Common use of Assignment of Overriding Royalty Interest Clause in Contracts

Assignment of Overriding Royalty Interest. Except as otherwise expressly provided in paragraphs 9.4.8 and 9.4.9, Employee shall not be entitled to obtain recordable assignments of his interest under this paragraph 9 until his completion of three years of employment by Company and, except as otherwise expressly provided herein, Employee shall forfeit ownership of such interest if Employee's employment is terminated by Company pursuant to paragraph 3.5 or by Employee without Good Reason as defined in paragraph 3.9, prior to the completion of such three years of employment. Upon completion of three years of employment of Employee by Company, Employee's ownership of interests theretofore or thereafter transferred to him pursuant to this Agreement will no longer be subject to forfeiture, and assignments will be made in accordance with this paragraph 9.4. Subject to the other provisions of this paragraph 9, Employee shall be entitled to the revenue arising from his Overriding Royalty Interest whether or not he is entitled to a recordable assignment. Subject to the foregoing provisions of this paragraph 9.4 and to the provisions of paragraph 9.5, as soon as practicable after the end of each calendar quarter during the term or extended term of this Agreement, Employee shall be entitled to receive recordable assignments of his Overriding Royalty Interest in a lease or leases (or portions thereof) acquired by Company in a Prospect during such calendar quarter. If Employee's employment is terminated by Company pursuant to paragraph 3.5 or by Employee without Good Reason as defined in paragraph 3.9, during any such calendar quarter, Employee shall not be entitled to receive recordable assignments that would otherwise have been due under this paragraph in respect of any lease or leases (or portions thereof) acquired by Company in a Prospect during such calendar quarter or thereafter (and Employee shall not own, be vested with or be entitled to receive the benefits of any Overriding Royalty Interest that would have been granted by such recordable assignments) unless the termination is at the end of the term or extended term of this Agreement. As soon as practicable after the end of each such calendar quarter, Company shall provide Employee with the following:

Assignment of Overriding Royalty Interest. Except Notwithstanding anything stated in this Agreement and Assignment to the contrary, and notwithstanding whether any portion of the NPI is (or is deemed to have been) retained by Assignee under Article I (it being understood, however, that any retained or reserved interest of any part of the NPI is intended only to be a part of, and not in addition to, the ORRI granted herein below), immediately following the assignment of the Re-Conveyed Interests by NOG Royalty under Section 1.1 above but effective as of the Effective Time, Assignor hereby transfers, grants, assigns and conveys to Assignee an overriding royalty interest in and to each of the Leases equal to an undivided four percent of eight-eighths (4% of 8/8ths) (not proportionately reduced) in all Hydrocarbons in, under and that may be produced, saved and sold from or attributable to the Leases (the “ORRI”). The ORRI shall be free of all costs of ownership and operation of the Leases (and of any xxxxx, facilities, fixtures, property or equipment thereon or allocable thereto), and also free of all costs of exploring, operating, developing, producing, treating, compressing, processing, gathering, transporting and marketing the Hydrocarbons produced, saved and sold from or attributable to the Leases, except that the ORRI shall bear its proportionate share of all severance, production, windfall profits and other taxes chargeable against Hydrocarbons produced, saved and sold attributable to the Leases, and except as specified above regarding the cost-free nature of the ORRI and the quantum of non-proportionately reduced interest specified above, the ORRI shall otherwise expressly provided be calculated and paid in paragraphs 9.4.8 and 9.4.9, Employee shall not be entitled to obtain recordable assignments the same manner as the royalty of his interest the Lessor under this paragraph 9 until his completion of three years of employment by Company andthe Leases, except as otherwise expressly provided hereinin subpart (a) below. TO HAVE AND TO HOLD the ORRI, Employee shall forfeit ownership of such interest if Employee's employment together with all and singular the rights, privileges and appurtenances in anywise belonging thereto, unto Assignee, its successors and assigns, forever. It is terminated by Company pursuant to paragraph 3.5 or by Employee without Good Reason as defined understood and agreed that notwithstanding anything contained in paragraph 3.9, prior to the completion of such three years of employment. Upon completion of three years of employment of Employee by Company, Employee's ownership of interests theretofore or thereafter transferred to him pursuant to this Agreement will no longer be subject to forfeiture, and assignments will be made in accordance with this paragraph 9.4. Subject to the other provisions of this paragraph 9, Employee shall be entitled to the revenue arising from his Overriding Royalty Interest whether Assignment or not he is entitled to a recordable assignment. Subject to the foregoing provisions of this paragraph 9.4 and to the provisions of paragraph 9.5, as soon as practicable after the end of each calendar quarter during the term or extended term of this Agreement, Employee shall be entitled to receive recordable assignments of his Overriding Royalty Interest in a lease or leases (or portions thereof) acquired by Company in a Prospect during such calendar quarter. If Employee's employment is terminated by Company pursuant to paragraph 3.5 or by Employee without Good Reason as defined in paragraph 3.9, during any such calendar quarter, Employee shall not be entitled to receive recordable assignments that would otherwise have been due under this paragraph in respect of any lease or leases (or portions thereof) acquired by Company in a Prospect during such calendar quarter or thereafter (and Employee shall not own, be vested with or be entitled to receive the benefits of any Overriding Royalty Interest that would have been granted by such recordable assignments) unless the termination is at the end of the term or extended term of this Agreement. As soon as practicable after the end of each such calendar quarter, Company shall provide Employee with the following:Leases,