REGISTRATION RIGHTS AGREEMENTRegistration Rights Agreement • April 5th, 2006 • Exploration Co of Delaware Inc • Crude petroleum & natural gas • New York
This Registration Rights Agreement (the “Agreement”) is made and entered into as of this 4th day of April, 2006, by and among THE EXPLORATION COMPANY OF DELAWARE, INC., a Delaware corporation (the “Company”), and the “Investors” named in that certain Purchase Agreement by and among the Company and the Investors (the “Purchase Agreement”).
PURCHASE AGREEMENTPurchase Agreement • April 5th, 2006 • Exploration Co of Delaware Inc • Crude petroleum & natural gas • New York
The Company granted options to its officers, directors, and key employees under its 1995 Flexible Incentive Plan (the “1995 Plan”), as amended, in prior years. The 1995 Plan was replaced during 2005 with the 2005 Stock Incentive Plan (the “2005 Plan”). The 2005 Plan allows for the future award of a maximum number of shares limited to 10% of the total number of then issued and outstanding shares of common stock for issuance, reduced by shares issued under, and outstanding grants issued under the 1995 Plan. These shares may be issued as the result of exercise of options granted or as restricted stock to management, directors, and key employees. At December 31, 2005, 2,937,990 shares were authorized for grant and 981,990 shares remained available for grant. All currently outstanding options have 10-year terms that vest and become fully exercisable based on the specific terms imposed as of the date of grant.
