Document:

Filed by Bowne Pure Compliance

Exhibit 10.49

BRIGHAM EXPLORATION COMPANY

NON-QUALIFIED STOCK OPTION AGREEMENT

UNDER

THE 1997 DIRECTOR STOCK OPTION PLAN

THIS NON-QUALIFIED STOCK OPTION AGREEMENT (this “Agreement”), made and entered into as of the
 _____ 
day of                     , 20
 _____, by and between Brigham Exploration Company, a Delaware
corporation (the “Company”), and                      (“Director” or “Optionee”);

W I T N E S S E T H:

WHEREAS, the Board has adopted and the stockholders of the Company have approved and ratified
the Brigham Exploration Company 1997 Director Stock Option Plan, as amended (the “Plan”) which
provides for the automatic grant of non-qualified stock options to each Eligible Director of the
Company; and

WHEREAS, pursuant to the Plan and subject to and upon the terms and conditions herein
provided, effective as of the date hereof, this Agreement evidences the grant of an option under
the Plan to Director, who was an Eligible Director at year-end;

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and
for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

1. Grant of Option and Option Period. The Company hereby grants to Director as of the
date of this Agreement (the “Grant Date”), subject to the provisions of Section 2 hereof and as
hereinafter set forth, an option (the “Option”) to purchase                      shares of Common Stock, par
value $.01 per share, of the Company (“Common Stock”) at the price of $                     per share (such
purchase price being 100% of the Fair Market Value of a share of Common Stock as of the date of
grant), at any time or (with respect to partial exercises) from time to time during a period
commencing on the first anniversary of the Grant Date and ending on                     , 20
 _____ 
[INSERT
DATE THAT IS THE 7TH ANNIVERSARY OF THE GRANT DATE] (the “Option Period”), provided that
the number of shares purchasable hereunder in any period or periods of time during which the Option
is exercised shall be limited as follows:

(a) only 20% of such shares are purchasable, in whole at any time or in part from time
to time, commencing                     , 20
 _____, if the Optionee serves as director until that
date;

(b) an additional 20% of such shares are purchasable, in whole at any time or in part
from time to time, commencing                     , 20
 _____, if the Optionee serves as director
until that date;

 

 

 

(c) an additional 20% of such shares are purchasable, in whole at any time or in part
from time to time, commencing                     , 20
 _____, if the Optionee serves as director
until that date;

(d) an additional 20% of such shares are purchasable, in whole at any time or in part
from time to time, commencing                     , 20
 _____, if the Optionee serves as director
until that date; and

(e) the remainder of such shares are purchasable, in whole at any time or in part from
time to time, commencing                     , 20
 _____, if the Optionee serves as director until
that date.

This option is a nonqualified stock option and is not intended to qualify as an incentive
stock option under Section 422 of the Code.

2. Termination of Service. Any provision of Section 1 hereof to the contrary
notwithstanding:

(a) If Director ceases to be a member of the Board on account of Director’s (i) fraud
or intentional misrepresentation or (ii) embezzlement, misappropriation or conversion of
assets or opportunities of the Company or any direct or indirect majority-owned subsidiary
of the Company, then the Option shall automatically terminate and be of no further force or
effect as of the date Director ceases to be a member of the Board;

(b) If Director shall die during the Option Period while a member of the Board (or
during the additional three-month period provided by Section 2(c) hereof), the Option may
be exercised, to the extent that Director was entitled to exercise it at the date of
Director’s death, only within one year after such death (but not beyond the Option Period)
by the executor or administrator of the estate of Director or by the person or persons who
shall have acquired the Option directly from Director by bequest or inheritance; and

(c) If Director ceases to be a member of the Board for any reason (other than the
circumstances specified in paragraphs (a) and (b) of this Section 2) within the Option
Period, including the failure of the stockholders of the Company to reelect Director as a
director, the Option may be exercised, to the extent Director was able to do so at the date
of termination of the directorship, only within three months after such termination (but not
beyond the Option Period).

3. Agreement of Director. As consideration for the Company’s grant of the Option,
Director agrees to continue to serve the Company as a director at the pleasure of the Company’s
stockholders for a continuous period of one year from the Grant Date at the retainer rate and fee
schedule, if any, in effect as of the date hereof or at such changed rate or schedule as the
Company from time to time may establish; provided, that nothing in the Plan or in this Agreement
shall confer upon Director any right to continue as a member of the Board.

 

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4. Exercise of Option. Subject to the provisions of Section 2, the Option may be
exercised, in whole or in part, by Director at any time or (with respect to partial exercises) from
time to time during the Option Period and the method for exercising an Option shall be by the
personal delivery to the Secretary of the Company of, or by the sending by United States registered
or certified mail, postage prepaid, addressed to the Company (to the attention of its Secretary),
of, written notice signed by Director specifying the number of shares of Common Stock with respect
to which such Option is being exercised. Such notice shall be accompanied by the full amount of
the purchase price of such shares, in cash and/or by delivery of shares of Common Stock already
owned by Director having an aggregate Fair Market Value (determined as of the date of exercise)
equal to the purchase price, including an actual or deemed multiple series of exchanges of such
shares. Any such notice shall be deemed to have been given on the date of receipt thereof (in the
case of personal delivery as above-stated) or on the date on which the same was deposited in a
regularly maintained receptacle for the deposit of United States mail, addressed and sent as
above-stated. In addition to the foregoing, promptly after demand by the Company, Director shall
pay to the Company an amount equal to applicable withholding taxes, if any, due in connection with
such exercise. No shares of Common Stock shall be issued upon exercise of an Option until full
payment therefor and for all applicable withholding taxes has been made, and Director shall have
none of the rights of a shareholder until shares of Common Stock are issued to Director.

5. Delivery of Certificates Upon Exercise of the Option. Delivery of a certificate or
certificates representing the purchased shares of Common Stock shall be made promptly after receipt
of notice of exercise and payment of the purchase price and the amount of any withholding taxes to
the Company, if required, provided that the Company shall have such time as it reasonably deems
necessary to qualify or register such shares under any law or governmental rule or regulation that
it deems desirable or necessary.

6. Adjustments Upon Changes in Common Stock. In the event that before delivery by the
Company of all the shares in respect of which the Option is granted, the Company shall have
effected a Common Stock split or dividend payable in Common Stock, or the outstanding Common Stock
of the Company shall have been combined into a smaller number of shares, the shares still subject
to the Option shall be increased or decreased to reflect proportionately the increase or decrease
in the number of shares outstanding, and the purchase price per share shall be decreased or
increased so that the aggregate purchase price for all the then optioned shares shall remain the
same as immediately prior to such split, dividend or combination. In the event of a
reclassification of Common Stock not covered by the foregoing, or in the event of a liquidation,
separation or reorganization, including a merger, consolidation or sale of assets, the Board shall
make such adjustments, if any, as it may deem equitable in the number, purchase price and kind of
shares still subject to the Option.

7. Transferability. The Option evidenced hereby is not transferable otherwise than by
will or pursuant to the laws of descent and distribution or with the consent of the Board, and
during the lifetime of Director is exercisable only by Director or his or her guardian or legal
representative or by transferees of the Director in such circumstances as the Board may approve.

8. Construction. This Agreement shall be governed by, subject to and construed in
accordance with all the provisions of the Plan.

9. Defined Terms. Unless the context clearly indicates otherwise, the words and
phrases used in this Agreement shall have the meanings assigned to them under the provisions of the
Plan.

 

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10. Applicable Law. All questions arising with respect to the provisions of this
Agreement shall be determined by application of the internal laws (and not the principles relating
to conflicts of laws) of the State of Texas, except to the extent preempted by Federal law.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above
written.

	 	 	 	 	 	 	 
	 	 	The “Company”	 	 
	 
	 	 	 	 	 	 
	 	 	BRIGHAM EXPLORATION COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Ben M. Brigham
	 	 
	 

	 	 	 	President and CEO	 	 
	 
	 	 	 	 	 	 
	 	 	“Director”	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Name:	 	 

 

4Filed by Bowne Pure Compliance

Exhibit 10.50

AMENDMENT TO THE

CHANGE OF CONTROL AGREEMENT

This Amendment to the Change of Control Agreement (the “Amendment”) is made and entered into
effective as of January 1, 2009, by and between Brigham Exploration Company, a Delaware corporation
(the “Company”) and                     , an officer of the Company (“Officer”).

W I T N E S S E T H:

WHEREAS, the Company and Officer entered into a Change of Control Agreement effective as of
                     (the “Agreement”); and

WHEREAS, the Company and Officer now desire to amend the Agreement for compliance with
Internal Revenue Code Section 409A and the Treasury Regulations thereunder;

NOW, THEREFORE, in consideration of the premises, the parties do hereby agree as follows:

1. Paragraph 1(a) of the Agreement is hereby amended and restated in its entirety as follows:

(a) Severance Payment. Upon the occurrence of a Termination Event
(as defined in Paragraph 2) during the Retention Period and Officer’s execution of
the General Release within 45 days following the Termination Date (and provided
that Officer does not revoke the General Release within any revocation period) —

(i) the Company or its successor shall pay Officer an amount equal to
Officer’s Annual Base Salary (as defined in Paragraph 2) multiplied by
2.0, payable as a lump sum cash payment on the 60th day
following the Termination Date;

(ii) if Officer was participating in a life insurance and/or
disability benefit plan maintained by the Company as of [his/her]
Termination Date, such coverage will be continued at the same cost, if
any, charged to similarly situated active employees under such plans for a
period of eighteen months following the Termination Date or, if earlier,
the date as of which Officer obtains other employment. Officer shall
immediately notify the Company upon obtaining other employment;

 

 

 

(iii) if Officer was participating in a hospital, surgical, medical
or dental benefit plan maintained by the Company as of
[his/her] Termination Date, then Officer will be entitled to continue
such participation on the same terms and at the same cost as
similarly-situated current employees until the date as of which Officer
obtains other employment, provided that such coverage is either nontaxable
to Officer or otherwise exempt from Code Section 409A. Officer shall
immediately notify the Company upon obtaining other employment; and

(iv) for a period of five years following a Change of Control, the
Company shall pay all reasonable legal fees and expenses promptly as they
are incurred by Officer in seeking to obtain or enforce any right or
benefit provided by this Agreement other than fees or expenses incurred in
connection with any challenge by Officer to the enforceability of the
General Release. In no event shall the payment of eligible fees and
expenses be made later than the last day of Officer’s taxable year
following the taxable year in which such fees and expenses are incurred.
The amount of fees and expenses eligible for payment during Officer’s
taxable year shall not affect the fees and expenses eligible for payment
in any other taxable year.

2. Paragraph 1(b) of the Agreement is hereby amended and restated in its entirety as follows:

(b) Option Vesting. In the event of a Change of Control, any option
to purchase Brigham common stock held by Officer shall immediately vest with
respect to any portion of such option which has not then vested but is scheduled
to vest within five years of the date of the Change of Control.

3. The second Paragraph 2(f) of the Agreement is hereby amended to be Paragraph 2(g) and the
current Paragraph 2(g) of the Agreement is hereby amended to be Paragraph 2(h).

4. Paragraph 2(h)(ii) of the Agreement is hereby amended and restated in its entirety as
follows:

(ii) Officer shall voluntarily terminate [his/her] employment with the
Company or any successor thereto (or an affiliate of the Company or any successor
thereto) for “Good Reason.” To exercise the right to terminate for Good Reason,
Officer must provide written notice to the Company of the belief that Good Reason
exists within 90 days of the initial existence of the condition(s) giving rise to
Good Reason, and that notice shall describe the condition(s) believed to
constitute Good Reason. The Company shall have 30 days to remedy such
condition(s). If not remedied within that 30-day period, Officer may terminate
[his/her]
employment with the Company. For purposes of this Agreement, “Good Reason”
shall mean any of the following (without Officer’s express written consent):

(A) A material diminution in the nature or scope of Officer’s duties
from those engaged in by Officer immediately prior to the date on which a
Change of Control occurs;

 

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(B) A material diminution in Officer’s base compensation from that
provided to [him/her] immediately prior to the date on which the Change of
Control occurs; or

(C) Any required relocation of Officer of more than fifty miles from
the location where Officer was based and performed services immediately
prior to the date on which the Change of Control occurs; provided that
such relocation constitutes a material change in the geographic location
at which Officer must perform services for purposes of Code Section 409A.

5. Paragraph 3 of the Agreement is hereby amended and restated in its entirety as follows:

3. Adjustments. Any provision of this Agreement to the contrary
notwithstanding, if, in the Company’s determination, the total sum of (i) the
payments and benefits to be paid or provided to (or with respect to) Officer under
this Agreement which are considered to be “parachute payments” within the meaning
of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and
(ii) any other payments and benefits which are considered to be “parachute
payments,” as so defined, to be paid or provided to (or with respect to) Officer
by the Company or a member of the Company’s affiliated group (within the meaning
of Section 280G(d)(5) of the Code) (the “Total Amount”) exceeds the amount Officer
can receive without having to pay excise tax with respect to all or any portion of
such payments or benefits under Section 4999 of the Code (the “Reduced Amount”),
then the amount payable to Officer pursuant to Paragraphs 1(a) and 1(b) of this
Agreement shall be reduced to the greater of zero or the highest amount which will
not result in Officer having to pay excise tax with respect to any payments and
benefits under Section 4999 of the Code; provided, however, that in the event that
the Reduced Amount minus any and all applicable federal, state and local taxes
(including but not limited to income and employment taxes imposed by the Code) is
less than the Total Amount minus any and all applicable federal, state and local
taxes (including but not limited to income and employment taxes imposed by the
Code and excise taxes applicable to such payments under Section 4999 of the Code),
then the reduction of the amount payable to Officer under Paragraphs 1(a) and 1(b)
of this Agreement provided for in the preceding provisions of this paragraph
3 shall not be made. Notwithstanding the foregoing, the reduction of the amount
payable to Officer under Paragraphs 1(a) and 1(b) of this Agreement, if
applicable, shall be made by first reducing the amount payable under Paragraph
1(a)(i), and, if needed, such additional payments that are not subject to Section
409A of the Code.

 

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6. The Agreement is hereby amended by the addition of the following as Paragraph 13:

13. Code Section 409A.

(a) Notwithstanding anything to the contrary contained herein, this
Agreement is intended to satisfy the requirements of Code Section 409A.
Accordingly, all provisions herein, or incorporated by reference, shall be
construed and interpreted to satisfy the requirements of Code Section
409A. For purposes of Code Section 409A, each payment of compensation
under this Agreement shall be treated as a separate payment of
compensation.

(b) Notwithstanding anything to the contrary contained herein, in the
event Officer is a “specified employee” (as defined below) and is entitled
to receive a payment on account of “separation from service” (as defined
under Treasury Regulation Section 1.409A-1(h)) that is subject to Code
Section 409A, the payment may not be made earlier than six months
following the date of Officer’s separation from service if required by
Code Section 409A and the regulations thereunder, in which case, the
accumulated postponed amount shall be paid in a lump sum payment within 10
days after the end of the six-month period. If Officer dies during the
postponement period prior to the payment of the postponed amount, the
amounts withheld on account of Code Section 409A shall be paid to the
personal representative of Officer’s estate within 60 days after the date
of Officer’s death. A “specified employee” shall mean an employee who, at
any time during the 12-month period ending on the identification date, is
a “specified employee” under Code Section 409A, as determined by the
Board. The determination of “specified employees,” including the number
and identity of persons considered “specified employees” and the
identification date, shall be made by the Board in accordance with the
provisions of Code Sections 416(i) and 409A and the regulations issued
thereunder.

7. Except as otherwise specifically set forth herein, all other terms and conditions of the
Agreement shall remain in full force and effect.

 

4

 

IN WITNESS WHEREOF, the Company has caused this Amendment to be executed on its behalf by its
duly authorized officer, and Officer has executed this Amendment, on this the
 _____ 
day of
December, 2008.

	 	 	 	 	 	 	 
	 	 	BRIGHAM EXPLORATION COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 

	 	 
	 	 	OFFICER	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

 

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