Document:

exv4w7

 

Exhibit 4.7

GOODRICH PETROLEUM CORPORATION

2006 LONG-TERM INCENTIVE PLAN

Nonqualified Stock Option Agreement

	 	 	 	 	 
	     Grantee:

	 	                                        
	 	 
	     Date of Grant:

	 	                                        	 	 
	     Exercise Price per Share:

	 	$                                      	 	 
	     Number of Option Shares Granted:

	 	                                        	 	 

     1. Notice of Grant. You are hereby granted an option (“Option”) pursuant to the
Goodrich Petroleum Corporation 2006 Long-Term Incentive Plan (the “Plan”) to purchase the number of
shares of Common Stock of Goodrich Petroleum Corporation (the “Company”) set forth above, subject
to the terms and conditions of the Plan and this Agreement. This Option is not intended to be an
incentive stock option within the meaning of Section 422 of the Code.

     2. Vesting and Exercise of Option. Subject to the further provisions of this
Agreement, the Option shall become vested and may be exercised in accordance with the following
schedule, by written notice to the Company at its principal executive office addressed to the
attention of its Secretary (or such other officer or employee of the Company as the Company may
designate from time to time):

	 	 	 
	Anniversary of	 	Cumulative
	Date of Grant	 	Vested Percentage
	1st
	 	331⁄3%
	2nd
	 	662⁄3%
	3rd
	 	100%

Notwithstanding the above schedule, but subject to the further provisions hereof, upon the
occurrence of the following events the Option shall vest and become exercisable as provided below:

     (a) Disability. If your employment with the Company terminates by reason of a
disability that entitles you to benefits under the Company’s long-term disability plan, the
Option shall become fully vested and may be exercised at any time during the one-year period
following such termination by you or by your guardian or legal representative (or, if you
die during such one-year period, by your estate or the person who acquires the Option by
will or the laws of descent and distribution).

     (b) Death. If you die while in the employ of the Company, the Option shall
become fully vested and your estate (or the person who acquires the Option by will or the

 

 

laws of descent and distribution) may exercise the Option at any time during the
one-year period following the date of your death.

     (c) Termination for Cause. If your employment is terminated by the Company for
cause, as determined by the Committee in its sole discretion, the Option, whether or not
vested, may not be exercised following your termination.

     (d) Other Terminations. If your employment with the Company is terminated for
any reason other than as provided above, the Option, to the extent vested on the date of
your termination, may be exercised, at any time during the three month period following such
termination, by you or by your guardian or legal representative (or by your estate or the
person who acquires the Option by will or the laws of descent and distribution or otherwise
by reason of the death of you if you die during such period), but in each case only as to
the vested number of Option shares, if any, that you were entitled to purchase hereunder as
of the date your employment so terminates.

     (e) Change of Control. The Option shall become fully vested upon a Change of
Control.

     There is no minimum or maximum number of Option shares that must be purchased upon exercise of
the Option. Instead, the Option may be exercised, at any time and from time to time, to purchase
any number of Option shares that are then vested according to the provisions of this Agreement.

     Notwithstanding any of the foregoing, the Option shall not be exercisable in any event after
the expiration of 10 years from the above Date of Grant.

     All Option shares that are not vested on your termination of employment shall be automatically
cancelled and forfeited without payment upon your termination.

     3. Method of Payment. Payment of the aggregate exercise price for the Shares being
purchased shall be by any of the following, or a combination thereof, at your election: (a) cash;
(b) check; (c) consideration received by the Company under a cashless broker exercise program
approved by the Company; or (d) the constructive surrender of other Shares which (i) in the case of
Shares acquired upon exercise of an option, have been owned by you for more than six months on the
date of surrender, unless waived by the Committee in its discretion, and (ii) have an aggregate
Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares
being purchased.

     4. Nontransferability of Option. Without the express written consent of the
Committee, which may be withheld for any reason in its sole discretion, this Option may not be
transferred in any manner otherwise than by will or by the laws of descent or distribution and may
be exercised during your lifetime only by you. The terms of the Plan and this Agreement shall be
binding upon your executors, administrators, heirs, successors and assigns.

     5. Entire Agreement; Governing Law. The Plan is incorporated herein by reference.
The Plan and this Agreement constitute the entire agreement of the parties with respect to the
subject matter hereof and supersede in their entirety all prior undertakings and agreements of the

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Company and you with respect to the subject matter hereof, and may not be modified adversely
to your interest except by means of a writing signed by the Company and you. This Agreement is
governed by the internal substantive laws, but not the choice of law rules, of the state of Texas.

     6. Withholding of Tax. To the extent that the exercise of the Option results in the
receipt of compensation by you with respect to which the Company or a Subsidiary has a tax
withholding obligation pursuant to applicable law, unless other arrangements have been made by you
that are acceptable to the Company or such Subsidiary, which, with the consent of the Committee,
may include withholding a number of Shares that would otherwise be delivered on exercise or vesting
that have an aggregate Fair Market Value that does not exceed the amount of taxes to be withheld,
you shall deliver to the Company or the Subsidiary such amount of money as the Company or the
Subsidiary may require to meet its withholding obligations under such applicable law. No delivery
of Shares shall be made pursuant to the exercise of the Option under this Agreement until you have
paid or made arrangements approved by the Company or the Subsidiary to satisfy in full the
applicable tax withholding requirements of the Company or Subsidiary.

     7. Amendment. Except as provided below, this Agreement may not be modified in any
respect by any verbal statement, representation or agreement or by any employee, officer, or
representative of the Company or by any written agreement unless signed by you and by an officer of
the Company who is expressly authorized by the Company to execute such document.

     8. General. You agree that this Option is granted under and governed by the terms and
conditions of the Plan and this Agreement. In the event of any conflict, the terms of the Plan
shall control. Unless otherwise defined herein, the terms defined in the Plan shall have the same
defined meanings in this Agreement.

	 	 	 	 	 
	 	GOODRICH PETROLEUM CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	GRANTEE

 

Signature

 	 
	 	 	 
	 	 	 
	 	 	 
	 

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October 17, 2006

Calumet Lubricants Co., Limited Partnership

2780 Waterfront Pkwy. E. Dr., Suite 200

Indianapolis, IN 46214

Attention: R. Patrick Murray II

			
	Re:	 	ISDA Master Agreement and Schedule to the ISDA Master Agreement, dated as of March 17, 2006
(including the Credit Support Annex and other documents annexed thereto or incorporated
therein, the “Agreement”), between J. Aron & Company (“Aron”) and Calumet Lubricants Co.,
Limited Partnership (“Counterparty”)

Ladies/Gentlemen:

     This is with reference to the above captioned Agreement. The purpose of this letter amendment
(this “Amendment”) is to set forth the parties’ understanding to amend the terms of the Agreement
in accordance with the provisions herein. All terms used herein but not otherwise defined shall
have the meaning ascribed to such terms in the Agreement. Accordingly, the parties agree to amend
the Agreement as follows:

1. The definition of “Maximum Total Capacity” deleted in its entirety and replaced with the
following:

"Maximum Total Capacity” means (i) 20 thousand U.S. Barrels per day of Crack Spread Hedges
for the current calendar month and the subsequent thirty-nine (39) calendar months, or (ii)
15 thousand U.S. Barrels per day of Crack Spread Hedges for the period thereafter.

     All other provisions of the Agreement shall remain in full force and effect.

     This Amendment may be executed in any number of counterparts, each of which shall constitute
an original, but all of which, taken together, shall be deemed to constitute one and the same
agreement.

THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK (WITHOUT REFERENCE TO ANY CONFLICT OF

LAW RULES).

 

 

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

	 	 	 	 	 
	 	J. ARON & COMPANY

 	 
	 	By:  	/s/ Susan Rudov
 	 
	 	 	Name:  	Susan Rudov 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	ACCEPTED AND AGREED TO THIS 17th DAY

of October, 2006.	 	 
	 
	 	 	 	 
	Calumet

     

	 	Lubricants Co., Limited Partnership

By Calumet LP GP, LLC, its General Partner
	 	 
	 
	 	 	 	 
	By:	 	/s/ R. Patrick Murray II
 

Name: R. Patrick Murray II

Title:   Vice President and Chief Financial Officer
	 	 

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