Document:

Stock Option Agreement

 Exhibit 10.20.2 
  
 Stock Option Agreement 
 CONFIDENTIAL 
  
 This Stock Option Agreement (the
“Agreement”) made effective as of the * day of *, 2004, by and between Syntroleum Corporation, a Delaware corporation (“Syntroleum”) and * (“Grantee”), evidences the grant by Syntroleum of an option (the
“Option”) to Grantee to purchase shares of Syntroleum common stock, par value $0.01 per share (“Common Stock”), pursuant to action of the Board of Directors on * (the “Date of Grant”) and Grantee’s acceptance of
the Option in accordance with the provisions of the Syntroleum 1993 Stock Option and Incentive Plan (the “Plan”). Syntroleum and Grantee agree as follows. 
  
 1. Grant of Option and Exercise Price. Syntroleum grants to Grantee the Option to purchase * shares of Common Stock
at an exercise price of $* per share, the Fair Market Value (as defined in the Plan) of Syntroleum Common Stock on the Date of Grant, subject to the terms and conditions of this Agreement and of the Plan, the provisions of which are incorporated
into this Agreement by this reference. The shares subject to the Option are intended to be Incentive Stock Option (ISO) shares as described in Section 422(b) of the Internal Revenue Code of 1986, as amended. 
  
 2. Vesting. Except as otherwise provided in Section 3 of this
Agreement or in the Plan, the Option shall vest as follows: (a) the right to exercise the Option and purchase * shares shall vest on the first annual anniversary of the Date of Grant, (b) the right to exercise the Option and purchase * shares shall
vest on the second annual anniversary of the Date of Grant, and (c) the right to exercise the Option and purchase the remaining * shares shall vest on the third annual anniversary of the Date of Grant. 
  
 3. Exercise Period. The Option may be exercised from time to time with
respect to all or any number of the then vested, unexercised shares on any regular business day of Syntroleum at its then executive offices, until the earliest to occur of the following dates: (a) the tenth anniversary of the Date of Grant; (b) 12
months after the date of Grantee’s termination of employment with Syntroleum by reason of death or disability; (c) the third annual anniversary of Grantee’s retirement; or (d) the date 30 days following the date upon which Grantee’s
employment with Syntroleum terminates for any reason other than those described in subsections (b) or (c) of this Section 3. 
  
 4. Exercise. 
  
 4.01 During the period that the Option is exercisable, it may be exercised in full or in part by Grantee or, in the event or Grantee’s death, by the
person or persons to whom the Option was transferred by will or the laws of decent and distribution, by delivering or mailing written notice of the exercise to the Secretary of Syntroleum. The written notice shall be signed by each person entitled
to exercise the Option and shall specify the address and Social Security number of each such person. If any person other than Grantee purports to be entitled to exercise all or any portion of the Option, the written notice shall be accompanied by
proof, satisfactory to Syntroleum, of that entitlement. 
  

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 Syntroleum - Stock Option Agreement 
 CONFIDENTIAL 
  
 4.02 Subject to the provisions of Section 4.04 and 4.05, the written notice shall be accompanied by full payment of the exercise price for the shares as to which the Option is exercised either (i) in cash, (ii) in shares of
Common Stock evidenced by certificates either endorsed or with stock powers attached transferring ownership to Syntroleum, with the aggregate Fair Market Value (as defined in the Plan) equal to said exercise price on the date the written notice is
received by the Secretary, or (iii) in any combination of cash and such shares. 
  
 4.03 Notwithstanding the provisions of Section 4.02, shares acquired through the exercise of an ISO granted under the Plan may be used as payment at exercise under this Agreement only if such shares have been
held for at least 12 months following such acquisition. 
  
 4.04
In lieu of payment of the exercise price by way of delivery of certificate(s) evidencing shares of Common Stock, Grantee may furnish a notarized statement reciting the number of shares being purchased under the Option and the number of Syntroleum
shares owned by Grantee which may be freely delivered as payment of all or a portion of the exercise price, all pursuant to rules adopted by and subject to the consent of the Committee. Subject to the consent of the Committee, Grantee will be issued
a certificate for new shares of Common Stock representing the number of shares as to which the Option is exercised, less the number of shares described in the notarized statement as constituting payment under the Option. 
  
 4.05 In the event Grantee pays the Option exercise price by delivery of a
notarized statement of ownership or by surrendering his right to exercise a portion of the Option as described in Sections 4.04 and 4.05, the number of shares remaining subject to the Option shall be reduced not only by the number of
new shares issued upon exercise of the Option but also by the number of previously owned shares listed on the notarized statement of ownership and deemed to be surrendered as payment of the exercise price or, as applicable, by the number of shares
in connection with which Grantee has surrendered his right to exercise the Option. 
  
 4.06 The written notice of exercise will be effective and the Option shall be deemed exercised to the extent specified in the notice on the date that the written notice (together with required payment of the exercise
price) is received by the Secretary of Syntroleum at its executive offices during regular business hours. 
  
 5. Transfer of Shares; Tax Withholding. As soon as practicable after receipt of an effective written notice of exercise and full payment of the
exercise price as provided in Section 4 above, the Secretary of Syntroleum shall cause ownership of the appropriate number of shares of Syntroleum Common Stock to be issued to the person or persons exercising the Option by having a
certificate or certificates for such number of shares registered in the name of such person or persons and shall have each certificate delivered to the appropriate person. Each such certificate shall bear a legend describing, to the extent
applicable, (a) Syntroleum’s right of first refusal, if any, in the event such person desires or attempts to transfer such shares, and (b) the restrictions imposed by applicable state and federal securities laws, as described in Section
6.03. Notwithstanding the foregoing, if Syntroleum requires reimbursement of any tax required by law to be withheld with respect to shares of Syntroleum Common Stock, the Secretary shall not transfer ownership of shares until the required
payment is made. 
  

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 CONFIDENTIAL 
  
 6. Miscellaneous. 
  
 6.01 The rights under this
Agreement may not be transferred except by will or the laws of descent and distribution. The rights under this Agreement may be exercised during the lifetime of Grantee only by Grantee (or by his guardian or legal representative). The terms of the
Option shall be binding upon the executors, administrators, heirs, successors, and assigns of Grantee. 
  
 6.02 Authorized leaves of absence from Syntroleum shall not constitute a termination of employment for purposes of this Agreement. For purposes of this
Agreement, an authorized leave of absence shall be an absence while Grantee is on military leave, sick leave, or other bona fide leave of absence so long as Grantee’s right to employment with Syntroleum is guaranteed by statute, contract, or
company policy. 
  
 6.03 The Option may not be exercised if the
issuance of shares of Syntroleum’s Common Stock upon such exercise of the Option would constitute a violation of any applicable federal or state securities or other law or regulation. 
  
 6.04 Grantee shall have no rights as a stockholder with respect to any shares
covered by the Option until the date of the actual issuance of the shares. No adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions or other rights for which the record
date is prior to the date the shares or any part thereof are issued pursuant to exercise of all or any part of the Option. 
  
 6.05 Grantee agrees not to disclose to any person, directly or indirectly, the terms of this Agreement or any other matters relating to the Option or the
shares, including the number of shares subject to the Option or purchased hereunder, without the prior consent of Syntroleum. 
  
 6.06 The existence of the Option granted in this Agreement shall not affect in any way the right or the power of Syntroleum or its stockholders to make or
authorize any or all adjustments, recapitalizations, reorganizations or other changes in Syntroleum’s capital structure or its business, or any merger or consolidation of Syntroleum, or any issue of bonds, debentures, preferred or prior
preference stocks ahead of or affecting the Common Stock or the rights thereof, or the dissolution or liquidation of Syntroleum or any sale or transfer of all or any part of its assets or business, or any other corporate act or preceding, whether of
a similar character or otherwise. 
  
 6.07 Every notice or other
communication relating to this Agreement shall be in writing and shall be mailed to or delivered to the party for whom it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as
herein provided, however, that unless and until some other address be so designated, all notices or communications by Grantee to Syntroleum shall be mailed or delivered to Syntroleum at the offices of its Secretary at 4322 South 49th West Avenue, Tulsa, Oklahoma 74107, and all notice or communications by Syntroleum to Grantee may be given to Grantee
personally or may be mailed to him. 
  

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 CONFIDENTIAL 
  
 6.08 The validity and effect of this Agreement and the rights and obligations of the parties, and all other persons affected by this Agreement shall be construed and determined in accordance with the laws of the State of Oklahoma.

  
 IN WITNESS WHEREOF, Syntroleum, by its duly authorized
officer, and Grantee have signed this Agreement as of the date first above written. 
  

			
	 	 	COMPANY:
		
	 	 	SYNTROLEUM CORPORATION
		
	By:	 	 
	 	 	 *

		
	 	 	 Syntroleum Corporation.

	 	 	 4322 South 49th West Avenue

	 	 	 Tulsa, Oklahoma 74107

		
	 	 	 GRANTEE:

		
	 	 	 
	 	 	 *

  

 4 of 4Employee Restricted Stock Award Agreement

 Exhibit 10.20.3 
  
 SYNTROLEUM CORPORATION 
 1993 STOCK
OPTION AND INCENTIVE PLAN 
  
 EMPLOYEE RESTRICTED STOCK
AWARD AGREEMENT 
  
 THIS AGREEMENT (“Agreement”),
made as of the * day of * 2004 (the “Grant Date”), evidences an award by Syntroleum Corporation, a Delaware corporation (the “Company”) to * (the “Grantee”) pursuant to the 1993 Stock Option and Incentive Plan (the
”Plan”). Capitalized terms used and not otherwise defined herein shall have the meaning ascribed thereto in the Plan. 
  
 1. Grant of Restricted Stock Award. Effective as of the Grant Date, pursuant to Section 8 of the Plan, the Company has awarded to the Grantee a
Restricted Stock Award with respect to * shares of Common Stock, subject to the conditions and restrictions set forth below and in the Plan (the “Restricted Stock”). 
  
 2. Restrictions. The Restricted Stock granted hereunder to the Grantee may not be sold, assigned, transferred,
pledged or otherwise encumbered from the Grant Date until the date that the Grantee obtains a vested right to the shares (and the restrictions thereon terminate) in accordance with the provisions of this Section 2. The Grantee shall have a vested
right to one-third (1/3) of the shares of Restricted Stock as of the first anniversary of the Grant Date, and shall have a vested right to an additional one-third (1/3) of the Restricted Stock as of the second anniversary of the Grant Date, and to
the remaining one-third (1/3) of the Restricted Stock as of the third anniversary of the Grant Date, provided that the Grantee has been in continuous service as an employee since the Grant Date as of the date the relevant portion of the Restricted
Shares are scheduled to vest. Notwithstanding the foregoing: 
  

	 	(a)	Grantee shall have a vested right to all of the Restricted Stock upon a termination of Grantee’s service as an employee due to death, disability or retirement; and

  

	 	(b)	Grantee shall have a vested right to all of the Restricted Stock upon a Change in Control. 

  
 The period of time between the Grant Date and the date that the Grantee obtains a vested right to the Restricted Stock shall be referred to
herein as the “Restricted Period” as to those shares. In the event that any day on which the Grantee would otherwise obtain a vested right to the Restricted Stock is a Saturday, Sunday or holiday, the Grantee shall instead obtain that
vested right on the first business day immediately following such date. Authorized leaves of absence from the Company shall not constitute a termination of employment for purposes of this Agreement. For purposes of this Agreement, an authorized
leave of absence shall be an absence while Grantee is on military leave, sick leave, or other bona fide leave of absence so long as Grantee’s right to employment with the Company is guaranteed by statute, contract, or company policy. Whether
the Grantee’s employment terminates due to “disability” or “retirement” for purposes of this Agreement will be determined by the Committee in its discretion. 
  
 3. Forfeiture. If Grantee’s employment terminates under circumstances other than those provided in Section 2
prior to all or a portion of the Restricted Stock having become vested pursuant to the provisions of Section 2, the Grantee shall forfeit all right to the Restricted Stock which has not yet vested as of the date of termination of employment. Such
forfeiture shall apply to Beneficiaries (as defined below) as well as the Grantee. 
  
 4. Book Entry. During the Restricted Period, the Restricted Stock Award shall be evidenced by entry to an unfunded bookkeeping account maintained by the Company and no certificate evidencing such shares shall
be issued to the Grantee. Upon termination of the Restricted Period with 

  

 Syntroleum – Employee Restricted Stock Award Agreement 
  
 CONFIDENTIAL 
  

 
respect to any portion of the Restricted Stock, a certificate representing the shares of Common Stock which have vested shall be issued and delivered upon
written request to the Grantee as promptly as is reasonably practicable following such termination. 
  
 5. Beneficiary Designations. Pursuant to Section 10 of the Plan, the Grantee shall file with the Company on such form as may be prescribed by the
Company, a designation of one or more beneficiaries and, if desired, one or more contingent beneficiaries (each referred to herein as a “Beneficiary”) to whom shares of Common Stock otherwise due the Grantee under the terms of this
Agreement shall be distributed in the event of the death of the Grantee. The Grantee shall have the right to change the Beneficiary or Beneficiaries from time to time; provided, however, that any change shall not become effective until
received in the Grantee’s handwriting by the Committee. If there is no effective Beneficiary designation on file at the time of the Grantee’s death, or if the designated Beneficiary or Beneficiaries have all predeceased such Grantee, the
payment of any remaining benefits under this Agreement shall be made to the personal representative or executor of the Grantee’s estate. If one or more but not all the Beneficiaries have predeceased such Grantee, the benefits under this
Agreement shall be paid according to the Grantee’s instructions in his designation of Beneficiaries. If the Grantee has not given instructions, or if the instructions are not clear, the benefits under this Agreement which would have been paid
to the deceased Beneficiary or Beneficiaries will be paid to the personal representative or executor of Grantee’s estate.  
  
 6. Nonalienation of Benefits. Except as contemplated by Section 5 above, no right or benefit under this Agreement shall be subject to transfer,
anticipation, alienation, sale, assignment, pledge, encumbrance or charge, whether voluntary, involuntary or by operation of law, and any attempt to transfer, anticipate, alienate, sell, assign, pledge, encumber or charge the same shall be void. No
right or benefit hereunder shall in any manner be liable for or subject to any debts, contracts, liabilities or torts of the person entitled to such benefits. If the Grantee or the Grantee’s Beneficiary hereunder shall become bankrupt or
attempt to transfer, anticipate, alienate, assign, sell, pledge, encumber or charge any right or benefit hereunder, other than as contemplated by Section 5 above, or if any creditor shall attempt to subject the same to a writ of garnishment,
attachment, execution, sequestration or any other form of process or involuntary lien or seizure, then such right or benefit shall cease and terminate. 
  
 7. Prerequisites to Benefits. Neither the Grantee, nor any person claiming through the Grantee, shall have any right or interest in Restricted
Stock awarded hereunder, unless and until all the terms, conditions and provisions of this Agreement and the Plan which affect the Grantee or such other person shall have been complied with as specified herein. 
  
 8. Issuance and Delivery of Shares. The Company shall not be obligated
to issue or deliver any shares of Common Stock if counsel to the Company determines that such issuance or delivery would violate any applicable law or any rule or regulation of any governmental authority or any rule or regulation of, or agreement of
the Company with, any securities exchange or association upon which the Common Stock is listed or quoted. If necessary to comply with any such law, rule, regulation or agreement, the Company shall in no event be obligated to take any affirmative
action in order to cause the issuance or delivery of shares of Common Stock. 
  
 9. Rights as a Stockholder. The Grantee (or Beneficiary) shall have no rights as a stockholder with respect to the shares of Common Stock represented by the Restricted Stock unless and until all the terms,
conditions and provisions of this Agreement and the Plan which affect the Grantee or such other person shall have been complied with as specified herein, and certificates evidencing such shares are issued and delivered to the Grantee or an
alternative method of transferring to Grantee ownership of such shares has been completed pursuant to Section 4 hereof. Notwithstanding the foregoing, each time that a cash dividend is paid out with respect to shares of Common Stock, Grantee 

  

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 Syntroleum – Employee Restricted Stock Award Agreement 
  
 CONFIDENTIAL 
  

 
shall receive a cash payment equal to the amount of the cash dividends Grantee would have received had all the shares of Restricted Stock been issued and
outstanding as of such date. 
  
 10. Taxes. The Company
shall have the right to withhold an appropriate amount of cash or number of shares of Common Stock, or combination thereof, for payment of taxes or other amounts required by law or to take such action as may be necessary in the opinion of the
Company to satisfy all obligations for withholding of taxes. Withholding may be satisfied by the transfer to the Company of shares of Common Stock theretofore owned by the Grantee, subject to such terms and conditions as the Committee shall
prescribe. 
  
 11. Adjustments. As provided in the Plan,
certain adjustments may be made to the Restricted Stock upon the occurrence of events or circumstances described in Section 19 of the Plan. 
  
 12. Notice. Unless the Company notifies the Grantee in writing of a different procedure, any notice or other communication to the Company with
respect to this Agreement shall be in writing and shall be delivered personally or by first class mail, postage prepaid to the following address: 
  
 Syntroleum Corporation 
 c/o Corporate
Secretary 
 4322 South 49th West Avenue 
 Tulsa, Oklahoma 74107 
  
 Any notice or other communication to the
Grantee with respect to this Agreement shall be in writing and shall be delivered personally, or shall be sent by first class mail, postage prepaid, to Grantee’s address as listed in the records of the Company on the Grant Date, unless the
Company has received written notification from the Grantee of a change of address. 
  
 13. Amendment. Without the consent of the Grantee, this Agreement may be amended or supplemented (i) to cure any ambiguity or to correct or supplement any provision herein which may be defective or inconsistent
with any other provision herein, or (ii) to add to the covenants and agreements of the Company for the benefit of Grantee or to add to the rights of the Grantee or to surrender any right or power reserved to or conferred upon the Company in this
Agreement, subject, however, to any required approval of the Company’s stockholders and, provided, in each case, that such changes or corrections shall not adversely affect the rights of Grantee with respect to the Award
evidenced hereby without the Grantee’s consent, or (iii) to make such other changes as the Company, upon advice of counsel, determines are necessary or advisable because of the adoption or promulgation of, or change in or of the interpretation
of, any law or governmental rule or regulation, including any applicable federal or state securities laws. 
  
 14. Grantee Employment. Nothing contained in this Agreement, and no action of the Company or the Committee with respect hereto, shall confer or be
construed to confer on the Grantee any right to continue as an employee of the Company. 
  
 15. Governing Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Delaware. 
  
 16. Construction. References in this Agreement to “this Agreement” and the words “herein,”
“hereof,” “hereunder” and similar terms include the Plan. The headings of the Sections of this Agreement have been included for convenience of reference only, are not to be considered a part hereof and shall in no way modify or
restrict any of the terms or provisions hereof. 
  

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 Syntroleum – Employee Restricted Stock Award Agreement 
  
 CONFIDENTIAL 
  

 17. Relationship to the Plan. In addition to the terms and conditions described in this
Agreement, grants of Restricted Stock are subject to all other applicable provisions of the Plan. The decisions of the Committee with respect to questions arising as to the interpretation of the Plan, or this Agreement and as to finding of fact,
shall be final, conclusive and binding. 
  

			
	SYNTROLEUM CORPORATION
		
	By	 	 
	 	 	 *

	
	GRANTEE
	
	 
	 *

  

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