IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN ...

1 Case 2:10-md-02179-CJB-SS Document 6430-1 Filed 05/03/12 Page 1 of 123. IN THE UNITED STATES DISTRICT COURT . FOR THE EASTERN DISTRICT OF LOUISIANA. In Re: Oil Spill by the Oil Rig Deepwater * MDL NO. 2179. Horizon in the Gulf of Mexico, on April *. 20, 2010 * SECTION J. *. This document relates to all actions. *. * HONORABLE CARL J. * BARBIER. *. * MAGISTRATE JUDGE. * SHUSHAN. *. Bon Secour Fisheries, Inc., et al., on behalf of * Civil Action No. 12-970. themselves and all others similarly situated, *. * SECTION J. Plaintiffs, *. *. v. * HONORABLE CARL J. * BARBIER. BP Exploration & Production Inc.; BP *. America Production Company; BP , * MAGISTRATE JUDGE. * SHUSHAN. Defendants. *. DEEPWATER HORIZON ECONOMIC AND PROPERTY DAMAGES settlement . agreement AS AMENDED ON MAY 2, 2012. Case 2:10-md-02179-CJB-SS Document 6430-1 Filed 05/03/12 Page 2 of 123.

2 TABLE OF CONTENTS. TABLE OF i RECITALS .. 1. 1. CLASS DEFINITION.. 3. 2. EXCLUSIONS FROM THE ECONOMIC AND PROPERTY DAMAGES settlement . CLASS DEFINITION.. 8. 3. EXPRESSLY RESERVED CLAIMS.. 12. 4. IMPLEMENTATION OF THE settlement .. 12. 5. settlement BENEFITS.. 28. SEAFOOD COMPENSATION PROGRAM.. 29. ECONOMIC damage COMPENSATION.. 29. SUBSISTENCE damage COMPENSATION.. 31. VoO CHARTER PAYMENT .. 32. VESSEL PHYSICAL damage COMPENSATION.. 33. COASTAL REAL PROPERTY damage COMPENSATION .. 33. WETLANDS REAL PROPERTY damage COMPENSATION .. 33. REAL PROPERTY SALES damage COMPENSATION .. 34. 6. CLAIMS APPEAL PROCESS .. 55. 7. PRELIMINARY APPROVAL BY THE COURT AND CLASS CERTIFICATION.. 62. 8. NOTICE AND FAIRNESS HEARING.. 63. 9. COMMUNICATIONS TO THE PUBLIC.. 68. 10. RELEASE AND DISMISSAL OF ALL CLAIMS AND OTHER PROTECTIONS.

3 69. 11. ASSIGNMENT AND PROTECTIONS.. 76. 12. DENIAL OF WRONGDOING OR LIABILITY.. 76. 13. REPRESENTATIONS AND 78. 14. PLAINTIFFS' COUNSEL'S ATTORNEY'S FEES AND COSTS.. 79. -i- Case 2:10-md-02179-CJB-SS Document 6430-1 Filed 05/03/12 Page 3 of 123. 15. FINAL ORDER AND JUDGMENT, DISMISSAL WITH PREJUDICE.. 79. 16. COOPERATION OF PARTIES AS TO CONSUMMATION OF 81. 17. COOPERATION OF PARTIES AS TO SUPPORT OF settlement .. 81. 18. CONTINUING JURISDICTION.. 81. 19. STAY OR ADJOURNMENT OF ALL PROCEEDINGS.. 82. 20. DUTIES OF ECONOMIC CLASS COUNSEL.. 82. 21. ILLEGALITY OR UNENFORCEABILITY OF PROVISIONS.. 83. 22. PRESERVATION OF CONFIDENTIAL DOCUMENTS.. 85. 23. 86. 24. NO PENALTY OR FINE.. 86. 25. agreement MUTUALLY PREPARED.. 86. 26. BINDING AND ENTIRE agreement .. 87. 27. RECEIPT OF ADVICE OF COUNSEL.

4 87. 28. EXTENSION OF TIME AND MINISTERIAL CHANGES.. 87. 29. EXECUTION OF agreement IN COUNTERPARTS.. 87. 30. DECEASED, DISSOLVED OR BANKRUPT CLASS MEMBERS.. 88. 31. MINOR AND INCOMPETENT CLASS MEMBER settlement PROVISION.. 88. 32. NO TAX ADVICE.. 89. 33. NO OTHER RIGHTS OR REMEDIES.. 90. 34. NOTICE .. 90. 35. 91. 36. APPLICABLE LAW .. 91. 37. GUARANTOR .. 91. 38. 91. ii Case 2:10-md-02179-CJB-SS Document 6430-1 Filed 05/03/12 Page 4 of 123. ECONOMIC AND PROPERTY DAMAGES settlement agreement . (Subject to COURT Approval). This agreement ,1 dated as of April 18, 2012, is made and entered into by and among (i) defendants BP Exploration & Production Inc. and BP America Production Company (hereinafter the BP PARTIES ), by and through their attorneys, and (ii) PLAINTIFFS, on behalf of the ECONOMIC AND PROPERTY DAMAGES settlement CLASS, by and through the INTERIM CLASS COUNSEL, in the DEEPWATER HORIZON ECONOMIC.

5 LITIGATION. The purpose of this agreement is to settle all and only the RELEASED. CLAIMS of the Economic Class, PLAINTIFFS, and ECONOMIC CLASS MEMBERS. against all and only the RELEASED PARTIES. RECITALS. A. BP Exploration & Production Inc. and BP America Production Company are corporations organized under the laws of the State of Delaware, engaged in the business of oil and gas production, exploration and/or development. B. ECONOMIC CLASS REPRESENTATIVES are the named plaintiffs in the Amended Economic and Property damage Class Complaint (the ACTION ) entitled Bon Secour Fisheries, Inc., et al. v. BP Exploration & Production Inc., et al., No. 12-970, filed May 2, 2012 in the COURT . C. The Action alleges federal statutory and maritime claims, including violations of the Oil Pollution Act, negligence, gross negligence, willful misconduct, strict liability, negligence per se, nuisance, and other claims.

6 Plaintiffs in the Action seek compensatory damages, punitive damages, other damages and declaratory relief on behalf of themselves and the Economic Class Members, and all such claims, damages and theories of liability, unless expressly reserved, are extinguished, discharged and released by the terms of this agreement . 1. The first time defined terms appear in this agreement , they are set forth in bold and all capital letters for emphasis. Thereafter, they are set forth with initial capital letters only. -1- Case 2:10-md-02179-CJB-SS Document 6430-1 Filed 05/03/12 Page 5 of 123. D. Plaintiffs contend they would prevail in litigation. BP disputes and denies the Plaintiffs' claims, has raised various affirmative and legal and other defenses, and contends that it would prevail in litigation. E.

7 After careful consideration, Plaintiffs, Interim Class Counsel and the PROPOSED ECONOMIC CLASS COUNSEL have concluded that it is in the best interests of Plaintiffs and the Economic Class to compromise and settle certain claims asserted by the Economic Class against BP and other Released Parties in the Deepwater Horizon Economic Litigation in consideration of the terms and benefits of the settlement set forth in this agreement . After arm's length negotiations with BP's COUNSEL, Plaintiffs and Proposed Economic Class Counsel have considered, among other things, (1) the complexity, expense, and likely duration of the litigation; (2) the stage of the litigation and amount of discovery completed; (3) the potential for Plaintiffs or BP prevailing on the merits; and (4) the range of possible recovery and certainty of damages; and have determined the agreement is fair, reasonable, adequate and in the best interests of Plaintiffs and the Economic Class Members.

8 F. BP has concluded that, in light of the costs, risks, burden, and delay of litigation, settlement in this complex litigation is appropriate. In this regard, BP and BP's Counsel agree that this agreement is fair, reasonable, and an adequate resolution of the Deepwater Horizon Economic Litigation. G. The PARTIES agree that this agreement is subject to the EFFECTIVE DATE. Nevertheless, to facilitate the expeditious resolution of CLAIMS for the benefit of the Economic Class, the Parties have agreed to a TRANSITION PROCESS, and for the establishment of a COURT -supervised settlement program to take effect within thirty days of the PRELIMINARY. APPROVAL ORDER (or as otherwise ordered by the COURT ). H. The Parties further agree that an Economic Class Member determined to qualify for one or more settlement PAYMENTS shall have the option to receive prompt payment of such compensation prior to the Effective Date upon the execution of an INDIVIDUAL.

9 RELEASE. The BP Parties' obligation to make settlement Payments to any qualifying Economic Class Member who signs an Individual Release prior to the Effective Date, and the 2. Case 2:10-md-02179-CJB-SS Document 6430-1 Filed 05/03/12 Page 6 of 123. terms of every such Individual Release, shall be fully enforceable, binding and irrevocable, regardless of whether the Effective Date occurs. NOW THEREFORE, it is agreed that the foregoing recitals are hereby expressly incorporated into this agreement , and made a part hereof, and further, that in consideration of the agreements, promises, and mutual covenants, representations and warranties set forth in this agreement ; the benefits, payments, assignments and RELEASE described in this agreement ;. the entry by the COURT of a FINAL ORDER AND JUDGMENT as described below; and for such other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, this Action shall be settled, compromised and resolved as between BP, the Released Parties and the Economic Class under and subject to the following terms and conditions: 1.

10 CLASS DEFINITION. Economic and Property Damages settlement Class shall mean the NATURAL. PERSONS and ENTITIES defined in this Section 1, subject to the EXCLUSIONS in Section 2. below. If a person or entity is included within the geographical descriptions in Section or Section , and their claims meet the descriptions of one or more of the damage Categories described in Section , that person or entity is a member of the Economic and Property Damages settlement Class, unless the person or entity is excluded under Section 2: Individuals. Unless otherwise specified, all Natural Persons residing in the UNITED STATES who, at any time between April 20, 2010 and April 16, 2012, lived in, worked in, were offered and accepted work in, owned or leased real or personal property located within, or owned or leased or worked on a vessel harbored or HOME PORTED in the STATES of Louisiana, Mississippi, or Alabama, the counties of Chambers, Galveston, Jefferson and Orange in the State of Texas, or the counties of Bay, Calhoun, Charlotte, Citrus, Collier, Dixie, Escambia, Franklin, Gadsden, Gulf, Hernando, Hillsborough, Holmes, Jackson, Jefferson, Lee, Leon, Levy, Liberty, Manatee, Monroe, Okaloosa, Pasco, Pinellas, Santa Rosa, Sarasota, Taylor, Wakulla, Walton and Washington in the State of 3.