) the Chief Executive Officer of Reorganized PHI (as named by the New Board); (b) two (2) members designated by Mr. Al Gonsoulin; and (c) four (4) members designated by the balance of the shareholders pursuant to Louisiana law.
Members of the New Board will be disclosed in the Plan Supplement or at the Confirmation Hearing.