Document:

Employment Agreement

 Exhibit 10.3 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (this
“Agreement”) is made by and between Oasis Petroleum Inc., a Delaware corporation (the “Company”), and Michael H. Lou (“Employee”), effective as of March 1, 2012 (the
“Effective Date”). 
 WHEREAS, the Company currently employs Employee as its Executive Vice
President and Chief Financial Officer; 
 WHEREAS, the Company desires to continue to employ Employee, and Employee
desires to continue to be employed by the Company and to commit himself to serve the Company on the terms herein provided. 

NOW, THERFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Employment.
The Company shall continue to employ Employee, and Employee accepts continued employment with the Company, upon the terms and conditions set forth in this Agreement. Unless earlier terminated pursuant to Section 4 below, the initial term of
this Agreement shall begin on the Effective Date and end on the third anniversary of the Effective Date (the “Initial Term”). The Company and Employee may agree to an extension of this term pursuant to Section 9(a) if
the Company gives notice at least 30 days prior to the end of the Initial Term or any applicable extended term to Employee of the Company’s desire to so extend the term and Employee agrees to such extension prior to the end of the applicable
term (each such extended period shall be an “Extension Term,” and each Extension Term, if any, together with the Initial Term, shall be the “Term,” in both cases subject to earlier termination pursuant
to Section 4 below). In the event that the Initial Term (or an Extension Term, if applicable) is not renewed and Employee’s employment has not earlier terminated pursuant to Section 4 below, then Employee’s employment shall end
on the last day of the Term. A termination of Employee’s employment and the Term that occurs by reason of the Company declining to give notice extending the Term shall be considered a termination without Cause for purposes of Section 4.

 2. Position and Duties; Exclusive Compensation and Services. 

(a) During the Term, Employee shall hold the title of Executive Vice President and Chief Financial Officer. The Company and Employee
agree that the Employee shall have duties and responsibilities consistent with the position set forth above in a company the size and of the nature of the Company, and such other duties and authority that are assigned to Employee from time to time
by the Company’s Board of Directors (the “Board”) or such other officer of the Company as shall be designated by the Board. Employee shall report to the Board or to such other officer of the Company as shall be
designated by the Board. All services that Employee may render to the Company or any of its Affiliates in any capacity during the Term shall be deemed to be services required by this Agreement and the consideration for such services is that provided
for in this Agreement. 

 (b) During the Term, Employee agrees to devote his full business time and attention to the
business and affairs of the Company, unless Employee notifies the Board in advance of Employee’s intent to engage in other paid work and receives the Board’s express written consent to do so. Notwithstanding the foregoing, so long as such
activities do not conflict with the Company’s interests, interfere with Employee’s duties and responsibilities or violate Employee’s obligations hereunder, Employee will not be prohibited from (i) managing his personal,
financial, and legal affairs; (ii) engaging in professional, charitable or community activities or organizations or (iii) serving on the boards of directors, or advisory boards of directors, of for-profit corporations, so long as Employee
secures the Board’s approval. 
 (c) During the Term, Employee agrees to comply with and, where applicable, enforce the
policies of the Company, including without limitation such policies with respect to legal compliance, conflicts of interest, confidentiality, professional conduct and business ethics as are from time to time in effect. Employee shall cooperate with
any investigation or inquiry authorized by the Board or conducted by a governmental authority related to the Company’s or an Affiliate’s business or the Employee’s conduct related to the Company or an Affiliate. 

3. Compensation. 
 (a) Base Salary. During the Term, Employee’s base salary shall be at the annualized rate of $320,000, which salary may be increased (but not decreased without the Employee’s written
consent) by the Board (or a designated committee thereof) in its discretion (the “Base Salary”), which Base Salary shall be payable in regular installments in accordance with the Company’s general payroll practices.

 (b) Annual Bonus. During the Term, Employee shall be eligible to receive an annual performance bonus payment (a
“Performance Bonus”) for each calendar year pursuant to an annual cash performance bonus program (the “Bonus Plan”). Pursuant to the terms of the Bonus Plan, each annual Performance Bonus shall be
payable based on the achievement of reasonable performance targets established in accordance herewith, and for each calendar year Employee’s target Performance Bonus shall be equal to 80% of Employee’s annual Base Salary in effect on the
last day of the applicable calendar year (the “Target Performance Bonus”); provided, that the percentage of Employee’s annual Base Salary that applies for purposes of determining Employee’s Target Performance Bonus
for a given year may be increased above 80% (but not decreased without the Employee’s written consent) by the Board (or a designated committee thereof) in its discretion. For each calendar year, the Board and the Employee will mutually
determine and will establish in writing (i) the applicable performance targets, (ii) the percentage of annualized Base Salary payable to Employee if some lesser or greater percentage of the target annual performance is achieved, and
(iii) such other applicable terms and conditions of the Bonus Plan necessary to satisfy the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Except as otherwise provided in
Section 5, any Performance Bonus that Employee becomes entitled to receive (as a result of the applicable performance targets ultimately being achieved) will be deemed earned on the last day of the calendar year to which such bonus relates and
will be paid to Employee 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. For purposes of clarity, the reference 

  
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in the preceding sentence to a Performance Bonus being deemed “earned” on the last day of the calendar year applies to a calendar year for which Employee is employed on the last day of
the calendar year. 
 (c) Employee Benefits. Employee will be entitled during the Term to receive such welfare benefits
and other fringe benefits (including, but not limited to vacation, financial and tax planning assistance, medical, dental, life insurance, 401(k) and other employee benefits and perquisites, such as club membership dues) as the Company may offer
from time to time to similarly situated executive level employees, subject to applicable eligibility requirements. The Company shall not, however, by reason of this Section 3(c), be obligated to refrain from changing, amending, or discontinuing
any such benefit plan or program, on a prospective basis, so long as any such changes are similarly applicable to similarly situated employees of the Company. 
 (d) Business Expenses. The Company shall reimburse Employee for all reasonable expenses incurred by him in the course of performing his duties during the Term to the extent consistent with the
Company’s written policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses
(“Business Expenses”). Notwithstanding any provision in this Agreement to the contrary, the amount of Business Expenses for which Employee is eligible to receive reimbursement during any calendar year shall not affect the
amount of Business Expenses for which Employee is eligible to receive reimbursement during any other calendar year within the Term. Reimbursement of Business Expenses under this Section 3(d) shall generally be made within two weeks of
Employee’s submission of expense reports pursuant to Company policy, but in no event later than March 15 of the calendar year following the calendar year in which the expense was incurred. Employee is not permitted to receive a payment or
other benefit in lieu of reimbursement under this Section 3(d). 
 (e) Long Term Incentive Compensation. Employee
may, as determined by the Board (or a designated committee thereof) in its sole discretion, periodically receive grants of stock options or other equity or non-equity related awards pursuant to the Company’s long-term incentive plan(s), subject
to the terms and conditions thereof. Any grants previously awarded to Employee pursuant to the Company’s long-term incentive plan(s) that are outstanding on the Effective Date hereof shall continue to be governed by the terms and conditions of
such plan(s). 
 4. Termination of Employment. Unless otherwise agreed to in writing by the Company and
Employee, Employee’s employment hereunder may be terminated under the following circumstances: 
 (a) Death.
Employee’s employment hereunder shall terminate upon his death. 
 (b) Inability to Perform. Employee’s
employment may be terminated by the Company if Employee has incurred a Disability. For purposes of this Agreement, “Disability” means Employee’s inability to perform the essential functions of Employee’s 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 by a physician acceptable to both the Company and Employee. If the parties are not able to
agree on the choice of a physician, each party shall select a physician who, in turn, shall select a third physician to render such certification. In no 

  
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event will Employee’s employment be terminated as a result of Disability pursuant to this Section 4(b) until at least 180 consecutive days of paid leave have elapsed and the Company has
provided Employee with at least thirty days’ advance written notice of termination. During the 180 days of paid leave, the Company may offset the payment of Employee’s Base Salary then in effect by the amount of any short-term or
long-term disability benefits Employee receives pursuant to Section 3(c) above. 
 (c) Termination by the Company.
The Company may terminate Employee’s employment with or without Cause. For purposes of this Agreement, the term “Cause” means Employee (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, which actions have had a material detrimental effect on the Company, (iii) has breached any material provision of this Agreement,
(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, provided, however,
that the Company must give Employee written notice of the acts or omissions constituting Cause within 60 days after an officer of the Company (other than Employee) first learns of the occurrence of such event, and no termination shall be for
Cause under clauses (ii), (iii), (iv), or (v) contained in this Section 4(c) unless and until Employee fails to cure such acts or omissions within 30 days following receipt of such written notice. 

(d) Termination by Employee. Employee may, upon giving the Company no less than 30 days’ advance written notice, terminate
Employee’s employment without Good Reason or for Good Reason. For purposes of this Agreement, the term “Good Reason” shall mean, without the express written consent of Employee, the occurrence of one of the following
arising on or after the Effective Date, as determined in a manner consistent with Treasury Regulation § 1.409A-1(n)(2)(ii): (i) a material reduction in Employee’s base compensation, (ii) a material diminution in Employee’s
authority, duties or responsibilities, (iii) a permanent relocation in the geographic location at which Employee must perform services to a location more than 50 miles from the location at which Employee normally performed services immediately
before the relocation; (iv) a material reduction in the authority, duties or responsibilities of the person to whom Employee reports; or (v) any other action or inaction that constitutes a material breach by the Company of this Agreement.
Neither a transfer of employment among the Company and any of its Affiliates nor the Company or an Affiliate entering into a co-employer relationship with a personnel services organization constitutes Good Reason. In the case of Employee’s
allegation of Good Reason, (A) Employee 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, Employee may submit a Notice of Termination pursuant to Section 5(e), provided that the Notice of Termination must be
given no later than 100 days after the expiration of such 30 day period; otherwise, Employee is 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 Employee’s right to claim Good Reason with respect to future similar events. 

  
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 (e) Investigation; Suspension. The Company may suspend Employee with pay pending an
investigation authorized by the Company or a governmental authority or a determination by the Company whether Employee has engaged in acts or omissions constituting Cause, and such paid suspension shall not constitute Good Reason or a termination of
this Agreement or Employee’s employment. 
 5. Compensation Upon Termination. 

(a) For Cause or Without Good Reason. In the event Employee’s employment is terminated by the Company for Cause or by the
Employee without Good Reason, the Company shall pay to Employee (i) any unpaid portion of the Base Salary through the Date of Termination at the rate then in effect, (ii) any unpaid Performance Bonus earned in the calendar year prior to
the Date of Termination, (iii) unreimbursed Business Expenses through the Date of Termination, and (iv) such employee benefits, if any, as to which Employee may be entitled pursuant to the terms governing such benefits. The amounts, if
any, set forth in (i), (ii), (iii), and (iv) shall be collectively referred to herein as the “Accrued Payments”. The Accrued Payments shall be paid at the time and in the manner required by applicable law but in no event
later than 30 business days after the Date of Termination, with the exception of (ii), which shall be paid at the time provided in and in accordance with Section 3(b). 
 (b) Without Cause or For Good Reason. In addition to the Accrued Payments, in the event Employee’s employment is terminated by the Company without Cause or by Employee for Good Reason and such
termination constitutes a “separation from service” (as defined in Section 5(i)), the Company shall pay to Employee an amount equal to the Performance Bonus that Employee would have been entitled to receive pursuant to
Section 3(b) hereof for the calendar year of termination, multiplied by a fraction, the numerator of which is the number of days during which Employee was employed by the Company in the calendar year of Employee’s termination, and the
denominator of which is 365 (the “Pro-Rata Bonus”), 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. In addition, the Company shall provide Employee with the following (the “Severance Package”), contingent upon
Employee satisfying the Severance Conditions, as defined below: 
 (i) Payment of an amount (the
“Separation Payment”), payable at the time and in the manner provided below in this Section 5(b), equal to the sum of: 
 (A) the aggregate amount of Base Salary as of the Date of Termination or, if greater, before any reduction not consented to by Employee, that would have been paid to Employee if he had continued
performing services pursuant to this Agreement for the remainder of the then-current Term (or, if greater, the equivalent of twelve (12) months of Employee’s Base Salary as of the Date of Termination or, if greater, before any reduction
not consented to by Employee), plus 
 (B) the aggregate of each Target Performance Bonus, calculated based on
Employee’s Base Salary in effect on the Date of Termination 

  
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or, if greater, before any reduction not consented to by Employee, that Employee would have been eligible to receive if he had continued performing services pursuant to this Agreement for the
remainder of the then-current Term (or, if greater, one times the Target Performance Bonus, calculated based on Employee’s Base Salary in effect on the Date of Termination or, if greater, before any reduction not consented to by Employee, that
Employee would have been eligible to receive for the calendar year of termination if Employee had continued performing services pursuant to this Agreement for the remainder of the calendar year of termination); plus 

(ii) Pay or reimburse on a monthly basis the premiums required to continue Employee’s group health care coverage for
a period of 18 months following Employee’s Date of Termination, under the applicable provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), provided that Employee elects to continue and
remains eligible for these benefits under COBRA; plus 
 (iii) 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). 
 To receive the Severance Package, Employee must execute and return to the Company on or prior to the 50th day following the Date of Termination a waiver and 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 (the “Release”), and where applicable, not timely revoke such Release (the “Severance Conditions”). 

The Separation Payment shall be paid as follows: 
 (A) If the Separation Payment is greater than the Section 409A Exempt Amount (defined below), then — 
 (1) the Section 409A Exempt Amount shall be paid in substantially equal monthly installments over a period of twelve (12) months beginning on the first payroll date which occurs on or after the
60th day following the Date of Termination, and 
 (2) the excess of the Separation Payment over the
Section 409A Exempt Amount shall be paid in a single lump sum no later than 60 days after the Date of Termination. 
 For purposes of
this Agreement, the “Section 409A Exempt Amount” is two times the lesser of (x) Employee’s annualized compensation based upon the annual rate of pay for services provided to the Company for the calendar year preceding the
calendar year in which Employee has a 

  
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“separation from service” (as defined in Section 5(i)) with the Company (adjusted for any increase during that year that was expected to continue indefinitely if Employee had not
separated from service) or (y) 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 Employee has a separation from service. 

(B) If the Separation Payment is equal to or less than the Section 409A Exempt Amount, then the Separation Payment
shall be paid in equal monthly installments over a period of months (limited to 24 such months) determined by dividing (x) the Separation Payment by (y) the Employee’s Monthly Base Salary as of the Date of Termination, commencing in
payment on the first day of the third month following the Date of Termination, provided that the Date of Termination constitutes a “separation from service” (as defined in Section 5(i)). 

(c) Death or Disability. In the event Employee’s employment terminates by reason of his death or Disability, Employee (or his
estate) shall 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 Employee satisfies the Severance Conditions, (A) an amount equivalent to twelve (12) months of
Employee’s Base Salary as of the Date of Termination, or, if greater, before any reduction not consented to by Employee, payable in a lump sum within 60 days of the Date of Termination; and (B) pay or reimburse on a monthly basis the
premiums required to continue Employee’s group health care coverage for a period of 18 months following Employee’s Date of Termination, under the applicable provisions of COBRA, provided that Employee or his dependents, as applicable,
elect to continue and remain eligible for these benefits under COBRA. 
 (d) Exclusive Compensation and Benefits. The
compensation and benefits described in this Section 5 or in Section 6 as applicable, along with the associated terms for payment, constitute all of the Company’s obligations to Employee with respect to the termination of
Employee’s employment. Nothing in this Agreement, however, is intended to limit any earned, vested benefits (other than any entitlement to severance or separation pay, if any) that Employee may have under the applicable provisions of any
benefit plan of the Company in which Employee is participating on the Date of Termination, any rights Employee may have to continue or convert coverage under certain employee benefit plans in accordance with the terms of those plans and applicable
law, or any rights Employee may have under long-term incentive or equity compensation plan. 

  
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 (e) Notice of Termination. Any termination of Employee’s employment occurring in
accordance with the terms of this Section 5 (other than by reason of Employee’s death) shall be communicated to the other party by written notice that (i) indicates the specific termination provisions of this Agreement relied upon,
(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 (a “Notice of Termination”), and that is delivered to the
other party in accordance with Section 9(i) of this Agreement. 
 (f) Date of Termination. For purposes of this
Agreement, “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 Employee’s employment is terminated by reason of
his death, the Date of Termination shall be the date of death of Employee. 
 (g) Deemed Resignations. Unless otherwise
agreed to in writing by the Company and Employee prior to termination of Employee’s employment, any termination of Employee’s employment shall constitute an automatic resignation of Employee from all positions he then holds as an employee,
officer, director, manager or other service provider of the Company and each Affiliate of the Company. 
 (h) Offset.
Employee agrees that the Company may set off against, and Employee authorizes the Company to deduct from, any payments due to Employee, or to his estate, heirs, legal representatives, or successors, any amounts which may be due and owing to the
Company or an Affiliate by Employee, whether arising under this Agreement 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. 
 (i) Application of
Section 409A. The amounts payable pursuant to Sections 5 and 6 of this Agreement are intended to comply with the short-term deferral exception and/or separation pay exception to Section 409A of the Code. Notwithstanding the
foregoing, no amount payable pursuant to this Agreement which constitutes a “deferral of compensation” within the meaning of the Treasury Regulations issued pursuant to Section 409A of the Code (the “Section 409A
Regulations”) shall be paid unless and until Employee has incurred a “separation from service” within the meaning of the Section 409A Regulations. Furthermore, to the extent that Employee is a “specified
employee” within the meaning of the Section 409A Regulations as of the date of Employee’s separation from service, no amount that constitutes a deferral of compensation which is payable on account of Employee’s separation from
service shall be paid to Employee before the date (the “Delayed Payment Date”) which is first day of the seventh month after the date of Employee’s separation from service or, if earlier, the date of Employee’s
death following such separation from service. All such amounts that would, but for this Section 5(i), 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 Agreement shall be considered a separate payment, and Employee’s entitlement to a series of payments under
this Agreement is to be treated as an entitlement to a series of separate payments. 

  
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 6. Change in Control. 

(a) Upon the occurrence of a Change in Control (as defined in the Company’s 2010 Long Term Incentive Plan) during the Term, all
unvested equity awards under the Company’s 2010 Long Term Incentive Plan or other plans of the Company 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). In addition, if a Change in
Control occurs during the Term and (x) Employee is terminated by the Company for any reason other than for Cause within two years following such Change in Control or (y) Employee terminates employment for Good Reason within two years
following such Change in Control, and any such termination constitutes a separation from service (as defined in Section 5(i)), then, the Company shall, in addition to providing Employee with the Accrued Payments: 

(i) Pay Employee within 60 days following the Date of Termination, a lump sum payment equal to the sum of
(A) 2.99 times Employee’s annual rate of Base Salary as of the Date of Termination or, if greater, before any reduction not consented to by Employee; plus (B) 2.99 times the greater of either (1) an amount equal to the Target
Performance Bonus Employee would have been eligible to receive pursuant to Section 3(b) hereof for the calendar year of termination if Employee had continued performing services pursuant to this Agreement for the remainder of the calendar year
of termination, or (2) an amount equal to the average Performance Bonus paid (or payable) to Employee for the two calendar years preceding the Date of Termination or, if Employee was employed for less than two full calendar years, for the
calendar year preceding the Date of Termination; plus 
 (ii) Pay or reimburse on a monthly basis the premiums
required to continue Employee’s group health care coverage for a period of 18 months following Employee’s separation date, under COBRA, provided that Employee elects to continue and remains eligible for these benefits under COBRA;

 provided, that, nothing in this Section 6 shall relieve the Company or any successor-in-interest thereof of its obligation to continue,
following any Change in Control, to provide Employee with the compensation due pursuant to Section 3 of this Agreement or to otherwise comply with its obligations hereunder in the event Employee’s service continues pursuant to this
Agreement following the occurrence of such Change in Control; provided, further, that, in the event Employee is terminated simultaneously with the occurrence of a Change in Control or within two years thereof, Employee shall be entitled to receive
the greater of the payments or benefits provided under Section 5(b) of this Agreement and this Section 6(a), which receipt shall be conditioned upon Employee’s satisfaction of the Severance Conditions. 

(b) Notwithstanding anything to the contrary in this Agreement, if Employee is a “disqualified individual” (as defined in
Section 280G(c) of the Code), and the payments and benefits provided for in this Agreement, together with any other payments and benefits which Employee 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 

  
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benefits provided for in this Agreement shall be either (a) reduced (but not below zero) so that the present value of such total amounts and benefits received by Employee from the Company
and its affiliates will be one dollar ($1.00) less than three times Employee’s “base amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits received by Employee 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 Employee (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
Employee’s base amount, then Employee shall immediately repay such excess to the Company upon notification that an overpayment has been made. Nothing in this Section 6(b) shall require the Company to be responsible for, or have any
liability or obligation with respect to, Employee’s excise tax liabilities under Section 4999 of the Code, if any. 

7. Protection of Information. 
 (a) Disclosure to and Property of the Company. 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 Employee, 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
Employee. 
 (b) No Unauthorized Use or Disclosure. Employee agrees that Employee will 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 Employee’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 Employee’s responsibilities hereunder. Employee 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 Employee is making such disclosure, Employee 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. 

  
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 (c) Remedies. Employee acknowledges that money damages would not be a sufficient
remedy for any breach of this Section 7 by Employee, and the Company or its wholly-owned subsidiaries shall be entitled to enforce the provisions of this Section 7 by obtaining an order for specific performance and/or injunctive relief as
remedies for any such breach or threatened breach, including but not limited to an order terminating payments owing to Employee under this Agreement. Such remedies shall not be deemed the exclusive remedies for a breach of this Section 7, but
shall be in addition to all remedies available at law or in equity to the Company, including the recovery of damages from Employee and remedies available to the Company pursuant to other agreements with Employee. 

(d) No Prohibition. Nothing in this Section 7 shall be construed as prohibiting Employee, following the termination of the
Prohibited Period (as defined below), from being employed by any Competing Business (as defined below) or engaging in any Prohibited Activity (as defined below); provided, that during such employment or engagement Employee complies with his
obligations under this Section 7. 
 8. Non-Competition and Non-Solicitation. 

(a) Definitions. As used in this Agreement, the following terms shall have the following meanings: 

(i) “Affiliate” shall mean an individual or entity that, directly or indirectly through one or
more intermediaries, controls or is controlled by or is under common control with a specified individual or entity. 
 (ii) “Competing Business” means any business, individual, partnership, firm, corporation or other entity engaged in oil and gas exploration and production. 

(iii) “Prohibited Activity” means any service or activity on behalf of a Competing Business that
involves the planning, management, supervision, or providing of services that are substantially similar to those services Employee provided to the Company within the last 12 months of Employee’s employment with the Company. 

(iv) “Prohibited Period” means the Term and the 12 month period following the termination of
Employee’s employment with the Company. 
 (v) “Restricted Area” means 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 Term or as of the Employee’s Date of Termination. The parties stipulate that the forgoing is a
reasonable area restriction because the area identified is the market area with respect to which Employee will help the Company provide its products and services, help analyze, and/or receive access to Confidential Information. 

  
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 (b) Protective Covenants and Restrictions. Acknowledging delivery of Confidential
Information and that such Confidential Information is vital to Employee’s continued 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, Employee agrees 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
Employee, and are not contrary to the public interest: 
 (i) Non-compete. Employee expressly covenants
and agrees that, during the Prohibited Period, he will not engage in any Prohibited Activity in the Restricted Area. Notwithstanding the foregoing, in the event Employee resigns his employment or is terminated, for any reason, on or after a Change
in Control, Employee shall have no obligations to comply with this Section 8(b)(i). 
 (ii)
Non-solicitation. Employee further expressly covenants and agrees 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 Employee will not be deemed to have violated this provision if employees of the Company directly contact Employee regarding employment or respond to general advertisements for employment, or (B) solicit any client or customer of
the Company, with whom Employee has had direct contact with, or about whom Employee 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 Employee resigns his employment or is terminated, for any reason, on or after a Change in Control, Employee shall have no obligations to comply with this Section 8(b)(ii). 

(c) Permitted Ownership. Notwithstanding any of the foregoing, Employee 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 Employee 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. 
 (d) Reasonableness. Employee and the Company agree and acknowledge that the limitations as to time, geographical area and scope of activity to be restrained as set forth in this Section 8 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) Employee’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 Employee is receiving in connection with the performance of his duties hereunder. 
 (e)
Relief and Enforcement. Employee hereby represents to the Company that he has read and understands, and agrees to be bound by, the terms of this Section 8. It is the desire and intent of the parties hereto that the provisions of this
Section 8 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 8 may be found invalid, illegal or unenforceable for any reason, it is

  
 12 

 
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. Employee and the Company further agree and acknowledge that, in the event of a breach or threatened breach of any of
the provisions of this Section 8, 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 8, references to the Company shall include the Company’s
Affiliates. 
 9. General Provisions. 

(a) Amendments and Waiver. Other than pursuant to Section 4(d), (i) the terms and provisions of this Agreement may not
be modified or amended, nor may any of the provisions hereof be waived, temporarily or permanently, unless such modification or amendment is agreed to in writing and signed by Employee and by a duly authorized officer of the Company, and such waiver
is set out in writing and signed by the party to be bound by waiver, and (ii) the failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right
of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms, and a waiver on one occasion shall not be deemed to be a waiver of the same or any other type of breach on a future occasion. 

(b) Withholding and Deductions. With respect to any payment to be made to Employee, the Company shall deduct, where applicable,
any amounts authorized by Employee, and shall withhold and report all amounts required to be withheld and reported by applicable law. 
 (c) Mitigation. Employee shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment
provided for in this Agreement be reduced by any compensation earned by Employee as the result of employment by another employer after the Date of Termination, or otherwise. 
 (d) Survival. The termination of Employee’s employment shall not impair the rights or obligations of any party that have accrued prior to such termination or which by their nature or terms
survive termination of the Term, including without limitation the Company’s obligations under Sections 5 and 6 and Employee’s obligations under Sections 7 and 8. 

(e) No Obligation to Pay. With regard to any payment due to Employee under this Agreement, it shall not be a breach of any
provision of this Agreement for the Company to fail to make such payment to Employee if by doing so, the Company violates applicable law. 
 (f) Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which
shall remain in full force and effect. 

  
 13 

 (g) Entire Agreement. This Agreement constitutes the entire agreement of the parties
with regard to the subject matter hereof and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to employment of Employee by the Company. Without limiting the scope of the preceding
sentence, all understandings and agreements preceding the date of execution of this Agreement and relating to the subject matter hereof are hereby null and void and of no further force and effect. 

(h) Successors and Assigns; Binding Agreement. This Agreement 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 this Agreement 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 Agreement to any of its Affiliates and Employee may direct payment of any benefits that will accrue upon death. Employee shall not have any right to
pledge, hypothecate, anticipate, or in any way create a lien upon any payments or other benefits provided under this Agreement; and no benefits payable under this Agreement 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. This Agreement 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. 
 (i) Notices. For purposes of this Agreement, notices and all other communications
provided for herein shall be in writing and shall be deemed to have been duly given (i) when received, if delivered personally or by courier, (ii) on the date receipt is acknowledged, if delivered by certified mail, postage prepaid, return
receipt requested, or (iii) one day after transmission, if sent by facsimile transmission with confirmation of transmission, as follows: 
  

			
	If to Employee, at:	  	
[                    ]

		  	
		  	
		
	If to the Company, at:	  	 Oasis Petroleum Inc.
 Attn:
Nickolas J. Lorentzatos

		  	Senior VP, General Counsel & Corporate Secretary 1001 Fannin Street, Suite 1500
		  	Houston, Texas 77002

 or to such other address as either party may furnish to the other in writing in accordance herewith, except that notices
or changes of address shall be effective only upon receipt. 
 (j) Construction. Where specific language is used to
clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates. The language used in this Agreement shall
be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against any party. The section headings in this Agreement are for convenience of reference only, and they form no
part of this Agreement and shall not affect its construction. 

  
 14 

 (k) Assistance in Litigation. During the Term and for a period of four years
following the Date of Termination, Employee shall, if given at least two (2) weeks notice, furnish such information and proper assistance to the Company or any of its Affiliates as may reasonably be required by the Company in connection with
any litigation, investigations, arbitrations, and/or any other fact-finding or adjudicative proceedings involving the Company or any of its Affiliates, provided that if such assistance is requested after the Date of Termination: (i) such
assistance not unreasonably interfere with Employee’s employment or other activities or endeavors; and (ii) such assistance not exceed forty hours in any twelve month period, unless otherwise agreed in writing by the parties. This
obligation shall include, without limitation, to meet with counsel for the Company or any of its Affiliates and provide truthful testimony at the request of the Company or as otherwise required by law or valid legal process. The Company shall
reimburse Employee for all reasonable out-of-pocket expenses incurred by Employee and approved in advance by the Company in rendering such assistance (such as travel, parking, and meals but not attorney’s fees). In addition, following the Date
of Termination, the Company shall pay the Employee $300/hr for his time in providing information and assistance in accordance with this Section 9(k). 
 (l) Governing Law; Construction; Venue; Jury-Trial Waiver. The parties (i) agree that this Agreement is governed by and shall be construed and enforced in accordance with Texas law, excluding
its choice-of-law principles, except where federal law may preempt the application of state law; (ii) agree that this Agreement is to be construed as a whole, according to its fair meaning, and not strictly for or against any of the parties;
(iii) submit and consent to the exclusive jurisdiction, including removal jurisdiction, of the state and federal courts located in Harris County, Texas (or the county where the Company’s principal executive offices are located if
different) for any action or proceeding relating to this Agreement or Employee’s employment; (iv) waive any objection to such venue; (v) agree that any judgment in any such action or proceeding may be enforced in other jurisdictions;
and (vi) irrevocably waive the right to trial by jury and agree not to ask for a jury in any such proceeding. 
 (m)
Mutual Contribution. The parties to this Agreement have mutually contributed to its drafting. Consequently, no provision of this Agreement shall be construed against any party on the grounds that such party drafted the provision or caused it
to be drafted. 
 IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement as of the Effective
Date. 
  

			
	OASIS PETROLEUM INC.
		
	 By:
	 	 /s/ Nickolas J. Lorentzatos

	 Name:
	 	Nickolas J. Lorentzatos
	 Title:
	 	 Senior Vice President, General Counsel
 & Corporate Secretary

	
	EMPLOYEE:
	
	 /s/ Michael H. Lou

	 Michael H. Lou

  
 15Amended 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

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