Document:

Exhibit 4.5

 

BERRY
PETROLEUM COMPANY

2010 EQUITY
INCENTIVE PLAN

RESTRICTED
STOCK UNIT AWARD AGREEMENT

 

OFFICERS

 

Unless
otherwise defined herein, the terms defined in the Berry Petroleum Company 2010
Equity Incentive Plan shall have the same defined meanings in this Restricted
Stock Unit Award Agreement.

 

I.              NOTICE OF
RESTRICTED STOCK UNIT GRANT

 

You
have been granted restricted Stock Units, subject to the terms and conditions
of the Plan and this Restricted Stock Unit Award Agreement, as follows:

 

Name
of Awardee:

 

Total
Number of Stock Units Granted:

 

Grant
Date:

 

Vesting
Schedule:

 

II.            AGREEMENT

 

A.                                   Grant of Stock Units.  Pursuant to
the terms and conditions set forth in this Restricted Stock Unit Award
Agreement (including Section I above) and the Plan, the Administrator
hereby grants to the Awardee named in Section I above, on the Grant Date
set forth in Section I above, the number of Stock Units set forth in Section I
above.

 

B.                                     Purchase of Stock Units.  No
payment of cash is required for the Stock Units.

 

C.                                     Vesting/Delivery of Shares.

 

(1)           Vesting.

 

The award of Stock Units  shall
vest in accordance with the Vesting Schedule set forth in Section I
above.  In addition, the Stock Units
become vested in full if the Company is subject to a Change in Control before
the Awardee’s Termination of Service, and the Awardee is subject to an
Involuntary Termination (defined below) within 12 months after the Change in
Control.  The Stock Units may also vest
in accordance with subsection L below.

 

The term “Involuntary Termination” shall mean the
Awardee’s Termination of Service by reason of: 
(i) the involuntary discharge of the Awardee by the Company (or the
Affiliate employing him or her) for reasons other than Cause (defined below);
or (ii) the voluntary resignation of the Awardee following (A) a
material adverse change in his or her title, stature, authority or
responsibilities with the Company (or the Affiliate employing him or her), (B) a
material reduction in his or her base salary or 

 

1

 

annual
bonus opportunity or (C) receipt of notice that his or her principal
workplace will be relocated by more than 50 miles.  The term “Cause” shall mean any of the
following acts or omissions on the part of the Awardee:  any act of dishonesty, any disclosure of
confidential information, negligence or misconduct, failure to perform duties
to the standards required by the Company (or the Affiliate employing him or
her) or neglect of his or her duties, as determined in the Administrator’s sole
and absolute discretion, any illegal act, drug, alcohol or other substance
abuse, or any act or omission which has an adverse effect on the Company or any
Affiliate’s reputation or business operations.

 

(2)           Forfeiture of Stock Units. The unvested Stock Units shall automatically
be forfeited upon the Awardee’s Termination of Service unless the Administrator
determines otherwise in writing.

 

(3)           Form of Delivery.

 

The granted Stock Units are payable in ordinary
shares of Company Stock.  This distribution
may be made either as a single lump sum transfer of shares or through the
transfer of shares in five substantially equal annual installments.  Subject to the provisions of this Restricted
Stock Unit Award Agreement, the Awardee shall elect the form in which the
distribution shall be made in the form and manner prescribed by the
Administrator pursuant to the requirements of Section 409A of the Code
(the “Payment Election”).  If the
Administrator has not received the Awardee’s Payment Election by the applicable
deadline, then the Awardee shall receive the Stock Units in a single lump sum
payment.

 

(4)           General Provisions Regarding Timing of Delivery.

 

Except as specifically set forth in this Restricted
Stock Unit Award Agreement, distribution of shares subject to this award of
Stock Units shall commence on the Transfer Commencement Date in the following
form:

 

(i)                                     in a single lump sum transfer of shares; or

 

(ii)                                  if elected by the Awardee pursuant to a
Payment Election in accordance with Section II.C.2, in a series of five
substantially equal annual installments commencing on the Transfer Commencement
Date and continuing on the four succeeding anniversaries of such Transfer
Commencement Date;

 

provided,
however, that no distribution of shares shall occur prior to                       .

 

(5)           Circumstances Requiring Distributions Regardless of Payment Election:

 

(i)                                     Death Prior to Distribution of Entire Account

 

Notwithstanding
any Payment Election to the contrary, if the Awardee dies prior to the transfer
of all of the vested shares to which he is entitled pursuant to this Restricted
Stock Unit Award Agreement, then any vested shares that have not been
transferred 

 

2

 

as
of the date of the Awardee’s death will be transferred in a single lump sum to
the Awardee’s beneficiary under the terms of Section 18 of the Plan and
all unvested shares as of the date of the Awardee’s death shall be
forfeited.  If no such beneficiary has
been designated, then any such shares shall be transferred to the Awardee’s
estate.  Such transfer shall occur on the
date that is 90 days after the date of the Awardee’s death.

 

(ii)                                  Disability Prior to Distribution of Entire
Account

 

Notwithstanding
any Payment Election to the contrary, if, as a result of his Disability, the
Awardee separates from service prior to the transfer of all of the vested
shares to which he is entitled pursuant to this Restricted Stock Unit Award
Agreement, then any vested shares that have not been transferred as of the date
of the Awardee’s Disability will be transferred in a single lump sum to the
Awardee and all unvested shares as of the date of the Awardee’s Disability
shall be forfeited.  Such transfer shall
occur on the date that is 90 days after the Awardee’s separation from service
due to Disability.

 

(iii)                               Change in Control

 

Notwithstanding
any Payment Election to the contrary, all undistributed vested shares
associated with this Restricted Stock Unit Award Agreement shall be transferred
to the Awardee in a single lump sum on the fifth business day following the
date of the Change in Control.  The
Awardee’s remaining unvested shares will vest in accordance with the terms of
this Restricted Stock Unit Award Agreement, or the terms of any other
applicable agreement, and, upon subsequent vesting of such shares, shall be
paid to the Awardee in a single lump sum transfer on the fifth business day
following the date such shares vest.

 

(6)           Delayed Distribution to Specified Employees.

 

If the Awardee is identified by the Company as a “specified
employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code
on the date on which he has a Separation from Service (other than due to
death), any transfer of shares payable on account of a Separation from Service
shall not take place prior to the earlier of (i) the first business day
following the expiration of six months from the Awardee’s Separation from
Service, (ii) the date of the Awardee’s death, or (iii) such earlier
date as complies with the requirements of Section 409A of the Code (the “Specified
Employee Transfer Date”).  If the Awardee
elected to receive his distribution in a series of installments, he shall
receive the first installment on his Specified Employee Transfer Date, but any
subsequent installments shall be payable without regard to his status as a
specified employee.

 

3

 

(7)           Definitions:

 

(i)                                     The term “Disability” has the meaning set
forth in Section 1.409A-3(i)(4) of the Treasury Regulations and shall
be determined by the  Administrator
in its sole discretion.

 

(ii)                                  The term “Payment Election” shall have the
meaning set forth in Section II.C.(ii) hereof.

 

(iii)                               The term “Transfer Commencement Date” shall
mean the fifth business day of January of the year following the earlier
of the Awardee’s Separation from Service or the fourth anniversary of the Grant
Date.

 

(iv)                              The term “Separation from Service” shall mean
a “separation from service” within the meaning of Treasury Regulation section
1.409A-1(h).

 

D.            No Interest in Company Assets.  The
Awardee shall not have any interest in any fund or specific asset of the
Company by reason of the Stock Units.

 

E.             No Rights as a Stockholder Prior to Delivery.  The Awardee shall not have any right, title
or interest in, or be entitled to vote in respect of, or otherwise be
considered the owner of, any of the shares of Common Stock covered by the Stock
Units. The Awardee shall not be entitled to receive distributions from the
shares of Common Stock covered by the Stock Units.

 

F.             Dividend Equivalents.  The Awardee
will not be entitled to receive a cash payment equal to the dividends paid with
respect to Common Stock covered by the Stock Units.

 

G.            Regulatory Compliance.  The
issuance of Common Stock pursuant to this Restricted Stock Unit Award Agreement
shall be subject to full compliance with all applicable requirements of law and
the requirements of any stock exchange or interdealer quotation system upon
which the Common Stock may be listed or traded.

 

H.            Withholding Tax.  The Company’s
obligation to deliver any Shares upon vesting of Stock Units shall be subject
to the satisfaction of all applicable federal, state, local and foreign income,
and employment tax withholding requirements. The Awardee shall pay to the
Company an amount equal to the withholding amount (or the Company may withhold
such amount from the Awardee’s salary) in cash. At the Administrator’s
election, the Awardee may pay the withholding amount with Shares; provided,
however, that payment in Shares shall be limited to the withholding amount
calculated using the minimum statutory withholding rates.

 

I.              Plan.  This Restricted Stock Unit
Award Agreement is subject to all of the terms and provisions of the Plan,
receipt of a copy of which is hereby acknowledged by the Awardee. The Awardee
hereby agrees to accept as binding, conclusive, and final all decisions and
interpretations of the Administrator upon any questions arising under the Plan
and this Restricted Stock Unit Award Agreement.

 

4

 

J.             Successors.  This Restricted Stock
Unit Award Agreement shall inure to the benefit of and be binding upon the
parties hereto and their legal representatives, heirs, and permitted successors
and assigns.

 

K.            Restrictions on Transfer.  Except
as set otherwise provided for in Subsection J above, and the Plan, the Stock
Units may not be sold, assigned, transferred, pledged or otherwise encumbered,
whether voluntarily or involuntarily, by operation of law or otherwise. No
right or benefit under this Agreement shall be subject to transfer,
anticipation, alienation, sale, assignment, pledge, encumbrance or charge,
whether voluntary, involuntary, by operation of law or otherwise, and any
attempt to transfer, anticipate, alienate, sell, assign, pledge, encumber or
charge the same shall be void. No right or benefit hereunder shall in any
manner be liable for or subject to any debts, contracts, liabilities or torts
of the person entitled to such benefits. Any assignment in violation of this
subsection K shall be void.

 

L.             Change in Control.  In the event of
a Change in Control prior to the Awardee’s Termination of Service, the Stock
Units will be assumed or an equivalent stock unit or right substituted by the
successor corporation or a parent or subsidiary of the successor
corporation.  In the event that the
successor corporation refuses to assume or substitute for the Stock Units, the
Awardee will fully vest in and have the right to receive the Common Stock.  In addition, if the Stock Units become fully
vested in lieu of assumption or substitution in the event of a Change in
Control, the Administrator will notify the Awardee in writing or electronically
that the Stock Units will be fully vested.

 

M.           Restrictions on Resale.  The
Awardee agrees not to sell any Shares that have been issued pursuant to the
vested Stock Units at a time when Applicable Laws, Company policies or an
agreement between the Company and its underwriters prohibit a sale. This
restriction shall apply as long as the Awardee is a Service Provider and for
such period of time after the Awardee’s Termination of Service as the
Administrator may specify.

 

N.            Tax Compliance Issues.

 

The
Company, in its sole discretion, may take any steps that it deems appropriate
or necessary to satisfy its state and federal tax withholding obligations in
connection with this award of Stock Units.

 

This
Restricted Stock Unit Award Agreement shall be interpreted and operated in a
manner consistent with Section 409A of the Code, so as to avoid adverse
tax consequences in connection with this award of Stock Units. The Company
reserves the right, exercisable in its sole discretion and without the Awardee’s
consent, to amend the Plan and this Restricted Stock Unit Award Agreement in
order to accomplish such result.

 

O.            Entire Agreement; Governing Law. 
Except for any written agreement between the Company and Awardee that
has been approved by the Company’s Board of Directors, this Restricted Stock
Unit Award Agreement, the Plan and the Payment Election constitute the entire
agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the
Company and the Awardee with respect to the subject matter hereof, and, except
as provided in subsection M above, may not be modified 

 

5

 

adversely to the Awardee’s
interest except by means of a writing signed by the Company and the Awardee.
This Restricted Stock Unit Award Agreement is governed by the internal substantive
laws, but not the choice of law rules, of Colorado.

 

P.             NO GUARANTEE OF CONTINUED SERVICE. THE AWARDEE ACKNOWLEDGES AND AGREES
THAT THE VESTING OF THE STOCK UNITS PURSUANT TO THE VESTING SCHEDULE HEREOF IS
EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (AND
NOT THROUGH THE ACT OF BEING HIRED OR BEING GRANTED STOCK UNITS). THE AWARDEE
FURTHER ACKNOWLEDGES AND AGREES THAT THIS RESTRICTED STOCK UNIT AWARD
AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET
FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED
ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT
ALL, AND SHALL NOT INTERFERE WITH AWARDEE’S RIGHT OR THE COMPANY’S RIGHT TO
TERMINATE AWARDEE’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR
WITHOUT CAUSE.

 

By
the Awardee’s signature and the signature of the Company’s representative
below, the Awardee and the Company agree that this Award is granted under and
governed by the terms and conditions of this Restricted Stock Unit Award
Agreement and the Plan. The Awardee has reviewed this Restricted Stock Unit
Award Agreement and the Plan in their entirety, has had an opportunity to
obtain the advice of counsel prior to executing this Restricted Stock Unit
Award Agreement and fully understands all provisions of this Restricted Stock
Unit Award Agreement and the Plan. The Awardee hereby agrees to accept as
binding, conclusive and final all decisions or interpretations of the
Administrator upon any questions relating to this Restricted Stock Unit Award
Agreement and the Plan.

 

The
Awardee further agrees that the Company may deliver by email all documents
relating to the Plan or this Award (including, without limitation, prospectuses
required by the Securities and Exchange Commission) and all other documents
that the Company is required to deliver to its security holders (including,
without limitation, annual reports and proxy statements). The Awardee also
agrees that the Company may deliver these documents by posting them on a web
site maintained by the Company or by a third party under contract with the
Company.

 

	
  AWARDEE:

  	
   

  
	
  Signature:

  	
   

  	
   

  
	
  Printed
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BERRY PETROLEUM COMPANY

  	
   

  
	
  Signature

  	
   

  	
   

  
	
  Printed
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

6Exhibit 4.6

 

BERRY
PETROLEUM COMPANY 2010 EQUITY INCENTIVE PLAN

 

RESTRICTED
STOCK UNIT AWARD AGREEMENT

 

DIRECTORS

 

Unless
otherwise defined herein, the terms defined in the Berry Petroleum Company 2010
Equity Incentive Plan shall have the same defined meanings in this Restricted
Stock Unit Award Agreement.

 

I.              NOTICE OF RESTRICTED STOCK UNIT GRANT

 

You
have been granted restricted Stock Units, subject to the terms and conditions
of the Plan and this Restricted Stock Unit Award Agreement, as follows:

 

Name
of Awardee:

 

Total
Number of Stock Units Granted:

 

Grant
Date:

 

Vesting
Schedule:

 

II.            AGREEMENT

 

A.                                   Grant of Stock Units.  Pursuant to
the terms and conditions set forth in this Restricted Stock Unit Award
Agreement (including Section I above) and the Plan, the Administrator
hereby grants to the Awardee named in Section I above, on the Grant Date
set forth in Section I above, the number of Stock Units set forth in
Section I above.

 

B.                                     Purchase of Stock Units.  No
payment of cash is required for the Stock Units.

 

C.                                     Vesting/Delivery of Shares.

 

(1)           Vesting.

 

The award of Stock Units  shall
vest in accordance with the Vesting Schedule set forth in Section I
above.  In addition, the Stock Units
become vested in full if the Company is subject to a Change in Control before
the Awardee’s Termination of Service. 
The Stock Units may also vest in accordance with subsection L below.

 

(2)           Forfeiture of Stock Units. The unvested Stock Units shall automatically
be forfeited upon the Awardee’s Termination of Service unless the Administrator
determines otherwise in writing.

 

1

 

(3)           Form of Delivery.

 

The granted Stock Units are payable in ordinary
shares of Company Stock.  This
distribution may be made either as a single lump sum transfer of shares or
through the transfer of shares in five substantially equal annual
installments.  Subject to the provisions
of this Restricted Stock Unit Award Agreement, the Awardee shall elect the form
in which the distribution shall be made and the applicable Transfer
Commencement Date in the form and manner prescribed by the Administrator
pursuant to the requirements of Section 409A of the Code (the “Payment
Election”).  If the Administrator has not
received the Awardee’s Payment Election by the applicable deadline, then the
Awardee shall receive the Stock Units in a single lump sum payment.

 

(4)           General Provisions Regarding Timing of Delivery.

 

Except as specifically set forth in this Restricted
Stock Unit Award Agreement, distribution of shares subject to this award of
Stock Units shall commence on the Transfer Commencement Date in the following
form:

 

(i)                                     in a single lump sum transfer of shares; or

 

(ii)                                  if elected by the Awardee pursuant to a
Payment Election in accordance with Section II.C.2, in a series of five
substantially equal annual installments commencing on the Transfer Commencement
Date and continuing on the four succeeding anniversaries of such Transfer
Commencement Date;

 

provided,
however, that no distribution of shares shall occur prior to            .

 

(5)           Circumstances Requiring Distributions Regardless of Payment Election:

 

(i)                                     Death Prior to Distribution of Entire Account

 

Notwithstanding
any Payment Election to the contrary, if the Awardee dies prior to the transfer
of all of the vested shares to which he is entitled pursuant to this Restricted
Stock Unit Award Agreement, then any vested shares that have not been
transferred as of the date of the Awardee’s death will be transferred in a
single lump sum to the Awardee’s beneficiary under the terms of Section 18
of the Plan and all unvested shares as of the date of the Awardee’s death shall
be forfeited.  If no such beneficiary has
been designated, then any such shares shall be transferred to the Awardee’s
estate.  Such transfer shall occur on the
date that is 90 days after the date of the Awardee’s death.

 

(ii)                                  Disability Prior to Distribution of Entire
Account

 

Notwithstanding
any Payment Election to the contrary, if, as a result of his Disability, the
Awardee separates from service prior to the transfer of all of the vested
shares to which he is entitled

 

2

 

pursuant
to this Restricted Stock Unit Award Agreement, then any vested shares that have
not been transferred as of the date of the Awardee’s Disability will be
transferred in a single lump sum to the Awardee and all unvested shares as of
the date of the Awardee’s Disability shall be forfeited.  Such transfer shall occur on the date that is
90 days after the Awardee’s separation from service due to Disability.

 

(iii)                               Change in Control

 

Notwithstanding
any Payment Election to the contrary, all undistributed vested shares
associated with this Restricted Stock Unit Award Agreement shall be transferred
to the Awardee in a single lump sum on the fifth business day following the
date of the Change in Control.  The
Awardee’s remaining unvested shares will vest in accordance with the terms of
this Restricted Stock Unit Award Agreement, or the terms of any other
applicable agreement, and, upon subsequent vesting of such shares, shall be
paid to the Awardee in a single lump sum transfer on the fifth business day
following the date such shares vest.

 

(6)           Delayed Distribution to Specified Employees.

 

If the Awardee is identified by the Company as a “specified
employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code
on the date on which he has a Separation from Service (other than due to
death), any transfer of shares payable on account of a Separation from Service
shall not take place prior to the earlier of (i) the first business day
following the expiration of six months from the Awardee’s Separation from
Service, (ii) the date of the Awardee’s death, or (iii) such earlier
date as complies with the requirements of Section 409A of the Code (the
“Specified Employee Transfer Date”).  If
the Awardee elected to receive his distribution in a series of installments, he
shall receive the first installment on his Specified Employee Transfer Date,
but any subsequent installments shall be payable without regard to his status
as a specified employee.

 

(7)           Definitions:

 

(i)                                     The term “Disability” has the meaning set
forth in Section 1.409A-3(i)(4) of the Treasury Regulations and shall
be determined by the  Administrator
in its sole discretion.

 

(ii)                                  The term “Payment Election” shall have the
meaning set forth in Section II.C.(ii) hereof.

 

(iii)                               The term “Transfer Commencement Date” shall
mean the fifth business day of January of the year following (a) the
fourth anniversary of the Grant Date, but in no event later than the date of
the Awardee’s Separation from Service or (b) if elected by the Awardee
pursuant to a Payment Election, the Awardee’s Separation from Service.

 

3

 

(iv)                              The term “Separation from Service” shall mean
a “separation from service” within the meaning of Treasury Regulation section
1.409A-1(h).

 

D.            No Interest in Company Assets.  The
Awardee shall not have any interest in any fund or specific asset of the
Company by reason of the Stock Units.

 

E.             No Rights as a Stockholder Prior to Delivery.  The Awardee shall not have any right, title
or interest in, or be entitled to vote in respect of, or otherwise be
considered the owner of, any of the shares of Common Stock covered by the Stock
Units. The Awardee shall not be entitled to receive distributions from the
shares of Common Stock covered by the Stock Units.

 

F.             Dividend Equivalents.  The Awardee
will not be entitled to receive a cash payment equal to the dividends paid with
respect to Common Stock covered by the Stock Units.

 

G.            Regulatory Compliance.  The
issuance of Common Stock pursuant to this Restricted Stock Unit Award Agreement
shall be subject to full compliance with all applicable requirements of law and
the requirements of any stock exchange or interdealer quotation system upon
which the Common Stock may be listed or traded.

 

H.            Withholding Tax.  The Company’s
obligation to deliver any Shares upon vesting of Stock Units shall be subject
to the satisfaction of all applicable federal, state, local and foreign income,
and employment tax withholding requirements. The Awardee shall pay to the
Company an amount equal to the withholding amount (or the Company may withhold
such amount from the Awardee’s compensation) in cash. At the Administrator’s
election, the Awardee may pay the withholding amount with Shares; provided,
however, that payment in Shares shall be limited to the withholding amount
calculated using the minimum statutory withholding rates.

 

I.              Plan.  This Restricted Stock Unit
Award Agreement is subject to all of the terms and provisions of the Plan,
receipt of a copy of which is hereby acknowledged by the Awardee. The Awardee
hereby agrees to accept as binding, conclusive, and final all decisions and
interpretations of the Administrator upon any questions arising under the Plan
and this Restricted Stock Unit Award Agreement.

 

J.             Successors.  This Restricted Stock
Unit Award Agreement shall inure to the benefit of and be binding upon the
parties hereto and their legal representatives, heirs, and permitted successors
and assigns.

 

K.            Restrictions on Transfer.  Except
as set otherwise provided for in Subsection J above, and the Plan, the Stock
Units may not be sold, assigned, transferred, pledged or otherwise encumbered,
whether voluntarily or involuntarily, by operation of law or otherwise. No
right or benefit under this Agreement shall be subject to transfer,
anticipation, alienation, sale, assignment, pledge, encumbrance or charge,
whether voluntary, involuntary, by operation of law or otherwise, and any
attempt to transfer, anticipate, alienate, sell, assign, pledge, encumber or
charge the same shall be void. No right or benefit hereunder shall in any
manner be liable for or subject to any debts, contracts, liabilities or torts
of the person entitled to such benefits. Any assignment in violation of this
subsection K shall be void.

 

4

 

L.             Change in Control.  In the event of
a Change in Control prior to the Awardee’s Termination of Service, the Stock
Units will be assumed or an equivalent stock unit or right substituted by the
successor corporation or a parent or subsidiary of the successor
corporation.  In the event that the
successor corporation refuses to assume or substitute for the Stock Units, the
Awardee will fully vest in and have the right to receive the Common Stock.  In addition, if the Stock Units become fully
vested in lieu of assumption or substitution in the event of a Change in
Control, the Administrator will notify the Awardee in writing or electronically
that the Stock Units will be fully vested.

 

M.           Restrictions on Resale.  The
Awardee agrees not to sell any Shares that have been issued pursuant to the
vested Stock Units at a time when Applicable Laws, Company policies or an agreement
between the Company and its underwriters prohibit a sale. This restriction
shall apply as long as the Awardee is a Service Provider and for such period of
time after the Awardee’s Termination of Service as the Administrator may
specify.

 

N.            Tax Compliance Issues.

 

The
Company, in its sole discretion, may take any steps that it deems appropriate
or necessary to satisfy its state and federal tax withholding obligations in
connection with this award of Stock Units.

 

This
Restricted Stock Unit Award Agreement shall be interpreted and operated in a
manner consistent with Section 409A of the Code, so as to avoid adverse
tax consequences in connection with this award of Stock Units. The Company
reserves the right, exercisable in its sole discretion and without the
Awardee’s consent, to amend the Plan and this Restricted Stock Unit Award
Agreement in order to accomplish such result.

 

O.            Entire Agreement; Governing Law. 
This Restricted Stock Unit Award Agreement, the Plan and the Payment
Election constitute the entire agreement of the parties with respect to the
subject matter hereof and supersede in their entirety all prior undertakings
and agreements of the Company and the Awardee with respect to the subject
matter hereof, and, except as provided in subsection M above, may not be
modified adversely to the Awardee’s interest except by means of a writing
signed by the Company and the Awardee. This Restricted Stock Unit Award
Agreement is governed by the internal substantive laws, but not the choice of
law rules, of Colorado.

 

P.             NO GUARANTEE OF CONTINUED SERVICE. 
THE AWARDEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE STOCK UNITS
PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A
SERVICE PROVIDER AT THE WILL OF THE COMPANY’S SHAREHOLDERS (AND NOT THROUGH THE
ACT OF BEING ELECTED OR BEING GRANTED STOCK UNITS).  THE AWARDEE FURTHER ACKNOWLEDGES AND AGREES
THAT THIS RESTRICTED STOCK UNIT AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED
HEREUNDER, AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN
EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR
THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE WITH
AWARDEE’S

 

5

 

RIGHT OR THE COMPANY’S
RIGHT TO TERMINATE AWARDEE’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME,
WITH OR WITHOUT CAUSE.

 

By
the Awardee’s signature and the signature of the Company’s representative
below, the Awardee and the Company agree that this Award is granted under and
governed by the terms and conditions of this Restricted Stock Unit Award
Agreement and the Plan. The Awardee has reviewed this Restricted Stock Unit
Award Agreement and the Plan in their entirety, has had an opportunity to
obtain the advice of counsel prior to executing this Restricted Stock Unit
Award Agreement and fully understands all provisions of this Restricted Stock
Unit Award Agreement and the Plan. The Awardee hereby agrees to accept as
binding, conclusive and final all decisions or interpretations of the
Administrator upon any questions relating to this Restricted Stock Unit Award
Agreement and the Plan.

 

The
Awardee further agrees that the Company may deliver by email all documents
relating to the Plan or this Award (including, without limitation, prospectuses
required by the Securities and Exchange Commission) and all other documents
that the Company is required to deliver to its security holders (including,
without limitation, annual reports and proxy statements). The Awardee also
agrees that the Company may deliver these documents by posting them on a web
site maintained by the Company or by a third party under contract with the
Company.

 

 

	
  AWARDEE:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature:

  	
   

  	
   

  	
   

  
	
  Printed
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BERRY
  PETROLEUM COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  	
   

  
	
  Printed
  Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]