ContractParallel Petroleum Corporation Incentive Award Agreement • April 1st, 2002 • Parallel Petroleum Corp /De/ • Crude petroleum & natural gas
Exhibit 10.8 PARALLEL PETROLEUM CORPORATION INCENTIVE AWARD AGREEMENT This Incentive Award Agreement (this "Agreement"), dated as of December 12, 2001, is between Parallel Petroleum Corporation, a Delaware corporation ("Parallel"), and Larry C. Oldham ("Employee"). Parallel owns 350,000 units of common membership interests of First Permian, L.L.C. ("First Permian"), a Delaware limited liability company. Parallel may enter into a transaction or transactions with one or more third parties for the sale or acquisition of First Permian or all or substantially all of the assets of First Permian, a merger or business combination of First Permian, a sale of Parallel's units of common membership interests in First Permian or other transaction. 1. Purpose. The purpose of this Agreement is to provide an incentive to Employee and to allow Parallel to reward outstanding efforts and achievements by Employee when there is a material contribution to the success of Parallel which results from a merger,
