SEC Contract Filing

Filing Date: 2015-01-07

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>6
<FILENAME>d848287dex103.htm
<DESCRIPTION>EX-10.3
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<TITLE>EX-10.3</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PAR PETROLEUM CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NONSTATUTORY STOCK OPTION AGREEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Special Award) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1. <U>Grant
of Stock Option</U></B>. As of <B>January&nbsp;5, 2015</B>, (&#147;the <B>Grant Date</B>&#148;), Par Petroleum Corporation, a Delaware corporation (the &#147;<B>Company</B>&#148;), hereby grants a Nonstatutory Stock Option (the
&#147;<B>Option</B>&#148;) to <B>Joseph Israel</B> (the &#147;<B>Optionee</B>&#148;<B>)</B>, an Employee or Director of the Company, to purchase the number of shares of the Company&#146;s common stock (the &#147;<B>Stock</B>&#148;) identified below,
subject to the terms and conditions of this agreement (the &#147;<B>Agreement</B>&#148;) and the Par Petroleum Corporation 2012 Long Term Incentive Plan (the &#147;<B>Plan</B>&#148;) which is hereby incorporated herein in its entirety by reference.
The Option is not an &#147;incentive stock option&#148; as defined in Section&nbsp;422 of the Internal Revenue Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.
<U>Definitions</U></B>. All capitalized terms used herein shall have the meanings set forth in the Plan unless otherwise specifically provided herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3. <U>Option Term</U></B>. The Option shall commence on the Grant Date and terminate on the date immediately prior to the eighth (8<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP>)&nbsp;anniversary of the Grant Date. The period during which the Option is in effect and may be exercised is referred to herein as the &#147;<B>Option Period</B>.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4. <U>Number of Shares of Stock and Option Price</U></B>. The number of shares of Stock subject to this Option is 65,217. The
&#147;<B>Option Price</B>&#148; per share of Stock is <B>$16.17,</B> which is the &#147;<B>Fair Market Value</B>,&#148; as defined in the Plan, per share of Stock on the Grant Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5. <U>Vesting</U></B>. This Option may be exercised for the total number of shares of Stock subject to this Option in accordance with the
&#147;<B>Vesting Dates</B>&#148; as follows: 25% on the first anniversary of the Grant Date, and 25% on each of the second, third and fourth anniversaries of the Grant Date, provided that the Optionee is continuously providing Services to the
Company or a Company Affiliate through the applicable Vesting Date. The shares of Stock may be purchased at any time after they become vested, in whole or in part, during the Option Period; provided, however, the Option may only be exercisable to
acquire whole shares of Stock. The right of exercise provided herein shall be cumulative so that if the Option is not exercised to the maximum extent permissible after vesting, the vested portion of the Option shall be exercisable, in whole or in
part, at any time during the Option Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6. <U>Method of Exercise</U></B>. The Option is exercisable by delivery of a written
notice to the Secretary of the Company, at the address for notices to the Company provided below, signed by the Optionee, specifying the number of shares of Stock to be acquired on, and the effective date of, such exercise. The Optionee may withdraw
notice of exercise of this Option, in writing, at any time prior to the close of business on the business day preceding the proposed exercise date. In this Award, the Committee has determined that the Optionee may elect to have withheld from the
number of shares of Stock to be issued in connection with the exercise the number of shares equal to the Option Price (a cashless exercise), provided that election shall be on a form as determined by the Committee and the Committee may in its sole
discretion may disapprove of such election. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7. <U>Restrictions on Exercise</U></B>. The Option may not be exercised if the issuance of
such Stock or the method of payment of the consideration for such Stock would constitute a violation of any applicable federal or state securities or other laws or regulations, including any laws or regulations or Company policies respecting
blackout periods, or any rules or regulations of any stock exchange on which the Stock may be listed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8. <U>Termination of
Employment</U></B>. Voluntary or involuntary termination of the Optionee as an Employee of the Company and its Affiliates or any successor thereto shall affect Optionee&#146;s rights under the Option as provided in Section&nbsp;9 of the Plan. </P>
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