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EXHIBIT 10.2

EXTRACTION OIL & GAS, INC.
AMENDED AND RESTATED
2016 LONG TERM INCENTIVE PLAN 
 
FORM OF
RESTRICTED STOCK UNIT (RSU) AGREEMENT
(Performance-Vesting)
(Share-Settled)

						
	Grant Date:	March 16, 2020 (the “Grant Date”)

	Name of Grantee:	[NAME OF GRANTEE] (the “Grantee” or “you”)

	Target number of RSUs subject to Award:	[TARGET NUMBER OF RSUs]
	Maximum number of RSUs subject to Award:	[MAXIMUM NUMBER OF RSUs]

This Restricted Stock Unit (RSU) Agreement (“Agreement”) is made and entered into as of the Grant Date by and between Extraction Oil & Gas, Inc., a Delaware corporation (the “Company”), and you.

WHEREAS, the Company has adopted the Extraction Oil & Gas, Inc. Amended and Restated 2016 Long Term Incentive Plan (as amended from time to time, the “Plan”), under which the Company is authorized to grant equity-based awards to certain employees and service providers of the Company; 

WHEREAS, the Company, in order to induce you to continue to dedicate service to the Company and to materially contribute to the success of the Company, agrees to grant you this award of Restricted Stock Units (“RSUs”); 

WHEREAS, you acknowledge that a copy of the Plan has been furnished to you (and is also publicly filed) and shall be deemed a part of this Agreement as if fully set forth herein and the terms capitalized but not defined herein shall have the meanings set forth in the Plan; 

WHEREAS, you acknowledge that a copy of a prospectus that summarizes the terms and conditions of the Plan has also been furnished to you in accordance with applicable law; and

WHEREAS, you desire to accept the award of RSUs granted pursuant to this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants set forth herein and for other valuable consideration hereinafter set forth, the parties agree as follows:

1.The Grant. Subject to the conditions set forth below, the Company hereby grants you, effective as of the Grant Date, as a matter of separate inducement and not in lieu of any salary or other compensation for your services for the Company, an award of RSUs (the “Award”) consisting of the number of RSUs set forth above in accordance with the terms and conditions set forth herein and in the Plan.

2.Settlement of RSUs. Subject to Sections 9 and 31, as soon as reasonably practicable after the RSUs vest as provided in Section 5 or 6 (but in no event later than March 15 following the end of the calendar year in which the RSUs vest), the Company shall settle the vested RSUs in shares of Stock (“Shares”), by delivering one Share for each such RSU, rounded down in the event of a fraction. The Company, in its sole discretion, may elect to deliver the Shares in either certificate form or in electronic, book-entry form, with such legends or restrictions thereon as the Committee may determine to be necessary or advisable in order to comply with applicable securities laws. You shall complete and sign any documents and take any additional action that the Company may request to enable it to deliver Shares on your behalf.

EXHIBIT 10.2

3.No Stockholder Rights. Unless and until the RSUs are settled, you shall not have any rights of ownership in or with respect to the RSUs, including voting and Dividend Equivalent rights.

4.Restrictions; Forfeiture. The RSUs may not be sold, transferred or otherwise alienated or hypothecated until they have been settled as described in Section 2. The RSUs may also be forfeited to the Company as provided in Sections 5 and 6.

5.Vesting Requirements. Subject to the terms and conditions of this Agreement and the Plan, the RSUs shall vest subject to the satisfaction of both time-based vesting conditions and a performance-based vesting conditions. None of the RSUs shall be considered earned until all vesting conditions applicable to such RSUs are fully satisfied. You shall be deemed to satisfy the time-based vesting conditions upon your continuous provision of service to the Company or a Company Affiliate as an employee or as an independent contractor in any managerial or governance capacity, or as a member of the Board or a board of a Company Affiliate (“Service”) from the Grant Date through the end of the final Performance Period (as defined in Appendix A). The performance-based vesting conditions shall be satisfied upon the achievement of the performance goals set forth in Appendix A. Notwithstanding any provision of this Agreement to the contrary, a maximum of 200% of the target number of RSUs reflected in the table at the beginning of this Agreement shall be eligible to become vested. Except as otherwise provided in Section 6, any RSUs that do not vest at the end of the final Performance Period shall be forfeited.

6.Termination of Services.

a.Termination due to Death, Disability or Retirement. Notwithstanding Section 5, if your Service is terminated (i) due to your death, (ii) upon your being unable to perform your duties or fulfill your obligations to the Company by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months as determined by the Company and certified in writing by a competent medical physician selected by the Company, or (iii) upon your separation from Service when you (A) are at least age fifty-five (55), (B) have at least ten (10) years of continuous Service and (C) have provided at least six (6) months prior written notice to the Company, then the RSUs shall vest at the end of each relevant Performance Period (or immediately, in respect of any Performance Period that has already ended) based on the level of achievement of the performance goals set forth in Appendix A. Any RSUs not vesting shall be forfeited.

b.Change in Control. Notwithstanding Section 5, upon the occurrence of a Change in Control, (i) for any portion of the RSUs for which the Performance Period has ended prior to the date of the Change in Control, such RSUs shall vest based on the level of achievement of the performance goals set forth in Appendix A for the applicable Performance Period, and (ii) for any portion of the RSUs for which the Performance Period has not ended prior to the date of the Change in Control, the Company shall deem the Performance Period to end immediately prior to the Change in Control, and such RSUs shall vest upon the Change in Control at the greater of (A) assumed achievement of the performance goals set forth in Appendix A at the “Target” level or (B) the actual level of achievement of the performance goals set forth in Appendix A as of the Change in Control; and any RSUs not vesting shall be forfeited.

c.Employment Agreement; Severance Plan. Notwithstanding anything in this Agreement, in the event of any conflict between this Section 6 and the provisions of (i) any written employment agreement between you and the Company or (ii) any Company severance plan under which you are a participant with respect to the vesting, acceleration or termination of 

EXHIBIT 10.2

equity awards upon a termination of your Service, the provisions most favorable to you under either this Agreement or under such employment agreement or severance plan, as applicable, shall control.

d.Other Terminations. If your Service is terminated under circumstances other than as described above in this Section 6, then those RSUs that have not vested as of the date of termination shall be forfeited to the Company.

7.Leave of Absence. With respect to the Award, the Company may, in its sole discretion, determine that if you are on leave of absence for any reason you shall be considered to still be in the Service, provided that rights to the RSUs during a leave of absence shall be limited to the extent to which those rights were earned or vested when the leave of absence began.

8.Payment of Taxes. In connection with any disposition of Shares or cash acquired pursuant to settlement of the Award, you (or any person permitted to receive such disposition or payment in the event of your death) shall be responsible for satisfying withholding taxes and other tax obligations relating to the Award or payment. Such tax obligations shall be satisfied through net withholding (which is a reduction of the amount of Shares or cash, as determined by the Committee, otherwise issuable or deliverable pursuant to the Award or payment) and the maximum number of Shares that may be so withheld shall be the number of Shares that have an aggregate Fair Market Value on the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state, local and/or foreign tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment for the Company with respect to the Award or payment, as determined by the Committee. You acknowledge that there may be adverse tax consequences upon the transfer, vesting or settlement of the Award, the disposition of the underlying Shares or cash and that you have been advised, and hereby are advised, to consult a tax advisor prior to such transfer, vesting, settlement, disposition or payment. You represent that you are 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 attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences.

9.Compliance with Securities Law and Plan Limits. Notwithstanding any provision of this Agreement to the contrary, to the extent RSUs are otherwise settleable in Shares but there are not sufficient Shares available for issuance under the Plan, the Committee may elect to settle the RSUs in cash. Notwithstanding any provision of this Agreement to the contrary, the issuance of Stock shall be subject to compliance with all applicable requirements of federal, state, or foreign law with respect to such securities and with the requirements of any stock exchange or market system upon which the Stock may then be listed. No Stock shall be issued hereunder if such issuance would constitute a violation of any applicable federal, state, or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed. In addition, Stock shall not be issued hereunder unless (a) a registration statement under the Securities Act (the “Act”) is at the time of issuance in effect with respect to the Shares issued or (b) in the opinion of legal counsel to the Company, the Shares issued may be issued in accordance with the terms of an applicable exemption from the registration requirements of the Act. 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 the Award shall relieve the Company of any liability in respect of the failure to issue such Shares as to which such requisite authority has not been obtained; provided, however, that in such event, the Company shall settle the vested portion of this Award through payment of cash having a Fair Market Value equal to the number of Shares otherwise issuable. As a condition to any issuance hereunder, the Company may require you to satisfy any qualifications that may be necessary or appropriate to 

EXHIBIT 10.2

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. From time to time, the Board and appropriate officers of the Company are authorized to take the actions necessary and appropriate to file required documents with governmental authorities, stock exchanges, and other appropriate Persons to make Shares available for issuance.

10.Right of the Company and Affiliates to Terminate Employment or Services. Nothing in this Agreement confers upon you the right to continue in the employ of or performing services for the Company or any of its Affiliates, or interfere in any way with the rights of the Company or any of its Affiliates to terminate your employment or service relationship at any time. For purposes of this Agreement, you shall be considered to be in Service as long as you remain in Service or in the service of a corporation or a parent or subsidiary of such corporation assuming or substituting a new award for this Award.

11.Corporate Acts. The existence of the RSUs shall not affect in any way the right or power of the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization, or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of debt or equity securities, the dissolution or liquidation of the Company or any sale, lease, exchange, or other disposition of all or any part of its assets or business, or any other corporate act or proceeding.

12.Furnish Information. You agree to furnish to the Company all information requested by the Company to enable it to comply with any reporting or other requirements imposed upon the Company by or under any applicable statute or regulation.

13.Remedies. The parties to this Agreement shall be entitled to recover from each other reasonable attorneys’ fees incurred in connection with the successful enforcement of the terms and provisions of this Agreement whether by an action to enforce specific performance or for damages for its breach or otherwise.

14.No Liability for Good Faith Determinations. The members of the Board shall not be liable for any act, omission or determination taken or made in good faith with respect to this Agreement or the RSUs granted hereunder.

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

16.No Guarantee of Interests. The Committee, the Board and the Company do not guarantee the Stock of the Company from loss or depreciation.

17.Notice. All notices required or permitted under this Agreement must be in writing and personally delivered or sent by mail and shall be deemed to be delivered on the date on which it is actually received by the person to whom it is properly addressed or if earlier the date it is sent via certified United States mail.

18.Waiver of Notice. Any person entitled to notice hereunder may waive such notice in writing.

EXHIBIT 10.2

19.Information Confidential. As partial consideration for the granting of the Award hereunder, you hereby agree to keep confidential all information and knowledge, except that which has been disclosed in any public filings required by law, that you have relating to the terms and conditions of this Agreement; provided, however, that such information may be disclosed as required by law and may be given in confidence to your spouse and tax and financial advisors. In the event any breach of this promise comes to the attention of the Company, it shall take into consideration that breach in determining whether to recommend the grant of any future similar award to you, as a factor weighing against the advisability of granting any such future award to you.

20.Successors. This Agreement shall be binding upon you, your legal representatives, heirs, legatees and distributees, and upon the Company, its successors and assigns.

21.Severability. If any provision of this Agreement is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions hereof, but such provision shall be fully severable and this Agreement shall be construed and enforced as if the illegal or invalid provision had never been included herein.

22.Company Action. Any action required of the Company shall be by resolution of the Board or by a person or entity authorized to act by resolution of the Board.

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

24.Governing Law. All questions arising with respect to the provisions of this Agreement shall be determined by application of the laws of Delaware without giving any effect to any conflict of law provisions thereof, except to the extent Delaware state law is preempted by federal law. The obligation of the Company to sell and deliver Stock hereunder is subject to applicable laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such Stock.

25.Amendment. This Agreement may be amended by the Board or by the Committee at any time; provided that any amendment that would materially and adversely affect your rights hereunder shall not be effective without your consent.

26.Clawback. To the extent required by applicable law or any applicable securities exchange listing standards, or as otherwise determined by the Board (or a committee thereof), all Shares granted and cash awarded under this Agreement shall be subject to the provisions of any applicable clawback policies or procedures adopted by the Company, which clawback policies or procedures may provide for forfeiture and/or recoupment of such Shares and cash. Notwithstanding any provision of this Agreement to the contrary, the Company reserves the right, without your consent, to adopt any such clawback policies and procedures, including such policies and procedures applicable to this Agreement with retroactive effect.

27.The Plan. This Agreement is subject to all the terms, conditions, limitations and restrictions contained in the Plan.

28.Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original and all of which together shall constitute one instrument. Delivery of an executed counterpart of this Agreement by facsimile or portable document format (.pdf) attachment to electronic mail shall be effective as delivery of a manually executed counterpart of this Agreement.

EXHIBIT 10.2

29.Consent to Electronic Delivery; Electronic Signature. In lieu of receiving documents in paper format, you agree, to the fullest extent permitted by law, to accept electronic delivery of any documents that the Company may be required to deliver (including prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports and all other forms of communications) in connection with this and any other award made or offered by the Company. Electronic delivery may be via a Company electronic mail system or by reference to a location on a Company intranet to which you have access. You hereby consent to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may be required to deliver, and agree that your electronic signature is the same as, and shall have the same force and effect as, your manual signature.

30.Entire Agreement. 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 Award 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, consulting and/or severance agreement or severance plan between the Company (or a Company Affiliate or other entity) and you 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. In this Agreement, unless otherwise stated, the following uses apply: (a) “including” (and like terms) means “including, without limitation” (and like terms); and (b) references to sections and exhibits are to sections and exhibits in and to this Agreement.

31.Acknowledgements Regarding Section 409A of the Code. This Agreement is intended to comply with section 409A of the Code and the guidance and regulations promulgated thereunder (“Section 409A”) or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by you on account of non-compliance with Section 409A. Notwithstanding the foregoing, you acknowledge that if you are deemed a “specified employee” within the meaning of Section 409A, as determined by the Committee, at a time when you become eligible for settlement of the RSUs upon “separation from service” within the meaning of Section 409A, then to the extent this Agreement provides for “nonqualified deferred compensation” and to the extent necessary to prevent any accelerated or additional tax under Section 409A, such settlement shall be delayed until the earlier of: (a) the date that is six months following your separation from service and (b) your death. All installment payments under this Agreement shall be deemed separate payments for purposes of Section 409A.

[Signature Page Follows]

EXHIBIT 10.2

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its officer thereunto duly authorized, and the Grantee has set his hand as of the Grant Date.

EXTRACTION OIL & GAS, INC.

By:_______________________________________ 
Name:  
Title:  

[GRANTEE]

__________________________________________
GRANTEEDocument

EXHIBIT 10.3

EXTRACTION OIL & GAS, INC.
FORM OF RESTRICTED CASH AWARD AGREEMENT

THIS RESTRICTED CASH AWARD AGREEMENT (this “Agreement”) is made as of the 16th day of March 2020 (the “Date of Grant”), between EXTRACTION OIL & GAS, INC., a Delaware corporation (the “Company”), and [GRANTEE NAME] (“Employee”).

To carry out the purposes of the EXTRACTION OIL & GAS, INC. AMENDED AND RESTATED 2016 LONG TERM INCENTIVE PLAN (as amended from time to time, the “Plan”), by granting Employee an award as set forth below, and in consideration of the mutual agreements and other matters set forth herein and in the Plan, the Company and Employee hereby agree as follows:

1.         Grant of Award. The Company hereby grants Employee a restricted cash award in the amount of $[###] (the “Award”) on the terms and conditions set forth herein and in the Plan. Employee acknowledges receipt of a copy of the Plan and agrees that the terms and provisions of the Plan are 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. Capitalized terms used but not defined in this Agreement shall have the meaning attributed to such terms under the Plan, unless the context requires otherwise.

2.         Vesting and Payment. By acceptance of the Award, Employee agrees with respect thereto as follows:

(a)     Vesting. Provided that Employee remains in continuous service to the Company or a Company Affiliate as an employee or as an independent contractor in any managerial or governance capacity, or as a member of the Board or a board of a Company Affiliate (“Service”) through the vesting date set forth in the following schedule, the Award shall vest in accordance with the following schedule:

Vesting Date                                                              Percentage of Award Vesting
March 16, 2021                                                                       33.33%                        
March 16, 2022                                                                       33.33%                        
March 16, 2023                                                                       33.34%                        

The foregoing vesting schedule notwithstanding, subject to any contrary terms of any written employment agreement between Employee and the Company or participation by Employee in a written Company severance plan, if Employee’s Service terminates for any reason at any time before any portion of the Award has vested, the unvested portion of the Award shall be automatically forfeited upon such termination and neither the Company nor any Affiliate shall have any further obligations to Employee under this Agreement. For purposes of a written Company severance plan, the Award shall be considered and treated as an equity plan award thereunder and for purposes of any written employment agreement between Employee and the Company, the Award shall be considered an equity-related award thereunder. No portion of the Award shall be considered earned until it becomes vested under this Agreement.

(b)      Payments. Subject to Section 4, as soon as reasonably practicable after a portion of the Award vests (but in no event later than March 15 following the end of the calendar year in which the portion vests), the Company shall deliver to Employee a cash payment equal to the portion of the Award vesting. Employee shall complete and sign any documents and take any additional action that the Company may request to enable it to deliver payment on Employee’s behalf.

3.         Withholding of Tax. To the extent that the grant, vesting or payment of the Award 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, vesting or 

EXHIBIT 10.3

payment such amount of money as the Company or any Affiliate nominated by the Company may require to meet its obligations under applicable tax or social security laws or regulations. No payments under this Agreement shall be made until Employee (or the person entitled to payment hereunder, as applicable) has paid or made arrangements approved by the Company to satisfy in full the applicable tax withholding requirements of the Company or, if applicable, any Affiliate of the Company.

4.         Compliance with Law. The grant, vesting and payment of the Award shall be subject to compliance by the Company and Employee with all applicable requirements of federal and state laws and all applicable requirements of any stock exchange on which the Company’s shares of Stock may be listed.

5.         Employment Relationship. All references to the “Company” in this Section 5 and in Section 2 shall be deemed to include any Affiliate of the Company that employs Employee. For purposes of this Agreement, Employee shall be considered to be in Service as long as Employee remains an employee of the Company, an Affiliate, or a corporation or a parent or subsidiary of such corporation assuming or substituting a new award for the Award. Without limiting the scope of the preceding sentence, it is expressly provided that Employee shall be considered to have terminated Service 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 or the Award shall affect in any way the right of Employee or the Company to terminate such Service at any time. Unless otherwise provided in a written employment agreement or by applicable law, Employee’s Service shall be on an at-will basis, and the Service relationship may be terminated at any time by either Employee or the Company for any reason whatsoever or for no reason, with or without cause or notice. Any question as to whether and when there has been a termination of Employee’s Service, and the cause of such termination, shall be determined by the Committee, and its determination shall be final.

6.      Acknowledgements Regarding Section 409A of the Code. This Agreement is intended to comply with section 409A of the Code and the guidance and regulations promulgated thereunder (“Section 409A”) or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Employee on account of non-compliance with Section 409A. Notwithstanding the foregoing, Employee acknowledges that if Employee is deemed a “specified employee” within the meaning of Section 409A, as determined by the Committee, at a time when Employee becomes eligible for payment of the Award upon “separation from service” within the meaning of Section 409A, then to the extent necessary to prevent any accelerated or additional tax under Section 409A, such payment shall be delayed until the earlier of: (a) the date that is six months following Employee’s separation from service and (b) Employee’s death. All installment payments under this Agreement shall be deemed separate payments for purposes of Section 409A.

7.         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 Service 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.

8.         Binding Effect. This Agreement shall be binding upon and inure to the benefit of any successors to the Company and all persons lawfully claiming under Employee. 

9.         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, 

EXHIBIT 10.3

warranties and agreements between the parties with respect to the Award 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 agreement between the Company (or an Affiliate) and Employee in effect as of the date of Employee’s termination of Service and any Company severance plan under which Employee is covered as of the date of Employee’s termination of Service. 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. In this Agreement, unless otherwise stated, the following uses apply: (a) “including” (and like terms) means “including, without limitation” (and like terms); and (b) references to sections and exhibits are to sections and exhibits in and to this Agreement.

10.       Clawback. Notwithstanding anything in this Agreement to the contrary, any compensation, payments, or benefits provided hereunder, whether in the form of cash or otherwise, shall be subject to a clawback to the extent necessary to comply with the requirements of any applicable law.

11.       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.

[Signature page follows.]

EXHIBIT 10.3

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer thereunto duly authorized, and Employee has executed this Agreement, all as of the Grant Date.

                                                               EXTRACTION OIL & GAS, INC.

                                                               By:  ____________________________________ 

                                                               Name:  _________________________________  

                                                               Title:                                                                        

                                                               [GRANTEE NAME]

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