{"id":40625,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/stock-option-murphy-oil-corp.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"stock-option-murphy-oil-corp","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/stock-option-murphy-oil-corp.html","title":{"rendered":"Stock Option – Murphy Oil Corp."},"content":{"rendered":"

MURPHY OIL CORPORATION <\/strong><\/p>\n

STOCK OPTION <\/strong><\/p>\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Stock Option<\/p>\n

Number:<\/p>\n<\/td>\n

<\/td>\n\n

Name of<\/p>\n

Optionee:<\/p>\n<\/td>\n

<\/td>\n\n

Number of Shares<\/p>\n

of Stock Subject to<\/p>\n

this Option:<\/p>\n<\/td>\n

<\/td>\n\n

Option Price<\/p>\n

Per Share:<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

This Stock Option granted on and dated , by Murphy Oil Corporation, a
\nDelaware corporation (the Company), pursuant to and for the purposes of the 2007
\nLong-Term Plan (the “Plan”), subject to the provisions set forth herein and in
\nthe Plan. This Stock Option is designated a non-qualified153 Stock Option under
\nthe Plan.<\/p>\n

1. The Company hereby grants to the individual named above (the Optionee) an
\noption to purchase from the Company shares of the $1.00 par value Common Stock
\nof the Company up to the maximum number and at the option price per shares set
\nforth above.<\/p>\n

2. Subject to paragraph 3 below, this option, two years after its date, if
\nthe Optionee has not died or terminated, shall become exercisable as to one-half
\nof the shares optioned and, three years after its date, if he\/she has still not
\ndied or terminated, shall become exercisable as to the remaining shares
\noptioned: provided, however, this option shall not be exercisable whenever the
\npurchase or delivery of shares under it would be a violation of any law or any
\ngovernmental regulation which the Company may find to be valid and applicable.\n<\/p>\n

3. Unless the Committee shall otherwise determine, this option shall become
\nexercisable in full immediately upon a Change of Control as defined in the Plan.\n<\/p>\n

4. This option shall expire in the following situations:<\/p>\n

(a) If the Optionee terminates normally, it shall expire two years thereafter
\nif he\/she is still living;<\/p>\n

(b) If the Optionee terminates otherwise than normally, it shall expire at
\nthe time of termination;<\/p>\n

(c) If the Optionee dies, it shall expire two years after his\/her death;<\/p>\n

(d) In any event, it shall expire seven years after its date.<\/p>\n

5. This option is not assignable except as provided in the case of death and
\nis not subject in whole or in part to attachment, execution or levy of any kind.
\nIf this option is exercisable after the Optionee dies, it is exercisable by
\nhis\/her designated Beneficiary or, if there is no designated Beneficiary, by the
\nexecutor or administrator of his\/her estate.<\/p>\n

6. When this option is exercisable as to any number of shares, it can be
\nexercised for that number of shares or any lesser number to a minimum of 50
\nshares. Every share purchased through the exercise of this option shall be paid
\nfor in full at the time of purchase.<\/p>\n

7. In the event of any relevant change in the capitalization of the Company
\nsubsequent to the date of this grant and prior to its exercise, the number of
\nshares and purchase price will be adjusted to reflect that change.<\/p>\n

8. This option shall be exercised in writing and in accordance with such
\nadministrative regulations or requirements as may be stipulated from time to
\ntime by the Executive Compensation Committee. Unless otherwise determined by the
\nCommittee, this option shall be settled by the Company153s delivery to the
\nindividual of shares equating in value to the difference between (i) the fair
\nmarket value of the shares at the time of exercise and (ii) the option price;
\nless statutory withholding taxes. In case of the exercise of this option in
\nfull, it shall be surrendered to the Company for cancellation. In case of the
\nexercise of this option in part, this option shall be delivered by the Optionee
\nto the Company for the purpose of making appropriate notation thereon or of
\notherwise reflecting in such manner as the Company shall determine the result of
\nsuch partial exercise of the option.<\/p>\n

9. In this option<\/p>\n

“Beneficiary” means the person designated by the optionee to the Company as
\nthe person entitled to exercise this option upon the death of the Optionee;<\/p>\n

“Employer” means the Company or any subsidiary thereof by whom the Optionee
\nis employed;<\/p>\n

“Executive Compensation Committee” means the Executive Compensation Committee
\nof the Board of Directors of the Company;<\/p>\n

“Expire” means cease to be exercisable;<\/p>\n

“Normal Termination” means terminate<\/p>\n

(i) at normal retirement time,<\/p>\n

(ii) for permanent and total disability, or<\/p>\n

(iii) with employer approval and without being terminated for cause;<\/p>\n

“Terminate” means cease to be an employee of the Company or a subsidiary
\nexcept by death, but a change of employment from the Company or one subsidiary
\nto another subsidiary or to the Company shall not be considered a termination.
\nFor this purpose, a subsidiary is any corporation of which the Company owns or
\ncontrols, directly or indirectly, more than 50% of the stock possessing the
\nright to vote for the election of directors.<\/p>\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Attest:<\/strong><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

MURPHY OIL CORPORATION<\/strong><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n\n

By:<\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Ex. 99.1-1<\/p><\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8274],"corporate_contracts_industries":[9412],"corporate_contracts_types":[9539,9545],"class_list":["post-40625","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-murphy-oil-corp","corporate_contracts_industries-energy__refining","corporate_contracts_types-compensation","corporate_contracts_types-compensation__esp"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40625"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40625"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40625"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}