Document:

Document

EXHIBIT 10.25
MURPHY OIL CORPORATION
TIME-BASED RESTRICTED STOCK UNIT - CASH SETTLED
GRANT AGREEMENT

									
	Time-Based
Restricted Stock Unit - Cash Award Number

[[GRANTNUMBER]]
	Name of Grantee

[[FIRSTNAME]] [[MIDDLENAME]] [[LASTNAME]]
	Number of Restricted Stock Units Subject to this Grant

[[SHARESGRANTED]]

This Time-Based Restricted Stock Unit - Cash Settled Award (the “Award”) is granted on and dated [[GRANTDATE]] (the “Grant Date”), by Murphy Oil Corporation, a Delaware corporation (the “Company”), pursuant to and for the purposes of the 2020 Long-Term Incentive Plan (the “Plan”), subject to the provisions set forth herein and in the Plan.  Any terms used herein and not otherwise defined shall have the meaning set forth in the Plan.

1.  The Company hereby grants to the individual named above (the “Grantee”) an Award of Time-Based Restricted Stock Units – Cash Settled each equal in value to one share of Common Stock (collectively, the “Units”).  This Award will only settle in cash and no Shares will be issuable under this Award.
    
2.  This Award is subject to the following vesting and time lapse restrictions:
(a)  In accordance with the Plan, this Award will fully vest on the fifth anniversary of the Grant Date (the “Vesting Date”) and the Grantee will be paid in cash the Fair Market Value of the Shares underlying his/her vested Units as of the Vesting Date, less applicable withholding taxes; provided that, except as set forth in Section 2(c) below, the Grantee is employed by the Company on the Vesting Date.  
(b) In the event that the Grantee’s employment terminates any time prior to the Vesting Date, except for reason of death, disability or retirement (as determined by the Plan) or a Reduction in Force (as defined below), he/she will forfeit this Award.
(c) In the event of the Grantee’s termination of employment due to (i) the Grantee’s death, disability or retirement or (ii) a Reduction in Force prior to the Vesting Date, any then outstanding Units pursuant to this Award shall vest on the date of the Grantee’s termination of employment in a pro-rated amount determined by multiplying the number of Units granted by a fraction, the numerator of which is the number of months in the period beginning on the Grant Date and ending on the last day of the month in which the Grantee’s employment is terminated, and the denominator of which is the total number of months in the Restricted Period.  The Grantee (or his/her beneficiary) will be paid in cash the Fair Market Value of the Shares underlying his/her vested Units as of the termination date, less applicable withholding taxes, as soon as reasonably practicable following the date of the Grantee’s termination of employment. 
(d) For purposes of this Award, a “Reduction in Force” means an involuntary termination of the Grantee’s employment with the Company and its Subsidiaries by the Company or the applicable Subsidiary without cause (as determined by the Committee) due to a reduction in force as specified and implemented by the Company. 
3.   The Award will fully vest and 100 percent (100%) of the Units granted will be deemed to be earned  as of the date of a Change in Control and the Grantee will be paid in cash the Fair Market Value of the Shares underlying his/her vested Units as soon as reasonably practicable following the date of the Change in Control, less applicable withholding taxes; provided, however, that no payment will be made until the original Vesting Date unless the Change in Control also qualifies as a “change in control event” as determined under Section 409A.

4.  In the event of any relevant change in the capitalization of the Company subsequent to the Grant Date and prior to the Vesting Date, the number of Units may be equitably adjusted pursuant to the Plan to reflect that change.

5.  This Award is not assignable except as provided in the case of death and is not subject in whole or in part to attachment, execution or levy of any kind.

6.  The Grantee shall have no voting rights with respect to Shares underlying the Units.
  
     7.  The Grantee shall not be eligible to receive any dividends or other distributions paid with respect to these Units during the Restricted Period. An amount equivalent to the cash value of these dividends and/or other distributions shall be paid to the Grantee upon payment of the Award. Any such payment (unadjusted for interest) shall be made in cash, less applicable withholding taxes.
    

        
    8.  The Plan and this Agreement are administered by the Committee. In the event of any conflict between the terms and provisions of the Plan and this Agreement, the terms and provisions of the Plan shall control. The Committee has the full authority and discretion to interpret and administer the Plan consistent with the terms and provisions of the Plan.

Attest:                        Murphy Oil Corporation
    
        

_______________________________________          By _______________________________________EX-10.1

 Exhibit 10.1 

THIS PROMISSORY NOTE (THIS “NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM,
SCOPE AND SUBSTANCE TO BUILD ACQUISITION CORP. THAT SUCH REGISTRATION IS NOT REQUIRED. 
 PROMISSORY NOTE 

Principal Amount: Up to
$300,000                                        
                                         
                    Dated as of January 5, 2021 

FOR VALUE RECEIVED and subject to the terms and conditions set forth herein, Build Acquisition Corp., a Delaware corporation
(“Maker”), promises to pay to, or order to pay to, Build Acquisition Sponsor LLC, a Delaware limited liability company (“Payee”), the principal sum of Three Hundred Thousand Dollars ($300,000) or such lesser amount
as shall have been advanced by Payee to Maker and shall remain unpaid under this Note on the Maturity Date (as defined below) in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note
shall be made by check or wire transfer of immediately available funds or as otherwise determined by Maker to such account as Payee may from time to time designate by written notice in accordance with the provisions of this Note. 

1. Principal. The entire unpaid principal balance of this Note shall be due and payable in full on the earlier of: (i) September 30,
2021, and (ii) the date on which Maker consummates an initial public offering of its securities (such earlier date of (i) and (ii), the “Maturity Date”), unless accelerated upon the occurrence of an Event of Default (as
defined below). The principal balance may be prepaid at any time by Maker, at its election and without penalty. Under no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of Maker, be
obligated personally for any obligations or liabilities of Maker hereunder. 
 2. Drawdown Requests. Maker and Payee agree that Maker may
request, from time to time, up to Three Hundred Thousand Dollars ($300,000) in draw downs under this Note to be used for costs and expenses related to Maker’s proposed initial public offering of its securities (the “IPO”),
including its formation. The principal of this Note may be drawn down from time to time prior to the Maturity Date upon request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be
drawn down, and must not be an amount less than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request no later than three (3) business days after receipt of a Drawdown Request;
provided, however, that the maximum principal amount of drawdowns outstanding under this Note at any time may not exceed Three Hundred Thousand Dollars ($300,000). No fees, payments or other amounts shall be due to Payee in connection
with, or as a result of, any Drawdown Request by Maker. 
 3. Interest. No interest shall accrue on the unpaid principal balance of this Note.

 4. Application of Payments. All payments shall be applied first to payment in full of any
costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this
Note. 
 5. Events of Default. The following shall constitute an event of default (“Event of Default”): 

(a) Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note on the Maturity Date. 

(b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency,
reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial
part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 (c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in
respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of
its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days. 

6. Remedies. 
 (a) Upon the
occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable
thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary
notwithstanding. 
 (b) Upon the occurrence of an Event of Default specified in Sections 5(b) or 5(c), the unpaid principal balance of this
Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee. 

7. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws
exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of
time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by
Payee. 

  
 2 

 8. Unconditional Liability. Maker hereby waives all notices in connection with the delivery,
acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence,
extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of
this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder. 

9. Notices. All notices, statements or other documents which are required or contemplated by this Note shall be in writing and delivered
(i) personally or sent by first class registered or certified mail, overnight courier service to the address most recently provided to such party or such other address as may be designated in writing by the other party, (ii) by facsimile
to the number most recently provided to such party or fax number as may be designated in writing by the other party or (iii) by electronic mail (including .pdf), to the electronic mail address most recently provided to such party or such other
electronic mail address as may be designated in writing by the other party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of
written confirmation, if sent by facsimile or electronic mail, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail. 

10. Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK. 

11. Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. 
 12. Trust Waiver. Notwithstanding anything herein to the contrary, Payee hereby waives any and all right, title,
interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which proceeds of the IPO (including the deferred underwriting discounts and commissions) and proceeds of the sale
of the warrants issued in a private placement to occur in connection with the IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection
with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever. 

13. Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of Maker and
Payee. 

  
 3 

 14. Assignment. No assignment or transfer of this Note or any rights or obligations hereunder
may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void. 

[Signature Page Follows] 

  
 4 

 IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note
to be duly executed by the undersigned as of the day and year first above written. 
  

			
	BUILD ACQUISITION CORP.
		
	By:	 	 /s/ Zeynep Young

		 	Name: Zeynep Young
		 	Title: CEO

  

			
	Agreed and acknowledged:
	
	BUILD ACQUISITION SPONSOR LLC
		
	By:	 	 /s/ Lanham Napier

		 	Name: Lanham Napier
		 	Title: Authorized Signatory

 [Signature Page to Promissory Note]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00322-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00322-of-00352.parquet"}]]