Over Riding Royalty Interests Clause Samples
Over Riding Royalty Interests. The Executive has received as compensation a 1% overriding royalty interest (“ORRI”) on all ▇▇▇▇▇ and leases acquired by the Company prior to the date hereof other than the Church Field as contemplated by the Previous Agreement and the Original Agreement. The Executive shall not be entitled to receive additional ▇▇▇▇▇ under this Agreement.
Over Riding Royalty Interests. The Executive will receive a 1% overriding royalty interest (“ORRI”) on all ▇▇▇▇▇ and leases acquired by the Company during the Employment Period. The ORRI will be assigned to the Executive or an entity chosen by the Executive free and clear of all liens, and the Company will have no interests in the ORRI once assigned.
Over Riding Royalty Interests. The Executive will receive a 1% overriding royalty interest (“ORRI”) on all ▇▇▇▇▇ and leases acquired by the Company during the Employment Period. The ORRI will be assigned to the Executive or an entity chosen by the Executive free and clear of all liens, and the Company will have no interests in the ORRI once assigned. Executive hereby waives his right to receive an ORRI in the ▇▇▇▇▇ and leases acquired by the Company effective October 1, 2009 (known as the Church properties) and effective December 1, 2009 (known as the ▇▇▇▇▇ properties); provided, that if the Company repurchases such properties after the date hereof the Executive shall be entitled to the ORRI.
Over Riding Royalty Interests. One Percent (1%) overriding royalty interest (‘ORRI’) on all acquired leases, ▇▇▇▇▇, and properties (sourced by the Executive and board approved) will be assigned to the Executive or an entity chosen by the Executive upon the acquisition and/or development of the leases, ▇▇▇▇▇ or properties. The Company will assign the ORRI free and clear of any liens and interests and the Company will no longer have any economic or legal interests in the assigned ORRI (‘s).