EX-10.1


 Exhibit 10.1 

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
December 2016 (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, one-third of the
Restricted Stock Units will vest on each of the first three anniversaries of the Grant Date, subject to Participant’s continuous Service with the Company through 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 a
Qualified Termination, all of the Restricted Stock Units shall immediately vest. For purposes of this Agreement, a “Qualified Termination” means Participant’s status as a member of the Board terminates (and such termination is
a “separation from service” under Section 409A of the Code) due to his (i) death, (ii) disability (as determined by the Board) or (iii) removal as, or not being re-elected or re-appointed as, a member by the Company’s stockholders or by the Board, as applicable, and such removal or failure to re-elect or
re-appoint shall not have been as a result of, caused by, or related to, Participant’s termination due to Cause or resignation or unwillingness to serve, for whatever reason, as a member of the Board.

 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 applicable 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. 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. 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 6. 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. 

Section 7. Adjustments. The Restricted Stock Units granted
hereunder shall be subject to the provisions of Section 4.2 of the Plan. 

Section 8. 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 9. 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.


  
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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 10. 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 11. 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. 

Section 12. 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 13. 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 14. 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 15. 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 

  
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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 16. 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 17. 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 18. Lock-Up Period.
If so requested by the Company in connection with a material transaction or by the Company or the underwriters in connection with a public offering, 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, if
applicable and such additional period as may be required by applicable law, exchange rules or regulations or requested by the Company, 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. 
 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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