Appointment of Management Committee. 5.1.1 Petroleum Operations shall be conducted under the direction, control and supervision of a Management Committee equally composed of four (4) members. Two (2) members shall be appointed by First Party and the other members by Second Party. Each Party may bring in a reasonable number of advisors, with no voting power. The Management Committee shall be formed not later than one (1) month after the Effective Date. Each Party shall notify the other in writing of the members of the Management Committee appointed by that Party.
Appointment of Management Committee. 5.1 The Management Committee will consist of at least six staff members, two members from each Joint Venturer, who are appointed by that Joint Venturer’s Chief Administrative Officer. Staff with additional administrative or technical expertise may be appointed by the CAOs as needed to supplement the Committee’s capacity.
Appointment of Management Committee. The Management Committee shall be comprised of the four individuals listed as a Manager on Schedule B attached hereto (each, a “Manager”), each of whom shall have the right to remove himself as a Manager and designate an individual as a successor Manager; provided, however, that upon the death of any Manager, the estate of such deceased Manager shall have the right to designate a successor Manager; and, provided further, that upon (i) the disability of any Manager or (ii) the failure of any Manager, or such Manager’s estate, to designate a successor Manager within one hundred eighty (180) days of such Manager’s removal of himself as Manager or such Manager’s death, as the case may be, then the individual named as an Alternate Manager next to such Manager’s name on Schedule B attached hereto shall be designated as a successor Manager, or if no such individual is listed as an Alternate Manager, or if the individual listed as Alternate Manager is deceased, disabled or otherwise unable to serve as a Manager, then a successor Manager shall be appointed by a majority approval of the remaining members of the Management Committee.
Appointment of Management Committee. 13 5.2 CHAIRMAN AND SECRETARY OF THE MANAGEMENT COMMITTEE... 14 5.3 DECISIONS 14 5.4 MEETINGS 15 5.5 PROCEDURES 16 ARTICLE 6 OPERATOR 16 6.1 OPERATOR................................................................................. 16 6.2 OPERATOR'S OBLIGATIONS AND DUTIES 17 ARTICLE 7 WORK PROGRAM AND BUDGETS................................................. 18 7.1 WORK PROGRAM........................................................................ 18 7.2 RELEVANT DATA 19 ARTICLE 8 CONTRACTORS, LOCAL WORK AND PERSONNEL.......................... 19 8.1 CONTRACTORS 19 8.2 PRIORITY TO LOCAL WORK 19 8.3 HIRING AND TRAINING OF LIBYAN AND TUNISIAN PERSONNEL 20 8.4 LABOR AND SOCIAL SECURITY 20 ARTICLE 9 SAFETY, POLLUTION AND EMERGENCY 20 ARTICLE 10 COMMENCEMENT OF PETROLEUM OPERATIONS 21 ARTICLE 11 LIMITS ON EXPENDITURES BY OPERATOR 21 ARTICLE 12 SECOND PARTY'S MINIMUM EXPLORATION COMMITMENT 21 12.1 MINIMUM EXPLORATION COMMITMENT 21 12.2 EXPLORATION PERIOD 22 12.3 PENALTIES IN CASE OF NON-FULFILMENT OF MINIMUM EXPLORATION PROGRAM 22
Appointment of Management Committee. The Members hereby delegate management of the business and operations of the Company, as to matters set forth herein and in Section 3.2, c., (1), to a Management Committee. The Management Committee shall be initially composed of four members, two members each to be appointed by Sport-Xxxxx and Explorer Gear. In the event that Explorer Gear does not close on a Sport-Xxxxx/Explorer Gear Acquisition within 120 days from the Effective Date, the Members agree that the Management Committee shall be composed of five members, three to be appointed by Sport-Xxxxx and two by Explorer Gear. The members of the Management Committee shall serve until replaced by the Member which appointed them. Management Committee members may be removed by the affirmative vote of the Management Committee. Matters to be decided by the Management Committee shall be approved by an affirmative vote of a majority of the members of the Committee. The initial members of the Management Committee shall be Xxxxxx X. Xxxxxx, Xxxxxx X. Xxxxxx, Xxxxx Xxxxxxxxxxx and Xxxxxx Xxx. The Management Committee shall meet no less than on a quarterly basis, pursuant to reasonable notice to all members. Members of the Management Committee may participate in such meetings by telephone. A majority of members (i.e., 3 members) of the Committee present shall constitute a quorum. Unless otherwise provided by law, any action required to be taken or which may be taken at a meeting of the Management Committee may be taken without a meeting if one or more written consents, setting forth the action authorized, shall be signed by each of the members of the Management Committee entitled to vote with respect to the subject matter of thereof and delivered to the Company. Such written consents shall have the same effect as a meeting vote and may be described as such in any document.
Appointment of Management Committee. A. NUMBER, APPOINTMENT AND QUALIFICATIONS. The Company shall initially have five (5) Committee Members. For so long as the following are Members, Outback shall name two (2) Committee Members, FPSH LP shall name one (1) Committee Member, AWA INC shall name one (1) Committee Member, and the fifth Committee Member (the "Wise Man") shall be named by unanimous consent of the other four (4)
Appointment of Management Committee. Section 5.2 of the Agreement shall be deleted in its entirety and replaced with the following:
Appointment of Management Committee. A. NUMBER,
Appointment of Management Committee
