Document:

Exhibit 4.4

 

Form for Employees

 

ANTERO RESOURCES CORPORATION

LONG-TERM INCENTIVE PLAN

 

STOCK OPTION GRANT NOTICE

 

Pursuant to the terms and conditions of the Antero Resources Corporation Long-Term Incentive Plan, as amended from time to time (the “Plan”), Antero Resources Corporation (the “Company”) hereby grants to the individual listed below (“you” or the “Participant”) the right and option to purchase all or any part of the number of shares of Common Stock set forth below (“Option”) on the terms and conditions set forth herein and in the Stock Option Agreement attached hereto as Exhibit A (the “Agreement”) and the Plan, each of which is incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.

 

	
Type   of Option:
    	
o            Incentive   Stock Option
    
	
 
    	
 
    
	
 
    	
o            Nonstatutory   Stock Option
    
	
 
    	
 
    
	
Participant:
    	
[                                                      ]
    
	
 
    	
 
    
	
Date   of Grant:
    	
[                                ],   20      
    
	
 
    	
 
    
	
Total   Number of Shares Subject to this Option:
    	
[                                ]   shares
    
	
 
    	
 
    
	
Exercise   Price:
    	
[$                              ]   per share
    
	
 
    	
 
    
	
Expiration   Date:
    	
[                                ],   20      
    
	
 
    	
 
    
	
Vesting   Commencement Date:
    	
[                                ],   20      
    
	
 
    	
 
    
	
Vesting   Schedule:
    	
Subject   to the Agreement, the Plan and the other terms and conditions set forth   herein, this Option shall vest and become exercisable with respect to 25% of   the shares of Common Stock subject to this Option (rounded to the nearest   whole number of shares, except in the case of the final vesting date) on each   of the first, second, third and fourth anniversaries of the Vesting   Commencement Date identified above so long as you remain continuously   employed by the Company from the Date of Grant through each such anniversary   date.  
    

 

By your signature below, you agree to be bound by the terms and conditions of the Plan, the Agreement and this Stock Option Grant Notice (this “Grant Notice”). You acknowledge that you have reviewed the Agreement, the Plan and this Grant Notice in their entirety and fully understand all provisions of the Agreement, the Plan and this Grant Notice. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee regarding any questions or determinations arising under the Agreement, the Plan or this Grant Notice. This Grant Notice may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts), each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

 

 

Note: To accept the grant of this Option, you must execute this Grant Notice and return an executed copy to the Corporate Secretary of the Company, 1625 17th Street, Denver, Colorado 80202 by                               , 20      . Failure to return an executed copy of this Grant Notice to the Corporate Secretary of the Company by such date will automatically render this Option null and void and of no force or effect.

 

[Remainder of Page Intentionally Blank;

Signature Page Follows]

 

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IN WITNESS WHEREOF, the Company has caused this Grant Notice to be executed by an officer thereunto duly authorized, and the Participant has executed this Grant Notice, effective for all purposes as provided above.

 

 

	
 
    	
ANTERO   RESOURCES CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Alvyn   A. Schopp
    
	
 
    	
 
    	
Chief   Administrative Officer and Regional
    
	
 
    	
 
    	
Vice   President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PARTICIPANT
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[Name   of Employee]
    

 

SIGNATURE PAGE TO

STOCK OPTION GRANT NOTICE

 

 

EXHIBIT A

 

STOCK OPTION AGREEMENT

 

This Stock Option Agreement (this “Agreement”) is made as of the Date of Grant set forth in the Grant Notice to which this Agreement is attached by and between Antero Resources Corporation, a Delaware corporation (the “Company”), and [                                        ] (“Employee”).  Capitalized terms used but not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice.

 

1.                                      Grant of Option.  To carry out the purposes of the Antero Resources Corporation Long-Term Incentive Plan (the “Plan”) by affording Employee the opportunity to purchase shares of Common Stock, and in consideration of the mutual agreements and other matters set forth herein and in the Plan, the Company hereby irrevocably grants to Employee the right and option (“Option”) to purchase all or any part of an aggregate of the number of shares of Common Stock set forth in the Grant Notice on the terms and conditions set forth herein and in the Plan, which Plan is incorporated herein by reference as a part of this Agreement.  In the event of any conflict between the terms of this Agreement and the Plan, the Plan shall control.  Unless designated as a Nonstatutory Stock Option in the Grant Notice, this Option is intended to constitute an Incentive Stock Option to the maximum extent permitted under the Code, although the Company makes no representation or guarantee that this Option will qualify as an Incentive Stock Option.  To the extent this Option or any part of it does not qualify as an Incentive Stock Option, it shall be treated as an Option that is not an Incentive Stock Option (a “Nonstatutory Stock Option”).

 

2.                                      Exercise Price.  The exercise price of each share of Common Stock subject to this Option shall be the exercise price set forth in the Grant Notice (the “Exercise Price”), which has been determined to be not less than the Fair Market Value of a share of Common Stock at the Date of Grant.  For all purposes of this Agreement, the Fair Market Value of Common Stock shall be determined in accordance with the provisions of the Plan.  Notwithstanding the preceding provisions of this Section 2, if this Option is intended to be an Incentive Stock Option and Employee owns (within the meaning of section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of the Company or any of its Subsidiaries or any “parent corporation” of the Company (as defined in section 424(e) of the Code), the exercise price per share of Common Stock subject to this Option shall not be less than 110% of the Fair Market Value of a share of Common Stock at the Date of Grant (or the date this Option is modified, extended or renewed for purposes of section 424(h) of the Code).

 

3.                                      Exercise of Option.

 

(a)                                 Subject to the earlier expiration of this Option as provided herein, this Option may be exercised, by (i) providing written notice to the Company in the form prescribed by the Committee from time to time at any time and from time to time after the Date of Grant, which notice shall be delivered to the Company in the form, and in the manner, designated by the Committee from time to time,  and (ii) paying the Exercise Price in full in a manner permitted by Section 3(e); provided, however, that this Option shall not be exercisable for more than the percentage of the aggregate number of shares of Common Stock subject to this Option with

 

 

respect to which this Option has become vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice.

 

(b)                                 This Option may be exercised only while Employee remains an employee of the Company or one of its Subsidiaries and will terminate and cease to be exercisable upon the termination of Employee’s employment with the Company and its Subsidiaries, except that:

 

(i)                                     Termination Due to Disability.  If Employee’s employment with the Company terminates by reason of Employee’s disability (within the meaning of section 22(e)(3) of the Code, “Disability”), then this Option (x) shall be immediately exercisable with respect to 100% of the shares of Common Stock subject to this Option and (y) may be exercised by Employee (or Employee’s estate or the person who acquires this Option by will or the laws of descent and distribution or otherwise by reason of the death of Employee) at any time during the period ending on the earlier to occur of (A) the date that is one year following such termination or (B) the Expiration Date set forth in the Grant Notice (the “Expiration Date”).

 

(ii)                                  Termination Due to Death.  If Employee dies while in the employ of the Company, then (x) this Option shall be immediately exercisable with respect to 100% of the shares of Common Stock subject to this Option and (y) Employee’s estate, or the person who acquires this Option by will or the laws of descent and distribution or otherwise by reason of the death of Employee, may exercise this Option at any time during the period ending on the earlier to occur of (A) the date that is one year following the date of Employee’s death or (B) the Expiration Date.

 

(iii)                               Termination Without Cause or Due to Voluntary Resignation.  If Employee’s employment with the Company is terminated without Cause (as defined below) or as a result of Employee’s voluntary resignation (and not due to Employee’s death or Disability), then this Option may be exercised (x) by Employee at any time during the period ending on the earlier to occur of (A) the date that is three months following the date of the termination of Employee’s employment or (B) the Expiration Date or (y) if Employee dies during such three-month period, by Employee’s estate or the person who acquires this Option by will or the laws of descent and distribution or otherwise by reason of the death of Employee during a period ending on the earlier of (A) the date that is one year following Employee’s death or (B) the Expiration Date, but in each case only as to the number of shares as to which this Option had become vested and exercisable as of the date Employee’s employment so terminates.

 

(iv)                              Termination for Cause.  If Employee’s employment is terminated for Cause, then this Option shall immediately terminate and cease to be exercisable as of the date of such termination.  As used in this paragraph, the term “Cause” has the meaning assigned to such term in Employee’s employment agreement with the Company or an Affiliate; provided, however, that in the absence of such an employment agreement or if such employment agreement does not define the term “Cause,” then “Cause” means a determination by the Committee that Employee (1) has engaged in gross negligence, gross incompetence or willful misconduct in the performance of Employee’s duties with respect to the Company or any Affiliate of the Company, (2) has willfully refused

 

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without proper legal reason to perform Employee’s duties and responsibilities to the Company or any of its Affiliates, which refusal to perform such duties and responsibilities continues for more than 30 days after written notice from the Company or one of its Affiliates to perform such duties and responsibilities, (3) has breached a material provision of this Agreement or another written agreement among Employee and the Company or its Affiliates, and such breach, if curable, is not remedied within 30 days of written notice thereof from the Company, (4) has violated a material corporate policy or material code of conduct established by the Company or any of its Affiliates (as such policies may be amended from time to time), (5) has willfully engaged in conduct that is materially injurious to the Company or any of its Affiliates, (6) has committed an act of theft, fraud, embezzlement, misappropriation or willful breach of a fiduciary duty to the Company or any of its Affiliates, (7) has been convicted of (or pleaded no contest to) a crime involving fraud, dishonesty or moral turpitude or any felony (or a crime of similar import in a foreign jurisdiction), or (8) has willfully violated any material legal requirement applicable to the Company or any of its Affiliates.

 

(v)                                 If the exercise of this Option within the applicable time periods set forth above is prevented by the provisions of Section 6 below, this Option will remain exercisable until 30 days after the date Employee is notified by the Company that this Option is exercisable, but in any event no later than the Expiration Date.  The Company makes no representation as to the tax consequences of any such delayed exercise.  Employee should consult with Employee’s own tax advisor as to the tax consequences of any such delayed exercise.

 

(vi)                              If a sale of shares acquired upon the exercise of this Option would subject Employee to suit under Section 16(b) of the Exchange Act, then this Option will remain exercisable until the earliest to occur of (A) the 10th day following the date on which a sale of such shares by Employee would no longer be subject to such suit, (B) the 190th day after the termination of Employee’s employment with the Company, or (C) the Expiration Date set forth in the Grant Notice.  The Company makes no representation as to the tax consequences of any such delayed exercise.  Employee should consult with Employee’s own tax advisor as to the tax consequences of any such delayed exercise.

 

(c)                                  This Option shall not be exercisable in any event after the Expiration Date set forth in the Grant Notice; provided, however, that if this Option is designated as an Incentive Stock Option and, on the Date of Grant, Employee owned (within the meaning of section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of the Company or any “subsidiary corporation” of the Company or any “parent corporation” of the Company (each within the meaning of section 424 of the Code), then, notwithstanding the Expiration Date set forth in the Grant Notice, this Option may not be exercised after the date that is five years after the Date of Grant.

 

(d)                                 Notwithstanding any provision of this Agreement, the Grant Notice or the Plan to the contrary, if at any time after the Date of Grant, (i) this Option has become vested and exercisable in whole or in part, (ii) such vested and exercisable portion of this Option is scheduled to expire or terminate for any reason other than due to the termination of Employee’s employment with the Company for Cause and (iii) the then-current Fair Market Value of a share

 

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of Common Stock exceeds the sum of (x) the Exercise Price of this Option and (y) the minimum amount of taxes required to be withheld (if any) if Employee were to exercise this Option at such time, then unless Employee (or, if applicable, Employee’s estate or the person who acquires this Option by will or the laws of descent and distribution or otherwise by reason of the death of Employee) provides written notice to the Committee at least 10 business days prior to such scheduled expiration or termination date indicating that Employee or such holder desires that this Option expire or terminate without any exercise of the portion of this Option (if any) that has become vested and exercisable, such vested and exercisable portion of this Option shall be automatically exercised as of the date of such scheduled expiration or termination through a “net issuance exercise” (as described in Section 3(e)(iv) below) and the minimum amount of taxes required to be withheld (if any) upon such automatic exercise shall be satisfied by withholding shares of Common Stock otherwise issuable in connection with such exercise having a Fair Market Value equal to such amount (as described in Section 7 below).

 

(e)                                  The Exercise Price for the shares of Common Stock as to which this Option is exercised shall be paid in full at the time of exercise (i) in cash (including check, bank draft or money order payable to the order of the Company or wire transfer of immediately available funds), (ii) if permitted by the Committee in its sole discretion, by delivering or constructively tendering to the Company shares of Common Stock having a Fair Market Value equal to the Exercise Price (provided such shares used for this purpose must have been held by Employee for such minimum period of time as may be established from time to time by the Committee to avoid adverse accounting consequences), (iii) through a “cashless exercise” in accordance with a Company established policy or program for the same, (iv) by “net issuance exercise” pursuant to which the Company reduces the number of shares of Common Stock otherwise deliverable upon exercise of this Option by a number of shares with an aggregate Fair Market Value equal to the aggregate Exercise Price at the time of exercise or (v) any combination of the foregoing.  No fraction of a share of Common Stock shall be issued by the Company upon exercise of an Option or accepted by the Company in payment of the exercise price thereof; rather, Employee shall provide a cash payment for such amount as is necessary to effect the issuance and acceptance of only whole shares of Common Stock.

 

(f)                                   The holder of this Option shall not be, and shall not have any of the rights or privileges of, a stockholder of the Company in respect of any shares of Common Stock purchasable upon the exercise of any part of this Option unless and until such shares of Common Stock shall have been issued by the Company to such holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company).  No adjustment will be made for a dividend or other right for which the record date is prior to the date the shares of Common Stock are issued, except as provided in Section 9(b) of the Plan.

 

4.                                      Special Tax Consequences.

 

(a)                                 Employee acknowledges that, to the extent that the aggregate Fair Market Value (determined as of the Date of Grant) of all shares of Common Stock with respect to which Incentive Stock Options, including this Option (if applicable), are exercisable for the first time by Employee in any calendar year exceeds $100,000, then this Option and such other options shall be Nonstatutory Stock Options to the extent necessary to comply with the limitations imposed by section 422(d) of the Code.  Employee further acknowledges that the rule set forth in

 

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the preceding sentence shall be applied by taking this Option and other “incentive stock options” into account in the order in which they were granted, as determined under section 422(d) of the Code and the Treasury regulations thereunder.  Employee further acknowledges and agrees that an Incentive Stock Option exercised more than three months after the termination of Employee’s employment with the Company, other than by reason of death or disability, will be taxed as a Nonstatutory Stock Option.

 

(b)                                 Employee understands that in order to obtain the favorable tax treatment of an Incentive Stock Option, no sale or other disposition may be made of shares of Common Stock for which Incentive Stock Option treatment is desired within one year following the date of exercise of this Option or within two years following the Date of Grant.  Employee understands and agrees that the Company shall not be liable or responsible for any additional tax liability Employee incurs in the event that the Internal Revenue Service for any reason determines that this Option does not qualify as an Incentive Stock Option within the meaning of the Code.  At any time during the one-year or two-year periods set forth above, the Company may place a legend on any certificate representing shares of Common Stock acquired pursuant to this Option requesting the transfer agent to notify the Company of any such transfers.  Employee’s obligation to notify the Company of any such transfer will continue notwithstanding that a legend has been placed on the certificate pursuant to the preceding sentence.

 

(c)                                  If this Option is designated as an Incentive Stock Option, Employee shall give prompt notice to the Company of any disposition or other transfer of any shares of Common Stock acquired under this Agreement if such disposition or transfer is made (a) within one year after the transfer of such shares of Common Stock to Employee or (b) within two years from the Date of Grant.  Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by Employee in such disposition or other transfer.

 

5.                                      Transferability.  Except as otherwise set forth in Section 10(a) of the Plan, (a) this Option may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution, unless and until the shares of Common Stock underlying this Option have been issued, and all restrictions applicable to such shares of Common Stock have lapsed; and (b) neither this Option nor any interest or right therein shall be liable for the debts, contracts or engagements of Employee or Employee’s successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding clause (a).

 

6.                                      Compliance with Securities Law.  Notwithstanding any provision of this Agreement to the contrary, the grant of this Option and the issuance of Common Stock pursuant to the exercise of this Option will be subject to compliance with all applicable requirements of federal, state, and foreign securities laws and with the requirements of any stock exchange upon which the Common Stock may then be listed.  This Option may not be exercised if the issuance of shares of Common Stock upon exercise would constitute a violation of any applicable federal,

 

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state, or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Common Stock may then be listed.  In addition, this Option may not be exercised unless (a) at the time of the proposed exercise of this Option, a registration statement under the Securities Act is in effect with respect to the shares of Common Stock issuable upon exercise of this Option or (b) in the opinion of legal counsel to the Company, the shares of Common Stock issuable upon exercise of this Option may be issued in accordance with the terms of an applicable exemption from the registration requirements of the Act.  EMPLOYEE IS HEREBY CAUTIONED THAT THIS OPTION MAY NOT BE EXERCISED UNLESS THE FOREGOING CONDITIONS ARE SATISFIED.  ACCORDINGLY, EMPLOYEE MAY NOT BE ABLE TO EXERCISE THIS OPTION WHEN DESIRED EVEN THOUGH THIS OPTION HAS BECOME VESTED.  The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance and sale of any shares subject to this Option will relieve the Company of any liability in respect of the failure to issue or sell such shares as to which such requisite authority has not been obtained.  As a condition to the exercise of this Option, the Company may require Employee to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect to such compliance as may be requested by the Company.

 

7.                                      Withholding of Tax.  To the extent that the grant or exercise of this Option or the disposition of shares of Common Stock acquired by exercise of this Option results in compensation income or wages to Employee for federal, state, local or foreign tax purposes, Employee shall deliver to the Company or to any Affiliate nominated by the Company at the time of such grant, exercise or disposition such amount of money or, if permitted by the Committee in its sole discretion, shares of Common Stock as the Company or any Affiliate nominated by the Company may require to meet its minimum obligation under applicable tax or social security laws or regulations.  No exercise of this Option shall be effective until Employee (or the person entitled to exercise this Option, as applicable) has made arrangements approved by the Company to satisfy all applicable minimum tax withholding requirements of the Company or, if applicable, any Affiliate of the Company.

 

8.                                      Employment Relationship.  For purposes of this Agreement, Employee shall be considered to be in the employment of the Company as long as Employee remains an employee of any of the Company, an Affiliate, or a corporation or other entity or a parent or subsidiary of such corporation or other entity assuming or substituting a new option for this Option.  Without limiting the scope of the preceding sentence, it is expressly provided that Employee shall be considered to have terminated employment with the Company at the time of the termination of the “Affiliate” status under the Plan of the entity or other organization that employs Employee.  Nothing in the adoption of the Plan, nor the award of this Option thereunder pursuant to this Agreement, shall affect in any way the right of Employee or the Company or any such Affiliate or other entity to terminate such employment at any time.  Unless otherwise provided in a written employment agreement or by applicable law, Employee’s employment by the Company or any such Affiliate or other entity shall be on an at-will basis, and the employment relationship may be terminated at any time by either Employee or the Company or any such Affiliate or other entity for any reason whatsoever or for no reason at all, with or without cause or notice.  Any question as to whether and when there has been a termination of Employee’s employment with

 

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the Company or any such Affiliate or other entity, and the cause of such termination, shall be determined by the Committee, and its determination shall be final.

 

9.                                      Acknowledgements Regarding Section 409A and Section 422 of the Code.  Employee understands that if the Exercise Price of the Common Stock under this Option is less than the Fair Market Value of such Common Stock on the date of grant of this Option, then Employee may incur adverse tax consequences under section 409A and section 422 of the Code.  Employee acknowledges and agrees that (a) he is not relying upon any determination by the Company, its affiliates, or any of their respective employees, directors, managers, officers, attorneys or agents (collectively, the “Company Parties”) of the fair market value of the Common Stock on the date of grant of this Option, (b) he is not relying upon any written or oral statement or representation of the Company Parties regarding the tax effects associated with Employee’s execution of this Agreement and his receipt, holding and exercise of this Option, and (c) in deciding to enter into this Agreement, Employee is relying on his own judgment and the judgment of the professionals of his choice with whom he has consulted.  Employee hereby releases, acquits and forever discharges the Company Parties from all actions, causes of actions, suits, debts, obligations, liabilities, claims, damages, losses, costs and expenses of any nature whatsoever, known or unknown, on account of, arising out of, or in any way related to the tax effects associated with Employee’s execution of this Agreement and his receipt, holding and exercise of this Option.

 

10.                               Notices.  Any notices or other communications provided for in this Agreement shall be sufficient if in writing.  In the case of Employee, such notices or communications shall be effectively delivered if hand delivered to Employee or if sent by certified mail, return receipt requested, to Employee at the last address Employee has filed with the Company.  In the case of the Company, such notices or communications shall be effectively delivered if sent by certified mail, return receipt requested, to the Company at its principal executive offices.

 

11.                               Agreement to Furnish Information.  Employee agrees to furnish to the Company all information requested by the Company to enable it to comply with any reporting or other requirement imposed upon the Company by or under any applicable statute or regulation.

 

12.                               Entire Agreement; Amendment.  This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to this Option; provided, however, that the terms of this Agreement shall not modify and shall be subject to the terms and conditions of any employment and/or severance agreement between the Company (or an Affiliate) and Employee in effect as of the date a determination is to be made under this Agreement.  Without limiting the scope of the preceding sentence, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect.  The Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; provided, however, that except as otherwise provided in the Plan or this Agreement, any such amendment that materially reduces the rights of Employee shall be effective only if it is in writing and signed by both Employee and an authorized officer of the Company.

 

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13.                               Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to conflicts of laws principles thereof.

 

14.                               Successors and Assigns.  The Company may assign any of its rights under this Agreement without Employee’s consent.  This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer set forth herein and in the Plan, this Agreement will be binding upon Employee and Employee’s beneficiaries, executors, administrators and the person(s) to whom this Option may be transferred by will or the laws of descent or distribution.

 

15.                               Clawback.  Notwithstanding any provision in this Agreement, the Grant Notice or the Plan to the contrary, to the extent required by (a) applicable law, including, without limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any Securities and Exchange Commission rule or any applicable securities exchange listing standards and/or (b) any policy that may be adopted or amended by the Board from time to time, this Option and all shares of Common Stock acquired pursuant to the exercise of this Option shall be subject to forfeiture, repurchase, recoupment and/or cancellation to the extent necessary to comply with such law(s) and/or policy.

 

16.                               Severability.  The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law.

 

17.                               Counterparts.  The Grant Notice may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.  Delivery of an executed counterpart of the Grant Notice by facsimile or pdf attachment to electronic mail shall be effective as delivery of a manually executed counterpart of the Grant Notice.

 

18.                               Headings.  The Section headings have been inserted for purposes of convenience and shall not be used for interpretive purposes.

 

[Remainder of Page Intentionally Blank]

 

A-8Exhibit 4.5

 

Form for Employees

 

ANTERO RESOURCES CORPORATION

LONG-TERM INCENTIVE PLAN

 

RESTRICTED STOCK GRANT NOTICE

 

Pursuant to the terms and conditions of the Antero Resources Corporation Long-Term Incentive Plan, as amended from time to time (the “Plan”), Antero Resources Corporation (the “Company”) hereby grants to the individual listed below (“you” or the “Participant”) the number of shares of Restricted Stock (the “Restricted Shares”) set forth below.  The Restricted Shares are subject to the terms and conditions set forth herein and in the Restricted Stock Agreement attached hereto as Exhibit A (the “Agreement”) and the Plan, each of which is incorporated herein by reference.  Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.

 

	
Participant:
    	
[                                                                      ]
    
	
 
    	
 
    
	
Date of Grant:
    	
[                                ],   20
    
	
 
    	
 
    
	
Total   Number of Shares of Restricted Stock:
    	
[                      ]   Shares
    
	
 
    	
 
    
	
Vesting Commencement Date:
    	
[                                ],   20
    
	
 
    	
 
    
	
Vesting Schedule:
    	
Subject   to the Agreement, the Plan and the other terms and conditions set forth   herein, 25% of the Restricted Shares (rounded to the nearest whole number of   Restricted Shares, except in the case of the final vesting date) shall vest   on each of the first, second, third and fourth anniversaries of the Vesting   Commencement Date identified above so long as you remain continuously   employed by the Company from the Date of Grant through each such anniversary   date.
    

 

By your signature below, you agree to be bound by the terms and conditions of the Plan, the Agreement and this Restricted Stock Grant Notice (this “Grant Notice”).  You acknowledge that you have reviewed the Agreement, the Plan and this Grant Notice in their entirety and fully understand all provisions of the Agreement, the Plan and this Grant Notice.  You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee regarding any questions or determinations arising under the Agreement, the Plan or this Grant Notice.

 

You also understand and acknowledge that you should consult with your tax advisor regarding the advisability of filing with the Internal Revenue Service an election under section 83(b) of the Internal Revenue Code with respect to the Restricted Shares.  This election must be filed no later than 30 days after Date of Grant set forth in this Grant Notice.  This time period cannot be extended.  If you wish to file a section 83(b) election, an election form is attached as Exhibit B.  By signing below, you acknowledge (a) that you have been advised to consult with a

 

 

tax advisor regarding the tax consequences of the award of the Restricted Shares and (b) that timely filing of a section 83(b) election is your sole responsibility, even if you request the Company or any of its affiliates or any of their respective managers, directors, officers, employees or authorized representatives (including attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) to assist in making such filing or to file such election on your behalf.

 

This Grant Notice may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts), each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement.

 

Note: To accept the grant of the Restricted Shares, you must execute this Grant Notice and return an executed copy to the Corporate Secretary of the Company, 1625 17th Street, Denver, Colorado 80202 by                               , 20      .  Failure to return an executed copy of this Grant Notice to the Corporate Secretary of the Company by such date will cause the Restricted Shares to automatically terminate and this Award will be null and void and of no force or effect.

 

[Remainder of Page Intentionally Blank;

Signature Page Follows]

 

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IN WITNESS WHEREOF, the Company has caused this Grant Notice to be executed by an officer thereunto duly authorized, and the Participant has executed this Grant Notice, effective for all purposes as provided above.

 

 

	
 
    	
ANTERO   RESOURCES CORPORATION  
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Alvyn   A. Schopp 
    
	
 
    	
 
    	
Chief   Administrative Officer and Regional Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PARTICIPANT 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[Name   of Employee]
    

 

SIGNATURE PAGE TO

RESTRICTED STOCK GRANT NOTICE

 

 

EXHIBIT A

 

RESTRICTED STOCK AGREEMENT

 

This Restricted Stock Agreement (this “Agreement”) is made as of the Date of Grant set forth in the Grant Notice to which this Agreement is attached by and between Antero Resources Corporation, a Delaware corporation (the “Company”), and [                                         ] (“Employee”).  Capitalized terms used but not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice.

 

1.                                      Award.  In consideration of Employee’s past and/or continued employment with, or service to, the Company or a Subsidiary and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, effective as of the Date of Grant set forth in the Grant Notice (the “Date of Grant”), the Company hereby grants to Employee the number of shares of Restricted Stock set forth in the Grant Notice (the “Restricted Shares”) on the terms and conditions set forth in the Grant Notice, this Agreement and the Plan, which is incorporated herein by reference as a part of this Agreement.  In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.

 

2.                                      Issuance Mechanics.  The Restricted Shares shall be issued in the form of Common Stock to Employee.  The Company shall (a) cause a stock certificate or certificates representing such shares of Common Stock to be registered in the name of Employee, or (b)  cause such shares of Common Stock to be held in book-entry form.  If a stock certificate is issued, it shall be delivered to and held in custody by the Company and shall bear such legend or legends as the Committee deems appropriate in order to reflect the Forfeiture Restrictions and to ensure compliance with the terms and provisions of this Agreement, the rules, regulations and other requirements of the United States Securities and Exchange Commission, any applicable federal or state securities laws or any stock exchange on which the Common Stock is then listed or quoted.  If the shares of Common Stock are held in book-entry form, then such entry will reflect that the shares are subject to the restrictions of this Agreement.

 

3.                                      Forfeiture Restrictions.

 

(a)                                 The Restricted Shares may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of except as provided in this Agreement or the Plan, and in the event of the termination of Employee’s employment with the Company for any reason whatsoever or for no reason at all, Employee shall immediately and without any further action by the Company, forfeit and surrender to the Company for no consideration all of the Restricted Shares with respect to which the Forfeiture Restrictions have not lapsed in accordance with Section 3(b) as of the date of such termination.  The prohibition against transfer and the obligation to forfeit and surrender the Restricted Shares to the Company upon termination of employment as provided in the preceding sentence are referred to herein as the “Forfeiture Restrictions.”  The Forfeiture Restrictions shall be binding upon and enforceable against any transferee of the Restricted Shares.

 

(b)                                 The Restricted Shares shall be released from the Forfeiture Restrictions in accordance with the vesting schedule set forth in the Grant Notice.  Notwithstanding the

 

 

preceding sentence or the vesting schedule set forth in the Grant Notice, provided that Employee has been continuously employed by the Company from the Date of Grant through the lapse date described in this sentence, the Forfeiture Restrictions shall lapse with respect to 100% of the Restricted Shares if Employee’s employment with the Company terminates by reason of Employee’s disability (within the meaning of section 22(e)(3) of the Code) or death. The Restricted Shares with respect to which the Forfeiture Restrictions lapse without forfeiture are referred to herein as the “Earned Shares.”  In the event any of the Restricted Shares that have not yet been released from the Forfeiture Restrictions (the “Unreleased Shares”) are released from the Forfeiture Restrictions, any Retained Distributions (as defined below) paid on such Unreleased Shares shall be promptly paid by the Company to Employee.  As soon as administratively practicable following the release of any Common Stock from the Forfeiture Restrictions, the Company shall, as applicable, either deliver to Employee the certificate or certificates representing such Common Stock in the Company’s possession belonging to Employee, or, if the Common Stock is held in book-entry form, then the Company shall remove the notations indicating that the Common Stock is subject to the restrictions of this Agreement.  Employee (or the beneficiary or personal representative of Employee in the event of Employee’s death or disability, as the case may be) shall deliver to the Company any representations or other documents or assurances as the Company or its representatives deem necessary or advisable in connection with any such delivery.

 

4.                                      Dividends and Other Distributions.  Dividends and other distributions that are paid or distributed with respect to a Restricted Share (whether in the form of shares of Common Stock or other property (including cash)) (referred to herein as “Retained Distributions”) shall be subject to the transfer restrictions and the risk of forfeiture applicable to the related Restricted Share and shall be held by the Company or other depository as may be designated by the Committee as a depository for safekeeping.  If the Restricted Share to which such Retained Distributions relate is forfeited to the Company, then such Retained Distributions shall be forfeited to the Company at the same time such Restricted Share is so forfeited.  If the Restricted Share to which such Retained Distributions relate becomes vested, then such Retained Distributions shall be paid and distributed to Employee as soon as administratively feasible after such Restricted Share becomes vested (but in no event later than March 15 of the calendar year following the calendar year in which such vesting occurs).  Distributions paid or distributed in the form of securities with respect to Restricted Shares shall bear such legends, if any, as may be determined by the Committee from time to time to reflect the terms and conditions of this Agreement and to comply with applicable securities laws.

 

5.                                      Rights as Stockholder.  Except as otherwise provided herein, upon issuance of the Restricted Shares by the Company, Employee shall have all the rights of a stockholder of the Company with respect to such Restricted Shares subject to the restrictions herein, including the right to vote the Shares.

 

6.                                      Tax Withholding.  To the extent that the receipt of the Restricted Shares or the lapse of any Forfeiture Restrictions results in compensation income or wages to Employee for federal, state, local or foreign tax purposes, Employee shall deliver to the Company or to any Affiliate nominated by the Company at the time of such receipt or lapse, as the case may be, such amount of money or, if permitted by the Committee in its sole discretion, shares of Common Stock as the Company or any Affiliate nominated by the Company may require to meet its

 

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minimum obligation under applicable tax or social security laws or regulations, and if Employee fails to do so, the Company and its Affiliates are authorized to withhold, or cause to be withheld, from any cash or stock remuneration (including withholding any of the Restricted Shares or Earned Shares otherwise distributable to Employee under this Agreement) then or thereafter payable to Employee an amount equal to any tax or social security required to be withheld by reason of such resulting compensation income or wages, and to take such other action as may be necessary in the opinion of the Company to satisfy such withholding obligation.  Employee acknowledges and agrees that none of the Board, the Committee, the Company or any of its Affiliates have made any representation or warranty as to the tax consequences to Employee as a result of the receipt of the Restricted Shares, the lapse of any Forfeiture Restrictions or the forfeiture of any of the Restricted Shares pursuant to the Forfeiture Restrictions.  Employee represents that he is in no manner relying on the Board, the Committee, the Company or any of its Affiliates or any of their respective managers, directors, officers, employees or authorized representatives (including, without limitation, attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences. Employee represents that he has consulted with any tax consultants that Employee deems advisable in connection with the Restricted Shares.

 

7.                                      Refusal to Transfer; Stop-Transfer Notices.  The Company shall not be required (a) to transfer on its books any shares of Common Stock that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (b) to treat as owner of such shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such shares shall have been so transferred.  Employee agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

 

8.                                      Unreleased Shares Not Transferable.  The Unreleased Shares and Retained Distributions may not be sold, pledged, assigned or transferred in any manner unless and until the Forfeiture Restrictions have lapsed.  No Unreleased Shares or Retained Distributions or any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of Employee or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect.

 

9.                                      Employment Relationship.  For purposes of this Agreement, Employee shall be considered to be in the employment of the Company as long as Employee remains an Employee, or an employee of a corporation or other entity (or a parent or subsidiary of such corporation or other entity) assuming or substituting a new restricted stock award for the Restricted Shares.  Without limiting the scope of the preceding sentence, it is specifically provided that Employee shall be considered to have terminated employment with the Company at the time of the termination of the “Affiliate” status of the entity or other organization that employs Employee.  Nothing in the adoption of the Plan, nor the award of the Restricted Shares thereunder pursuant to the Grant Notice and this Agreement, shall confer upon Employee the right to continued employment by the Company or any such Affiliate, or any other entity, or affect in any way the

 

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right of the Company or any such Affiliate, or any other entity to terminate such employment at any time.  Unless otherwise provided in a written employment agreement or by applicable law, Employee’s employment by the Company, or any such Affiliate, or any other entity shall be on an at-will basis, and the employment relationship may be terminated at any time by either Employee or the Company, or any such Affiliate, or other entity for any reason whatsoever, with or without cause or notice.  Any question as to whether and when there has been a termination of such employment, and the cause of such termination, shall be determined by the Committee or its delegate, and such determination shall be final, conclusive and binding for all purposes.

 

10.                               Section 83(b) Election.  If Employee makes an election under Section 83(b) of the Code to be taxed with respect to the Restricted Shares as of the Date of Grant rather than as of the date or dates upon which Employee would otherwise be taxable under Section 83(a) of the Code, Employee hereby agrees to (a) use the election form provided in Exhibit B for such purpose and (b) deliver a copy of such election to the Company promptly after filing such election with the Internal Revenue Service.

 

11.                               Notices.  Any notices or other communications provided for in this Agreement shall be sufficient if in writing.  In the case of Employee, such notices or communications shall be effectively delivered if hand delivered to Employee at Employee’s principal place of employment or if sent by registered or certified mail to Employee at the last address Employee has filed with the Company.  In the case of the Company, such notices or communications shall be effectively delivered if sent by registered or certified mail to the Company at its principal executive offices.

 

12.                               Agreement to Furnish Information.  Employee agrees to furnish to the Company all information requested by the Company to enable it to comply with any reporting or other requirement imposed upon the Company by or under any applicable statute or regulation.

 

13.                               Entire Agreement; Amendment.  This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to the Restricted Shares granted hereby; provided ̧ however, that the terms of this Agreement shall not modify and shall be subject to the terms and conditions of any employment and/or severance agreement between the Company (or an Affiliate or other entity) and Employee in effect as of the date a determination is to be made under this Agreement.  Without limiting the scope of the preceding sentence, except as provided therein, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect.  The Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; provided, however, that except as otherwise provided in the Plan or this Agreement, any such amendment that materially reduces the rights of Employee shall be effective only if it is in writing and signed by both Employee and an authorized officer of the Company.

 

14.                               Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to conflicts of law principles thereof.

 

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15.                               Successors and Assigns.  The Company may assign any of its rights under this Agreement without Employee’s consent.  This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer set forth herein and in the Plan, this Agreement will be binding upon Employee and Employee’s beneficiaries, executors, administrators and the person(s) to whom the Restricted Shares may be transferred by will or the laws of descent or distribution.

 

16.                               Clawback.  Notwithstanding any provision in this Agreement, the Grant Notice or the Plan to the contrary, to the extent required by (a) applicable law, including, without limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any Securities and Exchange Commission rule or any applicable securities exchange listing standards and/or (b) any policy that may be adopted or amended by the Board from time to time, all shares of Common Stock granted hereunder shall be subject to forfeiture, repurchase, recoupment and/or cancellation to the extent necessary to comply with such law(s) and/or policy.

 

17.                               Counterparts.  The Grant Notice may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.  Delivery of an executed counterpart of the Grant Notice by facsimile or pdf attachment to electronic mail shall be effective as delivery of a manually executed counterpart of the Grant Notice.

 

18.                               Severability.  If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of such provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain in full force and effect.

 

[Remainder of Page Intentionally Blank]

 

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EXHIBIT B

 

SECTION 83(b) ELECTION

 

The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in gross income as compensation for services the excess (if any) of the fair market value of the property described below over the amount paid for such property.

 

1.                                      The name, taxpayer identification number and address of the undersigned (the “Taxpayer”), and the taxable year for which this election is being made are:

 

	
Taxpayer’s Name:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Taxpayer’s Social
    	
 
    	
 
    
	
Security Number:
    	
-
    	
-
    
	
 
    	
 
    	
 
    
	
Taxpayer’s   Address:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Taxable Year:
    	
Calendar Year
    	
 
    

 

2.                                      The property that is the subject of this election (the “Property”) is                  shares of common stock of Antero Resources Corporation.

 

3.                                      The Property was transferred to the Taxpayer on                               .

 

4.                                      The Property is subject to the following restrictions:  The shares are subject to various transfer restrictions and are subject to forfeiture in the event certain service conditions are not satisfied.

 

5.                                      The fair market value of the Property at the time of transfer (determined without regard to any restriction other than a nonlapse restriction as defined in Section 1.83-3(h) of the Income Tax Regulations) is $                     per share x                  shares = $                              .

 

6.                                      The amount paid by the Taxpayer for the Property is $                     per share x                  shares = $                              .

 

7.                                      The amount to include in gross income is $                              .

 

The undersigned taxpayer will file this election with the Internal Revenue Service office with which the taxpayer files his or her annual income tax return not later than 30 days after the date of transfer of the Property.  A copy of the election also will be furnished to the person for whom the services were performed.  Additionally, the undersigned will include a copy of the election with his or her income tax return for the taxable year in which the Property is transferred.  The undersigned is the person performing the services in connection with which the Property was transferred.

 

 

	
Dated:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Taxpayer’s   Signature

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