Document:

exv10w1

Exhibit 10.1

APACHE CORPORATION

2011 Omnibus Equity Compensation Plan

Section 1

Introduction

1.1 Establishment. Apache Corporation, a Delaware corporation (hereinafter referred to,
together with its Affiliates (as defined below) as the “Company” except where the context otherwise
requires), hereby establishes the Apache Corporation 2011 Omnibus Equity Compensation Plan (the
“Plan”), as it may be amended and restated from time to time.

1.2 Purpose. The purpose of the Plan is to provide Eligible Persons designated by the
Committee for participation in the Plan with equity-based incentives to: (i) encourage such
individuals to continue in the long-term service of the Company and its Affiliates, (ii) create in
such individuals a more direct interest in the future success of the operations of the Company,
(iii) attract outstanding individuals, and (iv) retain and motivate such individuals. The Plan is
intended to provide eligible individuals with the opportunity to invest in the Company, thereby
relating incentive compensation to increases in stockholder value and more closely aligning the
compensation of such individuals with the interests of the Company’s stockholders.

Accordingly, this Plan provides for the granting of Incentive Stock Options, Non-Qualified Stock
Options, Performance Awards, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights or
any combination of the foregoing, as the Committee determines is best suited to the circumstances
of the particular individual as provided herein.

1.3 Effective Date. The Effective Date of the Plan (the “Effective Date”) is May 5, 2011.
This Plan and each Award granted hereunder are conditioned on and shall be of no force or effect
until the Plan is approved by the stockholders of the Company. The Committee (or its delegate in
accordance with Section 3.4(b) hereof) may award grants, the entitlement to which shall be
expressly subject to the condition that the Plan shall have been approved by the stockholders of
the Company.

Section 2

Definitions

2.1 Definitions. The following terms shall have the meanings set forth below:

	 	(a)	 	“Administrative Agent” means any designee or agent that may be
appointed by the Committee pursuant to subsections 3.1(h) and 3.4 hereof.

	 	(b)	 	“Affiliate” means any entity other than the Company that is affiliated
with the Company through stock or equity ownership or otherwise and is designated as an
Affiliate for purposes of the Plan by the Committee; provided, however,
that, notwithstanding any other provisions of the Plan to the contrary, for purposes of
NQSOs and SARs, if an individual who otherwise qualifies as an Eligible Person provides
services to such an entity and not to

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	 	 	 	the Company, such entity may only be designated an Affiliate if the Company qualifies
as a “service recipient,” within the meaning of Internal Revenue Code Section 409A,
with respect to such individual; provided further that such definition
of “service recipient” shall be determined by (a) applying Internal Revenue Code
Section 1563(a)(1), (2), and (3), for purposes of determining a controlled group of
corporations under Internal Revenue Code Section 414(b), using the language “at least
50 percent” instead of “at least 80 percent” each place it appears in Internal Revenue
Code Section 1563(a)(1), (2), and (3), and by applying Treasury Regulations Section
1.414(c)-2, for purposes of determining trades or businesses (whether or not
incorporated) that are under common control for purposes of Internal Revenue Code
Section 414(c), using the language “at least 50 percent” instead of “at least 80
percent” each place it appears in Treasury Regulations Section 1.414(c)-2, and (b)
where the use of Shares with respect to the grant of an Option or SAR to such an
individual is based upon legitimate business criteria, by applying Internal Revenue
Code Section 1563(a)(1), (2), and (3), for purposes of determining a controlled group
of corporations under Internal Revenue Code Section 414(b), using the language “at
least 20 percent” instead of “at least 80 percent” at each place it appears in Internal
Revenue Code Section 1563(a)(1), (2), and (3), and by applying Treasury Regulations
Section 1.414(c)-2, for purposes of determining trades or businesses (whether or not
incorporated) that are under common control for purposes of Internal Revenue Code
Section 414(c), using the language “at least 20 percent” instead of “at least 80
percent” at each place it appears in Treasury Regulations Section 1.414(c)-2; provided
further that for purposes of ISOs, “Affiliate” shall mean any present or future
corporation which is or would be a “subsidiary corporation” of the Company as the term
is defined in Section 424(f) of the Internal Revenue Code.

	 	(c)	 	“Award” means any Stock Option, Stock Appreciation Right, Restricted
Stock, Restricted Stock Unit, Performance Award, Dividend Equivalent or any other
stock-based award granted to a Participant under the Plan.

	 	(d)	 	“Board” means the Board of Directors of the Company.

	 	(e)	 	“Change of Control” shall have the meaning assigned to such term in the
Company’s Income Continuance Plan as in effect on the Effective Date

	 	(f)	 	“Committee” means the Stock Option Plan Committee of the Board or such
other Committee of the Board that is empowered hereunder to administer the Plan. The
Committee shall be constituted at all times so as to permit the Plan to be administered
by “non-employee directors” (as defined in Rule 16b-3 of the Exchange Act) and “outside
directors” (as defined in Treasury Regulations Section 1.162-27 (e)(3)) and to satisfy
such additional regulatory or listing requirements as the Board may determine to be
applicable or appropriate.

	 	(g)	 	“Deferred Delivery Plan” means the Company’s Deferred Delivery Plan, as
it has been or may be amended from time to time, or any successor plan.

	 	(h)	 	“Dividend Equivalent” means a right, granted to an Eligible Person to
receive cash, Stock, other Awards or other property equal in value to dividends paid
with respect to a specified number of shares of Stock, or other periodic payments.

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	 	(i)	 	“Eligible Persons” means those employees of the Company or of any
Affiliates, members of the Board, and members of the board of directors of any
Affiliates who are designated as Eligible Persons by the Committee. Notwithstanding
the foregoing, grants of Incentive Stock Options may not be granted to anyone who is
not an employee of the Company or an Affiliate.

	 	(j)	 	“Exchange Act” means the Securities Exchange Act of 1934, as amended.

	 	(k)	 	“Exercise Date” means the date of exercise determined in accordance
with subsection 6.2(g) hereof.

	 	(l)	 	“Fair Market Value” means the per share closing price of the Stock as
reported on The New York Stock Exchange, Inc. Composite Transactions Reporting System
for a particular date or, if the Stock is not so listed on such date, as reported on
NASDAQ or on such other exchange or electronic trading system which, on the date in
question, reports the largest number of traded shares of Stock, provided,
however, that if on the date Fair Market Value is to be determined there are no
transactions in the Stock, Fair Market Value shall be determined as of the immediately
preceding date on which there were transactions in the Stock; provided
further, however, that if the foregoing provisions are not applicable,
the fair market value of a share of the Stock as determined by the Committee by the
reasonable application of such reasonable valuation method, consistently applied, as
the Committee deems appropriate; provided further, however,
that, with respect to ISOs, such Fair Market Value shall be determined subject to
Section 422(c)(7) of the Internal Revenue Code. For purposes of the foregoing, a
valuation prepared in accordance with any of the methods set forth in Treasury
Regulation Section 1.409A-1(b)(5)(iv)(B)(2), consistently used, shall be rebuttably
presumed to result in a reasonable valuation. This definition is intended to comply
with the definition of “fair market value” contained in Treasury Regulation Section
1.409A-1(b)(5)(iv) and should be interpreted consistently therewith.

	 	(m)	 	“Incentive Stock Option” or “ISO” means any Option intended to
be and designated as an incentive stock option and which satisfies the requirements of
Section 422 of the Internal Revenue Code or any successor provision thereto.

	 	(n)	 	“Internal Revenue Code” or “Code” means the Internal Revenue Code of
1986, as it may be amended from time to time, and any successor thereto. Any reference
to a section of the Internal Revenue Code or Treasury Regulation shall be treated as a
reference to any successor section.

	 	(o)	 	“Involuntary Termination” means the termination of employment of the
Participant by the Company or its successor for any reason on or after a Change of
Control; provided, that the termination does not result from an act of the Participant
that (i) constitutes common-law fraud, a felony, or a gross malfeasance of duty, or
(ii) is materially detrimental to the best interests of the Company or its successor.

	 	(p)	 	“Non-Qualified Stock Option” or “NQSO” means any Option that is
not intended to qualify as an “incentive stock option” under Section 422 of the
Internal Revenue Code.

	 	(q)	 	“Option” means an option to purchase a number of shares of Stock
granted pursuant to subsection 6.1.

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	 	(r)	 	“Option Price” means the price at which shares of Stock subject to an
option may be purchased, determined in accordance with subsection 6.2(b) hereof.

	 	(s)	 	“Participant” means an Eligible Person designated by the Committee,
from time to time during the term of the Plan to receive one or more Awards under the
Plan.

	 	(t)	 	“Performance Award” is a right to either a number of shares of Stock or
SARs (“Performance Shares”) determined (in either case) in accordance with subsection
9.1 of this Plan based on the extent to which the applicable Performance Goals are
achieved. A Performance Share shall be of no value to a Participant unless and until
earned in accordance with subsection 9.2 hereof.

	 	(u)	 	“Performance Goals” are the performance conditions, if any, established
pursuant to subsection 9.1 by the Committee in connection with an Award.

	 	(v)	 	“Performance Period” with respect to a Performance Award is a period
not less than one calendar year or one fiscal year of the Company, beginning not
earlier than the year in which such Performance Award is granted, which may be referred
to herein and by the Committee by use of the calendar of fiscal year in which a
particular Performance Period commences.

	 	(w)	 	“Restricted Stock” means Stock granted to an Eligible Person under
Section 8 hereof, that is subject to certain restrictions and to a risk of forfeiture.

	 	(x)	 	“Restricted Stock Unit” means a right, granted to an Eligible Person
under Section 8 hereof, to receive Stock, cash or a combination thereof at the end of a
specified vesting period.

	 	(y)	 	“Restriction Period” shall have the meaning assigned to such term in
subsection 8.1.

	 	(z)	 	“Stock” means the $0.625 par value common stock of the Company and or
any security into which such common stock is converted or exchanged upon merger,
consolidation, or any capital restructuring (within the meaning of Section 13) of the
Company.

	 	(aa)	 	“Stock Appreciation Right” or “SAR” means a right granted to an
Eligible Person to receive an amount in cash, Stock, or other property equal to the
excess of the Fair Market Value as of the Exercise Date of one share of Stock over the
SAR Price times the number of shares of Stock to which the Stock Appreciation Right
relates. Stock Appreciation Rights may be granted in tandem with Options or other
Awards or may be freestanding.

	 	(bb)	 	“SAR Price” means the price at which the Stock Appreciation Right was
granted, which shall be determined in the same manner as the Option Price of an Option
in accordance with subsection 6.2 hereof.

	 	(cc)	 	“Voluntary Termination with Cause” occurs upon a Participant’s
separation from service of his own volition and one or more of the following conditions
occurs without the Participant’s consent on or after a Change of Control:

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	 	(i)	 	There is a material diminution in the Participant’s base
compensation, compared to his rate of base compensation on the date of the
Change of Control.

	 	(ii)	 	There is a material diminution in the Participant’s authority,
duties or responsibilities.

	 	(iii)	 	There is a material diminution in the authority, duties or
responsibilities of the Participant’s supervisor, such as a requirement that the
Participant (or his supervisor) report to a corporate officer or employee
instead of reporting directly to the board of directors.

	 	(iv)	 	There is a material diminution in the budget over which the
Participant retains authority.

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

The Participant must notify the Company of the existence of one or more adverse conditions
specified in clauses (i) through (v) above within 90 days of the initial existence of the adverse
condition. The notice must be provided in writing to Apache Corporation’s Senior Vice President,
Human Resources or his/her delegate. The notice may be provided by personal delivery or it may be
sent by email, inter-office mail, regular mail (whether or not certified), fax, or any similar
method. Apache Corporation’s Senior Vice President, Human Resources or his/her delegate shall
acknowledge receipt of the notice within 5 business days; the acknowledgement shall be sent to the
Participant by certified mail. Notwithstanding the foregoing provisions of this definition, if the
Company remedies the adverse condition within 30 days of being notified of the adverse condition,
no Voluntary Termination with Cause shall occur.

2.2 Headings; Gender and Number. The headings contained in the Plan are for reference
purposes only and shall not affect in any way the meaning or interpretation of the Plan. Except
when otherwise indicated by the context, the masculine gender shall also include the feminine
gender, and the definition of any term herein in the singular shall also include the plural.

Section 3

Plan Administration

3.1 Administration by the Committee. The Plan shall be administered by the Committee. In
accordance with the provisions of the Plan, the Committee shall, in its sole discretion, adopt
rules and regulations for carrying out the purposes of the Plan, including, without limitation, the
authority to:

	 	(a)	 	Grant Awards;

	 	(b)	 	Select the Eligible Persons and the time or times at which Awards shall be
granted;

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	 	(c)	 	Determine the type and number of Awards to be granted, the number of shares of
Stock to which an Award may relate and the terms, conditions, restrictions, and
Performance Goals relating to any Award;

	 	(d)	 	Determine whether, to what extent, and under what circumstances an Award may be
settled, canceled, forfeited, exchanged, or surrendered;

	 	(e)	 	Construe and interpret the Plan and any Award;

	 	(f)	 	Prescribe, amend, and rescind rules and procedures relating to the Plan;

	 	(g)	 	Determine the terms and provisions of Award agreements;

	 	(h)	 	Appoint designees or agents (who need not be members of the Committee or
employees of the Company) to assist the Committee with the administration of the Plan;

	 	(i)	 	Communicate the material terms of each Award to its recipient within a
relatively short period of time after approval; and

	 	(j)	 	Make all other determinations deemed necessary or advisable for the
administration of the Plan.

3.2 Committee Discretion. The Committee shall, in its absolute discretion, and without
amendment to the Plan, have the power to accelerate, waive or modify, at any time, any term or
condition of an Award that is not mandatory under this Plan; provided, however, that the Committee
shall not have any discretion to accelerate, waive or modify any term or condition of an Award that
is intended to qualify as “performance-based compensation” for purposes of Section 162(m) of the
Internal Revenue Code if such discretion would cause the Award to not so qualify. In the event of
a Change of Control, the provisions of Section 12 hereof shall be mandatory and shall govern the
vesting and exercisability schedule of any Award granted hereunder.

3.3 Indemnification. No member of the Committee shall be liable for any action, omission,
or determination made in good faith. The Company shall indemnify (to the extent permitted under
Delaware law) and hold harmless each member of the Committee and each other director or employee of
the Company to whom any duty or power relating to the administration or interpretation of the Plan
has been delegated against any cost or expense (including counsel fees) or liability (including any
sum paid in settlement of a claim with the approval of the Committee) arising out of any action,
omission or determination relating to the Plan, unless, in either case, such action, omission or
determination was taken or made by such member, director or employee in bad faith and without
reasonable belief that it was in the best interests of the Company. The determination,
interpretations and other actions of the Committee pursuant to the provisions of the Plan shall be
binding and conclusive for all purposes and on all persons.

3.4 Committee Delegation.

	 	(a)	 	The Committee may from time to time adopt such rules and regulations for
carrying out the purposes of the Plan as it may deem proper and in the best interests
of the Company. The Committee may appoint an Administrative Agent, who need not be a
member of the Committee or an employee of the Company, to assist the Committee in
administration of

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	 	 	 	the Plan and to whom it may delegate such powers as the Committee deems appropriate,
except that the Committee shall determine any dispute. The Committee may correct any
defect, supply any omission or reconcile any inconsistency in the Plan, or in any Award
agreement entered into hereunder, in the manner and to the extent it shall deem
expedient, and it shall be the sole and final judge of such inconsistency;

	 	(b)	 	The Committee has delegated authority to the Chief Executive Officer of the
Company to grant Awards to employees of the Company who are not the Company’s executive
officers (as such term is defined for purposes of Section 16 of the Exchange Act) and
who are below the level of Regional Vice President or Staff Vice President; provided,
that any such Awards may only be granted in accordance with guidelines established by
the Committee.

3.5 Compliance with Section 162(m). Except as expressly otherwise stated in any resolution
of the Committee, the Plan is intended to comply with the requirements of Section 162(m) or any
successor section(s) of the Internal Revenue Code (“Section 162(m)”) as to any “covered employee”
as defined in Section 162(m), and shall be administered, interpreted, and construed consistently
therewith. The Committee is authorized to take such additional action, if any, that may be
required to ensure that the Plan and any Award under the Plan satisfy the requirements of Section
162(m), taking into account any regulations or other guidance issued by the Internal Revenue
Service.

Section 4

Stock Subject to the Plan

4.1 Number of Shares. Subject to adjustments pursuant to Section 4.4 hereof, up to
25,500,000 shares of Stock are authorized for issuance under the Plan in accordance with the Plan’s
terms and subject to such restrictions or other provisions as the Committee may from time to time
deem necessary. Notwithstanding the foregoing, the number of aggregate shares of Stock available
for issuance under the Plan at any given time shall be reduced by (i) 1.0 share for each share of
Stock granted in the form of Stock Options or Stock Appreciation Rights, or (ii) 2.39 shares for
each share of Stock granted in the form of any Award that is not a Stock Option or Stock
Appreciation Right. During the duration of the Plan, no Eligible Person may be granted Options
which in the aggregate cover in excess of 10 percent of the total shares of Stock authorized under
the Plan. No Award may be granted under the Plan on or after the 10-year anniversary of the
Effective Date. The foregoing to the contrary notwithstanding, within the aggregate limit
described in the first sentence of this Section 4.1, up to 25,500,000 shares of Stock may be issued
pursuant to ISOs granted under the Plan.

4.2 Availability of Shares Not Issued under Awards. If shares of Stock which may be issued
pursuant to the terms of the Plan awarded hereunder are forfeited, cancelled, exchanged or
surrendered or if an Award otherwise terminates or expires without a distribution of shares to the
holder of such Award, the shares of Stock with respect to such Award shall, to the extent of any
such forfeiture, cancellation, exchange, surrender, termination or expiration, again be available
for Awards under the Plan; provided, however, that in such case, the number of shares of Stock that
may be issued under the Plan shall increase by 1.0 share for each share related to a Stock Option
or a Stock Appreciation Right that is so forfeited, cancelled, exchanged or surrendered or expired
and by 2.39 shares for each such share which is not related to a Stock Option or a Stock
Appreciation Right. The number of shares available shall not be increased by shares tendered,
surrendered or withheld in connection with the exercise or settlement of an Award or the related
tax withholding obligations. Furthermore, when a

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SAR is settled in shares, the number of shares subject to the SAR under the SAR Award agreement
will be counted against the aggregate number of shares with respect to which Awards may be granted
under the Plan as one share for every share subject to the SAR, regardless of the number of shares
used to settle the SAR upon exercise.

4.3 Stock Offered. The Company shall at all times during the term of the Plan retain as
authorized and unissued Stock and/or Stock in the Company’s treasury, at least the number of shares
from time to time require under the provisions of the Plan, or otherwise assure itself of its
ability to perform its obligations hereunder.

4.4 Adjustments for Stock Split, Stock Dividend, Etc. If the Company shall at any time
increase or decrease the number of its outstanding shares of Stock or change in any way the rights
and privileges of such shares by means of the payment of a Stock dividend or any other
distribution upon such shares payable in Stock or rights to acquire Stock, or through a Stock
split, reverse Stock split, subdivision, consolidation, combination, reclassification or
recapitalization involving the Stock (any of the foregoing being herein called a “capital
restructuring”), then in relation to the Stock that is affected by one or more of the above events,
the numbers, rights, and privileges of the following shall be, in each case, equitably and
proportionally adjusted to take into account the occurrence of any of the above events, (i) the
number and kind of shares of Stock or other property (including cash) that may thereafter be issued
pursuant to subsections 4.1 and 4.10, (ii) the number and kind of shares of Stock or other property
(including cash) issued or issuable in respect of outstanding Awards; and (iii) the exercise price,
grant price, or purchase price relating to any Award; provided that, with respect to Incentive
Stock Options, such adjustment shall be made in accordance with Section 424(h) of the Internal
Revenue Code; (iv) the Performance Goals, and (v) the individual limitations applicable to Awards.

4.5 Other Changes in Stock. In the event there shall be any change, other than as
specified in subsections 4.4 hereof, in the number or kind of outstanding shares of Stock or of any
stock or other securities into which the Stock shall be changed or for which it shall have been
exchanged, and if the Committee shall in its discretion determine that such change equitably
requires an adjustment in the number or kind of shares subject to outstanding Awards or which have
been reserved for issuance pursuant to the Plan but are not then subject to an Award, then such
adjustments shall be made by the Committee and shall be effective for all purposes of the Plan and
on each outstanding Award that involves the particular type of stock for which a change was
effected.

4.6 Rights to Subscribe. If the Company shall at any time grant to the holders of its
Stock rights to subscribe pro rata for additional shares thereof or for any other securities of the
Company or of any other corporation, there shall be reserved with respect to the shares then under
an outstanding Award to any Participant of the particular class of Stock involved the Stock or
other securities which the Participant would have been entitled to subscribe for if immediately
prior to such grant the Participant had exercised his entire Option. If, upon exercise of any such
Option, the Participant subscribes for the additional shares or other securities, the aggregate
Option Price shall be increased by the amount of the price that is payable by the Participant for
such additional shares or other securities as if the Participant had exercised his entire Option
immediately prior to the grant of such additional shares or other securities.

4.7 General Adjustment Rules. No adjustment or substitution provided for in this Section 4
shall require the Company to sell a fractional share of Stock under any Option, or otherwise issue
a fractional share of Stock, and the total substitution or adjustment with respect to each Option
shall be limited by deleting any fractional share. In the case of any such substitution or
adjustment, the aggregate Option Price for the shares of Stock then subject to the Option shall
remain unchanged but the Option Price per

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share under each such Option shall be equitably adjusted by the Committee to reflect the greater or
lesser number of shares of Stock or other securities into which the Stock subject to the Option may
have been changed.

4.8 Determination by the Committee, Etc. Adjustments under this Section 4 shall be made by
the Committee, whose determinations with regard thereto shall be final and binding upon all
parties.

4.9 Code Section 409A. For any Award that is not subject to Internal Revenue Code Section
409A before the adjustments identified in the preceding sections of this Section 4, no adjustment
shall be made that would cause the Award to become subject to Internal Revenue Code Section 409A.
For an Award that is subject to Internal Revenue Code Section 409A before the adjustments
identified in the preceding sections of this Section 4, no adjustment shall cause the Award to
violate Internal Revenue Code Section 409A, without the prior written consent of both the
Participant and the Committee.

4.10 Award Limits. The following limits shall apply to grants of all Awards under the
Plan:

	 	(a)	 	Options: The maximum aggregate number of shares of Stock that may be
subject to Options granted in any calendar year to any one Participant shall be 250,000
shares.

	 	(b)	 	SARs: The maximum aggregate number of shares that may be subject to
Stock Appreciation Rights granted in any calendar year to any one Participant shall be
250,000 shares. Any shares covered by Options which include tandem SARs granted to one
Participant in any calendar year shall reduce this limit on the number of shares
subject to SARs that can be granted to such Participant in such calendar year.

	 	(c)	 	Restricted Stock or Restricted Stock Units: The maximum aggregate
number of shares of Stock that may be subject to Awards of Restricted Stock or
Restricted Stock Units granted in any calendar year to any one Participant shall be
250,000 shares.

	 	(d)	 	Performance Awards: The maximum aggregate grant with respect to
Performance Awards granted in any calendar year to any one Participant shall be 250,000
shares (or SARs based on the value of such number of shares).

To the extent required by Section 162(m) of the Code, shares subject to Options or SARs which are
canceled shall continue to be counted against the limits set forth in paragraphs (a) and (b)
immediately preceding.

4.11 Repayment/Forfeiture of Awards. If required by the Sarbanes-Oxley Act of 2002 and/or
by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, each Participant’s Award
shall be conditioned on repayment or forfeiture in accordance with applicable law and the related
Award agreement shall reflect any such condition. In addition, the Committee may establish such
conditions for repayment or forfeiture of Awards as the Committee may adopt by policy for the
Company or any Affiliate.

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Section 5

Granting of Awards to Participants

5.1 Participation. Participants in the Plan shall be those Eligible Persons who, in the
judgment of the Committee (or, pursuant to Section 3.4(b), the Chief Executive Officer of the
Company), are performing, or during the term of their incentive arrangement will perform, vital
services in the management, operation, and development of the Company or an Affiliate, and
significantly contribute, or are expected to significantly contribute, to the achievement of the
Company’s long-term corporate economic objectives. Participants may be granted from time to time
one or more Awards; provided, however, that the grant of each such Award shall be separately
approved by the Committee or granted in accordance with Section 3.4(b) hereof, and receipt of one
such Award shall not result in automatic receipt of any other Award. Upon determination that an
Award is to be granted to a Participant, as soon as practicable, written notice shall be given to
such person, specifying the terms, conditions, rights and duties related thereto. Each Participant
shall, if required by the Committee, enter into an agreement with the Company, in such form as the
Committee shall determine and which is consistent with the provisions of the Plan, specifying such
terms, conditions, rights, and duties. Awards shall be deemed to be granted as of the date
specified in the grant resolution of the Committee (or, in the case of grants made pursuant to
Section 3.4(b), in accordance with the guidelines established by the Committee), which date shall
be the date of any related agreement with the Participant. In the event of any inconsistency
between the provisions of the Plan and any such agreement entered into hereunder, the provisions of
the Plan shall govern.

Awards granted to members of the Board shall be recommended to the full Board by the Management
Development and Compensation Committee and approved by the full Board.

5.2 Notification to Participants and Delivery of Documents. As soon as practicable after
such determinations have been made, each Participant shall be notified of (a) his/her designation
as a Participant, (b) the date of grant, (c) the number and type of Awards granted to the
Participant, (d) in the case of Performance Awards, the Performance Period and Performance Goals,
(e) in the case of Restricted Stock or Restricted Stock Units, the Restriction Period (as defined
in subsection 8.1), and (f) any other terms or conditions imposed by the Committee with respect to
the Award.

5.3 Delivery of Award Agreement. This requirement for delivery of a written Award
agreement is satisfied by electronic delivery of such agreement provided that evidence of the
Participant’s receipt of such electronic delivery is available to the Company and such delivery is
not prohibited by applicable laws and regulations.

Section 6

Stock Options

6.1 Grant of Stock Options. Coincident with or following designation for participation in
the Plan, an Eligible Person may be granted one or more Options. Grants of Options under the Plan
shall be made by the Committee or in accordance with Section 3.4(b). In no event shall the
exercise of one Option

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affect the right to exercise any other Option or affect the number of shares of Stock for which any
other Option may be exercised, except as provided in subsection 6.2(j) hereof.

6.2 Stock Option Agreements. Each Option granted under the Plan shall be identified as
either an Incentive Stock Option or a Non-Qualified Stock Option (or, if no such identification is
made, then it shall be a Non-Qualified Stock Option) and evidenced by a written agreement which
shall be entered into by the Company and the Participant to whom the Option is granted, and which
shall contain the following terms and conditions set out in this subsection 6.2, as well as such
other terms and conditions, not inconsistent therewith, as the Committee may consider appropriate.

	 	(a)	 	Number of Shares. Each Stock Option agreement shall state that it
covers a specified number of shares of Stock, as determined by the Committee.

	 	(b)	 	Price. The price at which each share of Stock covered by an Option may
be purchased, the Option Price, shall be determined in each case by the Committee and
set forth in the Stock Option agreement. The price may vary according to a formula
specified in the Stock Option agreement, but in no event shall the Option Price ever be
less than the Fair Market Value of the Stock on the date the Option is granted.

	 	(c)	 	No Backdating. There shall be no backdating of Options, and each
Option shall be dated the actual date that the Committee adopts the resolution awarding
the grant of such Option.

	 	(d)	 	Limitations on Incentive Stock Options. No Incentive Stock Option may
be granted to an individual if, at the time of the proposed grant, such individual owns
(or is attributed to own by virtue of the Internal Revenue Code) Stock possessing more
than 10 percent of the total combined voting power of all classes of stock of the
Company or any Affiliate unless (i) the exercise price of such Incentive Stock Option
is at least 110 percent of the Fair Market Value of a share of Stock at the time such
Incentive Stock Option is granted and (ii) such Incentive Stock Option is not
exercisable after the expiration of five years from the date such Incentive Stock
Option is granted.

To the extent that the aggregate Fair Market Value of Stock of the Company with respect to which
Incentive Stock Options are exercisable for the first time by a Participant during any calendar
year under the Plan and any other option plan of the Company (or any Affiliate) shall exceed
$100,000, such Options shall be treated as Non-Qualified Stock Options. Such Fair Market Value
shall be determined as of the date on which each such Incentive Stock Option is granted.

	 	(e)	 	Duration of Options. Each Stock Option agreement shall state the
period of time, determined by the Committee, within which the Option may be exercised
by the Participant (the “Option Period”). The Option Period must end, in all cases,
not more than ten years from the date an Option is granted.

	 	(f)	 	Termination of Options. During the lifetime of a Participant to whom a
Stock Option is granted, the Stock Option may be exercised only by such Participant or,
in the case of disability (as determined pursuant to the Company’s Long-Term Disability
Plan or any successor plan) by the Participant’s designated legal representative,
except to the extent such exercise would cause any Award intended to qualify as an ISO
not to so qualify. Once a Participant to whom a Stock Option was granted dies, the
Stock Option may be exercised only by the personal representative of the Participant’s
estate or, with respect to

11

 

	 	 	 	Stock Options that are not Incentive Stock Options, as otherwise provided in Section
14.2. Unless the Stock Option agreement shall specify a longer or shorter period, at
the discretion of the Committee, then the Participant (or representative, or, if
applicable pursuant to Section 14.2, designated beneficiary) may exercise the Stock
Option for a period of up to three months after such Participant terminates employment
or ceases to be a member of the Board.

(g) Exercise, Payments, Etc.

(i) Each Stock Option agreement shall provide that the method for exercising the
Option granted therein shall be by delivery to the Office of the Secretary of the
Company or to the Administrative Agent of written notice specifying the number of
shares of Stock with respect to which such Option is exercised and payment to the
Company of the aggregate Option Price. Such notice shall be in a form satisfactory
to the Committee and shall specify the particular Options (or portions thereof) which
are being exercised and the number of shares of Stock with respect to which the
Options are being exercised. The Participant’s obligation to deliver written notice
of exercise is satisfied by electronic delivery of such notice through means
satisfactory to the Committee and prescribed by the Company. The exercise of the
Option shall be deemed effective on the date such notice is received by the Office of
the Secretary or by the Administrative Agent and payment is made to the Company of
the aggregate Option Price (the “Exercise Date”); however, if payment of the
aggregate Option Price is made pursuant to a sale of shares of Stock as contemplated
by subsection 6.2(g)(iv)(E) below, the Exercise Date shall be deemed to be the date
of such sale. If requested by the Company, such notice shall contain the
Participant’s representation that he or she is purchasing the Stock for investment
purposes only and his or her agreement not to sell any Stock so purchased in any
manner that is in violation of the Exchange Act or any applicable state law, and such
restriction, or notice thereof, shall be placed on the certificates representing the
Stock so purchased. The purchase of such Stock shall take place upon delivery of
such notice to the Office of the Secretary of the Company or to the Administrative
Agent, at which time the aggregate Option Price shall be paid in full to the Company
by any of the methods or any combination of the methods set forth in subsection
6.2(g)(iv) below.

(ii) The shares of Stock to which the Participant is entitled as a result of the
exercise of the Option shall be issued by the Company and either (A) delivered by
electronic means to an account designated by the Participant or (B) delivered to the
Participant in the form of a properly executed certificate or certificates
representing such shares of Stock. If shares of Stock are used to pay all or part of
the aggregate Option Price, the Company shall issue and deliver to the Participant
the additional shares of Stock, in excess of the aggregate Option Price or portion
thereof paid using shares of Stock, to which the Participant is entitled as a result
of the Option exercise.

(iii) The Company’s obligation to deliver the shares of Stock to which the
Participant is entitled as a result of the exercise of the Option shall be subject to
the payment in full to the Company of the aggregate Option Price and the required tax
withholding.

(iv) The aggregate Option Price shall be paid by any of the following methods or any
combination of the following methods:

12

 

	 	(A)	 	in cash, including the wire transfer of funds in U.S.
dollars to one of the Company’s bank accounts located in the United States,
with such bank account to be designated from time to time by the Company;
	 
	 	(B)	 	by personal, certified or cashier’s check payable in
U.S. dollars to the order of the Company;
	 
	 	(C)	 	by delivery to the Company or the Administrative Agent
of certificates representing a number of shares of Stock then owned by the
Participant, the aggregate Fair Market Value of which (as of the Exercise
Date) is equal to the aggregate Option Price of the Option being exercised,
properly endorsed for transfer to the Company, provided that the shares of
Stock used for this purpose must have been owned by the Participant for a
period of at least six months;
	 
	 	(D)	 	by certification or attestation to the Company or the
Administrative Agent of the Participant’s ownership (as of the Exercise
Date) of a number of shares of Stock, the aggregate Fair Market Value of
which (as of the Exercise Date) is not greater than the aggregate Option
Price of the Option being exercised, provided that the shares of Stock used
for this purpose have been owned by the Participant for a period of at
least six months; or
	 
	 	(E)	 	by delivery to the Company or the Administrative Agent
of a properly executed notice of exercise together with irrevocable
instructions to a broker to promptly deliver to the Company, by wire
transfer or check as noted in subsection 6.2(g)(iv)(A) and (B) above, the
amount of the proceeds of the sale of all or a portion of the Stock or of a
loan from the broker to the Participant necessary to pay the aggregate
Option Price.

	 	(h)	 	Tax Withholding. Each Stock Option agreement shall provide that, upon
exercise of the Option, the Participant shall make appropriate arrangements with the
Company to provide for not less than the minimum amount of tax withholding required by
law, including without limitation Sections 3102 and 3402 or any successor section(s) of
the Internal Revenue Code and applicable state and local income and other tax laws, by
payment of such taxes in cash (including wire transfer), by check, or as provided in
Section 11 hereof.

	 	(i)	 	Repricing Prohibited. Subject to Sections 4, 6, 12, 13, and 16,
outstanding Stock Options granted under this Plan shall not be repriced without
approval by the Company’s stockholders. In particular, neither the Board nor the
Committee may take any action: (1) to amend the terms of an outstanding Option or SAR
to reduce the Option Price or grant price thereof, cancel an Option or SAR and replace
it with a new Option or SAR with a lower Option Price or grant price, or that has an
economic effect that is the same as any such reduction or cancellation or (2) to cancel
an outstanding Option or SAR having an Option Price or grant price above the
then-current Fair Market Value of the Stock in exchange for the grant of another type
of Award, without, in each such case, first obtaining approval of the stockholders of
the Company of such action.

	 	(j)	 	Stockholder Privileges. No Participant shall have any rights as a
stockholder with respect to any shares of Stock covered by an Option until the
Participant becomes the holder of record of such Stock. Except as provided in Section
4 hereof, no adjustments shall be

13

 

	 	 	 	made for dividends or other distributions or other rights as to which there is a record
date preceding the date on which such Participant becomes the holder of record of such
Stock.

	 	(k)	 	Section 409A Avoidance. Once granted, no Stock Option shall be
modified, extended, or renewed in any way that would cause the Stock Option to be
subject to Internal Revenue Code Section 409A. The Option Period shall not be extended
to any date that would cause the Stock Option to become subject to Internal Revenue
Code Section 409A. The Option Price shall not be adjusted to reflect any dividends
declared and paid on the Stock between the date of grant and the date the Stock Option
is exercised.

Section 7

7.1 Stock Appreciation Rights. The Committee (or, if so provided pursuant to Section
3.4(b), the Chief Executive Officer of the Company) is authorized to grant SARs to Participants
either alone (“freestanding”) or in tandem with other Awards, including Performance Awards,
Options, and Restricted Stock. Stock Appreciation Rights granted in tandem with any Award must be
granted at the same time as the Award is granted. Stock Appreciation Rights granted in tandem with
Options shall terminate and no longer be exercisable upon the termination or exercise of the
related Stock Options. Options granted in tandem with Stock Appreciation Rights shall terminate
and no longer be exercisable upon the termination or exercise of the related Stock Appreciation
Rights. The Committee shall establish the terms and conditions applicable to any Stock
Appreciation Rights, which terms and conditions need not be uniform but may not be inconsistent
with the terms of the Plan. Freestanding Stock Appreciation Rights shall generally be subject to
terms and conditions substantially similar to those described in Section 4 and subsection 6.2 for
Options, including, but not limited to, the requirements of subsections 6.2(b), (d), and (i) and
subsection 4.7 regarding general adjustment rules, minimum price, duration, and prohibition on
repricing.

7.2 Section 409A Avoidance. The SAR Price may be fixed on the date it is granted or the
SAR Price may vary according to an objective formula specified by the Committee at the time of
grant. However, the SAR Price can never be less than the Fair Market Value of the Stock on the
date of grant. The SAR grant must specify the number of shares to which it applies, which must be
fixed at the date of grant (subject to adjustment pursuant to Sections 4, 6, and 11). Once
granted, no SAR shall be modified, extended, or renewed in any way that would cause the SAR to be
subject to Internal Revenue Code Section 409A. The period during which the SAR may be exercised
shall not be extended to any date that would cause the SAR to become subject to Internal Revenue
Code Section 409A. The value of the SAR shall not be adjusted to reflect any dividends declared
and paid on the Stock between the date of grant and the date the SAR is exercised; however, the
right to one or more dividends declared and paid on the Stock between the date of grant and the
date the SAR is exercised may be set forth in a separate arrangement.

Section 8

Restricted Stock and Restricted Stock Units

8.1 Restriction Period. At the time an Award of Restricted Stock or Restricted Stock Units
is made, the Committee shall establish the terms and conditions applicable to such Award, including
the period of

14

 

time (the “Restriction Period”) and attainment of performance goals during which certain
restrictions established by the Committee shall apply to the Award. Awards of Restricted Stock or
Restricted Stock Units may also be made in accordance with Section 3.4(b). Each such Award, and
designated portions of the same Award, may have a different Restriction Period. Except as
permitted or pursuant to Sections 12 and 13 hereof, the Restriction Period applicable to a
particular Award shall not be changed. Restricted Stock or Restricted Stock Units may or may not
be subject to Internal Revenue Code Section 409A. If they are subject to Internal Revenue Code
Section 409A, the grant of the Restricted Stock or Restricted Stock Units must contain the
provisions needed to comply with the requirements of Internal Revenue Code Section 409A, including
but not limited to (i) the timing of any election to defer receipt of the Restricted Stock or
Restricted Stock Units beyond the date of vesting, (ii) the timing of any payout election, and
(iii) the timing of the settlement of Restricted Stock or a Restricted Stock Unit. Restricted
Stock or Restricted Stock Units that are subject to Internal Revenue Code Section 409A may be
adjusted to reflect any dividends declared and paid on the Stock between the date of grant and the
date the Restricted Stock or Restricted Stock Unit vests, but only to the extent permitted in IRS
guidance of general applicability.

8.2 Certificates for Stock. Restricted Stock shall be evidenced in such manner as the
Committee shall determine. If certificates representing Restricted Stock are registered in the
name of the Participant, the Committee may require that such certificates bear an appropriate
legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock,
that the Company retain physical possession of the certificates, and that the Participant deliver a
stock power to the Company, endorsed in blank, relating to the Restricted Stock represented by a
stock certificate registered in the name of the Participant.

8.3 Restricted Stock Terms and Conditions. Participants shall have the right to enjoy all
shareholder rights during the Restriction Period except that:

	 	(a)	 	The Participant shall not be entitled to delivery of the Stock certificate
until the Restriction Period shall have expired.

	 	(b)	 	The Participant may not sell, transfer, pledge, exchange, hypothecate, or
otherwise dispose of the Stock during the Restriction Period.

	 	(c)	 	A breach of the terms and conditions established by the Committee with respect
to the Restricted Stock shall cause a forfeiture of the Restricted Stock and any
dividends withheld thereon.

	 	(d)	 	Dividends and Splits. As a condition to the grant of an Award of Restricted
Stock, the Committee may specify whether any cash dividends paid on a share of
Restricted Stock be automatically reinvested in additional shares of Restricted Stock
or applied to the purchase of additional Awards under this Plan. Unless otherwise
determined by the Committee, Stock distributed in connection with a Stock split or
Stock dividend, and other property distributed as a dividend, shall be subject to
restrictions and a risk of forfeiture to the same extent as the Restricted Stock with
respect to which such Stock or other property has been distributed.

8.4 Restricted Stock Units. The Committee (or, if so provided pursuant to Section 3.4(b),
the Chief Executive Officer of the Company) is authorized to grant Restricted Stock Units to
Participants, which

15

 

are rights to receive Stock at the end of a specified deferral period, subject to the following
terms and conditions:

Award and Restrictions. Settlement of an Award of Restricted Stock Units shall occur upon
expiration of the vesting period specified for such Restricted Stock Unit by the Committee
(or, if permitted by the Committee, as elected by the Participant pursuant to Section 8.5).
In addition, Restricted Stock Units shall be subject to such restrictions (which may include
a risk of forfeiture) as the Committee may impose, if any, which restrictions may lapse at
the expiration of the vesting or deferral period, as the case may be, or at earlier
specified times (including based on achievement of performance goals and/or future service
requirements), separately or in combination, in installments or otherwise, as the Committee
may determine. Restricted Stock Units shall be satisfied by the delivery of cash or Stock
in the amount equal to the Fair Market Value of the specified number of shares of Stock
covered by the Restricted Stock Units, or a combination thereof, as determined by the
Committee at the date of grant or thereafter.

8.5 Deferral of Receipt of Restricted Stock Units. With the consent of the Committee, a
Participant who has been granted a Restricted Stock Unit may by compliance with the then applicable
procedures under the Plan irrevocably elect in writing to defer receipt of all or any part of any
distribution associated with that Restricted Stock Unit Award in accordance with either the terms
and conditions of the Deferred Delivery Plan or the terms and conditions specified under the grant
agreement and related documents. The terms and conditions of any such deferral, including, but not
limited to, the period of time for, and form of, election; the manner and method of payout; and the
use and form of Dividend Equivalents in respect of stock-based units resulting from such deferral,
shall be as determined by the Committee. The Committee may, at any time and from time to time, but
prospectively only except as hereinafter provided, amend, modify, change, suspend, or cancel any
and all of the rights, procedures, mechanics, and timing parameters relating to such deferrals. In
addition, the Committee may, in its sole discretion, accelerate the pay out of such deferrals (and
any earnings thereon), or any portion thereof, either in a lump sum or in a series of payments, but
only to the extent that the payment or the change in timing of the payment will not cause a
violation of Internal Revenue Code Section 409A.

8.6 Bonus Stock and Awards in Lieu of Obligations. The Committee is authorized to grant
Stock as a bonus, or to grant Stock or other Awards in lieu of obligations to pay cash or deliver
other property under this Plan or under plans or compensatory arrangements, provided that, in the
case of Participants subject to Section 16 of the Exchange Act, the amount of such grants remains
within the discretion of the Committee to the extent necessary to ensure that acquisitions of Stock
or other Awards are exempt from liability under Section 16(b) of the Exchange Act. Stock or Awards
granted hereunder shall be subject to such other terms as shall be determined by the Committee. In
the case of any grant of Stock to an officer of the Company or an Affiliate in lieu of salary or
other cash compensation, the number of shares granted in place of such compensation shall be
reasonable, as determined by the Committee.

8.7 Dividend Equivalents. The Committee is authorized to grant Dividend Equivalents to a
Participant, entitling the Participant to receive cash, Stock, other Awards, or other property
equal in value to dividends paid with respect to a specified number of shares of Stock, or other
periodic payments. Dividend Equivalents may be awarded on a free-standing basis or in connection
with another Award. The Committee may provide that Dividend Equivalents shall be paid or
distributed when accrued or shall be deemed to have been reinvested in additional Stock, Awards, or
other investment vehicles, and subject to risk of forfeiture, as the Committee may specify.
Notwithstanding the foregoing, Dividend Equivalents shall not be granted in connection with the
grant of any Options or Stock Appreciation Right.

16

 

Section 9

Performance Awards

9.1 Establishment of Performance Goals for Company. Performance Goals applicable to a
Performance Award shall be established by the Committee in its absolute discretion on or before the
date of grant and within the time period prescribed by, and shall otherwise comply with the
requirements of, Code Section 162(m)(4)(C), or any successor provision thereto, and the regulations
thereunder, for performance-based compensation. Such Performance Goals may include or be based
upon any of the following criteria, either in absolute amount, per share, or per barrel of oil
equivalent (boe): pretax income or after tax income, operating profit, return on equity, capital
or investment, earnings, book value, increase in cash flow return, sales or revenues, operating
expenses (including, but not limited to, lease operating expenses, severance taxes and other
production taxes, gathering and transportation, general and administrative costs, and other
components of operating expenses), stock price appreciation, implementation or completion of
critical projects or processes, production growth, reserve growth, and/or corporate acquisition
goals based on value of assets acquired or similar objective measures.

Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of
a particular criteria or attaining a percentage increase or decrease in a particular criteria, and
may be applied relative to internal goals or levels attained in prior years or related to other
companies or indices or as ratios expressing relationship between Performance Goals, or any
combination thereof, as determined by the Committee.

The Performance Goals may include a threshold level of performance below which no vesting will
occur, levels of performance at which specified vesting will occur, and a maximum level of
performance at which full vesting will occur.

The Committee may in its discretion classify Participants into as many groups as it determines, and
as to any Participant relate his/her Performance Goals partially, or entirely, to the measured
performance, either absolutely or relatively, of an identified subsidiary, division, operating
company, test strategy, or new venture of the Company and/or its Affiliates.

Notwithstanding any other provision of the Plan, payment or vesting of any Performance Award shall
not be made until the applicable Performance Goals have been satisfied and any other material terms
of such Award were in fact satisfied. The Committee shall certify in writing the attainment of
each Performance Goal. Notwithstanding any provision of the Plan to the contrary, with respect to
any Performance Award, (a) the Committee may not adjust, downwards or upwards, any amount payable,
or other benefits granted, issued, retained, and/or vested pursuant to such an Award on account of
satisfaction of the applicable Performance Goals and (b) the Committee may not waive the
achievement of the applicable Performance Goals, except in the case of the Participant’s death or
disability, or a Change of Control.

9.2 Levels of Performance Required to Earn Performance Awards. At or about the same time
that Performance Goals are established for a specific period, the Committee shall in its absolute
discretion establish the percentage of the Performance Awards granted for such Performance Period
which shall be earned by the Participant for various levels of performance measured in relation to
achievement of Performance Goals for such Performance Period.

17

 

9.3 Other Restrictions. The Committee shall determine the terms and conditions applicable
to any Performance Award, which may include restrictions on the delivery of Stock payable in
connection with the Performance Award and restrictions that could result in the future forfeiture
of all or part of any Stock earned. The Committee may provide that shares of Stock issued in
connection with a Performance Award be held in escrow and/or legended. Performance Awards may or
may not be subject to Internal Revenue Code Section 409A. If a Performance Award is subject to
Internal Revenue Code Section 409A, the Performance Award grant agreement shall contain the terms
and conditions needed to comply with the requirements of Internal Revenue Code Section 409A,
including but not limited to (i) the timing of any election to defer receipt of the Performance
Award, (ii) the timing of any payout election, and (iii) the timing of the actual payment of the
Performance Award. Performance Awards that are subject to Internal Revenue Code Section 409A may
be adjusted to reflect any dividends declared and paid on the Stock between the date of grant and
the date the Performance Award is paid, but only to the extent permitted in IRS guidance of general
applicability.

9.4 Notification to Participants. Promptly after the Committee has established the
Performance Goals with respect to a Performance Award, the Participant shall be provided with
written notice of the Performance Goals so established.

9.5 Measurement of Performance against Performance Goals. The Committee shall, as soon as
practicable after the close of a Performance Period, determine (a) the extent to which the
Performance Goals for such Performance Period have been achieved and (b) the percentage of the
Performance Awards earned as a result.

These determinations shall be absolute and final as to the facts and conclusions therein made and
be binding on all parties. Promptly after the Committee has made the foregoing determination, each
Participant who has earned Performance Awards shall be notified. For all purposes of this Plan,
notice shall be deemed to have been given the date action is taken by the Committee making the
determination. Participants may not sell, transfer, pledge, exchange, hypothecate, or otherwise
dispose of all or any portion of their Performance Awards during the Performance Period.

9.6 Treatment of Performance Awards Earned. Upon the Committee’s determination that a
percentage of any Performance Award has been earned for a Performance Period, Participants to whom
such earned Performance Awards have been granted and who have been in the employ of the Company or
Affiliates continuously from the date of grant until the end of the Performance Period, subject to
the exceptions set forth in the Performance Award agreement and in Sections 10 and 12 hereof, shall
be entitled, subject to the other conditions of this Plan, to payment in accordance with the terms
and conditions of the Performance Awards. Performance Awards shall under no circumstances become
earned or have any value whatsoever for any Participant who is not in the employ of the Company or
its Affiliates continuously during the entire Performance Period for which such Performance Award
was granted, except as provided in Sections 10 and 12.

9.7 Subsequent Performance Award Grants. Following the grant of Performance Awards with
respect to a Performance Period, additional Participants may be designated by the Committee for
grant of Performance Awards for such Performance Period subject to the same terms and conditions
set forth for the initial grants, except that the Committee, in its sole discretion, may reduce the
value of the amounts to which subsequent Participants may become entitled, prorated according to
reduced time spent during the Performance Period, and the applicable Performance Award agreement
shall be modified to reflect such reduction.

18

 

9.8 Stockholder Privileges. No Participant shall have any rights as a stockholder with
respect to any shares of Stock covered by a Performance Award until the Participant becomes the
holder of record of such Stock.

Section 10

Termination of Employment, Death, Disability, etc.

10.1 Termination of Employment. Except as provided herein, the treatment of an Award upon
a termination of employment or any other service relationship by and between a Participant and the
Company or an Affiliate shall be specified in the agreement controlling such Award. To the extent
such Award is subject to Section 409A of the Code, such termination of employment or any other
service relationship shall be a “separation from service” within the meaning of Treasury Regulation
Section 1.409A-1(h) with respect to any Award intended to comply with Section 409A of the Internal
Revenue Code; provided, that a “separation from service” shall occur only if both the Company and
the Participant expect the Participant’s level of services to permanently drop by more than half.

10.2 Termination for Cause. If the employment of the Participant by the Company is
terminated for cause, as determined by the Committee, all Awards to such Participant shall
thereafter be void for all purposes. As used in subsections 9.1, 10.2, and 10.3 hereof, “cause”
shall mean a gross violation, as determined by the Committee, of the Company’s established policies
and procedures, provided that the effect of this subsection 10.2 shall be limited to determining
the consequences of a termination and that nothing in this subsection 10.2 shall restrict or
otherwise interfere with the Company’s discretion with respect to the termination of any employee.

10.3 Performance Awards. Except as set forth below, each Performance Award shall state
that each such Award shall be subject to the condition that the Participant has remained an
Eligible Person from the date of grant until the applicable vesting date as follows:

	 	(a)	 	If the Participant voluntarily leaves the employment of the Company or an
Affiliates, or if the employment of the Participant is terminated by the Company for
cause or otherwise, any Performance Award to such Participant not previously vested
shall thereafter be void and forfeited for all purposes.

	 	(b)	 	A Participant shall become vested in all Performance Awards that have met the
Performance Goals within the Performance Period on the date the Participant retires
from employment with the Company on or after attaining retirement age (which for all
purposes of this Plan is determined to be age 65, unless otherwise designated by the
Committee at the time the Award is granted), on the date the Participant dies while
employed by the Company, or on the date the Participant terminates service with the
Company and the Affiliates due to permanent disability (as determined pursuant to the
Company’s Long-Term Disability Plan or any successor plan, unless the Performance award
is subject to Internal Revenue Code Section 409A, in which case “permanent disability”
must also fall within the meaning specified in Internal Revenue Code Section
409A(a)(2)(C) or a more restrictive meaning established by the Committee) while
employed by the Company. Such Participant shall not become entitled to any payment
which may arise due to the occurrence of a Performance Goal after the Participant dies,
terminates service due to permanent

19

 

	 	 	 	disability, or retires. Payment shall occur as soon as administratively convenient
following the date the Participant dies, terminates service due to permanent
disability, or retires, but in no event shall the payment occur later than March 15 in
the calendar year immediately following the calendar year in which the Participant
died, so terminates service, or retired. If the Participant dies before receiving
payment, the payment shall be made to those entitled pursuant to Section 14.2 of this
Plan.

10.4 Forfeiture Provisions. Subject to Sections 12 and 14, in the event a Participant
terminates employment during a Restriction Period for the Participant’s Restricted Stock or
Restricted Stock Units, such Awards will be forfeited; provided, however, that the Committee may
provide for proration or full payout in the event of (a) death, (b) permanent disability, or (c)
any other circumstances the Committee may determine.

Section 11

Tax Withholding

11.1 Withholding Requirement. The Company and any Affiliate is authorized to withhold from
any Award granted, or any payment relating to an Award under this Plan, including from a
distribution of Stock, amounts of withholding and other taxes or social security payments due or
potentially payable in connection with any transaction involving an Award, and to take such other
action as the Committee may deem advisable to enable the Company and Participants to satisfy
obligations for the payment of withholding taxes and other tax or social security obligations
relating to any Award. This authority shall include authority to withhold or receive Stock or
other property and to make cash payments in respect thereof, in satisfaction of a Participant’s tax
obligations, either on a mandatory or elective basis at the discretion of the Committee.

11.2 Withholding Requirement — Stock Options and SARs. The Company’s obligations to
deliver shares of Stock upon the exercise of an Option or SAR shall be subject to the Participant’s
satisfaction of all applicable federal, state, and local income and other tax and social security
withholding requirements.

At the time the Committee grants an Option, it may, in its sole discretion, grant the Participant
an election to pay all such amounts of required tax withholding, or any part thereof:

	 	(a)	 	by the delivery to the Company or the Administrative Agent of a number of
shares of Stock then owned by the Participant, the aggregate Fair Market Value of which
(as of the Exercise Date) is not greater than the amount required to be withheld,
provided that such shares have been held by the Participant for a period of at least
six months;

	 	(b)	 	by certification or attestation to the Company or the Administrative Agent of
the Participant’s ownership (as of the Exercise Date) of a number of shares of Stock,
the aggregate Fair Market Value of which (as of the Exercise Date) is not greater than
the amount required to be withheld, provided that such shares of Stock have been owned
by the Participant for a period of at least six months; or

	 	(c)	 	by the Company or the Administrative Agent withholding from the shares of Stock
otherwise issuable to the Participant upon exercise of the Option, a number of shares
of Stock, the aggregate Fair Market Value of which (as of the Exercise Date) is not
greater

20

 

	 	 	 	than the amount required to be withheld. Any such elections by Participants to have shares of Stock withheld for this purpose will be subject to the following
restrictions:

	 	(i)	 	all elections shall be made on or prior to the Exercise Date; and
	 
	 	(ii)	 	all elections shall be irrevocable.

11.3 Section 16 Requirements. If the Participant is an officer or director of the Company
within the meaning of Section 16 or any successor section(s) of the Exchange Act (“Section 16”),
the Participant must satisfy the requirements of Section 16 and any applicable rules and
regulations thereunder with respect to the use of shares of Stock to satisfy such tax withholding
obligation.

11.4 Restricted Stock and Performance Award Payment and Tax Withholding. Each Restricted
Stock and Performance Award agreement shall provide that, upon payment of any entitlement under
such an Award, the Participant shall make appropriate arrangements with the Company to provide for
the amount of minimum tax and social security withholding required by law, including without
limitation Sections 3102 and 3402 or any successor section(s) of the Internal Revenue Code and
applicable state and local income and other tax and social security laws. The withholding may be
deducted from the Award. Any payment under such an Award shall be made in a proportion of cash and
shares of Stock, determined by the Committee, such that the cash portion shall be sufficient to
cover the withholding amount required by this Section. The cash portion of any payment shall be
based on the Fair Market Value of the shares of Stock on the applicable date of vesting to which
such tax withholding relates. Such cash portion shall be withheld by the Company to satisfy
applicable tax and social security withholding requirements.

Section 12

Change of Control

12.1 In General. In the event of the occurrence of a Change of Control of the Company:

(a) Without further action by the Committee or the Board,

all outstanding Options shall fully vest upon the Participant’s Involuntary Termination or
Voluntary Termination with Cause occurring on or after a Change of Control. Such newly vested
Options shall be fully exercisable as of the date of the Involuntary Termination or Voluntary
Termination with Cause on or after a Change of Control occurs.

(b) Without further action by the Committee or the Board,

all unvested Restricted Stock Awards and Restricted Stock Units shall fully vest upon the
Participant’s Involuntary Termination or Voluntary Termination with Cause occurring on or after a
Change of Control. Such newly vested Restricted Stock Units shall be converted to Stock and the
Participant shall be issued the requisite number of shares, after any withholding under Section 11,
as soon as administratively practicable after the Involuntary Termination or Voluntary Termination
with Cause on or after a Change of Control occurs, unless the Participant had elected to defer
Restricted Stock Units to the Deferred Delivery Plan in which case the Participant’s account in the
Deferred Delivery Plan shall

21

 

be credited with deferred Restricted Stock Units as of the date of the Involuntary Termination or
Voluntary Termination with Cause on or after the Change of Control occurs.

	 	(c)	 	Assuming the achievement of a Performance Goal, the entitlement to receive cash
and Stock under any outstanding Performance Award grants shall vest automatically,
without further action by the Committee or the Board, and shall become payable as
follows:

	 	(i)	 	If such Change of Control occurs subsequent to the achievement of a
Performance Goal, any remainder of such payout amount shall vest as of the date of
the Participant’s Involuntary Termination or Voluntary Termination with Cause
occurring on or after the date of such Change of Control and shall be paid by the
Company to the Participant within thirty (30) days of the date of such Involuntary
Termination or Voluntary Termination with Cause which occurs on or after the date
of the Change of Control in the manner set out in subsection 12.1 hereof.
	 
	 	(ii)	 	If the achievement of a Performance Goal occurs subsequent to the
date of a Change of Control, the applicable payout amount shall vest in full for
which the Performance Period has not yet ended as of the date of the Participant’s
Involuntary Termination or Voluntary Termination with Cause occurring on or after
such Change of Control and shall be paid by the Company to the Participant within
thirty (30) days after the later of (1) the date of the Participant’s Involuntary
Termination or Voluntary Termination with Cause or (2) the date that the
Performance Goal is reached. The payment will occur only if the Participant is
employed at the time that the Performance Goal is reached or if the Performance
Goal is reached after the Participant’s Involuntary Termination or Voluntary
Termination with Cause occurring on or after the Change of Control.

	 	(d)	 	To the extent that any Award is subject to Internal Revenue Code Section 409A,
the Award shall contain appropriate provisions to comply with Internal Revenue Code
Section 409A, which shall supersede the provisions of subsections (a), (b), and (c).

Section 13

Reorganization or Liquidation

In the event that the Company is merged or consolidated with another corporation and the Company is
not the surviving corporation, or if all or substantially all of the assets or more than 20 percent
of the outstanding voting stock of the Company is acquired by any other corporation, business
entity or person, or in case of a reorganization (other than a reorganization under the United
States Bankruptcy Code) or liquidation of the Company, then the Committee, or the board of
directors of any corporation assuming the obligations of the Company, shall, as to the Plan and
outstanding Awards make appropriate provision for the adoption and continuation of the Plan by the
acquiring or successor corporation and for the protection of any holders of such outstanding Awards
by the substitution on an equitable basis of appropriate stock of the Company or of the merged,
consolidated, or otherwise reorganized corporation which will be issuable with respect to the
Stock. Additionally, upon the occurrence of such an event and provided that a Performance Goal has
occurred, upon written notice to the Participants, the Committee may accelerate the vesting and
payment dates of the entitlement to receive cash and Stock under

22

 

outstanding Awards so that all such existing entitlements are paid prior to any such event. If a
Performance Goal has not yet been attained, the Committee in its discretion may make equitable
payment or adjustment.

In its discretion, and on such terms and conditions as it deems appropriate, the Committee may
provide, either by the terms of an agreement applicable to any Award or by resolution adopted prior
to the occurrence of a Change of Control or an event described in this Section 13, that any
outstanding Award (or portion thereof) shall be converted into a right to receive cash, on or as
soon as practicable following the closing date or expiration date of the transaction resulting in
the Change of Control or such event in an amount equal to the highest value of the consideration to
be received in connection with such transaction for one share of Stock, or, if higher, the highest
Fair Market Value of a share of Stock during the thirty (30) consecutive business days immediately
prior to the closing date or expiration date of such transaction, less the per-share Option Price
or grant price of SARs, as applicable to the Award, multiplied by the number of shares subject to
such Award, or the applicable portion thereof.

Section 14

Rights of Employees and Participants

14.1 Employment. Neither anything contained in the Plan or any agreement nor the granting
of any Award under the Plan shall confer upon any Participant any right with respect to the
continuation of his or her employment by the Company or any Affiliate, or interfere in any way with
the right of the Company or any Affiliate, at any time, to terminate such employment or to increase
or decrease the level of the Participant’s compensation from the level in existence at the time of
the Award.

An Eligible Person who has been granted an Award in one year shall not necessarily be entitled to
be granted Awards in subsequent years.

14.2 Non-transferability. Except as otherwise determined at any time by the Committee as
to any Awards other than ISOs, no right or interest of any Participant in an Award granted pursuant
to the Plan shall be assignable or transferable during the lifetime of the Participant, either
voluntarily or involuntarily, or subjected to any lien, directly or indirectly, by operation of
law, or otherwise, including execution, levy, garnishment, attachment, pledge, bankruptcy, or court
order; provided that the Committee may permit further transferability of Awards other than
ISOs, on a general or a specific basis, and may impose conditions and limitations on any permitted
transferability, subject to any applicable Restriction Period; provided further,
however, that no Award may be transferred for value or other consideration without first
obtaining approval thereof by the stockholders of the Company. In the event of a Participant’s
death, a Participant’s rights and interests in any Award as set forth in an Award agreement, shall
be transferable by testamentary will or the laws of descent and distribution, or, with respect to
Awards other than Incentive Stock Options, a beneficiary designation that is in a form approved by
the Committee and in compliance with the provisions of this Plan, applicable law, and the
applicable Award agreement, and payment of any entitlements due under the Plan shall be made to the
Participant’s designated beneficiary, legal representatives, heirs, or legatees, as applicable. If
in the opinion of the Committee a person entitled to payments or to exercise rights with respect to
the Plan is disabled from caring for his or her affairs because of mental condition, physical
condition, or age, payment due such person may be made to, and such rights shall be exercised by,
such person’s guardian, conservator, or other legal personal representative upon furnishing the
Committee with evidence satisfactory to the Committee of such status. If any individual entitled
to payment or to exercise rights

23

 

with respect to the Plan is a minor, the Committee shall cause the payment to be made to (or the
right to be exercised by) the custodian or representative who, under the state law of the minor’s
domicile, is authorized to act on behalf of the minor or is authorized to receive funds on behalf
of the minor. With respect to those Awards, if any, that are permitted to be transferred to
another individual, references in the Plan to exercise or payment related to such Awards by or to
the Participant shall be deemed to include, as determined by the Committee, the Participant’s
permitted transferee. A Participant’s unexercised Option or SAR, or amounts due but remaining
unpaid to such Participant, at the Participant’s death, shall be exercised or paid as designated by
the Participant by will or by the laws of descent and distribution, or, with respect to any
unexercised Option or SAR other than an Incentive Stock Option, in accordance with the
Participant’s beneficiary designation in a form approved by the Committee and in compliance with
the provisions of this Plan, applicable law and the applicable Award agreement. In the event any
Award is exercised by or otherwise paid to the executors, administrators, heirs or distributees of
the estate of a deceased Participant, or the transferee or designated beneficiary of an Award, in
any such case, pursuant to the terms and conditions of the Plan and the applicable Award agreement
and in accordance with such terms and conditions as may be specified from time to time by the
Committee, the Company shall be under no obligation to issue shares of Stock thereunder unless and
until the Company is satisfied, as determined in the discretion of the Committee, that the person
or persons exercising such Award, or to receive such payment, are the duly appointed legal
representative of the deceased Participant’s estate or the proper legatees or distributees thereof,
or the valid transferee or designated beneficiary of such Award, as applicable. Any purported
assignment, transfer or encumbrance of an Award that does not comply with this Section 14.2 shall
be void and unenforceable against the Company.

14.3 Noncompliance with Internal Revenue Code Section 409A. If an Award is subject to the
requirements of Internal Revenue Code Section 409A, to the extent that the Company or an Affiliate
takes any action that causes a violation of Internal Revenue Code Section 409A or fails to take
reasonable actions required to comply with Internal Revenue Code Section 409A, in each case as
determined by the Committee, the Company shall pay an additional amount to the Participant (or
beneficiary) equal to the additional income tax imposed pursuant to Internal Revenue Code Section
409A on the Participant as a result of such violation, plus any taxes imposed on this additional
payment.

Section 15

Other Employee Benefits

The amount of any income deemed to be received by a Participant as a result of the payment under an
Award or exercise shall not constitute “earnings” or “compensation” with respect to which any other
employee benefits of such Participant are determined, including without limitation benefits under
any pension, profit sharing, life insurance, or salary continuation plan.

Section 16

Amendment, Modification, and Termination

The Committee or the Board may at any time terminate, and from time to time may amend or modify the
Plan, and the Committee or the Board may, to the extent permitted by the Plan, from time to time
amend or modify the terms of any Award theretofore granted, including any Award agreement, in each
case,

24

 

retroactively or prospectively; provided, however, that no amendment or
modification of the Plan may become effective without approval of the amendment or modification by
the Company’s stockholders if stockholder approval is required to enable the Plan to satisfy an
applicable statutory or regulatory requirements, unless the Company, on the advice of outside
counsel, determines that stockholder approval is not necessary.

Notwithstanding any other provision of this Plan, no amendment, modification, or termination of the
Plan or any Award shall adversely affect the previously accrued material rights or benefits of a
Participant under any outstanding Award theretofore awarded under the Plan, without the consent of
such Participant holding such Award, except to the extent necessary to avoid a violation of
Internal Revenue Code Section 409A or the Board or the Committee determines, on advice of outside
counsel or the Company’s independent accountants, that such amendment or modification is required
for the Company, the Plan, or the Award to satisfy, comply with, or meet the requirements of any
law, regulation, listing rule, or accounting standard applicable to the Company.

The Committee shall have the authority to adopt (without the necessity for further stockholder
approval) such modifications, procedures, and subplans as may be necessary or desirable to comply
with the provisions of the laws (including, but not limited to, tax laws and regulations) of
countries other than the United States in which the Company may operate, so as to assure the
viability of the benefits of the Plan to Participants employed in such countries.

Section 17

Requirements of Law

17.1 Requirements of Law. The issuance of Stock and the payment of cash pursuant to the
Plan shall be subject to all applicable laws, rules, and regulations, including applicable federal
and state securities laws. The Company may require a Participant, as a condition of receiving
payment under an Award, to give written assurances in substance and form satisfactory to the
Company and its counsel to such effect as the Company deems necessary or appropriate in order to
comply with federal and applicable state securities laws.

17.2 Section 409A of the Code. It is intended that this Plan shall comply with the
provisions of, or an exemption from, Internal Revenue Code Section 409A and the Treasury
regulations relating thereto. Awards are intended to be exempt from Internal Revenue Code Section
409A to the extent possible. Any Award or payment that qualifies for an exemption shall be
considered as the first payment(s) made under the Plan. For purposes of the limitations on
nonqualified deferred compensation under Internal Revenue Code Section 409A, each payment of
compensation under this Plan shall be treated as a separate payment of compensation for purposes of
applying the deferral election rules and the exemption for certain short-term deferral amounts
under Internal Revenue Code Section 409A. In no event may the Participant, directly or indirectly,
designate the calendar year of any payment subject to Internal Revenue Code Section 409A under this
Plan.

Six-month Delay for Specified Participants. Notwithstanding any other provision of
this Plan, to the extent that the right to any payment (including the provision of benefits)
hereunder provides for the “deferral of compensation” within the meaning of Internal Revenue Code
Section 409A(d)(1), the payment shall be paid (or provided) in accordance with the following: If
the Participant is a “Specified Employee” within the meaning of Internal Revenue Code Section
409A(a)(2)(B)(i) on the date of the

25

 

Participant’s Separation from Service (the “Separation Date”), and if an exemption from the
six (6) month delay requirement of Internal Revenue Code Section 409A(a)(2)(B)(i) is not available,
then no such payment shall be made or commence during the period beginning on the Separation Date
and ending on the date that is six months following the Separation Date or, if earlier, on the date
of the Participant’s death. The amount of any payment that would otherwise be paid to the
Participant during this period shall instead be paid to the Participant on the first day of the
first calendar month following the end of the period.

Prohibition on Acceleration. Unless a payment is exempt from Internal Revenue Code Section
409A, the date of payment may not be accelerated and any payment made pursuant to the termination
and liquidation of the Plan shall not be accelerated except in compliance with Internal Revenue
Code Section 409A generally and Treasury Regulation § 1.409A-3(j)(4)(ix) specifically.

17.3 Section 16 Requirements. If a Participant is an officer or director of the Company
within the meaning of Section 16 of the Exchange Act, Awards granted hereunder shall be subject to
all conditions required under Rule 16b-3, or any successor rule(s) promulgated under the Exchange
Act, to qualify the Award for any exemption from the provisions of Section 16 available under such
Rule. Such conditions are hereby incorporated herein by reference and shall be set forth in the
agreement with the Participant, which describes the Award.

17.4 Governing Law. The Plan and all agreements hereunder shall be construed in accordance
with and governed by the laws of the State of Texas.

Section 18

Duration of the Plan

The Plan shall terminate on the ten year anniversary of the Effective Date. No grants shall be
awarded after such termination; however, the terms of the Plan shall continue to apply to all
Awards outstanding when the Plan terminates.

Dated: February 10, 2011; Effective May 5, 2011.

	 	 	 	 	 
	 	 	 	 	 
	ATTEST:

	 	 	APACHE CORPORATION	 
	 
	 	 	 	 
	/s/ Cheri L. Peper

	 	By: 	/s/ Margery M. Harris	 
	 

	 	 	 	 
	Cheri L. Peper

	 	 	Margery M. Harris	 
	Corporate Secretary

	 	 	Senior Vice President,	 
	 

	 	 	Human Resources	 

26exv10w7

Exhibit 10.7

PROMISSORY NOTE

	 	 	 	 	 

	$200,000

	 	May 10, 2011

Hopkinton, Massachusetts
	 	 

     FOR VALUE RECEIVED, Alseres Pharmaceuticals, Inc. (the “Maker”), promises to pay to Robert L
Gipson, or order, at the offices of Robert L. Gipson, c/o Ingalls & Snyder LLC, 61 Broadway, New
York, New York 10006 or at such other place as the holder of this Note may designate, the principal
sum of $200,000, together with interest on the unpaid principal balance of this Note from time to
time outstanding at the rate of 7% per year until paid in full. All principal and accrued interest
shall be due and payable on demand of the Holder.

Interest on this Note shall be computed on the basis of a year of 365 days for the actual number of
days elapsed. All payments by the Maker under this Note shall be in immediately available funds.

Every amount overdue under this Note shall bear interest from and after the date on which such
amount first became overdue at an annual rate which is two (2) percentage points above the rate per
year specified in the first paragraph of this Note. Such interest on overdue amounts under this
Note shall be payable on demand and shall accrue and be compounded monthly until the obligation of
the Maker with respect to the payment of such interest has been discharged (whether before or after
judgment).

In no event shall any interest charged, collected or reserved under this Note exceed the maximum
rate then permitted by applicable law and if any such payment is paid by the Maker, then such
excess sum shall be credited by the holder as a payment of principal.

All payments by the Maker under this Note shall be made without set-off or counterclaim and be free
and clear and without any deduction or withholding for any taxes or fees of any nature whatever,
unless the obligation to make such deduction or withholding is imposed by law. The Maker shall pay
and save the holder harmless from all liabilities with respect to or resulting from any delay or
omission to make any such deduction or withholding required by law.

Whenever any amount is paid under this Note, all or part of the amount paid may be applied to
principal, premium or interest in such order and manner as shall be determined by the holder in its
discretion.

No reference in this Note to any guaranty or other document shall impair the obligation of the
Maker, which is absolute and unconditional, to pay all amounts under this Note strictly in
accordance with the terms of this Note.

The Maker agrees to pay on demand all costs of collection, including reasonable attorneys’ fees,
incurred by the holder in enforcing the obligations of the Maker under this Note.

No delay or omission on the part of the holder in exercising any right under this Note shall
operate as a waiver of such right or of any other right of such holder, nor shall any delay,
omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right
on any future occasion. The Maker and every endorser or guarantor of this Note regardless of the
time, order or place of signing waives presentment, demand, protest and notices of every kind and
assents to any extension or postponement of the time of payment or any other indulgence, to any
substitution, exchange or release of collateral, and to the addition or release of any other party
or person primarily or secondarily liable.

 

 

This Note may be prepaid in whole or in part at any time or from time to time upon five days’ prior
written notice with the consent of the holder, with the giving of such consent to be in the sole
discretion of the holder. Any such prepayment shall be without penalty or premium.

None of the terms or provisions of this Note may be excluded, modified or amended except by a
written instrument duly executed on behalf of the holder expressly referring to this Note and
setting forth the provision so excluded, modified or amended.

All rights and obligations hereunder shall be governed by the laws of the Commonwealth of
Massachusetts and this Note is executed as an instrument under seal.

Alseres Pharmaceuticals, Inc.

By:/s/Kenneth L. Rice Jr

Title: EVP & CFO

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