Document:

Exhibit 10.1
PROMISSORY NOTE
$15,000,000.00March 28, 2017
FOR VALUE RECEIVED, SALAMANDER INNISBROOK, LLC, a Florida limited liability company, and SALAMANDER INNISBROOK CONDOMINIUM, LLC, a Florida limited liability company (each individually referred to herein as the “Borrower” and collectively as the “Borrowers”), hereby jointly and severally promise to pay to the order of BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation (the “Bank”), at the office of Branch Banking and Trust Company, located in St. Petersburg, Florida (or at such other place or places as the Bank may designate) on the Maturity Date (as defined in the Loan Agreement), in lawful money of the United States of America, in immediately available funds, the principal amount of FIFTEEN MILLION AND NO/100 DOLLARS ($15,000,000.00) or, if less than such principal amount shall be outstanding, the aggregate unpaid principal amount of the Loan made by the Bank to the Borrowers pursuant to the Loan Agreement dated of even date herewith, among the Borrowers and the Bank (as amended or modified from time to time the “Loan Agreement”), or such earlier date as may be required pursuant to the terms of the Loan Agreement, and to pay interest from the date hereof on the unpaid principal amount hereof, in like money, at said office. Principal and interest shall be paid on the dates and in the amounts and at the rates provided in the Loan Agreement.
Capitalized terms appearing within but not otherwise defined shall have the meaning ascribed to them in the Loan Agreement. All or any portion of the principal amount of the Loan may be prepaid as provided in the Loan Agreement.
Documentary stamp tax in the amount of $52,500 and intangibles tax will be paid in connection with the recording of the Mortgage in the official records of Pinellas County, Florida, securing this Promissory Note.
This Promissory Note is the Note in the aggregate principal amount of $15,000,000 referred to in the Loan Agreement and is issued pursuant to and entitled to the benefits and security of the Loan Agreement to which reference is hereby made for a more complete statement of the terms and conditions upon which the loan evidenced hereby were or are made and are to be repaid.
Upon the occurrence of any one or more of the Events of Default under the Loan Agreement, or in any other document or instrument delivered in connection therewith, which Event of Default is not cured within any applicable grace period, all amounts then remaining unpaid on this Promissory Note may be declared to be immediately due and payable as provided in the Loan Agreement.
If payment of all sums due hereunder is accelerated under the terms of the Loan Agreement or under the terms of the other Loan Documents executed in connection therewith, the then remaining principal amount and accrued but unpaid interest shall bear interest which shall be payable on demand at the Default Rate, or, if lower, the maximum rate permitted under applicable law, until such principal and interest have been paid in full. Further, in the event of such acceleration, this Promissory Note, and all other indebtedness of the Borrowers to the Bank shall become immediately due and payable, without presentation, demand, protest or notice of any kind, all of which are hereby waived by the Borrowers. Each Borrower hereby waives all exemptions and homestead laws.
The undersigned promise to pay to the Bank a late fee on any payment past due for ten or more days in the amount of five percent (5%) of the amount of payment past due. Where any payment is past due for ten or more days, subsequent payments shall first be applied to past due balances. This provision for late charges shall not be deemed to extend the time for payment beyond any “grace period” or “cure period” provided for in the Loan Agreement.
All sums received by the Bank for application to the Promissory Note may be applied by the Bank to late charges, expenses, costs, interest, principal and other amounts owing to the Bank in connection with the Promissory Note in the order selected by the Bank in its sole discretion.
In the event the indebtedness evidenced or secured hereby is collected by or through an attorney at law, the holder shall be entitled to collect reasonable and documented attorneys' fees. In the event suit or action is commenced hereunder, the holder shall be entitled to collect all collection costs, including reasonable and documented attorneys' fees, to be fixed by the court, both in the trial court and upon any appeal. Demand, presentment, protest, notice of protest and notice of dishonor are hereby waived by all parties bound hereon.
THIS PROMISSORY NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF FLORIDA.
WAIVER OF TRIAL BY JURY. UNLESS EXPRESSLY PROHIBITED BY APPLICABLE LAW, EACH BORROWER HEREBY WAIVES THE RIGHT TO TRIAL BY JURY OF ANY MATTERS OR CLAIMS ARISING OUT OF THIS PROMISSORY NOTE OR ANY LOAN DOCUMENT EXECUTED IN CONNECTION HEREWITH OR OUT OF THE CONDUCT OF THE RELATIONSHIP BETWEEN THE BORROWERS AND THE BANK. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE BANK TO MAKE THE LOAN EVIDENCED BY THIS NOTE. FURTHER, EACH BORROWER HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF THE BANK, NOR BANK’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE BANK WOULD NOT SEEK TO
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ENFORCE THIS WAIVER OR RIGHT TO JURY TRIAL PROVISION IN THE EVENT OF LITIGATION. NO REPRESENTATIVE OR AGENT OF THE BANK, NOR BANK’S COUNSEL, HAS THE AUTHORITY TO WAIVE, CONDITION OR MODIFY THIS PROVISION.Exhibit 10.1

 

ADDENDUM TO EXECUTIVE EMPLOYMENT AND SEVERANCE
AGREEMENT

 

THIS
FIRST ADDENDUM TO EXECUTIVE EMPLOYMENT AND SEVERANCE AGREEMENT (this “First Addendum”) is entered into on          ,
2022, by and between Whiting Petroleum Corporation, a Delaware corporation (the “Company”), and Charles J. Rimer (“Executive”).
Capitalized terms used in this First Addendum but not otherwise defined in this First Addendum shall have the respective meanings assigned
to such terms in the Employment Agreement (as defined below).

 

WHEREAS,
the Company and Executive have heretofore entered into that certain Executive Employment and Severance Agreement, effective as of February 2,
2021 (the “Employment Agreement”); and

 

WHEREAS,
the Company, Oasis Petroleum Inc., a Delaware corporation (“Oasis”), Ohm Merger Sub, Inc., a Delaware corporation
and wholly-owned subsidiary of Oasis (“Merger Sub”), and New Ohm LLC, a Delaware limited liability company and a wholly
owned subsidiary of Oasis (“LLC Sub”) have entered into that certain Agreement and Plan of Merger, dated March 7,
2021 (the “Merger Agreement”) pursuant to which, among other things, (i) Merger Sub will merge with and into
the Company, with the Company continuing as the surviving company and, following such merger, (ii) the surviving company will merge
with and into LLC Sub, with LLC Sub surviving as a direct and wholly owned subsidiary of Oasis;

 

WHEREAS,
the Company and Executive desire to enter into this First Addendum to amend the terms of the Employment Agreement in connection with
the closing of the transactions contemplated by the Merger Agreement (collectively, the “Transactions”) and in accordance
with Section 22 of the Employment Agreement; and

 

WHEREAS,
the Company is permitted to enter into this First Addendum in accordance with Section 6.1(b)(ix) of the Firefly Disclosure
Letter to the Merger Agreement;

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, each of the Company and Executive agrees as follows, effective as of and conditioned
upon the closing of the Transactions (the “First Addendum Effective Date”):

 

1.            Executive
hereby agrees that he will not exercise his right to terminate employment for Good Reason pursuant to the Employment Agreement that would
otherwise be triggered solely as a result of the closing of the Transactions (the “Closing”) and his commencing employment
with Oasis or a subsidiary of Oasis. For the avoidance of doubt, Executive does not waive his right to terminate employment for Good
Reason with respect to actions taken by Oasis or any of its subsidiaries following the Closing in violation of this First Addendum or
the Employment Agreement.

 

2.            On
the earlier of (a) December 31, 2023, (b) the date mutually agreed between Executive and Oasis for Executive’s resignation,
or (c) the date Executive’s employment is terminated (i) by Oasis without Cause, (ii) by Executive as a result of
Good Reason (for actions taken by Oasis or any of its subsidiaries following the Closing in violation of this First Addendum or the Employment
Agreement) or (iii) as a result of Executive’s death or Disability, Executive’s employment will terminate and Oasis
will pay or provide the severance payments and benefits provided pursuant to Sections 5(b) and 5(c) of the Employment Agreement
and any then-outstanding unvested equity awards held by Executive will become fully vested as of such date.

 

     

     

    

 

3.            If
Executive is alleging a termination for Good Reason as a result of a condition or circumstance that occurs during the period from the
date of the Closing until December 31, 2023, then, notwithstanding anything in the Employment Agreement to the contrary, the Executive
must provide written notice to Whiting by the later of December 31, 2022 and the date that is three months following the date of
the initial occurrence of the condition giving rise to Good Reason.

 

4.            Executive
and the Company acknowledge and agree that, in the event that the Merger Agreement is terminated in accordance with its terms prior to
the Closing, this First Addendum shall terminate and be null and void ab initio and of no further force or effect.

 

5.            Executive
and the Company acknowledge and agree that this First Addendum constitutes the prior written consent of each of the Company and
Executive and fulfills the requirements of an amendment contemplated by Section 22 of the Employment Agreement. Upon the
effectiveness of this First Addendum, each reference in the Employment Agreement to “this Agreement,”
 “hereunder,” “hereof,” “herein” or words of similar import shall mean and be a reference to the
Employment Agreement as modified by this First Addendum. Except as otherwise expressly set forth in this First Addendum, all other
terms and conditions of the Employment Agreement remain in full force and effect without modification. This First Addendum shall be
governed by all provisions of the Employment Agreement, unless the context otherwise requires, including all provisions concerning
construction, enforcement, notices and choice of law. To the extent a conflict arises between the terms of the Employment Agreement
and this First Addendum, the terms of this First Addendum will prevail.

 

6.            This
First Addendum may be executed in one or more counterparts (including by means of signature pages delivered by facsimile transmission
or electronic mail) (including being delivered by means of a facsimile or portable document format (*.pdf)), each of which will be deemed
an original and all of which, when taken together, will constitute one valid and binding agreement effective when one or more such counterparts
have been signed by each of Executive and the Company and delivered to the other party hereto. Facsimile or scanned and emailed transmission
of any signed original document or retransmission of any signed facsimile or scanned and emailed transmission will be deemed the same
as delivery of an original. At the request of Executive or the Company, the parties hereto will confirm facsimile or scanned and emailed
transmission by signing a duplicate original document.

 

[Remainder of Page Intentionally Blank;

Signature Page Follows]

 

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IN
WITNESS WHEREOF, Executive and the Company each have caused this First Addendum to be executed and effective as of the First
Addendum Effective Date.

 

	 	WHITING PETROLEUM CORPORATION
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	EXECUTIVE
	 	 
	 	 
	 	Charles J. Rimer

 

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