First Amendment to Newfield Exploration Company 2007 Omnibus Stock Plan

Summary

This amendment updates the Newfield Exploration Company 2007 Omnibus Stock Plan, which benefits certain employees. The main change concerns how and when vested Restricted Stock Unit (RSU) awards are settled, specifying that, unless otherwise stated, payment or delivery of shares or cash will occur on the second business day after vesting. All other terms of the plan remain in effect.

EX-10.5.1 3 h54192exv10w5w1.htm FIRST AMENDMENT TO 2007 OMNIBUS STOCK PLAN exv10w5w1

Exhibit 10.5.1

First Amendment
to
Newfield Exploration Company
2007 Omnibus Stock Plan

WHEREAS, Newfield Exploration Company (the “Company”) has heretofore adopted the Newfield Exploration Company 2007 Omnibus Stock Plan (the “Plan”) for the benefit of certain employees of the Company; and

WHEREAS, the Company desires to amend the Plan;

NOW, THEREFORE, the Plan shall be amended as follows, effective as of November 16, 2007:

1. Paragraphs (d) of Section IX of the Plan shall be deleted and the following shall be substituted therefor:

(d) Settlement of Restricted Stock Units. Unless provided otherwise in a Restricted Stock Unit Agreement, settlement of a vested Restricted Stock Unit Award or, if an Award provides for partial vesting, the vested portion of such Award shall be satisfied in a single payment or delivery of cash or shares of Common Stock (as provided in the Restricted Stock Unit Agreement) on the second business day after the Award or portion of the Award vests.

2. As amended hereby, the Plan is specifically ratified and reaffirmed.