Document:

Exhibit

Exhibit 10(c)

___________ RSUs    Date of Grant:  July 17, 2019

RESTRICTED STOCK UNIT

ANNUAL VESTING AWARD

2004 OMNIBUS STOCK AND INCENTIVE PLAN

FOR DENBURY RESOURCES INC.

THIS RESTRICTED STOCK UNIT AWARD (this “Award”) is made effective on July 17, 2019 (the “Date of Grant”) by Denbury Resources Inc. (the “Company”) in favor of ___________(“Holder”).
WHEREAS, the Company desires to grant to Holder certain Restricted Stock Units (“RSUs”) under, in accordance with, and for the purposes set forth in, the Company’s Amended and Restated 2004 Omnibus Stock and Incentive Plan (the “Plan”);
WHEREAS, in accordance with the provisions of the Plan, RSUs will be issued to Holder, such RSUs representing an unfunded, unsecured promise of the Company to deliver cash based on the value of the common shares of the Company as set forth herein at such time as such RSUs become vested by reason of the lapse of the applicable restrictions, after which time the Company shall settle the value of the Vested Units (as defined below) to Holder in cash; and 
WHEREAS, the Company and, by its acknowledgement below, Holder understand and agree that this Award is in all respects subject to the terms, definitions and provisions of the Plan, all of which are incorporated herein by reference, except to the extent otherwise expressly provided in this Award.
NOW THEREFORE, for good and valuable consideration, the Company and, by its acknowledgement below, Holder agree as follows:
1.Restricted Stock Unit Award. The Company hereby grants to Holder an aggregate of _________  RSUs (“Award RSUs”) 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 herein.

2.Vesting of Award RSUs.  The restrictions on the Award RSUs shall lapse (Award RSUs with respect to which restrictions have lapsed being herein referred to as “Vested Units”) and such Award RSUs shall become (i) non-forfeitable with respect to a specified percentage of Award RSUs on the dates set forth in (a) through (c) below, and (ii) 100% vested on the occurrence (if any) of the earliest of the dates set forth in (d) through (f) below:

		
	(a)
	34% of the Award RSUs on July 17, 2020;

		
	(b)
	33% of the Award RSUs on July 19, 2021;

		
	(c)
	33% of the Award RSUs on July 18, 2022;

		
	(d)
	the date of Holder’s death or Disability;

(e)    the date of a Change of Control; and
(f)     the date of a Post-Separation Change of Control.

For purposes of this Award, the term “Post-Separation Change of Control” means a Change of Control with an effective date following Holder’s Separation, but where such Separation resulted from the Commencement of a Change of Control prior to Holder’s Separation.  For all purposes of this Award, the term “Commencement of a Change of Control” means 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 Exchange Act), or a “group” (as defined in Section 13(d)(3) of the Exchange Act), or their affiliates, to commence efforts that, within 12 months after the date of such material action, leads to a Change of Control involving such person, group, or their affiliates.
3.Settlement of Vested Units.  Vested Units will be settled, net of withholding, in cash in an amount equal to the Fair Market Value on the vesting date of the specified number of shares of Stock covered by the Vested Units.  Notwithstanding the foregoing, Vested Units shall have a maximum cash value of $2.24 per Vested Unit (if the Fair Market Value on the vesting date for any Vested Unit is greater than $2.24 per Vested Unit, the cash value of the Vested Unit shall be deemed to be $2.24 per Vested Unit).

4.Restrictions – Forfeiture of Award RSUs.  The Award RSUs are subject to restrictions, including that all rights of Holder to any RSUs which have not become Vested Units shall automatically, and without notice, terminate and shall be permanently forfeited on the date of Holder’s Separation.  Notwithstanding the foregoing, if there is an applicable Post-Separation Change of Control, the previously forfeited Award RSUs (and any corresponding Dividend Equivalent) shall be reinstated and become vested and, for all purposes of this Award, Holder will be deemed to have Separated on the day after such Post-Separation Change of Control, provided that such post-facto vesting shall apply only if the Change of Control qualifies as a change in control as defined in Section 1.409A-3(i)(5) of the Treasury Regulations issued under Section 409A of the Internal Revenue Code.

5.Withholding.  If and when any Award RSUs and any related Dividend Equivalents become vested, the minimum statutory tax withholding required to be made by the Company, or other withholding rate as determined by the Committee in its discretion if determined not to be detrimental to the Company or Holder, shall be withheld by the Administrator from the cash settlement amount otherwise payable to the Holder upon vesting, via payroll deduction.  Holder, in his or her 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 maximum statutory rate in Holder’s relevant tax jurisdiction, pursuant to procedures established by the Company. 

6.Rights of Holder and Delivery of Vested Units.  During the restricted period, Holder is also entitled to a Dividend Equivalent whenever the Company pays a Dividend on the shares of Stock underlying the Award RSUs, in each case in accordance with, and subject to, the terms of the Plan and this Award.  The amount of the Dividend Equivalent shall be cash equal to the product of (a) the per-share amount of the Dividend paid and (b) the number of Award RSUs held on the record date related to the Dividend being paid on the underlying Stock represented by such Award RSU.  Pursuant to the terms of the Plan, the Company will retain custody of all Dividend Equivalents (which are subject to the same restrictions, terms, and conditions as the related Award RSUs) until the conclusion of the restricted period.  If any Award RSUs are forfeited, any such related Dividend Equivalents also shall be forfeited.

The Administrator shall deliver the Vested Units and Dividend Equivalent amount in cash (reduced by the amount of withholding under Section 5 herein) to Holder as soon as reasonably possible following vesting.

7.No Transfers Permitted.  The rights under this Award are not transferable by Holder other than as set forth in, and permitted by, the Plan.

8.No Right to Continued Employment.  Neither the Plan nor this Award, nor any terms contained therein or herein, shall confer upon Holder any right with respect to continuation of employment by the Company, or any right to provide services to the Company, nor shall they constitute a commitment of any kind with respect to the duration of Holder’s at will employment with the Company, nor interfere in any way with the Company’s right to terminate Holder’s at will employment at any time.

9.Governing Law.  Without limitation, this Award shall be construed and enforced in accordance with, and be 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, and permitted successors and assigns of the Company and Holder.

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.

12.Committee Authority.  This Award shall be administered by the Committee, which shall adopt rules and regulations for carrying out the purposes of this Award and, without limitation, which may delegate all of what, in its sole discretion, it determines to be ministerial duties to the Administrator; provided, that; the determinations under, and the interpretations of, any provision of this Award by the Committee shall, in all cases, be in its sole discretion, and shall be final and conclusive.

13.Clawback.  The Award RSUs are subject to any written clawback policies that the Company, with the approval of the Board, may adopt.  Any such policy may subject the Award RSUs to reduction, cancelation, forfeiture or recoupment if certain specified events or wrongful conduct occur, including, but not limited to, an accounting restatement due to the Company’s material noncompliance with financial reporting regulations or other events or wrongful conduct specified in any such clawback policy adopted to conform to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and rules promulgated thereunder by the Securities and Exchange Commission, and that the Company determines should apply to the Award RSUs.

14.Section 409A of the Code.  It is the intention of the Committee that this Award is exempt from or complies with the Nonqualified Deferred Compensation Rules as a short-term deferral (within the meaning of such rules), and, as such, that this Award will be operated and construed accordingly. Neither this Section 14 nor any other provision of this Award or the Plan is or contains a representation to Holder regarding the tax consequences of the grant, vesting, or settlement of this Award, and should not be interpreted as such.

15.Plan is Controlling.  In the event of a conflict between the terms of the Plan and the terms of this Award, the terms of the Plan are controlling; provided, that, in the event the terms of this Award provide greater specificity as to certain aspects of this Award which are also covered by the Plan, such terms and specificity shall not constitute a conflict with the terms of the Plan.

[Signature page to follow]

IN WITNESS WHEREOF, the Company has caused this Award to be executed on its behalf by its duly authorized representatives on the Date of Grant.

	
			
	 
	 
	DENBURY RESOURCES INC.

	 
	 
	 

	 
	By:
	 

	 
	 
	Chris Kendall,

	 
	 
	President and Chief Executive Officer

	 
	 
	 

	 
	By:
	 

	 
	 
	Mark Allen,

	 
	 
	Executive Vice President and

	 
	 
	Chief Financial Officer

ACKNOWLEDGMENT

The undersigned hereby acknowledges (i) receipt of this Award, (ii) the opportunity to review the Plan, (iii) the opportunity to discuss this Award with a representative of the Company, and the undersigned’s personal advisors, to the extent the undersigned deems necessary or appropriate, (iv) the understanding of the terms and provisions of this Award and the Plan, and (v) the understanding that, by the undersigned’s signature below, the undersigned is agreeing to be bound by all of the terms and provisions of this Award and the Plan.
Without limitation, the undersigned agrees to accept as binding, conclusive and final all decisions or interpretations (including, without limitation, all interpretations of the meaning of the provisions of the Plan, or this Award, or both) of the Committee or the Administrator regarding any questions arising under the Plan, or this Award, or both.

Effective as of the Date of Grant.
	
			
	 
	 
	 

	 
	 
	Holder’s Signature20190930 EX 10_82_1

		
			AMENDMENT NO. 1 TO ASSET PURCHASE AND SALE AGREEMENT
		

		
			THIS AMENDMENT NO. 1 TO ASSET PURCHASE AND SALE AGREEMENT, dated as of the 27th day of September, 2019 (this “Amendment”), between the Municipality of Anchorage, Alaska, a political subdivision organized under the laws of the State of Alaska (“Seller”), and Chugach Electric Association, Inc., a not-for-profit electric cooperative corporation organized under the laws of the State of Alaska (“Buyer”).
		

		
			RECITALS
		

		
			WHEREAS, Buyer and Seller entered into that certain Asset Purchase and Sale Agreement, dated as of December 28, 2018 (the “Original Agreement”); capitalized terms used in this Amendment, if not otherwise defined herein, shall have the meanings set forth in the Original Agreement, as amended or modified pursuant to this Amendment (as so amended or otherwise modified, the “Asset Purchase Agreement”);
		

		
			WHEREAS, pursuant to Section 10.10 of the Original Agreement, Buyer and Seller may amend, modify or supplement the Original Agreement upon the execution and delivery of a written agreement executed by the Parties; and
		

		
			WHEREAS, the Parties desire to make certain amendments to the Original Agreement as provided in this Amendment.
		

		
			NOW, THEREFORE, pursuant to Section 10.10 of the Original Agreement and in consideration for the premises and agreements hereinafter set forth, the Parties, intending to be legally bound, agree as follows:
		

		
			1.New Definitions.  The following definitions are added to Article I of the Original Agreement:
		

		
			“Eklutna Water Agreement” has the meaning set forth in Section 6.23.
		

		
			“Estimated Net Book Value” means the Net Book Value as estimated in good faith by Seller no later than ten (10) Business Days prior to the Closing Date.
		

		
			“Estimated Net Book Value Adjustment” means the amount (whether a positive or negative number) obtained by subtracting the amount of $715,400,000 from the Estimated Net Book Value.
		

		
			“Net Book Value” means the net book value, as of the Closing Date, of the following items appearing in the electric and gas balance sheets of ML&P, not including any asset accounts included in Transferred Cash or any Excluded Assets, but including retirement work in progress:  (i) non-contributed plant in service; (ii) inventory, materials, and supplies; (iii) unamortized deferred charges and regulatory assets; and (iv) construction work in progress.
		

		
			“Net Book Value Adjustment” means the amount (whether a positive or negative number) obtained by subtracting the amount of $715,400,000 from the Net Book Value.
		

		

		

		 

		

			Amendment No. 1 to Asset Purchase and Sale Agreement

		

		

			dated as of December 28, 2018 between 

		

		

			Municipality of Anchorage and Chugach Electric Association, Inc.

		

 

		2.Revised Definitions.  The following definitions in Article I of the Original Agreement are amended and restated in their entirety as follows:
		

		
			“PILT Agreement” means the Payment in Lieu of Taxes Agreement between Seller and Buyer as amended on or before the Closing Date.
		

		
			3.Amendment to Sections 2.05 through 2.08.Sections 2.05, 2.06, 2.07 and 2.08 of the Original Agreement are hereby deleted in their entirety and replaced with the following:
		

		
			“Section 2.05.  Purchase Price. The aggregate purchase price for the Purchased Assets to be paid on the Closing Date will be the assumption of the Assumed Liabilities plus an amount (as adjusted in accordance with this Agreement, the “Purchase Price”) equal to the following:
		

		
			(a)the Upfront Payment,
		

		
			(b)minus the Accrued Leave Liability;
		

		
			(c)minus the Net Book Value of Designated Excluded Assets;
		

		
			(d)plus the Net Book Value Adjustment (if the Net Book Value Adjustment is a positive number) or minus the absolute value of the Net Book Value Adjustment (if the Net Book Value Adjustment is a negative number).
		

		
			Section 2.06.  Estimated Purchase Price Statement. At least ten (10) Business Days before the Closing, Seller shall prepare and deliver to Buyer a statement, prepared in accordance with the Accounting Principles (the “Estimated Purchase Price Statement”), setting forth Seller’s good faith estimates of the Estimated Accrued Leave Liability, the Estimated Net Book Value of Designated Excluded Assets, the Estimated Net Book Value Adjustment and the calculation of the Estimated Purchase Price, as determined in accordance with Section 2.05 (the “Estimated Purchase Price”). Such statement shall also include an estimate of the Transferred Cash (the “Estimated Transferred Cash”).
		

		
			Section 2.07.  Payment of Estimated Purchase Price. At the Closing, Buyer will deliver, or cause to be delivered, to the intended final recipients (the names, wiring information and other relevant payment information of which recipients as may be reasonably requested by Buyer shall have been furnished by Seller in writing no later than three (3) Business Days prior to the Closing (such recipients, the “Recipients”)), an amount equal to the Estimated Purchase Price for payment, on behalf of the Business, to the appropriate Recipient.  Seller shall cause the Recipients to include amounts and Persons necessary to irrevocably defease or repay all Closing Debt in accordance with Section 3.02(c). With the exception of any portion of the Transferred Cash that Seller delivers to Buyer on the Closing Date, the Purchase Price shall be paid net of Estimated Transferred Cash in lieu of any obligation of Seller to deliver Transferred Cash on the Closing Date.
		

		 

		

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			Amendment No. 1 to Asset Purchase and Sale Agreement

		

		

			dated as of December 28, 2018 between 

		

		

			Municipality of Anchorage and Chugach Electric Association, Inc.

		

 

		
			Section 2.08.  Purchase Price Adjustment. Following the Closing, the Purchase Price will be adjusted as set forth below:
		

		
			(a)Closing Statement Preparation. Within sixty (60) days after the Closing Date, Buyer shall prepare and deliver to Seller a statement (the “Closing Statement”) setting forth a calculation of (i) the Accrued Leave Liability, (ii) the Transferred Cash, (iii) the Net Book Value of Designated Excluded Assets, (iv) the Net Book Value Adjustment and (v) the Closing Prorations, and (v) a recalculation of the Purchase Price, if any, based on each of the foregoing.  The Closing Statement will be calculated (x) pursuant to the definitions within this Agreement, (y) in accordance with the Accounting Principles where applicable, and (z) without giving effect to the transactions contemplated hereby.  Seller shall cooperate with Buyer in promptly responding to Buyer’s reasonable requests while Buyer is preparing the Closing Statement.
		

		
			(b)Examination and Review.
		

		
			(i)Examination. After receipt of the Closing Statement, Seller shall have forty-five (45) days (the “Review Period”) to review the Closing Statement. During the Review Period, Seller and its attorneys and accountants shall have access to the books and records of the Business, the personnel of, and work papers prepared by, Buyer or Buyer’s Accountants to the extent that they relate to the Closing Statement and to such historical financial information (to the extent in Buyer’s possession) relating to the Closing Statement as Seller may reasonably request for the purpose of reviewing the Closing Statement and to prepare a Statement of Objections (as defined below), provided, that such access shall be in a manner that does not interfere with the normal business operations of Buyer or the Business.
		

		
			(ii)Objection. On or prior to the last day of the Review Period, Seller may object to the Closing Statement by delivering to Buyer a written statement setting forth Seller’s objections in reasonable detail, indicating each disputed item, its amount and the basis for Seller’s disagreement therewith (the “Statement of Objections”). If Seller fails to deliver the Statement of Objections before the expiration of the Review Period, the Closing Statement and the calculations contained therein shall be deemed to have been accepted by and to be final and binding on Seller and Buyer. If Seller delivers the Statement of Objections before the expiration of the Review Period, Buyer and Seller shall negotiate in good faith to resolve such objections within thirty (30) days after the delivery of the Statement of Objections (the “Resolution Period”), and, if the same are so resolved within the Resolution Period, the Closing Statement and the calculations contained therein, in each case with 
		

		 

		

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			Amendment No. 1 to Asset Purchase and Sale Agreement

		

		

			dated as of December 28, 2018 between 

		

		

			Municipality of Anchorage and Chugach Electric Association, Inc.

		

 

		such changes as may have been previously agreed in writing by Buyer and Seller, shall be final and binding on Seller and Buyer and shall not be subject to further review.
		

		
			(iii)Resolution of Disputes. If Seller and Buyer fail to reach an agreement with respect to any or all of the matters set forth in the Statement of Objections before expiration of the Resolution Period, then any amounts remaining in dispute (“Disputed Amounts”) shall be submitted for resolution to an impartial regionally recognized financial consulting firm or a firm of independent certified public accountants other than Seller’s Accountants, the Business’s accountants or Buyer’s Accountants mutually agreeable to Buyer and Seller (the “Independent Accountant”) who, acting as an expert and not an arbitrator, and without considering extrinsic evidence, shall resolve the Disputed Amounts only to the extent they relate to accounting matters and make any adjustments to the Closing Statement.  The Independent Accountant shall be jointly instructed by the parties to make a determination as soon as practicable within thirty (30) days (or such other time as the parties hereto shall agree in writing) after engagement of the Independent Accountant, and its resolution of the Disputed Amounts and, other than with respect to conclusions of Law and interpretation of this Agreement and consideration of extrinsic evidence, its adjustments to the Closing Statement shall be conclusive (other than with respect to conclusions of Law and interpretation of this Agreement and consideration of extrinsic evidence) absent manifest error.  The Independent Accountant shall decide only the specific items under dispute by the parties and the Independent Accountant’s decision for each Disputed Amount must be within the range of values assigned to each such item in the Closing Statement and the Statement of Objections, respectively.  The fees and expenses of the Independent Accountant shall initially be split 50/50 between Buyer and Seller, and after the final resolution of any dispute, shall be borne by Buyer, on the one hand, and Seller, on the other hand, based on the percentage which the portion of the contested amount not awarded to each party bears to the amount actually contested by such party (and the appropriate party shall reimburse the other party accordingly).  For example, if Accrued Leave Liability is the only disputed item, and Seller claims that Accrued Leave Liability is $1,000, and Buyer contests only $500 of the amount claimed by Seller, and if the Independent Accountants ultimately resolve the dispute by awarding Seller $300 of the $500 contested, then the costs and expenses of Independent Accountants will be allocated 60% (i.e., 300 ÷ 500) to Buyer and 40% (i.e., 200 ÷ 500) to Seller.  Any dispute that cannot be resolved 
		
		
 

		

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			Amendment No. 1 to Asset Purchase and Sale Agreement

		

		

			dated as of December 28, 2018 between 

		

		

			Municipality of Anchorage and Chugach Electric Association, Inc.

		

 

		by the Independent Accountant pursuant to the provisions hereof shall be resolved by courts of law set forth in Section 10.11.

		
		
			(c)Adjustment Payments. The Closing Prorations and the Purchase Price shall be recalculated using such finally determined amounts in lieu of the estimates of such amounts used in the calculation of the Purchase Price payable at Closing.
		

		
			(i)With respect to Accrued Leave Liability, Net Book Value of Designated Excluded Assets, and Closing Prorations, the Purchase Price shall be increased (in the case of an aggregate positive amount) or decreased (in the case of an aggregate negative amount) on a dollar-for-dollar basis by the aggregate amount, if any, determined by (A) subtracting the Estimated Accrued Leave Liability from the Accrued Leave Liability, (B) subtracting the Estimated Net Book Value of Designated Excluded Assets from the Net Book Value of Designated Excluded Assets, and (C) adding the Closing Prorations if the aggregate amount of the prorations is for the benefit of Seller and subtracting the amount of Closing Prorations if the aggregate amount of the prorations is for the benefit of Buyer, and adding together the amounts calculated in each of the foregoing (A), (B), and (C) to reach a final net amount (such net amount, the “Adjustment Amount”).  With respect to the Net Book Value Adjustment, the Purchase Price shall be increased on a dollar-for-dollar basis by the difference between the Estimated Net Book Value Adjustment and the Net Book Value Adjustment if the Net Book Value is higher than the Estimated Net Book Value, and shall be decreased on a dollar-for-dollar basis by the difference between the Estimated Net Book Value Adjustment and the Net Book Value Adjustment if the Net Book Value is lower than the Estimated Net Book Value.
		

		
			(ii)No later than within two (2) Business Days after the determination of the Adjustment Amount and the Net Book Value Adjustment, (A) if the net effect of the Adjustment Amount and the Net Book Value Adjustment, collectively, results in an increase to the Purchase Price, Buyer shall pay to Seller an amount equal to the amount of such increase (without interest) and (B) if the net effect of the Adjustment Amount and the Net Book Value Adjustment, collectively, results in a decrease to the Purchase Price, Seller shall disburse to Buyer an amount equal to the amount of such decrease (without interest).  In addition, if Estimated Transferred Cash minus Transferred Cash is a negative number, Seller shall pay Buyer the difference on such date, and if a positive number, Buyer shall pay Seller such difference on such date.”
		

		

		

		 

		

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			Amendment No. 1 to Asset Purchase and Sale Agreement

		

		

			dated as of December 28, 2018 between 

		

		

			Municipality of Anchorage and Chugach Electric Association, Inc.

		

 

		4.Amendment of Section 6.23.  Section 6.23 of the Original Agreement is hereby deleted in its entirety and replaced by the following:
		

		
			“Section 6.23.  Eklutna Public Water Supply. Seller shall not amend, extend, supplement or otherwise modify the Agreement for Public Water Supply and Energy Generation from Eklutna Lake, Alaska executed on February 17, 1984 between the Alaska Power Administration and Seller, as such agreement has been amended and supplemented to date.  Seller and Buyer hereby acknowledge and agree that Seller has prior rights to not less than 41 million gallons of water per day from Eklutna Lake for public water supply pursuant to the Act of October 30, 1984, 98 Stat. 2823; Alaska Statutes 46.15.150(a); and Certificate of Appropriation ADL 44944.  Seller and Buyer agree that during the term of the Eklutna Power Purchase Agreement, the supply of water available for production of Power (as defined in the Eklutna Power Purchase Agreement) by the Chugach Portion (as defined in the Eklutna Power Purchase Agreement) shall be net of all water taken by AWWU for public water supply purposes under any applicable water rights granted by the State of Alaska.  Seller and Buyer further agree that, during the term of the Eklutna Power Purchase Agreement, Buyer shall be entitled to receive any consideration that Seller is entitled to receive from AWWU for the energy generation lost with respect to the Chugach Portion as a result of AWWU taking such water for such purposes, and that such consideration may, at the election of AWWU, take the form of monetary payments or delivery of replacement energy at the Eklutna PPA delivery point or the Plant 2A switchyard, for the full amount of such lost electric power generation.  If replacement energy is provided through generation within the certificated service area of Buyer, such interconnection shall be made in accordance with Buyer’s interconnection guidelines for non-utility generators.  If such consideration takes the form of monetary payments, such payments shall be made at Seller’s applicable tariffed rates, as adopted by Buyer as part of obtaining RCA Approval.  Such tariff rates shall include (a) the base rate set forth in Seller’s Rate Schedule 25, Replacement Energy Service - AWWU (without inclusion of any cost of power adjustment), and (b) the ML&P legacy service area cost of power adjustment (currently set forth in Seller’s Rate Schedule 01, Fuel and Purchased Power Cost Adjustment).  Together, those rates reflect and shall reflect the rate methodology described in RCA Order No. U-90-090(7) and Seller’s most recent RCA-approved cost of service study in Docket U-17-008, as it may be revised from time to time upon approval by the RCA.  Buyer agrees not to propose a change in that methodology until after December 31, 2025.  If any such payments are made by AWWU to Seller, Seller will promptly after receipt of each such payment deliver to Buyer such portion of such payment that is attributable to the Chugach Portion.  If any such payments are made by AWWU to Buyer, Buyer will promptly after receipt of each such payment deliver to Seller any portion of such payment that is attributable to the MEA Proportionate Interest (as defined in the Eklutna Power Purchase Agreement).  AWWU may supply replacement energy from any part of the Eklutna Water Project (including the Energy Recovery Station near Plant 2A).
		

		
			5.Effective Date of this Amendment. Except as expressly provided herein and the letter agreements dated March 8, 2019 and March 15, 2019 (the “Letter Agreements”), the Original Agreement is not amended, supplemented, modified, revised or otherwise affected by 
		

		 

		

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			Amendment No. 1 to Asset Purchase and Sale Agreement

		

		

			dated as of December 28, 2018 between 

		

		

			Municipality of Anchorage and Chugach Electric Association, Inc.

		

 

		this Amendment. This Amendment shall be deemed effective and in full force and effect as of the date first written above. On and after the date hereof, each reference in the Original Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Original Agreement, shall mean and be a reference to the Asset Purchase Agreement and each reference to the Asset Purchase Agreement in any other agreements, documents or instruments executed and delivered pursuant to or in connection with the Asset Purchase Agreement shall be deemed to mean and be a reference to the Asset Purchase Agreement as amended by this Amendment and the Letter Agreements.
		

		
			6.Binding Effect. This Amendment shall be binding upon and shall inure to the benefit of the Parties hereto and their respective successors and permitted assigns.
		

		
			7.Governing Law.  This Amendment shall be governed by and construed in accordance with the internal laws of the State of Alaska, without reference to conflicts of laws principles that would result in the application of the laws of any other jurisdiction.
		

		
			8.Counterparts.  This Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Amendment delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.
		

		
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			Amendment No. 1 to Asset Purchase and Sale Agreement

		

		

			dated as of December 28, 2018 between 

		

		

			Municipality of Anchorage and Chugach Electric Association, Inc.

		

 

		IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first written above by their respective officers and officials thereunto duly authorized.
		

			
					
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						MUNICIPALITY OF ANCHORAGE, ALASKA

				
	
					
						﻿

					
					
						By /s/ William D. Falsey__________________

					
						Name:  William D. Falsey

					
						Title:  Municipal Manager

				
	
					
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						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
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						By___________________________________

					
						Name:  Lee D. Thibert

					
						Title:  Chief Executive Officer

				

		
			﻿
		

		

		

		 

		

			Signature Page to

		

		

			Amendment No. 1 to Asset Purchase and Sale Agreement

		

		

			between

		

		

			Municipality of Anchorage and Chugach Electric Association, Inc.

		

 

		
		

		
			IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first written above by their respective officers and officials thereunto duly authorized.
		

			
					
						﻿

					
					
						 

				
	
					
						﻿

					
					
						MUNICIPALITY OF ANCHORAGE, ALASKA

				
	
					
						﻿

					
					
						By ___________________________________

					
						Name:  William D. Falsey

					
						Title:  Municipal Manager

				
	
					
						﻿

					
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						﻿

					
					
						By /s/ Lee D. Thibert___________________

					
						Name:  Lee D. Thibert

					
						Title:  Chief Executive Officer

				

		
			﻿
		

		 

		

			Signature Page to

		

		

			Amendment No. 1 to Asset Purchase and Sale Agreement

		

		

			between

		

		

			Municipality of Anchorage and Chugach Electric Association, Inc.

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