Document:

Exhibit 10.12

			
	Information Analysis Incorporated	  	2010 Annual Report on Form 10-K

  

Exhibit 10.12 
 MODIFICATION AGREEMENT 
 This MODIFICATION AGREEMENT entered into as of
December 13, 2010, between Information Analysis Incorporated, a Virginia corporation, with an address of 11240 Waples Mill Road, Suite 201, Fairfax, Virginia 22030 (the “Borrower”) and TD Bank, NA, a National banking association with
an address of 2070 Chain Bridge Road, Vienna, Virginia 22182 (the “Bank”), successor to Commerce Bank, N.A. (“PREDECESSOR”). 
 WHEREAS, the Bank established a revolving line of credit (the “Revolving Loan”) for Borrower which matured on December 1, 2010 (the “Maturity Date”) respecting which Bank
agreed to Lend to Borrower upon Borrower’s request, but subject to the terms and conditions set forth in various loan documents, of up to One Million Dollars and Zero Cents ($1,000,000.00) (the “Revolving Loan Amount”);

 WHEREAS, the Revolving Loan is evidenced by that certain Promissory Note, dated December 20, 2005 (as previously
amended, modified or supplemented, the “Note”), by the Borrower in favor of the Bank in the face amount of the Revolving Loan Amount; 
 WHEREAS, in connection with the Revolving Loan, Borrower entered into that certain Business Loan Agreement, dated December 20, 2005 (as previously amended, modified or supplemented, the
“Loan Agreement”); 
 WHEREAS, the Loan Agreement and the Note and all other documents and instruments executed in
connection with or relating to the Loan are referred to herein, collectively, as the “Loan Documents”; and all collateral granted to the Bank to secure the Loan is referred to herein, collectively, as the “Collateral”;

 WHEREAS, the Bank is the successor in interest to PREDECESSOR with respect to the Loan and the Loan Documents, is the owner
and holder of the Loan and the Loan Documents and, as such, the Borrower is indebted to the Bank therefor and thereunder; 

WHEREAS, the Borrower and the Bank have agreed to modify the Loan and the Loan Documents in accordance with the terms of this Agreement.

 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Bank
and the Borrower mutually agree as follows: 
 1. MODIFICATION 
 1.1 Recitals and Representations Accurate. The above recitals are hereby made a part of this Agreement and the Borrower acknowledges and agrees that each of the recitals is true and correct.

 1.2 Ratification. All of the terms, covenants, provisions, representations, warranties, and conditions of the Loan Documents, as
amended or modified hereby, are ratified, acknowledged, confirmed, and continued in full force and effect as if fully restated herein. 
 1.3
Amended and Restated Note. The Note shall be amended and restated in the form attached hereto as Exhibit A (the “Amended Note”). 
 1.4 Representations and Warranties. The Borrower hereby represents and warrants to the Bank that: 
 (a) The person executing this Agreement is duly authorized to do so and to bind the Borrower to the terms hereof; 
 (b) Each of the Loan Documents is a valid and legal binding obligation of the Borrower, enforceable in accordance with its terms, and is not subject to any defenses, counterclaims, or offsets of any kind;

			
	Information Analysis Incorporated	  	2010 Annual Report on Form 10-K

  

 

 (c) All financial statements delivered to the Bank were true, accurate and complete, in
all material respects, as of the date of delivery to the Bank; 
 (d) Since the date of the Loan Documents there has been no
material adverse change in the condition, financial or otherwise, of the Borrower, except as disclosed to the Bank in writing; 

(e) There exists no action, suit, proceeding or investigation, at law or in equity, before any court, board, administrative body or other
entity, pending or threatened, affecting the Borrower or its property, where in an unfavorable decision, ruling or finding would materially adversely affect the business operations, property or financial condition of the Borrower; and 

(f) There exists no event of default, or other circumstance that with the passage of time or giving of notice or both will become an
event of default, under any of the Loan Documents. 
 1.5 Interest. Fees. Costs and Expenses. The Borrower shall, simultaneously with the
execution of this Agreement, pay to the Bank all accrued interest owing on the Loan as of the date of this Agreement together with all fees, costs and expenses due and owing to the Bank by the Borrower under the Loan Documents. 

1.6 Modification. The Borrower agrees to pay the Bank a modification fee in the amount of $3,000.00 at the time of execution and delivery
of this agreement. Additionally, the Borrower agrees, upon execution of the Agreement, to pay the following fees in connection with this modification: documentation fee $200.00; entity search fee $59.50; judgment search fee $20.00.

 2. MISCELLANEOUS 
 2.1 Set-Off. The Borrower hereby grants to the Bank a continuing lien and security interest in any and all deposits or other sums at any time credited by or due from the Bank to the Borrower and
any cash, securities, instruments or other property of the Borrower in the possession of the Bank, whether for safekeeping or otherwise, or in transit to or from the Bank (regardless of the reason the Bank had received the same or whether the Bank
has conditionally released the same) as security for the full and punctual payment and performance of all of the liabilities and obligations of the Borrower to the Bank and such deposits and other sums may be applied or set off against such
liabilities and obligations of the Borrower to the Bank at any time, whether or not such are then due, whether or not demand has been made and whether or not other collateral is then available to the Bank. 

2.2 Release of the Bank. The Borrower hereby confirms that as of the date hereof it has no claim, set-off, counterclaim, defense, or other cause
of action against the Bank including, but not limited to, a defense of usury, any claim or cause of action at common law, inequity, statutory or otherwise, in contract or in tort, for fraud, malfeasance, misrepresentation, financial loss, usury,
deceptive trade practice, or any other loss, damage or liability of any kind, including, without limitation, any claim to exemplary or punitive damages arising out of any transaction between the Borrower and the Bank. To the extent that any such
set-off, counterclaim, defense, or other cause of action may exist or might hereafter arise based on facts known or unknown that exist as of this date, such set-off, counterclaim, defense and other cause of action is hereby expressly and knowingly
waived and released by the Borrower. The Borrower acknowledges that this release is part of the consideration to the Bank for the financial and other accommodations granted by the Bank in this Agreement. 

2.3 Costs and Expenses. The Borrower shall pay to the Bank on demand any and all costs and expenses (including, without limitation, reasonable
attorneys’ fees and disbursements, court costs, litigation and other expenses) incurred or paid by the Bank in establishing, maintaining, protecting or enforcing any of the Bank’s rights or any of the obligations owing by the Borrower to
the Bank, including, without limitation, any and all such costs and expenses incurred or paid by the Bank in defending the Bank’s security interest in, title or right to, the Collateral or in collecting or attempting to collect or enforcing or
attempting to enforce payment of the Loan. 
 2.4 Indemnification. The Borrower shall indemnify, defend and hold the Bank and its
directors, officers, employees, agents and attorneys (each an “Indemnitee”) harmless against any claim brought or threatened against any Indemnitee by the Borrower or any guarantor or endorser of the obligations of the

			
	Information Analysis Incorporated	  	2010 Annual Report on Form 10-K

  

 

 
Borrower to the Bank, or any other person (as well as from attorneys’ fees and expenses in connectiontherewith) on account of the Bank’s relationship with the Borrower, or any guarantor
or endorser of the obligations of the Borrower to the Bank (each of which may be defended, compromised, settled or pursued by the Bank with counsel of the Bank’s election, but at the expense of the Borrower), except for any claim arising out of
the gross negligence or willful misconduct of the Bank. The within indemnification shall survive payment of the obligations of the Borrower to the Bank, and/or any termination, release or discharge executed by the Bank in favor of the Borrower.

 2.5 Severability. If any provision of this Agreement or portion of such provision or the application thereof to any person or
circumstance shall to any extent be held invalid or unenforceable, the remainder of this Agreement (or the remainder of such provision) and the application thereof to other persons or circumstances shall not be affected thereby. 

2.6 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original, but all of which shall
constitute but one agreement. 
 2.7 Bank’s Predecessor(s). All references in the Loan Documents to Bank and Commerce Bank, N.A.
shall hereafter mean TD Bank, N.A., its successors and assigns. The Bank’s address, for all purposes, shall be set forth in the first paragraph of this Agreement. 
 2.8 Complete Agreement. This Agreement and the other Loan Documents constitute the entire agreement and understanding between and among the parties hereto relating to the subject matter hereof, and
supersedes all prior proposals, negotiations, agreements and understandings among the parties hereto with respect to such subject matter. 
 2.9
Binding Effect of Agreement. This Agreement shall be binding upon and inure to the benefit of the respective heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto, and shall remain in full force
and effect (and the Bank shall be entitled to rely thereon) until released in writing by the Bank. The Bank may transfer and assign this Agreement and deliver the Collateral to the assignee, who shall thereupon have all of the rights of the Bank;
and the Bank shall then be relieved and discharged of any responsibility or liability with respect to this Agreement and the Collateral. Except as expressly provided herein or in the other Loan Documents, nothing, expressed or implied, is intended
to confer upon any party, other than the parties hereto, any rights, remedies, obligations or liabilities under or by reason of this Agreement or the other Loan Documents. 
 2.10 Further Assurances. The Borrower will from time to time execute and deliver to the Bank such documents, and take or cause to be taken, all such other further action, as the Bank may request in
order to effect and confirm or vest more securely in the Bank all rights contemplated by this Agreement (including, without limitation, to correct clerical errors) or to vest more fully in or assure to the Bank the security interest in the
Collateral or to comply with applicable statute or law and to facilitate the collection of the Collateral (including, without limitation, the execution of stock transfer orders and stock powers, endorsement of promissory notes and instruments and
notifications to obligors on the Collateral). To the extent permitted by applicable law, the Borrower authorizes the Bank to file financing statements, continuation statements or amendments without the Borrower’s signature appearing thereon,
and any such financing statements, continuation statements or amendments may be signed by the Bank on behalf of the Borrower, if necessary, and may be filed at any time in any jurisdiction. The Bank may at any time and from time to time file
financing statements, continuation statements and amendments thereto which contain any information required by the Virginia Uniform Commercial Code, Titles 8.1-8.10 Code of Virginia as amended from time to time (the “Code”) for the
sufficiency or filing office acceptance of any financing statement, continuation statement or amendment, including whether the Borrower is an organization, the type of organization and any organization identification number issued to the Borrower.
The Borrower agrees to furnish any such information to the Bank promptly upon request. In addition, the Borrower shall at any time and from time to time take such steps as the Bank may reasonably request for the Bank (i) to obtain an
acknowledgment, in form and substance satisfactory to the Bank, of any bailee having possession of any of the Collateral that the bailee holds such Collateral for the Bank, (ii) to obtain “control” (as defined in the Code) of any
Collateral comprised of deposit accounts, electronic chattel paper, letter of credit rights or investment property, with any agreements establishing control to be in form and substance satisfactory to Bank, and (iii) otherwise to insure the
continued perfection and priority of the Bank’s security interest in any of the Collateral and the preservation of its rights therein. The 

			
	Information Analysis Incorporated	  	2010 Annual Report on Form 10-K

  

 

 
Borrower hereby constitutes the Bank its attorney-in-fact to execute, if necessary, and file all filings required or so requested for the foregoing purposes, all acts of such attorney being
hereby ratified and confirmed; and such power, being coupled with an interest, shall be irrevocable until this Agreement terminates in accordance with its terms, all obligations of the Borrower to the Bank are irrevocably paid in full and the
Collateral is released. 
 2.11 Amendments and Waivers. This Agreement may be amended and the Borrower may take any action herein
prohibited, or omit to perform any act herein required to be performed by it, if the Borrower shall obtain the Bank’s prior written consent to each such amendment, action or omission to act. No delay or omission on the part of the Bank in
exercising any right hereunder shall operate as a waiver of such right or any other right and waiver on any one or more occasions shall not be construed as a bar to or waiver of any right or remedy of the Bank on any future occasion. 

2.12 Terms of Agreement. This Agreement shall continue in force and effect so long as any obligation of the Borrower to Bank shall be outstanding
and is supplementary to each and every other agreement between the Borrower and Bank and shall not be so construed as to limit or otherwise derogate from any of the rights or remedies of Bank or any of the liabilities, obligations or undertakings of
the Borrower under any such agreement, nor shall any contemporaneous or subsequent agreement between the Borrower and the Bank be construed to limit or otherwise derogate from any of the rights or remedies of Bank or any of the liabilities,
obligations or undertakings of the Borrower hereunder, unless such other agreement specifically refers to this Agreement and expressly so provides. 
 2.13 Notices. Any notices under or pursuant to this Agreement shall be deemed duly received and effective if delivered in hand to any officer of agent of the Borrower or Bank, or if mailed by
registered or certified mail, return receipt requested, addressed to the Borrower or Bank at the address set forth in this Agreement or as any party may from time to time designate by written notice to the other party; notwithstanding the foregoing
notices to the Bank with respect to accounting and collateral release and notices to the Trustee pursuant to a Deed of Trust shall be sent to the Bank as follows: Attention: VP Loan Servicing, Loan Services, 6000 Atrium Way, Mt. Laurel NJ 08054.

 2.14 Virginia Law. This Agreement is intended to take effect as a sealed instrument and has been executed or completed and is to be
performed in Virginia, and it and all transactions thereunder or pursuant thereto shall be governed as to interpretation, validity, effect, rights, duties and remedies of the parties thereunder and in all other respects by the laws of Virginia
without giving effect to the conflicts of laws principles thereof. 
 2.15 JURY WAIVER. BORROWER AND BANK EACH HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY, AND AFTER AN OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL, WAIVE (A) ANY AND ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING IN CONNECTION WITH THIS AGREEMENT, THE OBLIGATIONS, ALL MATTERS CONTEMPLATED
HEREBY AND DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND (B) AGREE NOT TO SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CAN NOT BE, OR HAS NOT BEEN WAIVED. THE BORROWER CERTIFIES THAT NEITHER THE BANK NOR ANY
OF ITS REPRESENTATIVES, AGENTS OR COUNSEL HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE BANK WOULD NOT IN THE EVENT OF ANY SUCH PROCEEDING SEEK TO ENFORCE THIS WAIVER OF RIGHT TO TRIAL BY JURY. 

Executed under seal on this day December 13, 2010. 

			
	Information Analysis Incorporated	  	2010 Annual Report on Form 10-K

  

 

 
			
	Borrower:
	Information Analysis Incorporated
		
	By:	 	  

		 	Sandor Rosenberg, Chief Executive Officer
		
	By:	 	  

		 	Richard S. DeRose, Executive Vice President

  

			
	Accepted: TD Bank, NA
		
	By:	 	  

	Name: Eric A. Pietras
	Title: Duly Authorized RepresentativeForm of 2010 Employee Restricted Stock Unit Award Agreement

 Exhibit 10.12 
 INCENTIVE PLAN 
 OF 

CARRIZO OIL & GAS, INC. 
 RESTRICTED STOCK UNIT AWARD AGREEMENT 
 THIS AGREEMENT
(“Agreement”) is effective as of the     th day of July, 2010 (the “Grant Date”), by and between Carrizo Oil & Gas, Inc., a Texas corporation (the “Company”), and
                     (the “Grantee”). 
 The Company has adopted the Incentive Plan of Carrizo Oil & Gas, Inc., as amended and restated effective April 30, 2009 (the “Plan”), a copy of which is appended to this Agreement
as Exhibit A and by this reference made a part hereof, for the benefit of eligible employees, directors and independent contractors of the Company and its Subsidiaries. Capitalized terms used and not otherwise defined herein shall have the meaning
ascribed thereto in the Plan. 
 Pursuant to the Plan, the Committee, which has generally been assigned responsibility for
administering the Plan, has determined that it would be in the interest of the Company and its stockholders to grant the restricted stock units provided herein in order to provide Grantee with additional remuneration for services rendered, to
encourage Grantee to remain in the employ of the Company or its Subsidiaries and to increase Grantee’s personal interest in the continued success and progress of the Company. 

The Company and Grantee therefore agree as follows: 
 1. Grant of Restricted Stock Units. Subject to the terms and conditions herein, effective as of the Grant Date, the Company hereby awards to the Grantee, pursuant to the Plan, a right to receive
         shares of Common Stock of the Company, par value $.01 per share, or the cash equivalent thereof (“Restricted Stock Units”). 

2. Transfer Restrictions. Except as expressly provided herein, the Restricted Stock Units are not transferable (voluntarily or
involuntarily) other than by will or the laws of descent and distribution or pursuant to a qualified domestic relations order as defined by the Code or Title I of the Employee Retirement Income Security Act, or the rules thereunder (a
“QDRO”), and may not otherwise be assigned, pledged, hypothecated or otherwise disposed of and shall not be subject to execution, attachment or similar process. Upon any attempt to effect any such disposition, or upon the levy of any such
process, the award provided for herein shall immediately become null and void, and the Restricted Stock Units shall be immediately forfeited. 
 Notwithstanding the foregoing, the Restricted Stock Units are transferable by the Grantee to (i) the children or grandchildren of the Grantee (“Immediate Family Members”), (ii) a trust
or trusts for the exclusive benefit of such Immediate Family Members (“Immediate Family 

  
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Member Trusts”), or (iii) a partnership or partnerships in which such Immediate Family Members have at least ninety-nine percent (99%) of the equity, profit and loss interests
(“Immediate Family Member Partnerships”). Subsequent transfers of a transferred Restricted Stock Unit shall be prohibited except by will or the laws of descent and distribution or pursuant to a QDRO, unless such transfers are made to the
original Grantee or a person to whom the original Grantee could have made a transfer in the manner described herein. No transfer shall be effective unless and until written notice of such transfer is provided to the Committee, in the form and manner
prescribed by the Committee. Following transfer, the Restricted Stock Units shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, and, except as otherwise provided herein, the term
“Grantee” shall be deemed to refer to the transferee. The consequences of termination of employment shall continue to be applied with respect to the original Grantee, following which the Restricted Stock Units shall be exercisable by the
transferee only to the extent and for the periods specified in the Plan and this Agreement. 
 3. Restrictions; Payment
Dates. Subject to the provisions of paragraph 4 hereof, the restrictions on the Restricted Stock Units shall lapse in three installments at the rate of thirty-three and one-third percent (33 1/3%) of the Restricted Stock Units awarded hereunder
(rounded up to the nearest whole number) on each of May 29, 2011, May 29, 2012 and May 29, 2013 (each, a “Payment Date”); provided that if the average daily production of the Company for the calendar quarter ended
September 30, 2010 (“3Q10”) is not at least (i) 71,726 thousand standard cubic feet equivalent per day (“Mcfe/d”), if the Company’s weighted average realized natural gas price (excluding the impact of cash
settled hedges) for 3Q10 is greater than or equal to $4/Mcf or (ii) 57,381 Mcfe/d, if the Company’s weighted average realized natural gas price (excluding the impact of cash settled hedges) for 3Q10 is less than $4/Mcf (the
“Performance Condition”), all Restricted Stock Units awarded under this Agreement shall be forfeited. 
 Upon the occurrence of each
Payment Date described above, the Company shall deliver to the Grantee (i) certificates representing the applicable number shares of Common Stock, (ii) cash equal to the Fair Market Value of the applicable number of shares of Common Stock
on such Payment Date, or (iii) any combination of (i) or (ii). 
 Notwithstanding the foregoing, subject to the provisions of the
applicable written employment agreement between the Grantee and the Company or any Subsidiary (the “Employment Agreement”): (i) no shares shall vest unless the Grantee has been in the continuous employment of the Company and its
Subsidiaries through the applicable Payment Date above and (ii) no shares shall vest unless the Performance Condition is satisfied as set forth above. A change of employment is continuous employment within the meaning of this paragraph 3
provided that, after giving effect to such change, the Grantee continues to be an employee of the Company or any Subsidiary. 

4. Termination of Employment; Forfeiture. Upon termination of the Grantee’s employment with the Company or any subsidiary of
the Company (or the successor of any such company) for any reason, all Restricted Stock Units as to which the restrictions thereon have not previously lapsed shall be immediately forfeited to the Company; subject, however, to the
provisions of the Employment Agreement. Notwithstanding the provisions of the Employment Agreement, if (a) a Change in Control has not occurred and (b) the Grantee (i) is terminated without Cause (as defined in the Employment
Agreement) or (ii) resigns for Good Reason (as 

  
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defined in the Employment Agreement) prior to the satisfaction of the Performance Condition, then the restrictions on the Restricted Stock Units shall not lapse unless and until the Performance
Condition is satisfied. 
 5. No Ownership Rights Prior to Issuance of Shares of Common Stock; Dividend Equivalents.
Neither the Grantee nor any other person shall become the beneficial owner of the shares of Common Stock underlying the Restricted Stock Units, nor have any rights of a shareholder (including, without limitation, dividend and voting rights) with
respect to any such shares of Common Stock, unless and until and after certificates representing such shares of Common Stock have been delivered to the Grantee. 
 6. Adjustments. As provided in Section 15 of the Plan, certain adjustments may be made to the Restricted Stock Units upon the occurrence of events or circumstances described in Section 15
of the Plan. Without limiting the generality of the foregoing, and except as otherwise provided in the Plan, in the event of any merger, consolidation, reorganization, recapitalization, reclassification or other capital or corporate structure change
of the Company, the securities or other consideration receivable for or in conversion of or exchange for Restricted Stock Units shall be subject to the terms and conditions of this Agreement to the same extent and in the same manner as the
Restricted Stock Units are subject; provided that the Committee may make such modifications and additions to the terms and conditions (including restrictions on transfer and the conditions to the timing and degree of lapse of such restrictions) that
shall become applicable to the securities or other consideration so receivable as the Committee may provide in its absolute discretion, subject to any restrictions on acceleration or deferral of payment imposed by Section 409A of the Code.

 7. Mandatory Withholding of Taxes. Grantee acknowledges and agrees that the Company shall deduct from the shares of
Common Stock or cash otherwise payable or deliverable an amount of cash and/or number of shares of Common Stock (valued at their Fair Market Value) on the applicable date that is equal to the amount of all federal, state and local taxes required to
be withheld by the Company, as determined by the Committee. In the event the Company, in its sole discretion, determines that the Grantee’s tax obligations will not be satisfied under the methods otherwise expressly described above, the
Grantee, subject to compliance with the Company’s insider trading policies, authorizes the Company or the Company’s Stock Plan Administrator, currently UBS Financial Services Inc., to (i) sell a number of shares of Common Stock issued
or outstanding pursuant to the Award, which number of shares of Common Stock the Company determines has at least the market value sufficient to meet the tax withholding obligations, plus additional shares of Common Stock to account for rounding and
market fluctuations and (ii) pay such tax withholding to the Company. The shares of Common Stock may be sold as part of a block trade with other Participants such that all Participants receive an average price. 

8. Restrictions Imposed by Law. Without limiting the generality of Section 16 of the Plan, the Grantee agrees that the
Company will not be obligated to deliver any shares of Common Stock if counsel to the Company determines that such exercise or delivery would violate any applicable law or any rule or regulation of any governmental authority or any rule or
regulation of, or agreement of the Company with, any securities exchange or association upon which the Common Stock is listed or quoted. The Company shall in no event be obligated to 

  
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take any affirmative action in order to cause the issuance or delivery of shares of Common Stock to comply with any such law, rule, regulation or agreement. 

9. Notice. Unless the Company notifies the Grantee in writing of a different procedure, any notice or other communication to the
Company with respect to this Agreement shall be in writing and shall be (a) delivered personally to the following address: 
 Carrizo Oil & Gas, Inc. 
 1000 Louisiana Street , Suite
1500 
 Houston, Texas 77002 
 or (b) sent by first class mail, postage prepaid and addressed as follows: 
 Carrizo Oil & Gas, Inc. 
 1000 Louisiana Street , Suite
1500 
 Houston, Texas 77002 

Attention: Payroll/Benefits Manager 
 Any notice or other communication to the Grantee with respect to this Agreement shall be in writing and shall be delivered personally, or shall be sent by first class mail, postage prepaid, to
Grantee’s address as listed in the records of the Company on the Grant Date, unless the Company has received written notification from the Grantee of a change of address. 
 10. Amendment. Notwithstanding any other provisions hereof, this Agreement may be supplemented or amended from time to time as approved by the Committee as contemplated by Section 6 of the
Plan. Without limiting the generality of the foregoing, without the consent of the Grantee, 
 (a) this
Agreement may be amended or supplemented (i) to cure any ambiguity or to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or (ii) to add to the covenants and agreements of
the Company for the benefit of Grantee or surrender any right or power reserved to or conferred upon the Company in this Agreement, subject, however, to any required approval of the Company’s stockholders and, provided, in
each case, that such changes or corrections shall not adversely affect the rights of Grantee with respect to the Award evidenced hereby without the Grantee’s consent, or (iii) to make such other changes as the Company, upon advice of
counsel, determines are necessary or advisable because of the adoption or promulgation of, or change in or of the interpretation of, any law or governmental rule or regulation, including any applicable federal or state securities laws; and

 (b) subject to Section 6 of the Plan and any required approval of the Company’s stockholders, the
Award evidenced by this Agreement may be canceled by the Committee and a new Award made in substitution therefor, provided that the Award so substituted shall satisfy all of the requirements of the Plan as of the date such new Award is made
and no such action shall adversely affect the Restricted Stock Units to the extent then vested without the Grantee’s consent. 

  
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 11. Grantee Employment. Nothing contained in this Agreement, and no action of the
Company or the Committee with respect hereto, shall confer or be construed to confer on the Grantee any right to continue in the employ of the Company or any of its Subsidiaries or interfere in any way with the right of the Company or any employing
Subsidiary to terminate the Grantee’s employment at any time, with or without cause; subject, however, to the provisions of the Employment Agreement. 
 12. Governing Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Texas. 

13. Construction. References in this Agreement to “this Agreement” and the words “herein,” “hereof,”
“hereunder” and similar terms include all Exhibits and Schedules appended hereto, including the Plan. This Agreement is entered into, and the Award evidenced hereby is granted, pursuant to the Plan and shall be governed by and construed in
accordance with the Plan and the administrative interpretations adopted by the Committee thereunder. All decisions of the Committee upon questions regarding the Plan or this Agreement shall be conclusive. Unless otherwise expressly stated herein, in
the event of any inconsistency between the terms of the Plan and this Agreement, the terms of the Plan shall control. The headings of the paragraphs of this Agreement have been included for convenience of reference only, are not to be considered a
part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 
 14. Duplicate Originals. The
Company and the Grantee may sign any number of copies of this Agreement. Each signed copy shall be an original, but all of them together represent the same agreement. 
 15. Rules by Committee. The rights of the Grantee and obligations of the Company hereunder shall be subject to such reasonable rules and regulations as the Committee may adopt from time to time
hereafter. 
 16. Entire Agreement. Subject to the provisions the Employment Agreement (modified as described below),
Grantee and the Company hereby declare and represent that no promise or agreement not herein expressed has been made and that this Agreement contains the entire agreement between the parties hereto with respect to the Restricted Stock Units and
replaces and makes null and void any prior agreements, oral or written, between Grantee and the Company regarding the Restricted Stock Units. The parties acknowledge and agree that to the extent set forth in the last sentence of paragraph 4, the
provisions of this Agreement modify and supersede the terms of the Employment Agreement with respect to the consequences to this award of Restricted Stock Units of a termination of employment without Cause or a resignation for Good Reason prior to a
Change in Control. 
 17. Section 409A. Payments under this Agreement are designed to be made in a manner that is
exempt from Section 409A of the Code as a “short-term deferral,” and the provisions of this Agreement will be administered, interpreted and construed accordingly (or disregarded to the extent such provision cannot be so administered,
interpreted, or construed). 
 18. Grantee Acceptance. Grantee shall signify acceptance of the terms and conditions of
this Agreement by signing in the space provided at the end hereof and returning a signed copy to the Company. 

  
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	ATTEST:	  		  		  	CARRIZO OIL & GAS, INC.	  	
						
	 	  	 	  		  	By:	  	 	  	 
	Secretary	  	Date	  		  	Name: S. P. Johnson	  	Date
		  		  		  	Title: President	  	
					
		  		  		  	ACCEPTED:	  	
					
		  		  		  	 	  	 
		  		  		  	Employee Name	  	Date

  
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