exv10wxzy



 






Exhibit 10(z)




			
	 	 	 
	                    Shares
	 	Date of Grant:                     






RESTRICTED STOCK AWARD




CLIFF VESTING AWARDS




2004 OMNIBUS STOCK AND INCENTIVE PLAN




FOR DENBURY RESOURCES INC.




     RESTRICTED STOCK AWARD (“Award”) made effective ___(“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 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 (d) immediately below:





	 	(a)	 	the date of the 4th Anniversary of the Date of Grant;
	 
	 	(b)	 	the date of Holder’s death or Disability;




A-1









 






	 	(c)	 	the date of a Change in Control;
	 
	 	(d)	 	the date of Holder’s Separation if such Separation occurs after Holder’s
Retirement Vesting Date.




3. Termination of Award If the Holder Separates at any time prior to the Vesting Date,
this Award expires, and the Holder’s right to receive all or any part of the Award is permanently
forfeited on such date of Separation.



4. Withholding. On the earlier of (i) the date that Award Restricted Shares become
Vested Shares and (ii) Holder’s Retirement Vesting Date (which will be the date on which all then
unvested Award Restricted Shares will be considered fully Vested for income tax purposes, and,
solely for purposes of this Section 4, the number of such Award Restricted Shares which such Holder
elects to deliver to the Company to satisfy the minimum tax withholding will be considered 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.



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 that Holder
shall not be entitled to either delivery of the certificates evidencing any of the Award Restricted
Shares, or to Restricted Share Distributions (i.e. dividends), unless and until such Award
Restricted Shares become Vested Shares. As soon as reasonably possible following the date Award
Restricted Shares become Vested Shares, the Administrator shall issue the certificates evidencing
Vested Shares to the Holder, reduced by the number of Vested Shares (if any) delivered to the
Administrator to pay required withholding under Section 4 above.



6. 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.



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



8. 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.



9. 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.




A-2









 








     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.



     Dated as of this                      day of                    , 200                    .



	 	 	 	 	 
	 	 	DENBURY RESOURCES INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	     Gareth Roberts
	 

	 	 	 	     President and CEO
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	     Phil Rykhoek
	 

	 	 	 	     Sr. Vice President and CFO






A-3









 






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., 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-4