Document:

EXHIBIT 4.11

THIS INDEMNITY is given the [date]
    by The Royal Bank of Scotland Group plc which has its registered office situated
    at 36 St Andrew Square, Edinburgh EH2 2YB ("the Group") to [name] ("the Director"). 

WHEREAS the Director is a duly appointed director or officer of the Group and/or a wholly-owned subsidiary of the Group (collectively, “the Royal Bank Group”) and may be required, in connection with the
business of the Royal Bank Group and subject to the Director’s consent, to accept office as:

	
(i)      		
a director or officer of any company within the Royal Bank Group; and/or	
	 
	
(ii)      		
as appropriate, an authorised or approved person, (or equivalent) under the rules of any regulatory body ; and/or	
	 
	
(iii)      		
a director or officer of a company in which a member of the Royal Bank Group is to invest or has invested in less than 50% of the issued share capital of such company (an “Investee Company”)	
	 

NOW THIS INDEMNITY WITNESSETH that in consideration of the Director continuing in or accepting (as the case may be) office as a director or officer of any company within the Royal Bank Group, or as an authorised or
approved person (or equivalent), or as a director or officer of an Investee Company as contemplated above, THE GROUP hereby covenants with the Director that the Group will, at all times, hereafter indemnify and keep indemnified the Director, his
estate and his personal representatives from all costs, charges, losses, expenses and liabilities incurred by him in the actual or purported execution and/or discharge of his duties and/or the exercise or purported exercise of his powers and/or
otherwise in relation to or in connection with his duties, powers or office including (without prejudice to the generality of the foregoing) any liability incurred by him in defending any proceedings, civil or criminal, which relate to anything done
or omitted or alleged to have been done or omitted by him as an officer or employee of any company within the Royal Bank Group (or of an Investee Company)  and in which decree or judgement is given in his favour (or the proceedings are otherwise
disposed of without any finding or admission of any material breach of duty on his part) or in which he is acquitted or in connection with any application for relief from liability in respect of any such act or omission in which relief is granted to
him by the Court.

PROVIDED THAT this Indemnity is given subject to the provisions of Section 309A Companies Act 1985.

THE DIRECTOR as a condition precedent to his right to be indemnified hereunder, shall, to the full extent permitted by law or other applicable regulatory requirements: 

	
(i)      		
notify the Group in writing, addressed to the Group Secretary and General Counsel, as soon as reasonably possible after having knowledge or becoming aware, of any such claim made against him or any circumstances which
may subsequently give rise to a claim against him or	
	 

	 	
lead to an official investigation, examination or other proceedings referred to above;	
	 
	
(ii)      		
keep the Group, through its Group Secretary and General Counsel or such individual nominated for that purpose by the Group Secretary and General Counsel, informed of all matters and supply such information as the Group
shall request pertaining to any such claim and any such official investigation, examination or other proceedings referred to above;	
	 
	
(iii)      		
obtain the prior consent of the Group before incurring any costs, charges or expenses in connection with any such claim, admitting any liability for or settling or compromising any such claim, and delegate to the Group
the conduct of the defence against any such claim at such time and to such extent as shall be requested by the Group, and further render or cause to be rendered to the Group all such assistance as the Group shall require in connection therewith;
and	
	 
	
(iv)      		
use his best endeavours to have recourse to any indemnity or insurance to which he may be entitled before claiming his rights hereunder.	
	 

IN THE EVENT that the Director shall have incurred any tax liability as a result of any payment hereunder, the amount of such payment to be made by the Group to the Director shall be increased to the extent necessary
to ensure that after taking into account such tax liability the Director will receive a net sum equal to the sum he would have received or retained had there been no such tax liability. 

THIS INDEMNITY shall be revocable by the Group at any time hereafter by notice in writing to the Director. This indemnity shall lapse and cease to be of any effect as from the date of such written notice save in
relation to any claims notified to the Group prior to such date in accordance with paragraph (i) above. 

THIS INDEMNITY shall be construed in accordance with the laws of Scotland and shall extend to claims against the Director enforceable in any other jurisdiction and be fully effectual as and from the [date]. 

Signed for and on behalf of The Royal Bank of Scotland Group plc conform to Commission dated [date] and registered in the Books of Council and Session [date]. 

 

......................................................

Commissioner and AttorneyUnassociated Document

     

    Exhibit
      10.1

    
 

    MURPHY
      OIL
      CORPORATION

    2007
      LONG-TERM
      INCENTIVE PLAN

    

    

    SECTION
      1.
      PURPOSE

    

    The
      purpose of the
      Murphy Oil Corporation 2007 Long-Term Incentive plan is to foster and promote
      the long-term financial success of the Company and materially increase
      shareholder value by (a) motivating superior performance by means of long-term
      performance-related incentives, (b) encouraging and providing for the
      acquisition of an ownership interest in the Company by Employees, and (c)
      enabling the Company to attract and retain the services of an outstanding
      management team upon whose judgment, interest, and performance are required
      for
      the successful and sustained operations of the Company.

    

    SECTION
      2.
      DEFINITIONS

    

    Unless
      the context
      otherwise indicates, the following definitions shall be applicable for the
      purpose of the 2007 Long-Term Incentive Plan:

    

    “Agreement”
shall
      mean a written agreement setting forth the terms of an Award.

    

    “Award”
shall
      mean
      any Option (which may be designated as a Nonqualified or Incentive Stock
      Option), Stock Appreciation Right, Restricted Stock, Restricted Stock Unit,
      Performance Unit (which may be paid in either stock or cash), Performance Share,
      Dividend Equivalent, or Other Stock-Based Incentive Award, in each case granted
      under this Plan.

    

    “Beneficiary”
shall
      mean the person, persons, trust, or trusts designated by an Employee or if
      no
      designation has been made, the person, persons, trust or trusts entitled by
      will
      or the laws of descent and distribution to receive the benefits specified under
      this Plan in the event of an Employee’s death.

    

    “Board”
shall
      mean
      the Board of Directors of the Company.

    

    “Code”
means
      the
      Internal Revenue Code of 1986, as amended from time to time; references to
      a
      particular section of the Code include references to regulations and rulings
      thereunder and to successor provisions.

    

    “Committee”
shall
      mean the Executive Compensation Committee of the Board, as from time to time
      constituted, or any successor committee of the Board with similar functions.
      The
      Committee shall be constituted to comply with the requirements of Rule 16b-3
      promulgated by the Securities and Exchange Commission under the Securities
      Exchange Act of 1934, or such rule or any successor rule thereto which is in
      effect from time to time.

    

    “Common
      Stock” shall
      mean the Common Stock of the Company, $1.00 par value.

    

    “Company”
shall
      mean
      Murphy Oil Corporation, a Delaware corporation.

    

    “Covered
      Employee”
shall mean an Employee who, as of the date that the value of an Award is
      recognizable as income, is one of the group of “covered employees,” within the
      meaning of Section 162(m) of the Code, with respect to the Company.

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
 

    “Designated
      162(m)
      Group” shall mean that group of persons whom the Committee believes may be
      Covered Employees with respect to a fiscal year of the Company.

    

    “Dividend
      Equivalent” shall mean a right to receive or accrue, to the extent provided
      under the respective Award, payments equal to the dividends or property on
      a
      specified number of shares.

    

    “Employee”
shall
      mean any person employed by the Company on a full-time salaried basis or by
      a
      Subsidiary that does not have in effect for its personnel any plan similar
      to
      the Plan, including officers and employee directors thereof.

    

    “Grant
      Date” shall
      mean the date on which an Award is granted.

    

    “Grantee”
shall
      mean
      a person who has been granted an Award.

    

    “Incentive
      Stock
      Option” or “ISO” shall mean an Option that is intended by the Committee to meet
      the requirements of Section 422 of the Code or any successor
      provision.

    

    “Non-Employee
      Director” shall mean a member of the Board who is not an employee of the Company
      or any affiliate or subsidiary of the Company.

    

    “Nonqualified
      Stock
      Option” or “NQSO” shall mean an Option granted pursuant to this Plan which does
      not qualify as an Incentive Stock Option.

    

    “Normal
      Termination”
shall mean a termination of employment (i) at normal retirement time, (ii)
      for
      permanent and total disability, or (iii) with Company approval, and without
      being terminated for cause.

    

    “Option”
shall
      mean
      the right to purchase Common Stock at a price to be specified and upon terms
      to
      be designated by the Committee pursuant to this Plan. An Option shall be
      designated by the Committee as a Nonqualified Stock Option or an Incentive
      Stock
      Option at the time of grant.

    

    “Option
      Price” shall
      mean the price at which a Share may be purchased by a Grantee pursuant to an
      Option.

    

    “Option
      Term” shall
      mean the period beginning on the Grant Date of an Option and ending on the
      date
      such Option expires, terminates or is cancelled.

    

    “Other
      Stock-Based
      Award” shall mean a right, granted under Section 12 hereof, that relates to or
      is valued by reference to Shares or other Awards relating to
      Shares.

    

    “Participant”
shall
      mean an Employee to whom an Award has been granted pursuant to the
      Plan.

    

    “Performance-Based
      Exception” shall mean the performance-based exception from the tax deductibility
      limitations of Section 162(m)(4)(C) of the Code (including the special
      provisions for Options thereunder).

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
 

    “Performance
      Measures” shall mean the performance measures as set forth in Section 13.B of
      the Plan.

    

    “Performance
      Period”
shall mean the time period during which the performance goals must be
      met.

    

    “Performance
      Share”
and “Performance Unit” shall have the respective meanings set forth in Section
      10 of the Plan.

    

    “Personal
      Representative” shall mean the person or persons who, upon the disability or
      incompetence of an Employee, shall have acquired on behalf of the Employee
      by
      legal proceeding or otherwise the right to receive the benefits specified in
      this Plan.

    

    “Plan”
shall
      mean
      this 2007 Long-Term Incentive Plan.

    

    “Restricted
      Period”
shall mean the period during which Shares of Restricted Stock or Restricted
      Stock Units are subject to forfeitures if the conditions set forth in the
      Agreement are not satisfied.

    

    “Restricted
      Stock”
shall mean those shares of Common Stock issued pursuant to a Restricted Stock
      Award which are subject to the restrictions, terms, and conditions specified
      by
      the Committee pursuant to Section 9.

    

    “Restricted
      Stock
      Award” shall mean an award of Restricted Stock pursuant to Section 9
      hereof.

    

    “Restricted
      Stock
      Unit” shall mean a right, granted in accordance with Section 9 of the Plan, to
      receive a Share, subject to such Restricted Period and/or Performance Period
      as
      the Committee shall determine.

    

    “Share”
shall
      mean a
      share of Common Stock, and such other securities of the Company as may be
      substituted for Shares pursuant to Section 9 hereof.

    

    “Stock
      Appreciation
      Right” or “SAR” shall mean the right of the holder to receive, upon exercise
      thereof, payment of an amount determined by multiplying: (a) any increase in
      the
      Fair Market Value of a share of Common Stock at the date of exercise over the
      price fixed by the Committee at the date of grant, by (b) the number of shares
      with respect to which the SAR is exercised; provided, however, that at the
      time
      of grant, the Committee may establish, in its sole discretion, a maximum amount
      per share which will be payable upon exercise of a SAR. The amount payable
      upon
      exercise may be paid in cash or other property, including without limitation,
      shares of Common Stock, or any combination thereof as determined by the
      Committee.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    SECTION
      3.
      ADMINISTRATION

    

    The
      Plan shall be
      administered by the Committee. In addition to any implied powers and duties
      that
      may be needed to carry out the provisions of the Plan, the Committee shall
      have
      all of the powers vested in it by the terms of the Plan, including exclusive
      authority to select the Employees to be granted Awards under the Plan, to
      determine the type, size, and terms of the Awards to be made to each Employee
      selected, to determine the time when Awards will be granted, and to prescribe
      the form of the Agreements embodying Awards made under the Plan. The Committee
      shall be authorized to interpret the Plan and the Awards granted under the
      Plan,
      to establish, amend, and rescind any rules and regulations relating to the
      Plan,
      to make any other determinations which it believes necessary or advisable for
      the administration of the Plan, and to correct any defect or supply any omission
      or reconcile any inconsistency in the Plan or in any Award in the manner and
      to
      the extent the Committee deems desirable to carry it into effect. Any decision
      of the Committee in the administration of the Plan, as described herein, shall
      be final and conclusive.

    

    The
      Board may from
      time to time remove members from the Committee or add members thereto, and
      vacancies in the Committee, however caused, shall be filled by action of the
      Board. The Committee shall select one if its members as chairman and shall
      hold
      its meetings at such time and places as it may determine. The Committee may
      act
      only by a majority of its members. The members of the Committee may receive
      such
      compensation for their services as the Board may determine. Any determination
      of
      the Committee may be made, without notice, by the written consent of the
      majority of the members of the Committee. In addition, the Committee may
      authorize any one or more of their number or any officer of the Company to
      execute and deliver documents on behalf of the Committee.

    

    SECTION
      4. EFFECTIVE
      DATE AND TERMINATION OF THE PLAN

    

    The
      Plan was
      approved by the Board on February 7, 2007, effective as of February 6, 2007
      (the
“Effective Date”), subject to the approval by the Company’s stockholders. All
      Awards granted under this Plan are subject to, and may not be exercised or
      earned before, the approval of this Plan by the stockholders prior to the first
      anniversary date of the effective date of the plan, by the affirmative vote
      of
      the holders of a majority of the outstanding Shares of the Company present,
      or
      represented by proxy, and entitled to vote, at a meeting of the Company’s
      stockholders or by written consent in accordance with the laws of the State
      of
      Delaware; provided that if such approval by the stockholders of the Company
      is
      not forthcoming, all Awards previously granted under this Plan shall be void.
      The Plan shall remain available for the grant of Awards until the tenth
      (10th)
      anniversary of the
      Effective Date. Notwithstanding the foregoing, the Plan may be terminated at
      such earlier time as the Board may determine. Termination of the Plan will
      not
      affect the rights and obligations of the Employees and the Company arising
      under
      Awards theretofore granted and then in effect.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    SECTION
      5. SHARES
      SUBJECT TO THE PLAN AND TO AWARDS

    

    A.
      Aggregate
      Limits

    

    The
      number of Shares
      issuable pursuant to all Awards under this Plan shall not exceed one percent
      (1%) of the Shares issued and outstanding at the beginning of each fiscal year
      as reported in the Company’s financial statements. Notwithstanding
      anything in the foregoing to the contrary, the maximum number of Shares issuable
      over the life of this Plan is 6,700,000. The number of Shares available for
      grant under this Plan and the
      number of Shares
      subject to outstanding Awards shall be subject to adjustment as provided in
      Section16. The Shares issued pursuant to Awards granted under this Plan may
      be
      Shares that are authorized and unissued or Shares that were reacquired by the
      Company, including Shares purchased in the open market. 

    

    B.
      Issuance of
      Shares

    

    For
      purposes of
      Section 5(A), the aggregate number of Shares issued under this Plan at any
      time
      shall equal only the number of Shares actually issued upon exercise or
      settlement of an Award under this Plan. Notwithstanding the foregoing, Shares
      subject to an Award under this Plan may not again be made available for issuance
      under this Plan if such Shares are: (i) Shares that were subject to a
      stock-settled Stock Appreciation Right and were not issued under the net
      settlement or net exercise of such Stock Appreciation Right, (ii) Shares used
      to
      pay the exercise price of an Option, (iii) Shares delivered to or withheld
      by
      the Company to pay the withholding taxes related an Option or a Stock
      Appreciation Right, or (iv) Shares repurchased on the open market with the
      proceeds of an Option exercise. Shares subject to Awards that have been
      canceled, expired, forfeited or otherwise not issued under an Award and Shares
      subject to Awards settled in cash shall not count as Shares issued under this
      Plan. The number of Shares available for grants of all Awards other than Stock
      Options and Stock Appreciation Rights shall be limited to no more than fifty
      percent (50%) of the total Shares available for grant in any one fiscal
      year.

    

    C.
      Tax Code
      Limits

    

    The
      aggregate number
      of Shares subject to Awards granted under this Plan during any calendar year
      to
      any one Employee shall not exceed 500,000 which number shall be calculated
      and
      adjusted pursuant to Section 16 only to the extent that such calculation or
      adjustment will not affect the status of any Award intended to qualify as
“performance based compensation” under Section 162(m) of the Code but which
      number shall not count any tandem SARs. The maximum amount payable pursuant
      to
      that portion of Performance Units or Other Stock-Based Incentives granted in
      any
      calendar year to any Participant under this Plan that is intended to satisfy
      the
      requirements for “performance based compensation” under Section 162(m) of the
      Code which is payable in cash shall not exceed $5,000,000.

    

    SECTION
      6.
      ELIGIBILITY

    

    Any
      Employee who is
      an officer or who serves in any other key administration, professional, or
      technical capacity shall be eligible to participate in the Plan. The Committee
      may in any year include any Employee who the Committee has determined has made
      some unusual contribution which would not be expected of such Employee in the
      ordinary course of his work to receive a Grant of an Award pursuant to the
      Plan.

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
 

    SECTION
      7. STOCK
      OPTIONS

    

    A.  Option
      Awards

    

    Options
      may be
      granted at any time and from time to time prior to the termination of the Plan
      as determined by the Committee. No Grantee shall have any rights as a
      stockholder until said Shares have been issued. Each Option shall be evidenced
      by an Agreement. Options granted pursuant to the Plan need not be identical
      but
      each Option must contain and be subject to the terms and conditions set forth
      below.

    

    B.
      Option
      Price

    

    The
      Committee will
      establish the exercise price per Share under each Option, which, in no event
      will be less than the fair market value of the Shares on the date of Grant;
      provided, however, that the exercise price per Share with respect to an Option
      that is granted in connection with a merger or other acquisition as a substitute
      or replacement award for options held by optionees of the acquired entity may
      be
      less than 100% of the market price of the Shares on the date such Option is
      granted if such exercise price is based on a formula set forth in the terms
      of
      the options held by such optionees or in the terms of the agreement providing
      for such merger or other acquisition. The exercise price of any Option may
      be
      paid in Shares, cash, or a combination thereof, as determined by the Committee,
      including an irrevocable commitment by a broker to pay over such amount from
      a
      sale of the Shares issuable under an Option, the delivery of previously owned
      Shares, and withholding of Shares deliverable upon exercise.

    

    C.
      No
      Repricing

    

    Other
      than in
      connection with a change in the Company’s capitalization (as described in
      Section 16) the exercise price of an Option may not be reduced without
      stockholder approval (including canceling previously awarded Options and
      regranting them with a lower exercise price).

    

    D.
      Provisions
      Applicable to Options

    

    The
      date on which
      Options become exercisable shall be determined at the sole discretion of the
      Committee and set forth in an Agreement.

    

    E.
      Term of
      Options

    

    The
      Committee shall
      establish the term of each Option, which in no case shall exceed a period of
      seven (7) years from the Grant Date.

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
 

    F.
      Incentive Stock
      Options

    

    Notwithstanding
      anything to the contrary in this Section 7, in the case of the grant of an
      Option intending to qualify as an Incentive Stock Option: (i) if the Employee
      owns stock possessing more than 10 percent of the combined voting power of
      all
      classes of stock of the Company (a “10% Shareholder”), the exercise price of
      such Option must be at least 110 percent of the fair market value of the Shares
      on the date of grant and the Option must expire within a period of not more
      than
      five (5) years from the date of grant, and (ii) termination of employment will
      occur when the person to whom an Award was granted ceases to be an employee
      (as
      determined in accordance with Section 3401(c) of the Code and the regulations
      promulgated thereunder) of the Company and its Subsidiaries. Notwithstanding
      anything in this Section 7 to the contrary, options designated as Incentive
      Stock Options shall not be eligible for treatment under the Code as Incentive
      Stock Options (and will be deemed to be Nonqualified Stock Options) to the
      extent that either (a) the aggregate fair market value of Shares (determined
      as
      of the time of grant) with respect to which such Options are exercisable for
      the
      first time by the Participant during any calendar year (under all plans of
      the
      Company and any Subsidiary) exceeds $100,000, taking Options into account in
      the
      order in which they were granted, or (b) such Options otherwise remain
      exercisable but are not exercised within three (3) months of termination of
      employment (or such other period of time provided in Section 422 of the
      Code).

    

    SECTION
      8. STOCK
      APPRECIATION RIGHTS

    

    Stock
      Appreciation
      Rights may be granted to Employees from time to time either in tandem with
      or as
      a component of other Awards granted under the Plan (“tandem SARs”) or not in
      conjunction with other Awards (“freestanding SARs”) and may, but need not,
      relate to a specific Option granted under Section 7. The provisions of Stock
      Appreciation Rights need not be the same with respect to each grant or each
      recipient. Any Stock Appreciation Right granted in tandem with an Award may
      be
      granted at the same time such Award is granted or at any time thereafter before
      exercise or expiration of such Award. All freestanding SARs shall be granted
      subject to the same terms and conditions applicable to Options as set forth
      in
      Section 7 and all tandem SARs shall have the same exercise price, vesting,
      exercisability, forfeiture and termination provisions as the Award to which
      they
      relate. Subject to the provisions of Section 7 and the immediately preceding
      sentence, the Committee may impose such other conditions or restrictions on
      any
      Stock Appreciation Right as it shall deem appropriate. Stock Appreciation Rights
      may be settled in Shares, cash or a combination thereof, as determined by the
      Committee and set forth in the applicable Agreement. Other than in connection
      with a change in the Company’s capitalization (as described in Section 16) the
      exercise price of Stock Appreciation Rights may not be reduced without
      stockholder approval (including canceling previously awarded Stock Appreciation
      Rights and regranting them with a lower exercise price).

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
SECTION
      9.
      RESTRICTED STOCK AND RESTRICTED STOCK UNITS

    

    A.
      Grants of
      Awards

    

    Restricted
      Stock and
      Restricted Stock Units may be granted at any time and from time to time prior
      to
      the termination of the Plan as determined by the Committee. Restricted Stock
      is
      an award or issuance of Shares the grant, issuance, retention, vesting and/or
      transferability of which is subject during specified periods of time to such
      conditions (including continued employment and/or performance conditions) and
      terms as the Committee deems appropriate. Restricted Stock Units are Awards
      denominated in units of Shares under which the issuance of Shares is subject
      to
      such conditions (including continued employment and/or performance conditions)
      and terms as the Committee deems appropriate. Each grant of Restricted Stock
      and
      Restricted Stock Units shall be evidenced by an Agreement. Unless determined
      otherwise by the Committee, each Restricted Stock Unit will be equal to one
      Share and will entitle a Participant to either the issuance of Shares or payment
      of an amount of cash determined with reference to the value of Shares. To the
      extent determined by the Committee, Restricted Stock and Restricted Stock Units
      may be satisfied or settled in Shares, cash or a combination thereof. Restricted
      Stock and Restricted Stock Units granted pursuant to the Plan need not be
      identical but each grant of Restricted Stock and Restricted Stock Units must
      contain and be subject to the terms and conditions set forth below.

    

    B.
      Contents of
      Agreement

    

    Each
      Agreement shall
      contain provisions regarding (i) the number of Shares or Restricted Stock Units
      subject to such Award or a formula for determining such number, (ii) the
      purchase price of the Shares, if any, and the means of payment, (iii) the
      performance criteria, if any, and level of achievement versus these criteria
      that shall determine the number of Shares or Restricted Stock Units granted,
      issued, retainable, and/or vested, (iv) such terms and conditions on the grant,
      issuance, vesting, and/or forfeiture of the Shares or Restricted Stock Units
      as
      may be determined from time to time by the Committee, (v) the term of the
      performance period, if any, as to which performance will be measured for
      determining the number of such Shares or Restricted Stock Units, and (vi)
      restrictions on the transferability of the Shares or Restricted Stock Units.
      Shares issued under a Restricted Stock Award may be issued in the name of the
      Participant and held by the Participant or held by the Company, in each case
      as
      the Committee may provide.

    

    C.
      Vesting and
      Performance Criteria

    

    The
      grant, issuance,
      retention, vesting, and/or settlement of shares of Restricted Stock and
      Restricted Stock Units will occur when and in such installments as the Committee
      determines or under criteria the Committee establishes, which may include
      Performance Measures. The grant, issuance, retention, vesting and/or settlement
      of Shares under any such Award that is based on Performance Measures and level
      of achievement versus such criteria will be subject to a performance period
      of
      not less than six months. Notwithstanding anything in this Plan to the contrary,
      the Performance Measures for any Restricted Stock or Restricted Stock Unit
      that
      is intended to satisfy the requirements for “Performance-Based Exception” under
      Section 162(m) of the Code will be a measure based on one or more Performance
      Measures selected by the Committee and specified when the Award is
      granted.

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
 

    D.
      Discretionary
      Adjustments and Limits

    

    Subject
      to the
      limits imposed under Section 162(m) of the Code for Awards that are intended
      to
      qualify as “Performance-Based Exception,” notwithstanding the satisfaction of
      any performance goals, the number of Shares granted, issued, retainable and/or
      vested under an Award of Restricted Stock or Restricted Stock units on account
      of either financial performance or personal performance evaluations may, to
      the
      extent specified in the Agreement, be reduced by the Committee on the basis
      of
      such further considerations as the Committee shall determine.

    

    E.
      Voting
      Rights

    

    Unless
      otherwise
      determined by the Committee, Participants holding shares of Restricted Stock
      granted hereunder may exercise full voting rights with respect to those shares
      during the period of restriction. Participants shall have no voting rights
      with
      respect to Shares underlying Restricted Stock Units unless and until such Shares
      are reflected as issued and outstanding shares on the Company’s stock
      ledger.

    

    F.
      Dividends

    

    Employees
      in whose
      name Restricted Stock is granted shall be entitled to receive all dividends
      and
      other distributions paid with respect to those Shares, unless determined
      otherwise by the Committee. The Committee will determine whether any such
      dividends or distributions will be automatically reinvested in additional shares
      of Restricted Stock and subject to the same restrictions on transferability
      as
      the Restricted Stock with respect to which they were distributed or whether
      such
      dividends or distributions will be paid in cash. Shares underlying Restricted
      Stock Units shall be entitled to dividends or dividend equivalents only to
      the
      extent provided by the Committee.

    

    SECTION
      10.
      PERFORMANCE UNITS AND PERFORMANCE SHARES

    

    A.
      Grants of
      Awards

    

    Performance
      Units
      and Performance Shares may be granted at any time and from time to time prior
      to
      the termination of the Plan as determined by the Committee.

    

    B.
      Values/Performance Measures

    

    The
      Committee shall
      set Performance Measures in its discretion which, depending on the extent to
      which they are met, will determine the number or value of Performance Units
      or
      Performance Shares that will be paid to the Grantee. With respect to Covered
      Employees and to the extent the Committee deems it appropriate to comply with
      Section 162(m) of the Code, the performance goals shall be objective Performance
      Measures satisfying the requirements for the Performance-Based Exception, and
      shall be set by the Committee within the time period prescribed by Section
      162(m) of the Code and related regulations.

    

    (a.)
      Performance
      Unit. Each Performance Unit shall have an initial value that is established
      by
      the Committee at the time of grant.

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
 

    (b.)
      Performance
      Share. Each Performance Share shall have an initial value equal to the fair
      market value of a share at the close of business on the Grant Date.

    

    C.
      Earning of
      Performance Units and Performance Shares

    

    After
      the applicable
      Performance Period has ended, the Grantee who holds Performance Units or
      Performance Shares shall be entitled to payment based on the level of
      achievement of performance goals set by the Committee. If a Performance Unit
      or
      Performance Share Award is intended to comply with the Performance-Based
      Exception, the Committee shall certify the level of achievement of the
      performance goals in writing before the Award is settled. At the discretion
      of
      the Committee, the settlement of Performance Units or Performance Shares may
      be
      in cash, Shares of equivalent value, or in some combination thereof, as set
      forth in the Award Agreement. 

    

    At
      the discretion of
      the Committee, a Grantee may be entitled to payment or accrual of Dividend
      Equivalents with respect to Shares deliverable in connection with grants of
      Performance Units or Performance Shares which have been earned but not yet
      delivered to the Grantee. In addition, a Grantee may, at the discretion of
      the
      Committee, be entitled to exercise his or her voting rights with respect to
      such
      Shares.

    

    SECTION
      11. DIVIDEND
      EQUIVALENTS

    

    The
      Committee is
      authorized to grant Awards of Dividend Equivalents alone or in conjunction
      with
      other Awards. Awards of Dividend Equivalents shall provide that Dividend
      Equivalents shall be paid or shall accrue but not be paid unless and until
      the
      date of issuance under the Plan of the Shares as to which such Dividend
      Equivalents relate. The Committee may provide that Dividend Equivalents shall
      be
      deemed to have been reinvested in additional Shares or additional Awards or
      otherwise reinvested.

    

    SECTION
      12. OTHER
      STOCK-BASED INCENTIVES

    

    The
      Committee is
      authorized, subject to limitations under applicable law, to grant such other
      Awards that are denominated or payable in, valued in whole or in part by
      reference to, or otherwise based on, or related to, Shares. Except as provided
      by the Committee, Shares delivered pursuant to a purchase right granted under
      this Section 12 shall be purchased for such consideration, paid for by such
      methods and in such forms, including cash, Shares, outstanding Awards or other
      property, as the Committee shall determine.

     

     

    
      
        
        

      

      
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    SECTION
      13.
      COMPLIANCE WITH SECTION 162(m) OF THE CODE

    

    A.
      Section 162(m)
      Compliance

    

    All
      Awards granted
      to persons in the Designated 162(m) Group may comply with the requirements
      of
      the Performance-Based Exception; provided that to the extent Section 162(m)
      of
      the Code requires periodic shareholder approval of Performance Measures, such
      approval shall not be required for the continuation of the Plan or as a
      condition to grant any Award hereunder after such approval is required. In
      addition, in the event that changes are made to Section 162(m) of the Code
      to
      permit flexibility with respect to any Award or Awards available under the
      Plan,
      the Committee may, subject to this Section 13A., make any adjustments to such
      Awards as it deems appropriate. The authority to specify which Awards are to
      be
      granted in compliance with Section 162(m) and subject to the Performance-Based
      Exception rests with the Committee.

    

    B.
      Performance-Based
      Exception

    

    Unless
      and until the
      Committee proposes for stockholder vote and stockholders approve a change in
      the
      general Performance Measures set forth in this Section 13, for Awards (other
      than Options) designed to qualify for the Performance-Based Exception, the
      Performance Measure(s) shall be chosen from among the following:

    

    (a)
      Earnings (either
      in the aggregate or on a per-share basis);

    (b)
      Net
      income;

    (c)
      Operating
      income;

    (d)
      Operating
      profit;

    (e)
      Cash
      flow;

    (f)
      Stockholder
      returns [including return on assets, investments, equity, or invested capital
      (including income applicable to common stockholders or other class of
      stockholders)];

    (g)
      Return measures
      (including return on assets, equity, or invested capital);

    (h)
      Earnings before
      or after either, or any combination of, interest, taxes, depreciation or
      amortization (EBITDA);

    (i)
      Gross
      revenues;

    (j)
      Share price
      (including growth measures and total stockholder return or attainment by the
      Shares of a specified value for a specified period of time);

    (k)
      Reductions in
      expense levels in each case, where applicable, determined either on a
      Company-wide basis or in respect of any one or more subsidiaries or business
      units thereof;

    (l)
      Economic
      value;

    (m)
      Market
      share;

    (n)
      Annual net
      income to common stock;

    (o)
      Earnings per
      share;

    (p)
      Annual cash flow
      provided by operations;

    (q)
      Changes in
      annual revenues;

    (r)
      Strategic
      business criteria, consisting of one or more objectives based on meeting
      specified revenue, market penetration, geographic business expansion goals,
      objectively identified project milestones, production volume levels, cost
      targets, and goals relating to acquisitions or divestitures;

     

     

    
      
        
        

      

      
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    (s)
      Operational
      performance measures tied to refining including production volumes, refining
      downtimes, environmental compliance, safety and accident rates, and refining
      margins.

    (t)
      Operational
      measures tied to exploration and production including changes in proven
      reserves, drilling costs, lifting costs, and exploration costs.

    (u)
      Operational
      measures tied to marketing and retail operations including sales volume
      increases, sales volume increases per existing retail store, retail margins,
      special product volumes, and increases in specific product volumes;
      and

    (v)
      Operating and
      maintenance cost management, provided that subsections (a) through (g) may
      be
      measured on a pre- or post-tax basis; and provided further that the Committee
      may, on the Grant Date of an Award intended to comply with the Performance-Based
      Exception, and in the case of other grants, at any time, provide that the
      formula for such Award may include or exclude items to measure specific
      objectives, such as losses from discontinued operations, extraordinary gains
      or
      losses, the cumulative effect of accounting changes, acquisitions or
      divestitures, foreign exchange impacts and any unusual, nonrecurring gain or
      loss. For Awards intended to comply with the Performance-Based Exception, the
      Committee shall set the Performance Measures within the time period prescribed
      by Section 162(m) of the Code. The levels of performance required with respect
      to Performance Measures may be expressed in absolute or relative levels and
      may
      be based upon a set increase, set positive result, maintenance of the status
      quo, set decrease or set negative result. Performance Measures may differ for
      Awards to different Grantees. The Committee shall specify the weighting (which
      may be the same or different for multiple objectives) to be given to each
      performance objective for purposes of determining the final amount payable
      with
      respect to any such Award. Any one or more of the Performance Measures may
      apply
      to the Grantee, a department, unit, division, or function within the Company
      or
      any one or more affiliates; and may apply either alone or relative to the
      performance of other businesses or individuals (including industry or general
      market indices).

    

    The
      Committee shall
      have the discretion to adjust the determination of the degree of attainment
      of
      the pre-established performance goals; provided that Awards which are designed
      to qualify for the Performance-Based Exception may not be adjusted upward (the
      Committee shall retain the discretion to adjust such Awards downward). The
      Committee may not delegate any responsibility with respect to Awards intended
      to
      qualify for the Performance-Based Exception. All determinations by the Committee
      as to the achievement of the Performance Measure(s) shall be in writing prior
      to
      payment of the Award.

    

    SECTION
      14.
      TERMINATION OF EMPLOYMENT

    

    Unless
      otherwise
      determined by the Committee at the time of grant, in the event an Employee’s
      employment terminates by reason of Normal Termination, any Options granted
      to
      such Employee which are then outstanding may be exercised at the earlier of
      any
      time prior to the expiration of the term of the Options or within two (2) years
      after termination and any shares of Restricted Stock then outstanding shall
      be
      prorated for all restricted periods then in effect based on the number of months
      of actual participation.

    

    Unless
      otherwise
      determined by the Committee at the time of grant, in the event an Employee’s
      employment is terminated by reason of death, any Options granted to such
      Employee which are then outstanding may be exercised by the Employee’s
      Beneficiary or the Employee’s legal representative at any time prior to the
      expiration date of the term of the Options or within two (2) years following
      the
      Employee’s termination of employment, 

     

     

    
      
        
        

      

      
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    whichever
      period is
      shorter, and any shares of Restricted Stock then outstanding shall be prorated
      for all restricted periods then in effect based on the number of months of
      actual participation.

     

    Unless
      otherwise
      determined by the Committee at the time of grant, in the event the employment
      of
      the Employee shall terminate for any reason other than the ones described in
      this Section, any Options granted to such Employee which are then outstanding
      shall be canceled and any shares of Restricted Stock then outstanding as to
      which the Restricted Period has not lapsed shall be forfeited.

    

    A
      change in
      employment from the Company or one Subsidiary to another Subsidiary of the
      Company shall not be considered a termination.

    

    SECTION
      15. CHANGE
      IN CONTROL

    

    Unless
      the Committee
      shall otherwise determine, notwithstanding any other provision of this Plan
      or
      an Agreement to the contrary, upon a Change in Control, as defined below, all
      outstanding Awards shall vest, become immediately exercisable or payable or
      have
      all restrictions lifted as may apply to the type of Award.

    

    A
“Change
      in
      Control” shall be deemed to have occurred if (i) any “person”, including a
“group” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange
      Act, but excluding the Company, any of its subsidiaries or any employee benefit
      plan of the Company or any of its subsidiaries or the “Murphy Family”) is or
      becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange
      Act), directly or indirectly, of securities of the Company representing 25%
      or
      more of the combined voting power of the Company’s then outstanding securities;
      or (ii) the stockholders of the Company shall approve a definitive agreement
      (1)
      for the merger or other business combination of the Company with or into another
      corporation a majority of the directors of which were not directors of the
      Company immediately prior to the merger and in which the stockholders of the
      Company immediately prior to the effective date of such merger own less than
      50%
      of the voting power in such corporation or (2) for the sale or other disposition
      of all or substantially all of the assets of the Company. Murphy Family means
      (a) the C.H. Murphy Family Investments Limited Partnership, (b) the estate
      of
      C.H. Murphy, Jr., and (c) siblings of the late C.H. Murphy, Jr. and his and
      their respective Immediate Family. “Immediate Family” of a person means such
      person’s spouse, children, siblings, mother-in-law and father-in-law,
      sons-in-law, daughters-in-law, brothers-in-law and sisters-in-law.

    

    SECTION
      16.
      ADJUSTMENTS UPON CHANGES IN CAPITALIZATION

    

    In
      the event of any
      change in the Common Stock by reason of any stock split, stock dividend,
      recapitalization, merger, consolidation, reorganization, combination, or
      exchange of shares, split-up, spin-off, share purchase, liquidation or other
      similar change in capitalization affecting or involving the Common Stock, or
      any
      distribution to common stockholders other than regular cash dividends, the
      Committee shall make such substitution or adjustment, if any, as it deems
      equitable, as to the number or kind of shares that may be issued under the
      Plan
      pursuant to Section 4 and the number or kind of shares subject to, or the price
      per share under or terms of any outstanding Award. The amount and form of the
      substitution or adjustment shall be determined by the Committee and any such
      substitution or adjustment shall be conclusive and binding on all parties for
      all purposes of the Plan.

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    
 

    SECTION
      17.
      COMPLIANCE WITH LAWS AND REGULATIONS

    

    This
      Plan, the
      grant, issuance, vesting, exercise and settlement of Awards thereunder, and
      the
      obligation of the Company to sell, issue or deliver Shares under such Awards,
      shall be subject to all applicable foreign, federal, state and local laws,
      rules
      and regulations, stock exchange rules and regulations, and to such approvals
      by
      any governmental or regulatory agency as may be required. The Company shall
      not
      be required to register in an Employee name or deliver any Shares prior to
      the
      completion of any registration or qualification of such shares under any
      foreign, federal, state or local law or any ruling or regulation of any
      government body which the Administrator shall determine to be necessary or
      advisable. To the extent the Company is unable to or the Committee deems it
      infeasible to obtain authority from any regulatory body having jurisdiction,
      which authority is deemed by the Company’s counsel to be necessary to the lawful
      issuance and sale of any Shares hereunder, the Company and its Subsidiaries
      shall be relieved of any liability with respect to the failure to issue or
      sell
      such Shares as to which such requisite authority shall not have been obtained.
      No Option shall be exercisable and no Shares shall be issued and/or transferable
      under any other Award unless a registration statement with respect to the Shares
      underlying such Option is effective and current or the Company has determined
      that such registration is unnecessary.

    

    In
      the event an
      Award is granted to or held by an Employee who is employed or providing services
      outside the United States, the Committee may, in its sole discretion, modify
      the
      provisions of the Plan or of such Award as they pertain to such individual
      to
      comply with applicable foreign law or to recognize differences in local law,
      currency or tax policy. The Committee may also impose conditions on the grant,
      issuance, exercise, vesting, settlement or retention of Awards in order to
      comply with such foreign law and/or to minimize the Company’s obligations with
      respect to tax equalization for Employees employed outside their home
      country.

    

    SECTION
      18.
      WITHHOLDING

    

    To
      the extent
      required by applicable federal, state, local or foreign law, an Employee shall
      be required to satisfy, in a manner satisfactory to the Company, any withholding
      tax obligations that arise by reason of an Option exercise, disposition of
      Shares issued under an Incentive Stock Option, the vesting of or settlement
      of
      an Award, an election pursuant to Section 83(b) of the Code or otherwise with
      respect to an Award. The Company and its Subsidiaries shall not be required
      to
      issue Shares, make any payment or to recognize the transfer or disposition
      of
      Shares until such obligations are satisfied. The Committee may provide for
      or
      permit the minimum statutory withholding obligations to be satisfied through
      the
      mandatory or elective sale of Shares and/or by having the Company withhold
      a
      portion of the Shares that otherwise would be issued to him or her upon exercise
      of the Option or the vesting or settlement of an Award, or by tendering Shares
      previously acquired.

    

    SECTION
      19.
      AMENDMENT OF THE PLAN OR AWARDS

    

    The
      Board may amend,
      alter or discontinue this Plan and the Committee may amend, or alter any
      agreement or other document evidencing an Award made under this Plan but, except
      as provided pursuant to the provisions of Section 16, no such amendment shall,
      without the approval of the stockholders of the Company:

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    
 

    (a)
      increase the
      maximum number of Shares for which Awards may be granted under this
      Plan;

    

    (b)
      reduce the price
      at which Options may be granted below the price provided for in Section
      7;

    

    (c)
      reduce the
      exercise price of outstanding Options;

    

    (d)
      extend the term
      of this Plan;

    

    (e)
      change the class
      of persons eligible to be Participants;

    

    (f)
      otherwise amend
      the Plan in any manner requiring stockholder approval by law or under the New
      York Stock Exchange listing requirements; or

    

    (g)
      increase the
      individual maximum limits in Section 5(c) and 5(d).

    

    No
      amendment or
      alteration to the Plan or an Award or Agreement shall be made which would impair
      the rights of the holder of an Award, without such holder’s consent, provided
      that no such consent shall be required if the Committee determines in its sole
      discretion and prior to the date of any change of control that such amendment
      or
      alteration either is required or advisable in order for the Company, the Plan
      or
      the Award to satisfy any law or regulation or to meet the requirements of or
      avoid adverse financial accounting consequences under any accounting
      standard.

    

    SECTION
      20.
      MISCELLANEOUS PROVISIONS

    

    (a)
      No Employee or
      other person shall have any claim or right to be granted an Award under the
      Plan
      and no Award shall confer any right to continued employment.

    

    (b)
      An Employee’s
      rights and interest under the Plan or any Award may not be assigned or
      transferred in whole or in part, either directly or by operation of law or
      otherwise (except in the event of death, to the Beneficiaries or by will or
      the
      laws of descent and distribution), including, but not by way of limitation,
      executive, levy, garnishment, attachment, pledge, bankruptcy or in any other
      manner, and no such right or interest of any Employee in the Plan or in any
      Award shall be subject to any obligation or liability of such
      individual.

    

    (c)
      The expense of
      the Plan shall be borne by the Company.

    

    (d)
      Awards granted
      under the Plan shall be binding upon the Company, its successors and
      assigns.

    

    (e)
      Nothing
      contained in this Plan shall prevent the Board of Directors from adopting other
      or additional compensation arrangements, subject to shareholder approval if
      such
      approval of any such additional arrangement is required.

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    (f)
      The Board
      intends that, except as may be otherwise determined by the Committee, any Awards
      under the Plan satisfy the requirements of Section 409A of the Code and related
      regulations and Treasury pronouncements (“Section 409A”) to avoid the imposition
      of any taxes, including additional income taxes, thereunder. If the Committee
      determines that an Award, Agreement, payment distribution, deferral election,
      transaction or any other action or arrangement contemplated by the provisions
      of
      the Plan would, if undertaken, cause a Grantee to become subject to Section
      409A. unless the Committee expressly determines otherwise, such Award,
      Agreement, payment distribution, deferral election, transaction or other action
      or arrangement shall not be undertaken and the related provision of the Plan
      and/or Award Agreement will be deemed modified, or, if necessary, rescinded
      in
      order to comply with the requirements of Section 409A which is to be paid out
      when vested, such payment shall be made as soon as administratively feasible
      after the Award became vested, but in no event shall such payment be made later
      than 21⁄2 months after the end of the calendar year in which the Award became
      vested unless otherwise permitted under the exemption provisions of Section
      409A.

    

    SECTION
      21.
      GOVERNING LAW

    

    The
      provisions of
      this Plan shall be interpreted and construed in accordance with the laws of
      the
      State of Delaware.

     

     

    16

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