Second Amendment to Production Participation Plan of Whiting Petroleum Corporation
This amendment updates the Production Participation Plan of Whiting Petroleum Corporation, effective October 23, 2007. The changes include reducing a participation percentage from 35% to 30%, lowering the retirement age from 65 to 62, and shortening a specified period from five years to three years. All other terms of the plan remain unchanged. The amendment is executed by the company's Board of Directors and signed by the President and CEO.
TO
PRODUCTION PARTICIPATION PLAN
OF
WHITING PETROLEUM CORPORATION
This Second Amendment (this “Amendment”) to the Production Participation Plan (as amended and restated February 23, 2006, (the “Plan”) of Whiting Petroleum Corporation, a Delaware corporation (the “Company”), is adopted by the Company by action of its Board of Directors on October 23, 2007 and executed to be effective as of such date. Capitalized terms used herein without definition shall have the meaning ascribed to such terms in the Plan.
| 1. | Amendments. |
| a. | Section 1.5(b)(1) of the Plan is hereby amended by replacing the phrase “thirty-five percent (35%)” each place it appears therein with “thirty percent (30%)". |
| b. | The last sentence of Section 5.4(c) is amended by replacing “age 65” with “age 62". |
| c. | The last sentence of Section 7.2(a) is amended by replacing “five (5) years” with “three (3) years”. |
| 2. | Force and Effect. Except as amended by this Amendment, the terms and conditions of the Plan shall remain in full force and effect. |
| WHITING PETROLEUM CORPORATION | |
| By: /s/ James J. Volker | |
| James J. Volker | |
| President and Chief Executive Officer |
