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  Exhibit 10.10    
    

 
    LONE PINE RESOURCES INC.    
    
    2011 STOCK INCENTIVE PLAN    
    

 
    I.    PURPOSE OF THE PLAN    
    

        The purpose of the LONE PINE RESOURCES INC. 2011 STOCK INCENTIVE PLAN (the
"Plan") is to provide a means through which LONE PINE RESOURCES INC., a Delaware corporation (the "Company"), and its Affiliates may attract able
persons to serve as Directors or Consultants or to enter the employ of the Company and its Affiliates and to provide a means whereby those individuals upon whom the responsibilities of the successful
administration and management of the Company and its Affiliates rest, and whose present and potential contributions to the Company and its Affiliates are of importance, can acquire and maintain stock
ownership, thereby strengthening their concern for the welfare of the Company and its Affiliates. A further purpose of the Plan is to provide such individuals with additional incentive and reward
opportunities designed to enhance the profitable growth of the Company and its Affiliates. Accordingly, the Plan provides for granting Director Stock Awards to Non-Employee Directors and
for granting Incentive Stock Options, options that do not constitute Incentive Stock Options, Restricted Stock Awards,
Performance Awards, and Phantom Stock Awards, or any combination of the foregoing, as is best suited to the circumstances of the particular employee, Consultant, or Director as provided herein. 

 
 

  II.    DEFINITIONS    
    

        The following definitions shall be applicable throughout the Plan unless specifically modified by any paragraph: 

        (a)   "Affiliate" means any corporation, partnership, limited liability company or partnership, association, trust, or other
organization which, directly or indirectly, controls, is controlled by, or is under common control with, the Company; provided, however, that, for the purposes of a grant of any Option to a Canadian
Grantee, an Affiliate shall include only those corporations which deal at non-arm's length, within the meaning of the ITA, with the Company. For purposes of the preceding sentence,
"control" (including, with correlative meanings, the terms "controlled by" and "under common control with"), as used with respect to any entity or organization, shall mean the possession, directly or
indirectly, of the power (i) to vote more than 50% of the securities having ordinary voting power for the election of directors of the controlled entity or organization or (ii) to direct
or cause the direction of the management and policies of the controlled entity or organization, whether through the ownership of voting securities or by contract or otherwise. 

        (b)   "Award" means, individually or collectively, any Director Stock Award, Option, Restricted Stock Award, Performance Award,
or Phantom Stock Award. 

        (c)   "Board" means the Board of Directors of the Company. 

        (d)   "Canadian Grantee" means any recipient of an Award who is a resident of Canada for the purposes of the ITA or who
receives an Award by virtue of services performed in Canada. 

        (e)   "Code" means the United States Internal Revenue Code of 1986, as amended from time to time. Reference in the Plan to any
section of the Code shall be deemed to include any amendments or successor provisions to such section and any regulations under such section. 

        (f)    "Committee" means a committee that is selected by the Board as provided in Paragraph IV(a). 

        (g)   "Common Stock" means the common stock, par value $0.01 per share, of the Company, or any share in the capital of a
corporation into which such common stock may be changed by reason of any transaction or event of the type described in Paragraph XI. 

        (h)   "Company" means Lone Pine Resources Inc., a Delaware corporation. 

 

        (i)    "Consultant" means any person who is not an employee or a Director and who is providing advisory or consulting services
to the Company or any Affiliate. 

        (j)    "Corporate Change" shall have the meaning assigned to such term in Paragraph XI(c) of the Plan. 

        (k)   "Director" means an individual who is a member of the Board. 

        (l)    "Director Stock Award" means a Restricted Stock Award or a Phantom Stock Award, as applicable, granted under
Paragraph VIII(b) of the Plan to a Non-Employee Director. 

        (m)  An
"employee" means any person (including a Director) in an employment relationship with the Company or any Affiliate. 

        (n)   "Exchange Act" means the United States Securities Exchange Act of 1934, as amended from time to time. 

        (o)   "Fair Market Value" means, as of any specified date, if the Common Stock is listed on a national stock exchange on such
date, then the mean of the high and low sales prices of the Common Stock as reported on the stock exchange composite tape for such exchange on that date (or such other reporting service approved by
the Committee) or, if no prices are reported on that date, on the last preceding
date on which such prices of the Common Stock are so reported. If the Common Stock is listed on more than one national stock exchange at a time a determination of its fair market value is required to
be made hereunder, then such determination shall be made pursuant to the preceding sentence based on the reported prices of the New York Stock Exchange or, if the Common Stock is not listed on such
exchange at such time, then such determination shall be made pursuant to the preceding sentence based on the reported prices of the principal national stock exchange on which the Common Stock is
listed at such time as determined by the Committee. If the Common Stock is traded over the counter at the time a determination of its fair market value is required to be made hereunder, its fair
market value shall be deemed to be equal to the average between the reported high and low or closing bid and asked prices of Common Stock on the most recent date on which Common Stock was publicly
traded. In the event Common Stock is not publicly traded at the time a determination of its value is required to be made hereunder, the determination of its fair market value shall be made by the
Committee in such manner as it deems appropriate and as is consistent with the requirements of section 409A of the Code. Notwithstanding the foregoing, the "Fair Market Value" on the date of an
initial public offering of Common Stock shall be the offering price under such initial public offering. 

        (p)   "Incentive Stock Option" means an incentive stock option within the meaning of section 422 of the Code. 

        (q)   "ITA" means Income Tax Act (Canada) and the regulations issued thereunder, as amended from time to time. 

        (r)   "Non-Employee Director" means any member of the Board who qualifies as a "Non-Employee" Director
as defined in Rule 16b-3. 

        (s)   "Option" means an Award granted under Paragraph VII of the Plan and includes both Incentive Stock Options to
purchase Common Stock and Options that do not constitute Incentive Stock Options to purchase Common Stock. 

        (t)    "Option Agreement" means a written agreement between the Company and a Participant with respect to an Option. 

        (u)   "Participant" means an employee, Consultant, or Director who has been granted an Award. 

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        (v)   "Performance Award" means an Award granted under Paragraph IX of the Plan. 

        (w)  "Performance Award Agreement" means a written agreement between the Company and a Participant with respect to a
Performance Award. 

        (x)   "Performance Measure" means one or more performance measures established by the Committee that are based on
(i) the price of a share of Common Stock, (ii) the Company's earnings per share, (iii) the Company's market share or the market share of a business unit of the Company designated
by the Committee, (iv) the Company's sales or the sales of a business unit of the Company designated by the Committee, (v) operating income or operating income margin of the Company or a
business unit of the Company, (vi) the net income or net income margin (before or after taxes) of the Company or any business unit of the Company designated by the Committee, (vii) the
cash flow or return on investment of the Company or any business unit of the Company designated by the Committee, (viii) the earnings or earnings margin before or after interest, taxes,
depreciation, and/or amortization of the Company or any business unit of the Company designated by the Committee, (ix) the economic value added, (x) the return on capital, assets, or
shareholders' equity achieved by the Company, (xi) the total shareholders' return achieved by the Company, or (xii) any combination of the foregoing. The performance measures described
in the preceding sentence may be absolute, relative to one or more other companies, relative to one or more indexes, or measured by reference to the Company or a business unit of the Company alone or
the Company or a business unit of the Company together with one or more other business units or Affiliates of the Company. In addition, performance measures may be subject to adjustment by the
Committee for changes in accounting principles, to satisfy regulatory requirements and other specified significant extraordinary items or events. 

        (y)   "Phantom Stock Award" means an Award granted under Paragraph X of the Plan. 

        (z)   "Phantom Stock Award Agreement" means a written agreement between the Company and a Participant with respect to a Phantom
Stock Award. 

        (aa) "Plan" means this Lone Pine Resources Inc. 2011 Stock Incentive Plan, as amended from time to time. 

        (bb) "Restricted Stock Agreement" means a written agreement between the Company and a Participant with respect to a
Restricted Stock Award. 

        (cc) "Restricted Stock Award" means an Award granted under Paragraph VIII of the Plan. 

        (dd) "Rule 16b-3" means Securities Exchange Commission Rule 16b-3 promulgated under the
Exchange Act, as such may be amended from time to time, and any successor rule, regulation, or statute fulfilling the same or a similar function. 

        (ee) "Stock Appreciation Right" means a right to acquire, upon exercise of the right, Common Stock and/or, in the sole
discretion of the Committee, cash having an aggregate value equal to the then excess of the Fair Market Value of the shares with respect to which the right is exercised over the exercise price
therefor. The Committee shall retain final authority to determine whether a Participant shall be permitted, and to approve an election by a Participant, to receive cash in full or partial settlement
of a Stock Appreciation Right. 

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  III.    EFFECTIVE DATE AND DURATION OF THE PLAN    
    

        The Plan shall become effective upon the date of its adoption by the Board, provided the Plan is approved by the shareholders of the
Company within 12 months thereafter. Notwithstanding any provision in the Plan to the contrary, no Option shall be exercisable, no Restricted Stock Award or Director Stock Award shall be
granted, and no Performance Award or Phantom Stock Award shall vest or become satisfiable prior to such shareholder approval. No further Awards may be granted under the Plan after 10 years from
the date the Plan is adopted by the Board. The Plan shall remain in effect until all Options granted under the Plan have been exercised or expired, all Restricted Stock Awards granted under the Plan
have vested or been forfeited, and all Performance Awards, Phantom Stock Awards, and Director Stock Awards have been satisfied or expired. 

 
 

  IV.    ADMINISTRATION    
    

        (a)    Composition of Committee.    The Plan shall be administered by a committee of, and
appointed by, the Board that shall be comprised solely of two or more Non-Employee Directors who also qualify as "outside directors" (within the meaning assigned to such term under
section 162(m) of the Code and applicable interpretive authority thereunder). Notwithstanding the foregoing, for the period
of time preceding the time at which the Company becomes a separate publicly held corporation (within the meaning of Treasury regulation section 1.162-27(c)(1)), the Board may
appoint the Compensation Committee of the Board of Directors of Forest Oil Corporation to serve as the Committee. 

        (b)    Powers.    Subject to the express provisions of the Plan, each of the Committee and the
Board shall have authority, in its discretion, to determine which employees, Consultants, or Directors shall receive an Award, the time or times when such Award shall be made, the type of Award that
shall be made, the number of shares to be subject to each Option or Restricted Stock Award, and the number of shares subject to or the value of each Performance Award or Phantom Stock Award. In making
such determinations, the Committee or the Board, as the case may be, shall take into account the nature of the services rendered by the respective employees, Consultants, or Directors, their present
and potential contribution to the Company's success, and such other factors as the Committee or the Board in its sole discretion shall deem relevant, including the recipient's residency for tax
purposes. Notwithstanding the preceding provisions of this Subparagraph, Director Stock Awards shall be granted as provided in Paragraph VIII(b). 

        (c)    Additional Powers.    The Committee shall have such additional powers as are delegated
to it by the other provisions of the Plan. In addition, the Board shall have all such additional powers as are delegated to the Committee by other provisions of the Plan notwithstanding that such
provisions may refer only to the Committee. Subject to the express provisions of the Plan, this shall include the power to construe the Plan and the respective agreements executed hereunder, to
prescribe rules and regulations relating to the Plan, to determine the terms, restrictions, and provisions of the agreement relating to each Award, including such terms, restrictions, and provisions
as shall be requisite in the judgment of the Committee to cause designated Options to qualify as Incentive Stock Options, and to make all other determinations necessary or advisable for administering
the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any agreement relating to an Award in the manner and to the extent the Committee
shall deem expedient to carry the Plan or any such agreement into effect. All determinations and decisions made by the Committee or the Board on the matters referred to in this Paragraph IV and
in construing the provisions of the Plan shall be conclusive. 

        (d)    Delegation of Authority by the Committee.    Notwithstanding the preceding provisions
of this Paragraph IV or any other provision of the Plan to the contrary, subject to the constraints of applicable law, the Committee may from time to time, in its sole discretion, delegate to
the Chief Executive Officer of the Company the administration (or interpretation of any provision) of the Plan, and the 

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right
to grant Awards under the Plan, insofar as such administration (and interpretation) and power to grant Awards relates to any person who is not subject to section 16 of the Exchange Act
(including any successor section to the same or similar effect). Any such delegation may be effective only so long as the Chief Executive Officer of the Company is a Director, and the Committee may
revoke such delegation at any time. The Committee may put any conditions and restrictions on the powers that may be exercised by the Chief Executive Officer of the Company upon such delegation as the
Committee determines in its sole discretion. In the event of any conflict in a determination or interpretation under
the Plan as between the Committee and the Chief Executive Officer of the Company, the determination or interpretation, as applicable, of the Committee shall be conclusive. 

 
 

  V.    SHARES SUBJECT TO THE PLAN; AWARD LIMITS;
  GRANT OF AWARDS    
    

        (a)    Shares Subject to the Plan and Award Limits.    Subject to adjustment in the same
manner as provided in Paragraph XI with respect to shares of Common Stock subject to Options then outstanding, the aggregate maximum number of shares of Common Stock that may be issued under
the Plan, and the aggregate maximum number of shares of Common Stock that may be issued under the Plan through Incentive Stock Options, shall not exceed 7,500,000 shares. Shares shall be deemed to
have been issued under the Plan only to the extent actually issued and delivered pursuant to an Award. To the extent that an Award lapses or the rights of its holder terminate, any shares of Common
Stock subject to such Award shall again be available for the grant of an Award under the Plan. In addition, shares issued under the Plan and forfeited back to the Plan, shares surrendered in payment
of the exercise price or purchase price of an Award, and shares withheld for payment of applicable employment taxes and/or withholding obligations associated with an Award shall again be available for
the grant of an Award under the Plan. Notwithstanding any provision in the Plan to the contrary, (i) the maximum number of shares of Common Stock that may be subject to Awards denominated in
shares of Common Stock granted to any one individual during the term of the Plan may not exceed 50% of the aggregate maximum number of shares of Common Stock that may be issued under the Plan (as
adjusted from time to time in accordance with the provisions of the Plan), and (ii) the maximum amount of compensation that may be paid under all Performance Awards denominated in cash
(including the Fair Market Value of any shares of Common Stock paid in satisfaction of such Performance Awards) granted to any one individual during any calendar year may not exceed $5 million,
and any payment due with respect to a Performance Award shall be paid no later than 10 years after the date of grant of such Performance Award. The limitations set forth in the preceding
sentence shall be applied in a manner that will permit Awards that are intended to provide "performance-based" compensation for purposes of section 162(m) of the Code to satisfy the
requirements of such section, including, without limitation, counting against such maximum number of shares, to the extent required under section 162(m) of the Code and applicable interpretive
authority thereunder, any shares subject to Awards granted to employees that are canceled or repriced. 

        (b)    Grant of Awards.    The Committee may from time to time grant Awards to one or more
employees, Consultants, or Directors determined by it to be eligible for participation in the Plan in accordance with the terms of the Plan. Director Stock Awards shall be granted as provided in
Paragraph VIII(b). 

        (c)    Stock Offered.    Subject to the limitations set forth in Paragraph V(a) and
elsewhere in the Plan, the stock to be offered pursuant to the grant of an Award may be authorized but unissued Common Stock or Common Stock previously issued and outstanding and reacquired by the
Company. Any of such shares which remain unissued and which are not subject to outstanding Awards at the termination of the Plan shall cease to be subject to the Plan but, until termination of the
Plan, the Company shall at all times make available a sufficient number of shares to meet the requirements of the Plan. The shares of the Company's stock to be issued pursuant to any Award may be
represented 

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by
physical stock certificates or may be uncertificated. Notwithstanding references in the Plan to certificates, the Company may deliver uncertificated shares of Common Stock in connection with any
Restricted Stock Award or stock settlement of any other form of Award. 

 
 

  VI.    ELIGIBILITY    
    

        Awards may be granted only to persons who, at the time of grant, are employees, Consultants, or Directors. An Award may be granted on
more than one occasion to the same person, and, subject to the limitations set forth in the Plan, such Award may include an Incentive Stock Option, an Option that is not an Incentive Stock Option, a
Restricted Stock Award, a Performance Award, a Phantom Stock Award, or any combination thereof. Notwithstanding the preceding provisions of this Paragraph, a Director Stock Award may be granted only
to a Non-Employee Director. 

 
 

  VII.    STOCK OPTIONS    
    

        (a)    Option Period.    The term of each Option shall be as specified by the Committee at the
date of grant, but in no event shall an Option be exercisable after the expiration of 10 years from the date of grant. 

        (b)    Limitations on Exercise of Option.    An Option shall be exercisable in whole or in
such installments and at such times as determined by the Committee. 

        (c)    Special Limitations on Incentive Stock Options.    An Incentive Stock Option may be
granted only to an individual who is employed by the Company or any parent or subsidiary corporation (as defined in section 424 of the Code) of the Company at the time the Option is granted. To
the extent that the aggregate fair market value (determined at the time the respective Incentive Stock Option is granted) of stock with respect to which Incentive Stock Options are exercisable for the
first time by an individual during any calendar year under all incentive stock option plans of the Company and its parent and subsidiary corporations exceeds $100,000, such Incentive Stock Options
shall be treated as Options which do not constitute Incentive Stock Options. The Committee shall determine, in accordance with applicable provisions of the Code, Treasury regulations, and other
administrative pronouncements, which of a Participant's Incentive Stock Options will not constitute Incentive Stock Options because of such limitation and shall notify the Participant of such
determination as soon as practicable after such determination. No Incentive Stock Option shall be granted to an individual if, at the time the Option is granted, such individual owns stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company or of its parent or subsidiary corporation, within the meaning of section 422(b)(6) of the Code, unless
(i) at the time such Option is granted, the option price is at least 110% of the Fair Market Value of the Common Stock subject to the Option and (ii) such Option by its terms is not
exercisable after the expiration of five years from the date of grant. Except as otherwise provided in sections 421 or 422 of the Code, an Incentive Stock Option shall not be transferable
otherwise than by will or the laws of descent and distribution and shall be exercisable during the Participant's lifetime only by such Participant or the Participant's guardian or legal
representative. 

        (d)    Option Agreement.    Each Option shall be evidenced by an Option Agreement in such form
and containing such provisions not inconsistent with the provisions of the Plan as the Committee from time to time shall approve, including, without limitation, provisions to qualify an Option as an
Incentive Stock Option under section 422 of the Code. Each Option Agreement shall specify the effect of termination of (i) employment, (ii) the consulting or advisory
relationship, or (iii) membership on the Board, as applicable, on the exercisability of the Option. An Option Agreement may provide for the payment of the option price, in whole or in part, by
the delivery of a number of shares of Common Stock (plus cash if necessary) having a Fair Market Value equal to such option price. An Option Agreement may provide for a "cashless exercise" of the
Option by establishing procedures satisfactory 

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to
the Committee with respect thereto. Further, an Option Agreement may provide, on such terms and conditions as the Committee in its sole discretion may prescribe, for the grant of a Stock
Appreciation Right in connection and tandem with the grant of an Option and, in such case, the exercise of the Stock Appreciation Right shall result in the surrender of the right to purchase a number
of shares under the Option equal to the number of shares with respect to which the Stock Appreciation Right is exercised (and vice versa). In the case of any Stock Appreciation Right that is granted
in connection with an Incentive Stock Option, such right shall be exercisable only when the Fair Market Value of the Common Stock exceeds the exercise price specified therefor in the Option or the
portion thereof to be surrendered. The terms and provisions of the respective Option Agreements need not be identical. Subject to the consent of the Participant, the Committee may, in its sole
discretion, amend an outstanding Option Agreement from time to time in any manner that is not inconsistent with the provisions of the Plan (including, without limitation, an amendment that accelerates
the time at which the Option, or a portion thereof, may be exercisable). 

        (e)    Option Price and Payment.    The price at which a share of Common Stock may be
purchased upon exercise of an Option shall be determined by the Committee but, subject to adjustment as provided in Paragraph XI, such purchase price shall not be less than the Fair Market
Value of a share of Common Stock on the date such Option is granted. The Option or portion thereof may be exercised by delivery of an irrevocable notice of exercise to the Company, as specified by the
Committee. The purchase price of the Option or portion thereof shall be paid in full in the manner prescribed by the Committee. Separate stock certificates shall be issued by the Company for those
shares acquired pursuant to the exercise of an Incentive Stock Option and for those shares acquired pursuant to the exercise of any Option that does not constitute an Incentive Stock Option. 

        (f)    Restrictions on Repricing of Options.    Except as provided in Paragraph XI, the
Committee may not, without approval of the shareholders of the Company, amend any outstanding Option Agreement to lower the option price, or cancel, replace or exchange any outstanding Option for
(i) cash, (ii) another Award other than an Option, or (iii) an Option or Stock Appreciation Right having a lower purchase or exercise price than the option price of the original
Option. 

        (g)    Shareholder Rights and Privileges.    The Participant shall be entitled to all the
privileges and rights of a shareholder only with respect to such shares of Common Stock as have been purchased under the Option and for which shares of stock have been delivered to the Participant. 

        (h)    Options and Rights in Substitution for Options Granted by Other Employers.    Options
and Stock Appreciation Rights may be granted under the Plan from time to time in substitution for options and such rights held by individuals providing services to corporations or other entities who
become employees, Consultants, or Directors as a result of a merger or consolidation or other business transaction with the Company or any Affiliate. 

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  VIII.    RESTRICTED STOCK AWARDS    
    

        (a)    Forfeiture Restrictions to be Established by the Committee.    Shares of Common Stock
that are the subject of a Restricted Stock Award shall be subject to restrictions on disposition by the Participant and an obligation of the Participant to forfeit and surrender the shares to the
Company under certain circumstances (the "Forfeiture Restrictions"). The Forfeiture Restrictions shall be determined by the Committee in its sole
discretion, and the Committee may provide that the Forfeiture Restrictions shall lapse upon (i) the attainment of one or more Performance Measures, (ii) the Participant's continued
employment with the Company or its Affiliate or continued service as a Consultant or Director for a specified period of time, (iii) the occurrence of any event or the satisfaction of any other
condition specified by the Committee in its sole discretion, or (iv) a combination of any of the foregoing. Each Restricted Stock Award may have different Forfeiture Restrictions, in the
discretion of the Committee. 

        (b)    Director Stock Awards.    The preceding provisions of this Paragraph VIII to the
contrary notwithstanding, each Non-Employee Director who is a member of the Board at the time of the Company's initial public offering of Common Stock (the  "IPO") shall receive, as of the date of
the IPO and without the exercise of the discretion of the Committee or any other person or persons, a Restricted
Stock Award covering a number of shares of Common Stock equal to the quotient (rounded to the nearest whole number) obtained by dividing $100,000 (or, in the case of a Non-Employee
Director who is serving on such date as the Chairman of the Board, $150,000) by the Fair Market Value of a share of Common Stock on the date of the IPO. In addition, each Non-Employee
Director who is elected to the Board for the first time after the date of the IPO shall receive, as of the date of his or her election and without the exercise of the discretion of the Committee or
any other person or persons, a Restricted Stock Award covering a number of shares of Common Stock equal to the quotient (rounded to the nearest whole number) obtained by dividing $100,000 (or, in the
case of a Non-Employee Director who is serving on the date of such election as the Chairman of the Board, $150,000) by the Fair Market Value of a share of Common Stock on the date of such
election. As of the date of the annual meeting of the shareholders of the Company in each year that the Plan is in effect as provided in Paragraph III (beginning with the annual meeting that
next occurs after the date of the IPO), each Non-Employee Director then in office and who is not then entitled to receive (and who has not, during the period beginning on the
January 1 next preceding the date of such annual meeting and ending on the date of such annual meeting, received) a Restricted Stock Award pursuant to the preceding sentences of this
Subparagraph VIII(b) shall receive, without the exercise of the discretion of the Committee or any other person or persons, a Restricted Stock Award covering a number of shares of Common Stock
equal to the quotient (rounded to the nearest whole number) obtained by dividing $100,000 (or, in the case of a Non-Employee Director who is serving on the date of such annual meeting as
the Chairman of the Board, $150,000) by the Fair Market Value of a share of Common Stock on the date of such annual meeting. Notwithstanding the foregoing, each Non-Employee Director who
is a Canadian Grantee at the time such Non-Employee Director would otherwise be entitled to receive a Restricted Stock Award pursuant to the preceding provisions of this
Subparagraph VIII(b) shall receive, in lieu thereof, a Phantom Stock Award which shall provide the Non-Employee Director the right to acquire an equivalent number of shares of
Common Stock as the Non-Employee Director would otherwise have been entitled to receive under such Restricted Stock Award as described in the preceding provisions of this
Subparagraph VIII(b), and such Phantom Stock Award shall include terms determined by the Board that are intended to ensure that such Phantom Stock Award is economically equivalent to the
Restricted Stock Award it is replacing (including, without limitation, terms providing for the right to receive dividend equivalents with respect to such Award), subject to ensuring that such Phantom
Stock Award does not constitute a "salary deferral arrangement" as defined in the ITA. Notwithstanding the preceding provisions of this Subparagraph VIII(b), for so long as Forest Oil
Corporation is an Affiliate, a Non-Employee Director who is also an employee of Forest Oil Corporation or any of its subsidiaries shall not receive an Award pursuant to this
Subparagraph VIII(b); provided, however, that if such a Non-Employee Director would 

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have
received such an Award but for the application of this sentence, then, on the date Forest Oil Corporation ceases to be an Affiliate, such Non-Employee Director shall receive an Award,
without the exercise of the discretion of the Committee or any other person or persons and provided such individual is a Non-Employee Director on such date, under the second sentence of
this Subparagraph VIII(b) (determined as if such Non-Employee Director was elected to the Board for the first time on the date Forest Oil Corporation ceases to be an Affiliate). If,
as of any date that the Plan is effect, there are not sufficient shares of Common Stock
available under the Plan to allow for the grant to each eligible Non-Employee Director of a Restricted Stock Award or Phantom Stock Award, as applicable, for the number of shares provided
herein, each eligible Non-Employee Director shall receive a Restricted Stock Award or Phantom Stock Award, as applicable, for his or her pro-rata share of the total number of
shares of Common Stock then available under the Plan. Each Restricted Stock Award and Phantom Stock Award granted to a Non-Employee Director pursuant to this Subparagraph VIII(b)
shall be subject to Forfeiture Restrictions determined in the discretion of the Committee prior to the time of grant of such Award. 

        (c)    Other Terms and Conditions.    Unless provided otherwise in a Restricted Stock
Agreement, the Participant shall have the right to receive dividends with respect to Common Stock subject to a Restricted Stock Award, to vote Common Stock subject thereto, and to enjoy all other
shareholder rights, except that (i) the Participant shall not be entitled to delivery of the stock certificate until the Forfeiture Restrictions have expired, (ii) the Company shall
retain custody of the stock until the Forfeiture Restrictions have expired, (iii) the Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of the stock until
the Forfeiture Restrictions have expired, (iv) a breach of the terms and conditions established by the Committee pursuant to the Restricted Stock Agreement shall cause a forfeiture of the
Restricted Stock Award, and (v) with respect to the payment of any dividend with respect to shares of Common Stock subject to a Restricted Stock Award directly to the Participant, each such
dividend shall be paid no later than the end of the calendar year in which the dividends are paid to shareholders of such class of shares or, if later, the fifteenth day of the third month following
the date the dividends are paid to shareholders of such class of shares. At the time of such Award, the Committee may, in its sole discretion, prescribe additional terms, conditions, or restrictions
relating to Restricted Stock Awards, including, but not limited to, rules pertaining to the termination of employment or service as a Consultant or Director (by retirement, disability, death, or
otherwise) of a Participant prior to expiration of the Forfeitures Restrictions. Such additional terms, conditions, or restrictions shall be set forth in a Restricted Stock Agreement made in
conjunction with the Award. 

        (d)    Payment for Restricted Stock.    The Committee shall determine the amount and form of
any payment for Common Stock received pursuant to a Restricted Stock Award, provided that in the absence of such a determination, a Participant shall not be required to make any payment for Common
Stock received pursuant to a Restricted Stock Award, except to the extent otherwise required by law. 

        (e)    Committee's Discretion to Accelerate Vesting of Restricted Stock Awards.    The
Committee may, in its discretion and as of a date determined by the Committee, fully vest any or all Common Stock awarded to a Participant pursuant to a Restricted Stock Award and, upon such vesting,
all Forfeiture Restrictions applicable to such Restricted Stock Award shall terminate as of such date. Any action by the Committee pursuant to this Subparagraph may vary among individual Participants
and may vary among the Restricted Stock Awards held by any individual Participant. Notwithstanding the preceding provisions of this Subparagraph, except in connection with a Corporate Change, the
Committee may not take any action described in this Subparagraph with respect to a Restricted Stock Award that has been granted to a "covered employee" (within the meaning of Treasury regulation
section 1.162-27(c)(2)) if such Award has been designed to meet the exception for performance-based compensation under section 162(m) of the Code. 

9

 

        (f)    Restricted Stock Agreements.    At the time any Award is made under this
Paragraph VIII, the Company and the Participant shall enter into a Restricted Stock Agreement setting forth each of the matters contemplated hereby and such other matters as the Committee may
determine to be appropriate. The terms and provisions of the respective Restricted Stock Agreements need not be identical. Subject to the consent of the Participant and the restriction set forth in
the last sentence of Subparagraph (e) above, the Committee may, in its sole discretion, amend an outstanding Restricted Stock Agreement from time to time in any manner that is not inconsistent
with the provisions of the Plan. 

 
 

  IX.    PERFORMANCE AWARDS    
    

        (a)    Performance Period.    The Committee shall establish, with respect to and at the time
of each Performance Award, the number of shares of Common Stock subject to, or the maximum value of, the Performance Award and the performance period over which the performance applicable to the
Performance Award shall be measured. 

        (b)    Performance Measures.    A Performance Award shall be awarded to a Participant
contingent upon future performance of the Company or any Affiliate, division, or department thereof under a Performance Measure during the performance period. The Committee shall establish the
Performance Measures applicable to such performance either (i) prior to the beginning of the performance period or (ii) within 90 days after the beginning of the performance
period if the outcome of the performance targets is substantially uncertain at the time such targets are established, but not later than the date that 25% of the performance period has elapsed. The
Committee, in its sole discretion, may provide for an adjustable Performance Award value based upon the level of achievement of Performance Measures and/or provide for a reduction in the value of a
Performance Award during the performance period. 

        (c)    Awards Criteria.    In determining the value of Performance Awards, the Committee shall
take into account a Participant's responsibility level, performance, potential, other Awards, and such other considerations as it deems appropriate. The Committee, in its sole discretion, may provide
for a reduction in the value of a Participant's Performance Award during the performance period. 

        (d)    Payment.    Following the end of the performance period, the holder of a Performance
Award shall be entitled to receive payment of an amount not exceeding the number of shares of Common Stock subject to, or the maximum value of, the Performance Award, based on the achievement of the
Performance Measures for such performance period, as determined and certified in writing by the Committee. Payment of a Performance Award may be made in cash, Common Stock, or a combination thereof,
as determined by the Committee. Payment shall be made in a lump sum or in installments as prescribed by the Committee. If a Performance Award covering shares of Common Stock is to be paid in cash,
such payment shall be based on the Fair Market Value of the Common Stock on the payment date or such other date as may be specified by the Committee in the Performance Award Agreement. A Participant
shall not be entitled to the privileges and rights of a shareholder with respect to a Performance Award covering shares of Common Stock until payment has been determined by the Committee and such
shares have been delivered to the Participant. 

        (e)    Termination of Award.    A Performance Award shall terminate if the Participant does
not remain continuously in the employ of the Company and its Affiliates or does not continue to perform services as a Consultant or a Director for the Company and its Affiliates at all times during
the applicable performance period through the payment date, except as may be determined by the Committee. 

        (f)    Performance Award Agreements.    At the time any Award is made under this
Paragraph IX, the Company and the Participant shall enter into a Performance Award Agreement setting forth each of the matters contemplated hereby and such additional matters as the Committee
may determine to be 

10

 

appropriate.
The terms and provisions of the respective Performance Award Agreements need not be identical. 

 
 

  X.    PHANTOM STOCK AWARDS    
    

        (a)    Phantom Stock Awards.    Phantom Stock Awards are rights to receive shares of Common
Stock (or the Fair Market Value thereof), or rights to receive an amount equal to any appreciation or increase in the Fair Market Value of Common Stock over a specified period of time, which vest over
a period of time as established by the Committee, without satisfaction of any performance criteria or objectives. The Committee may, in its discretion, require payment or other conditions of the
Participant respecting any Phantom Stock Award. A Phantom Stock Award may include, without limitation, a Stock Appreciation Right that is granted independently of an Option; provided, however, that
the exercise price per share of Common Stock subject to the Stock Appreciation Right shall be (i) determined by the Committee but, subject to adjustment as provided in Paragraph XI, such
exercise price shall not be less than the Fair Market Value of a share of Common Stock on the date such Stock Appreciation Right is granted,
and (ii) subject to the restrictions on repricings described in Paragraph VII(f) in the same manner as applies to Options. 

        (b)    Award Period.    The Committee shall establish, with respect to and at the time of each
Phantom Stock Award, a period over which the Award shall vest with respect to the Participant. Any Stock Appreciation Right that is granted independently of an Option to a Canadian Grantee shall be
granted solely in respect of the employment services of the Canadian Grantee to be rendered subsequent to the grant, and such Stock Appreciation Rights may only be granted to a Canadian Grantee so
long as none of the main purposes of such grant is to provide the Canadian Grantee with a payment that is in lieu of salary and wages for the Canadian Grantee for services rendered by such Canadian
Grantee in a previous calendar year. 

        (c)    Awards Criteria.    In determining the value of Phantom Stock Awards, the Committee
shall take into account a Participant's responsibility level, performance, potential, other Awards, and such other considerations as it deems appropriate. 

        (d)    Payment.    Following the end of the vesting period for a Phantom Stock Award (or at
such other time as the applicable Phantom Stock Award Agreement may provide), the holder of a Phantom Stock Award shall be entitled to receive payment of an amount, not exceeding the maximum value of
the Phantom Stock Award, based on the then vested value of the Award. Payment of a Phantom Stock Award may be made in cash, Common Stock, or a combination thereof as determined by the Committee.
Payment shall be made in a lump sum or in installments as prescribed by the Committee. Any payment to be made in cash shall be based on the Fair Market Value of the Common Stock on the payment date or
such other date as may be specified by the Committee in the Phantom Stock Award Agreement. Cash dividend equivalents may be paid during or after the vesting period with respect to a Phantom Stock
Award, as determined by the Committee. A Participant shall not be entitled to the privileges and rights of a shareholder with respect to a Phantom Stock Award until the shares of Common Stock have
been delivered to the Participant. 

        (e)    Termination of Award.    A Phantom Stock Award shall terminate if the Participant does
not remain continuously in the employ of the Company and its Affiliates or does not continue to perform services as a Consultant or a Director for the Company and its Affiliates at all times during
the applicable vesting period, except as may be otherwise determined by the Committee. 

        (f)    Phantom Stock Award Agreements.    At the time any Award is made under this
Paragraph X, the Company and the Participant shall enter into a Phantom Stock Award Agreement setting forth each of the matters contemplated hereby and such additional matters as the Committee
may determine to be appropriate. The terms and provisions of the respective Phantom Stock Award Agreements need not be identical. 

11

 
 
 

  XI.    RECAPITALIZATION OR REORGANIZATION    
    

        (a)    No Effect on Right or Power.    The existence of the Plan and the Awards granted
hereunder shall not affect in any way the right or power of the Board or the shareholders of the Company to make or authorize any adjustment, recapitalization, reorganization, or other change in the
Company's or any Affiliate's capital structure or its business, any merger, consolidation, amalgamation or other business combination of the Company or any Affiliate, any issue of debt or equity
securities ahead of or affecting Common Stock or the rights thereof, the dissolution or liquidation of the Company or any Affiliate, any sale, lease, exchange, or other disposition of all or any part
of its assets or business, or any other corporate act or proceeding. 

        (b)    Subdivision or Consolidation of Shares; Stock Dividends.    The shares with respect to
which Awards may be granted are shares of Common Stock as presently constituted, but if, and whenever, prior to the expiration of an Award theretofore granted, the Company shall effect a subdivision
or consolidation of shares of Common Stock or the payment of a stock dividend on Common Stock without receipt of consideration by the Company, the number of shares of Common Stock with respect to
which such Award may thereafter be exercised or satisfied, as applicable, (i) in the event of an increase in the number of outstanding shares, shall be proportionately increased, and the
purchase price per share shall be proportionately reduced, and (ii) in the event of a reduction in the number of outstanding shares, shall be proportionately reduced, and the purchase price per
share shall be proportionately increased. Any fractional share resulting from such adjustment shall be rounded down to the nearest whole share. 

        (c)    Recapitalizations and Corporate Changes.    If the Company recapitalizes, reclassifies
its capital stock, or otherwise changes its capital structure (a "recapitalization"), the number and class of shares of Common Stock or other property covered by an Award theretofore granted and the
purchase price of Common Stock or other consideration subject to such Award shall be adjusted so that such Award shall thereafter cover the number and class of shares of stock and securities to which
the Participant would have been entitled pursuant to the terms of the recapitalization if, immediately prior to the recapitalization, the Participant had been the holder of record of the number of
shares of Common Stock then covered by such Award. If (i) the Company shall not be the surviving entity in any merger, consolidation or other business combination or reorganization (or survives
only as a subsidiary of an entity), (ii) the Company sells, leases, or exchanges or agrees to sell, lease, or exchange all or substantially all of its assets to any other person or entity,
(iii) the Company is to be dissolved and liquidated, (iv) any person or entity, including a "group" as contemplated by section 13(d)(3) of the Exchange Act, acquires or gains
ownership or control (including, without limitation, the power to vote) of more than 40% of the outstanding shares of the Company's voting stock (based upon voting power), or (v) as a result of
or in connection with a contested election of Directors, the persons who were Directors of the Company before such election shall cease to constitute a majority of the Board (each such event is
referred to herein as a "Corporate Change"), then (x) no sooner than effective as of the consummation by the Company of such merger, consolidation, reorganization, sale, lease, or exchange of
assets or dissolution and liquidation or such election of Directors or (y) no later than 30 days after a Corporate Change of the type described in clause (iv), the Committee,
acting in its sole discretion without the consent or approval of any Participant, shall effect one or more of the following alternatives in an equitable and appropriate manner to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available under the Plan, which alternatives may vary among individual Participants and which may vary among Options or Stock
Appreciation Rights held by any individual Participant: (1) accelerate the time at which Options or Stock Appreciation Rights then outstanding may be exercised so that such Awards may be
exercised in full for a limited period of time on or before a specified date fixed by the Committee, after which specified date all such unexercised Awards and all rights of Participants thereunder
shall terminate, (2) require the mandatory surrender to the Company by all or selected Participants of some or all of the outstanding Options or Stock 

12

 

Appreciation
Rights held by such Participants (irrespective of whether such Awards are then exercisable under the provisions of the Plan) as of a date specified by the Committee, in which event the
Committee shall thereupon cancel such Awards and the Company shall pay (or cause to be paid) to each Participant an amount of cash per share equal to the excess, if any, of the amount calculated in
Subparagraph (d) below (the "Change of Control Value") of the shares subject to such Awards over the exercise price(s) under such Awards for such shares, or (3) make such adjustments to
Options or Stock Appreciation Rights then outstanding as the Committee deems appropriate to reflect such Corporate Change and to prevent the dilution or enlargement of rights (provided, however, that
the Committee may determine in its sole discretion that no adjustment is necessary to such Awards then outstanding), including, without limitation, adjusting such an Award to provide that the number
and class of shares of Common Stock covered by such Award shall be adjusted so that such Award shall thereafter cover securities of the surviving or acquiring corporation or other property (including,
without limitation, cash) as determined by the Committee in its sole discretion. 

        (d)    Change of Control Value.    For the purposes of clause (2) in
Subparagraph (c) above, the "Change of Control Value" shall equal the amount determined in the following clause (i), (ii) or (iii), whichever is applicable: (i) the per
share price offered to shareholders of the Company in any such merger, consolidation, reorganization, sale of assets or dissolution and liquidation transaction, (ii) the price per
share offered to shareholders of the Company in any tender offer or exchange offer whereby a Corporate Change takes place, or (iii) if such Corporate Change occurs other than pursuant to a
tender or exchange offer, the fair market value per share of the shares into which such Options or Stock Appreciation Rights being surrendered are exercisable, as determined by the Committee as of the
date determined by the Committee to be the date of cancellation and surrender of such Awards. In the event that the consideration offered to shareholders of the Company in any transaction described in
this Subparagraph (d) or Subparagraph (c) above consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered
which is other than cash. 

        (e)    Other Changes in the Common Stock.    In the event of changes in the outstanding Common
Stock by reason of recapitalizations, reorganizations, mergers, consolidations, combinations, split-ups, split-offs, spin-offs, exchanges, or other relevant changes
in capitalization or distributions (other than ordinary dividends) to the holders of Common Stock occurring after the date of the grant of any Award and not otherwise provided for by this
Paragraph XI, such Award and any agreement evidencing such Award shall be subject to adjustment by the Committee at its sole discretion as to the number and price of shares of Common Stock or
other consideration subject to such Award in an equitable and appropriate manner so as to prevent the dilution or enlargement of the benefits or potential benefits intended to be made available under
such Award. In the event of any such change in the outstanding Common Stock or distribution to the holders of Common Stock, or upon the occurrence of any other event described in this
Paragraph XI, the aggregate maximum number of shares available under the Plan, the aggregate maximum number of shares that may be issued under the Plan through Incentive Stock Options, and the
maximum number of shares that may be subject to Awards granted to any one individual shall be appropriately adjusted to the extent, if any, determined by the Committee, whose determination shall be
conclusive. 

        (f)    Shareholder Action.    Any adjustment provided for in the above Subparagraphs shall be
subject to any required shareholder action. 

        (g)    No Adjustments unless Otherwise Provided.    Except as hereinbefore expressly provided,
the issuance by the Company of shares of stock of any class or securities convertible into shares of stock of any class, for cash, property, labor or services, upon direct sale, upon the exercise of
rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, and in any case whether or not for fair value,
shall not affect, and no 

13

 

adjustment
by reason thereof shall be made with respect to, the number of shares of Common Stock subject to Awards theretofore granted or the purchase price per share, if applicable. 

 
 

  XII.    AMENDMENT AND TERMINATION OF THE PLAN    
    

        The Board in its discretion may terminate the Plan at any time with respect to any shares of Common Stock for which Awards have not
theretofore been granted. The Board shall have the right to alter or amend the Plan or any part thereof from time to time; provided that no change in the Plan may be made that would materially impair
the rights of a Participant with respect to an Award theretofore granted without the consent of the Participant, and provided, further, that the Board may not, without approval of the shareholders of
the Company, (a) amend the Plan to increase the maximum aggregate number of shares that may be issued under the Plan, increase the maximum aggregate number of shares that may be issued under
the Plan through Incentive Stock Options, or change the class of individuals eligible to receive Awards under the Plan, (b) amend or delete Paragraph VII(f), (c) amend the Plan in
a manner that requires shareholder approval pursuant to the requirements of any exchange on which shares of Common Stock are listed, or (d) amend or delete this Paragraph XII. 

 
 

  XIII.    MISCELLANEOUS    
    

        (a)    No Right To An Award.    Except as provided in Paragraph VIII(b), neither the
adoption of the Plan nor any action of the Board or of the Committee shall be deemed to give any individual any right to be granted an Award, or any other rights hereunder except as may be evidenced
by an Award agreement duly executed on behalf of the Company, and then only to the extent and on the terms and conditions expressly set forth therein. The Plan shall be unfunded. The Company shall not
be required to establish any special or separate fund or to make any other segregation of funds or assets to assure the performance of its obligations under any Award. 

        (b)    No Employment/Membership Rights Conferred.    Nothing contained in the Plan shall
(i) confer upon any employee or Consultant any right with respect to continuation of employment or of a consulting or advisory relationship with the Company or any Affiliate or
(ii) interfere in any way with the right of the Company or any Affiliate to terminate his or her employment or consulting or advisory relationship at any time. Nothing contained in the Plan
shall confer upon any Director any right with respect to continuation of membership on the Board. 

        (c)    Other Laws; Withholding.    The Company shall not be obligated to issue any Common
Stock pursuant to any Award granted under the Plan at any time when the shares covered by such Award have not been registered under the Securities Act of 1933, as amended, and such other state and
federal laws, rules, and regulations as the Company or the Committee deems applicable and, in the opinion of legal
counsel for the Company, there is no exemption from the registration requirements of such laws, rules, and regulations available for the issuance and sale of such shares. No fractional shares of
Common Stock shall be delivered, nor shall any cash in lieu of fractional shares be paid. The Company shall have the right to deduct in connection with all Awards any taxes required by law to be
withheld and to require any payments required to enable it to satisfy its withholding obligations. 

        (d)    No Restriction on Corporate Action.    Nothing contained in the Plan shall be construed
to prevent the Company or any Affiliate from taking any action which is deemed by the Company or such Affiliate to be appropriate or in its best interest, whether or not such action would have an
adverse effect on the Plan or any Award made under the Plan. No Participant, beneficiary or other person shall have any claim against the Company or any Affiliate as a result of any such action. 

        (e)    Restrictions on Transfer.    An Award (other than an Incentive Stock Option, which
shall be subject to the transfer restrictions set forth in Paragraph VII(c)) shall not be transferable otherwise than (i) by will or the laws of descent and distribution,
(ii) pursuant to a qualified domestic relations 

14

 

order
as defined by the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder, or (iii) with the consent of the Committee. 

        (f)    Delayed Payment Restriction.    Notwithstanding any provision in the Plan or an Award
agreement to the contrary, if any payment or benefit provided for under an Award would be subject to additional taxes and interest under section 409A of the Code if the Participant's receipt of
such payment or benefit is not delayed in accordance with the requirements of section 409A(a)(2)(B)(i) of the Code, then such payment or benefit shall not be provided to the Participant (or the
Participant's estate, if applicable) until the earlier of (i) the date of the Participant's death or (ii) the date that is six months after the date of the Participant's separation from
service with the Company. 

        (g)    Governing Law.    The Plan shall be governed by, and construed
in accordance with, the laws of the State of Delaware, without regard to conflicts of law principles thereof.

15

QuickLinks

Exhibit 10.10

LONE PINE RESOURCES INC. 2011 STOCK INCENTIVE PLAN

I. PURPOSE OF THE PLAN

II. DEFINITIONS

III. EFFECTIVE DATE AND DURATION OF THE PLAN

IV. ADMINISTRATION

V. SHARES SUBJECT TO THE PLAN; AWARD LIMITS; GRANT OF AWARDS

VI. ELIGIBILITY

VII. STOCK OPTIONS

VIII. RESTRICTED STOCK AWARDS

IX. PERFORMANCE AWARDS

X. PHANTOM STOCK AWARDS

XI. RECAPITALIZATION OR REORGANIZATION

XII. AMENDMENT AND TERMINATION OF THE PLAN

XIII. MISCELLANEOUSExhibit 10.19

 

LONE PINE RESOURCES INC. 2011 STOCK INCENTIVE PLAN

 

FORM OF

PHANTOM STOCK UNIT (RSU AWARD) AGREEMENT FOR

CANADIAN EMPLOYEE GRANTEES
 (CASH ONLY)

 

This Phantom Stock Unit Agreement (“Agreement”) is made as of the        day of             , 20    , between Lone Pine Resources Inc., a Delaware corporation (“Lone Pine”), and                                       (the “Employee”). For purposes of this Agreement, the term “the Company” shall include Lone Pine and its Affiliates, as defined in the Lone Pine Resources Inc. 2011 Stock Incentive Plan (the “Plan”).

 

1.             Award.  Pursuant to the Plan, as  a contingent unvested bonus for the services that the Employee has provided to the Company in Canada in [year] (the “Service Year”), Lone Pine hereby makes a grant of Phantom Stock Units (as defined below) subject to the terms and conditions contained herein and in the Plan, which is available on Lone Pine’s intranet at the following site: [                ].  The Phantom Stock Units so awarded are not in substitution for or in lieu of ordinary salary or wages of the Employee.  For paper copies of the Plan and prospectus please contact [                          ], Suite 2500, 645-7 Avenue SW, Calgary, Alberta, Canada, T2P 4G8, or call 403.        .        .

 

(a)           Units.  Pursuant to the Plan,          units (the “Phantom Stock Units”) shall be granted to the Employee as hereinafter provided and credited to a notional account maintained by Lone Pine in the Employee’s name, subject to certain restrictions thereon.  On the terms and conditions set out herein and in the Plan, the Phantom Stock Units shall be settled only in cash.  For greater certainty, no Phantom Stock Units shall have any value (monetary or otherwise) prior to the Vesting Date (as defined below).  The Phantom Stock Units constitute a “Phantom Stock Award” under the Plan.

 

(b)           Grant of Phantom Stock Units.  The Phantom Stock Units shall be granted upon acceptance hereof by the Employee.  The Employee acknowledges and agrees that this award of Phantom Stock Units shall be subject to all of the terms and provisions of the Plan, including future amendments thereto, if any, pursuant to the terms thereof.  In the event of any conflict between the terms of this Agreement and the Plan, the Plan shall control.

 

2.             Definitions.           For purposes of this Agreement, the following capitalized words and terms shall have the meanings indicated below:

 

(a)           “Board” shall have the meaning set forth in the Plan.

 

(b)           “Committee” shall have the meaning set forth in the Plan.

 

(c)           “Corporate Change” shall mean the occurrence of any one or more of the following events:

 

 

(i)            Lone Pine shall not be a surviving or continuing entity in any merger, amalgamation, consolidation or other reorganization or business combination (or survives or continues only as a subsidiary of an entity other than a previously wholly-owned subsidiary of Lone Pine);

 

(ii)           Lone Pine sells, leases or exchanges all or substantially all of its assets to any other person or entity (other than a wholly-owned subsidiary of Lone Pine);

 

(iii)          Lone Pine is to be dissolved and liquidated;

 

(iv)          any person or entity, including a “group” as contemplated by Section 13(d)(3) of the United States Securities Exchange Act of 1934, as amended, acquires or gains ownership or control (including, without limitation, power to vote) of more than 50% of the outstanding shares of Lone Pine’s voting stock (based upon voting power); or

 

(v)           as a result of or in connection with a contested election of directors, the persons who were directors of Lone Pine before such election shall cease to constitute a majority of the Board.

 

Notwithstanding the foregoing, the term “Corporate Change” shall not include (1) any amalgamation, merger, consolidation or other reorganization or business combination involving solely Lone Pine and one or more previously wholly-owned subsidiaries of Lone Pine or (2) a distribution, or spin-off, of some or all of the shares of Lone Pine’s common stock beneficially owned by Forest Oil Corporation to the shareholders of Forest Oil Corporation.

 

(d)           “Disability” shall mean that, as a result of the Employee’s incapacity due to physical or mental illness, the Employee shall have been absent from the full-time performance of his duties for six consecutive months, and he shall not have returned to full-time performance of his duties within 30 days after written notice of termination is given to the Employee by the Company (provided, however, that such notice may not be given prior to 30 days before the expiration of such six-month period).

 

(e)           “Forfeiture Restrictions” shall have the meaning specified in Section 3(a) hereof.

 

(f)            “Involuntary Termination” shall mean any termination of the Employee’s employment with the Company which does not result from (i) a resignation by the Employee, (ii) a termination as a result of death or Disability, or (iii) a termination of the Employee’s employment by the Company by reason of the Employee’s unsatisfactory performance of his duties, to be determined by the Company in its sole discretion, or final conviction of a misdemeanor involving moral turpitude or a felony.

 

(g)           “Vesting Date” shall mean the date, if any, upon which the Forfeiture Restrictions Lapse pursuant to Section 3(b) below.

 

3.             Phantom Stock Units.  The Employee hereby accepts the Phantom Stock Units when granted and agrees with respect thereto as follows:

 

2

 

(a)           Forfeiture Restrictions.  The Phantom Stock Units granted hereunder may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of, and in the event of termination of the Employee’s employment with the Company for any reason other than death, Disability, or Involuntary Termination, the Employee shall, for no consideration, forfeit to Lone Pine all Phantom Stock Units to the extent then subject to the Forfeiture Restrictions.  The prohibition against transfer and the obligation to forfeit and surrender Phantom Stock Units to Lone Pine upon termination of employment are herein referred to as the “Forfeiture Restrictions.”

 

(b)           Lapse of Forfeiture Restrictions.  The Forfeiture Restrictions shall lapse and cease to apply to Phantom Stock Units according to the following schedule provided that the Employee has been continuously employed by the Company from the date of this Agreement through the lapse date:

 

	
Percentage of Units Vesting
    	
 
    	
Vesting Date
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    

 

Notwithstanding the foregoing or any other provisions of this Agreement, the Forfeiture Restrictions shall lapse and cease to apply to all Phantom Stock Units not previously forfeited pursuant to Section 3(a) (and for which a Vesting Date has not previously occurred pursuant to the schedule above) on December 15th of the third calendar year following the Service Year, and such date shall be the Vesting Date of all such Phantom Stock Units.

 

Further, the Forfeiture Restrictions shall lapse and cease to apply as to all of the Phantom Stock Units then subject to the Forfeiture Restrictions, and the Vesting Date for such Phantom Stock Units shall be: (i) the date of a Corporate Change provided that the Employee has been continuously employed by the Company from the date of this Agreement to the date of such Corporate Change or (ii) the date the Employee’s employment with the Company is terminated by reason of death, Disability, or Involuntary Termination.

 

As soon as reasonably practicable after the Vesting Date, but in no event later than December 31st of the third calendar year following the Service Year (the “Expiry Date”), the Company will make payment in cash to the Employee of the value of the Phantom Stock Units with respect to which the Forfeiture Restrictions lapse and cease to apply as of such Vesting Date (determined in accordance with Section 3(c) below), subject to the Employee’s satisfaction of applicable taxes and other required source deductions (as described in Section 3(d) below).

 

If the employment of the Employee with the Company terminates prior to the lapse of the Forfeiture Restrictions, and there exists a dispute between the Employee and the Company or the Committee as to the satisfaction of the conditions to the lapse of the Forfeiture Restrictions or the terms and conditions of the grant, the Phantom Stock Units and all rights, property and interests associated therewith shall remain subject to the Forfeiture Restrictions until the resolution of such dispute, provided that, in all events, all payments made in respect of the Phantom Stock Units granted hereunder shall be made no later than the Expiry Date.

 

(c)           Settlement.  Settlement of vested Phantom Stock Units shall be made by payment from the Company of an aggregate amount equal to:

 

3

 

The product of:

 

*                                         the Fair Market Value (as defined in the Plan) of a share of Lone Pine’s common stock on the applicable settlement date specified by the Committee,

 

multiplied by:

 

*                                         the number of Phantom Stock Units (including fractional units) then being settled in cash.

 

Any cash payment in settlement of Phantom Stock Units shall be payable in Canadian dollars, determined based on the Bank of Canada noon spot rate on the Vesting Date.

 

Notwithstanding anything to the contrary in this Agreement, all payments made in respect of any Phantom Stock Units shall be made no later than the Expiry Date.  No amounts shall be paid on or in respect of any Phantom Stock Units granted hereunder after the Expiry Date.

 

(d)           Withholding of Taxes and Other Required Source Deductions.  To the extent that the receipt of the Phantom Stock Units or the settlement of Phantom Stock Units results in employment income, compensation income, wages or other taxable income to the Employee for federal, state, provincial or local tax purposes, the Employee shall deliver to the Company at the time of such receipt or settlement, as the case may be, such amount of money (in Canadian dollars) as the Company may require to ensure that it can comply with its withholding obligations under applicable tax laws or regulations.  The Company is authorized to deduct and withhold from the amount of any cash payment to the Employee hereunder the amount of any tax or other source deductions required to be withheld by reason of employment income, compensation income, wages or other taxable income resulting under this Agreement.

 

(e)           Corporate Acts.  The existence of the Phantom Stock Units shall not affect in any way the right or power of the Board or the stockholders of Lone Pine  to make or authorize any adjustment, recapitalization, reorganization or other change in Lone Pine’s capital structure or its business, any merger, amalgamation, consolidation or other reorganization or business combination of Lone Pine, any issue of debt or equity securities, the dissolution or liquidation of Lone Pine or any sale, lease, exchange or other disposition of all or any part of its assets or business or any other corporate act or proceeding.  Prior to the settlement date, the Committee shall have the right, in its sole discretion, to determine to make or determine not to make adjustments to any Phantom Stock Units in the event of a recapitalization, reorganization or other change in Lone Pine’s capital structure or business, or any merger, amalgamation, consolidation or other reorganization or business combination as described in the Plan.

 

4.             No Rights as Stockholder.  The Phantom Stock Units represent an unsecured and unfunded right to receive a payment in cash, which right is subject to the terms, conditions and restrictions set forth in this Agreement and the Plan.  Accordingly, the Employee will have no rights as a stockholder with respect to any Phantom Stock Units covered by this Agreement.

 

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5.             Employment Relationship.  A period of notice, if any, or payment in lieu thereof, upon termination of employment, wrongful or otherwise, shall not be considered as extending the period of employment for the purposes of this Agreement. Without limiting the scope of the preceding sentence, it is expressly provided that the Employee shall be considered to have terminated employment with the Company at the time of the termination of the “Affiliate” status under the Plan of the entity or other organization that employs the Employee.  Nothing in the adoption of the Plan, nor the award of Phantom Stock Units thereunder pursuant to this Agreement, shall confer upon the Employee the right to continued employment by the Company or affect in any way the right of the Company to terminate such employment at any time.  Any question as to whether and when there has been a termination of such employment, and the cause of such termination, shall be determined by the Committee, and its determination shall be final.  The Employee waives any and all right to compensation or damages in consequence of termination of employment (whether lawfully or unlawfully) or otherwise whatsoever insofar as those rights arise or may arise from the Employee’s ceasing to have rights under or be entitled to receive any cash payment under the Plan as a result of such termination of employment or pursuant to Section 3(a) of this Agreement.

 

6.             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 Phantom Stock Units.

 

7.             Resolution of Disputes.  As a condition of the granting of the Phantom Stock Units hereby, the Employee and the Employee’s heirs, personal representatives and successors agree that any dispute or disagreement which may arise hereunder shall be determined by the Committee in its sole discretion and judgment, and that any such determination and any interpretation by the Committee of this Agreement shall be final and shall be binding and conclusive, for all purposes, upon the Company, the Employee, the Employee’s heirs, personal representatives and successors or any person or entity claiming through any of them.

 

8.             Binding Effect.  This Agreement shall be binding upon and inure to the benefit of any successor to the Company and all persons lawfully claiming under the Employee.

 

9.             Entire Agreement; Amendment. This Agreement replaces and merges all previous agreements and discussions relating to the same or similar subject matters between the Employee and the Company and constitutes the entire agreement between the Employee and Lone Pine with respect to the subject matter of this Agreement.  This Agreement may not be modified in any respect by any verbal statement, representation or agreement made by any employee, officer, or representative of the Company or by any written agreement unless signed by an officer of Lone Pine who is expressly authorized by Lone Pine to execute such document.  Any modification of this Agreement shall be effective only if it is in writing and signed by both the Employee and an authorized officer of Lone Pine.

 

10.           Notices.  Any notices or other communications provided for in this Agreement shall be sufficient if in writing.  In the case of the Employee, such notices or communications shall be effectively delivered if hand delivered to the Employee or if sent by registered or certified mail to the Employee at the last address the Employee has filed with the Company. In

 

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the case of Lone Pine, such notices or communications shall be effectively delivered if sent by registered or certified mail to Lone Pine at its principal executive offices.

 

11.           Clawback.  Notwithstanding any provisions in this Agreement to the contrary, any portion of the payments and benefits provided under this Agreement shall be subject to a clawback to the extent necessary to comply with applicable law including, without limitation, the requirements of the United States Dodd-Frank Wall Street Reform and Consumer Protection Act or any United States Securities and Exchange Commission rule.

 

12.          Controlling Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware.

 

IN WITNESS WHEREOF, Lone Pine has caused this Agreement to be duly executed by an officer thereunto duly authorized, and the Employee has executed this Agreement, all as of the date first above written.

 

	
 
    	
LONE   PINE RESOURCES INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
[name]
    
	
 
    	
[title]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
EMPLOYEE
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[Employee Name]
    

 

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