Third Amendment to Whiting Petroleum Corporation Production Participation Plan

Summary

This amendment, effective January 1, 1997, modifies the Whiting Petroleum Corporation Production Participation Plan. The key change allows the company, at its sole discretion, to purchase the entire vested interest of any participant who has left the company or passed away. All other terms of the plan remain unchanged. The amendment is executed by Whiting Petroleum Corporation.

EX-10.8 7 dex108.txt THIRD AMENDMENT TO WHITING PETROLEUM CORPORATION PRODUCTION P. P. EXHIBIT 10.8 THIRD AMENDMENT TO WHITING PETROLEUM CORPORATION PRODUCTION PARTICIPATION PLAN This Third Amendment to the WHITING PETROLEUM CORPORATION PRODUCTION PARTICIPATION PLAN (the "Plan") is entered into this 30th day of December, 1997. WHEREAS, Whiting Petroleum Corporation (the "Company") is sponsoring the Whiting Petroleum Corporation Production Participation Plan (the "Plan") which became effective January 1, 1981; and WHEREAS, the Company has amended the Plan by a First Amendment dated December 2, 1983 and a Second Amendment dated November 9, 1989; and WHEREAS, under the Plan the Company reserves to itself, through action of its Board of Directors, the right to amend the Plan from time to time; and WHEREAS, the Company desires to amend the Plan in the manner set forth in this Third Amendment. NOW, THEREFORE, the Plan is hereby amended effective January 1, 1997 as follows: 1. The first sentence of Section 4.6 of the Plan is hereby amended to read as follows: The Company may, at its sole option, purchase the entire vested interest under the Plan of any terminated or deceased Participant. 2. Except as expressly amended by this Third Amendment, the Plan shall remain in full force and effect. IN WITNESS WHEREOF, this Third Amendment has been executed as of the day and year first above written. COMPANY: WHITING PETROLEUM CORPORATION /s/ David A. Frawley -------------------------------