Document:

Amended/Restated Ltd Omnibus and Incentive Plan

  
 EXHIBIT 4.4 
  
  
  
  
  
  
  
 Amended and Restated 
  
 2000 Limited Omnibus
and Incentive Plan 
  
 for 
  
 AmeriCredit Corp. 
  
  

 
	  	 	 TABLE OF CONTENTS
 
	 
	 1.
 	 	 Purpose
 	 	  	  	 1
 
	 
	 2.
 	 	 Definitions
 	 	  	  	 1
 
	  	 	 (a)    
 	 	 “Agreed Price”
 	  	 1
 
	  	 	 (b)
 	 	 “Award”
 	  	 1
 
	  	 	 (c)
 	 	 “Available Shares”
 	  	 1
 
	  	 	 (d)
 	 	 “Board”
 	  	 1
 
	  	 	 (e)
 	 	 “Broker Assisted Exercise”
 	  	 1
 
	  	 	 (f)
 	 	 “Business Day”
 	  	 1
 
	  	 	 (g)
 	 	 “Cause”
 	  	 1
 
	  	 	 (h)
 	 	 “Code”
 	  	 1
 
	  	 	 (i)
 	 	 “Committee”
 	  	 2
 
	  	 	 (j)
 	 	 “Company”
 	  	 2
 
	  	 	 (k)
 	 	 “Date of Grant”
 	  	 2
 
	  	 	 (l)
 	 	 “Director”
 	  	 2
 
	  	 	 (m)
 	 	 “Disability”
 	  	 2
 
	  	 	 (n)
 	 	 “Effective Date”
 	  	 2
 
	  	 	 (o)
 	 	 “Eligible Person”
 	  	 2
 
	  	 	 (p)
 	 	 “Fair Market Value”
 	  	 2
 
	  	 	 (q)
 	 	 “Holder”
 	  	 2
 
	  	 	 (r)
 	 	 “Incentive Stock Option”
 	  	 2
 
	  	 	 (s)
 	 	 “Limited SAR”
 	  	 3
 
	  	 	 (u)
 	 	 “Nonqualified Stock Option”
 	  	 3
 
	  	 	 (v)
 	 	 “Option”
 	  	 3
 
	  	 	 (w)
 	 	 “Optionee”
 	  	 3
 
	  	 	 (x)
 	 	 “Option Price”
 	  	 3
 
	  	 	 (y)
 	 	 “Outside Director”
 	  	 3
 
	  	 	 (z)
 	 	 “Parent”
 	  	 3
 
	  	 	 (aa)
 	 	 “Performance Award”
 	  	 3
 
	  	 	 (ab)
 	 	 “Performance Period”
 	  	 3
 
	  	 	 (ac)
 	 	 “Plan”
 	  	 3
 
	  	 	 (ad)
 	 	 “Plan Year”
 	  	 3
 
	  	 	 (ae)
 	 	 “Restriction (s)”
 	  	 4
 
	  	 	 (af)
 	 	 “Restricted Period”
 	  	 4
 
	  	 	 (ag)
 	 	 “Restricted Shares”
 	  	 4
 
	  	 	 (ah)
 	 	 “Restricted Share Award”
 	  	 4
 
	  	 	 (ai)
 	 	 “Restricted Share Distributions”
 	  	 4
 
	  	 	 (aj)
 	 	 “SAR”
 	  	 4
 
	  	 	 (ak)
 	 	 “Separation”
 	  	 4
 
	  	 	 (al)
 	 	 “Share (s)”
 	  	 4
 
	  	 	 (am)
 	 	 “Spread”
 	  	 4
 
	  	 	 (an)
 	 	 “Subsidiary”
 	  	 4
 
	  	 	 (ao)
 	 	 “1933 Act”
 	  	 4
 
	  	 	 (ap)
 	 	 “1934 Act”
 	  	 4
 

 

 
 i 

  
 
	 3.
 	  	 Award of Available Shares
 	  	 4
 
	 
	 4.
 	  	 Conditions for Grant of Awards
 	  	 5
 
	 
	 5.
 	  	 Grant of Options
 	  	 5
 
	 
	 6.
 	  	 Option Price
 	  	 5
 
	 
	 7.
 	  	 Exercise of Options
 	  	 6
 
	 
	 8.
 	  	 Exercisability of Options
 	  	 6
 
	 
	 9.
 	  	 Termination of Option Period
 	  	 6
 
	 
	 10.
 	  	 Incentive Stock Options for 10% Shareholder
 	  	 7
 
	 
	 11.
 	  	 Nonqualified Stock Options
 	  	 7
 
	 
	 12.
 	  	 Restricted Share Awards
 	  	 7
 
	 
	 13.
 	  	 Performance Awards
 	  	 8
 
	 
	 14.
 	  	 Acceleration on Change in Control
 	  	 8
 
	 
	 15.
 	  	 Adjustment of Available Shares
 	  	 9
 
	 
	 16.
 	  	 Transferability of Awards
 	  	 10
 
	 
	 17.
 	  	 Issuance of Shares
 	  	 10
 
	 
	 18.
 	  	 Stock Appreciation Rights and Limited Stock Appreciation Rights
 	  	 11
 
	 
	 19.
 	  	 Administration of the Plan
 	  	 13
 
	 
	 20.
 	  	 Tax Withholding
 	  	 14
 
	 
	 21.
 	  	 Interpretation
 	  	 14
 
	 
	 22.
 	  	 Miscellaneous
 	  	 14
 
	 
	 23.
 	  	 Amendment and Discontinuation of the Plan
 	  	 15
 
	 
	 24.
 	  	 Section 83(b) Election
 	  	 16
 
	 
	 25.
 	  	 Effective Date and Termination
 	  	 16
 

 

 
 ii 

  
 Amended And Restated 
 2000 Limited Omnibus And Incentive Plan 
 For 
 AmeriCredit Corp. 
  
 1.    Purpose.  The purpose of this Plan is to advance the interests of AmeriCredit Corp. and increase shareholder value by providing additional incentives to attract, retain and motivate
qualified and competent employees, and Outside Directors, upon whose efforts and judgment its success is largely dependent. 
  
 2.    Definitions.  As used herein, the following terms shall have the meaning indicated: 
  
 (a)  “Agreed Price”  shall relate to the grant of a SAR or Limited SAR under an Award, and shall mean the value assigned to the Available Shares in the Award which
will form the basis for calculating the Spread on the date of exercise of the SAR or Limited SAR, which assigned value may be any value determined by the Committee, including the Fair Market Value of the Shares on the Date of Grant. 

 
 (b)  “Award”  shall mean either an Option, a SAR, a Restricted Share Award, or a
Performance Award, except that where it shall be appropriate to identify the specific type of Award, reference shall be made to the specific type of Award. 
  
 (c)  “Available Shares”  shall mean, at each time of reference, the total number of Shares described in Section 3 with respect to which the Committee may
grant an Award, all of which Available Shares shall be held in the Parent’s treasury or shall be made available from authorized and unissued Shares. 
  
 (d)  “Board”  shall mean the Board of Directors of the Parent. 
  
 (e)  “Broker Assisted Exercise”  shall mean a special sale and remittance procedure pursuant to which the Optionee shall concurrently provide irrevocable written
instructions to (a) a brokerage firm (“Broker”) to effect the immediate sale of the Shares and remit to the Company, out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate Option Price
plus all amounts described in Section 20, and (b) the Company to deliver the certificates for the Shares directly to such brokerage firm in order to complete the sale. 
  
 (f)  “Business Day”  shall mean, if the Shares are listed on a National Securities Exchange at the time of reference, any day such
Exchange is operating, and otherwise it shall mean any day that commercial banks in the city in which the Company has its principal place of business are open. 
  
 (g)  “Cause”  shall mean the Holder’s willful misconduct or gross negligence, as reasonably determined by the Committee in its
discretion. 
  

 
 1 

  
 (h)  “Code”  shall mean the Internal Revenue
Code of 1986, as now or hereafter amended. 
  
 (i)  “Committee”  shall mean the
persons designated by the Board as the Stock Option Committee, or, in the absence of appointment, then it shall mean the Board. 
  
 (j)  “Company”  shall mean the Parent and its Subsidiaries, except when it shall be appropriate to refer only to AmeriCredit Corp., then it shall be referred to as “Parent”.

  
 (k)  “Date of Grant”  shall mean the date on which the Committee takes
formal action to grant an Award, provided that it is followed, as soon as reasonably possible, by written notice to the Eligible Person receiving the Award. 
  
 (l)  “Director”  shall mean a member of the Board. 
  
 (m)  “Disability”  shall mean a Holder’s present incapacity resulting from an injury or illness (either mental or physical) which,
in the reasonable opinion of the Committee based on such medical evidence as it deems necessary, will result in death or can be expected to continue for a period of at least twelve (12) months and will prevent the Holder from performing the normal
services required of the Holder by the Company, provided, however, that such disability did not result, in whole or in part: (i) from chronic alcoholism; (ii) from addiction to narcotics; (ii) from a felonious undertaking; or (iv) from an
intentional self-inflicted wound. 
  
 (n)  “Effective Date”  shall mean August
1, 2000. 
  
 (o)  “Eligible Person”  shall mean Outside Directors, and those
full time employees of the Company selected by the Committee; provided, however, that a Named Excluded Officer shall not be eligible to receive an Award. 
  
 (p)  “Fair Market Value”  shall mean, as of a particular date, the closing value of Shares on such date, if a Business Day, and otherwise the closing value on the
next preceding Business Day, which closing value shall be (i) if the Shares are listed or admitted for trading on any United States national securities exchange, the last reported sale price of the Shares on such exchange as reported in any
newspaper of general circulation, or (ii) if the Shares are quoted on NASDAQ, or any similar system of automated dissemination of quotations of securities prices in common use, the mean between the closing high bid and low asked quotations on such
system. If neither clause (i) nor clause (ii) is applicable, the closing value shall be the fair market value on such Business Day as determined by any fair and reasonable means prescribed by the Committee. 
  
 (q)  “Holder”  shall mean, at each time of reference, each person (including, but not limited to an
Optionee) with respect to whom an Award is in effect, except that where it is appropriate to distinguish between a Holder with respect to an Option and a Holder with respect to a different type of Award, reference shall be made to Optionee; and
provided, further, that to the extent provided under, and subject to the conditions of, an Award, it shall refer to the person who succeeds to the rights of the Holder upon the death of the Holder. 

 
 2 

 (r)  “Incentive Stock Option”  shall mean an Option that is an incentive stock
option as defined in Section 422 of the Code; provided that an Option which is designated as an Incentive Stock Option but which, in whole or in part, does not satisfy all of the requirements of an Incentive Stock Option shall be a
Nonqualified Stock Option. 
  
 (s)  “Limited SAR”  shall mean a limited stock
appreciation right as defined in Section 18 hereof. 
  
 (t)  “Named Excluded
Officer”  shall mean each of Messrs. Clifton H. Morris, Jr., Michael R. Barrington, Daniel E. Berce and Edward H. Esstman. 
  
 (u)  “Nonqualified Stock Option”  shall mean an Option that is not an Incentive Stock Option. 
  
 (v)  “Option”  (when capitalized) shall mean any Incentive Stock Option and Nonqualified Stock Option granted under this Plan, except
that, where it shall be appropriate to identify a specific type of Option, reference shall be made to the specific type of Option; provided, further, without limitation, that a single Option may include both Incentive Stock Option and
Nonqualified Stock Option provisions. 
  
 (w)  “Optionee”  shall mean a person
(including a “Holder”, see definition) to whom an Option is granted. 
  
 (x)  “Option
Price”  shall mean the price per Share which is required to be paid by the Optionee in order to exercise his right to acquire a Share under the terms of the Option. 
  
 (y)  “Outside Director”  shall mean each Director who is not an employee of the Company. 
  
 (z)  “Parent”  shall mean AmeriCredit Corp., a Texas corporation. 
  
 (aa)  “Performance Award”  shall mean the award which is granted contingent upon the attainment of
the performance objectives during the Performance Period, all as described more fully in Section 13. 
  
 (bb)  “Performance Period”  shall mean the period described in Section 13 with respect to which the performance objectives relate. 
  
 (cc)  “Plan”  shall mean this Amended and Restated 2000 Limited Omnibus And Incentive Plan For AmeriCredit Corp. 

 
 (dd)  “Plan Year”  shall mean the 12 month period beginning on August 1, 2000, and on each
anniversary thereof. 
  
 (ee)  “Restriction(s)”  shall mean the restrictions
applicable to Available Shares subject to an Award which prohibit the “transfer” of such Available Shares, and which constitute “a substantial risk of forfeiture” with respect to such Available Shares, as those terms are defined
under section 83(a)(1) of the Code. 

 
 3 

  
 (ff)  “Restricted Period”  shall mean the
period during which Restricted Shares shall be subject to Restrictions. 
  
 (gg)  “Restricted
Shares”  shall mean the Available Shares granted to an Eligible Person which are subject to Restrictions. 
  
 (hh)  “Restricted Share Award”  shall mean the award of Restricted Shares. 
  
 (ii)  “Restricted Share Distributions”  shall mean any amounts, whether Shares, cash or other property (other than regular cash dividends) paid or distributed by the Parent with respect
to Restricted Shares during a Restricted Period. 
  
 (jj)  “SAR”  shall mean a
stock appreciation right as defined in Section 18 hereof. 
  
 (kk)  “Separation”  shall mean (i) in the care of a Holder who is not an Outside Director, the date on which such Holder ceases to have an employment relationship with the Company for any reason,
including death or Disability; provided, however, a Separation will not be considered to have occurred for purposes of this (ak)(i) while such Holder is on sick leave, military leave, or any other leave of absence approved by the Company,
provided such period does not exceed 90 days or, if longer, so long as such Holder’s right to reemployment with the Company is guaranteed either by statute or by contract; and (ii) in the case of a Holder who is Outside Director, the date on
which such Holder ceases to be a member of the Board. 
  
 (ll)  “Share(s)”  shall mean a share or shares of the common stock, par value $.01 per share, of the Parent. 
  
 (mm)  “Spread”  shall mean the difference between the Option Price, or the Agreed Price, as the case may be, of the Share(s) and the Fair Market Value of such
Share(s). 
  
 (nn)  “Subsidiary”  shall mean any corporation (other than the
Parent) in any unbroken chain of corporations beginning with the Parent if, at the time of the granting of the Award, each of the corporations, other than the last corporation in the unbroken chain, owns stock possessing 50% or more of the total
combined voting power of all classes of stock in one of the other corporations in such unbroken chain. 
 (oo)  “1933
Act”  shall mean the Securities Act of 1933, as amended. 
  
 (pp)  “1934
Act”  shall mean the Securities Exchange Act of 1934, as amended. 
  
 3.    Award of Available Shares.    As of the Effective Date, Nine Million (9,000,000) Shares shall automatically, and without further action, become Available Shares; provided,
however, no more than Two Million (2,000,000) Shares may be issued as Restricted Shares. To the extent any Award shall terminate, expire or be canceled, the Available Shares subject to such Award, with respect to which Holder received no benefits of
ownership, shall remain Available Shares. 
  
 4.    Conditions for Grant of Awards.

 
 4 

  
 (a)  Without limiting the generality of the provisions hereof
which deal specifically with each form of Award, Awards shall only be granted to such one or more Eligible Persons as shall be selected by the Committee. 
  
 (b)  In granting Awards, the Committee shall take into consideration the contribution the Eligible Person has made or may be reasonably expected to make to the success of the Company
and such other factors as the Committee shall determine. The Committee shall also have the authority to consult with and receive recommendations from officers and other personnel of the Company with regard to these matters. The Committee may from
time to time in granting Awards under the Plan prescribe such other terms and conditions concerning such Awards as it deems appropriate, including, without limitation, relating an Award to achievement of specific goals established by the Committee
or to the continued employment of the Eligible Person for a specified period of time, provided that such terms and conditions are not inconsistent with the provisions of this Plan. 
  
 (c)  The Awards granted to Eligible Persons shall be in addition to regular salaries, pension, life insurance or other benefits related to their service to
the Company. Neither the Plan nor any Award granted under the Plan shall confer upon any person any right to continuance of employment by the Company; and provided, further, that nothing herein shall be deemed to limit the ability of the
Company to enter into any other compensation arrangements with any Eligible Person. 
  
 5.    Grant of Options. 
  
 (a)  The Committee may
grant to Optionees from time to time Options to purchase some or all of the Available Shares. An Option granted hereunder shall be either an Incentive Stock Option or a Nonqualified Stock Option, shall be evidenced by a written agreement that shall
contain such provisions as shall be selected by the Committee, which may incorporate the terms of this Plan by reference, and which clearly shall state whether it is (in whole or in part) an Incentive Stock Option or a Nonqualified Stock Option.

  
 (b)  The aggregate Fair Market Value (determined as of the Date of Grant) of the Available
Shares with respect to which any Incentive Stock Option is exercisable for the first time by an Optionee during any calendar year under the Plan and all such plans of the Company and any parent and subsidiary of the Company (as defined in Section
425 of the Code) shall not exceed $100,000. 
  
 6.    Option Price. 

 
 (a)  The Option Price shall be any price determined by the Committee. Without limitation, except as provided
in Section 15, the Committee shall not, directly or indirectly, reduce the Option Price of an existing Option. 
  
 (b)  The Option Price of any Shares purchased shall be paid solely in cash, by wire transfer, by certified or cashier’s check, or by money order from the Optionee or the Broker (in a Broker Assisted Exercise);
provided, further, if expressly provided in the Option, and not otherwise, with Shares owned for the minimum period required in order to avoid having such 

 
 5 

 exercise result in a charge to the Company’s earnings; or, if expressly provided in the Option, and not otherwise, with nonforfeitable
Shares subject to the Option. If the Option Price is permitted to be, and is, paid in whole or in part with Shares, the value of the Shares surrendered shall be their Fair Market Value on the date they are actually delivered to the Company.

  
         7.    Exercise of Options.    An
Option shall be deemed exercised when: (i) the Company has received written notice of such exercise in accordance with the terms of the Option and this Plan; (ii) full payment of the aggregate Option Price of the Shares as to which the Option is
exercised has been made, including through a Broker Assisted Exercise; and (iii) arrangements that are satisfactory to the Company in its sole discretion have been made to satisfy the Optionee’s obligations under Section 20. Separate
stock certificates shall be issued by the Parent for any Available Shares acquired as a result of exercising an Incentive Stock Option and a Nonqualified Stock Option. 
  
         8.    Exercisability of Options. 
  
 (c)  Each Option shall become exercisable in whole or in part and cumulatively, and shall expire, according to the terms of the Option; provided,
however, that, without limitation, in the case of the grant of an Option to an officer (as that term is used in Rule 16a-1 promulgated under the 1934 Act) or any similar rule which may subsequently be in effect, the Committee may limit the
exercisability for the first six (6) months following the Date of Grant, or provide that no Available Shares acquired on such exercise shall be transferable during such 6 month period, but in no event shall an Option be exercisable after the tenth
(10th) anniversary of its Date of Grant. 
  
 (b)  The expiration date of an Option shall be
determined by the Committee at the Date of Grant, but may, in the Committee’s sole discretion, be extended by the Committee. 
  
 (c)  The Committee, in its sole discretion, may accelerate the date on which all or any portion of an otherwise unexercisable Option may be exercised. 
  
         9.    Termination of Option Period. 
  
 (d)  As provided in Section 5, and without limitation, each Option shall be evidenced by an agreement that may contain any provisions selected by
the Committee; provided, however, that in each case the unexercised portion of an Option shall automatically and without notice terminate and become null and void on the earlier of (i) the date that Optionee ceases to be employed by the
Company, if such cessation is for Cause, (ii) the tenth (10th) anniversary of the Date of Grant. 
  
 (e)  Unless otherwise expressly provided in the Option of reference, the Committee, in its sole discretion may, by giving written notice (a “Cancellation Notice”) cancel, effective upon the date of
the consummation of any Change in Control, all or any of the exercisable portion of any, or all, Options that remain unexercised on such date. Such Cancellation Notice shall be given a reasonable period of time (but not less than 15 days) prior to
the proposed date of such cancellation, and may be given either before or after shareholder approval (if any is required) of the Change in Control, and may be condition on the actual occurrence of the Change in Control. 

 
 6 

  
 10.    Incentive Stock Options for 10%
Shareholder.    Notwithstanding any other provisions of the Plan to the contrary, an Incentive Stock Option shall not be granted to any person owning directly (or indirectly through attribution under section 425(d) of the
Code) at the Date of Grant, stock possessing more than 10% of the total combined voting power of all classes of stock of the Company (or of its parent or subsidiary [as defined in section 425 of the Code] at the Date of Grant) unless the Option
Price of such Incentive Stock Option is at least 110% of the Fair Market Value on the Date of Grant of the Available Shares subject to such Incentive Stock Option, and the period during which the Incentive Stock Option may be exercised does not
exceed five (5) years from the Date of Grant. 
  
 11.    Nonqualified Stock
Options.    Nonqualified Stock Options may be granted hereunder and shall contain such terms and provisions as shall be determined by the Committee, except that each such Nonqualified Stock Option (i) must be clearly
designated as a Nonqualified Stock Option; (ii) may be granted for Available Shares which become exercisable in excess of the limits contained in Subsection 5(b); and (iii) shall not be subject to Section 10 hereof. If both Incentive
Stock Options and Nonqualified Stock Options are granted to an Optionee, the right to exercise, to the full extent thereof, Options of either type shall not be contingent in whole or in part upon the exercise of, or failure to exercise, Options of
the other type. 
  
 12.    Restricted Share Awards. 
  
 (f)  Each Restricted Share Award shall be evidenced by an agreement that may contain any provisions selected by the
Committee, including, without limitation, a provision allowing the Holder, prior to the date on which the Restrictions lapse with respect to the Restricted Shares of reference, or within a period of 10 days after such lapse where such lapse is
accelerated, to elect to receive cash in an amount equal to the Fair Market Value of some or all of the Restricted Shares on the date the Restrictions with respect to such Restricted Shares lapse, in lieu of retaining the corresponding formerly
Restricted Shares. As a condition to the grant of a Restricted Share Award, the Committee shall require the Eligible Person receiving the Restricted Share Award to pay at least an amount equal to the par value of the Restricted Shares granted under
such Restricted Share Award, and such Restricted Share Award shall automatically terminate if such payment is not received within 30 days following the Date of Grant. Except as otherwise provided in the express terms and conditions of each
Restricted Share Award, the Eligible Person receiving the Restricted Share Award shall have all of the rights of a shareholder with respect to such Restricted Shares including, but not limited to, voting rights and the right to receive any dividends
paid, subject only to the retention provisions of the Restricted Share Distributions. 
  
 (g)  The
Restrictions on Restricted Shares shall lapse in whole, or in installments, over whatever Restricted Period shall be selected by the Committee; provided, however, that a complete lapse of Restrictions always shall occur on or before the 10th
anniversary of the Date of Grant. 
  
 (h)  The Committee, in its sole discretion, may accelerate the
date on which Restrictions lapse with respect to any Restricted Shares. 
  
 (i)  During the
Restricted Period, the certificates representing the Restricted Shares, and any Restricted Share Distributions, shall be registered in the Holder’s name and bear a restrictive legend disclosing the Restrictions, the existence of the Plan, and
the existence of the 

 
 7 

 applicable agreement granting such Restricted Share Award. At the direction of the Committee, such certificates shall be deposited by the Holder
with the Company, together with stock powers or other instruments of assignment, each endorsed in blank, which will permit the transfer to the Company of all or any portion of the Restricted Shares, and any assets constituting Restricted Share
Distributions, which shall be forfeited in accordance with the applicable agreement granting such Restricted Share Award; and provided, further, that any Restricted Share Distributions shall not bear interest or be segregated into a separate
account but shall remain a general asset of the Company, subject to the claims of the Company’s creditors, until the conclusion of the applicable Restricted Period. 
  
         13.    Performance Awards. 
  
 (j)  The Committee may grant Performance Awards, which may in the sole discretion of the Committee represent a Share or be related to the increase in value of a Share, contingent on
the Company’s achievement of the specified performance measures during the Performance Period. The Committee shall establish the performance measures for each Performance Period, and such performance measures, and the duration of any
Performance Period, may differ with respect to each Eligible Person who receives a Performance Award, or with respect to separate Performance Awards issued to the same Eligible Person. The performance measures, the medium of payment, the Performance
Period(s) and any other conditions to the Company’s obligation to pay such Performance Award in full or in part, shall be set forth in the written agreement evidencing each Performance Award. 
  
 (k)  The Committee shall determine the manner and medium of payment of each Performance Award, which manner may include
immediate or deferred payment, and which medium may include cash, Shares (including, without limitation, Available Shares), Restricted Shares (but only if expressly provided for in the agreement evidencing the Performance Award), or any combination
thereof as the Committee shall select. 
  
 (l)  Unless otherwise expressly provided in the agreement
evidencing the Performance Award, the Holder of the Performance Award must remain employed by the Company until the end of the Performance Period in order to be entitled to any payment under such Performance Award; provided, however, that the
Committee expressly may provide in the agreement granting such Performance Award that such Holder may become entitled to a specified portion of the amount earned under such Performance Award based on one or more specified period(s) of time between
the Date of Grant of such Performance Award and such Holder’s termination of employment by the Company prior to the end of the Performance Period. 
  
         14.    Acceleration on Change in Control. 

 
 8 

  
 (m)  Except to the extent limited in subsection(b), in the event
of a change in control of the Company (as hereafter defined) all Awards shall become fully exercisable, nonforfeitable, or the Restricted Period shall terminate, as the case may be (hereafter, in this Section 14, such Award shall be
“accelerated”). As used herein, the term “change in control of the Company” shall be deemed to have occurred if (i) any “person” (as such term is used in Sections 13(d) and 14(b)(2) of the 1934 Act) becomes the
beneficial owner, directly or indirectly, of securities of the Company representing 30% of more of the combined voting power of the Company’s then outstanding securities, (ii) during any period of 12 months, individuals who at the beginning of
such period constitute the Board of Directors of the Company cease for any reason to constitute a majority thereof unless the election, or the nomination for election by the Company’s shareholders, of each new director was approved by a vote of
at least a majority of the directors then still in office who were directors at the beginning of the period or (iii) a person (as defined in clause (i) above) acquires (or, during the 12-month period ending on the date of the most recent acquisition
by such person or group of persons, has acquired), gross assets of the Company that have an aggregate fair market value greater than or equal to 50% of the fair market value of all of the gross assets of the Company immediately prior to such
acquisition or acquisitions. 
  
 (n)  Notwithstanding any provisions hereof to the contrary, if an
Award is accelerated under Subsection 14(a), the only portion of the Award which will be accelerated is the portion which can be accelerated without causing the Holder to have an “excess parachute payment” as determined under
section 280G of the Code, determined by first taking into account all of the Holder’s “parachute payments” determined under section 280G of the Code from other sources, and then the acceleration hereunder, all as reasonably determined
by the Committee. 
  
         15.    Adjustment of Available Shares.

  
 (o)  If at any time while the Plan is in effect or Awards with respect to Available
Shares are outstanding, there shall be any increase or decrease in the number of issued and outstanding Shares through the declaration of a stock dividend or through any recapitalization resulting in a stock split-up, combination or exchange of
Shares, then and in such event: 
  
 (i)  appropriate adjustment shall be made in the
maximum number of Available Shares which may be granted under Section 3, and in the Available Shares which are then subject to each Award, so that the same proportion of the Parent’s issued and outstanding Shares shall continue to be
subject to grant under Section 3, and to such Award, and 
  
 (ii)  in
addition, and without limitation, in the case of each Award (including, without limitation, Options) which requires the payment of consideration by the Holder in order to acquire Shares, an appropriate adjustment shall be made in the consideration
(including, without limitation the Option Price) required to be paid to acquire the each Share, so that (i) the aggregate consideration to acquire all of the Shares subject to the Award remains the same and, (ii) so far as possible (and without
disqualifying an Incentive Stock Option) as reasonably determined by the Committee in its sole discretion, the adjusted cost of acquiring each Share shall be a uniform amount. 

 
 9 

  
 (p)  The Committee may change the terms of Options outstanding
under this Plan, with respect to the Option Price or the number of Available Shares subject to the Options, or both, when, in the Committee’s judgment, such adjustments become appropriate by reason of a corporate transaction (as defined in
Treasury Regulation § 1.425-1(a)(1)(ii)); provided, however, that if by reason of such corporate transaction an Incentive Stock Option is assumed or a new option is substituted therefore, the Committee may only change the terms of such
Incentive Stock Option such that (i) the excess of the aggregate Fair Market Value of the shares subject to option immediately after the substitution or assumption, over the aggregate option price of such shares, is not more than the excess of the
aggregate Fair Market Value of all Available Shares subject to the Option immediately before such substitution or assumption over the aggregate Option Price of such Available Shares, and (ii) the new option, or the assumption of the old Incentive
Stock Option does not give the Optionee additional benefits which he did not have under the old Incentive Stock Option. 
  
 (q)  Without limitation, except as otherwise expressly provided herein, the issuance by the Parent of shares of its capital stock of any class, or securities convertible into shares of capital stock of any class,
either in connection with direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Parent convertible into such shares or other securities, shall not affect, and no adjustment
by reason thereof shall be made with respect to Available Shares subject to Awards granted under the Plan. 
  
 (r)  Without limiting the generality of the foregoing, the existence of outstanding Awards with respect to Available Shares granted under the Plan shall not affect in any manner the right or power of the Parent to
make, authorize or consummate (1) any or all adjustments, recapitalizations, reorganizations or other changes in the Parent’s capital structure or its business; (2) any merger or consolidation of the Parent; (3) any issue by the Parent of debt
securities, or preferred or preference stock which would rank above the Available Shares subject to outstanding Awards; (4) the dissolution or liquidation of the Parent; (5) any sale, transfer or assignment of all or any part of the assets or
business of the Company; or (6) any other corporate act or proceeding, whether of a similar character or otherwise. 
  
 16.    Transferability of Awards.    Each Award shall provide that such Award shall not be transferable by the Holder otherwise than by will or the laws of descent and
distribution, or, if so provided in the Award, (a) that such Award is transferable, in whole or in part, without payment of consideration, to immediate family members of the Holder, to trusts for such family members, or to partnerships whose only
partners are such family members, or (b) to a person or other entity for which the Holder is entitled to a deduction for a “charitable contribution” under Section 170(a)(i) of the Code (provided, in each such case that no further
transfer by any such permitted transferee(s) shall be permitted). 
  
 17.    Issuance of Shares.    No Holder or other person shall be, or have any of the rights or privileges of, the owner of Shares subject to an Award unless and until
certificates representing such Shares shall have been issued and delivered to such Holder or other person. As a condition of any issuance of Shares, the Committee may obtain such agreements or undertakings, if any, as the Committee may deem
necessary or advisable to assure compliance with any such law or regulation including, but not limited to, the following: 

 
 10 

  
 (i)  a representation, warranty or agreement by
the person Holder such Shares to the Parent, at the time any Shares are transferred, that he is acquiring the Shares to be issued to him for investment and not with a view to, or for sale in connection with, the distribution of any such Shares; and

  
 (ii)  a representation, warranty or agreement to be bound by any legends that
are, in the opinion of the Committee, necessary or appropriate to comply with the provisions of any securities law deemed by the Committee to be applicable to the issuance of the Shares and are endorsed upon the Share certificates. 

 
 Share certificates issued to the Holder receiving such Shares who are parties to any shareholders agreement or any similar
agreement shall bear the legends contained in such agreements. Notwithstanding any provision hereof to the contrary, no Shares shall be required to be issued with respect to an Award unless counsel for the Parent shall be reasonably satisfied that
such issuance will be in compliance with applicable Federal or state securities laws. 
  
         18.    Stock Appreciation Rights and Limited Stock Appreciation Rights. 
  
 (s)  The Committee shall have authority to grant a SAR, or to grant a Limited SAR with respect to all or some of the Available Shares covered by any Option
(“Related Option”), or with respect to, or as some or all of, a Performance Award (“Related Performance Award”). A SAR or Limited SAR granted with respect to an Incentive Stock Option must be granted together with
the Related Option. A SAR or Limited SAR granted with respect to a Related Nonqualified Stock Option or a Performance Award, may be granted on or after the Date of Grant of such Related Option or Related Performance Award. 
  
 (t)  For the purposes of this Section 18, the following definitions shall apply: 
  
 (i)  The term “Offer” shall mean any tender offer or exchange offer for thirty percent
(30%) or more of the outstanding Shares of the Parent, other than one made by the Parent; provided that the corporation, person or other entity making the Offer acquires Shares pursuant to such Offer. 
  
 (ii)  The term “Offer Price Per Share” shall mean the highest price per Share paid in
any Offer which is in effect at any time during the period beginning on the sixtieth (60th) day prior to the date on which a Limited SAR is exercised and ending on the date on which the Limited SAR is exercised. Any securities or properties which
are a part or all of the consideration paid or to be paid for Shares in the Offer shall be valued in determining the Offer Price Per Share at the higher of (1) the valuation placed on such securities or properties by the person making such Offer, or
(2) the valuation placed on such securities or properties by the Committee. 
  
 (iii)  The term “Limited SAR” shall mean a right granted under this Plan with respect to a Related Option or Related Performance Award, that shall entitle the Holder to an amount in cash equal to the
Offer Spread in the event an Offer is made. 
  
 (iv)  The term “Offer
Spread” shall mean, with respect to each Limited SAR, an amount equal to the product of (1) the excess of (A) the Offer Price Per Share 

 
 11 

 immediately preceding the date of exercise over (B) (x) if the Limited SAR is granted in tandem with an Option, then the
Option Price per Share of the Related Option, or (y) if the Limited SAR is issued with respect to a Performance Award, the Agreed Price under the Related Performance Award, multiplied by (2) the number of Available Shares with respect to which such
Limited SAR is being exercised; provided, however, that with respect to any Limited SAR granted in tandem with an Incentive Stock Option, in no event shall the Offer Spread exceed the amount permitted to be treated as the Offer Spread under
applicable Treasury Regulations or other legal authority without disqualifying the Option as an Incentive Stock Option. 
  
 (v)  The term “SAR” shall mean a right granted under this Plan, including, without limitation, a right granted in tandem with an Award, that shall entitle the Holder thereof to an amount in
cash equal to the Spread. 
  
 (vi)  The term “SAR Spread” shall
mean with respect to each SAR an amount equal to the product of (1) the excess of (A) the Fair Market Value per Share on the date of exercise over (B) (x) if the SAR is granted in tandem with an Option, then the Option Price per Share of the Related
Option, (y) if the SAR is granted in tandem with a Performance Award, the Agreed Price under the Related Performance Award, or (z) if the SAR is granted by itself with respect to a designated number of Available Shares, then whichever of the FMV of
the Available Shares on the Date of Grant, or the Agreed Price, shall be designated in the SAR agreement, in each case multiplied by (2) the number of Available Shares with respect to which such SAR is being exercised; provided, however, that
with respect to any SAR granted in tandem with an Incentive Stock Option, in no event shall the SAR Spread exceed the amount permitted to be treated as the SAR Spread under applicable Treasury Regulations or other legal authority without
disqualifying the Option as an Incentive Stock Option. 
  
 (u)  To exercise the SAR or Limited SAR,
the Holder shall: 
  
 (i)  Give written notice thereof to the Company, specifying
the SAR or Limited SAR being exercised and the number or Available Shares with respect to which such SAR or Limited SAR is being exercised, and 
  
 (ii)  If requested by the Company, deliver within a reasonable time the agreement evidencing the SAR or Limited SAR being exercised, and the Related Option agreement, or Related
Performance Award agreement, to the Secretary of the Company who shall endorse or cause to be endorsed thereon a notation of such exercise and return all agreements to the Holder. 
  
 (v)  As soon as practicable after the exercise of a SAR or Limited SAR, the Company shall pay to the Holder (i) cash, (ii) at the request of the Holder and
the approval of the Committee, or in accordance with the terms of the Award, Shares, or (iii) a combination of cash and Shares, having a Fair Market Value equal to either the SAR Spread, or to the Offer Spread, as the case may be; provided,
however, that the Company may, in its sole discretion, withhold from such payment any amount necessary to satisfy the Company’s obligation for federal and state withholding taxes with respect to such exercise. 

 
 12 

  
 (w)  A SAR or Limited SAR may be exercised only if and to the
extent that it is permitted under the terms of the Award which, in the case of a Related Option, shall be only when such Related Option is eligible to be exercised; provided, however, a Limited SAR may be exercised only during the period
beginning on the first day following the date of expiration of the Offer and ending on the thirtieth (30th) day following such date. 
  
 (x)  Upon the exercise of a SAR or Limited SAR, and without limiting the generality of Section 3, the Available Shares under the Related Option or Related Performance Award to which such exercised SAR
or Limited SAR relate shall never again be Available Shares. 
  
 (y)  Upon the exercise or
termination of a Related Option, or the payment or termination of a Related Performance Award, the SAR or Limited SAR with respect to such Related Option or Related Performance Award likewise shall terminate. 
  
 (z)  A SAR or Limited SAR shall be transferable only to the extent, if any, that the Related Award is transferable, and
under the same conditions. 
  
 (aa)  A SAR or Limited SAR granted with respect to an Incentive Stock
Option may be exercised only when the Fair Market Value of the Available Shares exceeds the Option Price. 
  
 (bb)   Each SAR or Limited SAR shall be on such terms and conditions not inconsistent with this Plan as the Committee may determine and shall be evidenced by a written agreement. 
  
 (cc)  The Holder shall have no rights as a stockholder with respect to the related Available Shares as a result of the
grant of a SAR or Limited SAR. 
  
         19.    Administration of the
Plan. 
  
 (a)  The Plan shall be administered by the Committee and, except for the powers
reserved to the Board in Section 23 hereof, the Committee shall have all of the administrative powers under Plan. 
  
 (b)  The Committee, from time to time, may adopt rules and regulations for carrying out the purposes of the Plan and, without limitation, may delegate all of what, in its sole discretion, it determines to be
ministerial duties to an officer of the Parent. Without limitation, the determinations under, and the interpretations of, any provision of the Plan or an Award by the Committee shall, in all cases, be in its sole discretion, and shall be final and
conclusive. 
  
 (c)  Any and all determinations and interpretations of the Committee shall be made
either (i) by a majority vote of the members of the Committee at a meeting duly called, with at least 3 days prior notice and a general explanation of the subject matter given to each member, or (ii) without a meeting, by the written approval of all
members of the Committee. 
  
 (d)  Subject to the express provisions of this Plan, the Committee
shall have the authority, in its sole and absolute discretion (i) to adopt, amend, and rescind administrative and interpretive rules and regulations relating to this Plan or any Options; (ii) as provided in the Subsection 9(a) and (b), upon
the occurrence of certain events, to make appropriate adjustments to the Option Price and number of Shares subject to this Plan and Option; and (iii) to make all 

 
 13 

 other determinations and perform all other acts necessary or advisable for administering this Plan, including the delegation of such ministerial
acts and responsibilities as the Committee deems appropriate. The Committee may correct any defect or supply any omission or reconcile any inconsistency in this Plan or any Option in the manner and to the extent it shall deem expedient to carry it
into effect, and it shall be the sole and final judge of such expediency. 
  
 (e)  No member of the
Committee shall be liable for any action taken or omitted to be taken by him or by any other member of the Committee with respect to the Plan, and to the extent of liabilities not otherwise insured under a policy purchased by the Company, the
Company does hereby indemnify and agree to defend and save harmless any member of the Committee with respect to any liabilities asserted or incurred in connection with the exercise and performance of their powers and duties hereunder, unless such
liabilities are judicially determined to have arisen out of such member’s gross negligence, fraud or bad faith. Such indemnification shall include attorney’s fees and all other costs and expenses reasonably incurred in defense of any
action arising from such act of commission or omission. Nothing herein shall be deemed to limit the Company’s ability to insure itself with respect to its obligations hereunder. 
  
 20.    Tax Withholding.    On or immediately prior to the date on which a payment is made to a Holder hereunder or, if
earlier, the date on which an amount is required to be included in the income of the Holder as a result of an Award, the Holder shall be required to pay to the Company in cash, or at the sole discretion of the Committee, or as provided in the Award,
in Shares (including, but not limited to, the reservation to the Company of the requisite number of Available Shares otherwise payable to such Holder with respect to such Award) the amount which the Company reasonably determines to be appropriate in
order to reimburse the Company for applicable federal or state tax withholding requirements, and the collection of employment taxes, if applicable; provided that, where Shares are used to satisfy such withholding, the withholding will be
limited to the minimum amount, as determined by the Company, necessary to satisfy such withholding requirements and employment taxes. 
  
         21.    Interpretation. 
  
 (a)  If any provision of this Plan, or any Award, is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions of this Plan or any Award, but such provision
shall be fully severable, and the Plan or Award, as applicable, shall be construed and enforced as if the illegal or invalid provision had never been included in the Plan or Award, as applicable. 
  

(b)  THIS PLAN SHALL BE GOVERNED BY THE
LAWS OF THE STATE OF TEXAS. 
  
 (c)  Headings contained in this Agreement are for convenience only and shall in no manner be construed as part of this Plan. 
  
 (d)  Any reference to the masculine, feminine, or neuter gender shall be a reference to such other gender as is appropriate. 
  

        22.    Miscellaneous. 

 
 14 

  
 (a)  The proceeds received by the Company from the sale of
Shares pursuant to an Option shall be used for general corporate purposes. 
  
 (b)  Neither the
Board, the Committee, nor the Company guarantees Shares from loss or depreciation. 
  
 (c)  Records
of the Company shall be conclusive for all purposes under this Plan or any Award, unless determined by the Committee to be incorrect. 
  
 (d)  The Company shall, upon request or as may be specifically required under this Plan or any Award, furnish or cause to be furnished all of the information or documentation that is necessary or required by
the Committee to perform its duties and functions under this Plan or any Award. 
  
 (e)  The Company
assumes no liability to any Holder or his legal representatives, heirs, legatees or distributees for any act of, or failure to act on the part of, the Committee. 
  
 (f)  Whenever any notice is required or permitted under this Plan, such notice must be in writing and personally delivered or sent by mail or delivery by a nationally recognized
courier service. Any notice required or permitted to be delivered under this Plan shall be deemed to be delivered on the date on which it is personally delivered, or, if mailed, whether actually received or not, on the third Business Day after it is
deposited in the United States mail, certified or registered, postage prepaid, addressed to the person who is to receive it at the address that such person has previously specified in accordance with this subsection, or, if by courier, seventy-two
(72) hours after it is sent, addressed as described in this subsection. The Company or the Holder may change, at any time and from time to time, by written notice to the other, the address that it or he had previously specified for receiving
notices. Until changed in accordance with this Plan, the Company and the Holder shall be deemed to have specified as its and his address for receiving notices, as to the Company, the principal executive offices of the Company and, as to the Holder,
the most current address of the Holder set forth in the Company’s employment records. 
  
 (g)  This Plan shall be binding upon the Holder, his legal representatives, heirs, legatees and distributees; upon the Company, its successors, and assigns; and upon the Board and its successors. 

 
 23.    Amendment and Discontinuation of the Plan.    The Board, or the
Committee (subject to the prior written authorization of the Board), may from time to time amend the Plan or any Award; provided, however, that (except to the extent provided in Section 15) no such amendment may, without approval by
the shareholders of the Parent, (a) increase the number of Available Shares or change the class of Eligible Persons, (b) permit the granting of Awards which expire beyond the maximum 10-year period described in Subsection 9(a)(ii), or (c)
extend the termination date of the Plan as set forth in Section 25; and provided, further, that (except to the extent provided in Subsections 8(b) and 9(b) hereof) no amendment or suspension of the Plan or any Award issued
hereunder shall, except as specifically permitted in any Award, substantially impair any Award previously granted to any Holder without the consent of such Holder. 

 
 15 

 24.    Section 83(b) Election.    If as a result of receiving an
Award, a Holder receives Restricted Shares subject to a “substantial risk of forfeiture”, then such Holder may elect under section 83(b) of the Code to include in his gross income, for his taxable year in which the Restricted Shares are
transferred to him, the excess of the Fair Market Value (determined without regard to any Restriction other than one which by its terms will never lapse), of such Restricted Shares at the Date of Grant, over the amount paid for the Restricted
Shares. If the Holder makes the section 83(b) election described above, the Holder (i) shall make such election in a manner that is satisfactory to the Committee, (ii) shall provide the Committee with a copy of such election, (iii) agrees to
promptly notify the Company if any Internal Revenue Service or state tax agent, on audit or otherwise, questions the validity or correctness of such election or of the amount of income reportable on account of such election, and (iv) agrees to
comply with the provision of Section 20 to the extent the Committee may reasonably require in its sole and absolute discretion. 
  
 25.    Effective Date and Termination Date.    The Plan is effective on its Effective Date; provided, however, if the Plan is not approved by a majority of the
stockholders, present and voting at a duly called meeting, on or before the first anniversary of its Effective Date, each Incentive Stock Option granted pursuant to the Plan shall be deemed to be a Nonqualified Stock Option; and no further Options
shall be granted hereunder subsequent to the earlier of such first anniversary of the Effective Date or the date of such stockholder meeting. Unless terminated earlier, the Plan automatically shall terminate on October 31, 2007. 

 
 AmeriCredit Corp.Purchase and Sale Agreement Dated 11/27/2002

  
 Exhibit 10.90 
  
 AGREEMENT 
  
 This Agreement
(“Agreement”) is entered into by and between Tipperary Oil & Gas Corporation, a Texas corporation, whose principal business address is 633 17th Street, Suite 1550, Denver, Colorado 80202 (“Tipperary”) and Kerr-McGee Rocky Mountain Corporation, a Delaware corporation, whose principal business address is 1999
Broadway, Suite 3600, Denver, Colorado 80202 (“Kerr-McGee”), and is dated and effective as of November 27, 2002 (“Effective Date”). 
  
 RECITALS 
  
 A.    Tipperary is the
current owner, as lessee, of approximately 130,000 net acres of oil and gas leasehold interests in its “ * Prospect” in * Counties, Colorado (more specifically described below). 
  

B.    Tipperary also is the current owner, as lessee, of approximately 100,000 net acres of oil and gas leasehold interests in its “ *
Prospect” in * Counties, Colorado (more specifically described below). 
  
 C.    The *
Prospect and * Prospect are sometimes collectively referred to herein as the “Prospects”. 
  
 D.    Pursuant to the terms of this Agreement, Tipperary has agreed to sell, convey and assign to Kerr-McGee, and Kerr-McGee has agreed to purchase and acquire from Tipperary, 75% of Tipperary’s interest in
the * Prospect and 80% of Tipperary’s interest in the * Prospect. 
  
 E.    The parties have
agreed to commit their respective interests in the * and * Prospects to an Operating Agreement and to conduct certain exploration and drilling operations pursuant to the terms of this Agreement and the Operating Agreement. 
  
 Now therefore, in consideration of the terms of this Agreement, the adequacy of which is hereby acknowledged, Tipperary and Kerr-McGee
hereby agree as follows: 
  
 1.    The Prospects 
  
 1.1    Prospects and Leases.    The * Prospect consists of all of Tipperary’s oil and gas leasehold and associated
interests lying within * (consisting of fifteen townships), * Counties, Colorado, as of the Effective Date. The * Prospect consists of all of Tipperary’s oil and gas leasehold and associated interests lying within * (consisting of twenty-four
townships), * Counties, Colorado, as of the Effective Date. In addition to Tipperary’s leasehold interests, the Prospects include any and all fee mineral interests, options, farmins and other contract rights, easements, servitudes, permits,
licenses, geological or geophysical data owned or possessed by Tipperary on the Effective Date relating the to Prospects, but only to the extent Tipperary has the right to sell, assign, and convey an interest therein. Exhibit A hereto is a
lease schedule 
  
  
 *  Material has been omitted pursuant to a request for confidential
treatment, and such material has been filed separately with the Securities and Exchange Commission. 

 
 1 

 identifying the oil and gas leases to be assigned to Kerr-McGee pursuant to the terms hereof (the “Leases”), and Exhibit
B hereto is a map depicting the outline of the Prospects. The Leases shall also include any additional leases inadvertently omitted from Exhibit A or otherwise acquired by Tipperary or its agents within the Prospects at any time prior to
Closing (hereinafter defined), and they shall also be subject to this Agreement. 
  
 2.    Transfer of the Prospects
and the Leases 
  
 2.1    Assignment to Kerr-McGee.    At Closing,
effective as of the Effective Date, and subject to the terms hereof, including the overriding royalty interest to be reserved by Tipperary, Tipperary agrees to sell, convey and assign an undivided 75% of its entire right, title and interest in the *
Prospect and an undivided 80% of its entire right, title and interest in the * Prospect to Kerr-McGee, and Kerr-McGee agrees to buy and accept the same, upon the payment of the Purchase Price described below. Tipperary shall warrant and defend the
title to the Leases against every person whomsoever lawfully claiming the same, or any part thereof, by, through or under Tipperary, but not otherwise; provided however, there is hereby excluded from such warranty the overriding royalty interests
provided for in Section 2.2 which Tipperary has conveyed prior to the Closing. 
  
 2.2    Conveyance of Override by Tipperary.    In accepting the assignment of the above stated interests, Kerr-McGee acknowledges that Tipperary has made two assignments of overriding
royalty interests on all oil, gas, other hydrocarbons, and all other minerals produced, saved, and sold from, or attributable to the Leases. Said overriding royalty interest assignments total 2.5% over and above the landowner royalty provided for in
the Leases; provided, however, that in no event shall the net revenue interest to be delivered to Kerr-McGee be less than a proportionate 80.83%. 
  
 3.    Purchase Price 
  
 3.1    Purchase
Price.    Subject to any adjustments for title matters as set forth below, the total purchase price (“Purchase Price”) to be paid to Tipperary by Kerr-McGee for both Prospects is FOUR MILLION, EIGHT HUNDRED
THOUSAND DOLLARS (US $4,800,000). The Purchase Price shall be paid in full by wire transfer, to an account designated by Tipperary, at Closing. As between the two Prospects, the Purchase Price has been allocated to the * Prospect ($ * ) and *
Prospect ($ * ). 
  
 4.    Closing 
  
 4.1    Closing.    The closing of the transaction that is the subject of this Agreement shall take place at the offices of
Tipperary on Wednesday, November 27, 2002, at 10:00 a.m. 
  
  
 *  Material has been omitted
pursuant to a request for confidential treatment, and such material has been filed separately with the Securities and Exchange Commission. 
  

 
 2 

  
 5.    Title Review 
  
 5.1    Right to Review Title.    Kerr-McGee acknowledges it has been given the opportunity to conduct such due diligence
investigation and review of Tipperary’s title, lease and contract files as it deems necessary or desirable and Tipperary has fully cooperated with and facilitated that investigation and review by making such files and any other related
materials in its possession available to Kerr-McGee. Until the Closing, Kerr-McGee shall continue to have the opportunity to conduct such due diligence investigation and review, and Tipperary shall fully cooperate with Kerr-McGee by continuing to
make such files and any other related materials in its possession available to Kerr-McGee. 
  
 5.2    Pre-Closing Title Objections.    (a)    If Kerr-McGee determines, in the course of its due diligence review prior to Closing, that there are substantial and
material title defects cumulatively affecting greater than ten percent (10%) of Tipperary’s net leasehold interests covered by the Leases in either or both of the Prospects, Kerr-McGee shall have the right to terminate this Agreement as to such
Prospect(s) without further obligation by or to either party as to such Prospect(s), by providing written notice to Tipperary so that it is received by Tipperary prior to Closing. Any notice given by Kerr-McGee under this Section that is not
received by Tipperary until after Closing shall be ineffective, the same as if not given, and Kerr-McGee shall have no further rights under this Section 5.2. If Kerr-McGee terminates this Agreement as to both Prospects, then this Agreement shall be
considered to have terminated in its entirety. If Kerr McGee terminates this Agreement as to only one Prospect, then the provisions of this Agreement relating to such terminated Prospect (including the provisions of Sections 6.1 and 6.2) shall no
longer be applicable to such Prospect. 
  
 (b)    For the purposes of this Agreement,
“substantial and material title defects” means Tipperary does not have good or marketable title to such leasehold interest, as based on the opinion of an oil and gas attorney licensed in Colorado or on the opinion of a landman
reasonably acceptable to Tipperary; provided further, that in order to assert a substantial and material title defect, Kerr-McGee must provide Tipperary with: (i) a reasonably adequate description of all material matters resulting in the asserted
defect, (ii) the attorney’s opinion or landman’s report on which it is based, and (iii) any documents supporting said opinion. 
  
 (c)    In the event this Agreement is terminated for title objections as to only one of the two Prospects, the Closing shall occur as to the other Prospect pursuant to the terms hereof and the Purchase
Price shall be reduced to that portion of the total Purchase Price allocated to the relevant Prospect in Section 3. 
  
 5.3    Post-Closing Title Objections.    Kerr-McGee shall have sixty (60) days following Closing in which to raise or assert any substantial and material title defects affecting the net
leasehold interests covered by the Leases. If Kerr-McGee determines, in the course of its due diligence during said 60 days, that there are substantial and material title defects cumulatively affecting greater than five percent (5%) of
Tipperary’s net leasehold interests covered by the Leases in either or both of the Prospects, it shall promptly provide written notice to Tipperary, including the information described in Section 5.2(b). A failure to give such notice so that it
is received by Tipperary within such 60 days shall be ineffective, the same as if not given, and Kerr-McGee shall have no further rights under this Section. Upon receipt of such notice, 

 
 3 

 Tipperary shall have the option of either curing the title defect(s) (in which case Kerr-McGee may not unreasonably reject the curative work),
or refunding a portion of the Purchase Price. If Tipperary undertakes to cure the title defect(s), it must accomplish such, if at all, within 30 days following receipt of Kerr-McGee’s written notice of the title defect. If Tipperary elects to
refund a portion of the Purchase Price because it declines or is unable to cure the relevant title defect(s), then: (a) such refund shall be on the basis of Twenty-five Dollars ($25.00) per leasehold acre (net to Kerr-McGee) affected by the defect,
and (b) Kerr-McGee shall reassign to Tipperary, by special warranty assignment, all of its interest in the lands as to which the refund is made. Any such refunded Purchase Price amount shall be payable by Tipperary within thirty (30) days following
its receipt of Kerr-McGee’s written notice of the title defect, and Kerr-McGee shall deliver the reassignment to Tipperary at the time Tipperary pays such amounts to Kerr-McGee. 
  
 6.    Initial Exploration and Subsequent Operations 
  
 6.1    Seismic and Drilling Commitment.    (a) The parties shall acquire by purchase or original survey a total of Six Hundred Thousand Dollars ($600,000) worth of seismic data in each
of the two Prospects; provided that any new seismic surveys may be for the purpose of acquiring 2D or 3D data. The parties shall also drill and complete or abandon a minimum of ten (10) wells in each of the two Prospects (which wells are sometimes
herein referred to as “commitment wells”). Kerr-McGee shall be operator with respect to the seismic operations and the commitment wells, subject to the terms of the Operating Agreement, which gives Tipperary, as non-operator, the
right to propose and drill a commitment well. Subject to the other provisions hereof, each party is unconditionally obligated to participate for its proportionate share of the costs of acquiring the seismic data and of drilling the 20 commitment
wells (ten in each Prospect). 
  
 (b)    (i)    Kerr-McGee represents and
covenants to Tipperary that it wants to, and will, explore the Prospects in a prudent and diligent manner. Said representation is material to inducing Tipperary to enter into this Agreement. Kerr-McGee shall promptly notify Tipperary when it begins
acquiring seismic data in either Prospect. 
  
 (ii)    If Tipperary fails to participate for its
proportionate share of the costs of any of the foregoing required seismic operations (up to a $120,000 cap in the * Prospect and $150,000 cap in the * Prospect), which participation is a material part of the consideration to be received by
Kerr-McGee under this Agreement, it shall: (A) be liable for and pay to Kerr-McGee liquidated damages in the amount of $367,500, less any sums previously paid by Tipperary toward its share of the costs of such seismic operations, and (B) forfeit and
surrender to Kerr-McGee all of its right, title and interest in six (6) of the commitment well locations to be selected by Kerr-McGee within the Prospect(s) for which the seismic participation commitment was not complied with, as well as the spacing
units for such wells and the eight off-set spacing units surrounding each well location. The failure, refusal or inability of Tipperary to comply with its financial commitment regarding the acquisition of seismic data, and the resulting forfeiture
of interests in the relevant Prospect shall have no bearing on Tipperary’s separate and distinct obligation to participate in the ten (10) commitment wells in such Prospect(s). 
  
  
 *  Material has been omitted pursuant to a request for confidential treatment, and such material has been filed separately with the Securities and
Exchange Commission. 

 
 4 

  
 (c)    If Tipperary fails to participate for its
proportionate share of costs in the drilling of any of the 20 commitment wells (10 in each Prospect), it shall forfeit and surrender to Kerr-McGee all of its right, title and interest in such well(s), the spacing unit for the well(s), and the eight
(8) off-set spacing units surrounding such well(s). 
  
 (d)    Any forfeiture of interest by a
party pursuant to this Section shall require the delivery of a recordable assignment of the affected interests to the other party within thirty (30) days of such other party’s written request and any such assignment shall be warranted to be
free and clear of all liens, claims, burdens and encumbrances created by, through or under the assigning party. 
  
 (e)    Upon completion of the required seismic operations and the drilling of the 20 commitment wells, all subsequent operations, and the parties’ respective elections regarding participation therein, shall
be governed by the Operating Agreement described below in Section 6.3. 
  
 6.2    Area of
Mutual Interest.    (a)    There is hereby created two separate areas of mutual interest (“AMI”), one for each of the two Prospects. The AMI for the * Prospect shall consist of the *
townships *, and the AMI for the * Prospect shall consist of the * townships *. The AMIs shall remain in force from the Effective Date through December 31, 2004. During the term of the AMIs, if either party (the “Acquiring Party”),
acquires an interest in any oil and gas lease or any unleased mineral interest therein (“Oil and Gas Interest”), the Acquiring Party shall advise the other party (“Offeree”) of such acquisition within fifteen (15)
days of such acquisition. In such event, the Offeree shall have the right to acquire the following proportionate interests in such Oil and Gas Interest in accordance with the other provisions of this Agreement: 
  
 
	 *  Prospect AMI
 
	  	  	 
	 
	 Tipperary
 	  	 25
 	 %
 
	 Kerr-McGee
 	  	 75
 	 %
 
	 
	 *  Prospect AMI
 
	  	  	 
	 
	 Tipperary
 	  	 20
 	 %
 
	 Kerr-McGee
 	  	 80
 	 %
 

 
  
 (b)    An interest shall be deemed to have been
acquired at the time the Acquiring Party entered into the contract (oral or written) or instrument that gave rise to the interest. Consistent with the foregoing, for interests in the nature of options, purchase contracts, farmout agreements, or
other contractual rights to acquire an interest, the date such interest was acquired shall be the date the party entered into the contract, which may or may not differ from its effective date. 
  

 
 *  Material has been omitted pursuant to a request for confidential treatment, and such material has been filed separately with the
Securities and Exchange Commission. 

 
 5 

  
 (c)    (i)    The notice of acquisition
shall include: (A) a copy of all instruments in the possession of the Acquiring Party relating to the acquisition, including copies of the leases, evidence of rental payments, assignments, subleases or other contracts affecting the Oil and Gas
Interest, (B) an explanation of the basis for the acquisition, including any geologic, engineering or geophysical data relating to the Oil and Gas Interest, (C) a description of the lands and minerals covered thereby, (D) an itemized statement of
the actual costs and expenses incurred in acquiring such Oil and Gas Interest, excluding, however, costs and expenses of its own personnel (“Acquisition Costs”), and (E) any and all other information in its possession, under its
control, or reasonably available to it regarding the acquisition. 
  
 (ii)    The Acquiring Party
shall also: (A) promptly provide the other party with any information it subsequently acquires regarding the acquisition, and (B) be deemed to have warranted and represented that to the best of its knowledge, information, and belief, it has provided
under this subsection (ii) and under subsection (i) all such information in its possession, under its control, or reasonably available to it. 
  
 (d)    The Offeree shall have fifteen (15) days after receipt of the notice (including the information specified in subsection (c)(i)) within which to furnish the Acquiring Party
written notice of its election to acquire the offered Oil and Gas Interest. If the Acquiring Party does not receive written notice of the election from the Offeree to acquire the Oil and Gas Interest within the fifteen (15) day period, such failure
shall constitute an election by said Offeree not to acquire the Oil and Gas Interest and said Offeree shall have no interest therein, and the Acquiring Party shall have the right to retain the entire Oil and Gas Interest. 
  
 (e)    If the Offeree elects to acquire the Oil and Gas Interest, the Acquiring Party shall invoice the Offeree for
its proportionate share of the Acquisition Costs. The Offeree shall immediately reimburse the Acquiring Party for the Acquisition Costs as reflected by the invoice. Upon receipt of such reimbursement, the Acquiring Party shall execute and deliver a
special warranty assignment to the Offeree conveying the Oil and Gas Interest free and clear of all overrides or other burdens created by or under the Acquiring Party. The assignment shall be made and accepted subject to, and the Offeree shall
expressly assume its portion of all of the obligations relating to the Oil and Gas Interest. 
  
 (f)    If any Oil and Gas Interest covers lands both within and outside one of the AMIs, then for the purposes of this Agreement, it shall be deemed that all of the interest so acquired is within the relevant AMI.

  
 (g)    Annual rentals or delay rentals due on any Oil and Gas Interest in which the Offeree
acquired an interest hereunder shall be paid by the operator under and pursuant to the Operating Agreement. There shall be no liability to the Acquiring Party for failure to properly pay any rentals provided for herein. 

 
 6 

  
 6.3    Operating
Agreement.    Concurrently with the execution of this Agreement, the parties are executing a 1989 AAPL Model Form Operating Agreement attached hereto as Exhibit C. The Operating Agreement shall be effective as of the
Effective Date. In the event of any inconsistency between this Agreement and the Operating Agreement, this Agreement shall control. 
  
 7.    Representations, Warranties, and Covenants of Parties 
  
 Each party
represents, warrants, and covenants to the other that to the best of its knowledge on the date hereof and as of the date of Closing: 
  
 7.1    Organization and Good Standing.    It is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation, as first set
out above; has all requisite corporate power and authority to own an interest in the Leases; and is duly licensed or qualified to do business and is in good standing in all jurisdictions in which the Prospects are located. 
  
 7.2    Corporate Authority: Authorization of Agreement.    It has all requisite corporate
power and authority to execute and deliver this Agreement, to consummate the transactions contemplated herein and to perform all of the terms and conditions to be performed by it as provided for in this Agreement. Its execution and delivery of this
Agreement, its performance of all of the covenants to be performed by it, and the consummation of the transactions contemplated herein have been duly authorized and approved by all necessary corporate action. This Agreement has been duly executed
and delivered by it and constitutes its valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency or other laws relating to or affecting the enforcement
of creditors’ rights and general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 
  
 7.3    No Violations.    Its execution and delivery of this Agreement does not, and the fulfillment and compliance with the terms hereof and the
consummation of the transactions contemplated herein, will not: 
  
 (a)    Conflict with or
require the consent of any person or entity under any of the terms, conditions or provisions of its certificate of incorporation or bylaws; 
  
 (b)    Violate any provision of, or require any filing, consent or approval under any law applicable to or binding upon it (assuming receipt of all consents and approvals of
governmental entities customarily obtained subsequent to the transfers of title); 
  
 (c)    Conflict with, result in a breach of, constitute a default under or constitute an event that with notice or lapse of time, or both, would constitute a default under, accelerate or permit the acceleration of
the performance required by, or require any consent, authorization or approval under, (i) any mortgage, indenture, loan, credit agreement or other agreement, evidencing indebtedness for borrowed money to which it is a party or by which it is bound
or (ii) any applicable federal, state, and local laws, rules, regulations, ordinances, orders, permits, judgments, or decrees (“Laws”); or 
  

 
 7 

  
 (d)    Result in the creation or imposition of any lien or
encumbrance upon the Prospects or the Leases. 
  
 7.4    Litigation.    There is no action, suit or proceeding pending against it which could have a material adverse effect on the value or operation of the Prospects or that could
prevent the consummation of the transaction contemplated by this Agreement. 
  
 7.5    Bankruptcy.    There are no bankruptcy, reorganization or receivership proceedings pending, being contemplated by, or threatened against it. 
  
 7.6    Brokers.    It has incurred no obligation or liability, contingent or otherwise, for
brokers’ or finders’ fees in respect of the matters provided for in this Agreement, for which the other party will have any responsibility. 
  
 7.7    Third Party Rights.    There are no existing agreements, options, commitments or preferential purchase rights with, to or in any third party to
acquire any of its interests in any portion of the Prospects, and it does not require any consent or approval of third-parties or governmental agencies to enter this Agreement or to consummate the transactions contemplated herein. 

 
 7.8    Environmental Compliance.    It has been and is in compliance in all
material respects with all applicable environmental laws, rules and regulations of any governmental entity having jurisdiction and relating to the Prospects. 
  
 (b)    It is not subject to any actual or potential proceeding under any environmental law, rule or regulation with respect to the Prospects. 
  
 7.9    Indemnification.    It shall protect, defend, indemnify, and hold harmless the other
party and its affiliates, and their employees, agents, successors and assigns, from and with respect to any and all rights, claims, demands, causes of action, and legal, administrative, or arbitration proceedings, of any and every nature
(collectively, “Claims”), and injuries, deaths, damages, and obligations of any and every nature resulting from or that gave rise to any Claim, including liabilities, losses, costs, penalties, expenses, judgments, fines,
settlements, interest, reasonable attorney’s fees, and other related expenses of any nature (collectively, “Damages”) resulting from a breach of its warranties, representations, or covenants herein; provided however, Damages
shall not include special, consequential, incidental, or punitive damages. 
  
 8.    Tipperary’s
Representations, Warranties, and Covenants 
  
 Tipperary represents, warrants, and covenants that to the best of
its knowledge on the date hereof and as of the date of Closing: 
  

 
 8 

  
 8.1    Absence of Certain Changes.    There has not been
without Kerr-McGee’s prior written consent: 
  
 (a)    A sale, lease or other disposition of
any part of the Prospects, other than in the ordinary course of business and other than the overriding royalties provided for in Section 2.2; 
  
 (b)    A mortgage, pledge or grant of a lien or security interest in any of the Prospects; or 
  
 (c)    A contract or commitment to do any of the foregoing. 
  
 8.2    Lease Maintenance Costs, and Compliance with Contracts and Leases.    All amounts required to maintain the Leases in full force and effect have been fully paid and discharged by
Tipperary; it has complied with all material terms of the Leases; and there are no material breaches of the terms of the Leases or of any contracts or agreements affecting the Prospects which would have an adverse effect on the value of the
Prospects to Kerr-McGee and which have not been disclosed to Kerr-McGee in writing; provided however, that the provisions of this Section terminate sixty (60) days after Closing. 
  
 8.3    Compliance with Laws.    The Leases have been acquired, owned, used and possessed in compliance with all applicable
Laws. Tipperary has not violated or received notice of probable violation of any regulations, rules or orders promulgated by any federal, state or local regulatory agency or governmental authority which, if adversely decided, would have a material
adverse effect on the ownership or operation of the Leases, or the revenues attributable thereto. 
  
 8.4    Taxes.    All taxes assessed against the Leases and due and payable before Closing have been paid. There are no pending, or to Tipperary’s knowledge, threatened tax audits
relating to the Leases. 
  
 8.5    Pre-Closing.    From the date
hereof until Closing, without first obtaining the consent of Kerr-McGee, which shall not be unreasonably withheld, Tipperary will not: 
  
 (a)    Waive any right of material value relating to the Prospects or the Leases, other than in the ordinary course of business; 
  
 (b)    Convey, encumber, mortgage, pledge or dispose of any part of or interest in the Prospects other than in the ordinary course of business;

  
 (c)    Enter into, modify or terminate any contracts relating to the Prospects or Leases,
other than in the ordinary course of business; or 
  
 (d)    Contract or commit itself to do any
of the foregoing. 
  

 
 9 

  
 8.6    Records.    Within thirty
(30) days after Closing, Tipperary shall furnish originals of all files, records, accounts, maps and other materials in its possession relating to the Prospects to Kerr-McGee. 
  
 9.    Disclaimer of Warranties, Representations, and Covenants 
  
 9.1    Disclaimer of Warranties, Representations, and Covenants.    (a)    WITH RESPECT TO THE LEASES, PROSPECTS, THIS AGREEMENT, AND THE TRANSACTIONS
CONTEMPLATED HEREBY, TIPPERARY’S WARRANTIES AND REPRESENTATIONS AS EXPRESSLY SET OUT IN SECTIONS 2, 7 AND 8 ARE EXCLUSIVE AND IN LIEU OF ANY AND ALL OTHER WARRANTIES, REPRESENTATIONS, AND COVENANTS, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE,
AND TIPPERARY DISCLAIMS ANY AND ALL OTHER WARRANTIES, REPRESENTATIONS, AND COVENANTS, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE. 
  
 (b)    CONSISTENT WITH AND NOT AS A LIMITATION ON SUBSECTION (a), AND EXCLUSIVE OF TIPPERARY’S SPECIAL WARRANTY OF TITLE TO THE LEASES, THE UNDIVIDED INTEREST IN THE LEASES AND PROSPECTS SHALL BE PURCHASED,
SOLD, AND CONVEYED “AS IS, WHERE IS”, WITHOUT ANY WARRANTY, REPRESENTATION, OR COVENANT, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, RELATING TO: 
  
 (i)    THE CONDITION, QUANTITY, QUALITY, FITNESS FOR A PARTICULAR PURPOSE OR ANY PURPOSE, CONFORMITY TO THE MODELS OR SAMPLES OF MATERIALS, OR MERCHANTABILITY OF ANY IMMOVABLE
PROPERTY, MOVABLE PROPERTY, EQUIPMENT, INVENTORY, MACHINERY, AND OTHER FIXTURES AND PERSONAL PROPERTY CONSTITUTING PART OF THE LEASES OR PROSPECTS; 
  
 (ii)    ANY IMPLIED OR EXPRESS WARRANTY OF FREEDOM FROM REDHIBITORY VICES OR DEFECTS OR OTHER VICES OR DEFECTS, WHETHER KNOWN OR UNKNOWN; 
  
 (iii)    ANY AND ALL IMPLIED WARRANTIES, REPRESENTATIONS, OR COVENANTS EXISTING UNDER APPLICABLE LAW NOW OR HEREAFTER
IN EFFECT; AND 
  
 (iv)    EXCEPT AS PROVIDED OTHERWISE IN SUBSECTION (a), WITHOUT ANY OTHER
WARRANTY, REPRESENTATION, OR COVENANT, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE. 
  
 (c)    CONSISTENT WITH BUT NOT AS A LIMITATION ON SUBSECTIONS (a) AND (b): 
  

 
 10 

  
 (i)    TIPPERARY WILL BE SELLING AND KERR-McGEE WILL BE
BUYING THE UNDIVIDED INTEREST IN THE LEASES AND PROSPECTS WITH ALL DEFECTS AND FAULTS (LATENT OR APPARENT) AND KERR-McGEE ASSUMES THE RISK THAT ADVERSE PAST, PRESENT OR FUTURE PHYSICAL CONDITIONS MAY NOT HAVE BEEN REVEALED BY ITS INVESTIGATIONS, AND

  
 (ii)    TIPPERARY MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, STATUTORY OR
OTHERWISE, AS TO THE ACCURACY OR COMPLETENESS OF ANY DATA, REPORTS, RECORDS, PROJECTIONS, INFORMATION, OR OTHER MATERIALS NOW, HERETOFORE, OR HEREAFTER FURNISHED OR MADE AVAILABLE TO KERR-McGEE IN CONNECTION HEREWITH, INCLUDING PRICING ASSUMPTIONS
OR QUALITY OR QUANTITY OF HYDROCARBON RESERVES (IF ANY) ATTRIBUTABLE TO THE ASSETS OR THE ABILITY OR POTENTIAL OF THE LEASES OR PROSPECTS TO PRODUCE HYDROCARBONS OR THE ENVIRONMENTAL CONDITION OF THE LEASES OR PROSPECTS OR ANY OTHER MATERIALS
FURNISHED OR MADE AVAILABLE TO ASSIGNEE BY OR ON BEHALF OF TIPPERARY. 
  
 10.    Kerr-McGee’s Representations,
Warranties, and Covenants 
  
 10.1    Experienced
Purchaser.    Kerr-McGee represents, warrants, and covenants that it is a knowledgeable and experienced purchaser, owner and operator of oil and gas properties, has the ability to evaluate oil and gas properties, and has been
given the opportunity to investigate, evaluate, and perform a due diligence investigation regarding the status and condition of the Leases to the extent it deems necessary or appropriate and is acquiring the Leases based solely upon its own
investigation and evaluation and for its own account, and not with a view to or the intent to make a resale or distribution within the meaning of the Securities Act of 1933 (and the rules and regulations pertaining thereto) or a resale or
distribution thereof in violation of any other applicable securities laws. 
  
 11.    Conditions Precedent to
Closing 
  
 11.1    Conditions Precedent to Tipperary’s Obligation to
Close.    Tipperary shall not be obligated to consummate the assignment of an interest in the Leases and Prospects as herein provided unless the following conditions precedent have been satisfied by the Closing or have been
waived by Tipperary: 
  
 (a)    All representations and warranties of Kerr-McGee contained in
this Agreement shall be true and correct in all material respects at and as of Closing as though such representations and warranties were made at and as of such time; and 
  
 (b)    Kerr-McGee shall have complied in all material respects with all covenants contained in this Agreement to be performed or complied with by
Kerr-McGee on or prior to the Closing. 
  

 
 11 

  
 11.2    Conditions Precedent to Kerr-McGee’s
Obligation to Close.    Kerr-McGee shall be obligated to consummate the acquisition of an interest in the Leases and Prospects as herein provided unless the following conditions precedent have been satisfied by the Closing or
have been waived by Kerr-McGee: 
  
 (a)    All representations and warranties of Tipperary
contained in this Agreement shall be true and correct in all material respects at and as of Closing as though such representations and warranties were made at and as of such time; and 
  
 (b)    Tipperary shall have complied in all material respects with all covenants contained in this Agreement to be performed or complied with by
Tipperary on or prior to the Closing. 
  
 11.3    Conditions Precedent to Obligation of Each
Party.    Neither party shall be obligated to consummate the sale and purchase of an interest in the Leases and Prospects as contemplated in this Agreement unless the following conditions precedent have been satisfied or have
been waived by the Closing: 
  
 (a)    No suit, action or other proceedings shall be pending
before any court or governmental entity in which it is sought by a person or entity other than the parties hereto or any of their affiliates, officers, directors, or employees to restrain, enjoin or otherwise prohibit the consummation of the
transactions contemplated by this Agreement, or to obtain substantial damages in connection with the transaction contemplated herein, nor shall there be any investigation by a governmental entity pending which might result in any such suit, action
or other proceedings seeking to restrain, enjoin or otherwise prohibit the consummation of the transaction contemplated by this Agreement; and 
  
 (b)    All consents and approvals, if any, whether required contractually or by applicable Law, or otherwise necessary for the execution, delivery and performance of this Agreement
by Tipperary (except for consents and approvals of governmental entities customarily obtained subsequent to the transfer of title) shall have been obtained and delivered to Kerr-McGee by the Closing and shall not have been withdrawn or revoked;

  
 12.    Termination 
  
 12.1    Grounds for Termination.    This Agreement may be terminated at any time prior to Closing: 
  

(a)    By either party if the consummation of the transactions contemplated herein would violate any nonappealable final order, decree or judgment
of any governmental entity having appropriate jurisdiction enjoining or awarding substantial damages in connection with the consummation of the transactions contemplated herein; 
  
 (b)    By Kerr-McGee pursuant to Section 5.2; 
  

 
 12 

  
 (c)    Notwithstanding anything contained in this Agreement
to the contrary, by Tipperary if Closing shall not have occurred by December 5, 2002; or 
  
 (d)    If and as otherwise expressly provided in this Agreement. 
  
 12.2    Effect of Termination.    If this Agreement is terminated in accordance with Section 12.1, such termination shall be without liability of either party, unless this Agreement
expressly provides a party with rights in the event of termination and each party shall return to the party which owns or is otherwise entitled thereto all books, records, maps, files, papers and other property in such party’s possession
relating to the transaction contemplated by this Agreement. 
  
 12.3    Dispute over Right to
Terminate.    (a) If there is a dispute between the parties over either party’s right to terminate this Agreement under subsections (a), (b) or (d) of Section 12.1, Closing shall not occur as scheduled. The party
disputing the other party’s right to terminate may initiate arbitration proceedings in accordance with this Section 12.3, subsection (b) within thirty (30) days of the date on which Closing was scheduled to occur and, if arbitration is so
initiated, the dispute will be resolved through such arbitration proceeding. If the party disputing the right of termination does not initiate arbitration to resolve the dispute within said 30 days, such party shall be deemed to have forever waived
its right to object to such termination. 
  
 (b)    Any dispute arising under subsection (a)
shall be referred to and resolved by binding arbitration in Denver, Colorado, by three (3) arbitrators, in accordance with the Commercial Arbitration Rules of the American Arbitration Association(“AAA”); and, to the maximum extent
applicable, the Federal Arbitration Act (Title 9 of the United States Code). If there is any inconsistency between this subsection and any statute or regulations, this subsection shall control. If arbitration is initiated within the 30 days
specified in subsection (a), the party initiating the arbitration (“Claimant”) shall give notice or arbitration to the other party and to the Denver Regional Office of the AAA, Attention: Regional Vice President. The notice shall
note that the Claimant elects to refer the dispute to arbitration, and that the Claimant has appointed an arbitrator, who shall be identified in such notice. The other party (“Respondent”) shall notify the Claimant and the AAA
within thirty (30) days after receipt of Claimant’s notice, identifying the arbitrator the Respondent has appointed. The two (2) arbitrators so chosen shall select a third arbitrator within thirty (30) days after the second arbitrator has been
appointed (upon failure of a party to act within the time specified for naming an arbitrator, such arbitrator shall be appointed by the AAA). Each party shall pay the compensation and expenses of the arbitrator named by or for it, and Tipperary and
Kerr-McGee shall each pay one-half of the compensation and expenses of the third arbitrator. All arbitrators must be neutral parties who have never been officers, directors or employees of the parties or any of their affiliates, must have not less
than ten (10) years experience in the oil and gas industry, and must have a formal financial/accounting, engineering or legal education. The hearing shall be commenced within thirty (30) days after the selection of the third arbitrator. The parties
and the arbitrators shall proceed diligently and in good faith in order that the arbitration award shall be made as promptly as possible. The interpretation, construction and effect of this Agreement shall be governed by the Laws of Colorado, and to
the maximum extent allowed by law, in all arbitration proceedings the Laws of Colorado shall be applied, without regard to any conflicts of laws principles. The findings of the arbitration shall be limited solely to determining whether or not a
right to terminate exists. 
  

 
 13 

  
 13.    Miscellaneous 
  

13.1    Notices.    All notices and other communications hereunder must be in writing and sent by U.S. mail, addressed
as shown below, and with all postage and other charges fully prepaid or by hand delivery or by facsimile transmission. All Notices shall be effective and shall be deemed delivered (i) if by personal delivery, courier, or facsimile, on the date
of delivery if delivered on or before 4:30 p.m. on such day; otherwise, it shall be deemed to have been delivered on the next business day following delivery, and (ii) if solely by mail, on actual receipt. Each party may change its address by
notifying the other party in writing. 
  
 If to Tipperary: 
  
 Tipperary Oil & Gas Corporation 
 633 17th Street, Suite 1550 
 Denver, CO 80202 
 Attention: David L. Bradshaw 
 President and Chief Executive Officer 
 Telephone No: (303) 293-9379 
 Facsimile No.: (303) 292-3428 
  
 If to Kerr-McGee: 
  
 Kerr-McGee Rocky Mountain Corporation 
 1999
Broadway, Suite 3600 
 Denver, CO 80202 
 Attention:

 Telephone No.: (303) 296-3600 
 Facsimile No.: (303)
296-3601 
  
 13.2    Conveyance Costs.    Kerr-McGee shall be solely
responsible for filing and recording documents related to the transfer of the Leases and Prospects from Tipperary to Kerr-McGee and for all costs and fees associated therewith, including filing the assignment of the Leases with appropriate federal,
state and local authorities as required by applicable law. Within thirty (30) days after Closing, Kerr-McGee shall furnish Tipperary with all recording data and evidence of all required filings. 
  
 13.3    IRS Section 1031 Like-Kind Exchange.    Each party consents to the other
party’s assignment of its rights and obligations under this Agreement to its Qualified Intermediary (as that term is defined in Section 1.1031(k)-1(g)(4)(v) of the Treasury Regulations), or to its Qualified Exchange Accommodation
Titleholder (as that term is defined in Rev. Proc. 2000-37), in connection with effectuation of a like-kind exchange. Such an assignment shall not trigger any preferential right or right of first refusal that may be held by the other party.
However, Tipperary and Kerr-McGee acknowledge and agree that any assignment of this Agreement to a Qualified Intermediary or to a Qualified Exchange Accommodation Titleholder does not otherwise release either party from any of their respective
liabilities and obligations to each other under the 

 
 14 

 Agreement. Each party agrees to cooperate with the other to attempt to structure the transaction as a like-kind exchange if that is determined
to be desirable by either party. 
  
 13.4    * Agreement.    The
parties believe that * (“ * ”) is the owner of significant oil and gas leasehold interests in the * Prospect area. In order to more efficiently explore and develop the * Prospect, the parties hereto agree to use their best efforts to
negotiate and conclude an acceptable agreement with * providing for the joint and cooperative exploration and development of that area. Acknowledging that neither party shall be obligated to enter an agreement with * that it deems unacceptable, the
parties shall nonetheless diligently negotiate in good faith to conclude an agreement with * regarding joint operations, exploration and other matters in the * Prospect. To the extent the parties are successful in that regard, that agreement or
agreements with * shall preempt and supercede this Agreement to the extent there are conflicts between them. However, any matters provided for in this Agreement that are not specifically contradicted in a subsequent agreement with * shall remain
fully effective and enforceable hereunder. By way of example, and not of limitation, an agreement with * shall have no bearing on Tipperary’s commitment under this Agreement to participate in certain seismic exploration and drilling operations
as provided for hereunder. 
  
 13.5    Further Assurances.    Without
further consideration, each party shall take such further actions and execute such further documents as may be reasonably requested by the other party in order to effectuate the purpose and intent of this Agreement. Consistent with the foregoing,
from and after Closing, at the request of Tipperary but without further consideration, Kerr-McGee will execute and deliver or use reasonable efforts to cause to be executed and delivered such other instruments of conveyance and take such other
actions as Tipperary reasonably may request to more effectively put Tipperary in possession of any property which was not intended by the parties to be conveyed to Kerr-McGee. From and after Closing, at the request of Kerr-McGee but without further
consideration, Tipperary shall execute and deliver or use reasonable efforts to cause to be executed and delivered such other instruments of conveyance and take such other actions as Kerr-McGee reasonably may request to more effectively put
Kerr-McGee in possession of the Leases and Prospects. If any of the Prospects or Leases are incorrectly described, the description shall be corrected upon proof of the proper description. 
  
 13.6    Survival of Provisions; No Merger.    The parties’ respective covenants (including indemnification obligations)
that are to be performed after the Closing or that may otherwise be applicable following the Closing, and the parties’ respective warranties and representations (and disclaimers of warranties, representations, and covenants), shall survive the
Closing and shall not terminate or merge into any assignment or into any other document or instrument executed in connection herewith. 
  
 *
Material has been omitted pursuant to a request for confidential treatment, and such material has been filed separately with the Securities and Exchange Commission. 

 
 15 

  
 13.7    Entire Agreement; Amendment; and
Waiver.    (a)  This Agreement, which includes any and all exhibits, contains the entire understanding and agreement of the parties and supersedes all prior agreements and understandings between the parties relating
to the subject matter hereof, including that certain letter agreement dated October 11, 2002 between the parties. 
  
 (b)    No amendment or modification to this Agreement shall be effective unless be in writing and signed by all parties. Consistent with but not as a limitation on the foregoing, any references in this Agreement
to the parties attempting to agree, or unless otherwise agreed, or phrases of similar import, shall mean and require agreements reduced to writing. 
  
 (c)    No waiver by a party of any breach by the other party of any provision of this Agreement shall be deemed a waiver of any preceding or succeeding breach of the same or any
other provisions hereof. No such waiver shall be effective unless in writing and then only to the extent expressly set forth in writing. 
  
 13.8    Severability.    If any provision of this Agreement is held to be invalid or unenforceable in whole or in part in any relevant jurisdiction, such provision, only to the
extent invalid or unenforceable, shall be severable from this Agreement, and the other provisions of this Agreement (along with the provision at issue, to the extent that it would be valid and enforceable, and such provision shall be deemed to be so
reformed) shall remain in full force and effect in such jurisdiction and the remaining provisions hereof shall be liberally construed to carry out the purpose and intent of this Agreement. The invalidity or unenforceability, in whole or in part, of
any provision of this Agreement in any relevant jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction, nor shall the invalidity or unenforceability of any provision of this Agreement with respect to
any person affect the validity or enforceability of such provision with respect to any other person. 
  
 13.9    Successors and Assigns.    This Agreement shall not be assigned, either in whole or in part, without the consent of the other party. The terms of this Agreement shall be binding
upon and shall inure to the benefit of the parties and their respective successors and permitted assigns, and such terms, covenants and conditions shall be covenants running with the land and with each subsequent transfer or assignment of the Leases
and Prospects. 
  
 13.10    Section and Other Headings;
Construction.    (a)  The section and other headings contained in this Agreement are for reference only and have no legal significance. 
  
 (b)    The use of pronouns is generic and they shall mean any gender as appropriate. The terms “include”, “including,” or similar
terminology shall be construed as meaning without limitation as to the nature or scope of the referenced matters, whether similar or dissimilar to the referenced matters. The terms “herein” or “hereof,” or similar terminology,
shall be construed as referring to this Agreement rather than only the section in which such term appears. References to subsections shall refer to the section or subsection in which they appear, unless otherwise noted. This Agreement shall be
deemed to have been drafted by both parties, and therefore the rule against construing ambiguities against the party drafting a contract shall be inapplicable to this Agreement. 

 
 16 

  
 13.11    Governing Law.    This
Agreement shall be governed by and construed under the Laws of the State of Colorado, excluding any choice of law rules which may direct the application of the laws of another jurisdiction. 
  
 13.12    No Partnership.    It is not the purpose or intention of this Agreement to create (and it shall not be construed as
creating) a joint venture, partnership or any type of association, and the parties are not authorized to act as agent or principal for each other with respect to any matter related hereto. 
  
 13.13    Public Announcements.    Neither Tipperary nor Kerr-McGee shall issue any publicity or press release concerning this
Agreement or the transactions contemplated hereby without the prior written consent of the other, unless, in the written opinion of a party’s legal counsel such disclosure is required by applicable law or other applicable rules or regulations
of any governmental authority or stock exchange. 
  
 13.14    No Third Party
Beneficiaries.    Nothing contained in this Agreement shall entitle anyone other than Tipperary or Kerr-McGee or their authorized successors and assigns to any claim, cause of action, remedy or right of any kind whatsoever.

  
 13.15    Conspicuousness of Provisions.    The parties acknowledge
that the provisions contained in this Agreement that are set out in all capitals satisfy the requirement of the express negligence rule and any other requirement at law or in equity that provisions contained in a contract be conspicuously marked or
highlighted. 
  
 13.16    Counterparts.    This Agreement may be
executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. All Exhibits attached hereto are hereby made a part of this Agreement and incorporated herein by
this reference. 
  
 13.17    No Recording.    This Agreement shall not
be recorded by either party without the prior consent of the other party. 
  
 IN WITNESS WHEREOF, the parties have
executed this Agreement on the day and year first set forth above. 
  
 
	 TIPPERARY OIL & GAS CORPORATION
 	 	  	 	 KERR-McGEE ROCKY MOUNTAIN
 
	 
	 By:
 	 	 /s/    DAVID L. BRADSHAW
 
	 	  	 	 By:
 	 	 /s/    JANET W. PASQUE
 

	 Name:
 	 	 David L. Bradshaw
 	 	  	 	 Name:
 	 	 Janet W. Pasque
 
	 Its:
 	 	 President and CEO
 	 	  	 	 Its:
 	 	 Vice President
 

 

 
 17 

  
 EXHIBIT A 
  
 [Exhibit A (representing 88 pages) has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities Exchange Commission.] 

 
 18 

  
 EXHIBIT B 
  
 [Exhibit B (representing 1 page) has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities Exchange Commission.] 

 
 19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00045-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00045-of-00352.parquet"}]]