Document:

EXHIBIT 4.5  

KODIAK OIL & GAS
CORP. 

RESTRICTED STOCK AWARD AGREEMENT 

        This
RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) is made this
_____ day of _____, _____, by and between Kodiak Oil & Gas Corp., a Yukon
Territory corporation (the “Company”) and _____, an individual resident
of _____, _____ (“Participant”). 

         1.       
Award. The Company hereby grants to Participant a restricted stock award
of _____ shares (the “Shares”) of Common Stock, no par value per
share, of the Company according to the terms and conditions set forth herein and
in the Kodiak Oil & Gas Corp. 2007 Stock Incentive Plan (the
“Plan”). The Shares are Restricted Stock granted under Section 6(c) of
the Plan. A copy of the Plan will be furnished upon request of Participant. With
respect to the Shares, Participant shall be entitled at all times on and after
the date of issuance of the Shares to exercise the rights of a stockholder of
Common Stock of the Company, including the right to vote the Shares and the
right to receive dividends on the Shares.  

         2.       
          Vesting. Except as otherwise provided in this Agreement, the Shares shall
          vest in accordance with the following schedule: 

	
              On each of             

         the following dates         

__________________________

            [Immediately]            

                                     

    [Each of the first and second    

   anniversaries of the date of the  

                grant]               	
       Number of Shares          

            Vested               

__________________________

            [1/3]                

                                 

            [1/3]                

                                 

     3.
       Restrictions
on Transfer. Until the Shares vest pursuant to Section 2 or Section 4 hereof, none of the
Shares may be pledged, alienated, attached or otherwise encumbered, and any purported
pledge, alienation, attachment or encumbrance shall be void and unenforceable against the
Company, and no attempt to transfer the Shares, whether voluntary or involuntary, by
operation of law or otherwise, shall vest the purported transferee with any interest or
right in or with respect to the Shares.  

    
4.        Forfeiture;
Early Vesting. If Participant ceases to be an employee of the Company or any Affiliate
(as defined in the Plan) prior to vesting of the Shares pursuant to Section 2 hereof, all
of Participant's rights to all of the unvested Shares shall be immediately and
irrevocably forfeited, except that (i) if Participant ceases to be an employee by reason
of Disability (as defined below) prior to the vesting of Shares under Section 2 hereof or
(ii) if Participant ceases to be an employee by reason of death prior to the vesting of
Shares under Section 2, hereof, all Shares granted hereunder shall vest as of such
termination of employment. For purposes of this Agreement, “Disability” has the meaning
given to such term in Section   

22(e)(3) of the
Internal Revenue Code of 1986, as amended (the “Code”). Upon forfeiture,
Participant will no longer have any rights relating to the unvested Shares, including the
right to vote the Shares and the right to receive dividends declared on the Shares.  

    
5.        Distributions
and Adjustments.  

             (a)        If
any Shares vest subsequent to any change in the number of character of the Common Stock
of the Company (through any stock dividend or other distribution, recapitalization, stock
split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase or exchange of shares, or otherwise), Participant shall receive
upon such vesting the number and type of securities or other consideration which
Participant would have received if such Shares had vested prior to the event changing the
number or character of the outstanding Common Stock. 

             (b)        Any
additional shares of Common Stock of the Company, any other securities of the Company and
any other property (except for regular cash dividends or other cash distributions)
distributed with respect to the Shares prior to the date or dates the Shares vest shall
be subject to the same restrictions, terms and conditions as the Shares to which they
relate and shall be promptly deposited with the Secretary of the Company or a custodian
designated by the Secretary. Any cash dividends or other cash distributions payable with
respect to the Shares shall be distributed to Participant at the same time cash dividends
or other cash distributions are distributed to stockholders of the Company generally. 

    
6.        Miscellaneous.  

    
(a)        Issuance
of Shares. The Company shall cause the Shares to be issued in the name of Participant,
either by book-entry registration or issuance of a stock certificate or certificates
evidencing the Shares, which certificate or certificates shall be held by the Secretary
of the Company or the stock transfer agent or brokerage service selected by the Secretary
of the Company to provide such services for the Plan. The Shares shall be restricted from
transfer and shall be subject to an appropriate stop-transfer order. If any certificate
is used, the certificate shall bear an appropriate legend referring to the restrictions
applicable to the Shares. Participant hereby agrees to the retention by the Company of
the Shares and, if a stock certificate is used, agrees to execute and deliver to the
Company a black stock power with respect to the Shares as a condition to the receipt of
this award of Shares. After any Shares vest pursuant to Section 2 hereof, and following
payment of the applicable withholding taxes pursuant to Section 5 of this Agreement, the
Company shall promptly cause to be issued a certificate or certificates, registered in
the name of Participant or in the name of Participant's legal representatives,
beneficiaries or heirs, as the case may be, evidencing such vested whole Shares (less any
shares withheld to pay withholding taxes) and shall cause such certificate or
certificates to be delivered to Participant or Participant's legal representatives,
beneficiaries or heirs, as the case may be, free of the legend or the stop-transfer order
referenced above. The value of any fractional Shares shall be paid in cash at the time
certificates evidencing the Shares are delivered to Participant.  

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     (b)
       Income
Tax Matters.  

		
                      (i)        In
order to comply with all applicable federal or state income tax laws or regulations, the
Company may          take such action as it deems appropriate to ensure that all
applicable federal or state payroll, withholding, income or          other taxes, which
are the sole and absolute responsibility of Participant, are withheld or collected from
Participant. 

		                      (ii)        In
accordance with the terms of the Plan, and such rules as may be adopted by the Committee
under the Plan,          Participant may elect to satisfy Participant's federal and state
income tax withholding obligations arising from the receipt          of, or the lapse of
restrictions relating to, the Shares, by (i) delivering cash, check (bank check,
certified check or          personal check) or money order payable to the Company, (ii)
having the Company withhold a portion of the Shares otherwise to          be delivered
having a Fair Market Value equal to the amount of such taxes, or (iii) delivering to the
Company shares of          Common Stock already owned by Participant having a Fair Market
Value equal to the amount of such taxes. Any shares already          owned by Participant
for no less than six months prior to the date delivered to the Company if such shares
were acquired          upon the exercise of an option or upon the vesting of restricted
stock units or other restricted stock. The Company will not          deliver any
fractional Shares but will pay, in lieu thereof, the Fair Market Value of such fractional
Shares. Participant's          election must be made on or before the date that the
amount of tax to be withheld is determined. 

    
(c)        Plan
Provisions Control. In the event that any provision of the Agreement conflicts with or is
inconsistent in any respect with the terms of the Plan, the terms of the Plan shall
control.  

    
(d)        No
Right to Employment. The issuance of the Shares shall not be construed as giving
Participant the right to be retained in the employ, or as giving a director of the
Company or an Affiliate the right to continue as a director, of the Company or an
Affiliate, nor will it affect in any way the right of the Company or an Affiliate to
terminate such employment or position at any time, with or without cause or remove a
Director in accordance with applicable law. In addition, the Company or an Affiliate may
at any time dismiss Participant from employment, or terminate the term of a director of
the Company or an Affiliate, free from any liability or any claim under the Plan or the
Agreement. Nothing in the Agreement shall confer on any person any legal or equitable
right against the Company or any Affiliate, directly or indirectly, or give rise to any
cause of action at law or in equity against the Company or an Affiliate. The Award
granted hereunder shall not form any part of the wages or salary of Participant for
purposes of severance pay or termination indemnities, irrespective of the reason for
termination of employment. Under no circumstances shall any person ceasing to be an
employee of the Company or any Affiliate be entitled to any compensation for any loss of
any right or benefit under the Agreement or Plan which such employee might otherwise have
enjoyed but for termination of employment, whether such compensation is claimed by way of
damages for wrongful or unfair dismissal, breach of contract or otherwise. By
participating in the Plan, Participant shall be deemed to have accepted all the
conditions of the Plan and the Agreement and the terms and conditions of any rules and
regulations adopted by the Committee (as defined in the Plan) and shall be fully bound
thereby.  

    
(e)        Governing
Law. The validity, construction and effect of the Plan and the Agreement, and any rules
and regulations relating to the Plan and the Agreement, shall be 

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determined in accordance with the
internal laws, and not the law of conflicts, of the Yukon Territory.  

    
(f)        Securities
Matters. The Company shall not be required to deliver Shares until the requirements of
any federal or state securities or other laws, rules or regulations (including the rules
of any securities exchange) as may be determined by the Company to be applicable are
satisfied.  

    
(g)        Severability. 
If any provision of the Agreement is or becomes or is deemed to be invalid, illegal or
unenforceable in any jurisdiction or would disqualify the Agreement under any law deemed
applicable by the Committee, such provision shall be construed or deemed amended to
conform to applicable laws, or if it cannot be so construed or deemed amended without, in
the determination of the Committee, materially altering the purpose or intent of the Plan
or the Agreement, such provision shall be stricken as to such jurisdiction or the
Agreement, and the remainder of the Agreement shall remain in full force and effect.  

    
(h)        No
Trust or Fund Created. Neither the Plan nor the Agreement shall create or be construed to
create a trust or separate fund of any kind or a fiduciary relationship between the
Company or any Affiliate and Participant or any other person. To the extent that any
Person acquires a right to receive payments from the Company or any Affiliate pursuant to
an Award, such right shall be no greater than the right of any unsecured general creditor
of the Company or any Affiliate.  

    
(i)        Headings. 
Headings are given to the Sections and subsections of the Agreement solely as a
convenience to facilitate reference. Such headings shall not be deemed in any way
material or relevant to the construction or interpretation of the Agreement or any
provision thereof.  

    
IN WITNESS WHEREOF, the Company and Participant have executed this Restricted Stock Award Agreement
on the date set forth in the first paragraph.  

	  	
KODIAK OIL & GAS CORP. 

By:  _________________________________

Name:  _______________________________

Title:  ________________________________

PARTICIPANT 

____________________________________

Name:  _______________________________EXHIBIT 4.6

 

KODIAK OIL & GAS CORP.

NON-INCENTIVE STOCK OPTION AGREEMENT

 

This NON-INCENTIVE STOCK OPTION AGREEMENT (the “Agreement”) is made this 24th day of May, 2007, by and between Kodiak Oil & Gas Corp., a Yukon Territory corporation (the “Company”) and Lynn Peterson, an individual resident of Brighton, Colorado (“Employee”).

1.
            
Grant of Option. The Company hereby grants Employee the option (the
“Option”) to purchase
all or any part of an aggregate of 500,000 shares (the “
Shares”) of Common Stock of the Company at
the exercise price of $6.26 per share according to the terms and conditions set
forth in this Agreement and in the Kodiak Oil & Gas Corp. 2007 Stock
Incentive Plan (the “Plan
”). The Option will not be treated as an incentive stock option
within the meaning of Section 422 of the Internal Revenue Code of 1986, as
amended (the “Code”).
The Option is issued under the Plan and is subject to its terms and conditions.
A copy of the Plan will be furnished upon request of Employee. 

The Option shall terminate at the close of business ten years from the date hereof.

	
             
  	
            2.
 	
            Vesting of Option Rights.
 

(a)   Except as otherwise provided in this Agreement, the Option may be exercised by Employee in accordance with the following schedule:

	

  On or after each of         

  the following dates         

__________________________

     June 30, 2007            

   September 30, 2007         

   December 31, 2007          

     March 31, 2008           

     June 30, 2008            

   September 30, 2008         

   December 31, 2008          

     March 31, 2009           

     June 30, 2009            

   September 30, 2009         

   December 31, 2009          

     March 31, 2010             	
         Number of Shares         

      with respect to which       

    the Option is exercisable     

__________________________

              40,000              

              40,000              

              40,000              

              40,000              

              40,000              

              40,000              

              40,000              

              40,000              

              40,000              

              40,000              

              40,000              

              60,000

 

(b)   During the lifetime of Employee, the Option shall be exercisable only by Employee and shall not be assignable or transferable by Employee, other than by will or the laws of descent and distribution.

 

 

 

 

3.
            
Exercise of Option after Death or Termination of Employment. The Option
shall terminate and may no longer be exercised if Employee ceases to be employed
by the Company or its affiliates, except that: 

(a)          If Employee’s employment shall be terminated for any reason, voluntary or involuntary, other than for “Cause” (as defined in Section 3(e)) or Employee’s death or disability (within the meaning of Section 22(e)(3) of the Code), Employee may at any time within a period of 3 months after such termination exercise the Option to the extent the Option was exercisable by Employee on the date of the termination of Employee’s employment.

(b)          If Employee’s employment is terminated for Cause, the Option shall be terminated as of the date of the act giving rise to such termination.

(c)          If Employee shall die while the Option is still exercisable according to its terms or if employment is terminated because Employee has become disabled (within the meaning of Section 22(e)(3) of the Code) while in the employ of the Company and Employee shall not have fully exercised the Option, such Option may be exercised at any time within 12 months after Employee’s death or date of termination of employment for disability by Employee, personal representatives or administrators or guardians of Employee, as applicable or by any person or persons to whom the Option is transferred by will or the applicable laws of descent and distribution, to the extent of the full number of Shares Employee was entitled to purchase under the Option on (i) the earlier of the date
of death or termination of employment or (ii) the date of termination for such disability, as applicable.

(d)          Notwithstanding the above, in no case may the Option be exercised to any extent by anyone after the termination date of the Option.

(e)          “Cause” shall mean (i) the willful and continued failure by Employee substantially to perform his or her duties and obligations (other than any such failure resulting from his or her incapacity due to physical or mental illness), (ii) Employee’s conviction or plea bargain of any felony or gross misdemeanor involving moral turpitude, fraud or misappropriation of funds or (iii) the willful engaging by Employee in misconduct which causes substantial injury to the Company or its affiliates, its other employees or the employees of its affiliates or its clients or the clients of its affiliates, whether monetarily or otherwise. For purposes of this paragraph, no action or failure to act on
Employee’s part shall be considered “willful” unless done or omitted to be done, by Employee in bad faith and without reasonable belief that his or her action or omission was in the best interests of the Company.

4.            
Method of Exercise of Option. Subject to the foregoing, the Option may be
exercised in whole or in part from time to time by serving written notice of
exercise on the Company at its principal office within the Option period. The
notice shall state the number of Shares as to which the Option is being
exercised and shall be accompanied by payment of the exercise price. Payment of
the exercise price shall be made in cash (including bank check, personal check
or money order payable to the Company). 

 

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            5.
 	
            Miscellaneous.
 

(a)   Plan Provisions Control. In the event that any provision of the Agreement conflicts with or is inconsistent in any respect with the terms of the Plan, the terms of the Plan shall control.

(b)   No Rights of Stockholders. Neither Employee, Employee’s legal representative nor a permissible assignee of this Option shall have any of the rights and privileges of a stockholder of the Company with respect to the Shares, unless and until such Shares have been issued in the name of Employee, Employee’s legal representative or permissible assignee, as applicable.

(c)   No Right to Employment. The grant of the Option shall not be construed as giving Employee the right to be retained in the employ of, or as giving a director of the Company or an Affiliate (as defined in the Plan) the right to continue as a director of the Company or an Affiliate with, the Company or an Affiliate, nor will it affect in any way the right of the Company or an Affiliate to terminate such employment or position at any time, with or without cause or remove a Director in accordance with applicable law. In addition, the Company or an Affiliate may at any time dismiss Employee from employment, or terminate the term of a director of the Company or an Affiliate, free from any liability or any claim under the Plan or the Agreement. Nothing in the Agreement shall confer on any
person any legal or equitable right against the Company or any Affiliate, directly or indirectly, or give rise to any cause of action at law or in equity against the Company or an Affiliate. The Option granted hereunder shall not form any part of the wages or salary of Employee for purposes of severance pay or termination indemnities, irrespective of the reason for termination of employment. Under no circumstances shall any person ceasing to be an employee of the Company or any Affiliate be entitled to any compensation for any loss of any right or benefit under the Agreement or Plan which such employee might otherwise have enjoyed but for termination of employment, whether such compensation is claimed by way of damages for wrongful or unfair dismissal, breach of contract or otherwise. By participating in the Plan, Employee shall be deemed to have accepted all the conditions of the Plan and the Agreement and the terms and conditions of any rules and regulations adopted by the Committee
and shall be fully bound thereby.

(d)   Governing Law. The validity, construction and effect of the Plan and the Agreement, and any rules and regulations relating to the Plan and the Agreement, shall be determined in accordance with the internal laws, and not the law of conflicts, of the Yukon Territory.

(e)   Severability.  If any provision of the Agreement
is or  becomes  or is deemed to be  invalid,  illegal  or  unenforceable  in any
jurisdiction or would  disqualify the Agreement under any law deemed  applicable
by the Committee (as defined in the Plan),  such provision shall be construed or
deemed amended to conform to applicable laws, or if it cannot be so construed or
deemed  amended  without,  in the  determination  of the  Committee,  materially
altering  the  purpose or intent of the Plan or the  Agreement,  such  provision
shall be stricken as to such jurisdiction or the Agreement, and the remainder of
the Agreement shall remain in full force and effect.

 

3

 

 

 

(f)    No Trust or Fund Created. Neither the Plan nor the Agreement shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and Employee or any other person. To the extent that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company or any Affiliate.

(g)   Headings. Headings are given to the Sections and subsections of the Agreement solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Agreement or any provision thereof.

(h)   Conditions Precedent to Issuance of Shares. Shares shall not be issued pursuant to the exercise of the Option unless such exercise and the issuance and delivery of the applicable Shares pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, the requirements of any applicable stock exchange and the laws of the Yukon Territory. As a condition to the exercise of the purchase price relating to the Option, the Company may require that the person exercising or paying the purchase price represent and warrant that the Shares are being purchased only for investment and without any present intention to sell or distribute such
Shares if, in the opinion of counsel for the Company, such a representation and warranty is required by law.

(i)    Withholding. In order to provide the Company with the opportunity to claim the benefit of any income tax deduction which may be available to it upon the exercise of the Option and in order to comply with all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate to insure that, if necessary, all applicable federal or state payroll, withholding, income or other taxes are withheld or collected from Employee.

(j)    Consultation With Professional Tax and Investment Advisors. The holder of this Option acknowledges that the grant, exercise, vesting or any payment with respect to this Option, and the sale or other taxable disposition of the Shares acquired pursuant to the exercise thereof, may have tax consequences pursuant to the Code or under local, state or international tax laws. The holder further acknowledges that such holder is relying solely and exclusively on the holder’s own professional tax and investment advisors with respect to any and all such matters (and is not relying, in any manner, on the Company or any of its employees or representatives). Finally, the holder understands and agrees that any and all tax consequences resulting from the Option and its grant, exercise,
vesting or any payment with respect thereto, and the sale or other taxable disposition of the Shares acquired pursuant to the Plan, is solely and exclusively the responsibility of the holder without any expectation or understanding that the Company or any of its employees or representatives will pay or reimburse such holder for such taxes or other items.

 

 

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IN WITNESS WHEREOF, the Company and Employee have executed this Agreement on the date set forth in the first paragraph.

	  	
KODIAK OIL & GAS CORP. 

By:  /s/ James Henderson  

       _________________________________

Name:  James Henderson

Title:  CFO

EMPLOYEE

/s/ Lynn A. Peterson

______________________________________

Name:  Lynn A. Peterson

 

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