Document:

exv10w1

 

Exhibit 10.1

TECHNOLOGY
DEVELOPMENT AND SUPPLY AGREEMENT*

     This
Agreement dated as of the 30th day of April, 2008 (“Effective Date”) is by and between
Lighting Science Group Corporation (“LSGC”), and Jamestown One Times Square, L.P.
(“JOTS”).

Background

LSGC and
JOTS are entering into this Technology Development And Supply
Agreement with attached exhibits “A”, “B” and
“D” related to the design, development, manufacturing,
supplying and maintenance of a 12’ diameter Times Square New
Year’s Eve Ball (the “Ball”) using LEDs to illuminate
the Waterford Crystal elements to be permanently installed on the
roof top of the One Times Square building (the “Project”).

LSGC is a leading developer and manufacturer of architectural lighting, signs and displays using
light-emitting diodes (“LEDs”).

JOTS would like LSGC to perform certain development, manufacturing, supply, and maintenance
services related to the Project; and LSGC is willing and able to perform such services according to the terms of this Agreement.

1. Supply and Ordering of Goods.

     (a) LSGC will design, develop, manufacture and supply to JOTS, the products and/or components
listed on Exhibit A (the “Goods”). JOTS will purchase the Goods from LSGC pursuant
to purchase orders submitted by JOTS during the term hereof (each a “Purchase Order”). The
Goods supplied shall be delivered pursuant to the Scope of Work set forth in Exhibit B, or
such other Scope of Work upon which JOTS and LSGC may agree in writing (the “Scope of
Work”).

     (b) On
or prior to September 1, 2008, LSGC will provide sufficient units of the Goods
identified as the lighting elements in Exhibit A to complete the construction of the TSB and
provide spare modules to insure ongoing performance.

     (c) All purchases of the Goods shall be made in accordance with the terms of this Agreement
and the terms regarding product descriptions, price, quantities, delivery destinations and shipment
dates set forth in each Purchase Order submitted by JOTS to LSGC. LSGC shall accept Purchase Order
submitted in conformance with this Agreement.

     (e) In no event may any changes be made to the Goods, including without limitation, any change
in material composition of the Goods, and/or change in the manufacturer of any parts incorporated
in the Goods, without JOTS’s prior written approval and at all times LSGC shall comply with
Exhibit A and Exhibit B. Unless otherwise specified by JOTS all requests for
changes must be received in writing.

 

			
	*	 	THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES
AND EXCHANGE COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL TREATMENT TO
SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED
FROM THIS EXHIBIT, AND HAVE BEEN FILED SEPARATELY WITH THE COMMISSION. OMITTED
PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*******”.

 

     (f) During the Initial Term, unless agreed otherwise, LSGC will be the exclusive supplier of
the Goods, so long as acceptable performance is maintained as determined in
JOTS’s sole discretion.

2. Pricing and Payment.

     (a) Pricing. There
are three elements to this Technology Development And Supply Agreement that will be provided in
a phased approach. In phase one, LSGC shall provide all required engineering design services for
the new ball at a cost of “********”. In phase two, LSGC shall provide the lighting hardware
“Goods” to JOTS at a cost not to exceed “*********”. In phase three, LSGC will provide technical
support services for year one after completion of the Project at no
additional cost. Thereafter, JOTS to determine the level of
ongoing support required. Each of the above phases will be provided
independently of future phases.

     (b) Payment. The phase one initial design fee of “******” will be invoiced at the
commencement of the contract and shall be due in 30 days from invoice date. The Phase two fees will
be invoiced at product delivery and shall be due and payable within thirty (30) days after receipt
of the invoice or by such other date as set forth in the Purchase
Order. *

3. Representations and Warranties.

     (a) LSGC warrants that all Goods delivered in accordance with this Agreement and the Purchase
Orders issued hereunder shall (1) consist of all new materials, (2) be in conformance with the
Specifications, (3) be of good material and workmanship, (4) be of merchantable quality and free
from defect, and fit for the particular purpose for which they are manufactured and intended, and
(5) be manufactured, packaged, labeled, stored and loaded for shipment in strict conformity with
all applicable federal, state and local statutes, laws, ordinances, codes and regulations relating
thereto. LSGC will also provide a three year limited warranty for the
replacement of LED modules and power supplies as detailed in
Exhibit “D”.

     (b) LSGC will at its expense, perform such tests and inspections of the Goods as are required
to confirm that the Goods conform to the requirements of this
Agreement and the Purchase Orders issued hereunder. If any Goods are found to be defective in material or
workmanship, or otherwise fail to comply with the warranties set forth above, Purchaser may reject such Goods and rejection will be effected by notice mailed (e-mail notice
shall be sufficient under this Section 7)) to LSGC within a reasonable period of time after receipt
of the Goods.

4. Promotional Rights

 

			
	*	 	THE COMPANY HAS REQUESTED AN ORDER FROM THE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL TREATMENT TO
SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED
FROM THIS EXHIBIT, AND HAVE BEEN FILED SEPARATELY WITH THE COMMISSION. OMITTED
PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*******”.

2

 

     LSGC will be allowed to promote the company as the technology integrator to JOTS on the
project, provided that,  LSGC will coordinate and obtain prior approval from JOTS on all promotional activities
regarding LSGC’s contribution to the creation of the TSB.

5. Term and Termination.

     (a) The term of this Agreement shall commence on the date hereof (the “Effective
Date”) and, subject to early termination in accordance
with Section 5(b) below, shall
continue for a period of 2 years from the Effective Date (the “Initial Term”).

     (b) Notwithstanding any other provision of this Agreement, either party may immediately
terminate this Agreement, and/or any Purchase Order by giving written notice to the other party
under the following circumstances:

     (i) If the other party becomes insolvent, or any voluntary or involuntary petition in
bankruptcy or corporate reorganization is filed by or against such other party, or a receiver
is appointed with respect to any other assets of such other party or liquidation proceeding
or its equivalent is commenced by or against such other party and such matter is not
dismissed within sixty (60) days after filing; or

     (ii) If the other party fails to perform any of the material obligations under this
Agreement or any Purchase Order and such failure is not cured within
thirty (30) days
after the defaulting party’s receipt of written notice from the non-defaulting party
requesting a remedy thereof; or,

     (iii) The
sale of a controlling interest in or substantially all of the assets
of LSGC.

     (c) Any such termination of this Agreement shall be without prejudice to any other rights or
remedies which any party may have against the other party arising out of such breach or default and
shall not affect any rights or obligations of any party arising under this Agreement prior to such
termination. Upon termination, LSGC shall provide JOTS with all
non-proprietary design information developed by LSGC for the Project.

6. No Inconsistent Actions. Purchaser shall not do or authorize any third party
to do any act, which would or might invalidate LSGC’s intellectual property or be inconsistent with
the rights, ownership or use (as the case may be) of intellectual property of LSGC, or impair the
rights of LSGC in or to its intellectual property. Nothing
contained herein shall be construed to grant Purchaser any rights with respect to confidential
information or intellectual property of LSGC, except those rights, which are necessary to carry out
the purposes of this Agreement.

3

 

7. Miscellaneous. Termination of this Agreement shall not relieve the parties from the
obligations that have accrued prior to such termination pursuant to the provisions of this
Agreement. In the performance of its obligations hereunder, LSGC is
acting as an independent
contractor. No agency, partnership, joint venture or other employer-employee relationship, either
express or implied, is intended or created. This Agreement, the Services Agreement, the Purchase
Orders referenced herein and the Exhibits attached hereto constitute the entire agreement of the
parties with respect to the subject matter hereof and supersede all prior understandings and
agreements with respect thereto. In the event of any conflict between the terms of this Agreement
and the terms of any Purchase Order, the terms of this Agreement shall control. This Agreement may
be amended, and any provision hereof waived, but only in writing signed by the party against whom
such amendment or waiver is sought to be enforced.

8.
Intentionally Omitted

9. Indemnification. 

a. By JOTS. With respect to claims against one or both parties by third parties and/or government
agencies insofar as such claim, demand or action is based on a breach of this Agreement by JOTS, a
component made by a supplier selected by JOTS other than LSGC, or a negligent, reckless or
purposeful act by JOTS, JOTS shall defend, indemnify, and hold harmless LSGC against any liability,
cost, loss, or expense of any kind. JOTS shall have the right to select and control legal counsel
for the defense of any such claim, demand or action and for any negotiations relating to any such
claim, demand or action; however, LSGC shall have the right to approve any settlement of any such
claim, demand or action to the extent that such settlement imposes any restrictions on LSGC or
requires LSGC to act in any way, such approval to not be unreasonably withheld.

b. By LSGC. With respect to claims against one or both parties by third parties and/or government
agencies insofar as such claim, demand or action is based on a breach of this Agreement by LSGC, a
component or device made by LSGC or by a supplier selected by LSGC, or a negligent, reckless or
purposeful act by LSGC, LSGC shall defend, indemnify, and hold harmless JOTS against any liability,
cost, loss, or expense of any kind. LSGC shall have the right to select and control legal counsel
for the defense of any such claim, demand or action and for any negotiations relating to any such
claim, demand or action; however, JOTS shall have the right to approve any settlement of any such
claim, demand or action to the extent that such settlement imposes any restrictions on JOTS or
requires JOTS to act in any way, such approval to not be unreasonably withheld.

10. Insurance. At all times during which the Times Square Ball is being developed in
accordance with this Agreement and for a period of two (2) years after the installation of such
fixture, the parties shall obtain and maintain in full force the following insurance coverage: (a)
worker’s compensation insurance with no less than the minimum limits required by law; (b)
employer’s liability insurance, with a minimum limit of $500,000 per occurrence; and (c) commercial
general liability insurance, with a minimum limit of $1,000,000 per occurrence and $2,000,000
total. Such commercial general liability policies shall (aa) include coverage for liability
resulting from Premises/Operations, Products and Completed Operations, Blanket Contractual
Liability (bb) upon request name the other party as an additional insured; (cc) insure on an
occurrence, and not a claims-made, basis; (dd) be issued by Insurance companies which are
reasonably acceptable; (v) be primary and contributory; and (ee) not cancelable unless thirty (30)
days prior written notice shall have been given to the other party. Upon request, each party shall
provide proof of such insurance to the other party.

4

 

     IN WITNESS WHEREOF, the parties hereto, through their authorized representatives, have
executed this Agreement on the day and year first written above.

	 	 	 	 	 	 	 	 	 	 	 
	LSGC: Lighting Science Group, Inc.	 	 	 	Jamestown One Times Square, L.P.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Govi Rao	 	 	 	By:	 	/s/ J. Ben Gainey	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Name:

	 	Govi Rao	 	 	 	Name:	 	J. Ben Gainey	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Title:

	 	CEO	 	 	 	Title:	 	Vice President of General Partner
of	 	 
	 
	 	 	 	 	 	 	 	sole member of general partner	 	 
	 

	 	 
	 	 	 	 	 	 	 	 

Attachments:

	 	 	 
	Exhibit A:

	 	Goods
	Exhibit B:

	 	Scope of Work
	Exhibit C:

	 	Intentionally Omitted
	Exhibit D:

	 	Limited Warranty

5

 

EXHIBIT A — Goods

TSB 2008 Specifications

LED Modules

Approximately 432 Hexagon modules

Approximately 240 Pentagon modules

Exact count pending Hudson’s armature design

4 Waterford crystals per LED module

48 Rebel (tentative) LEDs per module

165 Watts input DC power per module (tentative)

LED modules rated to withstand environmental conditions & weather:

120 mph windload

The unit will be designed meet IP65 Ingress protection for water

UV, ozone, etc

Waterford crystals must withstand these conditions, too.

Ball armature

Approximately 12 foot diameter

Not intended to be waterproof

Ventilation

Slots will be engineered into the armature or LED modules

Fan-forced ventilation of the cavity, if necessary

LED power supplies

Located inside ball framework

Possibly located in NEMA enclosures

Possibly distributed a one PSU per LED module

208 VAC 3 phase

Limited to approx 178KW total max (building limitation)

120KW anticipated max input power (tentative)

Remote on/off control via system computer (tentative)

Data system

DMX or Stream data format

If DMX, preferably DMX512A (depends on e:cue capabilities)

Possibly Stream (depends on e:cue capabilities)

E:
cue Media servers located in equipment rack in equipment room
redundant servers for on-line automatic failure switchover

E:
cue DMX dimmers located in the ball

Ball interior power and data cabling

Exterior rated components

Waterproof to IP65

Diagnostics and system control

On module thermal sensing, for individual module brightness/ shutdown

In-ball thermal sensing, for overall brightness/ shutdown

Internet connection

Software operation monitoring

Software updating

Animation files uploading

1

 

The following will require engineering evaluation before we commit

LED module diagnostics

Power supply on/off control

Power supply on/off sense

Power supply output voltage measurement

Internet reporting of status & failures (email, webpage)

Software

Animation creation, control, and scheduling software by e:cue

Diagnostics software by LSGC

Regulatory

NYC building codes, new (June 2008) fire codes

UL

Maintenance

Quarterly (semi-annual?) exterior inspection

LED module illumination

Crystal condition

Annual December interior inspection

Exterior inspection plus:

Power supply function

Cable and connector integrity

Water sealing integrity

LED modules

Power supply enclosures

Warranty

Three Year Limited Warranty

Spares

5% LED module spares for attic stock

2% power supply spares for attic stock

2

 

EXHIBIT B — Scope of Work

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Contractual	 	 	 	Supplied	 	Manufactured	 	 	 	Installed at
	Hardware Deliverables	 	responsibility	 	Designed by	 	(purchased) by	 	by	 	Installed by	 	(location)
	 
	Ball equipment
	 	 	 	 	 	 	 	 	 	 	 	 
	LED modules
	 	LSGC	 	LSGC	 	LSGC	 	LSGC	 	Hudson Scenic	 	Hudson Scenic
	LED (devices)
	 	LSGC	 	—	 	Lumileds	 	Lumileds	 	LSGC	 	LSGC
	Crystal mounting hardware
	 	LSGC	 	LSGC	 	LSGC	 	LSGC	 	LSGC	 	LSGC
	Power supply system
	 	 	 	 	 	 	 	 	 	 	 	 
	Power supplies
	 	LSGC	 	LSGC	 	LSGC	 	LSGC	 	LSGC	 	LSGC
	Weatherproof enclosures
	 	LSGC	 	LSGC & Hudson	 	LSGC	 	LSGC	 	Hudson Scenic	 	Hudson Scenic
	 

	Exterior power connectors
	 	Hudson Scenic	 	LSGC & Hudson	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic
	 

	Exterior data connectors
	 	Hudson Scenic	 	LSGC & Hudson	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic
	Data system
	 	 	 	 	 	 	 	 	 	 	 	 
	Ehternet to DMX gateways
	 	e:cue	 	e:cue & LSGC	 	e:cue	 	e:cue	 	e:cue	 	Hudson Scenic
	Ethernet equipment
	 	e:cue	 	e:cue & LSGC	 	e:cue	 	e:cue	 	e:cue	 	Hudson Scenic
	Interior cabling
	 	 	 	 	 	 	 	 	 	 	 	 
	AC wiring
	 	LSGC	 	LSGC	 	LSGC	 	LSGC	 	LSGC & Hudson	 	Hudson Scenic
	DC wiring
	 	LSGC	 	LSGC	 	LSGC	 	LSGC	 	LSGC & Hudson	 	Hudson Scenic
	Data wiring
	 	LSGC	 	LSGC	 	LSGC	 	LSGC	 	LSGC & Hudson	 	Hudson Scenic
	J boxes, terminal blocks
	 	LSGC	 	LSGC	 	LSGC	 	LSGC	 	LSGC & Hudson	 	Hudson Scenic
	Mechanical structure (armature)
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	Framework (armature)
	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Landmark	 	1 Times Square
	 

	LED module mounts
	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic
	 

	Power supply enclosure mounts
	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic
	 

	Control system mounts
	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic
	 

	Extraction fans (if needed)
	 	Hudson Scenic	 	Hudson & LSGC	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic
	 

	Waterford crystals
	 	 	 	 	 	 	 	 	 	 	 	 
	Crystals
	 	Waterford	 	Waterford	 	Waterford	 	Waterford	 	Hudson Scenic	 	Hudson Scenic
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Control system equipment rack (in equipment room(s))

	Equipment rack
	 	e:cue	 	e:cue & LSGC	 	Hudson Scenic	 	Hudson Scenic	 	Landmark	 	1 Times Square
	Media servers
	 	e:cue	 	e:cue	 	e:cue	 	e:cue	 	Hudson Scenic	 	Hudson Scenic
	Animation design software
	 	e:cue	 	e:cue	 	e:cue	 	e:cue	 	e:cue	 	Hudson Scenic
	Animation server software
	 	e:cue	 	e:cue	 	e:cue	 	e:cue	 	e:cue	 	Hudson Scenic
	Ethernet equipment
	 	e:cue	 	e:cue	 	e:cue	 	e:cue	 	Hudson Scenic	 	Hudson Scenic

1

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Contractual	 	 	 	Supplied	 	Manufactured	 	 	 	Installed at
	Hardware Deliverables	 	responsibility	 	Designed by	 	(purchased) by	 	by	 	Installed by	 	(location)
	 
	UPS
	 	e:cue	 	e:cue	 	e:cue	 	e:cue	 	Hudson Scenic	 	Hudson Scenic
	Monitor, kybd, mouse, etc
	 	e:cue	 	e:cue	 	e:cue	 	e:cue	 	Hudson Scenic	 	Hudson Scenic
	Hardware diagnostic&control sftware
	 	LSGC	 	LSGC	 	LSGC	 	LSGC	 	LSGC	 	Hudson Scenic
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Other equipment
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	Mast, hoist, rigging
	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Landmark	 	1 Times Square
	 

	Drop cables (power and data)
	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Landmark	 	1 Times Square
	AC service panel, conduit,
containment
	 	Mitch	 	Mitch	 	Mitch	 	Mitch	 	Landmark	 	1 Times Square
	Data conduit, cable containment
	 	Mitch	 	Mitch	 	Mitch	 	Mitch	 	Landmark	 	1 Times Square
	 

	Power distro
	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Hudson Scenic	 	Landmark	 	1 Times Square
	Internet connection
	 	LSGC	 	LSGC	 	LSGC	 	LSGC	 	Mitch	 	1 Times Square

2

 

EXHIBIT
D  — Limited Warranty

[To Be Negotiated]exv10wxay

 

Exhibit 10(a)

March 28, 2008

Denbury Onshore, LLC

Denbury Resources Inc.

5100 Tennyson Parkway, Suite 1200

Plano, Texas 75024

Attn: Phil Rykhoek

	 	 	 
	Re:

	 	Sixth Amended and Restated Credit Agreement dated as of September 14, 2006 (as amended, the
“Credit Agreement”) among Denbury Onshore, LLC, a Delaware limited liability company
(“Borrower”), Denbury Resources Inc., a
Delaware corporation, as Parent Guarantor
(“Parent”), JPMorgan Chase Bank, N.A., as Administrative Agent (“Administrative Agent”), the
other agents
parties thereto, and the financial institutions parties thereto as Banks (“Banks”) (unless
otherwise defined herein, all terms used herein which are defined in the Credit Agreement
shall have the meaning when used herein assigned to such terms in the Credit Agreement)

Gentlemen:

1. Borrowing Base. Pursuant to Section 5.2 of the Credit Agreement, the Borrowing Base
shall be $1,000,000,000.00 effective April 1, 2008, and continuing until the next Redetermination
thereafter. Borrower and Banks agree that the Borrowing Base redetermination provided for herein
shall be the April 1, 2008 Scheduled Redetermination and shall not be considered or deemed to be a
Special Redetermination.

2. Borrowing Base Provisions. Notwithstanding anything to the contrary contained in the
Credit Agreement or any other Loan Paper, Section 5.2(b) of the Credit Agreement shall be
amended effective as of the date hereof to read in full as follows:

     “(b) [intentionally deleted],”.

3. Legal Expenses. Borrower hereby agrees to pay on demand all reasonable fees and
expenses of counsel to Administrative Agent incurred by Administrative Agent in connection
with the preparation, negotiation and execution of this letter agreement and all related
documents.

4. Counterparts. This letter agreement may be executed in counterparts, and all parties
need not execute the same counterpart; however, no party shall be bound by this letter agreement
until a counterpart hereof has been executed by Borrower, Parent and each Bank. Facsimiles or
other electronic transmission (e.g., pdf) shall be effective as originals.

5. Complete Agreement. THIS LETTER AGREEMENT REPRESENTS THE FINAL
AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

 

Denbury Onshore, LLC

Denbury Resources Inc.

March 28, 2008

Page 2

6. Loan Paper. This letter agreement constitutes a “Loan Paper” under and as defined in
Section 2.1 of the Credit Agreement.

Please evidence your agreement to each of the provisions of this letter agreement by executing a
counterpart hereof where indicated and returning a fully executed counterpart to Jim Matthews,
counsel for Administrative Agent, via facsimile number (214) 999-7906, or via electronic e-mail
jmatthews@velaw.com.

[SIGNATURE PAGES TO FOLLOW]

 

 

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	ADMINISTRATIVE AGENT:	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.,	 	 
	 	 	as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ J. Scott Fowler
 

J. Scott Fowler,
	 	 
	 

	 	 	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	BANKS:	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGN CHASE BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ J. Scott Fowler
 

J. Scott Fowler,
	 	 
	 

	 	 	 	Senior Vice President	 	 

[Signature Page to Borrowing Base Letter]

 

 

	 	 	 	 	 	 	 
	 	 	BANKS:	 	 
	 
	 	 	 	 	 	 
	 	 	FORTIS CAPITAL CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David Montgomey
 

David Montgomey
	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Darrell Holley
 

Darrell Holley
	 	 
	 

	 	Title:
	 	Managing Director	 	 

[Signature Page to Borrowing Base Letter]

 

 

	 	 	 	 	 	 	 
	 	 	BANKS:	 	 
	 
	 	 	 	 	 	 
	 	 	CALYON NEW YORK BRANCH	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Michael D. Willis
 

Michael D. Willis
	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Sharada Manne
 

Sharada Manne
	 	 
	 

	 	Title:
	 	Director	 	 

[Signature Page to Borrowing Base Letter]

 

 

	 	 	 	 	 	 	 
	 	 	BANKS:	 	 
	 
	 	 	 	 	 	 
	 	 	COMERICA BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Rebecca L. Wilson
 

Rebecca L. Wilson
	 	 
	 

	 	Title:
	 	Assistant Vice President	 	 

[Signature Page to Borrowing Base Letter]

 

 

	 	 	 	 	 	 	 
	 	 	BANKS:	 	 
	 
	 	 	 	 	 	 
	 	 	UNION BANK OF CALIFORNIA, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Alison Fuqua
 

Alison Fuqua
	 	 
	 

	 	Title:
	 	Assistant Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Whitney Randolph
 

Whitney Randolph
	 	 
	 

	 	Title:
	 	Assistant Vice President	 	 

[Signature Page to Borrowing Base Letter]

 

 

	 	 	 	 	 	 	 
	 	 	BANKS:	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Stephen J. Hoffman
 

Stephen J. Hoffman
	 	 
	 

	 	Title:
	 	Managing Director	 	 

[Signature Page to Borrowing Base Letter]

 

 

	 	 	 	 	 	 	 
	 	 	BANKS:	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF SCOTLAND plc	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Karen Weich
 

Karen Weich
	 	 
	 

	 	Title:
	 	Vice President	 	 

[Signature Page to Borrowing Base Letter]

 

 

	 	 	 	 	 	 	 
	 	 	BANKS: 	 	 
	 
	 	 	 	 	 	 
	 	 	COMPASS BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Murray E. Brasseux
 

Murray E. Brasseux
	 	 
	 

	 	Title:
	 	Executive Vice President	 	 

[Signature Page to Borrowing Base Letter]

 

 

	 	 	 	 	 	 	 
	 	 	BANKS:	 	 
	 
	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Catherine Stacy
 

Catherine Stacy
	 	 
	 

	 	Title:
	 	Portfolio Manager	 	 

[Signature Page to Borrowing Base Letter]

 

 

	 	 	 	 	 	 	 
	 	 	ACKNOWLEDGED AND AGREED as of the
28th day of March, 2008	 	 
	 
	 	 	 	 	 	 
	 	 	PARENT:	 	 
	 
	 	 	 	 	 	 
	 	 	DENBURY RESOURCES INC.,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Phil Rykhoek
 

Phil Rykhoek,
	 	 
	 

	 	 	 	Senior Vice President and
Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 
	 	 	DENBURY ONSHORE, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Phil Rykhoek
 

Phil Rykhoek,
	 	 
	 

	 	 	 	Senior Vice President and
Chief Financial Officer	 	 

[Signature Page to Borrowing Base Letter]

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