Document:

Exhibit 10.03

 Exhibit 10.03 
 [R&G Financial Corporation Letterhead] 
 CONFIDENTIAL 
 [Name of Executive] 
 [Title] 
 R&G Financial Corporation 
 San Juan, Puerto Rico 
 Dear [Name of Executive]: 
 This Agreement (the
“Agreement”) sets forth the terms and conditions pursuant to which R&G Financial Corporation (the “Company”) will pay you the amount (the “Change of Control Bonus”) of $_________ [an amount equivalent to the
Executive’s annual compensation (base salary plus the last performance bonus)] in the event that a “Change of Control” (as defined below) should occur with respect to the Company between the date hereof and December 31, 2008.

 Your right to receive payment of the Change of Control Bonus shall be also contingent upon your continued employment with the Company from the date hereof
through and until the Effective CC Date (as defined below). 
 For purpose of this Agreement, a “Change of Control” of the Company shall
mean an event of a nature that: (i) would be required to be reported in response to Item 1.01 of the requirements for filing of Current Reports on Form 8-K, as in effect on the date hereof, pursuant to Sections 13 or 15(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”); or (ii) results in a Change in Control of the Company within the meaning of any applicable statute or regulations of the Company’s primary federal regulators as in
effect on the date hereof; or (iii) without limitation, such a Change in Control shall be deemed to have occurred at such time as (A) any “person” (as the term is used in Section 13(d) under the Exchange Act) other, directly
or indirectly, after the date hereof becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of voting securities of the Company representing 20% or more of the Company’s outstanding voting securities or right
to acquire such securities, except for any voting securities of the Company purchased by any employee benefit plan of the Company, or (B) individuals who constitute the Board of Directors of the Company on the date hereof (the “Incumbent
Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the directors comprising the
Incumbent Board, or whose nomination for election by the Company’s stockholders was approved by a Nominating Committee Solely comprised of members who are Incumbent Board members, shall be, for purposes of this clause (B), considered as though
he were a member of the Incumbent Board, or (C) a plan of reorganization, merger, consolidation, sale of all or substantially all the assets of the Company or similar transaction occurs or is effectuated in which the Company is not the
resulting entity; provided, however, that such an event listed above will be deemed to have occurred or to have been effectuated upon the receipt of all required federal regulatory approvals not including the lapse of any statutory waiting periods,
or (D) a proxy statement shall be distributed soliciting proxies from stockholders of the Company, by someone other than the current 

 
management of the Company, seeking stockholder approval of a plan of reorganization, merger or consolidation of the Company or its subsidiaries with one or
more corporations as a result of which the outstanding shares of the class of securities then subject to such plan or transaction are exchanged for or converted into cash or property or securities not issued by the Company or its subsidiaries shall
be distributed; or (E) a tender offer is made and accepted for 20% or more of the voting securities of the Company or its subsidiaries. Notwithstanding anything to the contrary, the sale or merger of any subsidiary of the Company shall not
constitute a “Change of Control” for purposed of this Agreement. 
 “Effective CC Date” means the date as of which
a Change of Control shall be consummated and become effective, after receipt of any and all applicable regulatory and/or shareholder approvals therefor and the lapse of any applicable waiting period therefor, and without any pending approvals,
actions, or filings for its consummation and effectiveness. 
 You are referred to in this Agreement as “you” or “the Executive.”

 Your right to receive the Change of Control Bonus is also subject to the following terms and conditions: 
 1.    By agreeing to the terms and conditions of this Agreement, you indicate your intent and agreement to continue to be employed by the Company
through and until the Expiration Date, and you will devote your best efforts and all of your business time, attention, and skill to the performance of the duties associated with your employment. You will also perform such other duties as the
Chairman of the Board and/or the Chief Executive Officer of the Company may in good faith assign to you, which shall not be inconsistent with your position with the Company. 
 2.    The Change of Control Bonus shall be payable separately from, and in addition to, any other compensation and benefits to which you are entitled for your employment and performance;
provided, however, that the Change of Control Bonus shall not be considered as earnings, compensation, or otherwise for purposes of determining your benefits under any other plan or program of the Company (including, without limitation, any
bonus, stock option, disability, life insurance, and/or retirement benefits under any qualified or unqualified plan.) Your entitlement to any compensation or benefits other than the Change of Control Bonus provided herein shall be determined in
accordance with the compensation and employee benefit plans of the Company as in effect from time to time and as may be modified. 
 3.    This Agreement shall not confer, and shall not be construed as conferring, any legal or other right for the continuation of your employment with the Company for any period. The Company expressly reserves the
authority (which may be exercised at any time and without regard to any Change of Control or the Expiration Date) to discharge you from your employment, and such discharge shall not entitle you to the Change of Control Bonus, but in any event such
discharge shall be without prejudice to any other rights you may have in the event of such termination under any plan and/or under any applicable law. 

 4.     Termination of Employment Prior to a Change of Control. 
 (a) If you terminate your employment for any reason, or if your employment is terminated by the Company for cause as such term is defined in your
Employment Agreement, prior to the Effective CC Date, you will not be entitled to the Change of Control Bonus. 
 (b) Any termination of your
employment by the Company shall be effective in accordance with the terms of your Employment Agreement with the Company. 
 5.    This
Agreement sets forth the entire agreement of the parties with respect to the Change of Control Bonus and supersedes any and all agreements, oral or written, with respect thereto. 
 6.    The validity, interpretation, construction, and performance of this Agreement shall in all respects be governed by the laws of the Commonwealth of Puerto Rico. 
 7.    The payment of the Change of Control Bonus hereunder shall be subject to all income tax, social security, and other applicable taxes and/or
other amounts required to be withheld by the Company pursuant to federal or Commonwealth laws. 
 8.    You shall not assign, pledge or
otherwise transfer all or any portion of the Change of Control Bonus or any other rights conferred to you under this Agreement, and any attempted assignment, pledge or other transfer by you (other than by will or the laws of descent and
distribution) shall cause any right that you may have to receive payment of the Change of Control Bonus (or any portion thereof) to be immediately forfeited. 
 9.    No provision of this Agreement may be modified, altered, or amended except by an instrument in writing executed by (a) you and (b) the Chief Executive Officer or the Director of the Human Resources
Department of the Company, on behalf of the Company. 
  

	10.    Arbitration.	

 (a) By signing this Agreement, you agree that all claims
or disputes covered by this Agreement or otherwise arising out of or relating to your right or entitlement to, or forfeiture of, the Change of Control Bonus, and which disputes or claims cannot be resolved informally, must be submitted to binding
arbitration and that this arbitration will be the sole and exclusive remedy for resolving any such claim or dispute. This promise to resolve claims by arbitration is equally binding upon both you and the Company. 
 (b) Any arbitration will be administered by the American Arbitration Association under its Commercial Arbitration Rules, and any arbitration shall take
place in San Juan, Puerto Rico. The arbitrator shall have jurisdiction to hear and rule on pre-hearing disputes and is authorized to hold pre-hearing conferences by telephone or in person as the arbitrator deems necessary. The decision of the
arbitrator shall be final and binding and judgment upon the award may be entered in any court having jurisdiction thereof. 
 (c) The Company
shall pay the costs of arbitration and each party shall bear its own expenses; provided, however, that if you are the prevailing party in any such proceeding, the 

 
Company shall reimburse you for your reasonable costs and expenses, including attorney’s fees, incurred in connection with such proceeding. 

(d) The arbitration proceedings and the decision rendered by the arbitrator shall remain strictly confidential. 
 (e) The arbitration provisions of this Section shall survive termination of this Agreement. 
 (f) If, notwithstanding the foregoing provisions of this Section, any claim, arising under this Agreement is found not to be subject to final and binding
arbitration, the parties agree to waive any right to a jury trial if such claim is brought in federal court. 
 11.    Notwithstanding
anything to the contrary, the Expiration Date shall be extended until the Effective CC Date if the shareholders of the Company and the applicable regulatory agencies shall have approved the Change of Control prior to the Expiration Date, but the
consummation and effectiveness thereof shall be pending as of the Expiration Date. 
 * * * 
 If you accept the terms of this Agreement, please read the “Statement of Agreement and Acceptance by Executive” and sign in the space provided. 
 Very truly yours, 
 R&G FINANCIAL CORPORATION 
  

			
		
	By:	 	  
	 Name:
 Position:
	 	 [Name of Executive]
 [Title]

 STATEMENT OF AGREEMENT AND ACCEPTANCE BY EXECUTIVE: 
 I hereby accept and agree to be bound by the terms of the foregoing Agreement, and I further declare and represent that I have carefully read and fully understand the terms of this Agreement, and that I knowingly and
voluntarily, of my own free will, without any duress, being fully informed and after due deliberate thought and action, accept the terms of and sign the same as my own free act. 
  

	
	
	   
	[Name of Executive]

 Date:Deferred Bonus Compensation Plan of RAM Energy, Inc.

 Exhibit 10.14 
 RAM ENERGY, INC. 
 DEFERRED BONUS COMPENSATION PLAN 
 RAM Energy, Inc., a Delaware corporation (the “Company”), by resolution duly adopted by its Board of Directors, hereby establishes the RAM
Energy, Inc. Deferred Bonus Compensation Plan, upon the following terms and conditions: 
 ARTICLE I 
 NAME AND PURPOSE OF PLAN 
 1.1 Name
of Plan. This Plan shall be known as the RAM ENERGY, INC. DEFERRED BONUS COMPENSATION PLAN. 
 1.2 Purpose. The purpose of the
Plan is to provide key employees, selected to participate in the Plan, a financial reward for generating and contributing to the success of projects that enhance the profitability of the Company and an incentive to remain in the employ of the
Company for a stated period of time following completion of each such project. 
 1.3 Existing Practices. It is not the intention of
the Company in adopting the Plan to modify or eliminate the Company’s historical practice of granting annual compensation bonuses to its employees when warranted by successful results for a particular year, the financial condition of the
Company and other factors as determined by the Board. Rather, participation under the Plan will be limited to select key management and senior level employees of the Company who are directly involved in and materially contribute to the initiation
and consummation of significant transactions that result in growing the Company’s business and enhancing shareholder value. 
 ARTICLE
II 
 DEFINITIONS AND CONSTRUCTION 
 2.1 Definitions. As used in the Plan, the following terms shall have the meanings ascribed to them below. 
 (a) “Account” shall mean the bookkeeping account maintained by the Company that will be credited with the deferred portion of each Award. The Account shall never be funded or assets set aside for a Participant until actual payment
to such Participant occurs. 
 (b) “Award” shall mean, with respect to any Participant, the bonus awarded to such Participant with
respect to any particular Transaction, a portion of which is deferred pending the satisfaction of vesting requirements, all as described in Article IV hereof. 
 (c) “Award Notice” shall mean the written instrument that establishes the specific terms, conditions, restrictions and limitations applicable to a Participant’s Award. The terms, conditions,
restrictions and limitations contained in the Award Notice may be in addition to those established by this Plan. 

 (d) “Beneficiary” shall mean that person designated by the Participant pursuant to
Section 5.2 hereof. 
 (e) “Board” shall mean the Board of Directors of the Company. 
 (f) “Cause” shall mean termination of the Participant’s employment with the Company for one or more of the following reasons: (i) the
conviction of the Participant of a felony by a federal or state court of competent jurisdiction; (ii) an act of dishonesty taken by the Participant and intended to result in personal enrichment of the Participant at the expense of the Company
or a co-worker; (iii) a serious (in the sole discretion of the Board) act or series of acts of disloyalty taken by the Participant with respect to the Company, its business or reputation; (iv) the Participant’s willful failure to
follow a direct, lawful order from his supervisor, within the reasonable scope of the Participant’s duties, which failure is brought to the attention of the Participant by written notice from the supervisor and not cured within a reasonable
time after such notice is given; or (v) a documented pattern of failure by the Participant to perform his assigned duties in an acceptable manner after reasonable notice from his supervisor. The Participant shall not be terminated for Cause
unless and until there has been delivered to the Participant a copy of a resolution duly adopted by the Committee finding that in the good faith opinion of the Committee, the Participant is guilty of conduct set forth in any of the subclauses above
and specifying the particulars thereof in detail. 
 (g) “Change of Control” shall mean and shall be deemed to have occurred on the
date on which one of the following events occurs with respect to the Company: (i) any sale or transfer which results in less than fifty percent (50%) of the outstanding voting securities of the Company eligible to vote for the election of
directors of the Company being owned by persons or entities (or the heirs, legatees, family members or family-owned entities of persons or entities) who owned fifty percent (50%) or more of such securities prior to such sale or transfer;
(ii) the merger or consolidation of the Company with or into another entity as a result of which less than fifty percent (50%) of the outstanding voting securities of the surviving or resulting entity eligible to vote for the election of
directors of such entity are owned by persons or entities (or the heirs, legatees, family members or family-owned entities of persons or entities) who owned fifty percent (50%) or more of the voting securities of the Company eligible to vote
for the election of the directors of the Company prior to such merger or consolidation; or (iii) the sale of all or substantially all of the Company’s assets to an entity of which less than fifty percent (50%) of the outstanding
voting securities of such entity are owned by persons or entities (or the heirs, legatees, family members or family-owned entities of persons or entities) who owned fifty percent (50%) or more of the voting securities of the Company eligible to
vote for the election of the directors of the Company prior to such asset sale or the sale of all or substantially all of the Company’s assets. 
 (h) “Committee” shall mean the committee appointed by the Board to administer this Plan. 
 (i)
“Disability” shall mean a disability (either physical or mental) which, at least twenty-six (26) weeks after its commencement, is determined by a physician selected by the Company or its insurers and acceptable to the Participant or
the Participant’s legal representative to be total and permanent (such agreement as to acceptability not to be withheld unreasonably). 
  

 2 

 (j) “Involuntary Termination” shall mean the involuntary termination of a Participant’s
employment by the Company without Cause. 
 (k) “Participant” shall mean a key employee who has been selected for participation in
the Plan by the Committee. 
 (l) “Plan” shall mean the “RAM Energy, Inc. Deferred Bonus Compensation Plan” as set forth
in this instrument, and as hereafter amended from time to time. 
 (m) “Transaction” shall mean an acquisition of properties or
assets, a disposition of properties or assets, an exploration or development project or other business activity engaged in by the Company that results in extraordinary profits to the Company, or a particular period of operations resulting in
extraordinary profits to the Company, with respect to which the Committee determines to make one or more Awards. 
 2.2 Construction.
The masculine gender, wherever appearing in the Plan, shall be deemed to include the feminine gender, unless the context clearly indicates to the contrary. Any word appearing herein in the plural shall include the singular, where appropriate, and
likewise the singular shall include the plural, unless the context clearly indicates to the contrary. 
 ARTICLE III 
 PARTICIPATION 
 3.1 Selection;
Participation. The selection of Transactions for the making of Awards pursuant to the Plan and the selection of key employees of the Company for receipt of Awards with respect to any Transaction shall be at the Committee’s sole discretion.
The fact that a particular activity is designated by the Committee as a Transaction for which Awards are made shall not require that any subsequent Transaction, whether or not similar, shall also be designated by the Committee as a Transaction for
which Awards are made. The fact that a key employee is designated a Participant and receives an Award with respect to a particular Transaction shall not entitle such employee to receive an Award with respect to any subsequent Transaction.

 ARTICLE IV 
 AWARDS

 4.1 Determination. Following the completion of any Transaction for which the Committee determines to make Awards, the Committee
shall: (i) select the key employees designated to receive Awards with respect to such Transaction; (ii) determine the amount of the Award for each such key employee; (iii) determine the amount of the Award to be paid currently to each
Participant and the amount to be deferred pending satisfaction of vesting requirements; and (iv) determine the vesting requirements applicable to the deferred portion of each Award. With respect to Awards granted with respect to any
Transaction, the Committee shall have the absolute discretion in determining separately as to each key employee designated to receive an Award: (x) the amount of the Award; (y) the percentage of the Award to be paid currently; and
(z) the vesting requirements applicable to the deferred portion of such Award. The terms of each Award granted to a Participant shall be set out in the Award Notice issued by the Committee to such Participant with respect to such Award.

  

 3 

 4.2 Vesting. In order to be eligible to receive payment of the deferred portion of any Award, the
Participant must remain in the continuous employ of the Company until the date(s) specified in the Award Notice as the date(s) upon which the Participant becomes vested in the percentages of the deferred portion of the Award specified in the Award
Notice; provided, however, that in the event of a Participant’s Involuntary Termination or termination of employment due to death or Disability prior to becoming 100% vested in an Award, then Participant will immediately become 100% vested in
the Award as of the date of Involuntary Termination, death or Disability. The deferred portion of an Award held in a Participant’s Account shall not bear interest. 
 4.3 Forfeiture. Except as otherwise provided in this Plan, in the event a Participant’s employment with the Company terminates for any reason other than Involuntary Termination, death or Disability, prior
to Participant becoming 100% vested in the deferred portion of an Award, such Participant shall forfeit any portion of the Award that is not vested as of the date of termination. Any portion of an Award forfeited pursuant to the provisions of this
Section 4.3 shall revert to and become owned by the Company free and clear of any claim by Participant, his heirs, successors, creditors and assigns. 
 ARTICLE V 
 PAYMENT OF AWARDS 
 5.1 Date of Payment of Awards. A Participant shall be entitled to payment of all or the designated percentage of the deferred portion of any Award
within thirty (30) days of becoming vested in all or the designated percentage of the Award, all as set out in the Award Notice or otherwise as provided by this Plan. 
 5.2 Beneficiary Designation. In the event of the death of a Participant, the deferred portion of the Participant’s Award that becomes vested
as of the date of death (as provided in Section 4.2 hereof) shall be paid to the Beneficiary designated by the Participant on a form provided by the Committee. The Beneficiary designated by a Participant must be an individual or a trust
established for the benefit of an individual. If the individual designated as Beneficiary is not living as of the date of Participant’s death, then the deferred portion of the Award will be paid to the estate of the Participant. A Participant
may change his Beneficiary at any time by delivering to the Committee a properly executed form designating a new Beneficiary. 
 5.3
Change of Control. In the event of a Change of Control, each Participant shall become 100% vested in all unvested portions of previously granted Awards as of the date such Change of Control occurs and payment shall be made as provided in
Section 5.1 hereof. 
 ARTICLE VI 
 ADMINISTRATION 
 6.1 The Committee Shall Administer the Plan. The Committee shall have the
power where consistent with the general purpose and intent of the Plan to: (i) modify the requirements of the Plan to conform with the law or to meet special circumstances not anticipated by or covered in the Plan; (ii) suspend or
discontinue the Plan, but no suspension or discontinuance shall affect the terms, conditions or vesting schedule relating to the deferred portion of any 
  

 4 

 
Award granted prior to such suspension or discontinuance; (iii) establish policies and procedures for implementing the Plan; and (iv) prescribe
forms for carrying out the purposes and provisions of the Plan. The Committee shall have the authority to interpret and construe the Plan and to resolve all questions arising under the Plan in its sole and absolute discretion. Any interpretation,
decision or determination made by the Committee under the Plan, including, without limitation, a determination by the Committee that a Participant’s employment with the Company has been terminated for Cause, shall be final, binding and
conclusive. A majority of the Committee shall constitute a quorum, and an act of the majority of the members present at any meeting at which a quorum is present shall be the act of the Committee. 
 6.2 Records and Reports. The Committee shall prepare, maintain and furnish, or cause to be prepared, maintained and furnished, such records and
reports concerning the Plan as may be required by the Board, applicable law and generally accepted accounting principles. 
 ARTICLE VII

 GENERAL PROVISIONS 
 7.1 No Trust. No action under this Plan by the Company, the Board or the Committee shall be construed as creating a trust, escrow or other secured or segregated fund in favor of the Participant. The status of the Participant with
respect to the deferred portion of an Award credited to the Participant’s Account shall be that of an unsecured creditor of the Company. All funds held by the Company in connection with liabilities assumed by it hereunder shall not be deemed to
be held under any trust, escrow or other secured or segregated fund for the benefit of the Participant or as security for the performance of the obligations of the Company hereunder, but shall be and remain general unrestricted assets of the
Company, at all times subject to the claims of general creditors of the Company. 
 7.2 Withholding for Income and Employment Taxes.
The amount of all Awards paid to Participants under the Plan shall be treated as compensation for services rendered. Accordingly, the Company will comply with all applicable federal and state laws and regulations respecting the withholding, deposit
and payment of any income, employment or other taxes relating to payments paid or to be paid under this Plan, and all Awards when paid shall be subject to and reduced by the amount of such taxes. 
 7.3 Payments by the Company. Payments of Awards pursuant to the Plan shall be made by the Company from its general assets. The Plan is an
“unfunded plan” for incentive compensation purposes. 
 7.4 No Transferability. No right or benefit under this Plan shall be
subject in any manner to alienation, sale, transfer, assignment, gift, pledge, encumbrance or disposition by the Participant, or to attachment, garnishment, levy or execution by creditors of the Participant (except to the extent payable by the
Company after vesting). Any attempt by the Participant to sell, transfer, assign, gift, pledge, encumber or otherwise dispose of any rights or benefits under this Plan shall be null and void. 
 7.5 Expenses. All costs and expenses incurred by the Company in connection with the adoption and administration of the Plan shall be borne by the
Company. 
  

 5 

 7.6 No Implied Rights. No key employee shall have any contractual or other right to participate in
the Plan until such employee is selected for participation by the Committee. No Award to any Participant with respect to a particular Transaction shall be deemed to create a right to receive an Award or to participate in the Plan with respect to a
subsequent Transaction. 
 7.7 No Right to Continued Employment. Participation in the Plan shall not be construed as an employment
contract and shall not give any Participant the right to remain in the employ of the Company. The Company reserves the right to terminate any employee at any time. 
 7.8 No Part of Other Benefits. The benefits provided in this Plan shall not be deemed a part of any other benefit provided by the Company. The Company assumes and shall have no obligation to Participants except
as expressly provided in the Plan. This Plan is a complete statement of the terms and conditions of the Plan. 
 7.9 Amendment or
Termination of Plan. The Committee or the Board may alter, suspend or terminate the Plan at any time. In addition, the Committee or the Board may, from time to time, amend the Plan in any manner, but no such termination or amendment shall
adversely affect a Participant in the Plan with respect to any rights hereunder with respect to any Award previously granted. Any such alteration, amendment, suspension or termination of the Plan shall be prospective only. 
 7.10 Obligations Binding Upon Successors. The obligations of the Company under this Plan shall be binding upon any successors of the Company.

 7.11 Construction. The titles and headings of the Sections in the Plan are for the convenience of reference only, and in the event
of any conflict, the text of the Plan rather than such title or heading shall control. 
 7.12 Governing Law; Severability. This Plan
shall be construed, governed and enforced in accordance with the laws of the State of Oklahoma applicable to contracts made and to be performed entirely therein. If any provisions of the Plan shall be held by a court of competent jurisdiction to be
invalid or unenforceable, the remaining provisions shall continue to be fully effective. 
 7.13 Other Restrictions. The Committee
shall be entitled to place such restrictions on a Participant’s Award as it deems necessary and in the best interests of the Company. Such restrictions may, by way of example but not limitation, include noncompete, nonsolicitation and
confidentiality provisions. 
 Executed as of the 21st day of April, 2004. 
  

			
	 RAM Energy, Inc., a Delaware corporation

		
	By	 	 /s/ Larry E. Lee

		 	Larry E. Lee, President

  

 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]