Minimum Company Working Interest Ownership Level Sample Clauses

Minimum Company Working Interest Ownership Level. If the combined interests in a specific Program Well to be assigned or allocated by the Company to the Executive and Mx. Xxxxxx X. McClendon under their respective employment agreements causes the Company’s working interest (determined after consideration of any carried or reversionary interests) on the spud date for such Program Well to be less than twelve and one-half percent (12.5%) on an eight-eighths (8/8ths) basis, then the Acquisition Percentage for that Program Well will be equal to zero for purposes of paragraph 3.2.2 of this Agreement. If this paragraph 3.2.3 prohibits the Executive’s participation in a Program Well, then Mx. XxXxxxxxx will also not be entitled to participate in such Program Well under his employment agreement.
Sample 1
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