**SEPARATION      BENEFIT PLAN**

**OF      UNIT CORPORATION AND**

**PARTICIPATING      SUBSIDIARIES**

**as      amended**

**effective**

**August      21, 2007**

**Table      of Contents**

**Page**

|  Article              1. Scope                                                                                                   | 1        |
|--------------------------------------------------------------------------------------------------------------------------------------------|----------|
|  Section                1.1     Name                                                                         | 1        |
|  Section                1.2     Plan                Year                                                | 1        |
|  Article              2. Definitions                                                                                             | 1        |
|  Article              3. Benefits                                                                                                |  5  |
|  Section                3.1     Eligibility                                                                  |  5  |
|  Section                3.2     Separation                Benefit                                       |  5  |
|  Section                3.3     Separation                Benefit                Amount                 |  5  |
|  Section                3.4     Separation                Benefit                Limitation                  |  7  |
|  Section                3.5     Withholding                Tax                                               |  7  |
|  Section                3.6     Reemployment                of an Eligible                Employee           |  7  |
|  Section                3.7     Integration                with Disability                Benefits           |  7  |
|  Section                3.8     Plan                Benefit                Offset                            |  7  |
|  Section                3.9     Recoupment                                                                   |  7  |
|  Section                3.10   Completion                of Twenty Years of                Service                |  8  |
|  Section                3.11   Change                in                Control                                    |  8  |
|  Article                4. Method of                Payment                                                                      |  8  |
|  Section                4.1     Separation                Benefit                Payment                     |  8  |
|  Section                4.2     Protection                of                Business                         |  8  |
|  Section                4.3     Death                                                                             |  8  |
|  Article              5. Waiver and Release of              Claims                                                                    |  9  |
|  Article              6. Funding                                                                                                 |  9  |
|  Article              7. Operation                                                                                               |  10 |
|  Section                7.1     Employing                Company                Participation                |  10 |
|  Section                7.2     Status                of                Subsidiaries                         |  10 |
|  Section                7.3     Termination                by an Employing                Company            |  10 |
|  Article              8. Administration                                                                                          |  10 |
|  Section                8.1     Named                Fiduciary                                               |  10 |
|  Section                8.2     Fiduciary                Responsibilities                                    |  10 |
|  Section                8.3     Specific                Fiduciary                Responsibilities            |  10 |
|  Section                8.4     Allocations                and Delegations of                Responsibility  |  11 |
|  Section                8.5     Advisors                                                                          |  11 |
|  Section                8.6     Plan                Determination                                            |  11 |

|  Section                8.7     Claims                Review                Procedure       |  11 |
|---------------------------------------------------------------------------------------------------------------------------|----------|
|  Section                8.8     Modification                and                Termination  |  13 |
|  Section                8.9     Indemnification                                             |  13 |
|  Section                8.10   Successful                Defense                                      |  13 |
|  Section                8.11   Unsuccessful                Defense                                    |  13 |
|  Section                8.12   Advance                Payments                                        |  13 |
|  Section                8.13   Repayment                of Advance                Payments            |  14 |
|  Section                8.14   Right                of                Indemnification                 |  14 |
|  Article              9. Effective Date                                                                         |  14 |
|  Article              10. Miscellaneous                                                                         |  14 |
|  Section                10.1    Assignment                                                            |  14 |
|  Section                10.1    Governing                Law                                     |  14 |
|  Section                10.1    Employing                Company                Records          |  14 |
|  Section                10.1    Employment                Non-Contractual                        |  14 |
|  Section                10.1    Taxes                                                                 |  15 |
|  Section                10.1    Binding                Effect                                    |  15 |

**SEPARATION      BENEFIT PLAN**

**OF      UNIT CORPORATION AND**

**PARTICIPATING      SUBSIDIARIES**

**Introduction**

**ARTICLE      1.**

**SCOPE**

***Section      1.1***
***Name***

***Section      1.2***
***Plan      Year***

**ARTICLE      2.**

**DEFINITIONS**

| **2.1  ** | “Administration                Committee” means the Committee established and appointed by the Board of                Directors or by a committee of the Board of                Directors. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.2  ** | “Base                Salary” means the regular basic cash remuneration before deductions for                taxes and other items withheld, and without regard to any salary                reduction                pursuant to any plans maintained by an Employing Company under Section                401                (k) or 125 of the Code, payable to an Employee for services rendered                to an                Employing Company, but not including pay for Bonuses, incentive                compensation, special pay, awards or                commissions. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.3  ** | “Beneficiary”                means the person designated by an Eligible Employee in a written                instrument filed with an Employing Company to receive benefits under                this                Plan. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.4  ** | “Board                of Directors” means the board of directors of the                Company. |
|---------------------|-------------------------------------------------------------------------------------------------------------|

| **2.5  ** | “Bonus”                means any annual incentive compensation paid to an Employee over                and above                Base Salary earned and paid in cash or                otherwise. |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.6  ** | “Change                in Control” of the Company shall be deemed to have occurred as of the                first day that any one or more of the following conditions shall                have been                satisfied: |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.7  ** | “Change                of Control Contract” means a Unit Corporation Key Employee Change of                Control Contract entered into between Unit Corporation and the individual                identified in such agreement as“Executive”. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.8  ** | “Code”                means the Internal Revenue Code of 1986, as amended from time to                time. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------|

| **2.9  ** | “Company”                means Unit Corporation, the sponsor of this                Plan. |
|---------------------|-------------------------------------------------------------------------------------------------------|

| **2.10  ** | “Comparable                Position” means a job with an Employing Company or successor company at                the same or higher Base Salary as an Employee’s current job and at a work                location within reasonable commuting distance from an Employee’s home, as                determined by such Employee’s Employing                Company. |
|----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.11  ** | “Completed                Year of Service” means the period of time beginning with an Employee’s                date of hire or the anniversary of such date of hire and ending twelve                months thereafter. |
|----------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.12  ** | “Discharge                for Cause” means termination of the Employee’s employment by the Employing                Company due to: |
|----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.13  ** | “Eligible                Employee” means an Employee who is determined to be eligible to                participate in this Plan and receive benefits under Article                Three |
|----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.14  ** | (a)  “Employee”                means a person who is |
|----------------------|----------------------------------------------------------------------------|

| **2.15  ** |  “Employing                Company” means the Company or any subsidiary of the Company electing to                participate in this Plan under the provisions of Section                7.1. |
|----------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.16  ** | “ERISA”                means the Employee Retirement Income Security Act of 1974, as from                time to                time amended, and all regulations and rulings issued thereunder by                governmental administrative bodies. |
|----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.17  ** | “Plan”                means the Separation Benefit Plan of Unit Corporation and Participating                Subsidiaries Plan, as set forth herein and as hereafter amended from                time                to time. |
|----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.18  ** | “Separation                Benefit” means the benefit provided for under this Plan as determined                under Article Three. |
|----------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.19  ** | “Separation                Period” means the period of time over which an Employee receives                Separation Benefits under the Plan in semimonthly or other installment                payments. |
|----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.20  ** | “Termination                of Employment” means an Employee’s separation from the service of an                Employing Company determined by the Employing Company, provided that                a                Termination of Employment does not include any separation from service                resulting from: |
|----------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.21  ** | "Years                of Service" means the sum of the number of continuous Completed Years                of                Service as an Employee of an Employing Company during the period                of                employment beginning with the Employee’s most recent hire date and ending                with the Employee’s most recent termination date.  Provided, in                the event an Employee was a member of the Board of Directors of an                Employing Company prior to (or after) the adoption of the August                21, 2007                Amendment to the Plan, such Employee shall be credited with the period                of                time beginning with his date of hire with an Employing Company, and                the                provisions in Section 2.14(b)(vi) of any prior version of the Plan                shall                be disregarded. |
|----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE      3.**

**BENEFITS**

***Section      3.1***
***Eligibility***

***Section      3.2***
***Separation      Benefit***

***Section      3.3***
***Separation      Benefit Amount***

*Involuntary      separation *

**Involuntary      Separation**

**Schedule      of Separation Benefits**

|  Years                ofService | Number                of WeeklySeparation                BenefitPayments |  Years                ofService | Number                of WeeklySeparation                BenefitPayments |
|--------------------------------------|--------------------------------------------------------------------------|--------------------------------------|--------------------------------------------------------------------------|
| 1                                    | 4                                                                        | 14                                   | 56                                                                       |
| 2                                    | 8                                                                        | 15                                   | 60                                                                       |
| 3                                    | 12                                                                       | 16                                   | 64                                                                       |
| 4                                    | 16                                                                       | 17                                   | 68                                                                       |
| 5                                    | 20                                                                       | 18                                   | 72                                                                       |
| 6                                    | 24                                                                       | 19                                   | 76                                                                       |
| 7                                    | 28                                                                       | 20                                   | 80                                                                       |
| 8                                    | 32                                                                       | 21                                   | 84                                                                       |
| 9                                    | 36                                                                       | 22                                   | 88                                                                       |
| 10                                   | 40                                                                       | 23                                   | 92                                                                       |
| 11                                   | 44                                                                       | 24                                   | 96                                                                       |
| 12                                   | 48                                                                       | 25                                   | 100                                                                      |
| 13                                   | 52                                                                       | 26                or more            | 104                                                                      |

*Voluntary      separation or death of the Eligible Employee *

**Voluntary      Separation**

**Schedule      of Separation Benefits**

|   |  Years                ofService |   | Number                of WeeklySeparation                BenefitPayments |   |
|--------|--------------------------------------|--------|--------------------------------------------------------------------------|--------|
|   |                                 |   |                                                                     |   |
|   | 1-19                                 |   | 0                                                                        |   |
|   | 20                                   |   | 80                                                                       |   |
|   | 21                                   |   | 84                                                                       |   |
|   | 22                                   |   | 88                                                                       |   |
|   | 23                                   |   | 92                                                                       |   |
|   | 24                                   |   | 96                                                                       |   |
|   | 25                                   |   | 100                                                                      |   |
|   | 26                or more            |   | 104                                                                      |   |

***Section      3.4***
***Separation      Benefit Limitation***

***Section      3.5***
***Withholding      Tax***

***Section      3.6***
***Reemployment      of an Eligible Employee***

***Section      3.7***
***Integration      with Disability Benefits***

***Section      3.8***
***Plan      Benefit Offset***

***Section      3.9***
***Recoupment***

***Section      3.10***
***Completion      of Twenty Years of Service***

***Section      3.11***
***Change      in Control***

**ARTICLE      4.**

**METHOD      OF PAYMENT**

***Section      4.1***
***Separation      Benefit Payment***

***Section      4.2***
***Protection      of Business***

***Section      4.3***
***Death***

*(a)*
* Termination      of Employment as a result of death of Eligible Employee*

*(b)*
* Death      of the Eligible Employee Subsequent to Termination of Employment*

**ARTICLE      5.**

**WAIVER      AND RELEASE OF CLAIMS**

**ARTICLE      6.**

**FUNDING**

**ARTICLE      7.**

**OPERATION**

***Section      7.1***
***Employing      Company Participation***

***Section      7.2***
***Status      of Subsidiaries***

***Section      7.3***
***Termination      by an Employing Company***

**ARTICLE      8.**

**ADMINISTRATION**

***Section      8.1***
***Named      Fiduciary***

***Section      8.2***
***Fiduciary      Responsibilities***

***Section      8.3***
***Specific      Fiduciary Responsibilities***

**8.3.1**

**8.3.2**

**8.3.3**

***Section      8.4***
***Allocations      and Delegations of Responsibility***

***Section      8.5***
***Advisors***

***Section      8.6***
***Plan      Determination***

***Section      8.7***
***Claims      Review Procedure***

**8.7.1**

**8.7.2**

**8.7.3**

**8.7.4**

**8.7.5**

***Section      8.8***
***Modification      and Termination***

***Section      8.9***
***Indemnification***

***Section      8.10***
***Successful      Defense***

***Section      8.11***
***Unsuccessful      Defense***

**8.11.1**

**8.11.2**

***Section      8.12***
***Advance      Payments***

***Section      8.13***
***Repayment      of Advance Payments***

***Section      8.14***
***Right      of Indemnification***

**ARTICLE      9.**

**EFFECTIVE      DATE**

**ARTICLE      10.**

**MISCELLANEOUS**

***Section      10.1***
***Assignment***

***Section      10.2***
***Governing      Law***

***Section      10.3***
***Employing      Company Records***

***Section      10.4***
***Employment      Non-Contractual***

***Section      10.5***
***Taxes***

***Section      10.6***
***Binding      Effect***

***Section      10.7***
***Entire      Agreement***

**SEPARATION      AGREEMENT “A”**

**EMPLOYEE      IS ADVISED TO CONSULT AN ATTORNEY PRIOR TO SIGNING THIS      AGREEMENT.**

**EMPLOYEE      HAS TWENTY ONE DAYS AFTER RECEIVING THIS AGREEMENT TO CONSIDER WHETHER TO SIGN      THIS AGREEMENT.**

**AFTER      SIGNING THIS AGREEMENT, EMPLOYEE HAS ANOTHER SEVEN (7) DAYS IN WHICH TO REVOKE      CONSENT TO THIS AGREEMENT. THIS AGREEMENT DOES NOT TAKE EFFECT UNTIL THOSE      SEVEN      DAYS HAVE PASSED.**

**1**

**2**

**3**

**SEPARATION      AGREEMENT “B”**

**EMPLOYEE      IS ADVISED TO CONSULT WITH AN ATTORNEY PRIOR TO SIGNING THIS      AGREEMENT.**

**EMPLOYEE      HAS FORTY FIVE (45) DAYS AFTER RECEIVING THIS AGREEMENT, AND THE WRITTEN      STATEMENT PROVIDED WITH THIS AGREEMENT, TO CONSIDER WHETHER TO SIGN THIS      AGREEMENT.**

**AFTER      SIGNING THIS AGREEMENT, EMPLOYEE HAS ANOTHER SEVEN (7) DAYS IN WHICH TO REVOKE      CONSENT TO THIS AGREEMENT. THIS AGREEMENT DOES NOT TAKE EFFECT UNTIL THOSE      SEVEN      (7) DAYS HAVE PASSED.**

**EMPLOYEE      ACKNOWLEDGES THAT, ALONG WITH THIS AGREEMENT, HE OR SHE HAS BEEN GIVEN A WRITTEN      STATEMENT: (A) WHICH DESCRIBES THE CLASS, UNIT, OR GROUP OF INDIVIDUALS COVERED      BY THE PLAN, ELIGIBILITY FACTORS UNDER THE PLAN, AND ANY TIME LIMITS APPLICABLE      TO THE PLAN; AND (B) THE JOB TITLES AND AGES OF ALL INDIVIDUALS ELIGIBLE OR      SELECTED FOR TERMINATION UNDER THE PLAN WITH THIS EMPLOYEE, AND THE AGES AND      JOB      TITLES OF ALL INDIVIDUALS IN THE SAME JOB CLASSIFICATION OR TITLE AS THOSE      EMPLOYEES ELIGIBLE OR SELECTED FOR TERMINATION UNDER THE PLAN WHO ARE NOT      ELIGIBLE OR SELECTED FOR TERMINATION.**

**1**

**2**

**3**