Document:

Exhibit 10.1 - Form of 2006 TSR Restricted Stock Agreement

    Exhibit
      10.1

    

    

    NEWFIELD
      EXPLORATION COMPANY

    2006
      TSR

    RESTRICTED
      STOCK AGREEMENT

    

     

    THIS
      2006 TSR RESTRICTED STOCK AGREEMENT (this
      “Agreement”)
      is
      made as of February 14, 2006 and is by and between Newfield Exploration
      Company (the
      “Company”)
      and
      ___________________________ (“Employee”).

     

    1.  GRANT.

     

    (a)  Restricted
      Shares.
      Pursuant to the Newfield Exploration Company 2004 Omnibus Stock Plan (as amended
      from time to time, the “Plan”)
      (i)
      ________ shares (the “Base
      Restricted Shares”)
      of
      Common Stock (as defined in the Plan) and (ii) ________ shares (the
“Bonus
      Restricted Shares”
and,
      together with the Base Restricted Shares, the “Restricted
      Shares”)
      of
      Common Stock shall be issued in Employee’s name. All of the Restricted Shares
      shall be subject to the Forfeiture Restrictions (as defined below).

     

    (b)  Plan
      Incorporated.
      Employee acknowledges receipt of a copy of the Plan and agrees that the issuance
      of the Restricted Shares pursuant to this Agreement shall be subject to all
      of
      the terms and conditions of the Plan, which terms and conditions are
      incorporated herein for all purposes. Capitalized terms used but not defined
      in
      this Agreement shall have the meanings ascribed to such terms in the
      Plan.

     

    2.  DEFINITIONS.

     

    (a) “Change
      of Control Bonus Shares”
means
      the percentage of the Bonus Restricted Shares corresponding to the highest
      TSR
      Rank that would have been achieved pursuant to Section 3(d) of this Agreement
      if
      the Measurement Period had ended on the day immediately prior to the day on
      which the relevant Change of Control occurs, rounded down to the next whole
      share. 

     

    (b) “Disability”
means
      permanent and total disability within the meaning of section 22(e)(3) of
      the Code.

     

    (c) “Fiscal
      Quarter”
means
      each of the three month periods ending (i) May 31, August 31 and November 30,
      2006, 2007 and 2008, (ii) February 28, 2007 and 2009 and (iii) February 29,
      2008.

     

    (d) “Forfeiture
      Restrictions”
means
      the prohibition on transfer of the Restricted Shares and the obligations to
      forfeit the Restricted Shares to the Company as set forth in Section 3 of
      this Agreement.

     

    (e) “Initial
      Peer Group”
means
      the following companies: Apache Corporation, Anadarko Petroleum Corporation,
      Cabot Oil & Gas Corporation, Chesapeake Energy Corporation, Cimarex Energy
      Co., Denbury Resources Inc., Devon Energy Corporation, Encana

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    Corporation,
      EOG Resources, Inc., Forest Oil Corporation, Kerr-McGee Corporation, Murphy
      Oil
      Corporation, Nexen Inc., Noble Energy, Inc., Pioneer Natural Resources, Pogo
      Producing Company, Questar Corporation, Range Resources Corporation,
      Southwestern Energy Company, St. Mary Land & Exploration Company, Stone
      Energy Corporation, Swift Energy Company, The Houston Exploration Company,
      Talisman Energy Inc., Ultra Petroleum Corp., Inc., Western Gas Resources, Inc.
      and XTO Energy Inc.

     

    (f) “Measurement
      Period”
means
      the period beginning on March 1, 2006 and ending on February 28,
      2009.

     

    (g) “Pro
      Rata Base Shares”
means
      that number of Base Restricted Shares equal to the total number of Base
      Restricted Shares multiplied by a fraction, the numerator of which is the number
      of full or partial Fiscal Quarters completed on or before the day on which
      Employee’s employment with the Company and its subsidiaries is terminated as a
      result of Employee’s death or Disability and the denominator of which is 12, and
      then rounded down to the next whole share.

     

    (h) “Qualified
      Peer Group”
means
      (i) the Dow Jones Industrial Average Index, (ii) the S&P 500 Index and
      (iii) each company included in the Initial Peer Group that has had its
      primary common equity security listed or traded on a national securities
      exchange or the Nasdaq National Market (or any successor thereto) throughout
      the
      Measurement Period.

     

    (i) “Qualified
      Retirement”
means
      Employee retires on or after March 1, 2008 from employment with the Company
      and
      its subsidiaries in accordance with the policies of the Company and, at the
      time
      of such retirement, Employee is at least 60 years of age and has at least ten
      years of continuous service with the Company or any of its
      subsidiaries.

     

    (j) “TSR
      Rank”
means
      the Company’s rank from one to one plus the total number of companies and
      indices comprising the Qualified Peer Group, with the Company, each such other
      company and each such index together ranked from best to worst based on the
      Total Stockholder Return of the Company, each such other company and each such
      index.

     

    (k) “Total
      Stockholder Return”
means
      the rate of return (expressed as a percentage) achieved with respect to the
      Common Stock, the primary common equity security of each company in the
      Qualified Peer Group and each index included in the Qualified Peer Group if
      (i) $100 was invested in each such security or index on the first day of
      the Measurement Period based on the average closing price of each such security
      or index for the 20 trading days immediately preceding such day, (ii) if
      the record date for any dividend to be paid with respect to a particular
      security occurs during the Measurement Period, such dividend was reinvested
      in
      such security as of the record date for such dividend (using the closing price
      of such security on such record date) and (iii) the valuation of such
      security or index at the end of the Measurement Period is based on the average
      closing price of each such security or index for the 20 trading days immediately
      preceding March 1, 2009.

     

     

    
      
        2

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.  RESTRICTIONS.
      Employee
      hereby accepts the Restricted Shares when issued and agrees with respect thereto
      as follows:

     

    (a)  No
      Transfer.
      Except
      as specifically set forth in this Section 3 or as otherwise provided in
      Paragraph IX of the Plan, the Restricted Shares may not be sold, assigned,
      pledged, exchanged, hypothecated or otherwise transferred. The Forfeiture
      Restrictions shall be binding upon and enforceable against any permitted
      transferee of the Restricted Shares.

     

    (b)  Forfeiture.
      Employee (or his or her estate, as applicable) shall, for no consideration,
      forfeit to the Company all Restricted Shares that, after taking into account
      paragraphs (c) and (d) of this Section 3, remain subject to the Forfeiture
      Restrictions (i) at the time of Employee’s termination of employment with the
      Company and its subsidiaries for any reason (including as described in the
      last
      sentence of Paragraph XI(b) of the Plan) other than as a result of
      Employee’s Qualified Retirement or (ii) on March 1, 2009.

     

    (c)  Death
      or Disability.
      If not
      previously forfeited, the Forfeiture Restrictions with respect to the Pro Rata
      Base Shares shall lapse upon the death or Disability of Employee.

     

    (d)  Total
      Stockholder Return.
      If not
      previously forfeited, on March 1, 2009, the Forfeiture Restrictions shall lapse
      with respect to that percentage of the Base Restricted Shares and that
      percentage of the Bonus Restricted Shares corresponding to the highest “TSR
      Rank” (with Top 6 being the highest, Top 7 being the second highest, etc.)
      achieved, as set forth in the table below, rounded down to the next whole share
      in each such case.

     

    
      	
              TSR
                Rank

            	
              Percentage
                of Base Restricted Shares as to which Forfeiture Restrictions
                Lapse

            	
              Percentage
                of Bonus Restricted Shares as to which Forfeiture Restrictions
                Lapse

            
	
              Top
                6

              Top
                7

              Top
                8

              Top
                9

              Top
                10

              Top
                11

              Top
                12

              Top
                13

              Top
                14

              Top
                15

              Top
                16

              Top
                17

              Top
                18

              Top
                19

              Top
                20

              Below
                20

            	
              100%

              100%

              100%

              100%

              100%

              100%

              100%

              100%

              100%

              100%

              90%

              80%

              70%

              60%

              50%

              0%

            	
              100%

              871⁄2%

              75%

              621⁄2%

              50%

              40%

              30%

              20%

              10%

              0%

              0%

              0%

              0%

              0%

              0%

              0%

            

    

    

    
    

    (e)  Change
      of Control.
      If a
      Change of Control occurs while any unforfeited Restricted Shares remain subject
      to the Forfeiture Restrictions (i) the Forfeiture Restrictions with respect
      to
      the Base Restricted Shares shall lapse immediately prior to such Change of
      Control  

     

     

     

    
      
        3

      

      
        
        

        
          

        

      

      
        
        

      

    

    
    

     

     

    and
      (ii) if such Change of Control occurs
      (A) prior to March 1, 2008, Employee shall, for no consideration, forfeit
      to the Company upon such Change of Control all of the Bonus Restricted Shares
      or
      (B) on or after March 1, 2008, the Forfeiture Restrictions with respect to
      the
      Change of Control Bonus Shares shall lapse immediately prior to such Change
      of
      Control and Employee shall, for no consideration, forfeit to the Company upon
      such Change of Control all of the Bonus Restricted Shares that remain subject
      to
      Forfeiture Restrictions at such time.

     

    (f)  Certificates.
      A
      certificate evidencing the Restricted Shares shall be issued by the Company
      in
      Employee’s name, pursuant to which Employee shall have voting rights and receive
      dividends. The certificate may bear a legend reciting or incorporating the
      Forfeiture Restrictions and any other legends the Company believes are
      appropriate, and the Company may cause the certificate to be delivered upon
      issuance to the Secretary of the Company (or such other person as may be
      designated by the Committee) as a depositary for safekeeping until the
      Forfeiture Restrictions lapse or forfeiture occurs pursuant to the terms of
      the
      Plan and this Agreement. At the Company’s request, Employee shall execute and
      deliver a stock power, in blank, with respect to the Restricted Shares, and
      the
      Company may exercise such stock power in the event of forfeiture. Upon the
      lapse
      of the Forfeiture Restrictions without forfeiture, the Company shall cause
      a new
      certificate or certificates to be issued without legend in the name of
      Employee.

     

    4.  COMMUNITY
      INTEREST OF SPOUSE.
      The
      community interest, if any, of any spouse of Employee in any of the Restricted
      Shares shall be subject to all of the terms, conditions and restrictions of
      this
      Agreement and the Plan, and shall be forfeited and surrendered to the Company
      upon the occurrence of any of the events requiring Employee’s interest in such
      Restricted Shares to be so forfeited and surrendered pursuant to this
      Agreement.

     

    5.  TAX
      ELECTION.
      If
      Employee makes the election authorized by section 83(b) of the Code,
      Employee shall submit to the Company a copy of the statement filed by Employee
      to make such election.

     

    6.  BINDING
      EFFECT.
      This
      Agreement shall be binding upon and inure to the benefit of any successors
      to
      the Company and all persons lawfully claiming under Employee.

     

    
 

    
      
        4

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Agreement to be duly executed by an authorized officer
      and Employee has executed this Agreement, all as of the date first above
      written.

     

    

      
        	 	
                NEWFIELD
                  EXPLORATION COMPANY

              
	 	 	 
	 	 	 
	 	 	 
	 	
                By:

              	 
	 	 	
                David
                  A. Trice

              
	 	 	
                President
                  and Chief Executive Officer

              
	 	 	 
	 	 	 
	 	 	 
	 	 
	 	
                [Employee]

              

      
 

     

     

    5Exhibit 10.2 - First Amendment to Change of Control Severance Agreement

    Exhibit
      10.2

    

    

    FIRST
      AMENDMENT TO

    CHANGE
      OF CONTROL SEVERANCE AGREEMENT

     

     

    This
      First Amendment to Change of Control Severance Agreement (this “Amendment”)
      is by
      and between Newfield Exploration Company, a Delaware corporation (the
“Company”),
      and
      __________ (“Executive”)
      and is
      made and entered into effective as of February 14, 2006.

     

    WHEREAS,
      the
      Company and Executive are parties to that certain Change of Control Severance
      Agreement dated as of February 17, 2005 (the
      “Agreement”);
      and

     

    WHEREAS,
      the
      Company and Executive desire to amend the Agreement;

     

    NOW,
      THEREFORE,
      for
      good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the Company and Executive hereby agree as follows:

     

    1.           
       Section
      3B of the Agreement shall be deleted and the following shall be substituted
      therefor:

     

    Except
      to
      the extent specifically set forth in a grant agreement under any employee stock
      incentive plan of the Company, as of the date of Executive’s termination of
      employment (i) all restricted shares of Company stock of Executive (whether
      granted before or after the Effective Date) shall become 100% vested and all
      restrictions thereon shall lapse and the Company shall promptly deliver to
      Executive unrestricted shares of Company stock and (ii) each
      then
      outstanding Company stock option of Executive (whether
      granted before or after the Effective Date) shall
      become 100% exercisable.

     

    2.           
       As
      amended hereby, the Agreement is specifically ratified and
      reaffirmed.

     

    IN
      WITNESS WHEREOF,
      the
      Company and Executive have executed this Amendment as of the date written
      above.

     

    
      	 	
              NEWFIELD
                EXPLORATION COMPANY

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            
	 	 	 
	 	 	 
	 	
              EXECUTIVE

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