7 unchanged sentences
See “Item 1A.
−Removed: Risk Factors — Neither the Trust nor the Trust’s unitholders have the ability to influence VOC Brazos or control the operations or development of the Underlying Properties” in this Form 10-K, and “Item 7.
+Added: Risk Factors — Risks Related to the Structure of the Trust — Neither the Trust nor the Trust’s unitholders have the ability to influence VOC Brazos or control the operations or development of the Underlying Properties” in this Form 10-K, and “Item 7.
Trustee’s Discussion and Analysis of Financial Condition and Results of Operations” for a description of certain risks relating to these arrangements and reliance on information when reported by VOC Brazos to the Trustee and recorded in the Trust’s results of operations.
9 unchanged sentences
Rule 10b5-1 Trading Plans.
−Removed: During the three months ended December 31, 2023, no officer or employee of the Trustee who performs policy-making functions for the Trust adopted, modified, or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as such terms are defined in Item 408(a) of Regulation S-K.
+Added: During the three months ended December 31, 2024, no officer or employee of the Trustee who performs policy-making functions for the Trust adopted, modified, or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as such terms are defined in Item 408(a) of Regulation S-K, with respect to the Trust Units.
Disclosures Regarding Foreign Jurisdictions that Prevent Inspections.
9 unchanged sentences
However, employees of the Trustee must comply with the code of ethics of The Bank of New York Mellon Trust Company, N.A.
+Added: Insider Trading Policy
+Added: Because the Trust has no directors, officers or employees, and because the Trustee does not have the authority under the terms of the Trust Agreement to engage in transactions in the Trust Units on behalf of the Trust, the Trust has not adopted an insider trading policy applicable to such persons or to the Trust itself.
+Added: It is the policy of the Trustee that any transaction in Trust Units by any officer or employee of the Trustee who performs policy-making functions for the Trust must comply with the insider trading policies of The Bank of New York Mellon Corporation, the parent corporation of The Bank of New York Mellon Trust Company, N.A.
Executive Compensation.
13 unchanged sentences
(“RCH GP”), and RCH Black Fund, L.P.
−Removed: (“RCH LP” and, together with Raymond, Advisors and RCH GP, the “Reporting Persons”).
+Added: (“RCH LP” and, together with Raymond, Advisors and RCH GP, the “Reporting
+Added: TABLE OF CONTENTS
The principal business address of the Reporting Persons is 3953 Maple Avenue, Suite 180, Dallas, Texas 75219.
5 unchanged sentences
Not applicable.
−Removed: TABLE OF CONTENTS
Changes in Control.
7 unchanged sentences
The annual fee is payable in equal quarterly installments and increases by 4% each year.
−Removed: For 2021, 2022 and 2023, $136,620 (representing five quarters), $114,330 (representing four quarters) and $118,902 (representing four quarters), respectively, was paid to VOC Brazos as administrative fees.
+Added: For 2022, 2023 and 2024, $114,330, $118,902 and $123,659, respectively, was paid to VOC Brazos as administrative fees.
The administrative services agreement will terminate upon the termination of the net profits interest unless earlier terminated by mutual agreement of the Trustee and VOC Brazos.
8 unchanged sentences
have been sold in a private transaction in which the transferor’s rights under the registration rights agreement are not assigned to the transferee of the Trust Units;
+Added: TABLE OF CONTENTS
become eligible for resale pursuant to Rule 144(k) (or any similar rule then in effect under the Securities Act).
1 unchanged sentence
In connection with the preparation and filing of any registration statement, VOC Brazos will bear all costs and expenses incidental to any registration statement, excluding certain internal expenses of the Trust, which will be borne by the Trustee, and any underwriting discounts and commissions, which will be borne by the seller of the Trust Units.
−Removed: TABLE OF CONTENTS
Principal Accountant Fees and Services.
32 unchanged sentences
Certification filed pursuant to Section 302 of the Sarbanes Oxley Act of 2002
−Removed: Certification furnished pursuant to Section 906 of the Sarbanes Oxley Act of 2002
TABLE OF CONTENTS
+Added: Certification furnished pursuant to Section 906 of the Sarbanes Oxley Act of 2002
VOC Energy Trust Clawback Policy.
+Added: (Incorprated herein by reference to Exhibit 97.1 to the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (File No.
Report of Cawley, Gillespie & Associates, Inc., Petroleum Consultants
13 unchanged sentences
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.