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consecutive meetings of the Board of Directors or a total of five (5) meetings of the Board of Directors during any one calendar year; (iii) an increase in the authorized number of Directors; or (iv) the failure of the Directors at any annual or other meeting of Directors at which any Director or Directors ace elected, to elect the full authorized number of Directors to be voted for at that meeting. All vacancies of Directors selected according to Section 6.03 (a) may be filled by vote of a majority of the Directors then in office, whether or not the majority is less than a quorum. Each Director so appointed shall hold office until his or her successor is appointed at an annual or other meeting of the Board. Vacancies of Directors selected according to Section 6.03 (b) shall filled by their appointed board as expeditiously as possible. Any Director may resign on giving written notice to the Chairperson of the appointed Board. If the resignation is effective at a future time, the successor may be selected to take office when the resignation becomes effective. No reduction of the authorized number of Directors shalt have the effect of removing any Director prior to the expiration of the Director's term of office. Section 6.07. Place of Meetinos: Meetinos by Telephone. Regular meetings of the Board of Directors may be held at any place within or outside the State of North Carolina that has been designated from time to time by the Board. In the absence of such designation, regular meetings shall be held at the principal executive office of the corporation. Special meetings of the board shall be held at any place within or outside the State of North Carolina that has been designated in the notice of the meeting or, if not stated in the notice, or if there is no notice, at the principal executive office of the corporation. Notwithstanding the above provisions of this Section 6.07, a regular or special meeting of the Board of Directors may be held at any place consented to in writing by all the Board members, either before or after the meeting. If consents are given, they shall be filed with the minutes of the meeting. Any meeting, regular or special, may be held by conference telephone or similar communications equipment, as long as all Directors participating in the meeting can hear one another, and all such Directors shall be deemed present in person at such meeting. Section 6.08. Annual Meeting. The Board of Directors shall hold a regular meeting in September of each year, for the purpose of appointing directors and officers of the corporation, and for the transaction of other business. Notice of the annual meeting shall be given in the manner set forth in Section 6.09 of this Article 6. Should it be impossible to hold the annual meeting in September, the Annual Meeting shah be held as soon thereafter as possible. Section 6.09. Other Res~ular Meetinos. Other regular meetings of the Board of Directors shall be held at such times as are fixed by the Board of Directors. Written notice of the time and place of such regular meetings shall be delivered personally to each Director or communicated to each Director by telephone or first-class mail, with charges prepaid, addressed to the Director at the Director's address as it is shown upon the records of the corporation or, if it is not so shown on such records or is not readily ascertainable, at the place at which the meetings of Directors are regularly held. In case such notice is mailed, it shall be deposited in the United States mail at least ten (10) days prior to the time of the holding of the meeting. In case such notice is delivered personally or by telephone or telegraph, it shall be so delivered at least seven (7) days prior to the time of the holding of the meeting. Such mailing or delivery, personally or by telephone or telegraph, shall be due, legal, and personal notice to such Director. 3