Document:

Exhibit

STOCK AWARDS
FOR
NON-EMPLOYEE DIRECTORS
ISSUED UNDER 
AMENDED AND RESTATED 
RYDER SYSTEM, INC. 2012 EQUITY AND INCENTIVE COMPENSATION PLAN

[20XX] TERMS AND CONDITIONS

The following terms and conditions apply to the stock award (the “Award”) granted in [20XX] by Ryder System, Inc. (the “Company”) to the Company’s Non-Employee Directors, under the Amended and Restated Ryder System, Inc. 2012 Equity and Incentive Compensation Plan (the “Plan”), as specified in the Restricted Stock Units Award Notification Letter (the “Notification Letter”), to which these terms and conditions are appended and the applicable Stock Award Distribution Election Form (the “Election Form”).  Certain terms of the Award, including the number of Shares granted, the date of grant (the “Grant Date”) and the vesting date(s), are set forth in the Notification Letter.  The terms and conditions contained herein may be amended by the Committee as permitted by the Plan.  Capitalized terms used herein and not defined shall have the meaning ascribed to such terms in the Plan or in the Notification Letter.

		
	1.
	General. Each Award represents the right to receive one Share on a specified date on the terms and conditions set forth herein, in the Notification Letter, the Election Form and the Plan, the applicable terms, conditions and other provisions of which are incorporated by reference herein (collectively, the “Award Documents”).  The Award may be distributed as Restricted Stock Units (“RSUs”) or payment in Shares after completion of one year of service on the Board of Directors of the Company (the “Board”).  A copy of the Plan and the documents that constitute the “Prospectus” for the Plan under the Securities Act of 1933, have been delivered to the Participant prior to or along with delivery of the Notification Letter.  In the event there is an express conflict between the provisions of the Plan and those set forth in any Award Document, the terms and conditions of the Plan shall govern.

		
	2.
	Number of Shares under Award.  Each Non-Employee Director who is serving as such immediately following the [20XX] annual meeting of shareholders of the Company (the “Annual Meeting”) shall receive an Award immediately following such Annual Meeting for a number of Shares equal to (i) [$XXX,XXX] divided by (ii) the Fair Market Value of one Share on the day of the Annual Meeting.  If a Non-Employee Director begins his or her service on the Board after the Annual Meeting but prior to December 31, [20XX], on the date on which such Non-Employee Director’s service on the Board begins (“Service Date”), the Non-Employee Director shall receive an Award for a number of Shares equal to the product of (i) a quotient the numerator of which is [$XXX,XXX] and the denominator of which is the Fair Market Value of one Share on the Service Date, times (ii) a quotient, the numerator of which is the total number of days between the Service Date and December 31, [20XX] and the denominator of which is 365.  

		
	3.
	Election as to Form of Payment. 

		
	(a)
	 Each Non-Employee Director may elect to receive his or her Award in the form of either:

		
	i.
	Shares that are distributed within 30 days following the later of the Grant Date or the date on which the Non-Employee Director completes one year of service on the Board, or 

		
	ii.
	An RSU payable after separation from service according to the terms of the Non-Employee Director’s applicable election form, subject to completion of one year of service on the Board.  

		
	(b)
	The election must be made by December 31 of the calendar year immediately preceding the calendar year in which the services to which the Award relate are performed (or, in the case of newly elected or appointed Non-Employee Directors, by the end of the thirtieth (30th) day 

immediately following his commencement of service on the Board) (such date, the “Election Date”).  

		
	(c)
	If a Non-Employee Director fails to make an election by the Election Date, distribution of the Award will be made in the form of a Shares distributed within 30 days following the later of the Grant Date or the date on which the Non-Employee Director completes one year of service on the Board.  

		
	4.
	Vesting of RSUs.  

		
	(a)
	If the Non-Employee Director has completed one year of service on the Board as of the Grant Date, the Award shall be fully vested as of the Grant Date.  

		
	(b)
	If the Non-Employee Director has not completed at least one year of service on the Board as of the Grant Date, the Award shall become fully vested on the date on which the Non-Employee Director completes one year of service on the Board.  If the Non-Employee Director’s service on the Board ceases before the Non-Employee Director completes one year of service, except as provided in subsection (c) below, upon such cessation of service, the Award will be forfeited, and the Non-Employee Director will not have any right to delivery of Shares hereunder.  

		
	(c)
	Notwithstanding the foregoing, the Award shall become fully vested upon the Non-Employee Director’s cessation of service on the Board if (i) the Non-Employee Director’s service is terminated by the Company without Cause upon or following a Change of Control or (ii) the Non-Employee Director’s service terminates on account of Disability or death.  

		
	(d)
	For purposes of the Award Documents, Disability shall mean (i) a determination by the Board that the Non-Employee Director is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months or (ii) a determination by the Social Security Administration that the Non-Employee Director is totally disabled.  

		
	5.
	Timing of Delivery of Shares.  

		
	(a)
	For an Award that is payable upon separation from service, delivery of the Shares relating to the Award will occur (or, if installment payments are elected pursuant to Section 5 below, commence) within 30 days following the Non-Employee Director’s separation from service on the Board. 

		
	(b)
	For an Award that is payable immediately after the Grant Date, delivery of the Shares will occur within 30 days after the Grant Date. 

		
	(c)
	For an Award that is payable on the date on which the Non-Employee Director completes one year of service on the Board, delivery of the Shares will occur within 30 days following the one-year anniversary date.  However, if such Award vests earlier than the one-year anniversary date pursuant to Section 4(c) above, delivery of the Shares will occur within 30 days after the vesting date.

		
	(d)
	Notwithstanding the foregoing, the following provisions apply in the event of a Change of Control:

		
	i.
	In the event that a Change of Control occurs that constitutes a “409A Compliant COC” (as defined below), Shares with respect to all of the then outstanding fully vested RSUs will be delivered to the Non-Employee Director in a lump sum upon the occurrence of such 

Change of Control. 

		
	ii.
	In the event that a Change of Control does not constitute a 409A Compliant COC, each RSU will be converted into a right to receive a cash payment equal to the Fair Market Value of a Share on the date on which the Change of Control occurs.  Such cash payment will be distributed to the Non-Employee Director in accordance with the otherwise applicable distribution schedule set forth in the Award Documents. 

		
	iii.
	Any Awards that are not fully vested as of the date of the Change of Control will be distributed to the Non-Employee Director in a lump sum payment upon vesting, if the Change of Control constitutes as 409A Compliant COC, and, if not, in accordance with the otherwise applicable distribution schedule set forth in the Award Documents. 

		
	iv.
	For purposes of this Agreement, a “409A Compliant COC” means a change “in ownership” or “effective control” or a change in the “ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code.

		
	6.
	Form of Delivery of RSU Shares.  Subject in all cases to Section 409A of the Code and Section 9.17 of the Plan, with respect to each Award of RSUs, a Non-Employee Director may irrevocably elect, by the Election Date, to receive delivery of Shares pursuant to Section 3(a)(ii) in either one lump sum, or in equal annual installments over a period not less than 2 years or greater than 10 years, provided that a Non-Employee Director who fails to make an irrevocable election with respect to any RSUs by 5:00 pm on the Election Date shall be deemed to have irrevocably elected to receive delivery of the Shares subject to such award in a lump sum.  Notwithstanding the foregoing, in the event of a Change of Control, RSUs will be distributed in accordance with Section 5(d).  

		
	7.
	Rights as a Shareholder; Dividend Equivalent Rights. A holder of an Award will not have the rights of a shareholder of the Company with respect to Shares subject to the Award until such Shares are actually delivered.  However, with respect to all RSUs held by the Non-Employee Director, once per year the Company will credit the Non-Employee Director with dividend equivalents in respect of dividends declared on Shares during the prior year while the RSUs are outstanding, in the form of additional RSUs based on the Fair Market Value of the Shares on the dividend payment date, and such additional RSUs will be paid on the same date and subject to the same terms and conditions as applicable to the RSUs on which they were credited.  If a Non-Employee Director has not completed one year of service on the Board and has elected to receive Shares upon completion of one year of service pursuant to Section 3(a)(i), the foregoing dividend equivalent rights shall apply to his or her Award during the period before the Shares are actually delivered. 

		
	8.
	Statute of Limitations and Conflicts of Laws.  All rights of action by, or on behalf of the Company or by any shareholder against any past, present, or future member of the Board, officer, or employee of the Company arising out of or in connection with the Award or the Award Documents, must be brought within three years from the date of the act or omission in respect of which such right of action arises. The Award and the Award Documents shall be governed by the laws of the State of Florida, without giving effect to principles of conflict of laws, and construed accordingly.

		
	9.
	No Assignment.  A Participant’s rights and interest under the Award may not be assigned or transferred, except as otherwise provided herein, and any attempted assignment or transfer shall be null and void and shall extinguish, in the Company’s sole discretion, the Company’s obligation under the Award or the Award Documents. 

		
	10.
	Unfunded Plan.  Any Shares or other amounts owed under the Award shall be unfunded. The Company shall not be required to establish any special or separate fund, or to make any other segregation of assets, to assure delivery or payment of any earned amounts.

		
	11.
	Section 409A.  The Award is intended to comply with Section 409A of the Code or an exemption, and delivery of Shares and other payments pursuant to the Award may only be made upon an event and in a manner permitted by Section 409A, to the extent applicable. All references to a separation from service shall mean a “separation from service” under Section 409A.  The Award shall be administered consistent with Section 9.17 of the Plan.

		
	12.
	Company Policies. The Award and any cash or Shares delivered pursuant to the Award shall be subject to all applicable policies that may be implemented by the Company’s Board of Directors from time to time, including the Company’s share ownership guidelines as in effect from time to time.Exhibit

QEP RESOURCES, INC.
2018 LONG-TERM INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT
    
THIS RESTRICTED STOCK AGREEMENT (the “Agreement”) is made as of [grant date] (the “Effective Date”), between QEP Resources, Inc., a Delaware corporation (the “Company”), and [participant name] (“Grantee”).

1.    Grant of Restricted Stock.  Subject to the terms and conditions of this Agreement and the QEP Resources, Inc. 2018 Long-Term Incentive Plan, as may be amended from time to time (the “Plan”), for good and valuable consideration, on the Effective Date, the Company hereby issues to Grantee [shares granted] shares of the Company’s Common Stock, $.01 par value, subject to certain restrictions thereon (the “Restricted Stock”).

2.    Restrictions.  Except as the Administrator may otherwise determine, shares of Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered, either voluntarily or by operation of law, except by will or the laws of descent and distribution, or, subject to the Administrator’s consent, pursuant to a domestic relations order, and shall be subject to forfeiture in accordance with the provisions of Section 5, below, until Grantee becomes vested in the Restricted Stock. Upon vesting, the restrictions in this Section 2 shall lapse, the Restricted Stock shall no longer be subject to forfeiture. 

3.    Enforcement of Restrictions.  To enforce the restrictions set forth in Section 2, shares of Restricted Stock will be held in electronic form in an account by the Company’s transfer agent or other designee until the restrictions set forth in Section 2 have lapsed with respect to such shares, or such shares are forfeited, whichever is earlier. 

4.    Vesting; Lapse of Restrictions.  Except as provided otherwise in this Agreement, the Restricted Stock shall vest in three equal increments on an annual basis in March or September (depending on grant date) beginning no sooner than eight months after grant date and no later than fourteen months after grant date, subject to Grantee’s continued Service as an Employee from the Effective Date until the vesting dates (each, a “Vesting Date”).

The number of shares of Restricted Stock that are vested shall be cumulative, so that once a share becomes vested, it shall continue to be vested.  

If the Vesting Date falls on a day when the New York Stock Exchange (the “NYSE”) is closed, the Vesting Date will occur on the next day that the NYSE is open.  In the event that the Vesting Date falls on a day when trading in the Common Stock has been suspended, the Vesting Date will occur on the next full day after trading resumes.

5.    Termination of Employment; Forfeiture of Restricted Stock.  If Grantee’s employment with the Company terminates, shares of Restricted Stock shall be treated as follows unless Grantee is subject to an employment agreement or other agreement that governs  treatment of Restricted Stock upon termination, in which case the terms of the other agreement shall govern.

(a)    Death or Disability.  If Grantee’s employment with the Employer is terminated due to Grantee’s death or Disability prior to any Vesting Date, any unvested shares of Restricted Stock shall vest in full and the restrictions set forth in Section 2 shall lapse in their entirety.

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(b)    Termination Following a Change in Control.  If, upon a Change in Control of the Company or within the three years thereafter, Grantee’s employment with the Employer is terminated (i) by Grantee’s Employer for any reason other than Cause or (ii) by Grantee for Good Reason within 60 days following the expiration of the cure period afforded to the Company to rectify the condition giving rise to Good Reason, any unvested shares of the Restricted Stock shall vest in full and the restrictions set forth in Section 2 shall lapse in their entirety.  For purposes of this Section 5(b):

(i)    “Cause” means Grantee’s:  (i) willful and continued failure to perform substantially Grantee’s duties with the Employer (other than any such failure resulting from incapacity due to physical or mental illness), following written demand for substantial performance delivered to Grantee by the Board or the Chief Executive Officer of the Company; or (ii) willful engagement in conduct that is materially injurious to the Employer.  For purposes of this definition, no act or failure to act on the part of Grantee shall be considered “willful” unless it is done, or omitted to be done, by Grantee without reasonable belief that Grantee’s action or omission was in the best interests of Grantee’s Employer.  The Company, acting through the Board, must notify Grantee in writing that Grantee’s employment is being terminated for “Cause”.  The notice shall include a list of the factual findings used to sustain the judgment that Grantee’s employment is being terminated for “Cause”.

(ii)    “Good Reason” means any of the following events or conditions that occur without Grantee’s written consent, and that remain in effect after notice has been provided by Grantee to the Company of such event or condition and the expiration of a 30 day cure period:  (i) a material diminution in Grantee’s gross annual base salary (as in effect immediately prior to the Change in Control of the Company), target incentive opportunity under any Annual Cash Incentive Plan or long-term incentive award opportunity under any Long-Term Incentive Plan or Stock Incentive Plan; (ii) a material diminution in Grantee’s authority, duties, or responsibilities; (iii) a material diminution in the authority, duties, or responsibilities of the supervisor to whom Grantee is required to report, including a requirement that Grantee report to a corporate officer or employee instead of reporting directly to the Board; (iv) a material diminution in the budget over which Grantee retains authority; (v) a material change in the geographic location at which Grantee performs services; or (vi) any other action or inaction that constitutes a material breach by the Employer of Grantee’s employment agreement (if any).  Grantee’s notification to the Company must be in writing and must occur within a reasonable period of time, not to exceed 90 days, following the initial existence of the relevant event or condition.  For purposes of this definition:

(1) “Annual Cash Incentive Plan” means any annual incentive plan, program or arrangement offered by the Employer pursuant to which Grantee is eligible to receive a cash award, subject in whole or in part to the achievement of performance goals over a period of no more than one year, including without limitation the QEP Resources, Inc. Cash Incentive Plan.

(2) “Long-Term Incentive Plan” means any long-term incentive plan, program or arrangement offered by the Employer pursuant to which Grantee is eligible to receive an award, subject in whole or in part to the achievement of performance goals over a period of more than one year, including without limitation the QEP Resources, Inc. Cash Incentive Plan.

(3) “Stock Incentive Plan” means any incentive plan offered by the Company pursuant to which upon or following vesting or exercise, as applicable, Grantee is entitled to receive shares of the Company’s Common Stock, including without limitation the Plan.

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(c)    Other Terminations of Employment.  Except as provided in Section 5(a) and Section 5(b) above, if Grantee’s employment with the Employer is terminated for any reason prior to any Vesting Date, Grantee shall forfeit all shares of Restricted Stock that are not yet vested at the time of such termination.

(d)    Manner of Forfeiture.  Any shares of Restricted Stock forfeited by Grantee pursuant to this Section 5 shall promptly be transferred to the Company without the payment of any consideration therefor, and Grantee or Grantee’s attorney-in-fact, shall execute all documents and take all actions as shall be necessary or desirable to promptly effectuate such transfer.  On and after the time at which any shares are required to be transferred to the Company, the Company shall not pay any dividend to Grantee on account of such shares or permit Grantee to exercise any of the privileges or rights of a stockholder with respect to the shares but shall, in so far as permitted by law, treat the Company as owner of the shares.

6.    Effect of Prohibited Transfer.  If any transfer of Restricted Stock is made or attempted to be made contrary to the terms of this Agreement, the Company shall have the right to acquire for its own account, without the payment of any consideration therefor, such shares from the owner thereof or his or her transferee, at any time before or after such prohibited transfer. In addition to any other legal or equitable remedies it may have, the Company may enforce its rights to specific performance to the extent permitted by law and may exercise such other equitable remedies then available to it.  The Company may refuse for any purpose to recognize any transferee who receives shares contrary to the provisions of this Agreement as a stockholder of the Company and may retain and/or recover all dividends on such shares that were paid or payable subsequent to the date on which the prohibited transfer was made or attempted.

7.    Rights of a Stockholder.  Subject to the restrictions imposed by Section 2 and the terms of any other relevant sections hereof, Grantee shall have all of the voting, dividend, liquidation and other rights of a stockholder with respect to the Restricted Stock.

8.    Adjustments to Restricted Stock.

(a)    Adjustment by Merger, Stock Split, Stock Dividend, Etc. If the Common Stock, as presently constituted, shall be changed into or exchanged for a different number or kind of shares of stock or other securities of the Company or of another corporation (whether by reason of reorganization, merger, consolidation, combination, repurchase, recapitalization, liquidation, dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or exchange of Common Stock or other securities of the Company, issuance of warrants or other rights to purchase Common Stock or other securities of the Company, or other similar corporate transaction or event), or if the number of such shares of stock shall be increased through the payment of a stock dividend or other distribution, then there shall be substituted for or added to each share of Restricted Stock, the number and kind of shares of stock or other securities into which each outstanding share of Restricted Stock shall be so changed or for which each such share shall be exchanged or to which each such share shall be entitled, as the case may be. 
(b)    Other Distributions and Changes in the Stock. In the event there shall be any other change affecting the number or kind of the outstanding shares of the Common Stock, or any stock or other securities into which the stock shall have been changed or for which it shall have been exchanged, then if the Committee shall, in its sole discretion, determine that the change equitably requires an adjustment in the shares of Restricted Stock, an adjustment shall be made in accordance with such determination.

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(c)    General Adjustment Rules.  All adjustments relating to stock or securities of the Company shall be made by the Committee, whose determination in that respect shall be final, binding and conclusive.  Fractional shares resulting from any adjustment to the Restricted Stock pursuant to this Section 8 may be settled as the Committee shall determine.  Notice of any adjustment shall be given to Grantee.

(d)    Reservation of Rights.  The issuance of Restricted Stock shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, to merge, to consolidate, to dissolve, to liquidate or to sell or transfer all or any part of its business or assets.

9.    Tax Consequences.  Set forth below is a brief summary as of the date of grant of certain United States federal income tax consequences of the award of the Restricted Stock.  THIS SUMMARY DOES NOT ADDRESS EMPLOYMENT, SPECIFIC STATE, LOCAL OR FOREIGN TAX CONSEQUENCES THAT MAY BE APPLICABLE TO GRANTEE.  GRANTEE UNDERSTANDS THAT THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE.

Unless Grantee makes a Section 83(b) election as described below, Grantee shall recognize ordinary income at the time or times the shares of Restricted Stock are released from the restrictions in Section 2, in an amount equal to the Fair Market Value of the shares on such date(s) less the amount paid, if any, for such shares, and the Company shall collect all applicable withholding taxes with respect to such income.  

10.    Tax Withholding Obligations.  

(a)    Upon taxation of the Restricted Stock, Grantee shall make appropriate arrangements with the Company to provide for the payment of all applicable tax withholdings.  Grantee may elect to satisfy such withholding liability by:

(i)    Payment to the Company in cash, by wire transfer of immediately available funds, or by check made payable to the order of the Company;

(ii)    Deduction from Grantee’s regular pay;

(iii)    Withholding of a number of shares of vested Restricted Stock having an aggregate Fair Market Value equal to the minimum amount required to be withheld or such greater amount, up to the maximum allowable, as may be elected by Grantee; or 

(iv)    Transfer to the Company of a number of shares of Common Stock that were acquired by Grantee more than six (6) months prior to the transfer to the Company, with such shares having an aggregate Fair Market Value equal to the amount required to be withheld or such lesser or greater amount as may be elected by Grantee, up to Grantee’s marginal tax payment obligations associated with the taxation of the Restricted Stock.

     (b)    All elections under this Section 10 shall be subject to the approval or disapproval of the Committee.  Unless the Committee determines otherwise or Grantee has notified the Company in writing otherwise, Grantee shall be deemed to have elected the method described in Section 10(a)(iii).  The value of shares withheld or transferred shall be based on the Fair Market Value of the stock on the date that the amount of tax to be withheld is to be determined (the “Tax Date”).  

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(c)    All elections under this Section 10 shall be subject to the following restrictions:

(i)    All elections must be made prior to the Tax Date;

(ii)    All elections shall be irrevocable; and

(iii)    If Grantee is an officer or director of the Company within the meaning of Section 16 of the 1934 Act (“Section 16”), Grantee must satisfy the requirements of such Section 16 and any applicable rules thereunder with respect to the use of stock to satisfy such tax withholding obligation.  

11.    Section 83(b) Election.  Grantee hereby acknowledges that he or she has been informed that he or she may file with the Internal Revenue Service, within thirty (30) days of the Effective Date, an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to be taxed as of the Effective Date on the amount by which the Fair Market Value of the Restricted Stock as of such date exceeds the price paid for such shares, if any.

IF GRANTEE CHOOSES TO FILE AN ELECTION UNDER SECTION 83(b) OF THE CODE, GRANTEE ACKNOWLEDGES THAT IT IS GRANTEE’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(b) OF THE CODE, EVEN IF GRANTEE REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO MAKE THIS FILING ON GRANTEE’S BEHALF.

BY SIGNING THIS AGREEMENT, GRANTEE REPRESENTS THAT HE OR SHE HAS REVIEWED WITH HIS OR HER OWN TAX ADVISORS THE FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT AND THAT HE OR SHE IS RELYING SOLELY ON SUCH ADVISORS AND NOT ON ANY STATEMENTS OR REPRESENTATIONS OF THE COMPANY OR ANY OF ITS AGENTS.  GRANTEE UNDERSTANDS AND AGREES THAT HE OR SHE (AND NOT THE COMPANY) SHALL BE RESPONSIBLE FOR ANY TAX LIABILITY THAT MAY ARISE AS A RESULT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

12.    Notices.  Any notice required or permitted to be given under this Agreement shall be in writing and shall be given by hand delivery or by first class registered or certified mail, postage prepaid, addressed, if to the Company, to its Corporate Secretary, and if to Grantee, to his or her address now on file with the Company, or to such other address as either may designate in writing.  Any notice shall be deemed to be duly given as of the date delivered in the case of personal delivery, or as of the second day after enclosed in a properly sealed envelope and deposited, postage prepaid, in a United States post office, in the case of mailed notice.

13.    Amendment.  Except as provided herein, this Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and Grantee, and as approved by the Committee or its delegate.  Notwithstanding any provision in this Agreement to the contrary, including Section 14, an amendment to the Plan that would materially and adversely affect Grantee’s rights with respect to the award of Restricted Stock granted hereunder will not be effective with respect to such award.

14.    Relationship to Plan.  This Agreement shall not alter the terms of the Plan.  If there is a conflict between the terms of the Plan and the terms of this Agreement, the terms of the Plan 

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shall prevail.  Capitalized terms used in this Agreement but not defined herein shall have the meaning given such terms in the Plan.

15.    Construction; Severability.  The section headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.

16.    Waiver.  Any provision contained in this Agreement may be waived, either generally or in any particular instance, by the Committee appointed under the Plan, but only to the extent permitted under the Plan.

17.    Entire Agreement; Binding Effect.  Once accepted, this Agreement, the terms and conditions of the Plan, and the award of Restricted Stock set forth herein, constitute the entire agreement between Grantee and the Company governing such award of Restricted Stock, and shall be binding upon and inure to the benefit of the Company and to Grantee and to the Company’s and Grantee’s respective heirs, executors, administrators, legal representatives, successors and assigns.

18.    No Rights to Employment.  Nothing contained in this Agreement shall be construed as giving Grantee any right to be retained in the employ of your Employer and this Agreement is limited solely to governing the rights and obligations of Grantee with respect to the Restricted Stock.

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

IN WITNESS WHEREOF, the parties have executed this Agreement as of [acceptance date].

	
			
	GRANTEE
	 
	QEP RESOURCES, INC.

	 
	 
	 

	 
	By:
	/s/ Richard J. Doleshek

	[Name]
	Name:
	Richard J. Doleshek

	 
	Title:
	Executive Vice President and Chief Financial Officer

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