Procedure to obtain indemnification. In order to obtain indemnification in accordance with this Article 10, a claimant must submit to the Company a request, in writing, that must include all the documentation and information available and necessary to determine if the claimant has such right, and up to what point, to receive indemnification. Upon presentation by the claimant of the written request for indemnification in accordance with the first sentence of this Section 10.3, a decision with respect to the right of the claimant to receive such indemnification, in accordance with the applicable law, will be made as follows: (a) if it is requested by the claimant or if the are no disinterested Directors (such as defined below) or (b) by a majority vote of the disinterested Directors, although a quorum is not reached. If it is determined that the claimant has the right to receive indemnification, payment will be made within 10 days following such determination.
Appears in 4 contracts
Samples: Concession Agreement for Exploration and Exploitation of Hydrocarbons (Infinity Energy Resources, Inc), Concession Agreement for the Exploration and Exploitation of Hydrocarbons (Infinity Energy Resources, Inc), Concession Agreement for the Exploration and Exploitation of Hydrocarbons (Infinity Energy Resources, Inc)
