This excerpt taken from the CWTR DEF 14A filed May 8, 2006.
ELECTION OF DIRECTORS
Each member of the Board is assigned to one of three classes. One class is elected at each successive Annual Meeting to hold office for a three-year term and until successors of such class have been qualified and elected. Currently, the Board consists of seven directors, five of whom are independent as defined by the rules of the NASDAQ Stock Market (NASDAQ). The term of the Class III directors will expire at this Annual Meeting. The current Class III nominees to the Board, whose terms will expire at the 2009 Annual Stockholders Meeting, are set forth below.
The proxy holders intend to vote all proxies received by them in the accompanying form for the nominees for director listed below. Proxies may not be voted for a greater number of persons than the number of nominees named below. In the event that any other director is unable, or declines to serve as a director at the time of the Annual Meeting, the proxies will be voted for any nominee who shall be designated by the present Board to fill the vacancy. In the event that additional persons are nominated for election as directors, the proxy holders intend to vote all proxies received by them for the nominees listed below. As of the date of this Proxy Statement, the Board is not aware that any nominee is unable to serve or intends to decline to serve as a director.