Document:

Exhibit 10.2

Chevron #12-7D
Lease No. 691300

 

ASSIGNMENT OF WORKING INTEREST

 

This Assignment made this 22nd day of August 2003 from PETROLEUM DEVELOPMENT CORPORATION, a Nevada Corporation, (herein called "Assignor") to
PDC 2003-C, Limited Partnership, (herein called "Assignee'');

WITNESSETH

Assignor, for the sum of
One Dollar ($1.00) and other valuable consideration, the receipt of which is hereby acknowledged, does by these
presents GRANT, BARGAIN, SELL, EXCHANGE, CONVEY, ASSIGN, TRANSFER, SET
OVER and DELIVER unto Assignee all of the following:

1.     The specific undivided interest shown in Exhibit A
in respect of each of the oil and gas leases
shown in Exhibit A, but only to the extent such leases cover lands and depths
necessary for production of the specific oil and gas well identified in
Exhibit A. This is intended to be a "wellbore assignment." Assignee shall be entitled to receive that share of
production from the well identified in .Exhibit A which
is attributable to the undivided interest here being assigned, but the Assignee shall have, as a result of this
Assignment, no interest whatsoever in any other oil and gas well, whether now existing or hereafter drilled,
which may be located on the lands described in Exhibit A or on any .land
pooled therewith. Assignor expressly excepts from this Assignment and reserves to itself, its successors and assigns,
the remainder of the lease and the leasehold oil and gas estate, including (without limitation) the
right to produce other wells which are or may be located on the lands
described in Exhibit A and lands pooled therewith, without the obligation to
account to Assignee for any such other production.

2.      The specific undivided interest
shown in Exhibit A in all valid unitization, pooling, operating and comrnunitization agreements,
declarations and orders involving the leasehold interests here being assigned, but only to the extent•that
such agreements, declarations and orders relate to the well specifically
identified in Exhibit A and in all other respects limited to the manner as set
forth in Paragraph 1, above,

3.      The specific undivided
interest shown in Exhibit A in all valid oil and gas sales, purchase, exchange and processing contracts,
but
only to the extent that such contracts. relate to the well
specifically identified in Exhibit A and in .all other respects limited-in the
manner set forth in Paragraph 1, above. 

4.      The specific undivided
interest shown in Exhibit A in all personal property, improvements, lease and
well equipment, easements, permits, licenses, servitudes and rights of way now owned by Assignor and being used in
connection with the operation of the well specifically identified in Exhibit A or in connection with the production,
treating, storing, transportation or marketing of oil, gas and other minerals
from that well, but in all respects limited in the manner set forth in
Paragraph 1, above.

TO HAVE AND TO HOLD the interests described unto
Assignee, its successors and assigns, forever.

This assignment is made
without warranties of any type (whether of title, merchantability or fitness for a particular use), either express
or. implied, but is made with full
substitution of Assignee in all covenants and warranties previously given or
made by others, but only to the extent of the interests here assigned. Assignor
does, however, expressly intend that this Assignment convey any title
that Assignor may hereafter acquire to the extent that such after, acquired
title may be necessary to fulfill the interests herein assigned.

Assignee shall bear its proportionate share of all burdens on
production now of record and hereby assumes its proportionate share of all
other obligations that relate to the well specifically identified in Exhibit A
and the production therefrom.

Both Assignor and Assignee hereby agree to execute
and deliver such additional instruments, notices, division orders,
transfer orders and other documents as may reasonably be requested by the other, and to do such other acts
and things, as may be necessary or convenient to accomplish this Assignment in the manner and to the extent described
in Paragraph 1, above.

 

 

Chevron #12-7D

Lease No. 691300

IN WITNESS WHEREOF,
Petroleum Development Corporation has executed and delivered this instrument, with the intention that it shall
be effective as of the date of first production from the well
specifically identified in Exhibit A.
  

 

 

 

 

AMENDMENT TO
ASSIGNMENT OF WORKING INTEREST

THIS AMENDMENT TO
ASSIGNMENT OF WORKING INTEREST is made February 15, 2006 between Petroleum
Development Corporation, a Nevada corporation, and PDC 2003-C Limited
Partnership, a West Virginia limited partnership whose address is P. O. Box 26, Bridgeport, West
Virginia 26330.

1. Background. By this instrument, the parties
correct and amend the Assignment of Working Interest (the "Original
Assignment"), dated August 22, 2003 and recorded as Instrument No. 649940 in the real property records of Garfield County, Colorado.

      2. Amendment. Petroleum Development
Corporation and PDC 2003-C Limited Partnership hereby amend the Original ,Assignment by deleting in its entirety the Exhibit
A that is attached to the Original
Assignment and replacing it with the Exhibit A that is attached to this instrument.
All other provisions of the Original Assignment are unchanged.

3. Effective Date. The parties intend that
this amendment be deemed effective at the effective date of the Original
Assignment, just as if the Exhibit A that is attached to this instrument
had originally been attached to the Original Assignment.

IN WITNESS WHEREOF,
this instrument has been executed by the parties.

 

 

 

 

 

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	
		Chevron 12-7D	
		Chevron USA, Inc.	
		11-15-2002	
		623086	
		T6S, R96W, Sec. 7:SW4NW4	
		Garfield	
		Colorado	
		1.00	691300

 

 

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	
		Chevron 22A-17D	
		Chevron USA, Inc.	
		11-15-2002	
		623086	
		T6S, R96W, Sec. 17:SENW	
		Garfield	
		Colorado	
		1.00	691300

 

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	
		Chevron 21C-17D	
		Chevron USA, Inc.	
		11-15-2002	
		623086	
		T6S, R96W, Sec. 17:NENW	
		Garfield	
		Colorado	
		1.00	691300

 

 

 

	

 

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	Chevron 23-7D	
		Chevron USA, Inc.	11-15-2002	623086	
		T6S, R96W, Sec. 7:NESW	Garfield	Colorado	0.40	691300

 

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	Chevron 22-8D	
		Chevron USA, Inc.	11-15-2002	623086	
		T6S, R96W, Sec. 8 :SE4NW4	Garfield	Colorado	0.85	687400

 

 

 

 

 

	

 

 

ASSIGNMENT
OF WORKING INTEREST

This Assignment made this 13th day of  November 2003 from PETROLEUM DEVELOPMENT CORPORATION, a Nevada
Corporation, (herein called "Assignor") to PDC
2003-C, Limited Partnership, (herein
called "Assignee");

WITNESSETH

 

  Assignor, for the sum of One Dollar ($1.00) and other valuable
	consideration, the receipt of which is hereby acknowledged, does by these presents
	GRANT, BARGAIN, SELL, EXCHANGE, CONVEY,
  ASSIGN, TRANSFER, SET OVER and DELIVER  unto
  Assignee all of the following:

1.     The specific undivided
interest shown in Exhibit A, in respect of each of the oil and gas leases shown
in Exhibit A, but only to the extent such leases cover lands and depths
necessary for production of the specific oil and gas well identified in Exhibit
A.  This is intended to be a "wellbore assignment."  Assignee shall be
entitled to receive that share of production from the well identified in Exhibit
A which is attributable to the undivided interest here being assigned, but the
Assignee shall have, as a result of this Assignment, no interest whatsoever in
any other oil and gas well, whether now existing or hereafter drilled, which may
be located on the lands described in Exhibit A or on any land pooled therewith. 
Assignor expressly excepts from this Assignment and reserves to itself, its
successors and assigns, the remainder of the lease and the leasehold oil and gas
estate, including (without limitation) the right to produce other wells which
are or may be located on the lands described in Exhibit A and lands pooled
therewith, without the obligation to account to Assignee for any such other
production.

2.  The specific undivided interest shown in Exhibit A in
all valid unitization, pooling, operating and communitization agreements,
declarations and orders involving the leasehold interests here being assigned,
but only to the extent that such agreements, declarations and orders relate to
the well specifically identified in Exhibit A and in all other respects limited
to the manner as set forth in Paragraph 1, above.

3.  The specific undivided interest shown in Exhibit A in
all valid oil and gas sales, purchase, exchange and processing contracts, but
only to the extent that such contracts relate to the well specifically
identified in Exhibit A and in all other respects limited in the manner set
forth in Paragraph 1, above.

4.  The specific undivided interest shown in Exhibit A in
all personal property, improvements, lease and well equipment, easements,
permits, licenses, servitudes and rights-of-way now owned by Assignor and being
used in connection with the operation of the well specifically identified in
Exhibit A or in connection with the production, treating, storing,
transportation or marketing of oil, gas and other minerals from that well, but
in all respects limited in the manner set forth in Paragraph 1, above.

TO HAVE AND TO HOLD the interests described unto Assignee, its
successors and assigns, forever.

This assignment is made without warranties of any type (whether
of title, merchantability or fitness for a particular use), either express or
implied, but is made with full substitution of Assignee in all covenants and
warranties previously given or made by others, but only to the extent of the
interests here assigned.  Assignor does, however, expressly intend that
this Assignment convey any title that Assignor may hereafter acquire to the
extent that such after-acquired title may be necessary to fulfill the interests
herein assigned.

Assignee shall bear its proportionate share of all burdens on
production now of record and hereby assumes its proportionate share of all other
obligations that relate to the well specifically identified in Exhibit A and the
production therefrom.

Both Assignor and Assignee hereby agree to execute and deliver
such additional instruments, notices, division orders, transfer orders and other
documents as may reasonably be requested by the other, and to do such other acts
and things, as may be necessary or convenient to accomplish this Assignment in
the manner and to the extent described in Paragraph 1, above.

 

 

 

 

	

 

 

               
IN WITNESS WHEREOF, Petroleum Development Corporation has executed and delivered
this instrument, with the intention that it shall be effective as of the date of
first production from the well specifically identified in Exhibit A.

 

 

 

 

	

 

 

AMENDMENT TO 

ASSIGNMENT OF WORKING INTEREST

 

THIS AMENDMENT TO
ASSIGNMENT OF WORKING INTEREST is made February
16, 2006 between Petroleum Development Corporation, a Nevada corporation, and PDC 2003-C Limited Partnership, a West Virginia limited partnership whose
address is P. 0. Box 26, Bridgeport, West
Virginia .26330.

1. 
Background.  By this instrument, the parties correct and amend the
Assignment of Working Interest (the "Original Assignment"), dated
November 12, 2003 and recorded as Instrument No. 3169805 in the real property records of Weld
County, Colorado.

2.  Amendment. 
Petroleum Development Corporation and PDC 2003-C Limited Partnership hereby
amend the Original Assignment by deleting in its entirety the Exhibit A that is
attached to the Original Assignment and replacing it with the Exhibit A that is
attached to this instrument.  All other provisions of the Original
Assignment are unchanged.

3.  Effective
Date.  The parties intend that this amendment be deemed effective at the
effective date of the Original Assignment, just as if the Exhibit A that is
attached to this instrument had originally been attached to the Original
Assignment.

IN WITNESS WHEREOF, this instrument has been
executed by the parties.

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	
		Edwards 43-9	
		Chevron USA, Inc.	
		03-14-2001	
		2885962	
		T5N, R67W Sec 9: NESE	Weld	
		Colorado	
		0.80	654100

 

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	J & L Farms 32-30	J & L Farms	03-23-1988	2136094/1190	T6N, R63W Sec. 30:SW4NE4	Weld	Colorado	1.0	729600

 

 

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	Edwards 44-9	RME Land Corporation	03-14-2001	2885962	T5N, R67W Sec 9: SE4SE4	Weld	Colorado	0.80	654100

 

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	J & L Farms 31-30	J & L Farms	03-23-1988	2136094/1190	T6N, R63W Sec. 30: NW4NE4	Weld	Colorado	1.0	729600

 

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	Edwards 34-9	RME Land Corporation	03-14-2001	2885962	T5N, R67W Sec 9: SW4SE4	Weld	Colorado	0.80	654100

 

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	National Hog Farm 24-9	RME Land Corporation	06-11-2001	2911643	T5N, R63W Sec 9: SE4SW4	Weld 	Colorado	0.80	656000

 

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	B. Johnson 11-11	Anadarko E & P Co., LP and
		

		Anadarko Land Corp.	12-27-2002	3243364	T6N, R65W Sec. 11:NW4NW4	Weld	Colorado	1.00	688300

 

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	National Hog Farm 21-9	RME Land Corporation	06-11-2001	2911643	T5N, R63W Sec 9: NE4NW4	Weld	Colorado	0.80	656000

 

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	B. Johnson 12-11	Anadarko E & P Co., LP and
		

		Anadarko Land Corp.	12-27-2002	3243364	T6N, R65W Sec 11: SW4NW4	Weld	Colorado	1.00	688300

 

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	Kerbs 23-15	Anadarko E & P Co., LP and
		

		Anadarko Land Corp.	12-20-2002	3040479	T6N, R64W Sec.15: NE4SW4	Weld	Colorado	1.00	688100

 

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	Booth 34-35	Anadarko E & P Co., LP	12-04-2002	3040481	T7N, R65W Sec. 35: SWSE	Weld	Colorado	1.00	687800

 

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	Kerbs 24-15	Anadarko E & P Co., LP and
		

		Anadarko Land Corp.	12-20-2002	3040479	T6N, R64W Sec 15: SE4SW4	Weld	Colorado	1.00	688100

 

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	Booth 43-35	Anadarko E & P Co., LP
			12-04-2002	3040481	T7N, R65W Sec. 35: NESE	Weld	Colorado	1.00	687800

 

 

 

 

	

 

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	Booth 33-35	Anadarko E & P Company.,
		LP 	12-04-2002	3040481	T7N, R65W Sec. 35: NWSE	Weld	Colorado	1.00	687800

 

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	Gaddis 41-36	The Gaddis Family

		Registered Limited Liability

		Limited Partnership	11-01-2001	2949208	T4N, R68W Sec 36: NENE	Weld	Colorado	1.00	683300

 

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	Booth 44-35	Anadarko E & P Company.,
		LP	12-04-2002	3040481	T7N, R65W Sec 35: SESE	Weld	Colorado	1.00	687800

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	LEASE NO.
	Gaddis 32-36	The Gaddis Family
		Registered Limited

		Liability Limited Partnership	11-01-2001	2949208	T4N, R68W
		Sec. 36: SWNE	Weld	Colorado	1.0	683300
	Booth Land & Livestock
		Company	10-22-2002	3159884	736500
	Ronald L. Morris and
		Nanette L. Morris	11-18-2001	2926205	686300

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	
		LEASE NO.
	
		Carlson 43-7	Roy I.
		Carlson	03-10-1987	2092475	
		T6N, R64W Sec. 7: NESE	
		Weld	
		Colorado	
		1.00	730300
	Robert L.
		Carlson	12-08-1981	1876779

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	
		LEASE NO.
	Booth 23-35	Anadarko E &
		P Company., LP	12-04-2002	3040481	T7N, R65W
		Sec. 35: NE4SW4	Weld	Colorado	1.0	687800

 

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	
		LEASE NO.
	Booth 14-35	Anadarko E &
		P Company., LP	12-04-2002	3040481	T7N, R65W
		Sec. 35: SWSW	Weld	Colorado	1.0	687800

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	
		LEASE NO.
	Richter
		43-27	Anadarko E &
		P Co., LP

		and Anadarko Land Corp.	09-14-2004	3243365	T7N, R64W
		Sec. 27: NESE	Weld	CO	0.385000	764200

 

 

 

	

 

EXHIBIT "A"

AMENDMENT TO ASSIGNMENT OF WORKING INTEREST

PDC 2003-C LIMITED PARTNERSHIP

 

	
		WELL NAME	
		LESSOR OR ASSIGNOR	
		LEASE DATE	
		RECEPTION NO.

		BOOK/PAGE	
		LEGAL DESCRIPTION	
		COUNTY	
		STATE	
		ASSIGNED 

		INTEREST	
		LEASE NO.
	Richter
		44-27	Anadarko E &
		P Co., LP

		and Anadarko Land Corp.	09-14-2004	3243365	T7N, R64W
		Sec. 27: SESE	Weld	Co	0.385000	764200ex10_8.htm

Exhibit 10.8

Mr. Dave Coller

3565 Summit Drive

Pocatello, Idaho 83201

February 4, 2009

Dear Mr. Coller,

On behalf of SMSC (the “Company), I am pleased to offer you the position of Senior Vice President of Worldwide Operations.  This Corporate Officer position will be based at our Headquarters located in Hauppauge, NY and reports directly to Christine King, CEO.  This offer is subject to background check verifications by a third party provider.

In return for your contributions you will receive and be eligible for the following:

Annualized Base Salary

You will be paid at the bi-weekly rate of $12,115.38, which is equivalent to $315,000.00 on an annual basis.

New Hire Inducement Stock Options

An SMSC stock option grant of 75,000 SMSC shares which vests over five years at one-fifth of the option shares per year will be granted and valued based on the closing price per share of SMSC common stock on the NASDAQ on your first day of employment.  You will be required to execute the Company’s standard form stock option agreement to receive these options.

Annual Stock Appreciation Rights Award

The Company shall grant to you 28,000 stock appreciation rights (“SARS”) on an annual basis which will be awarded quarterly on the same schedule as such grants are made to the Directors of the Company pursuant to the terms and conditions of the plan from which such grants are made.  The first such grant of 7,000 SARS will be granted in April 2010.  25% of each such SAR grant will vest on each of the first four anniversaries of the grant date of such SAR provided you continue to remain employed by the Company on each of the applicable vesting dates.  Notwithstanding anything herein to the contrary, from time to time, the Board or the Compensation Committee, in its sole discretion may modify the grant to include a partial or total substitution of alternative equity based instruments or to increase or decrease the number of SARs or alternative equity based instruments awarded.

Incentive Plan

You will be eligible as a full year participant in the Management Incentive Bonus Plan (the “MIP Plan”) on the first day of the Company’s fiscal quarter immediately following your hire date with an annual at-plan incentive bonus target of 75% of your base salary.

Sign-on Bonus

Effective on your first day of employment, the Company will provide a $100,000 sign-on bonus in Restricted Stock which will vest 25% after your first anniversary, 25% after your second anniversary and the final 50% on the third anniversary of your employment.

Additionally, the Company shall reimburse you for all reasonable and actual documented expenses associated with your resignation from PMC Sierra.  This includes expenses such as your original new hire bonus, temporary living expenses and travel costs that are actually paid back to PMC Sierra based upon your employment agreement with them.  These actual expenses will be treated as part of your relocation and will be paid by Paragon Relocation after you submit a relocation expense report for reimbursement.  These incurred expenses will be grossed up by the Company to neutralize any Federal and State tax liability.

  

  

  

Dave Coller

February 4, 2009

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Incentive Savings & Retirement Plan

You will be eligible to participate on the first of the month following the completion of three months of employment.  At that time, you can contribute up to 100% of salary (highly compensated employees - 12%) per pay period up to a maximum annual contribution as defined by law.  Employees who are considered highly compensated will be informed at the time of eligibility.  SMSC contributes 66 2/3% for each $1.00 you contribute up to 6% of your eligible compensation.  The employer matching contribution will be invested in SMSC Company Stock.  This program is a “before-tax” program, also known as a “401(k)” Plan, which allows employees to save before-tax dollars on a favorable basis.

Group Insurance Benefits

SMSC provides a full range of health and welfare “flex” benefits.  There is a contributory fee for some of the insurance coverages; however, the major costs of these coverages are assumed by the Company.  Elected group benefits commence on your first day of employment.  A Summary of Benefits is enclosed.

Executive Disability

You will be eligible for Company paid Individual Executive Disability Income Insurance (up to 1/3rd of salary), subject to physical exam and obtaining underwriting.  This is in addition to the LTD plan provided under the “flex” benefits program.

Paid Vacation

Vacation is accrued monthly to provide for an accrual rate of twenty (20) days per year or four (4) weeks per year.

Paid Holidays

Eleven (11) paid holidays per year based on the Company’s current holiday schedule.

Educational Assistance

The Company will pay tuition for job-related degree or advanced degree courses in accordance with the provisions of the Company’s Tuition Reimbursement Program.

Executive Severance Benefit (the “Executive Benefit”)

You will be eligible for the Executive Severance Benefit under the SMSC Severance Plan (the “Plan”), a copy of which is enclosed, but with a benefit equal to one year’s salary and reimbursement of one year's COBRA payment upon the occurrence of required “Relocation” as defined in Section 9(a) of the Plan or “Other Events” as defined in Section 9(c) of the Plan..  Except as set forth in the immediately preceding sentence, your severance benefits, including without limitation the timing and manner of any payments, will be governed by the terms and conditions of the Plan.

Executive Relocation Program

The Company will reimburse you for typical costs of relocation including a guaranteed buy-out and home sale incentive for your home in Pocatello, Idaho.  In addition, the Company will fully tax protect reportable, non-deductible income resulting from relocation payments to you or on your behalf.  In the event you voluntarily leave the Company’s employ on or before four years from the first date of your employment, you will be required to immediately pay to the Company, based on the schedule below, the applicable portion of the total of the relocation costs paid to you or on your behalf, including tax protection payments, which were reportable income to you.  The taxable relocation costs will be earned out at a rate of 25% of the total of the expenses for each completed year of service following your hire date.  For example, if the sum of the taxable relocation costs paid to you is $100,000 and you voluntarily resign two years after your hire date or you are terminated for cause including unsatisfactory job performance, you will have earned out 50% of the total taxable relocation costs ($50,000).  In this example, you would be obligated to repay the unearned 50% portion of the taxable relocation costs ($50,000).  The relocation benefits are administered through Paragon Relocation Resources.

A detailed Relocation Benefits Guide is enclosed for your perusal.  Your acceptance of this offer will serve to acknowledge that you understand and agree to your obligation in exchange for relocation assistance.

  

  

  

Dave Coller

February 4, 2009

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Section 409A Compliance

(i)    The intent of the parties hereto is that payments and benefits under this offer letter comply with Section 409A of the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder (the “Code”) (except to the extent exempt as short-term deferrals or otherwise) and, accordingly, to the maximum extent permitted, this offer letter shall be interpreted to be in compliance therewith.

(ii)    It is intended that each installment, if any, of the payments and benefits, if any, provided to you under this Agreement shall be treated as a separate “payment” for purposes of Section 409A of the Code.  Neither the Company nor you shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409 of the Code.

(iii)  All reimbursements and in-kind benefits provided under this offer letter (including, the provision of relocation benefits pursuant hereto) shall be made or provided in accordance with the requirements of Section 409A of the Code to the extent that such reimbursements or in-kind benefits are subject to Section 409A of the Code.  All expenses or other reimbursements paid pursuant hereto that are taxable income to you shall in no event be paid later than the end of the calendar year next following the calendar year in which you incur such expense or pay such related tax.  With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A of the Code, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit and (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

Miscellaneous Provisions

Your eligibility to participate in the various compensation and benefits plans offered by the Company, including without limitation the MIP Plan, is subject to your compliance with the terms and conditions of each plan.  The Company retains sole and absolute discretion to modify, amend or terminate any such compensation and benefit plans at any time.

This offer letter shall be governed by and construed in accordance with the laws of the State of New York, without reference to its principles of conflicts of law.  This offer letter, the documents referenced herein, and any other documents you execute upon commencing employment shall constitute the entire agreement among the parties hereto with respect to your employment hereunder, and supersedes and is in full substitution for any and all prior understandings or agreements with respect to your employment.  This offer letter may be amended only by an instrument in writing signed by the parties hereto, and any provision hereof may be waived only by an instrument in writing signed by the party or parties against whom or which enforcement of such waiver is sought.  The failure of any party hereto at any time to require the performance by any other party hereto of any provision hereof shall in no way affect the full right to require such performance at any time thereafter, nor shall the waiver by any party hereto of a breach of any provision hereof be taken or held to be a waiver of any succeeding breach of such provision or a waiver of the provision itself or a waiver of any other provision of this offer letter.  Any provision of this offer letter (or portion thereof) which is deemed invalid, illegal or unenforceable in any jurisdiction shall, as to that jurisdiction and subject to this section, be ineffective to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions thereof in such jurisdiction or rendering that or any other provisions of this offer letter invalid, illegal, or unenforceable in any other jurisdiction.  Any disagreement, dispute, controversy or claim arising out of or relating to this Agreement or the interpretation hereof or any agreements relating hereto or contemplated herein or the interpretation, breach, termination, validity or invalidity hereof shall be settled exclusively and finally by arbitration provided that neither party hereto shall be required to submit to arbitration claims for injunctive relief.  The arbitration shall be conducted in accordance with the Commercial Arbitration Rules (the “Rules”) of the American Arbitration Association (the “AAA”), except as amplified or otherwise varied hereby.  The Company and you jointly shall appoint one individual to act as arbitrator within thirty (30) days of initiation of the arbitration.  If the parties shall fail to appoint such arbitrator as provided above, such arbitrator shall be appointed by the President of the New York Bar Association and shall be a person who maintains their principal place of business in the New York metropolitan area and shall be an attorney, accountant or other professional licensed to practice by the State of New York who has substantial experience in employment and executive compensation matters.  All fees and expenses of such arbitrator shall be shared equally by the Company and you.  The situs of the arbitration shall be New York City.  Any decision or award of the arbitral tribunal shall be final and binding upon the parties to the arbitration proceeding.  The parties hereto hereby waive to the extent permitted by law any rights to appeal or to seek review of such award by any court or tribunal.  The arbitration award shall be paid within thirty (30) days after the award has been made.  Judgment upon the award may be entered in any federal or state court having jurisdiction over the parties and shall be final and binding.  Each party shall be required to keep all proceedings related to any such arbitration and the final award and judgment strictly confidential; provided that either party may disclose such award as necessary to enter the award in a court of competent jurisdiction or to enforce the award, and to the extent required by law, court order, regulation or similar order.

  

  

  

Dave Coller

February 4, 2009

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The Immigration Reform and Control Act of 1986 require that employers must verify the identity and work authorization of all new employees.  You are therefore requested to complete Section 1 of the attached Form I-9 “Employment Eligibility Verification” and bring this to us together with one of the original documents listed in Section 2 under List A to establish identity and employment eligibility or one from List B to establish identity and one from List C to establish employment eligibility on your first day of employment.

Also enclosed is a copy of the Company’s standard form Employee Agreement for your review and execution.  Please return signed copies along with this offer letter.

You may accept this offer of employment and the terms and conditions thereof by confirming your acceptance in writing by February 13, 2009.  In anticipation of you accepting this offer, we would like to confirm your planned start date of March 2, 2009 as previously discussed.  This offer of employment is not a contract or commitment of employment for any period of time; you remain an “at will” employee should you accept this offer.  Please complete sign and date in the section below, keep one copy of the letter for your records and return one copy to me along with the signed Employee Agreement in the enclosed stamped, self-addressed envelope.

We are enthusiastic about your joining us, and believe that our ambitious business plans and goals will provide every opportunity for you to achieve your personal and professional objectives.  In the meantime, if you have any questions, please do not hesitate to contact me at 631-435-6360 (office) or at jim.mulski@smsc.com (email).

We are looking forward to you joining the team to help us take SMSC to the next level.

	  	
Sincerely,

	  	 
	  	/s/ James F. Mulski  
	  	
James F. Mulski

	  	
Vice President

	  	
Human Resources

Accepted and agreed.

	
Signature:

	  	/s/ Dave Coller	 
	 	 	 	 
	
Date:

	  	2/9/09	 
	 	 	 	 
	
Starting Date:

	  	3/2/09	 

Enclosures:

Summary of Benefits

401K Plan

Severance Plan

U.S. Domestic Employee Relocation Benefits Guide (Executive Program)

Employee Agreement

Form I-9

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