EX-10.4


 Exhibit 10.4 

DIRECTOR RESTRICTED STOCK UNIT AWARD AGREEMENT 

Penn Virginia Corporation 

2016 Management Incentive Plan 

This Director Restricted Stock Unit Award Agreement (this “Agreement”) is made as of the [●] day of [●] (the
“Grant Date”) between Penn Virginia Corporation (the “Company”), and [●] (“Participant”), and is made pursuant to the terms of the Penn Virginia Corporation 2016 Management Incentive Plan (the
“Plan”). Any capitalized term used herein but not defined shall have the meaning set forth in the Plan. 

Section 1. Grant of Restricted Stock Units. The Company hereby grants to Participant, on the terms and conditions
hereinafter set forth, a Restricted Stock Unit Award consisting of [●] restricted stock units (“Restricted Stock Units”), subject to the terms and conditions set forth in this Agreement and the Plan. Subject to the terms and
conditions set forth in this Agreement and the Plan, each Restricted Stock Unit represents the right to receive one share of Common Stock. 

Section 2. Vesting of the Restricted Stock Units. 

(a) Generally. Except as otherwise provided herein, 25% of the Restricted Stock Units will vest on the Grant Date and 25% of the
Restricted Stock Units will vest on each of the first three anniversaries of the Grant Date (each, a “Vesting Date”), in each case subject to Participant’s continuous Service with the Company on the applicable Vesting Date.

 (b) Qualified Liquidity Event. Upon the occurrence of a Qualified Liquidity Event that also constitutes a “change in control
event” under Section 409A of the Code, all Restricted Stock Units shall immediately vest, subject to Participant’s continuous Service with the Company through the date of such Qualified Liquidity Event. 

Section 3. Termination of Service. Upon the occurrence of the Participant’s “separation from service”
with the Company as defined in Section 409A of the Code, all Restricted Stock Units shall immediately vest as of the date of the Participant’s separation from service. 

Section 4. Settlement. Any Restricted Stock Units that become vested and non-forfeitable pursuant to Section 2
or Section 3 (“Vested RSUs”) shall be settled on the Vesting Date. Vested RSUs will be settled, unless otherwise determined by the Committee, by the Company through the delivery to the Participant of a number of shares of
Common Stock equal to the number of Vested RSUs. The Company may require the Participant to execute a joinder to the Shareholders Agreement, dated September 12, 2016 by and between the Company and the Shareholders (as defined therein), as
amended and/or restated from time to time (or any successor agreement thereto) as a condition to the receipt of any shares of Common Stock. No fractional shares of Common Stock shall be issued, and the value of any such fractional share shall be
paid to Participant in cash at Fair Market Value. 






 Section 5. Repurchase. The Company shall have the right, within six
months following the termination of Participant’s Service, to purchase from Participant, and Participant shall sell to the Company, all or any portion of the shares of Common Stock delivered in settlement of the Restricted Stock Units, if any,
(and any Common Stock or other securities issued in respect, or pursuant to the terms, thereof), at a price equal to the Fair Market Value thereof, measured as of the date of Participant’s termination of Service, (the “Repurchase
Price”); provided, however, that if Participant’s termination of Service is for Cause the Repurchase Price will be zero dollars. The Repurchase Price shall be paid to Participant at the closing of the repurchase in a lump sum. The
Company shall pay the Repurchase Price by the Company’s delivery of a check or wire transfer of immediately available funds against delivery of the certificates or other instruments, if any, representing the shares of Common Stock or other
securities so purchased, duly endorsed. Notwithstanding the foregoing, in the event that the Board determines in good faith that the Company’s payment of all or any portion of the Repurchase Price would violate applicable law or any instrument
relating to the Company’s indebtedness, then any applicable Repurchase Price payments otherwise due during such period of prohibition or restriction will be paid by the Company as soon as reasonably practicable following the date that no such
prohibitions or restrictions apply. Upon and following the occurrence of an IPO, the Company’s right of repurchase pursuant to this Section 5 shall be of no force or effect. 

Section 6. Restrictions on Transfer. No Restricted Stock Units may be transferred, pledged, assigned, hypothecated
or otherwise disposed of in any way by Participant, except by will or by the laws of descent and distribution. In the event that Participant becomes legally incapacitated, Participant’s rights with respect to the Restricted Stock Units shall be
exercisable by Participant’s legal guardian or legal representative. The Restricted Stock Units shall not be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of
the Restricted Stock Units contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon any Restricted Stock Units, shall be null and void and without effect. Notwithstanding the foregoing and in all instances
subject to compliance with any applicable spousal consent requirements and all other applicable laws, Participant may make transfers of Restricted Stock Units to (i) immediate family members or to a trust, the sole beneficiaries of which are
Participant or immediate family members, in each case with the prior written consent of the Committee and solely for estate planning purposes, or (ii) with written notification to the Committee, an entity affiliated with the Participant. 

Section 7. Investment Representation. Upon any acquisition of the shares of Common Stock underlying the Restricted
Stock Units at a time when there is not in effect a registration statement under the Securities Act relating to the shares of Common Stock, Participant hereby represents and warrants, and by virtue of such acquisition shall be deemed to represent
and warrant, to the Company that such shares of Common Stock shall be acquired for investment and not with a view to the distribution thereof, and not with any present intention of distributing the same, and Participant shall provide the Company
with such further representations and warranties as the Company may reasonably require in order to ensure compliance with applicable federal and state securities, blue sky and other laws. No shares of Common Stock underlying the Restricted Stock
Units shall be acquired unless and until the Company and/or Participant have complied with all applicable federal or state registration, listing and/or qualification requirements and all other requirements of law or of any regulatory agencies having
jurisdiction, unless the Committee reasonably determines that Participant may acquire such shares of Common Stock pursuant to an exemption from registration under the applicable securities laws. 

  
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 Section 8. Adjustments. The Restricted Stock Units granted hereunder
shall be subject to the provisions of Section 4.2 of the Plan. 
 Section 9. No Right of Continued Service.
Nothing in the Plan or this Agreement shall confer upon Participant any right to continued Service with the Company or any Affiliate. 

Section 10. Limitation of Rights; Dividend Equivalents. Participant shall not have any privileges of a stockholder
of the Company with respect to any Restricted Stock Units, including, without limitation, any right to vote any shares of Common Stock underlying such Restricted Stock Units or to receive dividends or other distributions or payments of any kind in
respect thereof or exercise any other right of a holder of any such securities, unless and until there is a date of settlement and issuance to Participant of the underlying shares of Common Stock. Notwithstanding the foregoing, the Restricted Stock
Unit Award granted hereunder is hereby granted in tandem with corresponding dividend equivalents with respect to each share of Common Stock underlying the Restricted Stock Unit Award granted hereunder (each, a “Dividend
Equivalent”), which Dividend Equivalent shall remain outstanding from the Grant Date until the earlier of the settlement or forfeiture of the Restricted Stock Unit to which it corresponds. Participant shall be entitled to accrue payments
equal to dividends declared, if any, on the Common Stock underlying the Restricted Stock Unit to which such Dividend Equivalent relates, payable in cash and subject to the vesting of the Restricted Stock Unit to which it relates, at the time the
Common Stock underlying the Restricted Stock Unit is settled and delivered to Participant pursuant to Section 4; provided, however, if any dividends or distributions are paid in shares of Common Stock, the shares of Common Stock shall be
deposited with the Company, shall be deemed to be part of the Dividend Equivalent, and shall be subject to the same vesting requirements, restrictions on transferability and forfeitability as the Restricted Stock Units to which they correspond.
Dividend Equivalents shall not entitle Participant to any payments relating to dividends declared after the earlier to occur of the settlement or forfeiture of the Restricted Stock Units underlying such Dividend Equivalents. 

Section 11. Construction. The Restricted Stock Unit Award granted hereunder is granted pursuant to the Plan and is
in all respects subject to the terms and conditions of the Plan. Participant hereby acknowledges that a copy of the Plan has been delivered to Participant and accepts the Restricted Stock Unit Award hereunder subject to all terms and provisions of
the Plan, which are incorporated herein by reference. In the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of the Plan, the Plan will govern and prevail. The construction of and decisions
under the Plan and this Agreement are vested in the Board, whose determinations shall be final, conclusive and binding upon Participant. 

Section 12. Notices. Any notice hereunder by Participant shall be given to the Company in writing and such notice
shall be deemed duly given only upon receipt thereof by the General Counsel of the Company at the Company’s principal executive offices. Any notice hereunder by the Company shall be given to Participant in writing at the most recent address as
Participant may have on file with the Company. 

  
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 Section 13. Governing Law. This Agreement shall be construed and
enforced in accordance with, the laws of the Commonwealth of Virginia, without giving effect to the choice of law principles thereof. 

Section 14. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an
original but all of which together shall constitute one and the same instrument. 
 Section 15. Binding Effect.
This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns. 

Section 16. Section 409A. This Agreement is intended to comply with Section 409A of the Code
(“Section 409A”) or an exemption thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision of the Plan or this Agreement, payments provided under this Agreement may
only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A shall be excluded from Section 409A to the maximum extent
possible. The Restricted Stock Units granted hereunder shall be subject to the provisions of Section 13.3 of the Plan. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this
Agreement comply with Section 409A, and in no event shall the Company or any of its Subsidiaries or Affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Participant on account
of non-compliance with Section 409A or otherwise. 
 Section 17. Entire Agreement. Participant acknowledges
and agrees that this Agreement and the Plan constitute the entire agreement between the parties with respect to the subject matter hereof and thereof, superseding any and all prior agreements whether verbal or otherwise, between the parties with
respect to such subject matter. 
 Section 18. Clawback. The Restricted Stock Unit Award will be subject to
recoupment in accordance with any clawback or recoupment policy of the Company, including without limitation, any clawback or recoupment policy that the Company is required to adopt pursuant to the listing standards of any national securities
exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. 

Section 19. Lock-Up Period. If so requested by the Company or the underwriters in connection with an IPO,
Participant shall not sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however or whenever acquired without the prior written consent of the Company or such underwriters,
as the case may be, for up to 180 days from the effective date of the registration statement, plus such additional period as may be required by applicable law, exchange rules or regulations, and Participant shall execute an agreement reflecting the
foregoing as may be requested by the underwriters or the Company at the time of such offering. 
 (SIGNATURES ON FOLLOWING PAGE) 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the date
first above written. 
  

			
	PENN VIRGINIA CORPORATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	PARTICIPANT
	
	  

	Name:	 	  

	Date:	 	  




  
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