Required Resignation definition
Required Resignation means Grantee’s resignation as a Director (whether or not such resignation is accepted) pursuant to a provision of the Company’s bylaws or charter that requires an individual who has otherwise been elected to serve as a Director but who did not receive at least a majority of the votes cast for his or her election to tender his or her resignation.
Examples of Required Resignation in a sentence
A Required Resignation shall not be treated as a voluntary resignation for purposes of this Section.
In the event Gulf Canada fails to make an Offer pursuant to Section 3 above under circumstances in which it is required to either make an Offer or effect a Required Resignation, then Gulf Indonesia may in its sole discretion terminate this Agreement and one or more of the Services Agreements by giving Gulf Canada written notice of such election within 90 days after the date by which Gulf Canada was required to elect to make such Offer or effect a Required Resignation.