Amended and Restated Executive Change in Control and Severance Benefit Plan


 Exhibit 10.4 
 OASIS PETROLEUM INC. 
 AMENDED AND RESTATED 

EXECUTIVE CHANGE IN CONTROL AND SEVERANCE BENEFIT PLAN 
 1. Purpose and Effective Date. Oasis Petroleum Inc. (the “Company”) has adopted this Executive Change in Control and Severance Benefit Plan (the
“Plan”) to provide for the payment of severance and/or change in control benefits to Eligible Individuals. The Plan was initially approved by the Board of Directors of the Company (the “Board”) on May 17, 2010
and was originally effective as of the closing of the initial public offering. The effective date of this amendment and restatement of the Plan is March 1, 2012. 
 2. Definitions. For purposes of the Plan, the terms listed below will have the meanings specified herein: 

(a) “Accrued Payments” means (i) any unpaid Base Salary through the Date of Termination (but calculated at
the rate then in effect), which shall be paid within 30 business days of the Date of Termination, (ii) any unpaid Performance Bonus earned in the calendar year prior to the Date of Termination, which shall be paid at the time annual bonuses are
normally paid by the Company, (iii) unreimbursed business expenses that are eligible for reimbursement in accordance with the applicable Company policies through the Date of Termination, and (iv) such employee benefits, if any, as to which
an Eligible Individual may be entitled pursuant to the terms governing such benefits. 
 (b) “Base
Salary” means the amount an Eligible Individual is entitled to receive as wages or salary on an annualized basis, calculated as of the Date of Termination or, if greater, before any reduction not consented to by the Eligible Individual.

 (c) “Cause” means a determination made in good faith by two-thirds (2/3) of the Board that an
Eligible Individual (i) has been convicted of a misdemeanor involving moral turpitude or a felony, (ii) has engaged in grossly negligent or willful misconduct in the performance of his duties for the Company (other than due to the Eligible
Individual’s incapacity due to physical or mental illness), which actions have had a material detrimental effect on the Company and which actions continued for a period of thirty (30) days after a written notice of demand for performance
has been delivered to the Eligible Individual specifying the manner in which the Eligible Individual has failed to perform, (iii) has breached the provisions of Section 7 of this Plan, (iv) has engaged in conduct which is materially
injurious to the Company (including, without limitation, misuse or misappropriation of the Company’s funds or other property), or (v) has committed an act of fraud. No termination of the Eligible Individual’s employment shall be for
Cause as set forth in clauses (iii), (iv) or (v) above until (A) there shall have been delivered to the Eligible Individual a copy of a written notice setting forth that the Eligible Individual was guilty of the conduct set forth in
clauses (iii), (iv) or (v), as applicable, and specifying the particulars thereof in detail, and (B) the Eligible Individual shall have been provided an opportunity to be heard by the Board (with the assistance of the Eligible
Individual’s counsel if the Eligible Individual so desires). No act, nor failure to act, on the Eligible Individual’s part shall be considered “willful” unless he has acted, or failed to act, with an 






 
absence of good faith and without reasonable belief that his action or failure to act was in the best interest of the Company and its affiliates. Notwithstanding anything contained in this Plan
to the contrary, no failure to perform by the Eligible Individual after Notice of Termination is given by the Eligible Individual shall constitute Cause. 
 (d) “Change in Control” shall have the meaning given such term in the Company’s 2010 Long Term Incentive Plan. 

(e) “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 

(f) “Code” means the Internal Revenue Code of 1986, as amended, and applicable administrative guidance issued
thereunder. 
 (g) “Date of Termination” means the date of receipt of the Notice of Termination or any
later date specified therein, as the case may be; provided, however, that if an Eligible Individual’s employment is terminated by reason of death, the Date of Termination shall be the date of death of the Eligible Individual. For all purposes
of the Plan, an Eligible Individual’s Date of Termination shall not occur prior to the date the Eligible Individual incurs a “separation from service” within the meaning of Section 409A(a)(2)(A)(i) of the Code. 

(h) “Disability” shall have the meaning given such term in any employment agreement between the Eligible
Individual and the Company; provided, however, that if there is no existing employment agreement between the Eligible Individual and the Company, the term “Disability” shall mean the Eligible Individual’s inability to perform the
essential functions of his or her position with or without reasonable accommodation, if required by law, due to physical or mental impairment. The existence of any such Disability shall be certified, at the Company’s discretion, by either the
Company’s disability carrier or a physician acceptable to both the Eligible Individual and the Company. If the parties are not able to agree on the choice of physician, each party shall select a physician who, in turn, shall select a third
physician to render such certification. In no event will an Eligible Individual’s employment be terminated as a result of Disability, unless otherwise agreed to by the Eligible Individual and the Company, until at least 180 consecutive days of
leave have elapsed and the Company has provided the Eligible Individual with written notice of termination. 
 (i)
“Good Reason” means, without the express written consent of the Eligible Individual, the occurrence of one of the following arising on or after the date such Eligible Individual commences participation in this Plan, as
determined in a manner consistent with Treasury Regulation § 1.409A-1(n)(2)(ii): (i) a material reduction in the Eligible Individual’s base compensation, (ii) a material diminution in the Eligible Individual’s authority,
duties or responsibilities, (iii) a permanent relocation in the geographic location at which the Eligible Individual must perform services to a location more than 50 miles from the location at which the Eligible Individual normally performed
services immediately before the relocation, (iv) a material reduction in the authority, duties, or responsibilities of the person to whom the Eligible Individual reports, or (v) any other action or inaction that constitutes a material
breach by the Company of its obligations under this Plan. Neither a transfer of employment among the Company and any of its affiliates nor the Company or an affiliate entering into a co-employer


  
 2 







 
relationship with a personnel services organization constitutes Good Reason. In the case of an Eligible Individual’s allegation of Good Reason, (A) the Eligible Individual shall provide
notice to the Company of the event alleged to constitute Good Reason within 60 days after the occurrence of such event, and (B) the Company shall have the opportunity to remedy the alleged Good Reason event within 30 days from receipt of notice
of such allegation. If not remedied within that 30-day period, the Eligible Individual may submit a Notice of Termination, provided that the Notice of Termination must be given no later than 100 days after the expiration of such 30 day period;
otherwise, the Eligible Individual will be deemed to have accepted such event, or the Company’s remedy of such event, that may have given rise to the existence of Good Reason; provided, however, such acceptance shall be limited to the
occurrence of such event and shall not waive the Eligible Individual’s right to claim Good Reason with respect to future similar events. 
 (j) “Notice of Termination” means a written notice communicated by the Company or the Eligible Individual, as applicable, that (i) indicates the specific reason for
termination of the Eligible Individual’s employment, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for the termination, and (iii) specifies the Date of Termination. 

(k) “Performance Bonus” means the annual performance bonus payment an Eligible Individual is eligible to receive
for a given calendar year pursuant to the Company’s 2010 Annual Incentive Compensation Plan, as amended from time to time, or any successor annual cash performance bonus program subsequently adopted by the Company. 

(l) “Pro-Rata Bonus” means an amount equal to the Performance Bonus that an Eligible Individual would have been
entitled to receive for the calendar year of termination, multiplied by a fraction, the numerator of which is the number of days during which the Eligible Individual was employed by the Company in the calendar year of termination, and the
denominator of which is 365. 
 (m) “Severance Conditions” means an Eligible Individual’s execution
and delivery to the Company on or prior to the 50th day following the Date of Termination of a release of claims agreement in the Company’s customary form, which shall exclude claims for indemnification, claims for coverage under officer and
director policies, and claims as a stockholder of the Company and which may be amended by the Company to reflect changes in applicable laws and regulations and, where applicable, the Eligible Individual’s non-revocation of such release.

 3. Administration of the Plan. 
 (a) Authority of the Administrator. The Plan will be administered by the Board, or by a person or committee appointed by the Board to administer the Plan (the
“Administrator”). Subject to the express provisions of the Plan and applicable law, the Administrator will have the authority, in its sole and absolute discretion, to: (i) adopt, amend, and rescind administrative and
interpretive rules and regulations related to the Plan, (ii) delegate its duties under the Plan to such agents as it may appoint from time to time, and (iii) make all other determinations, perform all other acts and exercise all other
powers and authority necessary or advisable for administering the Plan, including the delegation of those ministerial acts and 

  
 3 







 
responsibilities as the Administrator deems appropriate. The Administrator shall have complete discretion and authority with respect to the Plan and its application except to the extent that
discretion is expressly limited by the Plan. The Administrator may correct any defect, supply any omission, or reconcile any inconsistency in the Plan in any manner and to the extent it deems necessary or desirable to carry the Plan into effect, and
the Administrator will be the sole and final judge of that necessity or desirability. The determinations of the Administrator on the matters referred to in this Section 3(a) will be final and conclusive. 

(b) Manner of Exercise of Authority. Any action of, or determination by, the Administrator will be final, conclusive and binding
on all persons, including the Company, its owners, each Eligible Individual, or other persons claiming rights from or through an Eligible Individual. The express grant of any specific power to the Administrator, and the taking of any action by the
Administrator, will not be construed as limiting any power or authority of the Administrator. The Administrator may delegate to officers or managers of the Company, or committees thereof, the authority, subject to such terms as the Administrator
will determine, to perform such functions, including administrative functions, as the Administrator may determine. The Administrator may appoint agents to assist it in administering the Plan. 

(c) Limitation of Liability. The Administrator will be entitled to, in good faith, rely or act upon any report or other
information furnished to him or her by any officer or employee of the Company, the Company’s legal counsel, independent auditors, consultants or any other agents assisting in the administration of the Plan. The Administrator and any officer or
employee of the Company acting at the direction or on behalf of the Administrator will not be personally liable for any action or determination taken or made in good faith with respect to the Plan and will, to the fullest extent permitted by law, be
indemnified and held harmless by the Company with respect to any such action or determination. 
 4.
Eligibility. The employees of the Company listed on Exhibit A attached hereto, as the same may be updated from time to time by the Board, are eligible (“Eligible Individuals”) to receive the benefits
described in this Plan; provided, that any individual who is entitled to severance or change in control benefits pursuant to a separate written agreement between the Company (or one of its affiliates) and the individual shall not be an Eligible
Individual. 
 5. Plan Benefits. 
 (a) Termination Due to Death or Disability. In the event an Eligible Individual’s employment terminates by reason of his death or Disability, the Eligible Individual (or his estate) will be
entitled to receive: 
 (i) the Accrued Payments; 

(ii) a Pro-Rata Bonus for the calendar year of termination, payable as soon as administratively feasible following
preparation of the Company’s unaudited financial statements for the applicable calendar year, but in no event later than March 15 of the calendar year following the calendar year to which such Performance Bonus relates; and 

  
 4 







 (iii) provided the Eligible Individual satisfies the Severance Conditions,
(A) an amount equivalent to twelve (12) months of the Eligible Individual’s Base Salary, payable in a lump sum within 60 days of the Date of Termination; and (B) payment or reimbursement on a monthly basis of the premiums
required to continue the Eligible Individual’s group health care coverage for a period of 18 months following the Eligible Individual’s Date of Termination, under the applicable provisions of COBRA, provided that the Eligible Individual or
his dependents, as applicable, elect to continue and remain eligible for these benefits under COBRA. 
 (b) Termination
Without Cause or For Good Reason. In the event an Eligible Individual’s employment is terminated by the Company without Cause or by the Eligible Individual for Good Reason, the Eligible Individual will be entitled to receive: 

(i) the Accrued Payments; 
 (ii) a Pro-Rata Bonus for the calendar year of termination, payable as soon as administratively feasible following preparation of the Company’s unaudited financial statements for the applicable
calendar year, but in no event later than March 15 of the calendar year following the calendar year to which such Performance Bonus relates; and 
 (iii) provided the Eligible Individual satisfies the Severance Conditions, (A) an amount equivalent to twelve (12) months of the Eligible Individual’s Base Salary, payable in twelve
(12) equal monthly installments commencing in payment on the first day of the third month following the Date of Termination; plus (B) a lump sum payment equal to the amount of the Eligible Individual’s target Performance Bonus that
such Eligible Individual would have been entitled to receive for the calendar year of termination, calculated based on the Eligible Individual’s Base Salary, payable no later than 60 days after the Date of Termination; plus (C) payment or
reimbursement on a monthly basis of the premiums required to continue the Eligible Individual’s group health care coverage for a period of 18 months following the Eligible Individual’s Date of Termination, under the applicable provisions
of COBRA, provided that the Eligible Individual or his dependents, as applicable, elect to continue and remain eligible for these benefits under COBRA; plus (D) immediate vesting of all unvested equity awards under the Company’s 2010 Long
Term Incentive Plan or other plans of the Company as of the Date of Termination, regardless of any other established vesting schedule, such that all remaining unvested equity awards shall be fully vested on the Date of Termination (except to the
extent the terms of any such equity awards explicitly provide that accelerated vesting upon a without Cause or Good Reason termination is not intended). 
 Notwithstanding the foregoing, to the extent the amount payable pursuant to Section 5(b)(iii)(A) above is greater than two times the lesser of the Eligible Individual’s annualized compensation
based upon the annual rate of pay for services provided to the Company for the calendar year preceding the calendar year of the Eligible Individual’s Date of Termination (adjusted for any increase during that year that was expected to continue
indefinitely if the Eligible Individual had not separated from service) or the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Eligible


  
 5 







 
Individual’s Date of Termination occurs (the “Section 409A Exempt Amount”), the excess of the amount payable pursuant to Section 5(b)(iii)(A) above over the
Section 409A Exempt Amount will be paid in a single lump sum no later than 60 days after the Date of Termination. 
 (c)
Change in Control. 
 (i) Upon the occurrence of a Change in Control, all unvested equity awards under
the Company’s 2010 Long Term Incentive Plan or other plans of the Company held by an Eligible Individual as of such date shall become immediately vested, regardless of any other established vesting schedule, such that all remaining unvested
equity awards shall be fully vested on the date of such Change in Control (except to the extent the terms of any such equity awards explicitly provide that accelerated vesting upon a Change in Control is not intended). 

(ii) In the event an Eligible Individual is terminated by the Company for any reason other than for Cause or an Eligible
Individual terminates employment for Good Reason, in each case within two years following a Change in Control, then the Company shall, in addition to providing the Eligible Individual with the Accrued Payments: 

(A) pay the Eligible Individual, within 60 days following the Date of Termination, a lump sum payment equal to two
(2) times the sum of (1) an amount equivalent to twelve (12) months of Base Salary, plus (2) the Eligible Individual’s target Performance Bonus for the calendar year in which the Change in Control occurs, calculated based on
the Eligible Individual’s Base Salary; plus 
 (B) pay or reimburse on a monthly basis the premiums required
to continue the Eligible Individual’s group health care coverage for a period of 18 months following the Eligible Individual’s Date of Termination, under COBRA, provided that the Eligible Individual elects to continue and remains eligible
for these benefits under COBRA. 
 In the event the Eligible Individual is terminated simultaneously with the occurrence of a Change in Control
or within two years thereof, the Eligible Individual shall be entitled to receive the greater of the payments or benefits provided under Section 5(b) of this Plan and this Section 5(c), which receipt shall be conditioned upon the Eligible
Individual’s satisfaction of the Severance Conditions. 
 6. Certain Excise Taxes. Notwithstanding
anything to the contrary in this Plan, if an Eligible Individual is a “disqualified individual” (as defined in Section 280G(c) of the Code), and the payments and benefits provided for in this Plan, together with any other payments and
benefits which such Eligible Individual has the right to receive from the Company or any of its affiliates, would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the payments and benefits provided
for in this Plan shall be either (a) reduced (but not below zero) so that the present value of such total amounts and benefits received by such Eligible Individual from the Company and its affiliates will be one dollar ($1.00) less than three
times such Eligible Individual’s “base amount” (as defined in Section 280G(b)(3) of the Code) 

  
 6 







 
and so that no portion of such amounts and benefits received by such Eligible Individual shall be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in full,
whichever produces the better net after-tax position to such Eligible Individual (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes). The reduction of payments and benefits hereunder, if
applicable, shall be made by reducing, first, payments or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or benefit that would be made last in time and
continuing, to the extent necessary, through to such payment or benefit that would be made first in time) and, then, reducing any benefit to be provided in-kind hereunder in a similar order. The determination as to whether any such reduction in the
amount of the payments and benefits provided hereunder is necessary shall be made by the Company in good faith. If a reduced payment or benefit is made or provided and through error or otherwise that payment or benefit, when aggregated with other
payments and benefits from the Company (or its affiliates) used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than three times such Eligible Individual’s base amount, then such Eligible Individual
shall be required to immediately repay such excess to the Company upon notification that an overpayment has been made. Nothing in this Section 6 shall require the Company to be responsible for, or have any liability or obligation with respect
to, such Eligible Individuals’ excise tax liabilities under Section 4999 of the Code. 
 7. Eligible
Individual Covenants. As a condition to participation in this Plan and the receipt of payments or benefits hereunder, each Eligible Individual agrees to the following covenants and restrictions. 

(a) No Unauthorized Use or Disclosure. All information, trade secrets, designs, ideas, concepts, improvements, product
developments, discoveries and inventions, whether patentable or not, that are conceived, made, developed or acquired by an Eligible Individual, individually or in conjunction with others, during the term of his employment (whether during business
hours or otherwise and whether on the Company’s premises or otherwise) that relate to the Company’s or any of its wholly-owned subsidiaries’ business, products or services and all writings or materials of any type embodying any such
matters (collectively, “Confidential Information”) shall be disclosed to the Company, and are and shall be the sole and exclusive property of the Company. Confidential Information does not, however, include any information
that is available to the public other than as a result of any unauthorized act of the Eligible Individual. Each Eligible Individual shall agree to preserve and protect the confidentiality of all Confidential Information and work product of the
Company and its wholly-owned subsidiaries, and will not, at any time during or after the termination of the Eligible Individual’s employment with the Company, make any unauthorized disclosure of, and shall not remove from the Company premises,
and will use reasonable efforts to prevent the removal from the Company premises of, Confidential Information or work product of the Company or its wholly-owned subsidiaries, or make any use thereof, in each case, except in the carrying out of the
Eligible Individual’s responsibilities hereunder. An Eligible Individual shall have no obligation hereunder to keep confidential any Confidential Information if and to the extent disclosure thereof is specifically required by law; provided,
however, that in the event disclosure is required by applicable law and the Eligible Individual is making such disclosure, the Eligible Individual shall provide the Company with prompt notice of such requirement, and shall use commercially
reasonable efforts to give such notice prior to making any disclosure so that the Company may seek an appropriate protective order. 

  
 7 







 (b) Protective Covenants and Restrictions. Acknowledging delivery of Confidential
Information and that such Confidential Information is vital to an Eligible Individual’s performance of services to the Company and acknowledging that the Company is delivering and will deliver the Confidential Information partly in reliance on
the protective covenants and restrictions set forth herein, each Eligible Individual shall agree that the following protective covenants are reasonable and necessary for the protection of the Company’s legitimate business interests, do not
create any undue hardship on the Eligible Individual, and are not contrary to the public interest: 
 (i)
Non-compete. Each Eligible Individual shall expressly covenant and agree that, during the Eligible Individual’s employment with the Company and the 12 month period following the Eligible Individual’s Date of Termination (the
“Prohibited Period”), he will not engage in any service or activity on behalf of any business, individual, partnership, firm, corporation or other entity engaged in oil and gas exploration and production (a
“Competing Business”) that involves the planning, management, supervision, or providing of services that are substantially similar to those services the Eligible Individual provided to the Company within the last 12 months of
the Eligible Individual’s employment with the Company (“Prohibited Activity”) in any area within a six (6) mile radius of the boundary of any existing leasehold or other property of the Company or its affiliates,
either during the period the Eligible Individual is employed by the Company or as of the Eligible Individual’s Date of Termination (the “Restricted Area”). Notwithstanding the foregoing, in the event an Eligible
Individual resigns his employment or is terminated, for any reason, on or after a Change in Control, the Eligible Individual shall have no obligations to comply with this Section 7(b)(i). 

(ii) Non-solicitation. Each Eligible Individual shall further expressly covenant and agree that during the
Prohibited Period, he will not (A) solicit any individual who, on the Date of Termination, is an employee of the Company, to leave such employment, provided that the Eligible Individual will not be deemed to have violated this provision if
employees of the Company directly contact the Eligible Individual regarding employment or respond to general advertisements for employment, or (B) solicit any client or customer of the Company, with whom the Eligible Individual has had direct
contact with, or about whom the Eligible Individual has Confidential Information, to terminate or modify its relationship with the Company that exists on the Date of Termination. Notwithstanding the foregoing, in the event an Eligible Individual
resigns his employment or is terminated, for any reason, on or after a Change in Control, the Eligible Individual shall have no obligations to comply with this Section 7(b)(ii). 

(c) Permitted Ownership. Notwithstanding any of the foregoing, an Eligible Individual shall not be prohibited from owning 2.5% or
less of the outstanding equity securities of any entity whose equity securities are listed on a national securities exchange or publicly traded in any over-the-counter market, provided that neither the Eligible Individual nor any of his affiliates,
together or alone, has the power, directly or indirectly, to control or direct or is involved in the management or affairs of any such corporation that is a Competing Business. 

  
 8 







 (d) Reasonableness. Each Eligible Individual agrees with the Company and acknowledges
that the limitations as to time, geographical area and scope of activity to be restrained as set forth in this Section 7 are the result of arm’s-length bargaining, are fair and reasonable, and do not impose any greater restraint than is
necessary to protect the legitimate business interests of the Company in light of (i) the nature and geographic scope of the Company’s operations; (ii) the Eligible Individual’s level of control over and contact with the
Company’s business in the Restricted Area; (iii) the fact that the Company’s business is conducted throughout the Restricted Area; and (iv) the consideration that the Eligible Individual is receiving in connection with the
performance of his duties. 
 (e) Relief and Enforcement. Each Eligible Individual shall represent to the Company that he
has read and understands, and agrees to be bound by, the terms of this Section 7. It is the desire and intent of the Company and each Eligible Individual that the provisions of this Section 7 be enforced to the fullest extent permitted
under applicable law, whether now or hereafter in effect. However, to the extent that any part of this Section 7 may be found invalid, illegal or unenforceable for any reason, it is intended that such part shall be enforceable to the extent
that a court of competent jurisdiction shall determine that such part, if more limited in scope, would have been enforceable, and such part shall be deemed to have been so written and the remaining parts shall as written be effective and enforceable
in all events. Each Eligible Individual and the Company shall further agree and acknowledge that, in the event of a breach or threatened breach of any of the provisions of this Section 7, the Company shall be entitled to immediate injunctive
relief, as any such breach would cause the Company irreparable injury for which it would have no adequate remedy at law. Nothing herein shall be construed so as to prohibit the Company from pursuing any other remedies available to it hereunder, at
law or in equity, for any such breach or threatened breach. For purposes of this Section 7, references to the Company shall include any affiliate of the Company, which, for these purposes, means an individual or entity that, directly or
indirectly through one or more intermediaries, controls or is controlled by or is under common control with as specified individual or entity. 
 8. Claims for Benefits. 
 (a) Initial Claim. In the
event that an Eligible Individual or his estate claims (a “claimant”) to be eligible for a payment under the Plan, or claims any other rights under the Plan, such claimant must complete and submit such claim forms and
supporting documentation as will be required by the Administrator, in its sole and absolute discretion. In connection with the determination of a claim, or in connection with review of a denied claim, the claimant may examine the Plan and any other
pertinent documents generally available to Eligible Individuals that are specifically related to the claim. A written notice of the disposition of any such claim will be furnished to the claimant within ninety (90) days after the claim is filed
with the Administrator. Such notice will refer, if appropriate, to pertinent provisions of the Plan, will set forth in writing the reasons for denial of the claim, if a claim is denied (including references to any pertinent provisions of the Plan),
and, where appropriate, will describe any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary. If the claim is denied, in whole or in part, the
claimant will also be notified of the Plan’s claim review procedure and the time limits applicable to such procedure. 

  
 9 







 (b) Request for Review. Within ninety (90) days after receiving written notice
of the Administrator’s disposition of the claim, the claimant may file with the Administrator a written request for review of his claim. In connection with the request for review, the claimant will be entitled to be represented by counsel and
will be given, upon request and free of charge, reasonable access to all pertinent documents for the preparation of his claim. If the claimant does not file a written request for review within ninety (90) days after receiving written notice of
the Administrator’s disposition of the claim, the claimant will be deemed to have accepted the Administrator’s written disposition, unless the claimant was physically or mentally incapacitated so as to be unable to request review within
the ninety (90) day period. 
 (c) Decision on Review. After receipt by the Administrator of a written application
for review of an initial claim determination, the Administrator will review the claim taking into account all comments, documents, records and other information submitted by the claimant regarding the claim without regard to whether such information
was considered in the initial benefit determination. The Administrator will notify the claimant of its decision by delivery via certified or registered mail to the claimant’s last known address. A decision on review of the claim will be made by
the Administrator within forty-five (45) days of receipt of the written request for review. If special circumstances require an extension of the forty-five (45) day period, the Administrator will so notify the claimant and a decision will
be rendered within ninety (90) days of receipt of the request for review. In any event, if a claim is not determined by the Administrator within ninety (90) days of receipt of written submission for review, it will be deemed to be denied.
The decision of the Administrator will be provided to the claimant as soon as possible but no later than five (5) days after the benefit determination is made. The decision will be in writing and will include the specific reasons for the
decision presented in a manner calculated to be understood by the claimant and will contain references to all relevant Plan provisions on which the decision was based. Such decision will also advise the claimant that he may receive upon request, and
free of charge, reasonable access to and copies of all documents, records and other information relevant to his claim and will inform the claimant of his right to file a civil action under section 502(a) of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), in the case of an adverse decision regarding his appeal. The decision of the Administrator will be final and conclusive. 

9. General Provisions. 
 (a) Taxes. The Company is authorized to withhold from any payments made hereunder amounts of withholding and other taxes due or potentially payable in connection therewith, and to take such other
action as the Company may deem advisable to enable the Company and Eligible Individuals to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any payments made under this Plan. 

(b) Offset. The Company may set off against, and each Eligible Individual authorizes the Company to deduct from, any payments due
to the Eligible Individual, or to his estate, heirs, legal representatives, or successors, any amounts which may be due and owing to the Company or an affiliate by the Eligible Individual, whether arising under this Plan or otherwise; provided that
no such offset may be made with respect to amounts payable that are subject to the requirements of Section 409A of the Code unless the offset would not result in a violation of the requirements of Section 409A of the Code. 

  
 10 








 (c) Term of the Plan; Amendment and Termination. Prior to a Change in Control, the
Plan may be amended or modified in any respect, and may be terminated, in any such case, by resolution adopted by two-thirds (2/3) of the Board; provided, however, that no such amendment, modification or termination that is adopted within one
(1) year prior to a Change in Control that would adversely affect the benefits or protections hereunder of any individual who is an Eligible Individual as of the date such amendment, modification or termination is adopted shall be effective as
it relates to such individual, except for any amendment or modification to which such Eligible Individual consents in writing; provided, further, however, that the Plan may not be amended, modified or terminated, (i) at the request of a third
party who has indicated an intention or taken steps to effect a Change in Control and who effectuates a Change in Control, or (ii) otherwise in connection with, or in anticipation of, a Change in Control that actually occurs, any such attempted
amendment, modification or termination being null and void ab initio. Any action taken to amend, modify or terminate the Plan which is taken subsequent to the execution of an agreement providing for a transaction or transactions which, if
consummated, would constitute a Change in Control shall conclusively be presumed to have been taken in connection with a Change in Control. For a period of two (2) years following the occurrence of a Change in Control, the Plan may not be
amended or modified in any manner that would in any way adversely affect the benefits or protections provided hereunder to any individual who is an Eligible Individual under the Plan on the date the Change in Control occurs. 

(d) Successors. The Plan shall bind and inure to the benefit of and be enforceable by the parties hereto and their respective
successors, permitted assigns, heirs and personal representatives and estates, as the case may be. Neither the Plan nor any right or obligation hereunder of any party may be assigned or delegated without the prior written consent of the other party
hereto; provided, however, that the Company may assign this Plan to any of its affiliates and an Eligible Individual may direct payment of any benefits that will accrue upon death. An Eligible Individual shall not have any right to pledge,
hypothecate, anticipate, or in any way create a lien upon any payments or other benefits provided under the Plan; and no benefits payable under the Plan shall be assignable in anticipation of payment either by voluntary or involuntary acts, or by
operation of law, except by will or pursuant to the laws of descent and distribution. The Plan shall not confer any rights or remedies upon any person or legal entity other than the parties hereto and their respective successors and permitted
assigns. 
 (e) Unfunded Obligation. All benefits due an Eligible Individual under this Plan are unfunded and unsecured
and are payable out of the general funds of the Company. 
 (f) Receipt and Release. Any payment to any Eligible
Individual in accordance with the provisions of the Plan shall, to the extent thereof, be in full satisfaction of all claims against the Company, its affiliates and the Administrator under the Plan, and the Administrator may require such Eligible
Individual, as a condition precedent to such payment, to execute a receipt and release to such effect. If any Eligible Individual is determined by the Administrator to be incompetent, by reason of physical or mental disability, to give a valid
receipt and release, the Administrator may cause the payment or payments becoming due to such person to be made to another person for his benefit without responsibility on the part of the Administrator or the Company to follow the application of
such funds. 

  
 11 








 (g) Limitation on Rights Conferred Under Plan. Neither the Plan nor any action taken
hereunder will be construed as (i) giving an Eligible Individual the right to continue in the employ or service of the Company or an affiliate; (ii) interfering in any way with the right of the Company or any affiliate to terminate an
Eligible Individual’s employment or service at any time; or (iii) giving an Eligible Individual any claim to be treated uniformly with other employees. 
 (h) Nonexclusivity of the Plan. The adoption of the Plan by the Company will not be construed as creating any limitations on the power of the Company to adopt such other incentive arrangements as
it may deem desirable. Except as otherwise expressly provided herein, nothing contained in the Plan will be construed to prevent the Company from taking any action which is deemed by the Company to be appropriate or in its best interest, whether or
not such action would have an adverse effect on the Plan or any payments made under the Plan. No employee, beneficiary or other person will have any claim against the Company as a result of any such action. Any action with respect to the Plan taken
by the Administrator, the Company, or any designee of the foregoing shall be conclusive upon all Eligible Individuals and beneficiaries entitled to benefits under the Plan. 
 (i) Severability. If any provision of the Plan is held to be illegal or invalid for any reason, the illegality or invalidity will not affect the remaining provisions of the Plan, but such provision
will be fully severable and the Plan will be construed and enforced as if the illegal or invalid provision had never been included herein. 
 (j) Application of Section 409A. The amounts payable pursuant to Section 5 of this Plan are intended to comply with the short-term deferral exception and/or separation pay exception to
Section 409A of the Code. To the extent that an Eligible Individual is a “specified employee” within the meaning of the Treasury Regulations issued pursuant to Section 409A of the Code (the “Section 409A
Regulations”) as of the Eligible Individual’s Date of Termination, no amount that constitutes a deferral of compensation which is payable on account of the Eligible Individual’s separation from service shall be paid to the
Eligible Individual before the date (the “Delayed Payment Date”) which is first day of the seventh month after the Eligible Individual’s Date of Termination or, if earlier, the date of the Eligible Individual’s
death following such Date of Termination. All such amounts that would, but for this Section 9(j), become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date. No interest will be paid by the Company
with respect to any such delayed payments. For purposes of Section 409A of the Code, each payment or amount due under this Plan shall be considered a separate payment, and an Eligible Individual’s entitlement to a series of payments under
this Plan is to be treated as an entitlement to a series of separate payments. 
 (k) Governing Law. All questions
arising with respect to the provisions of the Plan and payments due hereunder will be determined by application of the laws of the State of Texas, without giving effect to any conflict of law provisions thereof, except to the extent Texas law is
preempted by federal law. 
 (l) Word Usage. Words used in the masculine shall apply to the feminine, where applicable,
and wherever the context of the Plan dictates, the plural shall be read as the singular and the singular as the plural. 

  
 12 








 (m) Status/Named Fiduciary. The Plan is intended to qualify for the exemptions under
Title I of ERISA provided for plans that are unfunded and maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees. The Administrator shall be the named fiduciary for
purposes of the Plan. 
 (n) ERISA Rights. As a participant in the Plan, Eligible Individuals are entitled to certain
rights and protections under ERISA, which provides that all Plan participants shall be entitled to: 
 (i)
Examine without charge, at the Administrator’s office and at other specified locations such as worksites, all Plan documents, and copies of all documents filed by the Plan with the U.S. Department of Labor, such as detailed annual reports.

 (ii) Obtain copies of all Plan documents and other Plan information upon written request to the Administrator.
The Administrator may make a reasonable charge for the copies. 
 (iii) To the extent applicable, receive a
summary of the Plan’s annual financial report. The Administrator is required by law to furnish each participant with a copy of this summary annual report. 
 In addition to creating rights for Plan participants, ERISA imposes obligations upon the people who are responsible for the operation of employee benefit plans. The people who operate the Plan, called
“fiduciaries” of the Plan, have a duty to do so prudently and in the interest of Eligible Individuals and beneficiaries. No one, including the Company, may fire an Eligible Individual or otherwise discriminate against the Eligible
Individual in any way to prevent the Eligible Individual from obtaining benefits or exercising his or her rights under ERISA. 
 If a claim for
a benefit under this Plan is denied in whole or in part, an Eligible Individual has the right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time
schedules. 
 Under ERISA, there are steps an Eligible Individual can take to enforce the above rights. For instance, if an Eligible Individual
requests materials from the Administrator and does not receive them within 30 days, the Eligible Individual may file suit in a federal court. In such a case, the court may require the Administrator to provide the materials and pay the Eligible
Individual up to $110 a day until the Eligible Individual receives the materials, unless the materials were not sent because of reasons beyond the control of the Administrator. If an Eligible Individual’s claim for benefits is denied or
ignored, in whole or in part, the Eligible Individual may file suit in a state or federal court. If an Eligible Individual is discriminated against for asserting his or her rights, the Eligible Individual may seek assistance from the U.S. Department
of Labor, or file suit in a federal court. The court will decide who should pay court costs and legal fees. If the Eligible Individual is successful, the court may order the person sued by the Eligible Individual to pay the costs and fees. If the
Eligible Individual loses, the court may order the Eligible Individual to pay the costs and fees (for example, if it finds that the Eligible Individual’s claim is frivolous). 

  
 13 








 If an Eligible Individual has any questions about this Plan, the Eligible Individual should contact the
Administrator. If an Eligible Individual has any questions about this statement or about his or her rights under ERISA, or if an Eligible Individual needs assistance in obtaining documents from the Administrator, he or she should contact the nearest
office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in the telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200
Constitution Avenue N.W., Washington D.C. 20210. An Eligible Individual may also obtain certain publications about his or her rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security
Administration. 
 (o) Additional Information. 

 

			
	 Plan Name:
	  	 Amended and Restated Executive Change in
 Control and Severance Benefit Plan

		
	 Fiscal Year of Plan:
	  	January 1 through December 31
		
	 Type of Plan:
	  	Top Hat Pension Plan
		
	 Plan No.:
	  	511
		
	 Plan Sponsor:
	  	 Oasis Petroleum Inc.
 1001
Fannin Street, Suite 202
 Houston, Texas 77002

		
		  	Phone: (713) 574-1770
		  	Employer I.D. Number: [                    ]
		
	 Plan Administrator:
	  	 Oasis Petroleum Inc.
 1001
Fannin Street, Suite 202
 Houston, Texas 77002

		  	Phone: (713) 574-1770
		
	 Agent for Service

of Legal Process:
	  	 The Administrator. Process may be served
 at the address specified above.


 [Signature Page Follows] 

  
 14 








 
					
	OASIS PETROLEUM INC.
			
		 	By:	 	   /s/ Thomas B. Nusz

		 	Name:	 	Thomas B. Nusz
		 	Title:	 	Chairman, President and Chief Executive Officer
		 	Date:	 	March 1, 2012



  
 15 








 EXHIBIT A 

ELIGIBLE INDIVIDUALS 
 Robin Edward Hesketh 
 Roy William Mace 

Robert Lowell Stovall 
 Robert James Candito 
 Kent O. Beers 

Harold Brett Newton 
 Dean Allan Gilbert 
 Steven Carroll Ellsberry 

Walter S. Smithwick 
 Thomas F. Hawkins 
 Nickolas J. Lorentzatos 

Greg Hills 

  
 Exhibit A