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                                                                    Exhibit 10.1

                               FIRST AMENDMENT TO
                             FOREST OIL CORPORATION
                              STOCK INCENTIVE PLAN

         WHEREAS, Forest Oil Corporation (the "Company") has heretofore adopted
the Forest Oil Corporation Stock Incentive Plan, as Amended and Restated
Effective as of March 22, 1996 (the "Plan"); and

         WHEREAS, the Company desires to amend the Plan in certain respects;

         NOW, THEREFORE, the Plan shall be amended as follows:

         1.       The third sentence of Paragraph V of the Plan shall be deleted
and replaced with the following:

                  "Subject to Paragraph X, the aggregate number of shares of
                  Common Stock that may be issued under the Plan shall not, on
                  the date of the grant of any Award, exceed an amount equal to
                  the difference, if any, between (i) 10% of the sum of the
                  number of then outstanding shares of Common Stock plus the
                  aggregate number of shares of Common Stock then issuable
                  pursuant to the exercise, conversion, or exchange of
                  outstanding rights, warrants, convertible or exchangeable
                  securities or options (other than Options granted under the
                  Plan), and (ii) 1,800,000 shares of Common Stock."

         2.       The following sentence shall be added to the end of Paragraph
                  IX(c) of the Plan:

                  "Further, notwithstanding the preceding provisions of this
                  Paragraph IX or any other provision in the Plan to the
                  contrary, no Director Stock Award shall be granted on or after
                  the date of the 2001 annual meeting of the shareholders of the
                  Company."

         3.       The amendments to the Plan set forth in paragraphs 1 and 2
hereof shall be effective as of the date of the 2001 annual meeting of the
shareholders of the Company, provided that the Company's adoption of the Forest
Oil Corporation 2001 Stock Incentive Plan (the "2001 Plan") is approved by the
Company's shareholders at such meeting. If the 2001 Plan is not so approved at
such meeting, then the amendments to the Plan set forth in paragraphs 1 and 2
hereof shall be void AB INITIO.

         4.       As amended hereby, the Plan is specifically ratified and
reaffirmed.<Page>

                                                                    Exhibit 10.2

                               SECOND AMENDMENT TO
                   FOREST OIL CORPORATION STOCK INCENTIVE PLAN

         WHEREAS, Forest Oil Corporation (the "Company") has heretofore adopted
the Forest Oil Corporation Stock Incentive Plan, as Amended and Restated
Effective as of March 22, 1996 (the "Plan"); and

         WHEREAS, the Company desires to amend the Plan in certain respects;

         NOW, THEREFORE, the Plan shall be amended as follows, effective as of
May 9, 2001:

         1.       The following new subparagraph (d) shall be added to Paragraph
IV of the Plan:

                  "(d) DELEGATION OF AUTHORITY BY COMMITTEE. Notwithstanding the
         preceding provisions of this Paragraph IV or any other provision of the
         Plan to the contrary, the Committee may from time to time, in its sole
         discretion, delegate to the Chief Executive Officer of the Company the
         administration (or interpretation of any provision) of the Plan, and
         the right to grant Awards under the Plan, insofar as such
         administration (and interpretation) and power to grant Awards relates
         to any person who is not subject to Section 16 of the 1934 Act
         (including any successor section to the same or similar effect). Any
         such delegation may be effective only so long as the Chief Executive
         Officer of the Company is a Director, and the Committee may revoke such
         delegation at any time. The Committee may put any conditions and
         restrictions on the powers that may be exercised by the Chief Executive
         Officer of the Company upon such delegation as the Committee determines
         in its sole discretion. In the event of any conflict in a determination
         or interpretation under the Plan as between the Committee and the Chief
         Executive Officer of the Company, the determination or interpretation,
         as applicable, of the Committee shall be conclusive."

         2.       As amended hereby, the Plan is specifically ratified and
reaffirmed.<Page>

                                                              Exhibit 10.3

                               SEVERANCE AGREEMENT

     AGREEMENT between FOREST OIL CORPORATION, a New York corporation (the
"Company"), and _____________________("Employee"),

                              W I T N E S S E T H:

     WHEREAS, the Company desires to attract and retain certain key employee
personnel and, accordingly, the Board of Directors of the Company (the "Board")
has approved the Company entering into a severance agreement with Employee in
order to encourage his continued service to the Company; and

     WHEREAS, Employee is prepared to commit such services in return for
specific arrangements with respect to severance compensation and other benefits;

     NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the Company and Employee agree as follows:

     1.   DEFINITIONS.

          (a)  "ANNUAL COMPENSATION" shall mean an amount equal to the greater
     of:

               (i)  Employee's annual base salary at the annual rate in effect
          at the date of his Involuntary Termination;

               (ii) Employee's annual base salary at the annual rate in effect
          sixty days prior to the date of his Involuntary Termination; or

               (iii) Employee's annual base salary at the annual rate in effect
          immediately prior to a Change of Control.

          (b)  "CHANGE IN DUTIES" shall mean the occurrence of any one or more
     of the following:

               (i)  A significant change in the nature or scope of Employee's
          authorities or duties from those applicable to him immediately prior
          to the date on which a Change of Control occurs;

               (ii) A reduction in Employee's base salary from that provided to
          him immediately prior to the date on which a Change of Control occurs;

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               (iii) A diminution in Employee's eligibility to participate in
          bonus, stock option, incentive award and other compensation plans
          which provide opportunities to receive compensation which are the
          greater of (A) the opportunities provided by the Company (including
          its subsidiaries) for employees with comparable duties or (B) the
          opportunities under any such plans under which he was participating
          immediately prior to the date on which a Change of Control occurs;

               (iv) A diminution in employee benefits (including but not limited
          to medical, dental, life insurance and long-term disability plans) and
          perquisites applicable to Employee from the greater of (A) the
          employee benefits and perquisites provided by the Company (including
          its subsidiaries) to employees with comparable duties or (B) the
          employee benefits and perquisites to which he was entitled immediately
          prior to the date on which a Change of Control occurs; or

               (v)  A change in the location of Employee's principal place of
          employment by the Company (including its subsidiaries) by more than 50
          miles from the location where he was principally employed immediately
          prior to the date on which a Change of Control occurs.

          (c)  "CHANGE OF CONTROL" means the occurrence of any one or more of
     the following events:

               (i)  The Company shall not be the surviving entity in any merger,
          consolidation or other reorganization (or survives only as a
          subsidiary of an entity other than a previously wholly-owned
          subsidiary of the Company);

               (ii) The Company sells, leases or exchanges all or substantially
          all of its assets to any other person or entity (other than a
          wholly-owned subsidiary of the Company);

               (iii) The Company is to be dissolved and liquidated;

               (iv) Any person or entity, including a "group" as contemplated by
          Section 13(d)(3) of the Securities Exchange Act of 1934, as amended,
          acquires or gains ownership or control (including, without limitation,
          power to vote) of more than 50% of the outstanding shares of the
          Company's voting stock (based upon voting power); or

               (v)  As a result of or in connection with a contested election of
          directors, the persons who were directors of the

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          Company before such election shall cease to constitute a majority of
          the Board.

     Notwithstanding the foregoing, the term "Change of Control" shall not
     include any reorganization, merger or consolidation involving solely the
     Company and one or more previously wholly-owned subsidiaries of the
     Company.

          (d)  "COMPENSATION COMMITTEE" shall mean the Compensation Committee of
     the Board.

          (e)  "DISABILITY" shall mean that, as a result of Employee's
     incapacity due to physical or mental illness, he shall have been absent
     from the full-time performance of his duties for six consecutive months and
     he shall not have returned to full-time performance of his duties within
     thirty days after written notice of termination is given to Employee by the
     Company (provided, however, that such notice may not be given prior to
     thirty days before the expiration of such six-month period).

          (f)  "INVOLUNTARY TERMINATION" shall mean any termination of
     Employee's employment with the Company which:

               (i)  does not result from a resignation by Employee (other than a
          resignation pursuant to clause (ii) of this subparagraph (f)); or

               (ii) results from a resignation by Employee on or before the date
          which is sixty days after the date upon which Employee receives notice
          of a Change in Duties;

     provided, however, the term "INVOLUNTARY TERMINATION" shall not include a
     Termination for Cause or any termination as a result of Death, Disability,
     or Retirement.

          (g)  "RETIREMENT" shall mean Employee's resignation on or after the
     date he reaches age sixty-five.

          (h)  "SEVERANCE AMOUNT" shall mean an amount equal to 1.5 times
     Employee's Annual Compensation.

          (i)  "SEVERANCE PERIOD" shall mean a period commencing on the date of
     such Involuntary Termination and continuing for eighteen months.

          (j)  "TERMINATION FOR CAUSE" shall mean termination of Employee's
     employment by the Company (or its subsidiaries) by reason of

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     Employee's (i) gross negligence in the performance of his duties, (ii)
     willful and continued failure to perform his duties, (iii) willful
     engagement in conduct which is materially injurious to the Company or its
     subsidiaries (monetarily or otherwise) or (iv) conviction of a felony or a
     misdemeanor involving moral turpitude.

     2.   SERVICES. Employee agrees that he will render services to the Company
(as well as any subsidiary thereof or successor thereto) during the period of
his employment to the best of his ability and in a prudent and businesslike
manner and that he will devote substantially the same time, efforts and
dedication to his duties as heretofore devoted.

     3.   TERMINATION WITHIN TWO YEARS AFTER A CHANGE OF CONTROL. If Employee's
employment by the Company or any subsidiary thereof or successor thereto shall
be subject to an Involuntary Termination which occurs within two years after the
date upon which a Change of Control occurs, then the Company will, as additional
compensation for services rendered to the Company (including its subsidiaries),
pay to Employee the following amounts (subject to any applicable payroll or
other taxes required to be withheld and any employee benefit premiums) and take
the following actions after the last day of Employee's employment with the
Company:

          (a)  Pay Employee a lump sum cash payment in an amount equal to the
     Severance Amount on or before the fifth day after the last day of
     Employee's employment with the Company.

          (b)  Cause Employee and those of his dependents (including his spouse)
     who were covered under the Company's medical and dental benefit plans on
     the day prior to Employee's Involuntary Termination to continue to be
     covered under such plans throughout the Severance Period, without any cost
     to Employee; provided, however, that (i) such coverage shall terminate if
     and to the extent Employee becomes eligible to receive medical and dental
     coverage from a subsequent employer (and any such eligibility shall be
     promptly reported to the Company by Employee) and (ii) if Employee (and/or
     his spouse) would have been entitled to retiree medical and/or dental
     coverage under the Company's plans had he voluntarily retired on the date
     of such Involuntary Termination, then such coverages shall be continued as
     provided under such plans.

          (c)  Cause any and all outstanding options to purchase common stock of
     the Company held by Employee to become immediately exercisable in full and
     cause Employee's accrued benefits under any and all nonqualified deferred
     compensation plans sponsored by the Company to become immediately
     nonforfeitable.

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     4.   INTEREST ON LATE PAYMENTS. If any payment provided for in Paragraph
4(a) hereof is not made when due, the Company shall pay to Employee interest on
the amount payable from the date that such payment should have been made under
such paragraph until such payment is made, which interest shall be calculated at
10% plus the prime or base rate of interest announced by The Chase Manhattan
Bank, N.A. (or any successor thereto) at its principal office in New York, and
shall change when and as any such change in such prime or base rate shall be
announced by such bank.

     5.   GENERAL.

          (a)  TERM. The effective date of this Agreement is ___________. Within
     thirty (30) days after December 14, 2002 and within thirty (30) days after
     each successive period of time that this Agreement is in effect, the
     Company shall have the right to review this Agreement, and in its sole
     discretion either continue and extend this Agreement, terminate this
     Agreement, and/or offer Employee a different agreement. The Compensation
     Committee (excluding any member of the Compensation Committee who is
     covered by this Agreement or by a similar agreement with the Company) will
     vote on whether to so extend, terminate, and/or offer Employee a different
     agreement and will notify Employee of such action within said thirty-day
     time period mentioned above. This Agreement shall remain in effect until so
     terminated and/or modified by the Company. Failure of the Compensation
     Committee to take any action within said thirty days shall be considered as
     an extension of this Agreement for an additional thirty-month period of
     time. Notwithstanding anything to the contrary contained in this "sunset
     provision", it is agreed that if a Change of Control occurs while this
     Agreement is in effect, then this Agreement shall not be subject to
     termination or modification under this "sunset provision", and shall remain
     in force for a period of thirty months after such Change of Control, and if
     within said thirty months the contingency factors occur which would entitle
     Employee to the benefits as provided herein, this Agreement shall remain in
     effect in accordance with its terms. If, within such thirty months after a
     Change of Control, the contingency factors that would entitle Employee to
     said benefits do not occur, thereupon this thirty-month "sunset provision"
     shall again be applicable with the thirty-day time period for Compensation
     Committee action to thereafter commence at the expiration of said thirty
     months after such Change of Control and on each thirty-month anniversary
     date thereafter.

          (b)  INDEMNIFICATION. If Employee shall obtain any money judgment or
     otherwise prevail with respect to any litigation brought by Employee or the
     Company to enforce or interpret any provision contained herein, the
     Company, to the fullest extent permitted by applicable law, hereby
     indemnifies Employee for his reasonable attorneys' fees and

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     disbursements incurred in such litigation and hereby agrees (i) to pay in
     full all such fees and disbursements and (ii) to pay prejudgment interest
     on any money judgment obtained by Employee from the earliest date that
     payment to him should have been made under this Agreement until such
     judgment shall have been paid in full, which interest shall be calculated
     at 10% plus the prime or base rate of interest announced by The Chase
     Manhattan Bank, N.A. (or any successor thereto) at its principal office in
     New York, and shall change when and as any such change in such prime or
     base rate shall be announced by such bank.

          (c)  PAYMENT OBLIGATIONS ABSOLUTE. The Company's obligation to pay (or
     cause one of its subsidiaries to pay) Employee the amounts and to make the
     arrangements provided herein shall be absolute and unconditional and shall
     not be affected by any circumstances, including, without limitation, any
     set-off, counterclaim, recoupment, defense or other right which the Company
     (including its subsidiaries) may have against him or anyone else. All
     amounts payable by the Company (including its subsidiaries hereunder) shall
     be paid without notice or demand. Employee shall not be obligated to seek
     other employment in mitigation of the amounts payable or arrangements made
     under any provision of this Agreement, and, except as provided in Paragraph
     4(b) hereof, the obtaining of any such other employment shall in no event
     effect any reduction of the Company's obligations to make (or cause to be
     made) the payments and arrangements required to be made under this
     Agreement.

          (d)  SUCCESSORS. This Agreement shall be binding upon and inure to the
     benefit of the Company and any successor of the Company, by merger or
     otherwise. This Agreement shall also be binding upon and inure to the
     benefit of Employee and his estate. If Employee shall die prior to full
     payment of amounts due pursuant to this Agreement, such amounts shall be
     payable pursuant to the terms of this Agreement to his estate.

          (e)  SEVERABILITY. Any provision in this Agreement which is prohibited
     or unenforceable in any jurisdiction by reason of applicable law shall, as
     to such jurisdiction, be ineffective only to the extent of such prohibition
     or unenforceability without invalidating or affecting the remaining
     provisions hereof, and any such prohibition or unenforceability in any
     jurisdiction shall not invalidate or render unenforceable such provision in
     any other jurisdiction.

          (f)  NON-ALIENATION. Employee shall not have any right to pledge,
     hypothecate, anticipate or assign this Agreement or the rights hereunder,
     except by will or the laws of descent and distribution.

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          (g)  NOTICES. Any notices or other communications provided for in this
     Agreement shall be sufficient if in writing. In the case of Employee, such
     notices or communications shall be effectively delivered if hand-delivered
     to Employee at his principal place of employment or if sent by registered
     or certified mail to Employee at the last address he has filed with the
     Company. In the case of the Company, such notices or communications shall
     be effectively delivered if sent by registered or certified mail to the
     Company at its principal executive offices.

          (h)  CONTROLLING LAW. This Agreement shall be governed by, and
     construed in accordance with, the laws of the State of Colorado.

          (i)  FULL SETTLEMENT. If Employee is entitled to and receives the
     benefits provided hereunder, performance of the obligations of the Company
     hereunder will constitute full settlement of all claims that Employee might
     otherwise assert against the Company on account of his termination of
     employment.

          (j)  UNFUNDED OBLIGATION. The obligation to pay amounts under this
     Agreement is an unfunded obligation of the Company (including its
     subsidiaries), and no such obligation shall create a trust or be deemed to
     be secured by any pledge or encumbrance on any property of the Company
     (including its subsidiaries).

          (k)  NOT A CONTRACT OF EMPLOYMENT. This Agreement shall not be deemed
     to constitute a contract of employment, nor shall any provision hereof
     affect (a) the right of the Company (or its subsidiaries) to discharge
     Employee at will or (b) the terms and conditions of any other agreement
     between the Company and Employee except as provided herein.

          (l)  NUMBER AND GENDER. Wherever appropriate herein, words used in the
     singular shall include the plural and the plural shall include the
     singular. The masculine gender where appearing herein shall be deemed to
     include the feminine gender.

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement
effective as of the effective date in Paragraph 5(a).

                                        "EMPLOYEE"

                                        --------------------------------
                                        [Insert Name]

                                        "COMPANY"

                                        FOREST OIL CORPORATION

                                        BY:
                                           -----------------------------
                                            NAME:  ROBERT S. BOSWELL

                                            TITLE: CHAIRMAN OF THE BOARD AND
                                                   CHIEF EXECUTIVE OFFICER

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