FORM OF TERMINATION PROTECTION AGREEMENTTermination Protection Agreement • March 31st, 2011 • Union Drilling Inc • Drilling oil & gas wells • Texas
THIS TERMINATION PROTECTION AGREEMENT (the “Agreement”) is entered into between Union Drilling, Inc., a Delaware corporation (the “Company”) and [ ] (the “Executive”).
The following is the text inserted as Section III.4.(v) of each officer stock option award agreement:Officer Stock Option Award Agreement • March 31st, 2011 • Union Drilling Inc • Drilling oil & gas wells
As used in this Agreement, a “Change of Control of the Company” shall be deemed to have occurred if and only if after the Date of Grant specified above any person or group of affiliated persons, other than the current stockholders of the Company or their affiliates, is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities.
The following is the text inserted as Section 2.(g) of each officer RSU award agreement:Rsu Award Agreement • March 31st, 2011 • Union Drilling Inc • Drilling oil & gas wells
As used in this Agreement, a “Change of Control of the Company” shall be deemed to have occurred if and only if after the Grant Date any person or group of affiliated persons, other than the current stockholders of the Company or their affiliates, is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities.
