Long-Term Management Incentive Plan. The Company has resolved to establish a long-term management incentive plan, which may be structured as an employee's royalty pool, to be funded by the equivalent of a 1.5% overriding royalty or net profits interest (after pay-out calculated on a well by well basis) (the "Plan"). Upon its establishment, the Employee shall be granted a 10% (ten percent) interest in Plan income attributable to wxxxx drilled on any oil and gas property acquired by the Company prior to the end of the Term or earlier termination of this Agreement, subject to the terms and conditions of the Plan. To the extent less than 100% of the interests in the Plan with respect to a single well have been awarded at the time the well is spudded, Employee shall share pro-rata with the other Plan participants in the excess unawarded amounts.
Long-Term Management Incentive Plan. The Company has resolved to establish a long-term management incentive plan, which may be structured as an employee's royalty pool, to be funded by the equivalent of a 1.5% overriding royalty or equivalent net profits interest (after pay-out calculated on a well by well basis) (the "Plan"). Upon its establishment, the Employee shall be eligible to be granted an in interest in Plan income attributable to wxxxx drilled subsequent to the Ma'anit #1 (no matter when drilled) on any oil and gas property acquired by the Company prior to the end of the Term or earlier termination of this Agreement, subject to the terms and conditions of the Plan. Grant of any interest in the Plan is strictly discretionary by the Company and is based on recommendations of Employee's immediate supervisor (the President of the Company) and the approval of the Plan's management committee and the Board's Compensation Committee.
Long-Term Management Incentive Plan. On establishment, 10% of after payout (on well by well basis) of income to plan attributable to xxxxx drilled on properties acquired during term of employment.
Long-Term Management Incentive Plan. The Company has resolved to establish a long-term management incentive plan, which may be structured as an employee's royalty pool, to be funded by the equivalent of a 1.5% overriding royalty or net profits interest (after pay-out calculated on a well by well basis) (the "Plan"). Subject to its establishment during the term of this Agreement which shall be in the sole discretion of the Company, the Employee shall be granted a 10% (ten percent) interest in Plan income attributable to xxxxx drilled by the Company prior to the end of the Term or earlier termination of this Agreement, subject to the terms and conditions of the Plan. For greater certainty the Company's existing stock plan or any subsequent stock option plan is not considered as a long-term management incentive plan for the purposes of this section 6.
