Common use of Operating Committee Clause in Contracts

Operating Committee. Composition and duties The Operating Committee, management and decision-making body of the Consortium, is composed of representatives of the Manager, the Operator, and other Consortium Members. The Operating Committee shall be composed of one (1) full member of each Consortium Member. Each full member may be replaced by one (1) alternate member. Any Consortium Member may appoint or replace their regular and alternate representatives in the Operating Committee at any time. Each full member shall have the right to be escorted by consultants in any Operating Committee meeting. The Operating Committee shall be chaired by the representative of the Manager. The Manager’s performance in the Operating Committee shall be guided by the principles of legality, morality, reasonability, proportionality, economy, efficiency, and impersonality, pursuant to the Best Practices of the Oil Industry. Acts performed by the Manager that affect the Contractors’ rights shall be grounded. The Operating Committee shall be responsible for: resolving upon the issues listed in the Table of Competences and Resolutions; ensuring full compliance of the clauses of this Agreement; supervising Operations performed; resolving upon plans, programs, reports, projects, and other matters required for the performance of the Operations subject matter of this Agreement. ensuring compliance with the Local Content contracted, pursuant to Section Twenty-Five, in addition to the provisions in the subsequent paragraphs and in Annex IX. Expenditures approved by the Operating Committee shall be recognized as Cost Oil, according to Section IV of Annex VII to this Agreement, except for events expressly provided for in this Agreement or made explicit by the Manager in the Operating Committee. Deadline for creation The Operating Committee shall be created by the Consortium Members within sixty (60) days of the date of execution of this Agreement. The Operating Committee shall be considered created after its first meeting. Failure to create the Operating Committee within the term established shall not entail extension of the terms established in this Agreement. Meetings The Operating Committee shall meet on an ordinary basis on the date, time, and place established in the Internal Regulation of the Operating Committee. Frequency of meetings shall be defined in the Internal Regulation of the Operating Committee. Extraordinary meetings may be requested at any time by any Consortium Member, notifying the chairman of the Operating Committee pursuant to the Internal Regulation of the Operating Committee. Discussions and resolutions made in the Operating Committee meetings shall be recorded in minutes and in voting records and signed by the full members present at the meeting or their respective alternates, when acting as full members, under the Internal Regulation of the Operating Committee. The meeting minutes and voting records shall be kept by the Operating Committee during the effectiveness of the Agreement. When the Agreement is terminated, the collection of meeting minutes and voting records shall be submitted to the Manager. At the meetings, the chairman of the Operating Committee is responsible for, among other duties: setting the agenda, calling, and preparing and distributing the schedule of the meetings; coordinating and guiding the meetings; coordinating, when applicable, the postal votes set forth in paragraphs Error: Reference source not found to 1.29. The Operator shall be responsible for appointing one executive secretary, without voting right, with the following duties, among others: prepare the meeting minutes and voting records; prepare and distribute the draft meeting minutes; consolidate the meeting minutes after receiving comments; prepare the voting record; provide copies of the meeting minutes and voting record to the members of the Operating Committee.

Operating Committee. Composition and duties The Operating Committee, management and decision-making body of the Consortium, is composed of representatives of the Manager, the Operator, and other Consortium Members. The Operating Committee shall be composed of one (1) full member of each Consortium Member. Each full member may be replaced by one (1) alternate member. Any Consortium Member may appoint or replace their regular and alternate representatives in the Operating Committee at any time. Each full member shall have the right to be escorted by consultants in any Operating Committee meeting. The Operating Committee shall be chaired by the representative of the Manager’s representative. The Manager’s performance in the Operating Committee shall be guided by the principles of legality, morality, reasonability, proportionality, economy, efficiency, and impersonality, pursuant to the Best Practices of the Oil Industry. Acts performed by the Manager that affect the ContractorsContracted Parties’ rights shall be groundedjustified. The Operating Committee shall be responsible for: resolving upon the issues listed in the Table of Competences and Resolutions; ensuring full compliance of with the clauses of this Agreement; supervising the Operations performed; resolving upon plans, programs, reports, projects, and other matters required for the performance of the Operations subject matter of this Agreement. ; ensuring compliance with the Local Content contracted, pursuant to Section Twenty-FiveFour of this Agreement, in addition to the provisions in the subsequent paragraphs and in Annex IX. Expenditures approved by the Operating Committee shall be recognized as Cost Oil, according to Section IV of Annex VII to this Agreement, except for events expressly provided for in this Agreement or made explicit by the Manager in the Operating Committee. Deadline for creation establishment The Operating Committee shall be created installed by the Consortium Members within for a period of uo to sixty (60) days of after the date of execution of this Agreement. Agreement The Operating Committee shall be considered created established after its first meeting. Failure to create establish the Operating Committee within the term established shall not entail extension of the terms established deadlines set forth in this Agreement. Meetings The Operating Committee shall meet on an ordinary basis on the date, time, and place established in the Internal Regulation of the Operating Committee. Frequency of meetings shall be defined in the Internal Regulation of the Operating Committee. Extraordinary meetings may be requested at any time by any Consortium Member, notifying the chairman of the Operating Committee pursuant to the Internal Regulation of the Operating Committee. Discussions and resolutions made in the Operating Committee meetings shall be recorded in minutes and in voting records and signed by the full members present at the meeting or their respective alternates, when acting as full members, under the Internal Regulation of the Operating Committee. The meeting minutes and voting records shall be kept by the Operating Committee during the effectiveness of the Agreement. When the Agreement is terminated, the collection of meeting minutes and voting records shall be submitted to the Manager. At the meetings, the chairman of the Operating Committee is responsible for, among other duties: setting the agenda, calling, and preparing and distributing the schedule of the meetings; coordinating and guiding the meetings; coordinating, when applicable, the postal votes set forth in paragraphs Error: Reference source not found to 1.29. The Operator shall be responsible for appointing one executive secretary, without voting right, with the following duties, among others: prepare the meeting minutes and voting records; prepare and distribute the draft meeting minutes; consolidate the meeting minutes after receiving comments; prepare the voting record; provide copies of the meeting minutes and voting record to the members of the Operating Committee.

Operating Committee. Composition and duties The Operating Committee, management and decision-making body of the Consortium, is composed of representatives of the Manager, the Operator, and other Consortium Members. The Operating Committee shall be composed of one (1) full member of each Consortium Member. Each full member may be replaced by one (1) alternate member. Any Consortium Member may appoint or replace their regular and alternate representatives in the Operating Committee at any time. Each full member shall have the right to be escorted by consultants in any Operating Committee meeting. The Operating Committee shall be chaired by the representative of the Manager’s representative. The Manager’s performance in the Operating Committee shall be guided by the principles of legality, morality, reasonability, proportionality, economy, efficiency, and impersonality, pursuant to the Best Practices of the Oil Industry. Acts performed by the Manager that affect the ContractorsContracted Parties’ rights shall be groundedjustified. The Operating Committee shall be responsible for: resolving upon the issues listed in the Table of Competences and Resolutions; ensuring full compliance of with the clauses sections of this Agreement; supervising the Operations performed; resolving upon plans, programs, reports, projects, and other matters required for the performance of the Operations subject matter of this Agreement. ; ensuring compliance with the Local Content contracted, pursuant to Section Twenty-FiveTwo of this Agreement, in addition to the provisions in the subsequent paragraphs and in Annex IXIV. Expenditures approved by the Operating Committee shall be recognized as Cost Oil, according to Section IV of Annex VII V to this Agreement, except for events expressly provided for in this Agreement or made explicit by the Manager in the Operating Committee. Deadline for creation establishment The Operating Committee shall be created installed by the Consortium Members within for a period of up to sixty (60) days of after the date of execution of this Agreement. The Operating Committee shall be considered created established after its first meeting. Failure to create establish the Operating Committee within the term established shall not entail extension of the terms established deadlines set forth in this Agreement. Meetings The Operating Committee shall meet on an ordinary basis on the date, time, and place established in the Internal Regulation of the Operating Committee. Frequency of meetings shall be defined in the Internal Regulation of the Operating Committee. Extraordinary meetings may be requested at any time by any Consortium Member, notifying the chairman of the Operating Committee pursuant to the Internal Regulation of the Operating Committee. Discussions and resolutions made in the Operating Committee meetings shall be recorded in minutes and in voting records and signed by the full members present at the meeting or their respective alternates, when acting as full members, under the Internal Regulation of the Operating Committee. The meeting minutes and voting records shall be kept by the Operating Committee during the effectiveness of the Agreement. When the Agreement is terminated, the collection of meeting minutes and voting records shall be submitted to the Manager. At the meetings, the chairman of the Operating Committee is responsible for, among other duties: setting the agenda, calling, and preparing and distributing the schedule of the meetings; coordinating and guiding the meetings; coordinating, when applicable, the postal votes set forth in paragraphs Error: Reference source not found to 1.29. The Operator shall be responsible for appointing one executive secretary, without voting right, with the following duties, among others: prepare the meeting minutes and voting records; prepare and distribute the draft meeting minutes; consolidate the meeting minutes after receiving comments; prepare the voting record; provide copies of the meeting minutes and voting record to the members of the Operating Committee.

Operating Committee. Composition and duties The Operating Committee, management and decision-making body of the Consortium, is composed of representatives of the Manager, the Operator, and other Consortium Members. The Operating Committee shall be composed of one (1) full member of each Consortium Member. Each full member may be replaced by one (1) alternate member. Any Consortium Member may appoint or replace their regular and alternate representatives in the Operating Committee at any time. Each full member shall have the right to be escorted by consultants in any Operating Committee meeting. The Operating Committee shall be chaired by the representative of the Manager. The Manager’s performance in the Operating Committee shall be guided by responsible for ensuring full compliance with the principles sections of legalitythis Agreement and to supervise the Operations, morality, reasonability, proportionality, economy, efficiency, in addition to resolving upon the matters listed on the Table of Competences and impersonality, pursuant to the Best Practices of the Oil Industry. Acts performed by the Manager that affect the Contractors’ rights shall be groundedResolutions. The Operating Committee shall be responsible for: resolving upon the issues listed in the Table of Competences and Resolutions; ensuring full compliance of the clauses of this Agreement; supervising Operations performed; responsible, under paragraph Erro! Fonte de referência não encontrada., for resolving upon plans, programs, reports, projects, and other matters required for the performance development of the Operations subject matter of this Agreement. The Operating Committee shall be responsible, without prejudice to the competences provided for in paragraphs Erro! Fonte de referência não encontrada. and Erro! Fonte de referência não encontrada., for ensuring compliance with the Local Content contracted, pursuant to Section Twenty-Five, in addition to the provisions in the subsequent paragraphs and in Annex IX. Expenditures approved by the Operating Committee shall be recognized as Cost Oil, according to Section IV of Annex VII to this Agreement, except for events expressly provided for in this Agreement or made explicit by the Manager in the Operating Committee. The Manager’s performance in the Operating Committee shall be guided by the principles of legality, morality, reasonability, proportionality, economy, efficiency, and impersonality, pursuant to the Best Practices of the Oil Industry. Acts performed by the Manager that affect the Contractors’ rights shall be duly grounded. Deadline for creation The Operating Committee shall be created by the Consortium Members within sixty (60) days of the date of execution of this Agreement. The Operating Committee shall be considered created after its first meeting. Failure to create the Operating Committee within the term established shall not entail extension of the terms established in this Agreement. Meetings The Operating Committee shall meet on an ordinary basis on the date, time, and place established in the Internal Regulation of the Operating Committee. Frequency of meetings shall be defined in the Internal Regulation of the Operating Committee. Extraordinary meetings may be requested at any time by any Consortium Member, notifying the chairman of the Operating Committee pursuant to the Internal Regulation of the Operating Committee. Discussions and resolutions made in the Operating Committee meetings shall be recorded in minutes and in voting records and signed by the full members present at the meeting or their respective alternates, when acting as full members, under the Internal Regulation of the Operating Committee. The meeting minutes and voting records shall be kept by the Operating Committee during the effectiveness of the Agreement. When the Agreement is terminated, the collection of meeting minutes and voting records shall be submitted to the Manager. At the meetings, the chairman of the Operating Committee is responsible for, among other duties: setting the agenda, calling, and preparing and distributing the schedule of the meetings; coordinating and guiding the meetings; coordinating, when applicable, the postal votes set forth in paragraphs Error: Reference source not found to 1.29. The Operator shall be responsible for appointing one executive secretary, without voting right, with the following duties, among others: prepare the meeting minutes and voting records; prepare and distribute the draft meeting minutes; consolidate the meeting minutes after receiving comments; prepare the voting record; provide copies of the meeting minutes and voting record to the members of the Operating Committee.

Operating Committee. Composition and duties The Operating Committee, management and decision-making body of the Consortium, is composed of representatives of the Manager, the Operator, and other Consortium Members. The Operating Committee shall be composed of one (1) full member of each Consortium Member. Each full member may be replaced by one (1) alternate member. Any Consortium Member may appoint or replace their regular and alternate representatives in the Operating Committee at any time. Each full member shall have the right to be escorted by consultants in any Operating Committee meeting. The Operating Committee shall be chaired by the representative of the Manager. The Manager’s performance in the Operating Committee shall be guided by the principles of legality, morality, reasonability, proportionality, economy, efficiency, and impersonality, pursuant to the Best Practices of the Oil Industry. Acts performed by the Manager that affect the Contractors’ rights shall be grounded. The Operating Committee shall be responsible for: resolving upon the issues listed in the Table of Competences and Resolutions; ensuring full compliance of the clauses of this Agreement; supervising Operations performed; resolving upon plans, programs, reports, projects, and other matters required for the performance of the Operations subject matter of this Agreement. ensuring compliance with the Local Content contracted, pursuant to Section Twenty-Five, in addition to the provisions in the subsequent paragraphs and in Annex IX. Expenditures approved by the Operating Committee shall be recognized as Cost Oil, according to Section IV of Annex VII to this Agreement, except for events expressly provided for in this Agreement or made explicit by the Manager in the Operating Committee. Deadline for creation The Operating Committee shall be created by the Consortium Members within sixty (60) days of the date of execution of this Agreement. The Operating Committee shall be considered created after its first meeting. Failure to create the Operating Committee within the term established shall not entail extension of the terms established in this Agreement. Meetings The Operating Committee shall meet on an ordinary basis on the date, time, and place established in the Internal Regulation of the Operating Committee. Frequency of meetings shall be defined in the Internal Regulation of the Operating Committee. Extraordinary meetings may be requested at any time by any Consortium Member, notifying the chairman of the Operating Committee pursuant to the Internal Regulation of the Operating Committee. Discussions and resolutions made in the Operating Committee meetings shall be recorded in minutes and in voting records and signed by the full members present at the meeting or their respective alternates, when acting as full members, under the Internal Regulation of the Operating Committee. The meeting minutes and voting records shall be kept by the Operating Committee during the effectiveness of the Agreement. When the Agreement is terminated, the collection of meeting minutes and voting records shall be submitted to the Manager. At the meetings, the chairman of the Operating Committee is responsible for, among other duties: setting the agenda, calling, and preparing and distributing the schedule of the meetings; coordinating and guiding the meetings; coordinating, when applicable, the postal votes set forth in paragraphs Error: Reference source not found Erro! Fonte de referência não encontrada. to 1.29. The Operator shall be responsible for appointing one executive secretary, without voting right, with the following duties, among others: prepare the meeting minutes and voting records; prepare and distribute the draft meeting minutes; consolidate the meeting minutes after receiving comments; prepare the voting record; provide copies of the meeting minutes and voting record to the members of the Operating Committee.