Document:

exv10w37

	 	 	 
	

	 	Exhibit 10.37

Deed of Confirmation

Dated 23 June 2009

James Hardie Industries N.V. (“JHINV”)

James Hardie 117 Pty Limited (formerly known as LGTDD Pty Limited) (“JH117”)

The State of New South Wales (“NSW Government”)

Asbestos Injuries Compensation Fund Limited in its capacity as trustee of the Asbestos Injuries Compensation Fund (“Trustee”)

Mallesons Stephen Jaques

Level 61

Governor Phillip Tower

1 Farrer Place

Sydney NSW 2000

Australia

T +61 2 9296 2000

F +61 2 9296 3999

DX 113 Sydney

www.mallesons.com

Ref: 02-5501-6101

9788887_20

 

 

Deed of Confirmation

Contents

	 	 	 	 	 	 	 
	Details	 	 	1	 
	 
	 	 	 	 	 	 
	General terms	 	 	3	 
	 
	 	 	 	 	 	 
	1
	 	Interpretation	 	 	3	 
	 
	 	 	 	 	 	 
	1.1
	 	Definitions	 	 	3	 
	1.2
	 	Headings	 	 	5	 
	 
	 	 	 	 	 	 
	2
	 	Warranties, representations and acknowledgement	 	 	5	 
	 
	 	 	 	 	 	 
	2.1
	 	Warranties by JHI and JH117	 	 	5	 
	2.2
	 	Acknowledgement by JHI and JH117	 	 	5	 
	2.3
	 	Additional warranties by JHI	 	 	6	 
	2.4
	 	Acknowledgment by NSW Government and Trustee	 	 	7	 
	 
	 	 	 	 	 	 
	3
	 	Amendments	 	 	8	 
	 
	 	 	 	 	 	 
	3.1
	 	AFFA	 	 	8	 
	3.2
	 	Replacement Parent Guarantee	 	 	8	 
	3.3
	 	Intercreditor Deed and Performing Subsidiary Intercreditor Deed	 	 	8	 
	3.4
	 	Confirmation in relation to the definition of “JHINV”	 	 	8	 
	3.5
	 	Confirmation in relation to the definition of “JHINV Guarantee”	 	 	8	 
	3.6
	 	Confirmation in relation to the definition of “JHINV Boards”	 	 	9	 
	 
	 	 	 	 	 	 
	4
	 	Tax Requirements	 	 	9	 
	 
	 	 	 	 	 	 
	4.1
	 	Confirmation of Rulings	 	 	9	 
	4.2
	 	Reasonable assistance and information	 	 	9	 
	4.3
	 	JHINV undertaking	 	 	9	 
	4.4
	 	Notification upon receipt of ATO Confirmations	 	 	10	 
	4.5
	 	Position if ATO Confirmations cannot be obtained	 	 	10	 
	 
	 	 	 	 	 	 
	5
	 	Notice of change of details	 	 	11	 
	 
	 	 	 	 	 	 
	5.1
	 	JHINV address	 	 	11	 
	5.2
	 	JH117 address	 	 	11	 
	5.3
	 	Other details unchanged	 	 	11	 
	 
	 	 	 	 	 	 
	6
	 	Costs	 	 	11	 
	 
	 	 	 	 	 	 
	7
	 	Counterparts	 	 	12	 
	 
	 	 	 	 	 	 
	8
	 	Governing law and submission to jurisdiction	 	 	12	 
	 
	 	 	 	 	 	 
	9
	 	Preservation of obligations and further assurances	 	 	12	 
	 
	 	 	 	 	 	 
	10
	 	Service of documents	 	 	12	 

	 	 	 	 	 
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	Schedule 1 — Amendments to AFFA	 	 	13	 
	 
	 	 	 	 	 	 
	Annexure A — Amending Agreement to Replacement Parent Guarantee	 	 	14	 
	 
	 	 	 	 	 	 
	Annexure B — Amending Deed to Intercreditor Deed	 	 	15	 
	 
	 	 	 	 	 	 
	Annexure C — Amending Deed to Performing Subsidiary Intercreditor Deed	 	 	16	 
	 
	 	 	 	 	 	 
	Signing page	 	 	17	 

	 	 	 	 	 
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Deed of Confirmation

Details

	 	 	 	 	 
	Parties	 	JHINV, JH117, the NSW Government and the Trustee
	JHINV	 	James Hardie Industries N.V. ARBN 097 829 895, a limited
liability company incorporated in The Netherlands and
having its registered office at Atrium, 8th
floor, Strawinskylaan 3077, 1077ZX Amsterdam, The
Netherlands (with its Australian registered office at
Level 3, 22 Pitt Street, Sydney in the State of New South
Wales)
	 
	 	 	 	 
	JH117	 	James Hardie 117 Pty Limited (formerly known as LGTDD Pty
Limited) ABN 30 116 110 948, of Level 3, 22 Pitt Street,
Sydney in the State of New South Wales
	 
	 	 	 	 
	NSW Government	 	The State of New South Wales c/- The Department of Premier
and Cabinet, Level 39, Governor Macquarie Tower, 1 Farrer
Place, Sydney in the State of New South Wales
	 
	 	 	 	 
	Trustee	 	Asbestos Injuries Compensation Fund Limited in its
capacity as trustee of the Asbestos Injuries Compensation
Fund established under the Amended and Restated Trust Deed
dated 14 December 2006 between it as trustee and JHINV as
settlor of Level 7, 233 Castlereagh Street, Sydney in the
State of New South Wales
	 
	 	 	 	 
	Recitals

	 	A.
	 	JHINV, JH117, the NSW Government and the Trustee are
parties to the AFFA.
	 
	 	 	 	 
	 

	 	B.
	 	JHINV intends to transform its status to a “Societas
Europaea” (Transformation) and subsequently transfer its
registered office and corporate seat from The Netherlands
to the Republic of Ireland (Transfer).
	 
	 	 	 	 
	 

	 	C.
	 	JHINV has consulted with the NSW Government and the
Trustee in relation to the proposed Transformation and
Transfer.
	 
	 	 	 	 
	 

	 	D.
	 	The NSW Government has not objected to the proposed
Transformation and Transfer on the basis set out in this
deed.

	 	 	 	 	 
	© Mallesons Stephen Jaques

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	Parties	 	JHINV, JH117, the NSW Government and the Trustee
	 
	 	 	E.	 	Each party, in entering into this deed, intends:
	 
	 	 	 	 	 	 
	 

	 	 	 	(i)
	 	to confirm that it continues to be bound by the AFFA
and those Related Agreements to which it is party during
the course of, and after full implementation of, the
Transaction;
	 
	 	 	 	 	 	 
	 

	 	 	 	(ii)
	 	to amend the AFFA in certain respects; and
	 
	 	 	 	 	 	 
	 

	 	 	 	(iii)
	 	to agree the form of amendments proposed to be made
to the Replacement Parent Guarantee, the Intercreditor
Deed and the Performing Subsidiary Intercreditor Deed.
	 
	 	 	 	 	 	 
	Date of Deed of
Confirmation	 	See Signing page

	 	 	 	 	 
	© Mallesons Stephen Jaques

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Deed of Confirmation

General terms

	1	 	Interpretation
	 
	1.1	 	Definitions
	 
	 	 	These meanings apply unless the contrary intention appears:
	 
	 	 	Accepted Tax Conditionshas the meaning given to it in the AFFA.
	 
	 	 	AFFA means the document entitled “Amended & Restated Final Funding Agreement in respect of
the provision of long term funding for compensation arrangements for certain victims of
Asbestos-related diseases in Australia” dated 21 November 2006 between JHINV, JH117, the
NSW Government and the Trustee, as amended by amending deeds dated 6 August 2007, 8
November 2007, 11 June 2008 and 17 July 2008 between those parties.
	 
	 	 	AFFA Related Documents has the meaning given to that term in clause 2.3(b).
	 
	 	 	Affected Provision has the meaning given to that term in clause 10.
	 
	 	 	Amending Agreement (Parent Guarantee) has the meaning given to that term in clause 3.2.
	 
	 	 	ATO means the Australian Taxation Office.
	 
	 	 	ATO Confirmations means the confirmations referred to in clause 4.1.
	 
	 	 	Intercreditor Deed means the document entitled “Intercreditor Deed” dated 19 December 2006
between the NSW Government, JHINV, AET Structured Finance Services Pty Limited and the
Trustee.
	 
	 	 	Irish Registration Date means the date on which JHISE is registered by the Registrar of
Companies of Ireland as having its registered office in Ireland.
	 
	 	 	JHI means:

	 	(a)	 	until it has transformed into a Societas Europaea on the SE Transformation
Date, JHINV; and
	 
	 	(b)	 	with effect on and from the SE Transformation Date up to the Irish
Registration Date, JHISE with its corporate seat in the Netherlands; and
	 
	 	(c)	 	with effect on and from the Irish Registration Date, JHISE with its
corporate seat in the Republic of Ireland..

	 	 	 	 	 
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	 	 	JHISE means JHINV once it has transformed from its present corporate form as a Dutch NV
(Naamloze Vernootschap) into an SE (Societas Europaea).
	 
	 	 	Liable Entities has the meaning given to it in the AFFA.
	 
	 	 	Liable Group has the meaning given to it in the AFFA.
	 
	 	 	NSWG Tax Advisor means Gilbert + Tobin or such other tax advisor as the Government may
appoint.
	 
	 	 	Performing Subsidiary Intercreditor Deed means the document entitled “Performing
Subsidiary Intercreditor Deed” dated 19 December 2006 between the NSW Government, the
Trustee, JH117 and AET Structured Finance Services Pty Limited.
	 
	 	 	Related Agreements has the meaning given to it in the AFFA.
	 
	 	 	Relevant Obligations has the meaning given to it in the AFFA.
	 
	 	 	Replacement Parent Guarantee means the document entitled “Parent Guarantee” dated 14
December 2006 between JHINV, the NSW Government and the Trustee.
	 
	 	 	Ruling has the meaning given to it in the AFFA.
	 
	 	 	SE Transformation Date means the date on which JHI is registered as a Societas Europaea on
the Dutch Trade Register pursuant to the SE Regulation.
	 
	 	 	SE Regulation means European Union Council Regulation (EC) No 2157/2001 of 8 October 2001
on the Statute for a European Company (SE).
	 
	 	 	Transaction means a transaction comprising the following steps in the following sequence:

	 	(a)	 	the merger between JHI and an Irish public company limited by shares
that is a subsidiary of JHI, with 100% of its issued share capital beneficially
owned by JHI, established specifically for the purposes of effecting this merger;
	 
	 	(b)	 	following implementation of (a), the registration of JHI as a Societas
Europaea with its registered office in The Netherlands with effect on and from the
SE Transformation Date; and
	 
	 	(c)	 	the transfer of the registered office of JHI to Ireland and the
registration of JHI by the Registrar of Companies of Ireland as a Societas Europaea
having its registered office in Ireland with effect on and from the Irish
Registration Date,

together with any other actions that are ancillary to, or necessary or expedient to give
effect to, those steps. For the avoidance of doubt, a reference in this Deed to “the
Transaction” includes a reference to any part of the Transaction and the implementation
of the Transaction.

	 	 	 	 	 
	© Mallesons Stephen Jaques

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	1.2	 	Headings
	 
	 	 	In this deed, headings (including those in brackets at the beginning of paragraphs) are
for convenience only and do not affect the interpretation of this deed.
	 
	2	 	Warranties, representations and acknowledgement
	 
	2.1	 	Warranties by JHI and JH117
	 
	 	 	Each of JHI and JH117 warrants and represents for the benefit of each of the NSW
Government and the Trustee as at the date of this deed that:

	 	(a)	 	the Transaction does not, at any time up to, including and after the Irish
Registration Date, breach clause 7 of the AFFA; and
	 
	 	(b)	 	without limiting the generality of clause 2.1(a), but subject to clauses
7.2 and 7.6 of the AFFA, the Transaction will not, at any time up to, including and
after the Irish Registration Date, result in a variation of any rights attaching to
all or part of the share capital of JHI that has the consequence of materially
adversely affecting the rights of the Trustee relative to JHI equityholders such that
the Liable Group would, by reason of the Transaction, cease to be likely, assessed on
a reasonable basis (having regard to all the circumstances), to be able to satisfy
the Relevant Obligations that would have arisen had the Transaction not occurred,

	 	 	and each of JHI and JH117 acknowledges that each of the NSW Government and the Trustee
have entered into this deed in reliance on each of the warranties and representations set
out in this clause 2.1.
	 
	2.2	 	Acknowledgement by JHI and JH117
	 
	 	 	Each of JHI and JH117 confirms that:

	 	(a)	 	it is bound by the AFFA and those Related Agreements to which it is a
party (including, without limitation, the Replacement Parent Guarantee, the
Intercreditor Deed and the Performing Subsidiary Intercreditor Deed) and will
continue to be bound by the AFFA and those Related Agreements as amended in
accordance with this deed up to, including and after the Irish Registration Date;
	 
	 	(b)	 	other than as described in clause 3 (“Amendments”), the AFFA and
Related Agreements (including, without limitation, the Replacement Parent
Guarantee, the Intercreditor Deed and the Performing Subsidiary Intercreditor Deed)
remain and will remain in full force and effect and enforceable against it up to,
including and after the Irish Registration Date; and
	 
	 	(c)	 	it will not, at any time up to, including and after the Irish
Registration Date, seek to rely on the Transaction as a defence to the enforcement
of its obligations under the AFFA and those Related Agreements to which it is a
party, as amended or replaced in accordance with this deed (including, without limitation, the

	 	 	 	 	 
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	 	 	 	Replacement
Parent Guarantee, the Intercreditor Deed and the Performing Subsidiary
Intercreditor Deed).

	2.3	 	Additional warranties by JHI
	 
	 	 	JHI further warrants and represents for the benefit of each of the NSW Government and the
Trustee as at the date of this deed that:

	 	(a)	 	incorporation:

	 	(i)	 	JHINV is a company duly incorporated and validly existing
under the laws of The Netherlands;
	 
	 	(ii)	 	JH117 is a company duly incorporated and validly existing
under the laws of Australia;

	 	(b)	 	corporate power: each of JHINV and JH117 has the corporate power to enter
into and perform its obligations under this deed, the Amending Agreement (Parent
Guarantee) and the other deeds of amendment to the Related Agreements described in
clause 3 (together, the “AFFA Related Documents”) to which it is a party and to carry
out the transactions contemplated by those documents;
	 
	 	(c)	 	enforceability: subject to the terms of the opinions procured by JHINV and
provided to the NSW Government at or about the date of this deed, the AFFA Related
Documents are valid, binding and enforceable against each of JHINV and JH117 in
accordance with their terms in competent courts exercising jurisdiction in New South
Wales or, in the case of the Amending Agreement (Parent Guarantee), in The
Netherlands;
	 
	 	(d)	 	no contravention by JHINV: so far as JHINV is aware, the execution by JHINV
of the AFFA Related Documents to which it is a party will not violate in any material
respect any provision of:

	 	(i)	 	the constituent documents of JHINV;
	 
	 	(ii)	 	any material agreement or judgment binding upon JHINV or
the assets of JHINV; or
	 
	 	(iii)	 	any law or regulation of any Government Authority or
Stock Exchange;

	(e)	 	no contravention by JH117: so far as JHINV is aware, the execution by JH117
of the AFFA Related Documents to which it is a party will not violate in any material
respect any provision of:

	 	(i)	 	the constituent documents of JH117;
	 
	 	(ii)	 	any material agreement or judgment binding upon JH117 or
the assets of JH117; or
	 
	 	(iii)	 	any law or regulation of any Government Authority or
Stock Exchange;

	 	 	 	 	 
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	 	(f)	 	Solvency: JHINV is, immediately after entering into the AFFA Related
Documents, able to pay its debts as and when they fall due; and
	 
	 	(g)	 	Authorisations: all material authorisations, consents, approvals,
registrations, notices, exemptions and licences with or from any Governmental
Authority or Stock Exchange necessary for the due and valid execution by JHINV and
JH117 of, the AFFA Related Documents to which JHINV or JH117 is a party, or which
would, if not obtained by JHINV or JH117, prevent the exercise by the Trustee of its
remedies under the AFFA Related Documents to which JHINV or JH117 is a party
(assuming such rights were exercised immediately upon execution of this deed), have
been effected or obtained and are in full force and effect,

	 	 	and JHI acknowledges that each of the NSW Government and the Trustee have entered into
this deed in reliance on each of the warranties and representations set out in this
clause 2.3.
	 
	 	 	A reference in this clause 2.3 to JHINV’s awareness shall be taken to be a reference
solely to the awareness of the Chief Financial Officer of JHINV, after having made
reasonable enquiries.
	 
	2.4	 	Acknowledgment by NSW Government and Trustee
	 
	 	 	Each of the NSW Government and the Trustee confirms that, on the basis of the information
provided by JHINV on or before the date of this deed:

	 	(a)	 	it is satisfied that the Transaction does not:

	 	(i)	 	constitute an ‘Insolvency Event’, ‘Wind-Up Event’ or
‘Reconstruction Event’ for the purposes of clause 10 (“JHINV Guarantee and
Wind-Up and Reconstruction Events”) of the AFFA or under the Replacement
Parent Guarantee;
	 
	 	(ii)	 	constitute a default under clause 16 (“Default”) of the
AFFA; or
	 
	 	(iii)	 	constitute a breach of the AFFA or any of the Related
Agreements by JHINV, JH117 or any other party to them;

	 	(b)	 	it is bound by the AFFA and those Related Agreements to which it is a party
(including, without limitation, the Replacement Parent Guarantee, the Intercreditor
Deed and the Performing Subsidiary Intercreditor Deed) and will continue to be bound
by the AFFA and those Related Agreements as amended or replaced in accordance with
this deed up to, including and after the Irish Registration Date; and
	 
	 	(c)	 	other than as provided for in clause 3 (“Amendments”), the AFFA and Related
Agreements (including, without limitation, the Replacement Parent Guarantee, the Intercreditor Deed and the Performing
Subsidiary Intercreditor Deed) remain in full force and

	 	 	 	 	 
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	 	 	 	effect and enforceable
against it at all times up to, including and after the Irish Registration Date.

	3	 	Amendments
	 
	3.1	 	AFFA
	 
	 	 	In consideration of the exchange of promises under this deed and the receipt of valuable
consideration which is hereby acknowledged, the parties agree that, as from the Irish
Registration Date, the AFFA is varied as set out in Schedule 1.
	 
	3.2	 	Replacement Parent Guarantee
	 
	 	 	JHI agrees to execute and deliver to the Trustee an amending agreement to the Replacement
Parent Guarantee in the form set out in Annexure A (“Amending Agreement (Parent
Guarantee)”) on execution of this deed.
	 
	3.3	 	Intercreditor Deed and Performing Subsidiary Intercreditor Deed

	 	(a)	 	Each party agrees to execute a deed of amendment to the Intercreditor Deed
in the form set out in Annexure B (“Amending Deed to Intercreditor Deed”) on
execution of this deed.
	 
	 	(b)	 	Each party agrees to execute a deed of amendment to the Performing
Subsidiary Intercreditor Deed in the form set out in Annexure C (“Amending Deed to
Performing Subsidiary Intercreditor Deed”) on execution of this deed.
	 
	 	(c)	 	The parties agree to seek the execution of the deeds of amendment referred
to in clauses 3.3(a) and (b) by AET Structured Finance Services Pty Limited as soon
as possible after execution of this deed.

	3.4	 	Confirmation in relation to the definition of “JHINV”
	 
	 	 	Each party confirms that the definition of “JHINV” for the purposes of the AFFA,
Intercreditor Deed and the Performing Subsidiary Intercreditor Deed is a reference to:

	 	(a)	 	with effect from the SE Transformation Date until the Irish Registration
Date, JHISE with its corporate seat in The Netherlands; and
	 
	 	(b)	 	with effect on and from the Irish Registration Date, JHISE with its
corporate seat in the Republic of Ireland.

	3.5	 	Confirmation in relation to the definition of “JHINV Guarantee”
	 
	 	 	Each party confirms that the definition of “JHINV Guarantee” for the purposes of the AFFA,
Intercreditor Deed and the Performing Subsidiary Intercreditor Deed is, with effect on and
from the Irish Registration Date, a
reference to the Replacement Parent Guarantee as amended by the Amending Agreement (Parent
Guarantee).

	 	 	 	 	 
	© Mallesons Stephen Jaques

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	3.6	 	Confirmation in relation to the definition of “JHINV Boards”
	 
	 	 	Each party confirms that the definition of “JHINV Boards” for the purposes of the AFFA is
a reference to:

	 	(a)	 	with effect from the SE Transformation Date until the Irish Registration
Date, each of the Supervisory Board and the Managing Board of JHISE; and
	 
	 	(b)	 	with effect on and from the Irish Registration Date, the single board of
directors of JHISE.

	4	 	Tax Requirements
	 
	4.1	 	Confirmation of Rulings
	 
	 	 	The parties have agreed that James Hardie Research Holdings Pty Limited (as head company
of the James Hardie tax consolidated group) and the Trustee (for itself and for the Liable
Entities) will, and JHINV undertakes to procure that James Hardie Research Holdings Pty
Limited does, as a result of the Transaction apply to the ATO:

	 	(a)	 	for rulings (which reaffirm the conclusions and opinions reached by the ATO
in the Rulings) to replace the existing Rulings in the event that the Transaction
proceeds; and
	 
	 	(b)	 	for confirmation that the Accepted Tax Conditions will remain unchanged in
all material respects,

	 	 	(together, “ATO Confirmations”). The ATO Confirmations, if obtained, will constitute a
renewed or substituted ruling as contemplated by the definition of the term “Ruling” in
clause 1.1 of the AFFA.
	 
	4.2	 	Reasonable assistance and information

	 	(a)	 	The NSW Government agrees to provide any information or assistance
reasonably requested by JHINV or the Trustee in relation to the applications for the
ATO Confirmations.
	 
	 	(b)	 	JHINV and the Trustee will keep all parties informed of progress in
relation to applying for, and obtaining, the ATO Confirmations and within 2 business
days of a request from another party provide copies of correspondence with the ATO,
together with any explanation that may reasonably be required.

	4.3	 	JHINV undertaking
	 
	 	 	JHINV agrees that it will not complete the merger referred to in paragraph (a) of the
definition of “Transaction” in this deed before the applications for the ATO Confirmations
have been determined. However, nothing in this clause
shall prevent JHINV convening and holding a meeting of its shareholders to approve the
implementation of the Transaction and undertaking other steps of a preparatory nature.

	 	 	 	 	 
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	4.4	 	Notification upon receipt of ATO Confirmations

	 	(a)	 	The ATO Confirmations will be taken to have been obtained if
PricewaterhouseCoopers, acting for JHINV and the Trustee, confirm to JHINV and the
Trustee and NSWG Tax Advisor, acting for the NSW Government, confirms to the NSW
Government, that in their respective opinions the form of the ATO Confirmations
satisfy the requirements of clause 4.1.
	 
	 	(b)	 	JHINV and the Trustee each agree to notify the other parties within 2 business
days after the ATO has advised them of its determination in respect of the matters the
subject of the application for the ATO Confirmations and to confirm whether or not
PricewaterhouseCoopers has given the confirmations contemplated by clause 4.4(a).
	 
	 	(c)	 	The New South Wales Government agrees to procure that NSWG Tax Advisor provides
its opinion within 5 business days of receipt by the New South Wales Government of the
notification referred to in clause 4.4(b) and to notify the other parties as to whether
or not NSWG Tax Advisor has given the confirmation contemplated by clause 4.4(a) within
those 5 business days.
	 
	 	(d)	 	The provision of the confirmations by PricewaterhouseCoopers and NSWG Tax
Advisor contemplated by clause 4.4(a) shall, as between the parties, constitute
conclusive evidence that the ATO Confirmations have been obtained. However, failure to
obtain the confirmations from PricewaterhouseCoopers and NSWG Tax Advisor as
contemplated by clause 4.4(a) shall not prevent JHINV from establishing that the ATO
Confirmations have been obtained by other means, including a final declaration by a
court of competent jurisdiction.

	4.5	 	Position if ATO Confirmations cannot be obtained
	 
	 	 	If the applications for the ATO Confirmations have not been determined by 30 September
2009 (or such later date as the parties may agree) then the obligation in clause 4.3 will
continue until the earlier of the date on which the applications for the ATO Confirmations
are determined and 31 December 2009, on which date JHINV will be released from that
obligation. To avoid doubt, the release of JHINV from the obligation in clause 4.3 in
accordance with this clause 4.5, or the implementation by JHINV of the Transaction without
obtaining the ATO Confirmations after the applications for the ATO Confirmations have been
determined, does not affect the remaining provisions of this Deed of Confirmation, the
amending agreement to the Replacement Parent Guarantee referred to in clause 3.2, or the
deeds of amendment to the Intercreditor Deed and Performing Subsidiary Intercreditor Deed
referred to in clauses 3.3(a) and (b), all of which will continue in full force and
effect.

	 	 	 	 	 
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	5	 	Notice of change of details
	 
	5.1	 	JHINV address
	 
	 	 	For the purposes of clauses 30(b) and 30(i) of the AFFA, JHINV notifies each other party
that its new contact address, with effect from the Irish Registration Date, is as follows:

“c/- Arthur Cox

Earlsfort Centre

Earlsfort Terrace

Dublin 2

Ireland

Fax: + 35 3 618 0618

and

Level 3

22 Pitt Street

Sydney NSW 2000

Fax: +61 2 8274 5218”.

	5.2	 	JH117 address
	 
	 	 	For the purposes of clause 30(b) and 30(i) of the AFFA, JH117 notifies each other party
that its new contact address, with effect from the Irish Registration Date, is as follows:

“c/- Arthur Cox

Earlsfort Centre

Earlsfort Terrace

Dublin 2

Ireland

Fax: +35 3 618 0618

and

Level 3

22 Pitt Street

Sydney NSW 2000

Fax: +61 2 8274 5218”.

	5.3	 	Other details unchanged
	 
	 	 	For the avoidance of doubt, the other notice details for JHINV and JH117 specified in
clause 30 of the AFFA remain unchanged.
	 
	6	 	Costs
	 
	 	 	Each party shall be responsible for its own costs, charges and expenses in connection with
the preparation, negotiation and execution of this deed.

	 	 	 	 	 
	© Mallesons Stephen Jaques

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	7	 	Counterparts
	 
	 	 	This deed may consist of a number of copies each signed by one or more parties to the
deed. If so, the signed copies are treated as making up the one document.
	 
	8	 	Governing law and submission to jurisdiction
	 
	 	 	This deed is governed by the law in force in New South Wales. Each party submits to the
non-exclusive jurisdiction of the courts of that place and waives any right to claim that
those courts are an inconvenient forum.
	 
	9	 	Preservation of obligations and further assurances
	 
	 	 	If for any reason any provision of the AFFA or the Replacement Parent Guarantee, in each
case as amended in accordance with this deed (“Affected Provision”), becomes void,
voidable, unenforceable or otherwise ceases to have effect for any reason as a result of
the Transaction or the implementation of the Transaction:

	 	(a)	 	each party upon whom any obligation is imposed by the Affected Provision
covenants by this deed to be bound in respect of that obligation by a provision
which, to the maximum extent possible without itself being void, voidable,
unenforceable or ineffective, has the same content as the Affected Provision; and
	 
	 	(b)	 	the parties agree to execute any further documents and do any further acts
or things necessary to give effect to this clause.

	10	 	Service of documents

	 	(a)	 	A document may be served on a party by delivering it to that party at its
address specified for the purposes of clause 30 (“Notices”) of the AFFA.
	 
	 	(b)	 	This clause 10 does not prevent another mode of service.
	 
	 	(c)	 	JHI irrevocably appoints James Hardie Australia Pty Limited (ACN 084 635
558) as its agent to receive service of process in any legal action or proceeding
related to this deed in the courts of New South Wales, and must appoint a substitute
agent reasonably acceptable to the NSW Government if the then current agent is unable
to receive service of process.

EXECUTED
as a deed.

	 	 	 	 	 
	© Mallesons Stephen Jaques
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Deed of Confirmation

Schedule 1 — Amendments to AFFA

The AFFA is amended as follows:

	•	 	The definition of “Insolvent” in clause 1.1 (“Definitions”) is amended by deleting
paragraph (b) and replacing it with the following paragraph:

	 	“(b)	 	was established under Irish law and files a petition with
any court in the Republic of Ireland in relation to its liquidation, the
bringing forward of a scheme of arrangement or the appointment of an
examiner;”.

	•	 	The definition of “Joint Board” in clause 1.1 (“Definitions”) is deleted.
	 
	•	 	The definition of “Reconstruction Event” in clause 1.1 (“Definitions”) is amended by
deleting paragraph (c) and replacing it with the following paragraph:

	 	“(c)	 	a filing of a petition for the appointment of an examiner
or the bringing forward of a scheme of arrangement under Irish law;”.

	•	 	The definition of “Wind-Up Event” in clause 1.1 (“Definitions”) is amended by deleting
paragraphs (d) and (e) and replacing them with the following paragraphs:

	 	“(d)	 	the dissolution of such Person under Irish law or the law
of any other jurisdiction;
	 
	 	(e)	 	[intentionally blank];”.

	•	 	Clause 10.3(g)(i) (“JHINV Wind Up Event or Reconstruction Event”) is amended by deleting
the words “Dutch law” on the sixth line and replacing them with “Irish law”.

	 	 	 	 	 
	© Mallesons Stephen Jaques

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Deed of Confirmation

Annexure A — Amending Agreement to Replacement Parent Guarantee

	 	 	 	 	 
	© Mallesons Stephen Jaques

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Annexure A

Amending Agreement — 

Parent Guarantee

Dated 23 June 2009

Asbestos Injuries Compensation Fund Limited in its capacity as trustee

for the Charitable Fund (“AICF”)

The State of New South Wales (“NSW Government”)

James Hardie Industries N.V. (“JHINV”)

Mallesons Stephen Jaques

Level 61

Governor Phillip Tower

1 Farrer Place

Sydney NSW 2000

Australia

T +61 2 9296 2000

F +61 2 9296 3999

DX 113 Sydney

www.mallesons.com

Ref: 02-5501-6101

 

 

Amending Agreement — Parent Guarantee

Contents

	 	 	 	 	 
	Details
	 	 	1	 
	 
	 	 	 	 
	General terms
	 	 	2	 
	 
	 	 	 	 
	1      Interpretation
	 	 	2	 
	 
	 	 	 	 
	2      Confirmations and acknowledgement
	 	 	2	 
	 
	 	 	 	 
	2.1   Confirmation in relation to definition of “Guarantor”
	 	 	2	 
	2.2   JHI Confirmation
	 	 	2	 
	2.3   Conflict
	 	 	3	 
	2.4   Consideration
	 	 	3	 
	 
	 	 	 	 
	3      Amendments
	 	 	3	 
	 
	 	 	 	 
	3.1   Parent Guarantee
	 	 	3	 
	3.2   Irrevocable Power of Attorney
	 	 	3	 
	 
	 	 	 	 
	4      Representations and warranties by JHI
	 	 	3	 
	 
	 	 	 	 
	5      Costs
	 	 	4	 
	 
	 	 	 	 
	6      General
	 	 	4	 
	 
	 	 	 	 
	7      Counterparts
	 	 	4	 
	 
	 	 	 	 
	8      Governing law
	 	 	4	 
	 
	 	 	 	 
	Schedule 1 — Irish Registration Date Amendments
	 	 	6	 
	 
	 	 	 	 
	Schedule 2 — Conformed copy of the Parent Guarantee incorporating the Irish
Registration Date Amendments
	 	 	9	 
	 
	 	 	 	 
	Schedule 3 — Third Irrevocable Power of Attorney
	 	 	10	 
	 
	 	 	 	 
	Signing page
	 	 	11	 

	 	 	 	 	 
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Amending Agreement — Parent Guarantee

Details

	 	 	 	 	 
	Parties	 	AICF, NSW Government and JHINV
	AICF

	 	Name
	 	Asbestos Injuries
Compensation Fund Limited a
company limited by guarantee
incorporated under the laws
of the State of New South
Wales, Australia, in its
capacity as trustee for the
Charitable Fund established
under the Amended and
Restated Trust Deed dated 14
December 2006 between it as
trustee and JHINV
	 
	 	 	 	 
	 

	 	ACN
	 	117 363 461
	 
	 	 	 	 
	 

	 	Address
	 	Level 7, 233 Castlereagh
Street Sydney New South
Wales, 2000
	 
	 	 	 	 
	NSW Government

	 	Name
	 	The State of New South Wales
	 
	 	 	 	 
	 

	 	Address
	 	c/- Department of Premier and
Cabinet, Level 39, Governor
Macquarie Tower, 1 Farrer
Place, Sydney, NSW, 2000
	 
	 	 	 	 
	JHINV

	 	Name
	 	James Hardie Industries N.V.
a limited liability company
incorporated in The
Netherlands
	 
	 	 	 	 
	 

	 	ARBN
	 	097 829 895
	 
	 	 	 	 
	 

	 	Address
	 	Atrium, 8th floor,
Strawinskylaan 3077, 1077ZX
Amsterdam, The Netherlands
(with its Australian
registered office at Level 3,
22 Pitt Street, Sydney in the
State of New South Wales)
	 
	 	 	 	 
	Recitals	 	AICF, NSW Government and JHINV are parties to the
Parent Guarantee and wish to amend the Parent
Guarantee on the terms set out in this agreement.
	 
	 	 	 	 
	Date of
Amending
Deed	23 June 2009

	 	 	 	 	 
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Amending Agreement — Parent Guarantee

General terms

	1	 	Interpretation
	 
	 	 	These meanings apply unless the contrary intention appears:
	 
	 	 	Irish Registration Date means the date on which JHISE is registered by the Registrar of
Companies of Ireland as having its registered office in Ireland.
	 
	 	 	JHI means:

	 	(a)	 	prior to the SE Transformation Date, JHINV;
	 
	 	(b)	 	with effect on and from the SE Transformation Date up to the Irish
Registration Date, JHISE with its corporate seat in the Netherlands; and
	 
	 	(c)	 	with effect on and from the Irish Registration Date, JHISE with its
corporate seat in the Republic of Ireland.

	 	 	JHISE means JHINV once it has converted from its present corporate form as a Dutch NV
(Naamloze Vernootschap) into an SE (Societas Europaea).
	 
	 	 	Parent Guarantee means the Guarantee dated 14 December 2006 between AICF, the NSW
Government and JHINV.
	 
	 	 	SE Transformation Date means the date on which JHINV is registered as a “Societas
Europaea” on the Dutch Trade Register pursuant to European Union Council Regulation
2157/2001.
	 
	2	 	Confirmations and acknowledgement
	 
	2.1	 	Confirmation in relation to definition of “Guarantor”
	 
	 	 	Each party confirms that the definition of “Guarantor” for the purposes of the Parent
Guarantee is a reference to:

	 	(a)	 	with effect on and from the SE Transformation Date up to the Irish
Registration Date, JHISE with its corporate seat in the Netherlands; and
	 
	 	(b)	 	with effect on and from the Irish Registration Date, JHISE with its
corporate seat in the Republic of Ireland.

	2.2	 	JHI Confirmation
	 
	 	 	JHI confirms that, other than as provided for in clause 3 (“Amendments”), the Parent
Guarantee remains in full force and effect and enforceable against it up to,
including and after each of the SE Transformation Date and the Irish Registration Date.

	 	 	 	 	 
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	2.3	 	Conflict
	 
	 	 	If there is a conflict between the Parent Guarantee and this agreement, the terms of this
agreement prevail.
	 
	2.4	 	Consideration
	 
	 	 	This agreement is entered into in consideration of the parties’ exchange of promises under
this agreement and the receipt of valuable consideration which is hereby acknowledged.
	 
	3	 	Amendments
	 
	3.1	 	Parent Guarantee
	 
	 	 	As from the Irish Registration Date, the Parent Guarantee is amended as set out in
schedule 1. The parties acknowledge that the amendments to the Parent Guarantee effected
by this clause 3.1 are accurately reflected in the conformed copy of the Parent Guarantee
attached at schedule 2.
	 
	3.2	 	Irrevocable Power of Attorney
	 
	 	 	The parties acknowledge that the Second Irrevocable Power of Attorney dated December 2006
between AICF and NSW Government will be replaced by a Third Irrevocable Power of Attorney
between those parties in the form attached at schedule 3 from the date of execution of
that Third Irrevocable Power of Attorney. To avoid doubt, JHI’s execution of this
agreement constitutes its prior written consent to the replacement effected by this clause
3.2 for the purposes of clause 6.3(c) of the Parent Guarantee.
	 
	4	 	Representations and warranties by JHI
	 
	 	 	JHI warrants as at the date of this agreement and repeats such warranty as at the SE
Transformation Date and as at the Irish Registration Date that the following is true,
accurate and not misleading:

	 	(a)	 	it has been duly incorporated and is validly existing under the laws of the
jurisdiction of its incorporation and has the necessary corporate capacity and power
to enter into this agreement and to perform its obligations under this agreement;
	 
	 	(b)	 	all corporate and other action required to be taken by JHI to authorise the
execution of this agreement and the performance of its obligations under this
agreement has been duly taken;
	 
	 	(c)	 	this agreement has been duly executed on behalf of JHI and constitutes
legal, valid and binding obligations of JHI, enforceable in accordance with their
terms subject to the terms of the opinion from Loyens Loeff delivered to the NSW
Government and the Fund Trustee on or about the date of this agreement;
	 
	 	(d)	 	the execution and performance of this agreement do not conflict with or
result in a breach of any provision of the memorandum or articles of association of
JHI or any provision of any applicable law in force on the date of this agreement or
any deed to which JHI is a party, or on the SE Transformation Date or the Irish
Registration Date;

	 	 	 	 	 
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	 	(e)	 	no approval, consent, license or notice to any regulatory or governmental
body (other than such approvals, consents, licenses or notices as have been obtained
or given) is necessary to ensure the validity, enforceability or performance of the
obligations of JHI under this agreement;
	 
	 	(f)	 	the Parent Guarantee as amended by this agreement constitutes legal, valid
and binding obligations of JHI, enforceable in accordance with their terms subject to
the terms of the opinion from Arthur Cox delivered to the NSW Government and the Fund
Trustee on or about the date of this agreement;
	 
	 	(g)	 	the performance of the Parent Guarantee as amended by this agreement does
not conflict with or result in a breach of any provision of the memorandum or
articles of association of JHI or any provision of any applicable law in force on the
date of this agreement;
	 
	 	(h)	 	no approval, consent, license or notice to any regulatory or governmental
body (other than such approvals, consents, licenses or notices as have been obtained
or given) is necessary to ensure the validity, enforceability or performance of the
obligations of JHI under the Parent Guarantee as amended by this agreement; and
	 
	 	(i)	 	without limiting paragraphs (e) and (g) above, Dutch law does not preclude
or otherwise prejudice the agreement of JHI as a Dutch company to the Irish
Registration Date amendments set out in Schedule 1, which will only take effect on
the Irish Registration Date.

	 	 	JHI warrants as at the Irish Registration Date, the performance of the Parent Guarantee as
amended by this agreement does not conflict with or result in a breach of any provision of
the memorandum or articles of association of JHI or any provision of any applicable law in
force on the Irish Registration Date.
	 
	5	 	Costs
	 
	 	 	Each party shall be responsible for its own costs, charges and expenses in connection with
the preparation, negotiation and execution of this agreement.
	 
	6	 	General
	 
	 	 	Clause 5 (“Notices”) of the Parent Guarantee applies to this agreement as if it was fully
set out in this agreement.
	 
	7	 	Counterparts
	 
	 	 	This agreement may consist of a number of copies each signed by one or more parties to the
deed. If so, the signed copies are treated as making up the one document.
	 
	8	 	Governing law
	 
	 	 	This agreement is governed by the law in force in the Netherlands, with the exception of
the Netherlands private international law. Any dispute arising out

	 	 	 	 	 
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of or in connection with this agreement shall be exclusively decided by the competent court in Amsterdam.

EXECUTED as an agreement.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Amending Agreement — Parent Guarantee

Schedule 1 — Irish Registration Date Amendments

The Parent Guarantee is amended as follows:

	1	 	The definition of “Final Funding Agreement” in clause 1 (“Interpretation”) is amended by
inserting the words “, as amended from time to time” after the word Agreement in the third
line.
	 
	2	 	Clause 2.4 (“Guarantee”) is amended by deleting the sentence “This Guarantee is not a
contract of surety (borgtocht).” and replacing it with the following sentence:

“The liability of the Guarantor under this Guarantee shall be as sole and primary
obligor and not merely as surety and the Guarantor hereby waives all and any of
its rights as surety which may at any time be inconsistent with any of the
provisions of this Guarantee.”.

	3	 	Clause 2.7 (“Guarantee”) is amended by inserting the words “, insolvency, winding-up,
dissolution, examinership, the granting of court protection, administration, composition or
arrangement” after the words “moratorium of payment” in the fifth line.
	 
	4	 	Clause 2.9(a) (“Guarantee”) is amended by inserting the words “insolvency, dissolution,
examinership, the granting of court protection, administration, composition or arrangement,”
after the words “winding-up” in the first line.
	 
	5	 	Clause 3.2 (“Enforcement”) is amended by deleting the word “(verzuim)” in the fourth line and
replacing it with “in respect of the making of such Annual Payment”.
	 
	6	 	Clause 3.3(b) (“Enforcement”) is amended by:

	 	—	 	deleting the word “a” in the first line and replacing it with “any insolvency,”;
and
	 
	 	—	 	inserting the words “examinership, the granting of court protection,
administration, composition or arrangement,” after the words “winding-up” in the
second line.

	7	 	Clause 3.4 (“Enforcement”) is amended by deleting the words “(kort geding)” in the third
line.
	 
	8	 	Clause 3.5 (“Enforcement”) is amended by:

	 	—	 	deleting the word “(verrekening),” in the first line and replacing it with “or”;
and
	 
	 	—	 	deleting the words “or suspension (opschorting)”.

	9	 	Clause 3.6 is deleted and replaced with “[intentionally blank]”.
	 
	10	 	Clause 3.7(a)(i) (“Enforcement”) is deleted and replaced with the following:

	 	 	 	 	 
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	 	“(i)	 	 proceed against or exhaust or enforce any security held
from the Performing Subsidiary, any other guarantor or any other Person or
make or file any proof of claim in any insolvency proceedings relative to
the Performing Subsidiary, any other guarantor or any other person,”.

	11	 	Clause 3.7(a)(iii) (“Enforcement”) is amended by deleting the word “Guarantee” in the first
line and replacing it with the word “Fund”.
	 
	12	 	Clause 3.7(d) (“Enforcement”) is amended by inserting a new sub-paragraph (iii) as follows
(and re-numbering sub-paragraph (iii) as sub-paragraph (iv) accordingly):

	 	“(ii)	 	 the right to interpose any defence based upon any claim
of laches or set-off or counterclaim of any nature or description;”.

	13	 	Insert a new clause 3.8 as follows:

	 	“3.8 	 	The Guarantor confirms to the Fund Trustee and the NSW
Government that neither the Fund Trustee nor the NSW Government need advise
the Guarantor of any default by the Performing Subsidiary in respect of the
Guaranteed Obligations.”

	14	 	Clause 5.1 is amended by replacing the existing address details for the NSW Government and
the Guarantor with the following:

	 	 	 	 	 
	 	 	“To the NSW Government:
	 
	 	 	 	 
	 

	 	Name:
	 	The State of New South Wales, c/-
Department of Premier and Cabinet
	 
	 	 	 	 
	 

	 	Address:
	 	Level 39, Governor Macquarie Tower, Farrer Place, Sydney, NSW
2000
	 
	 	 	 	 
	 	 	Fax number: 	 	+ 61 2 9228 3062
	 
	 	 	 	 
	 

	 	Attention:
	 	Deputy Director-General (Legal)
	 
	 	 	 	 
	 	 	To the Guarantor:
	 
	 	 	 	 
	 

	 	Name:
	 	James Hardie Industries S.E.
	 
	 	 	 	 
	 

	 	Address:
	 	c/- Arthur Cox, Earlsfort Centre, Earlsfort Terrace, Dublin 2,
Ireland
	 
	 	 	 	 
	 	 	Fax number: 	 	+35 3 618 0618
	 
	 	 	 	 
	 

	 	and	 	 
	 
	 	 	 	 
	 

	 	 	 	Level 3, 22 Pitt Street, Sydney, NSW 2000
	 
	 	 	 	 
	 	 	Fax number: 	 	+61 2 8274 5218
	 
	 	 	 	 
	 

	 	Attention:
	 	General Counsel”

	15	 	Clause 6.4 (“NSW Government’s right to enforce”) is deleted.

	 	 	 	 	 
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	16	 	Clause 7 (“Choice of law and jurisdiction”) is deleted and replaced with the following:

	 	“7.	 	 CHOICE OF LAW AND JURISDICTION

	 	7.1	 	This Guarantee shall be governed by and
construed in accordance with the laws of Ireland.
	 
	 	7.2	 	The courts of Ireland have exclusive
jurisdiction to settle any dispute arising out of or in connection
with this Guarantee (including a dispute regarding the existence,
validity or termination of this Guarantee) (a “Dispute”).
	 
	 	7.3	 	The parties hereto agree that the
courts of Ireland are the most appropriate and convenient courts to
settle Disputes and accordingly no party hereto will argue to the
contrary.
	 
	 	7.4	 	This clause 7 is for the benefit of
each of the Fund Trustee and the NSW Government. As a result, each
of the Fund Trustee and the NSW Government shall not be prevented
from taking proceedings relating to a Dispute in any other courts
with jurisdiction. To the extent allowed by law, each of the Fund
Trustee and the NSW Government may take concurrent proceedings in
any number of jurisdictions.”

	17	 	Insert a new clause 9 as follows:

	 	“9.	 	 RULE AGAINST PERPETUITIES
	 
	 	 	 	Nothing in this Guarantee shall authorise or permit the postponement of
any estate or interest arising under the trusts created in this
Guarantee from vesting outside the perpetuity period. In this context
“perpetuity period” means the period commencing on the date of this
Guarantee and ending on the expiration of 21 years from the date of the
death of the last survivor of the descendants now living of the
President of Ireland, Mary McAleese.”

	 	 	 	 	 
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Amending Agreement — Parent Guarantee

Schedule 2 — Conformed copy of the Parent

Guarantee incorporating the Irish Registration

Date Amendments

	 	 	 	 	 
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Amending Agreement — Parent Guarantee

Schedule 3 — Third Irrevocable Power of Attorney

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Amending Agreement — Parent Guarantee

Signing page

	 	 	 	 	 
	DATED: 23 June	 	2009	 	 
	 
	SIGNED by The Honourable John

	 	 )	 	 
	Hatzistergos MLC

	 	 )	 	 
	Attorney-General of New South Wales

	 	 )	 	 
	 

	 	 )	 	 
	 

	 	 )	 	 
	 

	 	 )	 	 
	for THE STATE OF NEW SOUTH

	 	 )	 	 
	WALES in the presence of:

	 	 )	 	 
	 

	 	 )	 	 
	 

	 	 )
	 	 
	/s/ Leigh Rae Sanderson

	 	 )	 	/s/ John Hatzistergos
	 
	 	 	 	 
	Signature of witness

	 	 )
	 	Signature
	 

	 	 )
	 	 
	Leigh Rae Sanderson

	 	 )	 	Attorney General
	 

	 	 	 	 
	Name of witness (block letters )

	 	 )
	 	Office of Signatory
	 

	 	 )	 	 
	 

	 	 )	 	 
	 
	 	 	 	 
	EXECUTED by ASBESTOS INJURIES

	 	 )	 	 
	COMPENSATION FUND LIMITED in

	 	 )	 	 
	accordance with section 127(1 ) of

	 	 )	 	 
	the Corporations Act 2001 (Cwlth )

	 	 )	 	 
	by authority of its directors:

	 	 )	 	 
	 

	 	 )	 	 
	 

	 	 )
	 	 
	/s/ Joanne Marchione

	 	 )	 	/s/ Dallas Booth
	 

	 	 	 	 
	Signature of director

	 	 )
	 	Signature of company
	 

	 	 )
	 	secretary*
	 

	 	 )
	 	*delete whichever is not applicable
	 

	 	 )
	 	 
	Joanne Marchione

	 	 )	 	Dallas Booth
	 

	 	 	 	 
	Name of director (block letters )

	 	 )
	 	Name of company secretary*
	 

	 	 )
	 	(block letters )
*delete whichever is not applicable

	 	 	 	 	 
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	EXECUTED by

	 	 )	 	 
	 

	 	 )	 	 
	 

	 	 )	 	 
	Marin
Firek and Sean O’ Sullivan

	 	 )
	 	 
	as an authorised signatory for, and

	 	 )	 	/s/ Marcin Firek
	 

	 	 	 	 
	SEALED AND DELIVERED as a deed by,

	 	 )
	 	By executing this agreement the
	JAMES HARDIE INDUSTRIES N.V. in

	 	 )
	 	signatory states that the signatory has
	the presence of:

	 	 )
	 	received no notice of revocation of the
	 

	 	 )
	 	authority under which the signatory
	 

	 	 )
	 	signs this agreement
	 

	 	 )
	 	 
	/s/ Timothy William Blue

	 	 )	 	Attorney
	 

	 	 	 	 
	Signature of witness

	 	 )
	 	Position
	 

	 	 )	 	 
	Timothy William Blue

	 	 )	 	 
	Name of witness (block letters )

	 	 )	 	 
	 

	 	 )	 	/s/ Sean O’ Sullivan
	 

	 	 	 	 
	 

	 	 )
	 	By executing this agreement the
	 

	 	 )
	 	signatory states that the
	 

	 	 )
	 	signatory has received no notice
	 

	 	 )
	 	of revocation of the authority
	 

	 	 )
	 	under which the signatory signs
	 

	 	 )
	 	this agreement
	 

	 	 )	 	 
	 

	 	 )
	 	 
	 

	 	 )	 	Attorney
	 

	 	 	 	 
	 

	 	 )
	 	Position

	 	 	 	 	 
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Deed of Confirmation

Annexure B — Amending Deed to Intercreditor Deed

	 	 	 	 	 
	© Mallesons Stephen Jaques

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Annexure B

Amending Deed — 

Intercreditor Deed

Dated 23 June 2009

Asbestos Injuries Compensation Fund Limited in its capacity as trustee for the Charitable Fund
(“Fund Trustee”)

The State of New South Wales (“NSW Government”)

James Hardie Industries N.V. (“JHINV”)

AET Structured Finance Services Pty Limited (“Guarantee Trustee”)

Mallesons Stephen Jaques

Level 61

Governor Phillip Tower

1 Farrer Place

Sydney NSW 2000

Australia

T +61 2 9296 2000

F +61 2 9296 3999

DX 113 Sydney

www.mallesons.com

Ref: 02-5501-6101

 

 

Amending Deed — Intercreditor Deed

Contents

	 	 	 	 	 
	Details
	 	 	1	 
	 
	General terms
	 	 	2	 
	 
	 	 	 	 
	1     Interpretation
	 	 	2	 
	 
	 	 	 	 
	2     Confirmations and acknowledgement
	 	 	2	 
	 
	2.1  Confirmation in relation to definition of “JHINV”
	 	 	2	 
	2.2  Confirmation
	 	 	2	 
	2.3  Conflict
	 	 	2	 
	2.4  Consideration
	 	 	3	 
	 
	 	 	 	 
	3     Amendments
	 	 	3	 
	 
	 	 	 	 
	4     Costs
	 	 	3	 
	 
	 	 	 	 
	5     General
	 	 	3	 
	 
	 	 	 	 
	6     Counterparts
	 	 	3	 
	 
	 	 	 	 
	7     Governing law
	 	 	3	 
	 
	 	 	 	 
	Schedule 1 — Irish Registration Date Amendments
	 	 	4	 
	 
	Signing page
	 	 	6	 

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Amending Deed — Intercreditor Deed

Details

	 	 	 	 	 
	Parties	 	Fund Trustee, NSW
Government, JHINV and the Guarantee Trustee
	Fund Trustee
	 	Name
	 	Asbestos Injuries Compensation Fund
Limited a company limited by guarantee
incorporated under the laws of the State
of New South Wales, Australia, in its
capacity as trustee of the Charitable
Fund established under the Amended and
Restated Trust Deed dated 14 December
2006 between it as trustee and JHINV
	 
	 	 	 	 
	 
	 	ACN
	 	117 363 461
	 
	 	 	 	 
	 
	 	Address
	 	Level 7, 233 Castlereagh Street, Sydney
NSW 2000
	 
	 	 	 	 
	NSW Government
	 	Name
	 	The State of New South Wales
	 
	 	 	 	 
	 
	 	Address
	 	c/- Department of Premier and Cabinet,
Level 39, Governor Macquarie Tower, 1
Farrer Place, Sydney, NSW, 2000
	 
	 	 	 	 
	JHINV
	 	Name
	 	James Hardie Industries N.V. a limited
liability company incorporated in The
Netherlands
	 
	 	 	 	 
	 
	 	ARBN
	 	097 829 895
	 
	 	 	 	 
	 
	 	Address
	 	Atrium, 8th floor,
Strawinskylaan 3077, 1077ZX Amsterdam,
The Netherlands (with its Australian
registered office at Level 3, 22 Pitt
Street, Sydney in the State of New South
Wales)
	 
	 	 	 	 
	Guarantee Trustee
	 	Name
	 	AET Structured Finance Services Pty Ltd in its capacity as trustee for the Financiers under the Guarantee Trust
	 
	 	 	 	 
	 
	 	ABN
	 	12 106 424 088
	 
	 	 	 	 
	 
	 	Address
	 	Level 22, 207 Kent Street, Sydney,
NSW, 2000
	 
	 	 	 	 
	Recitals	 	The Fund Trustee, NSW Government, JHINV and the Guarantee
Trustee are parties to the Intercreditor Deed and wish to
amend the Intercreditor Deed on the terms set out in this
deed.
	 
	 	 	 	 
	Date of Amending
Deed
	June 2009	 	 

	 	 	 	 	 
	ã Mallesons Stephen Jaques
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Amending Deed — Intercreditor Deed

General terms

	1	 	Interpretation
	 
	 	 	These meanings apply unless the contrary intention appears:
	 
	 	 	Intercreditor Deed means the document entitled “Intercreditor Deed” dated 19 December 2006
between the NSW Government, JHINV, the Fund Trustee and the Guarantee Trustee.
	 
	 	 	Irish Registration Date means the date on which JHISE is registered by the Registrar of
Companies of Ireland as having its registered office in Ireland.
	 
	 	 	JHISE means JHINV once it has converted from its present corporate form as a Dutch NV
(Naamloze Vernootschap) into an SE (Societas Europaea).
	 
	 	 	SE Transformation Date means the date on which JHINV is registered as a “Societas
Europaea” on the Dutch Trade Register pursuant to European Union Council Regulation
2157/2001.
	 
	2	 	Confirmations and acknowledgement
	 
	2.1	 	Confirmation in relation to definition of “JHINV”
	 
	 	 	Each party confirms that the definition of “JHINV” for the purposes of the Intercreditor
Deed is a reference to:

	 	(a)	 	with effect on and from the SE Transformation Date up to the Irish
Registration Date, JHISE with its corporate seat in the Netherlands; and
	 
	 	(b)	 	with effect on and from the Irish Registration Date, JHISE with its
corporate seat in the Republic of Ireland.

	2.2	 	Confirmation
	 
	 	 	Each party confirms that, other than as provided for in clause 3 (“Amendments”):

	 	(a)	 	it is bound by and will continue to be bound by the Intercreditor Deed; and
	 
	 	(b)	 	the Intercreditor Deed remains in full force and effect and enforceable
against it,
	 
	 	up to, including and after each of the SE Transformation Date and the Irish Registration
Date.

	2.3	 	Conflict
	 
	 	 	If there is a conflict between the Intercreditor Deed and this deed, the terms of this
deed prevail.

	 	 	 	 	 
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	2.4	 	Consideration
	 
	 	 	This deed is entered into in consideration of the parties’ exchange of promises under this
deed and the receipt of valuable consideration which is hereby acknowledged.
	 
	3	 	Amendments
	 
	 	 	As from the Irish Registration Date, the Intercreditor Deed is amended as set out in
schedule 1.
	 
	4	 	Costs
	 
	 	 	Each party shall be responsible for its own costs, charges and expenses in connection with
the preparation, negotiation and execution of this deed.
	 
	5	 	General
	 
	 	 	Clause 11 (“Notices”) of the Intercreditor Deed applies to this deed as if it was fully
set out in this deed.
	 
	6	 	Counterparts
	 
	 	 	This deed may consist of a number of copies each signed by one or more parties to the
deed. If so, the signed copies are treated as making up the one document.
	 
	7	 	Governing law
	 
	 	 	This deed is governed by the law in force in New South Wales. Each party submits to the
non-exclusive jurisdiction of the courts of that place and waives any right to claim that
those courts are an inconvenient forum.
	 
	8	 	Guarantee Trustee limitation of liability
	 
	 	 	Clause 15 (“Guarantee Trustee limitation of
liability”) of the Intercreditor Deed applies to this deed as if
fully set out in this deed.

EXECUTED
as an deed.

	 	 	 	 	 
	ã Mallesons Stephen Jaques
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Amending Deed — Intercreditor Deed

Schedule 1 — Irish Registration Date Amendments

The Intercreditor Deed is amended as follows:

	•	 	Clause 3.4 (“Status and ranking of the Compensation Debt”) is amended by:

	 	–	 	deleting the words “(concurrente vordering)” in paragraph (a); and
	 
	 	–	 	deleting paragraph (c) and replacing it with “[intentionally blank]”.

	•	 	Schedule 1 (“Financier Nomination Letter”) is amended by:

	 	–	 	deleting the words “(concurrente vordering)” in paragraph (a); and
	 
	 	–	 	deleting paragraph (c) and replacing it with “[intentionally blank]”.

	•	 	The definition of “Business Day’ in clause 1 of Attachment A is amended by deleting the words
“Amsterdam, The Netherlands” and replacing them with “Dublin, the Republic of Ireland”.
	 
	•	 	Deleting the definition of “Insolvency Official” in clause 1 of attachment A and replacing it with the
following:

	 	 	 	“Insolvency Official means a custodian, receiver and manager, trustee,
liquidator, provisional liquidator, administrator, examiner or any other officer
appointed in connection with the Insolvency of JHINV and includes, without
limitation:

	 	(a)	 	a receiver, an examiner and a liquidator appointed under
Irish law or a trustee or debtor in possession in any proceedings under
Chapter 7 or Chapter 11 of the US Bankruptcy Code in relation to JHINV (or
another member of the JHINV Group in circumstances where the US bankruptcy
court has jurisdiction to make an order affecting the nature, timing,
quantum or ranking of creditors’ claims against JHINV); and
	 
	 	(b)	 	where the context so requires, a supervisory judge or a
court of competent jurisdiction in respect of the Insolvency of JHINV.”

	•	 	The definition of “Insolvent” in clause 1 of Attachment A is amended by deleting paragraph
(b) and replacing it with the following paragraph:

	 	“(b)	 	 was established under Irish law and files a petition with
any court in the Republic of Ireland in relation to its liquidation, the
bringing forward of a scheme of arrangement or the appointment of an
examiner;”.

	•	 	The definition of “Reconstruction Event” in clause 1 of Attachment A is amended by deleting
paragraph (c) and replacing it with the following paragraph:

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	 	“(c)	 	 a filing of a petition for the appointment of an examiner
or the bringing forward of a scheme of arrangement under Irish law;”.

	•	 	Deleting the definition of “Trust Convention” in clause 1 of Attachment A.
	 
	•	 	The definition of “Wind-Up Event” in clause 1 of Attachment A is amended by deleting
paragraphs (d) and (e) and replacing them with the following paragraphs:

	 	“(d)	 	the dissolution of such Person under Irish law or the law
of any other jurisdiction;
	 
	 	(e)	 	[intentionally blank];”.

	•	 	Clause 2(f)(ix) (“Interpretation”) of Attachment A is amended by deleting the words “Dutch
law” on the second line and replacing them with “Irish law”.
	 
	•	 	Deleting clause 3 (“Trust Convention”) of Attachment A.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Amending Deed — Intercreditor Deed

Signing page

DATED: 23 June 2009

	 	 	 	 	 	 	 	 	 
	SIGNED, SEALED AND

	 	 	)	 	 	 	 	 
	DELIVERED by The Honourable

	 	 	)	 	 	 	 	 
	John Hatzistergos MLC

	 	 	)	 	 	 	 	 
	Attorney-General of New South Wales

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 
	for THE STATE OF NEW SOUTH

	 	 	)	 	 	 	 	 
	WALES in the presence of:

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 
	/s/ Leigh Rae Sanderson

	 	 	)	 	 	/s/ John Hatzistergos	 	 
	 

	 	 	 	 	 	 	 	 
	Signature of witness

	 	 	)	 	 	Signature	 	 
	 

	 	 	)	 	 	 	 	 
	Leigh Rae Sanderson

	 	 	)	 	 	Attorney General	 	 
	 

	 	 	 	 	 	 	 	 
	Name of witness (block letters)

	 	 	)	 	 	Office of Signatory	 	 
	 

	 	 	)	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	EXECUTED by ASBESTOS

	 	 	)	 	 	 	 	 
	INJURIES COMPENSATION

	 	 	)	 	 	 	 	 
	FUND LIMITED in accordance with

	 	 	)	 	 	 	 	 
	section 127(1) of the Corporations Act

	 	 	)	 	 	 	 	 
	2001 (Cwlth) by authority of its

	 	 	)	 	 	 	 	 
	directors:

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 
	 /s/ Joanne Marchione
	 	 	)	 	 	 /s/ Dallas Booth
	 	 
	Signature of director

	 	 	)	 	 	Signature of company	 	 
	 

	 	 	)	 	 	secretary*	 	 
	 

	 	 	)	 	 	*delete whichever is not applicable	 	 
	 

	 	 	)	 	 	 	 	 
	Joanne Marchione

	 	 	)	 	 	Dallas Booth	 	 
	 

	 	 	 	 	 	 	 	 
	Name of director (block letters)

	 	 	)	 	 	Name of company	 	 
	 

	 	 	)	 	 	secretary* (block letters)	 	 
	 

	 	 	)	 	 	*delete whichever is not applicable	 	 

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	EXECUTED by

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 
	Marin Firek and Sean O’ Sullivan

	 	 	)	 	 	 	 	 
	as an authorised signatory for, and

	 	 	)	 	 	/s/ Marcin Firek	 	 
	 

	 	 	 	 	 	 	 	 
	SEALED AND DELIVERED as a

	 	 	)	 	 	By executing this deed the	 	 
	deed by, JAMES HARDIE

	 	 	)	 	 	signatory states that the	 	 
	INDUSTRIES N.V. in the presence of:

	 	 	)	 	 	signatory has received no notice	 	 
	Signature of witness

	 	 	)	 	 	of revocation of the authority	 	 
	Name of witness (block letters)

	 	 	)	 	 	under which the signatory signs	 	 
	 

	 	 	)	 	 	this deed	 	 
	 

	 	 	)	 	 	 	 	 
	/s/ Timothy William Blue

	 	 	)	 	 	Attorney	 	 
	 

	 	 	 	 	 	 	 	 
	Signature of witness

	 	 	)	 	 	Position	 	 
	 

	 	 	)	 	 	 	 	 
	Timothy William Blue

	 	 	)	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Name of witness (block letters)

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	/s/ Sean O’ Sullivan	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	)	 	 	By executing this deed the	 	 
	 

	 	 	)	 	 	signatory states that the	 	 
	 

	 	 	)	 	 	signatory has received no notice	 	 
	 

	 	 	)	 	 	of revocation of the authority	 	 
	 

	 	 	)	 	 	under which the signatory signs	 	 
	 

	 	 	)	 	 	this deed	 	 
	 

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	Attorney	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	)	 	 	Position	 	 

	 	 	 	 	 
	The Common Seal of AET Structured Finance
Services Pty Limited

ABN 12 106 424 088 was affixed with the authority of:	 	
	 	
	 
	(signed)

	 		 	
	 
	(print
name)

	 		 	
	 
	Authorised
Officer

	 		 	
	 
	(signed)

	 		 	
	 
	(print
name)

	 		 	
	 
	Authorised
Officer

	 		 	

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Deed of Confirmation

Annexure C — Amending Deed to Performing Subsidiary Intercreditor Deed

	 	 	 	 	 
	© Mallesons Stephen Jaques

	 	Deed of Confirmation
	 	16 
	9788887_20

	 	23 June 2009	 	 

 

 

Annexure C

Amending Deed — 

Performing Subsidiary

Intercreditor Deed

Dated 23 June 2009

Asbestos Injuries Compensation Fund Limited in its capacity as trustee

for the Charitable Fund (“Fund Trustee”)

The State of New South Wales (“NSW Government”)

James Hardie 117 Pty Limited (formerly known as LGTDD Pty Limited) (“JH117”)

AET Structured Finance Services Pty Limited (“Guarantee Trustee”)

Mallesons Stephen Jaques

Level 61

Governor Phillip Tower

1 Farrer Place

Sydney NSW 2000

Australia

T +61 2 9296 2000

F +61 2 9296 3999

DX 113 Sydney

www.mallesons.com

Ref: 02-5501-6101

 

 

Amending Deed — Performing Subsidiary
Intercreditor Deed

Contents

	 	 	 	 	 
	Details
	 	1	 
	 
	General terms
	 	2	 
	 
	 	 	 	 
	1
	Interpretation	 	2	 
	 
	 	 	 	 
	2
	Confirmations and acknowledgement	 	2	 
	 
	2.1
	Confirmation in relation to definition of “JHINV”	 	2	 
	2.2
	Confirmation	 	2	 
	2.3
	Conflict	 	3	 
	2.4
	Consideration	 	3	 
	 
	 	 	 	 
	3
	Amendments	 	3	 
	 
	 	 	 	 
	4
	Costs	 	3	 
	 
	 	 	 	 
	5
	General	 	3	 
	 
	 	 	 	 
	6
	Counterparts	 	3	 
	 
	 	 	 	 
	7
	Governing law	 	3	 
	 
	 	 	 	 
	Schedule 1 — Irish Registration Date Amendments
	 	4	 
	 
	Signing page
	 	5	 

	 	 	 	 	 
	ã Mallesons Stephen Jaques
	 	Amending Deed — Performing Subisidiary Intercreditor Deed
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	9869960_5
	 	22 June 2009 	 	 

 

 

Amending Deed — Performing Subsidiary
Intercreditor Deed

Details

	 	 	 	 	 
	Parties	 	Fund Trustee, NSW
Government, JH117 and the Guarantee Trustee
	Fund Trustee

	Name
	 	Asbestos Injuries Compensation Fund
Limited a company limited by guarantee
incorporated under the laws of the State
of New South Wales, Australia, in its
capacity as trustee for the
CharitableFund established under the
Amended and Restated Trust Deed dated 14
December 2006 between it as trustee and
JHINV
	 
	 	 	 	 
	 

	 	ACN
	 	117 363 461
	 
	 	 	 	 
	 

	 	Address
	 	Level 7, 233 Castlereagh Street, Sydney
NSW 2000
	 
	 	 	 	 
	NSW Government

	 	Name
	 	The State of New South Wales
	 
	 	 	 	 
	 

	 	Address
	 	c/- Department of Premier and Cabinet,
Level 39, Governor Macquarie Tower, 1
Farrer Place, Sydney, NSW, 2000
	 
	 	 	 	 
	JH117

	 	Name
	 	James Hardie 117 Pty Limited
	 
	 	 	 	 
	 

	 	ABN
	 	30 116 110 948
	 
	 	 	 	 
	 

	 	Address
	 	Level 3, 22 Pitt Street, Sydney in the
State of New South Wales
	 
	 	 	 	 
	Guarantee Trustee

	 	Name
	 	AET Structured Finance Services Pty Ltd

in its capacity as trustee for the

Financiers under the Guarantee Trust
	 
	 	 	 	 
	 

	 	ABN
	 	12 106 424 088
	 
	 	 	 	 
	 

	 	Address
	 	Level 22, 207 Kent Street, Sydney, NSW, 2000
	 
	 	 	 	 
	Recitals	 	The Fund Trustee, NSW Government, JH117 and the Guarantee
Trustee are parties to the Performing Subsidiary
Intercreditor Deed and wish to amend the Performing
Subsidiary Intercreditor Deed on the terms set out in
this deed.
	 
	 	 	 	 
	Date of Amending
Deed

	June 23 2009	 	 

	 	 	 	 	 
	ã Mallesons Stephen Jaques

	 	Amending Deed — Performing Subisidiary Intercreditor Deed
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	9869960_5

	 	22 June 2009 	 	 

 

 

Amending Deed — Performing Subsidiary
Intercreditor Deed

General terms

	1	 	Interpretation
	 
	 	 	These meanings apply unless the contrary intention appears:
	 
	 	 	Irish Registration Date means the date on which JHISE is registered by the Registrar of
Companies of Ireland as having its registered office in Ireland.
	 
	 	 	JHINV means James Hardie Industries N.V. (ARBN 097 829 895).
	 
	 	 	JHISE means JHINV once it has converted from its present corporate form as a Dutch NV
(Naamloze Vernootschap) into an SE (Societas Europaea).
	 
	 	 	Performing Subsidiary Intercreditor Deed means the document entitled “Performing
Subsidiary Intercreditor Deed” dated 19 December 2006 between the NSW Government, the Fund
Trustee, JH117 and the Guarantee Trustee.
	 
	 	 	SE Transformation Date means the date on which JHINV is registered as a “Societas
Europaea” on the Dutch Trade Register pursuant to the European Union Council Regulation
2157/2001.
	 
	2	 	Confirmations and acknowledgement
	 
	2.1	 	Confirmation in relation to definition of “JHINV”
	 
	 	 	Each party confirms that the definition of “JHINV” for the purposes of the Performing
Subsidiary Intercreditor Deed is a reference to:

	 	(a)	 	with effect on and from the SE Transformation Date up to the Irish
Registration Date, JHISE with its corporate seat in the Netherlands; and
	 
	 	(b)	 	with effect on and from the Irish Registration Date, JHISE with its
corporate seat in the Republic of Ireland.

	2.2	 	Confirmation
	 
	 	 	Each party confirms that, other than as provided for in clause 3 (“Amendments”):

	 	(a)	 	it is bound by and will continue to be bound by the Performing Subsidiary
Intercreditor Deed; and
	 
	 	(b)	 	the Performing Subsidiary Intercreditor Deed remains in full force and
effect and enforceable against it,

	 	 	up to, including and after each of the SE Transformation Date and the Irish Registration
Date.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	2.3	 	Conflict
	 
	 	 	If there is a conflict between the Performing Subsidiary Intercreditor Deed and this deed,
the terms of this deed prevail.
	 
	2.4	 	Consideration
	 
	 	 	This deed is entered into in consideration of the parties’ exchange of promises under this
deed and the receipt of valuable consideration which is hereby acknowledged.
	 
	3	 	Amendments
	 
	 	 	As from the Irish Registration Date, the Performing Subsidiary Intercreditor Deed is
amended as set out in schedule 1.
	 
	4	 	Costs
	 
	 	 	Each party shall be responsible for its own costs, charges and expenses in connection with
the preparation, negotiation and execution of this deed.
	 
	5	 	General
	 
	 	 	Clause 11 (“Notices”) of the Performing Subsidiary Intercreditor Deed applies to this deed
as if it was fully set out in this deed.
	 
	6	 	Counterparts
	 
	 	 	This deed may consist of a number of copies each signed by one or more parties to the
deed. If so, the signed copies are treated as making up the one document.
	 
	7	 	Governing law
	 
	 	 	This deed is governed by the law in force in New South Wales. Each party submits to the
non-exclusive jurisdiction of the courts of that place and waives any right to claim that
those courts are an inconvenient forum.
	 
	8	 	Guarantee Trustee limitation of liability
	 
	 	 	Clause 15 (“Undertaking and Guarantee Trustee limitation of liability”) of the Performing Subsidiary Intercreditor Deed applies to this deed as if fully set out
in this deed.

EXECUTED
as an deed.

	 	 	 	 	 
	ã Mallesons Stephen Jaques
	 	Amending Deed — Performing Subisidiary Intercreditor Deed
	 	3 
	9869960_5
	 	22 June 2009 	 	 

 

 

Amending Deed — Performing Subsidiary
Intercreditor Deed

Schedule 1 — Irish Registration Date Amendments

The Performing Subsidiary Intercreditor Deed is amended as follows:

	•	 	Clause 1 of Attachment A is amended by deleting the definition of “Insolvency Official” and
replacing it with the following:

	 	 	 	“Insolvency Official means a custodian, receiver, receiver and manager, trustee,
liquidator, provisional liquidator, administrator, examiner or any other officer
appointed in connection with the Insolvency of the Performing Subsidiary”.

	•	 	The definition of “Insolvent” in clause 1 of Attachment A is amended by deleting paragraph
(b) and replacing it with the following paragraph:

	 	“(b)	 	 was established under Irish law and files a petition with
any court in the Republic of Ireland in relation to its liquidation, the
bringing forward of a scheme of arrangement or the appointment of an
examiner;”.

	•	 	The definition of “Reconstruction Event” in clause 1 of Attachment A is amended by deleting
paragraph (c) and replacing it with the following paragraph:

	 	“(c)	 	a filing of a petition for the appointment of an examiner
or the bringing forward of a scheme of arrangement under Irish law;”.

	•	 	The definition of “Wind-Up Event” in clause 1 of Attachment A is amended by deleting
paragraphs (d) and (e) and replacing them with the following paragraphs:

	 	“(d)	 	the dissolution of such Person under Irish law or the law
of any other jurisdiction;
	 
	 	(e)	 	[intentionally blank];”.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	9869960_5

	 	22 June 2009 	 	 

 

 

Deed of Confirmation

Signing page

DATED:                                          2009

	 	 	 	 	 	 	 
	SIGNED, SEALED AND

	 	 	)	 	 	 
	DELIVERED by The Honourable

	 	 	)	 	 	 
	John Hatzistergos MLC

	 	 	)	 	 	 
	Attorney-General of New South

	 	 	)	 	 	 
	Wales

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	for THE STATE OF NEW SOUTH

	 	 	)	 	 	 
	WALES in the presence of:

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

Signature of witness

	 	 	)

)	 	 	 
 Signature
	 

	 	 	)	 	 	 
	 

Name of witness (block letters)

	 	 	)

)	 	 	 
 Office
of Signatory

	 	 	 	 	 	 	 
	EXECUTED by ASBESTOS

	 	 	)	 	 	 
	INJURIES COMPENSATION

	 	 	)	 	 	 
	FUND LIMITED in accordance with

	 	 	)	 	 	 
	section 127(1) of the Corporations

	 	 	)	 	 	 
	Act 2001 (Cwlth) by authority of its

	 	 	)	 	 	 
	directors:

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

Signature of director

	 	 	)

)	 	 	 
Signature
of director/company

secretary*
	 

	 	 	)	 	 	*delete whichever is not applicable
	 

	 	 	)	 	 	 
	 

Name of director (block letters)

	 	 	)

)	 	 	 
Name
of director/company secretary*

(block letters)
	 

	 	 	 	 	 	*delete whichever is not applicable

	 	 	 	 	 
	© Mallesons Stephen Jaques

	 	Deed of Confirmation
	 	17 
	9788887_20

	 	23 June 2009	 	 

 

 

	 	 	 	 	 	 	 
	EXECUTED by

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	as an authorised signatory for, and

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	SEALED AND DELIVERED as a

	 	 	)	 	 	By executing this deed the signatory
	deed by, JAMES HARDIE

	 	 	)	 	 	states that the signatory has received
	INDUSTRIES N.V. in the presence

	 	 	)	 	 	no notice of revocation of the
	of:

	 	 	)	 	 	authority under which the signatory
	 

	 	 	)	 	 	signs this deed
	 

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	Signature of witness

	 	 	)	 	 	Position
	 

	 	 	)	 	 	 
	Name of witness (block letters)

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	)	 	 	By executing this deed the signatory
	 

	 	 	)	 	 	states that the signatory has received
	 

	 	 	)	 	 	no notice of revocation of the
	 

	 	 	)	 	 	authority under which the signatory
	 

	 	 	)	 	 	signs this deed
	 

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	)	 	 	Position

	 	 	 	 	 	 	 
	EXECUTED by JAMES HARDIE

	 	 	)	 	 	 
	117 PTY LIMITED in accordance

	 	 	)	 	 	 
	with section 127(1) of the

	 	 	)	 	 	 
	Corporations Act 2001 (Cwlth) by

	 	 	)	 	 	 
	authority of its directors:

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	Signature of director

	 	 	)	 	 	Signature of director/company
	 

	 	 	)	 	 	secretary*
	 

	 	 	)	 	 	*delete whichever is not applicable
	 

	 	 	)	 	 	
	 

	 	 	)	 	 	 
	 	 	 	 	 	 	 
	Name of director (block letters)

	 	 	)	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	)	 	 	Name of director/company secretary*
	 

	 	 	)	 	 	(block letters)
	 

	 	 	)	 	 	*delete whichever is not applicable

	 	 	 	 	 
	© Mallesons Stephen Jaques

	 	Deed of Confirmation
	 	18 
	9788887_20

	 	23 June 2009	 	 

 

 

Amending Deed — Performing Subsidiary
Intercreditor Deed

Signing page

	 	 	 	 	 	 	 	 	 	 	 
	DATED:

	 	 	 	 	 	 	2009

	 	 	 
	SIGNED, SEALED AND

	 	 	)	 	 	 	 	 	 	 
	DELIVERED by The Honourable

	 	 	)	 	 	 	 	 	 	 
	John Hatzistergos MLC

	 	 	)	 	 	 	 	 	 	 
	Attorney-General of New South Wales

	 	 	)	 	 	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 	 	 
	for THE STATE OF NEW SOUTH

	 	 	)	 	 	 	 	 	 	 
	WALES in the presence of:

	 	 	)	 	 	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 	 	 
	/s/
Leigh Rae Sanderson

	 	 	)	 	 	 	/s/ John Hatzistergos	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Signature of witness

	 	 	)	 	 	 	Signature
	 	 
	 

	 	 	)	 	 	 	 	 	 	 
	Leigh
Rae Sanderson

	 	 	)	 	 	 	Attorney General		 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Name of witness (block letters)

	 	 	)	 	 	 	Office of Signatory
	 	 
	 

	 	 	)	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	EXECUTED by ASBESTOS

	 	 	)	 	 	 	 	 	 	 
	INJURIES COMPENSATION

	 	 	)	 	 	 	 	 	 	 
	FUND LIMITED in accordance with

	 	 	)	 	 	 	 	 	 	 
	section 127(1) of the Corporations Act

	 	 	)	 	 	 	 	 	 	 
	2001 (Cwlth) by authority of its

	 	 	)	 	 	 	 	 	 	 
	directors:

	 	 	)	 	 	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 	 	 
	/s/
Joanne Marchione

	 	 	)	 	 	 	/s/ Dallas Booth	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Signature of director

	 	 	)	 	 	 	Signature of company
	 	 
	 

	 	 	)	 	 	 	secretary*
	 	 
	 

	 	 	)	 	 	 	*delete whichever is not applicable
	 	 
	 

	 	 	)	 	 	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 	 	 
	Joanne Marchione

	 	 	)	 	 	 	Dallas Booth	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Name of director (block letters)

	 	 	)	 	 	 	Name of company
	 	 
	 

	 	 	)	 	 	 	secretary* (block letters)
	 	 
	 

	 	 	)	 	 	 	*delete whichever is not applicable
	 	 

	 	 	 	 	 
	ã Mallesons Stephen Jaques

	 	Amending Deed — Performing Subisidiary Intercreditor Deed
	 	5 
	9869960_5

	 	18 June 2009 	 	 

 

 

	 	 	 	 	 	 	 	 	 
	EXECUTED by JAMES HARDIE

	 	 	)	 	 	 	 	 
	117 PTY LIMITED in accordance

	 	 	)	 	 	 	 	 
	with section 127(1) of the Corporations

	 	 	)	 	 	 	 	 
	Act 2001 (Cwlth) by authority of its

	 	 	)	 	 	 	 	 
	directors:

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 
	/s/ Bruce Potts

	 	 	)	 	 	/s/ Marcin Firek	 	 
	 

	 	 	 	 	 	 	 	 
	Signature of director

	 	 	)	 	 	Signature of /company	 	 
	 

	 	 	)	 	 	secretary*	 	 
	 

	 	 	)	 	 	*delete whichever is not applicable	 	 
	 

	 	 	)	 	 	 	 	 
	Bruce Potts

	 	 	)	 	 	Marcin Firek	 	 
	 

	 	 	 	 	 	 	 	 
	Name of director (block letters)

	 	 	)	 	 	Name of /company	 	 
	 

	 	 	)	 	 	secretary* (block letters)	 	 
	 

	 	 	)	 	 	*delete whichever is not applicable	 	 

	 	 	 	 	 
	The Common Seal of AET Structured Finance
Services Pty Limited

ABN 12 106 424 088 was affixed with the authority of:	 	
	 	
	 
	(signed)

	 		 	
	 
	(print
name)

	 		 	
	 
	Authorised
Officer

	 		 	
	 
	(signed)

	 		 	
	 
	(print
name)

	 		 	
	 
	Authorised
Officer

	 		 	

 

 

Amending Agreement — Parent Guarantee

Details

	 	 	 	 	 
	Parties	 	AICF, NSW Government and JHINV
	AICF

	 	Name
	 	Asbestos Injuries
Compensation Fund Limited a
company limited by guarantee
incorporated under the laws
of the State of New South
Wales, Australia, in its
capacity as trustee for the
Charitable Fund established
under the Amended and
Restated Trust Deed dated 14
December 2006 between it as
trustee and JHINV
	 
	 	 	 	 
	 

	 	ACN
	 	117 363 461
	 
	 	 	 	 
	 

	 	Address
	 	Level 7, 233 Castlereagh
Street Sydney New South
Wales, 2000
	 
	 	 	 	 
	NSW Government

	 	Name
	 	The State of New South Wales
	 
	 	 	 	 
	 

	 	Address
	 	c/- Department of Premier and
Cabinet, Level 39, Governor
Macquarie Tower, 1 Farrer
Place, Sydney, NSW, 2000
	 
	 	 	 	 
	JHINV

	 	Name
	 	James Hardie Industries N.V.
a limited liability company
incorporated in The
Netherlands
	 
	 	 	 	 
	 

	 	ARBN
	 	097 829 895
	 
	 	 	 	 
	 

	 	Address
	 	Atrium, 8th floor,
Strawinskylaan 3077, 1077ZX
Amsterdam, The Netherlands
(with its Australian
registered office at Level 3,
22 Pitt Street, Sydney in the
State of New South Wales)
	 
	 	 	 	 
	Recitals	 	AICF, NSW Government and JHINV are parties to the
Parent Guarantee and wish to amend the Parent
Guarantee on the terms set out in this agreement.
	 
	 	 	 	 
	Date of
Amending
Deed	23 June 2009

	 	 	 	 	 
	ã Mallesons Stephen Jaques

	 	Amending Agreement — Parent Guarantee
	 	1 
	9955394_2

	 	22 June 2009 	 	 

 

 

Amending Agreement — Parent Guarantee

General terms

	1	 	Interpretation
	 
	 	 	These meanings apply unless the contrary intention appears:
	 
	 	 	Irish Registration Date means the date on which JHISE is registered by the Registrar of
Companies of Ireland as having its registered office in Ireland.
	 
	 	 	JHI means:

	 	(a)	 	prior to the SE Transformation Date, JHINV;
	 
	 	(b)	 	with effect on and from the SE Transformation Date up to the Irish
Registration Date, JHISE with its corporate seat in the Netherlands; and
	 
	 	(c)	 	with effect on and from the Irish Registration Date, JHISE with its
corporate seat in the Republic of Ireland.

	 	 	JHISE means JHINV once it has converted from its present corporate form as a Dutch NV
(Naamloze Vernootschap) into an SE (Societas Europaea).
	 
	 	 	Parent Guarantee means the Guarantee dated 14 December 2006 between AICF, the NSW
Government and JHINV.
	 
	 	 	SE Transformation Date means the date on which JHINV is registered as a “Societas
Europaea” on the Dutch Trade Register pursuant to European Union Council Regulation
2157/2001.
	 
	2	 	Confirmations and acknowledgement
	 
	2.1	 	Confirmation in relation to definition of “Guarantor”
	 
	 	 	Each party confirms that the definition of “Guarantor” for the purposes of the Parent
Guarantee is a reference to:

	 	(a)	 	with effect on and from the SE Transformation Date up to the Irish
Registration Date, JHISE with its corporate seat in the Netherlands; and
	 
	 	(b)	 	with effect on and from the Irish Registration Date, JHISE with its
corporate seat in the Republic of Ireland.

	2.2	 	JHI Confirmation
	 
	 	 	JHI confirms that, other than as provided for in clause 3 (“Amendments”), the Parent
Guarantee remains in full force and effect and enforceable against it up to,
including and after each of the SE Transformation Date and the Irish Registration Date.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

	 	Amending Agreement — Parent Guarantee
	 	2 
	9955394_2

	 	22 June 2009exv4w1

Exhibit 4.1

2004
OMNIBUS STOCK AND INCENTIVE PLAN

FOR

DENBURY RESOURCES INC.

(Plan as of May 13, 2009)

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	1.	 	Purpose	 	 	1	 
	2.	 	Definitions	 	 	1	 
	 

	 	(a)
	 	“Administrator”
	 	 	1	 
	 

	 	(b)
	 	“Agreed Price”
	 	 	1	 
	 

	 	(c)
	 	“Applicable Laws”
	 	 	1	 
	 

	 	(d)
	 	“Award”
	 	 	1	 
	 

	 	(e)
	 	“Board”
	 	 	1	 
	 

	 	(f)
	 	“Broker Assisted Exercise”
	 	 	1	 
	 

	 	(g)
	 	“Cause”
	 	 	2	 
	 

	 	(h)
	 	“Change in Control”
	 	 	2	 
	 

	 	(i)
	 	“Change in Control Price”
	 	 	3	 
	 

	 	(j)
	 	“Code”
	 	 	3	 
	 

	 	(k)
	 	“Committee”
	 	 	3	 
	 

	 	(l)
	 	“Common Stock”
	 	 	3	 
	 

	 	(m)
	 	“Company”
	 	 	3	 
	 

	 	(n)
	 	“Date of Grant”
	 	 	3	 
	 

	 	(o)
	 	“Director”
	 	 	3	 
	 

	 	(p)
	 	“Disability”
	 	 	3	 
	 

	 	(q)
	 	“Effective Date”
	 	 	3	 
	 

	 	(r)
	 	“Eligible Person(s)”
	 	 	4	 
	 

	 	(s)
	 	“Employee(s)”
	 	 	4	 
	 

	 	(t)
	 	“Fair Market Value”
	 	 	4	 
	 

	 	(u)
	 	“Holder”
	 	 	4	 
	 

	 	(v)
	 	“Incentive Stock Option”
	 	 	4	 
	 

	 	(w)
	 	“Investment Committee”
	 	 	4	 
	 

	 	(x)
	 	Purposely Omitted
	 	 	4	 
	 

	 	(y)
	 	“Non-Qualified Stock Option”
	 	 	4	 
	 

	 	(z)
	 	“Option”
	 	 	4	 
	 

	 	(aa)
	 	“Option Price”
	 	 	4	 
	 

	 	(bb)
	 	“Parent”
	 	 	4	 
	 

	 	(cc)
	 	“Performance Award”
	 	 	5	 
	 

	 	(dd)
	 	“Performance Measures”
	 	 	5	 
	 

	 	(ee)
	 	“Performance Period”
	 	 	5	 
	 

	 	(ff)
	 	“Plan”
	 	 	5	 
	 

	 	(gg)
	 	“Plan Year”
	 	 	5	 
	 

	 	(hh)
	 	“Reserved Shares”
	 	 	5	 
	 

	 	(ii)
	 	“Restriction(s)” “Restricted”
	 	 	5	 
	 

	 	(jj)
	 	“Restricted Period”
	 	 	5	 
	 

	 	(kk)
	 	“Restricted Shares”
	 	 	5	 
	 

	 	(ll)
	 	“Restricted Share Award”
	 	 	6	 
	 

	 	(mm)
	 	“Restricted Share Distributions”
	 	 	6	 
	 

	 	(nn)
	 	“Retirement Vesting Date”
	 	 	6	 
	 

	 	(oo)
	 	“SAR”
	 	 	6	 
	 

	 	(pp)
	 	“Share(s)”
	 	 	6	 

i

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 

	 	(qq)
	 	“Spread”
	 	 	6	 
	 

	 	(rr)
	 	“Separation”
	 	 	6	 
	 

	 	(ss)
	 	“Subsidiary”
	 	 	6	 
	 

	 	(tt)
	 	“1933 Act”
	 	 	6	 
	 

	 	(uu)
	 	“1934 Act”
	 	 	6	 
	 

	 	(vv)
	 	“Vested”
	 	 	7	 
	 

	 	(ww)
	 	“10% Person”
	 	 	7	 
	3.	 	Award of Reserved Shares	 	 	7	 
	4.	 	Conditions for Grant
of Awards	 	 	7	 
	5.	 	Grant of Options	 	 	8	 
	6.	 	Option Price	 	 	9	 
	7.	 	Exercise of Options	 	 	9	 
	8.	 	Vesting of Options	 	 	10	 
	9.	 	Termination of Option Period	 	 	10	 
	10.	 	Acceleration	 	 	11	 
	11.	 	Adjustment of Reserved Shares	 	 	11	 
	12.	 	Transferability of Awards	 	 	13	 
	13.	 	Issuance of Reserved Shares	 	 	13	 
	14.	 	Administration of the Plan	 	 	14	 
	15.	 	Tax Withholding	 	 	15	 
	16.	 	Restricted Share Awards	 	 	15	 
	17.	 	Performance Awards	 	 	17	 
	18.	 	Stock Appreciation Rights	 	 	18	 
	19.	 	Section 83(b) Election	 	 	20	 
	20.	 	Vesting of Awards Upon Retirement	 	 	20	 
	21.	 	Interpretation	 	 	20	 
	22.	 	Amendment and Discontinuation of the Plan	 	 	21	 
	23.	 	Effective Date and Termination Date	 	 	21	 
	24.	 	Section 409A	 	 	21	 

ii

 

2004 OMNIBUS STOCK AND INCENTIVE PLAN FOR

DENBURY RESOURCES INC.

     1. Purpose. The purpose of this Plan is to advance the interests of Denbury Resources
Inc., a Delaware Corporation, and increase shareholder value by providing additional
incentives to attract, retain and motivate those qualified and competent employees and
Directors, upon whose efforts and judgment its success is largely dependent.

     2. Definitions. As used herein, the following terms shall have the meaning indicated:

     (a) “Administrator” shall mean the person(s) designated by the Committee to carry out
nondiscretionary administrative duties with respect to the Plan and Awards.

     (b) “Agreed Price” shall relate to the grant of an Award in the form of a SAR, and shall
mean the value assigned to the Award’s Reserved Shares which will form the basis for
calculating the Spread on the date of exercise of the SAR, which assigned value shall be the
Fair Market Value of such Reserved Shares on the Date of Grant.

     (c) “Applicable Laws” means the requirements relating to the administration of stock option
plans under U.S. state corporate laws, U.S. federal and state securities laws, and the Code;
and the similar laws of any foreign country or jurisdiction where Options are, or will be,
granted.

     (d) “Award” shall mean either an Option, a SAR, a Restricted Share Award, or a Performance
Award, except that where it shall be appropriate to identify the specific type of Award,
reference shall be made to the specific type of Award; and provided, further, that
references to Award shall be deemed to be references to the written agreement evidencing
such Award, and provided, finally, without limitation, that unless expressly provided to the
contrary in the terms of the Award, in the event of a conflict between the terms of the Plan
and the terms of an Award, the terms of the Plan are controlling.

     (e) “Board” shall mean the Board of Directors of the Parent.

     (f) “Broker Assisted Exercise”
shall mean a special sale and remittance procedure pursuant to which the Holder of an
Option shall concurrently provide irrevocable written instructions to (a) an Administrator
designated brokerage firm (“Broker”) to effect the immediate sale of the Reserved Shares and
remit to the Administrator, out of the sale proceeds available on the settlement date,
sufficient funds to cover the aggregate Option Price plus all applicable Federal, state and
local income and employment taxes required to be withheld by the Company, and (b) the
Administrator to deliver the certificates for the Shares directly to such brokerage firm in
order to complete the sale.

1

 

     (g) “Cause” shall mean either (i) a final, nonappealable conviction of a Holder for
commission of a felony involving moral turpitude, or (ii) Holder’s willful gross misconduct
that causes material economic harm to the Company or that brings substantial discredit to
the Company’s reputation.

     (h) “Change in Control” shall mean any one of the following:

     (1) “Continuing Directors” no longer constitute a majority of the Board; the
term “Continuing Director” means any individual who has served in such capacity for
one year or more, together with any new directors whose election by such Board or
whose nomination for election by the stockholders of the Company was approved by a
vote of a majority of the Directors of the Company then still in office who were
either directors at the beginning of such one-year period or whose election or
nomination for election was previously so approved;

     (2) after the Effective Date, any person or group of persons acting together as
an entity become (i) the beneficial owners (as defined in Rule 13d-3 under the
Securities Exchange Act of 1934, as amended) directly or indirectly, of shares of
common stock representing thirty percent (30%) or more of the voting power of the
Company’s then outstanding securities entitled generally to vote for the election of
the Company’s Directors, and (ii) the largest beneficial owner directly or
indirectly of the Company’s then outstanding securities entitled generally to vote
for the election of the Company’s Directors;

     (3) the merger or consolidation to which the Company is a party if (i) the
stockholders of the Company immediately prior to the effective date of such merger
or consolidation have beneficial ownership (as defined in Rule 13d-3 under the
Exchange Act) of less than forty percent (40%) of the combined voting power to vote
for the election of directors of the surviving corporation or other entity following
the effective date of such merger or consolidation; or (ii) fifty percent (50%) or
more of
the individuals constituting the members the Investment Committee are
terminated due to the Change in Control; or

     (4) the sale of all or substantially all, of the assets of the Company or the
liquidation or dissolution of the Company.

     (5) Notwithstanding the foregoing provisions of this Section 2(h), if a Holder’s
Separation is for a reason other than for Cause, and occurs not more than 90 days prior to
the date on which a Change in Control occurs, for purposes of Awards, such termination shall
be deemed to have occurred immediately following a Change in Control.

     (6) Notwithstanding anything herein to the contrary, under no circumstances
will a change in the constitution of the board of directors of any Subsidiary, a
change in the beneficial ownership of any Subsidiary, the merger or consolidation of
a Subsidiary with any other entity, the sale of all or substantially all

2

 

of the
assets of any Subsidiary or the liquidation or dissolution of any Subsidiary
constitute a “Change in Control” under this Plan.

     (i) “Change in Control Price” shall mean the higher of (i) the highest price per Share paid
in any transaction reported on the NYSE or such other exchange or market as is the principal
trading market for the Common Stock, or (ii) the highest price per share paid in any bona
fide transaction related to a Change in Control, at any time during the 60 day period
immediately preceding such occurrence; with such occurrence date to be determined by the
Committee and any payments of a change in control price to be made within the time limits
established under Section 10(b) hereof.

     (j) “Code” shall mean the Internal Revenue Code of 1986, as now or hereafter amended.

     (k) “Committee” shall mean the Compensation Committee of the Board, provided, further, that
in granting Performance Awards, Committee shall refer to only those members of the
Compensation Committee who are “Outside Directors” within the meaning of Section 162(m) of
the Code.

     (l) “Common Stock” shall mean the common stock, $.001 par value, of the Parent.

     (m) “Company” shall mean, individually and collectively, the Parent and the Subsidiaries, except that
when it shall be appropriate to refer only to Denbury Resources Inc., the reference will be
to “Parent”.

     (n) “Date of Grant” shall mean the date on which the Committee takes formal action to grant
an Award, provided that it is followed, as soon as reasonably practicable, by written notice
to the Eligible Person receiving the Award.

     (o) “Director” shall mean a member of the Board.

     (p) “Disability” shall mean a Holder’s present incapacity resulting from an injury or
illness (either mental or physical) which, in the reasonable opinion of the Administrator
based on such medical evidence as it deems necessary, will result in death or can be
expected to continue for a period of at least twelve (12) months and will prevent the Holder
from performing the normal services required of the Holder by the Company; provided,
however, that such disability did not result, in whole or in part: (i) from chronic
alcoholism; (ii) from addiction to narcotics; (ii) from a felonious undertaking; or (iv)
from an intentional self-inflicted wound.

     (q) “Effective Date” shall mean May 12, 2004.

3

 

     (r) “Eligible Person(s)” shall mean those persons or entities, as applicable, who are
Employees, or non-employee Directors.

     (s) “Employee(s)” shall mean each person whose customary work schedule is a minimum of
thirty (30) hours per week, and who is designated as an employee on the books of the
Company.

     (t) “Fair Market Value” per Share on the date of reference shall be the Closing Price on
such date, provided, further, that if the actual transaction involving the Shares occurs at
a time when the New York Stock Exchange is closed for regular trading, then it shall be the
most recent Closing Price; provided, further, that “Closing Price” means the closing price
of the Shares on the New York Stock Exchange as reported in any newspaper of general
circulation.

     (u) “Holder” shall mean, at each time of reference, each person with respect to whom an
Award is in effect; provided, further, that following the death of a Holder, it shall refer
to the person who succeeds to the rights of such Holder.

     (v) “Incentive Stock Option” shall mean an Option that is an incentive stock option as
defined in Section 422 of the Code.

     (w) “Investment Committee” shall mean the committee of that name established by the Board,
who shall be solely responsible for selecting its members, and whose members on the
Effective Date are Messrs. Gareth Roberts, Ronald T. Evans, Mark Worthey and Phil Rykhoek.

     (x) Purposely Omitted

     (y) “Non-Qualified Stock Option” shall mean an Option that is not an Incentive Stock Option.

     (z) “Option” (when capitalized) shall mean the grant of the right to purchase Reserved
Shares through the payment of the Option Price and taking the form of either an Incentive
Stock Option or a Non-Qualified Stock Option; except that, where it shall be appropriate to
identify a specific type of Option, reference shall be made to the specific type of Option;
provided, further, without limitation, that a single Option may include both Incentive Stock
Option and Non-Qualified Stock Option provisions.

     (aa) “Option Price” shall mean the price per Reserved Share which is required to be paid by
the Holder in order to exercise his or her right to acquire the Reserved Share under the
terms of the Option.

     (bb) “Parent” shall mean Denbury Resources Inc.

4

 

     (cc) “Performance Award” shall mean the award which is granted contingent upon the attainment of the performance
objectives during the Performance Period, all as described more fully in Section 17.

     (dd) “Performance Measures” shall mean one or more of the following: (i) earnings per share,
(ii) return on average common equity, (iii) pre-tax income, (iv) pre-tax operating income,
(v) net revenue, (vi) net income, (vii) profits before taxes, (viii) book value per share,
(ix) changes in amounts of oil and gas reserves, (x) changes in production rates, (xi) net
asset value, (xii) net asset value per share, (xiii) sales, (xiv) finding costs, or (xv)
operating cost reductions, but shall not include remaining in the employ of the Company for
a specified period of time.

     (ee) “Performance Period” shall mean the period described in Section 17 with respect to
which the performance objectives relate.

     (ff) “Plan” shall mean this 2004 Omnibus Stock and Incentive Plan for Denbury Resources
Inc.

     (gg) “Plan Year” shall mean the calendar year.

     (hh) “Reserved Shares” shall mean, at each time of reference, the total number of
Shares described in Section 3 with respect to which the Committee may grant an Award, all of
which Reserved Shares shall be held in the Parent’s treasury or shall be made available from
the Parent’s authorized and unissued Shares.

     (ii) “Restriction(s)” “Restricted” and similar shall mean the restrictions applicable
to Reserved Shares subject to an Award which constitute “a substantial risk of forfeiture”
of such Reserved Shares within the meaning of Section 83(a)(1) of the Code.

     (jj) “Restricted Period” shall mean the period during which Restricted Shares are
subject to Restrictions.

     (kk) “Restricted Shares” shall mean the Reserved Shares granted to an Eligible Person
which are subject to Restrictions; provided that, subject to the provisions of Section
16(b), the Committee may, in its sole discretion, determine that the Restrictions which
otherwise would have been imposed have been fully satisfied on the Date of Grant by reason
of prior service and/or other considerations, and thus provide that such Restricted Shares
shall be fully Vested on the Date of Grant.

5

 

     (ll) “Restricted Share Award” shall mean the award of Restricted Shares.

     (mm) “Restricted Share Distributions” shall mean any amounts, whether Shares, cash or
other property (other than regular cash dividends) paid or distributed by the Parent with
respect to Restricted Shares during a Restricted Period.

     (nn) “Retirement Vesting Date” shall mean the first birthday of a Holder on which that
Holder has attained the later of (i) his 60th birthday, and (ii) the birthday on which that
Holder attains an age equal to (x) 65 minus (y) the number which results from multiplying
(A) fifty percent (50%) times (B) that Holder’s full years of service as an Employee on such
birthday, with such product of (A) and (B) rounded down to the nearest whole number before
being deducted from 65. For example only, and without limiting the generality of the
foregoing, a Holder who has completed 70 months of service (i.e., 5 full years of service)
as an Employee on his 62nd birthday will not have attained his Retirement Vesting Date,
whereas a Holder who has completed 72 months of service (i.e., 6 full years of service) as
an Employee on his 62nd birthday will have attained his Retirement Vesting Date.

     (oo) “SAR” shall mean a stock appreciation right as defined in Section 18 hereof.

     (pp) “Share(s)” shall mean a share or shares of Common Stock.

     (qq) “Spread” shall mean the difference between the Option Price, or the Agreed Price,
as the case may be, of the Share(s) on the date of the Award, and the Fair Market Value of
such Share(s) on the date of reference.

     (rr) “Separation” shall mean the date on which a Holder ceases to have an employment
relationship with the Company for any reason, including death or Disability; and provided,
further, without limitation, such employment relationship will cease, in the case of a
non-Employee Director, upon his or her ceasing to be a Director; provided, however, that a
Separation will not be considered to have occurred while an Employee is on sick leave,
military leave, or any other leave of absence approved by the Company, if the period of such
leave does not exceed 90 days, or, if longer, so long as the Employee’s right to
redeployment with the Company is guaranteed either by statute or by contract.

     (ss) “Subsidiary” shall mean, where the Award is an Incentive Stock Option, a
“subsidiary corporation”, whether now or hereafter existing, as defined in Section 424(f) of
the Code, and on the case of any other Award, shall mean any entity which would be a
subsidiary corporation as defined in Section 424(f) of the Code if it were a corporation.
Notwithstanding the foregoing, Genesis Energy, Inc. shall not be considered a Subsidiary for
purposes of this Plan.

     (tt) “1933 Act” shall mean the Securities Act of 1933, as amended.

     (uu) “1934 Act” shall mean the Securities Exchange Act of 1934, as amended.

6

 

     (vv) “Vested” and similar terms shall mean the number of Option Shares which have
become nonforfeitable and the number of Restricted Shares on which the Restrictions have
lapsed; provided, further, and without limitation, that the lapse of Restrictions based on
the attainment of performance objectives is also a Vesting event.

     (ww) “10% Person” shall mean a person who owns directly (or indirectly through attribution
under Section 425(d) of the Code) at the Date of Grant of an Incentive Stock Option, stock
possessing more than 10% of the total combined voting power of all classes of voting stock
(as defined in Section 424 of the Code) of the Parent on the Date of Grant.

     3. Award of Reserved Shares.

     (a) As of the Effective Date (as amended), 21,500,000 Shares shall automatically, and
without further action, become Reserved Shares. Notwithstanding the foregoing, not more
than 14,200,000 Reserved Shares may be issued under the Plan as a result of the Vesting of
Restricted Stock or Performance Awards. To the extent any Award shall terminate, expire or
be canceled, the Reserved Shares subject to such Award (or with respect to which the Award
is measured), shall remain Reserved Shares. Where an Award is settled on a basis other than
the issuance of Reserved Shares, the Reserved Shares which measured the amount of such Award
settlement shall be canceled and no longer considered Reserved Shares.

     (b) Notwithstanding any provision in this Plan to the contrary, no person whose
compensation may be subject to the limitations on deductibility under Section 162(m) of the
Code shall be eligible for a grant during a single calendar year of an Award with respect
to, or measured by, more than 500,000 Reserved Shares. The limitation under this Section
3(b) shall be construed so as to comply with the requirements of Section 162(m) of the Code.

     4. Conditions for Grant of Awards.

     (a) Without limiting the generality of the provisions hereof which deal specifically
with each form of Award, Awards shall only be granted to such one or more Eligible Persons
as shall be selected by the Committee.

     (b) In granting Awards, the Committee shall take into consideration the contribution
the Eligible Person has made or may be reasonably expected to make to the success of the
Company and such other factors as the Committee shall determine. The Committee shall also
have the authority to consult with and receive recommendations from officers and other
personnel of the Company with regard to these matters. The Committee may from time to time
in granting Awards under the Plan prescribe such terms and conditions concerning such Awards
as it deems appropriate, including, without limitation, relating an Award to achievement of
specific goals established by the Committee or to the
continued employment of the Eligible Person for a specified period of time, provided
that such terms and conditions are not inconsistent with the provisions of this Plan.

7

 

     (c) Incentive Stock Options may be granted only to Employees, and all other Awards may
be granted to any Eligible Person.

     (d) The Plan shall not confer upon any Holder any right with respect to continuation of
employment by the Company, or any right to provide services to the Company, nor shall it
interfere in any way with his or her right or the Company’s right to terminate his or her
employment at any time.

     (e) The Awards granted to Eligible Persons shall be in addition to regular salaries,
pension, life insurance or other benefits (if any) related to their service to the Company,
and nothing herein shall be deemed to limit the ability of the Company to enter into any
other compensation arrangements with any Eligible Person.

     (f) The Administrator shall determine in each case whether periods of military or
government service shall constitute a continuation of employment or service for the purposes
of this Plan or any Award.

     (g) Notwithstanding any provision hereof to the contrary, each Award which in whole or
in part involves the issuance of Reserved Shares may provide for the issuance of such
Reserved Shares for consideration consisting of cash or cash equivalents, or such other
consideration as the Committee may determine, including (without limitation) as compensation
for past services rendered.

     (h) The Committee may delegate in writing to the Administrator the authority to grant
Awards to new Employees of the Company, provided that such authority contains limits on the
maximum amount or number of Awards (on both an individual basis and, if the Committee so
designates, on an aggregate basis) that the Administrator may grant under such authority.
Such authority shall also designate the terms and conditions for these grants.

     5. Grant of Options.

     (a) The Committee may grant Options to Eligible Persons from time to time, alone, in
addition to, or in tandem with, other Awards granted under the Plan. An Option granted
hereunder shall be either an Incentive Stock Option or a Non-Qualified Stock Option, and
shall clearly state whether it is (in whole or in part) an Incentive Stock Option or a
Non-Qualified Stock Option; provided, further, that failure of an Option designated as an
Incentive Stock Option to qualify as an Incentive Stock Option will not affect its validity,
and the portion which does not qualify as an Incentive Stock Option shall be a Non-Qualified
Stock Option.

     (b) If both Incentive Stock Options and Non-Qualified Stock Options are granted to a
Holder, the right to exercise, to the full extent thereof, Options of either type shall not
be
contingent in whole or in part upon the exercise of, or failure to exercise, Options of
the other type.

8

 

     (c) The aggregate Fair Market Value (determined as of the Date of Grant) of the
Reserved Shares with respect to which any Incentive Stock Option is exercisable for the
first time by a Holder during any calendar year under the Plan and all such plans of the
Company (as defined in Section 425 of the Code) shall not exceed $100,000; provided,
further, without limitation, that any portion of an Option designated as an Incentive Stock
Option which exceeds such $100,000 limit will, notwithstanding such designation, be a
validly granted Non-Qualified Stock Option.

     (d) The Committee may at any time offer to buy out for a payment in cash, an Option
previously granted, based on such terms and conditions as the Committee shall establish and
as communicated to the Holder by the Administrator at the time that such offer is made,
provided that no such offer or payment may be made in a manner that would violate the
prohibition of the New York Stock Exchange (or other national securities exchange upon which
the Company’s securities are listed for trading) against the repricing of “underwater”
options (options with an exercise price above the then-current price of the Company’s common
stock on the NYSE) without shareholder approval.

     6. Option Price.

     (a) The Option Price shall be any price determined by the Committee which is not less
than one hundred percent (100%) of the Fair Market Value per Share on the Date of Grant;
provided, however, that in the case of an Incentive Stock Option granted to a 10% Person the
Option Price shall not be less than 110% of the Fair Market Value per Share on the Date of
Grant. The Administrator shall determine the Fair Market Value per Share.

     (b) Unless further limited by the Committee in any Option, the Option Price may be paid
in cash, by certified or cashier’s check, by wire transfer, by money order, through a Broker
Assisted Exercise, with Shares (but with Shares only if expressly permitted by the terms of
the Option and only with Shares owned by the Holder for at least 6 months prior to the
exercise date), or by a combination of the above; provided, however, that the Administrator
may accept a personal check in full or partial payment. If the Option Price is permitted to
be, and is, paid in whole or in part with Shares, the value of the Shares surrendered shall
be the Shares’ Fair Market Value on the date delivered to the Administrator.

     7. Exercise of Options.

An Option shall be deemed exercised when (i) the Administrator has received written notice
of such exercise in accordance with the terms of the Option, and (ii) full payment of the
aggregate Option Price plus required withholding tax amounts, if any, described in Section
15, of the Reserved Shares as to which the Option is exercised has been made. Separate
stock certificates shall be issued by the Parent for any Reserved Shares acquired as a
result of exercising an Incentive Stock Option and a Non-Qualified Stock Option.

9

 

     8. Vesting of Options.

     (a) Without limitation, each Option shall Vest in whole or in part, and shall expire,
according to the terms of the Option. Unless otherwise expressly provided in an Option,
each Option which is not an Annual Option as described in Section 8(b) below, shall Vest,
and Reserved Shares subject to such Option shall become Vested Option Shares, on the dates
set forth in the following Vesting Schedule:

     (1) 25% of the Reserved Shares on the first anniversary of the Date of Grant;

     (2) 25% of the Reserved Shares on the second anniversary of the Date of Grant;

     (3) 25% of the Reserved Shares on the third anniversary of the Date of Grant;
and

     (4) 25% of the Reserved Shares on the fourth anniversary of the Date of Grant.

     (b) Except as otherwise expressly provided in such Option, an Option which is expressly
designated as an “Annual” Option shall not Vest, and shall remain 100% forfeitable, until
the fourth (4th) anniversary of its Date of Grant, and on such fourth
(4th) anniversary of its Date of Grant such Annual Option shall become 100%
Vested, and all Reserved Shares subject to such Annual Option shall become Vested Option
Shares.

     (c) The Committee, in its sole discretion, may accelerate the date on which all or any
portion of an otherwise unvested Option shall Vest or restrictions on Restricted Shares will
lapse.

     9. Termination of Option Period.

     (a) Unless the terms of an Option expressly provide for a different date of
termination, the unexercised portion of an Option shall automatically and without notice
terminate and become null and void at the time of the earliest to occur of the following:

     (1) on the 90th day following Holder’s Separation for any reason except death,
Disability or for Cause; or

     (2) immediately upon Separation as a result, in whole or in material part, of a
discharge for Cause; or

     (3) on the first anniversary of a Separation by reason of death or Disability;

10

 

     (4) in the case of a 10% Person, on the fifth (5th ) anniversary of
the Date of Grant; or

     (5) on the tenth (10th) anniversary of the Date of Grant.

     (b) Notwithstanding any provision of the Plan to the contrary, in the event of the
proposed dissolution or liquidation of the Parent, or in the event of a proposed sale of all
or substantially all of the assets of the Company, or the proposed merger of the Parent with
or into another corporation (collectively, the “Transaction”), unless otherwise expressly
provided (by express reference to this Section 9(b)) in the terms of an Option, after the
public announcement of the Transaction, the Committee may, in its sole discretion, direct
the Administrator to deliver a written notice (“Cancellation Notice”) to any Holder of an
Option, canceling the unexercised Vested portion (including the portion which becomes Vested
by reason of acceleration), if any, of such Option, effective on the date specified in the
Cancellation Notice (“Cancellation Date”). Notwithstanding the forgoing, the Cancellation
Date may not be earlier than the last to occur of (i) the 15th day following
delivery of the Cancellation Notice, and (ii) the 60th day prior to the proposed
date for the consummation of the Transaction (“Proposed Date”). Without limitation, the
Cancellation Notice will provide that, unless the Holder elects in writing to waive, in
whole or in part, a Conditional Exercise, that the exercise of the Option will be a
Conditional Exercise. A “Conditional Exercise” shall mean that in the event the Transaction
does not occur within 180 days of the Proposed Date, the exercising Holder shall be refunded
any amounts paid to exercise such Holder’s Option, such Option will be reissued, and the
purported exercise of such Option shall be null and void ab initio.

     10. Acceleration.

     (a) Unless otherwise expressly provided in the Award, in the event the Holder’s
Separation is by reason of the Holder’s death, or Disability, all Awards granted to the
Holder shall become fully exercisable, Vested, or the Restricted Period shall terminate, as
the case may be (hereafter, in this Section 10, such Award shall be “accelerated”).

     (b) Unless otherwise expressly provided in an Award, in the event of a Change in
Control (i) all Awards shall be accelerated, and (ii) in the sole discretion of the
Committee, the value of some or all Awards may be cashed out on the basis of the Change in
Control Price, at any time during the 60 day period immediately preceding any bona fide
transaction related to a Change in Control; provided, further, that if a date prior to such
occurrence is selected for a cash out, any subsequent increase in the Change in Control
Price will be paid to each Holder on the date of such occurrence, or as soon thereafter as
reasonably possible, but not later than 2 1/2 months from the occurrence of the Change in
Control.

     11. Adjustment of Reserved Shares.

     (a) If at any time while the Plan is in effect or Awards with respect to Reserved
Shares are outstanding, there shall be any increase or decrease in the number of issued and

11

 

outstanding Shares through the declaration of a stock dividend or through any
recapitalization resulting in a stock split-up, combination or exchange of Shares, then and
in such event:

     (i) appropriate adjustment shall be made in the maximum number of Reserved
Shares which may be granted under Section 3, and equitably in the Reserved Shares
which are then subject to each Award, so that the same proportion of the Parent’s
issued and outstanding Common Stock shall continue to be subject to grant under
Section 3, and to such Award, and

     (ii) in addition, and without limitation, in the case of each Award (including,
without limitation, Options) which requires the payment of consideration by the
Holder in order to acquire Reserved Shares, an appropriate equitable adjustment
shall be made in the consideration (including, without limitation the Option Price)
required to be paid to acquire the each Reserved Share, so that (i) the aggregate
consideration to acquire all of the Reserved Shares subject to the Award remains the
same and, (ii) so far as possible, (and without disqualifying an Incentive Stock
Option) the relative cost of acquiring each Reserved Share subject to such Award
remains the same.

All such determinations shall be made by the Board in its sole discretion.

     (b) The Committee may change, or may direct the Administrator to change, the terms of
Options outstanding under this Plan, with respect to the Option Price or the number of
Reserved Shares subject to the Options, or both, when, in the Committee’s judgment, such
adjustments become appropriate by reason of a corporate transaction (as defined in Treasury
Regulation § 1.425-1(a)(1)(ii)); provided, however, that if by reason of such corporate
transaction an Incentive Stock Option is assumed or a new Incentive Stock Option is
substituted therefor, the Committee, or at the direction of the Committee, the
Administrator, may only change the terms of such Incentive Stock Option such that (i) the
excess of the aggregate Fair Market Value of the Shares subject to the substituted Incentive
Stock Option immediately after the substitution or assumption, over the aggregate Option
Price of such Shares at such time, is not more than the excess of the aggregate Fair Market
Value of all Reserved Shares subject to the Incentive Stock Option immediately before such
substitution or assumption over the aggregate Option Price of such Reserved Shares at such
time, and (ii) the substituted Incentive Stock Option, or the assumption of the original
Incentive Stock Option does not give the Holder additional benefits which such Holder did
not have under the original Incentive Stock Option. Without limiting the generality of any
other provisions hereof, including, without limitation, Section 21, except to the minimum
extent, if any, required by Section 424(a) of the Code with respect to Incentive Stock
Options, no change made under the authority of this Section 11(b) in the terms of an Option
shall alter such Option’s material provisions in a way that makes such Option less valuable
to its Holder.

     (c) Except as otherwise expressly provided herein, the issuance by the Parent of shares
of its capital stock of any class, or securities convertible into shares of capital stock of

12

 

any class, either in connection with direct sale for adequate consideration, or upon the
exercise of rights or warrants to subscribe therefor, or upon conversion of shares or
obligations of the Parent convertible into such shares or other securities, shall not
affect, and no adjustment by reason thereof shall be made with respect to, Reserved Shares
subject to Awards granted under the Plan.

     (d) Without limiting the generality of the foregoing, the existence of outstanding
Awards with respect to Reserved Shares granted under the Plan shall not affect in any manner
the right or power of the Parent to make, authorize or consummate (1) any or all
adjustments, recapitalizations, reorganizations or other changes in the Parent’s capital
structure or its business; (2) any merger or consolidation of the Parent; (3) any issue by
the Parent of debt securities, or preferred or preference stock which would rank above the
Reserved Shares subject to outstanding Awards; (4) the dissolution or liquidation of the
Parent; (5) any sale, transfer or assignment of all or any part of the assets or business of
the Company; or (6) any other corporate act or proceeding, whether of a similar character or
otherwise.

     12. Transferability of Awards. Each Award shall provide that such Award shall not be
transferable by the Holder otherwise than by will or the laws of descent and distribution,
and that so long as an Holder lives, only such Holder or his or her guardian or legal
representative shall have the right to exercise such Incentive Stock Option.

     13. Issuance of Reserved Shares. No Holder shall be, or have any of the rights or
privileges of, the owner of Reserved Shares subject to an Award unless and until
certificates representing such Common Stock shall have been issued and delivered to such
Holder. As a condition of any issuance of Common Stock, the Administrator may obtain such
agreements or undertakings, if any, as the Administrator may deem necessary or advisable to
assure compliance with any such law or regulation or shareholder agreement including, but
not limited to, a representation, warranty or agreement to be bound by any legends that are,
in the opinion of the Administrator, necessary or appropriate to comply with the provisions
of any securities law deemed by the Administrator to be applicable to the issuance of the
Reserved Shares and which are endorsed upon the Share certificates.

     Share certificates issued to the Holder receiving such Reserved Shares who is a party
to any shareholders agreement, voting trust, or any similar agreement shall bear the legends
contained in such agreements. Notwithstanding any provision hereof to the contrary, no
Reserved Shares shall be required to be issued with respect to an Award unless counsel for
the Parent shall be reasonably satisfied that such issuance will be in compliance with
applicable federal or state securities laws.

     In no event shall the Company be required to sell or issue Reserved Shares under any
Award if the sale or issuance thereof would constitute a violation of applicable federal or
state securities law or regulation or a violation of any other law or regulation of any
governmental authority or any national securities exchange. As a condition to any sale or
issuance of Reserved Shares, the Company may place legends on Reserved Shares, issue

13

 

stop
transfer orders, and require such agreements or undertakings as the Company may deem
necessary or advisable to assure compliance with any such law or regulation.

     Without limitation, the Company shall use its best efforts to register the Reserved
Shares with the Securities and Exchange Commission under a Form S-8.

     14. Administration of the Plan.

     (a) The Plan shall be administered by the Committee and, except for the powers reserved
to the Board in Section 21 hereof, the Committee shall have all of the administrative powers
under Plan. Without limitation, all members of the Committee must be independent Directors
under applicable rules of the New York Stock Exchange.

     (b) The Committee, from time to time, may adopt rules and regulations for carrying out
the purposes of the Plan and, without limitation, may delegate all of what, in its sole
discretion, it determines to be primarily administrative or ministerial duties to the
Administrator. The determinations under, and the interpretations of, any provision of the
Plan or an Award by the Committee (or the Administrator in the exercise of his
administrative authority) shall, in all cases, be in its sole discretion, and shall be final
and conclusive.

     (c) Any and all determinations and interpretations of the Committee shall be made
either (i) by a majority vote of the members of the Committee at a meeting duly called, with
at least 2 days prior notice, or (ii) without a meeting, by the written approval of all
members of the Committee.

     (d) No member of the Committee, or the Administrator, shall be liable for any action
taken or omitted to be taken by such member or by any other member of the Committee or by
the Administrator with respect to the Plan, and to the extent of liabilities not otherwise
insured under a policy purchased by the Company, the Company does hereby indemnify and agree
to defend and save harmless any member of the Committee, and the Administrator, with respect
to any liabilities asserted or incurred in connection with the exercise and performance of
their powers and duties hereunder, unless such liabilities are judicially determined to have
arisen out of such person’s gross negligence, fraud or bad faith. Such indemnification
shall include attorney’s fees and all other costs and expenses reasonably incurred in
defense of any action arising from such act of commission or omission. Nothing herein shall
be deemed to limit the Company’s ability to insure itself with respect to its obligations
hereunder.

     (e) In particular, and without limitation, except for the authority granted to the
Administrator under Section 4(h) to make determinations described in subsections (i), (ii),
and (iii) below while carrying out the general delegation by the Committee with respect to
the grant of Awards to new Employees, the Committee shall have the sole authority,
consistent with the terms of the Plan:

14

 

     (i) to determine whether and to what extent Awards are to be granted hereunder
to one or more Eligible Persons;

     (ii) to determine the number of Reserved Shares to be covered by each such
Award granted hereunder;

     (iii) to determine the terms and conditions of any Award granted hereunder, and
to amend or waive any such terms and conditions except to the extent, if any,
expressly prohibited by the Plan;

     (iv) to determine whether and under what circumstances an Option may be settled
in Restricted Shares instead of Reserved Shares;

     (v) to determine whether, to what extent, and under what circumstances Awards
under the Plan are to be made, and operate, on a tandem basis vis-a-vis other Awards
under the Plan; and

     (vi) to determine (or to delegate to the Administrator the authority to
determine) whether to permit payment of tax withholding requirements in Shares.

     (f) Without limitation, Committee (and the Administrator in carrying out his
responsibilities under Section 4(h)) shall have the authority to adopt, alter, and repeal
any or all of its rules, guidelines, and practices with respect to the Plan, and all
questions of interpretation, with respect to the Plan or any Award shall be decided by the
Committee (or by the Administrator in carrying out his duties under Section 4(h)), whose
decision shall be final, conclusive and binding upon the Company and each other affected
party.

     (g) Without limitation, the Committee in its sole discretion may limit the authority
granted, or previously granted, hereunder by the Committee to the Administrator by notifying
the Administrator in writing of such change.

     15. Tax Withholding. On or immediately prior to the date on which a payment is made
to a Holder hereunder or, if earlier, the date on which an amount is required to be included
in the income of the Holder as a result of an Award, the Holder shall be required to pay to
the Company, in cash, or in Shares (but in Shares only if expressly permitted in the Award,
or by written authorization of the Administrator, and then only in the minimum amount
required to satisfy the minimum withholding requirements with respect to such Award), the
amount (if any) which the Company reasonably determines to be necessary in order for the
Company to comply with applicable federal or state tax withholding requirements, and the
collection of employment taxes; provided, further, without limitation, that the
Administrator may require that such payment be made in cash.

     16. Restricted Share Awards.

     (a) The Committee may grant Awards of Restricted Shares to any Eligible Person, for no
cash consideration, for such minimum consideration as may be required by

15

 

applicable law, or
for such other consideration as may be specified in the grant. The terms and conditions of
Restricted Shares shall be specified in the Award. The Committee, in its sole discretion,
shall determine what rights, if any, the person to whom an Award of Restricted Shares is
made shall have in the Restricted Shares during the Restriction Period and the Restrictions
applicable to the particular Award, including whether the holder of the Restricted Shares
shall have the right to vote the Restricted Shares and the extent, if any, of Holder’s right
to receive Restricted Share Distributions. Unless otherwise provided in the Restricted
Share Award, upon the expiration of Restrictions, the Restricted Shares shall cease to be
Restricted Shares.

     (b) The Restrictions on Restricted Shares shall lapse in whole, or in installments,
over whatever Restricted Period shall be selected by the Committee, provided that the length
of the period over which the Restrictions shall lapse is not less than (i) three (3) years
for Awards of Restricted Shares which are not performance-based or (ii) one (1) year for
Awards of Restricted Shares which are performance-based.

     (c) Without limitations, the Committee may accelerate the date on which Restrictions
lapse, are waived or are accelerated with respect to Restricted Shares which comprise five
percent (5%) or less of the total number of Reserved Shares authorized for issuance under
this Plan under the first sentence of Section 3.

     (d) During the Restricted Period, the certificates representing the Restricted Shares,
and any Restricted Share Distributions, shall be registered in the Holder’s name and bear a
restrictive legend disclosing the Restrictions, the existence of the Plan, and the existence
of such Restricted Share Award. Such certificates shall be deposited by the Holder with the
Company, together with stock powers or other instruments of assignment, each endorsed in
blank, which will permit the transfer to the Company of all or any portion of the Restricted
Shares, and any assets constituting Restricted Share Distributions, which shall be forfeited
in accordance with the terms of such Restricted Share Award. Restricted Shares shall
constitute issued and outstanding Common Stock for all corporate purposes and the Holder
shall have all rights, powers and privileges of a holder of unrestricted Shares except those
that are expressly excluded under the terms of the Restricted Share Award, and Holder will
not be entitled to delivery of the stock certificates until all Restrictions shall have
terminated, and the Company will retain custody of all related Restricted Share
Distributions (which will be subject to the same Restrictions, terms, and conditions as the
related Restricted Shares) until the conclusion of the Restricted Period with respect to the
related Restricted Shares; and provided, further, that any Restricted Share Distributions
shall not bear interest or be segregated into a separate account but shall remain a general
asset of the Company, subject to the claims of the Company’s creditors, until the conclusion
of the applicable Restricted Period; and provided, finally, that any material breach of any
terms of
the Restricted Share Award, as reasonably determined by the Administrator, will cause a
forfeiture of both Restricted Shares and Restricted Share Distributions.

16

 

     17. Performance Awards.

     (a) Performance Awards during a Plan Year may be granted only to the Chief Executive
Officer and the four (4) highest paid employees as of the last day of such Plan Year
(“Covered Employees”), and shall in all events be specifically designated as Performance
Awards. Nothing herein shall be construed as limiting the Committee’s authority to grant
other types of Awards to Eligible Persons, including Covered Employees, conditioned on the
satisfaction of such criteria, including those comprising the Performance Measures, as the
Committee, in its sole discretion, may select.

     (b) Without limitation, the Committee’s grant of Performance Awards may, in its sole
discretion, be made in Reserved Shares or in cash, or in a combination of Reserved Shares
and cash, but the cash portion of such Award may not exceed $500,000 in a Plan Year.

     (c) The Committee shall select the Performance Measures which will be required to be
satisfied during the Performance Period in order to earn the Performance Award. Such
Performance Measures, and the duration of any Performance Period (provided that such
Performance Period is not less than one (1) year), may differ with respect to each Covered
Employee, or with respect to separate Performance Awards issued to the same Covered
Employee. The selected Performance Measures, the Performance Period(s), and any other
conditions to the Company’s obligation to pay a Performance Award shall be set forth in each
Performance Award on or before the first to occur of (i) the 90th day of the
selected Performance Period, (ii) the first date on which more than 25% of the Performance
Period has elapsed, and (iii) the first date, if any, on which satisfaction of the
Performance Measure(s) is no longer substantially uncertain.

     (d) Performance Awards shall be paid in a single payment, but will not be paid prior
to the date on which the Performance Measures are attained, except that such payment may be
accelerated upon the death or Disability of the Covered Employee, or as a result of a Change
in Control, it being understood that if such acceleration events occur prior to the
attainment of the Performance Measures, the Performance Award will not be exempt from
Section 162(m) of the Code. Any accelerated payment made upon death or Disability (as
defined in Section 409A of the Code or rules or regulation thereunder) or as a result of a
Change in Control (as defined in Section 409A of the Code or rules or regulation thereunder)
will be paid within 2 1/2 months of the end of the taxable year in which the death or such
disability of the Covered Employee occurs or in which such change in control occurs.

     (e) The extent to which any applicable performance objective has been achieved shall be
conclusively determined by the Committee, but may be specifically delegated to the
Administrator. Without limitation, where a Covered Employee has satisfied the Performance
Measures with respect to a Performance Award, if permitted under the terms of such
Performance Award, the Committee, in its sole discretion, may reduce the maximum amount
payable under such Performance Award.

17

 

     18. Stock Appreciation Rights

     (a) The Committee shall have authority to grant (i) a SAR with respect to Reserved
Shares, including, without limitation, Reserved Shares covered by any Option (“Related
Option”), or (ii) a SAR with respect to, or as to some or all of, a Performance Award
(“Related Performance Award”). A SAR granted with respect to a related Option or Related
Performance Award must be granted on the Date of Grant of such Related Option or Related
Performance Award.

     (b) For the purposes of this Section 18, the following definitions shall apply:

     (i) The term “SAR” shall mean a right granted under this Plan, including,
without limitation, a right granted in tandem with an Award, that shall entitle the
Holder thereof to an amount equal to the SAR Spread payable as described in Section
18(d).

     (ii) The term “SAR Spread” shall mean with respect to each SAR an amount equal
to the product of (1) the excess of (A) the Fair Market Value per Share on the date
of exercise, over (B) (x) if the SAR is granted in tandem with an Option, then the
Option Price per Reserved Share of the Related Option, (y) if the SAR is granted in
tandem with a Performance Award, the Agreed Price under the Related Performance
Award, or (z) if the SAR is granted by itself with respect to a designated number of
Reserved Shares, the Agreed Price which, without limitation, is the Fair Market
Value of the Reserved Shares on the Date of Grant, in each case multiplied by (2)
the number of Reserved Shares with respect to which such SAR is being exercised;
provided, however, without limitation, that with respect to any SAR granted in
tandem with an Incentive Stock Option, in no event shall the SAR Spread exceed the
amount permitted to be treated as the SAR Spread under applicable Treasury
Regulations or other legal authority without disqualifying the Option as an
Incentive Stock Option.

     (c) To exercise the SAR the Holder shall:

     (i) Give written notice thereof to the Company, specifying the SAR being
exercised and the number or Reserved Shares with respect to which such SAR is being
exercised, and

     (ii) If requested by the Company, deliver within a reasonable time the
agreement evidencing the SAR being exercised and, if applicable, the Related Option
agreement, or Related Performance Award agreement, to the Secretary of the Company
who shall endorse or cause to be endorsed thereon a notation of such exercise and
return all agreements to the Holder.

     (d) As soon as practicable, but within 2 1/2 months after the exercise of a SAR the
Company shall transfer to the Holder Reserved Shares having a Fair Market Value on the

18

 

date
the SAR s exercised equal to the SAR Spread; provided, however, without limiting the
generality of Section 15, that the Company, in its sole discretion, may withhold from such
transferred Reserved Shares any amount necessary to satisfy the Company’s minimum obligation
for federal and state withholding taxes with respect to such exercise.

     (e) A SAR may be exercised only if and to the extent that it is permitted under the
terms of the Award which, in the case of a Related Option, shall be only when such Related
Option is eligible to be exercised.

     (f) Upon the exercise or termination of a Related Option, or the payment or termination
of a Related Performance Award, the SAR with respect to such Related Option or Related
Performance Award likewise shall terminate.

     (g) A SAR shall be transferable (i) only to the extent, if any, provided in the
agreement evidencing the SAR, or (ii) if granted with respect to a Related Option, or
Related Performance Award, only to the extent, if any, that such Related Option, or Related
Performance Award, is transferable, and under the same conditions.

     (h) Each SAR shall be on such terms and conditions not inconsistent with this Plan as
the Committee may determine.

     (i) The Holder shall have no rights as a stockholder with respect to the related
Reserved Shares as a result of the grant of a SAR.

     (j) With respect to a Holder who, on the date of a proposed exercise of a SAR is an
officer (as that term is used in Rule 16a-1 promulgated under the 1934 Act or any similar
rule which may subsequently be in effect), such proposed exercise may only occur as
permitted by Rule 16b-3, including without limitation paragraph (e)(3)(iii) (or any similar
rule which may subsequently be in effect promulgated pursuant to Section 16(b) of the 1934
Act).

19

 

     19. Section 83(b) Election.

     If as a result of receiving an Award, a Holder receives Restricted Shares, then such
Holder may elect under Section 83(b) of the Code to include in his or her gross income, for
his or her taxable year in which the Restricted Shares are transferred to such Holder, the
excess of the Fair Market Value (determined without regard to any Restriction other than one
which by its terms will never lapse), of such Restricted Shares at the Date of Grant, over
the amount (if any) paid for the Restricted Shares. If the Holder makes the Section 83(b)
election described above, the Holder shall (i) make such election in a manner that is
satisfactory to the Administrator, (ii) provide the Administrator with a copy of such
election, (iii) agree to promptly notify the Company if any Internal Revenue Service or
state tax agent, on audit or otherwise, questions the validity or correctness of such
election or of the amount of income reportable on account of such election, and (iv) agree
to pay the withholding amounts described in Section 15.

     20. Vesting of Awards Upon Retirement.

     Unless otherwise expressly provided in the Award or in the Plan, the unVested portion
of each Award granted to a Holder in the form of Option Shares, SARs and owned by that
Holder on the date of that Holder’s Separation will vest 100% on the date of that Holder’s
Separation if, and only if, such Separation occurs on or after the date that Holder attains
their Retirement Vesting Date. Without limiting the generality of the foregoing, the
Vesting of the unVested portion of an Award granted to a Holder in the form of Restricted
Shares shall not accelerate as a result of that Holder’s Separation after attaining their
Retirement Vesting Date except to the extent, if any, that such Vesting is expressly
provided for in the Award.

     21. Interpretation.

     (a) If any provision of the Plan is held invalid for any reason, such holding shall not
affect the remaining provisions hereof, but instead the Plan shall be construed and enforced
as if such provision had never been included in the Plan.

     (b) THIS PLAN SHALL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE.

     (c) Headings contained in this Agreement are for convenience only and shall in no
manner be construed as part of this Plan.

     (d) Any reference to the masculine, feminine, or neuter gender shall be a reference to
such other gender as is appropriate.

     (e) Nothing contained in this Plan shall prevent the Board from adopting other or
additional compensation arrangements, subject to shareholder approval
if such approval is required; and such arrangements may be either generally applicable or applicable only
in specific cases.

20

 

     22. Amendment and Discontinuation of the Plan. The Board, or the Committee (subject
to the prior written authorization of the Board), may from time to time amend the Plan or
any Award; provided, however, that (except to the extent provided in Section 9(b)) no such
amendment may, without approval by the shareholders of the Parent, (a) increase the number
of Reserved Shares or change the class of Eligible Persons, (b) permit the granting of
Awards which expire beyond the maximum 10-year period described in Section 9(a)(5), or (c)
make any change for which applicable law or regulatory authority (including the regulatory
authority of the NYSE or any other market or exchange on which the Common Stock is traded)
would require shareholder approval or for which shareholder approval would be required under
Section 162(m) of the Code to secure complete deductibility of all compensation paid as a
result of Awards; and provided, further, that no amendment or suspension of the Plan or any
Award issued hereunder shall, except as specifically permitted in this Plan or under the
terms of such Award, substantially impair any Award previously granted to any Holder without
the consent of such Holder.

     23. Effective Date and Termination Date. The Plan shall be effective as of its
Effective Date, and shall terminate on the tenth anniversary of such Effective Date;
provided, further, without limitation, that unless otherwise expressly provided in an Award,
the termination of the Plan shall not terminate an Award which is outstanding on such date.

     24. Section 409A. It is the intention of the Company that no Award shall be “deferred
compensation” subject to Section 409A of the Code, unless and to the extent that the
Committee specifically determines otherwise, and the Plan and the terms and conditions of
all Awards shall be interpreted accordingly. The terms and conditions governing any Awards
that the Committee determines will be subject to Section 409A of the Code, including any
rules for elective or mandatory deferral of the delivery of cash or shares of Common Stock
pursuant thereto and any rules regarding treatment of such Awards in the event of a Change
of Control, shall be set forth in the applicable Award Agreement, deferral election forms
and procedures, and rules established by the Committee, and shall comply in all respects
with Section 409A of the Code. The following rules will apply to Awards intended to be
subject to Section 409A of the Code (“409A Awards”):

     (a) If a Participant is permitted to elect to defer an Award or any payment under an
Award, such election will be permitted only at times in compliance with Code Section 409A,
including applicable transition rules thereunder.

     (b) The Company shall have no authority to accelerate distributions relating to 409A
Awards in excess of the authority permitted under Section 409A.

     (c) Any distribution of a 409A Award following a termination of employment that would
be subject to Code Section 409A(a)(2)(A)(i) as a distribution following a

21

 

separation from
service of a “specified employee” as defined under Code Section 409A(a)(2)(B)(i), shall
occur no earlier than the expiration of the six-month period following such Termination of
Employment.

     (d) In the case of any distribution of a 409A Award, if the timing of such distribution
is not otherwise specified in the Plan or an Award Agreement or other governing document,
the distribution shall be made not later than the end of the calendar year during which the
settlement of the 409A Award is specified to occur.

     (e) In the case of an Award providing for distribution or settlement upon vesting or
the lapse of a risk of forfeiture, if the time of such distribution or settlement is not
otherwise specified in the Plan or an Award Agreement or other governing document, the
distribution or settlement shall be made not later than March 15 of the year following the
year in which the Award vested or the risk of forfeiture lapsed.

	 	 	 	 	 
	 	DENBURY RESOURCES INC.

 	 
	 	By:  	
/s/ Phil Rykhoek	 
	 	 	Phil Rykhoek, 	 
	 	 	Senior Vice President, Chief

Financial Officer and Secretary 	 
	 

22

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