First Amendment to Whiting Petroleum Corporation Production Participation Plan

Summary

This amendment, effective October 1, 1983, modifies the Whiting Petroleum Corporation Production Participation Plan. It clarifies that if the plan is terminated, or if the company is sold, merged, or liquidated (with significant management changes), all participants' interests in the plan will become fully vested. The amendment was executed by Whiting Petroleum Corporation and attested by company representatives.

EX-10.6 5 dex106.txt FIRST AMENDMENT TO WHITING PETROLEUM CORPORATION PRODUCTION P. P. EXHIBIT 10.6 FIRST AMENDMENT TO WHITING PETROLEUM CORPORATION PRODUCTION PARTICIPATION PLAN RECITALS 1. Effective January 1, 1981, Whiting Petroleum Corporation, a Delaware corporation (the "Company") established the Whiting Petroleum Corporation Production Participation Plan (the "Plan"). 2. Under section 6.3 of the Plan, the Company reserved to itself, through action of its board of directors, the right to amend the Plan from time to time. Pursuant to that power, the Plan is hereby amended, effective as of October 1, 1983, in the manner set forth below. AMENDMENT 1. The second sentence of Section 6.1 of the Plan is hereby amended in its entirety to provide as follows: "Upon the termination of the Plan, or upon the sale or exchange of all or substantially all of the Company's assets, the merger of the Company or the liquidation of the Company (but only if the management of the purchaser, exchangor or other successor organization is substantially different from the management of the Company prior to such sale, exchange, merger or liquidation), the interests of all participants in the Plan shall become fully vested, notwithstanding any other provision hereof." IN WITNESS WHEREOF, the undersigned have executed this First Amendment this 2nd day of December, 1983. ATTEST: WHITING PETROLEUM CORPORATION /s/ Patricia J. Butler By: /s/ Kenneth R. Whiting - ------------------------------- -------------------------------