Amendment to Apache Corporation 401(k) Savings Plan—Change of Control Definition
Apache Corporation has amended its 401(k) Savings Plan, effective March 1, 2021. The amendment updates the definition of "Change of Control" so that all participants' company contribution accounts become fully vested as of the effective date of a change of control, as defined in the company's Income Continuance Plan or any successor plan. This change ensures employees receive full benefits in the event of a company change of control.
Exhibit 10.2
Apache Corporation 401(k) Savings Plan
Amendment to Definition of Change of Control
Apache Corporation (“Apache”) sponsors the Apache Corporation 401(k) Savings Plan (the “Plan”). In section 10.4 of the Plan, Apache reserved the right to amend the Plan from time to time. Apache hereby exercises that right as follows, effective March 1, 2021:
| 1. | Subsection 5.1(c) is hereby deleted and superseded in its entirety by the following: |
| (c) | Change of Control. The Company Contributions Accounts of all Participants shall be fully vested as of the “Effective Date” of a “Change of Control,” as such terms are defined in APA Corporation’s Income Continuance Plan or any successor to such plan. |
[Signature Page Follows]
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EXECUTED this 1st day of March, 2021.
| APACHE CORPORATION | ||
| By: | /s/ Brandy Jones | |
| Brandy Jones Vice President, Human Resources | ||
Signature Page to Apache Corporation 401(k) Savings Plan
Amendment to Definition of Change of Control
