Overriding Royalty Interest. The Executive shall be assigned an Overriding Royalty Interest (“ORRI”) or a carried working interest if any ORRI is not able to be assigned to be held in perpetuity from either the Company or its subsidiaries equal to 5.0% in any and all successfully drilled and completed oil and/or gas w▇▇▇▇ after March 1, 2024, including but not limited to new drills, fracking / re-fracking, re-entry, workover, or re-completion procedures, in addition to any and all externally purchased oil and gas mineral leases, well bores, and existing production either via direct purchases by the Company or its subsidiaries or through mergers and acquisitions by the Company or its subsidiaries during the Term. For avoidance of doubt, any existing producing w▇▇▇▇ as of March 1, 2024 shall be excluded from the ORRI unless the Company engages in further fracking / re-fracking, re-entry, workover, or re-completion procedures. The Executive may elect to have the O▇▇▇▇ assigned either in the Executive’s name or an entity selected by the Executive. The Executive may specify, either in the division order or through the midstream carrier, to have the monthly proceeds from the assigned O▇▇▇▇ to be sent directly to the bank account of the Executive or his selected entity. Other commodities in addition to oil and gas shall be included in the above provisions in the event the Company enters into that line of business. Additionally, if the Company enters into crude oil or other commodity trading business, the Executive shall be eligible for a 5% interest on any net operating income realized by the Company from any such commodity trading businesses, which interest shall apply separately as to each such commodity trading business in the case of multiple commodity trading businesses.
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Sources: Employment Agreement (White River Energy Corp.), Employment Agreement (White River Energy Corp.)