Document:

EX-10.3

 Exhibit 10.3 

RESTRICTED STOCK AGREEMENT 

THIS RESTRICTED STOCK AGREEMENT (this “Agreement”) is made and entered into by and between PetroQuest Energy, Inc., a
corporation organized under the laws of the State of Delaware (the “Company”) and the “Grantee” (identified in the award notice attached electronically hereto (the “Award Notice”)), an individual,
on the “Grant Date” (identified in the Award Notice) pursuant to the Petroquest Energy, Inc. 2013 Incentive Plan (effective March 29, 2013) (the “Plan”). The Plan is incorporated by reference herein in its entirety.
Capitalized terms not otherwise defined in this agreement shall have the meaning given to such terms in the Plan. 
  

WHEREAS, Grantee is an Employee, and in connection therewith, the Company desires to grant to Grantee the number of shares of the
Company’s common stock, par value $.001 per share (the “Common Stock”) identified in the Award Notice, subject to the terms and conditions of this Agreement and the Plan, with a view to increasing Grantee’s interest in the
Company’s welfare and growth; and 
 WHEREAS, Grantee desires to have the opportunity to be a holder of shares of the Common Stock
subject to the terms and condi tions of this Agreement and the Plan. 
 NOW, THEREFORE, in consideration of the premises, mutual covenants
and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

1. Grant of Common Stock and Administration. Subject to the restrictions, forfeiture provisions and other terms and conditions
set forth herein (i) the Company grants to Grantee the number of shares of Common Stock identified in the Award Notice (“Restricted Shares”), and (ii) Grantee shall have and may exercise all rights and privileges of ownership of
such shares, including, without limitation, the voting rights of such shares and the right to receive any dividends declared in respect thereof. This Agreement and its grant of Restricted Shares is subject to the terms and conditions of the Plan,
and the terms and conditions of the Plan shall control except to the extent otherwise permitted or authorized in the Plan and specifically addressed in this Agreement. The Plan and this Agreement shall be administered by the Committee pursuant to
the Plan. 
 2. Transfer Restrictions. 

(a) Generally. Grantee shall not sell, assign, transfer, exchange, pledge, encumber, gift, devise, hypothecate or otherwise
dispose of (collectively, “Transfer”) any Restricted Shares. The transfer restrictions imposed by this Section 2 shall lapse as to 33% of the Restricted Shares on the first anniversary of the Grant Date, an additional 34% of
the Restricted Shares on the second anniversary of the Grant Date, an additional 33% of the Restricted Shares on the third anniversary of the Grant Date; provided, however, that, subject to Section 2(b) and Sections 3 and 4, Grantee then is,
and continuously since the Grant Date has been, an Employee. The Restricted Shares as to which such restrictions so lapse are referred to as “Vested Shares.” 

(b) Change in Control. If there is a Change in Control of the Company (as defined in the Plan) and Grantee has remained
continuously in Employment from the Grant Date through the date of the Change in Control, the transfer restrictions of this Section 2 shall automatically cease as of the date immediately preceding the Change in Control, and all the Restricted Shares
shall be 100% vested. 

 3. Forfeiture. If Grantee’s Employment is terminated by the Company or Grantee
for any reason other than as described in Section 4 below, then Grantee shall immediately forfeit all Restricted Shares which are not Vested Shares. Any Restricted Shares forfeited under this Agreement shall automatically revert to the Company and
become canceled. 
 4. Retirement, Disability or Death. If Grantee’s Employment is terminated on account of Retirement,
Disability (as defined in the Plan) or death, the Restricted Shares shall be 100% vested on the date of Grantee’s Retirement, Disability or death. 

5. Tax Requirements. 

(a) Tax Withholding. This grant of Restricted Shares is subject to and the Company shall have the power and the right to deduct
or withhold, or require the Grantee to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of
the Plan and this Agreement. 
 (b) Share Withholding. With respect to tax withholding required upon any taxable event arising
as a result of this Agreement, Grantee may elect, subject to the approval of the Committee in its discretion, to satisfy the withholding requirement, in whole or in part, by having the Company withhold shares of Common Stock having a Fair Market
Value on the date the tax is to be determined equal to the minimum statutory total tax which could be imposed on the transaction. All such elections shall be made in writing, signed by the Grantee, and shall be subject to any restrictions or
limitations that the Committee, in its discretion, deems appropriate. Any fraction of a Share required to satisfy such obligation shall be disregarded and the amount due shall instead be paid in cash by the Grantee. 

6. Miscellaneous. 

(a) Certain Transfers Void. Any purported Transfer of shares of Common Stock or Restricted Shares in breach of any provision of
this Agreement shall be void and ineffectual, and shall not operate to Transfer any interest or title in the purported transferee. 
 (b)
No Fractional Shares. All provisions of this Agreement concern whole shares of Common Stock. If the application of any provision hereunder would yield a fractional share, such fractional share shall be rounded down to the next whole share
if it is less than 0.5 and rounded up to the next whole share if it is 0.5 or more. 
 (c) Not an Employment or Service
Agreement. This Agreement is not an employment agreement, and this Agreement shall not be, and no provision of this Agreement shall be construed or interpreted to create any right of Grantee to continue Employment with or provide services to the
Company, its Subsidiaries or any of their affiliates. 

  
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 (d) Notices. Any notice, instruction, authorization, request or demand required
hereunder shall be in writing, and shall be delivered either by personal delivery, by telegram, telex, telecopy or similar facsimile means, by certified or registered mail, return receipt requested, or by courier or delivery service, addressed to
the Company at the address indicated beneath its signature on the execution page of this Agreement, and to Grantee at his address indicated on the Company’s stock records, or at such other address and number as a party shall have previously
designated by written notice given to the other party in the manner hereinabove set forth. Notices shall be deemed given when received, if sent by facsimile means (confirmation of such receipt by confirmed facsimile transmission being deemed receipt
of communications sent by facsimile means); and when delivered and receipted for (or upon the date of attempted delivery where delivery is refused), if hand-delivered, sent by express courier or delivery service, or sent by certified or registered
mail, return receipt requested. 
 (e) Amendment and Waiver. This Agreement may be amended, modified or superseded only by
written instrument executed by the Company and Grantee. Any waiver of the terms or conditions hereof shall be made only by a written instrument executed and delivered by the party waiving compliance. Any waiver granted by the Company shall be
effective only if executed and delivered by a duly authorized executive officer of the Company other than Grantee. The failure of any party at any time or times to require performance of any provisions hereof, shall in no manner effect the right to
enforce the same. No waiver by any party of any term or condition, or the breach of any term or condition contained in this Agreement in one or more instances shall be deemed to be, or construed as, a further or continuing waiver of any such
condition or breach or a waiver of any other condition or the breach of any other term or condition. 
 (f) Governing Law and
Severability. This Agreement shall be governed by the internal laws, and not the laws of conflict, of the State of Delaware. The invalidity of any provision of this Agreement shall not affect any other provision of this Agreement, which
shall remain in full force and effect. 
 (g) Successors and Assigns. Subject to the limitations which this Agreement imposes
upon transferability of shares of Common Stock, this Agreement shall bind, be enforceable by and inure to the benefit of the Company and its successors and assigns, and Grantee, and Grantee’s permitted assigns and upon death, estate and
beneficiaries thereof (whether by will or the laws of descent and distribution), executors, administrators, agents, legal and personal representatives. 

(h) Community Property. Each spouse individually is bound by, and such spouse’s interest, if any, in any Shares is subject
to, the terms of this Agreement. Nothing in this Agreement shall create a community property interest where none otherwise exists. 
 (i)
Entire Agreement. This Agreement together with the Plan supersede any and all other prior understandings and agreements, either oral or in writing, between the parties with respect to the subject matter hereof and constitute the sole and
only agreements between the parties with respect to the said subject matter. All prior negotiations and agreements between the parties with respect to the subject matter hereof are merged into this Agreement. Each party to this Agreement
acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made by any party or by anyone acting on behalf of any party, which are not embodied in this Agreement or the Plan and that any agreement,
statement or promise that is not contained in this Agreement or the Plan shall not be valid or binding or of any force or effect. 

  
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 (j) Compliance with Other Laws and Regulations. This Agreement, the grant of
Restricted Shares and issuance of Common Stock shall be subject to all applicable federal and state laws, rules, regulations and applicable rules and regulations of any exchanges on which such securities are traded or listed, and Company rules or
policies. Any determination in which connection by the Committee shall be final, binding and conclusive on the parties hereto and on any third parties, including any individual or entity. 

(k) Independent Legal and Tax Advice. The Grantee has been advised and Grantee hereby acknowledges that he has been advised to
obtain independent legal and tax advice regarding this Agreement, grant of the Restricted Shares and the disposition of such shares, including, without limitation, the election available under Section 83(b) of the Internal Revenue Code. 

7. Counterparts and Electronic Execution. This Agreement may be executed in multiple original counterparts, each of which shall
be deemed an original, but all of which together shall constitute but one and the same instrument. Grantee’s electronic acceptance of the Award Notice shall be deemed to be Grantee’s execution and acceptance of this Agreement subject to
the terms of the Award Notice and the Plan. 
 8. Grantee’s Acknowledgments. The Grantee acknowledges receipt of a copy
of the Plan and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Agreement subject to all the terms and provisions of the Plan and this Agreement. The Grantee hereby agrees to accept as binding,
conclusive, and final all decisions or interpretations of the Committee or the Board, as appropriate, upon any questions arising under the Plan or this Agreement. 

[COMPANY SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the date as set out
on the Award Notice. 
  

			
	COMPANY:
	
	PETROQUEST ENERGY, INC.
		
	By:	 	 
	Name:	 	Charles T. Goodson
	Title:	 	Chairman, Chief Executive Officer & President

 
			
		
	Address:	 	 400 E. Kaliste Saloom Road, Suite 6000

Lafayette, Louisiana 70508

	
	Telecopy No.: (337) 232-0044
	
	Attention: General Counsel

  
 5EX-10.4

 Exhibit 10.4 

PetroQuest Energy, Inc. 

INCENTIVE STOCK OPTION AGREEMENT 

1. Grant of Stock Option. As of the Grant Date (identified in the award notice provided to the Optionee
electronically with this Agreement (the “Award Notice”)), PetroQuest Energy, Inc., a Delaware corporation (the “Company”), hereby grants an Incentive Stock Option (the “Option”) to the Optionee
(identified in the Award Notice), an employee of the Company, to purchase the number of shares of the Company’s common stock, $.001 par value per share (the “Common Stock”), identified in the Award Notice (the
“Shares”), subject to the terms and conditions of this agreement (the “Agreement”) and the Company’s 2013 Incentive Plan effective March 29, 2013 (the “Plan”) which is hereby incorporated
herein in its entirety by reference. The Shares, when issued to Optionee upon the exercise of the Option, shall be fully paid and nonassessable. The Option is an “incentive stock option” as defined in Section 422 of the Internal Revenue
Code. The Optionee’s electronic acceptance of the Award Notice shall be Optionee’s agreement to be bound by the terms of the Award Notice, this Agreement and Plan with respect to the Option. 

2. Definitions. All capitalized terms used herein shall have the meanings set forth in the Plan unless otherwise
specifically provided herein. The Optionee’s Award Notice sets forth meanings for various capitalized terms used in this Agreement. 

3. Option Term. The Option shall commence on the Grant Date (identified in the Award Notice) and terminate on the
date immediately prior to the tenth (10th) anniversary of the Grant Date. The period during which the Option is in effect and may be exercised is referred to herein as the “Option Period.” 

4. Option Price. The Option Price per Share is identified in the Award Notice. 

5. Vesting. The total number of Shares subject to this Option shall vest in accordance with the Vesting
Schedule as follows: 33.3% on the first anniversary of the Grant Date, 33.3% on the second anniversary of the Grant Date and 33.4% on the third anniversary of the Grant Date. The Shares may be purchased at any time after they become vested, in
whole or in part, during the Option Period; provided, however, the Option may only be exercisable to acquire whole Shares. The right of exercise provided herein shall be cumulative so that if the Option is not exercised to the maximum extent
permissible after vesting, the vested portion of the Option shall be exercisable, in whole or in part, at any time during the Option Period. 

6. Method of Exercise. The Option is exercisable by delivery of a written notice to the attention of the Secretary
of the Company at the address for notices to the Company provided below, signed by the Optionee, specifying the number of Shares to be acquired on, and the effective date of, such exercise. The Optionee may withdraw notice of exercise of this
Option, in writing, at any time prior to the close of business on the business day preceding the proposed exercise date. 

 7. Method of Payment. The Option Price upon exercise of the Option shall be
payable to the Company in full either: (i) in cash or its equivalent, or (ii) subject to prior approval by the Committee in its discretion, by tendering previously acquired Shares having an aggregate Fair Market Value (as defined in the Plan) at the
time of exercise equal to the total Option Price (provided that the Shares must have been held by the Optionee for at least six (6) months prior to their tender to satisfy the Option Price), or (iii) subject to prior approval by the Committee in its
discretion, by withholding Shares which otherwise would be acquired on exercise having an aggregate Fair Market Value at the time of exercise equal to the total Option Price (as determined pursuant to Section 2.3 of the Plan), or (iv) subject to
prior approval by the Committee in its discretion, by a combination of (i), (ii), and (iii) above. Any payment in shares of Common Stock shall be effected by the delivery of such shares to the Secretary of the Company, duly endorsed in blank or
accompanied by stock powers duly executed in blank, together with any other documents as the Secretary may require. If the payment of the Option Price is remitted partly in Shares, the balance of the payment of the Option Price shall be paid in
either cash, certified check, bank cashiers’ check, or by wire transfer. 
 The Committee, in its discretion, may allow (i) a
“cashless exercise” as permitted under Federal Reserve Board’s Regulation T, 12 CFR Part 220 (or its successor), and subject to applicable securities law restrictions and tax withholdings, or (ii) any other means of exercise which the
Committee, in its discretion, determines to be consistent with the Plan’s purpose and applicable law. 
  

As soon as practicable after receipt of a written notification of exercise and full payment, the Company shall deliver to or on behalf of the
Optionee, in the name of the Optionee or other appropriate recipient, Share certificates for the number of Shares purchased under the Option. Such delivery shall be effected for all purposes when a stock transfer agent of the Company shall have
deposited such certificates in the United States mail, addressed to Optionee or other appropriate recipient. 
 8. Restrictions
on Exercise. The Option may not be exercised if the issuance of such Shares or the method of payment of the consideration for such Shares would constitute a violation of any applicable federal or state securities or other laws or
regulations, including any such laws or regulations or Company policies respecting blackout periods, or any rules or regulations of any stock exchange on which the Common Stock may be listed. 

9. Termination of Employment. Voluntary or involuntary termination of Employment and the death or Disability of
Optionee shall affect Optionee’s rights under the Option as follows: 
 (a) Termination for Cause. The
vested and non-vested portions of the Option shall expire on 12:01 am. (CST) on the date of termination of Employment and shall not be exercisable to any extent if Optionee’s Employment with the Company is terminated for Cause (as defined in
the Plan at the time of such termination of Employment). 
 (b) Other Involuntary Termination or Voluntary
Termination. If Optionee’s Employment with the Company is terminated for any reason other than for Cause, retirement, death or Disability (as defined in the Plan at the time of termination of Employment), then (i) the non-vested
portion of the Option shall immediately expire on the termination date (ii) the vested portion of the Option shall expire to the extent not exercised within three (3) months after the date of such termination of Employment. In no event may the
Option be exercised by anyone after the earlier of (i) the expiration of the Option Period or (ii) three (3) months after termination of Employment. 

  
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 (c) Death or Disability. If Optionee’s Employment with the
Company is terminated by death or Disability, then the vesting of the Option will be accelerated and the entire Option shall be 100% vested on the date of termination of Employment and shall expire 365 calendar days after the date of such
termination of Employment to the extent not exercised by Optionee or, in the case of death, by the person or persons to whom Optionee’s rights under the Option have passed by will or by the laws of descent and distribution or, in the case of
Disability, by Optionee’s legal representative. In no event may the Option be exercised by anyone after the earlier of (i) the expiration of the Option Period or (ii) 365 days after Optionee’s death or termination of Employment due to
Disability. 
 (d) Retirement. In the event of termination due to retirement, the vested portion of the Option
shall expire on the earlier of (A) the Option Period or (B) three (3) months after the date of retirement, and the unvested portion of the Option shall expire. 

(e) Change of Control. In the event of a “Change in Control” of the Company (as defined in the Plan) the
vesting of the Option will be accelerated and the entire Option shall be 100% vested as of the date immediately preceding a Change in Control and the Option may be accelerated and the Option shall otherwise be affected as provided in the Plan at
such time. In addition, notwithstanding anything herein to the contrary, in the event of a Change in Control and to the extent any portion of this is deemed to be a Nonstatutory Stock Option on account of the limitation in Section 2.2(f) of the Plan
or in the future for any other reason it is deemed to be a Nonstatutory Stock Option, such portion of the Option shall remain exercisable for the until the earlier of the expiration of the Option Period or one year after the Optionee’s
voluntary or involuntary termination from employment without Cause or Retirement. 
 10. Qualification as an Incentive Stock
Option. The Optionee understands that the Option is intended to qualify as an “incentive stock option” within the meaning of Section 422 of the Code. The Optionee must meet certain holding periods under Section 422(a)
of the Code to obtain the federal income tax treatment applicable to the exercise of incentive stock options and the disposition of Shares acquired thereby. The Optionee further understands that the exercise price of Shares subject to this Option
has been set by the Committee at a price that the Committee determined to be not less than 100% (or, if the Optionee, at the Grant Date, owned more than 10% of the total combined voting power of the Company’s outstanding voting securities,
110%) of the Fair Market Value, as determined in accordance with the Plan, of a share of Common Stock on the Grant Date. The Optionee further understands and agrees, however, that neither the Company nor the Committee shall be liable or responsible
for any additional tax liability incurred by the Optionee in the event that the Internal Revenue Service for any reason determines that this Option does not qualify as an “incentive stock option” within the meaning of the Code. 

  
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 11. Independent Legal and Tax Advice. Optionee acknowledges that the
Company has advised Optionee to obtain independent legal and tax advice regarding the grant and exercise of the Option and the disposition of any Shares acquired thereby. 

12. No Rights in Shares. Optionee shall have no rights as a stockholder in respect of the Shares until the Optionee
becomes the record holder of such Shares. 
 13. Investment Representation. Optionee will enter into such written
representations, warranties and agreements as Company may reasonably request in order to comply with any federal or state securities law. Moreover, any stock certificate for any Shares issued to Optionee hereunder may contain a legend restricting
their transferability as determined by the Company in its discretion. Optionee agrees that Company shall not be obligated to take any affirmative action in order to cause the issuance or transfer of Shares hereunder to comply with any law, rule or
regulation that applies to the Shares subject to the Option. 
 14. No Guarantee of Employment. The Option
shall not confer upon Optionee any right to continued Employment with the Company or any subsidiary or affiliate thereof. 
 15.
Withholding of Taxes. This Option is subject to and the Company shall have the right to take any action as may be necessary or appropriate to satisfy any federal, state, or local tax withholding obligations, including at the
Committee’s discretion, to make deductions from the number of Shares otherwise deliverable upon exercise of the Option in an amount sufficient to satisfy withholding of any federal, state or local taxes required by law. 

16. General. 

(a) Notices. All notices under this Agreement shall be mailed or delivered by hand to the parties at their
respective addresses set forth beneath their signatures below or at such other address as may be designated in writing by either of the parties to one another. Notices shall be effective upon receipt. 

(b) Shares Reserved. Company shall at all times during the Option Period reserve and keep available under the Plan
such number of Shares as shall be sufficient to satisfy the requirements of this Option. 
 (c) Nontransferability of
Option. The Option granted pursuant to this Agreement is not transferable other than by will, the laws of descent and distribution. The Option will be exercisable during Optionee’s lifetime only by Optionee or by Optionee’s legal
representative in the event of Optionee’s Disability. No right or benefit hereunder shall in any manner be liable for or subject to any debts, contracts, liabilities, obligations or torts of Optionee. 

(d) Amendment and Termination. No amendment, modification or termination of the Option or this Agreement shall be
made at any time without the written consent of Optionee and Company. 

  
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 (e) No Guarantee of Tax Consequences. The Company and the Committee
make no commitment or guarantee that any federal or state tax treatment will apply or be available to any person eligible for benefits under the Option. The Optionee has been advised and been provided the opportunity to obtain independent legal and
tax advice regarding the grant and exercise of the Option and the disposition of any Shares acquired thereby. 
 (f)
Severability. In the event that any provision of this Agreement shall be held illegal, invalid, or unenforceable for any reason, such provision shall be fully severable, but shall not affect the remaining provisions of the Agreement, and
the Agreement shall be construed and enforced as if the illegal, invalid, or unenforceable provision had not been included herein. 

(g) Supersedes Prior Agreements. This Agreement shall supersede and replace all prior agreements and
understandings, oral or written, between the Company and the Optionee regarding the grant of the Options covered hereby. 

(h) Governing Law. The Option shall be construed in accordance with the laws of the State of Delaware without
regard to its conflict of law provisions, to the extent federal law does not supersede and preempt Delaware law. 
 17.
Counterparts and Electronic Execution by Optionee. This Agreement may be executed in multiple original counterparts, each of which shall be deemed an original, but all of which together shall constitute but one and the same
instrument. Optionee’s electronic acceptance of the Award Notice shall be deemed to be Optionee’s execution and acceptance of this Agreement. 

[COMPANY SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by
its duly authorized officer as of the Grant Date. 
  

			
	PETROQUEST ENERGY, INC.
		
	By:	 	 
		 	Charles T. Goodson
		 	Chairman, Chief Executive Officer & President
	
	Address for Notices:
	
	 400 E. Kaliste Saloom Road
 Suite
6000
 Lafayette, Louisiana 70508

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