Document:

EX-10.2

 Exhibit 10.2 

APA CORPORATION 
 INCOME
CONTINUANCE PLAN 
 (As Amended and Restated Effective as of March 1, 2021) 

The Company desires to provide income continuance benefits to the following groups of its and its Affiliates’ employees in case there is a change of
control affecting the Company, for the reasons indicated: 
 (i)    Those 40 years of age and older, a
protected class under federal and state age discrimination laws, because it has been determined that they typically have more difficulty in finding new employment than younger persons; 

(ii)    Those who have been continuously employed by the Company or an Affiliate for 10 years or more,
because they have demonstrated their personal commitment to the success of the Company and its Affiliates; 

(iii)    Those whose special skills, experience or potential justify their inclusion in order to acquire or
retain their services; and 
 (iv)    Those who are officers of the Company. 

Apache adopted this Plan on January 10, 1986 in order to protect the income and other employee benefits of Employees and in order to induce Employees to
remain in the employ of Apache for the ultimate benefit of Apache and its shareholders. Effective March 1, 2021, as a result of an internal reorganization resulting in Apache becoming a wholly-owned subsidiary of the Company, the Company has
assumed sponsorship of this Plan from Apache and Apache has transferred sponsorship of this Plan to the Company. 
 The Plan is intended to create a binding
legal relationship between the Company and each Employee, and a copy of the Plan together with applicable conditions will be given to each Employee. It is also intended that this Plan comply with the requirements of Code §409A, to the extent
applicable, and it shall be interpreted in this light. 
 Section 1.    Definitions. 

(a)    “Affiliate” shall mean any entity that is a direct or indirect majority-owned subsidiary of the Company.

 (b)    “Apache” means Apache Corporation, a Delaware corporation. 

(c)    “Benefit Period” shall mean (i) for each officer of the Company, 24 months following such
officer’s Termination Date, and (ii) for all other eligible Employees, a period of time following such Employee’s Termination Date equal to half the number of months of his or her continuous service with the Company or an Affiliate on
his or her Termination Date, up to a maximum Benefit Period of 24 months for each Employee who is not an officer. If an Employee would receive less than 24 months under the preceding sentence, the Benefit Period may be extended for such Employee to
a maximum of 24 months, if the Company concludes the extension is reasonably required in order to induce an individual to accept employment or in order to retain an existing Employee. 

 (d)    “Change of Control” shall mean (i) any individual,
entity, or group (including within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under
the Exchange Act) of 20% or more of either (A) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of the
Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this Section 1(d), the following acquisitions shall not constitute a Change of
Control: (I) any acquisition of Outstanding Company Common Stock or Outstanding Company Voting Securities directly from the Company that is approved by the Incumbent Board (defined below), (II) any acquisition of Outstanding Company Common
Stock or Outstanding Company Voting Securities by the Company, (III) any acquisition of Outstanding Company Common Stock or Outstanding Company Voting Securities by any employee benefit plan (or related trust) sponsored or maintained by the
Company or any affiliate thereof, or (IV) any acquisition of Outstanding Company Common Stock or Outstanding Company Voting Securities in a transaction that is part of a Business Combination that complies with Sections 1(d)(iii)(A),
1(d)(iii)(B), and 1(d)(iii)(C) below; (ii) individuals who, as of the date hereof, constitute the board of directors of the Company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the board of
directors; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall
be considered as though such individual was a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the board of directors of the Company; (iii) consummation of a reorganization, merger, statutory share
exchange, or consolidation or similar transaction involving the Company, a sale or other disposition of all or substantially all of the assets of the Company (including by sale, reorganization, merger, statutory share exchange, or consolidation or
similar transaction involving the shares of all or substantially all of the Company’s subsidiaries), or the acquisition of assets or securities of another entity by the Company or any of its subsidiaries (each, a “Business
Combination”), in each case unless, following such Business Combination, (A) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company
Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock (or, for a non-corporate entity,
equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing
body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either
directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination, and (B) no Person (excluding any entity resulting from such Business Combination or any
employee benefit plan (or related trust) of the Company or of any affiliate thereof or such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then-outstanding shares of
common stock (or, for a non-corporate entity, equivalent securities) of the entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such
entity, except to the extent that such ownership existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent
governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement and at the time of the action of the board of directors providing for such Business
Combination; or (iv) approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

  
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 Notwithstanding the foregoing, (x) in the case of any item of compensation to which the foregoing
definition would otherwise apply with the effect that the tax under Code §409A would apply or be imposed on such compensation, but where such tax would not apply or be imposed if the meaning of the term “Change of Control” met the
requirements of Code §409A(a)(2)(A)(v), then the term “Change of Control” herein shall mean, but only with respect to the income so affected, a transaction, circumstance, or event that constitutes a “Change of Control” (as
defined above) and that also constitutes a “change in control event” within the meaning of Treasury Regulation §1.409A-3(i)(5), and (y) for purposes of the Company’s Deferred Delivery
Plan and any other Company or Company affiliate plan, arrangement, or agreement that incorporates the definition of “Change of Control” herein (except this Plan and the Company’s 2011 Omnibus Equity Compensation Plan and 2016 Omnibus
Compensation Plan and the awards under any of them), if the “Change of Control” as set forth herein as of the 2019 Restatement Date would result in any item of compensation being subject to the tax under Code §409A but where such tax
would not apply or be imposed if the meaning of the term “Change of Control” as in effect immediately prior to the 2019 Restatement Date applied, then the definition of “Change of Control” as in effect immediately prior to the
2019 Restatement Date shall continue to apply to the Company’s Deferred Delivery Plan and any other Company or Company affiliate plan, arrangement, or agreement that incorporates the definition of “Change of Control” herein (except
this Plan and the Company’s 2011 Omnibus Equity Compensation Plan and 2016 Omnibus Compensation Plan and the awards thereunder). For the avoidance of doubt, subclause (y) of the immediately preceding sentence does not apply to this Plan or
the Company’s 2011 Omnibus Equity Compensation Plan or 2016 Omnibus Compensation Plan or any awards under any of them. 

(e)    “COBRA Premium” shall mean 100% of the applicable premium, as defined in Code §4980B(f)(4). 

(f)    “Code” shall mean the Internal Revenue Code of 1986, as amended, or any successor. References to a
particular section of the Code shall also refer to any successor section. 
 (g)    “Committee” shall mean the
administrative committee provided for in Section 4. 
 (h)    “Company” shall mean APA Corporation, a
Delaware corporation, and any successor thereto. 
 (i)    “Effective Date” shall mean the date on which a
Change of Control takes place. 
 (j)    “Employee” shall mean each regular exempt or non-exempt employee of the Company or of any Affiliate on the Effective Date or the Termination Date who: 

(i)    is 40 years of age or older; or 

(ii)    has been continuously employed by the Company or an Affiliate for 10 years or more; or 

(iii)    has been designated by the board of directors of the Company as having special skills, experience or potential
which warrant extension of the Plan to them; or 
 (iv)    is an officer of the Company. 

  
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 (k)    “ERISA” shall mean the Employee Retirement Income
Security Act of 1974, as amended, or any successor. References to a particular section of ERISA shall also refer to any successor section. 

(l)    “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any successor. References
to a particular section of the Exchange Act shall also refer to any successor section. 
 (m)    “Executive
Officer” shall mean an officer of the Company who has filed a Form 3, 4, or 5 as required by Section 16 of the Exchange Act within the 12 months preceding a Change of Control. 

(n)    “Incumbent Board” shall have the meaning given such term in the definition of Change of Control.

 (o)    “Lump Sum Payment” shall mean an amount equal to 12 times the applicable Executive Officer’s
Monthly Compensation. 
 (p)    “Monthly Compensation” shall mean
one-twelfth of the total of all cash compensation, including wages, salary, and any other incentive compensation, bonuses, commissions and non-salary and non-wage cash compensation, that was paid as consideration for the Employee’s services during the year immediately preceding the Termination Date, or that would have been so paid at the Employee’s usual
rate of cash compensation if the Employee had worked a full year; provided, that for purposes of determining the amount of the Monthly Compensation with respect to bonuses, such bonuses shall be valued at the greater of (i) the target bonus for
the year in which the Termination Date occurs or (ii) the average bonus paid to the Employee for each of the three years immediately preceding the year in which the Termination Date occurs; and provided further that cash compensation shall not
include or be deemed or interpreted to include any cash settled stock awards or cash valued by reference to the publicly traded stock price of the Company or any of its subsidiaries, including, for the avoidance of doubt, cash paid under the
Company’s long-term incentive plan. Notwithstanding the foregoing, to the extent that any element of compensation used in calculating Monthly Compensation is decreased with respect to an Employee after a Change of Control or within six months
prior to a Change of Control, the amount of such element as in effect immediately prior to such decrease with respect to such Employee shall be used in such calculation. 

(q)    “Participant” shall mean an Employee who has become entitled to the benefits under the Plan pursuant to
Section 2. 
 (r)    “Plan” shall mean the Income Continuance Plan of the Company, as amended. 

(s)    “Pro Rata Bonus” shall mean an amount equal to the annual bonus the applicable Employee would have
received for the year in which the Separation from Service occurred, calculated as if he or she had not experienced such Separation from Service, with such amount prorated for the portion of the year in which such Separation from Service occurred.

 (t)    “Retirement Plan Contribution Amount” means the amount of employer contributions that would have
been made to the Company’s (or its successor’s) or any Affiliate’s tax-qualified retirement plans that are subject to ERISA on the Employee’s behalf during the Benefit Period if the
Employee had not experienced a Separation from Service, calculated as if the Employee’s compensation for such plan’s purposes and employee contributions thereto, if applicable, remained at the level as in effect immediately prior to the
Termination Date. Only Participants who are participating at the time of Separation from Service in a U.S. tax-qualified retirement plan of the Company (or its successor) or of any Affiliate that is subject to
ERISA shall be eligible to receive a Retirement Plan Contribution Amount. 

  
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 (u)    “Separation from Service” and “Separate from
Service” shall mean a separation from service within the meaning of Code §409A(a)(2)(A)(i). A Participant who has a Separation from Service “Separates from Service.” For purposes of this Plan, a Separation from Service occurs
when the Company or an applicable Affiliate and the Participant both expect the Participant’s level of services to permanently drop by more than 50% from his or her average level of services during the preceding 36 months (or, if less, the
duration of his or her employment with the Company and its Affiliates). Notwithstanding anything else in this Plan to the contrary, a Separation from Service shall not be deemed to occur solely because an Employee transfers employment from the
Company to an Affiliate, from an Affiliate to the Company, or from one Affiliate to another Affiliate. 

(v)    “Specified Employee” shall have the same meaning as in Code §409A(a)(2)(B)(i) and is determined
using the default rules contained in the regulations and other guidance of general applicability issued pursuant to Code §409A. 

(w)    “Termination Date” shall mean: 

(i)    If an Employee’s Separation from Service is involuntary, his or her Termination Date is the date on which an
authorized written or oral statement is conveyed to the Employee indicating that the Employee’s employment is terminated; or 

(ii)    If an Employee’s Separation from Service is voluntary, his or her Termination Date is the date on which the
Employee delivers a written notice to the Company or its successor or an applicable Affiliate advising of termination of employment. 

(x)    “2019 Restatement Date” shall mean July 29, 2019. 

Section 2.    Eligibility for Benefits. 

The benefits described in this Plan shall come into effect only if the Employee is “terminated” on or within 24 months after the Change of Control.
For this purpose, an Employee is considered “terminated” in the following circumstances. 

(a)    Involuntary Termination. Each of the following three conditions is satisfied. 

(i)    The Company or its successor or an applicable Affiliate terminates an Employee for any reason on or after the
Change of Control. 
 (ii)    The termination constitutes a Separation from Service. 

(iii)    The termination does not result from an act of the Employee that (A) constitutes common-law fraud, a felony, or a gross malfeasance of duty, and (B) is materially detrimental to the best interests of the Company or its successor. 

(b)    Voluntary Termination with Cause. Either the facts and circumstances indicate that each of the following
five conditions is satisfied or that the Participant’s termination is properly characterized as involuntary pursuant to Treasury Regulation §1.409A-1(n)(2), other IRS guidance of general
applicability, or an IRS private letter ruling applicable to the Participant. 
 (i)    The Employee Separates from
Service of his or her own volition. 

  
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 (ii)    The Employee’s Separation from Service occurs during the 24-month period beginning on the date of the Change of Control. 
 (iii)    One or
more of the following conditions occurs without the Employee’s consent on or after the Change of Control: 

(A)    There is a material diminution in the Employee’s base compensation, compared to his or her rate of base
compensation on the date of the Change of Control. 
 (B)    There is a material diminution in the Employee’s
authority, duties, or responsibilities. 
 (C)    There is a material diminution in the authority, duties, or
responsibilities of the Employee’s supervisor, such as a requirement that the Employee (or his or her supervisor) report to a corporate officer or employee instead of reporting directly to the board of directors. 

(D)    There is a material diminution in the budget over which the Employee retains authority. 

(E)    There is a material change in the geographic location at which the Employee must perform his or her services,
including, for example, the assignment of the Employee to a regular workplace that is more than 50 miles from his or her regular workplace on the date of the Change of Control. 

(iv)    The Employee must notify the Company of the existence of one or more adverse conditions specified in paragraph
(iii) within 90 days of the initial existence of the adverse condition. The notice must be provided in writing to the Company or its successor, attention: Vice President, Human Resources. The notice may be provided by personal delivery or it
may be sent by email, inter-office mail, regular mail (whether or not certified), fax, or any similar method. The Company’s or its applicable Affiliate’s Vice President, Human Resources or his or her delegate shall acknowledge receipt of
the notice within 5 business days; the acknowledgement shall be sent to the Employee by certified mail. 
 (v)    The
Company does not or does not cause an applicable Affiliate to remedy the adverse condition within 30 days of being notified of the adverse condition. 

Section 3.    Benefits. 

(a)    Monthly Compensation; Lump Sum Payment; Pro Rata Bonus; Retirement Plan Contribution Amount. 

(i)    Timing of Payments, General. Except as provided for Specified Employees in paragraph (ii) or as reduced
in paragraph (iii), each month the Participant will be paid his or her Monthly Compensation. The first payment of the Monthly Compensation will be made on the first 15th of the month that occurs after the Participant’s Separation from Service
or as soon thereafter as is administratively practicable, and subsequent payments thereof will be made on the 15th of each succeeding month. The number of payments of Monthly Compensation the Participant receives is equal to the number of months in
his or her Benefit Period. In addition, except as provided for Specified Employees in paragraph (ii) or as reduced in paragraph (iii), the Participant will also be paid his or her Pro Rata Bonus, Retirement Plan Contribution Amount, and, if and
only if the Participant is an Executive Officer, the Lump Sum Payment. The Pro Rata Bonus, the Retirement Plan Contribution Amount, and, if applicable, the Lump Sum Payment shall be paid in a single lump sum in cash within 60 days after his or her
Separation from Service. 

  
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 (ii)    Exceptions for Specified Employees. This paragraph
applies to the payments to a Participant who is a Specified Employee. The Specified Employee shall be paid as described in subsection (a)(i) with the following exceptions for his or her first six payments of Monthly Compensation and his or her Pro
Rata Bonus, Retirement Plan Contribution Amount, and, if applicable, the Lump Sum Payment. 
 (A)    No Deferral of
Compensation. The payments under this Plan generally cease to be subject to a substantial risk of forfeiture when the Participant Separates from Service. If the payments cease to be subject to a substantial risk of forfeiture in one year and the
Participant Separates from Service on or before October 15 of that year, the first six payments of Monthly Compensation and the Pro Rata Bonus, the Retirement Plan Contribution Amount, and, if applicable, the Lump Sum Payment will be made at
the times specified in subsection (a)(i). If the payments cease to be subject to a substantial risk of forfeiture in one year and the Participant Separates from Service after October 15 of that year, regular payments will be made at the times
specified in subsection (a)(i) through February 15 in the year after the Separation from Service and the remainder of the first six payments of Monthly Compensation (and, if not already paid, the Pro Rata Bonus, the Retirement Plan Contribution
Amount, and, if applicable, the Lump Sum Payment) will be paid on March 15 (or if March 15 is not a business day, the payment shall be made on the immediately preceding business day). 

For example, if the Participant terminates on December 31, he or she will receive the regular payments of Monthly Compensation on
January 15 and February 15 (along with the Pro Rata Bonus, the Retirement Plan Contribution Amount, and, if applicable, the Lump Sum Payment, within 60 days after December 31) and will receive four months’ worth of Monthly
Compensation payments on March 15. His or her next payment of Monthly Compensation will be on July 15. 
 For purposes of Treasury
Regulation §§ 1.409A-1(b)(4)(i)(F) and 1.409A-2(b)(2), each payment from this Plan is considered a separate payment. 

(B)    Limited Payments during First Six Months. This subparagraph applies only if subparagraph (A) does not
apply to the Specified Employee, such as when his or her benefits cease to be subject to a substantial risk of forfeiture in a year earlier than the year of his or her Separation from Service. Each month, the sum of (1) the monthly payment
under this paragraph (ii) (which shall include the amount of the Pro Rata Bonus, the Retirement Plan Contribution Amount, and, if applicable, the Lump Sum Payment for the month in which each such amount is paid), (2) the amount of any gross-up under paragraphs (b)(iii) or (b)(iv), and (3) any payment from any other separation pay plan (other than those described in Treasury Regulation
§1.409A-1(b)(9)(ii), (iv), or (v)) is limited to the lesser of one-third of the Participant’s annual compensation for the year preceding the year in which he
or she Separated from Service or one-third of the annual limit in effect under Code §401(a)(17) for the calendar year containing the Separation from Service. For this purpose, “annual
compensation” means the Participant’s annualized compensation based upon the annual rate of pay for services provided to the Company and its Affiliates for the year preceding the year in which the Participant Separated from Service,
adjusted for any increase during that year that was expected to continue indefinitely had the Participant not Separated from Service. If any monthly payments are limited by the foregoing, the reductions in each payment shall be aggregated and that
exact sum shall be paid to the Specified Employee six months after his or her Separation from Service. 

  
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 (iii)    Reduction in Payments. The payments described in this
subsection shall be reduced by the amount of any severance pay required by foreign law. 
 (b)    Continued Health
Coverage. 
 (i)    General. This Section 3(b) shall apply only to Participants who are eligible to
participate at the time of Separation from Service in the Company’s or an Affiliate’s U.S. “welfare plans” (as defined in ERISA §3(1)) that are subject to ERISA and shall not apply to any other Participants. The Participant
shall continue to be covered by the Company’s or its applicable Affiliate’s medical plan, dental plan, vision plan, and employee assistance program after Separating from Service for the number of months in his or her Benefit Period. The
Participant and his or her family members may also be able to continue their coverage even after the Benefit Period ends, pursuant to the continuation coverage rules under those plans. The benefits offered during the Benefit Period shall contain at
least one alternative that is at least as valuable as the benefits offered immediately before the Change of Control. In addition, the Participant shall have the same coverage options as are available to current employees of the Company or its
applicable Affiliates. The Participant may change his or her coverage from one alternative to another, and may add or drop coverage for his or her dependents or spouse, subject to the same rules as a current employee of the Company or its applicable
Affiliates. 
 (ii)    Premiums. The Company or an applicable Affiliate may not charge a Participant for coverage
under the employee assistance program. The Company or an applicable Affiliate may charge a premium for coverage under the medical, dental, and vision plans, but the maximum premium for the alternative(s) that are at least as valuable as the benefits
offered immediately before the Change of Control shall not exceed what was charged under the schedule of premiums that was in effect immediately before the Change of Control. For example, if the premium was $64 per month for employee-only coverage
and $200 per month for family coverage on the date of the Change of Control, and a male Participant marries a woman with children two months into their Benefit Period, their premium will be $200 per month for the remainder of their Benefit Period
for coverage that is at least as valuable as the family coverage benefits immediately before the Change of Control. 

(iii)    Cafeteria Plan. Except as provided in paragraph (iv), the Company shall ensure that it or an Affiliate
maintains a cafeteria plan governed by Code §125 that allows each Participant in this Plan otherwise eligible to participate in such plan to reduce their pay described in subsection (a) to pay their share of the premiums for medical,
dental, and vision coverage generally on a pre-tax basis. If the cafeteria plan fails one of its nondiscrimination tests, a highly-paid Participant’s supposedly
pre-tax deductions from his or her pay will generally be included in his or her taxable income. In this case, the Company or its applicable Affiliate shall pay the Participant a
gross-up so that the highly-paid Participant’s after-tax income equals what it would have if his or her deduction from his or her pay were made on a pre-tax basis. 
 (iv)    After-Tax
Premiums. Each year, beginning with the year containing the Change of Control, the Committee shall determine whether each self-funded health plan subject to ERISA is discriminatory for purposes of Code §105(h)(5). If such a self-funded plan
is discriminatory, each Participant who was a highly-compensated individual (within the meaning of Code §105(h)(5)) and eligible to participate in such plan shall pay the COBRA Premium for coverage with
after-tax deductions from his or her pay described in subsection (a), and for purposes of Code §105 a separate self-funded health plan shall be considered to have been established for such
highly-compensated individuals for that year. If sufficient deductions were not properly withheld, the Participant is responsible for reimbursing the Company or its applicable Affiliate for the underwithholding. The Company shall or shall cause an
applicable Affiliate to pay 

  
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a gross-up to each Participant who was a highly-compensated individual (within the meaning of Code §105(h)(5)) so that his or her after-tax income equals what it would have if he or she only had to pay the amount described in paragraph (ii) for coverage and this amount was withheld on a pre-tax
basis from his or her pay. In addition, the Committee may project during a year whether a self-funded plan subject to ERISA will be discriminatory for purposes of Code §105(h)(5), and pay a gross-up to
each Participant who is expected to be a highly-compensated individual (within the meaning of Code §105(h)(5)) for that year so that his or her after-tax income equals what it would have if he or she only
had to pay the amount described in paragraph (ii) for coverage and this amount were withheld on a pre-tax basis from his or her pay. To the extent that any insured plan subject to ERISA is determined to
be discriminatory pursuant to the Code or similar law (whether as a result of new guidance promulgated pursuant to the Patient Protection and Affordable Care Act of 2010, as amended, or otherwise), the foregoing in this paragraph (iv) shall
apply with respect to such insured plan to the extent reasonably practicable. 
 (v)    Gross-Up. If a Participant receives a gross-up under paragraph (iii) or (iv), the gross-up shall be paid as quickly as
possible and no later than the end of the calendar year following the calendar year in which the Participant’s right to the gross-up arose. However, if the gross-up
is due to a tax audit or litigation addressing the existence or amount of a tax liability, the gross-up shall be paid as soon as administratively convenient after the litigation or audit is completed, and no
later than the end of the calendar year following the calendar year in which the audit is completed or there is a final and non-appealable settlement or other resolution of the litigation. 

(c)    Continued Life Insurance. This Section 3(c) shall apply only to Participants who are eligible to
participate in the Company’s or an Affiliate’s U.S. “welfare plans” (as defined in ERISA §3(1)) that are subject to ERISA and shall not apply to any other Participants. The Company shall or shall cause an applicable
Affiliate to continue to provide term-life insurance for each Participant until (i) the Participant stops paying the premiums or (ii) the Benefit Period expires. The amount of the available coverage shall be at least as much as was
provided to the Participant on the date of the Change of Control. The Participant-paid portion of the premiums shall be no larger than the premiums charged to current employees of the Company or its applicable Affiliates who perform the same types
of tasks, at the same level, as the Participant performed immediately before the Change of Control. 
 (d)    Legal
Expenses. 
 (i)    Expenses That Are Not Subject to Code §409A. The Plan shall reimburse the Participant
(or, if the Participant has died, his or her beneficiary, spouse, and dependents – collectively, the “claimant” in this subsection) for all reasonable expenses, including attorneys’ fees, that the claimant incurs before the end
of the calendar year containing the second anniversary of the Participant’s Separation from Service and that are incurred in any dispute, claim, mediation, arbitration, or preceding and that are incurred to seek to enforce the claimant’s
rights against the Company or its successor under this Plan, regardless of whether the action is successful and regardless of who commenced such dispute, claim, mediation, arbitration, or proceeding. The Plan shall reimburse the claimant as soon as
practicable following claimant’s submission of third-party invoices for such expenses and no later than the end of the calendar year containing the third anniversary of the Participant’s Separation from Service. 

(ii)    Expenses That Are Subject to Code §409A. The Plan shall reimburse the claimant for all reasonable
expenses, including attorneys’ fees, that he or she incurs after the calendar year containing the second anniversary of the Participant’s Separation from Service and before the third anniversary of the Participant’s death and that are
incurred in enforcing the 

  
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claimant’s rights against the Company or its successor under this Plan, regardless of the whether the action is successful. All reimbursements and
in-kind benefits provided under this Plan that are subject to Code §409A shall be made in accordance with the requirements of Code §409A, including, without limitation, where applicable, the
requirement that (A) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (B) the reimbursement of eligible fees and expenses shall be made no later than the last day of the calendar year following the year in which the
applicable fees and expenses were incurred; and (C) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

(e)    Noncompliance with Code §409A. To the extent that the Company or any Affiliate takes any action that
causes a violation of Code §409A or fails to take reasonable actions required to comply with Code §409A, the Company or an applicable Affiliate shall pay an additional amount (the
“gross-up”) to the individual(s) who are subject to the penalty tax under Code §409A(a)(1) that is sufficient to put him or her in the same after-tax
position he or she would have been in had there been no violation of Code §409A. The Company or an applicable Affiliate shall not pay a gross-up if the cause of the violation of Code §409A is because
the recipient failed to take reasonable actions (such as failing to timely provide the information required for tax withholding or failing to timely provide other information reasonably requested by the Committee - with the result that the delay in
payment violates Code §409A). Any gross-up will be made as soon as administratively convenient after the Committee determines the gross-up is owed, and no later
than the end of the calendar year immediately following the calendar year in which the additional taxes are remitted. However, if the gross-up is due to a tax audit or litigation addressing the existence or
amount of a tax liability, the gross-up will be paid as soon as administratively convenient after the litigation or audit is completed, and no later than the end of the calendar year following the calendar
year in which the audit is completed or there is a final and non-appealable settlement or other resolution of the litigation. 

(f)    Death of Participant. 

(i)    Payments to Beneficiary. If the Participant dies during the Benefit Period, his or her Beneficiary shall be
paid all remaining payments under subsection (a), (d), and (e), on the same schedule as they would have been paid to the Participant had he or she lived. See subsection (g) for possible delays. The amount paid to the Beneficiary will be reduced
by the cost of health coverage of the surviving spouse and dependents. If the Beneficiary dies before receiving all such payments, any remaining payments shall be paid to the Beneficiary’s estate. 

(ii)    Health Coverage. If the Participant dies during the Benefit Period, his or her spouse and dependents shall
continue to receive the benefits identified in subsection (b), at the price specified in subsection (b), for the remaining duration of the Benefit Period. A surviving spouse or dependent who is not covered (but was eligible to be covered) by such
plans when the Participant dies may elect to be covered by such plans whenever the Participant could have elected coverage for them had he or she not died. Any gross-up under subsection (b)(iii) or (b)(iv)
shall be made to the surviving spouse, if any, and otherwise to the dependents. (See Section 9 for payments to a minor.) 

(iii)    Beneficiary Designation. Each Participant shall designate one or more persons, trusts, or other entities
as his or her Beneficiary to receive any amounts identified in paragraph (i). In the absence of an effective beneficiary designation as to part or all of a Participant’s interest in the Plan, such amount will be distributed to the
Participant’s surviving spouse, if any, otherwise to the personal representative of the Participant’s estate. 

  
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 (iv)    Special Rules for Spouses. A beneficiary designation may
be changed by the Participant at any time and without the consent of any previously designated Beneficiary. However, if the Participant is married, his or her spouse will be his or her Beneficiary unless such spouse has consented to the designation
of a different Beneficiary. To be effective, the spouse’s consent must be in writing, witnessed by a notary public, and filed with the Committee. If the Participant has designated his or her spouse as a primary or contingent Beneficiary, and
the Participant and spouse later divorce (or their marriage is annulled), then the former spouse will be treated as having pre-deceased the Participant for purposes of interpreting a beneficiary designation that was completed prior to the divorce or
annulment; this provision will apply only if the Committee is informed of the divorce or annulment before payment to the former spouse is authorized. 

(v)    Disclaiming. Any individual or legal entity who is a Beneficiary may disclaim all or any portion of his or
her interest in the Plan, provided that the disclaimer satisfies the requirements of Code §2518(b) and other applicable law. The legal guardian of a minor or legally incompetent person may disclaim for such person. The personal representative
(or the individual or legal entity acting in the capacity of the personal representative according to applicable law) may disclaim on behalf of a Beneficiary who has died. The amount disclaimed will be distributed as if the disclaimant had
predeceased the individual whose death caused the disclaimant to become a Beneficiary. 
 (g)    Administrative
Delays in Payments. The Committee may delay any payment from this Plan for as short a period as is administratively necessary. For example, a delay may be imposed upon all payments from the Plan when there is a change of recordkeeper or trustee,
and a delay may be imposed on payments to any recipient until they have provided the information needed for tax withholding and tax reporting, as well as any other information reasonably requested by the Committee. However, no delay may last long
enough for the Plan to be considered a “pension plan” within the meaning of ERISA §3(2). 

(h)    Technical Note. If a Participant or Beneficiary has a taxable year different from the calendar year, the
deadlines under Article II shall be adjusted to the latest date, as specified in IRS guidance of general applicability, that would permit compliance with Code §409A. 

(i)    Cash Payment and Withholding. All payments from the Plan will be made in cash. The Plan will withhold any
taxes or other amounts that it is required to withhold pursuant to any applicable law. The Plan will also withhold any amounts (such as medical premiums) that the recipient authorizes the Plan, the Company, or an applicable Affiliate to withhold.

 (j)    Parachute Payments. Notwithstanding anything to the contrary, in the event that any payment or benefit
received or to be received by a Participant (including, without limitation, any payment or benefit received in connection with a Change of Control or the termination of Participant’s employment after a Change of Control, whether pursuant to the
terms of this Plan or any other plan, program, arrangement, or agreement) (all such payments and benefits received or to be received, together, the “Total Receipts”) would be subject (in whole or part), to any excise tax imposed under Code
§4999 (the “Excise Tax”), then, after taking into account any reduction in the Total Receipts provided by reason of Code §280G in such other plan, program, arrangement, or agreement, the Company or an applicable Affiliate will
reduce the payments and benefits comprising Total Receipts to the extent necessary, but only to the extent necessary, so that no portion of the Total Receipts is subject to the Excise Tax (but in no event to less than zero); provided, however, that
the payments and benefits comprising Total Receipts will be reduced only if (a) the net amount of such Total Receipts, as so reduced (and after subtracting the net amount of federal, state, municipal, and local income and employment
taxes on such 

  
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reduced Total Receipts and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Receipts), is greater than or equal to
(b) the net amount of such Total Receipts without such reduction (but after subtracting the net amount of federal, state, municipal, and local income and employment taxes on such Total Receipts and the amount of Excise Tax to which Executive
would be subject in respect of such unreduced Total Receipts and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Receipts). In the case of a reduction in the payments and
benefits comprising Total Receipts, the payments and benefits comprising Total Receipts will be reduced in the following order: (1) payments that are payable in cash that are valued at full value under Treasury Regulation §1.280G-1, Q&A 24(a) will be reduced (if necessary, to zero), with amounts that are payable last reduced first; (2) payments and benefits due in respect of any equity valued at full value under
Treasury Regulation Section 1.280G-1, Q&A 24(a), with the highest values reduced first (as such values are determined under Treasury Regulation §1.280G-1,
Q&A 24), will next be reduced; (3) payments that are payable in cash that are valued at less than full value under Treasury Regulation §1.280G-1, Q&A 24, with amounts that are payable last
reduced first, will next be reduced; (4) payments and benefits due in respect of any equity valued at less than full value under Treasury Regulation §1.280G-1, Q&A 24, with the highest values
reduced first (as such values are determined under Treasury Regulation §1.280G-1, Q&A 24), will next be reduced; and (5) all other non-cash benefits not
otherwise described in clause (2) or (4) will be next reduced pro-rata. Any reductions made pursuant to each of clauses (1) through (4) above will be made in the following manner: first, a pro-rata reduction of cash payment and payments and benefits due in respect of any equity not subject to Code §409A, and second, a pro-rata reduction of cash payments and
payments and benefits due in respect of any equity subject to Code §409A as deferred compensation. 

Section 4.    Administration. 

(a)    Composition of the Committee. 

(i)    Current. As of the date hereof, the Committee is comprised of the members of the Retirement Plan Advisory
Committee. 
 (ii)    Before a Change of Control. Before a Change of Control, the board of directors of the
Company shall appoint an administrative Committee consisting of no fewer than three individuals who may be, but need not be, Participants, officers, directors, or employees of the Company or its Affiliates. The Company’s board of directors may
remove Committee members at will. In the absence of any Committee members, the Company shall become the sole Committee member. 

(iii)    After a Change of Control. This paragraph applies on and after the date of a Change of Control. The only
individuals who are able to serve on the Committee after the date of the Change of Control are those who are not then employed by the Company, its successor, or any related legal entities. No Committee members may be added on or after the day of the
Change of Control, except that, if the Committee is comprised solely of individuals, (A) the Committee may appoint a legal entity as a Committee member, who may generally resign by giving 60 days’ notice to the other Committee members, and
(B) if the number of Committee members drops below three, the remaining member(s) may not resign until having appointed a legal entity or another individual as a Committee member. If all Committee members leave the Committee (if, for example,
all Committee members die before the last one appoints a new Committee member or if the sole Committee member is a legal entity that goes out of business), the Committee shall automatically consist of the three Participants with the largest monthly
payments from the Plan who are not then employed by the Company, its successor, or any related legal entities. 

  
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 (iv)    Plan Administrator. The Committee is the Plan’s
“administrator” within the meaning of ERISA §3(16)(A). The sole named fiduciaries of the Plan are the Committee and the trustees of any trusts from which Plan benefits may be paid. 

(b)    Committee Duties. The Committee shall administer the Plan and shall have all discretion and powers necessary
for that purpose, including, but not by way of limitation, full discretion and power to interpret the Plan, to determine the eligibility, status, and rights of all persons under the Plan and, in general, to decide any dispute and all questions
arising in connection with the Plan. The Committee shall direct the Company, the trustee of any rabbi trust established to pay Plan benefits, or both, as the case may be, concerning payments in accordance with the provisions of the Plan. The
Committee shall maintain all Plan records except records of any trust. The Committee shall publish, file, or disclose — or cause to be published, filed, or disclosed — all reports and disclosures required by federal or state laws. The
Committee may authorize one or more of its members or agents to sign instructions, notices, and determinations on its behalf. 

(c)    Organization of Committee. The Committee shall adopt such rules as it deems desirable for the conduct of its
affairs and for the administration of the Plan. It may appoint agents (who need not be members of the Committee) to whom it may delegate such powers as it deems appropriate, except that any dispute shall be determined by the Committee. The Committee
may make its determinations with or without meetings. It may authorize one or more of its members or agents to sign instructions, notices, and determinations on its behalf. If a Committee decision or action affects a relatively small percentage of
Plan Participants including a Committee member, such Committee member will not participate in the Committee decision or action. The action of a majority of the disinterested Committee members constitutes the action of the Committee. 

(d)    Indemnification. The Committee and all of the agents and representatives of the Committee shall be
indemnified and saved harmless by the Company against any claims, and the expenses of defending against such claims, resulting from any action or conduct relating to the administration of the Plan, except claims judicially determined to be
attributable to gross negligence or willful misconduct. 
 (e)    Agent for Process. The Company’s Vice
President, General Counsel, and Secretary shall be the agents of the Plan for service of all process. 

(f)    Determination of Committee Final. The decisions made by the Committee are final and conclusive on all
persons. 
 (g)    No Bonding. Neither the Committee nor any committee member is required to give any bond or
other security in any jurisdiction in connection with the administration of the Plan, unless the Company determines otherwise before a Change of Control or any applicable federal or state law so requires. 

Section 5.    Terms of Plan; Termination. 

This Plan is terminable at any time by the majority vote of the Incumbent Board upon six months’ prior written notice delivered to all Employees, provided
that the Company or its successor shall be prohibited from terminating the plan, or delivering notice of termination of the Plan, after or within six months prior to a Change of Control. 

  
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 Section 6.    Amendment. 

This Plan can be amended at any time by the Company on the following conditions: 

(a)    No amendment shall be adopted by the Company or its successor subsequent to the Effective Date, except to alleviate
any material negative tax consequences to one or more actual or expected recipients of Plan benefits. 

(b)    Immediately after adopting any amendment, the Company shall provide to Employees a written statement of this Plan,
as amended, and no amendments shall be effective as to any Employee, until the Employee has received the statement. An Employee will be deemed to have received the written statement of the Plan if it is delivered in person or after 48 hours of
dispatch by mail or other suitable means of delivery to the last known address of the Employee. 
 Section 7.    Other Plans and
Contracts. 
 It is the intention of the Company that the benefits provided for in this Plan are in addition to, and not in lieu of any other rights,
privileges or benefits to which the Employee may now or hereafter be entitled under any contract, arrangement, plan, or other policy applicable to any Employee with the Company, any Affiliate, or any other employer, except the benefits suspended
under the Company’s Executive Termination Policy during the Benefit Period under this Plan. 
 Section 8.    Claims Procedure.

 (a)    General. Each claim for benefits will be processed in accordance with the procedures established by the
Committee. The procedures will comply with the guidelines specified in this section. Claims for reimbursement under the medical, dental, and vision plans, the employee assistance program, and claims for life insurance shall be determined under the
procedures specified in those plans; however, this Plan’s procedures shall determine eligibility for continued participation in such plans. The Committee may delegate its duties under this section. 

(b)    Representatives. A claimant may appoint a representative to act on his or her behalf. The Plan will only
recognize a representative if the Plan has received a written authorization signed by the claimant and on a form prescribed by the Committee, with the following exceptions. The Plan will recognize a claimant’s legal representative, once the
Plan is provided with documentation of such representation. If the claimant is a minor child, the Plan will recognize the claimant’s parent or guardian as the claimant’s representative. Once an authorized representative is appointed, the
Plan will direct all information and notification regarding the claim to the authorized representative and the claimant will be copied on all notifications regarding decisions, unless the claimant provides specific written direction otherwise. 

(c)    Extension of Deadlines. The claimant may agree to an extension of any deadline that is mentioned in this
section that applies to the Plan. The Committee or the relevant decision-maker may agree to an extension of any deadline that is mentioned in this section that applies to the claimant. 

(d)    Fees. The Plan may not charge any fees to a claimant for utilizing the claims process described in this
section. 
 (e)    Filing a Claim. A claim is made when the claimant files a claim in accordance with the
procedures specified by the Committee. Any communication regarding benefits that is not made in accordance with the Plan’s procedures will not be treated as a claim. 

  
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 (f)    Initial Claims Decision. The Plan will decide a claim
within a reasonable time up to 90 days after receiving the claim. The Plan will have a 90-day extension, but only if the Plan is unable to decide within 90 days for reasons beyond its control, the Plan
notifies the claimant of the special circumstances requiring the need for the extension by the 90th day after receiving the claim, and the Plan notifies the claimant of the date by which the Plan expects to make a decision. 

(g)    Notification of Initial Decision. The Plan will provide the claimant with written notification of the
Plan’s full or partial denial of a claim, reduction of a previously approved benefit, or termination of a benefit. The notification will include a statement of the reason(s) for the decision; references to the plan provision(s) on which the
decision was based; a description of any additional material or information necessary to perfect the claim and why such information is needed; a description of the procedures and deadlines for appeal; a description of the right to obtain information
about the appeal procedures; and a statement of the claimant’s right to sue. 
 (h)    Appeal. The claimant
may appeal any adverse or partially adverse decision. To appeal, the claimant must follow the procedures specified by the Committee. The appeal must be filed within 60 days of the date the claimant received notice of the initial decision. If the
appeal is not timely and properly filed, the initial decision will be the final decision of the Plan. The claimant may submit documents, written comments, and other information in support of the appeal. The claimant will be given reasonable access
at no charge to, and copies of, all documents, records, and other relevant information. 
 (i)    Appellate
Decision. The Plan will decide the appeal of a claim within a reasonable time of no more than 60 days from the date the Plan receives the claimant’s appeal. The 60-day deadline will be extended by an
additional 60 days, but only if the Committee determines that special circumstances require an extension, the Plan notifies the claimant of the special circumstances requiring the need for the extension by the 60th day after receiving the appeal,
and the Plan notifies the claimant of the date by which the Plan expects to make a decision. If an appeal is missing any information from the claimant that is needed to decide the appeal, the Plan will notify the claimant of the missing information
and grant the claimant a reasonable period to provide the missing information. If the missing information is not timely provided, the Plan will deny the claim. If the missing information is timely provided, the
60-day deadline (or 120-day deadline with the extension) for the Plan to make its decision will be increased by the length of time between the date the Plan requested
the missing information and the date the Plan received it. 
 (j)    Notification of Decision. The Plan will
provide the claimant with written notification of the Plan’s appellate decision (positive or adverse). The notification of any adverse or partially adverse decision must include a statement of the reason(s) for the decision; reference to the
plan provision(s) on which the decision was based; a description of the procedures and deadlines for a second appeal, if any; a description of the right to obtain information about the second-appeal procedures; a statement of the claimant’s
right to sue; and a statement that the claimant is entitled to receive, free of charge and upon request, reasonable access to and copies of all documents, records, and other information relevant to the claim. 

(k)    Arbitration. The claimant and the Plan may voluntarily enter into a binding arbitration to resolve any
claim, in which case (i) the Plan and/or Company pays all the arbitration fees and costs, (ii) the Plan agrees that any statute of limitations or other defense based on timeliness is tolled during the time between the date the claimant
completes and submits the forms that begin the arbitration process and the date of the arbitrator’s decision (which will only apply if the claimant files suit after receiving an adverse decision from the arbitrator), and (iii) the Plan
provides the claimant, upon request, sufficient information relating to the arbitration to enable 

  
 - 15 - 

 
the claimant to make an informed judgment about whether to submit the dispute to arbitration, including a statement that the claimant’s decision to choose or not choose arbitration will have
no effect on the claimant’s rights to any other benefits under the Plan, and information about the applicable rules, the claimant’s right to representation, the process for selecting the arbitrator, and the circumstances, if any, that may
affect the arbitrator’s impartiality. 
 Section 9.    Distributions Due Infants or Incompetents. 

If any person entitled to a distribution under the Plan is an infant, or if the Committee determines that any such person is incompetent by reason of physical
or mental disability, whether or not legally adjudicated as incompetent, the Committee has the power to cause the distributions becoming due to such person to be made to another for his or her benefit, without responsibility of the Committee to see
to the application of such distributions. Distributions made pursuant to such power will operate as a complete discharge of the Company, the trustee, the Plan, and the Committee. 

Section 10.    Use and Form of Words. 

When any words are used herein in the masculine gender, they are to be construed as though they were also used in the feminine gender in all cases where they
would so apply, and vice versa. Whenever any words are used herein in the singular form, they are to be construed as though they were also used in the plural form in all cases where they would so apply, and vice versa. 

Section 11.    Inalienability of Benefits. 

Except for disclaimers under Section 3(f)(v), no Participant or Beneficiary has the right to assign, alienate, pledge, transfer, hypothecate, encumber, or
anticipate his or her interest in any benefits under the Plan, nor are the benefits subject to garnishment by any creditor, nor may the benefits under the Plan be levied upon or attached. The preceding sentence does not apply to the enforcement of a
federal tax levy made pursuant to Code §6331, the collection by the United States on a judgment resulting from an unpaid tax assessment, or any debt or obligation that is permitted to be collected from the Plan under federal law (such as the
Federal Debt Collection Procedures Act of 1977). 
 Section 12.    Applicable Law. 

This Plan shall be interpreted to have been made in the State of Texas and the laws of the State of Texas shall control. 

[Signature Page Follows] 

  
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	Dated March 1, 2021	  		  	
			
		  		  	APA CORPORATION
			
	ATTEST:	  		  	
			
	 /s/ Rajesh Sharma
	  	By:	  	 /s/ Brandy Jones

	Rajesh Sharma	  		  	Brandy Jones
	Corporate Secretary	  		  	Vice President, Human Resources

  
 Signature Page to Income
Continuance Plan (Amended and Restated effective March 1, 2021)EX-10.3

 Exhibit 10.3 

APA Corporation 

Executive Termination Policy 
 This Policy,
which provides for the payment of certain benefits upon termination of employment, applies to: 
 All executive officers in the event of a
termination of employment without cause. 
 Pursuant to the Policy, in the event of a termination of employment without cause, executive officers are
eligible to receive the following benefits; 
  

	 	•	 	 base salary benefit: 

  

	 	•	 	 two times base salary for the chief executive officer; 

 

	 	•	 	 1.75 times base salary for executive vice presidents; 

 

	 	•	 	 1.5 times base salary for senior vice presidents and regional vice presidents; 

 

	 	•	 	 one times base salary for vice presidents; 

 

	 	•	 	 prorated target bonus; 

 

	 	•	 	 twelve months COBRA subsidy at active rates; 

 

	 	•	 	 three years’ service credit toward retiree medical; 

 

	 	•	 	 prorated vesting for restricted stock units and stock options and extension of exercise period to full life of
original stock option award; and 

  

	 	•	 	 prorated vesting based on time in performance period for performance shares provided the executive has
participated in the performance program for at least one year of the performance period (calculated at the end of the performance period and, if a payout is warranted, paid in cash according to the performance program’s vesting schedule).

 A condition precedent to an executive officer receiving the benefits under this Executive Termination Policy will be for such executive
to provide a full and final release to the Company of all claims in a form of release approved by the Company’s general counsel or chief executive officer. 

Upon termination of employment after a Change of Control, all executive officers will receive no additional benefits pursuant to this Policy during the 24
months following a Change of Control when they are entitled to termination benefits under the Income Continuance Plan. Benefits for such officers after termination of employment upon a Change of Control will continue to be administered under the
Company’s Income Continuance Plan and existing equity grant agreements with the Company. After expiration of the period that termination benefits are provided by the Income Continuance Plan, this Policy shall again be operative.

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