Document:

exv4w1

 

Exhibit 4.1

FIRST SUPPLEMENTAL INDENTURE

     FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of April 3,
2007, among, DENBURY RESOURCES INC., a Delaware corporation (the “Company”), the subsidiary
guarantors (the “Subsidiary Guarantors”) parties to the Indenture (as defined below), and
THE BANK OF NEW YORK TRUST COMPANY, N.A., as successor in interest to JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION, as trustee under the Indenture (the “Trustee”).

W I T N E S S E T H :

     WHEREAS the Company, the Subsidiary Guarantors and the Trustee have heretofore executed and
delivered an indenture (the “Indenture”) dated as of December 7, 2005, providing for the
issuance of 71/2% Senior Subordinated Notes Due 2015 (the “Securities”);

     WHEREAS on December 21, 2005 (the “Original Issue Date”), the Company issued
$150,000,000 aggregate principal amount of Securities in accordance with the terms of the
Indenture;

     WHEREAS Section 2.13 of the Indenture provides the Company shall be entitled, subject to its
compliance with Section 4.03 of the Indenture, to issue additional Securities under the Indenture
which shall have identical terms as the Securities issued on the Original Issue Date, other than
with respect to the date of issuance and issue price, and which shall be treated as a single class
for all purposes under the Indenture as the Securities issued on the Original Issue Date; and

     WHEREAS the Trustee, the Company and the Subsidiary Guarantors desire to enter into this
Supplemental Indenture in order to effect the issuance of $150,000,000 aggregate principal amount
additional Securities (the “Additional Securities”);

     NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Company, the Subsidiary Guarantors
and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the
Additional Securities as follows:

     1. Definitions. (a) Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture.

     (b) For all purposes of this Supplemental Indenture, except as otherwise herein expressly
provided or unless the context otherwise requires: (i) the terms and expressions used herein shall
have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) the
words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental
Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

 

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     2. Agreement to Issue. On the date hereof, upon receipt of a written order of the
Company signed by two Officers of the Company (a “Company Order”), the Trustee shall
authenticate and deliver the Additional Securities as specified in such Company Order;
provided that, the Trustee shall be entitled to receive an Officers’ Certificate and an
Opinion of Counsel of the Company that it may reasonably request in connection with such
authentication of the Additional Securities. Such Company Order shall specify the aggregate
principal amount of Additional Securities to be authenticated and the date on which the issue of
the Additional Securities is to be authenticated, and shall certify that such issuance is in
compliance with Section 4.03 of the Indenture.

     3. Additional Securities under the Indenture. The parties hereto agree that the
Additional Securities constitute “Additional Securities” as such term is defined in the Indenture.

     4. Conditions Deemed Met. The conditions set forth in the second paragraph of Section
2.13 of the Indenture are deemed met.

     5. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as
expressly supplemented hereby, the Indenture is in all respects ratified and confirmed and all the
terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder of Additional
Securities shall be bound hereby.

     6. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     7. Trustee Makes No Representation. The Trustee makes no representation as to the
validity or sufficiency of this Supplemental Indenture.

     8. Counterparts. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement.

     9. Effect of Headings. The Section headings herein are for convenience only and shall
not effect the construction thereof.

 

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     IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture to be duly executed as
of the date first written above.

	 	 	 	 	 
	 	DENBURY RESOURCES INC.,

 	 
	 	By:  	/s/ Phil Rykhoek
 	 
	 	 	Name:  	Phil Rykhoek 	 
	 	 	Title:  	Chief Financial Officer
and Secretary 	 
	 
	 	SUBSIDIARY GUARANTORS:

DENBURY ONSHORE, L.L.C.,

 	 
	 	By:  	/s/ Phil Rykhoek
 	 
	 	 	Name:  	Phil Rykhoek 	 
	 	 	Title:  	Chief Financial Officer
and Secretary 	 
	 
	 	DENBURY GATHERING & MARKETING, INC.,

 	 
	 	By:  	/s/ Phil Rykhoek
 	 
	 	 	Name:  	Phil Rykhoek 	 
	 	 	Title:  	Chief Financial Officer
and Secretary 	 
	 
	 	DENBURY OPERATING COMPANY,

 	 
	 	By:  	/s/ Phil Rykhoek
 	 
	 	 	Name:  	Phil Rykhoek 	 
	 	 	Title:  	Chief Financial Officer
and Secretary 	 
	 
	 	DENBURY MARINE, L.L.C.,

 	 
	 	By:  	/s/ Phil Rykhoek
 	 
	 	 	Name:  	Phil Rykhoek 	 
	 	 	Title:  	Chief Financial Officer
and Secretary 	 

 

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	 	TUSCALOOSA ROYALTY FUND LLC,

 	 
	 	By:  	Denbury Operating Company,
 	 
	 	 	its sole member 	 
	 	 	 	 

	 	 	 	 	 
	 	By:  	                                    /s/ Phil Rykhoek
 	 
	 	 	Name:  	Phil Rykhoek 	 
	 	 	Title:  	Chief Financial Officer
and Secretary 	 

 

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	 	TRUSTEE:

THE BANK OF NEW YORK TRUST COMPANY, N.A.

 	 
	 	By:  	/s/ Mauri J. Cowen
 	 
	 	 	Name:  	Mauri J. Cowen 	 
	 	 	Title:  	Vice Presidentexv10w1

 

EXHIBIT 10.1

March 29, 2007

Mr. Peter J. Bocian

1024 Whispering Pines Lane

Dayton, OH 45458

Dear Pete:

I am pleased to offer you the position of executive vice president and cfo designate reporting to
me at Starbucks Corporation, subject to approval by the Board of Directors. As a new partner, you
have the opportunity to help create a legacy through your valuable contributions and you will soon
be participating in various classes and immersion activities that will provide you information
about Starbucks history, coffee, and culture. I value your passion for the organization and look
forward to you joining the team on May 14, 2007.

Title/Transition

In order to allow time for you to complete your immersion before assuming the full responsibilities
of chief financial officer, you will join Starbucks as executive vice president and cfo designate
and remain in that role until October 1, 2007. At that time you will assume the role of executive
vice president, chief financial officer, and chief administrative officer. You will report to me
in both roles.

Here are the specifics of your offer:

You will be paid bi-weekly at a base salary that annualizes to $575,000.

Sign-on Bonus

You are guaranteed a one-time sign-on bonus of $500,000 less payroll taxes paid in full 30 days
after your start date. Please note, should you voluntarily leave Starbucks during your first year
of employment, you will be responsible for reimbursing Starbucks for a pro-rata gross share (n/12
based on number of months worked) of the one-time sign-on bonus you received. Your sign-on bonus
is not eligible pay for purposes of making contributions into Starbucks savings plan.

Sign-On Stock Option Grant

You will be granted stock options to purchase 200,000 shares of Starbucks common stock under the
Key Employee Sub-Plan to the 2005 Long-Term Equity Incentive Plan, subject to formal approval by
the Compensation and Management Development Committee of the

 

 

Pete Bocian
March 29, 2007
Page 2

Board of Directors. The exercise price of the options will be the regular trading session closing
price of a share of Starbucks stock on the date of the grant. The grant date of your options will
be effective in accordance with the Company’s option grant policy. The options will be
non-qualified and will vest in equal installments over a period of four (4) years, beginning on the
first anniversary date of the grant, subject to your continued employment.

Annual Bonus

For fiscal year 2007, your bonus will be guaranteed at a minimum 100% payout of $287,500 under the
General Management Incentive Plan. For fiscal year 2008, you will participate in the Executive
Management Bonus Plan for the full year. Your incentive target is 50% of your eligible base
salary. This incentive is based on achievement of company, business unit/department, and
individual performance goals. We will provide you with more information about the bonus plans and
a copy of the plan documents. Starbucks reserves the right to review, change, amend, or cancel
incentive plans at any time.

Stock Options

You will be granted stock options to purchase shares of Starbucks common stock with an economic
value of $1,000,000 (USD) under the Key Employee Sub-Plan to the 2005 Long-Term Equity Incentive
Plan, subject to approval by the Compensation and Management Development Committee and the Board of
Directors when it approves the Company’s regular annual stock option grants in fiscal 2008. The
annual grant occurs on the second business day after the Company releases its fiscal year-end
earnings (i.e., currently expected to be on or about November 19, 2007). The exercise price of the
options will be the regular trading session closing price of a share of Starbucks stock on the date
of the grant. The options will be non-qualified and will vest in equal installments over a period
of four (4) years, beginning on the first anniversary date of the grant, subject to your continued
employment. As an executive, you are not eligible for stock option grants under the Company-Wide
Stock Option Plan (commonly referred to as “Bean Stock”).

Insider Trading

As an executive, with access to sensitive business and financial information about the Company, you
will be prohibited from trading Starbucks securities (or, in some circumstances, the securities of
companies doing business with Starbucks) from time to time in accordance with the Company’s Insider
Trading Policy and Blackout Procedures. A copy of the policy will be provided to you and you will
be required to sign a certificate indicating that you have read and understand the policy.

 

 

Pete Bocian
March 29, 2007
Page 3

Management Deferred Compensation Plan

You are eligible to participate in the Management Deferred Compensation Plan (MDCP). The MDCP
provides eligible partners with the opportunity to save on a tax-deferred basis. If you are
eligible, you will receive general information and enrollment materials at your home address as
soon as administratively possible after your start date on U.S. payroll. If you have questions
about the MDCP, please contact the Starbucks Savings Team at savings@starbucks.com. You
may obtain more information about the MDCP on the Savings link at http://LifeAt.sbux.com.

COBRA

Should you elect COBRA (continuation of health coverage) from your previous employer, Starbucks
will pay your COBRA premiums less applicable taxes until you become eligible for Starbucks benefits
(approximately 3 months following hire). Once you have signed up for COBRA coverage (within 60-day
election period), submit proof of payment(s) to your Partner Resources contact for processing.

Executive Life Insurance

As an executive, you and your family have a greater exposure to financial loss resulting from your
death. Starbucks recognizes this exposure and has provided for coverage greater than outlined in
Your Special Blend. You will receive partner life coverage equal to three times your annualized
base pay, paid for by Starbucks. You may purchase up to an additional two times your annualized
base pay (for a total of five times pay) to a maximum life insurance benefit of $2,000,000.

Severance

If your employment is terminated by the Company during your first 12 months at Starbucks for any
reason other than for cause, you will receive a lump sum severance pay, equivalent to one year’s
base salary, less applicable taxes, within 30 days.

Coffee Hedging

As an officer of the Company, a member of the Coffee Management Group, or a partner involved in
coffee procurement and trading on behalf of the Company, you are prohibited from trading in coffee
commodity futures for your own account. If you have further questions, please contact your Partner
Resources generalist.

Executive Physical Exam

You are eligible to participate in Starbucks executive physical program. Information about the
program and our program provider will be emailed to you (new participants are

 

 

Pete Bocian
March 29, 2007
Page 4

notified at the beginning of each calendar quarter). The program provider will contact you shortly
thereafter to establish an appointment. If you have questions about this physical, please contact
Kelley Hardin at (206) 318-7756.

Relocation Benefits

Details of relocation benefits will follow under separate cover.

Please Note: Should you voluntarily terminate your employment with Starbucks Corporation during
the first year, you will be responsible for reimbursing Starbucks for a pro-rata share of all
relocation expenses incurred by Starbucks on your behalf.

Section 409A

The terms of this letter are intended to comply with Section 409A of the Internal Revenue Code of
1986, as amended, including any regulations and official guidance issued thereunder, to the extent
Section 409A applies. Notwithstanding any other provision of this letter to the contrary, this
letter will be interpreted and applied in a manner consistent with that intention, and will be
deemed to be amended (and any deferrals and distributions hereunder will be deemed to be modified)
to the extent Starbucks determines it necessary (a) to comply with Section 409A, including any
regulations and official guidance issued thereunder, or exceptions thereto, as applicable, and (b)
to avoid the predistribution inclusion in income of amounts deferred under this letter and the
imposition of any additional tax or interest with respect to such amounts.

Additional Information

Attached to this letter is Your Special Blend, an overview of Starbucks benefits, savings and stock
programs. If you have questions regarding these programs or eligibility, please call Starbucks
Partner Contact Center at 1-866/504-7368. Please note that although it is Starbucks intent to
continue these plans, they may be amended or terminated at any time without notice.

You will
receive a Partner Information & New Hire Paperwork booklet that includes an I-9 form and your new hire paperwork. To complete the I-9 form, please bring appropriate
identification as described on the enclosed Lists of Acceptable Documents with you on your first
day. Please remember that this offer is contingent upon you providing proof of your eligibility to
work in the United States. This offer is also contingent on the satisfactory completion and review
of your background inquiry.

Additionally, on your first day, you will receive, and are required to sign an Insider Trading,
Confidentiality Policy and Procedures document, and a Confidentiality and Invention Agreement as a
condition of employment.

 

 

Pete Bocian
March 29, 2007
Page 5

Your position also requires you sign a Non-Competition Agreement. Enclosed are two copies. Please
review and sign both copies of the Non-Competition Agreement, this letter and the Acknowledgement
form, and return one copy of each document to Connie Williams.

Your employment with Starbucks Corporation is ‘at will,’ meaning that either you or your employer
can end the employment relationship at any time, for any reason not prohibited by law.

On behalf of the entire team, I am excited to welcome you as a partner and look forward to working
with you. If you have any questions, please call me at 206-318-8575.

Warm regards,

/s/ Jim Donald

Jim Donald

president & chief executive officer

	 	 	 
	cc:

	 	partner file

Stock Administration (S-HR3)
	 

	 	Connie Williams / Kristi Bar
	 
	 	 
	Enc.

	 	Non-Competition Agreement

I accept employment with Starbucks Corporation, and its wholly owned subsidiaries, according to the
terms set forth above.

	 	 	 	 	 
	/s/ Peter J. Bocian
 

	 	April 2, 2007
 

	 	 
	Peter J. Bocian

	 	Date

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