Document:

exv4w5

 

Exhibit 4.5

GOODRICH PETROLEUM CORPORATION

2006 LONG-TERM INCENTIVE PLAN

Director Stock Option Agreement

	 	 	 	 	 	 	 	 	 
	Grantee:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Date of Grant:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Exercise Price per Share:
	$	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Number of Option Shares Granted:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 

     1. Notice of Grant. You are hereby granted an option (“Option”) pursuant to the
Goodrich Petroleum Corporation 2006 Long-Term Incentive Plan (the “Plan”) to purchase the number of
shares of Common Stock of Goodrich Petroleum Corporation (the “Company”) set forth above, subject
to the terms and conditions of the Plan and this Agreement. This Option is not an incentive stock
option within the meaning of Section 422 of the Code.

     2. Vesting and Exercise of Option. Subject to the further provisions of this
Agreement, the Option is fully vested and may be exercised at any time by written notice to the
Company at its principal executive office addressed to the attention of its Secretary (or such
other officer or employee of the Company as the Company may designate from time to time).

     (a) Disability. If your membership on the Company’s Board of Directors (the
“Board”) terminates by reason of a disability, as determined by the Board, the Option may be
exercised at any time during the one-year period following such termination by you or by
your guardian or legal representative (or, if you die during such one-year period, by your
estate or the person who acquires the Option by will or the laws of descent and
distribution).

     (b) Death. If you die while a member of the Board, your estate (or the person
who acquires the Option by will or the laws of descent and distribution) may exercise the
Option at any time during the one-year period following the date of your death.

     (c) Other Terminations. If your membership on the Board is terminated for any
reason other than as provided above, the Option may be exercised, at any time during the
three month period following such termination, by you or by your guardian or legal
representative (or by your estate or the person who acquires the Option by will or the laws
of descent and distribution or otherwise by reason of the death of you if you die during
such period).

     There is no minimum or maximum number of Option shares that must be purchased upon exercise of
the Option. Instead, the Option may be exercised, at any time and from time to time, to purchase
any number of Option shares according to the provisions of this Agreement.

     Notwithstanding any of the foregoing, the Option shall not be exercisable in any event after
the expiration of 10 years from the above Date of Grant.

 

 

     3. Method of Payment. Payment of the aggregate exercise price for the Shares being
purchased shall be by any of the following, or a combination thereof, at your election: (a) cash;
(b) check; (c) consideration received by the Company under a cashless broker exercise program
approved by the Company; or (d) the constructive surrender of other Shares which (i) in the case of
Shares acquired upon exercise of an option, have been owned by you for more than six months on the
date of surrender, unless waived by the Committee in its discretion, and (ii) have an aggregate
Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares
being purchased.

     4. Nontransferability of Option. Without the express written consent of the
Committee, which may be withheld for any reason in its sole discretion, this Option may not be
transferred in any manner otherwise than by will or by the laws of descent or distribution and may
be exercised during your lifetime only by you. The terms of the Plan and this Agreement shall be
binding upon your executors, administrators, heirs, successors and assigns.

     5. Entire Agreement; Governing Law. The Plan is incorporated herein by reference.
The Plan and this Agreement constitute the entire agreement of the parties with respect to the
subject matter hereof and supersede in their entirety all prior undertakings and agreements of the
Company and you with respect to the subject matter hereof, and may not be modified adversely to
your interest except by means of a writing signed by the Company and you. This Agreement is
governed by the internal substantive laws, but not the choice of law rules, of the state of Texas.

     6. Withholding of Tax. To the extent that the exercise of the Option results in the
receipt of compensation by you with respect to which the Company has a tax withholding obligation
pursuant to applicable law, unless other arrangements have been made by you that are acceptable to
the Company, which, with the consent of the Committee, may include withholding a number of Shares
that would otherwise be delivered on exercise that have an aggregate Fair Market Value that does
not exceed the amount of taxes to be withheld, you shall deliver to the Company such amount of
money as the Company may require to meet its withholding obligations under such applicable law. No
delivery of Shares shall be made pursuant to the exercise of the Option under this Agreement until
you have paid or made arrangements approved by the Company to satisfy in full the applicable tax
withholding requirements of the Company.

     7. Amendment. Except as provided below, this Agreement may not be modified in any
respect by any verbal statement, representation or agreement or by any employee, officer, or
representative of the Company or by any written agreement unless signed by you and by an officer of
the Company who is expressly authorized by the Company to execute such document.

     8. General. You agree that this Option is granted under and governed by the terms and
conditions of the Plan and this Agreement. In the event of any conflict, the terms of the Plan
shall control. Unless otherwise defined herein, the terms defined in the Plan shall have the same
defined meanings in this Agreement.

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	 	 	GOODRICH PETROLEUM CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	GRANTEE	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Signature	 	 

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Exhibit 4.6

GOODRICH PETROLEUM CORPORATION

2006 LONG-TERM INCENTIVE PLAN

Incentive Stock Option Agreement

	 	 	 	 	 
	     Grantee:

	 	                                        
	 	 
	     Date of Grant:

	 	                                        	 	 
	     Exercise Price per Share:

	 	$                                      	 	 
	     Number of Option Shares Granted:

	 	                                        	 	 

     1. Notice of Grant. You are hereby granted an option (“Option”) pursuant to the
Goodrich Petroleum Corporation 2006 Long-Term Incentive Plan (the “Plan”) to purchase the number of
shares of Common Stock of Goodrich Petroleum Corporation (the “Company”) set forth above, subject
to the terms and conditions of the Plan and this Agreement. This Option is intended to be an
incentive stock option within the meaning of Section 422 of the Code.

     2. Vesting and Exercise of Option. Subject to the further provisions of this
Agreement, the Option shall become vested and may be exercised in accordance with the following
schedule, by written notice to the Company at its principal executive office addressed to the
attention of its Secretary (or such other officer or employee of the Company as the Company may
designate from time to time):

	 	 	 
	Anniversary of	 	Cumulative
	Date of Grant	 	Vested Percentage
	1st
	 	331⁄3%
	2nd
	 	662⁄3%
	3rd
	 	100%

Notwithstanding the above schedule, but subject to the further provisions hereof, upon the
occurrence of the following events the Option shall vest and become exercisable as provided below:

     (a) Disability. If your employment with the Company terminates by reason of a
disability that entitles you to benefits under the Company’s long-term disability plan, the
Option shall become fully vested and may be exercised at any time during the one-year period
following such termination by you or by your guardian or legal representative (or, if you
die during such one-year period, by your estate or the person who acquires the Option by
will or the laws of descent and distribution).

     (b) Death. If you die while in the employ of the Company, the Option shall
become fully vested and your estate (or the person who acquires the Option by will or the

 

 

laws of descent and distribution) may exercise the Option at any time during the
one-year period following the date of your death.

     (c) Termination for Cause. If your employment is terminated by the Company for
Cause, as determined by the Committee in its sole discretion, the Option, whether or not
vested, may not be exercised following your termination.

     (d) Other Terminations. If your employment with the Company is terminated for
any reason other than as provided above, the Option, to the extent vested on the date of
your termination, may be exercised, at any time during the three month period following such
termination, by you or by your guardian or legal representative (or by your estate or the
person who acquires the Option by will or the laws of descent and distribution or otherwise
by reason of the death of you if you die during such period), but in each case only as to
the vested number of Option shares, if any, that you were entitled to purchase hereunder as
of the date your employment so terminates.

     (e) Change of Control. The Option shall become fully vested upon a Change of
Control.

     There is no minimum or maximum number of Option shares that must be purchased upon exercise of
the Option. Instead, the Option may be exercised, at any time and from time to time, to purchase
any number of Option shares that are then vested according to the provisions of this Agreement.

     Notwithstanding any of the foregoing, the Option shall not be exercisable in any event after
the expiration of 10 years from the above Date of Grant.

     All Option shares that are not vested on your termination of employment as provided above
shall be automatically cancelled and forfeited without payment upon your termination.

     3. Method of Payment. Payment of the aggregate exercise price for the Shares being
purchased shall be by any of the following, or a combination thereof, at your election: (a) cash;
(b) check; (c) consideration received by the Company under a cashless broker exercise program
approved by the Company; or (d) the constructive surrender of other Shares which (i) in the case of
Shares acquired upon exercise of an option, have been owned by you for more than six months on the
date of surrender, unless waived by the Committee in its discretion, and (ii) have an aggregate
Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares
being purchased.

     4. Nontransferability of Option. This Option may not be transferred in any manner
otherwise than by will or by the laws of descent or distribution and may be exercised during your
lifetime only by you. The terms of the Plan and this Agreement shall be binding upon your
executors, administrators, heirs, successors and assigns.

     5. Entire Agreement; Governing Law. The Plan is incorporated herein by reference.
The Plan and this Agreement constitute the entire agreement of the parties with respect to the
subject matter hereof and supersede in their entirety all prior undertakings and agreements of the
Company and you with respect to the subject matter hereof, and may not be modified adversely

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to your interest except by means of a writing signed by the Company and you. This Agreement
is governed by the internal substantive laws, but not the choice of law rules, of the state of
Texas.

     6. Withholding of Tax. To the extent that the exercise of the Option results in the
receipt of compensation by you with respect to which the Company or a Subsidiary has a tax
withholding obligation pursuant to applicable law, unless other arrangements have been made by you
that are acceptable to the Company or such Subsidiary, which, with the consent of the Committee,
may include withholding a number of Shares that would otherwise be delivered on exercise or vesting
that have an aggregate Fair Market Value that does not exceed the amount of taxes to be withheld,
you shall deliver to the Company or the Subsidiary such amount of money as the Company or the
Subsidiary may require to meet its withholding obligations under such applicable law. No delivery
of Shares shall be made pursuant to the exercise of the Option under this Agreement until you have
paid or made arrangements approved by the Company or the Subsidiary to satisfy in full the
applicable tax withholding requirements of the Company or Subsidiary.

     7. Amendment. Except as provided below, this Agreement may not be modified in any
respect by any verbal statement, representation or agreement or by any employee, officer, or
representative of the Company or by any written agreement unless signed by you and by an officer of
the Company who is expressly authorized by the Company to execute such document.

     8. General. You agree that this Option is granted under and governed by the terms and
conditions of the Plan and this Agreement. In the event of any conflict, the terms of the Plan
shall control. Unless otherwise defined herein, the terms defined in the Plan shall have the same
defined meanings in this Agreement.

	 	 	 	 	 
	 	GOODRICH PETROLEUM CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	GRANTEE

 

Signature

 	 
	 	 	 
	 	 	 
	 	 	 
	 

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