9 unchanged sentences
Pursuant to the lawsuit, the Trustee had sought to recover more than $9 million in damages it alleged resulted from Blackbeard’s failure to properly calculate and pay royalties due and owing to the Trust.
−Removed: Pursuant to the Settlement Agreement, Blackbeard agreed to pay the Trust $9,000,000, of which $4,500,000 was paid to the Trust on September 18, 2025, $1,125,000 was paid in January 2026, and the remainder of which will be paid in three equal installments of $1,125,000 quarterly during the 2026 calendar year.
+Added: Pursuant to the Settlement Agreement, Blackbeard has agreed to pay the Trust $9,000,000, of which $4,500,000 was paid in September 2025, $1,125,000 was paid in each of January 2026, April 2026, and July 2026, and the remainder of which is scheduled to be paid in October 2026, if the Business Combination has not been approved by Unitholders and closed by such date.
+Added: Pursuant to the Business Combination, the Settlement Agreement would be assigned from the Trust to New PBT, and then following other steps in the Business Combination, would expire.
+Added: See “SoftVest Proposals and Business Combination”
+Added: above for additional information.
Additionally, the Settlement Agreement established the overhead rate that may be charged to the Trust and permits Blackbeard to pass through third-party charges for salt water disposal, gathering and transportation, and charge technical labor on reservoir engineers using an agreed allocation methodology against the net overriding royalty.
2 unchanged sentences
The Settlement Agreement also set forth agreed reporting that Blackbeard will provide the Trustee going forward.
−Removed: There are no material pending legal proceedings to which the Trust is a party or of which any of its property is the subject.
−Removed: Risk factors relating to the Trust are contained in Item 1A of the Trust's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
−Removed: Except as set forth in such filing, no material change to such risk factors has occurred during the three months ended March 31, 2026.
−Removed: Items 2 through 4
−Removed: Not applicable.
+Added: Except as described above, there are no material pending legal proceedings to which the Trust is a party or of which any of its property is the subject.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.