Exhibit 10.3

       
Notice of Grant of Stock Options
and Option Agreement
  Range Resources Corporation
ID: 34-1312571
777 MAIN STREET
SUITE 800
FORT WORTH, TEXAS 76102

       

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  Option Number:

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  Plan:      99SO
ID:
 
     

Effective [Date] you have been granted a Range Resources Corporation (the
“Company”) Non-Qualified Stock Option to buy [Number] shares of common stock at
a price of $[Price] per share.

The total option price of the shares granted is $[Total price].

Subject to the terms and provisions of Annex A hereto, the Non-Qualified Stock
Option will have a term of 5 years and the option shares will vest 30% at the
end of year one, 30% at the end of year two and 40% at the end of year three.
The shares vesting in each period will be fully vested on the date shown below.

                Shares Granted   Vesting Date   Expiration Date  

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By your signature and the Company’s signature below, you and the Company agree
that the options granted hereby are granted under and governed by the terms and
conditions of the 1999 Stock Incentive Plan (the “Plan”). The Plan is on file in
the Company’s corporate records and a copy is available upon request to the
Company’s Secretary.

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RANGE RESOURCES CORPORATION

                 
BY
               

               

  RODNEY L. WALLER       DATE    

  SENIOR VICE PRESIDENT            
 
               
BY
               

               

  [Optionee]       DATE    

 

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ANNEX A

     1. Defined Terms. Defined terms used in this Annex A shall have the
meanings set forth in the Plan, as it may be amended from time to time, or the
Option Agreement to which this Annex A is attached.

     2. Vesting. The option shares subject to the Stock Option shall cease to
vest, and the unvested portion of the Stock Option shall immediately terminate,
in the event that the Holder shall cease to be in the employ of the Company or
any Affiliate for any reason.

     3. Term and Time of Exercise Prior to Change of Control.

     (a) Termination of Employment other than due to Death or Disability. In the
event that a Holder, prior to a Change of Control, shall cease to be in the
employ of the Company or an Affiliate for any reason, other than by reason of
death or disability, then the vested and unexercised portion of the Stock Option
shall terminate at 5:00 p.m. Fort Worth, Texas time on the date that is 30 days
after the date of such Holder’s termination of employment; provided, however,
that, notwithstanding the foregoing, (A) in the event the employment of the
Holder is terminated prior to a Change of Control for dishonesty or other acts
detrimental to the interest of the Company or any Affiliate or for any breach by
the Holder of any employment contract with the Company or any Affiliate, as
determined in each case by the Committee in its sole and absolute discretion, or
(B) if, after the Holder’s employment is terminated prior to a Change of
Control, the Holder commits an act that is determined by the Committee, in its
sole and absolute discretion, to be detrimental to the interests of the Company
or any Affiliate, then, in the case of clause (A) or (B), the Stock Option shall
automatically be null and void at the time of such determination.

(b) Termination due to Disability. In the event that a Holder, prior to a Change
of Control, shall cease to be in the employ of the Company or an Affiliate by
reason of disability, as determined by the Committee in its sole and absolute
discretion, then the vested and unexercised portion of the Stock Option shall
terminate at 5:00 p.m. Fort Worth, Texas time on the one-year anniversary date
of such Holder’s termination of employment.

(c) Termination due to Death. In the event that a Holder, prior to a Change of
Control, dies while in the employ of the Company or an Affiliate, the vested and
unexercised portion of the Stock Option shall (i) terminate at 5:00 p.m. Fort
Worth, Texas time on the one-year anniversary date of such Holder’s death and
(ii) be exercisable only by the person or persons to whom the Holder’s rights
under the Stock Option shall pass by the Holder’s will or the laws of descent
and distribution.

(d) Maximum Term. Notwithstanding any provision of Section 3(a), 3(b), or 3(c)
to the contrary, the Stock Option shall not be exercisable after the Expiration
Date set forth in the Option Agreement.