Document:

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Exhibit 10(x)

			
	 	 	 
	No. SARs [                    ]
	 	Date of Grant [                    ]

STOCK APPRECIATION RIGHTS AGREEMENT

CLIFF VESTING AWARDS

2004 OMNIBUS STOCK AND INCENTIVE PLAN

FOR DENBURY RESOURCES INC.

     A total of ___Stock Appreciation Rights (individually, and collectively, “SAR(s)”) are
hereby granted to ___(the “Holder”) on ___(“Date of Grant”) at the Grant Value
determined in this SAR Agreement, and in all respects subject to the terms, definitions and
provisions, of the 2004 Omnibus Stock and Incentive Plan For Denbury Resources Inc. (the “Plan”),
which is incorporated herein by reference except to the extent otherwise expressly provided in this
SAR Agreement.

1. Grant Value. The Grant Value is $___for each SAR, which value is equal
to the Fair Market Value of a Share on the Date of Grant.

2. Vesting of SAR Agreement Shares. The SARs shall Vest and become “Vested SARs”
and become non-forfeitable (but, without limitation, if unexercised such Vested SARs will expire on
date of the termination of the SAR as set out in Section 5 of this Award) on the
occurrence of the earliest of the dates (“Vesting Date”) set forth in (a) through (c) immediately
below:

	 	(a)	 	the date of the 4th Anniversary of the Date of Grant;
	 
	 	(b)	 	the date of Holder’s death or Disability;
	 
	 	(c)	 	the date of a Change in Control.

3. Amount Payable, and Form of Payment, on Exercise of SAR.

     (a) Amount Payable on Exercise of SAR. Upon the Holder’s exercise of the a Vested
SAR, the Holder shall be entitled to receive the SAR Spread, determined as of the date of exercise
of the SAR Agreement, with respect to each SAR exercised on such date. The SAR Spread is the
product of (i) the excess of the Fair Market Value of a Share on the date of exercise over the
Grant Value, multiplied by (ii) the number of SARs exercised.

     (b) Form of Payment. Within a reasonable period following the exercise of a Vested
SAR, the Holder will receive Shares having a Fair Market Value, as determined on the date of
exercise of the Vested SAR, equal to the SAR Spread described in Section 3(a) above. Without
limiting the generality of the foregoing, the Holder may choose to use a portion of such Shares to
satisfy some or all of such Holder’s withholding obligations under Section 4(b) of this SAR
Agreement.

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4. Exercise of SAR Agreement. This SAR Agreement shall not be exercisable prior
to the first date on which a portion of the SARs become Vested SARs, and thereafter (and prior to
the termination of this SAR Agreement), this SAR Agreement shall be exercisable, in whole or in
part, with respect to Vested SARs.

     (a) Method of Exercise. Without limitation, this SAR Agreement shall be
exercised by a written notice delivered to the Administrator which shall:

	 	(i)	 	state the election to exercise the SAR Agreement and the number of
Vested SARs in respect of which it is being exercised; and
	 
	 	(ii)	 	be signed by the person or persons entitled to exercise the SAR
Agreement and, if the SAR Agreement is being exercised by any person or
persons other than the Holder, be accompanied by proof, satisfactory to the
Administrator, of the rights of such person or persons to exercise the SAR
Agreement.

     (b) Withholding. Upon the exercise of the SAR, the minimum withholding
required to be made by the Company shall be paid by the Holder to the Administrator in cash, or by
the delivery of Shares, which Shares may be in whole or in part Shares acquired through the
exercise of this SAR Agreement, based on the Fair Market Value of such Shares on the date of
delivery.

     (c) Issuance of Shares. No person shall be, or have any of the rights or
privileges of, a holder of the Shares which would be delivered as a result of the exercise of this
SAR Agreement unless and until certificates representing such Shares shall have been issued and
delivered to such person, such issuance, without limitation, being subject to the terms of the
Plan.

     (d) Surrender of SAR Agreement. Upon exercise of this SAR Agreement in
part, if requested by the Administrator, the Holder shall deliver this SAR Agreement and other
written agreements (if any) executed by the Company and the Holder with respect to this SAR
Agreement to the Administrator who shall endorse or cause to be endorsed thereon a notation of such
exercise and return the SAR Agreement (and other agreements, if any) to the Holder.

5. Term of SAR Agreement. Without limitation, the unexercised portion of this
SAR Agreement shall automatically and without notice terminate at the time of the earliest to occur
of the following:

	 	(i)	 	the 90th day following Holder’s Separation for any reason except
death, Disability, or for Cause;
	 
	 	(ii)	 	immediately upon Holder’s Separation as a result, in whole or in
material part, of a discharge for Cause;
	 
	 	(iii)	 	the first anniversary of Holder’s Separation by reason of death or
Disability; or

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	 	(iv)	 	the tenth (10th) anniversary of the Date of Grant.

6. No Transfers Permitted. Neither this SAR Agreement nor the SARs are
transferable by Holder otherwise than by will or the laws of descent and distribution and, so long
as an Holder lives, only Holder or his or her guardian or legal representative shall have the right
to exercise Vested SARs.

7. No Right To Continued Employment. Neither the Plan, nor this SAR Agreement,
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 it interfere in any way Holder’s right to
terminate employment, or the Company’s right to terminate Holder’s employment, at any time.

8. Law Governing. WITHOUT LIMITATION, THIS SAR AGREEMENT SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF DELAWARE.

     Dated as of this                      day of                                         , 200                    .

	 	 	 	 	 
	 

	 	 	 	DENBURY RESOURCES INC.
	 
	 	 	 	 
	 

	 	Per:	 	 
	 

	 	 	 	 
	 

	 	 	 	Gareth Roberts, President & CEO
	 
	 	 	 	 
	 

	 	Per:	 	 
	 

	 	 	 	 
	 

	 	 	 	Phil Rykhoek, Sr. Vice President & CFO

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Acknowledgment

     The undersigned hereby acknowledges (i) my receipt of this SAR Agreement, (ii) my opportunity
to review the Plan, (iii) my opportunity to discuss this SAR Agreement 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 SAR Agreement 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 SAR Agreement 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 SAR Agreement, or both) of the Administrator upon any questions arising under the
Plan, or this SAR Agreement, or both.

     Dated as of this                      day of                                         , 200                    .

	 	 	 
	 

	 	 

    Holder

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Exhibit 10(y)

			
	 	 	 
	                    Shares
	 	Date of Grant:                     

RESTRICTED STOCK AWARD

YEARLY 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
Vesting requirements 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 with respect to a specified percentage
of Award Restricted Shares on the dates set forth in (a) through (d) below, and will become 100%
Vested on occurrence (if any) of the earliest of the dates set forth in (e) and (f) below:

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	 	(a)	 	25% of the Award Restricted Shares on the date of the 1st
Anniversary of the Date of Grant;
	 
	 	(b)	 	25% of the Award Restricted Shares on the date of the 2nd
Anniversary of the Date of Grant;
	 
	 	(c)	 	25% of the Award Restricted Shares on the date of the 3rd
Anniversary of the Date of Grant;
	 
	 	(d)	 	25% of the Award Restricted Shares on the date of the 4th
Anniversary of the Date of Grant;
	 
	 	(e)	 	100% of the Award Restricted Shares which have not previously Vested, on the
date of Holder’s death or Disability; and
	 
	 	(f)	 	100% of the Award Restricted Shares which have not previously Vested, on the
date of a Change in Control.

     Vesting of this Award shall not be accelerated upon Holder’s retirement as an employee of the
Company and, without limitation, neither the acceleration of vesting, if any, which is a general
policy in the Company’s Employee Handbook, or the acceleration of vesting under a provision of the
Plan, shall apply to these Award Restricted Shares.

3. Termination of Award. Upon Holder’s Separation, this Award expires, and the Holder’s
right to retain all or any part of the Award Restricted Shares which have not become Vested Shares
on or prior to such date of Separation is permanently forfeited, on such date of Separation.

4. Withholding. On each 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.

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.

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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.

     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

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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

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