Notice of Restrictive Covenants (Non-Compete, Non-Solicitation, and Non-Disclosure) between Sitio Royalties Corp. and Employee
Sitio Royalties Corp. provides this notice to an employee regarding certain restrictions, including non-competition, non-solicitation, and confidentiality obligations, as outlined in the company's Amended & Restated Severance Plan. By signing the Severance Plan Participation Agreement, the employee voluntarily agrees to these restrictions, which may limit future employment opportunities after leaving the company. The employee confirms receipt of the relevant documents and acknowledges understanding and acceptance of these terms, with at least 14 days to review before the restrictions take effect or any related employment changes occur.
Exhibit 10.7
NOTICE OF RESTRICTIVE COVENANTS, INCLUDING COVENANT NOT TO COMPETE
Sitio Royalties Corp., (the “Company”) hereby gives notice to [●] (“Employee”) regarding certain non-competition, non-solicitation, and non-disclosure restrictive covenants (the “Restrictive Covenants”) that are within that certain Amended & Restated Severance Plan and Summary Plan Description effective as of August 6, 2024 (the “Plan”). Should Employee choose to enter into the Severance Plan Participation Agreement made available to Employee (the “Participation Agreement”) and thus become an Eligible Individual (as defined in the Plan), Employee will be choosing to become subject to the Restrictive Covenants.
By signing below, Employee hereby acknowledges and agrees that:
Employee further acknowledges that Employee has received this notice at least 14 days before the earlier of: (i) the effective date of the Restrictive Covenants; or (ii) the effective date of any additional compensation or change in the terms or conditions of employment that provides consideration for the Restrictive Covenants.
Employee further acknowledges and agrees that this notice is clear and conspicuous and that Employee fully understands the Restrictive Covenants that Employee is being asked to enter.
In signing below, Employee acknowledges that this Notice was provided to Employee on [INSERT DATE].
ACKNOWLEDGED AND AGREED BY EMPLOYEE:
[EMPLOYEE NAME]
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