Document:

exv10w21

 

EXHIBIT 10.21

REMINGTON OIL AND GAS CORPORATION

2004 STOCK INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT

(Non-employee Directors)

      1. Agreement to Grant Restricted Shares. Subject to the conditions described in this
agreement (the “Agreement”) and the Remington Oil and Gas 2004 Stock Incentive Plan (the “Plan”),
Remington Oil and Gas Corporation, a Delaware corporation (the “Company”), hereby agrees to grant
to                                          (“Participant”) all rights, title and interest in the record and
beneficial ownership of                      (     ) shares (the “Restricted Shares”) of common stock,
$0.01 par value per share, of the Company (“Common Stock”). The grant of such Restricted Shares
shall be effective as of                      (the “Grant Date”). All capitalized terms not otherwise
defined herein shall have the meanings set forth in the Plan, the terms of which are incorporated
herein by reference.

      2. Issuance and Transferability. Certificates representing the shares granted
hereunder shall be issued to Participant pursuant to the terms of the Plan as of the Grant Date and
shall be marked with the following legend:

“The shares represented by this certificate have been issued
pursuant to the terms of the Remington Oil and Gas Corporation
2004 Stock Incentive Plan and may not be sold, pledged,
transferred, assigned or otherwise encumbered in any manner
except as is set forth in the terms of such Plan or Award
dated                     .”

Until all restrictions lapse, the Restricted Stock shall not be transferable except by will or the
laws of descent and distribution or pursuant to a domestic relations order of the court in a
divorce proceeding. No right or benefit hereunder shall in any manner be liable for or subject to
any debts, contracts, liabilities, or torts of Participant. Notwithstanding the foregoing, in the
case of Participant’s death or Disability, Participant’s rights under this Agreement may be
exercised by Participant’s guardian or legal representative. Any purported assignment, alienation,
pledge, attachment, sale, transfer or other encumbrance of the Restricted Stock, prior to the lapse
of restrictions, that does not satisfy the requirements hereunder shall be void and unenforceable
against the Company.

      3. Risk of Forfeiture. Participant shall immediately forfeit all rights pursuant to
this Agreement and to any nonvested portion of the Restricted Shares in the event of Participant’s
resignation or removal from the Board of Directors of the Company under circumstances that do not
cause Participant to become fully vested under the terms of this Agreement.

      4. Vesting. Subject to Paragraph 3 hereof and the terms of the Plan, Participant
shall vest in all rights under the Restricted Shares and any rights of the Company to such shares
shall lapse with respect to the Restricted Shares on the earlier of (i) the dates set forth below;
(ii) a Change in Control; (iii) Participant’s Disability; (iv) Participant’s death; (v) Participant
attains age 75 and terminates service on the Board; or (vi) the “Performance Vesting Date”
described below. If

 

 

not earlier vested, the Restricted Shares shall vest according to the following schedule, provided
that the Participant continuously serves on the Board of Directors from the Grant Date to the
applicable vesting date:

	 	 	 	 	 
	April 13, 2008

	 	 	25	%
	April 13, 2009

	 	 	25	%
	April 13, 2010

	 	 	50	%

Notwithstanding the foregoing, all Restricted Shares shall become fully vested on the date that the
closing price per share of the Company’s Common Stock equals or exceeds two (2) times the closing
price per share of such stock on April 13, 2005 ($     ) on the New York Stock Exchange, or such
other exchange or market on which such shares primarily trade (the “Performance Vesting Date”).
Upon vesting of the Restricted Shares, the Committee shall issue and deliver to Participant a
certificate for such shares without the legend set forth in Section 2 above for the number of
shares that are no longer subject to such restrictions.

      5. Ownership Rights/Dividends. Subject to the reservations set forth in this
Agreement, the Plan and Paragraph 8, upon Participant’s receipt of the Restricted Shares,
Participant shall be entitled to all voting and ownership rights applicable to the Restricted
Shares, including the right to receive any cash dividends that may be paid on the Restricted
Shares. The Restricted Shares shall be registered in the name of the Participant and at the
address set forth below the Participant’s signature attached hereto. In addition, in the event of
payment of any dividends on shares of Common Stock after October 14, 2004 and prior to issuance of
the Restricted Shares, Participant shall receive a cash payment equal to the dividends paid with
respect to an equivalent number of shares of Common Stock. Such payment shall be made to
Participant within thirty days of the issuance of the Restricted Shares.

      6. Reorganization of the Company. The existence of this Agreement shall not affect
in any way the right or power of the Company or its stockholders to make or authorize any or all
adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure
or its business; any merger or consolidation of the Company; any issue of bonds, debentures,
preferred or prior preference stock ahead of or affecting the Restricted Shares or the rights
thereof; the dissolution or liquidation of the Company, or any sale or transfer of all or any part
of its assets or business, or any other corporate act or proceeding, whether of a similar character
or otherwise.

      7. Recapitalization Events. In the event of stock dividends, spin-offs of assets or
other extraordinary dividends, stock splits, combinations of shares, recapitalizations, mergers,
consolidations, reorganizations, liquidations, issuances of rights or warrants and similar
transactions or events involving the Company (“Recapitalization Events”), then for all purposes
references herein to Common Stock or to Restricted Shares shall mean and include all securities or
other property (other than cash) that holders of Common Stock of the Company are entitled to
receive in respect of Common Stock by reason of each successive Recapitalization Event, which
securities or other property (other than cash) shall be treated in the same manner and shall be
subject to the same restrictions as the underlying Restricted Shares.

      8. Certain Restrictions. By executing this Agreement, Participant acknowledges that
he will enter into such written representations, warranties and agreements and execute such

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documents as the Company may reasonably request in order to comply with the securities law or any
other applicable laws, rules or regulations, or with this document or the terms of the Plan.

      9. Amendment. No amendment or termination of this Agreement shall be made by the
Company at any time without the written consent of Participant.

      10. Withholding of Taxes. Participant agrees that, if he makes an election under
Section 83(b) of the Internal Revenue Code of 1986, as amended, with regard to the Restricted
Shares, he will so notify the Company in writing within two (2) days after making such election, so
as to enable the Company to timely comply with any applicable governmental reporting requirements.

      11. No Guarantee of Tax Consequences. The Company makes no commitment or guarantee
to Participant that any federal or state tax treatment will apply or be available to any person
eligible for benefits under this Agreement.

      12. Severability. In the event that any provision of this Agreement shall be held
illegal, invalid, or unenforceable for any reason, such provision shall be fully severable and
shall not affect the remaining provisions of this Agreement, and the Agreement shall be construed
and enforced as if the illegal, invalid, or unenforceable provision had never been included herein.

      13. Governing Law. This Agreement shall be construed in accordance with the laws of
the State of Delaware to the extent federal law does not supersede and preempt Delaware law.

      Executed the       day of                      2005.

	 	 	 	 	 
	 
	 	COMPANY:
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 

      Accepted the       day of                     , 2005

	 	 	 	 	 
	 
	 	PARTICIPANT:
	 
	 	 	 	 
	 
	 	 
	 
	 	 	 	 
	

	 	Address:	 	 
	

	 	 	 	 
	

	 	 	 	 
	

	 	 	 	 
	

	 	 	 	 
	

	 	 	 	 
	

	 	 	 	 

3exv10w22

 

EXHIBIT 10.22

REMINGTON OIL AND GAS CORPORATION

EXECUTIVE SEVERANCE PLAN

 

 

I.

DEFINITIONS AND CONSTRUCTION

      1.1 Definitions. Where the following words and phrases appear in the Plan, they shall
have the respective meanings set forth below, unless their context clearly indicates to the
contrary.

      (a) “Base Salary” shall mean the annual rate of base compensation paid by the Company
to a Covered Employee (including amounts which the Covered Employee could have received in
cash had he not elected to contribute to an employee benefit plan maintained by the
Company), excluding overtime pay, bonuses, employee benefits, automobile allowances, added
premiums, differentials, and all forms of incentive compensation. Base Salary shall be
determined effective as of the date of the Covered Employee’s termination of employment
date.

      (b) “Change of Control” shall be deemed to have occurred upon any of the following
events:

      (1) A merger or consolidation to which the Company is a part if the individuals
and entities who were stockholders of the Company immediately prior to the effective
date of such a merger or consolidation have beneficial ownership (as defined in Rule
13d-3 under the Exchange Act) of less than 50% of the total combined voting power
for election of directors of the surviving corporation following the effective date
of such merger or consolidation;

      (2) The acquisition or holding of direct or indirect beneficial ownership (as
defined under Rule 13d-3 of the Exchange Act) of securities of the Company
representing the aggregate 30% or more of the total combined voting power of the
Company’s then issued and outstanding voting securities by any person, entity or
group of associated persons or entities acting in concert, other than an employee
benefit plan of the Company or of any subsidiary of the Company, or any entity
holding such securities for or pursuant to the terms of any such plan. The
Directors may, by a majority vote, determine the acquisition of 30%-49.9% is not a
hostile action and therefore does not trigger a change of control.

      (3) The sale of all or substantially all of the assets of the Company to any
person or entity that is not a wholly owned subsidiary of the Company; or

      (4) The approval by the stockholders of the Company of any plan or proposal for
the liquidation of the Company or its material subsidiaries, other than into the
Company.

      (c) “Code” means the Internal Revenue Code of 1986 as amended.

      (d) “Committee” shall mean the committee appointed by the Company to administer the
Plan.

 

 

      (e) “Covered Employee” shall mean the Chairman and CEO of the Company and the President
and COO of the Company.

      (f) “Effective Date” shall mean January 1, 2005.

      (g) “Company” shall mean Remington Oil and Gas Corporation.

      (h) “Directors” shall mean the Board of Directors of the Company.

      (i) “Disability” shall mean a physical or mental infirmity that impairs the Covered
Employee’s ability to substantially perform the Covered Employee’s duties, which continues
for a period of at least one hundred eighty (180) continuous days.

      (j) “Good Reason” shall mean the occurrence of any of the following events or
conditions: (1) a reduction in the Covered Employee’s Base Salary or bonus opportunity (2)
a material reduction in benefits without substitution of benefits that are substantially
comparable in the aggregate or that is not applicable to employees generally; (3) any change
in the Covered Employee’s duties or responsibilities that results in the Covered Employee
not having duties and responsibilities substantially equivalent to or greater than those the
Covered Employee had immediately prior to such change; or (4) the permanent relocation of a
Covered Employee’s principal place of employment with the Company to a location that is more
than 40 miles from such Covered Employee’s prior principal place of employment.
Notwithstanding the foregoing, any change in the Covered Employee’s duties and
responsibilities that is required by applicable law or governmental regulation shall not
constitute “Good Reason.”

      (k) “Involuntary Termination” shall mean any termination, on or after the Effective
Date, of a Covered Employee’s employment with the Company which does not result from a
voluntary resignation or retirement by the Covered Employee; provided, however, the term
“Involuntary Termination” shall not include:

      (1) a Termination for Cause;

      (2) a termination as a result of the Covered Employee’s death;

      (3) any termination as the result of the Covered
Employee’s Disability; or

      (4) a termination by the Covered Employee for Good Reason.

      (l) “Plan” shall mean the Remington Oil and Gas Corporation Executive Severance Plan.

      (m) “Termination for Cause” shall mean any termination of a Covered Employee’s
employment with the Company by reason of the Covered Employee’s (1) conviction of any felony
or entering a plea of nolo contendre to a felony charge, (2) involvement in any act of
material fraud, theft, or other material misconduct detrimental to the best interests of the
Company, (3) engagement in gross negligence or willful

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misconduct with respect to his duties to the Company and as a result caused material
harm to the Company, (4) engagement in competitive behavior against the Company,
misappropriated or aided in misappropriating a material opportunity of the Company, secured
or attempted to secure a personal benefit not fully disclosed to and approved by a majority
of the Board of Directors of the Company in connection with any transition of or on behalf
of the Company, or (5) failure to substantially perform his duties.

II.

SEVERANCE BENEFITS 

      2.1 Severance Benefits. Subject to the provisions of Section 2.2 hereof, if a Covered
Employee’s employment by the Company is terminated and such Covered Employee is not entitled to
severance benefits under an individual contract, agreement or arrangement, or if such Covered
Employee waives his rights to any severance benefits to which he may be entitled under an
individual contract, agreement or arrangement, then the Covered Employee shall be entitled to
severance benefits as provided in this Section 2.1. A Covered Employee’s entitlement to severance
benefits under the Plan depends upon the circumstance of the Covered Employee’s termination of
employment. Upon termination of the Covered Employee’s employment, the Covered Employee shall be
entitled to severance benefits as follows:

         (1) If the Covered Employee’s employment with the Company is terminated by reason of the Covered
Employee’s death or Disability, the Company shall pay the Covered Employee’s accrued Base Salary
through the termination date and, in addition thereto, an amount equal to the Covered Employee’s
target bonus multiplied by a fraction, the numerator of which is the number of days in such plan
year through termination date and the denominator of which is 365.

         (2) If the Covered Employee’s employment with the Company is subject to an Involuntary Termination
or is terminated by the Covered Employee for Good Reason and termination is not in connection with
a Change of Control, the Covered Employee shall be entitled to the following: (a) the Company
shall pay the Covered Employee a lump sum cash payment, as soon as administratively feasible after
the Covered Employee’s termination, in an amount equal to 2 times the sum of (i) the Covered
Employee’s then current Base Salary and (ii) the Covered Employee’s average annual incentive bonus
paid during the last three years, (b) all stock options, restricted stock and other equity
compensation awards granted the Covered Employee shall be subject to the terms of the grant
agreement, other signed agreements and plan under which they were granted (c) for a term of two (2)
years following the termination date, or until the Covered Employee gains new employment with
substantially similar benefits, the Company, at its expense, shall provide the Covered Employee and
his or her immediate family substantially the same level of group medical and dental benefits as
provided to the Company’s active employees during such period, (d) the Company shall provide the
Covered Employee twelve (12) months of out placement services at the Company’s sole expense, and
(e) all non-qualified deferred compensation benefits of the Covered Employee shall become
immediately vested and subject to an immediate distribution; provided, however, that if the Covered
Employee is a key employee (as defined in section 416(i) of the Code without regard to paragraph
(5) thereof) of the Company and the Company’s stock is publicly traded on an

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established securities market or otherwise, then any amounts described above which are “deferred
compensation” under section 409A of the Code shall not be paid or commence until the date that is
six (6) months after the termination date. The provision of group medical and dental benefits shall
start and run concurrently with any continuation coverage as may be elected by the Covered Employee
under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”).

         (3) If the Covered Employee’s employment with Company is subject to an Involuntary Termination
within three months prior to or two (2) years after a Change of Control; or if the Covered Employee
terminates his employment with the Company for Good Reason within three months prior to or two
years after a Change of Control, the Covered Employee shall be entitled to the following: (a) the
Company shall pay the Covered Employee a lump sum cash payment, within a reasonable period of time
after the Covered Employee’s termination, in an amount equal to 2.99 times the sum of (i) the
Covered Employee’s then current Base Salary and (ii) the Covered Employee’s maximum annual
incentive opportunity, (b) all stock options, restricted stock and other equity compensation awards
granted the Covered Employee shall be subject to the terms of the grant agreement and plan under
which they were granted, (c) for a term of three (3) years following the termination date, or until
the Covered Employee gains new employment with substantially similar benefits, the Company, at its
expense, shall provide the Covered Employee and his or her immediate family the same level of group
medical and dental benefits as provided to the Company’s active employees during such period, (d)
the Company shall provide the Covered Employee twelve (12) months of out placement services at the
Company’s sole expense, and (e) all non-qualified deferred compensation benefits of the Covered
Employee shall be immediately vested and subject to an immediate distribution; provided, however,
that if the Covered Employee is a key employee (as defined in section 416(i) or the Code without
regard to paragraph (5) thereof) of the Company and the Company’s stock is publicly traded on an
established securities market or otherwise, then any amounts described above which are “deferred
compensation” under section 409A of the Code shall not be paid or commence until the date that is
six (6) months after the termination date. The provision of group medical and dental benefits
shall start and run concurrently with any continuation coverage as may be elected by the Covered
Employee under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”).

         2.2 Other Severance Arrangements. Severance payments provided herein shall be subject
to any required tax withholding. If a Covered Employee is entitled to severance benefits under an
individual contract, agreement or arrangement and does not waive such entitlement to severance
benefits under such contract, agreement or arrangement, such Covered Employee shall not be entitled
to any severance benefits pursuant to the Plan but shall instead be entitled to severance benefits
in such amount and form as are provided pursuant to the terms of such contract, agreement or
arrangement (which contract, agreement or arrangement is hereby incorporated by reference and made
a part of this Plan).

         2.3 Release, Full Settlement and Resignation. As a condition to the receipt of any
severance benefits hereunder, the Company, in its sole discretion, may require a Covered Employee
whose employment by the Company has been terminated to first execute a release, in the form
established by the Company, releasing the Company, its shareholders, partners, officers, directors,
employees, attorneys and agents from any and all claims and from any and all causes

4

 

of action of any kind or character, including but not limited to all claims or causes of
action arising out of such Covered Employee’s employment with the Company or the termination of
such employment, and the performance of the Company’s obligations hereunder and the receipt of the
benefits provided hereunder by such Covered Employee shall constitute full settlement of all such
claims and causes of action. The Covered Employee shall resign from his position on the Board of
Directors, if any, effective as of his employment termination date.

         2.4 Excise Tax Payments. In the event that any payment, award, benefit or distribution
(or any acceleration of any payment, award, benefit or distribution) made or provided to or for the
benefit of a Covered Employee in connection with this Agreement, or Covered Employee’s employment
with Company or the termination thereof (the “Payments”) are determined to be subject to the excise
tax imposed by Sections 409A or 4999 of the Code or any interest or penalties with respect to such
excise taxes (such excise taxes, together with any such interest and penalties, are collectively
referred to as the “Excise Tax”), then the Employee shall be entitled to receive an additional
payment (a “Gross-Up Payment”) from Company such that the net amount received by the Employee after
paying any applicable Excise Tax and any federal, state or local income or FICA taxes on such
Gross-Up Payment, shall be equal to the amount the Employee would have received if such Excise Tax
were not applicable to the Payments. All determinations of the Excise Tax and Gross-Up Payment, if
any, shall be made by tax counsel acceptable to the Employee. For purposes of determining the
amount of the Gross-Up Payment, if any, the Employee shall be deemed to pay federal income tax at
the highest marginal rate of federal income taxation in the calendar year in which the total
Payments are made and State and local income taxes at the highest marginal rate of taxation in the
State and locality of the Employee’s residence on the date the total Payments are made, net of the
maximum reduction in federal income taxes which could be obtained from deduction of such State and
local taxes. In the event that the Excise Tax is determined by the IRS, on audit or otherwise, to
exceed the amount taken into account hereunder in calculating the Gross-Up Payment (including by
reason of any payment the existence or amount of which cannot be determined at the time of the
Gross-Up Payment), the Company shall make another Gross-Up Payment in respect of such excess (plus
any interest, penalties or additions payable by the Employee with respect to such excess) within
the ten (10) business days immediately following the date that the amount of such excess is finally
determined. The Employee and the Company shall each reasonably cooperate with the other in
connection with any administrative or judicial proceedings concerning the existence or amount of
liability for Excise Tax with respect to the total Payments. The Gross-Up Payments provided to the
Employee shall be made not later than the tenth (10th) business day following the last
date the Payments are made.

         2.5 Confidential Information. In consideration of the receipt of severance benefits
hereunder, the Covered Employee may not, without the prior written consent of the Company, for a
period of three (3) years following the Covered Employee’s termination date, except as may be
required by any competent legal authority, use or disclose to any person, firm or other legal
authority, any confidential record, secret or information related to the Company or any of its
subsidiaries.

         2.6 Covenant Against Competition. In consideration of the receipt of severance
benefits hereunder, for a period of one (1) year following the Covered Employee’s termination date
where Involuntary Termination has occurred without a Change of Control, the Covered

5

 

Employee shall not have any interest in or be engaged by any business or enterprise
that is in the business of exploring for, developing, or producing hydrocarbons in specific areas
where the Company has interest at the time of the Covered Employee’s termination. Company interest
shall be deemed an area within a two (2) mile radius from the current owned acreage, offshore
block, concession or active prospect area. For purposes of this Section, the Covered Employee
shall be deemed to have an “interest in or be engaged by a business or enterprise” if the Covered
Employee acts (a) individually, (b) as a partner, officer, director, shareholder, employee,
associate, agent or owner of an entity, or (c) as an advisor, consultant, leader or other person
related directly or indirectly, to any business or entity that is engaging in, or is planning to
engage in, exploring for, developing, or producing hydrocarbon in specific areas where the Company
has interests (“the Prohibited Activity”). Ownership of less than five percent (5%) of the
outstanding capital stock of a publicly traded entity that engages in any Prohibited Activity shall
not be in violation of this Section.

         2.7 Non-Solicitation. In consideration of receipt of any severance benefits hereunder,
for a period of one (1) year following the Covered Employee’s termination date, the Covered
Employee may not, directly or indirectly, in any manner or capacity induce any person, to
discontinue his or her employment in the Company or the Company’s successor or to interfere with
the business of the Company or the Company’s successor.

         2.8 Liquidated Damages. If a Covered Employee who has received severance benefits
pursuant to Section 2.1 above is found by the Committee to be in violation of the confidentiality,
non-competition, and/or non-solicitation provisions as described in Sections 2.5, 2.6, and 2.7
above, then the Covered Employee shall be required to pay to the Company as liquidated damages the
full amount of severance received by the Covered Employee pursuant to Section 2.1. Any payment
required pursuant to this Section shall be due and payable in a single lump sum within 30 days of
written notice to such Covered Employee of such Committee’s finding.

         2.9 Mitigation. A Covered Employee shall not be required to mitigate the amount of any
payment provided for in this Article II by seeking other employment or otherwise, nor shall the
amount of any payment provided for in this Article II be reduced by any compensation or benefit
earned by the Covered Employee as the result of employment by another employer or by retirement
benefits.

III.

ADMINISTRATION OF PLAN

      3.1 Plan Administration. For the purposes of the Plan and the Employee Retirement
Income Security Act of 1974, as amended, the plan administrator and named fiduciary of the Plan is
the Committee. The Committee shall hold such meetings and establish such rules and procedures as
may be necessary to enable it to discharge its duties hereunder. All actions of the Committee
shall be recorded by a secretary who need not be a Committee member. The Committee shall have all
powers necessary or proper to administer the Plan and to discharge its duties under the Plan,
including, but not limited to, the following powers:

6

 

      (a) To make and enforce such rules and regulations as it may deem necessary or proper
for the orderly and efficient administration of the Plan;

      (b) To interpret the Plan, its interpretation thereof in good faith to be final and
conclusive on all persons claiming benefits under the Plan;

      (c) To authorize the payment of benefits under the Plan;

      (d) To prepare and distribute information explaining the Plan;

      (e) To appoint or employ persons to assist in the administration of the Plan; and

      (f) To obtain such information as is necessary for the proper administration of the
Plan.

The Committee may allocate to others certain aspects of the management, operation and
responsibilities of the Plan, including the employment of advisors and the delegation of any
ministerial duties or functions to qualified individuals. The Company agrees to indemnify the
members of the Committee against all liabilities, damages, costs and expenses (including attorneys’
fees and amounts paid in settlement of any claims approved by the Company) occasioned by any act or
omission to act in connection with the Plan if such act or omission was in good faith.

      3.2 Claims Review. For claims arising after a Change of Control, the Covered Employee
shall not be required to follow the Plan’s claim procedures as set forth in this Section, instead
the Covered Employee shall be deemed to have satisfied his administrative remedies if the Covered
Employee pursues any claim in court. For all other claims, the following claims procedures will
apply. The Committee will advise each Covered Employee of any Plan benefits to which the Covered
Employee is entitled. If the Covered Employee believes that the Committee has failed to advise him
or her of any Plan benefits to which he or she is entitled, then the Covered Employee may file a
written claim with the Committee. The Committee shall review such claim and respond thereto within
a reasonable time after receiving the claim. In any case in which a Covered Employee’s claim for
Plan benefits is denied or modified, the Committee shall:

      (a) state the specific reason for the denial or modification;

      (b) provide specific reference to pertinent Plan provisions on which the denial or
modification is based;

      (c) provide a description of any additional material or information necessary for the
Covered Employee or his representative to perfect the claim and an explanation of why such
material or information is necessary; and

      (d) explain the Plan’s claim review procedure as contained herein.

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In the event the request is denied or modified, if the Covered Employee or his representative
desires to have such denial or modification reviewed, he must, within sixty days following receipt
of the notice of such denial or modification, submit a written request for review by the Committee
of its initial decision. Within sixty days following such request for review the Committee shall
render its final decision in writing to the Covered Employee or his representative stating specific
reasons for such decision. If special circumstances require an extension of such sixty-day period,
the Committee’s decision shall be rendered as soon as possible, but not later than 120 days after
receipt of the request for review. If an extension of time for review is required, written notice
of the extension shall be furnished to the Covered Employee or representative prior to the
commencement of the extension period.

IV.

GENERAL PROVISIONS

      4.1 Funding. The benefits provided herein shall be unfunded and shall be provided from
the Company’s general assets.

      4.2 Cost of Plan. The entire cost of the Plan shall be borne by the Company and no
contributions shall be required of the Covered Employees.

      4.3 Amendment and Termination. The Plan may be amended from time to time, or
terminated and discontinued, at any time, in each case at the discretion of the Directors;
provided, however, that the Plan may not be amended or terminated within two years after a Change
of Control or in any manner that would negatively affect a Covered Employee’s rights under the Plan
without the consent of such Covered Employee so affected. Notwithstanding the foregoing, the Plan
may amended at any time as may be necessary to avoid adverse tax consequences under section 409A of
the Code to any Covered Employee.

      4.4 Not Contract of Employment. The adoption and maintenance of the Plan shall not be
deemed to be a contract of employment between the Company and any person or to be consideration for
the employment of any person. Nothing herein contained shall be deemed to give any person the
right to be retained in the employ of the Company or to restrict the right of the Company to
discharge any person at any time nor shall the Plan be deemed to give the Company the right to
require any person to remain in the employ of the Company or to restrict any person’s right to
terminate his employment at any time.

      4.5 Severability. Any provision in the Plan that is prohibited or unenforceable in any
jurisdiction by reason of applicable law shall, as to such jurisdiction, be ineffective only to the
extent of such prohibition or unenforceability without invalidating or affecting the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction.

      4.6 Nonalienation. Covered Employees shall not have any right to pledge, hypothecate,
anticipate or assign benefits or rights under the Plan, except by will or the laws of descent and
distribution, or as may be required pursuant to a domestic relations order.

8

 

      4.7 Governing Law. The Plan shall be interpreted and construed in accordance with the
laws of the State of Texas except to the extent preempted by federal law.

      IN WITNESS WHEREOF, the Company has executed this Plan this ___day of
___, 2005.

	 	 	 	 	 
	 	REMINGTON OIL AND GAS CORPORATION

By                                                                                

 	 
	 	 	 
	 	 	 
	 	 	 
	 

9

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