Document:

EX-10.1

 Exhibit 10.1 

HESS CORPORATION 2008 LONG-TERM INCENTIVE PLAN 

Performance Award Agreement 
  

					
	Participant:	 	FIRST NAME – LAST NAME	 	
			
	Grant Date:	 	DATE	 	
			
	Number of Performance Shares:	 	# OF PERFORMANCE SHARE UNITS	 	

 * * * * * 

This PERFORMANCE AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into by and
between HESS CORPORATION, a Delaware corporation (the “Corporation”), and the Participant specified above, pursuant to the Shareholder Value Program under the Hess Corporation 2008 Long-Term Incentive Plan, as in effect and as
amended from time to time (the “Plan”). 
 WHEREAS, it has been determined under the Plan that it would be in the best
interests of the Corporation to grant the Performance Award provided for herein to the Participant as an inducement to remain in the employment of the Corporation (and/or any Subsidiary), and as an incentive for improved performance toward corporate
goals during such employment; 
 WHEREAS, pursuant to the provisions of the Plan, the Committee has authorized the grant to the Participant
of a Performance Award in accordance with the terms and conditions of this Agreement; and 
 WHEREAS, the Participant and the Corporation
desire to enter into this Agreement to evidence and confirm the grant of such Performance Award on the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants and premises hereinafter set forth and for other good and valuable consideration, the
parties hereto hereby mutually covenant and agree as follows. 
 1. Incorporation By Reference; Document Receipt. This Agreement is
subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly not intended to apply to the grant of the
Performance Award hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if each were expressly set forth mutatis mutandis herein. Any capitalized term not defined in this Agreement shall
have the same meaning as is ascribed thereto under the Plan. The Participant hereby acknowledges receipt of a prospectus describing the Plan and the Awards thereunder and that he has read it carefully and fully understands its content. In the event
of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control. 

 2. Grant of Performance Award. Pursuant to the provisions of the Plan, the Corporation as
of the date set forth above (the “Grant Date”) has granted to the Participant, and hereby evidences the grant to the Participant of, subject to the terms and conditions set forth herein and in the Plan, a Performance Award
consisting of the number of Performance Shares specified above. A Performance Share is an unfunded and unsecured obligation to deliver up to two Shares (or a portion thereof) or the cash equivalent thereof (determined in accordance with
Section 3), subject to the terms and conditions of this Agreement and those of the Plan. References herein to Performance Shares are to the Performance Shares comprising such Performance Award granted pursuant to this Agreement. 

3. Payment of Earned Performance Shares. Subject to the provisions of Section 5 and Section 6, after the end of the
Performance Cycle described in Section 4(a), the Committee shall certify in writing on the date (the “vesting date”) of its first regular meeting following the end of the Performance Cycle whether, and to what extent, the
performance goal set forth in Section 4(b) has been achieved and determine and certify in writing the number of Performance Shares earned pursuant to Section 4. The number of such Performance Shares so earned shall be paid by the
Corporation as soon as administratively practicable after the vesting date; provided that in no event shall such payment be made later than March 15 of the calendar year that immediately follows the last day of the Performance Cycle. To
the extent that the Performance Shares are not earned pursuant to Section 4, such Performance Shares shall be forfeited. Payments hereunder shall be made in Shares, unless the Committee, in its sole discretion, affirmatively determines that
such payments shall be made in cash, or a combination of Shares and cash. If a cash payment is made in lieu of delivering Shares, the amount of such payment shall be equal to the Fair Market Value of such Shares as of the trading date immediately
prior to the date of such payment, less applicable tax withholdings in accordance with Section 12.03 of the Plan. 
 4. Vesting
Criteria Applicable to Performance Shares. 
 (a) Performance Cycle. The Performance Cycle for the Performance Award granted
pursuant to this Agreement shall commence on January 1, 2014, and shall end on December 31, 2016. 
 (b) Performance Goal.
The performance goal for the Performance Cycle is the total return per Share to the Corporation’s shareholders, inclusive of dividends paid, during the Performance Cycle in comparison to the total return per share of common stock, inclusive of
dividends paid, during the Performance Cycle achieved by the companies that are listed in Exhibit A attached hereto (such companies, the “Comparison Companies”), as set forth in this Section 4(b). For purposes of this
Agreement, such total shareholder return (“Total Shareholder Return”) for the Corporation and each of the Comparison Companies shall be measured by dividing (A) the sum of (1) the dividends paid (regardless of whether paid
in cash or property) on the common stock of such company during the Performance Cycle, assuming reinvestment of such dividends in such stock (based on the closing price of such stock on the date such dividend is paid), plus (2) the average
closing price of a share of such stock on the principal United States exchange on which the stock trades for the 60 trading days 

  
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immediately prior to and including the last day of the Performance Cycle (appropriately adjusted for any stock dividend, stock split, spin-off, merger or other similar corporate events)(the
“Ending Average Value”) minus the average closing price of a share of such company’s common stock on the principal United States exchange on which the stock trades for the 60 trading days occurring immediately prior to the first day
of the Performance Cycle (the “Beginning Average Value”) , by (B) the Beginning Average Value. For the avoidance of doubt, it is intended that the foregoing calculation of Total Shareholder Return shall take into account not
only the reinvestment of dividends in a share of common stock of the Corporation and any Comparison Company but also capital appreciation or depreciation in the shares deemed acquired by such reinvestment. All determinations under this
Section 4 shall be made by the Committee. 
 (c) Percentage of Performance Shares Earned. Except as provided in Section 6,
the Performance Shares shall be earned based on where the Corporation’s Total Shareholder Return during the Performance Cycle ranks in comparison to the Total Shareholder Returns of the Comparison Companies during the Performance Cycle. As soon
as practicable after the completion of the Performance Cycle, the Total Shareholder Returns of the Corporation and each of the Comparison Companies shall be calculated and ranked from first to last (the “TSR Ranking”). The extent to
which Performance Shares shall become earned on the vesting date described in Section 3 shall be based on the TSR Ranking attained by the Corporation. The percentage of Performance Shares earned (the “Percentage of Performance Shares
Earned”) shall be the percentage set forth in the Percentage of Performance Shares Earned column of the schedule set forth in Exhibit B attached hereto that corresponds to the TSR Ranking attained by the Corporation set forth in the
TSR Ranking column of such schedule. The number of Performance Shares earned shall be the product of the number of Performance Shares set forth in Section 2 multiplied by the Percentage of Performance Shares Earned. If at any time during the
Performance Cycle, a Comparison Company is acquired, ceases to exist, ceases to be a publicly-traded company, files for bankruptcy, spins off 50% or more of its assets (except as otherwise provided in Exhibit A), or sells all, or
substantially all, of its assets, such Comparison Company shall be removed and treated as if it had never been a Comparison Company. The Total Shareholder Returns of the Corporation and the remaining Comparison Companies shall be ranked from first
to last, and the Percentage of Performance Shares Earned shall be determined as described in this Section 4(c) based on the Corporation’s TSR Ranking among the remaining Comparison Companies: (i) to the extent the number of Comparison
Companies plus the Corporation is reduced to 11, 10 or 9, in accordance with the percentage corresponding to Corporation’s TSR Ranking as set forth in Exhibit C-1, C-2 or C-3 attached hereto, respectively, and (ii) to the extent
that the number of Comparison Companies plus the Corporation is reduced to fewer than 9, in accordance with the percentage corresponding to the Corporation’s TSR Ranking as set forth in Exhibit C-3, provided that (1) the
Committee may use its negative discretion, consistent with Code Section 162(m), to reduce the Percentage of Performance Shares Earned corresponding to such TSR Ranking of the Corporation such that the Percentage of Performance Shares Earned
shall be as reasonably commensurate as possible with the Percentage of Performance Shares Earned that would have resulted if the number of Comparison Companies plus the Corporation had been 9, using similar percentile hurdles

  
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as exist in C-3, with straight-line interpolation between points, and (2) if the Corporation ranks last among the remaining Comparison Companies, the Percentage of Performance Shares Earned
shall be 0%. Notwithstanding the foregoing provisions of this Section 4(c) to the contrary, if the Corporation’s Total Shareholder Return during the Performance Cycle is negative, the Percentage of Performance Shares Earned shall not
exceed 100%. 
 5. Termination of Employment. Except as provided in this Section 5, the Participant shall not have any
right to any payment hereunder unless the Participant is employed by the Corporation or a Subsidiary on the vesting date pursuant to Section 3. 

(a) Death, Permanent Total Disability or Normal Retirement. If (i) the Participant’s employment with the Corporation or any
Subsidiary terminates prior to the vesting date pursuant to Section 3 by reason of the Participant’s death, permanent total disability or normal retirement under the Corporation’s Employees’ Pension Plan or any successor plan
thereto or any similar plan maintained by a Subsidiary in which the Participant participates (such applicable pension plan, the “Pension Plan”), and (ii) at the time of such termination due to normal retirement, as applicable,
the Participant shall have completed at least five years of continuous service with the Corporation or any Subsidiary, the Participant shall be entitled to receive the same payment, if any (without pro-ration), in respect of the Performance Shares
as would have been payable, and at the same time and subject to the same conditions, had the Participant’s employment continued until such vesting date. The existence and date of permanent total disability shall be determined by the Committee
and its determination shall be final and conclusive. 
 (b) Other than Death, Permanent Total Disability or Normal Retirement. If
the Participant’s employment with the Corporation or any Subsidiary terminates prior to the vesting date pursuant to Section 3 for any reason other than the Participant’s death, permanent total disability or normal retirement under
the Pension Plan, all of the Performance Shares and the Participant’s rights with respect thereto shall be immediately forfeited and cancelled without further action by the Corporation or the Participant as of the date of such termination of
employment. 
 (c) Early Retirement. Notwithstanding Section 5(b), if (i) the Participant’s employment with the
Corporation or any Subsidiary terminates prior to the vesting date pursuant to Section 3 by reason of the Participant’s early retirement under the Pension Plan, and (ii) at the time of such termination, the Participant shall have
completed at least five years of continuous service with the Corporation or any Subsidiary, the Committee, in its sole discretion, may (but is not obligated to) determine that the Participant shall be entitled to receive the same payment, if any, in
respect of the Performance Shares as would have been payable, and at the same time and subject to the same conditions, had the Participant’s employment continued until such vesting date, provided that such payment shall be pro-rated
based on the number of calendar days of the Performance Cycle elapsed through the date of such early retirement. 
 (d) Forfeiture
Following Early Retirement. Notwithstanding any other provision of this Agreement to the contrary, if, following termination of the 

  
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Participant’s employment with the Corporation or any Subsidiary due to early retirement, as described in Section 5(c) where the Committee has previously determined that the Participant
shall be entitled to receive any payments in respect of the Performance Shares in accordance with Section 5(c), the Committee determines in its good faith discretion that the Participant shall have engaged in any Prohibited Activity (as
hereinafter defined) at any time during the time through the otherwise applicable vesting date with respect to the Performance Cycle, all of the Performance Shares and the Participant’s rights with respect thereto shall be immediately forfeited
and cancelled without further action by the Corporation or the Participant as of the date on which the Participant shall have first entered into such Prohibited Activity. This Section 5(d) shall not constitute the Corporation’s exclusive
remedy for the Participant’s engagement in any Prohibited Activity, and the Corporation may seek any additional legal or equitable remedy, including injunctive relief, in any such circumstances. If any provision contained in this
Section 5(d) shall be held by any court of competent jurisdiction to be unenforceable, void or invalid, the parties intend that such provision be modified to make it valid and enforceable to the fullest extent permitted by law. If any such
provision cannot be modified to be valid and enforceable, such provision shall be severed from this Agreement and the invalidity or unenforceability of such provision shall not affect the validity or enforceability of the remaining provisions.
Notwithstanding any other provision of this Section 5(d) to the contrary, upon the occurrence of a Change of Control, the foregoing provisions of this Section 5(d) shall automatically terminate and cease to apply with respect to any
Performance Shares that are outstanding and have not previously been forfeited under this Section 5(d). For purposes of this Agreement: 

(i) “Prohibited Activity” shall mean either Competitive Activity or Interference. 

(ii) “Competitive Activity” shall mean that the Participant, directly or indirectly, in any manner or capacity, shall be
employed by, serve as a director or manager of, act as a consultant to or maintain any material ownership interest in, any E&P Company or M&R Company that competes with the business of the Corporation or any Subsidiary or affiliate thereof
in geographical areas in which the Participant is aware that the Corporation or any Subsidiary or affiliate is engaged, or is considering engaging, unless the Committee agrees to such activity of the Participant in writing; provided,
however, that the Participant’s ownership solely as an investor of less than 1% of the outstanding securities of any publicly-traded securities of any E&P Company or M&R Company shall not, by itself, be considered to be
Competitive Activity. 
 (iii) “Interference” shall mean that the Participant shall, directly or indirectly, interfere
with the relationship between the Corporation or any Subsidiary or affiliate of the Corporation and any person (including, without limitation, any business or governmental entity) that to the Participant’s knowledge is, or was, a client,
customer, supplier, licensee or partner of the Corporation or any Subsidiary, or had any other business relationship with the Corporation or any Subsidiary. 

  
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 (iv) “E&P Company” shall mean any business which is engaged in the business
of exploring for, or developing or producing, crude oil or natural gas. 
 (v) “M&R Company” shall mean any business
which is engaged in the manufacture, generation, purchase, marketing or trading of refined petroleum products, natural gas or electricity. 

6. Change of Control. Notwithstanding anything in Section 3, 4, 5(a) or 5(c) to the contrary, in the event a Change of Control
occurs during the Performance Cycle, the Corporation’s Total Shareholder Return, TSR Ranking and the Percentage of Performance Shares Earned shall be determined in accordance with Section 4 for the portion of the Performance Cycle that
ends on the date immediately prior to the date of the Change of Control. Provided that the Performance Shares have not been forfeited pursuant to Section 5 prior to the date of the Change of Control, the number of the Performance Shares
earned shall be the sum of (a) the product of the number of Performance Shares set forth in Section 2, multiplied by a fraction, the numerator of which is the number of calendar days of the Performance Cycle that elapse through the
date immediately prior to the date of the Change of Control and the denominator of which is the full number of calendar days during the Performance Cycle, multiplied by the Percentage of Performance Shares Earned, plus (b) the
product of the number of Performance Shares set forth in Section 2, multiplied by a fraction, the numerator of which is the number of calendar days remaining in the Performance Cycle on and following the date of the Change of Control and
the denominator of which is the full number of calendar days during the Performance Cycle. Such number of earned Performance Shares shall be paid in cash on, or within 5 business days after, the date of such Change of Control based on the Change of
Control Price; provided, however, that if such Change of Control does not constitute a “change in control event” within the meaning of Treasury Regulations Section 1.409A-3(i)(5), then any amounts payable under this
Section 6 that constitute a “deferral of compensation” under Code Section 409A shall be made at the time specified in Section 2 as if such Change of Control had not occurred. 

7. Dividend Equivalents. With respect to the number of Performance Shares set forth in Section 2, the Participant shall be
credited with Dividend Equivalents with respect to each such Performance Share equal to the amount per Share of any ordinary cash dividends declared by the Board with record dates during the period beginning on the first day of the Performance Cycle
and ending on the earliest to occur of: (a) the last day of the Performance Cycle; (b) the date of a Change of Control and (c) the date such Performance Share terminates or is forfeited under Section 3 or Section 5. The
Corporation shall pay in cash to the Participant an amount equal to the product of (i) sum of the aggregate amount of such Dividend Equivalents credited to the Participant, plus interest at a short-term rate determined by the Committee that
accrues on the amount of such Dividend Equivalents from the date each such Dividend Equivalent is credited hereunder until the date of such payment, multiplied by (ii) the Percentage of Performance Shares Earned, such amount to be paid as and
when the related Performance Shares are paid in accordance with Section 3 or Section 6, as applicable. Any Dividend 

  
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Equivalents (and any accrued interest thereon) shall be forfeited as and when the related Performance Shares are forfeited in accordance with Section 3 or Section 5. 

8. No Rights as a Shareholder. Until shares of Common Stock are issued, if at all, in satisfaction of the Corporation’s
obligations under this Agreement, in the time and manner specified in Section 3 or 6, the Participant shall have no rights as a shareholder as to the Shares underlying the Performance Shares. 

9. Beneficiary. The Participant may designate the beneficiary or beneficiaries to receive any payments which may be made in respect of
the Performance Shares after the Participant’s death. Any such designation shall be made by the Participant in writing on a beneficiary designation form provided by or on behalf of the Corporation and (unless the Participant has waived such
right) may be changed by the Participant from time to time by filing a new beneficiary designation form as provided therein. If the Participant does not designate a beneficiary or if no designated beneficiary survives the Participant, the
Participant’s beneficiary shall be the legal representative of his estate. 
 10. Tax Withholding. No payment of Shares or cash
in respect of the Performance Shares shall be made unless and until the Participant (or his or her beneficiary or legal representative) shall have made arrangements satisfactory to the Committee for the payment of any amounts required to be withheld
with respect thereto under all present or future federal, state, local and non-United States tax laws and regulations and other laws and regulations in accordance with Section 12.03 of the Plan. The Corporation shall have the right to deduct
from all amounts paid to the Participant in cash in respect of Performance Shares any such amounts. In the case of any payments of Performance Shares in the form of Shares, unless the Participant elects otherwise in advance in writing or is
prohibited by law, upon payment of such Shares, such number of such Shares as shall be necessary to pay such amounts shall be sold by the Corporation or its designee on the Participant’s behalf, and the proceeds thereof shall be delivered to
the Corporation for remittance to the appropriate governmental authorities. In the event the Committee determines that any amounts are required to be withheld in respect of the Performance Shares prior to payment of such Performance Shares, the
Participant shall thereupon pay to the Corporation in cash the full amount so required to be withheld. 
 11. Limitations; Governing
Law. Nothing herein or in the Plan shall be construed as conferring on the Participant or anyone else the right to continue in the employ of the Corporation or any Subsidiary. The rights and obligations under this Agreement are governed by and
construed in accordance with the laws of the State of Delaware, without reference to the principles of conflict of laws thereof. 
 12.
Non-transferability. Except as otherwise provided by Section 8, the Performance Shares, and any rights and interests with respect thereto, may not be sold, exchanged, transferred, assigned or otherwise disposed of in any way by the
Participant (or the Participant’s beneficiary), and may not be pledged or encumbered in any way by the Participant (or the Participant’s beneficiary), and shall not be subject to execution, attachment or similar legal process. 

  
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 13. Entire Agreement; Amendment. This Agreement (including the Plan which is incorporated
herein by reference) contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties hereto
relating to such subject matter. The Board has the right, in its sole discretion, to amend, alter, suspend, discontinue or terminate the Plan, and the Committee has the right, in its sole discretion, to amend, alter, suspend, discontinue or
terminate this Agreement from time to time in accordance with and as provided in the Plan; provided, however, that no such amendment, alteration, suspension, discontinuance or termination of the Plan may materially impair the
Participant’s previously accrued rights under this Agreement or the Plan without the Participant’s consent, except as otherwise provided in Section 11 of the Plan. This Agreement may also be modified, amended or terminated by a
writing signed by the Participant and the Corporation. 
 14. Notices. Any notice which may be required or permitted under this
Agreement shall be in writing and shall be delivered in person, or via facsimile transmission, overnight courier service or certified mail, return receipt requested, postage prepaid, properly addressed as follows: 

(a) If the notice is to the Corporation, to the attention of the Secretary of Hess Corporation, 1185 Avenue of the Americas, New York, New
York 10036, or at such other address as the Corporation by notice to the Participant may designate in writing from time to time. 
 (b) If
the notice is to the Participant, at the Participant’s address as shown on the Corporation’s records, or at such other address as the Participant, by notice to the Corporation, may designate in writing from time to time. 

15. Compliance with Laws. The issuance of any Shares pursuant to this Agreement shall be subject to, and shall comply with, any
applicable requirements of federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act of 1933, as amended, the Exchange Act and the respective rules and regulations promulgated
thereunder), any applicable rules of any exchange on which the Common Stock is listed (including, without limitation, the rules and regulations of the New York Stock Exchange), and any other law, rule or regulation applicable thereto. The
Corporation shall not be obligated to issue any of the Common Stock subject to this Agreement if such issuance would violate any such requirements and if issued shall be deemed void ab initio. 

16. Binding Agreement; Further Assurances. This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the
Corporation and its successors and assigns. Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as
any other party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this 

  
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Agreement and the Plan and the consummation of the transactions contemplated thereunder. 

17. Counterparts; Headings. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an
original, but all of which shall constitute one and the same instrument. The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.

 18. Severability. The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the
validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations
of the parties hereunder shall be enforceable to the fullest extent permitted by law. 
 19. Terms of Employment. The Plan is a
discretionary plan. The Participant hereby acknowledges that neither the Plan nor this Agreement forms part of the Participant’s terms of employment and nothing in the Plan may be construed as imposing on the Corporation or any Subsidiary a
contractual obligation to offer participation in the Plan to any employee of the Corporation or any Subsidiary. Neither the Corporation nor any Subsidiary is under any obligation to grant any further Awards to the Participant under the Plan. If the
Participant ceases to be an employee of the Corporation or any Subsidiary for any reason, the Participant shall not be entitled by way of compensation for loss of office or otherwise howsoever to any sum or other benefit to compensate the
Participant for the loss of any rights under this Agreement or the Plan. The Participant also acknowledges that the Corporation has adopted a policy prohibiting recipients of equity awarded from the Corporation, including the Performance Shares,
from trading in equity derivative instruments to hedge the economic risks of holding Corporation common stock or interests therein. The Participant hereby acknowledges that he will abide by such policy in all respects. 

20. Data Protection. By signing this Agreement, the Participant hereby consents to the holding and processing of personal data provided
by the Participant to the Corporation for all purposes necessary for the operation of the Plan. These include, but are not limited to: 

(a) administering and maintaining the Participant’s records; 

(b) providing information to any registrars, brokers or third party administrators of the Plan; and 

(c) providing information to future purchasers of the Corporation or the business in which the Participant works. 

21. Code Section 409A. Payment of the Performance Shares and this Agreement are intended to comply with, or be exempt from,
Section 409A of the Code, 

  
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and shall be administered and construed in accordance with such intent. Accordingly, the Corporation shall have the authority to take any action, or refrain from taking any action, with respect
to this Agreement that it determines is necessary or appropriate to ensure compliance with, or exemption from, Code Section 409A (provided that the Corporation shall choose the action that best preserves the value of payments provided to the
Participant under this Agreement that is consistent with Code Section 409A). In furtherance, but not in limitation, of the foregoing: 

(a) in no event may the Participant designate, directly or indirectly, the calendar year of any payment to be made hereunder; 

(b) if at the time of the Participant’s separation from service, the Corporation determines that the Participant is a “specified
employee” within the meaning of Code Section 409A, payments, if any, hereunder that constitute a “deferral of compensation” under Code Section 409A and that would otherwise become due on account of such separation from
service shall be delayed and all such delayed payments shall be paid in full upon the earlier to occur of (i) a date during the thirty-day period commencing six months and one day following such separation from service and (ii) the date of
the Participant’s death, provided that such delay shall not apply to any payment that is excepted from coverage by Code Section 409A, such as a payment covered by the short-term deferral exception described in Treasury Regulations
Section 1.409A-1(b)(4); and 
 (c) notwithstanding any other provision of this Agreement to the contrary, a termination or
retirement of Participant’s employment hereunder shall mean and be interpreted consistent with a “separation from service” within the meaning of Code Section 409A with respect to any payments hereunder that constitute a
“deferral of compensation” under Code Section 409A that become due on account of such separation from service. 

  
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 IN WITNESS WHEREOF, the Corporation has caused this Agreement to be executed by its
duly authorized officer, and the Participant has also executed this Agreement and acknowledged receipt of other related materials including the Plan prospectus, all as of the Grant Date. 

 

	
	HESS CORPORATION
	
	 /s/ John B. Hess

	 John B. Hess
 Chief Executive
Officer

  
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 Exhibit A 

Comparison Companies 
  

	 	•	 	Anadarko Petroleum Corporation 

  

	 	•	 	Apache Corporation 

  

	 	•	 	Chesapeake Energy Corporation 

  

	 	•	 	ConocoPhillips Company * 

  

	 	•	 	Devon Energy Corporation 

  

	 	•	 	EOG Resources, Inc. 

  

	 	•	 	Marathon Oil Corporation 

  

	 	•	 	Murphy Oil Corporation 

  

	 	•	 	Noble Energy, Inc. 

  

	 	•	 	Occidental Petroleum Corporation 

  

	 	•	 	Talisman Energy Inc. 

  

	*	It is intended that upon any reorganization in which this company is split into a separate exploration and production company and a separate marketing and refining company, the Comparison Companies listed herein shall
include such exploration and production company, but not such marketing and refining company, and the readjusted historical common stock prices and dividends of such exploration and production company shall be used for computing the Total
Shareholder Return of such company. 

  
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 Exhibit B 

Percentage of Performance Shares Earned Schedule 

Use this schedule if number of Comparison Companies plus the Corporation is 12: 

 

			
	 TSR Ranking
	  	Percentage of Performance Shares Earned
	 1st
	  	200%
	 2nd
	  	200%
	 3rd
	  	175%
	 4th
	  	150%
	 5th
	  	125%
	 6th
	  	100%
	 7th
	  	83%
	 8th
	  	66%
	 9th
	  	50%
	 10th
	  	0%
	 11th
	  	0%
	 12th
	  	0%

  
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 Exhibit C-1 

Percentage of Performance Shares Earned Schedule 

Use this schedule if number of Comparison Companies plus the Corporation is 11: 

 

			
	 TSR Ranking
	  	Percentage of Performance Shares Earned
	 1st
	  	200%
	 2nd
	  	200%
	 3rd
	  	175%
	 4th
	  	150%
	 5th
	  	100%
	 6th
	  	83%
	 7th
	  	67%
	 8th
	  	50%
	 9th
	  	0%
	 10th
	  	0%
	 11th
	  	0%

  
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 Exhibit C-2 

Percentage of Performance Shares Earned Schedule 

Use this schedule if number of Comparison Companies plus the Corporation is 10: 

 

			
	 TSR Ranking
	  	Percentage of Performance Shares Earned
	 1st
	  	200%
	 2nd
	  	175%
	 3rd
	  	150%
	 4th
	  	125%
	 5th
	  	100%
	 6th
	  	75%
	 7th
	  	50%
	 8th
	  	0%
	 9th
	  	0%
	 10th
	  	0%

  
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 Exhibit C-3 

Percentage of Performance Shares Earned Schedule 

Use this schedule if number of Comparison Companies plus the Corporation is 9: 

 

			
	 TSR Ranking
	  	Percentage of Performance Shares Earned
	 1st
	  	200%
	 2nd
	  	167%
	 3rd
	  	133%
	 4th
	  	100%
	 5th
	  	83%
	 6th
	  	67%
	 7th
	  	50%
	 8th
	  	0%
	 9th
	  	0%

  
 16EX-10.1

 Exhibit 10.1 

CONSOLIDATED EDISON, INC. 

Form of [YEAR] Performance Unit Award for Certain Specified Officers 

Consolidated Edison, Inc. (“CEI” or “Company”) hereby grants an Award of Performance Units (the “Units” or “Performance
Units”) to [FIRST NAME] [LAST NAME] (the “Employee”) under the Consolidated Edison, Inc. Long Term Incentive Plan, effective as of May 20, 2013, as may be amended from time to time (the “Plan”) as follows: 

 

							
	 Date of Grant
	 	 Units Granted
	 	 Performance Period
	 	 Vesting Period

	 [DATE]
	 	XXX Units	 	[PERFORMANCE YEARS]	 	[START DATE] –[END DATE]

 This Award is subject to the terms and conditions set forth herein and in the Plan. The terms of this Award are subject in all
respects to the provisions of the Plan, which are incorporated herein by reference. All capitalized terms not otherwise defined herein shall have the same meanings as set forth in the Plan. 

Each Performance Unit shall represent the right upon vesting to receive one share of Common Stock (“Share”), the cash value of one Share, or a
combination thereof. The cash value of a Performance Unit shall equal the closing price of a Share on the NYSE in the Consolidated Reporting System for the trading day immediately prior to the date the Management Development and Compensation
Committee (the “Committee”) determines whether the Performance Targets for the Performance Period have been met in accordance with the terms of the Plan and this Agreement. If no trading of Shares occurred on such trading date, CEI will
use the closing price of a Share in the Consolidated Reporting System as reported for the last preceding day on which sales of Shares traded shall be used. 
  

	1.	Performance Targets: 

  

	 	a.	Total Shareholder Return (“TSR”). XX percent of the Performance Units will be earned based on the Company’s TSR compared to the Compensation Peer Group1 over the Performance Period. The maximum payout of the Performance Units that may be earned upon attainment of the TSR portion is set forth in Schedule A. In the event that the companies that make up
the Compensation Peer Group change during the Performance Period, the Committee will use the Compensation Peer Group as constituted on the Date of Grant. If a company ceases to be publicly traded before the end of the Performance Period, that
company’s total shareholder return will not be used to calculate the TSR payout portion of the Performance Units. 

 

	1 	The companies that comprise the Compensation Peer Group will be determined by the Committee at the Date of Grant 

	 	b.	Adjusted Earnings Per Share. XX percent of the Performance Units will be earned based on the Company’s cumulative Adjusted EPS over the Performance Period. The maximum payout of the Performance Units
that may be earned upon attainment of the Adjusted EPS portion is set forth in Schedule B. 

  

	 	c.	Operating Objectives. The remaining XX percent of the Performance Units will be earned based on the achievement of operating objectives over the Performance Period. The maximum payout of the Performance
Units that may be earned upon attainment of the Operating Objectives portion is set forth in Schedule C. 

  

	 	d.	Determination of Award Amount. The actual number of Performance Units to be paid to the Employee will be determined based on performance relative to targets set forth in Schedule A, Schedule B, and
Schedule C. Subject to Section 2 below, after the close of the Performance Period, the Committee will determine whether the Performance Targets have been met in accordance with the terms of the Plan and this Agreement. The Committee also has
the authority in accordance with Section 16 below, to recover Shares or amounts paid with respect to the Performance Units after they have been paid. 

  

	 	e.	Unfunded Promise to Pay. The Performance Units represent general, unsecured liabilities of the Company and shall not confer any right, title or interest in any assets of the Company or its affiliates and
does not require a segregation of any assets of the Company or its affiliates. 

  

	2.	Consequences of Separation from Service and Death. 

 In the event of the Employee’s
separation from service with the Company and its affiliates as determined under the default provisions of Code Section 409A (“Separation from Service”) or upon his/her death during the Performance Period, the Employee’s rights
will be as set forth below: 
  

	 	a.	If the Employee incurs a Separation from Service other than by reason of Retirement,2 Disability or death, or a deemed Separation from Service while on an approved
leave of absence (a “Leave Separation”) during the Vesting Period, his/her Performance Units will be cancelled and completely forfeited without payment. 

 
  

	2 	For purposes of Section 2. Retirement means any Officer who retires on or after attaining age 55 with at least 5 years of Service. 

  
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	 	b.	If the Employee dies during the Vesting, payment (if any) of his/her Performance Units will be prorated based on his or her actual period of Service from the beginning of the Vesting Period to the Employee’s date
of death. The Employee’s beneficiaries or the Employee’s estate, as the case may be, shall receive payment of the Performance Units within 90 days following the Employee’s death. The determination of the attainment of the performance
factors will be made by the Vice President of Human Resources of Consolidated Edison Company of New York, Inc. (the “Vice President”) using the indicators as of the end of the month in which the date of death occurs for the TSR and as if
target performance levels had been attained for Adjusted EPS and the Operating Objectives as of the Employee’s date of death. 

  

	 	c.	If the Employee incurs a Separation from Service by reason of Retirement or Disability during the Vesting Period, then payment (if any) of his/her Performance Units will be prorated based on the actual period of Service
from the beginning of the Vesting Period to the date of the Employee’s Disability or Retirement, and shall be based on actual performance achieved under the performance factors through the end of the Performance Period. The Employee, or if the
Employee is legally incapacitated, the Employee’s legal representative, shall receive payment of the Performance Units as soon as practicable following the end of the Performance Period; provided that payment will be made no later than [PAYMENT
DATE]. 

  

	 	d.	If the Employee is deemed to have incurred a Separation from Service by reason of a Leave Separation during the Vesting Period, then payment (if any) of his/her Performance Units will be prorated based on the actual
period of Service during the Vesting Period to the date of the Employee’s deemed Separation from Service, and shall be based on actual performance achieved under the performance factors through the end of the Performance Period; provided,
however, that if the Employee returns to employment with the Company or its affiliates during the Performance Period, his/her Performance Units will be recalculated based on his/her actual period of Service including the period during which the
Employee is on an approved leave of absence. The Employee, or if the Employee is legally incapacitated, the Employee’s legal representative, shall receive payment of the Performance Units as soon as practicable following the end of the
Performance Period; provided that payment will be made no later than [PAYMENT DATE]. 

  

	3.	Form of Payout. Subject to Section 4 below, the Performance Units will be paid in a lump sum, either in Shares, in cash, or a combination, pursuant to an election made by the Employee on a form prescribed by
the Vice President. The Employee’s election will be effective only when filed with the Vice President prior to December 31 of the year before the Date of Grant, and shall be subject to the Committee’s discretion. 

  
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	4.	Deferrals. Subject to the Committee’s discretion, the Employee will have a one-time election to defer the receipt of the cash value of the Performance Units into the Deferred Income Plan (the
“DIP”) or to defer the right to convert the Performance Units into Shares and to receive them, or a combination thereof pursuant to an election made by the Employee on a form prescribed by the Vice President. The Employee’s deferral
election will be subject to, and made in accordance with, the terms and conditions of the DIP. 

  

	5.	Voting and Dividend or Dividend Equivalent Rights. 

  

	 	a.	The Employee shall not be entitled to any voting rights with respect to the Performance Units awarded. Furthermore, the Employee shall not be entitled to any dividend or Dividend Equivalent payments until the
Performance Units are paid out. 

  

	 	b.	If the Employee receives Shares on the payment date, he or she will be entitled to receive dividends on the Shares when dividends are otherwise paid to shareholders. 

 

	 	c.	If, however, the Employee elects prior to the Date of Grant to defer the right to convert the Performance Units into Shares and to receive them, he or she will be entitled to receive Dividend Equivalent payments on the
Performance Units once the Performance Units vest. These Dividend Equivalent payments can be received as additional Shares, cash, or as cash deferred into the DIP. 

 

	 	d.	If, on the payment date, the Employee receives a cash payment or previously elected to defer the cash value into the DIP, he or she will not receive Dividend Equivalent payments. 

 

	 	e.	Dividend Equivalent payments are made on the Dividend Payment Date, which is the date CEI pays any dividend on outstanding Shares based on the number of Performance Units held by the Employee as of the record date for
such dividend. 

  

	6.	Deferral Election for Dividend Equivalent Payments. A deferral of Dividend Equivalent payments in connection with a deferral of the Performance Units must be made at the same time as the deferral of the receipt
of the Performance Units and is subject to the same requirements and conditions as set forth in Section 4 above. Subject to the Committee’s discretion, at that time, the Employee may elect to receive the Dividend Equivalent payments as
additional Shares to be distributed or deferred to a future date, or as cash to be distributed or deferred into the DIP. 

  
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	7.	No Right to Continued Employment. Nothing contained herein shall constitute a contract of employment between the Company or its affiliates and the Employee and this Agreement shall not be deemed to be
consideration for, or a condition of, continued employment of the Employee or affect any right of the Company or its affiliates to terminate the Employee’s employment. 

 

	8.	Leave of Absence. If the Employee is officially granted a leave of absence for illness, military or governmental service or other reasons by the Company or its affiliates, for purposes of this Award, such leave
of absence shall not be treated as a Separation from Service except to the extent required pursuant to Section 409A. 

  

	9.	Payment. Subject to any deferral election and except as provided in Section 2 herein, the Company shall pay the Employee (a) the cash value of the Shares represented by the Performance Units,
(b) the Shares, or (c) a combination of cash and Shares as soon as practicable following the end of the Performance Period; provided that payment will be made no later than [PAYMENT DATE]. Prior to vesting, the Performance Units represent
an unfunded and unsecured promise to pay the Employee the cash value of Shares, Shares or a combination thereof upon vesting. 

  

	10.	Transferability. Except as may otherwise be authorized by the Committee in accordance with the Plan, the Performance Units shall not be subject to alienation, sale, transfer, assignment, pledge, encumbrance,
attachment, execution, levy, garnishment or other legal process by creditors of the Employee, the Employee’s beneficiary or by the Employee. Any attempted transfers shall be null and void and of no effect. 

 

	11.	Tax Withholding. Pursuant to such methodology as determined by the Committee, the Company or its affiliates shall have the authority to make such provision and take such steps as it deems necessary or appropriate
for the withholding of any taxes that the Company or its affiliates is required by law or regulation of any governmental authority, whether federal, state or local, domestic or foreign, to withhold in connection with the Performance Units.

  

	12.	Administration. Except as otherwise expressly provided in the Plan, the Plan Administrator shall have full and final power and authority with respect to this Agreement as it has with respect to the Plan. Any
interpretation of this Agreement by the Plan Administrator and any decision made by the Plan Administrator with respect to this Agreement shall be final and binding on all parties. References to the Plan Administrator in this Agreement shall be read
to include a reference to any delegate of the Plan Administrator. 

  
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	13.	Electronic Delivery. The Company may, in its sole discretion, deliver any documents related to Performance Units by electronic means or request the Employee’s consent to participate in the Plan by electronic
means. The Employee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the
Company. 

  

	14.	Amendment. The Committee may at any time and from time to time alter, amend, suspend or terminate the Plan, this Agreement or the Performance Units, in whole or in part, as it may deem advisable, except no such
action (i) that would require the consent of the Board and/or the stockholders of CEI pursuant to Code Section 162(m) or any other Applicable Laws, the listing requirement of any national securities exchange or national market system on
which are listed any of CEI’s equity securities shall be effective without such consent; and (ii) may be taken without the written consent of the Employee, which materially adversely affects his or her rights concerning the Performance
Units, except as such termination, suspension or amendment of this Agreement is required by Applicable Laws. 

  

	15.	Code Section 409A. 

  

	 	a.	The Plan and this Agreement are intended to satisfy the applicable requirements of Section 409A or an applicable exemption to Section 409A and shall be administered and interpreted consistent with such intent.
If the Committee determines in good faith that any provision contained in the Plan or herein does not satisfy such requirements or could otherwise cause any person to recognize additional taxes, penalties or interest under Section 409A, or
could otherwise contravene the applicable provisions of Section 409A, the Committee will modify, to the maximum extent practicable, the original intent of the applicable provision without violation of the requirements of Section 409A
(“Section 409A Compliance”), and, notwithstanding any provision herein to the contrary, the Committee shall have broad authority to amend or to modify this Agreement, without advance notice to or consent by any person, to the extent
necessary or desirable to ensure Section 409A Compliance. Any determination by the Committee shall be final and binding on all parties. 

  

	 	b.	Notwithstanding anything in the Plan or herein to the contrary, if the Employee is a “specified employee” for purposes of Section 409A, as determined under the Company’s established methodology for
determining specified employees, on the date on which the Employee incurs a Separation from Service, any payment hereunder that is deemed to be a “deferral of compensation” subject to Section 409A and is payable on the Employee’s
Separation from Service shall be paid or commence to be paid on the fifteenth business day after the date that is six months following the Employee’s Separation from Service, provided, however, that a payment delayed pursuant to this clause
(b) shall commence earlier in the event of the Employee’s death prior to the end of the six-month period. 

  
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	16.	Recoupment of Awards. The Employee’s Performance Units are subject to the Company’s Recoupment Policy, as amended from time to time or any Company recoupment policies or procedures that may be required
under Applicable Laws. 

  

	 	a.	Under this Recoupment Policy, appropriate actions, as determined by the Committee, will be undertaken by the Company to recoup the Excess Award Amount, as defined below, received by the Employee when: 

 

	 	1.	The Audit Committee of CEI determines that CEI is required to prepare an accounting restatement due to its material noncompliance with any financial reporting requirement under the securities laws (a
“Restatement”); 

  

	 	2.	The Employee received the Performance Unit during the three-year period preceding the date on which CEI is required to prepare a Restatement; and 

 

	 	3.	The amount of the Performance Units received by the Employee, based on the erroneous data, was in excess of what would have been paid to the Employee under the Restatement (the “Excess Award Amount”).

  

	 	b.	As consideration for the receipt of the Performance Units, the Employee agrees that any prior Award granted under the terms of the Plan or any prior long-term incentive plan of the Company is subject to this Recoupment
Policy. 

  

	17.	Miscellaneous. In the event of a conflict between this document and the Plan, the terms and conditions of the Plan shall control. The Employee may request a copy of the Plan from the Vice President at any time.

 By accepting this Award in accordance with the procedures established by the Company, the Employee has indicated that he/she has
received, read, understood and accepted the terms, conditions and restrictions of this Agreement and the Plan and he/she consents to, the terms of this Award and any actions taken under the Plan by CEI, the Board, the Committee or the Plan
Administrator. 
  

	
	
             

	FIRSTNAME LASTNAME

  
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 Schedule A 

“Total Shareholder Return” percentage is the weighting earned based on the cumulative change in the Company’s Total Shareholder Returns
over the Performance Period beginning on [DATE] and ending on [DATE] compared with the Company’s Compensation Peer Group as constituted on the Date of Grant. In the event that the companies that make up the Compensation Peer Group change during
the Performance Period, the Committee will use the Compensation Peer Group as constituted on the Date of Grant. If a company ceases to be publicly traded before the end of the Performance Period, that company’s total shareholder returns will
not be used to calculate the payout of the Performance Units. 
 The levels of Performance Units will be earned as follows: 

 

			
	 Company Percentile Rating
	 	 Percentage Payout

of Shares 
Awarded1

		 	

  

	1	Interpolate payouts for actual performance between performance goals. 

  
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 Schedule B 

“Adjusted EPS” percentage is the weighting earned based on the Company’s three-year cumulative Adjusted EPS over the Performance Period
beginning on [DATE] and ending on [DATE]. 
 The levels of Performance Units will be earned as follows: 

 

					
	 Three-Year Cumulative Adjusted EPS

 

	 Performance Relative

to Target
	 	 Performance

Goals
	 	 Payout Relative

to Target1

		 		 	

  

	1 	Interpolate payouts for actual performance between performance goals. 

  
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 Schedule C 

“Operating Objectives” percentage is the weighting earned based on the Company’s attainment of the operating objectives set forth below over
the Performance Period beginning on [DATE] and ending on [DATE]. 
 The levels of Performance Units will be earned as follows: 

 

					
	 [OPERATING OBJECTIVE]

[DATE] through [DATE]

Weighting XX percent
  

	 	 	 Performance Goals
	 	 Payout Relative to

Target1

		 		 	

  

	1 	Interpolate payouts for actual performance between performance goals. 

  

					
	 [OPERATING OBJECTIVE]

[DATE] through [DATE]

Weighting XX percent
  

	 	 	 Performance Goals
	 	 Payout Relative to

Target1

		 		 	

  

	1 	Interpolate payouts for actual performance between performance goals. 

	

  
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