Common use of Cash Incentive Bonus Clause in Contracts

Cash Incentive Bonus. Executive shall receive a lump-sum cash payment if and to the extent that during the period between the Effective Date and the one-year anniversary of the Effective Date (the “Measurement Period”), any of the following conditions set forth in Section 5.3.1 are satisfied, provided that, in addition, at least one of the conditions set forth in Section 5.3.2 is also satisfied (the “Incentive Bonus”), in each case as determined by the Board in its sole discretion, to be paid within 30 days after achievement of such conditions: (a) Executive shall be granted a bonus equal to 50% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 1,500 barrels of oil equivalent (“BOE”) per day; (b) without duplication of the amount described in the preceding clause (a), Executive shall be granted a bonus equal to 100% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 2,000 BOE per day; (c) without duplication of the amounts described in the preceding clauses (a) and (b), Executive shall be granted a bonus equal to 150% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 3,000 BOE per day; (d) without duplication of the amounts described in the preceding clauses (a), (b) and (c), Executive shall be granted a bonus equal to 200% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 4,000 BOE per day; (e) without duplication of the amounts described in the preceding clauses (a), (b), (c) and (d), Executive shall be granted a bonus equal to 300% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 5,000 BOE per day; and (f) without duplication of the amounts described in the preceding clauses (a), (b), (c), (d) and (e), Executive shall be granted a bonus equal to 400% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 6,000 BOE per day. (a) The Company’s common stock maintains a 10-consecutive-day volume weighted average price of: (1) $2.30 per Share upon 1,500 BOE per day; (2) $3.00 per Share upon 2,000 BOE per day; (3) $4.50 per Share upon 3,000 BOE per day; (4) $6.00 per Share upon 4,000 BOE per day; (5) $7.50 per Share upon 5,000 BOE per day; or (6) $9.00 per Share upon 6,000 BOE per day. (b) The Company maintains an aggregate debt to earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (“EBITDAX”) ratio of 4.5 to 1. EBITDAX shall be calculated by multiplying the Company’s 90-day EBITDAX during the applicable period set forth in Section 5.3.1 by 4. (c) The Company maintains cash on hand (or equivalents) and/or availability of 10 times (i) the Incentive Bonus payable to Executive plus (ii) any substantially similar incentive bonuses payable to any other service providers of the Company.

Cash Incentive Bonus. Executive shall receive a lump-sum cash payment if and to the extent that during the period between the Effective Date and the one-year anniversary of the Effective Date (the “Measurement Period”), any of the following conditions set forth in Section 5.3.1 5.2.1 are satisfied, provided that, in addition, at least one of the conditions set forth in Section 5.3.2 5.2.2 is also satisfied (the “Incentive Bonus”), in each case as determined by the Board in its sole discretion, to be paid within 30 days after achievement of such conditions: (a) Executive shall be granted a bonus equal to 50% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 1,500 barrels of oil equivalent (“BOE”) per day; (b) without duplication of the amount described in the preceding clause (a), Executive shall be granted a bonus equal to 100% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 2,000 BOE per day; (c) without duplication of the amounts described in the preceding clauses (a) and (b), Executive shall be granted a bonus equal to 150200% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 3,000 BOE per day; (d) without duplication of the amounts described in the preceding clauses (a), (b) and (c), Executive shall be granted a bonus equal to 200300% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 4,000 BOE per day; (e) without duplication of the amounts described in the preceding clauses (a), (b), (c) and (d), Executive shall be granted a bonus equal to 300400% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 5,000 BOE per day; and (f) without duplication of the amounts described in the preceding clauses (a), (b), (c), (d) and (e), Executive shall be granted a bonus equal to 400500% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 6,000 BOE per day. (a) The Company’s common stock maintains a 10-consecutive-day volume weighted average price of: (1) $2.30 per Share upon 1,500 BOE per day; (2) $3.00 per Share upon 2,000 BOE per day; (3) $4.50 per Share upon 3,000 BOE per day; (4) $6.00 per Share upon 4,000 BOE per day; (5) $7.50 per Share upon 5,000 BOE per day; or (6) $9.00 per Share upon 6,000 BOE per day. (b) The Company maintains an aggregate debt to earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (“EBITDAX”) ratio of 4.5 to 1. EBITDAX shall be calculated by multiplying the Company’s 90-day EBITDAX during the applicable period set forth in Section 5.3.1 5.2.1 by 4. (c) The Company maintains cash on hand (or equivalents) and/or availability of 10 times (i) the Incentive Bonus payable to Executive plus (ii) any substantially similar incentive bonuses payable to any other service providers of the Company.

Cash Incentive Bonus. Executive shall receive a lump-sum cash payment if and to the extent that during the period between the Effective Date and the one-year anniversary of the Effective Date (the “Measurement Period”), any of the following conditions set forth in Section 5.3.1 5.4.1 are satisfied, provided that, in addition, at least one of the conditions set forth in Section 5.3.2 5.4.2 is also satisfied (the “Incentive Bonus”), in each case as determined by the Board in its sole discretion, to be paid within 30 days after achievement of such conditions: (a) Executive shall will be granted a cash bonus equal to 50% of his Base Salary payable to the Executive in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 1,500 barrels of oil equivalent (“BOE”) 500 BOE per day; (b) without Without duplication of the amount described in the preceding clause (a), Executive shall will be granted a cash bonus equal to 100% of his Base Salary payable to the Executive in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 2,000 1,250 BOE per day; (c) without Without duplication of the amounts described in the preceding clauses (a) and (b), Executive shall will be granted a cash bonus equal to 150200% of his Base Salary payable to the Executive in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 3,000 2,500 BOE per day; (d) without Without duplication of the amounts described in the preceding clauses (a), (b) and (c), Executive shall will be granted a cash bonus equal to 200300% of his Base Salary payable to the Executive in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 4,000 3,750 BOE per day; (e) without Without duplication of the amounts described in the preceding clauses (a), (b), (c) and (d), Executive shall will be granted a cash bonus equal to 300400% of his Base Salary payable to the Executive in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 5,000 BOE per day; and (f) without Without duplication of the amounts described in the preceding clauses (a), (b), (c), (d) and (e), Executive shall will be granted a cash bonus equal to 400500% of his Base Salary payable to the Executive in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 6,000 6,250 BOE per day. (a) The Company’s common stock maintains a ten (10-consecutive-) consecutive day volume weighted average price VWAP of: (1) i. $2.30 1.50 per Share share upon 1,500 500 BOE per day; (2) ii. $3.00 2.00 per Share share upon 2,000 1,250 BOE per day; (3) iii. $4.50 2.50 per Share share upon 3,000 2,500 BOE per day; (4) iv. $6.00 3.00 per Share share upon 4,000 3,750 BOE per day; (5) v. $7.50 3.50 per Share share upon 5,000 BOE per day; or (6) vi. $9.00 4.00 per Share share upon 6,000 6,250 BOE per day. (b) The Company maintains an aggregate debt to earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (“EBITDAX”) EBITDAX ratio of 4.5 to 14.5:1. EBITDAX shall be calculated by multiplying its 90 day value over the Company’s 90-day EBITDAX during the applicable same period set forth in Section 5.3.1 as 5.4.1 above by 4. (c) The Company maintains cash on hand (or equivalents) and/or availability of 10 times (i) the Cash Incentive Bonus payable to Executive plus (ii) any substantially similar incentive bonuses payable to any other service providers of the CompanyBonus.

Cash Incentive Bonus. Executive shall receive a lump-sum cash payment if and to the extent that during the period between the Effective Date and the one-year anniversary of the Effective Date (the “Measurement Period”), any of the following conditions set forth in Section 5.3.1 5.2.1 are satisfied, provided that, in addition, at least one of the conditions set forth in Section 5.3.2 5.2.2 is also satisfied (the “Incentive Bonus”), in each case as determined by the Board in its sole discretion, to be paid within 30 days after achievement of such conditions: (a) Executive shall be granted a bonus equal to 50% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 1,500 barrels of oil equivalent (“BOE”) per day; (b) without duplication of the amount described in the preceding clause (a), Executive shall be granted a bonus equal to 100% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 2,000 BOE per day; (c) without duplication of the amounts described in the preceding clauses (a) and (b), Executive shall be granted a bonus equal to 150% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 3,000 BOE per day; (d) without duplication of the amounts described in the preceding clauses (a), (b) and (c), Executive shall be granted a bonus equal to 200% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 4,000 BOE per day; (e) without duplication of the amounts described in the preceding clauses (a), (b), (c) and (d), Executive shall be granted a bonus equal to 300% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 5,000 BOE per day; and (f) without duplication of the amounts described in the preceding clauses (a), (b), (c), (d) and (e), Executive shall be granted a bonus equal to 400% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 6,000 BOE per day. (a) The Company’s common stock maintains a 10-consecutive-day volume weighted average price of: (1) $2.30 per Share upon 1,500 BOE per day; (2) $3.00 per Share upon 2,000 BOE per day; (3) $4.50 per Share upon 3,000 BOE per day; (4) $6.00 per Share upon 4,000 BOE per day; (5) $7.50 per Share upon 5,000 BOE per day; or (6) $9.00 per Share upon 6,000 BOE per day. (b) The Company maintains an aggregate debt to earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (“EBITDAX”) ratio of 4.5 to 1. EBITDAX shall be calculated by multiplying the Company’s 90-day EBITDAX during the applicable period set forth in Section 5.3.1 5.2.1 by 4. (c) The Company maintains cash on hand (or equivalents) and/or availability of 10 times (i) the Incentive Bonus payable to Executive plus (ii) any substantially similar incentive bonuses payable to any other service providers of the CompanyBonus.

Cash Incentive Bonus. Executive shall receive a lump-sum cash payment if and to the extent that during the period between the Effective Date and the one-year anniversary of the Effective Date (the “Measurement Period”), any of the following conditions set forth in Section 5.3.1 are satisfied, provided that, in addition, at least one of the conditions set forth in Section 5.3.2 is also satisfied (the “Incentive Bonus”), in each case as determined by the Board in its sole discretion, to be paid within 30 days after achievement of such conditions:: 5. (a) Executive shall be granted a bonus equal to 50% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 1,500 barrels of oil equivalent (“BOE”) per day; ; (b) without duplication of the amount described in the preceding clause (a), Executive shall be granted a bonus equal to 100% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 2,000 BOE per day; ; (c) without duplication of the amounts described in the preceding clauses (a) and (b), Executive shall be granted a bonus equal to 150% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 3,000 BOE per day; ; (d) without duplication of the amounts described in the preceding clauses (a), (b) and (c), Executive shall be granted a bonus equal to 200% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 4,000 BOE per day; ; (e) without duplication of the amounts described in the preceding clauses (a), (b), (c) and (d), Executive shall be granted a bonus equal to 300% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 5,000 BOE per day; and and (f) without duplication of the amounts described in the preceding clauses (a), (b), (c), (d) and (e), Executive shall be granted a bonus equal to 400% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 6,000 BOE per day. (a) The Company’s common stock maintains a 10-consecutive-day volume weighted average price of: : (1) $2.30 per Share upon 1,500 BOE per day; ; (2) $3.00 per Share upon 2,000 BOE per day; ; (3) $4.50 per Share upon 3,000 BOE per day; (4) $6.00 per Share upon 4,000 BOE per day; (5) $7.50 per Share upon 5,000 BOE per day; or (6) $9.00 per Share upon 6,000 BOE per day. (b) The Company maintains an aggregate debt to earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (“EBITDAX”) ratio of 4.5 to 1. EBITDAX shall be calculated by multiplying the Company’s 90-day EBITDAX during the applicable period set forth in Section 5.3.1 by 4. (c) The Company maintains cash on hand (or equivalents) and/or availability of 10 times (i) the Incentive Bonus payable to Executive plus (ii) any substantially similar incentive bonuses payable to any other service providers of the Company.2

Cash Incentive Bonus. Executive shall receive a lump-sum cash payment if and to the extent that during the period between the Effective Date and the one-year anniversary of the Effective Date (the “Measurement Period”), any of the following conditions set forth in Section 5.3.1 5.2.1 are satisfied, provided that, in addition, at least one of the conditions set forth in Section 5.3.2 5.2.2 is also satisfied (the “Incentive Bonus”), in each case as determined by the Board in its sole discretion, to be paid within 30 days after achievement of such conditions: (a) Executive shall be granted a bonus equal to 50% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 1,500 barrels of oil equivalent (“BOE”) per day; (b) without duplication of the amount described in the preceding clause (a), Executive shall be granted a bonus equal to 100% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 2,000 BOE per day; (c) without duplication of the amounts described in the preceding clauses (a) and (b), Executive shall be granted a bonus equal to 150% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 3,000 BOE per day; (d) without duplication of the amounts described in the preceding clauses (a), (b) and (c), Executive shall be granted a bonus equal to 200% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 4,000 BOE per day; (e) without duplication of the amounts described in the preceding clauses (a), (b), (c) and (d), Executive shall be granted a bonus equal to 300% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 5,000 BOE per day; and (f) without duplication of the amounts described in the preceding clauses (a), (b), (c), (d) and (e), Executive shall be granted a bonus equal to 400% of Base Salary in the event that, during the Measurement Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 6,000 BOE per day. (a) The Company’s common stock maintains a 10-consecutive-day volume weighted average price of: (1) $2.30 per Share upon 1,500 BOE per day; (2) $3.00 per Share upon 2,000 BOE per day; (3) $4.50 per Share upon 3,000 BOE per day; (4) $6.00 per Share upon 4,000 BOE per day; (5) $7.50 per Share upon 5,000 BOE per day; or (6) $9.00 per Share upon 6,000 BOE per day. (b) The Company maintains an aggregate debt to earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (“EBITDAX”) ratio of 4.5 to 1. EBITDAX shall be calculated by multiplying the Company’s 90-day EBITDAX during the applicable period set forth in Section 5.3.1 5.2.1 by 4. (c) The Company maintains cash on hand (or equivalents) and/or availability of 10 times (i) the Incentive Bonus payable to Executive plus (ii) any substantially similar incentive bonuses payable to any other service providers of the Company.