Document:

Exhibit 4.1

 

Statoil ASA
 Statoil Petroleum AS

 

Officers’ Certificate

 

Pursuant to Sections 102 and 301 of the Indenture

 

Each of the undersigned officers of Statoil ASA, a public limited company incorporated under the laws of the Kingdom of Norway (the “Company”) and of Statoil Petroleum AS, a limited company incorporated under the laws of the Kingdom of Norway (“Statoil Petroleum”), hereby certifies:

 

1.                                      The terms of the series of securities established under the Indenture, dated as of April 15, 2009, as supplemented by the Supplemental Indenture No. 1, dated as of May 26, 2010 (the “Indenture”), among the Company, Statoil Petroleum and Deutsche Bank Trust Company Americas, as Trustee, in the aggregate principal amount of US$750,000,000, to be entitled the Floating Rate Notes due 2018, in the aggregate principal amount of US$750,000,000, to be entitled the 1.950% Notes due 2018, in the aggregate principal amount of US$750,000,000, to be entitled the 2.900% Notes due 2020, in the aggregate principal amount of US$1,000,000,000, to be entitled the 3.700% Notes due 2024 and in the aggregate principal amount of US$750,000,000, to be entitled the 4.800% Notes due 2043 (together, the “Notes”), are set forth in Annex A.

 

2.                                      That the following statements are made pursuant to the provisions of Section 102 of the Indenture:

 

(1)                                 Each of the undersigned has read the provisions of the Indenture setting forth conditions precedent to the authentication of the Notes, and the definitions in the Indenture relating thereto;

 

(2)                                 Each of the undersigned has examined resolutions of the Board of Directors of the Company and resolutions of the Board of Directors of Statoil Petroleum together with the terms set forth in Annex A;

 

(3)                                 In the opinion of each of the undersigned such examination is sufficient to enable each of the undersigned to express an informed opinion as to whether or not the conditions precedent referred to above have been complied with; and

 

(4)                                 Each of the undersigned is of the opinion that the conditions precedent referred to above have been complied with.

 

 

IN WITNESS WHEREOF, each of the undersigned has signed his name.

 

 

	
Dated:   November 8, 2013
    	
 
    	
Statoil   ASA
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Robert Adams
    
	
 
    	
 
    	
 
    	
Name:
    	
Robert   Adams
    
	
 
    	
 
    	
 
    	
Title:
    	
Senior   Vice President Finance
    

 

 

	
 
    	
 
    	
Statoil   Petroleum AS
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Robert Adams
    
	
 
    	
 
    	
 
    	
Name:
    	
Robert   Adams
    
	
 
    	
 
    	
 
    	
Title:
    	
Senior   Vice President Finance
    
						

 

Signature Page to 102/301 Officers’ Certificate

 

 

Annex A

 

A-1

 

 

U.S.$750,000,000 Floating Rate Notes due 2018

 

	
Issuer:
    	
Statoil   ASA (“Statoil”).
    
	
 
    	
 
    
	
Guarantor:
    	
Statoil Petroleum AS (“Statoil Petroleum”).
    
	
 
    	
 
    
	
Title:
    	
Floating   Notes due 2018 (the “Floating Rate Notes”).
    
	
 
    	
 
    
	
Total   initial principal amount:
    	
$750,000,000
    
	
 
    	
 
    
	
Settlement   Date:
    	
November 8,   2013 (T + 3)
    
	
 
    	
 
    
	
Maturity   Date:
    	
November 8,   2018
    
	
 
    	
 
    
	
Day   Count:
    	
Actual/360
    
	
 
    	
 
    
	
Day   Count Convention:
    	
Modified   following.
    
	
 
    	
 
    
	
Interest   Rate Basis:
    	
3   Month USD LIBOR
    
	
 
    	
 
    
	
Spread   to LIBOR:
    	
46   basis points (0.460%)
    
	
 
    	
 
    
	
Designated   LIBOR page:
    	
Reuters   Screen LIBOR01
    
	
 
    	
 
    
	
Index   Maturity:
    	
3   Months
    
	
 
    	
 
    
	
Interest   Reset Period:
    	
Quarterly
    
	
 
    	
 
    
	
Date   interest starts accruing:
    	
November 8,   2013
    
	
 
    	
 
    
	
Interest   Payment Dates:
    	
February 8,   May 8, August 8 and November 8 of each year, subject to the Day   Count Convention, commencing February 8, 2014.
    
	
 
    	
 
    
	
Interest   Reset Dates:
    	
February 8,   May 8, August 8 and November 8, commencing on February 8,   2014, subject to the Day Count Convention.
    
	
 
    	
 
    
	
Interest   Rate Calculation:
    	
3   Month USD LIBOR determined on the applicable Interest Determination Date plus   the Spread to LIBOR
    
	
 
    	
 
    
	
Initial   Interest Rate:
    	
3   Month USD LIBOR plus 46 basis points, determined on the second London   business day prior to November 8, 2013
    
	
 
    	
 
    
	
Interest   Determination Dates:
    	
Quarterly,   two London Business days prior to each Interest Reset Date
    
	
 
    	
 
    
	
Regular   Record Dates for Interest:
    	
The   15th calendar day preceding each interest payment date, whether or not such   day is a business day.
    
	
 
    	
 
    
	
Public   offering price:
    	
Per   Floating Rate Note: 100%; Total: $750,000,000
    
	
 
    	
 
    
	
Proceeds, after underwriting   discount, but before expenses, to Statoil:
    	
Per   Floating Rate Note: 99.850%; Total: $748,875,000
    

 

 

	
Calculation   Agent:
    	
Deutsche   Bank Trust Company Americas
    
	
 
    	
 
    
	
Denominations:
    	
$1,000 and integral multiples of $1,000
    
	
 
    	
 
    
	
Joint-Book   Running Managers:
    	
Credit   Suisse Securities (USA) LLC 

Deutsche   Bank Securities Inc.

Merrill   Lynch, Pierce, Fenner & Smith 

                    Incorporated

Morgan   Stanley & Co. LLC
    
	
 
    	
 
    
	
CUSIP   Number:
    	
85771P   AS1
    
	
 
    	
 
    
	
ISIN:
    	
US85771PAS11
    
	
 
    	
 
    
	
Calculation   of 3-month US$ LIBOR:
    	
The   calculation agent will determine 3-month U.S. dollar LIBOR in accordance with   the following provisions: With respect to any interest determination date,   3-month U.S. dollar LIBOR will be the rate for deposits in U.S. Dollars   having a maturity of three months commencing on the interest reset date that   appears on the designated LIBOR page as of 11:00 a.m., London time,   on that interest determination date. If no rate appears, 3-month U.S.dollar   LIBOR, in respect of that interest determination date, will be determined as   follows: the calculation agent will request the principal London offices of   each of four major banks in the London interbank market, as selected by the   calculation agent (after consultation with us), to provide the calculation   agent with its offered quotation for deposits in U.S. dollars for the period   of three months, commencing on the interest reset date, to prime banks in the   London interbank market at approximately 11:00 a.m., London time, on that   interest determination date and in a principal amount that is representative   for a single transaction in U.S. dollars in that market at that time. If at   least two quotations are provided, then 3-month U.S. dollar LIBOR on that   interest determination date will be the arithmetic mean of those quotations.   If fewer than two quotations are provided, then 3-month U.S. dollar LIBOR on   the interest determination date will be the arithmetic mean of the rates   quoted at approximately 11:00 a.m., New York City time, on the interest   determination date by three major banks in The City of New York selected by   the calculation agent (after consultation with us) for loans in U.S. dollars   to leading European banks, having a three-month maturity and in a principal   amount that is representative for a single transaction in U.S. dollars in   that market at that time; provided, however, that if the banks selected by   the calculation agent are not providing quotations in the manner described by   this sentence, 3-month U.S. dollar LIBOR determined as of that interest   determination date will be 3-month U.S. dollar LIBOR in effect on that   interest determination date. The designated LIBOR page is the Reuters   screen ‘‘LIBOR01’’, or any successor service for the purpose of displaying   the London interbank rates of major banks for U.S. dollars. The Reuters   screen ‘‘LIBOR01’’ is the display designated as the 
    

 

2

 

	
 
    	
Reuters   screen ‘‘LIBOR01’’, or such other page as may replace the Reuters screen   ‘‘LIBOR01’’ on that service or such other service or services as may be   nominated by the British Bankers’ Association for the purpose of displaying   London interbank offered rates for U.S. dollar deposits. All calculations   made by the calculation agent for the purposes of calculating the interest   rates on the Floating Rate Notes shall be conclusive and binding on the   holders of the Floating Rate Notes, Statoil ASA, Statoil Petroleum AS and the   trustee, absent manifest error.
    

 

3

 

U.S.$750,000,000 1.950% Notes due 2018

 

	
Issuer:
    	
Statoil   ASA (“Statoil”).
    
	
 
    	
 
    
	
Guarantor:
    	
Statoil Petroleum AS (“Statoil Petroleum”).
    
	
 
    	
 
    
	
Title:
    	
1.950%   Notes due 2018 (the “2018 Notes”).
    
	
 
    	
 
    
	
Total   initial principal amount:
    	
$750,000,000
    
	
 
    	
 
    
	
Settlement   Date:
    	
November 8,   2013 (T + 3)
    
	
 
    	
 
    
	
Maturity   Date:
    	
November 8,   2018
    
	
 
    	
 
    
	
Day   Count:
    	
30/360
    
	
 
    	
 
    
	
Day   Count Convention:
    	
Following   unadjusted.
    
	
 
    	
 
    
	
Coupon:
    	
1.950%
    
	
 
    	
 
    
	
Date   interest starts accruing:
    	
November 8,   2013
    
	
 
    	
 
    
	
Interest   Payment Dates:
    	
May 8   and November 8 of each year, subject to the Day Count Convention,   commencing May 8, 2014.
    
	
 
    	
 
    
	
Regular   Record Dates for Interest:
    	
The   15th calendar day preceding each interest payment date, whether or not such   day is a business day.
    
	
 
    	
 
    
	
Public   Offering Price:
    	
Per   2018 Note: 99.858%; Total: $748,935,000
    
	
 
    	
 
    
	
Proceeds, after underwriting   discount, but before expenses, to Statoil:
    	
Per   2018 Note: 99.708%; Total: $747,810,000
    
	
 
    	
 
    
	
Benchmark   Treasury:
    	
1.250%   due Oct 2018
    
	
 
    	
 
    
	
Benchmark   Treasury Price and Yield:
    	
99-12,   1.380%
    
	
 
    	
 
    
	
Spread   to Benchmark Treasury:
    	
60   bps
    
	
 
    	
 
    
	
Re-offer   yield:
    	
1.980%
    
	
 
    	
 
    
	
Make-Whole   Spread:
    	
10   basis points
    
	
 
    	
 
    
	
Denominations:
    	
$1,000 and integral multiples of $1,000
    
	
 
    	
 
    
	
Joint-Book   Running Managers:
    	
Credit   Suisse Securities (USA) LLC

Deutsche   Bank Securities Inc.

Merrill   Lynch, Pierce, Fenner & Smith

                     Incorporated

Morgan   Stanley & Co. LLC
    
	
 
    	
 
    
	
CUSIP   Number:
    	
85771P   AR3
    
	
 
    	
 
    
	
ISIN:
    	
US85771PAR38
    

 

4

 

U.S.$750,000,000 2.900%  Notes due 2020

 

	
Issuer:
    	
Statoil   ASA (“Statoil”).
    
	
 
    	
 
    
	
Guarantor:
    	
Statoil Petroleum AS (“Statoil Petroleum”).
    
	
 
    	
 
    
	
Title:
    	
2.900%   Notes due 2020 (the “2020 Notes”).
    
	
 
    	
 
    
	
Total   initial principal amount:
    	
$750,000,000
    
	
 
    	
 
    
	
Settlement   Date:
    	
November 8,   2013 (T + 3)
    
	
 
    	
 
    
	
Maturity   Date:
    	
November 8,   2020
    
	
 
    	
 
    
	
Day   Count:
    	
30/360
    
	
 
    	
 
    
	
Day   Count Convention:
    	
Following   unadjusted.
    
	
 
    	
 
    
	
Coupon:
    	
2.900%
    
	
 
    	
 
    
	
Date   interest starts accruing:
    	
November 8,   2013
    
	
 
    	
 
    
	
Interest   Payment Dates:
    	
May 8   and November 8 of each year, subject to the Day Count Convention, commencing   May 8, 2014.
    
	
 
    	
 
    
	
Regular   Record Dates for Interest:
    	
The   15th calendar day preceding each interest payment date, whether or not such   day is a business day.
    
	
 
    	
 
    
	
Public   Offering Price:
    	
Per   2020 Note: 99.975%; Total: $749,812,500
    
	
 
    	
 
    
	
Proceeds, after underwriting   discount, but before expenses, to Statoil:
    	
Per   2020 Note: 99.775%; Total: $748,312,500
    
	
 
    	
 
    
	
Benchmark   Treasury:
    	
1.750%   due Oct 2020
    
	
 
    	
 
    
	
Benchmark   Treasury Price and Yield:
    	
98-01,   2.054%
    
	
 
    	
 
    
	
Spread   to Benchmark Treasury:
    	
85   bps
    
	
 
    	
 
    
	
Re-offer   yield:
    	
2.904%
    
	
 
    	
 
    
	
Make-Whole   Spread:
    	
15   basis points
    
	
 
    	
 
    
	
Denominations:
    	
$1,000 and integral multiples of $1,000
    
	
 
    	
 
    
	
Joint-Book   Running Managers:
    	
Credit   Suisse Securities (USA) LLC

Deutsche   Bank Securities Inc.

Merrill   Lynch, Pierce, Fenner & Smith

                     Incorporated

Morgan   Stanley & Co. LLC
    
	
 
    	
 
    
	
CUSIP   Number:
    	
85771P   AP7
    
	
 
    	
 
    
	
ISIN:
    	
US85771PAP71
    

 

5

 

U.S.$1,000,000,000 3.700% Notes due 2024

 

	
Issuer:
    	
Statoil   ASA (“Statoil”).
    
	
 
    	
 
    
	
Guarantor:
    	
Statoil Petroleum AS (“Statoil Petroleum”).
    
	
 
    	
 
    
	
Title:
    	
3.700%   Notes due 2024 (the “2024 Notes”).
    
	
 
    	
 
    
	
Total   initial principal amount:
    	
$1,000,000,000
    
	
 
    	
 
    
	
Settlement   Date:
    	
November 8,   2013 (T + 3)
    
	
 
    	
 
    
	
Maturity   Date:
    	
March 1,   2024
    
	
 
    	
 
    
	
Day   Count:
    	
30/360
    
	
 
    	
 
    
	
Day   Count Convention:
    	
Following   unadjusted.
    
	
 
    	
 
    
	
Coupon:
    	
3.700%
    
	
 
    	
 
    
	
Date   interest starts accruing:
    	
November 8,   2013
    
	
 
    	
 
    
	
Interest   Payment Dates:
    	
March 1   and September 1 of each year, subject to the Day Count Convention,   commencing March 1, 2014. The initial interest period is a short coupon.
    
	
 
    	
 
    
	
Regular   Record Dates for Interest:
    	
The   15th calendar day preceding each interest payment date, whether or not such   day is a business day.
    
	
 
    	
 
    
	
Public   Offering Price:
    	
Per   2024 Note: 99.927%; Total: $999,270,000
    
	
 
    	
 
    
	
Proceeds, after underwriting   discount, but before expenses, to Statoil:
    	
Per   2024 Note: 99.677%; Total: $996,770,000
    
	
 
    	
 
    
	
Benchmark   Treasury:
    	
2.500%   due Aug 2023
    
	
 
    	
 
    
	
Benchmark   Treasury Price and Yield:
    	
98-20+, 2.659%
    
	
 
    	
 
    
	
Spread   to Benchmark Treasury:
    	
105   bps
    
	
 
    	
 
    
	
Re-offer   yield:
    	
3.709%
    
	
 
    	
 
    
	
Make-Whole   Spread:
    	
20   basis points
    
	
 
    	
 
    
	
Denominations:
    	
$1,000 and integral multiples of $1,000
    
	
 
    	
 
    
	
Joint-Book   Running Managers:
    	
Credit   Suisse Securities (USA) LLC

Deutsche   Bank Securities Inc.

Merrill   Lynch, Pierce, Fenner & Smith

                     Incorporated

Morgan   Stanley & Co. LLC
    
	
 
    	
 
    
	
CUSIP   Number:
    	
85771P   AN2
    
	
 
    	
 
    
	
ISIN:
    	
US85771PAN24
    

 

6

 

U.S.$750,000,000 4.800% Notes due 2043

 

	
Issuer:
    	
Statoil   ASA (“Statoil”).
    
	
 
    	
 
    
	
Guarantor:
    	
Statoil Petroleum AS (“Statoil Petroleum”).
    
	
 
    	
 
    
	
Title:
    	
4.800%   Notes due 2043 (the “2043 Notes”).
    
	
 
    	
 
    
	
Total   initial principal amount:
    	
$750,000,000
    
	
 
    	
 
    
	
Settlement   Date:
    	
November 8,   2013 (T + 3)
    
	
 
    	
 
    
	
Maturity   Date:
    	
November 8,   2043
    
	
 
    	
 
    
	
Day   Count:
    	
30/360
    
	
 
    	
 
    
	
Day   Count Convention:
    	
Following   unadjusted.
    
	
 
    	
 
    
	
Coupon:
    	
4.800%
    
	
 
    	
 
    
	
Date   interest starts accruing:
    	
November 8,   2013
    
	
 
    	
 
    
	
Interest   Payment Dates:
    	
May 8   and November 8 of each year, subject to the Day Count Convention,   commencing May 8, 2014.
    
	
 
    	
 
    
	
Regular   Record Dates for Interest:
    	
The   15th calendar day preceding each interest payment date, whether or not such   day is a business day.
    
	
 
    	
 
    
	
Public   Offering Price:
    	
Per   2043 Note: 99.496%; Total: $746,220,000
    
	
 
    	
 
    
	
Proceeds, after underwriting   discount, but before expenses, to Statoil:
    	
Per   2043 Note: 98.846%; Total: $741,345,000
    
	
 
    	
 
    
	
Benchmark   Treasury:
    	
2.875%   due May 2043
    
	
 
    	
 
    
	
Benchmark   Treasury Price and Yield:
    	
83-30+, 3.782%
    
	
 
    	
 
    
	
Spread   to Benchmark Treasury:
    	
105   bps
    
	
 
    	
 
    
	
Re-offer   yield:
    	
4.832%
    
	
 
    	
 
    
	
Make-Whole   Spread:
    	
20   basis points
    
	
 
    	
 
    
	
Denominations:
    	
$1,000 and integral multiples of $1,000
    
	
 
    	
 
    
	
Joint-Book   Running Managers:
    	
Credit   Suisse Securities (USA) LLC

Deutsche   Bank Securities Inc.

Merrill   Lynch, Pierce, Fenner & Smith

                     Incorporated

Morgan   Stanley & Co. LLC
    
	
 
    	
 
    
	
CUSIP   Number:
    	
85771P   AQ5
    
	
 
    	
 
    
	
ISIN:
    	
US85771PAQ54
    

 

7

 

The following term applies to the 2018 Notes, the 2020 Notes, the 2024 Notes and the 2043 Notes (together, the “Fixed Rate Notes”):

 

	
Optional   make-whole redemption:
    	
Statoil   has the right to redeem any and all series of the Fixed Rate Notes, in whole   or in part, at any time and from time to time at a redemption price equal to   the greater of (i) 100% of the principal amount of the applicable series   of notes to be redeemed and (ii) the sum of the present values of the   remaining scheduled payments of principal and interest on the applicable   series of notes to be redeemed (not including any portion of payments of   interest accrued to the redemption date) discounted to the redemption date on   a semi-annual basis (assuming a 360-day year consisting of twelve 30-day   months) at the treasury rate plus 10 basis points in the case of the 2018   Notes, 15 basis points in the case of the 2020 Notes, 20 basis points in the   case of the 2024 Notes and 20 basis points in the case of the 2043 Notes,   plus, in each case, accrued and unpaid interest to the date of redemption.   For purposes of determining the optional make-whole redemption price, the   following definitions are applicable. ‘‘Treasury rate’’ means, with respect   to any redemption date, the rate per year equal to the semi-annual equivalent   yield to maturity or interpolated (on a day count basis) of the comparable   treasury issue, assuming a price for the comparable treasury issue (expressed   as a percentage of its principal amount) equal to the comparable treasury   price for such redemption date. ‘‘Comparable treasury issue’’ means the U.S.   Treasury security or securities selected by the quotation agent as having an   actual or interpolated maturity comparable to the remaining term of the   applicable series of the notes to be redeemed that would be utilized, at the   time of selection and in accordance with customary financial practice, in   pricing new issues of corporate debt securities of comparable maturity to the   remaining term of such notes. ‘‘Comparable treasury price’’ means, with   respect to any redemption date, the average of the reference treasury dealer   quotations for such redemption date. ‘‘Quotation agent’’ means one of the   reference treasury dealers appointed by Statoil. ‘‘Reference treasury   dealer’’ means Credit Suisse Securities (USA) LLC, Deutsche Bank Securities   Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan   Stanley & Co. LLC or their respective affiliates which are primary   U.S. government securities dealers, and their respective successors, and two   other primary U.S. government securities dealers selected by Statoil,   provided, however, that if any of the foregoing shall cease to be a primary   U.S. government securities dealer in the United States (a ‘‘primary treasury   dealer’’), Statoil shall substitute therefor another primary treasury dealer.   ‘‘Reference treasury dealer quotations’’ means with respect to each reference   treasury dealer and any redemption date, the average, as determined by the   quotation agent, of the bid and asked prices for the comparable treasury   issue (expressed in each case as a percentage of its principal amount) quoted   in writing to the quotation agent by such
    

 

8

 

	
 
    	
reference   treasury dealer at 3:30 p.m. New York time on the third business day   preceding such redemption date.
    

 

The following terms apply to the Fixed Rate Notes and the Floating Rate Notes (together, the “Notes”):

 

	
Form of   Securities
    	
The   Securities will be issued in the form of global notes that will be deposited   with The Depository Trust Company, New York, New York (“DTC”) on the closing   date.
    
	
 
    	
 
    
	
Denomination:
    	
Each   of the Notes will be issued in denominations of $1,000 and integral multiples   of $1,000.
    
	
 
    	
 
    
	
Place   of Payment
    	
Deutsche   Bank Trust Company Americas 60 Wall Street; MS: 2710 New York, NY 10005
    
	
 
    	
 
    
	
Business   Day:
    	
Any   weekday on which banking or trust institutions in neither New York nor Oslo   are authorized generally or obligated by law, regulation or executive order   to close.
    
	
 
    	
 
    
	
Ranking:
    	
The   Notes are unsecured and will rank equally with all of Statoil’s other   unsecured and unsubordinated indebtedness.
    
	
 
    	
 
    
	
Sinking   fund:
    	
There   is no sinking fund.
    
	
 
    	
 
    
	
Governing   law and jurisdiction
    	
The   indenture, the Notes and the guarantee are governed by New York law. Any   legal proceeding arising out of or based upon the indenture, the Notes or the   guarantee may be instituted in any state or federal court in the Borough of   Manhattan in New York City, New York.
    
	
 
    	
 
    
	
Optional   tax redemption:
    	
Statoil   and Statoil Petroleum have the option to redeem the Notes of any series, in   whole and not in part, at any time (except in the case of the Floating Rate   Notes, which may be redeemed on any Interest Payment Date) in the two   situations described below at a redemption price equal to the principal   amount of the applicable series of the Notes plus accrued interest and any   additional amounts due on the date fixed for redemption upon providing   between 30 and 60 days’ notice.

 

The   first situation is where, as a result of changes in or amendment to, or   changes in the official application or interpretation of, any laws or   regulations or rulings, or changes in the official application or   interpretation of, or any execution of or amendment to, any treaties on or   after November 5, 2013 in the jurisdiction where Statoil or Statoil   Petroleum is incorporated or, if different tax resident, Statoil or Statoil   Petroleum, as applicable, would be required to pay additional amounts as   described below under ‘‘Payment of additional amounts’’. If Statoil or   Statoil Petroleum is succeeded by another entity, the applicable jurisdiction   will be the jurisdiction in which such successor entity is organized or   incorporated or, if different, tax resident, and the applicable date will be   the date the entity became a successor. Statoil or Statoil Petroleum do not   have the option to redeem in this case if either
    

 

9

 

	
 
    	
Statoil   or Statoil Petroleum, as applicable, could have avoided the payment of   additional amounts or the deduction or withholding by using reasonable   measures available to Statoil or Statoil Petroleum, as applicable.

 

The   second situation is where, following a merger, consolidation, sale or lease   of Statoil’s or Statoil Petroleum’s assets to a person that assumes Statoil’s   or Statoil Petroleum’s obligations under the applicable series of the Notes,   that person is required to pay additional amounts as described below under   ‘‘Payment of additional amounts’’. Statoil, Statoil Petroleum or the other   person would have the option to redeem the applicable series of the Notes in   this situation even if the additional amounts became payable immediately   after such assumption. Neither Statoil, Statoil Petroleum nor that person has   any obligation under the indenture to seek to avoid the obligation to pay   additional amounts in this situation. Statoil, Statoil Petroleum or the other   person, as applicable, shall deliver to the trustee an officer’s certificate   to the effect that the circumstances required for redemption exist.
    
	
 
    	
 
    
	
Further   issuances:
    	
Statoil   may, at its sole option, at any time and without the consent of the then   existing noteholders, “reopen” the any series of the Notes and issue an unlimited   principal amount of additional Notes in respect of such series in one or more   transactions subsequent to the date of the related prospectus supplement   dated November 5, 2013, with terms (other than the issuance date, issue   price and, possibly, the first interest payment date and the date interest   starts accruing) identical to the Notes. These additional Notes will be   deemed part of the same series as the Notes offered hereby and will provide   the holders of those additional Notes the right to vote together with holders   of the Notes issued hereby. Statoil may reopen the Notes only if the   additional Notes issued of such series will be fungible with the original   Notes of the series for United States federal income tax purposes.
    
	
 
    	
 
    
	
Additional   amounts:
    	
None   payable under current law. The government or any political subdivision or   taxing authority of such government of any jurisdiction where Statoil or   Statoil Petroleum is incorporated (currently the Kingdom of Norway) or, if   different, tax resident may require Statoil or Statoil Petroleum to withhold   amounts from payments on the principal or interest on the Notes of any series   or payment under the guarantees for taxes, assessments or any other   governmental charges. If any such jurisdiction requires a withholding of this   type, Statoil or Statoil Petroleum may be required to pay the noteholder   additional amounts so that the net amount the noteholder receives will be the   amount specified in the applicable series of the Notes. However, in order for   the noteholder to be entitled to receive the additional amounts, the   noteholder must not be resident in the jurisdiction that requires the   withholding. Statoil and Statoil Petroleum will not have to pay additional   amounts under any or any combination of the following
    

 

10

 

	
 
    	
circumstances:
    
	
 
    	
 
    
	
 
    	
·  The tax, assessment or governmental charge   is imposed only because the noteholder, or a fiduciary, settlor, beneficiary   or member or shareholder of, or possessor of a power over, the noteholder, if   the noteholder is an estate, trust, partnership or corporation, was or is   connected to the taxing jurisdiction, other than by merely holding the Notes   or receiving principal or interest in respect thereof. These connections   include where the noteholder or related party:

 

·   is or has   been a citizen or resident of the jurisdiction;

 

·   is or has   been present or engaged in trade or business in the jurisdiction; or

 

·   has or had a permanent   establishment in the jurisdiction.

 

·  The tax, assessment or governmental charge   is imposed due to the presentation of the Notes (where presentation is   required) for payment on a date more than 30 days after the applicable series   of the Notes became due or after the payment was provided for, whichever   occurs later.

 

·  The tax, assessment or governmental charge   is on account of an estate, inheritance, gift, sale, transfer, personal   property or similar tax, assessment or other governmental charge.

 

·  The tax, assessment or governmental charge   is for a tax or governmental charge that is payable in a manner that does not   involve withholding.

 

·  The tax, assessment or governmental charge   is imposed or withheld because the noteholder or beneficial owner failed to   comply with any of Statoil’s following requests:

 

·   to provide   information about the nationality, residence or identity of the noteholder or   beneficial owner, or

 

·   to   make a declaration or other similar claim or satisfy any information or   reporting requirements

 

in   each case that the statutes, treaties, regulations or administrative   practices of the taxing jurisdiction require as a precondition to exemption   from all or part of such tax, assessment or governmental charge.

 

·  The tax, assessment or governmental charge   is imposed pursuant to European Union Directive 2003/48/EC or any other   Directive implementing the conclusions of the ECOFIN Council meeting of   November 26 and 27, 2000 on the taxation of savings or any law or   agreement implementing or complying with, or introduced to conform to, such   directive. 
    

 

11

 

	
 
    	
·   The   tax, assessment or governmental charge is imposed on a noteholder or   beneficial owner who could have avoided such withholding or deduction by   presenting its Notes (where presentation is required) to another paying   agent.
    
	
 
    	
 
    
	
 
    	
·  The noteholder is a fiduciary, partnership   or other entity that is not the sole beneficial owner of the payment of the   principal of, or any interest on, the Notes, and the laws of the jurisdiction   (or any political subdivision or taxing authority thereof or therein) require   the payment to be included in the income of a beneficiary or settlor for tax   purposes with respect to such fiduciary, a member of such partnership or a   beneficial owner who would not have been entitled to such additional amounts   had such beneficiary, settlor, member or beneficial owner been the noteholder   of the Notes.
    
	
 
    	
 
    
	
 
    	
The   foregoing provisions will also apply to any present or future taxes,   assessments or governmental charges imposed by any jurisdiction in which   Statoil’s or Statoil Petroleum’s successor is organized or incorporated or,   if different, tax resident.
    

 

12EXHIBIT 10.2

 

EIGHTH AMENDMENT TO

MONARCH CASINO & RESORT, INC.

1993 EMPLOYEE STOCK OPTION PLAN

 

THIS EIGHTH AMENDMENT (this “Eighth Amendment”) to the 1993 Employee Stock Option Plan, as amended (the “Plan”) of Monarch Casino & Resort Inc., a Nevada corporation (the “Company”), was adopted by the Board of Directors of the Company on October 1, 2013.  No stockholder approval was required.

 

AMENDMENTS

 

The Plan shall be amended as follows:

 

1.              The language set forth under Paragraph 6.2(b) “Method of Exercise” shall be omitted in its entirety and replaced with the following language:

 

“Optionees may exercise Options by giving written notice to the secretary of the Company or his designee stating the number of shares of Common Stock with respect to which the Options are being exercised and tendering payment therefor.  The option price shall be paid (i) in cash, (ii) in shares of Common Stock having a Fair Market Value equal to such option price, (iii) through a “net exercise” such that, without the payment of any funds, the Optionee may exercise the Option and receive the net number of shares of Common Stock equal to (A) the number of shares as to which Option is being exercised, multiplied by (B) a fraction, the numerator of which is the Fair Market Value per share less the exercise price per share, and the denominator of which is such Fair Market Value per share (the number of net shares to be received shall be rounded down to the nearest whole number of shares); or (iv) any combination of the foregoing methods of payment.  The Committee in its discretion may permit the payment of any withholding taxes incurred by an Optionee pursuant to such exercise to be paid with shares purchased thereunder.  In addition, in order to enable the Company to meet any applicable foreign, federal (including FICA) state and local withholding tax requirements, an Optionee may also be required to pay the amount of tax to be withheld at the time of exercise.  No share of Common Stock will be delivered to any Optionee until all such amounts have been paid. As soon as reasonably possible following such exercise, a certificate representing shares of Common Stock purchased, registered in the name of the Optionee, or that Optionees agent, shall be delivered to the Optionee or that Optionee’s agent.”

 

CONFLICT BETWEEN THE EIGHTH AMENDMENT AND THE PLAN

 

If there is a conflict between any of the provisions of this Eighth Amendment and any of the provisions of the Plan, the provisions of this Eighth Amendment shall control.

 

NO OTHER AMENDMENTS OR CHANGES

 

Except as expressly amended or modified by this Eighth Amendment, all of the terms and conditions of the Plan shall remain unchanged and in full force and effect.

 

GOVERNING LAW

 

This Eighth Amendment shall be governed by and construed in accordance with Nevada law.

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