SEC Contract Filing

Filing Date: 2021-03-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.46
<SEQUENCE>6
<FILENAME>a2020yeex1046restrictedsto.htm
<DESCRIPTION>EX-10.46
<TEXT>
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<title>Document</title></head><body><div id="if6077aec7e724477910da4639e7e2bf6_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:justify"><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">California Resources CORPORATION </font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">2021 LONG TERM INCENTIVE PLAN</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">RESTRICTED STOCK UNIT AWARD </font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">TERMS AND CONDITIONS</font></div><div style="margin-bottom:12pt;padding-left:162pt;text-align:justify;text-indent:-162pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Grantee&#58;&#160;&#160;&#160;&#160;&#60;&#60;Grantee Name&#62;&#62;</font></div><div style="margin-bottom:12pt;padding-left:162pt;text-align:justify;text-indent:-162pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Date of Grant&#58;&#160;&#160;&#160;&#160;January 25, 2021</font></div><div style="margin-bottom:12pt;padding-left:162pt;text-indent:-162pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Restricted Stock Units&#58;&#160;&#160;&#160;&#160;&#60;&#60;Units Granted&#62;&#62;</font></div><div style="margin-bottom:12pt;padding-left:108pt;text-align:justify;text-indent:-108pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Vesting Schedule&#58;&#160;&#160;&#160;&#160;Subject to the terms and conditions set forth herein, the Restricted Stock Units shall vest according to the following schedule, so long as the Grantee remains continuously employed by the Company or an Affiliate, as applicable, from the Date of Grant through each such vesting date&#58; (i) 33-1&#47;3% of the Restricted Stock Units on the first annual anniversary of the Date of Grant&#59; (ii) 33-1&#47;3% of the Restricted Stock Units on the second annual anniversary of the Date of Grant&#59; and (iii) 33-1&#47;3% of the Restricted Stock Units on the third annual anniversary of the Date of Grant (each being a &#8220;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Vesting Date</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;)</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The following Terms and Conditions (these &#8220;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Terms and Conditions</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) are set forth as of the Date of Grant between California Resources CORPORATION, a Delaware corporation (&#8220;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">CRC</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221; and, with its subsidiaries, the &#8220;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Company</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), and the eligible employee receiving this award (the &#8220;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Grantee</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">1.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:26.72pt">Definitions</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">. For purposes of these Terms and Conditions, the following terms shall have the meanings specified below.</font></div><div style="margin-bottom:6pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(a)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8220;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Cause</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221; means &#8220;cause&#8221; (or a term of like import) as defined in the Grantee&#8217;s individual employment, consulting or severance agreement with the Company or an Affiliate in effect at the time of the Grante