Document:

EX-10.1

 EXHIBIT 10.1 
  

					
	       

				  
 Devon Energy Corporation

				ID: 73-1567067
				333 West Sheridan Avenue
				
Oklahoma City, Oklahoma 73102-5015      

 

  
  

NOTICE OF GRANT OF RESTRICTED STOCK AWARD 

AND AWARD AGREEMENT 
  

 
  
  

 

					
	 Participant Name
		Grant Date:		Grant Date
			Grant Type:		RSA

  
  

 
 Effective Grant Date, you have been granted a Restricted Stock Award of Number of Shares
Granted shares of Devon Energy Corporation (the “Company”) Common Stock. These shares are restricted until the vesting date shown below. 

 

									
			 Anniversary of

Grant Date
				 % of Shares to

Vest
		
			1st Anniversary				100%		

  
  

By accepting this agreement online, you and the Company agree that this award is granted under and governed by the terms and
conditions of the Company’s 2015 Long-Term Incentive Plan and the Award Agreement, both of which are attached and made a part of this document. 
  

 

 DEVON ENERGY CORPORATION 

2015 LONG-TERM INCENTIVE PLAN 

NON-MANAGEMENT DIRECTOR 

RESTRICTED STOCK AWARD AGREEMENT 

THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) entered into as of Grant Date (the “Date of Grant”), by and between Devon Energy Corporation (the “Company”) and Participant Name (the “Participant”); 

WITNESSETH: 

WHEREAS, the Company has previously adopted the “Devon Energy Corporation 2015 Long-Term Incentive Plan”
(the “Plan”); and 
 WHEREAS, the Participant is a nonemployee director of the Company and it
is important to the Company that the Participant be encouraged to remain a director of the Company; and 

WHEREAS, in recognition of such facts, the Company desires to award to the Participant Number of Shares Granted shares of the Company’s Common Stock under the Plan subject to the terms and conditions of this Agreement;

 NOW, THEREFORE, in consideration of the premises and the mutual promises and covenants herein
contained, the Participant and the Company agree as follows: 

1.           The
Plan.    The Plan, a copy of which is attached hereto, is hereby incorporated by reference herein and made a part hereof for all purposes, and when taken with this Agreement shall govern the rights of the Participant and the
Company with respect to the Award (as defined below). 

2.           Grant of Award.  The
Company hereby grants to the Participant an award (the “Award”) of Number of Shares Granted shares of the Company’s
Common Stock (the “Restricted Stock”), on the terms and conditions set forth herein and in the Plan. 
 3.           Terms of Award. 
 (a)          Escrow of Shares.   A certificate or book-entry registration representing the Restricted Stock shall be issued in the name of the Participant and
shall be escrowed with the Secretary subject to removal of the restrictions placed thereon or forfeiture pursuant to the terms of this Agreement. 

(b)          Vesting.    100% of the
shares of the Restricted Stock is scheduled to vest on the first anniversary date of the Date of Grant (the “Vesting Date”). If the Participant’s Date of Termination has not occurred as of a Vesting Date, then the Participant shall be entitled, subject to the applicable provisions of the Plan and this Agreement having been
satisfied, to receive on or within a reasonable time after the Vesting Date, the shares scheduled to vest as of the Vesting Date. The portion of the Restricted Stock that has vested pursuant to the terms of this Agreement shall be deemed
“Vested Stock.” 

 The Participant shall forfeit the unvested portion of the Award
(including the underlying Restricted Stock and “Accrued Dividends”) upon the occurrence of the Participant’s Date of Termination unless the Award becomes vested under the circumstances described in paragraphs (i), (ii) or (iii) below.

 (i)        The Award shall become fully vested upon the
occurrence of a Change in Control Event which occurs prior to the Participant’s Date of Termination. 
 (ii)       The Award shall become fully vested upon the Participant’s Date of Termination if the Participant’s Date of Termination occurs by reason of the Participant’s death. The
Committee may, in its sole discretion, elect to accelerate vesting of all or any portion of the Award if the Date of Termination occurs by reason of the Participant’s disability or occurs under other special circumstances (as determined by the
Committee). 
 (iii)      The Award shall become fully vested upon the
Participant’s Date of Termination if the Participant’s Date of Termination occurs by reason of the Participant’s Mandatory Retirement. 

(c)          Voting Rights and
Dividends.     The Participant shall have all of the voting rights attributable to the shares of Restricted Stock. Regular quarterly cash dividends declared and paid by the Company with respect to the shares of
Restricted Stock shall be paid to the Participant. Any extraordinary dividends declared and paid by the Company with respect to shares of Restricted Stock (“Accrued Dividends”) shall not be paid to the Participant until such Restricted
Stock becomes Vested Stock. Accrued Dividends shall be held by the Company as a general obligation and paid to the Participant at the time the underlying Restricted Stock becomes Vested Stock. 

(d)          Vested Stock - Removal of
Restrictions.      Upon Restricted Stock becoming Vested Stock, all restrictions shall be removed from the certificates or book-entry registrations and the Stock Plan Administrator will provide each participant a
Confirmation of Release, representing such Vested Stock free and clear of all restrictions, except for any applicable securities laws restrictions, together with a check in the amount of all Accrued Dividends attributed to such Vested Stock without
interest thereon. 

4.           Legends.   The
shares of Restricted Stock which are the subject of the Award shall be subject to the following legend: 

“THE SHARES OF STOCK EVIDENCED BY THIS CERTIFICATE OR BOOK-ENTRY REGISTRATION ARE SUBJECT TO AND ARE
TRANSFERRABLE ONLY IN ACCORDANCE WITH THAT CERTAIN RESTRICTED STOCK AWARD AGREEMENT DATED GRANT DATE FOR THE DEVON ENERGY
CORPORATION 2015 LONG-TERM INCENTIVE PLAN. ANY ATTEMPTED TRANSFER OF THE SHARES OF STOCK EVIDENCED BY THIS CERTIFICATE OR BOOK-ENTRY REGISTRATION IN VIOLATION OF SUCH AGREEMENT SHALL BE NULL AND VOID AND WITHOUT EFFECT. A COPY OF THE AGREEMENT MAY
BE OBTAINED FROM THE SECRETARY OF DEVON ENERGY CORPORATION.” 

5.         Delivery of Forfeited
Shares.   The Participant authorizes the Secretary to deliver to the Company any and all shares of Restricted Stock that are forfeited under the provisions of this Agreement. The Participant further authorizes the Company to hold
as a general obligation of the Company any Accrued Dividends and to pay such dividends to the Participant at the time the underlying Restricted Stock becomes Vested Stock. 

6.         Nontransferability of
Award.    The Participant shall not have the right to sell, assign, transfer, convey, dispose, pledge, hypothecate, burden, encumber or charge the Award or any Restricted Stock or any interest therein in any manner
whatsoever. 

7.         Notices.     All
notices or other communications relating to the Plan and this Agreement as it relates to the Participant shall be in writing and shall be delivered electronically, personally or mailed (U.S. mail) by the Company to the Participant at the then
current address as maintained by the Company or such other address as the Participant may advise the Company in writing. 

  
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8.         Binding Effect and Governing
Law.   This agreement shall be (i) binding upon and inure to the benefit of the parties hereto and their respective heirs, successors and assigns except as may be limited by the Plan, and (ii) governed and construed
under the laws of the State of Oklahoma. 

9.         Award Subject to Claims of
Creditors.    The Participant shall not have any interest in any particular assets of the Company, its parent, if applicable, or any Subsidiary or Affiliated Entity by reason of the right to earn an Award (including Accrued
Dividends) under the Plan and this Agreement, and the Participant or any other person shall have only the rights of a general unsecured creditor of the Company, its parent, if applicable, or a Subsidiary or Affiliated Entity with respect to any
rights under the Plan or this Agreement. 

10.       Captions.    The captions of
specific provisions of this Agreement are for convenience and reference only, and in no way define, describe, extend or limit the scope of this Agreement or the intent of any provision hereof. 

11.       Counterparts.       
This Agreement may be executed in any number of identical counterparts, each of which shall be deemed an original for all purposes, but all of which taken together shall form one agreement. 

12.       Definitions.   Words, terms, or phrases
used in this Agreement shall have the meaning set forth in this Section 12. Capitalized terms used in this Agreement but not defined herein shall have the meaning designated in the Plan. 

(a)          “Accrued Dividends” has the meaning set forth in
Section 3(c). 
 (b)          “Agreement” has the
meaning set forth in the preamble. 
 (c)          “Award”
has the meaning set forth in Section 2. 

(d)          “Company” has the meaning set forth in the preamble.

 (e)          “Date of Grant” has the meaning set forth in
the preamble. 
 (f)           “Date of Termination”
means the first day occurring on or after the Date of Grant on which the Participant is not a member of the Board. 

(g)          “Mandatory Retirement” means the Participant’s
mandatory retirement from the Board of Directors at the next annual meeting of shareholders following the date the Participant reaches his 73rd birthday. 

(h)          “Restricted Stock” has the meaning set forth in
Section 2. 
 (i)           “Vested Stock” has the
meaning set forth in Section 3(b). 

(j)           “Vesting Date” has the meaning set forth in
Section 3(b). 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement
on the day and year first above written. 
  

			
	“COMPANY”		DEVON ENERGY CORPORATION
			a Delaware corporation
		
	“PARTICIPANT”		Participant Namemrd-ex103_50.htm

 

Exhibit 10.3

 

Execution version

AMENDMENT NO. 1 TO 

AMENDED AND RESTATED AREA OF MUTUAL INTEREST 

AND MIDSTREAM EXCLUSIVITY AGREEMENT

This Amendment No. 1 to Amended and Restated Area of Mutual Interest and Midstream Exclusivity Agreement, dated as of May 20, 2015 (this “Amendment”), is entered into by and among PennTex NLA Holdings, LLC, a Delaware limited liability company (“PTX”), MRD WHR LA Midstream LLC, a Delaware limited liability company (“MRD”), MRD Operating LLC, a Delaware limited liability company (“MRD Operating”), and PennTex North Louisiana, LLC, a Delaware limited liability company (“JV”). PTX, MRD, MRD Operating and JV are each referred to herein as a “Party,” and collectively as, the “Parties.” Defined terms used but not defined herein have the meaning given to them in the Agreement (as defined below).

WHEREAS, the Parties entered into that certain Amended and Restated Area of Mutual Interest and Midstream Exclusivity Agreement, dated as of April 14, 2015 (the “Agreement”), in order to (i) establish an area of mutual interest covering the lands lying within the AMI and (ii) grant certain exclusivity rights to provide Midstream Services for Hydrocarbons produced by MRD Operating from AMI Interests; and

WHEREAS, the Parties desire to amend the Agreement in accordance with Section II.F(xiv) thereof as set forth herein.

NOW THEREFORE, in consideration of the premises of this Amendment and the agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows:

1. Amendment and Restatement of Section II.B(iv). Section II.B(iv) of the Agreement is hereby amended and restated in its entirety as follows:

“(iv) If MRD Operating dedicates Hydrocarbons produced from AMI Interests to JV for the provision of Midstream Services, the provision of such Midstream Services requires Other Operations and JV proposes to proceed with such Other Operations, then JV shall prepare, in good faith, a budget setting forth the projected capital expenditures associated with such Other Operations, and MRD Operating and JV shall, in good faith, attempt to agree on the commercial terms for such Other Operations based on such projected capital expenditures budget. For the avoidance of doubt, such use of good faith efforts shall include good faith efforts to agree on terms that are “market,” meaning commonly accepted between parties for similar projects. If MRD Operating and JV agree on the commercial terms and enter into a definitive agreement with respect to such commercial terms, JV shall proceed with the Other Operations. Notwithstanding anything in this Agreement to the contrary, if JV proceeds with the construction of facilities pursuant to this Section II.B(iv) and if such facilities are not available at the time MRD Operating is ready to deliver Hydrocarbons to such facilities, then JV’s exclusive rights to provide the Midstream Services applicable to such Other Operations, and in the Hydrocarbons attributable thereto, shall be automatically released, on a temporary basis, from the dedication herein without any further action on any Person’s part, until such time as such facilities are available.”

2. Amendment and Restatement of Section II.B(v). Section II.B(v) of the Agreement is hereby amended and restated in its entirety as follows:

“(v) If (x) MRD Operating dedicates Hydrocarbons produced from AMI Interests to JV for the provision of Midstream Services, (y) the provision of such Midstream Services requires Other Operations, and (z) JV does not elect to proceed with such Other Operations, then JV’s exclusive rights to provide such Midstream Services, and in the Hydrocarbons attributable thereto, shall be automatically released from the dedication herein without any further action on any Person’s part. If JV does not provide MRD Operating a budget for Other Operations in accordance with Section II.B(iv) within sixty (60) days of MRD Operating’s request for such Other Operations, JV shall be deemed to have elected to not proceed with such Other Operations.”

3. Amendment and Restatement of Section II.B(vi). Section II.B(vi) of the Agreement is hereby amended and restated in its entirety as follows:

“(vi) [reserved].”

 

 

 

 

4. Amendment and Restatement of Section II.C. Section II.C of the Agreement is hereby amended and restated in its entirety as follows with respect to the period from and after the date of this Amendment:

“(C) Exclusivitv Regarding the Provision of Midstream Services. MRD Operating and PTX, and each of their respective Subsidiaries, shall not invest in, provide services to, receive any consideration in respect of, or otherwise engage in, contract for, or conduct any Midstream Services in the AMI, except (i) Other Operations by and through JV or any of its Subsidiaries in accordance with Section II.B(iv) and Section II.B(v) hereof, (ii) as provided in the Pipeline Agreements or this Agreement and (iii) any agreement executed by MRD Operating after the Effective Date for the provision of Midstream Services on an interruptible and/or uncommitted basis for Hydrocarbons released from the dedication of this Agreement in accordance with Section II.B or pursuant to one or more Pipeline Agreements.”

5. Governing Law. This Amendment shall be govered, interpreted and construed in accordance with the laws of the State of Texas without regard to the conflicts of laws provisions thereof.

6. Counterpart Execution. This Amendment may be executed in any number of counterparts, each of which shall be considered an original, and all of which shall be considered one and the same instrument. Any signature delivered by a Party by facsimile transmission or electronically shall be deemed an original signature.

7. Integration with Agreement. This Amendment shall be and hereby is incorporated into and forms a part of the Agreement. Except as expressly provided herein, all terms and conditions of the Agreement shall remain in full force and effect.

[signature page follows]

 

 

 

2

 

IN WITNESS WHEREOF, each of the Parties has duly executed this Amendment as of the date first written above.

 

	
 
	
PennTex NLA Holdings, LLC

	
 
	
 
	
 
	
 

	
 
	
By:
	
  
	
/s/ Robert O. Bond

	
 
	
Name:
	
 
	
Robert O. Bond

	
 
	
Title:
	
 
	
Chief Operating Officer

 

	
 
	
MRD WHR LA Midstream LLC

	
 
	
 
	
 
	
 

	
 
	
By:
	
  
	
/s/ Kyle N. Roane

	
 
	
Name:
	
 
	
Kyle N. Roane

	
 
	
Title:
	
 
	
Manager

 

	
 
	
MRD Operating LLC

	
 
	
 
	
 
	
 

	
 
	
By:
	
  
	
Memorial Resource Development Corp.,
its sole member

	
 
	
 
	
 
	
 

	
 
	
By:
	
 
	
/s/ Kyle N. Roane

	
 
	
Name:
	
 
	
Kyle N. Roane

	
 
	
Title:
	
 
	
Senior Vice President

 

	
 
	
PennTex North Louisiana, LLC

	
 
	
 
	
 
	
 

	
 
	
By:
	
  
	
/s/ Robert O. Bond

	
 
	
Name:
	
 
	
Robert O. Bond

	
 
	
Title:
	
 
	
Chief Operating Officer

 

[Signature Page to Amendment No. 1 to Amended and Restated AMI and Exclusivity Agreement]

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