The Incumbent Board

The Incumbent Board. Means the individuals who, as of the date of an IPO, constitute the Board.

The Incumbent Board. Consists of the members of the Board of Directors of the Company as of the date of this Agreement, to the extent they continue to serve as Board members and any individual who becomes a Board member after the date of this Agreement if (i) his or her election or nomination as a director was approved by a vote of at least two thirds of the then incumbent Board and such person does not own more than 20% of the Company's securities, or (ii) such 3 individual is a representative of an... institutional investor that either owns less than 20% of the Company's securities or was represented on the Board as of the date of this Agreement. View More