Selection of Successor. Upon resignation or removal of OPERATOR, a successor OPERATOR shall be selected by an affirmative vote of two (2) or more PARTIES having a combined WORKING INTEREST of fifty-one percent (51%) or more; however, if the removed or resigned OPERATOR fails to vote or votes only to succeed itself, the successor OPERATOR shall be selected by an affirmative vote of the PARTIES having a combined WORKING INTEREST of fifty-one percent (51%) or more of the remaining WORKING INTEREST after excluding the WORKING INTEREST of the removed or resigned OPERATOR.
Selection of Successor. Upon resignation or removal of Operator, a successor Operator shall be selected from among the Parties by an affirmative vote of one (1) or more Parties having a combined Working Interest of fifty percent (50%) or more. If the resigned or removed Operator is not entitled to vote, fails to vote, or votes only to succeed itself, then the successor Operator shall be selected by the affirmative vote of the Parties owning a combined Working Interest of fifty percent (50%) or more of the remaining Working Interest after excluding the Working Interest of the resigned or removed Operator. If the Operator assigns all or a part of its Working Interest, then under Article 4.3 (Resignation of Operator) or Article 4.4. (c), the Party who acquired all or a part of the former Operator's Working Interest shall not be excluded from voting for a successor Operator. If there are only two Parties to this Agreement when the Operator resigns or is removed, then the Nonoperator automatically has the right, but not the obligation, to become the Operator. If no Party is willing to become the Operator, this Agreement shall terminate under Article 27.1 (Term).
Selection of Successor. Upon any CEO of the Company ceasing to hold the office of CEO, his or her successor shall be selected by the Board of Directors of the Company (“Board”), upon recommendation from the Nominating & Governance Committee of the Board. The Nominating & Governance Committee may seek input from the CEO Nominating Commission (as constituted pursuant to Section 1.2 below) in identifying potential CEO candidates.
Selection of Successor. 4. 4.5 Delivery of Property . . . . . . . . . . . . . . . . . . . . . . .4.
Selection of Successor. Upon resignation or removal of OPERATOR, a successor OPERATOR shall be selected by an affirmative vote of two
Selection of Successor. Upon the resignation or removal of Operator, a successor Operator shall be selected by an affirmative vote of two (2) or more Parties having a cumulative Working Interest of fifty percent (50%) or more; however, if the removed or resigned Operator fails to vote or votes only to succeed itself, the successor Operator shall be selected by an affirmative vote of one (1) or more Parties having a cumulative Working Interest of fifty percent (50%) or more after excluding the Working Interest of the removed or resigned Operator. This requirement of "two (2) or more Parties" will be deleted if less than three voting parties exist. All provisions of this Agreement pertaining to Operator shall also apply to any successor Operator.
Selection of Successor. Upon the resignation, or removal of a Unit Operator, a sucessor Unit Operator shall be selected by Working Interest Owners in the manner prescribed in Section 8 of the Unit Agreement.
Selection of Successor. Upon the resignation or removal of Unit Operator under any provision of this Agreement or the Unit Agreement, a successor Unit Operator shall be selected by the Approval of the Parties; provided, however, if a Unit Operator that has been removed or is deemed to have resigned owning a Committed Working Interest fails to vote or votes only to succeed itself, then the successor Unit Operator shall be selected by the Approval of the Parties after excluding the voting interest of the Unit Operator that was removed or deemed to have resigned. The selection of the successor Unit Operator shall become effective upon compliance with the requirements of Section 6 of the Unit Agreement.
Selection of Successor. Upon any CEO of the Company ceasing to hold the office of CEO as determined according to the terms of the Voting Agreement, his or her successor shall be selected by means of the following procedures, which shall be conducted as expeditiously as possible as soon as the occasion shall arise:
(a) The Management Committee of the Partners (as constituted pursuant to Section 2.1 hereof), by vote of a majority of its members, shall slate six Partners for election of three of them to a "CEO Nominating Committee," to consist of three Partners;
(b) The Partners shall vote on the six nominees, and the three receiving the highest number of votes shall constitute the CEO Nominating Committee;
(c) The CEO Nominating Committee, by vote of a majority of its members, shall select a Partner as its nominee (who may, if said committee so desires, be the incumbent CEO) and shall propose such nominee to the Partners;
(d) The Partners, by the affirmative vote of a simple majority of the Partners, may approve the nominee who shall thereby become the holder of the proxy granted under the Voting Agreement; however, if they shall fail to approve the nominee, the entire procedure set forth in this Section 1.1 shall be repeated, beginning with the slating and election of a new CEO Nominating Committee;
(e) The nominee shall be submitted to the Board of Directors of the Company (the "Board of Directors"), which shall vote on his or her election as CEO. The Board of Directors shall only consider nominations for CEO pursuant to the procedures provided in this Section 1.
1. It is intended and understood that each person selected under the foregoing procedures to be the successor CEO shall become the successor holder of the proxy granted under the Voting Agreement; and
(f) The CEO of the Company, and each successor CEO, shall also be submitted to the Board of Directors of each Affiliate (as defined in this Section), which shall vote on his or her election as CEO of the Affiliate (or such other position of comparable authority). The CEO of each Affiliate shall be deemed to have resigned from that position upon his or her resignation or removal as the CEO of the Company. For purposes of this Agreement, the term "Affiliate" shall mean any affiliate, subsidiary, or parent of, or any other entity controlling, controlled by, or under common control of, the Company.
Selection of Successor. 15 4.6 EFFECTIVE DATE OF RESIGNATION OR REMOVAL .............................16 4.7
