SEC Contract Filing

Filing Date: 2017-02-28

Document Content:
<DOCUMENT>
<TYPE>EX-10.14
<SEQUENCE>5
<FILENAME>a2016_10kxexx1014.htm
<DESCRIPTION>CHANGE OF CONTROL AND SEVERANCE PLAN
<TEXT>
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<div><a name="s5611ea2f7afe439692e942bdba963e2e"></a></div><div><div style="line-height:120%;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Exhibit 10.14</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">PDC ENERGY</font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">CHANGE OF CONTROL</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">AND SEVERANCE PLAN</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">The PDC Energy Change of Control and Severance Plan (the &#8220;Plan&#8221;) is hereby effective as of January l, 2011 (the &#8220;Effective Date&#8217;&#8217;) pursuant to the authorization of the Board of Directors of Petroleum Development Corporation (the &#8220;Company&#8221;). The Plan has been established to provide financial security to the Company&#8217;s Executives (as defined below) in the event of a Change of Control (as defined below) and upon certain terminations of employment with the Company.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">It is the intent that this Plan constitute a separate unfunded plan that meets the requirements of, and that is classified as a plan which is maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees within the meaning of Sections 201(2), 301(3), and 401(a)(1) of ERISA. As such, it is intended that the Plan be exempt from the relevant requirements of Title I of ERISA. In addition, this Plan is not intended to satisfy the qualification requirements of Code Section 401. However, the Plan is intended to comply with the requirements of Code Section 409A and the Treasury regulations and guidance issued thereunder.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:24px;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">I.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">DEFINITIONS AND CONSTRUCTION</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">1.1&#160;&#160;&#160;&#160;Definitions</font><font style="font-family:inherit;font-size:9pt;">. Where the following words and phrases appear in the Plan, they shall have the respective meanings set forth below, unless their context clearly indicates to the contrary.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:48px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(a)&#160;&#160;&#160;&#160;&#8220;Base Salary&#8221; shall mean the annual base salary paid to the Executive from time to time in accordance with the ordinary payroll practices of the Company.</font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(b)&#160;&#160;&#160;&#160;&#8220;Board&#8221; shall mean the Board of Directors of the Company or its successor. </font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(c)&#160;&#160;&#160;&#160;&#8220;Cause&#8221; shall mean:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:96px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(i)&#160;&#160;&#160;&#160;the Executive has failed to substantially perform his or her duties with the Company (other than a failure resulting from his or her incapacity due to physical or mental illness) after a written demand for substantial performance has been delivered to the Executive by the Company, which demand specifically identifies the manner in which the Company believes the Executive has not substantially performed his or her duties, and the Executive has failed to cure such deficiency within thirty (30) days after his or her receipt of such notice;</font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-in