Document:

exv10w3

 

Exhibit 10.3

INFORMATICA CORPORATION

EXECUTIVE SEVERANCE AGREEMENT

     This Severance Agreement is entered into as of February 22nd (the “Effective Date”) by and
between Informatica Corporation (the “Company”) and Brian Gentile (“Executive”).

     1. At-Will Employment. Executive and the Company agree that Executive’s employment
with the Company constitutes “at-will” employment. Executive and the Company acknowledge that this
employment relationship may be terminated at any time, upon written notice to the other party, with
or without good cause or for any or no cause, at the option either of the Company or Executive.
However, as described in this Severance Agreement, Executive may be entitled to severance benefits
depending upon the circumstances of Executive’s termination of employment. Upon the termination of
Executive’s employment with the Company for any reason, Executive will be entitled to payment of
all accrued but unpaid vacation, expense reimbursements, and other benefits due to Executive
through his termination date under any Company-provided or paid plans, policies, and arrangements.
Executive agrees to resign from all positions that he holds with the Company immediately following
the termination of his employment if the Board so requests.

     2. Term of Agreement. This Severance Agreement will have an initial term of two years
commencing on the Effective Date. On the second anniversary of the Effective Date, and on each
annual anniversary of the Effective Date thereafter, this Severance Agreement automatically will
renew for an additional one-year term unless the Company provides Executive with notice of
non-renewal at least 90 days prior to the date of automatic renewal.

     3. Severance.

          (a) Termination Without Cause or Resignation for Good Reason in Connection with a Change
of Control. If Executive’s employment is terminated by the Company without Cause or by
Executive for Good Reason, and the termination is in connection with a Change of Control, then,
subject to Section 4, Executive will receive: (i) continued payment of his or her base salary for a
period of twelve months (the “Continuance Period” if Executive is entitled to receive payments
under this Section 3(a)), (ii) reimbursement for any applicable premiums to continue coverage for
Executive and Executive’s eligible dependents under the Company’s Benefit Plans for the Continuance
Period, or, if earlier, until Executive is eligible for similar benefits from another employer
(provided Executive validly elects to continue coverage under applicable law), and (iii) twelve
months accelerated vesting of equity awards (whether such equity awards were granted prior to or on
or after the Effective Date).

          (b) All Other Terminations. If Executive’s employment with the Company terminates
voluntarily by Executive without Good Reason or is terminated for Cause by the Company, then (i)
all further vesting of Executive’s outstanding equity awards will terminate immediately, (ii) all
payments of compensation by the Company to Executive hereunder will terminate immediately (except
as to amounts already earned), (iii) Executive will be paid all accrued but unpaid vacation,
expense reimbursements and other benefits due to Executive through his termination date under any

 

 

Company-provided or paid plans, policies, and arrangements, and (iv) Executive will be
eligible for severance benefits only in accordance with the Company’s then established policies and
practices.

          (c) Termination due to Death or Disability. If Executive’s employment terminates by
reason of death or Disability, then (i) Executive will be entitled to receive benefits only in
accordance with the Company’s then applicable plans, policies, and arrangements, and (ii)
Executive’s outstanding equity awards will terminate in accordance with the terms and conditions of
the applicable award agreement(s).

          (d) Sole Right to Severance. This Severance Agreement is intended to represent
Executive’s sole entitlement to severance payments and benefits in connection with the termination
of his employment. To the extent Executive is entitled to receive severance or similar payments
and/or benefits under any other Company plan, program, agreement, policy, practice, or the like,
severance payments and benefits due to Executive under this Severance Agreement will be so reduced.

     4. Conditions to Receipt of Severance; No Duty to Mitigate.

          (a) Separation Agreement and Release of Claims. The receipt of any severance pursuant
to Section 3 will be subject to Executive signing and not revoking a separation agreement and
release of claims in a form reasonably acceptable to the Company. No severance will be paid or
provided until the separation agreement and release agreement becomes effective.

          (b) Non-Competition. In the event of a termination of Executive’s employment that
otherwise would entitle Executive to the receipt of severance pursuant to Section 3, Executive
agrees not to engage in Competition during the Continuance Period. If Executive engages in
Competition within such period, all continuing payments and benefits to which Executive otherwise
may be entitled pursuant to Section 3 will cease immediately.

          (c) Nonsolicitation. In the event of a termination of Executive’s employment that
otherwise would entitle Executive to the receipt of severance pursuant to Section 3, Executive
agrees that, during the Continuance Period, Executive, directly or indirectly, whether as employee,
owner, sole proprietor, partner, director, member, consultant, agent, founder, co-venturer or
otherwise, will (i) not solicit, induce, or influence any person to modify his or her employment or
consulting relationship with the Company (the “No-Inducement”), and (ii) not solicit business from
any of the Company’s substantial customers and users (the “No-Solicit”). If Executive breaches the
No-Inducement or the No-Solicit, all continuing payments and benefits to which Executive otherwise
may be entitled pursuant to Section 3 will cease immediately.

          (d) Nondisparagement. In the event of a termination of Executive’s employment that
otherwise would entitle Executive to the receipt of severance pursuant to Section 3, Executive
agrees to refrain from any disparagement, criticism, defamation, slander of the Company, its
directors, or its employees, or tortious interference with the contracts and relationships of the
Company. The foregoing restrictions will not apply to any statements that are made truthfully in
response to a subpoena or other compulsory legal process.

          (e) No Duty to Mitigate. Executive will not be required to mitigate the amount of any
payment contemplated by this Severance Agreement, nor will any earnings that Executive may receive
from any other source reduce any such payment.

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     5. Definitions.

          (a) Benefit Plans. For purposes of this Severance Agreement, “Benefit Plans” means
plans, policies, or arrangements that the Company sponsors (or participates in) and that
immediately prior to Executive’s termination of employment provide Executive and Executive’s
eligible dependents with medical, dental, or vision benefits. Benefit Plans do not include any
other type of benefit (including, but not by way of limitation, financial counseling, disability,
life insurance, or retirement benefits). A requirement that the Company provide Executive and
Executive’s eligible dependents with coverage under the Benefit Plans will not be satisfied unless
the coverage is no less favorable than that provided to Executive and Executive’s eligible
dependents immediately prior to Executive’s termination of employment. Subject to the immediately
preceding sentence, the Company may, at its option, satisfy any requirement that the Company
provide coverage under any Benefit Plan by instead providing coverage under a separate plan or
plans providing coverage that is no less favorable or by paying Executive a lump-sum payment which
is, on an after-tax basis, sufficient to provide Executive and Executive’s eligible dependents with
equivalent coverage under a third party plan that is reasonably available to Executive and
Executive’s eligible dependents.

          (b) Cause. For purposes of this Severance Agreement, “Cause” means (i) Executive’s
act of dishonesty or fraud in connection with the performance of his responsibilities to the
Company with the intention that such act result in Executive’s substantial personal enrichment,
(ii) Executive’s conviction of, or plea of nolo contendere to, a felony, (iii) Executive’s willful
failure to perform his duties or responsibilities, or (iv) Executive’s violation or breach of
Executive’s Employee Proprietary Information and Inventions Agreement; provided that if any of the
foregoing events is capable of being cured, the Company will provide notice to Executive describing
the nature of such event and Executive will thereafter have 30 days to cure such event.

          (c) Change of Control. For purposes of this Severance Agreement, “Change of Control”
means (i) a sale of all or substantially all of the Company’s assets, (ii) any merger,
consolidation, or other business combination transaction of the Company with or into another
corporation, entity, or person, other than a transaction in which the holders of at least a
majority of the shares of voting capital stock of the Company outstanding immediately prior to such
transaction continue to hold (either by such shares remaining outstanding or by their being
converted into shares of voting capital stock of the surviving entity) a majority of the total
voting power represented by the shares of voting capital stock of the Company (or the surviving
entity) outstanding immediately after such transaction, (iii) the direct or indirect acquisition
(including by way of a tender or exchange offer) by any person, or persons acting as a group, of
beneficial ownership or a right to acquire beneficial ownership of shares representing a majority
of the voting power of the then outstanding shares of capital stock of the Company, (iv) the
individuals who, at the beginning of any period of two consecutive years, constitute the Board (the
“Incumbent Directors”) cease for any reason during such period to constitute at least a majority of
the Board, unless the election or the nomination for election by the Company’s stockholders of a
director first elected during such period was approved by the vote of at least a majority of the
Incumbent Directors, whereupon such director also shall be classified as an Incumbent Director, or
(v) a dissolution or liquidation of the Company.

          (d) Competition. For purposes of this Severance Agreement, Executive will be deemed
to have engaged in “Competition” if Executive, without the consent of the Board, directly or
indirectly provides services to (whether as an employee, consultant, agent, proprietor, principal,

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partner, stockholder, corporate officer, director, or otherwise), or has or obtains any
ownership interest in or participates in the financing, operation, management, or control of, any
person, firm, corporation, or business that competes with the Company. Executive having solely an
ownership interest of less than 1% of any corporation shall not be Competition.

          (e) Disability. For purposes of this Severance Agreement, Disability shall have the
same defined meaning as in the Company’s long-term disability plan.

          (f) Good Reason. For purposes of this Severance Agreement, with respect to a
termination that occurs on or following the date three months preceding a Change of Control, “Good
Reason” means the occurrence of any of the following without Executive’s express written consent:
(i) a material reduction in Executive’s position or duties other than a reduction where Executive
assumes similarly functional duties on a divisional basis following a Change of Control due to the
Company becoming part of a larger entity, (ii) a reduction in Executive’s Base Salary other than a
one-time reduction of not more than 10% that also is applied to substantially all of the Company’s
other executive officers, (iii) a material reduction in the aggregate level of benefits made
available to Executive other than a reduction that also is applied to substantially all of the
Company’s other executive officers, or (iv) relocation of Executive’s primary place of business for
the performance of his duties to the Company to a location that is more than 35 miles from its
prior location.

          (g) In Connection with a Change of Control. For purposes of this Severance Agreement,
a termination of Executive’s employment with the Company is “in Connection with a Change of
Control” if Executive’s employment is terminated during the period beginning three months prior to
a Change of Control and ending twelve months following a Change of Control (the “Change of Control
Period”). Notwithstanding the foregoing, a resignation by Executive for Good Reason shall be in
Connection with a Change of Control only if the event that constitutes Good Reason occurs during
the Change of Control Period.

     6. Assignment. This Severance Agreement will be binding upon and inure to the benefit
of (a) the heirs, executors, and legal representatives of Executive upon Executive’s death, and (b)
any successor of the Company. Any such successor of the Company will be deemed substituted for the
Company under the terms of this Severance Agreement for all purposes. For this purpose,
“successor” means any person, firm, corporation, or other business entity which at any time,
whether by purchase, merger, or otherwise, directly or indirectly acquires all or substantially all
of the assets or business of the Company. None of the rights of Executive to receive any form of
compensation payable pursuant to this Severance Agreement may be assigned or transferred except by
will or the laws of descent and distribution. Any other attempted assignment, transfer,
conveyance, or other disposition of Executive’s right to compensation or other benefits will be
null and void.

     7. Notices. All notices, requests, demands, and other communications called for
hereunder will be in writing and will be deemed given (a) on the date of delivery if delivered
personally, (b) one day after being sent by a well established commercial overnight service, or (c)
four days after being mailed by registered or certified mail, return receipt requested, prepaid and
addressed to the parties or their successors at the following addresses, or at such other addresses
as the parties may later designate in writing:

If to the Company:

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Attn: Chief Executive Officer

Informatica Corporation

100 Cardinal Way

Redwood City, CA 94063

If to Executive:

                                                            

                                                            

                                                            

at the last residential address known by the Company.

     8. Severability. If any provision hereof becomes or is declared by a court of
competent jurisdiction to be illegal, unenforceable, or void, this Severance Agreement will
continue in full force and effect without said provision.

     9. Arbitration. The Parties agree that any and all disputes arising out of the terms
of this Severance Agreement, their interpretation, and any of the matters herein released, shall be
subject to binding arbitration in San Mateo County before the American Arbitration Association
under its National Rules for the Resolution of Employment Disputes, supplemented by the California
Code of Civil Procedure. The Parties agree that the prevailing party in any arbitration shall be
entitled to injunctive relief in any court of competent jurisdiction to enforce the arbitration
award. The Parties hereby agree to waive their right to have any dispute between them resolved in
a court of law by a judge or jury. This paragraph will not prevent either party from seeking
injunctive relief (or any other provisional remedy) from any court having jurisdiction over the
Parties and the subject matter of their dispute relating to Executive’s obligations under this
Severance Agreement and the Confidentiality Agreement.

     10. Integration. This Severance Agreement, together with the Employee Proprietary
Information and Inventions Agreement between Executive and the Company (the “Confidential
Information Agreement”) and Executive’s Company stock option agreements, represents the entire
agreement and understanding between the parties as to the subject matter herein and supersedes all
prior or contemporaneous agreements whether written or oral. No waiver, alteration, or
modification of any of the provisions of this Severance Agreement will be binding unless in a
writing that specifically references this Section and is signed by duly authorized representatives
of the parties hereto.

     11. Waiver of Breach. The waiver of a breach of any term or provision of this
Severance Agreement, which must be in writing, will not operate as or be construed to be a waiver
of any other previous or subsequent breach of this Severance Agreement.

     12. Survival. The Confidential Information Agreement and Sections 4 and 9 will
survive the termination of this Severance Agreement.

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     13. Headings. All captions and Section headings used in this Severance Agreement are
for convenient reference only and do not form a part of this Severance Agreement.

     14. Tax Withholding. All payments made pursuant to this Severance Agreement will be
subject to withholding of applicable taxes.

     15. Governing Law. This Severance Agreement will be governed by the laws of the State
of California (with the exception of its conflict of laws provisions).

     16. Acknowledgment. Executive acknowledges that he has had the opportunity to discuss
this matter with and obtain advice from his private attorney, has had sufficient time to, and has
carefully read and fully understands all the provisions of this Severance Agreement, and is
knowingly and voluntarily entering into this Severance Agreement.

     17. Counterparts. This Severance Agreement may be executed in counterparts, and each
counterpart will have the same force and effect as an original and will constitute an effective,
binding agreement on the part of each of the undersigned.

o O o

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     IN WITNESS WHEREOF, each of the parties has executed this Severance Agreement, in the case of
the Company by a duly authorized officer, as of the day and year written below.

	 	 	 	 	 	 	 	 	 
	COMPANY:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	INFORMATICA CORPORATION	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Sohaib Abbasi	 	Date:
	 	Feb. 22, 2006	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	    Sohaib Abbasi	 	 	 	 	 	 
	 

	 	    President & CEO	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	EXECUTIVE: Brian Gentile	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 /s/ Brian Gentile

	 	Date:
	 	Feb. 24, 2006	 
	 
	 	 	 	 
	 	 

SIGNATURE PAGE TO EXECUTIVE SEVERANCE AGREEMENT

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                                                                    Exhibit 10.1

                                EARNOUT AGREEMENT

     This Earnout Agreement (this "Agreement") is entered into effective as of
April 4, 2006 (the "Effective Date") by and between The Magna Carta Group,
L.L.C., a Louisiana limited liability company (hereinafter "Seller"), and
Genesis Crude Oil, L.P., a Delaware limited partnership (hereinafter "Buyer").
Seller and Buyer are sometimes individually referred to herein as a "Party" and
collectively as "Parties."

                                    RECITALS

     WHEREAS, Seller has this date sold to Buyer a fifty percent (50%)
membership interest (the "Ownership Interest Purchased") in Sandhill Group,
L.L.C. (the "Company"), pursuant to the terms of that certain Purchase and Sale
Agreement for Membership Interest in Sandhill Group, L.L.C. between The Magna
Carta Group, L.L.C. and Genesis Crude Oil, L.P. dated March 24, 2006 (the
"PSA");

     WHEREAS, the PSA provides that a portion of the purchase price is to be
calculated and paid by Buyer to Seller as an earnout based upon (i) the amount
of the Distributable Cash before Reserves (hereinafter defined) achieved by the
Company over the Term (hereinafter defined), and (ii) the amount of
Distributions (hereinafter defined) declared and paid by the Company to its
Members over the Term; and

     WHEREAS, Seller and Buyer have agreed that determination and payment of the
earnout contemplated by the PSA is to be in accordance with the terms of this
Agreement.

     NOW, THEREFORE, in consideration of the premises and of the respective
covenants and provisions herein contained, Seller and Buyer agree as follows:

                                   ARTICLE I.
                                   DEFINITIONS

     For purposes of this Agreement, the following terms shall have the meanings
set forth below.

1.1 "Distributable Cash" means, with respect to any Fiscal Year, Net Cash
Provided by Operating Activities as set forth in the Statement of Cash Flows to
the Audited Financial Statements for the period, excluding adjustments for
changes to working capital accounts and excluding adjustments for Reserves, and
less the Investing and Financing Payments Related to the Pre-Closing Business.

1.2 "Distributions" means the aggregate amount of distributions declared and
paid by the Company to its Members during any Fiscal Year.

<PAGE>

1.3 "Fiscal Year" means, with respect to the Company, the period beginning
January 1 and ending December 31 of each year. For the Fiscal Year ending
December 31, 2006, the Fiscal Year shall include Distributable Cash and
Distributions computed for the entire twelve (12) months ending December 31,
2006, notwithstanding that the Term begins on the Effective Date. The Fiscal
Year shall not refer to any period prior to January 1, 2006.

1.4 "Investing and Financing Payments Related to the Pre-Closing Business" means
principal payments on long term debt and capital leases and payments for capital
expenditures, in each case, to sustain the business of the Company as it existed
prior to January 1, 2006, rather than for growth from and after January 1, 2006.
Such payments shall include both payments made during the Fiscal Year and any
amounts due and payable at the Fiscal Year end, but shall not include payments
made during the Fiscal Year that were due and payable at year end for the
preceding Fiscal Year.

1.5 "Reserves" means the amount set aside from Distributable Cash that is
necessary and appropriate in the reasonable discretion of the Management
Committee to (i) provide for the proper conduct of the business of the Company
(including reserves for future capital expenditures and for anticipated future
credit needs of the business of the Company) subsequent to such quarter, (ii)
comply with applicable law or any loan agreement, security agreement, mortgage,
debt instrument or other agreement or obligation to which the Company is a party
or by which it is bound or its assets subject, or (iii) provide funds for
distributions in respect of any one or more of the next four quarters.

1.4 Term. The period commencing on the Effective Date and continuing until
December 31, 2012.

                                   ARTICLE II.
                                 EARNOUT PAYMENT

2.1 Nature of Earnout Payments.

(a) Buyer shall pay to Seller one million dollars ($1,000,000.00) (the "First
Earnout Payment"), if each of the following conditions are met:

     (i)  If, for any Fiscal Year(s) during the Term,

     (ii) average annual Distributable Cash before Reserves for the preceding
          Fiscal Year(s) back to and including the Fiscal Year ended December
          31, 2006, exceeds $1,500,000, and

     (iii) average annual Distributions for the same period exceeds $1,200,0000.

(b) Buyer shall pay to Seller one million dollars ($1,000,000.00) (the "Second
Earnout Payment", and collectively with the First Earnout Payment, the "Earnout
Payments"), if each of the following conditions are met:

     (i)  If, for any Fiscal Year(s) during the Term,

                                        2

<PAGE>

     (ii) average annual Distributable Cash before Reserves for the preceding
          Fiscal Year(s) back to and including the Fiscal Year ended December
          31, 2006, exceeds $2,000,000, and

     (iii) average annual Distributions for the same period exceeds $1,600,0000.

(c) The calculation of Distributable Cash would be adjusted to exclude the
effect of renegotiating the terms of principal payments under the long term
indebtedness of the Company as of the Effective Date of this Agreement, to the
extent such modification results in the deferral of principal payments. In
effect, deferring principal payments shall not result in improved Distributable
Cash before Reserves for purposes of these calculations.

(d) The maximum number of Earnout Payments due from Buyer is limited to two (2)
payments totaling two million dollars ($2,000,000.00) in the aggregate.

2.2 Period for Payment. The Earnout Payments shall be due and payable by Buyer
within forty five (45) days after receipt of the Earnout Computation for each
Fiscal Year, subject to the dispute resolution procedures described in Section
3.2. If a Party disputes the Earnout Computation in accordance with the terms of
Section 3.2, then the Earnout Payments shall be due within ten (10) days
following the resolution of such dispute by agreement of the Parties or by
issuance of a final arbitration award, as applicable.

                                  ARTICLE III.
                COMPUTATION OF DISTRIBUTABLE CASH BEFORE RESERVES

3.1 Manner of Computation. For purposes of this Agreement, "Distributable Cash
before Reserves" of the Company for any Fiscal Year shall mean its Distributable
Cash as defined in Section 1.1 above, before, and without taking into account,
any reduction for the Reserves. Distributable Cash before Reserves shall be
determined initially by the Seller, following the issuance of the audited
financial statements of the Company for the applicable Fiscal Year, and Seller
shall obtain input in computing the Distributable Cash before Reserves both from
the firm of independent certified public accountants engaged by the Company for
purposes of the Company's audit ("Sandhill's Accountants") and from the
Management Committee of the Company. In determining the Distributable Cash
before Reserves:

(a) Distributable Cash before Reserves shall be computed without regard to
"extraordinary items" of gain or loss as that term shall be defined in GAAP;

(b) Distributable Cash before Reserves shall not include any gains, losses or
profits realized from the sale of any assets other than in the ordinary course
of business; and

(c) No deduction shall be made for legal or accounting fees and expenses arising
out of this Agreement or the PSA.

                                        3

<PAGE>

3.2 Time of Determination.

(a) The Distributable Cash before Reserves, the Distributions and the average
annual amounts of each for the applicable preceding Fiscal Year(s) shall be
determined promptly after the close of each Fiscal Year over the Term, but in
any event within ninety (90) days following the close of each Fiscal Year, by
Seller, after consultation with Sandhill's Accountants and the Management
Committee of the Company (the "Earnout Computation"), and each Party shall
reasonably cooperate with each other and with Sandhill's Accountants so that
Seller can promptly prepare the Earnout Computation on or before the ninety (90)
day period. Copies of the Earnout Computation shall be submitted in writing to
Buyer and, unless Buyer notifies Seller within thirty (30) days after receipt of
the Earnout Computation that it objects to the Earnout Computation set forth
therein, the Earnout Computation shall be binding and conclusive for the
purposes of this Agreement. Each Party shall have access to the books and
records of the Company and to Sandhill's Accountants' workpapers during regular
business hours to verify the Earnout Computation.

(b) If either Seller or Buyer notifies the other in writing within thirty (30)
days after receipt of the Earnout Computation that it objects to the Earnout
Computation, the Earnout Computation shall be determined by negotiation between
Seller and Buyer. If Seller and Buyer are unable to reach agreement within
thirty (30) days after such notification, the determination of the Earnout
Computation shall be resolved in accordance with the dispute resolution
procedures set forth in Section 7.11 and Schedule 7.11 of the PSA, which
provisions are incorporated herein by reference; provided, however, the Parties
shall split equally the costs and expenses of the arbitrator(s) pending the
final award of such arbitrator(s) pursuant to Schedule 7.11.

                                   ARTICLE IV.
                                  MISCELLANEOUS

4.1 Benefit of Parties. All of the terms and provisions of this Agreement shall
be binding upon and inure to the benefit of the Parties and their respective
permitted successors and assigns. This Agreement shall not be assignable by
either Party without the express written consent of the other Party; the consent
of which shall not be unreasonably withheld.

4.2 Entire Agreement. This Agreement (including any document referred to herein)
constitutes the entire agreement of the Parties with respect to the subject
matter hereof and supersedes all prior agreements and understandings between the
Parties with respect thereto.

4.3 Counterparts. This Agreement may be executed in one or more counterparts
(including by means of facsimile), each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.

                                        4

<PAGE>

4.4 Cooperation. During the Term, each Party will cooperate with and assist the
other party in taking such acts as may be appropriate to enable all parties to
effect compliance with the terms of this Agreement and to carry out the true
intent and purposes hereof.

4.5 Notices. All notices and consents required under this Agreement shall be in
writing and shall be deemed to have been duly given (a) when delivered by hand,
(b) when sent by facsimile (with receipt confirmed), provided that a copy is
promptly thereafter mailed in the United States of America by first class
postage prepaid mail, (c) when received by the addressee, if sent by Express
Mail, Federal Express, other express delivery service (receipt requested) or by
such other means as the Parties may agree from time to time or (d) five (5)
Business Days after being mailed in the United States of America, by first class
postage prepaid registered or certified mail, return receipt requested; in each
case to the appropriate address and facsimile number set forth below (or to such
other address and facsimile number as a Party may designate as to itself by
notice to the other Party):

     (i)  if to Seller:

          Magna Carta Group, L.L.C.
          3295 Highway 80
          Brandon, MS 39042
          Attention: Charles H. Simpson, Managing Member
          Phone: (601) 591-4030
          Fax: (601) 591-4020

     (ii) if to Buyer:

          Genesis Crude Oil, L.P.
          500 Dallas, Suite 2500
          Houston, TX 77002
          Attention: Mark Gorman
          Phone: (713) 860-2502
          Fax: (713) 860-2636

Each Party shall have the right upon giving ten (10) Business Days prior written
notice to the other in the manner hereinabove provided, to change its address
for purposes of notice.

4.6 Waiver of Compliance. The Party for whose benefit a warranty,
representation, covenant or condition is intended may, in writing, waive any
inaccuracies in the warranties, representations, covenants or conditions
contained in this Agreement or waive compliance with any of the foregoing and so
waive performance of any of the obligations of the other Party hereto and any
defaults hereunder, provided, however, that such waiver shall not affect or
impair the waiving Party's rights in respect to any other warranty,
representation, covenant, condition or default hereunder.

                                        5

<PAGE>

4.7 Index and Captions. The captions of the Articles and Sections of this
Agreement are solely for convenient reference and shall not be deemed to affect
the meaning or interpretation of any Article or Section hereof

4.8 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Mississippi as applied to contracts
made and performed entirely within the State of Mississippi, without regard to
choice or conflicts of laws principles (whether of Mississippi or any other
jurisdiction).

4.9 Severability. Any term or provision of this Agreement that is invalid or
unenforceable in any situation in any jurisdiction shall not affect the validity
or enforceability of the remaining terms and provisions hereof or the validity
or enforceability of the offending term or provision in any other situation or
in any other jurisdiction.

4.10 Subordination to PSA. This Agreement is ancillary to the PSA. To the extent
this Agreement is in conflict with the PSA, the terms and provisions of the PSA
shall control.

IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed
by its authorized representatives as of the Effective Date.

                                        THE MAGNA CARTA GROUP, L.L.C.

                                        By: /s/ Charles H. Simpson
                                            ------------------------------------
                                        NAME: Charles H. Simpson
                                        TITLE: Managing Member/Manager

                                        GENESIS CRUDE OIL, L.P.

                                        By Genesis Energy, Inc. its general
                                        partner

                                        By: /s/ Mark J. Gorman
                                            ------------------------------------
                                        NAME: Mark J. Gorman
                                        TITLE: President

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