exv10wxyy



 





EXHIBIT 10(Y)


			
	 	 	 
	                  
    Shares
	 	Date of Grant: January 2, 2007          
	 	 	 





RESTRICTED STOCK AWARD




CLIFF VESTING AWARDS




2004 OMNIBUS STOCK AND INCENTIVE PLAN




FOR DENBURY RESOURCES INC.




     RESTRICTED STOCK AWARD (“Award”) made effective January 2, 2007 (“Date of Grant”) between
Denbury Resources Inc. (the “Company”) and                      (“Holder”).



     WHEREAS, the Company desires to grant to the Holder                      Restricted Shares under and for
the purposes of the 2004 Omnibus Stock and Incentive Plan for Denbury Resources Inc. (the “Plan”);



     WHEREAS, in accordance with the provisions of Section 16(d) of the Plan, the Restricted Shares
will be issued by the Company in the Holder’s name and be issued and outstanding for all purposes
(except as provided below or in the Plan) but held by the Company (together with the stock power
set forth below) until such time as such Restricted Shares are Vested by reason of the lapse of the
applicable Restrictions, after which time the Company shall make delivery of the Vested Shares (but
not Retained Vested Shares, as described in Section 5) to Holder; and



     WHEREAS, the Company and Holder understand and agree that this Award is in all respects
subject to the terms, definitions and provisions of the Plan, and all of which are incorporated
herein by reference, except to the extent otherwise expressly provided in this Award.



     NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other
good and valuable consideration, the parties agree as follows:


1. Restricted Share Award. The Company hereby sells, transfers, assigns and delivers to
the Holder an aggregate of                      Restricted Shares (“Award Restricted Shares”) on the terms
and conditions set forth in the Plan and supplemented in this Award, including, without limitation,
the restrictions more specifically set forth in Section 2 below, subject only to Holder’s execution
of this Award agreement.



2. Vesting of Award Restricted Shares. The Restrictions on the Award Restricted Shares
shall lapse (Award Restricted Shares with respect to which Restrictions have lapsed being herein
referred to as “Vested Shares”) and become non-forfeitable on the occurrence of the earliest of the
dates (“Vesting Date”) set forth in (a) through (e) immediately below:




A - 1 









 









	 	(a)	 	March 31, 2010
	 
	 	(b)	 	the date of Holder’s death or Disability;
	 
	 	(c)	 	the date of a Change in Control;
	 
	 	(d)	 	the date of a Post-Separation Change in Control;
	 
	 	(e)	 	the date of Holder’s Separation if such Separation occurs after Holder’s
Retirement Vesting Date.





     For purposes of this Award, the term “Post-Separation Change in Control” means a Change in
Control which follows the Holder’s Separation, but results from the Commencement of a Change in
Control that occurs prior to the Holder’s Separation. For all purposes of this Award, the term
“Commencement of a Change in Control” shall mean the date on which any material action, including
without limitation through a written offer, open-market bid, corporate action, proxy solicitation
or otherwise, is taken by a “person” (as defined in Section 13(d) or Section 14(d)(2) of the 1934
Act), or a “group” (as defined in Section 13(d)(3) of the 1934 Act), or their affiliates, to
commence efforts that, within 12 months after the date of such material action, leads to a Change
in Control as defined in Section 2(h)(2), (3) or (4) of the Plan involving such person, group, or
their affiliates.


3.
Restrictions — Forfeiture of Award Restricted Shares. The Award Restricted Shares are
subject to the Restriction that, except as provided in the following sentence, all rights of Holder
to any Award Restricted Shares which have not become Vested Shares automatically, and without
notice, shall terminate and shall be permanently forfeited on the date of Holder’s Separation. The
exception referred to in the preceeding sentence is that, if there is a Post-Separation Change in
Control, the previously forfeited Award Restricted Shares shall be reinstated as Vested Shares and,
for all purposes of this Award, Holder will be deemed to have Separated on the day after such
Post-Separation Change in Control.



4. Withholding. On the date Award Restricted Shares become Vested Shares, the minimum
withholding required to be made by the Company shall be paid by Holder to the Administrator in
cash, or by delivery of Shares, which Shares may be in whole or in part Vested Shares, based on the
Fair Market Value of such Shares on the date of delivery. The Holder, in his sole discretion, may
direct that the Company withhold at any rate which is in excess of the minimum withholding rate
described in the preceding sentence, but not in excess of the highest incremental tax rate for
Holder, and such additional directed withholding will be made in the same manner as described in
the preceding sentence except that no portion of such additional directed withholding may be paid
in Shares which have not Vested, or which have not been purchased and held by Holder for, at least
six (6) months prior to the date of delivery.



5. Issuance of Shares. Without limitation, Holder shall have all of the rights and
privileges of an owner of the Award Restricted Shares (including voting rights) except


A - 2 









 






 that Holder
shall not be entitled to delivery of the certificates evidencing any of the Shares unless and until
they become Vested Shares, nor shall Holder be entitled to receive Restricted Share Distributions
(i.e. dividends) unless and until Holder is entitled either (i) to receive the certificates for the
related Vested Shares, or (ii) such Award Restricted Shares become Retained Vested Shares, as
defined below. Notwithstanding the foregoing, as soon as reasonably possible after the date Award
Restricted Shares become Vested Shares, the Administrator shall deliver to the Holder two-thirds
(66 2/3%) of such Vested Shares (reduced by the number of Vested Shares delivered to the
Administrator to pay required withholding under Section 4 above), and shall retain the other
one-third (33 1/3%) of the Vested Shares (“Retained Vested Shares”) in escrow until the date of
Holder’s Separation, and as soon as reasonably possible after such Separation, shall deliver all
such Retained Vested Shares to Holder. During the period in which the Company holds the Retained
Vested Shares, Holder is entitled to receive what would be Restricted Share Distributions if Holder
was in possession of such Retained Vested Shares, except Holder shall not be entitled to receive a
Restricted Share Distribution made in the form of Shares, but rather such Shares will be retained
by the Company as additional Retained Vested Shares. 



7. No Transfers Permitted. The rights under this Award are not transferable by the Holder
otherwise than by will or the laws of descent and distribution, and so long as Holder lives, only
Holder or his or her guardian or legal representative shall have the right to receive and retain
Vested Shares.



8. No Right To Continued Employment. Neither the Plan nor this Award shall confer upon
the Holder any right with respect to continuation of employment by the Company, or any right
to provide services to the Company, nor shall they interfere in any way with Holder’s right to
terminate employment, or the Company’s right to terminate Holder’s employment, at any time.



9. Governing Law. without limitation, This Award shall be construed and enforced in
accordance with and governed by the laws of delaware. 



10. Binding Effect. This Award shall inure to the benefit of and be binding upon the
heirs, executors, administrators, successors and assigns of the parties hereto.



11. Severability. If any provision of this Award is declared or found to be illegal,
unenforceable or void, in whole or in part, the remainder of this Award will not be affected by
such declaration or finding and each such provision not so affected will be enforced to the fullest
extent permitted by law.




     IN WITNESS WHEREOF, the Company has caused these presents to be executed on its behalf and its
corporate seal to be affixed hereto by its duly authorized representative and the Holder has
hereunto set his or her hand and seal, all on the day and year first above written.



A - 3 









 





     Dated as of this 2nd day of January, 2007.



	 	 	 	 	 
	 	 	DENBURY RESOURCES INC.

 
	 	By:  	 	 
	 	 	Gareth Roberts 	 
	 	 	President and CEO 	 
	 



	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Phil Rykhoek 	 
	 	 	Sr. VP, CFO and Secretary 	 
	 




A - 4 









 





Assignment Separate From Certificate




     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto Denbury
Resources Inc. the                      Shares subject to this Award, standing in the undersigned’s name on the
books of said Denbury Resources Inc., represented by Certificate No.                      herewith and do hereby
irrevocably constitute and appoint the corporate secretary of Denbury Resources Inc. as attorney to
transfer the said stock on the books of Denbury Resources Inc. with full power of substitution in
the premises.



	 	 	 	 	 	 	 	 	 
	 

	 	Dated	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Holder






ACKNOWLEDGMENT




     The undersigned hereby acknowledges (i) my receipt of this Award, (ii) my opportunity to
review the Plan, (iii) my opportunity to discuss this Award with a representative of the Company,
and my personal advisors, to the extent I deem necessary or appropriate, (iv) my understanding of
the terms and provisions of the Award and the Plan, and (v) my understanding that, by my signature
below, I am agreeing to be bound by all of the terms and provisions of this Award and the Plan.



     Without limitation, I agree to accept as binding, conclusive and final all decisions or
interpretations (including, without limitation, all interpretations of the meaning of provisions of
the Plan, or Award, or both) of the Administrator upon any questions arising under the Plan, or
this Award, or both.



     Dated as of this                      day of                     , 200___.



	 	 	 
	 

	 	 
	 

	 	Holder





A - 5