Executive Committee Charter
The Board, by resolution dated
This Executive Committee Charter was adopted by
the Board on
Purpose / Duties and Responsibilities
The Executive Committee, pursuant to Article III, Section 1 of the Company's Bylaws, exercises all or any of the powers of the Board in the management of the business, affairs and property of the Company during the intervals between meetings of the Board; provided, however, that no action shall be taken by the Executive Committee if any member of such Committee has voted in opposition thereto.
Notwithstanding the foregoing, pursuant to Section 1731(a)(2) of the Pennsylvania Business Corporation Law, the Executive Committee shall not have any power or authority as to the following:
(i) The submission to shareholders of any action requiring approval of shareholders under this subpart.
(ii) The creation or filling of vacancies in the board of directors.
(iii) The adoption, amendment or repeal of the bylaws.
(iv) The amendment or repeal of any resolution of the board that by its terms is amendable or repealable only by the board.
(v) Action on matters committed by the bylaws or resolution of the board of directors exclusively to another committee of the board.
· The Committee will have a minimum of three directors, a majority of which shall be independent.
· The Board will appoint the Committee members and a Chairman.
· The Board may fill vacancies on the Committee.
· The Board may remove a Committee member from the membership of the Committee at any time with or without cause.
Committee Meetings and Action
· A majority of the Committee members will be a quorum for the transaction of business.
· No action shall be taken by the Committee if any member of such Committee has voted in opposition thereto.
· Any action required to be taken at a meeting of the Committee will be deemed the action of the Committee if all of the Committee members executed, either before or after the action is taken, a written consent and the consent is filed with the Corporate Secretary.
· The Chairman will report from time to time (but not later than the next Board meeting) to the Board on Committee actions and on the fulfillment of the Committee's duties under its Charter.
· The Committee Secretary (who will be the Corporate Secretary) will keep minutes of all Committee meetings, which will be distributed to all Board members.
· The Committee will meet at such times as may be requested by its Chairman.
· The Committee Secretary and the Chairman will prepare a preliminary agenda. The Chairman will make the final decision regarding the agenda.
· The agenda and all materials to be reviewed at the meetings should be received by the Committee members as far in advance of the meeting day as possible.
· The Committee Secretary should coordinate all mailings to the Committee members.