Document:

Exhibit
4.7

 

BERRY
PETROLEUM COMPANY

2010
EQUITY INCENTIVE PLAN

STOCK
OPTION AGREEMENT

 

Unless otherwise defined
herein, the terms defined in the Berry Petroleum Company 2010 Equity Incentive
Plan shall have the same defined meanings in this Option Agreement.

 

I.              NOTICE OF STOCK OPTION GRANT.

 

You have been granted an
option to purchase Common Stock, subject to the terms and conditions of the
Plan and this Option Agreement, as follows:

 

	
  Name of Optionee:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Total Number of Shares Granted:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Type of Option:

  	
   

  	
  Incentive
  Stock Option

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Nonstatutory
  Stock Option

  
	
   

  	
   

  	
   

  
	
  Exercise Price per Share:

  	
   

  	
  $                                        

  
	
   

  	
   

  	
   

  
	
  Grant Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Vesting Commencement Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Vesting Schedule:

  	
   

  	
  This option may be
  exercised, in whole or in part, in accordance with the following schedule:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [                                                                                ]

  

 

Termination Period:             This option may be exercised
for                       [four
months; eight months for executive officers and directors] after the Optionee
ceases to be a Service Provider.  The Administrator determines when the
Optionee incurs a Termination of Service for this purpose.  Upon the death
or Total and Permanent Disability of the Optionee, this option may be exercised
for 12 months after the Optionee ceases to be a Service Provider.  In
no event shall this option be exercised later than the Term/Expiration Date
provided for below.

 

Term/Expiration Date:

 

II.            AGREEMENT.

 

A.                                   Grant of Option.  The Administrator
hereby grants to the optionee named in the Notice of Stock Option Grant
attached as Part I of this Option Agreement (the “Optionee”) an option (the “Option”)
to purchase the number of Shares, as set forth in the Notice of Stock Option
Grant, at the exercise price per Share set forth in the Notice of Stock Option
Grant (the “Exercise Price”), subject to the terms and conditions of this
Option Agreement and the Plan.  This Option is intended to be an Incentive
Stock Option (“ISO”) or a Nonstatutory Stock Option (“NSO”), as provided in the
Notice of Stock Option Grant.

 

B.                                     Exercise of
Option.

 

1.             Vesting/Right to Exercise.  This
Option is exercisable during its term in accordance with the Vesting Schedule
set forth in the Notice of Stock Option Grant, this Option Agreement and the
applicable provisions of the Plan.  In addition, this Option becomes
exercisable in full if the Company is subject to a Change in Control before the
Optionee’s Termination of Service, and the Optionee is subject to an Involuntary
Termination (defined below) within 12 months after the Change in
Control.  This Option may also become exercisable in accordance with
Section H. below.

 

The term “Involuntary
Termination” shall mean the Optionee’s Termination of Service by reason of: 
(i) the involuntary discharge of the Optionee by the Company (or the Affiliate
employing him or her) for reasons other than

 

1

 

Cause (defined below); or
(ii) the voluntary resignation of the Optionee following (A) a material adverse
change in his or her title, stature, authority or responsibilities with the
Company (or the Affiliate employing him or her), (B) a material reduction in
his or her base salary or annual bonus opportunity or (C) receipt of notice
that his or her principal workplace will be relocated by more than 50
miles.  The term “Cause” shall mean any of the following acts or omissions
on the part of the Optionee:  any act of dishonesty, any disclosure of
confidential information, negligence or misconduct, failure to perform duties
to the standards required by the Company (or the Affiliate employing him or
her) or neglect of his or her duties, as determined in the Administrator’s sole
and absolute discretion, any illegal act, drug, alcohol or other substance
abuse, or any act or omission which has an adverse effect on the Company or any
Affiliate’s reputation or business operations.

 

This Option will in no event
become exercisable for additional Shares after a Termination of Service for any
reason.

 

2.             Method of Exercise.  This
Option is exercisable by delivering to the Administrator a fully executed “Exercise
Notice” or by any other method approved by the Administrator.  The
Exercise Notice shall provide that the Optionee is electing to exercise the
Option, the number of Shares in respect of which the Option is being exercised
(the “Exercised Shares”), and such other representations and agreements as may
be required by the Administrator.  The Exercise Notice shall be
accompanied by payment of the full aggregate Exercise Price as to all Exercised
Shares.  This Option shall be deemed to be exercised upon receipt by the
Administrator of such fully executed Exercise Notice accompanied by such
aggregate Exercise Price.  No Shares shall be issued pursuant to the
exercise of this Option unless such issuance and exercise complies with
Applicable Laws.

 

C.            Method of Payment.  Payment
of the aggregate Exercise Price shall be by any of the following methods to the
extent allowed by the Administrator and in strict compliance with all
procedures established by the Administrator:

 

1.             cashier’s check, check or
wire transfer;

 

2.             subject to any conditions or
limitations established by the Administrator, other Shares which (i) in the
case of Shares acquired upon the exercise of an option, have been owned by the
Optionee for more than six months on the date of surrender or attestation and
(ii) have a Fair Market Value on the date of surrender or attestation that
doesn’t exceed the aggregate Exercise Price;

 

3.             consideration received by
the Company under a broker-assisted sale and remittance program acceptable to
the Administrator (Officers and Directors shall not be permitted to use this
procedure if this procedure would violate Section 402 of the Sarbanes-Oxley Act
of 2002, as amended);

 

4.             cashless exercise; or

 

5.             any combination of the
foregoing methods of payment.

 

D.            Leave of Absence.  The
Optionee shall not incur a Termination of Service when the Optionee goes on a
military leave, a sick leave or another bona fide leave of absence, if the
leave was approved by the Company (or Affiliate employing him or her) in
writing and if continued crediting of service is required by the terms of the
leave or by applicable law.  However, the Optionee incurs a Termination of
Service when the approved leave ends, unless the Optionee immediately returns
to active work.

 

For purposes of ISOs, no
leave of absence may exceed three months, unless reemployment upon expiration
of such leave is provided by statute or contract.  If reemployment upon
expiration of a leave of absence approved by the Company (or Affiliate
employing him or her) is not so provided by statute or contract, the Optionee
shall be deemed to have incurred a Termination of Service on the first day
immediately following such three month period of leave for ISO purposes and
this Option shall cease to be treated as an ISO and shall terminate upon the
expiration of the three month period following the date the employment
relationship is deemed terminated.

 

E.             Non-Transferability of
Option.  This Option may not be transferred in any manner otherwise than
by will or by the laws of descent or distribution and may be exercised during
the lifetime of the Optionee only by the Optionee.  The terms of this
Option Agreement and the Plan shall be binding upon the executors,
administrators, heirs, successors and assigns of the Optionee.  This
Option may not be assigned, pledged or hypothecated by the Optionee whether by
operation of law or otherwise, and is not subject to execution, attachment or
similar process.

 

2

 

F.             Term of Option.  This
Option may be exercised only within the term set out in the Notice of Stock
Option Grant above, and may be exercised during such term only in accordance
with this Option Agreement and the Plan.

 

G.            Tax Obligations.

 

1.             Withholding Taxes.  The
Optionee agrees to make appropriate arrangements with the Administrator for the
satisfaction of all applicable federal, state, and local income taxes,
employment tax, and any other taxes that are due as a result of the Option
exercise.  With the Administrator’s consent, these arrangements may
include withholding Shares that otherwise would be issued to the Optionee
pursuant to the exercise of this Option; provided, however, the withholding
amount must be calculated using the minimum statutory withholding rates
interpreted in accordance with applicable accounting requirements.  The
Optionee acknowledges and agrees that the Company may refuse to honor the
exercise and refuse to deliver Shares if such withholding amounts are not
delivered at the time of exercise.

 

2.             Notice of Disqualifying
Disposition of ISO Shares.  If the Option is an ISO, and if the
Optionee sells or otherwise disposes of any of the Shares acquired pursuant to
the exercise of the ISO on or before the later of (i) the date two years
after the Grant Date, or (ii) the date one year after the date of
exercise, the Optionee shall immediately notify the Administrator in writing of
such disposition.  The Optionee agrees that the Optionee may be subject to
income tax withholding by the Company on the compensation income recognized by
the Optionee.

 

H.            Change in Control.  In the
event of a Change in Control prior to the Optionee’s Termination of Service,
the Option will be assumed or an equivalent option or right substituted by the
successor corporation or a parent or subsidiary of the successor
corporation.  In the event that the successor corporation refuses to
assume or substitute for the Option, the Optionee will fully vest in and have
the right to exercise the Option.  In addition, if the Option becomes
fully vested and exercisable in lieu of assumption or substitution in the event
of a Change in Control, the Administrator will notify the Optionee in writing or
electronically that the Option will be fully vested and exercisable for a
period of time determined by the Administrator in its sole discretion, and the
Option will terminate upon the expiration of such period.

 

I.              Restrictions on Resale.  The
Optionee agrees not to sell any Shares at a time when Applicable Law, Company
policies or an agreement between the Company and its underwriters prohibit a
sale.  This restriction shall apply as long as the Optionee is a Service
Provider and for such period of time after the Optionee’s Termination of
Service as the Administrator may specify.

 

J.             Entire Agreement; Governing
Law.  This Option Agreement and the Plan constitute the entire
agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the
Company and Optionee with respect to the subject matter hereof, and may not be
modified adversely to the Optionee’s interest except by means of a writing
signed by the Company and Optionee.  This Option Agreement is governed by
the internal substantive laws, but not the choice of law rules, of Colorado.

 

K.            NO GUARANTEE OF CONTINUED
SERVICE.  THE OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE
OPTION PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS
A SERVICE PROVIDER AT THE WILL OF THE COMPANY (AND NOT THROUGH THE ACT OF BEING
HIRED, BEING GRANTED AN OPTION OR PURCHASING SHARES HEREUNDER).  OPTIONEE
FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE TRANSACTIONS
CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT
CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE
PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT
INTERFERE WITH OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE OPTIONEE’S
RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE.

 

By the Optionee’s signature
and the signature of the Company’s representative below, the Optionee and the
Company agree that this Option is granted under and governed by the terms and
conditions of this Option Agreement and the Plan.  The Optionee has
reviewed this Option Agreement and the Plan in their entirety, has had 

 

3

 

an opportunity to obtain the
advice of counsel prior to executing this Option Agreement and fully
understands all provisions of this Option Agreement and the Plan.  The
Optionee hereby agrees to accept as binding, conclusive and final all decisions
or interpretations of the Administrator upon any questions relating to this
Option Agreement and the Plan.

 

The Optionee further agrees
that the Company may deliver by email all documents relating to the Plan or
this Option (including, without limitation, prospectuses required by the
Securities and Exchange Commission) and all other documents that the Company is
required to deliver to its security holders (including, without limitation,
annual reports and proxy statements).  The Optionee also agrees that the
Company may deliver these documents by posting them on a web site maintained by
the Company or by a third party under contract with the Company.

 

	
  OPTIONEE:

  	
   

  	
  BERRY PETROLEUM COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
  Signature

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  
	
  Print Name

  	
   

  	
   

  

 

4Exhibit 4.8

 

BERRY
PETROLEUM COMPANY

2010 EQUITY INCENTIVE PLAN

STOCK APPRECIATION RIGHTS AGREEMENT

 

Unless otherwise
defined herein, the terms defined in the Berry Petroleum Company 2010 Equity
Incentive Plan shall have the same defined meanings in this Stock Appreciation
Rights Agreement (“SAR Agreement”).

 

I.              NOTICE OF SAR GRANT.

 

You have been
granted stock appreciation rights, subject to the terms and conditions of the
Plan and this SAR Agreement, as follows:

 

	
  Name of Awardee:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Total Number of SARs Granted:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exercise Price per
  SAR:

  	
   

  	
  $

  
	
   

  	
   

  	
   

  
	
  Grant Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Vesting Commencement Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Vesting Schedule:

  	
   

  	
  The stock
  appreciation rights may be exercised, in whole or in part, in accordance with
  the following schedule:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [                                                                                ]

  
	
   

  	
   

  	
   

  
	
  Termination
  Period:

  	
   

  	
  The stock
  appreciation rights may be exercised for [four months — eight months for
  executive officers and directors] after
  the awardee ceases to be a Service Provider. The Administrator determines
  when the awardee incurs a Termination of Service for this purpose. Upon the
  death or Total and Permanent Disability of the awardee, the stock
  appreciation rights may be exercised for 12 months after the awardee ceases to be a Service Provider. In no
  event shall the stock appreciation rights be exercised later than the
  Term/Expiration Date provided for below.

  
	
   

  	
   

  	
   

  
	
  Term/Expiration
  Date:

  	
   

  	
   

  

 

 

II.            AGREEMENT.

 

Grant
of SARs.  The Administrator hereby grants
to the awardee named in the Notice of SAR Grant attached as Part I of this
SAR Agreement (the “Awardee”) an award of stock appreciation rights (the “SARs”),
the number of SARs are set forth in the Notice of SAR Grant, at the exercise
price per SAR set forth in the Notice of SAR Grant (the “Exercise Price”),
subject to the terms and conditions of this SAR Agreement and the Plan.

 

Exercise
of SARs.

 

Vesting/Right
to Exercise.  These SARs are exercisable during their term
in accordance with the Vesting Schedule set forth in the Notice of SAR Grant,
this SAR Agreement and the applicable provisions of the Plan.  In addition, these SARs become exercisable in
full if the Company is subject to a Change in Control before the Awardee’s
Termination of Service, and the Awardee is subject to an Involuntary
Termination (defined below) within 12 months after the Change in
Control.  These SARs may also become
exercisable in accordance with Section G. below.

 

The term “Involuntary
Termination” shall mean the Awardee’s Termination of Service by reason of:  (i) the involuntary discharge of the
Awardee by the Company (or the Affiliate employing him or her) for reasons
other than Cause (defined below); or (ii) the voluntary resignation of the
Awardee following (A) a material adverse change in his or her title,
stature, authority or responsibilities with the Company (or the Affiliate
employing him or her), (B) a material reduction in his or her base salary
or annual bonus opportunity or (C) receipt of notice that his or her
principal workplace will be relocated by more than 50 miles.  The term “Cause” shall mean any of the
following acts or omissions on the part of the Awardee:  any act of dishonesty, any disclosure of
confidential information, negligence or misconduct, failure to perform duties
to the standards required by the Company (or the Affiliate employing him or
her) or neglect of his or her duties, as determined in the Administrator’s sole
and absolute discretion, any illegal act, drug, alcohol or other substance
abuse, or any act or omission which has an adverse effect on the Company or any
Affiliate’s reputation or business operations.

 

These SARs
will in no event become exercisable after a Termination of Service for any
reason.

 

Method
of Exercise.  These SARs are exercisable by delivering to
the Administrator a fully executed “Exercise Notice” or by any other method
approved by the Administrator.  The
Exercise Notice shall provide that the Awardee is electing to exercise the
SARs, the number of SARs being exercised (the “Exercised SARs”), and such other
representations and agreements as may be required by the Administrator.  The SARs shall be deemed to be exercised upon
receipt by the Administrator of such fully executed Exercise Notice.  No Shares shall be issued pursuant to the
exercise of the SARs unless such issuance and exercise complies with Applicable
Laws.

 

Exercise
Proceeds.

 

For
each SAR exercised, the Company shall pay the Awardee an amount equal to the
difference between the Fair Market Value of a Share on the date of exercise over
the Exercise Price of such SAR (the “SAR Payment Amount”).

 

 

The
SAR Payment Amount shall be paid in the form of Shares within 30 days following
the exercise date.

 

Leave
of Absence.  The Awardee shall not incur a Termination of
Service when the Awardee goes on a military leave, a sick leave or another bona
fide leave of absence, if the leave was approved by the Company (or Affiliate
employing him or her) in writing and if continued crediting of service is
required by the terms of the leave or by applicable law.  However, the Awardee incurs a Termination of
Service when the approved leave ends, unless the Awardee immediately returns to
active work.

 

Non-Transferability
of SARs.  These SARs may not be transferred in any
manner otherwise than by will or by the laws of descent or distribution and may
be exercised during the lifetime of the Awardee only by the Awardee.  The terms of this SAR Agreement and the Plan
shall be binding upon the executors, administrators, heirs, successors and
assigns of the Awardee.  These SARs may
not be assigned, pledged or hypothecated by the Awardee whether by operation of
law or otherwise, and is not subject to execution, attachment or similar
process.

 

Term
of SARs.  The SARs may be exercised only within the
term set out in the Notice of SAR Grant above, and may be exercised during such
term only in accordance with this SAR Agreement and the Plan.

 

Tax
Obligations.  The Awardee agrees to make appropriate
arrangements with the Administrator for the satisfaction of all applicable
federal, state, and local income taxes, employment tax, and any other taxes
that are due as a result of the exercise of the SARs.  With the Administrator’s consent, these
arrangements may include withholding Shares that otherwise would be issued to
the Awardee pursuant to the exercise of the SARs; provided, however, the
withholding amount must be calculated using the minimum statutory withholding
rates interpreted in accordance with applicable accounting requirements.  The Awardee acknowledges and agrees that the
Company may refuse to honor the exercise and refuse to deliver Shares if such
withholding amounts are not delivered at the time of exercise.

 

Change
in Control.  In the event of a Change in Control prior to
the Awardee’s Termination of Service, these SARs will be assumed or equivalent
rights substituted by the successor corporation or a parent or subsidiary of
the successor corporation.  In the event
that the successor corporation refuses to assume or substitute for these SARs,
the Awardee will fully vest in and have the right to exercise these SARs.  In addition, if the SARs becomes fully vested
and exercisable in lieu of assumption or substitution in the event of a Change
in Control, the Administrator will notify the Awardee in writing or electronically
that these SARs will be fully vested and exercisable for a period of time
determined by the Administrator in its sole discretion, and these SARs will
terminate upon the expiration of such period.

 

Restrictions
on Resale.  The Awardee agrees not to sell any Shares at
a time when Applicable Law, Company policies or an agreement between the
Company and its underwriters prohibit a sale. 
This restriction shall apply as long as the Awardee is a Service
Provider and for such period of time after the Awardee’s Termination of Service
as the Administrator may specify.

 

 

Entire
Agreement,
Governing Law.  This SAR Agreement and
the Plan constitute the entire agreement of the parties with respect to the
subject matter hereof and supersede in their entirety all prior undertakings
and agreements of the Company and Awardee with respect to the subject matter
hereof, and may not be modified adversely to the Awardee’s interest except by
means of a writing signed by the Company and Awardee.  This SAR Agreement is governed by the
internal substantive laws, but not the choice of law rules, of Colorado.

 

NO
GUARANTEE OF CONTINUED SERVICE.  THE AWARDEE ACKNOWLEDGES AND AGREES THAT THE
VESTING OF THE SARS PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY
CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (AND NOT THROUGH
THE ACT OF BEING HIRED, BEING GRANTED SARS OR BEING ISSUED SHARES
HEREUNDER).  AWARDEE FURTHER ACKNOWLEDGES
AND AGREES THAT THIS SAR AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND
THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED
PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD,
FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE WITH AWARDEE’S RIGHT OR THE
COMPANY’S RIGHT TO TERMINATE AWARDEE’S RELATIONSHIP AS A SERVICE PROVIDER AT
ANY TIME, WITH OR WITHOUT CAUSE.

 

By the Awardee’s
signature and the signature of the Company’s representative below, the Awardee
and the Company agree that the SARs are granted under and governed by the terms
and conditions of this SAR Agreement and the Plan.  The Awardee has reviewed this SAR Agreement
and the Plan in their entirety, has had an opportunity to obtain the advice of
counsel prior to executing this SAR Agreement and fully understands all provisions
of this SAR Agreement and the Plan.  The
Awardee hereby agrees to accept as binding, conclusive and final all decisions
or interpretations of the Administrator upon any questions relating to this SAR
Agreement and the Plan.

 

The Awardee further
agrees that the Company may deliver by email all documents relating to the Plan
or these SARs (including, without limitation, prospectuses required by the
Securities and Exchange Commission) and all other documents that the Company is
required to deliver to its security holders (including, without limitation,
annual reports and proxy statements). 
The Awardee also agrees that the Company may deliver these documents by
posting them on a web site maintained by the Company or by a third party under
contract with the Company.

 

	
  AWARDEE:

  	
   

  	
  BERRY PETROLEUM
  COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
  Signature

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  
	
  Print Name

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Residence Address

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