Executive Committee

In general, the Executive Committee serves to function on behalf of the Board of Directors itself when time or other factors render it impractical for the full Board to act. The Executive Committee does not have regular jurisdiction over any particular matter, but is authorized to take any action on behalf of the board, except for those actions that are reserved for the full board by applicable law or by the company's bylaws. The number and timing of the meetings of this committee vary from year to year and are not set in advance, but rather are determined on an ad-hoc basis. Because of the broad ranging and variable nature of its responsibilities, the Executive Committee has no formal written charter.