Document:

Fifth Amended and Restated 1999 Employee Stock Incentive Plan

 Exhibit 10.1 
 PENN VIRGINIA CORPORATION 
 FIFTH AMENDED AND RESTATED 1999 EMPLOYEE STOCK INCENTIVE PLAN

  

	1.	Purpose of the Plan 

 The purpose of the Plan is to
foster and promote the long-term success of the Company and increase shareholder value by: (a) motivating superior performance by providing to the Company’s employees long-term incentives and rewards for making major contributions to
the Company’s success; (b) strengthening the Company’s ability to retain key employees and to attract and retain outside talent by providing incentive compensation opportunities competitive with other companies similar to the Company;
and (c) enabling employees to participate in the long-term growth and financial success of the Company. 
  

	2.	Definitions 

 (a)    “Beneficiary” means the beneficiary chosen by the Optionee who is eligible to receive benefits under Section 8(b). 
 (b)    “Board” means the board of directors of the Parent Company. 
 (c)    “Cashless Exercise” means the manner of exercise of an Option described in Section 8(h). 
 (d)    “Cause” means (i) with respect to an Optionee or Participant who has an employment or change of control severance agreement with the Company, “cause” as defined in such agreement or
(ii) with respect to an Optionee or Participant who does not have an employment or change of control agreement with the Company, conduct on the part of an Optionee or Participant that involves (A) willful failure to perform the
Participant’s or Optionee’s duties or (B) engaging in serious misconduct injurious to the Company. 
 (e)    “Change of Control” means the occurrence of any of the events described in Section 14. 
 (f)    “Code” means the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder. 
 (g)    “Committee” means the committee described in Section 5. 
 (h)    “Company” means Penn Virginia Corporation and each of its Subsidiary Companies and any successor corporation. 
 (i)    “Date of Grant” means the date on which an Option or a Restricted Stock Award is granted. 
 (j)    “Deferred Shares Account” means the account described in Section 8(d). 

 (k)    “Disability” means, unless otherwise determined by the Committee and
set forth in an option agreement, restricted stock award agreement or restricted stock unit award agreement, (i) with respect to an Option or a Restricted Stock Award, an Optionee or a Participant becoming disabled as determined by the
Committee in its discretion, and (ii) with respect to a Restricted Stock Unit Award, a Participant becoming disabled within the meaning of such term under section 409A(a)(2)(C) of the Code. 
 (l)    “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (m)    “Option” means any stock option granted under the Plan and described in Section 3(a). 
 (n)    “Optionee” means a person to whom an Option has been granted under the Plan, which Option has not been exercised and
has not expired, terminated or been forfeited. 
 (o)    “Parent Company” means Penn Virginia Corporation, a
Virginia corporation. 
 (p)    “Participant” means a person to whom a Restricted Stock Award has been granted
under the Plan the Restriction Period of which has not expired. 
 (q)    “Plan” means this Penn Virginia
Corporation Fifth Amended and Restated 1999 Employee Stock Incentive Plan, as set forth herein and as amended from time to time. 
 (r)    “Restricted Stock” means Shares granted pursuant to a Restricted Stock Award. 
 (s)    “Restricted Stock Award” means any award of Shares granted under the Plan and described in Section 3(b). 
 (t)    “Restriction Period” means the period of time commencing with the Date of Grant during which restrictions shall apply to the Shares subject to a Restricted Stock Award. 

(u)    “Retirement” means the voluntary termination by an Optionee or a Participant of his employment with the Company
after such Optionee or Participant has become Retirement Eligible. 
 (v)    “Retirement Eligible” means an
Optionee or a Participant has attained age 62 and completed at least ten consecutive Years of Service, or such younger age or lesser number of consecutive Years of Service as determined by the Committee. 
 (w)    “Shares” means shares of common stock of the Parent Company. 
  

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 (x)    “Subsidiary Companies” means all corporations that at any relevant
time are subsidiary corporations of the Parent Company within the meaning of section 424(f) of the Code. 
 (y)    “Tax Date” has the meaning specified in Section 8(g). 
 (z)    “Value” on any date means the closing stock price for a Share on the principal national securities exchange on which the Shares are listed on such date (or if such securities exchange shall not be open
for the trading of securities on such date, the last previous day on which such exchange was so open) or, if there is no closing price on such date, the closing stock price on the date nearest preceding such date. 
 (aa)    “Vesting Period” means the period of time commencing with the Date of Grant during which the Option is not yet
exercisable. 
 (bb)    “Year of Service” means any calendar year in which an employee of the Company is paid
or entitled to be paid for 1,000 hours of service. 
  

	3.	Rights To Be Granted 

 The following rights may be
granted under the Plan: 
 (a)    Options, which give the Optionee the right for a specified time period, to purchase a
specified number of Shares for a price equal to the Value of such Shares on the Date of Grant subject to forfeiture under certain circumstances upon termination of employment during a Vesting Period applicable to the Options; 
 (b)    Restricted Stock Awards, which give the Participant, without payment, a specified number of Shares subject to forfeiture under
certain circumstances upon termination of employment during a Restriction Period applicable to the Shares; and 
  

	4.	Stock Subject to Plan 

 Subject to Section 13,
not more than 5,200,000 Shares in the aggregate may be issued pursuant to the Plan and of the foregoing 5,200,000 Shares, no more than 200,000 Shares in the aggregate may be issued as Restricted Stock Awards. For purposes of determining the number
of Shares issued under the Plan, no Shares shall be deemed issued until they are actually delivered to a Participant, Optionee or any other person in accordance with Section 8(b). Shares covered by Options or Restricted Stock Awards that either
wholly or in part expire or are forfeited or terminated shall be available for future issuance under the Plan. Further, any Shares tendered to or withheld by the Company in connection with the exercise of Options, or the payment of tax withholding
on any Option or Restricted Stock Award shall not be available for future issuance under the Plan. 
  

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	5.	Administration of Plan 

 (a)    The Plan shall be administered by the Committee, which shall be composed of not less than three directors of the Parent Company appointed by the Board who are “non-employee directors” as defined under
rules promulgated under Section 16(b) of the Exchange Act. Except as the Committee may otherwise determine, all decisions and determinations by the Committee shall be final and binding upon all Optionees and Participants and their respective
designated beneficiaries. 
 (b)    The Committee may delegate, to a person designated from time to time by the Committee
as the Plan Administrator, the right to approve or exercise any discretion given to the Committee pursuant to Sections 8(c), 8(g) and 9(e). 
  

	6.	Grant of Rights 

 Subject to Section 7, the
Committee or the Board may grant Options and Restricted Stock Awards to eligible employees of the Company as described in Section 7. 
  

	7.	Eligibility 

 (a)    Options may
be granted to any employee of the Company. 
 (b)    Restricted Stock Awards may be granted only to key employees of the
Company, who are designated as such by the Committee or the Board. 
  

	8.	Option Agreements and Terms 

 All Options shall be
granted prior to January 1, 2014 and be evidenced by option agreements executed on behalf of the Parent Company and by the respective Optionees. The terms of each such agreement shall be determined from time to time by the Committee,
consistent, however, with the following: 
 (a)    Option Price. The option price per Share of any Option granted
to an Optionee shall be equal to the Value of the Share on the Date of Grant. 
 (b)    Restrictions on
Transferability. An Option shall not be transferable prior to the termination of the Vesting Period with respect thereto unless otherwise determined by the Committee and specified in the option agreement. Thereafter, unless otherwise determined
by the Committee and specified in the option agreement, an Option shall not be transferable otherwise than (i) by will or the laws of descent and distribution or (ii) to the spouse, children or grandchildren of the Optionee or a trust for
the exclusive benefit of any such family member, provided, however, that no such family member shall be permitted to make any subsequent transfer of any such Options except back to the original Optionee and all Options transferred to any such family
member shall remain subject to all terms and conditions set forth herein. During the lifetime of the Optionee, an Option shall be exercisable only by him or by any transferee to whom an Option was transferred in accordance with subsection (b)(ii).
Upon the death of an Optionee or the 

  

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transfer in accordance with subsection (b)(ii), the person to whom the rights shall have been transferred or passed by will or by the laws of descent and
distribution may exercise any Options only in accordance with the provisions of Section 8(f); provided, that, notwithstanding the foregoing, an Optionee may designate in writing on a form provided by the Company a Beneficiary who may exercise
any Options in accordance with Section 8(f). 
 (c)    Payment. Full payment for Shares purchased upon the
exercise of an Option shall be made in cash or, at the election of the person exercising the Option and subject to the approval of the Committee at the time of exercise, by surrendering, or by the Parent Company’s withholding from Shares
purchased, Shares with an aggregate Value, on the date immediately preceding such exercise date, equal to all or any portion of the option price not paid in cash. With the consent of the Committee, payment for Shares purchased upon the exercise of
an Option may be made in whole or in part by Restricted Stock (based on the fair market value of the Restricted Stock on the date the Option is exercised as determined by the Committee). In such case, the Shares to which the Option relates shall be
subject to the same forfeiture restrictions existing on the Restricted Stock exchanged thereof. Payment for Shares purchased upon the exercise of an Option may also be made pursuant to a Cashless Exercise. 
 (d)    Issuance of Certificates; Payment of Cash. Only whole Shares shall be issuable upon exercise of Options. Any right to a
fractional Share shall be satisfied in cash. Upon receipt of payment of the option price and any withholding taxes payable pursuant to subsection (g), the Parent Company shall deliver to the exercising Optionee a certificate for the number of whole
Shares and a check for the Value on the date of exercise of the fractional Share to which the person exercising the Option is entitled or, if such Optionee has made a deferral election pursuant to Section 12, Shares subject to such election
shall be delivered to the Deferred Shares Account, which shall be maintained for such purpose by the Parent Company or an administrator appointed by the Parent Company. The Parent Company shall not be obligated to deliver any certificates for Shares
until such Shares have been listed (or authorized for listing upon official notice of issuance) upon each stock exchange upon which outstanding Shares of such class at the time are listed nor until there has been compliance with such laws or
regulations as the Parent Company may deem applicable. The Parent Company shall use its best efforts to effect such listing and compliance. Notwithstanding anything to the contrary in this subsection (d), the Parent Company may cause Shares issued
to be uncertificated. 
 (e)    Periods of Exercise of Options. An Option shall be exercisable in whole or in part
at such time as may be determined by the Committee and stated in the option agreement; provided that no Option shall be exercisable before one year from the Date of Grant except as otherwise determined by the Committee or as provided in clauses
(iii) and (iv) below and Section 14 and that no Option shall be exercisable after ten years from the Date of Grant: 
 (i)    In the event an Optionee ceases to be an employee of the Company for any reason other than death, Disability, Retirement or termination 

  

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for Cause (A) any Option held by such Optionee the Vesting Period with respect to which has not terminated shall expire and (B) any Option held by
such Optionee the Vesting Period with respect to which has terminated shall be exercisable until the earlier of that date which is (A) 90 days after the date on which the Optionee’s employment ceased or (B) the ten year anniversary of
the Date of Grant. An Option exercisable on the date of such cessation shall be exercisable for the remainder of its term to the extent exercisable as of the date of such cessation. 
 (ii)    In the event an Optionee’s employment with the Company terminates for Cause, any unexercised Options held
by such Optionee shall expire on the earlier of the date of employment termination or notice of such termination. 
 (iii)    In the event an Optionee ceases to be an employee of the Company by reason of his death or Disability, any Option granted to such Optionee shall immediately become exercisable and shall remain exercisable until
the earlier of that date which is (A) one year after the date of death or Disability or (B) the ten year anniversary of the Date of Grant. 
 (iv)    In the event an Optionee ceases to be an employee of the Company by reason of his Retirement, any Option granted to such Optionee shall immediately become exercisable and shall remain
exercisable until the ten year anniversary of the Date of Grant. 
 (f)    Date and Notice of Exercise. Except
with respect to Cashless Exercises, the date of exercise of an Option shall be the date on which written notice of exercise, addressed to the Parent Company at its main office to the attention of its Secretary, is hand delivered, telecopied or
mailed, first class postage prepaid; provided that the Parent Company shall not be obliged to deliver any certificates for Shares pursuant to the exercise of an Option until the Company shall have received payment in full of the option price for
such Shares and any withholding taxes payable pursuant to subsection (g). Each such notice of exercise shall be irrevocable when given. Each notice of exercise must include a statement of preference as to the manner in which payment to the Parent
Company shall be made (Shares or cash, a combination of Shares and cash or by Cashless Exercise). 
 (g)    Payment of
Withholding Taxes. Full payment for the amount of any taxes required by law to be withheld by the Parent Company upon the exercise of an Option shall be made, on or before the date such taxes must be withheld, in cash or, at the election of the
person recognizing income upon exercise of the Option and subject to the approval of the Committee, by surrendering, or by the Parent Company’s withholding from Shares purchased, Shares with an aggregate Value on the date immediately preceding
the date the withholding taxes due are determined (the “Tax Date”) equal to all or any portion of the withholding taxes not paid in cash. Payment for such taxes may also be made pursuant to a Cashless Exercise. 
  

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 (h)    Cashless Exercise. In addition to the methods of payment described in
Sections 8(c) and 8(g), an Optionee may exercise and pay for Shares purchased upon the exercise of an Option through the use of a brokerage firm acceptable to the Parent Company to make payment to the Company of the option price and any taxes
required by law to be withheld upon exercise of the Option either from the proceeds of a loan to the Optionee from the brokerage firm or from the proceeds of the sale of Shares issued pursuant to the exercise of the Option, and upon receipt of such
payment the Company shall deliver the Shares issuable under the Option exercised to such brokerage firm (a “Cashless Exercise”). Notwithstanding anything stated to the contrary herein, the date of exercise of a Cashless Exercise shall be
the date on which the broker executes the sale of exercised Shares or, if no sale is made, the date the broker receives the exercise loan notice from the Optionee to pay the Company for the exercised Shares. 
  

	9.	Restricted Stock Award Agreements and Terms 

 Restricted Stock Awards shall be granted prior to January 1, 2014, subject to the limit set forth in Section 4 and shall be evidenced by restricted stock award agreements executed on behalf of the Parent Company and by the
respective Participants. The terms of each such agreement shall be determined from time to time by the Committee, consistent, however, with the following: 
 (a)    Restrictions on Transferability. During the Restriction Period, neither a Restricted Stock Award nor any interest therein shall be transferable otherwise than by will or the laws of
descent and distribution. Upon the death of a Participant, the person to whom the rights shall have passed shall become entitled to the restricted Shares only in accordance with subsection (d). 
 (b)    Issuance of Certificates. Upon receipt from a Participant of a fully executed restricted stock award agreement and a
stock power relating to the Shares issuable thereunder executed in blank by the Participant, the Parent Company shall issue to such Participant the Shares subject to the Restricted Stock Award. The certificates representing such Shares shall be
registered in such Participant’s name, with such legend thereon as the Committee shall deem appropriate. The Parent Company shall retain the certificates for such Shares pending the termination of the Restriction Period or forfeiture thereof.
Upon termination of the Restriction Period of any such Shares, the Parent Company shall deliver to the Participant the certificates for such Shares. The Parent Company shall not be obligated to deliver any certificates for Shares until such Shares
have been listed (or authorized for listing upon official notice of issuance) upon each stock exchange upon which outstanding Shares of such class at the time are listed nor until there has been compliance with such laws or regulations as the Parent
Company may deem applicable. The Parent Company shall use its best efforts to effect such listing and compliance. 
 (c)    Restriction Period. The Restriction Period for Restricted Stock Awards granted to a Participant shall be determined by the Committee and specified in the restricted stock award agreement, provided that no
Restriction Period shall terminate less than one year or greater than five years from the Date of Grant except pursuant to 

  

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subsection (d). Notwithstanding the foregoing, only whole Shares shall be issuable with respect to Restricted Stock Awards. In the event a Participant shall
become entitled to a fractional Share, such fractional Share shall not be issuable unless and until the Participant becomes entitled to such number of fractional shares as shall be equal in sum to a whole Share. 
 (d)    Forfeiture of Shares; Vesting on Disability, Death or Retirement. 
 (i)    In the event a Participant ceases to be an employee of the Company for any reason other than his death,
Disability or Retirement, any Shares subject to such Participant’s Restricted Stock Award the Restriction Period with respect to which has not terminated shall automatically be forfeited by the Participant and revert to and become the property
of the Company. 
 (ii)    Except as shall have otherwise been determined by the Committee and specified
in the restricted stock award agreement, in the event a Participant ceases to be an employee of the Company by reason of his death, Disability or Retirement, the Restriction Period with respect to any Shares subject to such Participant’s
Restricted Stock Award which has not terminated shall automatically terminate effective on the date of the Participant’s death, Disability or Retirement, as applicable. 
 (e)    Payment of Withholding Taxes. Full payment for the amount of any taxes required by law to be withheld in connection
with a Restricted Stock Award shall be made, on or before the date such taxes must be withheld, in cash or, at the written election of the Participant and subject to the approval of the Committee, by surrendering, or by the Parent Company’s
withholding from Shares subject to such Restricted Stock Award Shares with an aggregate Value on the Tax Date equal to all or any portion of the withholding taxes not paid in cash. 
  

	10.	Termination of Employment 

 For the purposes of the
Plan, a transfer of an employee between two employers, each of which is a Company, shall not be deemed a termination of employment. 
  

	11.	Rights as Shareholders 

 (a)    An Optionee shall have no rights as a Shareholder of the Parent Company with respect to any Shares covered by his Options until the date on which the Optionee is issued a stock certificate or evidence of ownership
of uncertificated Shares for such Shares underlying the Options. 
 (b)    Except as shall have been determined by the
Committee and specified in the restricted stock award agreement, pending forfeiture of Shares subject to a Restricted Stock Award, the Participant thereunder shall have all of the rights of a holder of such Shares including without limitation the
right to receive such dividends as may be declared from time to time and to vote such Shares (in person or by proxy). 
  

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	12.	Deferrals 

 The Committee may permit or require a
Participant to defer receipt of the payment of cash or the delivery of Shares that would otherwise be due to the Participant in connection with any grant made under the Plan. The Committee shall establish rules and procedures for any such deferrals,
consistent with applicable requirements of section 409A of the Code. 
  

	13.	Adjustments Upon Changes in Capitalization 

 In the
event of a stock dividend, stock split, recapitalization, combination, subdivision, issuance of rights, or other similar corporate change, the Committee shall make an appropriate adjustment in the aggregate number of Shares issuable under the Plan,
the number of Shares subject to each then outstanding Option, the option price of each then outstanding Option and the number of Restricted Stock Awards then outstanding. 
  

	14.	Change of Control 

 (a)    A
Change of Control shall be deemed to have occurred upon the occurrence of any of the following events: 
 (i)    any person, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) other than a trustee or other fiduciary holding securities under an employee benefit plan of the Parent
Company, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Parent Company representing 25% or more of the combined voting power of the Parent Company’s then
outstanding securities; 
 (ii)    during any period of two consecutive years (not including any period
prior to the effective date of this Plan), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Parent Company to effect a
transaction described in any of clauses (i), (iii) or (v) of this Change of Control definition and excluding any individual whose initial assumption of office occurs as a result of either (A) an actual or threatened election contest
(as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act), or (B) an actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board) whose election by the Board or
nomination for election by the Parent Company’s shareholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for
election was previously so approved, cease for any reason (other than retirement) to constitute at least a majority of the Board; 
 (iii)    the consummation of a merger or consolidation of the Parent Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Parent Company outstanding

  

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immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at
least 75% of the combined voting power of the voting securities of the Parent Company (or such surviving entity or parent entity, as the case may be) outstanding immediately after such merger or consolidation; 
 (iv)    the shareholders of the Parent Company approve a plan of complete liquidation of the Parent Company; or

 (v)    the shareholders of the Parent Company approve an agreement for the sale or disposition by the
Parent Company of all or substantially all of the assets of the Parent Company, it being acknowledged for purposes of clarity that the sale or disposition by the Parent Company of all or substantially all of its interest in PVG GP, LLC, Penn
Virginia GP Holdings, L.P., Penn Virginia Resource GP, LLC or Penn Virginia Resource Partners, L.P. shall not constitute a sale or disposition of all or substantially all of the assets of the Parent Company. 
 (b)    Upon the occurrence of a Change in Control or such period prior thereto as shall be established by the Committee,
(i) Options and Restricted Stock Awards shall automatically vest and (ii) Options shall become 100% exercisable and shall remain exercisable for the lesser of three years or the term thereof. In this regard, all Restriction Periods and
Vesting Periods shall terminate. 
  

	15.	Plan Not to Affect Employment 

 Neither the Plan nor
any Option or Restricted Stock Award shall confer upon any employee of the Company any right to continue in the employment of the Company. 
  

	16.	Interpretation 

 The Committee shall have the power
to interpret the Plan and to make and amend rules for putting it into effect and administering it. It is intended that the Restricted Stock Awards shall constitute property subject to federal income tax pursuant to the provisions of Section 83
of the Code and that the Plan shall qualify for the exemption available under Rule 16b-3 (or any similar rule) of the Exchange Act. To the extent applicable, grants under the Plan shall be structured either to be exempt from or to comply with the
requirements of section 409A of the Code. The provisions of the Plan shall be interpreted and applied insofar as possible to carry out such intent. 
  

	17.	Amendments 

 The Plan, any Option and the related
option agreement and any Restricted Stock Award and the related restricted stock award agreement may be amended by the Board or the Committee, but any amendment that would require approval of the shareholders of the Parent Company shall require the
approval of the holders of such portion of the shares of the capital stock of the Parent Company present and entitled to vote on such amendment as is required by applicable law and the terms of the Parent Company’s 

  

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capital stock to make the amendment effective. Notwithstanding the foregoing, no amendment shall be made which would disqualify any member of the Committee
from being a “non-employee director” as defined herein. No outstanding Option shall be adversely affected by any such amendment without the written consent of the Optionee or other person then entitled to exercise such Option. No
Restricted Stock Award shall be adversely affected by any such amendment without the written consent of the Participant or other person then entitled to receive the Shares subject to such Restricted Stock Award. 
  

	18.	Securities Laws 

 The Committee shall have the power
to make each grant under the Plan subject to such conditions as it deems necessary or appropriate to comply with the then-existing requirements of Rule 16b-3 (or any similar rule) of the Securities and Exchange Commission. 
  

	19.	Governing Law 

 The validity, construction and
effect of the Plan and any rules or regulations relating to the Plan shall be determined in accordance with the laws of the Commonwealth of Pennsylvania without regard to its conflict of laws principles. 
  

	20.	Effective Date and Term of Plan 

 The Plan became
effective on May 4, 1999 and shall expire on December 31, 2013 unless sooner terminated by the Board. 
  

 11Change of Location Severance Agreement - Nancy M. Snyder

 Exhibit 10.8 
 PENN VIRGINIA CORPORATION 
 CHANGE OF LOCATION SEVERANCE AGREEMENT 
 THIS CHANGE OF LOCATION SEVERANCE AGREEMENT (the “Agreement”) dated as of November 5, 2008 (the “Effective
Date”) by and between Penn Virginia Corporation, a Virginia corporation (the “Company”), and Nancy M. Snyder (“Executive”). 
 WHEREAS, the Company and Executive are parties to an agreement, dated August 6, 1998, pursuant to which the Company agreed to provide Executive a special payment in the event Executive elects to resign
from employment with the Company as a result of a material change in the geographic location at which Executive must perform services (the “Existing Agreement”); 
 WHEREAS, the Company and Executive desire to amend and restate the Existing Agreement to comply with the applicable requirements of section 409A
of the Internal Revenue Code, as amended, and the regulations promulgated thereunder (the “Code”); and 
 WHEREAS,
the Company and Executive hereby agree that this Agreement shall supersede and replace the Existing Agreement as of the Effective Date. 
 THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Executive agree as follows: 
 1. Termination of Employment. Executive may initiate a termination of Executive’s employment with the Company if there is a material change in the geographic location at which Executive must perform
services (which, for purposes of this Agreement, means relocation of the Company’s current headquarters in Radnor, Pennsylvania at which Executive is principally employed to a location more than 50 miles from Radnor, Pennsylvania); provided,
however, that in order to terminate Executive’s employment with the Company hereunder, Executive must object in writing to the Company within 30 days following initial written notification of the relocation or proposed relocation, the Company
shall have 30 days after delivery of Executive’s notice in which to rescind or otherwise remedy the action and give Executive written notice of such rescission or remedy, and Executive’s employment must terminate at the end of such 30-day
cure period. Notwithstanding any provision to the contrary herein, the Company may request Executive to provide services for a specified transition period, upon such terms and conditions as mutually agreeable to the Company and Executive, consistent
with the requirements of section 409A of the Code. 
 2. Special Payment. Upon termination of Executive’s employment as described
in Section 1 above, the Company shall pay Executive an amount equal to 12 months of Executive’s base salary at the rate in effect immediately prior to Executive’s termination date. Payment shall be made in equal installments beginning
within 30 days following the effective date of Executive’s termination of employment, in accordance with the Company’s normal payroll practices. No other payments or benefits shall be due under this Agreement to Executive, but Executive
shall be entitled to any compensation earned but unpaid through the termination date and any benefits accrued or earned in accordance with the terms of any applicable benefit plans and programs of the Company. 

 3. Section 409A of the Code. This Agreement is intended to comply with the requirements of
section 409A of the Code and, specifically, with the separation pay exemption and short-term deferral exemption of section 409A, and shall in all respects be administered in accordance with section 409A. For purposes of section 409A of the Code, all
payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” under section 409A of the Code and the right to a series of installment payments shall be treated as the right to a
series of separate payments. In no event shall Executive, directly or indirectly, designate the calendar year of payment. Notwithstanding anything in this Agreement to the contrary, if required by section 409A, if Executive is considered a
“specified employee” for purposes of section 409A and if payment under Section 2 above is required to be delayed for a period of six months after “separation from service” pursuant to section 409A, payment shall be delayed
as required by section 409A, and the postponed amounts shall be paid in a lump sum payment to Executive on the first payroll date that occurs after the date that is six months following Executive’s “separation from service” with the
Company. If Executive dies during the postponement period prior to payment of the postponed amount, the amounts postponed on account of section 409A of the Code shall be paid to the personal representative of Executive’s estate within 60 days
after the date of Executive’s death. 
 4. Withholding. The payment described in Section 2 above shall be made subject to
applicable tax withholding, and the Company shall withhold from such payment all federal, state and local taxes as the Company is required to withhold pursuant to any law or governmental rule or regulation. Executive shall bear all expense of, and
be solely responsible for, all federal, state and local taxes due with respect to such payment. 
 5. Assignment. All of the terms and
provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto. The Company shall require any
successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business and/or assets of the Company to, and each successor shall, assume expressly in writing prior to the
effective date of such succession and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no succession had taken place. 
 6. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia without regard to
conflicts of law principles. 
 7. Entire Agreement. This Agreement sets forth the entire agreement of the parties hereto and
supersedes any and all existing agreements and understandings (including, without limitation, the Existing Agreement) concerning the subject matter hereof, it being understood that the Change of Control Severance Agreement existing between the
Company and Executive concerns a different subject matter than this Agreement. This Agreement may be changed only by a written document signed by Executive and the Company. 
  

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 8. Counterparts. This Agreement may be executed in any number of counterparts (including facsimile
counterparts), each of which shall be an original, but all of which together shall constitute one instrument. 
 IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date and year first above written. 
  

			
	PENN VIRGINIA CORPORATION
		
	By:	 	 /s/ A. James Dearlove

	Name:	 	A. James Dearlove
	Title:	 	President and Chief Executive Officer
	
	EXECUTIVE
	
	 /s/ Nancy M. Snyder

	Nancy M. Snyder

  

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