Document:

EX-4.12

 

Exhibit 4.12

LETTER OF INDEMNITY

THIS
LETTER OF INDEMNITY (the “Indemnity”) dated 22 May 2007 is made by:

	(1)	 	Norsk Hydro ASA (“Norsk Hydro”) in favour of

	(2)	 	Statoil ASA (“Statoil”).

WHEREAS:

	(A)	 	In connection with the proposed demerger of Norsk Hydro’s petroleum business and related
businesses (“Hydro Petroleum”) and the merger of Hydro Petroleum with Statoil pursuant to the
Merger Plan dated March 12 and 13, 2007, Statoil has filed with the United States Securities
and Exchange Commission (“SEC”) a registration statement on Form F-4 (the “Registration
Statement”);

	(B)	 	In its review, the SEC has required that the Registration Statement be amended to include pro
forma financial statements for Norsk Hydro that give effect to the demerger of Hydro Petroleum
and its merger with Statoil on Norsk Hydro’s financial position and results of operations (the
“Hydro Pro Forma Financials”);

	(C)	 	Statoil has agreed to include such Hydro Pro Forma Financials on the condition that Norsk
Hydro enters into this Letter of Indemnity;

IT IS AGREED AS FOLLOWS:

	a)	 	Norsk Hydro will indemnify and hold harmless Statoil against any losses, claims, damages or
liabilities to which Statoil, each of its directors, officers, employees and agents, any
person who, with his or her consent, is named in the Registration Statement or the Prospectus
as about to become a director of Statoil and each person who controls Statoil within the
meaning of either the United States Securities Act of 1933 (the “Securities Act”) or the
United States Securities Exchange Act of 1934 (the “Exchange Act”) (each, an “indemnified
party”) may become subject, under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon
an untrue statement or alleged untrue statement of a material fact contained in the
Registration Statement or the Prospectus (as defined in the Registration Statement but
including any version thereof used as an information document under Norwegian law), as amended
or supplemented, or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, in each case to the extent, but only to the extent, that such untrue
statement or alleged untrue statement or omission or alleged omission was made the Hydro Pro Forma Financials; and will reimburse Statoil for any
legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim as such expenses are incurred.

 

	b)	 	Promptly after receipt by an indemnified party of notice of the commencement of any action,
such indemnified party shall, if a claim in respect thereof is to be made against Norsk Hydro
under a) above, notify Norsk Hydro in writing of the commencement thereof; but the omission so
to notify Norsk Hydro shall not relieve it from any liability which it may have to any
indemnified party unless and to the extent it did not otherwise learn about such claim, and
such failure results in the forfeiture by Norsk Hydro of substantial rights or defenses. In
case any such action shall be brought against any indemnified party and it shall notify Norsk
Hydro of the commencement thereof, Norsk Hydro shall, so far as permitted by any insurance
policy of Norsk Hydro and subject to Norsk Hydro agreeing to indemnify the indemnified party
against all judgments and other liabilities resulting from such action, be entitled to
participate at its own expense in the defense thereof, provided that legal advisors to Norsk
Hydro shall not also be legal advisors to the indemnified party (except with the consent of
the indemnified party).

	c)	 	Norsk Hydro shall not, without the prior written consent of each indemnified party, settle or
compromise or consent to the entry of any judgment with respect to any pending or threatened
claim, action, suit or proceeding in respect of which indemnification may be sought hereunder
(whether or not the indemnified parties are actual or potential parties to such claim or
action) unless such settlement, compromise or consent (i) includes an unconditional release of
the indemnified party from all liability arising out of such action or claim and (ii) does not
include a statement as to or an admission of fault, culpability or a failure to act, by or on
behalf of any indemnified party.

	d)	 	The obligations of Norsk Hydro under this Letter of Indemnity shall be in addition to any
liability which Norsk Hydro may otherwise have and shall extend, upon the same terms and
conditions, to each officer, director, employee and agent of Statoil, any person who, with his
or her consent, is named in the Registration Statement as about to become a director of
Statoil and to each person who controls Statoil within the meaning of the Securities Act and
the Exchange Act.

	e)	 	This Letter of Indemnity shall not be construed, whether explicitly or implied, to prejudice
and/or affect in any way any rights or obligations of Statoil or Norsk Hydro under the Merger
Plan.

	f)	 	This Letter of Indemnity shall be governed by and construed in accordance with Norwegian law,
and any dispute, controversy or claim related hereto, shall, if the Parties do not agree
otherwise, be settled by arbitration in Oslo. The arbitration proceedings and the award of the
arbitration tribunal shall be treated as confidential unless otherwise required by law or regulations or the rules of
any relevant stock exchange.

	 
	 
	Norsk Hydro ASA
	
	   /s/
Jan. A. Reinås   
 

Jan A. Reinåsexv10w1

 

Exhibit 10.1

AMENDMENT TO THE FORM OF INCENTIVE STOCK OPTION AGREEMENT

ADVANCIS PHARMACEUTICAL CORPORATION

     This Amendment to the Form of Incentive Stock Option Agreement is provided by Advancis
Pharmaceutical Corporation, a Delaware corporation (the “Company”), to notify holders of stock
options granted under the Amended and Restated Advancis Pharmaceutical Corporation Stock Incentive
Plan (the “Amended Stock Incentive Plan”) that pursuant to Section 19 of the Form of Incentive
Stock Option Agreement (the “Option Agreement”), the Company’s Board of Directors has amended the
Option Agreement as follows:

Section 3. Vesting

     (a) Vesting Schedule. The Options vest in accordance with the vesting schedule set forth
on the Stock Option Notice (the “Vesting Schedule”), so long as the Participant is in the
continuous employ of, or in a service relationship with, the Company from the Grant Date through
the applicable date upon which vesting is scheduled to occur, except as specified in paragraph (b)
of this Section 3. The extent to which the Options are vested as of a particular vesting date
specified in the Vesting Schedule is rounded down to the nearest whole share. However, vesting is
rounded up to the nearest whole share with respect to the last vesting date reflected on the
Vesting Schedule. No vesting will accrue to any Options after the Participant ceases to be in
either an employment or other service relationship with the Company, except as specified in
paragraph (b) of this Section 3.

     (b) Vesting upon Change in Control. Unless the Options have earlier terminated, the
unvested Options become fully vested upon a Change of Control.

     (c) Vesting upon Death or Disability. Unless the Options have earlier terminated, the
unvested Options become fully vested upon termination of the Participant’s employment or other
service relationship with the Company as a result of the Participant’s Total and Permanent
Disability or death.

     All of the remaining terms of this agreement remain in full force and effect.

     Capitalized terms used herein without definition shall have the respective meanings ascribed to
them in the Form of Incentive Stock Option Agreement.

	 	 	 	 	 
	 	Advancis Pharmaceutical Corporation

 	 
	 	By:  	 	 
	 	 	Edward M. Rudnic, Ph.D. 	 
	 	 	President and Chief Executive Officerexv10w2

 

Exhibit 10.2

AMENDMENT TO THE FORM OF NON-QUALIFIED STOCK OPTION AGREEMENT

ADVANCIS PHARMACEUTICAL CORPORATION

     This Amendment to the Form of Non-Qualified Stock Option Agreement is provided by Advancis
Pharmaceutical Corporation, a Delaware corporation (the “Company”), to notify holders of stock
options granted under the Amended and Restated Advancis Pharmaceutical Corporation Stock Incentive
Plan (the “Amended Stock Incentive Plan”) that pursuant to Section 21 of the Form of Non-Qualified
Stock Option Agreement (the “Option Agreement”), the Company’s Board of Directors has amended the
Option Agreement as follows:

Section 3. Vesting

     (a) Vesting Schedule. The Options, and the underlying Option Shares, vest in accordance
with the vesting schedule set forth on the Stock Option Notice (the “Vesting Schedule”), so long as
the Participant is in the continuous employ of, or in a service relationship with, the Company from
the Grant Date through the applicable date upon which vesting is scheduled to occur, except as
specified in paragraph (b) of this Section 3. The extent to which the Options or Option Shares are
vested as of a particular vesting date specified in the Vesting Schedule is rounded down to the
nearest whole share. However, vesting is rounded up to the nearest whole share with respect to the
last vesting date reflected on the Vesting Schedule. No vesting will accrue to any Options after
the Participant ceases to be in either an employment or other service relationship with the
Company, except as specified in paragraph (b) of this Section 3. In determining the vested status
of the Options and Option Shares in circumstances where some but not all of the Options have been
exercised, vesting under the Vesting Schedule is attributed first to Option Shares that have been
purchased, in the order in which they were purchased, and second to Option Shares underlying
unexercised Options.

     (b) Vesting upon a Change in Control. Unless the Options have earlier terminated, the
unvested Options become fully vested upon a Change of Control.

     (c) Vesting upon Death or Disability. Unless the Options have earlier terminated, the
unvested Options become fully vested upon termination of the Participant’s employment or other
service relationship with the Company as a result of the Participant’s Total and Permanent
Disability or death.

All of the remaining terms of this agreement remain in full force and effect.

Capitalized terms used herein without definition shall have the respective meanings ascribed to
them in the Form of Non-Qualified Stock Option Agreement.

	 	 	 	 	 
	 	Advancis Pharmaceutical Corporation

 	 
	 	By:  	 	 
	 	 	Edward M. Rudnic, Ph.D. 	 
	 	 	President and Chief Executive Officer

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