Document:

Exhibit

PAR PETROLEUM CORPORATION 
AWARD OF RESTRICTED STOCK 
(Employee)

In this Award, Par Petroleum Corporation (the “Company”) grants to Jim R. Yates (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 May 8, 2015.
2.The total number of shares of Restricted Stock granted is 6,385.
3.The Vesting Dates for the Restricted Stock granted in this Award are as follows:
Subject to item 4 below, Participant shall not become vested in any of the Restricted Stock granted unless he or she is continuously employed with the Company or an Affiliate from the Date of Grant through the Vesting Date, and Participant may not sell, assign, transfer, exchange, pledge, encumber, gift, devise, hypothecate or otherwise dispose of any 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 on the following applicable dates (each a “Vesting Date”): as to one quarter (1/4) of the Restricted Stock on May 8, 2016 and an additional one quarter (1/4) of the Restricted Stock on each anniversary of May 8 until the Restricted Stock is 100% Vested.  The Restricted Stock as to which such restrictions so lapse are referred to as “Vested.”
4.Other Vesting Events are as follows:
Notwithstanding the foregoing vesting schedule in item 3, the Restricted Stock will be 100% Vested upon any one of the following “Vesting Events”:  (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 for Good Reason 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.
For purposes of this Award, the terms “Cause” and “Good Reason” shall have the following meanings:
“Cause” shall mean that you have (a) been convicted of, or please nolo contendere to, a felony or crime involving moral turpitude; (b) committed an act of personal dishonesty or fraud involving personal profit in connection with your employment by Mid Pac, Par or its affiliates; (c) committed a material breach of any material covenant, provision, term, condition, understanding 

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or undertaking set forth in this letter or any restrictive covenant running in favor of Par to which you may be subject; (d) committed an act which the Board of Directors of Par, (including the Compensation Committee) has found to have involved willful misconduct or gross negligence on your part; (e) failed or refused to substantially perform the lawful duties of your employment in any material respect; or (f) failed to comply with the lawful written rules and policies of Par and its affiliates in any material respect; provided, however, that no termination under clause (c), (d), (e) or (f) above shall be effective unless you shall have first received written notice describing in reasonable detail the basis for the termination and within fifteen (15) days following delivery of such notice you shall have failed to cure such alleged behavior constituting “Cause”, provided, further, that this notice requirement prior to termination shall be applicable only if such behavior or breach is capable of being cured.
“Good Reason” shall mean that you have resigned from employment with Mid Pc, Par or its affiliates following the occurrence of one or more events set forth in the clauses (I) through (IV) below without your prior written consent, provided, that, in connection with any event or events specified in clauses (I) through (IV) below, (a) you have first delivered written notice to Par of your intention to resign from employment due to one or more such events, which notice specifies in reasonable detail the circumstances claimed to provide the basis of such resignation, and (b) such event or events are not cured by Par within fifteen (15) days (or such longer reasonable period of time as is necessary to cure such event so long as Par is diligently pursuing such cure) following delivery of such written notice:
		
	I.
	any diminution in your base annual compensation;

		
	II.
	any removal from your position as President of Mid Pac or the resulting marketing and logistics entity described in the first paragraph of the offer letter or any material diminution in your authority, duties, or responsibilities;

		
	III.
	a material change in the geographic location of your principal office with Par; or

		
	IV.
	any material breach by Par of its obligation under this Agreement.

The foregoing severance benefits and payments shall be conditioned upon (1) your execution and delivery to Par of an effective release of all claims against, and covenant not to sue, Par and its subsidiaries, affiliates, officers, directors, employees, representatives and agents, which release is not revoked within applicable statutory timeframes and (2) your continued compliance with all restrictive covenants and continuing obligations to Par, a breach of which covenants or obligations shall result in the termination and forfeiture of all the foregoing benefits and payments.
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.
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 an 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:  Jim R. Yates

Signature: _/s/ Jim Yates____________________

PAR PETROLEUM CORPORATION

By: _/s/ Jeff Hollis_________________________
Name:    Jeff Hollis
		
	Title:
	Associate General CounselExhibit

                     
January 2, 2014    

Kelly Rosser
9102 Glenfair Court
Spring, Texas  77379

RE: Employment Offer 

Dear Kelly: 

We are pleased to extend this letter as confirmation of your offer of employment with Par Petroleum (PAR) as Corporate Controller.  This position will report directly to Christopher Micklas the CFO and is full time exempt.  

Following is an outline of the terms and general conditions of your employment with PAR:
 
1. Commencement Date:     February 17, 2014

2. Salary: You will be paid an annual base salary of $220,000 in accordance with PAR’s standard payroll practice. Your compensation will be reviewed annually in accordance with current company policy.

3.  Other Compensation: 

		
	a.
	Annual Incentive Bonus: You will participate in an annual incentive plan and may be eligible for bonuses each year depending upon the profitability of the Company and your performance against metrics that will be defined each year.  Your target bonus will be 25% of your annual base pay with a maximum of 50%.

 
		
	b.
	Annual Restricted Stock Incentive:  You will be eligible to participate in an annual stock based incentive plan that will be awarded at the end of each year subject to meeting personal performance goals that will be negotiated for each annual period.  The value at risk will be determined annually with your first annual at-risk target value being $100,000.  Shares awarded will vest over a 3 year period.

		
	c.
	Acceptance of Employment Incentive:  You will be granted a value of $50,000 in restricted PAR stock as of the commencement of your employment.  The actual number of shares granted will be determined by using a price determined by a 60 day VWAP (Volume Weighted Average Price) consistent with current PAR equity plans.  The restricted stock will vest over a 5 year period.

In any case, restricted stock grants will include key terms such as:

		
	i.
	A vesting schedule under which shares will vest in accordance with an established schedule on the anniversary of award.

		
	ii.
	Vesting shall occur immediately upon:

		
	•
	Death of grantee

		
	•
	Retirement of grantee

		
	•
	Termination of grantee’s employment without cause

		
	•
	Occurrence of change of control

4. Vacation and Holidays: You will be eligible for four weeks paid vacation and nine holidays per calendar year in accordance with current company policies.  

5. Benefits: You will be eligible to participate in PAR/Texadian sponsored benefit program beginning the first of the month after completion of 30 days service.  

In making this offer, PAR understands that you are not under any obligation to any former employer, person, firm or corporation that would prevent, limit or impair in any way the performance by you of the duties as an employee of PAR.  

This offer is subject to completion of a background investigation and the passing of alcohol and drug screening tests.  We will schedule these as soon as possible after receiving your signed offer.  This offer is also contingent upon compliance with the Immigration Reform and Control Act of 1986.  The act requires you to establish your identity and employment eligibility.  Therefore, on or before your first day of employment you will be required to fill out an Employment Verification Form, also referred to as an I-9, and present any of the documents required.  Attached you will find a listing of the eligible documentation.  Sometimes these documents can take time to obtain, so please start now to obtain them.

We are delighted to have you join the PAR team and look forward to a long and mutually beneficial relationship.  Should you have any questions, please do not hesitate to contact me directly.

To acknowledge your acceptance of the foregoing, please sign in the space below and return a copy to me.   

Sincerely, 

 

/s/ Christopher Micklas

Christopher Micklas
CFO

Agreed: 

_/s/ Kelly Rosser____________                    January 2, 2014___________
Kelly Rosser                                Date

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