Document:

lenco_8k-ex0401.htm

EXHIBIT 4.1

 

AMENDMENT NO. 2 TO

CONVERTIBLE PROMISSORY NOTE

NO. 0209-6

 

This Amendment No. 2 to Convertible Promissory Note (the “Amendment”) is made and entered into as of June 30, 2010 by and between Lenco Mobile Inc., a Delaware corporation (the “Company”), and Tom Ulie (the “Holder”) with respect to the following facts:

 

A.           The Company issued to Holder that certain Convertible Promissory Note (No. 0209-6) in the principal amount of $100,000.00 (the “Note”).

 

B.           The Company and Holder now wish to amend the Note for the purposes of (i) extending the maturity date of the Note and (ii) modifying the payment terms.

 

In consideration of the foregoing premises and mutual covenants contained herein and in the Note, and intending to be legally bound, the parties to this Amendment agree as follows:

 

1.   Amendments to Promissory Note.  The provisions of the Note indicated below are hereby amended as follows:

 

(a)   Maturity Date and Payment.  Section 1 of the Promissory Note is deleted and replaced with the following:

 

“Section 1.  Maturity Date and Payment.  The outstanding principal amount of this Note shall be due and payable on January 16, 2011.”

 

(b)   Interest.  Section 2 of the Promissory Note is deleted and replaced with the following:

 

“Section 2.  Interest.  This Note shall bear interest at the annual rate of twelve percent (12%) which shall accrue and be added to the outstanding principal amount of this Note and accrued and unpaid interest shall be payable on the Maturity Date.  Notwithstanding the foregoing, if this Note shall not be paid or satisfied in full on the Maturity Date, this Note shall bear interest, commencing on the Maturity Date, at the rate of eighteen percent (18%) per annum until repaid (all such accrued interest collectively, the “Penalty Interest”) which shall be due and payable as and when accrued.”

 

2.   Waiver of Default.  Holder waives any default under the Note as a result of the Company’s failure to make any payments due under the Note prior to the date of this Amendment.

 

3.   Impact on Other Provisions.  All other terms and conditions of the Promissory Note not specifically amended by this Amendment shall remain in full force and effect.

 

 

  

-1-

  

 

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as of the date first written above.

 

 

	 	Lenco Mobile Inc.
	 	 
	 	 
	 	By: /s/ Michael Levinsohn                                    
	 	Name:  Michael Levinsohn
	 	Title:  President and Chief Executive Officer
	 	 
	 	 
	 	Holder
	 	 
	 	 
	 	/s/ Tom Ulie                                                              
	 	Tom Ulie

 

 

 

 

 

 

 

 

 

  

-2-arena_s8ex42.htm

    Exhibit
4.2

    

    ARENA
RESOURCES, INC.

    RESTRICTED
STOCK AWARD PLAN

    (adopted
at the December 11, 2009 Annual Meeting of Shareholders)

    

    Scope
and Purpose of the Plan

    

    Arena
Resources, Inc., a Nevada, corporation (the “Corporation”),
has adopted this Restricted Stock Award Plan (the “Plan”) to
provide for the granting of Restricted Stock Awards to certain Employees and
other persons.

    

    The
purpose of the Plan is to provide an incentive for Employees and directors of
the Corporation or its Subsidiaries to remain in the service of the Corporation
or its Subsidiaries, to extend to them the opportunity to acquire a proprietary
interest in the Corporation so that they will apply their best efforts for the
benefit of the Corporation, and to aid the Corporation in attracting able
persons to enter the service of the Corporation and its
Subsidiaries.

     

    SECTION
1.    DEFINITIONS

     

    As used
in this Plan, the following terms have the meanings set forth
below:

     

    1.1           “Award”
means the grant of any form of Restricted Stock Award under the Plan, whether
granted singly, in combination, or in tandem with other awards, to a Holder
pursuant to the terms, conditions, and limitations that the Committee may
establish in order to fulfill the objectives of the Plan.

     

    1.2           “Award
Agreement” means the written document or agreement delivered to Holder
evidencing the terms, conditions and limitations of an Award that the
Corporation granted to that Holder.

     

    1.3           “Board
of Directors” means the board of directors of the Corporation.

     

    1.4           “Business
Day” means any day other than a Saturday, a Sunday or a day on which banking
institutions in the State of Oklahoma are authorized or obligated by law or
executive order to close.

     

    1.5           “Cause,”
with respect to any Holder that is an Employee, means termination of the
Holder’s employment by the Corporation because of:  (a) the Holder’s
conviction of, or plea of nolo contendere to, a felony or crime involving moral
turpitude; (b) the Holder’s personal dishonesty, incompetence, willful
misconduct, willful violation of any law, rule or regulation (other than minor
traffic violations or similar offenses) or breach of fiduciary duty which
involves personal profit; (c) the Holder’s commission of material mismanagement
in the conduct of the Holder’s duties as assigned to him or her by the Board of
Directors or the Holder’s supervising officer or officers of the Corporation or
any Subsidiary; (d) the Holder’s willful failure to execute or comply with the
policy of the Corporation or any of its Subsidiaries or the Holder’s stated
duties as established by the Board of Directors or the Holder’s supervising
officer or officers of the Corporation or any Subsidiary or the Holder’s
intentional failure to perform the Holder’s stated duties; or (e) substance
abuse or addiction on the part of the Holder. Notwithstanding the foregoing, in
the case of any Holder who, subsequent to the effective date of this Plan,
enters into an employment agreement with the Corporation or any Subsidiary that
contains the definition of “cause” (or any similar definition), then during the
term of such employment agreement the definition contained in such Employment
Agreement shall be the applicable definition of “cause” under the Plan as to
such Holder if such Employment Agreement expressly so provides.

     

    1.6           “Change
in Control” means the occurrence of any of the following events:

     

    
      
        1

      

      
        
          

        

      

      
         

      

       

    

    (i)           The
acquisition by any individual, entity or group (within the meaning of Section
13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”)
of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of 50% or more of either (x) the then outstanding shares of Common
Stock of the Corporation (the “Outstanding
Corporation Common Stock”) or (y) the combined voting power of the then
outstanding voting securities of the Corporation entitled to vote generally in
the election of directors (the “Outstanding
Corporation Voting Securities”); provided, however, that for purposes of
this subsection (i), the following acquisitions shall not constitute a Change of
Control:  (A) any acquisition directly from the Corporation, (B) any
acquisition by the Corporation, (C) any acquisition by any employee benefit plan
(or related trust) sponsored or maintained by the Corporation or any corporation
controlled by the Corporation or (D) any acquisition by any corporation pursuant
to a transaction which complies with clauses (A), (B) and (C) of paragraph (iii)
below; or

     

    (ii)          Individuals
who constitute the Incumbent Board cease for any reason to constitute at least a
majority of the Board of Directors; or

     

    (iii)         Consummation
of a reorganization, merger or consolidation or sale or other disposition of all
or substantially all of the assets of the Corporation or an acquisition of
assets of another corporation (a “Business
Combination”), in each case, unless, following
such Business Combination, (A) all or substantially all of the individuals and
entities who were the beneficial owners, respectively, of the Outstanding
Corporation Common Stock and Outstanding Corporation Voting Securities
immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of, respectively, the then outstanding shares of
common stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors, as the case
may be, of the corporation resulting from such Business Combination (including,
without limitation, a corporation which as a result of such transaction owns the
Corporation, or all or substantially all of the Corporation’s assets either
directly or through one or more subsidiaries) in substantially the same
proportions as their ownership, immediately prior to such Business Combination,
of the Outstanding Corporation Common Stock and Outstanding Corporation Voting
Securities, as the case may be, (B) no Person (excluding any employee benefit
plan (or related trust) of the Corporation or the corporation resulting from
such Business Combination) beneficially owns, directly or indirectly, 20% or
more of, respectively, the then outstanding shares of common stock of the
corporation resulting from such Business Combination or the combined voting
power of the then outstanding voting securities of such corporation except to
the extent that such ownership of the Corporation existed prior to the Business
Combination and
(C) at least a majority of the members of the board of directors of the
corporation resulting from such Business Combination were members of the
Incumbent Board at the time of the execution of the initial agreement, or
of  the action of the Board, providing for such Business Combination;
or

     

    (iv)        Approval
by the stockholders of the Corporation of a complete liquidation or dissolution
of the Corporation.

     

    1.7           “Code”
means the Internal Revenue Code of 1986, as amended.

     

    1.8           “Committee”
means the Compensation Committee of the Corporation or a subcommittee appointed
pursuant to Section 3 by either the Compensation Committee or by the Board of
Directors to administer this Plan.

     

    1.9           “Common
Stock” means the authorized common stock, par value $.001 per share, as
described in the Corporation’s Articles of Incorporation.

     

    
      
        2

      

      
        
          

        

      

      
         

      

       

    

    1.10           “Common
Stock Equivalent” means (without duplication with any other Common Stock or
Common Stock Equivalents) rights, warrants, options, convertible securities,
exchangeable securities or indebtedness, or other rights, exercisable for or
convertible or exchangeable into, directly or indirectly, Common Stock or
securities convertible or exchangeable into Common Stock, whether at the time
(or within sixty days of that date) the number of shares of Common Stock
Equivalents are determined, and that are traded or are of the same class as
securities that are traded on the New York Stock Exchange, a national securities
exchange or quoted on the NASDAQ National Market System, NASDAQ, or National
Quotation Bureau Incorporated. The number of shares of Common Stock Equivalents
outstanding shall equal the number of shares of Common Stock plus the number of
shares of Common Stock issuable upon exercise, conversion or exchange of all
other Common Stock Equivalents.

     

    1.11           “Corporation”
means Arena Resources, Inc., a Nevada corporation.

     

    1.12           “Date
of Grant” has the meaning given it in Paragraph 4.3.

     

    1.13           “Disability”
has the meaning given it in Paragraph 7.5.

     

    1.14           “Effective
Date” means the date upon which this Plan shall be approved by the Board of
Directors and stockholders of the Corporation.  The Plan will be
deemed to be approved by the stockholders if it receives the affirmative vote of
the holders of a majority of the shares of stock of the Corporation present or
represented and entitled to vote at a meeting at which a quorum representing a
majority of all outstanding voting stock is, either in person or by proxy,
present and voting and duly held in accordance with the applicable provisions of
the Corporation’s Bylaws

     

    1.15           “Eligible
Individuals” means (a) Employees, (b) Non employee Directors and (c) any other
Person that the Committee designates as eligible for an Award because the Person
performs bona fide consulting or advisory services for the Corporation or any of
its Subsidiaries (other than services in connection with the offer or sale of
securities in a capital raising transaction).

     

    1.16           “Employee”
means any employee of the Corporation or of any of its Subsidiaries, including
officers and directors of the Corporation who are also employees of the
Corporation or of any of its Subsidiaries.

     

    1.17           “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

     

    1.18           “Fair
Market Value” means, for a particular day:

     

    (a)           If
shares of Stock of the same class are listed or admitted to unlisted trading
privileges on the New York Stock Exchange or any other national or regional
securities exchange at the date of determining the Fair Market Value, then the
last reported sale price, regular way, on the composite tape of that exchange on
the last Business Day before the date in question or, if no such sale takes
place on that Business Day, the average of the closing bid and asked prices,
regular way, in either case as reported in the principal consolidated
transaction reporting system with respect to securities listed or admitted to
unlisted trading privileges on that securities exchange; or

     

    (b)           If
shares of Stock of the same class are not listed or admitted to unlisted trading
privileges as provided in Subparagraph 1.18(a) and if sales prices for shares of
Stock of the same class in the over-the-counter market are reported by the
NASDAQ National Market System (or a similar system then in use) at the date of
determining the Fair Market Value, then the last reported sales price so
reported on the last Business Day before the date in question or, if no such
sale takes place on that Business Day, the average of the high bid and low asked
prices so reported; or

     

    (c)           If
shares of Stock of the same class are not listed or admitted to unlisted trading
privileges as provided in Subparagraph 1.18(a) and sales prices for shares of
Stock of the same class are not reported by the NASDAQ National Market System
(or a similar system then in use) as provided in Subparagraph 1.18(b), and if
bid and asked prices for shares of Stock of the same class in the
over-the-counter market are reported by NASDAQ (or, if not so reported, by the
National Quotation Bureau Incorporated) at the date of determining the Fair
Market Value, then the average of the high bid and low asked prices on the last
Business Day before the date in question; or

     

    
      
        3

      

      
        
          

        

      

      
         

      

       

    

    (d)           If
shares of Stock of the same class are not listed or admitted to unlisted trading
privileges as provided in Subparagraph 1.18(a) and sales prices or bid and asked
prices therefor are not reported by NASDAQ (or the National Quotation Bureau
Incorporated) as provided in Subparagraph 1.18(b) or Subparagraph 1.18(c) at the
date of determining the Fair Market Value, then the value determined in good
faith by the Committee, which determination shall be conclusive for all
purposes; or

     

    (e)           If
shares of Stock of the same class are listed or admitted to unlisted trading
privileges as provided in Subparagraph 1.18(a) or sales prices or bid and asked
prices therefor are reported by NASDAQ (or the National Quotation Bureau
Incorporated) as provided in Subparagraph 1.18(b), 1.18(c) or 1.18(d) at the
date of determining the Fair Market Value, but the volume of trading is so low
that the Board of Directors determines in good faith that such prices are not
indicative of the fair value of the Stock, then the value determined in good
faith by the Committee, which determination shall be conclusive for all purposes
notwithstanding the provisions of Subparagraphs 1.18(a), (b), (c) or
(d).

     

    1.19           “Holder”
means an Eligible Individual to whom an Award has been granted.

     

    1.20           “Incumbent
Board” means the individuals who, as of the Effective Date, constitute the Board
of Directors and any other individual who becomes a director of the Corporation
after that date and whose election was approved by stockholders holding a
majority of the Voting Securities or (in the case of a vacancy in the board) by
appointment by the Board of Directors, but excluding, for this purpose, any such
individual whose initial assumption of office occurs as a result of an actual or
threatened election contest with respect to the election or removal of directors
or other actual or threatened solicitation of proxies or consents by or on
behalf of a Person other than the Incumbent Board.

     

    1.21           “NASDAQ”
means the National Association of Securities Dealers, Inc. Automated Quotations,
Inc.

     

    1.22           “Non-employee
Director” means a director of the Corporation who while a director is not an
Employee.

     

    1.23           “Non-Surviving
Event” means an event of Restructure as described in either subparagraph (b) or
(c) of Paragraph 1.27.

     

    1.24           “Person”
means any person or entity of any nature whatsoever, specifically including (but
not limited to) an individual, a firm, a company, a corporation, a limited
liability company, a partnership, a trust or other entity. A Person, together
with that Person’s affiliates and associates (as those terms are defined in Rule
12b-2 under the Exchange Act for purposes of this definition only), and any
Persons acting as a partnership, limited partnership, joint venture,
association, syndicate or other group (whether or not formally organized), or
otherwise acting jointly or in concert or in a coordinated or consciously
parallel manner (whether or not pursuant to any express agreement), for the
purpose of acquiring, holding, voting or disposing of securities of the
Corporation with that Person, shall be deemed a single “Person.”

     

    1.25           “Plan”
means the Arena Resources, Inc. Restricted Stock Award Plan, as it may be
amended from time to time.

     

    1.26           “Restricted
Stock Award” means the grant or purchase, on the terms and conditions that the
Committee determines or on the terms and conditions of Section 5, of Stock that
is nontransferable or subject to substantial risk of forfeiture until specific
conditions are met.

     

    1.27           “Restructure”
means the occurrence of any one or more of the following:

     

    
      
        4

      

      
        
          

        

      

      
         

      

       

    

    (a)           The
merger or consolidation of the Corporation with any Person, whether effected as
a single transaction or a series of related transactions, with the Corporation
remaining the continuing or surviving entity of that merger or consolidation and
the Stock remaining outstanding and not changed into or exchanged for stock or
other securities of any other Person or of the Corporation, cash or other
property;

     

    (b)           The
merger or consolidation of the Corporation with any Person, whether effected as
a single transaction or a series of related transactions, with (i) the
Corporation not being the continuing or surviving entity of that merger or
consolidation or (ii) the Corporation remaining the continuing or surviving
entity of that merger or consolidation but all or a part of the outstanding
shares of Stock are changed into or exchanged for stock or other securities of
any other Person or the Corporation, cash, or other property; or

     

    (c)           The
transfer, directly or indirectly, of all or substantially all of the assets of
the Corporation (whether by sale, merger, consolidation, liquidation or
otherwise) to any Person whether effected as a single transaction or a series of
related transactions.

     

    1.28           “Retirement”
means the separation of the Holder from employment with the Corporation and its
Subsidiaries on account of retirement.

     

    1.29           “Rule
16b-3” means Rule 16b-3 under Section 16(b) of the Exchange Act, or any
successor rule, as it may be amended from time to time.

     

    1.30           “Securities
Act” means the Securities Act of 1933, as amended.

     

    1.31           “Stock”
means Common Stock, or any other securities that are substituted for Stock as
provided in Section 6.

     

    1.32           “Subsidiary”
means, with respect to any Person, any corporation, limited partnership, limited
liability company or other entity of which a majority of the voting power of the
voting equity securities or equity interest is owned, directly or indirectly, by
that Person.

     

    1.33           “Voting
Securities” means any securities that are entitled to vote generally in the
election of directors, in the admission of general partners, or in the selection
of any other similar governing body.

     

    SECTION
2.    SHARES OF STOCK SUBJECT TO THE
PLAN

     

    2.1           Maximum Number of
Shares.  Subject to the provisions of Section 6 of the Plan,
the maximum aggregate number of shares of Stock in respect of which Awards may
be granted for all purposes under the Plan shall be limited to the number of
shares of Stock that are authorized for issuance under the Corporation’s Stock
Option Plan (as such Stock Option Plan may be amended from time to time); and
provided, further, that if any shares of Stock subject to an Award are forfeited
or if any Award based on shares of Stock is otherwise terminated without
issuance of such shares of Stock, the shares of Stock subject to such Award
shall to the extent of such forfeiture or termination, again be available for
Awards under the Plan.

     

    2.2           Description of
Shares.  The shares to be delivered under the Plan shall be
made available from (a) authorized but unissued shares of Stock, (b) Stock held
in the treasury of the Corporation, or (c) previously issued shares of Stock
reacquired by the Corporation, including shares purchased on the open market, in
each situation as the Board of Directors or the Committee may determine from
time to time at its sole option.

     

    2.3           Registration and Listing of
Shares.  From time to time, the Board of Directors and
appropriate officers of the Corporation shall be, and are, authorized to take
whatever actions are necessary to file required documents with governmental
authorities, stock exchanges and other appropriate Persons to make shares of
Stock available for issuance pursuant to Awards.

     

    
      
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    SECTION
3.    ADMINISTRATION OF THE PLAN

     

    3.1           Committee.  The
Committee shall administer the Plan with respect to all Eligible Individuals or
may delegate all or part of its duties under this Plan to a subcommittee or any
executive officer of the Corporation, subject in each case to such conditions
and limitations as the Board of Directors may establish, the Committee’s Charter
and subject to the following additional requirements:  (a) the
Committee shall be constituted in a manner that satisfies the requirements of
Rule 16b-3.1, (i.e., composed solely of “non-employee directors” as defined in
such Rule) and shall administer the Plan with respect to all Eligible
Individuals who are subject to the “short-swing profits” provisions of Section
16 of the Exchange Act in a manner that satisfies the exemption from Section 16
pursuant to the requirements of Rule 16b-3; and (b) the Committee shall be
constituted in a manner that satisfies the requirements of Section 162(m) (i.e.,
composed of two or more “outside directors”), which Committee shall administer
the Plan with respect to “performance-based compensation” for all Eligible
Individuals who are reasonably expected to be “covered employees” as those terms
are defined in Section 162(m), in order to insure the deductibility of
compensation paid as provided in such Section.

     

    3.2           Committee’s
Powers.  Subject to the Charter of the Compensation Committee,
the rules and regulations of the New York Stock Exchange or any other exchange
on which the Corporation’s stock may be listed from time to time (including,
without limitation, rules requiring the approval of the stockholders with
respect to any material amendment to the Plan), and subject also to the express
provisions of the Plan and any applicable law with which the Corporation intends
the Plan to comply, the Committee shall have the authority, in its sole and
absolute discretion, (a) to adopt, amend and rescind administrative and
interpretive rules and regulations relating to the Plan, including without
limitation to adopt and observe such procedures concerning the counting of
Awards against the Plan and individual maximums as it may deem appropriate from
time to time; (b) to determine the Eligible Individuals to whom, and the time or
times at which, Awards shall be granted; (c) to determine the shares of Stock
that will be the subject of each Restricted Stock Award; (d) to determine the
terms and provisions of each Award Agreement (which need not be identical),
including provisions defining or otherwise relating to (i) the term and the
period or periods of any restrictions or forfeitures, (ii) the extent to which
the transferability of shares of Stock issued or transferred pursuant to any
Award is restricted, (iii) the effect of termination of employment on the Award,
and (iv) the effect of approved leaves of absence (consistent with any
applicable regulations of the Internal Revenue Service); (e) to accelerate,
pursuant to Section 6, the restriction period of any Restricted Stock Award; (f)
to construe the respective Award Agreements and the Plan; (g) to make
determinations of the Fair Market Value of the Stock pursuant to the Plan; (h)
to delegate its duties under the Plan to such agents as it may appoint from time
to time, subject to Paragraph 3.1; and (i) to make all other determinations,
perform all other acts, and exercise all other powers and authority necessary or
advisable for administering the Plan, including the delegation of those
ministerial acts and responsibilities as the Committee deems appropriate. The
Committee may correct any defect, supply any omission or reconcile any
inconsistency in the Plan, in any Award, or in any Award Agreement in the manner
and to the extent it deems necessary or desirable to carry the Plan into effect,
and the Committee shall be the sole and final judge of that necessity or
desirability. The determinations of the Committee on the matters referred to in
this Paragraph 3.2 shall be final and conclusive. The Committee shall not have
the power to terminate or materially modify or materially amend the Plan. Those
powers are vested in the Board of Directors, subject to requisite approval of
the stockholders of the Corporation.

     

    3.3           Transferability of
Awards.  Notwithstanding any limitation on a Holder’s right to
transfer an Award, the Committee may (in its sole discretion) permit a Holder to
transfer an Award, or may cause the Corporation to grant an Award that otherwise
would be granted to an Eligible Individual, in any of the following
circumstances:  (a) pursuant to a qualified domestic relations order,
(b) to a trust established for the benefit of the Eligible Individual or one or
more of the children, grandchildren or spouse of the Eligible Individual; (c) to
a limited partnership in which all the interests are held by the Eligible
Individual and that Person’s children, grandchildren or spouse; or (d) to
another Person in circumstances that the Committee believes will result in the
Award continuing to provide an incentive for the Eligible Individual to remain
in the service of the Corporation or its Subsidiaries and apply his or her best
efforts for the benefit of the Corporation or its Subsidiaries. If the Committee
determines to allow such transfers or issuances of Awards, any Holder or
Eligible Individual desiring such transfers or issuances shall make application
therefor in the manner and time that the Committee specifies and shall comply
with such other requirements as the Committee may require to assure compliance
with all applicable laws, including securities laws, and to assure fulfillment
of the purposes of this Plan. The Committee shall not authorize any such
transfer or issuance if it may not be made in compliance with all applicable
federal, state and foreign securities laws. The granting of permission for such
an issuance or transfer shall not obligate the Corporation to register the
shares of Stock to be issued under the applicable Award.

     

    
      
        6

      

      
        
          

        

      

      
         

      

    

     

    SECTION
4.    ELIGIBILITY AND
PARTICIPATION

     

    4.1           Eligible
Individuals.  Awards may be granted pursuant to the Plan only
to persons who are Eligible Individuals at the time of the grant thereof or in
connection with the severance or retirement of Eligible
Individuals.

     

    4.2           Grant of
Awards.  Subject to the express provisions of the Plan, the
Committee shall determine which Eligible Individuals shall be granted Awards
from time to time. In making grants, the Committee shall take into consideration
the contribution the potential Holder has made or may make to the success of the
Corporation or its Subsidiaries and such other considerations as the Board of
Directors may from time to time specify. The Committee shall also determine the
number of shares or cash amounts subject to each of the Awards and shall
authorize and cause the Corporation to grant Awards in accordance with those
determinations.

     

    4.3           Date of
Grant.  The date on which an Award is granted (the “Date of
Grant”) shall be the date specified by the Committee as the effective
date or date of grant of an Award or, if the Committee does not so specify,
shall be the date as of which the Committee adopts the resolution approving the
offer of an Award to an individual, including the specification of the number
(or method of determining the number) of shares of Stock, even though certain
terms of the Award Agreement may not be determined at that time and even though
the Award Agreement may not be executed or delivered until a later time. In no
event shall a Holder gain any rights in addition to those specified by the
Committee in its grant, regardless of the time that may pass between the grant
of the Award and the actual execution or delivery of the Award Agreement by the
Corporation or the Holder. The Committee may invalidate an Award at any time
before the Award Agreement is signed by the Holder (if signature is required) or
is delivered to the Holder (if signature is not required), and such Award shall
be treated as never having been granted.

    

    4.4           Award
Agreements.  Each Award granted under the Plan shall be
evidenced by an Award Agreement that incorporates those terms that the Committee
shall deem necessary or desirable. More than one Award may be granted under the
Plan to the same Eligible Individual and be outstanding
concurrently.

    

    4.5           No Right to
Award.  The adoption of the Plan shall not be deemed to give
any person a right to be granted an Award.

     

    SECTION
5.    RESTRICTED STOCK AWARDS

     

    All
Restricted Stock Awards granted under the Plan shall comply with, and the
related Award Agreements shall be deemed to include, and be subject to the terms
and conditions set forth in this Section 5 and also to the terms and conditions
set forth in Paragraph 6.1 and Section 7; provided, however, that the Committee
may authorize an Award Agreement relating to a Restricted Stock Award that
expressly contains terms and provisions that differ from the terms and
provisions of Section 7.  The Committee may also authorize an Award
Agreement relating to a Restricted Stock Award that contains any or all of the
terms and provisions of Paragraphs 6.2 and 6.3 or that contains terms and
provisions dealing with similar subject matter differently than do those
Paragraphs; nevertheless, no term or provision of Paragraph 6.2 or 6.3 (or any
such differing term or provision) shall apply to an Award Agreement relating to
a Restricted Stock Award unless the Award Agreement expressly states that such
term or provision applies.

     

    5.1           Restrictions.  All
shares of Restricted Stock Awards granted or sold pursuant to the Plan shall be
subject to the following conditions:

     

    (a)           Transferability.  The
shares may not be sold, transferred or otherwise alienated or hypothecated until
the restrictions are removed or expire.

     

    
      
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    (b)           Conditions to Removal of
Restrictions.  Conditions to removal or expiration of the
restrictions may include, but are not required to be limited to, continuing
employment or service as a director, officer, consultant or advisor or
achievement of performance objectives described in the Award
Agreement.

     

    (c)           Legend.  Each
certificate representing Restricted Stock Awards granted pursuant to the Plan
shall bear a legend making appropriate reference to the restrictions
imposed.

     

    (d)           Possession.  At
its sole discretion, the Committee may (i) authorize issuance of a certificate
for shares in the Holder’s name only upon lapse of the applicable restrictions,
(ii) require the Corporation, transfer agent or other custodian to retain
physical custody of the certificates representing Restricted Stock Awards during
the restriction period and may require the Holder of the Award to execute stock
powers, endorsed or in blank, for those certificates and deliver those stock
powers to the Corporation, transfer agent or custodian, or (iii) may require the
Holder to enter into an escrow agreement providing that the certificates
representing Restricted Stock Awards granted or sold pursuant to the Plan shall
remain in the physical custody of an escrow holder until all restrictions are
removed or expire.  The Corporation may issue shares subject to
stop-transfer restrictions or may issue such shares subject only to the
restrictive legend described in subparagraph 8.1(c).

     

    (e)           Other
Conditions.  The Committee may impose other conditions on any
shares granted or sold as Restricted Stock Awards pursuant to the Plan as it may
deem advisable, including, without limitation, (i) restrictions under the
Securities Act or Exchange Act, (ii) the requirements of any securities exchange
upon which the shares or shares of the same class are then listed, and (iii) any
state securities law applicable to the shares.

     

    5.2           Expiration of
Restrictions.  The restrictions imposed in Paragraph 5.1 on
Restricted Stock Awards shall lapse as determined by the Committee and set forth
in the applicable Award Agreement, and the Corporation shall promptly cause to
be delivered to the Holder of the Restricted Stock Award a certificate
representing the number of shares for which restrictions have lapsed, free of
any restrictive legend relating to the lapsed restrictions.  Each
Restricted Stock Award may have a different restriction period, in the
discretion of the Committee.  The Committee may, in its discretion,
prospectively reduce the restriction period applicable to a particular
Restricted Stock Award.  The foregoing notwithstanding, no restriction
not required by law shall remain in effect for more than ten years after the
date of the Award.

     

    5.3           Changes in Accounting
Rules.  Notwithstanding any other provision of the Plan to the
contrary, if, during the term of the Plan, any changes in the financial or tax
accounting rules applicable to Restricted Stock Awards shall occur that, in the
sole judgment of the Board of Directors, may have a material adverse effect on
the reported earnings, assets, or liabilities of the Corporation, the Committee
shall have the right and power to modify as necessary any then outstanding
Restricted Stock Awards as to which the applicable restrictions have not been
satisfied.

     

    5.4           Rights as
Stockholder.  Subject to the provisions of Paragraphs 5.1 and
7.10, the Committee may, in its discretion, determine what rights, if any, the
Holder shall have with respect to the Restricted Stock Awards granted or sold,
including the right to vote the shares and receive all dividends and other
distributions paid or made with respect thereto.

     

    5.5           Other Agreement
Provisions.  The Award Agreements relating to Restricted Stock
Awards shall contain such provisions in addition to those required by the Plan
as the Committee may deem advisable.

     

    SECTION
6.    ADJUSTMENT PROVISIONS

     

    The
Committee may authorize an Award that contains any or all of the terms and
provisions of this Section 6 or, with respect to Paragraphs 6.2 and 6.3, that
contains terms and provisions dealing with similar subject matter differently
than do those Paragraphs; nevertheless, no term or provision of Paragraph 6.2 or
6.3 (or any such differing term or provision) shall apply to an Award Agreement
unless the Award Agreement expressly states that such term or provision
applies.

     

    
      
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    6.1           Adjustment of Awards and
Authorized Stock.  The terms of an Award and the number of
shares of Stock authorized pursuant to Paragraph 2.1 for issuance under the Plan
shall be subject to adjustment, from time to time, in accordance with the
following provisions:

     

    (a)           If
at any time or from time to time, the Corporation shall subdivide as a whole (by
reclassification, by a Stock split, by the issuance of a distribution on Stock
payable in Stock or otherwise) the number of shares of Stock then outstanding
into a greater number of shares of Stock, then (i) the maximum number of shares
of Stock available for the Plan as provided in Paragraph 2.1 shall be increased
proportionately, and the kind of shares or other securities available for the
Plan shall be appropriately adjusted, and (ii) the number of shares of Stock (or
other kind of shares or securities) that may be acquired under any Award shall
be increased proportionately, without changing the aggregate value as to which
outstanding Awards remain subject to restrictions.

     

    (b)           If
at any time or from time to time the Corporation shall consolidate as a whole
(by reclassification, reverse Stock split, or otherwise) the number of shares of
Stock then outstanding into a lesser number of shares of Stock, (i) the maximum
number of shares of Stock available for the Plan as provided in Paragraph 2.1
shall be decreased proportionately, and the kind of shares or other securities
available for the Plan shall be appropriately adjusted, and (ii) the number of
shares of Stock (or other kind of shares or securities) that may be acquired
under any Award shall be decreased proportionately, without changing the
aggregate value as to which outstanding Awards remain subject to
restrictions.

     

    (c)           Whenever
the number of shares of Stock subject to outstanding Awards are required to be
adjusted as provided in this Paragraph 6.1, the Committee shall promptly prepare
a notice setting forth, in reasonable detail, the event requiring adjustment,
the amount of the adjustment, the method by which such adjustment was
calculated, and the change in the number of shares of Stock subject to each
Award after giving effect to the adjustments.  The Committee shall
promptly give each Holder such a notice.

     

    (d)           Adjustments
under Paragraph 6(a) and (b) shall be made by the Committee, and its
determination as to what adjustments shall be made and the extent thereof shall
be final, binding and conclusive.  No fractional interest shall be
issued under the Plan on account of any such adjustments.

     

    6.2           Changes in
Control.  Upon the occurrence of a Change in Control, but only
if approved by the Committee, for Awards held by Participants who are employees
or directors of the Corporation (and their permitted transferees pursuant to
Paragraph 3.3), the restriction period of any Restricted Stock Award shall
immediately be accelerated and the restrictions shall expire.  If a
Change in Control involves a Restructure or occurs in connection with a series
of related transactions involving a Restructure and if such Restructure is in
the form of a Non-Surviving Event and as a part of such Restructure shares of
stock, other securities, cash or property shall be issuable or deliverable in
exchange for Stock, then the Holder of an Award shall be entitled to receive (in
lieu of the shares of Stock that the Holder would otherwise be entitled to
receive), the number of shares of stock, other securities, cash or property to
which that number of shares of Stock would have been entitled in connection with
such Restructure.

     

    
      
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    6.3           Restructure and No Change in
Control.  In the event a Restructure should occur at any time
while there is any outstanding Award hereunder and that Restructure does not
occur in connection with a Change in Control or in connection with a series of
related transactions involving a Change in Control, then the restriction period
of any Restricted Stock Award shall not immediately be accelerated nor shall the
restrictions expire merely because of the occurrence of the
Restructure.  The Corporation shall promptly notify each Holder of any
election or action taken by the Corporation under this Paragraph
6.3.  In the event of any election or action taken by the Corporation
pursuant to this Paragraph 6.3 that requires the amendment or cancellation of
any Award Agreement as may be specified in any notice to the Holder thereof,
that Holder shall promptly deliver that Award Agreement to the Corporation in
order for that amendment or cancellation to be implemented by the Corporation
and the Committee.  The failure of the Holder to deliver any such
Award Agreement to the Corporation as provided in the preceding sentence shall
not in any manner affect the validity or enforceability of any action taken by
the Corporation and the Committee under this Paragraph 6.3, including, without
limitation, any redemption of an Award as of the consummation of a
Restructure.  Any cash payment to be made by the Corporation pursuant
to this Paragraph 6.3 in connection with the redemption of any outstanding
Awards shall be paid to the Holder thereof currently with the delivery to the
Corporation of the Award Agreement evidencing that Award; provided, however,
that any such redemption shall be effective upon the consummation of the
Restructure notwithstanding that the  payment of the redemption price
may occur subsequent to the consummation.  If all or any portion of an
outstanding Award is to be accelerated upon or after the consummation of a
Restructure that is in the form of a Non-Surviving Event and as a part of that
Restructure shares of stock, other securities, cash or property shall be
issuable or deliverable in exchange for Stock, then the Holder of the Award
shall thereafter be entitled to purchase or receive (in lieu of the number of
shares of Stock that the Holder would otherwise be entitled to receive) the
number of shares of stock, other securities, cash or property to which such
number of shares of Stock would have been entitled in connection with the
Restructure.

     

    6.4           Notice of Change in Control
or Restructure.  The Corporation shall attempt to keep all
Holders informed with respect to any Change in Control or Restructure or of any
potential Change in Control or Restructure to the same extent that the
Corporation’s stockholders are informed by the Corporation of any such event or
potential event.

     

    SECTION
7.    ADDITIONAL PROVISIONS

     

    7.1           Termination of
Employment.  If a Holder is an Eligible Individual because the
Holder is an Employee and if that employment relationship is terminated for any
reason other than Retirement or that Holder’s death or Disability, then the
following provisions shall apply to all Awards held by that Holder that were
granted because that Holder was an Employee:

     

    (a)           If
the termination is by the Holder’s employer, then the following provisions shall
apply: (i) if the termination is for Cause, then that portion, if any, of any
and all Awards held by that Holder for which restrictions have not lapsed as of
the date of termination shall become null and void; provided, however, that the
portion, if any, of any and all Awards held by that Holder for which
restrictions have lapsed as of the date of such termination shall survive such
termination.

     

    (b)           If
such termination is by the Holder, then, unless otherwise agreed to by the
Corporation, any and all Awards held by that Holder with respect to which
restrictions thereon have not lapsed, shall become null and void as of the date
of the termination.

     

    7.2           Other Loss of
Eligibility.  If a Holder is an Eligible Individual because the
Holder is serving in a capacity other than as an Employee and if that capacity
is terminated for any reason other than the Holder’s death, then that portion,
if any, of any and all Awards held by the Holder that were granted because of
that capacity for which restrictions have not lapsed as of the date of the
termination shall become null and void as of the date of the termination; provided, however, that the portion, if
any, of any and all of the Awards held by the Holder for which restrictions have
lapsed as of the date of the termination shall survive the
termination.

     

    7.3           Death.  Upon
the death of a Holder, then any and all Awards held by the Holder, including
those portions of the Awards that pursuant to the terms and provisions of the
applicable Award Agreement the restrictions thereon have not yet lapsed, the
restriction period of any Restricted Stock Award shall immediately be
accelerated and the restrictions shall expire.

     

    
      
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    7.4           Retirement.  If
a Holder is an Eligible Individual because the Holder is an Employee and if that
employment relationship is terminated by reason of the Holder’s Retirement, then
the portion, if any, of any and all Awards held by the Holder for which
restrictions have not lapsed as of the date of that retirement shall become null
and void as of the date of retirement.

     

    7.5           Disability.  If
a Holder is an Eligible Individual because the Holder is an Employee and if that
employment relationship is terminated by reason of the Holder’s Disability, then
with respect to any and all Awards held by the Holder for which restrictions had
not lapsed, the restriction period of any Restricted Stock Award shall
immediately be accelerated and the restrictions shall
expire.  “Disability” shall have the meaning given it in the
employment agreement of the Holder; provided, however, that if that Holder
has no employment agreement, “Disability” shall mean a physical or mental
impairment of sufficient severity that, in the opinion of the Corporation,
either the Holder is unable to continue performing the duties he performed
before such impairment or the Holder’s condition entitles him to disability
benefits under any insurance or employee benefit plan of the Corporation or its
Subsidiaries and that impairment or condition is cited by the Corporation as the
reason for termination of the Holder’s employment.

     

    7.6           Leave of
Absence.  With respect to an Award, the Committee may, in its
sole discretion, determine that any Holder who is on leave of absence for any
reason will be considered to still be in the employ of the Corporation, provided
that rights to that Award during a leave of absence will be limited to the
extent to which those rights were earned or vested when the leave of absence
began.

     

    7.7           Forfeiture and Restrictions
on Transfer.  Each Award Agreement may contain or otherwise
provide for conditions giving rise to the forfeiture of the Stock acquired
pursuant to an Award or otherwise and may also provide for those restrictions on
the transferability of shares of the Stock acquired pursuant to an Award or
otherwise that the Committee in its sole and absolute discretion may deem proper
or advisable.  The conditions giving rise to forfeiture may include,
but need not be limited to, the requirement that the Holder render substantial
services to the Corporation or its Subsidiaries for a specified period of time.
The restrictions on transferability may include, but need not be limited to,
options and rights of first refusal in favor of the Corporation and stockholders
of the Corporation other than the Holder of such shares of Stock who is a party
to the particular Award Agreement or a subsequent holder of the shares of Stock
who is bound by that Award Agreement.

     

    7.8           Delivery of Certificates of
Stock.  Subject to Paragraph 7.9, the Corporation shall
promptly issue and deliver a certificate representing the number of shares of
Stock as to which restrictions have lapsed with respect to a Restricted Stock
Award and upon receipt by the Corporation of any tax withholding as may be
requested.  The value of the shares of Stock transferable because of
an Award under the Plan shall not bear any interest owing to the passage of
time, except as may be otherwise provided in an Award Agreement.

     

    7.9           Conditions to Delivery of
Stock.  Nothing herein or in any Award granted hereunder or any
Award Agreement shall require the Corporation to issue any shares with respect
to any Award if that issuance would, in the opinion of counsel for the
Corporation, constitute a violation of the Securities Act or any similar or
superseding statute or statutes, any other applicable statute or regulation, or
the rules of any applicable securities exchange or securities association, as
then in effect.  At the time of any grant of a Restricted Stock Award,
the Corporation may, as a condition precedent to the vesting of any Restricted
Stock Award, require from the Holder of the Award (or in the event of his or her
death, his or her legal representatives, heirs, legatees, or distributees) such
written representations, if any, concerning the Holder’s intentions with regard
to the retention or disposition of the shares of Stock being acquired pursuant
to the Award and such written covenants and agreements, if any, as to the manner
of disposal of such shares as, in the opinion of counsel to the Corporation, may
be necessary to ensure that any disposition by that Holder (or in the event of
the Holder’s death, his legal representatives, heirs, legatees, or distributees)
will not involve a violation of the Securities Act or any similar or superseding
statute or statutes, any other applicable state or federal statute or
regulation, or any rule of any applicable securities exchange or securities
association, as then in effect.

     

    7.10           Certain Directors and
Officers.  With respect to Awards granted to Holders who are
directors or officers of the Corporation or any Subsidiary and who are subject
to potential liability for “short-swing profits” under Section 16(b) of the
Exchange Act, Awards shall contain such other terms and conditions as may be
required by Rule 16b-3 unless the majority of the Board of Directors or the
Holder has determined not to have the Award comply with the potential exemption
from the provisions of 16(b) provided by Rule 16b-3.

     

    
      
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    7.11           Securities Act
Legend.  Certificates for shares of Stock, when issued, may
have the following legend, or statements of other applicable restrictions
endorsed thereon and may not be immediately transferable:

     

    THE
SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS. THE SHARES MAY NOT BE
OFFERED FOR SALE, SOLD, PLEDGED, TRANSFERRED, OR OTHERWISE DISPOSED OF UNTIL THE
HOLDER HEREOF PROVIDES EVIDENCE SATISFACTORY TO THE ISSUER (WHICH, IN THE
DISCRETION OF THE ISSUER, MAY INCLUDE AN OPINION OF COUNSEL SATISFACTORY TO THE
ISSUER) THAT SUCH OFFER, SALE, PLEDGE, TRANSFER, OR OTHER DISPOSITION WILL NOT
VIOLATE APPLICABLE FEDERAL OR STATE LAWS.

     

    This
legend shall not be required for shares of Stock issued pursuant to an effective
registration statement under the Securities Act.

     

    7.12           Legend for Restrictions on
Transfer.  Each certificate representing shares issued to a
Holder pursuant to an Award granted under the Plan shall, if such shares are
subject to any transfer restriction, including a right of first refusal,
provided for under this Plan or an Award Agreement, bear a legend that complies
with applicable law with respect to the restrictions on transferability
contained in this Paragraph 7.12, such as:

     

    THE
SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON
TRANSFERABILITY IMPOSED BY THAT CERTAIN INSTRUMENT ENTITLED “ARENA RESOURCES,
INC. RESTRICTED STOCK AWARD PLAN” AS ADOPTED BY ARENA RESOURCES, INC. (THE
“CORPORATION”)
ON DECEMBER __, 2009, AND AN AGREEMENT THEREUNDER BETWEEN THE CORPORATION AND
[HOLDER] DATED
___________, ______, AND MAY NOT BE TRANSFERRED, SOLD, OR OTHERWISE DISPOSED OF
EXCEPT AS THEREIN PROVIDED.  THE CORPORATION WILL FURNISH A COPY OF
SUCH INSTRUMENT AND AGREEMENT TO THE RECORD HOLDER OF THIS CERTIFICATE WITHOUT
CHARGE ON REQUEST TO THE CORPORATION AT ITS PRINCIPAL PLACE OF BUSINESS OR
REGISTERED OFFICE.

     

    7.13           Rights as a
Stockholder.  A Holder shall have no right as a stockholder
with respect to any shares covered by his or her Award until a certificate
representing those shares is issued in his or her name.  No adjustment
shall be made for dividends (ordinary or extraordinary, whether in cash or other
property) or distributions or other rights for which the record date is before
the date that certificate is issued, except as contemplated by Section
6.  Nevertheless, dividends and dividend equivalent rights may be
extended to and made part of any Award denominated in Stock or units of Stock,
subject to such terms, conditions, and restrictions as the Committee may
establish.  The Committee may also establish rules and procedures for
the crediting of interest on deferred cash payments and dividend equivalents for
deferred payment denominated in Stock or units of Stock.

     

    7.14           Information.  Each
Holder shall furnish to the Corporation all information requested by the
Corporation to enable it to comply with any reporting or other requirement
imposed upon the Corporation by or under any applicable statute or
regulation.

     

    7.15           Remedies.  The
Corporation shall be entitled to recover from a Holder reasonable attorneys’
fees incurred in connection with the enforcement of the terms and provisions of
the Plan and any Award Agreement whether by an action to enforce specific
performance or for damages for its breach or otherwise.

     

    7.16           Information
Confidential.  As partial consideration for the granting of
each Award hereunder, the Holder shall agree with the Corporation that the
Holder will keep confidential all information and knowledge that the Holder has
relating to the manner and amount of his or her participation in the Plan; provided, however, that such
information may be disclosed as required by law and may be given in confidence
to the Holder’s spouse, tax and financial advisors, or to a financial
institution to the extent that such information is necessary to secure a loan.
In the event any breach of this promise comes to the attention of the Committee,
it shall take into consideration that breach in determining whether to recommend
the grant of any future Award to that Holder, as a factor militating against the
advisability of granting any such future Award to that individual.

     

    
      
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    7.17           Consideration.  No
restriction on any Restricted Stock Award shall lapse with respect to a Holder
unless and until the Holder shall have paid cash or property to, or performed
services for, the Corporation or any of its Subsidiaries that the Committee
believes is equal to or greater in value then the par value of the Stock subject
to such Award.

     

    SECTION
8.    DURATION AND AMENDMENT OF
PLAN

     

    8.1           Duration.  No
Awards may be granted hereunder after the date that is ten (10) years from the
date the last amendment to this Plan involving an increase in authorized shares
is approved by the stockholders of the Corporation.

     

    8.2           Amendment.  The
Board of Directors may (insofar as permitted by law and applicable regulations
of any exchange or inter-dealer quotation system on which the Company’s stock
may be listed), with respect to any shares which, at the time, are not subject
to Awards, suspend or discontinue the Plan or revise or amend it in any respect
whatsoever, and may amend any provision of the Plan or any Award Agreement to
make the Plan or the Award Agreement, or both, comply with Section 16(b) of the
Exchange Act and the exemptions therefrom, the Code, the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”),
the regulations promulgated under the Code or ERISA, or any other law, rule or
regulation that may affect the Plan.  The Board of Directors may also
amend, modify, suspend or terminate the Plan for the purpose of meeting or
addressing any changes in other legal requirements applicable to the Corporation
or the Plan or for any other purpose permitted by law.  The Plan may
not be amended without the consent of the holders of a majority of the shares of
Stock then outstanding to increase materially the aggregate number of shares of
Stock that may be issued under the Plan (except for adjustments pursuant to
Section 6 of the Plan).

     

    SECTION
9.    GENERAL

     

    9.1           Right of the Corporation and
Subsidiaries to Terminate Employment.  Nothing contained in the
Plan or in any Award Agreement shall confer upon any Holder the right to
continue in the employ of the Corporation or any Subsidiary, or interfere in any
way with the rights of the Corporation or any Subsidiary to terminate his or her
employment at any time.

     

    9.2           No Liability for Good Faith
Determinations.  Neither the members of the Board of Directors
nor any member of the Committee shall be liable for any act, omission or
determination taken or made in good faith with respect to the Plan or any Award
granted under it, and members of the Board of Directors and the Committee shall
be entitled to indemnification and reimbursement by the Corporation in respect
of any claim, loss, damage or expense (including attorneys’ fees, the costs of
settling any suit, provided such settlement is approved by independent legal
counsel selected by the Corporation, and amounts paid in satisfaction of a
judgment, except a judgment based on a finding of bad faith) arising therefrom
to the full extent permitted by law and under any directors and officers
liability or similar insurance coverage that may from time to time be in
effect.  This right to indemnification shall be in addition to, and
not a limitation on, any other indemnification rights any member of the Board of
Directors or the Committee may have.

     

    9.3           Other
Benefits.  Participation in the Plan shall not preclude the
Holder from eligibility in any other stock or stock option plan of the
Corporation or any Subsidiary or any old age benefit, insurance, pension, profit
sharing, retirement, bonus or other extra compensation plans that the
Corporation or any Subsidiary has adopted or may, at any time, adopt for the
benefit of its Employees.  Neither the adoption of the Plan by the
Board of Directors nor the submission of the Plan to the stockholders of the
Corporation for approval shall be construed as creating any limitations on the
power of the Board of Directors to adopt such other incentive arrangements as it
may deem desirable, including, without limitation, the granting of stock options
and the awarding of stock and cash otherwise than under the Plan, and such
arrangements may be either generally applicable or applicable only in specific
cases.

     

    
      
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    9.4           Exclusion from Pension and
Profit-Sharing Compensation.  By acceptance of an Award
(whether in Stock or cash), as applicable, each Holder shall be deemed to have
agreed that the Award is special incentive compensation that will not be taken
into account in any manner as salary, compensation or bonus in determining the
amount of any payment under any pension, retirement or other employee benefit
plan of the Corporation or any Subsidiary.  In addition, each
beneficiary of a deceased Holder shall be deemed to have agreed that the Award
will not affect the amount of any life insurance coverage, if any, provided by
the Corporation or a Subsidiary on the life of the Holder that is payable to the
beneficiary under any life insurance plan covering employees of the Corporation
or any Subsidiary.

     

    9.5           Execution of Receipts and
Releases.  Any payment of cash or any issuance or transfer of
shares of Stock or other property to the Holder, or to his legal representative,
heir, legatee or distributee, in accordance with the provisions hereof, shall,
to the extent thereof, be in full satisfaction of all claims of such persons
hereunder. The Committee may require any Holder, legal representative, heir,
legatee or distributee, as a condition precedent to such payment, to execute a
release and receipt therefor in such form as it shall determine.

     

    9.6           Unfunded
Plan.  Insofar as it provides for Awards of Stock, the Plan
shall be unfunded.  Although bookkeeping accounts may be established
with respect to Holders who are entitled to Stock, other property or rights
thereto under the Plan, any such accounts shall be used merely as a bookkeeping
convenience.  The Corporation shall not be required to segregate any
assets that may at any time be represented by Stock, other property or rights
thereto, nor shall the Plan be construed as providing for such segregation, nor
shall the Corporation nor the Board of Directors nor the Committee be deemed to
be a trustee of any Stock, other property or rights thereto to be granted under
the Plan.  Any liability of the Corporation to any Holder with respect
to a grant of Stock, other property or rights thereto under the Plan shall be
based solely upon any contractual obligations that may be created by the Plan
and any Award Agreement; no such obligation of the Corporation shall be deemed
to be secured by any pledge or other encumbrance on any property of the
Corporation. Neither the Corporation nor the Board of Directors nor the
Committee shall be required to give any security or bond for the performance of
any obligation that may be created by the Plan.

     

    9.7           No Guarantee of
Interests.  The Board of Directors, the Committee and the
Corporation do not guarantee the Stock of the Corporation from loss or
depreciation.

     

    9.8           Payment of
Expenses.  All expenses incident to the administration,
termination or protection of the Plan, including, but not limited to, legal and
accounting fees, shall be paid by the Corporation or its Subsidiaries; provided, however, the Corporation or a
Subsidiary may recover any and all damages, fees, expenses and costs arising out
of any actions taken by the Corporation to enforce its right to purchase Stock
under this Plan.

     

    9.9           Corporation
Records.  Records of the Corporation or its Subsidiaries
regarding the Holder’s period of employment, termination of employment and the
reason therefor, leaves of absence, re-employment, and other matters shall be
conclusive for all purposes hereunder, unless determined by the Committee to be
incorrect.

     

    9.10         Information.  The
Corporation and its Subsidiaries shall, upon request or as may be specifically
required hereunder, furnish or cause to be furnished, all of the information or
documentation which is necessary or required by the Committee to perform its
duties and functions under the Plan.

     

    9.11         Corporation
Action.  Any action required of the Corporation shall be by
resolution of its Board of Directors or by a person authorized to act by
resolution of the Board of Directors.

     

    9.12         Severability.  If
any provision of this Plan is held to be illegal or invalid for any reason, the
illegality or invalidity shall not affect the remaining provisions hereof, but
such provision shall be fully severable and the Plan shall be construed and
enforced as if the illegal or invalid provision had never been included herein.
If any of the terms or provisions of this Plan conflict with the requirements of
Rule 16b-3 (as those terms or provisions are applied to Eligible Individuals who
are subject to Section 16(b) of the Exchange Act,) or the Code, then those
conflicting terms or provisions shall be deemed inoperative to the extent they
so conflict with the requirements of Rule 16b-3 or the Code unless the Committee
has determined that the Plan should not comply with such
requirements.

     

    
      
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    9.13           Notices.  Whenever
any notice is required or permitted hereunder, such notice must be in writing
and personally delivered or sent by mail. Any such notice required or permitted
to be delivered hereunder shall be deemed to be delivered on the date on which
it is personally delivered, or, whether actually received or not, on the third
Business Day after it is deposited in the United States mail, certified or
registered, postage prepaid, addressed to the person who is to receive it at the
address which such person has theretofore specified by written notice delivered
in accordance herewith. The Corporation or a Holder may change, at any time and
from time to time, by written notice to the other, the address which it or he
had previously specified for receiving notices.  Until changed in
accordance herewith, the Corporation and each Holder shall specify as its and
his address for receiving notices the address set forth in the Award Agreement
pertaining to the shares to which such notice relates.

     

    9.14           Waiver of
Notice.  Any person entitled to notice hereunder may waive such
notice.

     

    9.15           Successors.  The
Plan shall be binding upon the Holder, his legal representatives, heirs,
legatees and distributees, upon the Corporation, its successors and assigns, and
upon the Committee and its successors.

     

    9.16           Headings.  The
titles and headings of Sections and Paragraphs are included for convenience of
reference only and are not to be considered in construction of the provisions
hereof.

     

    9.17           Governing
Law.  All questions arising with respect to the provisions of
the Plan shall be determined by application of the laws of the State of Nevada
except to the extent Nevada law is preempted by federal law. Questions arising
with respect to the provisions of an Award Agreement that are matters of
contract law shall be governed by the laws of the state specified in the Award
Agreement, except to the extent Nevada corporate law conflicts with the contract
law of such state, in which event Nevada corporate law shall
govern.  The obligation of the Corporation to sell and deliver Stock
hereunder is subject to applicable laws and to the approval of any governmental
authority required in connection with the authorization, issuance, sale, or
delivery of such Stock.

     

    9.18           Word
Usage.  Words used in the masculine shall apply to the feminine
where applicable, and wherever the context of this Plan dictates, the plural
shall be read as the singular and the singular as the plural.

     

    IN
WITNESS WHEREOF, Arena Resources, Inc., acting by and through its officer
hereunto duly authorized, has executed this Arena Resources, Inc. Restricted
Stock Award Plan this 11th day of December, 2009.

    
    

     

     

    
      	 	ARENA
      RESOURCES, INC.	 
	 	 	 	 
	 	 	 	 
	 	 By:	/s/ Phillip W.
    Terry	 
	 	 	Phillip W. Terry	 
	 	 	President and Chief Executive
      Officer	 

    

     

                                                                     

     

    15

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