MorMeg Reversionary Interest Sample Clauses

MorMeg Reversionary Interest. For the purposes of this provision, the Company shall have three (3) years from the execution date of its option to purchase the Phase II Working Interest to spend $3 million of Capital Expenditures associated with Phase II (the “Phase II Reversionary Interest Term”). (i) MorMeg shall earn a Reversionary Interest in Phase II at the end of the Phase II Reversionary Interest Term, if applicable. The Max Amount shall equal a 15% 8/8ths working interest. The Max Amount shall be reduced 0.5% 8/8ths for every $100,000 of Capital Expenditures (the “Phase II Reduction Amount”) the Company spends associated with Phase II during the Phase II Reversionary Interest Term. The Reversionary Interest shall equal the Max Amount minus the Phase II Reduction Amount. Per this equation, the Reversionary Interest shall equal 0.0% if the Company’s cumulative Capital Expenditures is equal to or exceeds $3 million at the time of expiration of the Phase II Reversionary Interest Term. No additional working interest will be assigned to MorMeg if the Reversionary Interest is equal to 0.0%. (ii) Solely for purposes of illustrating the foregoing by example, assume that the Company invests $2 million of Capital Expenditures in the Project prior to the expiration of the Phase II Reversionary Interest Term. At the expiration of the Phase II Reversionary Interest Term, the Reversionary Interest shall be calculated as follows: $2 million CAPEX/$100,000 = 20; 20 x 0.50% = 10.0% 8/8ths Phase II Reduction Amount. The Reversionary Interest shall equal 5.0% in this example. 15.0% (Max Amount) minus 10.0% (Phase II Reduction Amount) = 5.0% Reversionary Interest assigned to MorMeg).
Sample 1
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Related to MorMeg Reversionary Interest

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