This form is used when Assignor grants, assigns, and conveys to Assignee a percentage of the net profit interest in the Working Interest. The Net Profits Interest is the stated percentage interest in the share of monies payable for gross production attributable to the Working Interest less the costs and expenses attributable to the Working Interest.
Delaware Assignment of Net Profits Interest
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Multi-State
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US-OG-303
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Word;
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FAQ
A net profits interest is an agreement that provides a payout of an operation's net profits to the parties of the agreement.
What Is a Profits Interest? Profits interest refers to an equity right based on the future value of a partnership awarded to an individual for their service to the partnership. The award consists of receiving a percentage of profits from a partnership without having to contribute capital.
In order for a holder of a profits interest to receive any distributions, the LLC must have income and/or appreciation in value in the future.
WHO CAN GRANT A PROFITS INTEREST? A profits interest can be granted by any entity that is treated as a partnership for U.S. Federal income tax purposes. This includes every business entity having two or more owners and not taxable as a corporation.
Profits interest tax treatment There can be additional tax obligations as the interest vests, unless the holder files a timely 83(b) election. The capital interest is also subject to capital gains tax if sold at a later date. A profits interest is not taxable as compensation when granted.
?Catch-Up? Capabilities A catch-up provision typically provides that the holder of a profits interest is allocated the first dollars of income, after income allocations equal to the distribution threshold, until the holder has received allocations so that he or she is ?caught-up? on his or her proportionate interest.