Document:

exh10-221_16709.htm

EXHIBIT 10.22.1

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

License Agreement

 

hereinafter "Agreement"

 

between

 

Infineon Technologies Austria AG, a corporation duly organized and existing under the laws of Austria

 

and having offices at Siemensstrasse 2, 9500 Villach, Austria

 

(hereinafter referred to as "Infineon")

 

and

 

NEXX Systems, Inc., a corporation duly organized and existing under the laws of the United States, and

 

having offices at 900 Middlesex Turnpike, Building 6, Billerica, MA 01821-3929, USA

 

(hereinafter referred to as "NEXX")

 

Infineon and NEXX are hereinafter referred to as "Parties

 

WHEREAS  NEXX has, on behalf of Infineon, developed special tool customizations for Infineon ("[*] Device" as defined in Section 1) beyond existing NEXX technology, based on the tool platform of NEXX Stratus S200 (hereafter "Tool Platform"), for [*] ready for use in Infineon's manufacturing process for logic and power semiconductors;

 

WHEREAS  Infineon, per a development agreement separately entered into between the Parties, has sole right and title to such [*] Device;

 

WHEREAS  NEXX is interested to acquire a license in such [*] Device for further development of its tool platform and for distribution to its customers;

 

WHEREAS  Infineon is willing to grant NEXX a comprehensive [*] license to use such [*] Device;

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

NOW THEREFORE, the Parties agree to base their relationship on the following contractual terms and conditions:

 

Section 1 - Definitions

 

Wherever used in this Agreement, unless otherwise indicated expressly in the context of this Agreement, the following terms shall have the following meanings ascribed to them:

 

	
1.1

	
"Affiliate" shall mean a legal entity that directly or indirectly, through one or more intermediaries, controls a Party, or is controlled by a Party, or is under common control with a Party; provided, that such entity shall constitute an Affiliate of the Party only so long as such control exists. For purposes of this definition, "control" means possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a legal entity, whether through ownership of voting stock, by contract, or otherwise.

 

	
1.2

	
"Agreement" shall mean this license agreement including its Annexes.

 

	
1.3

	
"Documentation" shall mean the user manuals and other information related to the [*] Device, in either printed or machine readable form, which are available at Infineon as set out in Annexes 1, 2, and 6.

 

	
1.4

	
"Effective Date" shall mean the date specified in Art. 14.1 of this Agreement.

 

	
1.5

	
"Intellectual Property Rights" shall mean any patents, patent rights, trade marks, service marks, registered designs, applications for any of the foregoing, copyright, unregistered design right and any other similar protected rights in any country.

 

	
1.6

	
"Licensed Product/s" shall mean any product based on the tool platform of NEXX Stratus 5200 sold by NEXX, incorporating the [*] Device or derivatives thereof as defined in Section 1.8 below.

 

	
1.7

	
"Specification" shall mean the specification attached to this Agreement in Annex 1 describing and determining the [*] Device in its material features.

 

	
1.8

	
"[*] Device" shall mean special tool customizations for Infineon beyond existing NEXX technology, based on the tool platform of NEXX Stratus 5200, for [*] as more specifically described in Annex I hereto.

 

	
1.9

	
"Infineon Background IPR" shall mean the Intellectual Property Rights held by Infineon necessary for NEXX to make use of the license granted to it under this Agreement .

 

 

Section 2 - Licenses

 

	
2.1

	
License. Subject to the terms and conditions of this Agreement and for the term of this Agreement, Infineon hereby grants to NEXX a [*] license under Infineon Background IPR to use the [*] Device to make Licensed Products and to sell and offer to sell such Licensed Products to its customers.

 

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	
2.2

	
License Start Date. The License granted under the foregoing Section 2.1 shall come into force and effect as of January 1, 2014. Any use by NEXX prior to the License Start Date is expressly prohibited and will give rise to any and all remedies available to Infineon under this Agreement and under all applicable statutory laws, unless NEXX has executed the option to use the license granted hereunder prior to the five years exclusive period as set forth in the Development Agreement, Section 11.2.

 

	
2.3

	
No Sublicense. NEXX shaft not have the right to sublicense the rights granted hereunder to any third party other than "Subcontractors" approved in writing by Infineon under the Development Agreement.

 

	
2.4

	
PARTNER AGREES THAT THE SCOPE OF THE LICENSES GRANTED BY INFINEON IN THIS AGREEMENT IS LIMITED TO INFINEON'S INTELLECTUAL PROPERTY RIGHTS EMBODIED IN THE [*] DEVICE NO OTHER LICENSE, EXPRESS OR IMPLIED, BY ESTOPPEL OR OTHERWISE, TO ANY OTHER INFINEON OR TO ANY THIRD-PARTY INTELLECTUAL PROPERTY RIGHTS IS GRANTED HEREIN. INFINEON RESERVES ALL RIGHTS NOT EXPRESSLY GRANTED.

 

 

Section 3 - Intellectual Property Rights

 

	
3.1

	
All rights, title and interest in and to the [*] Device (and any part thereof) and Documentation (and any part thereof), and any modifications, enhancements and/or derivatives thereof made by Infineon, except for the licenses expressly granted herein, shall remain wholly vested in Infineon or its third party licensors. NEXX acknowledges that it has no rights whatsoever in respect of the [*] Device save for those expressly granted to it by this Agreement

 

	
3.2

	
NEXX shall in any case use all reasonable efforts to safeguard Infineon's proprietary rights and the proprietary rights of Infineon's licensor(s) with regard to the [*] Device.

 

 

Section 4 + 5 doesn't apply-- [*] Device has already been delivered by NEXX to Infineon

 

 

Section 6 - Consideration, Payment Terms and Taxes

 

	
6.1

	
In consideration for the licensing of the [*] Device granted under Articles 2.1 above, NEXX shall pay to Infineon royalties on the Sales Price (as defined hereafter) in accordance with the following royalty schedule:

 

	
Year

	
Annual fee

	
Royalty percent

	
NEXX total net

sales/year (assumptive)

	
Total royalty to Infineon

 

(Calculation example)

	  
	
2014

	
$ 150.000

	
4 %

	
$12.000.000

	
$ 480.000 (=4%) + 150.000

	  
	  	  	  	  	
= $ 630.000

	  
	
2015

	
$ 140.000

	
4 %

	
$12.000.000

	
$ 480.000 (=4%) + 140.000

	  
	  	  	  	  	
= $ 620.000

	  
	
2016

	
$ 120.000

	
3 %

	
$12.000.000

	
$ 360.000 (=3%) + 120.000

	  
	  	  	  	  	
= $ 480.000

	  
	
2017

	
$ 100.000

	
3 %

	
$12,000.000

	
$ 360.000 (=3%) + 100.000

	  
	  	  	  	  	
= $ 460.000

	  

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions

In case NEXX, with Infineon's consent, executes the option to use the license granted hereunder prior to the five years exclusive period as set forth in the Development Agreement, Section 11.2, the foregoing scheme for [*] shall apply throughout the entire license period.

 

	
6.2

	
With respect to the Licensed Products sold in normal arms-length commercial transactions by or for Licensee, "Sales Price" shall mean the aggregate selling price at which NEXX's customers are billed in the usual course of business for such Licensed Products. With respect to the Licensed Products sold in other than normal arms-length commercial transactions, Sales Price shall mean (i) the aggregate of the selling prices of the same quantities of similar or substantially similar products which are sold in normal arms-length transactions, or (ii) if there are no similar or substantially similar products so sold, twice the actual cost of manufacturing the product.

 

	
6.3

	
As long as NEXX is obliged to pay royalties and for a period of six (6) years thereafter, NEXX shall keep complete and accurate records relating to its manufacture and sale of Licensed Products. NEXX shall report to Infineon on [*] the total number of Licensed Products manufactured and sold or otherwise disposed of, the per unit royalty applicable and the total of royalties due. The reports shall be made not later than [*] following the [*] periods described above.

 

	
6.4

	
Infineon shall have the right to audit, through any certified public accountant selected by Infineon the records of NEXX. NEXX shall not be required to submit to any audit more than [*]. Infineon shall provide NEXX, as the case may be, [*] prior written notice of its election to conduct an audit, and any such audit shall be conducted during NEXX's normal business hours. NEXX agrees to assist the representatives of Infineon in conducting the audit without charge. If any audit reveals that NEXX has underpaid fees by [*] to Infineon, then NEXX shall bear all expenses reasonably incurred by Infineon in connection with the audit. Otherwise, Infineon shall bear its own expenses.

 

	
6.5

	
Royalty payments shall be made on or prior to the 30th day following the end of a calendar quarter of a year.

 

	
6.6

	
If any payment under this Agreement is not paid by the due date, then (without prejudice to Infineon's other rights and remedies) Infineon reserves the right to charge interest on such sum on a day to day basis from the due date to the date of payment at the rate of eight (8) per cent per annum above the "base rate" of the European Central Bank in force during the respective period of time.

 

	
6.7

	
No termination or expiration of this Agreement shall release NEXX from any payments accruing prior to the termination or expiration of this Agreement.

 

	
6.8

	
Any and all taxes, charges and/or other duties imposed by the laws of Austria on any payments to be made by NEXX to Infineon under or in connection with this Agreement, shall be borne and paid by NEXX.

 

Section 7-Warranty

 

The [*] Device is licensed to NEXX "AS IS" and Infineon makes no warranties related to the [*] Device, whether express, statutory, or implied, including but not limited to the implied warranties of merchantability and fitness for a particular purpose, and any implied warranties arising from course of dealing or usage of trade. Infineon does not warrant that the operation of the [*] Device will be uninterrupted or error-free, and any warranty that any use of the [*] Device does not infringe on any third party's Intellectual Property Rights is explicitly excluded.

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

Section 8 - Exclusions

 

	
8.1

	
Nothing contained in this Agreement shall be construed as:

 

	
i.  

	
restricting the right of Infineon or any of its Affiliates to develop, make, use, sell, or otherwise dispose of any product;

 

	
ii.  

	
an obligation of Infineon to file any patent application or to secure any patent or maintain any patent in force;

 

	
iii.  

	
imposing on Infineon any obligation to institute against any third party any suit or action for infringement of any of its Intellectual Property Right, or to defend any suit or action brought by a third party which challenges or concerns the validity of any of Infineon's Intellectual Property Rights licensed hereunder;

 

	
iv.  

	
the ability of NEXX to successfully use the [*] Device provided to NEXX hereunder for the making of Licensed Products;

 

	
v.  

	
a warranty or representation by Infineon as to the quality, performance, economic success, merchantability, or fitness for a particular purpose of any of the Licensed Products;

 

	
8.2

	
THE FOREGOING SECTION 8.1 STATES THE ENTIRE LIABILITY OF INFINEON AND PARTNER, AND THE EXCLUSIVE REMEDY OF INFINEON AND PARTNER., WITH RESPECT TO INFRINGEMENT OF ANY INTELLECTUAL PROPERTY RIGHTS, EITHER STATUTORY OR EXPRESS OR IMPLIED. EXCEPT AS EXPRESSLY STATED IN THIS SECTION ALL WARRANTIES AGAINST INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS AS MENTIONED BEFORE ARE HEREBY DISCLAIMED TO THE FULLEST EXTENT PERMITTED BY LAW.

 

 

Section 9 - Confidentiality

 

9.1           Unless otherwise expressly provided for herein either Party hereto undertakes to keep confidential, even after termination of this Agreement, any information and data, including but not limited to any kind of business, commercial or technical information and data disclosed between the Parties in connection with this Agreement, irrespective of the medium in which such information or data is embedded which shall

 

· if in written form, be marked "Confidential" or similarly by the disclosing Party before being turned over to the receiving Party,

 

· if orally disclosed be identified as such prior to disclosure and summarized in writing by the disclosing Party and said summary will be given to the receiving Party within [*] of the subject oral disclosure. In case of disagreement, the receiving Party must make any objections to the contents of the summary, in writing, within [*] of receipt.

 

Such information will hereinafter be referred to as "Confidential Information". Any idea, algorithm or principle underlying the [*] Device shall by its nature deemed to be Confidential Information irrespective of being identified as such or not.

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

9.2           The obligation as per Section 9.1 above shall, however, not apply to any information which:

 

	
·  

	
is already in the public domain or becomes available to the public through no breach by a Party to this Agreement;

 

	
·  

	
was rightfully in the receiving Party's possession without obligation of confidentiality prior to receipt from the disclosing Party as proved by the written records of the receiving Party;

 

	
·  

	
can be proved to have been rightfully received by the receiving Party from a third Party without obligation of confidentiality;

 

	
·  

	
is independently developed by the receiving Party as proved by its written records;

 

	
·  

	
is in writing and not marked with a legend indicating the same is confidential, or if disclosed in non-tangible form, is not summarized in writing and marked "Confidential" or "Proprietary" within [*] of the disclosing Party's disclosure; or

 

	
·  

	
is required to be disclosed by any law or regulation, or by the decree of any competent tribunal; provided that the disclosing Party shall limit its disclosure to the information required to be disclosed and shall give notice to the other Party prior to such disclosure and assist such Party in seeking protection of the information to be disclosed.

 

	
9.3

	
The Confidential Information shall be treated by the receiving Party with the same degree of care to avoid disclosure to any third Party as is used with respect to the receiving Party's own information of like importance which is to be kept confidential.

 

	
9.4

	
The receiving Party shall use the disclosing Party's Confidential Information only for the implementation of this Agreement and will derive no rights of any kind, in particular no rights of prior use, from the fact that it as a result of the Confidential Information may possibly obtain knowledge of patentable inventions for which the other Party may possibly apply for intellectual property rights.

 

	
9.5

	
The receiving Party shall disclose Confidential Information only to those of its own and its Affiliates' employees, who have a reasonable need to know said Confidential Information and who are bound to confidentiality by their employment agreements or otherwise. The receiving Party may also disclose Confidential Information to those subcontractors authorized by Infineon who have a reasonable need to know said Confidential Information for the execution of the rights and obligations under this Agreement, provided that such persons have entered into a written agreement with the receiving Party containing obligations of confidentiality that are no less restrictive than the obligations imposed on the Parties hereunder.

 

	
9.6

	
To the extent NEXX must process personal data during its work on the subject matter of this Agreement, it shall observe data protection laws, arrange data security measures with Infineon, and enable Infineon to acquire information regarding compliance with such arrangements.

 

	
9.7

	
Upon termination or expiration of this Agreement, each Party will upon respective request of the other Party immediately return to the other Party the Confidential Information in tangible form including any copies thereof or confirm in writing that such information and any copies thereof have been destroyed.

 

	
9.8

	
On termination or expiration of the Agreement, each Party will upon respective request of the other Party immediately return to the other Party the Confidential Information in tangible form

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

including any copies thereof or confirm in writing that such information and any copies thereof have been destroyed.

 

9.9          This Section 9 shall survive any termination or expiration of this Agreement.

 

 

Section 10 - Limitation of liability

 

	
10.1

	
Each Party will without limit be liable for personal injury for which the Party can be held responsible.

 

	
10.2

	
EXCEPT FOR NON-COMPLIANCE WITH THE PAYMENT OBLIGATIONS, THE OBLIGATIONS UNDER SECTION 2, SECTION 9, INTENTIONAL BREACH OF CONTRACT OR WHENEVER PARTNER UNDERTAKES LIABILITY FOR ITS AFFILIATES, SUBCONTRACTORS OR SUBLICENSEES HEREUNDER, NEITHER PARTY SHALL BE LIABLE, WHETHER IN CONTRACT, WARRANTY, FAILURE OF A REMEDY TO ACHIEVE ITS ESSENTIAL PURPOSE, TORT (INCLUDING NEGLIGENCE OR STRICT LIABILITY), INDEMNITY, OR ANY OTHER LEGAL OR EQUITABLE THEORY, FOR DAMAGE TO OR LOSS OF OTHER PROPERTY OR EQUIPMENT, BUSINESS INTERRUPTION OR LOST REVENUE, LOSS OF PROFITS OR SALES, COST OF CAPITAL, FOR ANY LOSS OF USE, FOR ANY LOSS OR CORRUPTION OF DATA OR FOR ANY SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES OR FOR ANY OTHER LOSS, COSTS OR EXPENSES OF A SIMILAR TYPE; EVEN IF THE PARTY SOUGHT TO BE HELD LIABLE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL INFINEON BE LIABLE FOR THE COST OF PROCUREMENT OF SUBSTITUTE GOODS.

 

	
10.3

	
EXCEPT FOR NON-COMPLIANCE WITH SECTION 9, INFINEON'S and NEXX's LIABILITY HEREUNDER, WHETHER IN CONTRACT, WARRANTY, FAILURE OF A REMEDY TO ACHIEVE ITS ESSENTIAL PURPOSE, INDEMNITY, OR ANY OTHER LEGAL OR EQUITABLE THEORY, WILL IN NO EVENT EXCEED THE AMOUNT OF ONE HUNDRED THOUSAND DOLLARS ($ 100,000) FOR ALL LIABILITY IN THE AGGREGATE ARISING UNDER THIS AGREEMENT.

 

	
10.4

	
ANY LIABILITY OF INFINEON SHALL BE EXCLUDED IF PARTNER DOES NOT NOTIFY INFINEON IN WRITING OF ITS CLAIMS WITHIN SIX MONTHS AFTER BEING AWARE OF SUCH RIGHTS.

 

	
10.5

	
THE LIMITATIONS AND EXCLUSIONS SET FORTH IN THIS SECTION 10 SHALL NOT APPLY IN THE CASE OF INFINEON'S WILLFUL MISCONDUCT.

 

	
10.6

	
This Section 10 shall survive any termination or expiration of this Agreement.

 

 

Section 11 - Force Majeure

 

Neither Party shall be liable to the other for failure or delay in the performance of any of its obligations under this Agreement for the time and to the extent such failure or delay is caused by force majeure such as, but not limited to, riots, civil commotion's, wars, strikes, lock-outs, hostilities between nations, governmental laws, orders or regulations, actions by the government or any agency thereof, storms, fires, sabotages, explosions or any other contingencies beyond the

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

reasonable control of the respective Party and of its sub-contractors (hereinafter referred to as "Force Majeure"). In such events, the affected Party shall immediately inform the other Party of such circumstances together with documents of proof and the performance of obligations hereunder shall be suspended during, but not longer than, the period of existence of such cause and the period reasonably required to perform the obligations in such cases. Unavailability of funds shall not be deemed Force Majeure.

 

 

Section 12 - Arbitration

 

	
12.1

	
Any differences or disputes arising out of or in connection with this Agreement or out of or in connection with agreements regarding its performance, including any questions regarding the existence, validity or termination of this Agreement or agreements regarding its performance, during the term of this Agreement or thereafter shall be settled by an amicable effort of both Parties. An attempt to arrive at a settlement shall be deemed to have failed as soon as one of the Parties so notifies the other Party in writing.

 

	
12.2

	
If an attempt at settlement has failed, the dispute shall be finally settled finally and through binding arbitration under the Rules of the International Chamber of Commerce, ICC Paris (hereinafter referred to as "Rules") by one arbitrator up to an amount of one million Euro and by three arbitrators beyond an amount of one million Euro in accordance with the Rules.

 

	
12.3

	
Each Party shall nominate one arbitrator for confirmation by the competent authority under the applicable Rules (Appointing Authority). Both arbitrators shall agree on the third arbitrator within thirty (30) days. Should the two arbitrators fail, within the above time-limit, to reach agreement on the third arbitrator, such third arbitrator shall be appointed by the Appointing Authority.

 

	
12.4

	
The seat of arbitration shall be Zurich Switzerland. The procedural law of this seat shall apply where the Rules are silent.

 

	
12.5

	
The language to be used in the arbitration proceeding shall be English.

 

 

Section 13 - Applicable law

 

This Agreement and all of the respective Annexes hereunder shall be governed by and construed in accordance with the law in force in Switzerland without reference to its conflicts of law provisions. Whenever the English legal meaning differs from the Austrian legal meaning of a term used in this Agreement the Austrian legal meaning shall prevail. The application of the United Nations Convention on Contracts for the International Sale of Goods of April 11, 1980 shall be excluded.

 

 

Section 14 - Term of the Agreement

 

	
14.1

	
The term of this Agreement shall be valid upon signature by both Parties ("Effective Date"). Unless extended by written agreement or terminated under Section I6 this Agreement shall expire eight (8) years from the signature date ("Expiration").

 

	
14.2

	
All payment obligations of NEXX accrued prior to Expiration of this Agreement and the stipulations of Section 6 relating thereto shall remain in effect. Articles 1, 2.2, 3, 6, 7, 8, 9, 10, 12, 13, 14.2 shall survive any Expiration of this Agreement.

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

Section 15 - Termination

 

	
15.1

	
This Agreement may by written notice be forthwith terminated by a Party having such right as herein provided, without prejudice to any other rights such Party may have, upon the occurrence of either one or more of the following events stated below:

 

	
·  

	
by either Party in the event that the other has failed substantially to perform a material contractual obligation, provided that such default is not remedied to the terminating Party's reasonable satisfaction, within [*] after written notice to the other Party specifying the nature of such default and requiring remedy of the same.

 

	
·  

	
by either Party in the event that the other Party voluntarily files a petition in bankruptcy or has such a petition involuntarily filed against it (which petition is not discharged within thirty (30) days after filing), or is placed in an insolvency proceeding, or if an order is issued appointing a receiver or trustee or a levy or attachment is made against a substantial portion of its assets which order shall not be vacated, or set aside within thirty (30) days from date of issuance, or if any assignment for the benefit of its creditors is made, provided however, all sublicenses granted to sublicensees shall remain in full force and effect.

 

	
15.3

	
Upon termination or expiration of this Agreement, NEXX shall pay Infineon immediately any amounts due to Infineon, if any, and cease any use of the [*] Device. All obligations of NEXX accrued prior to termination, and those obligations relating to confidentiality, protection of the [*] Device and restriction to use shall survive termination.

 

 

Section 16 - Assignment

 

Infineon and NEXX may freely assign or transfer this Agreement to an Affiliate or in any manner without the prior written consent of the other party as part of a transfer of all or of a substantial part of the activities to which the subject matter of this Agreement pertains whether by sale, merger, corporate reorganization or consolidation.

 

 

Section 17 - Miscellaneous

 

	
17.1

	
Written Form

 

This Agreement shall not be modified or amended except by a written agreement dated subsequently to the date of this Agreement and signed on behalf of Infineon and NEXX by their respective duly authorized representatives as an amendment hereto. This requirement of written form can only be waived in writing.

 

	
17.2

	
No Exclusivity

 

Nothing in this Agreement shall constitute any exclusivity between the Parties regarding the subject matter of this Agreement. Therefore, for avoidance of any doubt, Infineon shall be free to provide and deliver the same or similar [*] Device to any third party subject to the Confidentiality provisions in this Agreement.

 

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	
17.3

	
General Terms and Conditions not applicable

 

General Terms and Conditions of Infineon or NEXX, if any, shall not apply within the scope of this Agreement.

 

	
17.4

	
No Agency

 

The Parties are independent contractors and nothing in this Agreement is intended or shall be construed as to one Party being considered or permitted to be an agent, partner, or joint venturer of the other Party. Except as specified herein, neither party shall have the right, power or implied authority to create any obligation or duty, express or implied, on behalf of the other Party hereto.

 

	
17.5

	
Notices

 

Any notices permitted or required hereunder shall be made in the English language by registered mail or by telefax and confirmed by registered mail to the following addresses or such other addresses as submitted by a Party to the other from time to time in writing:

 

 

	 	
If to NEXX: 

 

NEXX Systems, Inc.

Att: Stan Piekos CFO

900 Middlesex Turnpike Bldg 6

Billerica MA 01821-3929

 

With a copy to:

 

Mintz Levin

Att:Neil Aronson

One Financial Center

Boston MA

	
If to Infineon:

 

Infineon Technologies Austria AG

Att: Petra Darnhofer-Demar/ IFAG LP L 3

Siemensstrasse 2

9500 Villach

Austria

 

With a copy to:

 

Infineon Technologies AG

Att: Nikolaus Sieveking/ IFAG LP L 3

85579 Neubiberg,

Germany

 

 

17.6        Explicit Grants

 

Except as specifically provided for in this Agreement, no rights or licenses of any kind (whether express or implied) are granted hereunder.

 

17.7        Non-Waiver

 

No express or implied waiver by any of the Parties to this Agreement of any breach of any term, condition or obligation of this Agreement shall be construed as a waiver of any subsequent or continuing breach of that term, condition or obligation or of any other term, condition or obligation of this Agreement of the same or of a different nature. Any waiver, consent, or approval of any kind regarding any breach, violation, default, provision or condition of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing.

 

17.8        Entire Agreement

 

This Agreement and all Annexes referred to herein, constitutes the entire agreement between the Parties with respect to the subject matter therein described, and supersedes any prior or simultaneous communications, representations or agreements with respect hereto, whether oral or written.

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

17.9        Press Releases

 

Press releases or other information on the conclusion/content of this Agreement shall only be made available to third parties, in particular press agencies, with the prior written consent of the other Party hereto.

 

17.10     Severability

 

If any provision of this Agreement is held to be invalid, illegal or unenforceable under applicable law the remaining provisions shall continue to be in full force and effect. The Parties undertake to replace the invalid provision or parts thereof by a new provision which will approximate as closely as possible the economic result intended by the Parties.

 

 

Section 18 - List of Annexes

 

	
Annex 1 –

	
[*] Device - Infineon Technologies Austria AG Tool and Process Specification to Development Agreement between NEXX Systems, Inc. and Infineon Technologies Austria AG

 

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be signed by their respective duly authorized representatives.

 

 

	
Villach, ___________ 2009

 

Infineon Austria AG

 

/s/ Mag. Monika Kircher Kohl         

 

Mag. Monika Kircher-Kohl

 

	
10/16/2009

 

NEXX Systems, Inc.

 

/s/ Stanley D. Piekos                  

Chief Executive Officer

 

 

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

ANNEX 1 to Development Agreement between NEXX Systems. Inc. and Infineon Technologies

 

 

 

 

Infineon Technologies Austria AG

Tool and Process Specification

[*]

On Nexx – Stratus S200

by and between

NEXX Systems, Inc., USA

(hereinafter referred to as “NEXX”)

and

Infineon Technologies Austria AG, Austria

(hereinafter referred to as “IFX”)

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

Table of Content

 

	
1 GENERAL SYSTEM SPECIFICATIONS

	
4

	
1.1 System Configuration/ Equipment Type Stratus S200

	
4

	
1.1.1Overview of the tool:

	
4

	
1.1.2 [*]

	
4

	
1.1.3 [*]

	
6

	
1.1.4 [*]

	
6

	
1.1.5 [*]

	
7

	
1.1.2.1 [*]

	
8

	
1.1.2.2 [*]

	
8

	
1.1.2.3 [*]

	
8

	
1.1.2.4 [*]

	
8

	
1.1.6 [*]

	
9

	
1.1.7 [*]

	
9

	
1.1.8 [*]

	
9

	
1.1.9 [*]

	
10

	
1.2 Software Control System

	
11

	
1.2.1 Operation Modes

	
13

	
1.3 Hardware of the Control System

	
14

	
1.4 Procedure/Description of the Regular Usage

	
14

	
1.5 Procedure/Description of the Irregular Usage

	
14

	  	  
	
2 FEEDS AND DRAINS

	
15

	
2.1 General

	
15

	
2.2 Exhaust Lines

	
15

	
2.3 Drains

	
16

	
2.4 Feeds/ Internal Pipes

	
18

	  	  
	
3 PROCESS REQUIREMENTS

	
19

	
3.1 [*]

	
19

	
3.2 [*]

	
19

	
3.3 [*]

	
20

	
3.3.1 [*]

	
20

	
3.3.2 [*]

	
20

	
3.3.3 [*]

	
21

	
3.4 [*]

	
21

	
3.4.1 [*]

	
21

	
3.4.2 [*]

	
21

	
3.4.3 [*]

	
21

	
3.5 [*]

	
22

	
3.5.1 [*]

	
22

	
3.5.2 [*]

	
22

	
3.6 [*]

	
22

	
3.7 [*]

	
22

 

 

 

 

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	  	  
	
4 TECHNICAL REQUIREMENTS

	
23

	
4.1 Contamination Specifications

	
23

	
4.2 Hardware Specifications

	
23

	
4.2.1 [*]

	
23

	
4.2.2 [*]

	
23

	
4.2.3 [*]

	
23

	
4.2.4 [*]

	
23

	
4.3 RAM Requirements (Reliability, Availability, Maintainability)

	
24

	
4.3.1Production Reliability Quantities

	
24

	
4.3.2 [*]

	
24

	  	  
	
5 SCHEDULES AND PROCEDURE OF EQUIPMENT EVALUATION

	
25

	
5.1 Shipment Release at the Vendor site

	
25

	
5.2 Installation Procedure:

	
25

	
5.3 Process acceptance:

	
26

	
5.4 Tool Evaluation:

	
26

	
5.5 Tool Performance Acceptance:

	
26

	  	  
	
6 SERVICE

	
27

	 	 
	
7 TRAINING

	
28

	 	 
	
8 PARTS AND CONSIGNMENT STOCK

	
29

	
8.1 Parts

	
29

	
8.2 Consignment Stock

	
29

	 	 
	
9 UPGRADES/UPDATES

	
29

	 	 
	
10 DOCUMENTATION

	
30

	
10.1 Documentation for Infineon Technologies

	
30

	
10.2 Documentation

	
30

 

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

Tool Specification for [*]

 

1             General System Specifications

[*]

1.1           System Configuration / Equipment type Stratus S200

1.1.1       Overview of the tool:

[*]

1.1.2        Layout of dimensioning

[* Two pages omitted]

1.1.3       [*]

[*]

1.1.4       [*]

[*]

1.1.5       [*]

[*]

1.1.2.1   [*]

[*]

1.1.2.2   [*]

[*]

1.1.2.3   [*]

[*]

1.1.2.4   [*]

[*]

1.1.6       [*]

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

[*]

1.1.7       [*]

[*]

1.1.8       [*]

[*]

1.1.9       [*]

[*]

1.2           Software Control System

[* Two pages omitted]

1.2.1       Operation Modes

	
  

	
a.

	
Automatic Mode

	
  

	
[*]

	
  

	
b.

	
Manual Mode

	
  

	
[*]

1.3           Hardware of the Control System

[*]

1.4           Procedure/Description of the Regular Usage

[*]

1.5           Procedure/Description of the Irregular Usage

[*]

2             Feeds and Drains

2.1           General

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

[*]

2.2           Exhaust Lines

[*]

2.3           Drains

[* Two pages omitted]

2.4           Feeds / Internal Pipes

[*]

3             Process Requirements

3.1           [*]

[*]

3.2           [*]

[*]

3.3           [*]

3.3.1       [*]

[*]

3.3.2       [*]

[*]

3.3.3       [*]

[*]

3.4           [*]

3.4.1       [*]

[*]

3.4.2       [*]

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

 

[*]

3.4.3       [*]

[*]

3.5           [*]

3.5.1       [*]

[*]

3.5.2       [*]

[*]

3.6           [*]

 

 [*]

3.7           [*]

 

 [*]

 

4             Technical Requirements

4.1           Contamination Specifications

[*]

4.2           Hardware Specifications

4.2.1       [*]

[*]

4.2.2       [*]

[*]

4.2.3       [*]

[*]

4.2.4       [*]

[*]

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

 

4.3           RAM-Requirements (Reliability, Availability, Maintainability)

[*]

4.3.1       Production Reliability Quantities

[*]

4.3.2       [*]

[*]

5             Schedules and Procedure of Equipment Evaluation

5.1           Shipment Release at the Vendor site

[*]

5.2           Installation Procedure

[*]

5.3           Process acceptance

[*]

5.4           Tool Evaluation

[*]

5.5           Tool Performance Acceptance

[*]

6             Service

	
•  

	
Service location: Germany (TELTEC semiconductor technic GmbH, 74535 Mainhardt, Germany)

 

	
•  

	
NEXX guarantees at least to support with one engineer onsite covering both service and process onsite during the evaluation period. For the remaining warranty period NEXX guarantees to support with one service engineer onsite within 24 hours from the time of initial notification by Infineon,

 

	
•  

	
Regular technical support available: Monday to Friday from 8 am - 5 pm (8 hrs a day). Public holidays excluded. During vacations NEXX/Teltec team will provide secondary coverage.

 

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	
•  

	
Telephone support is 24x7

 

	
•  

	
When additional technical support is required NEXX guarantees an on site support at the premises of IFX within 24 hours from-the time of initial notification by TX For this purpose NECX will establish an on-call service for urgent cases enabling IFX to obtain a phone support even outside normal working hours respectively during weekends and public holidays.

 

	
•  

	
NEXX will provide a staffing level necessary to maintain the tool to the performance levels as defined in the Tool and Process Specification.

 

	
•  

	
In case the specifications are not met, the NEXX team has to provide full service and process support to solve the problems.

 

	
•  

	
Staff changes should be avoided if possible and if necessary should be notified in writing at least one week in advance.

 

	
•  

	
If on-site engineer has nothing to do for more than 24 hours he may leave the site but has to return within 24 hours after notification.

 

7             Training

The cost for [*] training credits (1 credit = 1 person/day) at Nexx Billerica/MA has to be fully covered by [*]. Training credits are at least [*] valid. All travel expenses are the responsibility of [*].

8             Parts and Consignment Stock

8.1           Parts

[*]

8.2           Consignment Stock

[*]

9              Upgrades/Updates

	
·  

	
NEXX agrees to advise IFX in writing of any corrected version, redesign or technical enhancement on hard- and software (“Updates and/or Upgrades”) that are available at NEXX within [*] of the release. This notification will include all applicable drawings, documentation and evaluation data detailing the impact of the change to IFX.

 

	
·  

	
Upgrades / updates which are necessary to meet agreed conditions are available [*]. This applies also, after the expiration of the warranty.

 

  

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	
·  

	
All operation software upgrades / updates will be delivered [*] during the evaluation and warranty periods.

 

	
·  

	
All Updates and Upgrades are subject to approval by IFX prior to installation.

 

	
·  

	
During the warranty period all Upgrades and Updates available at NEXX will be provided to Infineon [*].

 

10           Documentation

10.1        Documentation for Infineon Technologies

Latest and complete technical documentation in English have to accompany the delivery of the equipment (installation manuals as soon as possible before delivery) in clean room paper and in digital version.

Documentation to contain at:

 

	
•  

	
Installation manuals including work space requirements, charging / equipment supply, additional equipment, constructional work, necessary discharging equipment, lifting gear, safety equipment required for the installation of the equipment.

 

	
•  

	
system built schedule

 

	
•  

	
system installation schedule

 

	
•  

	
technical data sheet/equipment master data

 

	
•  

	
function descriptions

 

	
•  

	
operating instructions

 

	
•  

	
program description

 

	
•  

	
process description

 

	
•  

	
flow diagram

 

	
•  

	
connection diagrams

 

	
•  

	
installation diagrams

 

	
•  

	
[*]

 

	
•  

	
[*]

 

	
•  

	
[*]

 

	
•  

	
cleaning plans

 

  

  

[ * ] =Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

  

	
•  

	
maintenance instructions

 

	
•  

	
trouble-shooting guide

 

	
•  

	
stock list with available parts and notification of delivery time

 

	
•  

	
training instructions (for process, service and operator) and training program

 

Data medium: 1 set on clean room paper, 1 set CD ROM and Autocad viewer free of charge

 

10.2        Documentation

During the lifetime of the equipment the documentation will be updated immediately with the hard- or software changes, so that it is possible to order without problems spare parts at any time.

 

 

	Specification acceptance:	 	 	 	 
	Infineon Technologies AG, Germany	 	 	Nexx Systems, Inc., USA	 
	
/s/ Michael Melzl 

	 	 	
/s/ David Volfson

	 
	
Name:  Michael Melzl 

	 	 	
Name:  David Volfson

	 
	
Date:   18/09/08

	 	 	
Product Manager          9-12-08ex10x1.htm

    Exhibit 10.1

     

    
      PURCHASE
AND SALE AGREEMENT

      

       

      THIS
AGREEMENT (“Agreement”)
is dated as of June 4, 2010 (the “Effective
Date”), between New
Frontier Energy, Inc., a Colorado corporation (“Seller”),
and Carrizo Oil & Gas,
Inc., a Texas corporation (“Carrizo”).  Each
of Seller and Carrizo may be referred to individually herein as a “Party”
and collectively as the “Parties.”

      

      R
E C I T A L S

      

      A.           Seller
owns interests in oil and gas leases covering approximately 27,120 gross acres
and approximately 11,505 net acres.  Said leases are described in
Appendix 1
hereto (the “Leases”).

       

      B.           Seller
desires to sell its entire interests in the Leases to Carrizo and Carrizo
desires to purchase said interests from Seller for the consideration and on the
terms and conditions, including Seller’s right to elect to re-acquire an
interest in the Leases, set forth in this Agreement.

       

      C.           Seller
and Carrizo desire to create an area of mutual interest as set forth in this
Agreement.

      

      A
G R E E M E N T

      

      Subject
to the terms and provisions of this Agreement and in consideration of the mutual
covenants and agreements herein contained, and for other good and valuable
consideration, Seller and Carrizo agree as follows:

      

      ARTICLE
1 – DEFINED TERMS

       

      As used
in this Agreement, the following terms have the meanings ascribed to them
below:

       

      “Approved Net
Leasehold Acreage” means the Net Leasehold Acres attributable to each of
the Leases that are acceptable to Carrizo in the exercise of its reasonable
discretion.  In its determination of the Approved Net Leasehold Acres
attributable to a Lease, Carrizo will use the formula set forth in the
definition of Net Leasehold Acres below, provided, however, that Carrizo shall
have the option to exclude:

       

      
        	
                 
      

              	
                 (i) 

              	
                Leases
      with respect to which Carrizo determines that there are material
      environmental liabilities that are unacceptable to Carrizo in the good
      faith exercise of reasonable discretion;
and

              

      

       

      
        	
                 
      

              	
                (ii) 

              	
                interests
      in Oil and Gas covered by the Leases and leasehold working interests in
      the Leases that Carrizo determines, in the exercise of reasonable
      discretion to be subject to Title
Defects.

              

      

       

      The
Approved Net Leasehold Acres attributable to leases excluded for the reasons set
forth in (i) and (ii), above (the “Excluded
Leases”) will be zero unless the reasons for exclusion are removed during
the Cure Period (defined in Section 2.3 below) to
the satisfaction of Carrizo in the exercise of its reasonable
discretion.

       

      Burdens
means landowners’ royalties, overriding royalties, production payments, net
profits interests and all other burdens measured by or payable out of production
that do not exceed 16% of 8/8ths proportionately reduced (i.e., leases that can
be delivered to Carrizo at a net revenue interest greater than or equal to
84%).

       

      1

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Encumbrances
means pledges, liens, mortgages, security interests, contract obligations,
options, claims and other similar encumbrances.

       

      Excluded
Leases has the meaning set forth in the definition of Approved Net
Leasehold Acreage above.

       

      Good and
Defensible Title means, for each Lease, such record title
that (i) entitles Seller to receive throughout the life of such Lease
a net revenue interest in, to and from Oil and Gas in and under the formations
covered by such  Lease, not less than 84% of 8/8ths, (ii) obligates
Seller to pay and bear throughout the life of such  Lease a share of
the costs and risks of exploring, drilling, developing, operating and abandoning
that  Lease insofar as such  Lease covers and affects the
formations not greater than 100%, and (iii) is free and clear of all
Encumbrances except Permitted Encumbrances.

       

      Net Leasehold
Acres means, with respect to each of the Leases, (i) the number of gross
acres covered by such Lease, times (ii) the percentage of the Oil and Gas
covered by such Lease, times (iii) the percentage of the estate of the
lessee in said Lease (working interest) owned by Seller.  For example,
the number of Net Leasehold Acres attributable to a Lease covering an undivided
one half interest in the minerals in and under a 100 acre tract of land in which
Seller owns 90% of the estate of the original lessee in such Lease would be 45
Net Leasehold Acres.  The 45 Net Leasehold Acres in this example is
derived as follows:  100 acres times 50% (the landowner’s mineral
interest) times (90% (Seller’s ownership percentage of the estate of the
original lessee).

      

      Oil and
Gas means oil, gas, condensate and other liquid or gaseous
hydrocarbons.

      

      Permitted
Encumbrances means and includes the following:

      

      
        	
                (a)  

              	
                production
      burdens that do not reduce Seller’s net revenue interest in a Lease below
      84% of 8/8ths;

              

      

      

      
        	
                (b)  

              	
                Liens
      for taxes or assessments or governmental charges not yet delinquent;
      and

              

      

      

      
        	
                (c)  

              	
                Easements,
      rights-of-way, servitudes, permits, surface leases and other rights in
      respect of surface operations incidental to the ownership of
      the  Leases provided that same do not materially interfere with
      the operation, value or use of any of the
  Leases.

              

      

      

      Title
Defect means any Encumbrance (or any claim of an Encumbrance) other than
a Permitted Encumbrance that would cause title to any  Lease not to be
Good and Defensible Title.

      

      ARTICLE
2 – PURCHASE AND SALE OF LEASES

       

      2.1  Purchase and
Sale.  Contemporaneously with: (i) the execution and delivery
of this Agreement by the Parties, (ii) the execution, acknowledgement and
delivery of the Assignment attached hereto as Appendix 2 by the
Parties (the “Assignment”),
and (iii) the wire transfer of funds by Carrizo to Seller pursuant to Section 2.2 below
(the events set forth in (i), (ii) and (iii) may be referred to as the “Closing”),
Seller hereby sells, transfers and conveys to Carrizo and Carrizo hereby accepts
the leasehold interests conveyed by the Assignment on the terms and conditions
contained in this Agreement.

       

      2

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      2.2  Initial
Advance.  Contemporaneously with the execution and delivery of
this Agreement by the Parties, Carrizo has advanced to Seller the sum of
$5,519,989.00 in immediately available funds (the “Initial
Advance”).  The Initial Advance: (i) was made by wire transfer
to an account designated by Seller, (ii) was determined by multiplying Five
Hundred Dollars ($500.00) per Net Leasehold Acre times 11,039.978 Approved Net
Leasehold Acres.

       

      2.3  Title and Environmental Due
Diligence.  Carrizo and its representatives, with the consent
of the Seller and prior to the Closing, conducted inspections of the Leases and
the lands covered thereby and a review of title to the Leases.  The
Initial Advance is based on the number of Approved Net Leasehold Acres covered
by the Leases as determined such inspection and
review.  Contemporaneously with the execution and delivery of this
Agreement by the Parties, Carrizo is delivering to Seller a notice identifying
Title Defects or environmental conditions that were taken into account in
determining the Initial Advance and identifying any Excluded Leases and the
reasons for such exclusion (the “Defect
Notice”).  A copy of the Defect Notice is attached to this
Agreement as Appendix
3.  During the thirty (30) day period following the Closing
(the “Cure
Period”), Seller will have the right to cure any Title Defects referred
to in the Defect Notice at Seller’s expense and to attempt to remediate or
remove any environmental conditions that caused one or more Leases to be
Excluded Leases.  On or before the expiration of the Cure Period,
Seller will give Carrizo notice of all Title Defects that Seller believes it has
cured and any change in environmental conditions that should be considered by
Carrizo in evaluating whether a Lease should be an Excluded
Lease.  Seller will furnish Carrizo, with said notice, all title
curative materials reflecting that the Title Defects referred to in Seller’s
notice do not exist or have been cured and information as to the change in
environmental conditions that should be considered by Carrizo in evaluating
whether a Lease should be an Excluded Lease.  Within five (5) days
after receiving said notice and title curative materials from Seller, Carrizo
will send a notice to Seller reflecting the number of Net Leasehold Acres that
were excluded by Carrizo in the determination of the Initial Advance on account
of Excluded Leases and that Carrizo, in the exercise of its reasonable
discretion, no longer deems to be Excluded Leases (the “Cured Net
Leasehold Acres”).

       

      2.4  Conveyance of Cured Net
Leasehold Acres and Payment Therefor.  As soon as practicable
after Carrizo has given Seller notice of the number of Net Leasehold Acres
Carrizo has determined are Cured Net Leasehold Acres, the parties shall perform
the following actions:

       

      (i)  Seller
shall execute, acknowledge and deliver to Carrizo an assignment substantially in
the form attached hereto as Appendix 2 conveying
the Cured Net Leasehold Acres to Carrizo to the extent such Cured Net Leasehold
Acres were not conveyed to Carrizo by the Assignment referred to in Section 2.1 above;
and

      

      (ii)  Carrizo
shall pay to Seller Five Hundred Dollars ($500.00) per Net Leasehold Acre
multiplied by the number of Cured Net Leasehold Acres.

      

      ARTICLE
3 – Option Leases

       

      3.1  Option
Leases.  The Leases described in Appendix 6 hereto
(the “Option
Leases”) contain provisions granting the lessee the right or option to
renew or extend such leases for one year at the end of their primary terms by
paying the lessor $10 per Net Leasehold Acre covered thereby.  It is
contemplated that the Option Leases will be amended to provide, among other
amendments, that the extension payment will be increased to up to $40 per Net
Leasehold Acre covered by such leases.  Carrizo agrees to bear and pay
two thirds of such additional extension payments and Seller agrees to bear and
pay one third of such additional extension payments (in each case, up to but not
in excess of $40 per Net Leasehold Acre covered by such Option Lease) if and
when such additional extension payments are made to the lessors of the Option
Leases, provided that such additional payments are made on or before the first
anniversary of the Effective Date.

       

      3

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
4 – Post-Closing Obligation to Acquire Seismic Data and Drill Wells or to
Reassign.

       

      4.1  Reassignment; Retained
Tracts.  “Drilling
Period” means the period of time commencing on the date of Closing and
ending on the last day of the 18th month thereafter.  Unless Carrizo
(i) commences the drilling of three Carry Wells on the lands covered by the
Leases or on lands pooled therewith prior to the expiration of the Drilling
Period as specified in Section 4.3, Carrizo
must convey to Seller the interests conveyed by Seller to Carrizo pursuant to
Article 1
hereof free and clear of any burdens or other encumbrances created after the
Closing Date by, through or under Carrizo, its successors and assigns; provided
that Carrizo shall reserve from such conveyance 640 gross acres (which need not
be contiguous) covered by the Leases and selected by Carrizo around each
horizontal well spudded before the end of the Drilling Period (without regard to
whether such horizontal well qualifies as a Carry Well as defined in Section 4.3
below).  Said 640 acre tracts (the “Retained
Tracts”) shall be in as near the form of a square as practicable and
shall include acreage from the Lease or Leases covering lands closest to the
horizontal well, and shall not overlap with any other Retained
Tract.  For the avoidance of doubt the Retained Tracts may comprise
more acreage than that covered by the Lease upon which the related horizontal
well was drilled and/or more acreage than that included in the pooled unit
created around the related horizontal well.

       

      4.2  Seismic
Data.  Carrizo intends to acquire 3D seismic data on lands of
its sole choosing and covered by the Leases and to evaluate such seismic
data.  To the extent permissible under any applicable licenses or
agreements with third parties, Carrizo shall provide Seller with a copy of the
latest processed version of any 2D or 3D seismic data acquired by or for Carrizo
covering the all or any part of the lands covered by the Leases.  If
provision of the data is restricted by third-party agreements, Carrizo shall
make its interpretation of the restricted data available to Seller if
permissible under such agreements.  Any and all such data and
information provided by Carrizo to Seller shall be provided as an accommodation
only, without representation or warranty of any kind by Carrizo, and without
right of reliance thereon by Seller.

       

      4.3  Carry
Wells.  In order to avoid its reassigment obligations under
Section 4.1
above, Carrizo must: (1) commence drilling not less than three Carry Wells
before the end of the Drilling Period at locations of Carrizo’s choice on the
Leases or on lands pooled therewith, and (2) carry Seller for a 33 1/3 percent
working interest on all costs through the tanks of each of said three Carry
Wells; provided, however that  Seller’s working interest in a Carry
Well shall be proportionately reduced if the Leases owned by Carrizo do not
cover 100% of the drilling and spacing unit that shall be established for such
Carry Well, if Carrizo does not own 100% of the lessee’s interest in such
leases, or if the landowners in said Leases do not own the full mineral interest
in the lands covered thereby.  In the event that such proportionate
reduction results in Seller being carried for less than the equivalent of 100%
of one well, in the aggregate, with respect to the first three Carry Wells,
Carrizo shall have the obligation to carry Seller in an additional well or
wells, during or after the Drilling Period, so that Seller is carried for the
equivalent of 100% of one well.  In addition, Seller shall
proportionately benefit from any non-consent penalty paid to Carrizo with
respect to any of the wells in which it is being carried.  By way of
clarity, it is the intent of this Carry Well provision that Seller’s position in
a Carry Well shall be equal to 33 1/3 percent of Carrizo’s working interest in
such well. As used herein, the term “Carry
Well” means a well that satisfies both of the following conditions:
(1) such well is drilled as a horizontal well in the Niobrara formation
(i.e., a well in which the wellbore deviates from approximate vertical
orientation to approximate horizontal orientation in order to drill within and
test a geological interval, using deviation equipment, services and technology);
and (2) such well is spudded after Carrizo acquires 3D seismic data
covering all or a portion of the Leases unless either: (a) Seller has agreed in
writing that such well qualifies as a Carry Well notwithstanding that it is
drilled prior to Carrizo’s acquisition of 3D seismic data covering all or a
portion of the Leases, or (b) such well is drilled in Section 26, Township 8
North, Range 61 West, 6th P.M., Weld County, Colorado.  No provision
of this Agreement prohibits or restricts Carrizo from drilling a well or wells
on the Leases during the Drilling Period that do not qualify as Carry Wells as
defined in this paragraph 4.3 or retaining Retained Tracts (as defined in Section 4.1) for such
horizontal wells.

       

      4

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      4.4  Seller’s One Time Election
to Re-Acquire Leasehold Interests.  If Carrizo commences
drilling three Carry Wells before the end of the Drilling Period, Carrizo shall
so notify Seller within 20 days after drilling operations cease on the third
Carry Well (“Carrizo’s Carry
Well Notice”).  Upon such notice, Seller shall have the option
to re-acquire an undivided 1/3rd working interest in the Leases [excluding
Leases or portion of Leases that are: (a) included within a Retained
Tract (as defined in Section 4.1) for any
well that is not a Carry Well, or (b) included within a drilling and spacing
unit acre unit for a Carry Well].  In order to exercise Seller’s
option, Seller must perform the following actions within 30 calendar days after
Seller receives Carrizo’s Carry Well Notice: (1) give Carrizo written notice of
Seller’s election to acquire said undivided 1/3 working interest; and (2) pay to
Carrizo 1/3rd of the total amount that Carrizo paid to Seller to buy Seller’s
interest in the Leases under Article I above, plus 1/3 of any amount that
Carrizo has paid to renew, extend or replace the Leases during the Drilling
Period.  If Seller timely exercises its option under this Section 4.4, then
Carrizo shall assign to Seller a 1/3rd undivided interest in the Leases
[excluding Leases or portion of Leases that are: (a) included within a
Retained Tract (as defined in Section 4.1) for any
well that is not a Carry Well, or (b) included within a drilling and spacing
unit for a Carry Well] by assignment substantially in the form attached hereto
as Appendix
2.  Said interest shall be liable for its pro rata share of
costs and expenses other than the costs carried by Carrizo through the tanks as
provided in Section
4.3 above. If Seller does not timely exercise its option under this Section 4.4, then
Seller shall be deemed to have relinquished its rights and options under this
Section 4.4 to
re-acquire interests in the Leases.

       

      4.5  Consequences of Failure to
Drill Carry Wells; Force Majeure.  Except as expressly provided
in Section 4.1
above, Seller shall have no remedy or recourse against the Carrizo for failing
to drill three Carry Wells prior to the expiration of the Drilling
Period.  So long as the last of the three Carry Wells is spudded
within the Drilling Period, Carrizo may avoid it’s reassignment obligations
under Section
4.1 above, notwithstanding that one or more of said Carry Wells may be
completed, or plugged and abandoned as a dry hole, after expiration of the
Drilling Period so long as Carrizo conducts completion or  abandonment
operations on said Carry Wells with due diligence.  When permitting,
drilling, completion, plugging or other operations by Carrizo hereunder are
delayed or interrupted by operation of Force Majeure (see Section 7.6), the
time of such delay or interruption shall not be counted against Carrizo and the
Drilling Period shall be extended for a period of time equal to that during
which Carrizo is so delayed or prevented from conducting the activities
necessary to avoid its reassignment obligations under Section
4.1.

       

      4.6  Well
Information.  Seller shall have the right, at its sole risk and
expense, to have access to the derrick floor and to observe all operations on
all wells drilled by Carrizo on the Leases or lands pooled
therewith.  Carrizo shall provide to Seller copies of all applications
and reports filed with applicable regulatory agencies, whether or not treated as
confidential by such agencies, pertaining to operations on the Leases or on
lands pooled therewith, daily drilling reports, well logs, core analyses, frac
analyses and reports obtained from wells drilled by Carrizo.  Seller
shall maintain all data and information provided to it by Buyer under this Section 4.6 or
otherwise in connection with Carrizo’s operations on the Leases and the seismic
data referred to in Section 4.2 above in
confidence except that Seller may disclose data to lenders or potential
purchasers of Seller’s interests in the Leases or a portion thereof upon the
execution by such recipient of a confidentiality agreement.  Sellers
shall not be entitled to corporate or accounting records of Carrizo, except as
access to such records is provided by the audit provisions of the Operating
Agreement attached hereto as Appendix
4  and incorporated herein. This section 4.6 shall only apply
to the Carry Wells and any other wells drilled pursuant to this Agreement where
Seller is a participating party, including any additional wells in which Seller
is carried pursuant to Section 4.3 of this Article.

       

       

      5

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
5 – Area of Mutual Interest; Operational Provisions

       

      5.1  Right to Participate in
AMI.  As used herein,
the term “area of mutual interest,” “AMI” or
“AMI
Acreage” means all government sections within which Seller owns Leases at
the time of the Closing, and all contiguous and cornering government sections
thereto, but specifically excluding all of Sections 2 and 5 of Township 7 North,
Range 60 West, 6th P.M.  All acquisitions after the date hereof of
leases within the AMI by the parties hereto shall be governed by the provisions
of AMI Agreement. attached hereto as Appendix 5 and
incorporated herein.

       

      5.2  Acquisition of Renewal or
Replacement Leases or Extensions of a  Lease.  If any
party proposes to renew or extend a  Lease or to obtain a lease to
replace a  Lease that expired, such party shall offer the interests
proposed to be acquired to the other party in accordance with the procedures set
forth in the AMI Agreement, except that Seller shall be carried on such renewal,
extension or replacement costs, and shall be deemed to have elected to
participate in the acquisition of such interests, during the Drilling
Period.  Each party shall have the right to participate in the
acquisition of such interests in the following proportions: Carrizo, 66 2/3rds
percent; Seller, 33 1/3rd percent.  If any party proposes to renew or
extend a Lease or to obtain a lease to replace a Lease that has expired, and the
other party elects or is deemed to have elected not to participate in the
acquisition of such interest in accordance with the procedures set forth in the
AMI Agreement, then the acquiring party shall be entitled to acquire and hold
such interest for its own account.

       

      5.3  Operations and Cost
Sharing.  The Operating Agreement in the form attached as Appendix 4 hereto
(the “Operating
Agreement”) shall govern all operations on any jointly owned leases and
wells within the AMI.  The Operating Agreement shall be deemed a
separate agreement: (i) with respect to each drilling and spacing unit to
be established around each Carry Well or other well drilled by the Parties, and
(ii) with respect to AMI Acreage and  Acreage not included in such a
unit until such time as any portions of such acreage are so included in such a
unit.  The Operating Agreement shall be binding on the parties when
this Agreement is fully executed notwithstanding that parties have not signed
the Operating Agreement.  Any well drilled by Carrizo hereunder shall
be operated by Carrizo.  If Carrizo sells all of its interests in all
wells drilled on the applicable acreage and the AMI Acreage, then the purchaser
of Carrizo’s interests shall have the right to take over as the Operator from
Carrizo; provided such Purchaser is a reputable operator with prior experience
in drilling and completing unconventional shale wells.  In the event
of a conflict between this Agreement and the Operating Agreement, this Agreement
shall be controlling; provided, however, that if
there is a conflict between the tax partnership provisions contained in Exhibit
G to the Operating Agreement and this Agreement, said tax partnership provisions
shall be controlling.

       

      5.4  Partnership
Election.  The tax partnership provisions contained in Exhibit
G to the Operating Agreement shall govern the relationship of the parties under
this Agreement for tax purposes.  Said tax partnership provisions
shall be effective as of the date of this Agreement.

       

      5.5  Ingress and
Egress.  To the extent that it may lawfully do so, Seller
hereby grants Carrizo the right of ingress and egress over, across and under any
portion of the  Acreage and  Leases and over, across and
under any other lands and/or leases owned by Seller in the vicinity of
the  Acreage and  Leases in order for Carrizo to have the
right of ingress and egress to and from the  Acreage and Leases and to
lay and maintain pipelines and other facilities to treat, store, transport Oil
and Gas from the  Leases, the Acreage and any leases jointly acquired
within the AMI.

       

      6

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
6 – Representations

       

      6.1  Representations of
Carrizo.  Carrizo represents to Seller as follows:

       

      (a)  Carrizo
is a Texas corporation duly organized, validly existing and in good standing
under the laws of the State of Texas, and is duly qualified to carry on its
business in all jurisdictions in which it is conducting business.

       

      (b)  Carrizo
has all requisite power and authority to carry on business as presently
conducted, to enter this Agreement, and to perform its obligations under this
Agreement.  The consummation of the transactions contemplated hereby
will not violate, nor be in conflict with, any provision of Carrizo’s Articles
of Incorporation, Bylaws or other governing documents, or any agreement or
instrument to which Carrizo is a party or is bound, or any judgment, decree,
order, statute, rule or regulation applicable to Carrizo.

       

      (c)  The
execution, delivery and performance of this Agreement and the transactions
contemplated hereby have been duly and validly authorized by all requisite
action or the part of Carrizo.

       

      (d)  This
Agreement and the Assignments have been duly executed and delivered on behalf of
Carrizo and constitute legal, valid and binding obligations of Carrizo,
enforceable in accordance with their terms.

       

      (e)  Carrizo
has not incurred any liability, contingent or otherwise, for brokers’ or
finders’ fees relating to the transactions contemplated hereby for which Seller
shall have any responsibility whatsoever.

       

      6.2  Representations of
Seller.  Seller represents to Carrizo as follows:

       

      (a)  Seller is
a Colorado corporation duly organized, validly existing and in good standing
under the laws of the State of Colorado, and is duly qualified to carry on its
business in all jurisdictions in which it is conducting business.

       

      (b)  Seller
has all requisite power and authority to carry on business as presently
conducted, to enter this Agreement, and to perform its obligations under this
Agreement.  The consummation of the transactions contemplated by this
Agreement will not violate, nor be in conflict with, any provision of Seller’s
Articles of Incorporation, Bylaws or other governing documents, or any agreement
or instrument to which Seller is a party or is bound, or any judgment, decree,
order, statute, rule or regulation applicable to Seller.

       

      (c)  The
execution, delivery and performance of this Agreement and the transactions
contemplated hereby have been duly and validly authorized by all requisite
action or the part of Seller.

       

      (d)  This
Agreement and the Assignments have been duly executed and delivered on behalf of
Seller and constitute legal, valid and binding obligations of Seller,
enforceable in accordance with their terms.

       

      7

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (e)  Seller
has not incurred any liability, contingent or otherwise, for brokers’ or
finders’ fees relating to the transactions contemplated hereby for which Buyer
shall have any responsibility whatsoever.

       

      (f)  Seller is
not a “foreign person” within the meaning of Section 1445 and 7701 of the
Internal Revenue Code of 1986, as amended from time to time, and the regulations
promulgated and the rulings issued thereunder.

       

      ARTICLE
7 – Miscellaneous

       

      7.1  Further
Assurances.  The Parties shall execute, acknowledge and deliver
or cause to be executed, acknowledged and delivered such instruments and take
such other action as may be necessary or advisable to carry out their
obligations under this Agreement and under any exhibit, document, certificate or
other instrument delivered pursuant hereto

       

      7.2  Notices.  All
notices and other communications that are required or that may be given under
the provisions of this Agreement shall be in writing and the same shall be
deemed to have been given on the same day if delivered in person, by email, by
overnight courier or by facsimile to the facsimile number herein below for the
party to whom the notice is given, or on the third day thereafter if placed in
the United States mails, registered or certified mail with postage prepaid and
addressed to the party at the address hereinafter specified.  The
addresses and facsimile numbers of the Parties for all purposes under this
Agreement and for all notices hereunder shall be:

       

      
        	 	If to
    Seller:	
                New
      Frontier Energy, Inc.

                1801
      Broadway, Suite 920

                Denver,
      CO 80202

                Attn.:  Mr.
      Samyak Veera - President

                Tel.
      No.  (646) 797-2750

                FAX
      No. (815) 346-5814

              

      

       

      
        
          	 	If to
    Carrizo:	
                  
                    Carrizo
      Oil & Gas, Inc.

                    1000
      Louisiana, Suite 1500

                    Houston,
      Texas 77002

                    Attn.:
      Mr. Richard Smith

                    Tel.
      No. (713) 328-1027

                    FAX
      No. (713) 328-1035

                  

                

        

         

      

      From time
to time any party may designate another address or facsimile number or telephone
number for all purposes of this Agreement by notifying the other party of such
change in accordance with the provisions hereof.

      

      7.3  Entire
Agreement.  This Agreement constitutes the entire agreements
between the parties with respect to the subject matter hereof and supersedes all
prior agreements and undertakings, written and oral.  No supplement,
amendment, alteration, modification, waiver or termination of this Agreement
shall be binding unless executed in writing by the parties hereto.

       

      7.4  Announcements.  Each
party covenants and agrees with the other that, subject to applicable law, each
party shall promptly advise and consult with the other and obtain the other's
written consent before issuing any press release with respect to this Agreement
or the transactions described herein.

       

      8

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      7.5  Confidentiality.  The
parties agree to keep all information pertaining to this Agreement confidential
and not release such information to outside parties without the consent of the
other parties except to the extent: (1) disclosure is required in the reasonable
opinion of the disclosing party under applicable law or by a governmental
authority or recognized self regulatory organization, (2) disclosure is required
to enforce a party’s rights under this Agreement, and (3) disclosure is
made in any documents the parties have agreed in writing to place of record in a
public office.

       

      7.6  Force
Majeure.  If Carrizo is rendered unable, wholly or in part, by
force majeure to carry
out its obligations within the deadlines established under this Agreement, it
will give Seller prompt written notice of the force majeure event with
reasonably full particulars concerning it.  The obligations or
deadlines of Carrizo shall be suspended during the continuation of the force majeure
event.  Carrizo shall use all reasonable diligence to remove the force majeure as quickly as
possible.  The term “force majeure” as employed
herein shall mean an act of God, strike, lockout or other industrial
disturbance, act of the public enemy, war, blockade, public riot, lightening,
fire, storm, flood, explosion, governmental restraint, governmental inaction,
failure of title, restriction upon or prohibition of surface rights,
nonavailability of drilling equipment or other equipment or personnel at
reasonable commercial rates; and any other cause, whether of the kind
specifically enumerated or otherwise, which is not reasonably within the control
of Carrizo. For the avoidance of doubt any moratorium on the issuance of
drilling permits or the prohibition of drilling activity by any governmental
agency will be considered an act of force majeure under this
Agreement.

       

      7.7  Binding Effect;
Benefits.  This Agreement shall be binding upon and inure to
the benefit of the parties to this Agreement and their respective successors and
assigns.  Nothing expressed or implied in this Agreement is intended
to or shall be construed to give any person other than the parties to this
Agreement or their respective successors or permitted assigns any legal or
equitable right, remedy or claim under or in respect of this Agreement, it being
the intention of the parties to this Agreement that this Agreement shall be for
the sole and exclusive benefit of such parties or such successor or assigns and
for the benefit of no other person.

       

      7.8  Assignment.  This
Agreement shall extend to and be binding upon not only the parties hereto, but
their respective successors and assigns.

       

      7.9  Governing Law. This
Agreement and the transactions contemplated hereby shall be construed in
accordance with, and governed by, the laws of the State of
Colorado.

       

      7.10  BINDING
ARBITRATION.  ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR THE EXISTENCE OF TITLE DEFECTS OR ENVIRONMENTAL
LIABILITIES, THE BREACH, TERMINATION, ENFORCEMENT, INTERPRETATION OR VALIDITY OF
THIS AGREEMENT, INCLUDING THE DETERMINATION OF THE SCOPE OR APPLICABILITY OF
THIS AGREEMENT TO ARBITRATE, SHALL BE DETERMINED BY ARBITRATION IN THE STATE OF
COLORADO IN ACCORDANCE WITH THE PREVAILING COMMERCIAL ARBITRATION RULES OF THE
AMERICAN ARBITRATION ASSOCIATION.  JUDGMENT ON THE AWARD MAY BE
ENTERED IN ANY COURT HAVING JURISDICTION.  THIS CLAUSE SHALL NOT
PRECLUDE THE PARTIES FROM SEEKING PROVISIONAL REMEDIES IN AID OF ARBITRATION
FROM A COURT OF APPROPRIATE JURISDICTION.  THE ARBITRATORS SHALL NOT
AWARD CONSEQUENTIAL OR PUNITIVE DAMAGES TO EITHER PARTY.  THE COSTS
AND EXPENSES OF THE ARBITRATION PROCEEDING, INCLUDING THE FEES OF THE ARBITRATOR
AND ALL COSTS AND EXPENSES, INCLUDING LEGAL FEES AND WITNESS FEES, INCURRED BY
THE PREVAILING PARTY, SHALL BE BORNE BY THE LOSING PARTY.

       

       

      9

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      7.11  Specific
Performance.  The parties agree and acknowledge that money
damages may not be an adequate remedy for a breach of a provision of this
Agreement by either party.  As such, either party, in its sole
discretion, may apply to a court for 
specific performance and/or injunctive
relief in order to enforce or prevent any violations of the provisions of this
Agreement by the other party.

       

      7.12  Expenses.  Except
as otherwise specifically provided in this Agreement, all fees, costs and
expenses incurred by Carrizo or Seller in negotiating this Agreement or in
consummating the transactions contemplated by this Agreement shall be paid by
the party incurring the same, including with limitation, legal and accounting
fees, costs and expenses.

       

      7.13  Cost.  If
any legal action, arbitration or other proceeding is brought for the enforcement
of this Agreement, or because of an alleged dispute, breach, default or
misrepresentation in connection with this Agreement, the prevailing party or
parties shall be entitled to recover reasonable attorney’s fees and other costs
incurred in such action, arbitration or other proceeding, in addition to other
relief to which it may be entitled.

       

      7.14  Severability.  Each
section, subsection and lesser section of this Agreement constitutes a separate
and distinct undertaking, covenant or provision hereof.  In the event
that any provision of this Agreement shall be determined to be invalid or
unenforceable, such provision shall be deemed limited by construction in scope
and effect to the minimum extent necessary to render the same valid and
enforceable, and, in the event such a limiting construction is impossible, such
invalid or unenforceable provision shall be deemed severed from this Agreement,
but every other provision of this Agreement shall remain in full force and
effect.

       

      7.15  Presumption Concerning
Interpretation and Construction.  Notwithstanding the fact that
preliminary drafts of this Agreement were prepared by counsel for Carrizo, the
parties hereto and their respective counsel have had opportunity to review and
participate in the drafting of the final form of this
Agreement.  Accordingly, in the event of any ambiguity in the
provisions of this Agreement, there shall be no presumption in favor of any
party hereto with respect to the interpretation or construction
thereof.

       

      7.16  Survival.  Except
as specifically set forth herein, the representations, warranties, covenants,
and agreements of the parties hereto shall survive the termination of this
Agreement.

       

      7.17  Headings.  The
section and subsection headings used in this Agreement are inserted for
convenience only and shall be disregarded in construing this
Agreement.

       

      7.18  Recording Supplement to
Operating Agreement.  Contemporaneously with the execution of
this Agreement, the parties will execute and acknowledge the Recording
Supplement to Operating Agreement and Financing Statement (“Recording
Supplement”) attached as Exhibit H to the Operating
Agreement.

       

      7.19  Counterparts and Facsimile
Signatures.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same agreement.  Furthermore, this Agreement
may be executed by the facsimile signature of any party hereto, it being agreed
that the facsimile signature of any party hereto shall be deemed an original for
all purposes.

       

      10

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ARTICLE
8 – APPENDICES

       

      8.1  Appendices.  The
following Appendices, attached hereto, are incorporated herein and made a part
hereof for all purposes.

       

      Appendix
1                                Description
of Leases

      Appendix
2                                Form
of Assignment

      Appendix
3                                Defect
Notice

      Appendix
4                                Form
of Operating Agreement

      Appendix
5                                Area
of Mutual Interest

      

                 EXECUTED
to be effective as of the Effective Date.

       

       

      
        
          	 	
                  NEW
      FRONTIER ENERGY, INC.

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ Tristan
      Farel	 
	 	Name:  	
                  Tristan
      Farel

                	 
	 	Title: 	
                  Chief
      Financial Officer

                  New
      Frontier Energy, Inc.

                	 
	 	 	
                   

                   

                	 

        

        
          	 	CARRIZO
      OIL & GAS, INC.	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ Richard
      Smith	 
	 	Name:	Richard
      Smith	 
	 	Title:	
                  Vice 
      President - Land

                  Carrizzo Oil & Gas, Inc.

                	 
	 	 	 	 

        

      

       

       

      

      

      11

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