Document:

Amended and Restated Non-Employee Directors Deferred Compensation Plan

 Exhibit 10.2 
 PENN VIRGINIA CORPORATION 
 AMENDED AND RESTATED 
 NON-EMPLOYEE DIRECTORS 
 DEFERRED
COMPENSATION PLAN 
 Amended and Restated Effective January 1, 2008 

 PENN VIRGINIA CORPORATION 
 NON-EMPLOYEE DIRECTORS 
 AMENDED AND RESTATED 
 DEFERRED COMPENSATION PLAN 
 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I PURPOSE AND EFFECTIVE DATE
	  	1
	1.1.        Purpose.	  	1
	1.2.        Effective Date.	  	1
		
	 ARTICLE II DEFINITIONS
	  	1
		
	 ARTICLE III ELIGIBILITY
	  	4
	3.1.        Eligibility.	  	4
	3.2.        Participation and Deferral Agreements.	  	4
		
	ARTICLE IV CONTRIBUTIONS	  	5
	4.1.        Fee Deferrals.	  	5
	4.2.        Share Grant Deferrals.	  	6
	4.3.        Automatic Share Distribution Deferral.	  	6
		
	ARTICLE V DETERMINATION OF ACCOUNTS	  	6
	5.1.        Account Establishment.	  	6
	5.2.        Deferrals.	  	6
	5.3.        Earnings on Fee Deferrals and Share Distributions.	  	7
	5.4.        Adjustments.	  	7
		
	ARTICLE VI VESTING	  	7
	6.1.        Fee Deferrals.	  	7
	6.2.        DCSs.	  	7
	6.3.        Share Distributions.	  	7
		
	ARTICLE VII DISTRIBUTIONS	  	7
	7.1.        Normal Distribution Date.	  	7
	7.2.        Alternative Distribution Election.	  	7
	7.3.        Hardship Withdrawals.	  	8
	7.4.        Death Benefits.	  	8
	7.5.        Form of Payment.	  	8
		
	ARTICLE VIII NO FUNDING	  	9
		
	ARTICLE IX ADMINISTRATION	  	9
	9.1.        Administration.	  	9

  

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	9.2.          Administrative Review.	  	9
	9.3.          General.	  	9
		
	ARTICLE X AMENDMENT, DISCONTINUANCE AND TERMINATION	  	10
		
	ARTICLE XI MISCELLANEOUS	  	10
	11.1.          No Rights to Board Membership.	  	10
	11.2.          Rights of Participants to Benefits.	  	10
	11.3.          No Assignment.	  	10
	11.4.          Withholding.	  	10
	11.5.          Account Statements.	  	10
	 11.6.          Number.
	  	11
	11.7.          Titles.	  	11
	11.8.          Governing Law.	  	11
	11.9.          Other Plans.	  	11
	11.10.        Section 409A.	  	11

  

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 PENN VIRGINIA CORPORATION 
 AMENDED AND RESTATED 
 NON-EMPLOYEE DIRECTORS 
 DEFERRED COMPENSATION PLAN 
 ARTICLE I 
 PURPOSE AND EFFECTIVE DATE 
 1.1.
Purpose. The Plan is intended to provide deferred compensation for non-employee directors of Penn Virginia Corporation. The Plan is an unfunded plan that does not cover any employees and thus is not subject to the Employee Retirement Income
Security Act of 1974, as amended, nor is it intended to qualify under section 401(a) of the Code. The Plan is intended to comply with section 409A of the Code and the regulations thereunder. 
 1.2. Effective Date. The Plan was originally effective April 15, 2004. The Plan as amended and restated herein is effective January 1,
2008. 
 ARTICLE II 
 DEFINITIONS

 As used herein, the following terms shall have the following meanings: 
 2.1. “Account” means the bookkeeping reserve account established and maintained for each Participant pursuant to Article V solely to
determine the amount payable to the Participant pursuant to Article VII and shall not constitute a separate fund of assets. Each such Account shall consist of such subaccounts as the Committee deems necessary or desirable for the administration of
the Plan. 
 2.2. “Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or
more intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the
management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 2.3.
“Beneficiary” means the person(s), trust(s) or other entities the Participant designates, in accordance with procedures established by the Committee, to receive any benefits under the Plan after the death of the Participant. If the
Participant has not designated a Beneficiary, or if no Beneficiary survives the Participant, the Participant’s rights related to Common Stock under the terms of the Directors’ Stock Compensation Plan and the aggregate amount of Fee
Deferrals (and earnings thereupon) credited to the Participant’s Account shall pass by will or the laws of descent and distribution. 
 2.4. “Board” means the Board of Directors of the Company. 
 2.5. “Cessation of Service” means the
removal of a Director from the Board pursuant to applicable provisions of the Company’s by-laws or the voluntary resignation by a 

  

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Director of his or her membership on the Board. With respect to non-Grandfathered Amounts, the term “Cessation of Service” shall be interpreted in
a manner consistent with the separation from service rules under section 409A of the Code. 
 2.6. “Code” means the Internal
Revenue Code of 1986, as amended and the regulations promulgated thereunder. 
 2.7. “Committee” means the Compensation and
Benefits Committee of the Board or such other committee or subcommittee of the Board appointed by the Board to administer the Plan. 
 2.8.
“Common Stock” means the common stock, par value $0.01 per share, of the Company and awarded under the Directors’ Stock Compensation Plan. 
 2.9. “Company” means Penn Virginia Corporation. 
 2.10. “Deferral
Agreement” means the written agreement entered into between the Participant and the Company pursuant to Article III. 
 2.11.
“Deferred Common Stock” or “DCS” means a notional entry that is entered in a Participant’s Account and that represents the right to Common Stock in accordance with the terms of the Directors’ Stock
Compensation Plan. 
 2.12. “Directors’ Stock Compensation Plan” means the Penn Virginia Corporation Fifth Amended and
Restated 1995 Directors’ Stock Compensation Plan, as amended from time to time. 
 2.13. “Fee” means base compensation
for services as a Non-Employee Director and shall include (a) quarterly payments and meeting fees pursuant to Sections 5(ii) and 5(iii), respectively, of the Directors’ Stock Compensation Plan to the extent the director elects to receive
such payments in cash and (b) any other additional cash compensation for services as a Non-Employee Director. Fees shall not include expense allowances or reimbursements. 
 2.14. “Fee Deferrals” means part or all of Fees, the receipt of which is deferred by the Participant pursuant to Section 4.1.

 2.15. “Grandfathered Amounts” means the portion of a Participant’s Account attributable to amounts earned and vested
for purposes of section 409A of the Code as of December 31, 2004, and any earnings attributable thereto (whenever credited). 
 2.16.
“Non-Employee Director” means each director of the Company who is not an employee of the Company or any of the Company’s subsidiaries (as defined in section 425(f) of the Code). 
 2.17. “Normal Distribution Date” means January 1 of the calendar year following the calendar year of the earlier to occur of the
Participant’s attainment of age 70 or Cessation of Service. 
  

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 2.18. “Participant” means an individual who is eligible to participate in the Plan
pursuant to Article III and who has delivered an executed Deferral Agreement to the Committee in accordance with the provisions of Article III. Such individual shall remain a Participant in the Plan until such time as all benefits payable under the
Plan have been paid in accordance with the provisions hereof or the Plan is terminated in accordance with Article X. 
 2.19.
“Person” means a “person” (within the meaning of section 3(a)(9) of the Exchange Act, as modified, applied and used in sections 13(d) and 14(d) thereof); provided, however, a Person shall not include (a) the Company
or any of its subsidiaries, (b) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its subsidiaries (in its capacity as such), (c) an underwriter temporarily holding securities pursuant
to an offering of such securities, or (d) a company owned, directly or indirectly, by the shareholders of the Company in substantially the same character and proportions as their ownership of equity of the Company. 
 2.20. “Plan Year” means the calendar year. 
 2.21. “Share” means a share of Common Stock. 
 2.22. “Share Distribution”
means distributions made with respect to any Share deferred under this Plan. 
 2.23. “Share Grant” means a grant of Shares
under the Directors’ Stock Compensation Plan, which is subject to deferral hereunder and shall include (a) the annual grant of Shares pursuant to Section 5(i) of the Directors’ Stock Compensation Plan and (b) quarterly
payments and meeting fees pursuant to Sections 5(ii) and 5(iii), respectively, of the Directors’ Stock Compensation Plan to the extent the director elects to receive such payments in Shares. 
 2.24. “Share Grant Deferrals” means part or all of the Share Grant payable under the Directors’ Stock Compensation Plan, the
receipt of which is deferred by the Participant pursuant to Section 4.2. 
 2.25. “Tranche” means the amount of Fee
Deferrals and Share Deferrals credited to a Participant’s Account during any one Plan Year. 
 2.26. “Valuation Date”
means the business day used for purposes of valuing the Fee Deferrals and Share Grant Deferrals credited to a Participant’s Account prior to a distribution described in Article VII. 
 ARTICLE III 
 ELIGIBILITY 
 3.1. Eligibility. Each Non-Employee Director who is selected by the Committee shall be eligible to become a Participant by submitting a Deferral
Agreement in accordance with Section 3.2. An eligible Director shall remain eligible to submit a Deferral Agreement until such time as the Committee affirmatively revokes such Director’s eligibility. Eligible Directors, whether their
eligibility has been revoked or not, shall remain Participants in the Plan until such time as all benefits payable under the Plan have been paid in accordance with the provisions hereof or the Plan has been terminated in accordance with Article X.

  

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 3.2. Participation and Deferral Agreements. To become a Participant and receive credit for Fee
Deferrals and Share Grant Deferrals in such Participant’s Account, an eligible Non-Employee Director must deliver an executed Deferral Agreement in the form and manner prescribed by the Committee and in accordance with the restrictions
described in this Section 3.2. A Director may separately elect to defer Share Grants and Fees. 
 (a) Newly Eligible Directors.
Each Director who first becomes eligible to participate in the Plan after January 1 of a Plan Year may elect to participate in the Plan by delivering an executed Deferral Agreement to the Committee within thirty (30) days after the
Committee notifies the Director of his or her eligibility to participate. Such Deferral Agreement shall be effective with regard to the Fees earned and Share Grants that are to be granted for periods beginning on the effective date of such
Director’s Deferral Agreement. 
 (b) Previously Eligible Directors. Except as provided in Section 3.2(a) above, an
eligible Director may make a deferral election with respect to a Plan Year by delivering an executed Deferral Agreement to the Committee on or before December 31 of the year immediately preceding the Plan Year to which such deferral election is
to apply. 
 (c) Subsequent Elections. A Participant’s executed Deferral Agreement with respect to Fee Deferrals and Share Grant
Deferrals shall be effective only with respect to the specific Plan Year to which such Deferral Agreement applies and shall not be effective for any subsequent Plan Year. 
 ARTICLE IV 
 CONTRIBUTIONS 
 4.1. Fee Deferrals. 
 (a) Pursuant to the Deferral Agreement, a Participant may defer the receipt of
all or any portion of Fees payable by the Company to the Participant for services to be performed during a Plan Year. The Participant’s executed Deferral Agreement, delivered to the Committee in accordance with the provisions of
Section 3.2, shall set forth an exact whole dollar amount or a whole percentage of Fees to be deferred. A Fee Deferral election with respect to any Plan Year is irrevocable once the applicable executed Deferral Agreement is delivered to the
Committee. A Fee Deferral election shall be automatically revoked in the event the Director is permitted to take a distribution due to financial hardship. Such a Director shall not be eligible to make a new Fee Deferral election under the Plan.

 (b) The amount of any Fees deferred with respect to any Plan Year shall reduce the amount of such Fees otherwise payable to the
Participant as of the date such payment otherwise would have been made, and the amount of such reduction shall be allocated to the Participant’s Account effective as of the date the applicable Fees would otherwise have been payable. 

 

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 (c) In determining the percentage amount of any Fee Deferral, the Participant’s full Fee shall be
considered without regard to any deferrals made under the Plan. In no event shall a Participant be permitted to make Fee Deferrals that exceed 100% of his or her Fees. 
 4.2. Share Grant Deferrals. 
 (a) A Participant may separately elect to defer the receipt of all or a
portion of Share Grants under the Directors’ Stock Compensation Plan. The Participant’s executed Deferral Agreement, delivered to the Committee in accordance with the provisions of Section 3.2, shall set forth a whole number of Shares
or percentage of the Share Grant to be deferred. A Share Grant Deferral election with respect to a Plan Year is irrevocable once the applicable executed Deferral Agreement is delivered to the Committee. A Share Grant Deferral election shall be
automatically revoked in the event the Director is permitted to take a distribution due to financial hardship. Such a Director shall not be eligible to make a new Share Grant Deferral election under the Plan. 
 (b) The amount of any Share Grants deferred with respect to any Plan Year shall reduce the amount of such Share Grants otherwise due to the Participant
as of the date such Share Grants otherwise would have been made, and the amount of such reduction shall be allocated to the Participant’s Account effective as of the date the applicable Share Grant would otherwise have been made. 
 (c) A Common Share shall be credited as a DCS to the Participant’s Account. 
 4.3. Automatic Share Distribution Deferral. 
 (a) If a Participant elects to defer the receipt of any Share Grants in accordance with Section 4.2, such Participant automatically shall be deemed to have elected to defer the receipt of each Share Distribution payable with respect to
the underlying Share Grant deferred hereunder. 
 (b) Any Share Distribution deferred in accordance with this shall be credited to a
Participant’s Account in the same manner as Fee Deferrals. 
 ARTICLE V 
 DETERMINATION OF ACCOUNTS 
 5.1. Account Establishment. The Committee
shall establish an Account on behalf of each Participant. The establishment of an Account shall not require segregation of any funds of the Company or provide any Participant with any rights to any assets of the Company, except as a general creditor
thereof. A Participant shall have no right to receive payment of any amount credited to the Participant’s Account except as expressly provided in Article VI of this Plan. 
  

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 5.2. Deferrals. Each Participant’s Account as of the Valuation Date shall consist of Fee
Deferrals and DCSs credited to the Participant’s Account. Each Account shall consist of such subaccounts as the Committee deems necessary or desirable to determine the amounts payable by Tranche if different distribution elections apply with
respect to such Tranches. 
 5.3. Earnings on Fee Deferrals and Share Distributions. The Fee Deferrals and Share Distributions portion
of a Participant’s Account shall be credited with earnings quarterly, as if the balance of that portion of such Participant’s Account which represents Fee Deferrals and Share Distributions as of the first day of such quarter on the first
day of each quarter has been invested at a rate equal to the prime rate as correctly published in the Wall Street Journal on the last business day of the immediately preceding quarter. 
 5.4. Adjustments. In the event of any distribution (whether in the form of cash, Common Stock, other securities, or other property),
recapitalization, split, reverse split, reorganization, merger, consolidation, split-up, spin-off combination, repurchase, or exchange of Common Stock or other securities of the Company, issuance of warrants or other rights to purchase Common Stock
or other securities of the Company, or other similar transaction or event affecting the Common Stock, then the Committee shall, in such manner as it may deem equitable, in order to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under the Directors’ Stock Compensation Plan, adjust any or all of (i) the amount and type of Common Stock (or other securities or property) with respect to which Share Grants may be granted, and
(ii) the amount and type of Common Stock (or other securities or property) subject to outstanding Share Grants; provided, that the amount of Common Stock subject to any Share Grant shall always be a whole number. 
 ARTICLE VI 
 VESTING 
 6.1. Fee Deferrals. A Participant shall be one hundred percent (100%) vested at all times in the amounts of Fees elected to be deferred under
the Plan and earnings credited thereon. 
 6.2. DCSs. A Participant shall be one hundred percent (100%) vested at all times in
the DCSs credited to the Participant’s Account. 
 6.3. Share Distributions. Share Distributions paid with respect to any Share
underlying a DCS will be 100% vested at all times. 
 ARTICLE VII 
 DISTRIBUTIONS 
 7.1. Normal Distribution Date. Unless the Participant has elected another available
distribution date in his or her executed Deferral Agreement or the Participant dies prior to such date, the vested portion of a Participant’s Account shall be distributed to the Participant on the Participant’s Normal Distribution Date.

  

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 7.2. Alternative Distribution Election. For each Plan Year, a Participant may elect to receive
benefit distributions under the Plan on a date selected in the Participant’s Deferral Agreement for the applicable Plan Year. In no event shall the date selected be earlier than the first day of the calendar year beginning after the third
anniversary of the filing of the applicable Deferral Agreement under Section 3.2. With respect to Grandfathered Amounts, a Participant may file an amendment to defer further the receipt of a Tranche (and earnings credited thereon) (or a portion
of the Tranche) under this paragraph only three times, and each amendment must (a) provide for a payout under this Section at a date at least twenty-four (24) months after the payout date under the election in force for such Tranche
immediately prior to the filing of such an amendment, and (b) be filed with the Committee by December 15 of the calendar year prior to the calendar year in which payment was to commence under the election then in force. With respect to
non-Grandfathered Amounts, a Participant may file an amendment to defer further the receipt of a Tranche (and earnings credited thereon) (or a portion of the Tranche) under this paragraph only three times, and each amendment (a) must provide
for a payout under this Section at a date at least sixty (60) months after the payout date under the election in force for such Tranche immediately prior to the filing of such an amendment, (b) must be filed with the Committee at least
twelve (12) months prior to the date on which the first scheduled payment was to occur under the election then in force and (c) may not take effect until at least twelve (12) months after the date on which the election is made. Any
such election change with respect to non-Grandfathered Amounts shall be made in accordance with the requirements of section 409A of the Code and the regulations thereunder and no subsequent election may result in an impermissible acceleration of
payment as described in section 409A of the Code and the regulations thereunder. 
 7.3. Hardship Withdrawals. The Committee shall
establish procedures under which a Participant may request a withdrawal of some or all of the Participant’s Account in the event of an unforeseeable severe financial emergency. In general, an unforeseeable severe financial emergency would
include circumstances resulting from a sudden and unexpected illness or accident of the Participant or of the Participant’s spouse or dependent, uninsured loss of the Participant’s property due to casualty, or other similar extraordinary
and unforeseeable circumstances arising as a result of events beyond the control of the Participant and for which the resulting financial hardship cannot be reasonably relieved through other sources of funds or by cessation of deferrals under this
Plan. The Committee, in its sole and absolute discretion, shall determine whether any such financial emergency warrants a withdrawal from the Participant’s Account and shall determine the amount of such withdrawal so as to limit the withdrawal
to that amount (including a reasonable amount for taxes) that is required to satisfy the emergency need. The Committee shall administer hardship withdrawals of non-Grandfathered Amounts in accordance with the provisions of section 409A(a)(2)(B)(ii)
of the Code. 
 7.4. Death Benefits. Notwithstanding Sections 7.1 and 7.2, upon the death of a Participant, the Company shall pay to
the Participant’s Beneficiary the vested portion of the Participant’s Account within ninety (90) days following the date of the Participant’s death. 
 7.5. Form of Payment. 
 (a) Fee Deferrals and Share Distributions. Fee Deferrals, Share
Distributions and earnings credited thereon shall be paid in a cash lump sum. 
  

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 (b) Share Grant Deferrals. Share Grant Deferrals shall be paid in Shares from the Share reserve
under the Directors’ Stock Compensation Plan. 
 7.6. Special 409A Transition Election. In accordance with procedures and in a
form established by the Committee, to the extent permitted under section 409A of the Code and the regulations issued thereunder, a Participant may make a one-time special election to change the date of distribution with respect to all or a portion
of his Account attributable to non-Grandfathered Amounts on or before December 31, 2007 on such terms as shall be determined by the Committee; provided, however, that such one-time special election may not postpone a distribution that otherwise
would be made in 2007 and may not accelerate a distribution otherwise scheduled for a later year into 2007. 
 ARTICLE VIII 
 NO FUNDING 
 The obligations of the Company to
distribute benefits under this Plan shall be interpreted solely as an unfunded, contractual obligation to distribute only those amounts credited to the Participant’s Account pursuant to Article V in the manner and under the conditions
prescribed in Articles VI and VII. Any assets set aside, including any assets transferred to a grantor trust or purchased by the Company with respect to amounts payable under the Plan, shall be subject to the claims of the Company’s general
creditors, and no person other than the Company shall, by virtue of the provisions of the Plan, have any interest in such assets. All amounts deferred pursuant to this Plan may, in the Committee’s discretion, be transferred to an irrevocable
grantor trust as soon as practicable after such amounts are allocated to a Participant’s Account pursuant to Article IV. 
 ARTICLE IX

 ADMINISTRATION 
 9.1.
Administration. The Plan shall be administered by the Committee. The Committee shall have authority to act to the full extent of its absolute discretion to: 
 (a) interpret the Plan; 
 (b) resolve and determine all disputes, questions or claims arising under the
Plan, including the power to determine the rights of Participants and Beneficiaries, and their respective benefits, and to remedy any ambiguities, inconsistencies or omissions in the Plan; 
 (c) create and revise rules and procedures for the administration of the Plan and prescribe such forms as may be required for Participants to make
elections under, and otherwise participate in, the Plan; and 
 (d) take any other actions and make any other determinations as it may deem
necessary and proper for the administration of the Plan. 
  

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 Any expenses incurred in the administration of the Plan shall be paid by the Company. 
 9.2. Administrative Review. Except as the Committee may otherwise determine, all decisions and determinations by the Committee shall be final and
binding upon all Participants and Beneficiaries. 
 9.3. General. No member of the Committee shall participate in any matter involving
any questions or decisions relating solely to his or her own participation or benefits under the Plan. The Committee shall be entitled to rely conclusively upon, and shall be fully protected in any action or omission taken by it in good faith
reliance upon the advice or opinion of any persons, firms or agents retained by it, including but not limited to accountants, actuaries, counsel and other specialists. Nothing in this Plan shall preclude the Company from indemnifying the members of
the Committee for all actions under this Plan, or from purchasing liability insurance to protect such persons with respect to the Plan. 
 ARTICLE X 
 AMENDMENT, DISCONTINUANCE AND TERMINATION 
 Except as required by the rules of the principal securities exchange on which the Common Stock is traded, the Board or the Committee shall have the right to amend, modify, discontinue or terminate the Plan in any
manner; provided, however, that no amendment, modification, discontinuance or termination shall adversely affect the rights of Participants to amounts credited to the Accounts maintained on their behalf before such amendment, modification,
discontinuance or termination without the Participant’s consent. In the case of termination of the Plan, any amounts credited to the Account of a Participant may, in the sole discretion of the Committee, be distributed in full to such
Participant as soon as reasonably practicable following such termination; provided that any such distribution shall be made in accordance with the applicable requirements of Treas. Reg. section 1.409A-3(j)(4)(ix). 
 ARTICLE XI 
 MISCELLANEOUS 
 11.1. No Rights to Board Membership. Nothing in the Plan shall confer on any Director any right to continue as a member of the Board of the
Company or its subsidiaries or interfere in any way with the right of the Company, its subsidiaries and each of their equity holders to remove or not re-elect an individual from or to the Board. 
 11.2. Rights of Participants to Benefits. All rights of a Participant under the Plan to amounts credited to the Participant’s Account are
mere unsecured contractual rights of the Participant (or his or her Beneficiary) against the Company. 
 11.3. No Assignment. No
amounts credited to Accounts nor any rights or benefits under the Plan shall be subject in any way to voluntary or involuntary alienation, sale, transfer, assignment, pledge, attachment, garnishment, execution, or encumbrance, and any attempt to
accomplish the same shall be void. 
  

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 11.4. Withholding. The Company shall have the right to deduct from any distribution made hereunder
any taxes required by law to be withheld from a Participant with respect to such payment, and, shall have the right, in accordance with this Section and Section 11(c) of the Directors’ Stock Compensation Plan, to require that a portion of
a Participant’s Account distribution (in cash, Common Stock or other property) be payable as may be necessary in the opinion of the Company to satisfy its withholding obligations for the payment of such taxes. 
 11.5. Account Statements. Periodically (as determined by the Committee), each Participant shall receive a statement indicating the amounts (and
earnings thereupon, if applicable) credited to and payable from the Participant’s Account. 
 11.6. Number. The singular shall be
read in the plural, and vice versa, whenever the context shall so require. 
 11.7. Titles. The titles to articles and sections in
this Plan are placed herein for convenience of reference only, and the Plan is not to be construed by reference thereto. 
 11.8.
Governing Law. The validity, construction and effect of the Plan and any rules or regulations relating to the Plan shall be determined in accordance with the laws of the Commonwealth of Virginia without regard to its conflict of laws
principles. 
 11.9. Other Plans. Except as specifically provided herein, nothing in this Plan shall be construed to affect the rights
of a Participant, a Participant’s Beneficiaries, or a Participant’s estate to receive any retirement or death benefit under any tax-qualified or nonqualified pension plan, deferred compensation agreement, insurance agreement or other
retirement plan of the Company. 
 11.10. Section 409A. The Plan is intended to comply with the applicable requirements of
section 409A of the Code and the regulations promulgated thereunder, and shall be administered in accordance with section 409A of the Code to the extent section 409A of the Code applies to the Plan. All payments to be made upon a termination of
employment or service under the Plan shall only be made upon a “separation from service” under section 409A of the Code. Notwithstanding anything in the Plan to the contrary, deferral elections and distributions from the Plan shall only be
made in a manner and upon an event permitted by section 409A of the Code. Except with respect to elections made in accordance with Article VII, in no event shall a Participant, directly or indirectly, designate the calendar year of payment.

  

 - 10 -1995 Fifth Amended and Restated Directors' Stock Compensation Plan

 Exhibit 10.3 
 PENN VIRGINIA CORPORATION 
 Fifth Amended and Restated 1995 Directors’ Compensation Plan 

 1. Purpose. 
 The purposes of the Plan
are to attract and retain the services of experienced and knowledgeable directors and to encourage Non-employee Directors of Penn Virginia Corporation to acquire a proprietary and vested interest in the growth and performance of the Company, thus
enhancing the value of the Company for the benefit of its shareholders. 
 2. Definitions. 
 As used in the Plan, the following terms shall have the meanings set forth below: 
  

	 	(a)	“Account” means the bookkeeping reserve account established and maintained for each Non-employee Director pursuant to Section 7(b) hereof solely to determine the
amount of Deferred Common Stock Units payable to the Non-employee Director pursuant to Section 7 and shall not constitute a separate fund of assets. Each such Account shall consist of such subaccounts as the Committee deems necessary or
desirable for the administration of the Plan. 

  

	 	(b)	“Board” means the Board of Directors of the Company. 

  

	 	(c)	“Cashless Exercise” means the manner of exercise of an Option described in Section 6(h). 

  

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

  

	 	(e)	“Common Stock” means the common stock, par value $0.01 per share, of the Company. 

  

	 	(f)	“Committee” means the Compensation and Benefits Committee of the Board. 

  

	 	(g)	“Company” means Penn Virginia Corporation. 

  

	 	(h)	“Deferred Common Stock Unit” means a bookkeeping entry representing a single Share. 

  

	 	(i)	“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

  

	 	(j)	“Fair Market Value” means with respect to the Common Stock on any given date the closing stock market price for a Share (as reported by the New York Stock Exchange, any
other exchange on which the Shares are listed or any other recognized stock quotation service), or in the event that there shall be no closing stock price on such date, the closing stock price on the date nearest preceding such date.

  

	 	(k)	“Grant Date” means the date on which an Option is granted or a Share or Deferred Common Stock Unit is granted pursuant to Section 5 of the Plan.

  

	 	(l)	“Option” means any stock option granted under the Plan and described in Section 6 hereof. All Options shall be non-qualified options. 

  

	 	(m)	“Option Agreement” means a written instrument evidencing an Option granted hereunder and signed by an authorized representative of the Company and the Optionee.

	 	(n)	“Non-employee Director” means each director of the Company who is not an employee of the Company or any of the Company’s subsidiaries (as defined in section 424(f) of
the Code). 

  

	 	(o)	“Optionee” means a Non-employee Director who receives an Option under the Plan. 

  

	 	(p)	“Plan” means this Fifth Amended and Restated 1995 Directors’ Compensation Plan, as set forth herein and as amended from time to time. 

  

	 	(q)	“Share Distribution” means any cash dividend or other distribution paid by the Company on account of the Shares. 

  

	 	(r)	“Shares” means shares of Common Stock. 

 3. Administration.

 Subject to the terms of the Plan, the Committee shall have the power to interpret the provisions and supervise the administration of
the Plan. Except as the Committee may otherwise determine, all decisions and determinations by the Committee shall be final and binding upon all Non-employee Directors who participate in this Plan or their designated beneficiaries. 
 4. Shares Subject to the Plan. 
 Subject to adjustment
as provided in Section 8, the total number of Shares which may be issued pursuant to the Plan shall be 1,200,000 Shares. Any Shares issued pursuant to the Plan may consist, in whole or in part, of authorized and unissued Shares or treasury
Shares. Shares subject to Options that either wholly or in part expire or are forfeited or terminated shall be available for future issuance under the Plan. 
 5. Payment of Cash and Grant of Shares, Deferred Common Stock Units and Options. 
 Each Non-employee Director shall receive
such compensation, consisting of such respective amounts of cash, Shares, Deferred Common Stock Units and Options, as the Board shall determine payable at such times as the Board shall determine. Each Non-employee Director may elect to receive any
of his cash payments in Shares or Deferred Common Stock Units. Only whole Shares and Deferred Common Stock Units shall be issuable upon any such election, and any right to a fractional Share or fractional Deferred Common Stock Unit shall be
satisfied in cash. Each Non-employee Director may elect to defer his receipt of cash or Shares payable hereunder in accordance with the terms and conditions of the Penn Virginia Corporation Non-Employee Directors Deferred Compensation Plan. Each
grant shall contain such terms as the Board determines, and shall be construed and administered, such that the grant either (i) qualifies for an exemption from the requirements of section 409A of the Code, or (ii) satisfies such
requirements. 
 6. General Terms Regarding Option Grants. 
 The following provisions shall apply to each Option: 
 (a) Option Price. The purchase price per Share
purchasable under an Option shall be 100% of the Fair Market Value of a Share on the Grant Date. 
 (b) Restrictions on
Transferability. An Option shall not be transferable prior to the date on which it becomes exercisable unless otherwise determined by the Board and specified in the Option Agreement. Thereafter, unless otherwise determined by the Board and
specified in the Option Agreement, an Option shall not be transferable otherwise than (i) by will or the laws of descent and distribution or (ii) to the spouse, children or grandchildren of the Optionee or a trust for the exclusive benefit
of any such family member, provided, however, that no such family member shall be permitted to make any subsequent transfer of any such Options except back to the original Optionee 

  

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and all Options transferred to any such family member shall remain subject to all terms and conditions set forth herein. During the lifetime of the Optionee,
an Option shall be exercisable only by him or by any transferee to whom an Option was transferred in accordance with subsection (b)(ii). Upon the death of an Optionee or the transfer in accordance with subsection (b)(ii), the person to whom the
rights shall have been transferred or passed by will or by the laws of descent and distribution may exercise any Options in accordance with the provisions of the Plan. 
 (c) Periods of Exercise of Options. Subject to Section 9, each Option shall become exercisable one year after the Grant Date and shall expire ten years after the Grant Date except as hereinafter provided:

 (i) In the event an Optionee ceases to be a Non-employee Director for any reason, any Option then held by such Optionee which is not
exercisable at the time of such cessation shall expire. An Option exercisable on the date of such cessation shall, except as otherwise provided in Subsection (c)(ii), be exercisable for the remainder of its term to the extent exercisable as of the
date of such cessation. 
 (ii) In the event of the death of an Optionee, any Option granted to such Optionee, which has not expired
pursuant to subsection (c)(i), shall remain exercisable for six months after the date of death. An Option exercisable after the date of death shall be exercisable only to the extent exercisable as of the date of death and in no event beyond the
tenth anniversary of its Grant Date. 
 (d) Payment. Full payment for Shares purchased upon the exercise of an Option shall be made in
cash or, at the election of the person exercising the Option and subject to the approval of the Board at the time of exercise, by surrendering, or by the Company’s withholding from Shares purchased, Shares with an aggregate Fair Market Value,
on the date immediately preceding such exercise date, equal to all or any portion of the option price not paid in cash. Payment for Shares purchased upon the exercise of an Option may also be made pursuant to a Cashless Exercise. 
 (e) Issuance of Certificates; Evidence of Uncertificated Shares; Payment of Cash. Only whole Shares shall be issuable upon exercise of Options.
Any right to a fractional Share shall be satisfied in cash. Upon receipt of payment of the option price and any withholding taxes payable pursuant to subsection (g), the Company shall deliver to the exercising Optionee a certificate for the number
of whole Shares, or evidence of the ownership of uncertificated Shares, and a check for the Fair Market Value on the date of exercise of the fractional Share to which the person exercising the Option is entitled. The Company shall not be obligated
to deliver any certificates for Shares, or any evidence of the ownership of uncertificated Shares, until such Shares have been listed (or authorized for listing upon official notice of issuance) upon each stock exchange upon which outstanding Shares
of such class at the time are listed nor until there has been compliance with such laws or regulations as the Company may deem applicable. The Company shall use its best efforts to effect such listing and compliance. 
 (f) Date and Notice of Exercise. Except with respect to Cashless Exercises, the date of exercise of an Option shall be the date on which written
notice of exercise, addressed to the Company at its main office to the attention of its Secretary, is hand delivered, telecopied or mailed, first class postage prepaid; provided that the Company shall not be obliged to deliver any certificates for
Shares or evidence of ownership of uncertificated Shares pursuant to the exercise of an Option until the Company shall have received payment in full of the option price for such Shares and any withholding taxes payable pursuant to subsection (g).
Each such notice of exercise shall be irrevocable when given. Each notice of exercise must include a statement of preference as to the manner in which payment to the Company shall be made (Shares or cash, a combination of Shares and cash or by
Cashless Exercise). 
 (g) Payment of Withholding Taxes. Full payment for the amount of any taxes required by law to be withheld by
the Company upon the exercise of an Option shall be made, on or before the date such taxes must be withheld, in cash or, at the election of the person recognizing income upon exercise of the Option and subject to the approval of the Board, by
surrendering, or by the Company’s withholding from Shares purchased, Shares with an aggregate Fair Market Value on the date immediately preceding the date the withholding taxes due are determined equal to all or any portion of the withholding
taxes not paid in cash. Payment for such taxes may also be made pursuant to a Cashless Exercise. 
  

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 (h) Cashless Exercise. In addition to the methods of payment described in Sections 6(e) and 6(g),
an Optionee may exercise and pay for Shares purchased upon the exercise of an Option through the use of a brokerage firm acceptable to the Company to make payment to the Company of the option price and any taxes required by law to be withheld upon
exercise of the Option either from the proceeds of a loan to the Optionee from the brokerage firm or from the proceeds of the sale of Shares issued pursuant to the exercise of the Option, and upon receipt of such payment the Company shall deliver
the Shares issuable under the Option exercised to such brokerage firm (a “Cashless Exercise”). Notwithstanding anything stated to the contrary herein, the date of exercise of a Cashless Exercise shall be the date on which the broker
executes the sale of exercised Shares or, if no sale is made, the date the broker receives the exercise loan notice from the Optionee to pay the Company for the exercised Shares. 
 (i) Ownership. An Optionee shall have no rights as a shareholder of the Company with respect to any Shares covered by his Options until the date
on which the Optionee is issued a stock certificate or evidence of ownership of uncertificated Shares for such Shares underlying the Options. 
 7.
General Terms Regarding Grants of Deferred Common Stock Units. 
 The following provisions shall apply to each Deferred Common Stock Unit:

 (a) Number of Deferred Common Stock Units Granted. The number of Deferred Common Stock Units, if any, awarded to a Non-employee
Director during any year shall be that number equal to (x) the dollar worth of Deferred Common Stock Units awarded to such Non-employee Director during such year divided by (y) the Fair Market Value of the Common Stock on the Grant Date.

 (b) Share Distributions. On each date on which the Company makes a Share Distribution, the Company will pay to each Non-employee
Director that amount equal to (x) the amount of cash or other property paid in such Share Distribution times (y) the number of Deferred Common Stock Units in such Non-employee Director’s Account. 
 (c) Deferred Common Stock Unit Accounts. 
 (i) The Committee shall establish an Account on behalf of each Non-employee Director. The establishment of an Account shall not require segregation of any funds of the Company or provide any Non-employee Director with any rights to any
assets of the Company, except as a general creditor thereof. A Non-employee Director shall have no right to receive payment of any amount credited to his Account except as expressly provided in Section 7(e). 
 (ii) Each Non-employee Director’s Account as of any Grant Date shall consist of Deferred Common Stock Units credited to the Non-employee
Director’s Account. 
 (iii) Periodically (as determined by the Committee), each Non-employee Director shall receive a statement
indicating the amounts credited to and payable from the Non-employee Director’s Account. 
 (d) Vesting. Each Non-employee
Director shall be 100% vested at all times in the Deferred Common Stock Units credited to such Non-employee Director’s Account. 
 (e)
Distributions. The Shares represented by Deferred Common Stock Units credited to each Non-employee Director’s Account shall be distributed to such Non-employee Director on the date on which such Non-employee Director incurs a separation
from service from the Company within the meaning of section 409A of the Code and the regulations issued thereunder; provided that, upon the death of a Non-employee Director, such distributions shall be made to the beneficiary designated by such
Non-employee Director or, if no such designation has been made, or if the beneficiary predeceases the Non-employee Director to the Non-employee Director’s estate, in either case within 90 days of the Non-employee Director’s death. Each
Deferred Common Stock Unit shall be payable in one Share. In no even shall a Non-employee Director, directly or indirectly, designate the calendar year in which distribution is made. 
  

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 (f) Restrictions on Transferability. A Deferred Common Stock Unit shall not be transferable unless
otherwise determined by the Board. 
 (g) Payment of Withholding Taxes. The Company shall have the right to deduct from any
distribution made with respect to any Account any taxes required by law to be withheld from a Non-employee Director with respect to such payment, and, shall have the right, in accordance with this Section and Section 11(c), to require that a
portion of a Non-employee Director’s Account distribution (in cash, Shares or other property) be payable as may be necessary in the opinion of the Company to satisfy its withholding obligations for the payment of such taxes. 
 8. Adjustments Upon Changes in Capitalization 
 In the
event of a stock dividend, stock split, recapitalization, combination, subdivision, issuance of rights, or other similar corporate change or event, including a property distribution, sale of assets, spin-off or restructuring of the Company, the
Committee shall make an appropriate adjustment in the aggregate number of Shares issuable under the Plan, the number of Shares subject to each then outstanding Option and the option price of each then outstanding Option and the number of Deferred
Common Stock Units then outstanding. 
 9. Change of Control. 
 (a) Effect of Change of Control. Notwithstanding anything in the Plan to the contrary, (i), in the event of a Change of Control of the Company, the Options granted hereunder shall vest and become immediately exercisable and the
Shares represented by Deferred Common Stock Units credited to each Non-employee Director’s Account shall be distributed upon the consummation of a Change of Control; (ii) in the event of a Change of Control of the Company as defined in
Section 9(b)(iii), the Company may provide in any agreement with respect to such merger or consolidation that the surviving corporation shall grant options to the Optionees to acquire shares in such corporation with respect to which the excess
of the fair market value of the share of such corporation immediately after the consummation of such merger or consolidation over the option price shall not be less than the excess of the Fair Market Value of the Shares over the Option price of
Options, immediately prior to the consummation of such merger or consolidation; and (iii) in the event the Company does not survive as an independent publicly traded company and the Options are not replaced as provided in Subsection (a)(ii),
the Options shall automatically terminate immediately following such Change of Control. Notwithstanding any provision of the Plan to the contrary, no Shares represented by Deferred Common Stock Units credited to a Non-employee Director’s
Account shall be distributed upon a Change of Control of the Company unless the transaction constituting a Change of Control of the Company is a “change in control event” for purposes of section 409A of the Code and the applicable
regulations thereunder. 
 (b) Definition. For purposes of the Plan, a “Change of Control of the Company” shall be deemed to
have occurred if: 
 (i) any “person” or group (within the meaning of Sections 13(d) and 14(d) of the Exchange Act), other than a
trustee of other fiduciary holding securities under an employee benefit plan of the Company or any company owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the
Company, becomes, after the effective date of the Plan, the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 35% or more of the combined voting power of
the Company’s then outstanding securities; 
 (ii) during any period of twelve consecutive months (not including any period prior to the
effective date of the Plan), individuals who at the beginning of such period constitute the Board and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described
in any of clauses (i), (iii) or (iv) of this Section 9(b)) whose election by the Board or whose nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds (2/3) of the directors then
still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason (other than retirement) to constitute at least a majority of the Board;

  

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 (iii) the shareholders of the Company approve a merger or consolidation of the Company with any other
corporation, other than a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities
of the surviving entity) at least 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or 
 (iv) the shareholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of
those assets comprising at least 40% of the gross fair market value of all of the Company’s assets; provided that if the shareholders of the Company approve an agreement for the sale or disposition by the Company of its interests in Penn
Virginia Resource Partners, L.P., and those interests comprise at least 40% of the gross fair market value of all of the Company’s assets, then any such sale or disposition in and of itself shall not constitute a Change of Control of the
Company for purposes of the Plan. 
 10. Amendments and Termination. 
 The Board or Committee may amend, alter, or terminate the Plan, but no amendment, alteration, or termination shall be made (i) that would impair or adversely affect the rights of an Optionee under an Option
theretofore granted or the rights of a holder of a Deferred Common Stock Unit theretofore awarded, without the Optionee’s or the holder’s consent, or (ii) without the approval of the shareholders if such approval is necessary to
comply with any tax, stock exchange or regulatory requirement, or if the proposed alteration or amendment would increase the aggregate number of Shares that may be issued pursuant to the Plan (other than pursuant to Section 8 hereof).

 11. General Provisions. 
 (a)
Compliance with Regulations. All certificates for Shares issued and delivered under the Plan pursuant to a grant of Shares, pursuant to the exercise of any Option or pursuant to the award of any Deferred Common Stock Unit shall be subject to
such stock transfer orders and other restrictions as the Board may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Shares are then listed, and any
applicable federal or state securities law, and the Board may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. The Company shall not be required to issue or deliver any Shares under the
Plan prior to the completion of any registration or qualification of such Shares under any federal or state law, or under any ruling or regulation of any governmental body or national securities exchange, that the Board in its sole discretion shall
deem to be necessary or appropriate. 
 (b) Other Plans. Nothing contained in the Plan shall prevent the Board from adopting other or
additional compensation arrangements, subject to shareholder approval if such approval is required by applicable law or the rules of any stock exchange on which the Common Stock is then listed; and such arrangements may be either generally
applicable or applicable only in specific cases. 
 (c) Withholding of Taxes. Each Optionee and each holder of a Deferred Common Stock
Unit shall pay to the Company, upon the Company’s request, all amounts necessary to satisfy the Company’s federal, state and local tax withholding obligations, if any, with respect to any grant or exercise of an Option, or award of or
distribution made in connection with a Deferred Common Stock Unit, pursuant to this Plan. 
 (d) Conformity With Law. If any provision
of the Plan is or becomes or is deemed invalid, illegal, or unenforceable in any jurisdiction, or would disqualify the Plan or any grant under any law deemed applicable by the Board, such provision shall be construed or deemed amended in such
jurisdiction to conform to applicable laws or if it cannot be construed or deemed amended without, in the determination of the Board, materially altering the intent of the Plan, it shall be stricken and the remainder of the Plan shall remain in full
force and effect. 
 (e) Insufficient Shares. In the event there are insufficient Shares remaining to satisfy all of the Share or
Option grants under Section 5 made on the same day, such grants shall be reduced pro-rata. 
  

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 (f) Governing Law. The validity, construction and effect of the Plan and any rules or regulations
relating to the Plan shall be determined in accordance with the laws of the Commonwealth of Virginia without regard to its conflict of laws principles. 
 (g) No Right to Board Membership. Neither the Plan nor any Option or Deferred Common Stock Unit shall confer upon any Non-employee Director of the Company any right to continue as a member of the Board of the
Company or its subsidiaries or interfere in anyway with the right of the Company, it subsidiaries and each of their equity holders to remove or not re-elect an individual from or to the Board. 
 12. Termination. 
 The Board shall have the right to
terminate the Plan at any time. Upon termination of the Plan, all Options and Deferred Common Stock Units outstanding under the Plan shall continue pursuant to their respective terms. 
  

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