Document:

PRIVATE PLACEMENT AGREEMENT

Ozoultions  Inc.,  hereby  agrees to sell 15,000,000 restricted common shares of
Ozolutions Inc. for the sum of $25,000 US to Betty-Ann Harland. This transaction
was  authorized  by a resolution given unanimous consent at a special meeting of
the  Board  of  Directors of Ozolutions Inc. on the 23rd day of September, 2004.

DATED AS OF THE 23RD DAY OF SEPTEMBER, 2004

                                               Ozolutions Inc.

                                               /s/ Max Weissengruber
                                               ------------------------------
                                         per   Max Weissengruber
                                               President

                                               /s/ Betty-Ann Harland
                                               ------------------------------
                                               Betty-Ann Harland

<PAGE><PAGE>

Exhibit 10.1

CYNTHIA HOLDINGS LIMITED
CRAIGMUIR CHAMBERS, P.O. BOX 71, ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS

April 30, 2003                                            BY FAX   330-877-0620
                                                          ---------------------

THE HAVANA GROUP INC.
5701 Mayfair Road
North Canton, Ohio
U.S.A. 44720

ATTENTION:        WILLIAM L. MILLER

Dear Bill:

RE:               ARGENTINE OIL AND GAS INTERESTS
-------------------------------------------------

Further to our recent discussions, this letter will serve to confirm the
agreement of Cynthia Holdings Limited ("Cynthia") and The Havana Group Inc.
("Havana") to amend the letter agreement of February 5, 2003, as amended by a
letter agreement dated March 31, 2003 (collectively the "Agreement") whereby
Cynthia has agreed to sell to Havana an effective 50% interest in certain oil
and gas rights in the Cuyana Basin of central Argentina known as exploration
block #CC&B-9 (the "Santa Rosa Property") which is owned by Cynthia's
wholly-owned Argentine subsidiary Exploraciones Oromin, S.A. ("Oromin").

In consideration of the respective covenants and agreements of the parties
contained herein, the sum of one dollar paid by each party hereto to each of the
other parties hereto and other good and valuable consideration, (the receipt and
sufficiency of which is hereby acknowledged by each of the parties hereto), the
parties agree as follows:

1.       Cynthia agrees to sell and Havana agrees to purchase 1,000 common
         voting shares in the capital stock of Cynthia (the "Shares"), which
         will represent 50% of the voting shares of Cynthia, for the sum of
         US$1,500,000 (the "Purchase Price"), PROVIDED HOWEVER that the Purchase
         Price shall be adjusted to equal that amount that the Purchase Price
         would have equalled if it had been converted into Canadian dollars on
         July 31, 2002;

2.       The Purchase Price shall be paid by Havana to Cynthia from time to time
         and Cynthia shall issue and deliver to Havana one Share for every
         US$1,500 paid to Cynthia, as adjusted in accordance with paragraph 1
         above;

                                      -7-
<PAGE>

3.       In addition to the payment of the Purchase Price, Havana agrees that it
         shall deliver to Irie Isle Limited ("Irie"), upon making the first
         payment under paragraph 2 above, 1,000,000 shares of its unregistered
         common stock;

4.       Havana acknowledges that there are currently outstanding 1,000 common
         voting shares and 23,744 non-voting redeemable preference shares with a
         par value of $C100 per share (the "Preference Shares") in the capital
         stock of Cynthia all of which are held by Irie Isle Limited ("Irie")
         and that upon Havana paying to Cynthia the full Purchase Price, Cynthia
         will redeem all Preference Shares which it has not already redeemed;

5.       Havana and Irie agree that all required funding for the operations of
         Oromin will be borne equally by each party pursuant to monthly cash
         calls from Cynthia to Irie and Havana which shall be paid within ten
         (10) days of the receipt of such cash calls by Irie and Havana such
         cash calls will be structured as subscriptions for additional common
         voting shares of Cynthia by Irie and Havana to keep the ownership
         levels at 50% each;

6.       Havana and Irie agree that Irie will be the operator of Oromin and will
         have a casting vote on all decisions to be made in respect of Oromin's
         operations;

7.       Havana acknowledges that Oromin holds a demand promissory note (the "
         OLE Note") from Oromin Explorations Ltd. ("OLE"), Irie's parent
         company, and Irie and Havana agree that Oromin shall not make demand
         for payment from OLE under the OLE Note and that the OLE Note will be
         retired by any payments made by Cynthia (and funded by Irie and Havana)
         required to fund Oromin's operations;

8.       The parties agree that Oromin will be used to acquire all other oil and
         gas interests in the Republic of Argentina and in the event that the
         parties wish to acquire oil and gas interests in other countries,
         Cynthia will cause to be incorporated subsidiaries for each such
         country to hold such interests, which subsidiaries shall be
         wholly-owned by Cynthia and whose operations shall be funded equally by
         Irie and Havana;

9.       The parties agree to use their best efforts to expeditiously and in
         good faith settle the terms of and execute a comprehensive agreement
         incorporating the terms hereof as well as all reasonable provisions as
         may be advisable for the efficient operation of Oromin;

10.      Time shall be of the essence of this letter agreement;

11.      All notices and deliveries shall be by courier or fax to Cynthia or
         Irie at Craigmuir Chambers, P.O. Box 71, Road Town, Tortola, British
         Virgin Islands, fax # 284-494-3547, with a copy to fax #604-331-8773,
         and to Havana at 5701 Mayfair Road, North Canton, Ohio, U.S.A. 44720,
         fax # 330-492-8149;

12.      This letter agreement constitutes and contains the entire agreement and
         understanding between the parties and supersedes all prior agreements,
         memoranda, correspondence, communications, negotiations and
         representations, whether oral or written, express or implied, statutory

                                       -8-
<PAGE>

         or otherwise between the parties or any of them with respect to the
         subject matter hereof and Bible hereby assigns to Havana any and all
         interest it may have had to the Shares pursuant to any such prior
         agreements, memoranda, correspondence, communications, negotiations and
         representations, whether oral or written, express or implied, statutory
         or otherwise.

If the foregoing accords with your understanding of our agreement, please
acknowledge your acceptance of, and agreement to be bound by, the terms and
conditions of this letter agreement by signing the enclosed copy hereof in the
space provided and returning same to us. We confirm that this letter agreement
may be executed in two counterparts each of which will be deemed to be an
original and both of which will be deemed to constitute one agreement.

Yours Truly,                           Agreed to and accepted this
CYNTHIA HOLDINGS LIMITED               30th day of April, 2003

/s/ Chet Idziszek                      /s/ Frederick Berndt
---------------------------------      -----------------------------------------
Per: Chet Idziszek                     Bible Resources Limited
Director

                                       /s/ William L. Miller
                                       -----------------------------------------
CI:ea                                  The Havana Group, Inc.

                                       /s/ Chet Idziszek
                                       -----------------------------------------
                                       Irie Isle Limited

                                      -9-exv10w1

 

EXHIBIT 10.1

PURCHASE AGREEMENT

December 6, 2004

M.D.C. Holdings, Inc.

3600 South Yosemite

Suite 900

Denver, Colorado 80237

	 	Re:	 	Distribution Agreement by and among M.D.C. Holdings, Inc., Banc of America
Securities LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit
Suisse First Boston LLC, Comerica Securities, Deutsche Bank Securities Inc., Greenwich
Capital Markets, Inc., J.P. Morgan Securities Inc., McDonald Investments Inc., Merrill
Lynch, Pierce, Fenner & Smith Incorporated, SunTrust Robinson Humphrey Capital Markets,
UBS Securities LLC and Wachovia Capital Markets, LLC, dated October 6, 2004
(“Distribution Agreement”)

On December 6, 2004, M.D.C. Holdings, Inc. (“MDC”) and the undersigned agents (the “Agents”)
finalized terms for the issuance of $250 million of MDC’s Medium Term Senior Notes (Fixed Rate
Notes) Due 10 Years from the Original Issue Date (the “Notes”). Settlement will occur on December
14, 2004. The Notes have been priced at a fixed interest rate of 5.375% and have a stated maturity
of December 15, 2014. The Notes will be issued under the Senior Indenture dated December 3, 2002,
as supplemented, in a public offering pursuant to MDC’s currently effective shelf registration
statement, including the prospectus dated September 7, 2004, the prospectus supplement dated
October 6, 2004 and the pricing supplement dated December 6, 2004.

Pursuant to the terms of the Distribution Agreement (including the administrative procedures
attached as Exhibit A thereto) and this Purchase Agreement, the undersigned Agents agree to
purchase the aggregate principal amount of Notes set forth opposite their names below:

	 	 	 	 	 
	 	 	Principal Amount
	Name of Agent(s)
	 	at Maturity

	Citigroup Global Markets Inc.
	 	$	87,500,000	 
	J.P. Morgan Securities Inc.
	 	$	87,500,000	 
	Wachovia Capital Markets, LLC
	 	$	37,500,000	 
	Banc of America Securities LLC
	 	$	25,000,000	 
	BNP Paribas Securities Corp.
	 	$	12,500,000	 
	 
	 	 	
 	 
	Total
	 	$	250,000,000	 
	 
	 	 	
 	 

The terms of such Notes shall be as set forth below.

	 	 	 	 	 
	Interest Rate:

	 	5.375%
	 
	 	 	 	 
	Interest Payment Dates:

	 	June 15 and December 15

 

 

	 	 	 	 	 
	Regular Record Dates

	 	June 1 and December 1

	 
	 	 	 	 
	Redemption Date:
	 	In whole at any time or in part from time to time, upon not less than 30
nor more than 60 days’ notice to the holders of the Notes.

	 
	 	 	 	 
	Redemption Price(s):
	 	The greater of (i) 100% of the principal amount of the Notes being
redeemed, and (ii) the present value of the remaining scheduled payments on the Notes
being redeemed on the Redemption Date, discounted to the Redemption Date, on a
semiannual basis, at the Treasury Rate plus 20 basis points (0.20%), plus, in each
case, accrued and unpaid interest, if any, on the Notes to the Redemption Date. In
determining the Redemption Price and accrued interest, interest shall be calculated on
the basis of a 360-day year consisting of twelve 30-day months.

	 
	 	 	 	 
	Principal Amount:

	 	$250,000,000
	 
	 	 	 	 
	Stated Maturity:

	 	December 15, 2014

	 
	 	 	 	 
	Trade Date:

	 	December 6, 2004

	 
	 	 	 	 
	Issue Price:

	 	99.366%
	 
	 	 	 	 
	Agent’s Discount or Commission:

	 	0.625%
	 
	 	 	 	 
	Settlement Date:

	 	December 14, 2004

	 
	 	 	 	 
	Additional Terms:
	 	 	 	 

The Agents, out of their proceeds, agree to reimburse MDC in the amount of $50,000 in the aggregate
for certain of MDC’s expenses related to the offering and sale of the Notes.

The following additional definitions shall apply to the Redemption Price of the Notes:

	 	 	 	“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the Comparable Treasury Price for such Redemption Date.
	 
	 	 	 	“Comparable Treasury Issue” means the United States Treasury security selected by the
Reference Treasury Dealer as having a maturity comparable to the remaining term of the Notes
to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of such Notes.
	 
	 	 	 	“Comparable Treasury Price” means, with respect to any Redemption Date, (a) the average of
the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) on the third business day preceding such Redemption
Date, as set forth in the daily statistical release (or any successor release)

 

 

	 	 	 	published by the Federal Reserve Bank of New York and designated “Composite 3:30 p.m.
Quotations for U.S. Government Securities” or (b) if such release (or any successor release)
is not published or does not contain such price on such business day, (i) the average of the
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest
and lowest such Reference Treasury Dealer Quotations, or (ii) if the Trustee obtains fewer
than four such Reference Treasury Dealer Quotations, the average of all such quotations.
	 
	 	 	 	“Primary Treasury Dealer” means a primary U.S. Government securities dealer in New York
City.
	 
	 	 	 	“Reference Treasury Dealer” means (a) Citigroup Global Markets Inc., J.P. Morgan Securities
Inc. or one of the other Agents for the Notes, issued on the issue date (or their respective
affiliates which are Primary Treasury Dealers), and their respective successors; provided,
however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, MDC will
substitute therefor another Primary Treasury Dealer, and (b) any other Primary Treasury
Dealer(s) selected by MDC.
	 
	 	 	 	“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Trustee, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00
p.m. on the third business day preceding such Redemption Date.

The Certificate referred to in Section 6(b), the opinions of counsel referred to in Section 6(c)
and the accountants’ letter referred to in Section 6(d) of the above-mentioned Agreement will not
be required, and the holdback agreement set forth in Section 3(g) of the above-mentioned Agreement
will not be applicable.

If, on the Settlement Date, any one or more of the Agents shall fail or refuse to purchase Notes
which it or they have agreed to purchase hereunder, and the aggregate principal amount of Notes
which such defaulting Agent or Agents agreed but failed or refused to purchase is not more than
one-tenth of the aggregate principal amount of the Notes to be purchased, each non-defaulting Agent
shall be obligated severally in the proportion which the principal amount of Notes set forth
opposite its name in this Purchase Agreement bears to the aggregate principal of Notes set forth
opposite the names of all such non-defaulting Agents to purchase the Notes which such defaulting
Agent or Agents agreed but failed or refused to purchase; provided, however, that in no event shall
the principal amount of Notes which any Agent has agreed to purchase pursuant to this Purchase
Agreement be increased by an amount in excess of one-ninth of such principal amount of Notes
without the written consent of such Agent. If any Agent or Agents shall fail or refuse to purchase
Notes and the aggregate principal amount of Notes with respect to which such default occurs is more
than one-tenth of the aggregate principal amount of Notes to be purchased, and arrangements
satisfactory to the non-defaulting Agents and the Company for the purchase of such Notes are not
made within 48 hours after such default, this Agreement will terminate without liability on the
part of any non-defaulting Agent or the Company. In any such case the non-defaulting Agents shall
have the right to postpone the Settlement Date, but in no event for longer than seven days, in
order that the required changes, if any, in the Registration Statement and in the Prospectus or in
any other documents or arrangements may be effected.

 

 

Any action taken under this paragraph shall not relieve any defaulting Agent from liability in
respect of any default of such Agent under this Agreement.

This Agreement and all of the rights and obligations of the parties hereto shall be governed by and
construed in accordance with the laws of the State of New York.

This Agreement may be signed in one or more counterparts, each of which shall constitute an
original and all of which together shall constitute one and the same agreement.

[Signature Pages Follow]

 

 

     If the foregoing is in accordance with our agreement, please indicate your acceptance hereof in the
space provided for that purpose below.

	 	 	 	 	 
	 	CITIGROUP GLOBAL MARKETS INC.

 	 
	 	By:  	                                      /s/ Richard Moriarty
 	 
	 	 	Richard Moriarty, Managing Director 	 
	 	 	 	 
	 
	 	J.P. MORGAN SECURITIES INC.

 	 
	 	By:  	/s/ Stephen L. Sheiner
 	 
	 	 	Name:  	Stephen L. Sheiner 	 
	 	 	Title:  	Vice President 	 
	 
	 	WACHOVIA CAPITAL MARKETS, LLC

 	 
	 	By:  	/s/ John Hines
 	 
	 	 	Authorized Signatory 	 
	 	 	John Hines

Managing Director 	 
	 
	 	BANC OF AMERICA SECURITIES LLC

 	 
	 	By:  	/s/ Lily Chang
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	BNP PARIBAS SECURITIES CORP.

 	 
	 	By:  	/s/ Marcy S. Cohen
 	 
	 	 	Marcy S. Cohen 	 
	 	 	Authorized Signatory 	 

 

 

	 	 	 	 	 

CONFIRMED AND ACCEPTED,

as of the date first above written.

	 	 	 	 	 
	M.D.C. HOLDINGS, INC.

 	 	 
	By:  	/s/ Paris G. Reece III
 	 	 
	 	Name:  	Paris G. Reece III 	 	 
	 	Title:  	Executive Vice President and
Chief Financial Officer 	 	 
	 
	 	 	 
	By:  	/s/ Joseph H. Fretz
 	 	 
	 	Name:  	Joseph H. Fretz 	 	 
	 	Title:  	Secretary

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