Effective June 1, 2022, the Board of Directors of Denbury Inc. appointed David Sheppard as Executive Vice President and Chief Operating Officer of the Company. Mr. Sheppard, 50, joined the company in November 2015 and, prior to his promotion, served as the Company's Senior Vice President – Operations. Mr. Sheppard was previously employed at Noble Energy where he held a variety of leadership roles, last serving as the Director of Global Drilling.

In connection with Mr. Sheppard's promotion to Executive Vice President and Chief Operating Officer, his base salary rate is being increased by approximately 14% and he was granted equity awards, 60% consisting of 2,509 performance-based TSR awards which cliff vest after a period of approximately three years and 40% consisting of 1,672 shares of time-vested restricted common stock which vest on a generally ratable basis over this same period. Other than the grant date, the terms of the equity awards granted to Mr. Sheppard are the same as those of the equity awards granted to executive officers in March 2022.