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directors and the dates of expiration of their initial terms <br />as directors, are as follows: <br />DATE OF <br />NAME <br />ADDRESS <br />EXPIRATION OF TERM <br />Homer L. Thorton August, 1986 <br />Ralph Rodgers August, 1986 <br />J. R. Hutchison August, 1986 <br />Opal Nahas August, 1986 <br />Leland Smith August, 1986 <br />Billy Brown August, 1986 <br />Spencer Abbott August, 1986 <br />Each director, including the initial directors, shall be <br />eligible for reappointment. Directors are removable by the <br />governing body of the Sponsoring Entity for cause or at <br />will, and must not be appointed for a term in excess of six <br />years. The directors shall serve as such without compen- <br />sation except that they shall be reimbursed for their actual <br />expenses incurred in the performance of their duties as <br />directors. Any vacancy occurring on the board of directors <br />through death, resignation or otherwise shall be filled by <br />appointment by the governing body of the Sponsoring Entity <br />to hold office until the expiration of the term. <br />