Document:

EX-10.4

 Exhibit 10.4 

PAR PETROLEUM CORPORATION (“PAR”) 

DISCRETIONARY LONG TERM INCENTIVE PLAN FOR 2014 (“LTIP”) 

 

	1.	Purpose: The purpose of this LTIP is to incentivize employees eligible to participate in this LTIP to achieve certain corporate criteria and reward employees when such criteria are achieved, and to align the
long-term interests of employees and shareholders of PAR by compensating the employees in shares of PAR common stock and a cash bonus that vest upon the attainment of certain goals and over time, thereby increasing the employees’ equity
interest in PAR. 

  

	2.	Effective Date: This LTIP is established effective January 1, 2014 (“the Effective Date”). 

  

	3.	Description of Discretionary Awards Program: In addition to any other awards under the under the Par Petroleum Corporation 2012 Long-Term Incentive Plan (the “Incentive Plan”) the Committee (as defined
in the Incentive Plan) may grant Restricted Stock and Options under the Incentive Plan (collectively, “Stock Awards”) to eligible employees who meet the criteria under this LTIP. In addition, cash bonuses may be made pursuant to this LTIP
based upon the criteria as provided herein. Terms not defined in this LTIP shall have the meaning of such terms as defined in the Incentive Plan. The criteria, targets and allocations as described on Exhibit A attached hereto will be used by the
Committee for awards under the LTIP with input from officers and senior management as needed. The Committee shall have the authority in its sole discretion to define and interpret the terms, criteria and conditions on Exhibit A and provide any
omissions. 

  

	4.	Participants: Eligible employees are Employees (as defined in the Incentive Plan) who are determined by the Committee in its sole discretion as eligible for an award under this LTIP, as specified on Exhibit B
attached hereto, which includes their criteria, allocations, targets and percentage of salary for minimum, target and maximum award amounts under this LTIP. In lieu of identifying an Employee by name, Exhibit B may identify the applicable title or
class of the eligible Employees. Any Employee who is identified as an eligible Employee on Exhibit B shall be a “Participant” under this LTIP. 

  

	5.	Administration: This LTIP shall be administered by the Committee. The Committee shall have the exclusive authority to interpret and construe the terms of this LTIP and make all determinations under this LTIP, and
its decisions shall be final and binding on all persons. 

  

	6.	Awards, Grant Dates and Payment Dates: The “Performance Cycle” for the LTIP is the period from the Effective Date to December 31, 2014. The Committee in its sole discretion will determine at the
end of the Performance Cycle whether and to what extent the criteria have been achieved for each Participant in order for the Participant to receive an award under this LTIP. 

 

	 	(a)	 Stock Awards. Any Stock Awards granted under this LTIP shall be granted under the Incentive Plan on the date determined by the Committee (the
“Grant Date”) and may be made quarterly at the end of each quarter provided that the awards will only be eligible for vesting commencing in the calendar year following the end of the Performance Cycle after the Committee determines whether
and to what extent the criteria have been achieved and the amount of Stock Awards eligible for vesting for each Participant; 

	 	
provided that no Participant will be vested in a Stock Award unless the Participant is continuously providing Services from the date the Participant was listed as an eligible Employee on Exhibit
B through the date the Committee determines the goal achievements of the Stock Award (“Determination Date”). All Stock Awards shall be granted in writing and subject to the terms of the Incentive Plan, and the other terms and conditions
(including without limitation, restrictions in transfer and substantial risk of forfeiture) as determined by the Committee in its sole discretion and specified in the Award. To be eligible to vest, the Participant must be continuously providing
Services from the Grant Date and the Determination Date through the applicable vesting date specified in the award agreement. Any amount of a Stock Award that the Committee determines is not eligible for vesting on the Determination Date shall be
forfeited and the Participant shall have no rights with respect thereto. If prior to a vesting date, a Change in Control occurs while the Participant is continuously providing Services from the Grant Date to the date of Change in Control, any
unvested Stock Awards will be fully vested at or contemporaneous and in conjunction with such Change in Control. 

  

	 	(b)	Cash Bonus. The Committee will make a determination in writing as to whether a cash bonus award will be made in the first calendar year following the end of the Performance Cycle based upon whether and to what
extent the criteria have been achieved. Cash bonuses awarded under this LTIP to Texadian Energy, Inc. and Texadian Energy Canada Limited Employees will be paid 60% in the first quarter after the end of the Performance Cycle but only if the
Participant is continuously providing Services from the date the Participant has been identified as an eligible Employee on Exhibit B through the date of actual payment (“Payment Date”) and the remaining 40% of the cash award will be paid
1/2 on the first anniversary of the Payment Date and 1/2 on the second anniversary of the Payment Date but only if the Participant is continuously providing Services through the applicable anniversary of the Payment Date. Awards to other Employees
of the Company or its Affiliates will be paid 100% in the first quarter after the end of the Performance Cycle provided that the Employee is continuously providing Services from the date the Participant was identified as an eligible employee on
Exhibit B through the actual Payment Date. If prior to a Payment Date, a Change in Control occurs while the Participant is continuously providing Services from the date the Participant has been identified as an eligible Employee on Exhibit B to the
date of the Change in Control, the payment of the entire remaining cash bonus awarded will be accelerated and paid on the date of the Change in Control. 

  

	7.	Certain Tax Considerations: All amounts paid and awards will be subject to all federal, state and local taxes (domestic and foreign) and tax withholding requirements. 

 

	8.	Governing Law: This 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.

  
 2EX-10.5

 Exhibit 10.5 

PAR PETROLEUM CORPORATION 
 AWARD
OF RESTRICTED STOCK 
 (Employee) 

In this Award, Par Petroleum Corporation (the “Company”) grants to
[name] (the “Participant”), an Employee, Restricted Stock under the Par Petroleum Corporation 2012 Long Term Incentive Plan (“Plan”). This Award of Restricted Stock
is governed by the terms of this Award document and the Plan. All capitalized terms not defined in this Award shall have the meaning of such terms as provided in the Plan.  

1. The “Date of Grant” is [            ]. 

2. The number of shares of Restricted Stock granted is [            ]. 

3. The Restricted Stock granted in this Award shall vest as follows: 

The Participant shall not be entitled to any shares of the Restricted Stock and such shares cannot be transferred unless he or
she is continuously in Service from the Grant Date through the Determination Date, as defined herein. The actual number of shares of Restricted Stock that may be vested and issued will be determined by the Committee on the date and as provided under
the Par Petroleum Corporation Discretionary Long Term Incentive Plan for 2014 (the “Determination Date”) and shall be specified by the Committee on Exhibit A of this Award (the “Total Number”). Any
Shares of Restricted Stock under item 2 that are not specified by the Committee as the Total Number on Exhibit A shall be forfeited and the Participant shall have no rights with respect to such Restricted Stock.  

Subject to item 4 below, Participant shall not become vested in any of the Total Number of Restricted Stock unless he or she is
continuously employed with the Company or a Company Affiliate from the Date of Grant through the following applicable Vesting Date, and Participant may not sell, assign, transfer, exchange, pledge, encumber, gift, devise, hypothecate or otherwise
dispose of any of the Total Number of Restricted Stock until such Restricted Stock become Vested as provided herein. The transfer restrictions and substantial risk of forfeiture imposed in the foregoing sentence shall lapse with respect to the
percentage of the Total Number on the following applicable dates (each a “Vesting Date”): as to 33.3% of the Restricted Stock on the first anniversary of the Determination Date, as to 33.3% of the Restricted Stock on the
second anniversary of the Determination Date and as to 33.4% on the third anniversary of the Determination Date. The Restricted Stock as to which such restrictions so lapse are referred to as “Vested.” 

4. Other Vesting Events after the Determination Date are as follows: 

Notwithstanding the foregoing vesting schedule in item 3, the Total Number of shares of outstanding Restricted Stock will be 100%
Vested upon any one of the following “Vesting Events” [that occur after the Determination Date]: (a) Participant’s termination of employment with the Company and its Affiliates due to death, or
Disability, (b) the Participant’s termination of employment by the Company and its Affiliates without Cause or (c) upon a Change in Control. The date of the Participant’s termination of employment with the Company and its
Affiliates on account of one of the Vesting Events shall be the Vesting Date for purposes of this Award. The date of the Change in Control shall be the Vesting Date for purposes of this Award. 

 5. Other Terms and Conditions: 

(a) No Fractional Shares. All provisions of this Award concern whole shares of 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. 

(b) Not an Employment or Service Agreement. This Award is not an employment agreement, and this Award shall not be, and no
provision of this Award shall be construed or interpreted to create any right of Participant to continue employment with or provide services to the Company or any of its Affiliates. 

(c) Independent Tax Advice and Acknowledgments. Participant has been advised and Participant hereby acknowledges that he or she
has been advised to obtain independent legal and tax advice regarding this Award, the grant of the Restricted Stock and the disposition of such shares, including, without limitation, the election available under Section 83(b) of the Internal
Revenue Code. Participant 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 Award subject to all the terms and provisions of the Plan and this Award.

 (d) The Participant will be entitled to receive all dividends and shall have all voting and future offering rights as
other Company stockholders with respect to the Total Number of shares Restricted Stock. 
 (e) The Committee has determined
in connection with this Award that in the event that a Section 83(b) election is not made, the Participant may elect to have the Company withhold that number of shares of Restricted Stock otherwise deliverable to the Participant when such
shares become Vested or to deliver to the Company a number of shares of Stock, in each case, having a Fair Market Value on the date of Vesting equal to the minimum amount required to be withheld for taxes as a result of such exercise. The election
must be made in writing and must be delivered to the Company prior to the date of Vesting. If the number of shares so determined shall include a fractional share, the Participant shall deliver cash in lieu of such fractional share. All elections
shall be made in a form approved by the Committee and shall be subject to disapproval, in whole or in part by the Committee. 
 The
Restricted Stock granted hereunder will be subject to all applicable federal, state and local taxes domestic and foreign and withholding requirements (including, without limitation, any withholding required under any other employee benefit plan
maintained by the Company or a Company Affiliate). The Participant 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 Award. 

 
					
	PARTICIPANT: Name
		
	Signature:	 	  

	Date:	 	  

	
	PAR PETROLEUM CORPORATION
		
	By:	 	  

	Date:	 	  

 EXHIBIT A 

Total Number of Shares

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