Document:

PVA-2014.12.31-EX10.5.6

Exhibit 10.5.6

PENN VIRGINIA CORPORATION

2013 AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN
PERFORMANCE BASED RESTRICTED STOCK UNIT AWARD
This PERFORMANCE BASED RESTRICTED STOCK UNIT AWARD AGREEMENT, dated as of ________ __, 2014 (the “Date of Grant”), is delivered by Penn Virginia Corporation (the “Company”) to ______________________ (the “Participant”).
RECITALS
The 2013 Amended and Restated Long-Term Incentive Plan (the “Plan”) provides for the award of Restricted Stock Units (as defined in the Plan) in accordance with the terms and conditions of the Plan.  The Compensation and Benefits Committee of the Board of Directors of the Company (the “Committee”) has decided to award Restricted Stock Units that are also Performance Awards (as defined in the Plan) to the Participant as an inducement for the Participant to promote the best interests of the Company and its shareholders.  The Restricted Stock Units are subject in all respects to the terms and conditions set forth this Performance Based Restricted Stock Unit Award Agreement and Schedules A and B attached hereto (this “Agreement”) and the Plan, each of which is incorporated herein by reference and made part hereof.  All terms capitalized but not defined herein shall have the meanings assigned to them in the Plan.  Copies of the Plan and the Plan prospectus are being provided to the Participant with this Agreement.
NOW, THEREFORE, the parties to this Agreement, intending to be legally bound, hereby agree as follows:
		
	1.
	Award of Performance Based Restricted Stock Units.  

(a)Subject to the terms and conditions set forth in this Agreement and the Plan, the Committee hereby grants to the Participant ____ Restricted Stock Units (the “Target Restricted Stock Units”).  The Target Restricted Stock Units are contingently awarded, and shall vest, and be adjusted and paid, based on the actual level of attainment of the Performance Goals (as defined in Schedule A hereto).  The number of the Target Restricted Stock Units which are ultimately earned (expressed as a percentage of the number of the Target Restricted Stock Units) based on actual performance are referred to in this Agreement as the “Restricted Stock Units.”
(b)The Committee shall, as soon as practicable following the last day of each Performance Period (as defined in Schedule A hereof), but in no event later than thirty (30) days following the end of the Performance Period, certify (i) the extent, if any, to which the Performance Goals have been attained with respect to such Performance Period and (ii) the amount of cash, if any, which the Participant shall be entitled to receive with respect to such Performance Period.  Such certification shall be final, conclusive and binding on the Participant, and on all other persons, to the maximum extent permitted by law.
(c)The Committee may at any time prior to the final determination of the extent, if any, to which the Performance Goals have been attained, adjust the Performance Goals to reflect any change in corporate capitalization as described in Section 18 of the Plan (which is titled “Adjustments Upon Changes in Capitalization”).  The Committee may also adjust the Performance Goals in accordance with the adjustments specifically provided for in Section 14 of the Plan (which is titled “Performance Award Agreement and Terms”).  In no event shall the Committee make discretionary modifications that are not provided for within this Agreement or in the Plan. 
2.Stock Unit Account.  The Company shall establish and maintain a Stock Unit Account, as a bookkeeping account on its records, for the Participant and shall record in such Stock Unit Account the Target Restricted Stock Units granted to the Participant as well as any cash to which the Participant is entitled to be paid hereunder.  In the event that the Company declares a dividend with respect to its Shares, the Target Restricted Stock Units shall not be entitled to receive dividend equivalent rights nor receive any credit within the Stock Unit Account for such dividends paid upon the underlying Shares.  No Shares shall be issued to the Participant at any time, and the Participant shall not be, nor have any of the rights or privileges of, a shareholder of the Company with respect to the Target Restricted Stock Units recorded in the Stock Unit Account.  The Participant shall not have any interest in any fund or specific assets of the Company by reason of this award or the Stock Unit Account established for the Participant. 

3.Vesting of Restricted Stock Units.  
(a)Except as otherwise set forth herein, a percentage of the Target Restricted Stock Units shall vest on the last day of the Third Performance Period (as defined in Schedule A hereto).  The vested Restricted Stock Units shall be paid based on the level of attainment of the Performance Goals at the end of each Performance Period as described in Schedules A and B hereto.  
(b)Except as otherwise provided in this Agreement, if the Participant’s employment with the Company terminates for any reason before the end of the Third Performance Period, then the Participant’s Target Restricted Stock Units shall automatically be forfeited as of the date of the Participant’s termination of employment and no cash shall be paid with respect to any Target Restricted Stock Units.
4.Cash Payable to the Participant.  Cash, if any, payable to the Participant with respect to his or her vested Target Restricted Stock Units shall be paid in accordance with Schedules A and B hereto.
5.Earnings.  If vested Restricted Stock Units are not paid within 30 days after the end of the Third Performance Period, the Company shall credit the Participant’s Stock Unit Account with (a) the cash, if any, payable with respect to such vested Restricted Stock Units and (b) earnings through the date the vested Restricted Stock Units are paid as if such cash balance of the Participant’s Stock Unit Account had been invested at a rate equal to the prime rate published in the Wall Street Journal on the applicable vesting date of the Restricted Stock Units.
6.Grant Subject to Plan Provisions.  This grant is made pursuant to the Plan, the terms of which are incorporated herein by reference, and in all respects shall be interpreted in accordance with the Plan.  This grant is subject to interpretations, regulations and determinations concerning the Plan established from time to time by the Board in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (a) rights and obligations with respect to withholding taxes, (b) compliance with the Nonqualified Deferred Compensation Rules and (c) other requirements of applicable law.  The Committee shall have the authority to interpret and construe the grant pursuant to the terms of the Plan, and its decisions shall be conclusive as to questions arising hereunder.
7.No Employment or Other Rights.  This grant shall not confer upon the Participant any right to be retained by or in the employ of the Company and shall not interfere in any way with the right of the Company to terminate the Participant’s employment at any time.  The right of the Company to terminate at will the Participant’s employment at any time for any reason is specifically reserved.
8.Withholding Tax.  All obligations of the Company under this Agreement shall be subject to the rights of the Company as set forth in the Plan to withhold amounts required to be withheld for any taxes, if applicable.  The Participant shall be required to pay to the Company, or make other arrangements satisfactory to the Company to provide for the payment of, any federal, state, local or other taxes that the Company is required to withhold with respect to the Restricted Stock Units.  
9.Assignment and Transfers.  Except as the Committee may otherwise permit pursuant to the Plan, the rights and interests of the Participant under this Agreement may not be sold, assigned, encumbered or otherwise transferred, except in the event of the death of the Participant, by will or by the laws of descent and distribution.  In the event of any attempt by the Participant to sell, assign, pledge, hypothecate or otherwise dispose of the Target Restricted Stock Units or any right hereunder, except as provided for in this Agreement, or in the event of the levy or any attachment, execution or similar process upon the rights or interests hereby conferred, the Company may terminate the Target Restricted Stock Units by notice to the Participant, and the Target Restricted Stock Units and all rights hereunder shall thereupon become null and void.  The rights and protections of the Company hereunder shall extend to any successors or assigns of the Company and to the Company’s parents, subsidiaries and affiliates.  This Agreement may be assigned by the Company without the Participant’s consent.
10.Applicable Law.  The validity, construction, interpretation and effect of this instrument shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia, without giving effect to the conflicts of laws provisions thereof.
11.Notice.  Any notice to the Company provided for in this instrument shall be addressed to the Company in care of the General Counsel at Four Radnor Corporate Center, Suite 200, 100 Matsonford Road, Radnor, PA  19087, and any notice to the Participant shall be addressed to such Participant at the current address known by the Company, or to such other address as the Participant may designate to the Company in writing.  Any notice shall be delivered by hand, sent by telecopy or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a post office regularly maintained by the United States Postal Service.
12.No Liability for Good Faith Determinations.  The Company and the members of the Board shall not be liable for any act, omission or determination taken or made in good faith with respect to this Agreement or the Restricted Stock Units granted hereunder.
13.Amendment.  This Agreement may be amended by the Board or by the Committee at any time if the Board or the Committee, as applicable, determines that the amendment is necessary or advisable in light of any addition to or change in any federal, state, tax or securities law or other regulation which occurs after the Date of Grant of the award, or in any other circumstances, with the consent of the Participant. 

14.Nonqualified Deferred Compensation Rules.  
(a)To the greatest extent possible, the amounts payable pursuant to the terms of this Agreement are intended to be and will be treated as exempt from Section 409A of the Code and shall be interpreted to avoid any penalty sanctions under the Nonqualified Deferred Compensation Rules.  If any payment cannot be provided or made at the time specified herein without incurring sanctions under the Nonqualified Deferred Compensation Rules, then such payment shall be provided in full at the earliest time thereafter when such sanctions will not be imposed.  All payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” under the Nonqualified Deferred Compensation Rules.  For purposes of the Nonqualified Deferred Compensation Rules, each payment made under this Agreement shall be treated as a separate payment, and if a payment is not made by the designated payment date under this Agreement, the payment shall be made by December 31 of the calendar year in which the designated date occurs.  In no event shall the Participant, directly or indirectly, designate the calendar year of payment. 
(b)Notwithstanding any provision to the contrary herein or in the Plan, if on the date of the Participant’s termination of employment, the Participant is a “specified employee” (within the meaning of the Nonqualified Deferred Compensation Rules) as determined by the Board (or its delegate) in its sole discretion in accordance with its “specified employee” determination policy, then all payments payable to the Participant under this Agreement that are deemed as deferred compensation subject to the requirements of the Nonqualified Deferred Compensation Rules shall be postponed for a period of six (6) months following the Participant’s “separation from service” with the Company (or any successor thereto) (the “postponed amounts”).  The postponed amounts shall be credited with interest as described in Section 5 above and paid to the Participant in a lump sum within thirty (30) days after the date that is six (6) months following the Participant’s “separation from service” with the Company (or any successor thereto).  If the Participant dies during the postponement period, the postponed amounts shall be paid to the personal representative of the Participant’s estate within sixty (60) days after the Participant’s death.
[Signature Page Follows]

IN WITNESS WHEREOF, the Company has caused its duly authorized officer to execute and attest this instrument, and the Participant has placed his or her signature hereon, effective as of the Date of Grant.
Penn Virginia Corporation

By:         
Name:    
Title:     

I hereby accept the grant of Target Restricted Stock Units described in this Agreement and any schedule hereto, and I agree to be bound by the terms of the Plan, this Agreement and any schedule hereto.  I hereby agree that I have received delivery of the Plan prospectus and that all of the decisions and determinations of the Committee with respect to the terms of this Agreement and the Restricted Stock Units that shall become vested and paid hereunder shall be final and binding.

Participant

SCHEDULE A

		
	1.
	Vesting Schedule and Payment of Target Restricted Stock Units.

(a)A percentage of the Target Restricted Stock Units shall vest on the last day of the Third Performance Period (as hereinafter defined), and shall be paid based on the relative ranking of the Company’s TSR (as hereinafter defined) as compared to the TSR of the Peer Companies (as hereinafter defined) with respect to each of the First Performance Period (as hereinafter defined), the Second Performance Period (as hereinafter defined) and the Third Performance Period (such relative rankings being referred to herein as the “Performance Goals”).
For purposes of this Agreement, the term “TSR” shall mean, as to the Company and each of the Peer Companies, the annualized rate of return shareholders receive through stock price changes and the assumed reinvestment of dividends, if any, paid over the Performance Period.  Dividends per share paid other than in the form of cash shall have a value equal to the amount of such dividends reported by the issuer to its shareholders for purposes of federal income taxation.  For purposes of determining the TSR for the Company and each Peer Company, the change in the price of the Company’s Common Stock and of the common stock of each Peer Company, as the case may be, shall be based upon the average of the closing stock prices of the Company and such Peer Company over the 20 trading days immediately preceding each of the first day of the First Performance Period (the “Initial Value”) and the last day of the First, Second or Third Performance Period, as applicable (in each case, the “Final Value”).  The Initial Values for the Company and each Peer Company are set forth on Schedule B to this Agreement.
For purposes of this Agreement, the term “Peer Company” shall mean the peer companies listed on Schedule B to this Agreement; provided, however, that, if at any time during the Performance Period any Peer Company no longer has a class of common equity securities listed to trade under Section 12(b) of the Securities Exchange Act of 1934, then such Peer Company shall cease to be a Peer Company.
For purposes of this Agreement, the “First Performance Period” shall commence on ____, [2014] and end on ____, [2015], the “Second Performance Period” shall commence on ____, [2014] and end on ____, [2016] and the “Third Performance Period” shall commence on ____, [2014] and end on ____, [2017].
(b)The amount of cash paid with respect to vested Restricted Stock Units shall be equal to the sum of the following:
(i)The product of (x) one-third of the number of Target Restricted Stock Units times (y) the Final Value of a Share at the end of First Performance Period times (z) the applicable percentage attributable to the First Performance Period as set forth on Schedule B;
(ii)The product of (x) one-third of the number of Target Restricted Stock Units times (y) the Final Value of a Share at the end of Second Performance Period times (z) the applicable percentage attributable to the Second Performance Period as set forth on Schedule B; and
(iii)The product of (x) one-third of the number of Target Restricted Stock Units times (y) the Final Value of a Share at the end of Third Performance Period times (z) the applicable percentage attributable to the Third Performance Period as set forth on Schedule B.
2.Death or Disability.  
(a)Notwithstanding any provision in this Agreement to the contrary, if prior to the end of the Third Performance Period the Participant’s employment terminates on account of death or Disability, then a pro-rata portion of the Participant’s Target Restricted Stock Units shall vest and the remainder shall be forfeited.  The number of Target Restricted Stock Units that vest shall be equal to (x) the total number of Target Restricted Stock Units times (y) a fraction the numerator of which is that number of days during the period commencing on the Date of Grant and ending on the date of death or the date on which employment is terminated, as applicable, and the denominator of which is one thousand ninety-five (1,095).  The pro-rated vested Target Restricted Stock Units shall be paid as described in Section 4(a) below.
(b)Notwithstanding Section 10(d) of the Plan, the Target Restricted Stock Units shall not vest and become nonforfeitable if the Participant Retires or is at the Date of Grant or becomes Retirement Eligible.
3.Change of Control.  
Notwithstanding any provision in this Agreement to the contrary, in the event a Change of Control occurs prior to the Payment Date, the outstanding Target Restricted Stock Units shall become fully vested upon the date of the Change of Control regardless of the level of attainment of the Performance Goals.  The Target Restricted Stock Units shall be paid as described in Section 4(b) below.

		
	4.
	Payment Schedule.  

(a)If the Committee certifies, in accordance with Section 1(b) of this Agreement, that the Performance Goals and other conditions to payment of the Restricted Stock Units have been attained with respect to any or all of the Performance Periods, the Company shall pay to the Participant (or the Participant’s beneficiary or estate, in the event of the Participant’s death) that amount of cash determined in accordance with Section 1 hereof within thirty (30) days after the date that the Committee has made such certification (the “Payment Date”), subject to applicable tax withholding and Section 8 of this Agreement.  
(b)Notwithstanding any provision in this Agreement to the contrary, in the event that the Target Restricted Stock Units vest and are paid in accordance with Section 3 above, the Participant shall receive that amount of cash equal to the product of (x) the number of such Target Restricted Stock Units times (y) the Value of a Share on the effective date of the Change of Control.  In the event that the Target Restricted Stock Units vest as described in Section 3 above, payment shall be made to the Participant within thirty (30) days after the consummation of the Change of Control.

SCHEDULE B
	
		
	 
	 

	Company
	Initial Value

	Penn Virginia Corporation
	$16.60

	Peer Companies
	Initial Value

	Approach Resources, Inc.
	20.09

	Bill Barrett Corporation
	24.15

	Carrizo Oil & Gas, Inc.
	53.38

	Comstock Resources Inc.
	25.88

	Forest Oil Corporation
	1.87

	Goodrich Petroleum Corporation
	23.10

	Matador Resources Company
	26.94

	Magnum Hunter Resources Corporation
	8.48

	PDC Energy, Inc.
	61.92

	PetroQuest Energy, Inc.
	5.70

	Rosetta Resources Inc.
	47.94

	Sanchez Energy Corporation
	29.08

	Swift Energy Company
	11.23

Payment Percentage of Target Restricted Stock Units

	
											
	Company’s Peer Group Rank
	 
	No. of Peer Companies/% Earned

	 
	 
	12
	 
	11
	 
	10
	 
	9
	 
	8

	1
	 
	200%
	 
	200%
	 
	200%
	 
	200%
	 
	200%

	2
	 
	200%
	 
	200%
	 
	200%
	 
	200%
	 
	200%

	3
	 
	200%
	 
	200%
	 
	200%
	 
	200%
	 
	150%

	4
	 
	175%
	 
	150%
	 
	150%
	 
	150%
	 
	100%

	5
	 
	150%
	 
	100%
	 
	100%
	 
	100%
	 
	75%

	6
	 
	100%
	 
	75%
	 
	75%
	 
	75%
	 
	50%

	7
	 
	75%
	 
	75%
	 
	50%
	 
	50%
	 
	0%

	8
	 
	50%
	 
	50%
	 
	0%
	 
	0%
	 
	0%

	9
	 
	0%
	 
	0%
	 
	0%
	 
	0%
	 
	0%

	10
	 
	0%
	 
	0%
	 
	0%
	 
	0%
	 
	 

	11
	 
	0%
	 
	0%
	 
	0%
	 
	 
	 
	 

	12
	 
	0%
	 
	0%
	 
	 
	 
	 
	 
	 

	13
	 
	0%PVA-2014.12.31-EX10.5.7

Exhibit 10.5.7

PENN VIRGINIA CORPORATION
2013 AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN
SUMMARY OF NON-QUALIFIED STOCK OPTION GRANT

You, the Optionee named below, have been granted the following option (the “Option”) to purchase shares (the “Option Shares”) of the common stock, $0.01 par value per share, of Penn Virginia Corporation, a Virginia corporation (the “Parent Company”), on the terms and conditions set forth below and in accordance with the Stock Option Award Agreement (the “Agreement”) to which this Summary of Non-Qualified Stock Option Grant is attached and the Penn Virginia Corporation 2013 Amended and Restated Long-Term Incentive Plan (the “Plan”).

	
		
	Optionee Name:
	____________________________________________

	 
	 

	Number of Option Shares Granted:
	____________________

	 
	 

	Date of Grant:
	____________________

	 
	 

	Exercise Price Per Share:
	$___________________

	 
	 

	Vesting Schedule:
	Subject to earlier vesting or forfeiture pursuant to the Plan or the Agreement, the Option shall vest over a period of time, and the Option Shares shall become purchasable in installments, in accordance with the following schedule:  (i) one-third of the Option Shares (if a fractional number, then the next lower whole number) shall become purchasable, in whole at any time or in part from time to time, during the period commencing on ______ and ending on the last day of the Exercise Period; (ii) an additional one-third of the Option Shares (if a fractional number, then the next lower whole number) shall become purchasable, in whole or in part from time to time, during the period commencing on ______ and ending on the last day of the Exercise Period; and (iii) the remaining Option Shares shall become purchasable, in whole at any time or in part from time to time during the period commencing on _____ and ending on the last day of the Exercise Period.

You, by your signature as Optionee below, acknowledge that you (i) have reviewed the Agreement and the Plan in their entirety and have had the opportunity to obtain the advice of counsel prior to executing this Summary of Stock Option Grant, (ii) understand that the Option is granted under and governed by the terms and provisions of the Agreement and the Plan and (iii) agree to accept as binding all of the determinations and interpretations made by the Committee with respect to matters arising under or relating to the Option, the Agreement and the Plan.

	
		
	OPTIONEE
	PENN VIRGINIA CORPORATION

	 
	 

	_____________________________________
	By:___________________________________

	(Signature of Optionee)
	 

	 
	Name:  _______________________________

	 
	Title:    _______________________________

PENN VIRGINIA CORPORATION
2013 AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN
NON-QUALIFIED STOCK OPTION AGREEMENT

1.Grant of Option.   As of the Date of Grant (identified in the attached Summary of Non-Qualified Stock Option Grant) (the “Summary”), Penn Virginia Corporation, a Virginia corporation (the “Parent Company”), hereby grants a non-qualified stock option (the “Option”) to the Optionee (identified in the Summary), an employee of the Company, to purchase that number of Shares identified in the Summary (the “Option Shares”), subject to the terms and conditions of this agreement (the “Agreement”) and the Parent Company’s 2013 Amended and Restated Long-Term Incentive Plan as effective on the Date of Grant (the “Plan”), which is hereby incorporated herein in its entirety by reference.  The Option Shares, when issued to the Optionee upon the exercise of the Option, shall be fully paid and nonassessable.

2.Definitions.  All capitalized terms used, but not defined herein or in the Summary, shall have the meanings set forth in the Plan.  

3.Option Term.  The Option shall commence on the Date of Grant (identified in the Summary) and terminate on the day immediately preceding the tenth (10th) anniversary of the Date of Grant.  The period during which the Option is in effect and may be exercised is referred to herein as the “Exercise Period.”

4.Exercise Price.  The Exercise Price per Share is identified in the Summary.

5.Vesting.  The total number of Option Shares shall vest in accordance with the Vesting Schedule identified in the Summary.  The Option Shares may be purchased at any time after they become vested, in whole or in part, during the Exercise Period; provided, however, that the Option may be exercisable to acquire only whole Shares.

6.Method of Exercise.  The Option shall be exercised by giving written notice of exercise to the Parent Company at its office in Radnor, Pennsylvania in care of its Secretary.  The notice shall state that the Option exercised is a non-qualified stock option and the number of Shares as to which the Option is exercised, shall be hand delivered, telecopied or mailed, first class postage prepaid, and shall be irrevocable once given.  The notice shall include a statement of preference as to the manner in which payment to the Company shall be made (Shares or cash, a combination of Shares and cash or by Cashless Exercise).

7.Method of Payment.  The Exercise Price due upon exercise of the Option shall be payable to the Parent Company in full either (i) in cash or its equivalent or (ii) subject to prior approval by the Committee in its discretion, by withholding Shares which otherwise would be acquired on exercise having an aggregate Value at the time of exercise equal to the total Exercise Price.  In addition, the Optionee may exercise and pay for Shares purchased upon the exercise of the Option through the use of a brokerage firm to make payment to the Parent Company of the Exercise Price and any taxes required by law to be withheld upon exercise of the Option either from the proceeds of a loan to the Optionee from the brokerage firm or from the proceeds of the sale of Shares issued pursuant to the exercise of the Option, and upon receipt of such payment the Parent Company shall deliver the Shares issuable under the Option exercised to such brokerage firm (a “Cashless Exercise”).  Notwithstanding anything stated to the contrary herein or in the Plan, the date of exercise of a Cashless Exercise shall be the date on which the broker executes the sale of exercised Shares or, if no sale is made, the date on which the broker receives the exercise loan notice from the Optionee to pay the Parent Company for the exercised Shares.

8.Issuance of Certificate for Shares; Evidence of Uncertificated Shares.  Subject to Section 13 hereof, a certificate for the Shares, or evidence of the ownership of uncertificated Shares, issuable upon exercise of the Option, shall be delivered to the Optionee or to the person or trust to whom the rights of the Optionee shall have been transferred in accordance with Section 14 hereof as promptly after the Date of Exercise as is feasible, provided that the exercise shall not be complete, and the Parent Company shall not be obligated to deliver any certificates for Shares or evidence of the ownership of uncertificated Shares, until the Optionee has made payment in full of the Exercise Price for such Shares pursuant to Section 7 hereof.  

9.Termination of Employment.  Voluntary or involuntary termination of employment and the death or Disability of the Optionee shall affect the Exercise Period and the Optionee’s rights under the Option as follows:

a.Termination for Cause.  If the Optionee’s employment with the Company is terminated for Cause, the vested and non-vested portions of the Option shall expire immediately upon employment termination and shall not be exercisable to any extent thereafter.

b.Other Involuntary Termination or Voluntary Termination.  If the Optionee’s employment with the Company is terminated for any reason other than for Cause, death or Disability, then (i) the non-vested portion of the Option shall expire immediately upon employment termination and (ii) the vested portion of the Option shall expire on the earlier to occur of (A) 90 days after the date of employment termination or (B) the expiration of the Option Period.

c.Death or Disability.  If the Optionee’s employment with the Company is terminated by death or Disability, then the vesting of the Option shall be accelerated and the Option shall be 100% vested and exercisable on the date of employment termination and shall expire on the earlier to occur of (A) the first anniversary of the date of employment termination or (B) the expiration of the Option Period.

d.Change of Control.  In the event of a Change of Control of the Parent Company, the vesting of the Option shall be accelerated and the Option shall be 100% vested as of the date immediately preceding a Change of Control and the Option shall otherwise be affected as provided in the Plan.

e.Retirement Eligibility.  Notwithstanding Section 8(d) of the Plan or anything to the contrary in any other agreement, the Option shall not vest and become exercisable in the event that the Optionee Retires or becomes Retirement Eligible.

10.Independent Legal and Tax Advice.  The Optionee acknowledges that the Parent Company has advised the Optionee to obtain independent legal and tax advice regarding the grant and exercise of the Option and the disposition of any Shares acquired thereby.

11.Adjustment of Shares.  In the event of a stock dividend, spin-off of assets or other extraordinary dividend, stock split, combination of shares, recapitalization, merger, consolidation, reorganization, liquidation, issuance of rights or warrants or similar transactions or events involving the Parent Company, appropriate adjustments shall be made to the terms and provisions of the Option as provided in the Plan.

12.Rights Prior to Issuance of Certificates.  Neither the Optionee nor any trust or family member to whom the rights of the Option were transferred in accordance with Section 14 hereof shall have any of the rights of a shareholder with respect to any Shares until the date of the issuance to him or her of a certificate for such Shares or, if such Shares are uncertificated, evidence of the ownership of such Shares, as provided in Section 8 hereof.

13.Securities Laws. At the time of any exercise of the Option, the Parent Company may, as a condition precedent to the exercise of the Option, require from the Participant (or in the event of his or her death, his or her legal representatives, heirs, legatees, or distributees) such written representations, if any, concerning the holder’s intentions with regard to the retention or disposition of the Shares being acquired pursuant to the Option and such written covenants and agreements, if any, as to the manner of disposal of such Shares as the Parent Company deems necessary to ensure that any disposition of such Shares will not involve a violation of the Securities Act or any other applicable federal or state law or regulation or any rule of any applicable securities exchange or association.

14.Nontransferability of Option.  The Option may not be transferred by the Optionee prior to the termination of the Vesting Period.  Thereafter, the Option may not be transferred otherwise than (a) by will or the laws of descent and distribution or (b) to the spouse, children or grandchildren of the Optionee or a trust for the exclusive benefit of any such family member; provided, however, that no such trust or family member shall be permitted to 

make any subsequent transfer of the Option except back to the Optionee and the Option transferred to any such trust or family member shall remain subject to all terms and conditions of this Agreement and the Plan.  The Option may not be exercised other than by the Optionee or , in case of his or her death, by the person to whom the rights of the Optionee shall have passed by will or the laws of descent and distribution or, in the case of a transfer described in subsection (b) above, by the trust or family member described therein.

15.No Guarantee of Employment.  The Option shall not confer upon the Optionee any right to continued employment with the Parent Company.

16.Withholding of Taxes.  The Optionee shall pay to the Parent Company, upon the Parent Company’s request, all amounts necessary to satisfy the Parent Company’s federal, state and local tax withholding obligations, if any, with respect to the grant or exercise of the Option.  Such payment shall be made in cash or, at the election of the person recognizing income upon exercise of the Option and subject to the approval of the Committee, by surrendering, or by the Parent Company’s withholding from Shares purchased, Shares with an aggregate Value on the date on which the withholding taxes due are determined equal to all or any portion of the withholding taxes not paid in cash.  Payment for such taxes may also be made pursuant to a Cashless Exercise.

17.General.

a.Amendment and Termination.  No amendment, modification or termination of the Option or this Agreement shall be made at any time without the written consent of the Optionee and the Parent  Company.

b.No Guarantee of Tax Consequences.  The Company and the Committee make no commitment or guarantee that any federal or state tax treatment will apply or be available to any person eligible for benefits under the Option.  The Optionee has been advised to obtain independent legal and tax advice regarding the grant and exercise of the Option and the disposition of any Shares acquired thereby.

c.Severability.  In the event that any provision of the Agreement shall be held illegal, invalid, or unenforceable for any reason, such provision shall be fully severable, but shall not affect the remaining provisions of the Agreement, and the Agreement shall be construed and enforced as if the illegal, invalid, or unenforceable provision had not been included herein.

d.Governing Law.  The Option shall be construed in accordance with the laws of the Commonwealth of Virginia without regard to its conflict of law provisions, to the extent federal law does not supersede and preempt Virginia law.

e.Counterparts.  The Agreement may be executed in multiple original counterparts, each of which shall be deemed an original, but all of which together shall constitute but one and the same instrument.

[COMPANY SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the Parent Company has caused the Agreement to be executed on its behalf by its duly authorized officer.

	
	
	PENN VIRGINIA CORPORATION

	 

	By: __________________________________

	 

	Name:  _______________________________

	Title:    _______________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00240-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00240-of-00352.parquet"}]]