Document:

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                                                                     EXHIBIT 4.5

                               APACHE CORPORATION
                             DEFERRED DELIVERY PLAN

                      As Amended and Restated July 20, 2000
                           Effective as of May 3, 2000

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                               APACHE CORPORATION
                             DEFERRED DELIVERY PLAN
                      AS AMENDED AND RESTATED JULY 20, 2000
                           EFFECTIVE AS OF MAY 3, 2000

         Apache Corporation ("Apache"), a Delaware corporation (hereinafter
referred to, together with its Affiliated Entities (as defined below), as the
"Company" except where the context otherwise requires), established the Apache
Corporation Deferred Delivery Plan effective as of February 10, 2000. The Plan
(as defined below) provides Participants (as defined below) with an opportunity
to defer income and permits the grant of Stock Bonus Awards (as defined below)
to Participants selected by the Committee (as defined below), in consideration
of the valuable past services provided by Participants to the Company.

         The Plan is intended to provide Participants with added incentives and
to induce them to remain in the employ of the Company. The Company intends that
the Plan shall not be treated as a "funded" plan for purposes of either the Code
or the Employee Retirement Income Security Act of 1974, as amended ("ERISA").

                                    ARTICLE I
                                   DEFINITIONS

         Defined terms used in this Plan shall have the meanings set forth
         below:

1.01     Account

         "Account" means the memorandum account maintained for each Participant
         to which shall be credited all Deferred Amounts (including any Stock
         Bonus Award), all Company Match made on behalf of a Participant, and
         all adjustments thereto.

1.02     Affiliated Entity

         "Affiliated Entity" means any corporation or other legal entity
         (including but not limited to a partnership) which is affiliated with
         Apache through stock ownership or otherwise and is treated as a common
         employer under the provisions of Sections 414(b) and (c) or any
         successor sections of the Code.

1.03     Code

         "Code" means the Internal Revenue Code of 1986, as amended.

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1.04     Committee

         "Committee" means the Stock Option Plan Committee of Apache's Board of
         Directors.

1.05     Company Match

         "Company Match" means the allocations to a Participant's Account made
         pursuant to Section 3.02.

1.06     Compensation

         "Compensation" shall mean the one-time 1999 discretionary award and/or
         income from any Stock Bonus Award and/or future exercises of
         non-qualified employee stock options granted to the Participants
         pursuant to Apache's 1990 Stock Incentive Plan, 1995 Stock Option Plan,
         1998 Stock Option Plan, 2000 Stock Option Plan or any future plan under
         which employee stock options may be granted. The Committee and/or the
         Board of Directors may from time to time designate other forms of
         remuneration that are available for deferral into the Plan.

1.07     Deferred Amounts

         "Deferred Amounts" means the amounts of a Participant's Compensation,
         which are deferred and credited to the Participant's Account pursuant
         to Section 3.01.

1.08     Election Agreement

         "Election Agreement" means an application for participation in the
         Plan, execution of which by an eligible employee is required under
         Article II for the Participant to elect or acknowledge Deferred
         Amounts.

1.09     Fair Market Value

         "Fair Market Value" means the closing price of the Stock as reported on
         The New York Stock Exchange, Inc. Composite Transactions Reporting
         System for a particular date. If there are no Stock transactions on
         such date, the Fair Market Value shall be determined as of the
         immediately preceding date on which there were Stock transactions.

1.10     Participant

         "Participant" means any eligible employee selected to participate in
         this Plan pursuant to Section 2.01.

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1.11     Plan

         "Plan" means the Apache Corporation Deferred Delivery Plan as set forth
         herein, including Annex A.

1.12     Plan Year

         "Plan Year" means the period during which the Plan records are kept.
         The Plan Year shall be the calendar year.

1.13     Stock

         "Stock" means the $1.25 par value common stock of Apache.

1.14     Stock Bonus Award

         "Stock Bonus Award" means any grant of Stock Units made pursuant to
         Annex A.

1.15     Stock Units

         "Stock Units" means investment units, each of which is deemed to be
         equivalent to one share of Stock.

1.16     Trust

         "Trust" means the trust or trusts, if any, created by the Company to
         provide funding for the distribution of benefits in accordance with the
         provisions of the Plan. The assets of any such Trust shall remain
         subject to the claims of the Company's general creditors in the event
         of the Company's insolvency.

1.17     Trust Agreement

         "Trust Agreement" means the written instrument pursuant to which each
         separate Trust is created.

1.18     Trustee

         "Trustee" means one or more banks, trust companies or insurance
         companies designated by the Company to hold the Trust fund and to pay
         benefits and expenses as authorized by the Committee in accordance with
         the terms and provisions of the Trust Agreement.

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1.19     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.

                                   ARTICLE II
                          ELIGIBILITY AND PARTICIPATION

2.01     Eligibility and Participation

         The Committee shall from time to time in its sole discretion select
         those employees of the Company who are eligible to participate in the
         Plan from among a select group of key employees.

2.02     Election

         Employees who have been selected by the Committee to participate in the
         Plan shall complete the election procedure specified by the Committee.
         The election procedure may include form(s) for the employee to (a)
         designate a beneficiary (pursuant to Article V), (b) elect or
         acknowledge Deferred Amounts by entering into an Election Agreement
         with the Company (pursuant to Section 3.01), (c) select a payment
         option for the eventual distribution of his Account (pursuant to
         Article V), and (d) provide such other information as the Committee may
         reasonably require.

2.03     Failure of Eligibility

         The Committee shall have the authority to determine that a Participant
         is no longer eligible to participate in the Plan. No Company Match or
         Stock Bonus Award shall be made, no Deferred Amounts withheld from a
         Participant's Compensation, and no dividend amounts credited to a
         Participant's Account after he ceases to be eligible to participate in
         the Plan. The determination of the Committee with respect to the
         termination of participation in the Plan shall be final and binding on
         all parties affected thereby. Except as provided in Section 5.01, any
         benefits vested hereunder, at the time the Participant becomes
         ineligible to continue participation, shall be distributable in
         accordance with the provisions of the Plan.

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                                   ARTICLE III
                             CONTRIBUTION DEFERRALS

3.01     Participant Deferrals

         (a)  General.  A Participant may elect to defer a portion of his
              Compensation and/or acknowledge the deferral of income from the
              grant of a Stock Bonus Award by filing the appropriate Election
              Agreement with the Committee's designee. Deferred Amounts related
              to the one-time 1999 discretionary award, and to such other
              remuneration as may be designated from time to time, shall be
              deducted through payroll withholding from the Participant's cash
              Compensation payable by the Company, and shall be credited to the
              Participant's Account on or about the date the amounts are
              deducted. Deferred Amounts from the deferral of income from the
              exercise of non-qualified stock option grants or from the grant of
              a Stock Bonus Award shall be credited to the Participant's Account
              on or about the date of the stock option exercise or the grant
              date of the Stock Bonus Award.

         (b)  Initial Enrollment.  When an employee first is selected to
              participate in the Plan, pursuant to Section 2.01, the Committee's
              designee shall provide him with an election form, which, when
              properly completed and timely returned to the Committee's designee
              shall constitute an Election Agreement. To be effective, the
              Election Agreement must be completed and returned to the
              Committee's designee by the deadline established by the Committee.
              The employee may elect to defer (i) up to 100 percent of the
              one-time 1999 discretionary award, and (ii) such percentage up to
              100 percent of income from stock options exercised in the Plan
              Year indicated, divisible into such increments as may be
              designated by the Committee; however, 100 percent of income from
              the grant of any Stock Bonus Award shall be deferred. The Election
              Agreement shall be effective immediately upon receipt by the
              Committee's designee; however, Election Agreements related to the
              deferral of income from stock option exercises must be completed
              and returned not less than six months in advance of the
              Participant's intended exercise date. Each Election Agreement
              shall be irrevocable for the deferral of the one-time 1999
              discretionary award, or the deferral of income from (i) stock
              options exercised in the Plan Year indicated or (ii) from the
              grant of any Stock Bonus Award.

         (c)  Continuing Election.  A Participant shall enter into a separate
              Election Agreement for (i) the deferral of income from stock
              options exercises in the Plan Year indicated, (ii) the deferral of
              income from the grant of any Stock Bonus Award, or (iii) any other
              deferral opportunity offered by the Committee. To be effective,
              the Election Agreement must be completed and returned to the
              Committee's designee by the deadline established by the Committee;
              however, Election Agreements related to the deferral of income
              from stock option exercises must be completed and returned not
              less than six months in advance of the Participant's intended
              exercise date. Each Election Agreement shall be irrevocable.

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         (d)  Participant Becomes Ineligible.  A Participant's Election
              Agreement(s) shall be canceled immediately if and when the
              Participant becomes ineligible to participate in the Plan.

3.02     Company Match

         The Company shall credit to a Participant's Account matching
         contributions equal to the Participant's Deferred Amount related to the
         1999 one-time discretionary award. The Committee may from time to time
         in its sole discretion designate such other forms of remuneration that
         are available for deferral into the Plan, as well as such other
         matching contributions as the Committee deems appropriate. The Company
         Match shall be invested as specified in Article IV.

                                   ARTICLE IV
                 INVESTMENT OF DEFERRALS AND ACCOUNTING; VOTING

4.01     Investments

         (a)  All amounts credited to a Participant's Account shall be invested
              in Stock Units, with the number of Stock Units determined using
              the Fair Market Value of one share of the Stock for the date on
              which the amount is credited to the Participant's Account. Amounts
              equal to any cash dividends declared on the Stock shall be
              credited to the Participant's Account as of the payment date for
              such dividend in proportion to the number of Stock Units in the
              Participant's Account as of the record date for such dividend.
              Such dividend amounts shall be invested in Stock Units, with the
              number of Stock Units determined using the Fair Market Value of
              the Stock on the dividend payment date, and such Stock Units shall
              vest pursuant to Section 5.01.

         (b)  Nothing contained in this Section shall be construed to give any
              Participant any power or control to make investment decisions or
              otherwise influence in any manner the investment and reinvestment
              of assets contained within any investment alternative, such
              control being at all times retained in the full discretion of the
              Committee. Nothing contained in this Section shall be construed to
              require the Company or the Committee to fund any Participant's
              Account.

4.02     Voting

         Participants shall have no right to vote any Stock Units prior to the
         date on which such Stock Units are subject to distribution and shares
         of Stock are issued therefor.

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                                    ARTICLE V
                                  DISTRIBUTIONS

5.01     Vesting

         (a)  The portion of a Participant's Account attributable to Deferred
              Amounts from the one-time 1999 discretionary award and related to
              stock option exercises shall be fully vested; however, the portion
              of a Participant's Account attributable to Deferred Amounts
              related to the grant of any Stock Bonus Award or to such other
              remuneration as may be designated from time to time shall vest on
              such terms as may from time to time be determined by the
              Committee.

         (b)  A Participant shall vest in the portion of his Account that is
              attributable to the Company Match for the 1999 one-time
              discretionary award as follows: 50 percent on the date six months
              following the date of deferral and the remaining 50 percent on the
              date twelve months following the date of deferral.

         (c)  If a Participant retires or becomes disabled (as defined by the
              Company's Long Term Disability Plan) while still employed by the
              Company, no vesting occurs subsequent to the date of retirement or
              disability and all unvested portions of the Participant's Account
              shall be forfeited immediately.

         (d)  If a Participant dies while still employed by the Company, any
              unvested portion of the Participant's Account shall be immediately
              vested.

         (e)  If a Participant's employment is terminated other than for cause
              as defined herein, no further vesting of unvested portions of the
              Participant's Account shall occur and all unvested portions
              thereof shall be forfeited immediately.

         (f)  If the employment of the Participant is terminated for cause as
              determined by the Company, the Participant's entire Account
              balance (including any Deferred Amounts) shall be forfeited
              immediately. As used in this subsection, "cause" shall mean a
              gross violation, as determined by the Company, of the Company's
              established policies and procedures. The effect of this subsection
              shall be limited to determining the consequences of a termination
              and nothing in this subsection shall restrict or otherwise
              interfere with Company's discretion with respect to termination of
              any employee.

         (g)  Stock Units attributable to dividend amounts credited to a
              Participant's Account pursuant to Section 4.01 shall vest as the
              corresponding Stock Units vest. As used in this subsection,
              "corresponding Stock Units" shall mean those Stock Units on which
              the dividend amounts are calculated.

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5.02     Distribution During Employment

         (a)  While a Participant is employed by the Company, the only available
              distribution is a distribution pursuant to the terms of the
              applicable Election Agreement beginning five years after the date
              of deferral pursuant to the Election Agreement(s) on file for the
              Participant. Any distribution shall be paid in whole shares of
              Stock, delivered in the number of installments designated by the
              Participant in the applicable Election Agreement and, coincident
              with delivery of the last such installment, any fractional shares
              shall be paid in cash.

         (b)  If a Participant has elected to take his distribution in
              installments, the first installment shall be delivered within 90
              days after the corresponding date five years after the date of
              deferral, and each subsequent installment shall be delivered not
              later than March 31st of the following calendar year.

         (c)  If a Participant remains employed by the Company, a Participant
              may elect to further defer for an additional five years his
              distribution by executing a new Election Agreement at least six
              months prior to the first installment due pursuant to the
              Participant's previous election.

5.03     Distributions After Employment

         Distributions after the Participant's death are discussed in Section
         5.04. All other distributions shall be made as set forth below:

         (a)  Timing. The Participant's vested Account shall be distributed
              after the Participant terminates employment with the Company and
              the distribution shall be made pursuant to the Participant's
              Election Agreement(s). If a Participant has elected to take his
              distribution in installments, the first installment shall be
              delivered within 90 days after the Participant's termination date
              and each subsequent installment shall be delivered not later than
              March 31st of the following calendar year.

         (b)  Form of Distribution. The Participant's entire vested Account
              shall be paid in whole shares of Stock, delivered in the number of
              installments designated pursuant to the Election Agreement(s)
              executed by the Participant and, coincident with delivery of the
              last such installment, any fractional shares shall be paid in
              cash.

         (c)  Minimum Distribution. If, as of the Participant's termination
              date, the value of his entire vested Account is $50,000 or less,
              the Participant's vested Account balance shall be distributed in
              one lump sum and such distribution shall be made within 90 days of
              the Participant's termination date.

         (d)  Reemployment. If a Participant is reemployed by the Company before
              his entire vested Account balance is paid, installments from the
              Plan shall be suspended.

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              Installments will resume after the Participant again terminates
              employment. The number of remaining installments shall be the
              number of annual installments originally designated pursuant to
              the Election Agreement(s) executed by the Participant, less the
              number of installments received before the Participant was
              re-employed. If the Participant dies before receiving all
              installments, Section 5.04 shall apply.

5.04     Distributions After Participant's Death

         (a)  Each Participant shall designate one or more persons, trusts or
              other entities as his beneficiary (the "Beneficiary") to receive
              any amounts distributable hereunder at the time of the
              Participant's death. In the absence of an effective Beneficiary
              designation as to part or all of a Participant's interest in the
              Plan, such amount shall be distributed to the Participant's
              surviving spouse, if any, otherwise to the personal representative
              of the Participant's estate.

         (b)  A Beneficiary designation may be changed by the Participant at any
              time and without the consent of any previously designated
              Beneficiary. However, if the Participant is married, his spouse
              shall be his Beneficiary unless such spouse has consented to the
              designation of a different Beneficiary. To be effective, the
              spouse's consent must be in writing, witnessed by a notary public,
              and filed with the Committee's designee. If a Participant has
              designated his spouse as a Beneficiary or as a contingent
              Beneficiary, and the Participant and that spouse subsequently
              divorce, then such Beneficiary designation shall be void and of no
              effect with respect to such spouse on and after the day such
              divorce is final.

         (c)  When a Participant dies, his remaining vested Account balance
              shall be distributed to his Beneficiary in one lump sum as soon as
              administratively possible after his death, regardless of the
              payment schedule the Participant elected, and regardless of
              whether installment payments had begun. Such distribution shall be
              paid in whole shares of Stock, with any fractional shares paid in
              cash.

5.05     Withholding

         At the time of distribution, the Plan shall withhold from such
         distribution any taxes or other amounts that are required to be
         withheld pursuant to any applicable law or such greater amount as
         requested by the Participant. The Committee may direct the Plan to
         withhold additional amounts from any payment to repay the Participant's
         debt or obligation to the Company or at the request of the Participant.

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                                   ARTICLE VI
                                 ADMINISTRATION

6.01     Committee to Administer and Interpret Plan

         The Plan shall be administered by the Committee. The Committee shall
         have all discretion and powers necessary for administering the Plan,
         including, but not by way of limitation, full discretion and power to
         interpret the Plan, to determine the eligibility, status and rights of
         all persons under the Plan and, in general, to decide any dispute. The
         Committee shall direct the Company, the Trustee, or both, as the case
         may be, concerning distributions in accordance with the provisions of
         the Plan. The Committee's designee shall maintain all Plan records
         except records of any Trust.

6.02     Organization of Committee

         The Committee shall adopt such rules as it deems desirable for the
         conduct of its affairs and for the administration of the Plan. It may
         appoint designees and/or agents (who need not be members of the
         Committee) to whom it may delegate such powers as it deems appropriate,
         except that the Committee shall determine any dispute. The Committee
         may make its determinations with or without meetings. The Committee may
         authorize one or more of its members, designees or agents to sign
         instructions, notices and determinations on its behalf. The action of a
         majority of the Committee's members shall constitute the action of the
         Committee.

6.03     Agent for Process

         Apache's Vice President and General Counsel and Apache's Corporate
         Secretary shall each be an agent of the Plan for service of all
         process.

6.04     Determination of Committee Final

         The decisions made by the Committee shall be final and conclusive on
         all persons.

                                   ARTICLE VII
                                      TRUST

7.01     Trust Agreement

         The Company may, but shall not be required to, adopt a separate Trust
         Agreement for the holding and administration of the funds contributed
         to Accounts under the Plan. The Trustee shall maintain and allocate
         assets to a separate account for each Participant under the Plan. The
         assets of any such Trust shall remain subject to the claims of the
         Company's general creditors in the event of the Company's insolvency.

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7.02     Expenses of Trust

         The parties expect that any Trust created pursuant to Section 7.01 will
         be treated as a "grantor" trust for federal and state income tax
         purposes and that, as a consequence, such Trust will not be subject to
         income tax with respect to its income. However, if the Trust should be
         taxable, the Trustee shall pay all such taxes out of the Trust. All
         expenses of administering any such Trust shall be a charge against and
         shall be paid from the assets of such Trust.

                                  ARTICLE VIII
                            AMENDMENT AND TERMINATION

8.01     Amendment

         (a)  The Plan may be amended at any time and from time to time,
              retroactively or otherwise; however, no amendment shall reduce any
              vested benefit that has accrued on the effective date of such
              amendment. Each Plan amendment shall be in writing and shall be
              approved by the Committee and/or Apache's Board of Directors. An
              officer of Apache to whom the Committee and/or Apache's Board of
              Directors has delegated the authority to execute Plan amendments
              shall execute each such amendment or the Plan document restated to
              include all such Plan amendment(s).

         (b)  The Committee shall have the authority to adopt 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.

8.02     Successors and Assigns; Termination of Plan

         The Plan is binding upon Apache and its successors and assigns. The
         Plan shall continue in effect from year to year unless and until
         terminated by Apache's Board of Directors. Any such termination shall
         operate only prospectively and shall not reduce any vested benefit that
         has accrued on the effective date of such termination.

                                   ARTICLE IX
                            STOCK SUBJECT TO THE PLAN

9.01     Number of Shares

         Subject to Section 4.01 and Annex A, and to adjustment pursuant to
         Section 9.03 hereof, one million (1,000,000) shares of Stock are
         authorized for issuance under the Plan in accordance with the
         provisions of the Plan and subject to such restrictions or other

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         provisions as the Committee may from time to time deem necessary. This
         authorization may be increased from time to time by approval of the
         Board and the stockholders of Apache if, in the opinion of counsel for
         the Company, such stockholder approval is required. Shares of Stock
         distributed under the terms of the Plan and shares of Stock equal to
         the number of Stock Units credited to Participants' Accounts maintained
         under the Plan shall be applied to reduce the maximum number of shares
         of Stock remaining available for use under the Plan; however, shares of
         Stock represented by any Stock Units related to the exercise of stock
         options shall retain their authorization under the applicable stock
         option plan and shall not be applied to reduce the number of shares of
         Stock remaining available for use under the Plan. Apache, at all times
         during the existence of the Plan and while any Stock Units are credited
         to Participants' Accounts maintained under the Plan, shall retain as
         Stock in Apache's treasury at least the number of shares from time to
         time required under the provisions of the Plan, or otherwise assure
         itself of its ability to perform its obligations hereunder.

9.02     Other Shares of Stock

         The shares of Stock represented by any Stock Units that are forfeited,
         and any shares of Stock that for any other reason are not issued to a
         Participant or are forfeited, shall automatically become available for
         use under the Plan.

9.03     Adjustments for Stock Split, Stock Dividend, Etc.

         If Apache 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 through
         a Stock split, subdivision, consolidation, combination,
         reclassification or recapitalization involving the Stock, 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
         increased, decreased or changed in like manner as if they had been
         issued and outstanding, fully paid and nonassessable at the time of
         such occurrence: (i) the shares of Stock remaining available for use
         under the Plan; and (ii) the shares of Stock then represented by Stock
         Units credited to Participants' Accounts maintained under the Plan.

9.04     Dividend Payable in Stock of Another Corporation, Etc.

         If Apache shall at any time pay or make any dividend or other
         distribution upon the Stock payable in securities or other property
         (except money or Stock), a proportionate part of such securities or
         other property shall be set aside for Stock Units credited to
         Participants' Accounts maintained under the Plan and delivered to any
         Participant upon distribution pursuant to the terms of the Plan. Prior
         to the time that any such securities or other property are delivered to
         a Participant in accordance with the foregoing, Apache shall be the
         owner of such securities or other property and shall have the right to
         vote the securities, receive any dividends payable on such securities,
         and in all other respects shall

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         be treated as the owner. If securities or other property which have
         been set aside by Apache in accordance with this Section are not
         delivered to a Participant because all or part of his Stock Units are
         forfeited pursuant to the terms of the Plan, then the applicable
         portion of such securities or other property shall remain the property
         of Apache and shall be dealt with by Apache as it shall determine in
         its sole discretion.

9.05     Other Changes in Stock

         In the event there shall be any change, other than as specified in
         Sections 9.03 and 9.04 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 (i)
         remaining available for use under the Plan and/or (ii) represented by
         Stock Units credited to Participants' Accounts maintained under the
         Plan, then such adjustments shall be made by the Committee and shall be
         effective for all purposes of the Plan.

9.06     Rights to Subscribe

         If Apache 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 Apache or of any other corporation, there shall be
         reserved with respect to the Stock Units credited to Participants'
         Accounts maintained under the Plan the Stock or other securities which
         the Participant would have been entitled to subscribe for if
         immediately prior to such grant the shares of Stock represented by such
         Stock Units had been issued and outstanding. If, at the time of
         distribution under the terms of the Plan, the Participant subscribes
         for the additional shares or other securities, the price that is
         payable by the Participant for such additional shares or other
         securities shall be withheld from such distribution pursuant to Section
         5.05 hereof.

9.07     Change in Control

         (a)  In the event of a change in control of Apache as defined below,
              then the Committee may, in its sole discretion, if it so elects,
              take any of the following actions: (i) accelerate the vesting of
              all unvested Stock Units credited to Participants' Accounts so
              that such unvested stock Units become fully vested and payable,
              which acceleration may be conditional upon the occurrence of
              subsequent events including, without limitation, a change in
              control, and may be irrevocable, either conditionally or
              unconditionally; and (ii) make any other adjustments or amendments
              to the unvested Stock Units as the Committee deems appropriate.

         (b)  For purposes of this Plan, a "change in control" shall mean any of
              the events specified in Apache's Income Continuance Plan or any
              successor plan which constitute a change in control within the
              meaning of such plan.

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9.08     General Adjustment Rules

         No adjustment or substitution provided for in this Article IX shall
         require Apache to sell or otherwise issue a fractional share of Stock.
         All benefits payable under the Plan shall be distributed in whole
         shares of Stock, with any fractional shares paid in cash.

9.09     Determination by the Committee, Etc.

         Adjustments under this Article IX shall be made by the Committee, whose
         determinations with regard thereto shall be final and binding upon all
         parties thereto.

                                    ARTICLE X
                          REORGANIZATION OR LIQUIDATION

In the event that Apache is merged or consolidated with another corporation and
Apache 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 Apache 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, and if the provisions of Section 9.07
hereof do not apply, the Committee, or the board of directors of any corporation
assuming the obligations of the Company, shall, as to the Plan and any Stock
Units credited to Participants' Accounts maintained under the Plan, either (i)
make appropriate provision for the adoption and continuation of the Plan by the
acquiring or successor corporation and for the protection of any Stock Units
credited to Participants' Accounts maintained under the Plan by the substitution
on a equitable basis of appropriate stock of Apache or of the merged,
consolidated or otherwise reorganized corporation which will be issuable with
respect to the Stock, provided that no additional benefits shall be conferred
upon the Participants with respect to such Stock Units as a result of such
substitution or (ii) upon written notice to the Participants, provide that all
distributions from the Plan shall be made within a specified number of days of
the date of such notice. In the latter event, the Committee shall accelerate the
vesting of all unvested Stock Units credited to Participants' Accounts so that
all such Stock Units become fully vested and payable prior to any such event.

                                   ARTICLE XI
                                  MISCELLANEOUS

11.01    Funding of Benefits -- No Fiduciary Relationship

         Benefits shall be paid either out of the Trust or, if no Trust is in
         existence or if the assets in the Trust are insufficient to provide
         fully for such benefits, then such benefits shall be distributed by the
         Company out of its general assets. Nothing contained in the Plan shall
         be deemed to create any fiduciary relationship between the Company and
         the Participants. Notwithstanding anything herein to the contrary, to
         the extent that any

                                    14 of 16

<PAGE>   16

         person acquires a right to receive benefits under the Plan, such right
         shall be no greater than the right of any unsecured general creditor of
         the Company, except to the extent provided in the Trust Agreement, if
         any.

11.02    Right to Terminate Employment

         The Company may terminate the employment of any Participant as freely
         and with the same effect as if the Plan were not in existence.

11.03    Inalienability of Benefits

         No Participant shall have the right to assign, transfer, hypothecate,
         encumber or anticipate his interest in any benefits under the Plan, nor
         shall the benefits under the Plan be subject to any legal process to
         levy upon or attach the benefits for payment for any claim against the
         Participant or his spouse. If, notwithstanding the foregoing provision,
         any Participant's benefits are garnished or attached by the order of
         any court, the Company may bring an action for declaratory judgment in
         a court of competent jurisdiction to determine the proper recipient of
         the benefits to be distributed pursuant to the Plan. During the
         pendency of the action, any benefits that become distributable shall be
         paid into the court, as they become distributable, to be distributed by
         the court to the recipient it deems proper at the conclusion of the
         action.

11.04    Claims Procedure

         (a)  The Participant, his spouse or the authorized representative of
              the claimant shall file all claims in writing, by completing such
              procedures as the Committee shall require. Such procedures shall
              be reasonable and may include the completion of forms and the
              submission of documents and additional information.

         (b)  If a claim is denied, notice of denial shall be furnished by the
              Committee to the claimant within 90 days after the receipt of the
              claim by the Committee, unless special circumstances require an
              extension of time for processing the claim, in which event
              notification of the extension shall be provided to the Participant
              or beneficiary and the extension shall not exceed 90 days.

         (c)  The Committee shall provide adequate notice, in writing, to any
              claimant whose claim as been denied, setting forth the specific
              reasons for such denial, specific reference to pertinent Plan
              provisions, a description of any additional material or
              information necessary for the claimant to perfect his claims and
              an explanation of why such material or information is necessary,
              all written in a manner calculated to be understood by the
              claimant. Such notice shall include appropriate information as to
              the steps to be taken if the claimant wishes to submit his claim
              for review. The claimant or the claimant's authorized
              representative may request such review within the reasonable
              period of time prescribed by the Committee. In no event shall such
              a period of time be less than 60 days. A decision on review

                                    15 of 16

<PAGE>   17

              shall be made not later than 60 days after the Committee's receipt
              of the request for review. If special circumstances require a
              further extension of time for processing, a decision shall be
              rendered not later than 120 days following the Committee's receipt
              of the request for review. If such an extension of time for review
              is required, written notice of the extension shall be furnished to
              the claimant prior to the commencement of the extension. The
              decision on review shall be furnished to the claimant. Such
              decision shall be in writing and shall include specific reasons
              for the decision, written in a manner calculated to be understood
              by the claimant, as well as specific references to the pertinent
              Plan provisions on which the decision is based.

11.05    Disposition of Unclaimed Distributions

              Each Participant must file with the Company from time to time in
              writing his post office address and each change of post office
              address. Any communication, statement or notice addressed to a
              Participant at his last post office address on file with the
              Company, or if no address is filed with the Company, then at his
              last post office address as shown on the Company's records, will
              be binding on the Participant and his spouse for all purposes of
              the Plan. The Company shall not be required to search for or
              locate a Participant or his spouse.

11.06    Distributions Due Infants or Incompetents

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

11.07    Governing Law

              The Plan and all Election Agreements shall be construed in
              accordance with the Code and, to the extent applicable, the laws
              of the State of Texas excluding any conflicts-of-law provisions.

July 20, 2000

ATTEST:                                APACHE CORPORATION

/s/ Cheri L. Peper                     /s/ Daniel L. Schaeffer
----------------------------          ----------------------------------
Cheri L. Peper                         Daniel L. Schaeffer
Corporate Secretary                    Vice President, Human Resources

                                    16 of 16
<PAGE>   18

                                     ANNEX A
                    APACHE CORPORATION DEFERRED DELIVERY PLAN
                          STOCK BONUS AWARD PROVISIONS

From time to time, grants of stock bonus awards for specified numbers of Stock
Units (each a "Stock Bonus Award") may be made to Participants under the terms
of the Plan.  Capitalized terms used in this Annex A shall have the meaning set
forth in the Plan or herein, as the case may be.

Grants of Stock Bonus Awards shall be made by the Committee. The Stock Units
covered by each Stock Bonus Award shall be credited to the Participant's Account
maintained under the Plan.

In accordance with the provisions of the Plan, the Committee shall, in its sole
discretion, select the Participants to receive Stock Bonus Awards.  For each
stock Bonus Award, the Committee shall:

     -        specify the date of grant and number of Stock Units granted;

     -        designate the vesting provisions; and

     -        establish such other terms and requirements as deemed necessary or
              desirable and consistent with the Plan.

Each Stock Bonus Award shall be evidenced by a written agreement containing the
particular provisions of such award and in such form as the Committee shall
determine.

Upon the grant and/or vesting of each Stock Bonus Award, the Participant shall
make appropriate arrangements with the Company to provide for the amount of all
applicable federal, state and local income and other tax withholding
requirements. As used in the Plan, the phrase "income from the grant of a Stock
Bonus Award" shall mean the amount calculated by multiplying (a) the number of
Stock Units covered by the Stock Bonus Award, times (b) the per share closing
price of the Stock as reported on The New York Stock Exchange, Inc. Composite
Transactions Reporting System for the date of grant. If there are no Stock
transactions on such date of grant, the per share closing price of the Stock
shall be determined as of the immediately preceding date on which there were
Stock transactions.

Except as set forth in this Annex A and/or in the applicable written agreement,
each Stock Bonus Award and the Stock Units related thereto shall be subject to
all other terms and conditions set forth in the Plan.

                                      A-1
<PAGE>   19

                                          --------------------------------------
                                          THIS DOCUMENT CONSTITUTES PART OF A
                                            PROSPECTUS COVERING SECURITIES
                                              THAT HAVE BEEN REGISTERED
                                              UNDER THE U. S. SECURITIES
                                               ACT OF 1933, AS AMENDED
                                          --------------------------------------

                               APACHE CORPORATION
                             DEFERRED DELIVERY PLAN

                      ACKNOWLEDGEMENT OF STOCK BONUS AWARD

                                   MAY 3, 2000

PARTICIPANT:
                               -------------------------------------------------

NUMBER OF STOCK UNITS:
                               -------------------------------------------------

VESTING PROVISIONS:
                               -------------------------------------------------

All of the terms, conditions and provisions contained in the Apache Corporation
Deferred Delivery Plan (the "Plan") to which this Acknowledgement is attached
are herein incorporated by reference in their entirety and shall be deemed to be
a part of this Acknowledgement to the same extent as if such terms, conditions
and provisions had been set forth in full herein.

The term "Election Agreement", as used in the Plan, shall include this
Acknowledgement. Capitalized terms used herein shall have the meaning set forth
in the Plan.

Executed as of the day and year set forth above.

APACHE CORPORATION                          PARTICIPANT

By:  Daniel L. Schaeffer
     --------------------------------       ------------------------------------
Its: Vice President, Human Resources        [Participant Name]

                                            ------------------------------------
                                            Social Security Number

                                            ------------------------------------
                                            Address

                                            ------------------------------------
                                            City, State, Zip Code
<PAGE>   20
                    APACHE CORPORATION DEFERRED DELIVERY PLAN
                DEFERRAL OF INCOME FROM STOCK OPTION EXERCISE(S)
                  ANNUAL IRREVOCABLE ELECTION FORM - US CITIZEN
              (BECOMES EFFECTIVE SIX MONTHS AFTER DATE OF ELECTION)

Participant                                    Social Security Number/
Name:                                          Employee Number:

     --------------------------------------    ---------------------------------

Address:
         -----------------------------------------------------------------------

         -----------------------------------------------------------------------

Complete Parts I and II

I.  STOCK OPTION INCOME - I elect to defer receipt of all or a portion  of my
    Income from Stock Option Exercise(s)

Note:  This is an annual election and elections to defer Income from Stock
       Option Exercise(s) must be completed each year. An election for income
       deferral MUST be completed 6 months prior to a stock option exercise.
       Each December 31 the deferral election for that year expires and a new
       election must have been made and be in place to continue income
       deferrals. Even if an exercise does not occur, the deferral election
       remains in place for the remainder of the calendar year.

Choose A, B or C and fill in the Blank(s)

<TABLE>
<S>            <C>                                                                    <C>
__________ A.  I elect to defer 100% of my Income from Stock Option Exercise(s) in     __________(year)

__________ B.  I elect to defer _____ % of my Income from Stock Option Exercise(s) in  __________(year)
               Designate the percent you wish to defer in increments of 1% up to 100%

__________ C.  I do not wish to defer any of my Income from Stock Option Exercise(s) in _________(year)
                (If you do not wish to defer income, proceed to signature section.)
</TABLE>

II.     ACCOUNT DISTRIBUTION

IF you have already made an election to have your account distributed at
         termination and you want the income deferred from this election to be
         distributed at termination, there is no need to complete this section.
         Proceed to Signature Section.

IF you want to have the income from this election deferred for 5 years, complete
         Sections A and B below.

           A.  5 YEAR DEFERRAL

__________ 1.  I elect to have the income from this deferral distributed after
               5 years - Can be renewed for another 5 years, if election made
               6 months prior to distribution date.

           B.  5 Year Deferral - Number of Annual Installments:
                  Choose 1 or 2
__________ 1.  I elect to receive my account in one lump sum distribution

__________ 2.  I elect to receive my account in 5 annual installments

-------------------------------------         -----------------------------
Participant Signature                         Date

<PAGE>   21

                               APACHE CORPORATION
                             DEFERRED DELIVERY PLAN
               IRREVOCABLE DISTRIBUTION ELECTION FORM - US CITIZEN

Participant                                    Social Security Number/
Name:                                          Employee Number:

     --------------------------------------    ---------------------------------

Address:
         -----------------------------------------------------------------------

         -----------------------------------------------------------------------

All income in your Account is recorded in stock units and distributions will be
made in whole shares of Apache Common Stock.  Any fractional shares will remain
in your Account until final distribution and will be converted to and paid in
cash on the final distribution.

ACCOUNT DISTRIBUTION

You must make two elections about your Account distribution -
When to start Distribution & the Number of Annual Installments

           A.  When to Start Distribution
                    Choose 1 or 2
__________ 1.  I elect to receive my Account distribution in 5 years -
                  Can be renewed for another 5 years, if election made 6
                  months prior to distribution date.

__________ 2.  I elect to receive my Account distribution after I am no longer
                  employed by Apache.

           B.  5 YEAR DEFERRAL - NUMBER OF ANNUAL INSTALLMENTS - COMPLETE THIS
               SECTION IF YOU CHOSE A.1. ABOVE
              (Annual installments will begin during the first quarter after the
              fifth year of deferral)
              Choose 1 or 2

__________ 1.  I elect to receive my Account in one lump sum distribution.

__________ 2.  I elect to receive my Account 5 annual installments.

           C.  Termination  Deferral - Number of Annual Installments - complete
               this section if you chose A.2. above (The first installment will
               be paid within 90 days of termination; each subsequent
               installment will be paid during the first calendar quarter of
               each year thereafter) IF you elect annual installments, your full
               Account will be distributed, as per this election and no
               additional distribution elections will need to be made.
               Choose 1, 2 or 3

__________ 1.  I elect to receive my Account in one lump sum distribution.
               (If Account balance is less than $5,000, full Account will be
               distributed in lump sum regardless of election)

__________ 2.  I elect to receive my Account in 5 annual installments.

__________ 3.    I elect to receive my Account in 10 annual installments.

-------------------------------------         -----------------------------
Participant Signature                         Date

<PAGE>   22

             APACHE CORPORATION DEFERRED DELIVERY PLAN (THE "PLAN")
                             BENEFICIARY DESIGNATION

Participant                                    Social Security Number/
Name:                                          Employee Number:

     --------------------------------------    ---------------------------------

Address:
         -----------------------------------------------------------------------

         -----------------------------------------------------------------------

I understand that if I am survived by a spouse, my spouse is the beneficiary and
is entitled to receive upon my death my vested Account balance distributable
under the terms of the Plan. However, if I am not married or if my spouse
consents on the Spousal Consent Form below, my vested Account balance
distributable under the terms of the Plan may be paid to another beneficiary or
beneficiaries. I understand that this designation may be changed or revoked by
me upon receipt by [Apache Corporation] of a new designation of beneficiary or
beneficiaries or notice of revocation.

                 [ ] I am married.     [ ] I am not married.

Pursuant to the provisions of the Plan, I hereby designate the following
beneficiary or beneficiaries to receive, upon my death, my vested Account
balance distributable under the terms of the Plan:

           THIS DESIGNATION IS SUBJECT TO THE CONDITIONS SHOWN BELOW*

          Name                Relationship                  Percentage

Primary:

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Contingent:

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

           *CONDITIONS APPLICABLE TO DESIGNATION OF BENEFICIARY:

Except as otherwise provided below or by the provisions of the Plan, my vested
Account balance distributable under the terms of the Plan paid by reason of my
death is subject to the following conditions:

         (a)  If I am married at my death, my vested Account balance
              distributable under the terms of the Plan shall be paid to my
              surviving spouse unless my spouse consents on the Spousal Consent
              Form below;

         (b)  If (a) does not apply, my vested Account balance distributable
              under the terms of the Plan shall be paid in equal shares, unless
              otherwise specified above, to such of the Primary Beneficiaries as
              survive me;

         (c)  If no Primary Beneficiary survives me, my vested Account balance
              distributable under the terms of the Plan shall be paid in equal
              shares, unless otherwise specified above, to such of the
              Contingent Beneficiaries as survive me; and

         (d)  If any Primary Beneficiary or Contingent Beneficiary is my spouse
              at the time this beneficiary designation is made but ceases to be
              such prior to my death, such spouse shall be deemed to have
              predeceased me.

--------------------------------------               ---------------------------
           Participant's Signature                              Date

           SPOUSAL CONSENT FORM TO BENEFICIARY DESIGNATION

I, _______________, am the spouse of ______________, who is a Participant in the
Plan. I understand that under the provisions of the Plan, I am the primary
beneficiary and I am entitled to receive upon the death of my spouse's vested
Account balance distributable under the terms of the Plan, unless I consent to
the designation of another as primary beneficiary. I hereby waive my rights as
primary beneficiary and consent to the above designation of primary and
contingent beneficiaries.

--------------------------------------               ---------------------------
  Signature of Participant's Spouse                              Date

STATE OF _______________

COUNTY OF ______________

The foregoing instrument was acknowledged before me this _______ day of
_______________, 200__ by ______________   who personally appeared before me.

My commission expires:                          -------------------------------
                                                Notary Public Signature<PAGE>   1
                                                                     EXHIBIT 4.8

                                    Amendment
                                       To
         Non-Qualified Retirement/Savings Plan of Apache Corporation

Apache Corporation ("Apache") maintains the Non-Qualified Retirement/Savings
Plan of Apache Corporation (the "Plan"). Pursuant to section 8.02 of the Plan,
Apache has retained the right to amend the Plan. Apache hereby exercises that
right, effective as of the date this amendment is signed, as follows.

1.    Section 5.03 shall be replaced in its entirety by the following.

      5.03  Beneficiaries.

      (a)   Each Participant shall designate one or more persons, trusts or
            other entities as his beneficiary (the "Beneficiary") to receive
            any amounts distributable hereunder at the time of the
            Participant's death.  In the absence of an effective beneficiary
            designation as to part or all of a Participant's interest in the
            Plan, such amount shall be distributed to the Participant's
            surviving spouse, if any, otherwise to the personal
            representative of the Participant's estate.

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

      (c)   Any individual or legal entity who is a beneficiary may disclaim
            all or any portion of his interest in the Plan, provided that the
            disclaimer satisfies the requirements of Code section 2518(b) and
            applicable state law.  The legal guardian of a minor or legally
            incompetent person may disclaim for such person.  The personal
            representative (or the individual or legal entity acting in the
            capacity of the personal representative according to applicable
            state law) may disclaim on behalf of a beneficiary who has died.
            The amount disclaimed shall be distributed as if the disclaimant
            had predeceased the individual whose death caused the disclaimant
            to become a beneficiary.

      (d)   When a Participant dies, his remaining vested Account balance shall
            be distributed to his Beneficiary as soon as administratively
            convenient after his death (taking into account a reasonable time
            for any Beneficiary to disclaim his interest under
<PAGE>   2
            subsection (c)), regardless of the payment schedule the Participant
            elected, and regardless of whether installment payments had begun.

2.    Section 9.03 shall be replaced in its entirety by the following.

      9.03  Inalienability of Benefits

      Except for disclaimers under subsection 5.03(c) and amounts paid to the
      Company under section 5.06, no Participant or Beneficiary shall have the
      right to assign, transfer, hypothecate, encumber or anticipate his
      interest in any benefits under the Plan, nor shall the benefits under the
      Plan be subject to any legal process to levy upon or attach the benefits
      for payment for any claim against the Participant, Beneficiary, or the
      spouse of the Participant or Beneficiary. If, notwithstanding the
      foregoing provision, any benefits are garnished or attached by the order
      of any court, the Company may bring an action for declaratory judgment in
      a court of competent jurisdiction to determine the proper recipient of the
      benefits to be distributed pursuant to the Plan. During the pendency of
      the action, any benefits that become distributable shall be paid into the
      court as they become distributable, to be distributed by the court to the
      recipient it deems proper at the conclusion of the action.

      IN WITNESS WHEREOF, this Amendment has been executed the date set forth
      below.

                                   APACHE CORPORATION

                                   By: /s/ Daniel L. Schaeffer

      Date: July 27, 2000          Title: Vice President, Human Resources

Page 2 of 2

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