Document:

Ex 10.7 Form of Non-Employee Director Restricted Stock Grant Agreement

Exhibit 10.7

FORM OF NON-EMPLOYEE DIRECTOR 
RESTRICTED STOCK GRANT AGREEMENT 
PURSUANT TO THE ERA GROUP INC. 
2012 SHARE INCENTIVE PLAN 
RESTRICTED STOCK GRANT AGREEMENT (the “Agreement”), dated as of [•]1, (the “Date of Grant”) between Era Group Inc., a Delaware corporation (the “Company”), and [•]2 (the “Grantee”). 
RECITALS : 
WHEREAS, the Company has adopted the Era Group Inc. 2012 Share Incentive Plan (the “Plan”). Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan; and 
WHEREAS, the Company has determined that it would be in the best interests of the Company and its stockholders to issue and grant to the Grantee pursuant to the Plan, and the Grantee desires to accept, shares of the Company’s common stock, par value $0.01 (“Common Stock”), upon the terms and subject to the conditions hereinafter provided.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows: 
1.Grant of Restricted Stock. Subject to the terms and conditions of the Plan and this Agreement, the Company hereby grants to the Grantee [•]3 shares of (restricted) Common Stock (the “Restricted Stock”). Except as otherwise provided herein including, without limitation, the provisions of Paragraph 3 hereof, the Grantee shall have with respect to the Restricted Stock all of the rights of a holder of Common Stock, including the right to receive dividends, if paid, and the right to vote the Common Stock, provided, however, that, prior to the record date for any dividend, the Committee shall determine, in its sole discretion, whether (i) the Grantee shall immediately receive the dividend on the Restricted Stock on the payment date, notwithstanding the vesting date of the underlying Restricted Stock as set forth in Paragraph 2 below or (ii) the amount of the dividend otherwise payable on the Restricted Stock shall be held in escrow from and after the dividend payment date until the Restricted Stock vests, at which time the amount of the dividend shall be paid to the Grantee. The Company shall cause the Restricted Stock to be issued in the name of the Grantee on the books and records of the Company promptly following execution of this Agreement by the Grantee. The Grantee acknowledges that the Restricted Stock is uncertificated and shall be credited to an escrow account until the lapse of the restriction period. Upon the request of the Company, the Grantee agrees to execute and deliver to the Company a stock power in a form satisfactory to the Company, duly endorsed in blank, relating to the Restricted Stock. 
2.Vesting. 
		
	a.
	Subject to the terms and conditions set forth herein and in the Plan the Restricted Stock shall vest [in equal installments on each of the first four  anniversaries]4 [as to 100% of the Restricted Stock on the first anniversary]5 of the Date of Grant. 

Notwithstanding the foregoing, the Restricted Stock shall vest immediately, without any action on the part of the Company (or its successor as applicable) or the Grantee if, prior to a Forfeiture (as defined below) by the Grantee, any of the following events occur: 
		
	(i)
	the death of the Grantee; 

		
	(ii)
	the Grantee becomes disabled (as defined below); or

		
	(iii)
	the occurrence of a Change in Control of the Company.  

____________________
1.  Insert date.
2.  Insert non-employee director name.
3.  Insert number of shares.
4.  With respect to sign-on award.
5.  With respect to annual director grant.

 
		
	b.
	As used in this Agreement, “Disabled” shall mean that by reason of injury or illness (including mental illness) the Grantee shall be unable to perform his or her director  duties for ninety (90) consecutive days or 120 days in a 12 month period.

3.Forfeiture. Except as set forth in Paragraph 2(a) hereof, upon termination of the Grantee’s service as a director of the Company, any unvested shares of this Restricted Stock award shall not vest and all such unvested shares shall immediately thereupon be forfeited by the Grantee to the Company without any consideration therefor (a “Forfeiture”).  

4.Representations and Warranties of Grantee. The Grantee hereby represents and warrants to the Company as follows: 
		
	a.
	The Grantee has the legal right and capacity to enter into this Agreement and fully understands the terms and conditions of this Agreement. 

		
	b.
	The Grantee is acquiring the Restricted Stock for investment purposes only and not with a view to, or in connection with, the public distribution thereof in violation of the United States Securities Act of 1933, as amended (the “Securities Act”). 

		
	c.
	The Grantee understands and agrees that none of the shares of the Restricted Stock may be offered, sold, assigned, transferred, pledged, hypothecated or otherwise disposed of except in compliance with this Agreement and the Securities Act pursuant to an effective registration statement or applicable exemption from the registration requirements of the Securities Act and applicable state securities or “blue sky” laws, and then only in accordance with the Era Group Inc. Insider Trading and Tipping Policy (the “Insider Trading Policy”). The Grantee further understands that the Company has no obligation to cause or to refrain from causing the resale of any of the shares of the Restricted Stock or any other shares of its capital stock to be registered under the Securities Act or to comply with any exemption under the Securities Act which would permit the shares of the Restricted Stock to be sold or otherwise transferred by the Grantee. The Grantee further understands that, without approval in writing pursuant to the Insider Trading Policy, no trade may be executed in any interest or position relating to the future price of Company securities, such as a put option, call option, or short sale (which prohibition includes, among other things, establishing any “collar” or other mechanism for the purpose of establishing a price). 

5.Transferability. The Grantee shall not transfer or assign the Restricted Stock except as permitted in accordance with Section 17 of the Plan. 
6.Notices. Any notice required or permitted hereunder shall be deemed given only when delivered personally or when deposited in a United States Post Office as certified mail, postage prepaid, addressed, as appropriate, if to the Grantee, at such address as the Company shall maintain for the Grantee in its personnel records or such other address as he may designate in writing to the Company, and if to the Company, at 818 Town & Country Blvd., Houston, Texas 77024, Attention: General Counsel or such other address as the Company may designate in writing to the Grantee. 
7.Entire Agreement. This Agreement and the Plan contain the entire understanding of the parties hereto with respect to the subject matter hereof and supersede all prior agreements, discussions and understandings (whether oral or written and whether express or implied) with respect to such subject matter.  If there is any inconsistency between the terms of the Plan and the terms of this Agreement, the Plan’s terms shall supersede and replace the conflicting term of this Agreement..
8.Failure to Enforce Not a Waiver. The failure of the Company to enforce at any time any provision of this Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof. 
9.Tenure. The Grantee’s right, if any, to continue to serve as a director of the Company or any of its subsidiaries shall not be enlarged or otherwise affected by the award hereunder or his or her designation as a participant under the Plan. 

2

10.Benefit and Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and assigns, and the Grantee, his executors, administrators, personal representatives and heirs. In the event that any part of this Agreement shall be held to be invalid or unenforceable, the remaining parts hereof shall nevertheless continue to be valid and enforceable as though the invalid portions were not a part hereof. 
11.Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without giving effect to principles and provisions thereof relating to conflict or choice of laws. 
12.Amendment and Termination. This Agreement may not be amended or terminated unless such amendment or termination is in writing and duly executed by each of the parties hereto. 
13.Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. 
IN WITNESS WHEREOF, the Company has executed this Agreement on the date and year first above written. 
 
                            	
		
	Era Group, Inc.

	 
	 

	 
	 

	Sten Gustafson

	Chief Executive Officer 

	 
	 

 
 
    
    
The undersigned hereby accepts, and agrees to, all terms and provisions of this Agreement as of the date and year first above written. 

                            	
		
	 
	 

	Name:
	[•]6

	 

	 
	 

____________________
6. Insert non-employee director name.
    

3Ex 10.2 - Redacted Sixth Amendment to Range Agreement2

		

			 

		

		
			
		

		
			March 25, 2013
		

		
			Via email – 
		

		
			Attention: Kyle Farmer
		

		
			Range Texas Production, LLC
		

		
			100 Throckmorton Street, Suite 1200
		

		
			Fort Worth, Texas 76102
		

		
			 
		

		
			Via email – 
		

		
			Attention: Stewart Delcambre
		

		
			ZaZa Energy Corporation
		

		
			1301 McKinney Street, Suite 2850
		

		
			Houston, Texas 77010
		

		
			 
		

		
			Re:      Sixth Amendment to and Consent to Partial Assignment(s) of Participation Agreement dated March 1, 2012, by and between Range Texas Production, LLC and ZaZa Energy Corporation, as amended 
		

		
			 
		

		
			Gentlemen:
		

		
			 
		

		
			This letter agreement (this “Letter Agreement”) is by and among EOG Resources, Inc. (“EOG”), Range Texas Production, LLC (“Range”), and ZaZa Energy Corporation (“ZaZa”).  EOG, Range, and ZaZa are sometimes hereinafter referred to individually as a “Party” and collectively as the “Parties”.
		

		
			 
		

		
			Reference is hereby made to that certain Participation Agreement dated March 1, 2012, by and between Range and ZaZa, as amended (the “Participation Agreement”).  Capitalized terms used herein and not otherwise defined shall have the meanings given to such terms in the Participation Agreement.
		

		
			 
		

		
			I. SIXTH AMENDMENT
		

		
			 
		

		
			This Letter Agreement sets forth the terms of the sixth amendment to the Participation Agreement, pursuant to which Range and ZaZa hereby amend the Participation Agreement, with effect on and from the date first set forth above, as follows:
		

		

		

		 

		

			[*] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

		

		

			 

		

 

		

			 

		

		 
		

		
			 
		

		
			A.        Paragraph 3.4 of the Participation Agreement shall be amended to change the deadline for reaching the Earning Point from September 1, 2013 to November 1, 2013.
		

		
			 
		

		
			B.        For the avoidance of doubt, notwithstanding anything to the contrary in Section 3.1 of the Participation Agreement, ZaZa’s option to commence the drilling of a Substitute Well as described in Paragraph 3.1 of the Participation Agreement shall be a continuing option, and ZaZa shall have the right to commence and additional Substitute Well any time a previous Substitute Well is abandoned prior to reaching the Minimum Required Depth and/or Minimum Required Lateral Interval, so long as such additional Substitute Well is commenced not later than sixty (60) calendar days after the release of the rig from the abandoned Substitute Well and a bona fide effort is made to reach the Minimum Required Depth and Minimum Required Lateral Interval.
		

		
			 
		

		
			C.        If ZaZa shall assign all or a portion of its rights and obligations under the Participation Agreement to EOG, then the AMI shall not include any lands covered by oil, gas and mineral leases or options to purchase oil, gas and mineral leases owned by EOG prior to March 1, 2013.
		

		
			 
		

		
			D.        For purposes of testing and logging, ZaZa may, at its option, drill and complete a vertical monitor well (the “Monitor Well”) at a mutually agreeable location on lands covered solely by the Leases.  If ZaZa chooses to drill the Monitor Well, then such Monitor Well shall be drilled to include a pilot hole sufficient to log the entire [*]and provide logs that are permissible pursuant to the terms of the relevant Lease.  The tests and logs on the Monitor Well shall include (1) a conventional core sample over the entire interval, [*], and (2) an open hole logging program to evaluate the entire interval in the pilot hole consisting of the following logs: [*], and possible rotary sidewall cores to evaluate prospective zones not sampled by conventional core.  In addition, ZaZa shall provide to Range all reasonably available well data for the Monitor Well as described on Exhibit C to the Participation Agreement.  If ZaZa chooses to drill the Monitor Well, then the above tests and logs shall be performed and provided to Range in lieu of the logs listed in Paragraph 3.1 of the Participation Agreement.
		

		
			 
		

		
			II. CONSENT TO PARTIAL ASSIGNMENT(S)
		

		
			 
		

		
			By executing this Letter Agreement, Range also provides its prior written consent to one or more assignments from ZaZa to EOG, in whole or in part, of the Participation Agreement and the Leases.  The Parties agree that such consent is in satisfaction of the consent requirements described in Paragraph 9.3 of the Participation Agreement.  To the extent of any such partial assignment or assignments, EOG shall assume ZaZa’s rights and obligations under the Participation Agreement, including as amended herein.
		

		
			 
		

		
			*         *         *
		

		

		

		 

		

			[*] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

		

		

			 

		

 

		

			 

		

		 
		

		
			Except as provided for in this Letter Agreement, the Participation Agreement shall remain in full force and effect and all the other terms and conditions of the Participation Agreement shall remain unchanged.
		

		
			 
		

		
			This Letter Agreement may be executed by the Parties in identical counterparts, which, once executed, shall be deemed to constitute a unitary, original document.
		

		
			 
		

		
			This Letter Agreement is binding on the Parties, their successors, and assigns.
		

		
			 
		

		
			Please confirm your agreement with the foregoing by signing and returning one copy of the Letter Agreement to the undersigned, whereupon this Letter Agreement shall become a binding agreement among the Parties.
		

		
			 
		

		
			If you have any questions or comments in this regard, please contact Jon Nykamp at (903) 509-7162 or jon_nykamp@eogresources.com.
		

		
			 
		

		
			                                                                        Very truly yours,
		

		
			 
		

		
			                                                                        EOG RESOURCES, INC.
		

			
					
						/s/ Ernest J. LaFlure

				

		
			                                                
		

		
			                                    
		

		
			Ernest J. LaFlure
		

		
			Vice President and General Manager
		

		
			 
		

		
			 
		

		
			(Acceptance page follows)
		

		
			                        
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			[*] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

		

		

			 

		

 

		

			 

		

		 
		

		
			 
		

		
			 
		

		
			 
		

		
			Agreed and accepted this 26th day of March, 2013:
		

		
			 
		

		
			 
		

		
			RANGE TEXAS PRODUCTION, LLC
		

		
			 
		

			
					
						/s/ D. Neal Harrington

				
	
					
						D. Neal Harrington

				
	
					
						Vice President - Land

				

		
			 
		

		
			 
		

		
			 
		

		
			Agreed and accepted this 27th  day of March, 2013:
		

		
			 
		

		
			 
		

		
			ZAZA ENERGY CORPORATION
		

		
			 
		

			
					
						/s/ Ian H. Fay

				
	
					
						Ian H. Fay

				
	
					
						CFO

				

		
			 
		

		 

		

			[*] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

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