Document:

EXHIBIT
10.1

 

STEM
HOLDINGS, INC.

 

SUBSCRIPTION
AGREEMENT

 

This
Subscription Agreement (this “Agreement”) is being delivered to the purchaser identified on the signature page
to this Agreement (the “Subscriber”) in connection with its investment in Stem Holdings, Inc., a Nevada corporation
(the “Company”). The Company is conducting a public offering (the “Offering”) of up to twenty
million (20,000,000) shares together with up to twenty million (20,000,000) Warrants. The terms and conditions of the Offering
are detailed in the Summary of Offering Terms and the Company’s Prospectuses dated December 14, 2020. The minimum investment
amount is $50,000 per investor. The closing shall take place no later than February 26, 2021 (the “Offering Period”)
and any Subscriptions not accepted by the Company shall be returned to the Subscriber without interest or deduction thereon.

 

Prior to, or simultaneously with, or after the date of this Agreement,
the Company may offer in private placements of various securities of the Company, including but not limited to debt, convertible
debt, Common Stock and warrants to purchase Common Stock (collectively, the “Other Private Placements”). By
execution hereof, Subscriber acknowledges and understands the existence of and that the Company may conduct Other Private Placements,
the terms of which may be considered better, worse or similar to the terms of this Offering. 

 

In
consideration of the mutual covenants contained in this Agreement and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Company and the Subscriber agree as follows:

 

1.
SUBSCRIPTION AND PURCHASE PRICE

 

(a) Subscription. Subject to the conditions set forth in
Section 2 hereof, the Subscriber hereby subscribes for and agrees to purchase for the aggregate subscription amount as set forth
on the signature page hereof (the “Subscription Amount”) and on the terms described herein together with the
Prospectus and Summary of Offering Terms.

 

    	 

     

    

 

(b)
Purchase of Securities. The Subscriber’s delivery of this Agreement to the Company shall be accompanied by payment
for the Securities subscribed for hereunder, payable in United States Dollars, by wire transfer of immediately available funds
delivered contemporaneously with the Subscriber’s delivery of this Agreement in accordance with the wire instructions attached
hereto as Exhibit A. A designated third-party Escrow Agent (“Escrow Holder”) will hold the funds in escrow
pursuant to the Escrow Agreement between the Company and the Escrow Holder. The Subscriber understands and agrees that, subject
to Section 2 and applicable laws, by executing this Agreement, it is entering into a binding agreement. The Subscriber further
understands that pending the Closing (as defined in Section 2(b) of this Agreement, the funds will deposited into a non-interest
bearing account maintained by the Escrow Holder.

 

2.
Acceptance, Offering Term and Closing Procedures

 

(a)
Acceptance or Rejection. The obligation of the Subscriber to purchase the Securities hereunder shall be irrevocable, and
the Subscriber shall be legally bound to purchase the Securities subject to the terms set forth in this Agreement. The Subscriber
understands and agrees that the Company reserves the right to reject this subscription for Securities in whole or part in any
order at any time prior to the Closing for any reason, notwithstanding the Subscriber’s prior receipt of notice of acceptance
of the Subscriber’s subscription. In the event of rejection of this subscription by the Company in accordance with this
Section 2, or if the sale of the Securities is not consummated by the Company for any reason or no reason, this Agreement and
any other agreement entered into between the Subscriber and the Company relating to this subscription shall thereafter have no
force or effect, and the Company shall promptly return or cause to be returned to the Subscriber the purchase price remitted to
the Company, without interest thereon or deduction therefrom. Notwithstanding, the Subscriber shall continue to be bound by the
terms of any Non-Disclosure Agreement between the parties.

 

(b)
Closing. Subject to the receipt of subscriptions and executed Subscription agreements. The closing of the purchase and
sale of the Securities hereunder (the “Closing”) shall take place at the offices of Stem Holdings, Inc. or
such other place as determined by the Company and Driven Deliveries, Inc.

 

(c)
Following Acceptance or Rejection. The Subscriber acknowledges and agrees that this Agreement and any other documents delivered
in connection herewith will be held by the Company. In the event that this Agreement is not accepted by the Company for whatever
reason, which the Company expressly reserves the right to do, this Agreement, the Subscription Amount received by the Company
(without interest thereon) and any other documents delivered in connection herewith will be returned to the Subscriber at the
address of the Subscriber as set forth in this Agreement.

 

    	 

     

    

 

3.
THE SUBSCRIBER’s Representations, Warranties AND cOVENANTS

 

The
Subscriber hereby acknowledges, agrees with and represents, warrants and covenants to the Company, as follows:

 

(a)
The Subscriber has full power and authority to enter into this Agreement, the execution and delivery of which has been duly authorized,
if applicable, and this Agreement constitutes a valid and legally binding obligation of the Subscriber.

 

(b)
The Subscriber is not relying on the Company or any of its employees, agents, sub-agents or advisors with respect to the legal,
tax, economic and related considerations involved in this investment. The Subscriber has relied on the advice of, or has consulted
with, only its Advisors. Each Advisor, if any, has disclosed to the Subscriber in writing (a copy of which is annexed to this
Agreement) the specific details of any and all past, present or future relationships, actual or contemplated, between the Advisor
and the Company or any affiliate or sub-agent thereof.

 

(c)
The Subscriber has carefully considered the potential risks relating to the Company and a purchase of the Securities, and fully
understands that the Securities are a speculative investment that involves a high degree of risk of loss of the Subscriber’s
entire investment. The Subscriber has reviewed, or had an opportunity to review, the Company’s Prospectus and Summary of
Offering Terms, which are deemed incorporated herein by reference, including, without limitation, all “Risk Factors”
and “Forward Looking Statements” disclaimers contained therein.

 

(d)
No oral or written representations or warranties have been made, or information furnished, to the Subscriber or its Advisors,
if any, by the Company or any of its officers, employees, agents, sub-agents, affiliates, advisors or subsidiaries in connection
with the Offering, other than any representations of the Company contained herein, and in subscribing for the Securities, the
Subscriber is not relying upon any representations other than those contained herein.

 

(e)
Neither the SEC nor any state securities commission has approved the Securities or passed upon or endorsed the merits of the Offering.
There is no government or other insurance covering any of the Securities.

 

(f)
The Subscriber has reviewed the risk factors contained in this Subscription Agreement. The Subscriber has been advised about the
Other Private Placements. The Subscriber and its Advisors, if any, have had a reasonable opportunity to ask questions of and receive
answers from the Company concerning the Offering and the business, financial condition, results of operations and prospects of
the Company and all such questions have been answered to the full satisfaction of the Subscriber and its Advisors, if any.

 

(g)
The Subscriber is unaware of, is in no way relying on, and did not become aware of, the Offering through or as a result of, any
form of general solicitation or general advertising, including, without limitation, any article, notice, advertisement or other
communication published in any newspaper, magazine or similar media or broadcast over television or radio, or electronic mail
over the Internet, in connection with the Offering and is not subscribing for Securities and did not become aware of the Offering
through or as a result of any seminar or meeting to which the Subscriber was invited by, or any solicitation of a subscription
by, a person not previously known to the Subscriber in connection with investments in securities generally.

 

    	 

     

    

 

(h)
The Subscriber has taken no action that would give rise to any claim by any person for brokerage commissions, finders’ fees
or the like relating to this Agreement or the transactions contemplated hereby.

 

(i)
The Subscriber acknowledges that any estimates or forward-looking statements or projections furnished by the Company to the Subscriber
were prepared by the management of the Company in good faith, but that the attainment of any such projections, estimates or forward-looking
statements cannot be guaranteed by the Company or its management and should not be relied upon.

 

(j)
(For ERISA plans only) The fiduciary of the ERISA plan (the “Plan”) represents that such fiduciary has been
informed of and understands the Company’s investment objectives, policies and strategies, and that the decision to invest
“plan assets” (as such term is defined in ERISA) in the Company is consistent with the provisions of ERISA that require
diversification of plan assets and impose other fiduciary responsibilities. The Subscriber or Plan fiduciary (i) is responsible
for the decision to invest in the Company; (ii) is independent of the Company and any of its affiliates; (iii) is qualified to
make such investment decision; and (iv) in making such decision, the Subscriber or Plan fiduciary has not relied primarily on
any advice or recommendation of the Company or any of its affiliates.

 

(k)
This Agreement is not enforceable by the Subscriber unless it has been accepted by the Company, and the Subscriber acknowledges
and agrees that the Company reserves the right to reject any subscription for any reason.

 

(l)
The Subscriber will indemnify and hold harmless the Company and, where applicable, its directors, officers, employees, agents,
advisors, affiliates and shareholders, and each other person, if any, who controls any of the foregoing from and against any and
all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all fees, costs and expenses
whatsoever reasonably incurred in investigating, preparing or defending against any claim, lawsuit, administrative proceeding
or investigation whether commenced or threatened) (a “Loss”) arising out of or based upon any representation
or warranty of the Subscriber contained herein or in any document furnished by the Subscriber to the Company in connection herewith
being untrue in any material respect or any breach or failure by the Subscriber to comply with any covenant or agreement made
by the Subscriber herein or therein; provided, however, that the Subscriber shall not be liable for any Loss that
in the aggregate exceeds the Subscriber’s Aggregate Purchase Price tendered hereunder.

 

(m)
The Subscriber is, and on each date on which the Subscriber continues to own restricted securities from the Offering will be,
an “Accredited Investor” as defined in Rule 501(a) under the Securities Act. In general, an “Accredited Investor”
is deemed to be an institution with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 (excluding
the value of their primary residence) or annual income exceeding $200,000 or $300,000 jointly with his or her spouse.

 

(n)
The Subscriber acknowledges receipt and careful review of all documents furnished in connection with this transaction by the Company,
including the Prospectus and Summary of Offering Terms (collectively, the “Offering Documents”), and has been furnished
by the Company during the course of this transaction with all information regarding the Company which the Subscriber has requested
or desires to know; and the Subscriber has been afforded the opportunity to ask questions of and receive answers from duly authorized
officers or other representatives of the Company concerning the terms and conditions of the Offering, and any additional information
which the Subscriber has requested.

 

    	 

     

    

 

(o)
The Subscriber acknowledges that if the Subscriber is a Registered Representative of a Financial Industry Regulatory Authority,
Inc. (“FINRA”) member firm, the Subscriber must give such firm the notice required by the FINRA’s Conduct Rules,
receipt of which must be acknowledged by such firm on the signature page hereof.

 

(p)
The Subscriber hereby acknowledges that neither the Company nor any persons associated with the Company who may provide assistance
or advice in connection with the Offering (other than the placement agent, if one is engaged by the Company) are or are expected
to be members or associated persons of members of the FINRA or registered broker-dealers under any federal or state securities
laws. This Offering is made directly by the Company.

 

(q)
The Subscriber hereby represents that, except as expressly set forth in the Offering Documents, no representations or warranties
have been made to the Subscriber by the Company or any agent, employee or affiliate of the Company and, in entering into this
transaction, the Subscriber is not relying on any information other than that contained in the Offering Documents and the results
of independent investigation by the Subscriber.

 

(r)
All information provided by the Subscriber in the Investor Questionnaire attached hereto is true and accurate in all respects,
and the Subscriber acknowledges that the Company will be relying on such information to its possible detriment in deciding whether
the Company can sell these securities to the Subscriber without giving rise to the loss of the exemption from registration under
applicable securities laws.

 

4.
The Company’s Representations, Warranties and Covenants

 

The
Company hereby acknowledges, agrees with and represents, warrants and covenants to the Subscriber, as follows:

 

(a)
The Company has the corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder.
This Agreement has been duly authorized, executed and delivered by the Company and is valid, binding and enforceable against the
Company in accordance with its terms.

 

(b)
The Securities to be issued to the Subscriber pursuant to this Agreement, when issued and delivered in accordance with the terms
of this Agreement, will be duly and validly issued and will be fully paid and non-assessable.

 

(c)
Neither the execution and delivery nor the performance of this Agreement by the Company will conflict with the Company’s
organizational materials, as amended to date, or result in a breach of any terms or provisions of, or constitute a default under,
any material contract, agreement or instrument to which the Company is a party or by which the Company is bound.

 

    	 

     

    

 

(d)
The Company acknowledges and agrees that the Subscriber is acting solely in the capacity of an arm’s length purchaser with
respect to the Securities and the transactions contemplated hereby. The Company further acknowledges that the Subscriber is not
acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement and the
transactions contemplated hereby and any advice given by the Subscriber or any of its representatives or agents in connection
with this Agreement and the transactions contemplated hereby is merely incidental to the Subscriber’s purchase of the Securities.
The Company further represents to the Subscriber that the Company’s decision to enter into this Agreement has been based
solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

 

(e)
The Company will indemnify and hold harmless the Subscriber and, where applicable, its directors, officers, employees, agents,
advisors and shareholders, from and against any and all loss arising out of or based upon any representation or warranty of the
Company contained herein or in any document furnished by the Company to the Subscriber in connection herewith being untrue in
any material respect or any breach or failure by the Company to comply with any covenant or agreement made by the Company to the
Subscriber in connection therewith; provided, however, that the Company’s liability shall not exceed the Subscriber’s
Aggregate Purchase Price tendered hereunder.

 

5.
Use of Proceeds

 

The
Company anticipates using the gross proceeds from the Offering for general corporate purposes, other growth initiatives and capital
expenditures, and transaction costs including the consummation of the Company’s merger with Driven Deliveries, Inc.

 

6.
CONDITIONS TO ACCEPTANCE OF SUBSCRIPTION

 

The
Company’s right to accept the subscription of the Subscriber is conditioned upon satisfaction of the following conditions
precedent on or before the date the Company accepts such subscription:

 

(a)
As of the Closing, no legal action, suit or proceeding shall be pending that seeks to restrain or prohibit the transactions contemplated
by this Agreement.

 

(b)
The representations and warranties of the Company contained in this Agreement shall have been true and correct in all material
respects on the date of this Agreement and shall be true and correct as of the Closing as if made on the Closing Date.

 

7.
MISCELLANEOUS PROVISIONS

 

(a)
All parties hereto have been represented by counsel, and no inference shall be drawn in favor of or against any party by virtue
of the fact that such party’s counsel was or was not the principal draftsman of this Agreement.

 

    	 

     

    

 

(b)
Each of the parties hereto shall be responsible to pay the costs and expenses of its own legal counsel in connection with the
preparation and review of this Agreement and related documentation.

 

(c)
Neither this Agreement, nor any provisions hereof, shall be waived, modified, discharged or terminated except by an instrument
in writing signed by the party against whom any waiver, modification, discharge or termination is sought.

 

(d)
The representations, warranties and agreement of the Subscriber and the Company made in this Agreement shall survive the execution
and delivery of this Agreement and the delivery of the Securities.

 

(e)
Any party may send any notice, request, demand, claim or other communication hereunder to the Subscriber at the address set forth
on the signature page of this Agreement or to the Company at its primary office (including personal delivery, expedited courier,
messenger service, fax, ordinary mail or electronic mail), but no such notice, request, demand, claim or other communication will
be deemed to have been duly given unless and until it actually is received by the intended recipient. Any party may change the
address to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving the other
parties written notice in the manner herein set forth.

 

(f)
Except as otherwise provided herein, this Agreement shall be binding upon, and inure to the benefit of, the parties to this Agreement
and their heirs, executors, administrators, successors, legal representatives and assigns. If the Subscriber is more than one
person or entity, the obligation of the Subscriber shall be joint and several and the agreements, representations, warranties
and acknowledgments contained herein shall be deemed to be made by, and be binding upon, each such person or entity and its heirs,
executors, administrators, successors, legal representatives and assigns. This Agreement sets forth the entire agreement and understanding
between the parties as to the subject matter hereof and merges and supersedes all prior discussions, agreements and understandings
of any and every nature among them.

 

(g)
This Agreement is not transferable or assignable by the Subscriber.

 

(h)
This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without giving effect to
conflicts of law principles.

 

(i) Section 22
of the Securities Act of 1933, as amended provides the district courts of the United States
and the United States courts of any Territory shall have jurisdiction of offenses
and violations of under the Securities Act of 1933 and the Securities Exchange Act of 1934 and under the rules and regulations
promulgated by the U.S. Securities and Exchange Commission in respect thereto (“Federal Securities Law”), and,
concurrent with State and Territorial courts, of all suits in equity and actions
at law brought to enforce any liability or duty created under Federal Securities Laws. Any such suit or action may be brought
in the district wherein the defendant is found or is an inhabitant or transacts business, or in the district where the offer or
sale took place, if the defendant participated therein, and process in such cases may be served in any other district of which
the defendant is an inhabitant or wherever the defendant may be found. With respect to actions other than actions under Federal
Securities Law, the Company and the Subscriber hereby agree that any dispute that may arise between them arising out
of or in connection with this Agreement shall be adjudicated before a court located in the City of Boca Raton, Palm Beach County,
and they hereby submit to the exclusive jurisdiction of the federal and state courts of the State of Florida located in the City
of Boca Raton, Palm Beach County with respect to any action or legal proceeding commenced by any party and consent to the
service of process in any such action or legal proceeding by means of registered or certified mail, return receipt requested,
postage prepaid, in care of the address set forth herein or such other address as either party shall furnish in writing to the
other. In this regard, upon becoming aware of any potential action, the Company will immediately advise investors whether the
proposed action arises under the Securities Act of 1933 or the Securities Exchange Act of 1934, and whether the exclusive jurisdiction
provisions of this section are applicable. 

 

(j)
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

[Signature
Pages Follow]

 

    	 

     

    

 

	ACCEPTED
    this ___ day of ____________ 2021, on behalf of Stem Holdings, Inc. 
	 
	 	By:	
	 	Name:	Adam
    Berk 
	 	Title:	Chief
    Executive OfficerDocument

Exhibit 10.1

Form of Award Notice for Return on Capital Performance Shares under 
the National Fuel Gas Company 2010 Equity Compensation Plan

Name
Address

Dear _________:

    I am pleased to inform you that on [date of grant] the Compensation Committee (“Committee”) of the Board of Directors of National Fuel Gas Company (the “Company”) granted to you (the “Grantee” or “you”)  ____ Performance Shares under the National Fuel Gas Company 2010 Equity Compensation Plan (the “Plan”), subject to a Performance Goal related to return on capital, as set forth in this Award Notice.  Performance Shares are an award, pursuant to Section 9 of the Plan, constituting units denominated in Common Stock, the number of which such units may be adjusted over a Performance Cycle based upon the extent to which Performance Goals have been satisfied.  
The Performance Shares covered by this letter agreement (“Award Notice”) may be referred to in this Award Notice as “Your ROC Performance Shares.”  The number of Performance Shares set forth above is referred to in this Award Notice as the “Target Opportunity.”  The Plan and the Committee’s Administrative Rules (“Rules”) govern the operation of the Plan, as well as the terms and conditions of Your ROC Performance Shares, and are incorporated herein by reference.  Capitalized terms not otherwise defined herein shall have the meanings set forth for such terms in the Plan or the Rules.
1.    Performance Cycle and Performance Goal
The vesting of Your ROC Performance Shares is subject to a Performance Goal as set forth in this Award Notice.  The Performance Cycle for Your ROC Performance Shares is [start date] through [end date].  Except as otherwise specified in the Plan or determined by the Committee, and to the extent the Performance Goal has been achieved, Your ROC Performance Shares shall vest on such date as the Committee determines the extent to which the Performance Goal has been achieved.  Such determination date shall be not later than [date].
The Performance Goal upon which any vesting and payment of Your ROC Performance Shares is conditioned shall be the Total Return on Capital (as defined below) of the Company over the Performance Cycle relative to the Total Return on Capital of other companies in the Report Group (as defined below) for the Performance Cycle.  Total Return on Capital for the Company or any member of the Report Group shall mean the average of the returns on capital for each twelve month period corresponding to each of the Company’s fiscal years during the 

Performance Cycle, based on the data reported for that company in the Bloomberg online database (or, if the Bloomberg database ceases to be available, such alternative publication or service as the Compensation Committee shall designate) for the following group of companies for which data is available for the entire Performance Cycle (the “Report Group”):  
Atmos Energy Corporation
Cabot Oil & Gas Corporation
CNX Resources Corporation
EQT Corporation
Equitrans Midstream Corp.
MDU Resources Group Inc.
National Fuel Gas Company
New Jersey Resources Corporation
Range Resources Corporation
SM Energy Company
Southwest Gas Holdings, Inc.
Southwestern Energy Company
Spire Inc.
UGI Corporation
Notwithstanding the foregoing, in comparing the Company’s performance to that of the Report Group, the Committee shall adjust the Company’s Total Return on Capital to include the effect of discontinued operations.  To the extent reasonably correctible, the Committee shall correct the reported data for a known error in the reporting of the results of the Company. Furthermore, to the extent a company in the Report Group declares bankruptcy or becomes subject to any bankruptcy, insolvency or similar proceeding, is delisted or liquidated, or ceases operations for any other reason as determined and approved by the Committee, that company shall not be removed from the Report Group and shall be considered to have performed at a level ranking it at the bottom of the Report Group. 
The term “Percentile Ranking” as used in this Award Notice in reference to Total Return on Capital means the percentage determined by dividing:
(A)    the remainder of the Company’s rank within the Report Group for the Performance Cycle (measured lowest to highest) based on its Total Return on Capital for the Performance Cycle, minus one (1), 
by 
(B)    the number of companies (excluding the Company) in the Report Group for that Performance Cycle.
For purposes of determining the Company’s rank within the Report Group, if the Company’s Total Return on Capital for a Performance Cycle equals that of another company in the Report Group, the Company shall be ranked ahead of such other company.
Your ROC Performance Shares shall vest and payment shall be made on Your ROC Performance Shares to the extent the Company achieves the Percentile Ranking detailed below, 

provided that Your ROC Performance Shares have not previously been forfeited in accordance with applicable terms and conditions. 
						
	Company’s
Percentile Ranking
	Percentage of
Target Opportunity Paid

		
	< 45th	0%
	45th	50%
	60th	100%
	75th	150%
	100th	200%

Notwithstanding the foregoing, if the Company’s Total Return on Capital is negative (less than 0.0), the percentage of Target Opportunity paid shall be capped at 100%.  For performance between two established performance levels, the percentage of Target Opportunity paid will be determined by mathematical interpolation.  
Any and all of Your ROC Performance Shares representing the percentage of the Target Opportunity not required to be paid shall not vest, and shall be automatically forfeited on the date the Compensation Committee makes its determination as to the extent to which the Performance Goal has been achieved, but no later than [date], if not previously forfeited in accordance with the terms and conditions applicable to such Performance Shares.
2.    Settlement
At the expiration of the Performance Cycle, the Committee shall certify in writing the number of Performance Shares earned and vested on the basis of performance in relation to the Performance Goal.  The Committee shall determine whether earned Performance Shares are to be distributed in the form of cash, shares of Common Stock or in a combination thereof, with the value or number of shares payable to be determined based on the Fair Market Value of the Common Stock on the date of the Committee’s certification.  Any fractional share otherwise payable in settlement of Your ROC Performance Shares shall be paid in cash. 
3.    Restrictions on Transferability
Your ROC Performance Shares may not be sold, assigned, transferred or pledged during the Performance Cycle, except that the Committee may permit (on such terms and conditions as it shall establish) some or all of Your ROC Performance Shares to be transferred during the Performance Cycle to a Permitted Transferee in accordance with Section 14(a) of the Plan.
4.    Rights as a Shareholder
You shall not have any right, in respect of Your ROC Performance Shares, to vote on any matter submitted to the Company’s stockholders until such time, if any, as the shares of Common Stock attributable to Your ROC Performance Shares have been issued.  Dividend Equivalents shall not be paid or payable on Your ROC Performance Shares before they become earned and vested.

5.    Termination of Employment
In the event your employment with the Company or its Subsidiaries terminates due to your death, Disability or Retirement, or due to the Company divestiture of one or more Subsidiaries or other business segments, divisions or operations in a transaction that does not otherwise qualify as a Change in Control, then the number of Your ROC Performance Shares that otherwise would have vested after the end of the Performance Cycle shall be pro-rated to reflect the time period from the commencement of the Performance Cycle through the date of the termination of your service to the Company or its Subsidiaries, as described in Sections 11(a)(i) and 11(c)(i), respectively, of the Plan, and any of Your ROC Performance Shares that do not vest shall automatically be forfeited.  In the event your employment with the Company or its Subsidiaries terminates for any other reason, the provisions of the Plan shall control.
6.    Change in Control
Subject to the terms of the Plan and the Rules, in the event of a Change in Control of the Company, each of Your ROC Performance Shares then outstanding shall be deemed earned at the target level of performance for such Award.  In addition, the Committee may direct that each of Your ROC Performance Shares be settled in cash with its value determined based on the value received by the shareholders in any transaction that constitutes a Change in Control.  The Plan also allows the Committee to reasonably determine in good faith, before a Change in Control, that this Award shall be honored or assumed, or new rights substituted therefore, by your employer or the parent or affiliate of your employer, provided that any such honored, assumed or substituted award must satisfy the requirements set forth in Section 12(b) of the Plan, including “substantially equivalent economic value.”  
7.    Adjustments in Common Stock
In the event of an Adjustment Event, including any stock dividend, stock split, merger, consolidation, reorganization, recapitalization or other similar event affecting the Common Stock, the Committee shall equitably adjust, in its discretion, the number of shares subject to this Award Notice.  To the extent the Committee deems equitable and appropriate and subject to any required action by shareholders of the Company or of any successor in interest to the Company or any direct or indirect parent corporation of the Company or any such successor, in any Adjustment Event that is a merger, consolidation, reorganization, liquidation, dissolution or similar transaction, Your ROC Performance Shares shall be deemed to pertain to the securities and other property, including cash, to which a holder of the number of shares of Common Stock covered by this Award Notice would have been entitled to receive in connection with such Adjustment Event.  Any Committee determination pursuant to this Section 7 shall be final, binding and conclusive.
8.    Authority of Committee 
The Committee has the authority to interpret the Plan and all Performance Shares granted thereunder, to establish rules and regulations relating to the Plan and to make all other 

determinations it believes necessary or advisable for the administration of the Plan.  The scope of the Committee’s authority is more fully described in Section 3 of the Plan.  All determinations and actions of the Committee are final, conclusive and binding on you. 
9.    Miscellaneous
(a)    This Award Notice shall be binding upon and inure to the benefit of the Company (and its successors and assigns) and you (and your heirs, legal representatives and estate) and shall be governed by the laws of the State of New Jersey, and any applicable laws of the United States.  The Performance Share award under the Plan does not alter, amend or otherwise affect your employment status with the Company or its subsidiaries.  No contract or right of employment shall be implied by this Award Notice.
(b)    The Committee may at any time unilaterally amend any unpaid Performance Shares award, including Awards earned but not yet paid, to the extent it deems appropriate, provided, however, that subject to Section 5(d) of the Plan, any such amendment which is adverse to the Grantee shall require the Grantee’s consent unless the Committee determines that such amendment or modification is necessary or advisable to comply with applicable law as a result of changes in law or regulation or to avoid the imposition of an additional tax, interest or penalty under Section 409A of the Internal Revenue Code of 1986, as amended.
(c)    If Your ROC Performance Shares are assumed or new Performance Shares are substituted therefor in any corporate reorganization (including, but not limited to, any transaction of the type referred to in Section 424(a) of the Internal Revenue Code of 1986, as amended), employment by such assuming or substituting company or by a parent company or a subsidiary thereof shall be considered for all purposes of this Award Notice to be employment by the Company.
(d)    In consideration of the Grantee’s privilege to participate in the Plan, the Grantee agrees (i) not to disclose any trade secrets of, or other confidential/restricted information of the Company to any unauthorized party, (ii) not to make any unauthorized use of such trade secrets or confidential or restricted information during his or her employment with the Company or its Subsidiaries or after such employment is terminated, and (iii) not to solicit any then current employees of the Company or any other subsidiaries of the Company to join the Grantee at his or her new place of employment after his or her employment with the Company or its Subsidiaries is terminated. Pursuant to 18 U.S.C. § 1833(b), an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (1) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (2) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  Additionally, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose a trade secret to his or her attorney and use the trade secret information in the court proceeding, if the individual: (1) files any document containing the trade secret under seal; and (2) does not disclose the trade secret, except pursuant to court order.

(e)    This Award Notice, together with the Plan and the Rules, constitutes the entire agreement between the parties with respect to the subject matter hereof.  You hereby acknowledge that you have been provided with a copy of the Plan and the Rules, and understand the terms and conditions of these documents and of this Award Notice.  
(f)    In the event of the invalidity of any part or provision of this Award Notice, such invalidity shall not affect the enforceability of any other part or provision hereof.
10.    Tax Withholding
The Company will be entitled to deduct from any payment under this Award Notice, regardless of the form of such payment, the amount of all applicable income and employment taxes required by law to be withheld with respect to such payment or may require you to pay to it such tax prior to and as a condition of the making of such payment.  Tax withholdings will be in accordance with the Rules. 
11.    Securities Law Requirements
The Company will not be required to issue shares in settlement of Your ROC Performance Shares unless and until (a) such shares have been duly listed upon each stock exchange on which the Company’s Common Stock is then registered and (b) a registration statement under the Securities Act of 1933 with respect to such shares is then effective.  The Board may require you to furnish to the Company, prior to the issuance of any shares of Common Stock in connection with the settlement of Your ROC Performance Shares, an agreement, in such form as the Board may from time to time deem appropriate, in which you represent that the shares you acquired upon such settlement are being acquired for investment and not with a view to the sale or distribution thereof.
12.    Performance Shares Subject to Plan and Rules
Your ROC Performance Shares shall be subject to all the terms and provisions of the Plan, the Rules and this Award Notice, and you shall abide by and be bound by such terms and provisions and all rules, regulations and determinations of the Board or the Committee now or hereafter made in its discretion in connection with the administration of the Plan.  
13.    American Jobs Creation Act
In addition to amendments permitted by Section 9(b) above, the Company may make amendments to Your ROC Performance Shares, without your consent, in order to ensure compliance with the American Jobs Creation Act of 2004.  And, further, amendments may be made to the Plan to ensure such compliance, which amendments may impact Your ROC Performance Shares.

If the foregoing is acceptable to you, kindly acknowledge your acceptance by clicking the "Accept" button below.  By clicking the "Accept" button, you acknowledge that you have read the terms and conditions of the grant, and agree to be bound by those terms and conditions. 
Very truly yours,
									
	NATIONAL FUEL GAS COMPANY	
			
	By:		
		[Name]	
		[Title]

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