First Amendment to Whiting Petroleum Corporation Phantom Equity Plan (Effective January 1, 2000)

Summary

This amendment, effective January 1, 2000, modifies the Whiting Petroleum Corporation Change of Control Phantom Equity Plan. It adds a new provision defining a change of control to include any sale by the company of assets equal to 40% or more of its Corporate Consolidated SEC PV 10% Value within a twelve-month period. All other terms of the original plan remain unchanged. The amendment is executed by Whiting Petroleum Corporation, signed by its President and CEO.

EX-10.11 10 dex1011.txt FIRST AMENDMENT TO WHITING PETROLEUM CORP. PHANTOM EQUITY PLAN EXHIBIT 10.11 FIRST AMENDMENT TO WHITING PETROLEUM CORPORATION PHANTOM EQUITY PLAN (Effective January 1, 2000) RECITALS: 1. Effective January 1, 2000, Whiting Petroleum Corporation, a Delaware corporation (the "Company"), adopted the Whiting Petroleum Corporation Change of Control Phantom Equity Plan (the "Plan"). 2. Pursuant to Section 13 of the Plan, the Board of Directors of the Company reserved the right and power to amend the Plan from time to time in its sole discretion. In accordance with that reserved power and right, the Plan is hereby amended, effective as of January 1, 2000, as set forth below. AMENDMENT: 1. Section 2.1(y) is hereby amended by the addition thereto of a new subsection (iv) which shall provide in its entirety as follows: "(iv) Within any twelve month period, a sale for cash by the Company of assets equal to forty percent (40%) or more of the Corporate Consolidated SEC PV 10% Value. Except as specifically amended above, the Plan remains in full force and effect as adopted. This Amendment has been executed this 4th day of December, 2002, to be effective as of January 1, 2000. WHITING PETROLEUM CORPORATION By: /s/ James J. Volker -------------------------------- James J. Volker President & CEO