Document:

RESTRICTED STOCK UNIT AGREEMENT

 

EMERALD OIL, INC.

2011 EQUITY INCENTIVE PLAN

 

THIS AGREEMENT, made
effective as of this [●] day of [●], 20[●], by and between Emerald Oil, Inc., a Montana corporation (the “Company”),
and [●] (“Participant”).

 

WITNESSETH:

 

WHEREAS, Participant
on the date hereof is an Employee, Director of, or Consultant to the Company or one of its Subsidiaries; and

 

WHEREAS, the Company
wishes to grant a restricted stock unit award to Participant for shares of the Company’s Common Stock pursuant to the Company’s
2011 Equity Incentive Plan (the “Plan”); and

 

WHEREAS, the Administrator
of the Plan has authorized the grant of a restricted stock unit award to Participant;

 

NOW, THEREFORE, in
consideration of the premises and of the mutual covenants herein contained, the parties hereto agree as follows:

 

1.             Grant of Restricted Stock Unit Award; Term. The Company hereby grants to Participant on the date set forth
above a restricted stock unit award (the “Award”) for [●] restricted stock units on the terms and conditions
set forth herein. Each restricted stock unit shall entitle the Participant to receive either one share of the Company’s Common
Stock or a cash payment in accordance with Paragraph 3 below.

 

2.             Vesting of Restricted Stock Units.

 

a.                  
General. The restricted stock units subject to this Award shall vest according to the following schedule:

 

	Specified Date or Achievement
 (each, a “Vesting Time”)	 	Number of Units
 that Vest
	Exact time/procedures for certifying achievement should be determined when Award is approved and specified in this Section]	 	[To be completed]

 

b.                 
Termination of Relationship. If Participant ceases to be [an Employee] [a Consultant] [a Director] of
the Company or any Subsidiary at any time during the term of the Award, for any reason, this Award shall terminate and all restricted
stock units subject to this Award that have not vested shall be forfeited by Participant.

 

    	1

    	 

    
 

3.             Issuance of Shares or Payment. Upon each Vesting Time, the Company shall cause to be issued and delivered
to Participant a stock certificate (or, upon request and if permitted in the Administrator’s discretion, an entry to be made
in the books of the Company or its designated agent) representing that number of shares of Common Stock which is equivalent to
the number of restricted stock units that have vested, less any shares withheld for payment of taxes as provided in Section 4(e)
below, and shall deliver such certificate to Participant. Until the Vesting Time, Participant shall not be entitled to vote the
shares of Common Stock represented by such restricted stock units, shall not be entitled to receive dividends attributable to such
shares of Common Stock, and shall not have any other rights as a shareholder with respect to such shares.

 

Alternatively, the
Company may, in its sole discretion, pay Participant a lump sum payment, in cash, equal to the Fair Market Value of that number
of shares of Common Stock which is equivalent to the number of restricted stock units that have vested, subject to the withholding
provisions of Section 4(f) below. Such Fair Market Value shall be determined as of each Vesting Time. If the Company makes such
cash payment, the Participant shall not be entitled to vote the shares of Common Stock represented by such restricted stock units,
shall not be entitled to receive dividends attributable to such shares of Common Stock, and shall not have any other rights as
a shareholder with respect to such shares, whether before or after the Vesting Time.

 

The Company will issue
shares of Common Stock or make a cash payment pursuant to this Award as soon as practicable following the applicable Vesting Time,
but in no event beyond 2 1/2 months after the end of the calendar year in which the Vesting Time occurs.

 

4.             General Provisions.

 

a.                  
Employment or Other Relationship. This Agreement shall not confer on Participant any right with respect to
continuance of employment or any other relationship by the Company or any of its Affiliates, nor will it interfere in any way with
the right of the Company to terminate such employment or relationship. Nothing in this Agreement shall be construed as creating
an employment or service contract for any specified term between Participant and the Company or any Affiliate.

 

b.                 
280G Limitations. Notwithstanding anything in the Plan, this Agreement or in any other agreement, plan, contract
or understanding entered into from time to time between Participant and the Company or any of its Subsidiaries to the contrary
(except an agreement that expressly modifies or excludes the application of this Paragraph 4(b)), the vesting of this Award
shall not be accelerated in connection with a Change of Control to the extent that such acceleration, taking into account all other
rights, payments and benefits to which Participant is entitled under any other plan or agreement, would constitute a “parachute
payment” or an “excess parachute payment” for purposes of Code Sections 280G and 4999, or any successor provisions,
and the regulations issued thereunder; provided, however, that the Administrator, in its sole discretion and in accordance with
applicable law, may modify or exclude the application of this Paragraph 4(b).

 

    	2

    	 

    
 

c.                  
Securities Law Compliance. Participant shall not transfer or otherwise dispose of the shares of Common Stock
received pursuant to this Award until such time as the Company and its counsel shall have determined that such transfer or other
disposition will not violate any state or federal securities laws. Participant may be required by the Company, as a condition of
the effectiveness of this Award, to give any written assurances that are necessary or desirable in the opinion of the Company and
its counsel to ensure the issuance complies with applicable securities laws, including that all Common Stock subject to this Award
shall be held, until such time that such Common Stock is registered and freely tradable under applicable state and federal securities
laws, for Participant’s own account without a view to any further distribution thereof; that the certificates (or, if permitted,
book entries) for such shares shall bear an appropriate legend or notation to that effect; and that such shares will be not transferred
or disposed of except in compliance with applicable state and federal securities laws.

 

d.                 
Mergers, Recapitalizations, Stock Splits, Etc. Except as otherwise specifically provided in any employment,
change of control, severance or similar agreement executed by Participant and the Company, pursuant and subject to Section 14
of the Plan, certain changes in the number or character of the shares of Common Stock of the Company (through merger, consolidation,
exchange, reorganization, divestiture (including a spin-off), liquidation, recapitalization, stock split, stock dividend or otherwise)
shall result in an adjustment, reduction or enlargement, as appropriate, in Participant’s rights with respect to any unvested
restricted stock units subject to this Award (i.e., Participant shall have such “anti-dilution” rights
under the Award with respect to such events, but shall not have “preemptive “ rights).

 

e.                  
Shares Reserved. The Company shall at all times during the term of this Agreement reserve and keep available
such number of shares as will be sufficient to satisfy the requirements of this Agreement.

 

f.                  
Withholding Taxes. To permit the Company to comply with all applicable federal and state income tax laws or
regulations, the Company may take such action as it deems appropriate to ensure that, if necessary, all applicable federal and
state payroll, income or other taxes attributable to this Award are withheld from any amounts payable by the Company to Participant.
If the Company is unable to withhold such federal and state taxes, for whatever reason, the Participant hereby agrees to pay to
the Company an amount equal to the amount the Company would otherwise be required to withhold under federal or state law prior
to the issuance of any certificates (or, if permitted, book entries) for the shares of Common Stock subject to this Award. Subject
to such rules as the Administrator may adopt, the Administrator may, in its sole discretion, permit Participant to satisfy such
withholding tax obligations, in whole or in part, by delivering shares of the Company’s Common Stock, including shares of
Common Stock received pursuant to this Award, having a Fair Market Value, as of the date the amount of tax to be withheld is determined
under applicable tax law, equal to the statutory minimum amount required to be withheld for tax purposes. In no event may Participant
deliver shares having a Fair Market Value in excess of such statutory minimum required tax withholding. Participant’s election
to deliver shares or to have shares withheld for this purpose shall be made on or before the date that the amount of tax to be
withheld is determined under applicable tax law, and shall be irrevocable as of such date if approved by the Administrator. Such
election shall comply with such rules as the Administrator may adopt to assure compliance with Rule 16b-3, if applicable.

 

    	3

    	 

    
 

g.                 
Nontransferability. No portion of this Award that has not vested may be assigned or transferred, in whole
or in part, other than by will or by the laws of descent and distribution.

 

h.                 
2011 Equity Incentive Plan. The Award evidenced by this Agreement is granted pursuant to the Plan, a copy
of which Plan has been made available to Participant and is hereby incorporated into this Agreement. This Agreement is subject
to and in all respects limited and conditioned as provided in the Plan. All capitalized terms in this Agreement not defined herein
shall have the meanings ascribed to them in the Plan. The Plan governs this Agreement and, in the event of any questions as to
the construction of this Agreement or in the event of a conflict between the Plan and this Agreement, the Plan shall govern, except
as the Plan otherwise provides.

 

i.                   
Lockup Period Limitation. Participant agrees that in the event the Company advises Participant that it plans
an underwritten public offering of its Common Stock in compliance with the Securities Act of 1933, as amended, Participant will
execute any lock-up agreement the Company and the underwriter(s) deem necessary or appropriate, in their sole discretion, in connection
with such public offering.

 

j.                   
Blue Sky Limitation. Notwithstanding anything in this Agreement to the contrary, in the event the Company
makes any public offering of its securities and determines, in its sole discretion, that it is necessary to reduce the number of
issued but unvested restricted stock units so as to comply with any state securities or Blue Sky law limitations with respect thereto,
the Board of Directors of the Company shall accelerate the vesting of this restricted stock unit award, provided that the Company
gives Participant 15 days’ prior written notice of such acceleration. Notice shall be deemed given when delivered personally
or when deposited in the United States mail, first class postage prepaid and addressed to Participant at the address of Participant
on file with the Company.

 

k.                 
Affiliates. Participant agrees that, if Participant is an “affiliate” of the Company or any Affiliate
(as defined in applicable legal and accounting principles) at the time of a Change of Control (as defined in Section 1(e) of the
Plan), Participant will comply with all requirements of Rule 145 of the Securities Act of 1933, as amended, and the requirements
of such other applicable legal or accounting principles, and will execute any documents necessary to ensure such compliance.

 

l.                   
Stock Legend. The Administrator may require that the certificates for any shares of Common Stock issued to
Participant (or, in the case of death, Participant’s successors) under this Agreement shall bear an appropriate legend to
reflect the restrictions of Paragraph 4(c) and Paragraphs 4(i) through 4(k) of this Agreement; provided, however, that
failure to so endorse any of such certificates shall not render invalid or inapplicable Paragraph 4(c) or Paragraphs 4(i) through
4(k).

 

m.               
Scope of Agreement. This Agreement shall bind and inure to the benefit of the Company and its successors and
assigns and Participant and any successor or successors of Participant permitted by this Agreement. This Award is expressly subject
to all terms and conditions contained in the Plan and in this Agreement, and Participant’s failure to execute this Agreement
shall not relieve Participant from complying with such terms and conditions.

 

    	4

    	 

    
 

n.                 
Choice of Law. The law of the state of Montana shall govern all questions concerning the construction, validity,
and interpretation of this Plan, without regard to that state’s conflict of laws rules.

 

o.                 
Severability. In the event that any provision of this Plan shall be held illegal or invalid for any reason,
such illegality or invalidity shall not affect the remaining provisions of this Plan, and the Plan shall be construed and enforced
as if the illegal or invalid provision had not been included.

 

p.                 
Arbitration. Any dispute arising out of or relating to this Agreement or the alleged breach of it, or the
making of this Agreement, including claims of fraud in the inducement, shall be discussed between the disputing parties in a good
faith effort to arrive at a mutual settlement of any such controversy. If, notwithstanding, such dispute cannot be resolved, such
dispute shall be settled by binding arbitration. Judgment upon the award rendered by the arbitrator may be entered in any court
having jurisdiction thereof. The arbitrator shall be a retired state or federal judge or an attorney who has practiced securities
or business litigation for at least 10 years. If the parties cannot agree on an arbitrator within 20 days, any party may request
that the chief judge of the District Court of Yellowstone County, Montana, select an arbitrator. Arbitration will be conducted
pursuant to the provisions of this Agreement, and the commercial arbitration rules of the American Arbitration Association, unless
such rules are inconsistent with the provisions of this Agreement. Limited civil discovery shall be permitted for the production
of documents and taking of depositions. Unresolved discovery disputes may be brought to the attention of the arbitrator who may
dispose of such dispute. The arbitrator shall have the authority to award any remedy or relief that a court of this state could
order or grant; provided, however, that punitive or exemplary damages shall not be awarded. The arbitrator may award to the prevailing
party, if any, as determined by the arbitrator, all of its costs and fees, including the arbitrator’s fees, administrative
fees, travel expenses, out-of-pocket expenses and reasonable attorneys’ fees. Unless otherwise agreed by the parties, the
place of any arbitration proceedings shall be Yellowstone County, Montana.

 

* * * Signature Page Follows * *
*

 

 

    	5

    	 

    

 

ACCORDINGLY, the parties
hereto have caused this Agreement to be executed on the day and year first above written.

 

	 	EMERALD OIL, INC.
	 	 
	 	By: 	
	 	 	Name	 
	 	 	Title	 
	 	 	 	 
	 	 	 
	 	Participant	 
	 	 	 

 

Signature PageEXECUTION COPY

 

AMENDMENT TO EMPLOYMENT AGREEMENT

 

This AMENDMENT (this “Amendment”)
is made effective as of October 15, 2012, to that certain Employment Agreement, dated on or about July 26, 2012 (the “Employment
Agreement”) by and between Emerald Oil, Inc., a Montana corporation formerly known as Voyager Oil & Gas, Inc. (the
“Company”), and James Russell (J.R.) Reger (“Employee”). Capitalized words and phrases used
in this Amendment but not defined herein shall have the meanings set forth in the Employment Agreement. Employee and the Company
are referred to collectively herein as the “Parties.”

 

R E C I T
A L S:

 

WHEREAS, the Parties entered into the Employment
Agreement on or about July 26, 2012; and

 

WHEREAS, the Parties wish to amend certain
provisions of the Employment Agreement effective as of the date hereof.

 

NOW THEREFORE, the Parties hereby agree
as follows:

 

1.     
Amendment to Section 4(c) of the Employment Agreement. Section 4(c) of the Employment Agreement is hereby deleted
in its entirety and replaced with the following:

 

(c)Intentionally Deleted.

 

2.     
Amendment to Section 4 of the Employment Agreement. Section 4 of the Employment Agreement is hereby amended to add
the following:

 

(e)Discretionary Bonus.  Employee
shall be eligible for one or more discretionary bonuses (each, a “Discretionary Bonus”) equal to an amount and form
of bonus, whether in cash, equity awards or a combination thereof, as determined by the Compensation Committee, in its discretion. 
The Discretionary Bonus shall be based on the Compensation Committee’s evaluation of the condition of Company’s business,
the results of operations, Employee’s individual performance for the relevant period, the satisfaction by Employee or Company
of goals and milestones that may be established by the Compensation Committee, or any combination thereof, as the Compensation
Committee may decide in its sole discretion.  Each Discretionary Bonus shall be paid on such date as determined by the Compensation
Committee, but no later than seventy five (75) days after the end of the calendar year in which the Discretionary Bonus is approved
by the Committee. Employee and the Company agree that a portion of any Discretionary Bonus may be based on the Compensation Committee’s
evaluation of Employee’s and Company’s achievement of performance goals that may be established by the Compensation
Committee after discussion with Employee and other executive officers of the Company.  If and to the extent that the Compensation
Committee does not establish such performance goals, Employee’s Discretionary Bonus will be wholly within the discretion
of the Committee.

 

    	 

    	 

    
 

3.     
References in the Employment Agreement. All references in the Employment Agreement to “this Agreement”
shall mean the Employment Agreement as amended by this Amendment.

 

4.     
No Other Amendments. Except as modified by this Amendment, the Employment Agreement shall remain in full force and
effect. Nothing herein shall be held to alter, vary or otherwise affect the terms, conditions and provisions of the Employment
Agreement, other than as expressly contemplated herein.

 

5.     
Severability. If any provision of this Amendment shall be held invalid, illegal or unenforceable, the validity, legality
or enforceability of the other provisions hereof shall not be affected thereby, and there shall be deemed substituted for the provision
at issue a valid, legal and enforceable provision as similar as possible to the provision at issue.

 

6.     
Applicable Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Colorado.

 

7.     
Counterparts. This Amendment may be executed in multiple counterparts, each of which shall be an original and all
of which taken together shall constitute one and the same agreement.

 

    	2

    	 

    

 

IN WITNESS WHEREOF, the undersigned have
duly executed and delivered this Amendment as of the date first written above.

 

 	 	 	 	EMERALD OIL, INC.	 
	 	 	 	 	 
	 	 	By:	/s/ McAndrew Rudisill	 
	 	 	 	Name: McAndrew Rudisill	 
	 	 	 	Title: President	 

 

 	 	 	 	EMPLOYEE:	 
	 	 	 	 	 
	 	 	 	/s/ James Russell (J.R.) Reger	 
	 	 	 	James Russell (J.R.) Reger	 

  

[Employment Agreement Amendment - Reger]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}]]