Document:

Exhibit
10.3

    

    RESTRICTED STOCK
AGREEMENT

     

    This
Restricted Stock Agreement (this “Agreement”) entered into as of ____________,
sets forth the terms and conditions of an award (this “Award”) of restricted
stock granted by Upstream Worldwide, Inc., a Delaware corporation (the
“Company”), to ________ (the “Recipient”) under the Company’s 2008 Equity
Incentive Plan (the “Plan”).

     

    1.           The Plan. This Award
is made pursuant to the Plan, the terms of which are incorporated in this
Agreement.  Capitalized terms used in this Agreement that are not
defined in this Agreement have the meanings as used or defined in the
Plan.

     

    2.           Award. The Recipient
has been granted _________ shares of restricted common stock (“Restricted
Stock”) in connection with the Recipient providing service as a
_________________. Of the Restricted Stock, __________ shares were granted for
service as a director and _________ shares were granted for service on a board
committee. All certificates issued shall contain an appropriate restrictive
legend.  This Agreement replaces any and all restricted stock
agreements between the parties, if any, with respect to this Award.

     

    3.           Vesting.

    

    (a)          The
shares of Restricted Stock shall vest__________________, subject to continued
service in the capacity for which the Award were granted.  The
Restricted Stock shall be unregistered unless the Company voluntarily files a
registration statement covering such shares with the Securities and Exchange
Commission. Notwithstanding any other provision in this Agreement, the
Restricted Stock automatically vest on the date of a Change in Control, as
defined under the Plan.

    

    (b)          Notwithstanding
any other provision of this Agreement, at the option of the Board of Directors
or the Compensation Committee, all shares of Restricted Stock subject to this
Agreement shall be immediately forfeited in the event of:

    

    (1)           Purchasing
or selling securities of the Company not in accordance with the Company’s inside
information guidelines then in effect;

    

    (2)           Breaching
any duty of confidentiality including that required by the Company’s inside
information guidelines then in effect;

    

    (3)           Competing
with the Company; or

    

     (4)            Recruitment
of Company personnel after ceasing to perform services for the
Company.

    

    4.           Anti-Dilution
Provisions.  The Restricted Stock granted hereunder shall be
subject to the Plan, including its anti-dilution provisions.

    

    5.           Profits on the Sale of
Certain Shares; Cancellation.  If any of the events specified
in Section 3(b) of this Agreement occur within one year from the last date the
Recipient performs services for the Company in the capacity for which the
Options were granted (the “Termination Date”), all profits earned from the
Recipient’s sale of the Restricted Stock during the two-year period commencing
one year prior to the Termination Date shall be forfeited and forthwith paid by
the Recipient to the Company.  Further, in such event, the Company may
at its option cancel the shares of Restricted Stock granted under this
Agreement.  The Company’s rights under this Section do not lapse one
year from the Termination Date but are a contract right subject to any
appropriate statutory limitation period.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    6.           Notices and
Addresses.  All notices, offers, acceptance and any other acts
under this  Agreement (except payment) shall be in writing, and shall
be sufficiently given if delivered to the addressees in person, by FedEx or
similar overnight next business day delivery, or by facsimile delivery followed
by overnight next day delivery, as follows:

    

    
      
        	
              	
                The
      Recipient:

              	
                __________

              

      

    

    
      	
            	
               
      

            	
              __________

            

    

    
      	
            	
               
      

            	
              __________

            

    

    
      	
            	
               
      

            	
              Facsimile:  _____________

            

    

    

    
      	
            	
              The
      Company:

            	
              Upstream
      Worldwide, Inc.

            

    

    
      	
               
      

            	
              200
      E. Broward Blvd., Suite 1200

            

    

    
      	
               
      

            	
              Ft.
      Lauderdale, FL 33301

            

    

    
      	
               
      

            	
              Attention:
      Chief Financial Officer

            

    

    
      	
               
      

            	
              Facsimile:
      (954) 915-1525

            

    

    

    
      	
            	
              with
      a copy to:

            	
              Michael
      D. Harris, Esq.

            

    

    
      	
               
      

            	
              Harris
      Cramer LLP

            

    

    
      	
               
      

            	
              1555
      Palm Beach Lakes Blvd., Suite 310

            

    

    
      	
               
      

            	
              West
      Palm Beach, FL  33401

            

    

    
      	
               
      

            	
              Facsimile:
      (561) 659-0701

            

    

    

    or to
such other address as either of them, by notice to the other may designate from
time to time.  The transmission confirmation receipt from the sender’s
facsimile machine shall be evidence of successful facsimile
delivery.  Time shall be counted to, or from, as the case may be, the
delivery in person or by mailing.

    

    7.           Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original but all of which together shall constitute one and the same
instrument.  The execution of this Agreement may be by actual or
facsimile signature.

    

    8.           Attorney’s
Fees.  In the event that there is any controversy or claim
arising out of or relating to this Agreement, or to the interpretation, breach
or enforcement thereof, and any action or proceeding is commenced to enforce the
provisions of this Agreement, the prevailing party shall be entitled to
reasonable attorney’s fee, costs and expenses.

    

    9.           Severability.  If
any term or condition of this Agreement shall be invalid or unenforceable to any
extent or in any application, then the remainder of this Agreement, and such
term or condition except to such extent or in such application, shall not be
affected hereby and each and every term and condition of this Agreement shall be
valid and enforced to the fullest extent and in the broadest application
permitted by law.

    
      
         

      

      
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    10.         Entire
Agreement.  This Agreement represents the entire agreement and
understanding between the parties and supersedes all prior negotiations,
understandings, representations (if any), and agreements made by and between the
parties.  Each party specifically acknowledges, represents and
warrants that they have not been induced to sign this Agreement

     

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

     

    12.         Headings.  The
headings in this Agreement are for the purpose of convenience only and are not
intended to define or limit the construction of the provisions
hereof.

     

    [Signature Page To
Follow]

    
      
         

      

      
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    IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
and delivered as of the date aforesaid.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	
                                      WITNESSES:

                                    	 
      	
                                      COMPANY

                                    	 
	 
      	 
      	 
      	 
      	 
	 
      	 
      	
                                      By:

                                    	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	 
      	 
      	
                                      Chief
      Financial Officer

                                    
	 
      	 
      	 
      	 
      	 
	 
      	 
      	
                                      RECIPIENT

                                    	 
	 
      	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
      	 

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        4CONSULTING
AGREEMENT

    

    This CONSULTING AGREEMENT
(“Agreement”) is made and entered into on August 14, 2010 by Hyperdynamics
Corporation (the “Company”) and William A. Young (“Consultant” or “Mr.
Young”).  The Company and the Consultant may be referred to herein
collectively as “Parties” and singularly as “Party”.

    

    WHEREAS,
the Company and Mr. Young have executed an Employment Agreement dated November
24, 2009 (“Employment Agreement”); and

    

    WHEREAS,
the Company and Mr. Young desire to define their respective rights and
obligations under a consulting arrangement;

    

    NOW,
THERFORE, in consideration of the mutual promises, warranties and
representations hereinafter set forth, the Parties agree as
follows:

    

    
      	
               
      

            	
              1.

            	
              Conversion of
      Role.

            

    

    

    (a)           The
Parties agree that Mr. Young’s role as Executive Vice President of Commercial
Affairs and officer of Hyperdynamics Corporation shall terminate at 11:59PM
(Central Daylight Time) on September 30, 2010 (unless terminated by either Party
prior to such time pursuant to the terms of the Employment Agreement) at which
time he shall become a consultant of the Company under the terms set forth
herein.  The Company and Mr. Young shall agree upon in advance the
text of, and shall issue on a timely basis, an appropriate announcement
describing the change to his role.  In addition, the Company shall
make any required filings with the U.S. Securities and Exchange
Commission.  The Company confirms that Mr. Young will remain fully
covered by the Directors and Officers insurance policy maintained by the Company
for the period of time he served as an officer of Hyperdynamics
Corporation.

    

    (b)           During
the period August 21, 2010 through September 30, 2010, inclusive, Mr. Young
shall be allowed to work in locations away from the Company’s Houston
headquarters, provided that prior to October 1, 2010, he shall make no more than
one (1) trip to the Houston office (or other location specified by the Company)
on mutually agreed timing.  Mr. Young shall remain in close contact
with the Houston office, including with Hyperdynamics Corporation’s Chief
Executive Officer, to work effectively and diligently on the Company’s business
objectives.

    

    (c)           The
terms of the Employment Agreement, which do not conflict with the foregoing
provisions, shall remain in effect through September 30, 2010, or such earlier
date as Mr. Young’s full-time employment with the Company may end.

     

    
      
         

      

      
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              2.

            	
              Duties of
      Consultant.

            

    

    

    (a)           Consultant
shall report to the Chief Executive Officer and shall perform the following
services (“Services”) on behalf of the Company: advise on negotiations with
potential farm-in candidates and work with management to conclude definitive
agreements; advise on negotiations with governments to establish or renegotiate
contractual arrangements; work with senior Company management to identify,
evaluate and conclude diversification opportunities for the Company; advise on
the Company’s strategies and plans; provide advice and support to the Company’s
Executive Council; mentor the Director of Commercial and Legal Affairs; and
provide advice and assistance on such other matters as the Chief Executive
Officer may from time to time request.  All of the Services shall be
performed solely by the consultant and shall not be delegated or assigned to any
person not in the employment of the Company.  The Consultant shall use
reasonable efforts to travel at the request of the Chief Executive Officer as
and when required except that the Consultant shall not be required to do so for
more than 7 business days per month.

    

    (b)           Consultant
shall perform the Services in good faith, diligently, and shall make reasonable
efforts to make himself available to respond to the Company’s request for his
services, it being understood that Consultant is or may become engaged in
business activities for others. However, Consultant shall not perform Services
in support of projects or businesses which directly compete with the Company.
Consultant shall not act or communicate in a manner that disparages the
Company’s reputation or relationships.

    

    (c)           There
is no minimum amount of time that Consultant is required to devote to performing
the Services, and the Company’s determination whether to use Consultant’s
Services for one or more projects shall be at the Company’s
discretion.

    

    3.  Representations and
Understandings.

    

    (a)           Consultant
warrants, represents and acknowledges that Consultant has not been investigated
regarding, convicted of, or pleaded guilty to any charge involving fraud,
corruption, tax evasion, theft or larceny, securities violations or breach of
contract in any jurisdiction.

    

    (b)           CONSULTANT
MAKES NO REPRESENTATION OR WARRANTY AS TO ACCURACY, COMPLETENESS OR RELIABILITY
OF HIS SERVICES. CONSULTANT MAKES NO REPRESENTATION OR WARRANTY REGARDING THE
USE BY THE COMPANY, OF HIS SERVICES, OR THE RESULTS OF SUCH USE.

     

    4.          
Independent
Contractor. Consultant shall perform all Services as an independent
contractor, following conversion of his role from Executive Vice President of
Commercial Affairs to Consultant (the “Conversion”), and will not become an
employee of Company.  Consultant shall disclose his relationship with
Company to all third parties with whom he deals in performance of the Services.
Consultant shall not be entitled to any benefit which Company may provide for
its employees.  Consultant is solely responsible for all tax returns
and tax payments required that are related to the Company’s payments to him for
Services pursuant to this Agreement.

    

    5.           Term of
Consultancy.  Following Conversion, the term of this Agreement
shall extend through  December 31, 2010 (such period, and any
extensions thereto, being referred to as the “Consultation Periods”), unless
sooner terminated in accordance with the provisions of Section
8.

    
      
         

      

      
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    6.           Compensation and
Reimbursement.

    

    (a)           No
later than the tenth day of each month, the Consultant shall deliver to the
Company an invoice for the immediately preceding month.  The invoice
shall provide a detailed description of the Services, hours billed to the
Company with respect to such Services by date, and any reimbursable expenses
incurred in the conduct of the Services.

    

    (b)           Company
shall pay Consultant an hourly fee of U.S. $175.00, payable in cash no later
than 30 days after receipt of the monthly invoice submitted by the
Consultant.

    

    (c)           Company
shall pay or reimburse Consultant for all necessary and reasonable out-of-pocket
expenses incurred or paid by Consultant in connection with the performance of
services under this Agreement upon presentation of expense statements or
vouchers or such other supporting information as it from time to time requests
evidencing the nature of such expense, and, if appropriate, the payment thereof
by Consultant, and otherwise in accordance with the Company procedures from time
to time in effect.

    

    (d)           The
foregoing provides the entire compensation, including expenses incurred by the
Consultant in the performance of Services required under this Agreement, and is
in full discharge of any and all liabilities in contract or otherwise with
respect to all Services rendered by Consultant. Consultant shall pay any taxes
from any jurisdiction on payments made under this Agreement.

    

    7.           Confidentiality.  Consultant
shall keep confidential all proprietary information provided by Company or any
of its affiliates or developed by Consultant hereunder during the Consultation
Period and for three years thereafter.  Such information shall be the
property of Company or the appropriate affiliate.  Consultant shall
not disclose such information to any third party except with Company’s prior
written consent.  This obligation shall not apply to information which
is or becomes part of the public knowledge from a source other than
Consultant.  Consultant may not make any announcement or release any
information with respect to this Agreement or Services, without Company’s prior
consent.   Upon termination of the Agreement or upon request of
Company, Consultant shall return to Company all materials furnished by Company
or any affiliate, and Consultant shall surrender all information or data
developed by Consultant hereunder, unless otherwise agreed by Consultant and
Company.  Company may disclose this Agreement, including the
compensation provisions, to whomever Company determines has a legitimate need to
know such terms, including, without limitation, the government of the United
States.  The obligations in this Article 7 shall survive termination
of this Agreement.

    

    8.           Termination.  Following
Conversion, either Party may terminate this Agreement by giving written notice
to the other of such termination.  Notice of termination shall not
affect the Company’s obligation to pay for Services provided prior to the notice
of termination.  The Agreement may be extended for sequential periods
of 3 months in duration by mutual consent of the Company and the
Consultant.

    
      
         

      

      
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    9.           Options.  If
this Agreement has not been terminated by the Consultant prior to December 31,
2010, then Consultant shall become entitled to retain 100,000 of the options,
specified in the Employment Agreement, which vest when the share price averages
$3.00 per share or more over five (5) consecutive trading days.  Mr.
Young shall vest in those options set forth in the Employment Agreement which
require continuous service of one (1) year as from the effective date of his
employment (December 7, 2009) so long as he has not terminated this Agreement
prior to December 7, 2010.

    

    10.          Governing
Law.  This Agreement and the rights and obligations of the
Parties hereunder shall be governed by and interpreted in accordance with the
laws of the State of Texas.

    

    11.         Notices and
Communications.  All notices, consents and other communications
provided for herein shall be in writing and shall be properly given when
delivered in person, by a recognized overnight courier service, or when sent by
facsimile to the following addresses:  If to Company: 12012
Wickchester – Suite 475, Houston, Texas 77079, Telephone 713-353-9400, Facsimile
713-353-9421; Attention: Mr. Ray Leonard with a copy to Jason Davis at the same
address.  If to Consultant: Mr. William A. Young, 104 Loch Vale Lane,
Cary, NC 27518, Telephone 281-935-4345, with a copy to Mr. William A. Young,
1081 Ames Hill Road, Brattleboro, VT 05301, Telephone
802-254-2141.  Notices will be deemed effective upon delivery for
personal delivery, and twenty four hours after transmission by
facsimile.  Either Party may change the above addresses and numbers by
giving written notice of the change to the other Party.

    

    12.         Miscellaneous.

    

    (a)           No
amendments or other changes to this Agreement shall be effective or binding on a
Party unless the same shall be in writing and signed by all
Parties.

    

    (b)           This
Agreement may be executed by the Parties in any number of counterparts, each of
which shall be deemed to be an original instrument, but all of which together
shall constitute one and the same instrument.  Execution may be
evidenced by faxed signatures or electronic signatures with original signature
pages to follow promptly.

    

    (c)           This
Agreement constitutes the entire agreement and understanding among the Parties,
their officers and directors with respect to the subject matter
hereof.  This Agreement supersedes all prior oral and written
discussions, agreements and understandings relating to such subject
matter.

    

    (d)           No
waiver by either Party of any default or breach by the other Party shall be
construed as a waiver of any future default or breach.  No waiver of
breach or default shall be implied from the acceptance of any payment or
service.

    

    (e)           In
the event that any provision of this Agreement shall be invalid, illegal or
otherwise unenforceable, the validity, legality and enforceability of the
remaining provisions shall in no way be affected or impaired
thereby.

    

    [Signature
Page Follows]

    

    
      
         

      

      
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    The
Parties have executed this Agreement to be effective as of the day and year
first above written.

    

    
      
        	
                HYPERDYNAMICS
      CORPORATION

              	 
      	
                EVP
      OF COMMERCIAL AFFAIRS / 

                CONSULTANT

              
	 
      	 
      	 
      	 
      
	
                By:

              	
                /s/ Ray Leonard

              	 
      	
                /s/ William A. Young

              
	
                Ray
      Leonard

              	 
      	
                William
      A. Young

              
	
                Chief
      Executive Officer

              	 
      	 
      

      

    

     

    
      
         

      

      
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