Document:

Unassociated Document

    UNIT
      CORPORATION

    RESTRICTED
      STOCK AWARD AGREEMENT

     

    PERSONAL
      AND CONFIDENTIAL

     

    [Date]

     

    
      	
              Participant
                Name

            	
              [--------------------]

            
	
              Date
                of Grant

            	
              [--------------------]

            
	
              Number
                of Shares of Restricted Stock subject to this Award

            	
              [--------------------]

            
	
              Expiration
                Date

            	
              [--------------------]

            

    

     

    We
      are
      pleased to inform you that as an employee of Unit Corporation or one of its
      Affiliates, you have been granted an Award of Shares of Restricted Stock under
      the Unit Corporation Stock and Incentive Compensation Plan (the "Plan").
      Each
      Share of Restricted Stock under this Award is composed of one share of Unit
      Corporation's common stock, $0.20 par value per share. This Award is subject
      to
      your acceptance as provided in Section 1 below and the terms and conditions
      that
      follow in this agreement.

     

    The
      date
      of the Award evidenced by this agreement (the "date
      of grant")
      is set
      forth above. 

     

    The
      terms
      and conditions of this Award, including non-standard provisions permitted by
      the
      Plan, are set forth below.

     

    1.  Acceptance
      of Award. 
      This
      Award
      can be accepted by signing your name in the space provided on the enclosed
      copy
      of this agreement and causing it to be delivered to the Secretary of Unit
      Corporation, 7130 South Lewis, Suite 1000, Tulsa, Oklahoma 74136, before the
      30th
      day
      after the date of grant. If the Secretary does not receive your properly signed
      copy of this agreement before the time and date specified in the previous
      sentence, then, despite anything else stated in this agreement, this Award
      will
      be void as if it was never awarded to you and will be of no effect. Your signing
      and timely delivering a copy of this agreement will evidence your acceptance
      on
      the terms and conditions stated in this agreement.

     

    2.  Issuance
      of Restricted Stock.

     

    
      	(a)  	
              Unless
                you are advised otherwise by the Secretary of Unit Corporation, your
                unvested Shares of Restricted Stock will be held in book entry form.
                You
                agree that Unit Corporation may give stop transfer instructions to
                the
                depository to ensure compliance with the provisions of this agreement.
                You
                hereby (i) acknowledge that your unvested Shares of Restricted Stock
                will be held in book entry form on the books of Unit Corporation's
                depository (or another institution specified by Unit Corporation),
                and
                irrevocably authorize Unit Corporation to take such actions as may
                be
                necessary or appropriate to effectuate a transfer of the record ownership
                of any such Shares that are unvested and forfeited, (ii) agree to
                deliver
                to Unit Corporation, as a precondition to the issuance of any certificate
                or certificates with respect to unvested Shares of Restricted Stock,
                one
                or more stock powers, endorsed in blank, with respect to such Shares,
                and
                (iii) agree to sign such other powers and take such other actions
                as Unit
                Corporation may reasonably request to accomplish the transfer or
                forfeiture of any unvested Shares of Restricted Stock that are forfeited
                under this agreement.

            

    

     

    
      	(b)  	
              In
                the event the Secretary of Unit Corporation advises you that your
                unvested
                Shares of Restricted Stock will be represented by a certificate,
                then,
                subject to the provisions of this agreement, Unit Corporation shall
                issue
                and register on its books and records in your name a certificate
                (or
                certificates) 

            

    

     

    
      
        
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            1 of 6

        

        
           

          
          

        

        
           

        

      

       

      
        	 	
                in
                  the amount of the Shares of Restricted Stock subject to this Award
                  as set
                  forth above. Each certificate shall bear a legend, substantially
                  in the
                  following form:

              

      

       

    

    "The
      sale
      or other transfer of the Shares of stock represented by this certificate,
      whether voluntary, involuntary, or by operation of law, is subject to certain
      restrictions on transfer as set forth in the Unit Corporation Stock and
      Incentive Compensation Plan, and in the associated Award Agreement. A copy
      of
      this Plan and such Award Agreement may be obtained from Unit
      Corporation."

     

    The
      certificate(s) shall be retained by Unit Corporation (or its designee) until
      the
      time that all restrictions or conditions applicable to the Shares have been
      satisfied or lapsed.

     

    3.  Restrictions. 
      In
      addition to the other terms contained in this agreement or the Plan, the Shares
      of Restricted Stock shall be subject to the following restrictions:

     

    
      	(a)  	
              Neither
                (i) the Shares of Restricted Stock, (ii) the right to vote the Shares
                of
                Restricted Stock, (iii) the right to receive dividends on the Shares
                of
                Restricted Stock, or (iv) any other rights under this agreement may
                be
                sold, transferred, donated, exchanged, pledged, assigned, or otherwise
                alienated or encumbered until (and then only to the extent of) the
                Shares
                of Restricted Stock are delivered to
                you.

            

    

     

    
      	(b)  	
              You
                shall have, with respect to the Shares of Restricted Stock, all of
                the
                rights of a holder of Shares, including the right to vote such shares
                and
                to receive any cash dividends thereon. The Committee, however, may
                determine that cash dividends shall be automatically reinvested in
                additional Shares which shall become Shares of Restricted Stock and
                shall
                be subject to the same restrictions and other terms of this Award.
                Unless
                otherwise determined by the Committee, dividends payable in Shares
                shall
                be treated as additional Shares of Restricted Stock subject to the
                same
                restrictions and other terms of this Award and you shall deliver
                a stock
                power, duly endorsed in blank, relating to the additional Shares
                of
                Restricted Stock on payment of any such
                dividend.

            

    

     

    
      	(c)  	
              During
                your lifetime the Shares of Restricted Stock shall only be delivered
                to
                you. Any Shares of Restricted Stock transferred in accordance with
                this
                agreement shall continue to be subject to the terms and conditions
                of this
                agreement, including, without limitation, the provisions of this
                Section
                5. Any transfer permitted under this agreement shall be promptly
                reported
                in writing to Unit Corporation's
                Secretary.

            

    

     

    4.  Delivery
      of Shares
      of Restricted Stock.  Unless
      previously forfeited, Unit Corporation shall deliver to you, or your designated
      beneficiary, or if none, to your devisees in the event of death, a certificate
      representing Shares (in lieu of the Shares of Restricted Stock) in the following
      percentages of the Shares of Restricted Stock subject to this Award on the
      following dates:

    

    
      	
               

              (i)

               

            	
               

              [---]%
                on the [---------------] anniversary of the date of grant;

               

            
	
               

              (ii) 

               

            	
               

              an
                additional [---]% on the [---------------]anniversary of the date
                of
                grant; and

               

            
	
               

              (iii)

               

            	
               

              the
                remaining [---]% on the [---------------]anniversary of the date
                of grant
                (the time before the [---------------] anniversary of the date of
                grant
                being called in this agreement the "Restriction
                Period").

               

            

    

     

    The
      certificate(s) delivered shall not contain the legend referred to in Section
      2
      but shall contain any legend required by federal and state securities laws.
      The
      Shares represented by such certificate(s) shall not be subject to the
      restrictions set forth above in Section 3.

     

     

    
      
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          2 of 6

      

      
         

        
        

      

      
         

      

    

     

    5.  Affect
      of Death
      or Disability.  Despite
      what is provided for in Section 4, if your employment with Unit Corporation
      or
      one of its Affiliates terminates before you have vested in all or any Shares
      of
      Restricted Stock by reason of your death or disability (as determined by the
      Committee in its sole discretion), the vesting requirements shall be accelerated
      and all Shares of Restricted Stock that have not vested shall vest 100% as
      of
      the date of such death or disability.

     

    6.  Affect
      of Other
      Causes of Termination of Employment.

     

    
      	(a)  	
              On
                termination of your employment with Unit Corporation or any of its
                Affiliates for any reason during the Restriction Period (except (i)
                in the
                event of death or disability under Section 5, (ii) as a result of
                a change
                of control subject to Section 9, or (iii) unless the Committee determines
                otherwise in the case of your retirement), you shall forfeit all
                Shares of
                Restricted Stock that have not been previously delivered to you in
                Shares
                that are not subject to the restrictions set forth above in Section
                3.

            

    

     

    
      	(b)  	
              For
                the purposes of this agreement, your employment by an Affiliate of
                Unit
                Corporation shall be considered terminated on the date that the company
                by
                which you are employed is no longer an Affiliate of Unit
                Corporation.

            

    

     

    7.  Transfer
      of Employment; Leave of Absence.  A
      transfer of your employment from Unit Corporation to an Affiliate or vice versa,
      or from one Affiliate to another, without an intervening period, shall not
      be
      deemed a termination of employment. If you are granted an authorized leave
      of
      absence, you shall be deemed to have remained in the employ of the company
      by
      which you are employed during such leave of absence.

     

    8.  Adjustments
      in Shares
      of Restricted Stock.

     

    
      	(a)  	
              The
                existence of this agreement and the Shares of Restricted Stock shall
                not
                affect or restrict in any way the right or power of the Board of
                Directors
                or the stockholders of Unit Corporation (or any of its Affiliates)
                to make
                or authorize any reorganization or other change in its capital or
                business
                structure, any merger or consolidation, any issue of bonds, debentures,
                preferred or prior preference stock ahead of or affecting the Shares
                or
                the Shares of Restricted Stock, the dissolution or liquidation of
                the
                company or any sale or transfer of all or any part of its (or their)
                assets or business.

            

    

     

    
      	(b)  	
              In
                the event of any corporate event or transaction that is subject to
                the
                provisions of Section 4.2 of the Plan, the Committee may make adjustments
                or amendments to the terms of this Award as it deems appropriate
                under the
                circumstances, in its sole discretion. Any adjustments or amendments
                may
                include, but are not limited to, (i) changes in the number and kind
                of
                Shares of Restricted Stock set forth above, (ii) changes in the grant
                price per share, and (iii) accelerating the delivery of the Shares
                of
                Restricted Stock. The determination by the Committee as to the terms
                of
                any amendments or adjustments shall be conclusive and
                binding.

            

    

     

    9.  Change
      of
      Control.  Article
      14 of the Plan shall apply to the terms of this Award in the event a Change
      of
      Control occurs.

     

    10.  Tax
      Matters.  Federal
      income tax withholding (and state and local income tax withholding, if
      applicable) may be required in respect of taxes on income realized when
      restrictions are removed from the Shares of Restricted Stock. You are required
      to deliver to Unit Corporation the amounts that it determines should be
      withheld, provided,
      however,
      that
      you may pay a portion or all of such withholding taxes by electing to have
      (i)
      Unit Corporation withhold a portion of the Shares that would otherwise be
      delivered to you or (ii) you can deliver to Unit Corporation Shares that you
      have owned for at least six months, in either case, having a Fair Market Value
      (as of the date that the amount of taxes is to be withheld) in the amount to
      be
      withheld, and provided further that your election shall be
      irrevocable.

     

    11.  Employment. 
      Nothing
      contained in this agreement or the Plan shall confer on you any right to
      continue in the employ or other service of Unit Corporation or any of its
      Affiliates or limit in any way the right of your 

     

    
      
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    employer
      to change your compensation or other benefits or to terminate your employment
      or
      other service with or without Cause.

     

    12.  Short-Swing
      Trading.  An
      executive officer of Unit Corporation who receives an award of Restricted Stock
      must report the transaction on a Form 4 Statement of Changes in Beneficial
      Ownership filed within two trading days with the EDGAR database of the
      Securities and Exchange Commission. While the General Counsel of Unit
      Corporation will draft the Form 4 on your request, the
      filing is your personal responsibility.
      Further, executive officers should review Unit Corporation's Policy Statement
      On
      Insider Trading before making arrangements for the sale of Shares.

     

    13.  Forfeiture
      of Award. 
      If
      at any
      time during your employment by Unit Corporation or one of its Affiliates the
      Committee determines that you have engaged in any activity in competition with
      any activity of Unit Corporation or its Affiliates, or activity or conduct
      that
      is inimical, contrary or harmful to the interests of Unit Corporation or its
      Affiliates, including but not limited to:

     

    
      	(a)  	
              conduct
                relating to your employment for which either criminal or civil penalties
                against you may be sought;

            

    

     

    
      	(b)  	
              conduct
                or activity that results in the termination of your employment because
                of
                your: (i) failure to abide by your employer's rules and regulations
                governing the transaction of its business, including without limitation,
                its Code of Business Ethics and Conduct; (ii) inattention to duties,
                or
                the commission of acts while employed with your employer amounting
                to
                negligence or misconduct; (iii) misappropriation of funds or property
                of
                Unit Corporation or any of its Affiliates or committing any fraud
                against
                Unit Corporation or any of its Affiliates or against any other person
                or
                entity in the course of employment with Unit Corporation or any of
                its
                Affiliates; (iv) misappropriation of any corporate opportunity, or
                otherwise obtaining personal profit from any transaction which is
                adverse
                to the interests of Unit Corporation or any of its Affiliates or
                to the
                benefits of which Unit Corporation or any of its Affiliates is entitled;
                or (v) the commission of a felony or other crime involving moral
                turpitude;

            

    

     

    
      	(c)  	
              accepting
                employment with, acquiring a 5% or more equity or participation interest
                in, serving as a consultant, advisor, director or agent of, directly
                or
                indirectly soliciting or recruiting any employee of Unit Corporation
                or
                any of its Affiliates who was employed at any time during your tenure
                with
                Unit Corporation of an of its Affiliates, or otherwise assisting
                in any
                other capacity or manner any company or enterprise that is directly
                or
                indirectly in competition with or acting against the interests of
                Unit
                Corporation or any of its Affiliates (a "competitor"),
                except for (i) any isolated, sporadic accommodation or assistance
                provided
                to a competitor, at its request, by you during your tenure with Unit
                Corporation or any of its Affiliates, but only if provided in the
                good
                faith and reasonable belief that such action would benefit Unit
                Corporation or any of its Affiliates by promoting good business relations
                with the competitor and would not harm Unit Corporation or any of
                its
                Affiliates interests in any substantial manner or (ii) any other
                service
                or assistance that is provided at the request or with the written
                permission of Unit Corporation or any of its
                Affiliates;

            

    

     

    
      	(d)  	
              disclosing
                or misusing any confidential information or material concerning Unit
                Corporation or any of its Affiliates;
                or

            

    

     

    
      	(e)  	
              making
                any statement or disclosing any information to any customers, suppliers,
                lessors, lessees, licensors, licensees, regulators, employees or
                others
                with whom Unit Corporation or any of its Affiliates engages in business
                that is defamatory or derogatory with respect to the business, operations,
                technology, management, or other employees of Unit Corporation or
                any of
                its Affiliates, or taking any other action that could reasonably
                be
                expected to injure Unit Corporation or any of its Affiliates in its
                business relationships with any of the foregoing parties or result
                in any
                other detrimental effect on Unit Corporation or any of its Affiliates;
                

            

    

     

    
      
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    then
      this
      Award of Shares of Restricted Stock shall automatically terminate and be
      forfeited effective on the date on which you breached this Section 13 as
      determined by the Committee and (i) all Shares acquired by you under this
      agreement (or other securities into which those Shares have been converted
      or
      exchanged) shall be returned to Unit Corporation or, if no longer held by you,
      you shall pay to Unit Corporation, without interest, all cash, securities or
      other assets received by you on the sale or transfer of such stock or
      securities, and (ii) all unvested Shares of Restricted Stock shall be
      forfeited.

     

    
      
        	(f)  	If you owe any amount under the above subsections
                of this
                Section 13, you acknowledge that your employer may, to the fullest
                extent
                permitted by applicable law, deduct such amount from any amounts
                your
                employer owes you from time to time for any reason (including without
                limitation amounts owed to you as salary, wages, reimbursements or
                other
                compensation, fringe benefits, retirement benefits or vacation pay).
                Whether or not your employer elects to make any such set-off in whole
                or
                in part, if your employer does not recover by means of set-off the
                full
                amount you owe it, you hereby agree to pay immediately the unpaid
                balance
                to your employer.

      

       

    

    14.  Listing;
      Securities Considerations.  Despite
      anything else in this agreement, if at any time Unit Corporation determines,
      in
      its sole discretion, that the listing, registration or qualification (or any
      updating of any such document) of the Shares issuable under this agreement
      is
      necessary on any securities exchange or under any federal or state securities
      or
      blue sky law, or that the consent or approval of any governmental regulatory
      body is necessary or desirable as a condition of, or in connection with the
      issuance of the Shares of Restricted Stock, or the removal of any restrictions
      imposed on such Shares, such Shares shall not be issued, in whole or in part,
      or
      the restrictions on the Shares removed, unless such listing, registration,
      qualification, consent or approval shall have been effected or obtained free
      of
      any conditions not acceptable to Unit Corporation.

     

    15.  Binding
      Effect. 
      This
      agreement shall inure to the benefit of and be binding on the parties to this
      agreement and their respective heirs, executors, administrators, legal
      representatives and successors. Without limiting the generality of the
      foregoing, whenever the term "you" is used in any provision of this agreement
      under circumstances where the provision appropriately applies to the heirs,
      executors, administrators or legal representatives to whom this Award may be
      transferred as provided for in this agreement, the term "you" shall be deemed
      to
      include that person or persons.

     

    16.  Plan
      Provisions Govern.

     

    
      	(a)  	
              This
                Award is subject to the terms, conditions, restrictions and other
                provisions of the Plan as fully as if all those provisions were set
                forth
                in their entirety in this agreement. If
                any provision of this agreement conflicts with a provision of the
                Plan,
                the Plan provision shall control.
                

            

    

     

    
      	(b)  	
              You
                acknowledge that a copy of the Plan and a prospectus summarizing
                the Plan
                was distributed or made available to you and that you were advised
                to
                review that material before entering into this agreement. You waive
                the
                right to claim that the provisions of the Plan are not binding on
                you and
                your heirs, executors, administrators, legal representatives and
                successors.

            

    

     

    
      	(c)  	
              Capitalized
                terms used but not defined in this agreement have the meaning given
                those
                terms in the Plan.

            

    

     

    
      	(d)  	
              By
                your signature below, you represent that you are familiar with the
                terms
                and provisions of the Plan, and hereby accept this agreement subject
                to
                all of the terms and provisions of the Plan. You have reviewed the
                Plan
                and this agreement in their entirety and fully understand all provisions
                of this agreement. You agree to accept as binding, conclusive and
                final
                all decisions or interpretations of the Committee on any questions
                arising
                under the Plan or this agreement.

            

    

     

    
      
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    17.  Governing
      Law. 
      This
      agreement shall be governed by and construed in accordance with the laws of
      the
      State of Oklahoma despite any laws of the State of Oklahoma that would apply
      the
      laws of a different State.

     

    18.  Severability. 
      If
      any
      term or provision of this agreement, or the application of this agreement to
      any
      person or circumstance, shall at any time or to any extent be invalid, illegal
      or unenforceable in any respect as written, both parties intend for any court
      construing this agreement to modify or limit that provision so as to render
      it
      valid and enforceable to the fullest extent allowed by law. Any provision that
      is not susceptible of reformation shall be ignored so as to not affect any
      other
      term or provision of this agreement, and the remainder of this agreement, or
      the
      application of that term or provision to persons or circumstances other than
      those as to which it is held invalid, illegal or unenforceable, shall not be
      affected thereby and each term and provision of this agreement shall be valid
      and enforced to the fullest extent permitted by law.

     

    19.  Consent
      to Electronic Delivery; Electronic Signature.  In
      lieu
      of receiving documents in paper format, you agree, to the fullest extent
      permitted by law, to accept electronic delivery of any documents that may be
      required to be deliver to you (including, but not limited to, prospectuses,
      prospectus supplements, grant or award notifications and agreements, account
      statements, annual and quarterly reports, and all other forms of communications)
      in connection with this and any other award made or offered by Unit Corporation.
      Electronic delivery may be via electronic mail system or by reference to a
      location on a company intranet to which you have access. You hereby consent
      to
      any and all procedures Unit Corporation has established or may establish for
      an
      electronic signature system for delivery and acceptance of any such documents
      that may be required to be delivered to you, and agrees that your electronic
      signature is the same as, and shall have the same force and effect as, your
      manual signature.

     

    20.  Entire
      Agreement; Modification. 
      The
      Plan
      and this agreement contain the entire agreement between the parties with respect
      to the subject matter contained in this agreement and may not be modified except
      as provided in the Plan, as it may be amended from time to time in the manner
      provided in the Plan (or in this agreement), or as it may be amended from time
      to time by a written document signed by each of the parties to this agreement.
      Any oral or written agreements, representations, warranties, written
      inducements, or other communications with respect to the subject matter
      contained in this agreement made before the signing of this agreement shall
      be
      void and ineffective for all purposes.

     

    21.  Counterparts. 
      This
      agreement may be signed in duplicate counterparts, each of which shall be deemed
      to be an original.

     

    In
      Witness Whereof, the parties have caused this agreement to be signed and
      delivered as of the day and year first above written.

     

    
      	
               

              Unit
                Corporation

               

            	
               

              Participant:

               

            
	
               

            	 	 
	 	 	 
	 	
              ___________________________________

            	
              _________________________________________

            
	
              By:

            	
              Signature

            	
              Signature

            
	
              Title:

            	 	 
	
              Date:

            	 	
              Date:

            

    

    

     

    

    Page
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      6Unassociated Document

    
      

        UNIT
          CORPORATION

        STOCK
          APPRECIATION RIGHTS AWARD AGREEMENT

         

        PERSONAL
          AND CONFIDENTIAL

         

        [Date]

         

        
          	
                  Participant
                    Name

                	
                  [--------------------]

                
	
                  Date
                    of Grant

                	
                  [--------------------]

                
	
                  Type
                    of Award

                	
                  Stock
                    Settled SAR

                
	
                  Grant
                    Price per Stock Appreciation Right

                	
                  [--------------------]

                
	
                  Number
                    of Share equivalents subject to this Award 

                	
                  [--------------------]

                
	
                  Expiration
                    Date

                	
                  [--------------------]

                

        

         

        We
          are
          pleased to inform you that as an employee of Unit Corporation or one of
          its
          Affiliates, you have been granted an Award of Stock Appreciation Rights
          (also
          referred to as a "SARs")
          under
          the Unit Corporation Stock and Incentive Compensation Plan (the "Plan").
          The
          SARs give you the opportunity to receive shares of Unit Corporation common
          stock
          at the time of exercise in an amount determined by the excess of (i) the
          Fair
          Market Value of the exercised number of SARs (which shall be equal, on
          a per
          share basis to the Fair Market Value of Shares) as of the date of exercise
          over
          (ii) the grant price of the specified number of SAR Shares. Such excess,
          if any,
          shall be paid in whole shares of the Stock with a value per share equal
          to the
          Fair Market Value of the Shares as of the date of exercise, provided that
          fractional shares of the Shares shall be rounded down to the nearest whole
          share
          of the SARs This Award is subject to your acceptance of this Award as provided
          in Section 1 below and the terms and conditions that follow in this
          agreement.

         

        The
          date
          of the Award evidenced by this agreement (the "date
          of grant")
          and
          the date the SARs expire are set forth above. 

         

        The
          terms
          and conditions of this Award, including non-standard provisions permitted
          by the
          Plan, are set forth below.

         

        1.  Acceptance
          of SARs. 
          The
          SARs
          cannot be exercised unless you sign your name in the space provided on
          the
          enclosed copy of this agreement and cause it to be delivered to the Secretary
          of
          the Company, 7130 South Lewis, Suite 1000, Tulsa, Oklahoma 74136, before
          the
          30th
          day
          after the date of grant. If the Secretary does not timely receive your
          properly
          signed copy of this agreement, then, despite anything else stated in this
          agreement, the SARs will be void as if they were never awarded to you and
          will
          be of no effect. Your signing and timely delivering a copy of this agreement
          will evidence your acceptance of the SARs on the terms and conditions stated
          in
          this agreement.

         

        2.  When
          You Can Exercise
          the SARs.

         

        	(a)  	
                Unless
                  previously forfeited and subject to the other provisions of this
                  agreement, the SARs shall be exercisable in the following percentages
                  of
                  the number of Share equivalents subject to this Award on the following
                  dates:

              

         

        

        
          	
                   

                  (i)

                   

                	
                   

                  [----]%
                    on the [----------] anniversary of the date of grant;

                   

                

        

         

         

        
          
            Page
              1 of 7

          

          
            
            

            
            

          

          
            
            

          

        

        
          

          
            	
                     

                    (ii) 

                     

                  	
                     

                    an
                      additional [---]% on the [----------]
                      anniversary of the date of grant; and

                     

                  
	
                     

                    (iii)

                     

                  	
                     

                    the
                      remaining [---]% on the [----------]
                      anniversary of the date of grant 

                     

                  

          

           

        

         

        	(b)  	
                Except
                  as otherwise provided in Section 6, the SARs shall lapse on the
                  10th
                  anniversary of the date of grant. 

              

         

         

        	(c)  	
                SARs
                  shall not become exercisable unless you remain continuously in
                  the employ
                  or service of Unit Corporation or of one of its Affiliates from
                  the date
                  of the grant until exercise, except as provided in Sections 6 and
                  10.
                  

              

         

         

        	(d)  	
                The
                  right to exercise shall be cumulative. If the full number of Shares
                  with
                  respect to which the SARs are available for exercise in a period
                  shall not
                  be exercised, the balance, subject to any forfeiture provisions,
                  may be
                  exercised at any time or from time to time thereafter before the
                  lapse,
                  forfeiture or termination of the SARs. 

              

         

        3.  Notice
          of Exercise.  After
          you
          vest in them, you may exercise your SARs by delivering a signed Notice
          of
          Exercise in the form attached to this agreement to Unit Corporation's Secretary
          at the office specified above. Delivery of a signed form constitutes your
          legally binding irrevocable exercise of the SARs, as indicated on the form.
          In
          the case of any delivery by facsimile transmission, the original Notice
          of
          Exercise form shall be promptly forwarded by you by hand or mail to the
          Secretary of Unit Corporation. If a properly signed Notice of Exercise
          form is
          not received by Unit Corporation's Secretary by the applicable expiration
          date
          specified in Sections 2(b), 6 or 7, the notice will be deemed void and
          of no
          effect. If notice of exercise of the SARs is given by a person other than
          you,
          Unit Corporation may require as a condition to exercise of the SARs the
          submission to Unit Corporation of appropriate proof of the right of such
          person
          to exercise the SARs. A SAR will be deemed to have been exercised on the
          date on
          which the notice is received by Unit Corporation's secretary as described
          above.

         

        4.  Terms
          of Exercise.  On
          proper
          exercise of any vested portion of your SARs, you shall be entitled to receive
          the excess of (i) the Fair Market Value of the specified number of SARs
          (which
          shall be equal, on a per share basis to the Fair Market Value of the Shares)
          as
          of the date of exercise over (ii) the grant price of the specified number
          of
          SARs. Such excess, if any, shall be paid in whole shares of the Shares
          with a
          value per share equal to the Fair Market Value of the Shares as of the
          date of
          exercise, provided that fractional shares of the Shares shall be rounded
          down to
          the nearest whole share.

         

        5.  Transferability
          of SARs. 
          The
          SARs
          shall not be transferable by you otherwise than (i) by will, (ii) by the
          laws of
          descent and distribution, or (iii) under a qualified domestic relations
          order.
          During your lifetime the SARs shall be exercisable only by you. Any transferred
          SARs shall continue to be subject to the terms and conditions of this agreement,
          including, without limitation, the provisions of this Section 5. Any transfer
          permitted under this agreement shall be promptly reported in writing to
          Unit
          Corporation's Secretary.

         

        6.  Affect
          of Death
          or Disability.  Despite
          what is provided for in Section 2, if your employment by or service with
          Unit
          Corporation or one of its Affiliates terminates by reason of your death
          or
          disability (as determined by the Committee in its sole discretion), all
          of the
          SARs will become immediately exercisable in full and non-forfeitable and
          shall
          continue to be exercisable for a period of six months from the date of
          termination.

         

        7.  Affect
          of Other
          Causes of Termination of Employment.

         

        	(a)  	
                Subject
                  to Section 7(b), if your employment with the Company or a subsidiary
                  terminates otherwise than by reason of your death or disability,
                  the SARs
                  shall be exercisable only with respect to the number of SARs with
                  respect
                  to which it was exercisable on the date of termination of employment
                  and
                  then must be exercised, if at all, within thirty days after your
                  termination of employment or such SARs

              

         

         

        
          
            Page
              2 of 7

          

          
            
            

            
            

          

          
            
            

          

        

        
           

          	 	
                   shall
                    terminate and cease to be exercisable; provided however,
                    that in the case of termination for Cause, such SARs shall be
                    forfeited
                    and no longer exercisable as of the date of your termination
                    of
                    employment.

                

           

        

        	(b)  	
                For
                  the purposes of this agreement, your employment by an Affiliate
                  of Unit
                  Corporation shall be considered terminated on the date that the
                  company by
                  which you are employed is no longer an Affiliate of Unit
                  Corporation.

              

         

        8.  Transfer
          of Employment; Leave of Absence.  A
          transfer of your employment from Unit Corporation to an Affiliate or vice
          versa,
          or from one Affiliate to another, without an intervening period, shall
          not be
          deemed a termination of employment. If you are granted an authorized leave
          of
          absence, you shall be deemed to have remained in the employ of the company
          by
          which you are employed during such leave of absence.

         

        9.  Adjustments
          in SARs.

         

        	(a)  	
                The
                  existence of this agreement and the SARs shall not affect or restrict
                  in
                  any way the right or power of the Board of Directors or the stockholders
                  of Unit Corporation (or any of its Affiliates) to make or authorize
                  any
                  reorganization or other change in its capital or business structure,
                  any
                  merger or consolidation, any issue of bonds, debentures, preferred
                  or
                  prior preference stock ahead of or affecting the SARs, the dissolution
                  or
                  liquidation of the company or any sale or transfer of all or any
                  part of
                  its (or their) assets or business.

              

         

        	(b)  	
                In
                  the event of any corporate event or transaction that is subject
                  to the
                  provisions of Section 4.2 of the Plan, the Committee may make adjustments
                  or amendments to the terms of this Award as it deems appropriate,
                  under
                  the circumstances, in its sole discretion. Any adjustments or amendments
                  may include, but are not limited to, (i) changes in the number
                  and kind of
                  Share equivalents into which your SARs may be settled, (ii) changes
                  in the
                  grant price per share, and (iii) accelerating the vesting of the
                  SARs. The
                  determination by the Committee as to the terms of any adjustments
                  or
                  amendments shall be conclusive and
                  binding.

              

         

        10.  Change
          in Control.  Article
          14 of the Plan shall apply to the terms of this Award in the event a Change
          of
          Control occurs.

         

        11.  Tax
          Matters.

         

        	(a)  	
                You
                  should consult your tax accountant about the tax consequences of
                  the
                  grant, vesting and exercise of the SARs.

              

         

        	(b)  	
                On
                  exercise of a SAR, Federal income tax withholding (and state and
                  local
                  income tax withholding, if applicable) may be required in respect
                  of taxes
                  on income realized. You are required to deliver to Unit Corporation
                  the
                  amounts that it determines should be withheld, provided,
                  however,
                  that you may pay a portion or all of such withholding taxes by
                  electing to
                  have (i) Unit Corporation withhold a portion of the Shares that
                  would
                  otherwise be delivered to you, or (ii) you can deliver to Unit
                  Corporation
                  Shares that you have owned for at least six months, in either case,
                  having
                  a Fair Market Value (as of the date that the amount of taxes is
                  to be
                  withheld) in the amount to be withheld, and provided further that
                  your
                  election shall be irrevocable.

              

         

        12.  Employment. 
          Nothing
          contained in this agreement shall confer on you any right to continue in
          the
          employ or other service of Unit Corporation or any of its Affiliates or
          limit in
          any way the right of your employer to change your compensation or other
          benefits
          or to terminate your employment or other service with or without
          Cause.

         

        13.  Short-Swing
          Trading.  An
          executive officer of Unit Corporation who exercises a SAR must report the
          disposition of the SARs on a Form 4 Statement of Changes in Beneficial
          Ownership
          filed within two trading

         

        
          
            Page
              3 of 7

          

          
            
            

            
            

          

          
            
            

          

        

         

        days
          with
          the EDGAR database of the Securities and Exchange Commission. While the
          General
          Counsel of the Company will draft the Form 4 on your request, the
          filing is your personal responsibility.

         

        14.  Forfeiture
          of Award. 
          If
          at any
          time during your employment by Unit Corporation or one of its Affiliates,
          the
          Committee determines that you have engaged in any activity in competition
          with
          any activity of Unit Corporation or its Affiliates, or activity or conduct
          that
          is inimical, contrary or harmful to the interests of Unit Corporation or
          its
          Affiliates, including but not limited to:

         

        	(a)  	
                conduct
                  relating to your employment for which either criminal or civil
                  penalties
                  against you may be sought;

              

         

        	(b)  	
                conduct
                  or activity that results in the termination of your employment
                  because of
                  your: (i) failure to abide by your employer's rules and regulations
                  governing the transaction of its business, including without limitation,
                  its Code of Business Ethics and Conduct; (ii) inattention to duties,
                  or
                  the commission of acts within employment with your employer amounting
                  to
                  negligence or misconduct; (iii) misappropriation of funds or property
                  of
                  Unit Corporation or any of its Affiliates or committing any fraud
                  against
                  Unit Corporation or any of its Affiliates or against any other
                  person or
                  entity in the course of employment with Unit Corporation or any
                  of its
                  Affiliates; (iv) misappropriation of any corporate opportunity,
                  or
                  otherwise obtaining personal profit from any transaction which
                  is adverse
                  to the interests of Unit Corporation or any of its Affiliates or
                  to the
                  benefits of which Unit Corporation or any of its Affiliates is
                  entitled;
                  or (v) the commission of a felony or other crime involving moral
                  turpitude;

              

         

        	(c)  	
                accepting
                  employment with, acquiring a 5% or more equity or participation
                  interest
                  in, serving as a consultant, advisor, director or agent of, directly
                  or
                  indirectly soliciting or recruiting any employee of Unit Corporation
                  or
                  any of its Affiliates who was employed at any time during your
                  tenure with
                  Unit Corporation or any of its Affiliates, or otherwise assisting
                  in any
                  other capacity or manner any company or enterprise that is directly
                  or
                  indirectly in competition with or acting against the interests
                  of Unit
                  Corporation of an of its Affiliates (a "competitor"),
                  except for (i) any isolated, sporadic accommodation or assistance
                  provided
                  to a competitor, at its request, by you during your tenure with
                  Unit
                  Corporation of an of its Affiliates, but only if provided in the
                  good
                  faith and reasonable belief that such action would benefit Unit
                  Corporation or any of its Affiliates by promoting good business
                  relations
                  with the competitor and would not harm Unit Corporation or any
                  of its
                  Affiliates interests in any substantial manner or (ii) any other
                  service
                  or assistance that is provided at the request or with the written
                  permission of Unit Corporation or any of its
                  Affiliates;

              

         

        	(d)  	
                disclosing
                  or misusing any confidential information or material concerning
                  Unit
                  Corporation or any of its Affiliates; or

              

         

        	(e)  	
                making
                  any statement or disclosing any information to any customers, suppliers,
                  lessors, lessees, licensors, licensees, regulators, employees or
                  others
                  with whom Unit Corporation or any of its Affiliates engages in
                  business
                  that is defamatory or derogatory with respect to the business,
                  operations,
                  technology, management, or other employees of Unit Corporation
                  or any of
                  its Affiliates, or taking any other action that could reasonably
                  be
                  expected to injure Unit Corporation or any of its Affiliates in
                  its
                  business relationships with any of the foregoing parties or result
                  in any
                  other detrimental effect on Unit Corporation or any of its Affiliates;
                  

              

         

        then
          the
          SARs subject to this Award shall automatically terminate and be forfeited
          effective as of the date you breached this Section 14.(a) - (e) as determined
          by
          the Committee and (i) you must return to Unit Corporation any Shares issued
          to
          you on your exercise of SARs, (ii) if any of the SARs or the Shares issued
          on
          your exercise of SARs are no longer in your possession you must pay to
          Unit
          Corporation, without interest, all cash, securities or other assets received
          by
          you on the sale or transfer of the SARs or such Shares, and (iii) all unvested
          SARs shall be forfeited.

         

        
          
            Page
              4 of 7

          

          
            
            

            
            

          

          
            
            

          

        

         

        (f)  
          If you owe any amount under the above subsections of this Section 14, you
          acknowledge that your employer may, to the fullest extent permitted by
          applicable law, deduct such amount from any amounts your employer owes
          you from
          time to time for any reason (including without limitation amounts owed
          to you as
          salary, wages, reimbursements or other compensation, fringe benefits, retirement
          benefits or vacation pay). Whether or not your employer elects to make
          any such
          set-off in whole or in part, if your employer does not recover by means
          of
          set-off the full amount you owe it, you hereby agree to pay immediately
          the
          unpaid balance to your employer.

         

        15.  Time
          of Essence.  Time
          is
          of the essence of the provisions of this agreement with respect to delivering
          notices. There is no grace period.

         

        16.   Listing;
          Securities Considerations.  Despite
          anything else in this agreement, if at any time Unit Corporation determines,
          in
          its sole discretion, that the listing, registration or qualification (or
          any
          updating of any such document) of the Shares issuable under this agreement
          is
          necessary on any securities exchange or under any federal or state securities
          or
          blue sky law, or that the consent or approval of any governmental regulatory
          body is necessary or desirable as a condition of, or in connection with
          the
          issuance of the Shares of Restricted Stock, or the removal of any restrictions
          imposed on such Shares, such Shares shall not be issued, in whole or in
          part, or
          the restrictions on the Shares removed, unless such listing, registration,
          qualification, consent or approval shall have been effected or obtained
          free of
          any conditions not acceptable to Unit Corporation.

         

        17.  Binding
          Effect. 
          This
          agreement shall inure to the benefit of and be binding on the parties to
          this
          agreement and their respective heirs, executors, administrators, legal
          representatives and successors. Without limiting the generality of the
          foregoing, whenever the term "you" is used in any provision of this agreement
          under circumstances where the provision appropriately applies to the heirs,
          executors, administrators or legal representatives to whom this Award may
          be
          transferred as provided for in this agreement, the term "you" shall be
          deemed to
          include that person or persons.

         

        18.  Plan
          Provisions Govern. 
          

         

        	(a)  	
                This
                  Award is subject to the terms, conditions, restrictions and other
                  provisions of the Plan as fully as if all those provisions were
                  set forth
                  in their entirety in this agreement. If
                  any provision of this agreement conflicts with a provision of the
                  Plan,
                  the Plan provision shall control.
                  

              

         

        	(b)  	
                You
                  acknowledge that a copy of the Plan and a prospectus summarizing
                  the Plan
                  was distributed or made available to you and that you were advised
                  to
                  review that material before entering into this agreement. You waive
                  the
                  right to claim that the provisions of the Plan are not binding
                  on you and
                  your heirs, executors, administrators, legal representatives and
                  successors.

              

         

        	(c)  	
                Capitalized
                  terms used but not defined in this agreement have the meaning given
                  those
                  terms in the Plan.

              

         

        	(d)  	
                By
                  your signature below, you represent that you are familiar with
                  the terms
                  and provisions of the Plan, and hereby accept this agreement subject
                  to
                  all of the terms and provisions of the Plan. You have reviewed
                  the Plan
                  and this agreement in their entirety and fully understand all provisions
                  of this agreement. You agree to accept as binding, conclusive and
                  final
                  all decisions or interpretations of the Committee on any questions
                  arising
                  under the Plan or this agreement.

              

         

        19.  Governing
          Law. 
          This
          agreement shall be governed by and construed in accordance with the laws
          of the
          State of Oklahoma despite any laws of the State of Oklahoma that would
          apply the
          laws of a different State.

         

        20.  Severability. 
          If
          any
          term or provision of this agreement, or the application of this agreement
          to any
          person or circumstance, shall at any time or to any extent be invalid,
          illegal
          or unenforceable in any respect as written,

         

        
          
            Page
              5 of 7

          

          
            
            

            
            

          

          
            
            

          

        

         

        both
          parties intend for any court construing this agreement to modify or limit
          that
          provision so as to render it valid and enforceable to the fullest extent
          allowed
          by law. Any provision that is not susceptible of reformation shall be ignored
          so
          as to not affect any other term or provision of this agreement, and the
          remainder of this agreement, or the application of that term or provision
          to
          persons or circumstances other than those as to which it is held invalid,
          illegal or unenforceable, shall not be affected thereby and each term and
          provision of this agreement shall be valid and enforced to the fullest
          extent
          permitted by law.

         

        21.  Consent
          to Electronic Delivery; Electronic Signature.  In
          lieu
          of receiving documents in paper format, you agree, to the fullest extent
          permitted by law, to accept electronic delivery of any documents that may
          be
          required to be deliver to you (including, but not limited to, prospectuses,
          prospectus supplements, grant or award notifications and agreements, account
          statements, annual and quarterly reports, and all other forms of communications)
          in connection with this and any other award made or offered by Unit Corporation.
          Electronic delivery may be via electronic mail system or by reference to
          a
          location on a company intranet to which you have access. You hereby consent
          to
          any and all procedures Unit Corporation has established or may establish
          for an
          electronic signature system for delivery and acceptance of any such documents
          that may be required to be delivered to you, and agrees that your electronic
          signature is the same as, and shall have the same force and effect as,
          your
          manual signature.

         

        22.  Entire
          Agreement; Modification. 
          The
          Plan
          and this agreement contain the entire agreement between the parties with
          respect
          to the subject matter contained in this agreement and may not be modified
          except
          as provided in the Plan, as it may be amended from time to time in the
          manner
          provided in the Plan (or in this agreement), or as it may be amended from
          time
          to time by a written document signed by each of the parties to this agreement.
          Any oral or written agreements, representations, warranties, written
          inducements, or other communications with respect to the subject matter
          contained in this agreement made before the signing of this agreement shall
          be
          void and ineffective for all purposes.

         

        23.  Counterparts. 
          This
          agreement may be signed in duplicate counterparts, each of which shall
          be deemed
          to be an original.

         

        In
          Witness Whereof, the parties have caused this agreement to be signed and
          delivered as of the day and year first above written.

         

        
          	
                  Unit
                    Corporation

                	
                  Participant:

                
	
                   

                	 	 
	 	 	 
	 	
                  ___________________________________

                	
                  _______________________________________

                
	
                  By:

                	
                  Signature

                	
                  Signature

                
	
                  Title:

                	 	 
	
                  Date:

                	 	
                  Date:
                    __________________________________

                

        

        

         

        

        
          
            Page
              6 of 7

          

          
            
            

            
            

          

          
            
            

          

        

         

         

        NOTICE
          OF EXERCISE

         

         

        (STOCK
          SETTLED SAR)

         

        
          	
                  To:

                	 
	 	 
	
                  Unit
                    Corporation

                	 
	
                  7130
                    South Lewis, Suite 1000

                	 
	
                  Tulsa,
                    Oklahoma 74136

                	
                  Date
                    of Exercise: ___________________________

                
	
                  Attention:
                    Office of the Corporate Secretary

                	 

        

         

        Ladies
          and Gentlemen:

         

        
          	
                  This
                    constitutes notice that I elect to exercise my Stock Appreciation
                    Right
                    Award as follows:

                
	
                   

                  Stock
                    appreciation right dated: 

                   

                	 	
                   

                  _______________________________________

                   

                
	
                   

                  Number
                    of Shares (Common Stock equivalents) as to which stock appreciation
                    right
                    is exercised:

                   

                	 	
                   

                  _______________________________________

                   

                
	
                   

                  Certificates
                    to be issued in name of:

                   

                	 	
                   

                  _______________________________________

                   

                

        

         

        By
          this
          exercise, I agree (i) to provide such additional documents as you may require
          under the terms of the Unit Corporation Stock and Incentive Compensation
          Plan,
          and (ii) to provide for the payment by me to you of your withholding obligation,
          if any, relating to this exercise of my stock appreciation right.

        

        Income
          Tax Withholding Options

        [
          ] By
          checking the box next to this line I represent that I will pay to Unit
          Corporation the monetary amount that it determines is owed by me to satisfy
          the
          tax withholding obligation created by this exercise.

        [
          ] By
          checking the box next to this line I elect to have Shares withheld from
          the
          Shares deliverable on my exercise to satisfy the tax withholding obligation
          determined by Unit Corporation to be due as a result of my
          exercise.

        [
          ] By
          checking the box next to this line I elect to return that number of shares
          (owned by me for six months or more) necessary to satisfy the tax withholding
          obligation determined by Unit Corporation to be due as a result of my
          exercise.

         

        

        
          	 
	
                  Very
                    truly yours,

                
	 
	 
	
                  ______________________________________

                
	
                  Signature

                
	 
	 
	 
	
                  ______________________________________

                
	
                  Print
                    your name

                
	 

        

      

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