Document:

Form of Agreement for Stock Option Grants

 Exhibit 10.6 
 PENN VIRGINIA CORPORATION 
 FOURTH AMENDED AND RESTATED 
 1999 EMPLOYEE STOCK INCENTIVE PLAN 
 NON-QUALIFIED OPTION AGREEMENT 
 This is a Non-Qualified Option Agreement (“Agreement”) between Penn Virginia
Corporation (“Parent Company”) and _____ (“Optionee”). 
  

	1.	Definitions 

  

	 	(a)	“Cause” means conduct on the part of the Optionee that involves (i) willful failure to perform the Optionee’s duties, (ii) engaging in serious misconduct
injurious to the Company or (iii) “cause” as such term is defined in the Optionee’s employment agreement, if any, with the Company. 

  

	 	(b)	“Code” means the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder. 

  

	 	(c)	“Committee” means the Committee described in Section 5 of the Plan. 

  

	 	(d)	“Company” means the Parent Company and each of its Subsidiary Companies. 

  

	 	(e)	“Date of Exercise” means the date on which the notice required by Section 6 below is hand delivered, telecopied or mailed, first class postage prepaid.

  

	 	(f)	“Date of Grant” means _____, the date on which the Committee awarded the Option pursuant to the Plan and this Agreement. 

  

	 	(g)	“Option” means the non-qualified stock option granted hereunder. 

  

	 	(h)	“Option Price” means $_____ per Share, the Value of the Shares on the Date of Grant. 

  

	 	(i)	“Plan” means the Penn Virginia Corporation Fourth Amended and Restated 1999 Employee Stock Incentive Plan, the terms of which are incorporated herein by reference.

  

	 	(j)	“Retirement” means the voluntary termination by the Optionee of his employment with the Company after the Optionee has (i) reached the age of 62 and
(ii) provided at lease ten consecutive Years of Service. 

  

	 	(k)	“Securities Laws” means the Securities Act of 1933, as amended, or any state securities laws. 

  

	 	(l)	“Shares” means _____ shares of common stock, par value $0.01 per share, of the Parent Company subject to the Option granted hereunder. 

	 	(m)	“Subsidiary Companies” means all corporations which, on the Date of Grant, are subsidiary corporations of the Parent Company within the meaning of section 424(f) of the
Code. 

  

	 	(n)	“Termination Date” means the day ten years after the Date of Grant except as follows: 

  

	 	(i)	if the Optionee ceases to be an employee of the Company for any reason other than death, disability (as determined by the Committee), Retirement or termination for Cause,
Termination Date means the 90th day after the date on which the Optionee’s employment ceased; 

  

	 	(ii)	if the Optionee ceases to be an employee of the Company by reason of his death or disability, Termination Date means the day one year after the date of death or disability;

  

	 	(iii)	if the Optionee ceases to be an employee of the Company by reason of his Retirement, Termination Date means the day ten years after the Date of Grant; and 

 

	 	(iv)	if the Optionee’s employment terminates for Cause, the Termination Date means the earlier of the date of employment termination or notice of such termination.

  

	 	(o)	“Value” on a date means the closing price for a share on the principal national securities exchange on which the Shares are listed on such date (or if such securities
exchange shall not be open for the trading of securities on such date, the last previous day on which such exchange was open) or, if there is no closing price on such date, the closing stock price on the date nearest preceding such date or such
other generally recognized price quotation source as the Committee shall select. 

  

	 	(p)	“Vesting Period” means the following: (i) the period commencing on the Date of Grant and ending on _____ with respect to one-third of the Shares; (ii) the period
commencing on the Date of Grant and ending on _____ with respect to an additional one-third of the Shares; and (iii) the period commencing on the Date of Grant and ending on _____ with respect to the remaining one-third of the Shares.

  

	 	(q)	“Year of Service” means any calendar year in which the Optionee is paid or entitled to be paid for 1,000 hours of service. 

  

	2.	Grant of Option 

 The Committee hereby grants
to Optionee the option to purchase any or all of the Shares, on such terms and conditions as are set forth herein and in the Plan. 
  

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	3.	Payment for Shares 

 Full payment for Shares
purchased upon the exercise of the Option shall be made in cash, or at the election of the Optionee and subject to the approval of the Committee, by surrendering or by the Parent Company’s withholding from Shares purchased, shares of the Parent
Company common stock, par value $0.01 per share, with an aggregate Value, determined in the manner described in Section 1(o) above, equal to all or any portion of the aggregate Option Price not paid in cash. In addition, Optionee may exercise
and pay for shares purchased upon the exercise of the Option through the use of a brokerage firm to make payment to the Company of the Option Price and any taxes required by law to be withheld upon exercise of the Option either from the proceeds of
a loan to the Optionee from the brokerage firm or from the proceeds of the sale of Shares issued pursuant to the exercise of the Option, and upon receipt of such payment the Company shall deliver the Shares issuable under the Option exercised to
such brokerage firm (a “Cashless Exercise”). Notwithstanding anything stated to the contrary herein, the date of exercise of a Cashless Exercise shall be the date on which the broker executes the sale of exercised Shares or, if no sale is
made, the date the broker receives the exercise loan notice from the Optionee to pay the Company for the exercised Shares. 
  

	4.	Period of Exercise 

 The Option may not be
exercised prior to the first business day after the date on which the Vesting Period terminates; thereafter, the Option shall remain exercisable until the Termination Date. On the Termination Date, the right to exercise the Option shall terminate
absolutely. 
  

	5.	Nontransferability of Option 

 The Option may
not be transferred by the Optionee prior to the termination of the Vesting Period. Thereafter, the Option may not be transferred otherwise than (a) by will or the laws of descent and distribution or (b) to the spouse, children or
grandchildren of the Optionee or a trust for the exclusive benefit of any such family member, provided, however, that no such trust or family member shall be permitted to make any subsequent transfer of any such Options except back to the Optionee
and the Option transferred to any such trust or family member shall remain subject to all terms and conditions of this Agreement and the Plan. The Option may not be exercised other than by the Optionee in case of his death, by the person to whom the
rights of the Optionee shall have passed by will or the laws of descent and distribution or, in the case of a transfer described in subsection (b) above, by the trust or family member described therein. 
  

	6.	Manner of Exercise 

 The Option shall be
exercised by giving written notice of exercise to the Parent Company at its office in Radnor, Pennsylvania in care of its Secretary. The notice shall state the Option exercised is a non-qualified stock option and the number of Shares as to which the
Option is exercised, shall be hand delivered, telecopied or mailed, first class postage prepaid, and shall be irrevocable once given. The notice shall include a statement of preference as to the manner in which payment to the Company shall be made
(Shares or cash, a combination of Shares and cash or by Cashless Exercise). 
  

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	7.	Securities Laws 

 The Committee may from time
to time impose any conditions on the exercise of the Option as it deems necessary or advisable to ensure that all Options granted under the Plan, and the exercise thereof, satisfy Rule 16b-3 (or any similar rule) of the Securities and Exchange
Commission. Such conditions may include, without limitation, the partial or complete suspension of the right to exercise the Option. 
 The
Optionee acknowledges and agrees that the Option has not been registered under the Securities Laws, and the Company shall be under no obligation to effect such registration. The Optionee further acknowledges that he has acquired the Option not with
a view to distribution and agrees not to transfer, sell or dispose of the Option except in compliance with the Securities Laws and the terms hereof. 
  

	8.	Issuance of Certificate for Shares; Evidence of Uncertificated Shares 

 A certificate for the Shares issuable upon exercise of the Option, or evidence of the ownership of uncertificated Shares issuable upon exercise of the Option, shall be delivered to the Optionee or to the person or
trust to whom the rights of the Optionee shall have been transferred in accordance with Sections 5(a) or (b) hereof as promptly after the Date of Exercise as is feasible, provided that the exercise shall not be complete, and the Parent Company
shall not be obligated to deliver any certificates for Shares, or evidence of the ownership of uncertificated Shares, until the Optionee has made payment in full of the Option Price for such Shares pursuant to Section 3 hereof. The Parent
Company may also condition delivery of certificates for Shares, or evidence of the ownership of uncertificated Shares, upon the prior receipt from the Optionee of any undertakings that it may determine are required to ensure that the Shares are
being issued in compliance with federal and state securities laws. 
  

	9.	Rights Prior to Issuance of Certificates 

 Neither the Optionee, any trust or family member to whom the rights of the Option were transferred in accordance with Section 5(b) hereof, nor the person to whom the rights of the Optionee shall have passed by will or the laws of
descent and distribution shall have any of the rights of a shareholder with respect to any Shares until the date of the issuance to him of a certificate for such Shares or, if such Shares are uncertificated, evidence of the ownership of such Shares,
as provided in Section 8 hereof. 
  

	10.	Withholding of Taxes 

 The Optionee shall pay
to the Parent Company, upon the Parent Company’s request, all amounts necessary to satisfy the Parent Company’s federal, state and local tax withholding obligations, if any, with respect to the grant or exercise of the Option. Such payment
shall be made in cash or, at the election of the person recognizing income upon exercise of the Option and subject to the approval of the Committee, by surrendering, or by the Parent Company’s withholding from Shares purchased, Shares with an
aggregate Value on the date the withholding taxes due are determined equal to all or any portion of the withholding taxes not paid in cash. Payment for such taxes may also be made pursuant to a Cashless Exercise. 
  

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	11.	Deferral Election 

 The Optionee may elect,
with the concurrence of the Committee, to defer receipt of Shares to be received upon exercise of the Option. Such election must be made no later than 12 months prior to the date such Shares would otherwise be received. Such election must be made by
written notice addressed to the Parent Company at its address in Radnor, Pennsylvania to the attention of its Secretary, hand delivered, telecopied or mailed, first class postage prepaid. Such election may be made only while the Optionee is an
employee of the Company and is irrevocable so long as the Optionee is an employee of the Company. Any Shares the receipt of which are so deferred will be distributed upon the Optionee’s termination of employment. The Committee may allow for
early payment of deferred Shares in the event of an “unforeseeable emergency” as defined in the Plan. 
  

	12.	Interpretation 

 The Committee shall have
sole power to interpret this Agreement and to resolve any dispute arising hereunder. 
  

	13.	Governing Law 

 This Agreement shall be
governed by, and construed in accordance with, the laws of the Commonwealth of Virginia. 
  

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 IN WITNESS WHEREOF, the Parent Company has caused its duly authorized officers to execute and attest this
instrument, and the Grantee has placed his or her signature hereon, effective as of the Date of Grant. 
  

			
	PENN VIRGINIA CORPORATION
		
	By:	 	 
		 	Nancy M. Snyder
		 	Executive Vice President, General Counsel and Corporate Secretary

 I hereby accept the grant of Options described in this Agreement, and I agree to be bound by
the terms of the Plan and this Agreement. 
  

	
	
	  
	OptioneeForm of Agreement for Restricted Stock Awards

 Exhibit 10.7 
 PENN VIRGINIA CORPORATION 
 FOURTH AMENDED AND RESTATED 
 1999 EMPLOYEE STOCK INCENTIVE PLAN 
 RESTRICTED STOCK AWARD AGREEMENT 
 THIS RESTRICTED STOCK AWARD AGREEMENT is made as of _____ (the “Effective
Date”) between Penn Virginia Corporation, a Virginia corporation (the “Company”), and _____ (“Employee”). 
 1.
Award of Shares. As of the Effective Date, the Company hereby grants to Employee _____ shares of the common stock of the Company (“Shares”) pursuant to the Penn Virginia Corporation Fourth Amended and Restated 1999 Employee
Stock Incentive Plan (the “Plan”). Employee agrees that this award of Shares shall be subject to all of the terms and conditions set forth herein and in the Plan, including any future amendments thereto, which Plan is incorporated herein
by reference as a part of this Agreement. In the event of any conflict between the terms of this Agreement and the Plan, the terms of the Plan shall govern. All terms capitalized but not defined herein will have the meanings assigned to them in the
Plan. 
 2. Forfeiture Restrictions. The Shares granted to Employee pursuant to this Agreement may not be sold, assigned,
pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of to the extent then subject to the Forfeiture Restrictions (as hereinafter defined), and in the event of Employee’s termination from the Company for any reason
(other than as described below), Employee shall automatically upon such termination, for no consideration, forfeit to the Company all Shares to the extent then subject to the Forfeiture Restrictions. The prohibition against transfer and the
obligation to forfeit and surrender Shares to the Company upon termination from the Company are herein referred to as “Forfeiture Restrictions,” and the Shares which are then subject to the Forfeiture Restrictions are herein sometimes
referred to as “Restricted Shares.” The Forfeiture Restrictions shall be binding upon and enforceable against any transferee of the Shares. The Forfeiture Restrictions shall lapse as to Restricted Shares issued to Employee pursuant to this
Agreement as follows: (a) as to one-third (1/3) of the Restricted Shares granted to Employee hereunder, on the first anniversary of the Effective Date; (b) as to an additional one-third (1/3) of the Restricted Shares granted to
Employee hereunder, on the second anniversary of the Effective Date; and (c) as to the remaining one-third (1/3) of the Restricted Shares granted to Employee hereunder, on the third anniversary of the Effective Date. Notwithstanding the
foregoing, the Forfeiture Restrictions shall lapse as to all of the Restricted Shares upon Employee’s termination from the Company by reason of Employee’s death, disability or Employee’s Retirement. 

 3. Certificates. A certificate evidencing the Restricted Shares shall be issued in
Employee’s name, pursuant to which Employee shall have voting rights and shall be entitled to receive all distributions on such Shares free and clear of any Forfeiture Restrictions. The certificate shall bear the following legend: 

The Shares evidenced by this certificate have been issued pursuant to an agreement, made as of _____, a copy of which is attached
hereto and incorporated herein, between the Company and the registered holder of the Shares, and are subject to forfeiture to the Company under certain circumstances described in such agreement. The sale, assignment, pledge or other transfer of the
Shares evidenced by this certificate is prohibited under the terms and conditions of such agreement, and such Shares may not be sold, assigned, pledged or otherwise transferred except as provided in such agreement. 
 The Company shall retain the certificate for such Restricted Shares until the forfeiture occurs or the Forfeiture Restrictions lapse pursuant to the
terms of this Agreement. Upon request of the Company, Employee shall deliver to the Company a stock power, endorsed in blank, relating to the Restricted Shares then subject to the Forfeiture Restrictions. Upon the lapse of the Forfeiture
Restrictions without forfeiture, the Company shall cause a new certificate or certificates to be issued for the remaining Shares, without legend, in the name of Employee in exchange for the certificate evidencing the Restricted Shares provided; that
the Company may cause any such Shares without legend to be uncertificated Shares; provided, that the Company may cause such Shares without legend to be uncertificated. The Company shall not be obligated to deliver any certificates for Shares or any
evidence of the ownership of uncertificated Shares until such Shares have been listed (or authorized for listing upon official notice of issuance) upon each stock exchange upon which outstanding Shares of such class at the time are listed nor until
there has been compliance with such laws or regulations as the Company may deem applicable. 
 4. Consideration. It is
understood that the consideration for the issuance of Restricted Shares shall be Employee’s agreement to render future services as Employee of the Company. 
 5. Status of Shares. Employee agrees that the Restricted Shares will not be sold or otherwise disposed of in any manner that would constitute a violation of any applicable federal or state securities
laws. Employee also agrees that (i) the certificates representing the Restricted Shares may bear such legend or legends as the Committee (as described in Section 9(b) of the Plan) deems appropriate in order to ensure compliance with
applicable securities laws, (ii) the Company may refuse to register the transfer of the Restricted Shares on the stock transfer records of the Company if such proposed transfer would in the opinion of counsel satisfactory to the Company
constitute a violation of any applicable securities law, and (iii) the Company may give related stop transfer instructions to its transfer agent. 
 6. Withholding of Taxes. Employee shall pay to the Company, upon the Company’s request, all amounts necessary to satisfy the Company’s federal, state and local tax withholding obligations, if
any, with respect to the grant of the Shares hereunder. Such payment shall be made in cash or, at the written election of Employee and subject to the approval of the Committee, by surrendering, or by the Company’s withholding from Shares to be
granted hereunder, Shares with an aggregate Value on the date the withholding taxes are due equal to all or any portion of the withholding taxes not paid in cash. For the purposes of this Agreement, “Value” on a date means the closing
price for a share on the principal national securities exchange on which the shares are listed on such date (or if 

  

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such securities exchange shall not be open for the trading of securities on such date, the last previous day on which such exchange was open) or, if there is
no closing price on such date, the closing stock price on the date nearest preceding such date or such other generally recognized price quotation source as the Committee shall select. 
 7. Deferral Election. Employee may elect to defer receipt of unrestricted Shares once the Forfeiture Restrictions with respect to such
Shares have lapsed. Such election must be made no later than 12 months prior to the date such Shares would otherwise be received. Such election must be made by written notice addressed to the Company at its address in Radnor, Pennsylvania to the
attention of its Secretary, hand delivered, telecopied or mailed, first class postage prepaid. Such election may be made only while Employee is an employee of the Company and is irrevocable so long as Employee is an employee of the Company. Any
Shares the receipt of which are so deferred will be distributed upon Employee’s termination of employment. The Committee may allow for early payment of such deferred Shares in the event of an “unforeseeable emergency” as defined in
the Plan. 
 8. Committee’s Powers. No provision contained in this Agreement shall in any way terminate, modify or alter,
or be construed or interpreted as terminating, modifying or altering any of the powers, rights or authority vested in the Committee pursuant to the terms of the Plan, including, without limitation, the Committee’s rights to make certain
determinations and elections with respect to the Restricted Shares. 
 9. Binding Effect. This Agreement shall be binding upon
and inure to the benefit of any successors to the Company and all persons lawfully claiming under Employee. 
 10.
Non-Alienation. To the extent subject to the Forfeiture Restrictions, Employee shall not have any right to pledge, hypothecate, anticipate or assign this Agreement or the rights with respect to Shares granted hereunder, except by will
or the laws of descent and distribution. 
 11. No Membership Rights Conferred. This Agreement shall not be deemed to
(i) confer upon Employee any right with respect to continuation of employment or (ii) affect the terms and conditions of any other agreement between the Company and Employee except as expressly provided herein. 
 12. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of
which together will constitute one and the same Agreement. 
 13. Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the Commonwealth of Virginia. 
  

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 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer thereunto
duly authorized, and Employee has executed this Agreement, all effective as of the Effective Date. 
  

			
	PENN VIRGINIA CORPORATION
		
	By:	 	 
	Name:	 	Nancy M. Snyder
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary

 I hereby accept the grant of Restricted Shares described in this Agreement, and I agree to be bound by the
terms of the Plan and this Agreement. 
  

	
	
	  
	Employee

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