ENERGY PARTNERS, LTD. CASH-SETTLED SHARE APPRECIATION RIGHT [Date] GRANTEnergy Partners LTD • May 8th, 2008 • Crude petroleum & natural gas
This Agreement (this “Agreement”) confirms the award of a share appreciation right (“SAR”) to you by Energy Partners, Ltd. (the “Company”) under the Company’s 2006 Long Term Stock Incentive Plan (the “Plan”), with respect to [Number] shares of the Company’s Common Stock, $.01 par value per share (the “Common Stock”) at the exercise price of [Price] per share, upon the terms and conditions outlined below and the terms and conditions of the Plan. This SAR shall confer upon you the right to receive, with respect to each share of Common Stock subject thereto, upon exercise, an amount in cash equal to the excess of (i) the Fair Market Value of one share of Common Stock on the date of exercise over (ii) the exercise price per share of this SAR. A copy of the Plan has been delivered to you and is available upon request.
