Document:

Exhibit 10.1

    Exhibit
      10.1

    

      PARTICIPANT
        AGREEMENT

      <<<Participant
        Name>>>

       

      This
        Participant Agreement (the “Agreement”) is made as of the
<<<Date>>>, between Capital City Bank Group, Inc., a Florida
        corporation (the “Company”), and <<<Participant Name>>>
(“Participant”). Capitalized terms used and not otherwise defined herein shall
        have the meanings attributed thereto in the Capital City Bank Group, Inc.
        2005
        Associate Incentive Plan (the “Plan”).

      

      WHEREAS,
        the
        Participant is a key officer or associate of the Company or one of its
        subsidiaries who has been selected to receive an Award of Performance Share
        Units under the Plan by the Compensation Committee of the Company’s Board of
        Directors (the “Committee”).

      

      NOW,
        THEREFORE,
        in
        consideration of the premises and the mutual covenants contained herein,
        and for
        other good and valuable consideration, the receipt and adequacy of which
        are
        hereby acknowledged, the parties hereto agree as follows:

      

      1. Grant.
        

      

      (a) Performance
        Share Units.
        Upon
        the execution of this Agreement, the Committee hereby grants the Participant
        an
        Award of up to <<<Amount>>> Performance Share Units, subject
        to the terms and conditions of this Agreement, including Exhibit A hereto,
        and
        the Plan. Upon issuance, the Performance Share Units shall be immediately
        converted to shares (the “Shares”) of Common Stock of the Company.

      

      (b) Tax
        Supplement Bonus.
        Upon
        conversion of the Performance Share Units to Shares, the Participant will
        also
        receive a cash payment equal to 31% of the market value of the Performance
        Share
        Units payable as of the taxable income recognition date for the Shares (“Tax
        Supplement Bonus”).

      

      2. Earnings
        Goals.
        The
        Performance Share Units are hereby awarded on the basis, and Shares shall
        be
        issued at the time of achievement, of the earnings goals for such Performance
        Share Units set forth on Exhibit A (“Earnings Goals”). The Shares shall not be
        issued, and Participant shall lose all rights to same, if (i) the Earnings
        Goals
        set forth on Exhibit A and applicable to those issuances are not met, or
        (ii)
        prior to the issuance date, Participant ceases to be employed by the Company
        or
        any subsidiary for any reason, including death, disability or voluntary or
        involuntary termination, with or without cause, or is employed in a capacity
        of
        lesser responsibility within the Company or Subsidiary from that now occupied
        by
        Participant. The failure to meet an Earnings Goal in one calendar year will
        not
        affect the prior issuance of Shares pursuant to a previously satisfied Earnings
        Goal.

      

      3. Representations
        and Warranties of the Participant.
        The
        Participant represents, warrants and covenants that:

      

      (a) Knowledge
        and Experience.
        The
        Participant has such knowledge and experience in financial and business matters
        that he or she, together with his or her professional advisor, if any, is
        capable of evaluating the merits and risks of receipt of the Shares. The
        Participant has had access to such information concerning the Company, including
        its current financial statements, as the Participant deems necessary to enable
        him or her to make an informed decision concerning receipt of the
        Shares.

      

      (b) Withholding
        Taxes.
        The
        Participant acknowledges and agrees that the Company may withhold from the
        Participant’s cash compensation (whether paid in the form of salary, bonus or
        other type of cash payment) an amount calculated on the taxable income
        recognized by the Participant with respect to all compensation paid hereunder,
        calculated at the maximum withholding rate permitted for the Company under
        the
        Internal Revenue Code of 1986, as amended (the “Code”). The date of such taxable
        income recognition, and the Company’s corresponding right to withhold from
        Participant’s cash compensation shall occur on the first date the Participant
        has the right to receive the Shares, whether or not the Participant exercises
        that right.

      

      4. No
        Change in Employment Status.
        Nothing
        in the Agreement shall alter, in any way, Participant’s employment status with
        the Company, nor shall anything in this Agreement confer upon the Participant
        any right to continue in the employ of the Company or any of its subsidiaries
        or
        interfere in any way with the rights of the Company to change or terminate
        the
        employment of the Participant. Designation as a Participant pursuant to this
        Agreement will not confer any right on the Participant to be designated as
        a
        Participant in the future. This paragraph shall not change the terms and
        conditions of any employment agreement in effect between the Participant
        and the
        Company.

      

      5. Interpretation.
        The
        Committee interpretation of this Agreement, the Plan and all other decisions
        and
        determinations by the Committee shall be final and binding upon the parties
        hereto. The Committee may amend any provision of this Agreement at any time;
        provided that, except with the consent of the Participant, no amendment of
        this
        Agreement will impair the rights of the Participant to the Shares.

      

      6. Company
        Rights.
        This
        Agreement shall not in any way affect the right of the Company to make changes
        of its capital structure or to merge or consolidate or to dissolve, liquidate
        or
        sell all or any part of its business or its assets.

      

      7. Plan.
        The
        terms and provisions of the Plan are incorporated herein by reference, and
        Participant agrees to be bound by all such terms and provisions. In the event
        of
        a conflict or inconsistency between any terms and conditions of this Agreement
        and the Plan, the Plan shall govern and control.

      

      8. Miscellaneous.
        This
        Agreement and the Plan represent the entire understanding and agreement between
        the parties with respect to the subject matter of this Agreement, and supersedes
        all other negotiations, understandings and representations (if any) made
        by and
        between the parties. All of the terms and provisions of this Agreement shall
        be
        binding upon, inure to the benefit of, and be enforceable by the parties
        and
        their respective heirs, legal representatives, successors and permitted assigns,
        whether so expressed or not. No party shall assign its rights or obligations
        under this Agreement without the prior written consent of each other party
        to
        this Agreement.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

          The
        headings
        contained in this Agreement are for convenience of reference only, and shall
        not
        limit or otherwise affect in any way the meaning or interpretation of this
        Agreement. If any part of this Agreement or any other agreement entered into
        pursuant to this Agreement is contrary to, prohibited by or deemed invalid
        under
        applicable law or regulation, such provision shall be inapplicable and deemed
        omitted to the extent so contrary, prohibited or invalid, but the remainder
        of
        this Agreement shall not be invalidated thereby and shall be given full force
        and effect so far as possible. All covenants, agreements, representations
        and
        warranties made in this Agreement or otherwise made in writing by any party
        pursuant to this Agreement shall survive the execution and delivery of this
        Agreement and the consummation of the transactions contemplated
        hereby.

       

      The
        parties acknowledge that a substantial portion of the negotiations and
        anticipated performance of this Agreement occurred or shall occur in Leon
        County, Florida. Any civil action or legal proceeding arising out of or relating
        to this Agreement shall be brought in the courts of record of the State of
        Florida in Leon County or the United States District Court, Northern District
        of
        Florida. Each party consents to the jurisdiction of this court in any civil
        action or legal proceeding and waives any objection to the laying of venue
        of
        any civil action or legal proceeding in court. Service of any court paper
        may be
        effected on a party by mail, as provided in this Agreement, or in any other
        manner as may be provided under applicable laws, rules of procedure or local
        rules. 

       

      This
        Agreement and all transactions contemplated by this Agreement shall be governed
        by, and construed and enforced in accordance with, the internal laws of the
        State of Florida without regard to principles of conflicts of laws. If any
        legal
        action or other proceeding is brought for the enforcement of this Agreement,
        or
        because of an alleged dispute, breach, default, or misrepresentation in
        connection with any provision of this Agreement, the successful or prevailing
        party or parties shall be entitled to recover reasonable attorneys' fees,
        sales
        and use taxes, court costs, and all other expenses even if not taxable as
        court
        costs. This Agreement may be executed in one or more counterparts, each of
        which
        shall be deemed an original, but all of which together shall constitute one
        and
        the same instrument.

       

    

    IN
      WITNESS WHEREOF,
      the
      parties have caused this Agreement to be signed as of the date first written
      above.

    

    Witnesses:                         CAPITAL
      CITY BANK GROUP, INC.

     

    

      
        	
                _______________________________

              	 	
                By
                  :_______________________________

              
	 	 	
                Cader
                  B. Cox, III

              
	
                _______________________________

              	 	
                Chairman,
                  Compensation Committee

              
	 	 	 
	 	 	 
	
                _______________________________

              	 	
                By
                  :_______________________________

              
	 	 	
                     <<<Participant
                  Name>>>

              
	
                _______________________________Exhibit 10.46 Water Purchase Agreement with Shell

    
      
        

      

      

        EXHIBIT
          10.46

        

        WATER
          PURCHASE CONTRACT

        

        This
          Water Purchase Contract (“Agreement”) is entered into as of the 1st day of
          January, 2007, (the “Effective Date”) between SHELL
          FRONTIER OIL & GAS, INC., a
          Delaware corporation (hereinafter referred to as the “Purchaser”), and NATURAL
          SODA, INC., a Colorado corporation (hereinafter referred to as the
          ''Seller'').

        

        Recitals:

        

        Whereas,
          Seller is the lessee of four federal sodium leases (“Sodium Leases”)
comprising
          approximately 8,224 acres in the Piceance Creek Basin and Yellow Creek
          Basin in
          Rio Blanco County, Colorado, and pertaining to the land areas described
          on the
          attached Exhibit A; and

        

        Whereas,
          Seller is also the owner of the water rights described in Findings
          of Fact, Conclusions of Law, Judgment and Decree of the Water
          Court,
          entered
          by the District Court in and for Water Division No. 5 on August 13, 1991
          in Case
          No. 88CW420, and recorded at the office of the Rio Blanco County Clerk
          and
          Recorder on August 16, 1991 as Reception No. 243688 (“88CW420 Decree”);
          and

        

        Whereas,
          Purchaser is constructing a commercial office facility to be located at
          600 Rio
          Blanco County Road 83, Meeker, Colorado, 81641 (the “Facility”) and constructing
          and operating other test and production facilities in the vicinity of the
          Facility; and

        

        Whereas,
          the parties have agreed to terms and conditions for the Seller to
          sell
          water to
          the Purchaser and the parties desire to define and state the terms and
          conditions for the
          sale of
          water.

        

        Therefore,
          for adequate consideration and the mutual agreements, benefits, and obligations
          provided for in this Agreement, Seller and Purchaser agree as
          follows:

        

        
          	
                  1.

                	
                  (Quantity)
                    Subject to the terms and conditions specified in this Agreement,
                    Seller
                    agrees to sell to the Purchaser at the points of delivery specified
                    in
                    this Agreement, or any renewal or extension thereof, water in
                    such
                    quantity as may be required by the Purchaser determined in its
                    sole
                    discretion not to exceed One Hundred and Twenty (120) acre feet
                    of water
                    per year. 

                

        

        

        
          	
                  2.

                	
                  (Quality)
                    The water to be provided to the Purchaser shall be withdrawn
                    from a well
                    or wells constructed to withdraw water from the geologic formation
                    commonly known as the “A Groove,” and the quality of the water shall be
                    “as is” upon withdrawal from the geologic formation without any treatment
                    by the Seller. Seller does not make any representation or warranty
                    regarding the quality of the water delivered to the Purchaser.
                    

                

        

        

        
          	
                  3.

                	
                  (Delivery)
                    The water to be provided to the Purchaser shall be delivered
                    at a location
                    to be determined by the Seller on the Sodium Leases,
                    at
                    which location Seller
                    shall be required to provide
                    for the Purchaser
                    a
                    connection to existing facilities for either,
                    or both, (1) filling
                    water transport trucks,
                    and (2) connecting to a pipeline to transport the water to the
                    Facility.
                    In the event the Purchaser intends to transport the water to
                    the Facility
                    by use of a pipeline, the Purchaser shall be solely and exclusively
                    responsible for construction of the pipeline.

                

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                  4.

                	
                  (Metering
                    Equipment) The Seller shall furnish, install, operate, and maintain
                    at its
                    own expense, the necessary metering equipment, including a meter
                    house or
                    pit, and required devices of standard type for properly measuring
                    the
                    quantity of water delivered to the Purchaser. Seller shall be
                    responsible
                    for calibrating such metering equipment whenever requested by
                    the
                    Purchaser but not more frequently than once every twelve (12)
                    months. A
                    meter registering not more than two percent (2%) above or below
                    the test
                    result shall be deemed to be accurate. The previous readings
                    of any meter
                    readings of any meter disclosed by test to be inaccurate shall
                    be
                    corrected in accordance with the percentage of inaccuracy found
                    by such
                    test.
                    If any meter fails to register for any period, the amount of
                    water
                    furnished during such period shall be deemed to be the amount
                    of water
                    delivered in the corresponding period immediately prior to the
                    failure,
                    unless Seller and Purchaser shall agree upon a different amount.
                    The
                    metering equipment shall be read by the Seller as the water is
                    delivered,
                    and the Seller shall provide to the Purchaser the total volume
                    of water
                    delivered to the Purchaser during each month. An appropriate
                    official of
                    the Purchaser at all reasonable times shall have access to the
                    meter for
                    the purpose of verifying its
                    readings.

                

        

        

        
          	
                  5.

                	
                  (Billing
                    Procedure) Seller shall monthly submit to Purchaser an itemized
                    statement
                    of the amount of water furnished to the Purchaser, and the billing
                    statement shall be submitted to the address provided by the Purchaser.
                    Payment terms will be net 30 days from the date of the
                    invoice.

                

        

        
          	
                  6.

                	
                  (Rate
                    and Payment Date) Purchaser shall pay to Seller for water delivered
                    to
                    Purchaser from Seller during each month based on the number of
                    gallons
                    delivered to the Purchaser. The purchase price of the water shall
                    initially be Two and One-Half Cents ($0.025) per gallon of water
                    (“Base
                    Rate”). In the event this Agreement is extended beyond the Initial
                    Term of
                    this Agreement, the Base Rate shall be adjusted as of the Effective
                    Date
                    of the extended term of this Agreement in accordance with the
                    following
                    formula:

                

        

        

        AP
          =
          BR(LI/LB)

        

        
          	
                                        
                    Where:

                	
                  AP
                    is the adjusted price per gallon of water

                
	 	
                  BR
                    is the Base Rate of Two and One-Half Cents ($0.025) per gallon
                    of
                    water

                
	 	
                  LI
                    is the Consumer Price Index for all urban consumers, all items,
                    U.S. City
                    Average as published for January of the year of adjustment. If
                    the
                    Consumer Price Index is changed, the LI shall be converted in
                    accordance
                    with the conversion factor published by the Bureau of Labor Statistics.
                    Should the Consumer Price Index be discontinued, the Parties
                    agree to
                    substitute another index generally recognized to be authoritative.
                    

                
	 	
                  LB
                    is the base value of the above described index, which shall be
                    the
                    published value for January
                    2006.

                

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        In
          the
          event the Consumer Price Index for all urban consumers, all items, U.S.
          City
          Average (LI in the above formula) decreases, the adjusted purchase price
          for the
          water shall not be decreased and shall remain the same as previously determined.
          

        

          
            	
                    7.

                  	
                    (Term
                      of Agreement) This Agreement shall become effective on the
                      Effective Date.
                      Unless otherwise terminated pursuant to its terms, the Agreement
                      will
                      remain in effect through December 31, 2011 (the “Initial Term”). This
                      Agreement will be extended automatically for successive periods
                      of five
                      (5) years after the Initial Term and each renewal term on the
                      same terms
                      and conditions, subject to adjustment of the water purchase
                      rate pursuant
                      to paragraph 6 herein. Purchaser may elect to terminate this
                      Agreement (i)
                      as of the last day of the Initial Term, upon sixty (60) days
                      prior written
                      notice to Seller and (ii) as to any renewal term, upon written
                      notice to
                      Seller to be received no later than sixty (60) days prior to
                      the
                      commencement of such renewal term. In addition, Purchaser may
                      terminate
                      this Agreement at any time by delivering to Seller no later
                      than one
                      hundred twenty (120) days prior to the intended termination
                      date, a
                      written notice of termination. Seller may terminate this Agreement
                      (i) as
                      of the last day of the Initial Term, and (ii) as to the last
                      day of any
                      renewal term, upon written notice to Purchaser to be received
                      by Purchaser
                      no later than one hundred twenty (120) days prior to the end
                      of the
                      Initial Term or any renewal term. In addition, in the event
                      the Seller’s
                      interest in the Sodium Leases is terminated or revoked, this
                      Agreement
                      shall terminate on the date of termination of Seller’s interest in the
                      Sodium Leases.

                  

          

        

        
          	
                  8.

                	
                  (Water
                    Supply Failure) The parties acknowledge and agree that the well
                    or wells
                    used to deliver water pursuant to this Agreement will periodically
                    need to
                    be redrilled or reconstructed and may need to have the pump and
                    other
                    equipment replaced. In the event the well or wells are not operational
                    for
                    any reason, the Seller shall notify the Purchaser as soon as
                    reasonably
                    possible of the failure of the water supply and Seller shall
                    exercise its
                    best efforts to supply alternative water supplies to the Purchaser.
                    Seller
                    shall not be liable for any failure of the water supply due to
                    failure of
                    the well or wells or any associated structures.

                

        

        

          
            	
                    9.

                  	
                    (Replacement
                      of Water Well Depletions) The parties acknowledge and agree
                      that the
                      operation of the well, and any replacement well, will cause
                      depletions to
                      Piceance Creek and Yellow Creek, which are calculated pursuant
                      to the
                      terms of the 88CW420 Decree. The Seller shall be solely and
                      exclusively
                      responsible for replacement of all depletions to Piceance Creek
                      and Yellow
                      Creek associated with the operation of the well, and any replacement
                      well,
                      including, but not limited to depletions occurring to Piceance
                      Creek and
                      Yellow Creek associated with the operation of the well, and
                      any
                      replacement well, after termination of this Agreement. The
                      Purchaser
                      agrees that the Purchaser will not assert a call or request
                      for water to
                      be replaced to Yellow Creek pursuant to the terms of the 88CW420
                      Decree,
                      including, but not limited to, the terms of Paragraph 56.c.
                      of the 88CW420
                      Decree. 

                  

          

        

        
          	
                  10.

                	
                  (Event
                    of Default) An “Event of Default” shall mean, with respect to a party (a
                    “Defaulting Party”), the occurrence of any of the
                    following:

                

        

        

        
          	 	
                  10.1.

                	
                  the
                    failure to make, when due, any payment required pursuant to this
                    Agreement;

                

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  10.2.

                	
                  any
                    representation or warranty made by such party herein is false
                    or
                    misleading in any material respect when
                    made;

                

        

        

          
            	 	
                    10.3.

                  	
                    the
                      failure to perform any material covenant or obligation set
                      forth in this
                      Agreement (except to the extent constituting a separate Event
                      of Default,
                      and except for Seller’s obligation to deliver Water pursuant to paragraph
                      8 herein);

                  

          

        

        
          	 	
                  10.4.

                	
                  such
                    party files a petition or otherwise commences, authorizes or
                    acquiesces in
                    the commencement of a proceeding or cause of action under any
                    bankruptcy,
                    insolvency, reorganization or similar law, or has any such petition
                    filed
                    or commenced against it, (ii) makes an assignment or any general
                    arrangement for the benefit of creditors, (iii) otherwise becomes
                    bankrupt
                    or insolvent (however evidenced), (iv) has a liquidator, administrator,
                    receiver, trustee, conservator or similar official appointed
                    with respect
                    to it or any substantial portion of its property or assets, or
                    (v) is
                    generally unable to pay its debts as they fall due;
                    or

                

        

        

        
          	 	
                  10.5.

                	
                  such
                    party consolidates or amalgamates with, or merges with or into,
                    or
                    transfers all or substantially all of its assets to, another
                    entity and,
                    at the time of such consolidation, amalgamation, merger or transfer,
                    the
                    resulting, surviving or transferee entity fails to assume all
                    the
                    obligations of such party under this Agreement to which it or
                    its
                    predecessor was a party by operation of law or pursuant to an
                    agreement
                    reasonably satisfactory to the other party.
                    

                

        

        

          
            	 	
                    10.6.

                  	
                    if
                      an Event of Default occurs during the term of this Agreement,
                      the party
                      not in default (the “Non-Defaulting Party”), shall provide notice to the
                      Defaulting Party, and the Defaulting Party shall have the opportunity
                      to
                      cure the Event of Default within thirty (30) days following
                      the notice of
                      the Event of Default. In the event the Defaulting Party does
                      not cure the
                      Event of Default within thirty (30) days following the notice
                      of the Event
                      of Default, the Non-Defaulting Party may, by giving written
                      notice to the
                      Defaulting Party, immediately terminate this Agreement (the
“Early
                      Termination Date”). If an Early Termination Date occurs and the
                      Non-Defaulting Party is the Seller, the Purchaser shall pay
                      to the Seller
                      an amount equal to five times the payment made by the Purchaser
                      for water
                      delivered pursuant to this Agreement during the immediately
                      preceding
                      year. If an Early Termination Date occurs and the Non-Defaulting
                      Party is
                      the Purchaser, the Seller shall pay to the Purchaser an amount
                      equal to
                      five times the payment made by the Purchaser for water delivered
                      pursuant
                      to this Agreement during the immediately preceding year. The
                      Defaulting
                      Party shall make the payment within ten days after the expiration
                      of the
                      period for cure. The payments described in this paragraph shall
                      be the
                      sole and exclusive remedy for an Event of Default.
                      

                  

          

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

          10.7  At
            the time for payment of any amount due under paragraph 10.6, and unless
            disputed
            in good faith, each party shall pay to the other party all additional
            amounts
            payable by it to the other party pursuant to this Agreement, but all
            such
            amounts shall be netted and aggregated with any payment made pursuant
            to
            paragraph 10.6 hereunder. Both parties hereby stipulate that the payment
            obligations set forth in paragraph 10 herein are reasonable in light
            of the
            anticipated harm and the difficulty of estimation or calculation of actual
            damages and each party hereby waives the right to contest such payments
            as an
            unreasonable penalty. In the event either party fails to pay amounts
            in
            accordance with paragraph 10 herein when due, the aggrieved party shall
            have the
            right to exercise any remedy available at law or in equity to enforce
            payment of
            such amount plus interest. 

        

        
          	
                  11.

                	
                  (No
                    Consequential Damages) NEITHER PARTY SHALL BE LIABLE FOR CONSEQUENTIAL,
                    INCIDENTAL, PUNITIVE, EXEMPLARY OR INDIRECT DAMAGES, LOST PROFITS
                    OR OTHER
                    BUSINESS INTERRUPTION DAMAGES, BY STATUTE, IN TORT OR CONTRACT,
                    UNDER ANY
                    INDEMNITY PROVISION OR OTHERWISE. IT IS THE INTENT OF THE PARTIES
                    THAT THE
                    LIMITATIONS HEREIN IMPOSED ON REMEDIES AND THE MEASURE OF DAMAGES
                    BE
                    WITHOUT REGARD TO THE CAUSE OR CAUSES RELATED THERETO, INCLUDING
                    THE
                    NEGLIGENCE OF ANY PARTY, WHETHER SUCH NEGLIGENCE BE SOLE, JOINT
                    OR
                    CONCURRENT, OR ACTIVE OR PASSIVE. 

                

        

        

        
          	
                  12.

                	
                  (Regulatory
                    Agencies) This Agreement is subject to such rules, regulations,
                    or laws as
                    may be applicable to similar agreements in the State of Colorado
                    and the
                    United States of America (federal lands) and the Seller and Purchaser
                    will
                    collaborate in obtaining such permits, certificates, or the like,
                    as may
                    be required to comply therewith.

                

        

        

        
          	
                  13.

                	
                  (Exclusivity)
                    Seller may enter into agreements with third parties for the purpose
                    of
                    granting or delivering water to any third parties, but such delivery
                    of
                    water shall be subordinate to the delivery of water to the
                    Purchaser.

                

        

        

        
          	
                  14.

                	
                  (Right
                    to Assign) Purchaser has the right at any time, without the consent
                    of
                    Seller, to assign this Agreement and the rights granted, in whole
                    or in
                    part, but only so long as the assignee is bound by and limited
                    to the
                    terms of this Agreement. Any assignment will not relieve Purchaser
                    of its
                    obligations under this Agreement unless Seller expressly consents
                    to the
                    assignment. Seller's consent will not be unreasonably
                    withheld.

                

        

        

        
          	
                  15.

                	
                  (Warranty)
                    Seller warrants title to the water to be sold to the Purchaser,
                    and Seller
                    further warrants that it has the full right and authority to
                    enter into
                    this Agreement and grant the rights set out in this Agreement,
                    including,
                    but not limited to, selling the annual maximum quantity of water
                    as set
                    forth herein to Purchaser for Purchaser’s uses set forth above. Seller
                    further warrants that Seller is in compliance with and will continue
                    to be
                    in compliance with, during the term of this Agreement, all water
                    right
                    decrees relating to the water. The water delivered to the Purchaser
                    pursuant to this Agreement is sold and delivered to the Purchaser
                    on an
                    “as is” basis and the Seller makes no representations or warranties
                    regarding the quality of the water delivered to the
                    Purchaser.

                

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        
          	
                  16.

                	
                  (Notices)
                    All notices and other communications under this Agreement shall
                    be in
                    writing and shall be deemed to have been received on the date
                    of service,
                    if served personally or via facsimile on the person to whom notice
                    is
                    given, or on the third day after mailing, if mailed to the party
                    to whom
                    notice is to be given by certified, first class mail, postage
                    prepaid,
                    return receipt requested and properly addressed as
                    follows:

                

        

        

         

        
          	
                                                    
                    Purchaser:

                	
                  Shell
                    Frontier Oil & Gas Inc.

                
	 	
                  Attention:
                    B.D. Griffin, Onshore Land Manager

                
	 	
                  P.O.
                    Box 576

                
	 	
                  Houston,
                    TX 77001

                
	 	
                  Facsimile:
                    281-544-4006

                
	 	 
	
                                                   
                    Seller:

                	
                  Plant
                    Manager

                
	 	
                  Natural
                    Soda, Inc.

                
	 	
                  3200
                    RBC Road 31

                
	 	
                  Rifle,
                    Colorado 81650

                
	 	
                  Facsimile:
                    970-878-5866

                
	 	 
	
                                                   
                    With a copy to:

                	
                  Bill
                    Gunn, President

                
	 	
                  Natural
                    Soda, Inc.

                
	 	
                  3200
                    RBC 31

                
	 	
                  Rifle,
                    Co 81650

                
	 	
                  Facsimile:
                    970-878-5866

                

        

        

        

        Any
          Party
          may change its address by giving notice in the manner provided
          hereunder.

        

          
            	
                    17.

                  	
                    (Recording)
                      A mutually agreeable redacted form of this Agreement may be
                      recorded at
                      the office of the Clerk and Recorder of Rio Blanco County,
                      Colorado.
                      

                  

          

        

        
          	
                  18.

                	
                  (Miscellaneous)
                    THIS
                    AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED, INTERPRETED AND
                    ENFORCED IN
                    ACCORDANCE WITH THE LAWS OF THE STATE OF COLORADO WITHOUT REGARD
                    TO
                    PRINCIPLES OF CONFLICT OF LAWS.
                    This Agreement shall bind and inure to the benefit of and be
                    enforceable
                    by Purchaser and Seller and their respective successors and assigns.
                    If
                    any provision of this Agreement shall be held to be illegal or
                    unenforceable, the validity of the remaining portions of this
                    Agreement
                    shall not be affected. This Agreement may not be amended (nor
                    may any of
                    its terms be waived) except in a writing signed by both the Purchaser
                    and
                    Seller. This Agreement constitutes the entire agreement between
                    Purchaser
                    and Seller with respect to the subject matter hereof.
                    

                

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

          19.
            (Withdrawal of Statements of Opposition) The parties agree to the following
            with
            respect to pending water rights applications:

        

          
            	 	
                    19.1

                  	
                    Purchaser
                      has filed water rights applications in the following cases
                      pending in the
                      District Court for Water Division No. 5, State of Colorado:
                      Case No.
                      03CW160 and Case No. 04CW110 (collectively, “Shell Cases”). Seller has
                      filed statements of opposition in the Shell Cases. Within ten
                      days after
                      the effective date of this Agreement, Seller shall withdraw
                      the statements
                      of opposition that it filed in the Shell Cases. Purchaser hereby
                      consents
                      to the withdrawal of Seller’s statements of opposition.
                      

                  

          

        

        
          	 	
                  19.2

                	
                  Seller
                    has filed water rights applications in the following cases pending
                    in the
                    District Court for Water Division No. 5, State of Colorado: Case
                    No.
                    98CW315 and Case No. 05CW41 (collectively, “Natural Soda Cases”).
                    Purchaser has filed statements of opposition in the Natural Soda
                    Cases.
                    Within ten days after the effective date of this Agreement, Purchaser
                    shall withdraw the statements of opposition that it filed in
                    the Natural
                    Soda Cases. Seller hereby consents to the withdrawal of the Puchaser’s
                    statements of opposition.

                

        

        

        

        In
          witness whereof, the parties hereto have caused this Agreement to be duly
          executed in two counterparts, each of which shall constitute an
          original.

        

        

        
          	
                  NATURAL
                    SODA, INC.

                	
                  SHELL
                    FRONTIER OIL & GAS, INC.

                   

                
	
                  By:
                    /s/
                    Bill H. Gunn

                	
                  By:/s/
                    B.D. Griffin

                
	
                  Name:
                    Bill H. Gunn

                	
                  Name:
                    B.D. Griffin

                
	
                  Title:
                    President

                	
                  Title:
                    Attorney-in-Fact

                

        

        

        

        

        

        

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          A

        

        Lease
          No. C-0118326

        

        Township
          1 South, Range 98 West, 6th P.M.

        Section
          13: Lots 9 to 24 inclusive (All)

        Section
          14: Lot 5, Lots 9 to 23 inclusive (All)

        Section
          15: Lots 1 to 13 inclusive

        Section
          21: NE1/4NE1/4, S1/2NE1/4, NE1/4SW1/4, SE1/4

        Section
          22: Lots 12, 13, and 14

        Total
          area = 2,159.64 Acres

        

        Lease
          No. C-0118327

        

        Township
          1 South, Range 98 West, 6th P.M.

        Section
          23: Lots 1 to 16 inclusive (All)

        Section
          24: Lots 1 to 16 inclusive (All)

        Section
          25: Lots 1 to 16 inclusive (All)

        Section
          26: Lots 1 to 16 inclusive (All)

        Total
          area = 2,483.36 Acres 

        

        Lease
          No. C-0119986

        

        Township
          1 South, Range 98 West, 6th P.M.

        Section
          21: S1/2SW1/4

        Section
          27: Lots 1 to 16 inclusive (All)

        Section
          28: All

        Section
          29: SE1/4NE1/4, S1/2S1/2, NE1/4SE1/4

        Section
          33: All

        Section
          34: Lots 3 to 6 inclusive

        Total
          area = 2,379.60 Acres

        

        Lease
          No. C-37474(out of C-0119985)

        

        Township
          1 South, Range 98 West, 6th P.M.

        Section
          16: N1/2NE1/4, SW1/4NE1/4, W1/2, NW1/4SE1/4

        Section
          17: All

        Section
          20: NE1/4NE1/4

        Section
          21: NW1/4NW1/4

        Total
          area = 1,200.00 Acres

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