Document:

exv10w26

 

Exhibit 10.26

Summary Description of 2003 Cash Bonus Plan

Patterson-UTI’s Compensation Committee determined that Patterson-UTI should implement a formal cash
bonus program and created a cash bonus plan for 2003-related performance of a bonus pool for
certain employees, including the top executive officers, based on earnings before interest, income
taxes and depreciation, depletion and amortization. The Compensation Committee retained the right
to allocate the pool among the executive officers and other employees in its discretion. The
Compensation Committee determined that a total cash bonus pool of
approximately $3.4 million, of which $1.85 million was allocated for executive officers, be established and awarded cash
bonuses for fiscal 2003 in April 2004 under the Amended and Restated Patterson-UTI Energy, Inc.
1997 Long-Term Incentive Plan, as amended, to the following persons in the following amounts:

	 	 	 	 	 
	Name and Position	 	Cash Bonus	 
	 
	 	 	 	 
	Mark S. Siegel
	 	$	411,530	 
	Chairman of the Board
	 	 	 	 
	 
	 	 	 	 
	Cloyce A. Talbott
	 	$	411,530	 
	Chief Executive Officer
	 	 	 	 
	 
	 	 	 	 
	A. Glenn Patterson
	 	$	411,530	 
	President and Chief Operating
Officer
	 	 	 	 
	 
	 	 	 	 
	Kenneth N. Berns
	 	$	205,765	 
	Senior Vice President and Director
	 	 	 	 
	 
	 	 	 	 
	Jonathan D. Nelson
	 	$	205,765	 
	Vice President,
	 	 	 	 
	Chief Financial Officer,
Secretary and Treasurer
	 	 	 	 
	 
	 	 	 	 
	John E. Vollmer III
	 	$	205,765	 
	Senior Vice President -
Corporate Development
	 	 	 	 
	 
	 	 	 	 
	TOTAL
	 	$	1,851,885exv10w27

 

Exhibit 10.27

Summary Description of Director Compensation

Directors who are also employees of Patterson-UTI do not receive compensation for serving as a
director or as a member of a committee of the Board of Directors. All directors are reimbursed for
reasonable out-of-pocket expenses incurred in connection with attendance at Board of Directors
meetings and committee meetings. Each non-employee director receives annual cash compensation of
$35,000. Each non-employee director that serves on the Audit Committee or Compensation Committee
receives additional annual cash compensation of $10,000 per committee on which he or she serves,
with the chairman of each such committee receiving $15,000.

Patterson-UTI maintains a Non-Employee Director Stock Option Plan (the “Director Plan”). Under the
Director Plan, each non-employee director is granted options to purchase 40,000 shares of common
stock, $0.01 par value per share, of the Company (the “Common Stock”) upon becoming a director and
is granted options to purchase 20,000 shares of Common Stock on the last business day of each
subsequent year in which the director serves on the Board of Directors.exv10w01

 

Exhibit 10.1

Option No.: ___________

ROYAL GOLD, INC.

2004 OMNIBUS LONG-TERM INCENTIVE PLAN

INCENTIVE STOCK OPTION AGREEMENT

Royal Gold, Inc., a Delaware corporation (the “Company”), hereby grants an option to purchase
shares of its common stock, $.01 par value, (the “Stock”) to the optionee named below. The terms
and conditions of the option are set forth in this cover sheet, in the attachment, and in the
Company’s 2004 Omnibus Long-Term Incentive Plan (the “Plan”).

Grant Date:                               , 200___

Name of Optionee:                                                                
                                               

Optionee’s Social Security Number:           -          -          

Number of Shares Covered by Option:                                         

Option Price per Share: $          .         (At least 100% of Fair Market Value)

     By signing this cover sheet, you agree to all of the terms and conditions described in the
attached Agreement and in the Plan, a copy of which is available upon request to the Corporate
Secretary. You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will
control in the event any provision of this Agreement should appear to be inconsistent.

	 	 	 	 	 
	Optionee:	 	

(Signature)

	 
	 	 	 	 
	Company:	 	

(Signature)

	 
	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	

Attachment

This is not a stock certificate or a negotiable instrument.

 

 

ROYAL GOLD, INC.

2004 OMNIBUS LONG-TERM INCENTIVE PLAN

INCENTIVE STOCK OPTION AGREEMENT

	 	 	 
	Incentive Stock Option

	 	This option is intended to be an
incentive stock option under
Section 422 of the Internal Revenue
Code and will be interpreted
accordingly. If you cease to be an
employee of the Company, its parent
or a subsidiary (“Employee”) but
continue to provide Service, this
option will be deemed a
nonstatutory stock option three
months after you cease to be an
Employee. In addition, to the
extent that all or part of this
option exceeds the $100,000 rule of
section 422(d) of the Internal
Revenue Code, this option or the
lesser excess part will be deemed
to be a nonstatutory stock option.
	 
	 	 
	Vesting

	 	This option is only exercisable
before it expires and then only
with respect to the vested portion
of the option. Subject to the
preceding sentence, you may
exercise this option, in whole or
in part, to purchase a whole number
of vested shares not less than 100
shares, unless the number of shares
purchased is the total number
available for purchase under the
option, by following the procedures
set forth in the Plan and below in
this Agreement.
	 
	 	 
	

	 	Your right to purchase shares of
Stock under this option vests as to
___of the total number of
shares covered by this option, as
shown on the cover sheet, on each
of the ___
anniversaries of the Grant Date,
provided you then continue in
Service. The resulting aggregate
number of vested shares will be
rounded to the nearest whole
number, and you cannot vest in more
than the number of shares covered
by this option.
	 
	 	 
	

	 	Notwithstanding the foregoing
vesting rules, if you incur an
Involuntary Termination in
connection with a Corporate
Transaction, you shall be one
hundred percent (100%) vested as of
the date of such Involuntary
Termination.
	 
	 	 
	

	 	For this purpose, Involuntary
Termination in connection with a
Corporate Transaction means a
termination of your Service during
the one year period commencing with
a Corporate Transaction by reason
of:
	 
	 	 
	 

	 	(a)      your involuntary discharge by
the Company for reasons other than
Cause (as defined in the Plan); or
	 
	 	 
	

	 	(b)      your voluntary resignation from
the Company following (i) a
material adverse change in your
title or responsibilities with the
Company, (ii) a material reduction
in your base salary or

2

 

	 	 	 
	

	 	(iii)  receipt of notice that your
principal workplace will be
relocated by more than 50 miles.
	 
	 	 
	

	 	No additional vesting shall occur
after your Service has terminated
for any reason.
	 
	 	 
	Term

	 	Your option will expire in any
event at the close of business at
Company headquarters on the day of
the 10th anniversary of the Grant
Date, as shown on the cover sheet.
Your option will expire earlier if
your Service terminates, as
described below.
	 
	 	 
	Regular Termination

	 	If your Service terminates for any
reason, other than death,
Disability or Cause, then your
option will expire at the close of
business at Company headquarters on
the 90th day after your termination
date.
	 
	 	 
	Termination for

Cause

	 	If your Service is terminated for
Cause, then you shall immediately
forfeit all rights to your option
and the option shall immediately
expire.
	 
	 	 
	Death

	 	If your Service terminates because
of your death, then your option
will expire at the close of
business at Company headquarters on
the date twelve (12) months after
the date of death. During that
twelve month period, your estate or
heirs may exercise the vested
portion of your option.
	 
	 	 
	

	 	In addition, if you die during the
90-day period described in
connection with a regular
termination (i.e., a termination of
your Service not on account of your
death, Disability or Cause), and a
vested portion of your option has
not yet been exercised, then your
option will instead expire on the
date twelve (12) months after your
termination date. In such a case,
during the period following your
death up to the date twelve (12)
months after your termination date,
your estate or heirs may exercise
the vested portion of your option.
	 
	 	 
	Disability

	 	If your Service terminates because
of your Disability, then your
option will expire at the close of
business at Company headquarters on
the date twelve (12) months after
your termination date.
	 
	 	 
	Leaves of Absence

	 	For purposes of this option, your
Service does not terminate when you
go on a bona fide employee leave of
absence that was approved by the
Company in writing, if the terms of
the leave provide for continued
Service crediting, or when
continued Service crediting is
required by applicable law.
However, your Service will be
treated as terminating 90 days
after you went on employee leave,
unless your right to return to
active work is guaranteed by law or
by a contract. Your Service
terminates in any event when the
approved

3

 

	 	 	 
	

	 	leave ends unless you
immediately return to active
employee work.
	 
	 	 
	

	 	The Company determines, in its sole
discretion, which leaves count for
this purpose, and when your Service
terminates for all purposes under
the Plan.
	 
	 	 
	Notice of Exercise

	 	When you wish to exercise this
option, you must notify the Company
by filing the proper “Notice of
Exercise” form at the address given
on the form. Your notice must
specify how many shares you wish to
purchase (in a parcel of at least
100 shares generally). Your notice
must also specify how your shares
of Stock should be registered (in
your name only or in your and your
spouse’s names as joint tenants
with right of survivorship). The
notice will be effective when it is
received by the Company.
	 
	 	 
	

	 	If someone else wants to exercise
this option after your death, that
person must prove to the Company’s
satisfaction that he or she is
entitled to do so.
	 
	 	 
	Form of Payment

	 	When you submit your notice of
exercise, you must include payment
of the option price for the shares
you are purchasing. Payment may be
made in one (or a combination) of
the following forms:
	 
	 	 
	

	 	·      Cash, your personal check,
a cashier’s check, a money order,
wire transfer or another cash
equivalent acceptable to the
Company.
	 
	 	 
	

	 	·      Shares of Stock which have
already been owned by you for more
than six months and which are
surrendered to the Company. The
value of the shares, determined as
of the effective date of the option
exercise, will be applied to the
option price.
	 
	 	 
	

	 	·      By delivery (on a form
prescribed by the Company) of an
irrevocable direction to a licensed
securities broker acceptable to the
Company (a “Qualified Broker”) to
sell Stock and to deliver all or
part of the sale proceeds to the
Company in payment of the aggregate
option price and any withholding
taxes (the “Net Exercise”).
	 
	 	 
	Withholding Taxes

	 	You will not be allowed to exercise
this option unless you make
acceptable arrangements to pay any
withholding or other taxes that may
be due as a result of the option
exercise or sale of Stock acquired
under this option. In the event
that the Company determines that
any federal, state, local or
foreign tax or withholding payment
is required relating to the
exercise or sale of shares arising
from this grant, the Company shall
have the right to

4

 

	 	 	 
	

	 	require such payments from you, or withhold such
amounts from other payments due to
you from the Company or any
Affiliate.
	 
	 	 
	Transfer of Option

	 	During your lifetime, only you (or,
in the event of your legal
incapacity or incompetency, your
guardian or legal representative)
may exercise the option. You
cannot transfer or assign this
option. For instance, you may not
sell this option or use it as
security for a loan. If you
attempt to do any of these things,
this option will immediately become
invalid. You may, however, dispose
of this option in your will or it
may be transferred upon your death
by the laws of descent and
distribution.
	 
	 	 
	

	 	Regardless of any marital property
settlement agreement, the Company
is not obligated to honor a notice
of exercise from your spouse, nor
is the Company obligated to
recognize your spouse’s interest in
your option in any other way.
	 
	 	 
	Retention Rights

	 	Neither your option nor this
Agreement give you the right to be
retained by the Company (or any
Parent, Subsidiaries or Affiliates)
in any capacity. The Company (and
any Parent, Subsidiaries or
Affiliates) reserve the right to
terminate your Service at any time
and for any reason.
	 
	 	 
	Shareholder Rights

	 	You, or your estate or heirs, have
no rights as a shareholder of the
Company until a certificate for
your option’s shares has been
issued (or an appropriate book
entry has been made). No
adjustments are made for dividends
or other rights if the applicable
record date occurs before your
stock certificate is issued (or an
appropriate book entry has been
made), except as described in the
Plan.
	 
	 	 
	Forfeiture of Rights

	 	If you should take actions in
competition with the Company, the
Company shall have the right to
cause a forfeiture of your rights,
including, but not limited to, the
right to cause: (i) a forfeiture of
any outstanding option, and (ii)
with respect to the period
commencing twelve (12) months prior
to your termination of Service with
the Company and ending twelve (12)
months following such termination
of Service (A) a forfeiture of any
gain recognized by you upon the
exercise of an option or (B) a
forfeiture of any Stock acquired by
you upon the exercise of an option
(but the Company will pay you the
option price without interest).
Unless otherwise specified in an
employment or other agreement
between the Company and you, you
take actions in competition with
the Company if you directly or
indirectly, own, manage, operate,
join or control, or participate in
the ownership, management,
operation or control of, or are a
proprietor, director, officer,
stockholder, member, partner or an
employee or agent of, or a
consultant to any business, firm,
corporation, partnership or

5

 

	 	 	 
	

	 	other entity that is in the business of
acquiring or investing in precious
metal royalties. Under the prior
sentence, ownership of less than 1%
of the securities of a public
company shall not be treated as an
action in competition with the
Company.
	 
	 	 
	Adjustments

	 	In the event of a stock split, a
stock dividend or a similar change
in the Stock, the number of shares
covered by this option and the
option price per share shall be
adjusted (and rounded down to the
nearest whole number) if required
pursuant to the Plan. Your option
shall be subject to the terms of
the agreement of merger,
liquidation or reorganization in
the event the Company is subject to
such corporate activity.
	 
	 	 
	Applicable Law

	 	This Agreement will be interpreted
and enforced under the laws of the
State of Delaware, other than any
conflicts or choice of law rule or
principle that might otherwise
refer construction or
interpretation of this Agreement to
the substantive law of another
jurisdiction.
	 
	 	 
	The Plan

	 	The text of the Plan is
incorporated in this Agreement by
reference. Certain capitalized
terms used in this Agreement are
defined in the Plan, and have the
meaning set forth in the Plan.
	 
	 	 
	
	 	This Agreement and the Plan
constitute the entire understanding
between you and the Company
regarding this option. Any prior
agreements, commitments or
negotiations concerning this option
are superseded.
	 
	 	 
	Other Agreements

	 	You agree, as a condition of the
grant of this option, that in
connection with the exercise of the
option, you will execute such
document(s) as necessary to become
a party to any shareholder
agreement or voting trust as the
Company may require.
	 
	 	 
	Data Privacy

	 	In order to administer the Plan,
the Company may process personal
data about you. Such data includes
but is not limited to the
information provided in this
Agreement and any changes thereto,
other appropriate personal and
financial data about you such as
home address and business addresses
and other contact information,
payroll information and any other
information that might be deemed
appropriate by the Company to
facilitate the administration of
the Plan.
	 
	 	 
	

	 	By accepting this option, you give
explicit consent to the Company to
process any such personal data.
You also give explicit consent to
the Company to transfer any such
personal data outside the country
in which you work or are employed,
including, with respect to non-U.S.
resident Optionees, to the United
States, to transferees who shall
include the Company and other
persons who are

6

 

	 	 	 
	

	 	designated by the
Company to administer the Plan.
	 
	 	 
	Consent to Electronic Delivery

	 	The Company may choose to deliver
certain statutory materials
relating to the Plan in electronic
form. By accepting this option
grant you agree that the Company
may deliver the Plan prospectus and
the Company’s annual report to you
in an electronic format. If at any
time you would prefer to receive
paper copies of these documents, as
you are entitled to, the Company
would be pleased to provide copies.
Please contact ___at ___to
request paper copies of these
documents.
	 
	 	 
	Certain Dispositions

	 	If you sell or otherwise dispose of
Stock acquired pursuant to the
exercise of this option sooner than
the one year anniversary of the
date you acquired the Stock, then
you agree to notify the Company in
writing of the date of sale or
disposition, the number of share of
Stock sold or disposed of and the
sale price per share within 30 days
of such sale or disposition.
	 
	 	 
	Stock Ownership Requirements

	 	You are required to continue to
hold an aggregate of ___percent
(___%) of the shares of Stock
acquired by you pursuant to this
Incentive Stock Option grant
together with all other shares of
Stock acquired by you pursuant to
any other option grant made under
the Plan (such ___% to be
determined after reducing the
shares of Stock covered by this
grant and all other option grants
made to you under the Plan by the
number shares of Stock equal in
value to the amount required to be
withheld to pay taxes in connection
with the exercise of this Option
and such other option grants) until
the number of shares of Stock owned
by you equals or exceeds
___. If the number of
shares of Stock owned by you
exceeds ___, you may dispose
of the shares of Stock acquired
pursuant to this Incentive Stock
Option grant as long as you
continue to own at least ___shares
of Stock after the disposition.
	 
	 	 
	Market Stand-off Agreement

	 	In connection with any underwritten
public offering by the Company of
its equity securities pursuant to
an effective registration statement
filed under the Securities Act, you
agree not to sell, make any short
sale of, loan, hypothecate, pledge,
grant any option for the purchase
of, or otherwise dispose or
transfer for value or agree to
engage in any of the foregoing
transactions with respect to any
shares of Stock without the prior
written consent of the Company or
its underwriters, for such period
of time after the effective date of
such registration statement as may
be requested by the Company or the
underwriters (not to exceed 180
days in length).

7

 

By signing the cover sheet of this Agreement, you acknowledge that you have received,

read and understand the Plan and this Agreement, and agree to abide by and be bound

their terms and conditions.

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]