Document:

Channell Commercial Corporation 2003 Incentive Stock Plan

 EXHIBIT 4.4 
  

CHANNELL COMMERCIAL CORPORATION 
  
 2003 INCENTIVE STOCK PLAN 
  
 1. Purposes of the Plan. The purposes of this Plan are: 
  
 (a) to attract and retain the best available personnel for positions of substantial responsibility, 
  
 (b) to provide additional incentive to selected key Employees, Consultants
and Directors, and 
  
 (c) to promote the success of the
Company’s business. 
  
 2. Definitions. For the purposes of this Plan,
the following terms will have the following meanings: 
  
 (a)
“Administrator” means the Board or any of its Committees that administer the Plan, in accordance with Section 4. 
  
 (b) “Applicable Laws” means the legal requirements relating to the administration of and issuance of securities under incentive stock
plans, including, without limitation, the requirements of state corporations law, federal and state securities law, federal and state tax law, and the requirements of any stock exchange or quotation system upon which the Shares may then be listed or
quoted. For all purposes of this Plan, references to statutes and regulations shall be deemed to include any successor statutes and regulations, to the extent reasonably appropriate as determined by the Administrator. 
  
 (c) “Board” means the Board of Directors of the Company.

  
 (d) “Cause” shall have the meaning set forth
in a Grantee’s employment or consulting agreement with the Company (if any), or if not defined therein, shall mean (i) acts or omissions by the Grantee which constitute intentional material misconduct or a knowing violation of a material policy
of the Company or any of its subsidiaries, (ii) the Grantee personally receiving a benefit in money, property or services from the Company or any of its subsidiaries or from another person dealing with the Company or any of its subsidiaries, in
material violation of applicable law or Company policy, (iii) an act of fraud, conversion, misappropriation, or embezzlement by the Grantee or his conviction of, or entering a guilty plea or plea of no contest with respect to, a felony, or the
equivalent thereof (other than DUI), or (iv) any material misuse or improper disclosure of confidential or proprietary information of the Company. 
  
 (e) “Code” means the Internal Revenue Code of 1986, as amended. For all purposes of this Plan, references to Code sections shall be
deemed to include any successor Code sections, to the extent reasonably appropriate as determined by the Administrator. 
  
 (f) “Committee” means a Committee appointed by the Board in accordance with Section 4. 
  
 (g) “Common Stock” means the common stock, $0.01 par value
per share, of the Company. 
  
 (h) “Company”
means Channell Commercial Corporation, a Delaware corporation. 
  
 (i) “Consultant” means any natural person, including an advisor, engaged by the Company or a Parent or Subsidiary to render bona fide services and who is compensated for such services, provided that the term
“Consultant” does not include (i) Employees, (ii) Directors who are paid only a director’s fee by the Company or who are not compensated by the Company for their services as Directors or (iii) any person who 
  

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 provides services in connection with the offer or sale of securities in a capital-raising transaction, or who directly or
indirectly promotes or maintains a market for the securities of the Company. 
  
 (j) “Continuous Status as an Employee, Director or Consultant” means that the employment, director or consulting relationship is not interrupted or terminated by the Company, any Parent or
Subsidiary, or by the Employee, Director or Consultant. Continuous Status as an Employee, Director or Consultant will not be considered interrupted in the case of: (i) any leave of absence approved by the Board or required by Applicable Law,
including sick leave, military leave, or any other personal leave, provided, that for purposes of Incentive Stock Options, any such leave may not exceed 90 days, unless reemployment upon the expiration of such leave is guaranteed by contract
(including certain Company policies) or statute; (ii) transfers between locations of the Company or between the Company, its Parent, its Subsidiaries or its successor, or (iii) in the case of a Nonqualified Stock Option or Stock Award, the ceasing
of a person to be an Employee while such person remains a Director or Consultant, the ceasing of a person to be a Director while such person remains an Employee or Consultant, or the ceasing of a person to be a Consultant while such person remains
an Employee or Director. 
  
 (k) “Director” means
a member of the Board. 
  
 (l) “Disability” means
total and permanent disability as defined in Section 22(e)(3) of the Code. 
  
 (m) “Employee” means any person, including Officers and Directors employed as a common law employee by the Company or any Parent or Subsidiary of the Company. Neither service as a Director nor payment
of a director’s fee by the Company will be sufficient, in and of itself, to constitute “employment” by the Company. 
  
 (n) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 (o) “Fair Market Value” means, as of any date, the value of Common Stock determined as follows: 

 

	 	(i)	If the Common Stock is listed on any established stock exchange or a national market system, including without limitation, the National Market System of NASDAQ, the Fair Market
Value of a Share of Common Stock will be (A) the closing sales price for such stock (or the closing bid, if no sales are reported) as quoted on that system or exchange (or the system or exchange with the greatest volume of trading in Common Stock)
on the last market trading day prior to the day of determination, or (B) any sales price for such stock (or the closing bid, if no sales are reported) as quoted on that system or exchange (or the system or exchange with the greatest volume of
trading in Common Stock) on the day of determination, as the Administrator may select, as reported in the Wall Street Journal or any other source the Administrator considers reliable. 

  

	 	(ii)	If the Common Stock is quoted on the NASDAQ System (but not on the NASDAQ National Market System) or is regularly quoted by recognized securities dealers but selling prices are not
reported, the Fair Market Value of a Share of Common Stock will be the mean between the high bid and low asked prices for the Common Stock on (A) the last market trading day prior to the day of determination, or (B) the day of determination, as the
Administrator may select, as reported in the Wall Street Journal or any other source the Administrator considers reliable. 

  

	 	(iii)	If the Common Stock is not traded as set forth above, the Fair Market Value will be determined in good faith by the Administrator with reference to the earnings history, book value
and prospects of the Company in light of market conditions generally, and any other factors the Administrator considers appropriate, such determination by the Administrator to be final, conclusive and binding. 

  

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 (p) “Family Member” means any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Grantee’s household (other than a
tenant or employee), a trust in which these persons (or the Grantee) control the management of assets, and any other entity in which these persons (or the Grantee) own more than fifty percent of the voting interests. 
  
 (q) “Grant Notice” shall mean a written notice evidencing
certain terms and conditions of an individual Option grant. The Grant Notice is part of the Option Agreement. 
  
 (r) “Grantee” shall mean (i) any Optionee or (ii) any Employee, Consultant or Director to whom a Stock Award has been granted pursuant to
this Plan. 
  
 (s) “Incentive Stock Option” means
an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder. 
  
 (t) “NASDAQ” means the National Association of Securities Dealers, Ltd. Automated Quotation System. 
  
 (u) “Nonqualified Stock Option” means an Option not intended
to qualify as an Incentive Stock Option. 
  
 (v)
“Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 
  
 (w) “Option” means a stock option granted under this Plan. 
  
 (x) “Option Agreement” means a written agreement between the
Company and an Optionee evidencing the terms and conditions of an individual Option grant. Each Option Agreement is subject to the terms and conditions of this Plan. 
  
 (y) “Option Exchange Program” means a program in which outstanding Options are surrendered in exchange for
Options with a lower exercise price. 
  
 (z) “Optioned
Stock” means the Common Stock subject to an Option. 
  
 (aa) “Optionee” means an Employee, Consultant or Director who holds an outstanding Option. 
  
 (bb) “Parent” means a “parent corporation” with respect to the Company, whether now or later existing, as defined in Section
424(e) of the Code. 
  
 (cc) “Plan” means this
2003 Incentive Stock Plan. 
  
 (dd) “Section”
means, except as otherwise specified, a section of this Plan. 
  
 (ee) “Share” means a share of the Common Stock, as adjusted in accordance with Section 15. 
  
 (ff) “Stock Award” shall mean a grant by the Company of a specified number of Shares upon terms and conditions determined by the
Administrator. 
  
 (gg) “Subsidiary” means (i) a
“subsidiary corporation” with respect to the Company, whether now or later existing, as defined in Section 424(f) of the Code, or (ii) a limited liability company, whether now 
  

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 or later existing, which would be a “subsidiary corporation” with respect to the Company under Section 424(f)
of the Code if it were a corporation. 
  
 3. Stock Subject to the Plan.
Subject to the provisions of Section 15 of the Plan, the maximum aggregate number of Shares which may be issued under the Plan will be 3,100,000 Shares of Common Stock. The Shares may be authorized, but unissued, or reacquired Common Stock.

  
 If an Option expires or becomes unexercisable without having
been exercised in full, or is surrendered pursuant to an Option Exchange Program, or if a Stock Award shall be cancelled or surrendered or expire for any reason without having been received in full, the Shares that were not purchased or received or
that were cancelled will become available for future grant or sale under the Plan (unless the Plan has terminated). If the Company repurchases Shares which were issued pursuant to the exercise of an Option or grant of a Stock Award, however, those
repurchased Shares will not be available for future grant under the Plan. 
  
 4.
Administration of the Plan. 
  
 (a) Procedure.

  

	 	(i)	Composition of the Administrator. The Plan will be administered by (A) the Board, or (B) a Committee designated by the Board, which Committee will be constituted to
satisfy Applicable Laws. Once appointed, a Committee will serve in its designated capacity until otherwise directed by the Board. The Board may increase the size of the Committee and appoint additional members, remove members (with or without cause)
and substitute new members, fill vacancies (however caused), and remove all members of the Committee and thereafter directly administer the Plan. Notwithstanding the foregoing, unless the Board expressly resolves to the contrary, from and after such
time as the Company is registered pursuant to Section 12 of the Exchange Act, the Plan will be administered only by a Committee, which will then consist solely of persons who are both “non-employee directors” within the meaning of Rule
16b-3 promulgated under the Exchange Act and “outside directors” within the meaning of Section 162(m) of the Code; provided, however, the failure of the Committee to be composed solely of individuals who are both
“non-employee directors” and “outside directors” shall not render ineffective or void any awards or grants made by, or other actions taken by, such Committee. 

  

	 	(ii)	Multiple Administrative Bodies. The Plan may be administered by different bodies with respect to Directors, Officers who are not Directors, and Employees and Consultants who
are neither Directors nor Officers. 

  
 (b)
Powers of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated by the Board to that Committee, the Administrator will have the authority, in its discretion:

  

	 	(i)	to determine the Fair Market Value of the Common Stock, in accordance with Section 2(o); 

  

	 	(ii)	to select the Employees, Consultants or Directors to whom Options or Stock Awards may be granted; 

  

	 	(iii)	to determine whether and to what extent Options or Stock Awards are granted, and whether Options are intended as Incentive Stock Options or Nonqualified Stock Options;

  

	 	(iv)	to determine the number of Shares to be covered by each Option or Stock Award granted; 

  

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	 	(v)	to approve forms of Grant Notices, Option Agreements and agreements governing Stock Awards; 

  

	 	(vi)	to determine the terms and conditions, not inconsistent with the terms of this Plan, of any grant of Options or Stock Awards, including, but not limited to, (A) the Options’
exercise price, (B) the time or times when Options may be exercised or Stock Awards will be vested, which may be based on performance criteria or other reasonable conditions such as Continuous Status as an Employee, Director or Consultant, (C) any
vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Option, Optioned Stock or Stock Award, based in each case on factors that the Administrator determines in its sole discretion, including but
not limited to a requirement subjecting the Optioned Stock or Shares to (1) certain restrictions on transfer (including without limitation a prohibition on transfer for a specified period of time and/or a right of first refusal in favor of
the Company), and (2) a right of repurchase in favor of the Company upon termination of the Grantee’s Continuous Status as an Employee, Director or Consultant; 

  

	 	(vii)	to reduce the exercise price of any Option to the Fair Market Value at the time of the reduction, if the Fair Market Value of the Common Stock covered by that Option has declined
since the date it was granted; 

  

	 	(viii)	to accelerate the vesting or exercisability of an Option or Stock Award; 

  

	 	(ix)	to determine the terms and restrictions applicable to Options or Stock Awards; 

  

	 	(x)	to modify or amend each Option or Stock Award, subject to Section 17(c); 

  

	 	(xi)	to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Option previously granted by the Administrator;

  

	 	(xii)	to institute an Option Exchange Program; 

  

	 	(xiii)	to construe and interpret the terms of this Plan; 

  

	 	(xiv)	to prescribe, amend, and rescind rules and regulations relating to the administration of this Plan; and 

  

	 	(xv)	to make all other determinations it considers necessary or advisable for administering this Plan. 

  
 (c) Effect of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations
will be final and binding on all holders of Options or Stock Awards. The Administrator shall not be required to exercise its authority or discretion on a uniform or non-discriminatory basis. 
  
 5. Eligibility. Options granted under this Plan may be Incentive Stock Options or
Nonqualified Stock Options, as determined by the Administrator at the time of grant. Nonqualified Stock Options and Stock Awards may be granted to Employees, Consultants and Directors. Incentive Stock Options may be granted only to Employees;
provided, however, that Incentive Stock Options shall not be granted to Employees of a Subsidiary that is a limited liability company unless such limited liability company is wholly-owned by the Company or by a Subsidiary that is a corporation. If
otherwise eligible, an Employee, Consultant or Director who has been granted an Option or a Stock Award may be granted additional Options or Stock Awards. 
  

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 6. Limitations on Grants of Incentive Stock Options. Each Option will be designated in the Grant Notice as either
an Incentive Stock Option or a Nonqualified Stock Option. However, notwithstanding such designations, if the Shares subject to an Optionee’s Incentive Stock Options (granted under all plans of the Company or any Parent or Subsidiary), which
become exercisable for the first time during any calendar year, have a Fair Market Value in excess of $100,000, the Options accounting for this excess will be treated as Nonqualified Stock Options. For purposes of this Section 6, Incentive Stock
Options will be taken into account in the order in which they were granted, and the Fair Market Value of the Shares will be determined as of the time of grant. 
  

7. Limit on Annual Grants to Individuals. From and after such time as the Company is required to be registered pursuant to Section 12 of the Exchange Act, no
Optionee may receive grants, during any fiscal year of the Company or portion thereof, of Options which, in the aggregate, cover more than 1,000,000 Shares, subject to adjustment as provided in Section 15. If an Option expires or terminates for any
reason without having been exercised in full, the unpurchased shares subject to that expired or terminated Option will continue to count against the maximum numbers of shares for which Options may be granted to an Optionee during any fiscal year of
the Company or portion thereof. 
  
 8. Term of the Plan. Subject to Section
21, this Plan will become effective upon the earlier to occur of its adoption by the Board or its approval by the stockholders of the Company as described in Section 21. It will continue in effect for a term of ten years unless terminated earlier
under Section 17. Unless otherwise provided in this Plan, its termination will not affect the validity of any Option or Stock Award outstanding at the date of termination, which shall continue to be governed by the terms of this Plan as though it
remained in effect. 
  
 9. Term of Option. The term of each Option will be
stated in the Option Agreement; provided, however, that in no event may the term be more than ten years from the date of grant. In addition, in the case of an Incentive Stock Option granted to an Optionee who, at the time the Incentive Stock Option
is granted, owns stock representing more than ten percent of the voting power of all classes of capital stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five years from the date of grant or any shorter
term specified in the Option Agreement. 
  
 10. Option Exercise Price and
Consideration. 
  
 (a) Exercise Price of Incentive Stock
Options. The exercise price for Shares to be issued pursuant to exercise of an Incentive Stock Option will be determined by the Administrator provided that the per Share exercise price will be no less than 100% of the Fair Market Value per Share
on the date of grant; provided, further that in the case of an Incentive Stock Option granted to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent of the voting power of all classes of
capital stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than 110% of the Fair Market Value per Share on the date of grant. 
  
 (b) Exercise Price of Nonqualified Stock Options. In the case of a Nonqualified Stock Option, the exercise price for
Shares to be issued pursuant to the exercise of any such Option will be determined by the Administrator, provided that the exercise price is not less than 85% of the Fair Market Value per Share on the date of grant. 
  
 (c) Waiting Period and Exercise Dates. At the time an Option is
granted, the Administrator will fix the period within which the Option may be exercised and will determine any conditions which must be satisfied before the Option may be exercised. Exercise of an Option may be conditioned upon performance criteria
or other reasonable conditions such as Continuous Status as an Employee, Director or Consultant. 
  
 (d) Form of Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option, including the method of
payment. Such consideration may consist partially or entirely of: 
  

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	 	(i)	cash; 

  

	 	(ii)	to the extent permitted by Applicable Law, a promissory note made by the Optionee in favor of the Company; 

  

	 	(iii)	other Shares which have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which an Option will be exercised;

  

	 	(iv)	delivery of a properly executed exercise notice together with any other documentation as the Administrator and the Optionee’s broker, if applicable, require to effect an
exercise of the Option and delivery to the Company of the sale or loan proceeds required to pay the exercise price; or 

  

	 	(v)	any other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws. 

  
 11. Exercise of Option. 
  
 (a) Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according to
the terms of the Plan and at times and under conditions determined by the Administrator and set forth in the Option Agreement; provided, however, that an Option may not be exercised for a fraction of a Share. 
  
 An Option will be deemed exercised when the Company receives: (i) written
notice of exercise (in accordance with the Option Agreement) from the person entitled to exercise the Option, (ii) full payment for the Shares with respect to which the Option is exercised, and (iii) all representations, indemnifications and
documents reasonably requested by the Administrator. Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Option Agreement and this Plan. Shares issued upon exercise of an Option
will be issued in the name of the Optionee or, if requested by the Optionee, in the name of the Optionee and his or her spouse. Until the stock certificate evidencing such Shares is issued (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Optioned Stock, notwithstanding the exercise of the Option. Subject to the
provisions of Sections 14, 18, and 19, the Company will issue (or cause to be issued) such stock certificate promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the
date the stock certificate is issued, except as provided in Section 15 of the Plan. Notwithstanding the foregoing, the Administrator in its discretion may require the Company to retain possession of any certificate evidencing Shares of Common Stock
acquired upon exercise of an Option, if those Shares remain subject to repurchase under the provisions of the Option Agreement or any other agreement between the Company and the Optionee, or if those Shares are collateral for a loan or obligation
due to the Company. 
  
 Exercising an Option in any manner will
decrease the number of Shares thereafter available, both for purposes of this Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 
  
 (b) Termination of Employment or Consulting Relationship or Directorship. If an Optionee holds exercisable Options on
the date his or her Continuous Status as an Employee, Director or Consultant terminates (other than because of termination due to Cause, death or Disability), the Optionee may exercise the Options that were vested and exercisable as of the date of
termination for a period of 90 days following such termination (or such other period as is set forth in the Option Agreement or determined by the Administrator). If the Optionee is not entitled to exercise his or her entire Option at the date of
such termination, the Shares covered by the unexercisable portion of the Option will revert to the Plan, unless otherwise set forth in the Option Agreement or determined by the Administrator. The Administrator may determine in its sole discretion
that such unexercisable portion of the Option will become exercisable at such times and on such terms as the Administrator may determine in its sole discretion. If the Optionee does not exercise an Option within the time 
  

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 specified above after termination, that Option will expire, and the Shares covered by it will revert to the Plan, unless
otherwise set forth in the Option Agreement or determined by the Administrator. 
  
 (c) Disability of Optionee. If an Optionee holds exercisable Options on the date his or her Continuous Status as an Employee, Director or Consultant terminates because of Disability, the Optionee may exercise
the Options that were vested and exercisable as of the date of termination for a period of 12 months following such termination (or such other period as is set forth in the Option Agreement or determined by the Administrator). If the Optionee is not
entitled to exercise his or her entire Option at the date of such termination, the Shares covered by the unexercisable portion of the Option will revert to the Plan, unless otherwise set forth in the Option Agreement or determined by the
Administrator. The Administrator may determine in its sole discretion that such unexercisable portion of the Option will become exercisable at such times and on such terms as the Administrator may determine in its sole discretion. If the Optionee
does not exercise an Option within the time specified above after termination, that Option will expire, and the Shares covered by it will revert to the Plan, unless otherwise set forth in the Option Agreement or determined by the Administrator.

  
 (d) Death of Optionee. If an Optionee holds exercisable
Options on the date his or her death, the Optionee’s estate or a person who acquired the right to exercise the Option by bequest or inheritance may exercise the Options that were vested and exercisable as of the date of death for a period of 12
months following the date of death (or such other period as is set forth in the Option Agreement or determined by the Administrator). If the Optionee is not entitled to exercise his or her entire Option at the date of death, the Shares covered by
the unexercisable portion of the Option will revert to the Plan, unless otherwise set forth in the Option Agreement or determined by the Administrator. The Administrator may determine in its sole discretion that such unexercisable portion of the
Option will become exercisable at such times and on such terms as the Administrator may determine in its sole discretion. If the Optionee’s estate or a person who acquired the right to exercise the Option by bequest or inheritance does not
exercise an Option within the time specified above after termination, that Option will expire, and the Shares covered by it will revert to the Plan, unless otherwise set forth in the Option Agreement or determined by the Administrator. 

 
 (e) Termination for Cause. If an Optionee’s Continuous Status
as an Employee, Director or Consultant is terminated for Cause, then all Options (including any vested Options) held by Optionee shall immediately be terminated and cancelled. 
  
 (f) Disqualifying Dispositions of Incentive Stock Options. If Common Stock acquired upon exercise of any Incentive
Stock Option is disposed of in a disposition that, under Section 422 of the Code, disqualifies the holder from the application of Section 421(a) of the Code, the holder of the Common Stock immediately before the disposition will comply with any
requirements imposed by the Company in order to enable the Company to secure the related income tax deduction to which it is entitled in such event. 
  
 12. Non-Transferability of Options. 
  
 (a) No Transfer. An Option may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the
laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee. Notwithstanding the foregoing, to the extent that the Administrator so authorizes at the time a Nonqualified Stock Option is granted or
amended, (i) such Option may be assigned pursuant to a qualified domestic relations order as defined by the Code, and exercised by the spouse or former spouse of the Optionee who obtained such Option pursuant to such qualified domestic relations
order, or (ii) such Option may be assigned, in whole or in part, during the Optionee’s lifetime to one or more Family Members of the Optionee. Rights under the assigned portion may be exercised by the Family Member(s) who acquire a proprietary
interest in such Option pursuant to the assignment. The terms applicable to the assigned portion shall be the same as those in effect for the Option immediately before such assignment and shall be set forth in such documents issued to the assignee
as the Administrator deems appropriate. 
  
 (b) Designation of
Beneficiary. An Optionee may file a written designation of a beneficiary who is to receive any Options that remain unexercised in the event of the Optionee’s death. If a participant is married and the designated beneficiary is not the
spouse, spousal consent will be required for the designation to 
  

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 be effective. The Optionee may change such designation of beneficiary at any time by written notice to the Administrator,
subject to the above spousal consent requirement. 
  
 (c)
Effect of No Designation. If an Optionee dies and there is no beneficiary validly designated and living at the time of the Optionee’s death, the Company will deliver such Optionee’s Options to the executor or administrator of his or
her estate, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such Options to the spouse or to any one or more dependents or relatives of the Optionee, or if no
spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 
  
 (d) Death of Spouse or Dissolution of Marriage. If an Optionee designates his or her spouse as beneficiary, that designation will be deemed
automatically revoked if the Optionee’s marriage is later dissolved. Similarly, any designation of a beneficiary will be deemed automatically revoked upon the death of the beneficiary if the beneficiary predeceases the Optionee. Without
limiting the generality of the preceding sentence, the interest in Options of a spouse of an Optionee who has predeceased the Optionee or (except as provided in Section 12(a) regarding qualified domestic relations orders) whose marriage has been
dissolved will automatically pass to the Optionee, and will not be transferable by such spouse in any manner, including but not limited to such spouse’s will, nor will any such interest pass under the laws of intestate succession. 

 
 13. Stock Awards. 
  
 (a) Grant. Subject to the express provisions and limitations of the Plan, the Administrator, in its sole and
absolute discretion, may grant Stock Awards to Employees, Consultants or Directors for a number of shares of Common Stock on such terms and conditions and to such Employees, Consultants or Directors as it deems advisable and specifies in the
respective grants. Subject to the limitations and restrictions set forth in the Plan, an Employee, Consultant or Director who has been granted an Option or Stock Award may, if otherwise eligible, be granted additional Options or Stock Awards if the
Administrator shall so determine. 
  
 (b) Restrictions. The
Administrator, in its sole and absolute discretion, may impose restrictions in connection with any Stock Award, including without limitation, (i) imposing a restricted period during which all or a portion of the Common Stock subject to the
Stock Award may not be sold, assigned, transferred, pledged or otherwise encumbered (the “Restricted Period”), (ii) providing for a vesting schedule with respect to such Common Stock such that if a Grantee ceases to be an Employee,
Consultant or Director during the Restricted Period, some or all of the shares of Common Stock subject to the Stock Award shall be immediately forfeited and returned to the Company. The Administrator may, at any time, reduce or terminate the
Restricted Period. Each certificate issued in respect of shares of Common Stock pursuant to a Stock Award which is subject to restrictions shall be registered in the name of the Grantee, shall be deposited by the Grantee with the Company together
with a stock power endorsed in blank and shall bear an appropriate legend summarizing the restrictions imposed with respect to such shares of Common Stock. 
  
 (c) Rights As Stockholder. Subject to the terms of any agreement governing a Stock Award, the Grantee of a Stock Award shall have all the
rights of a stockholder with respect to the Common Stock issued pursuant to a Stock Award, including the right to vote such Shares; provided, however, that dividends or distributions paid with respect to any such Shares which have not vested shall
be deposited with the Company and shall be subject to forfeiture until the underlying Shares have vested unless otherwise provided by the Administrator in its sole discretion. A Grantee shall not be entitled to interest with respect to the dividends
or distributions so deposited. 
  

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 14. Withholding Taxes. The Company will have the right to take whatever steps the Administrator deems necessary or
appropriate to comply with all applicable federal, state, local, and employment tax withholding requirements, and the Company’s obligations to deliver Shares upon the exercise of an Option or in connection with a Stock Award will be conditioned
upon compliance with all such withholding tax requirements. Without limiting the generality of the foregoing, upon the exercise of an Option, the Company will have the right to withhold taxes from any other compensation or other amounts which it may
owe to the Optionee, or to require the Optionee to pay to the Company the amount of any taxes which the Company may be required to withhold with respect to the Shares issued on such exercise. Without limiting the generality of the foregoing, the
Administrator in its discretion may authorize the Grantee to satisfy all or part of any withholding tax liability by (a) having the Company withhold from the Shares which would otherwise be issued in connection with a Stock Award or on the exercise
of an Option that number of Shares having a Fair Market Value, as of the date the withholding tax liability arises, equal to or less than the amount of the Company’s withholding tax liability, or (b) by delivering to the Company
previously-owned and unencumbered Shares of the Common Stock having a Fair Market Value, as of the date the withholding tax liability arises, equal to or less than the amount of the Company’s withholding tax liability. 
  
 15. Adjustments Upon Changes in Capitalization, Dissolution, Merger or Asset Sale.

  
 (a) Changes in Capitalization. Subject to any
required action by the stockholders of the Company, if the outstanding shares of Common Stock are increased, decreased, changed into or exchanged for a different number or kind of shares or securities of the Company or a successor entity, or for
other property (including without limitation, cash), through reorganization, recapitalization, reclassification, stock combination, stock dividend, stock split, reverse stock split, spin off or other similar transaction, an appropriate and
proportionate adjustment will be made in the maximum number and kind of shares as to which Options and Stock Awards may be granted under this Plan. A corresponding adjustment changing the number or kind of shares allocated to Stock Awards or
unexercised Options which have been granted prior to any such change will likewise be made. Any such adjustment in the outstanding Options will be made without change in the aggregate purchase price applicable to the unexercised portion of the
Options but with a corresponding adjustment in the price for each share or other unit of any security covered by the Option. Such adjustment will be made by the Administrator, whose determination in that respect will be final, binding, and
conclusive. 
  
 Where an adjustment under this Section 15(a) is
made to an Incentive Stock Option, the adjustment will be made in a manner which will not be considered a “modification” under the provisions of subsection 424(h)(3) of the Code. 
  
 (b) Dissolution or Liquidation. In the event of the proposed
dissolution or liquidation of the Company, to the extent that an Option had not been previously exercised or a Stock Award had not previously vested, it will terminate immediately prior to the consummation of such proposed dissolution or
liquidation. In such instance, the Administrator may, in the exercise of its sole discretion, declare that any Stock Award shall become vested or any Option will terminate as of a date fixed by the Administrator and give each Optionee the right to
exercise his or her Option as to all or any part of the Optioned Stock, including Shares as to which the Option would not otherwise be exercisable. 
  
 (c) Corporate Transaction. Upon the happening of a merger, reorganization or sale of substantially all of the assets of the Company, the
Administrator, may, in its sole discretion, do one or more of the following: (i) shorten the period during which Options are exercisable (provided they remain exercisable for at least 30 days after the date notice of such shortening is given to the
Optionees); (ii) accelerate any vesting schedule to which an Option or Stock Award is subject; (iii) arrange to have the surviving or successor entity or any parent entity thereof assume the Stock Awards and the Options or grant replacement options
with appropriate adjustments in the option prices and adjustments in the number and kind of securities issuable upon exercise or adjustments so that the Options or their replacements represent the right to purchase the shares of stock, securities or
other property (including cash) as may be issuable or payable as a result of such transaction with respect to or in exchange for the number of Shares of Common Stock purchasable and receivable upon exercise of the Options had such exercise occurred
in full prior to such transaction; or (iv) cancel Options or Stock Awards upon payment to the Optionees or Grantees in cash, with respect to each Option or Stock Award to the extent then exercisable or vested (including, if applicable, any Options
or Stock Awards as to which the 
  

 10 

 vesting schedule has been accelerated as contemplated in clause (ii) above), of an amount that is the equivalent of the
excess of the Fair Market Value of the Common Stock (at the effective time of the merger, reorganization, sale or other event) over (in the case of Options) the exercise price of the Option. The Administrator may also provide for one or more of the
foregoing alternatives in any particular Option Agreement or agreement governing a Stock Award. 
  
 16. Date of Grant. The date of grant of an Option or Stock Award will be, for all purposes, the date as of which the Administrator makes the determination granting such Option or Stock Award, or any other,
later date determined by the Administrator and specified in the Option Agreement. Notice of the determination will be provided to each Grantee within a reasonable time after the date of grant. 
  
 17. Amendment and Termination of the Plan. 
  
 (a) Amendment and Termination. The Board may at any time amend,
alter or suspend or terminate the Plan. 
  
 (b) Stockholder
Approval. The Company will obtain stockholder approval of any Plan amendment that increases the number of Shares for which Options or Stock Awards may be granted, or to the extent necessary and desirable to comply with Section 422 of the Code
(or any successor statute) or other Applicable Laws, or the requirements of any exchange or quotation system on which the Common Stock is listed or quoted. Such stockholder approval, if required, will be obtained in such a manner and to such a
degree as is required by the Applicable Law or requirement. 
  
 (c) Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan will impair the rights of a Grantee, unless mutually agreed otherwise between the Grantee and the Administrator. Any such
agreement must be in writing and signed by the Grantee and the Company. 
  
 18.
Conditions Upon Issuance of Shares. 
  
 (a) Legal
Compliance. Shares will not be issued in connection with a Stock Award or pursuant to the exercise of an Option unless the exercise of such Option and the issuance and delivery of such Shares will comply with all Applicable Laws, and will be
further subject to the approval of counsel for the Company with respect to such compliance. Any securities delivered under the Plan will be subject to such restrictions, and the person acquiring such securities will, if requested by the Company,
provide such assurances and representations to the Company as the Company may deem necessary or desirable to assure compliance with all Applicable Laws. To the extent permitted by Applicable Laws, the Plan and Options and Stock Awards granted
hereunder will be deemed amended to the extent necessary to conform to such laws, rules and regulations. 
  
 (b) Investment Representation. As a condition to the exercise of an Option or grant of a Stock Award, the Company may require the person exercising
such Option or receiving such Stock Award to represent and warrant at the time of any such exercise or receipt that the Shares are being acquired only for investment and without any present intention to sell, transfer, or distribute such Shares.

  
 19. Liability of Company. 
  
 (a) Inability to Obtain Authority. If the Company cannot, by the
exercise of commercially reasonable efforts, obtain authority from any regulatory body having jurisdiction for the sale of any Shares under this Plan, and such authority is deemed by the Company’s counsel to be necessary to the lawful issuance
of those Shares, the Company will be relieved of any liability for failing to issue or sell those Shares. 
  
 (b) Grants Exceeding Allotted Shares. If the Optioned Stock covered by an Option or Shares subject to a Stock Award exceed, as of the date of
grant, the number of Shares which may be issued under the Plan without additional stockholder approval, that Option or Stock Award will be contingent with respect to 
  

 11 

 such excess Shares, unless and until stockholder approval of an amendment sufficiently increasing the number of Shares
subject to this Plan is timely obtained in accordance with Section 17(b). 
  
 (c) Rights of Participants and Beneficiaries. The Company will pay all amounts payable under this Plan only to the Grantee, or beneficiaries entitled thereto pursuant to this Plan. The Company will not be
liable for the debts, contracts, or engagements of any Grantee or his or her beneficiaries, and rights to cash payments under this Plan may not be taken in execution by attachment or garnishment, or by any other legal or equitable proceeding while
in the hands of the Company. 
  
 20. Reservation of Shares. The Company
will at all times reserve and keep available for issuance a number of Shares sufficient to satisfy this Plan’s requirements during its term. 
  
 21. Stockholder Approval. Continuance of this Plan will be subject to approval by the stockholders of the Company within 12 months before or after the date of its
adoption. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws. Options or Stock Awards may be granted but Options may not be exercised prior to stockholder approval of the Plan. If any Options or
Stock Awards are so granted and stockholder approval is not obtained within 12 months of the date of adoption of this Plan by the Board, those Options or Stock Awards will terminate retroactively as of the date they were granted. 
  
 22. Legending Stock Certificates. In order to enforce any restrictions imposed upon
Common Stock issued in connection with a Stock Award or upon exercise of an Option granted under this Plan or to which such Common Stock may be subject, the Administrator may cause a legend or legends to be placed on any certificates representing
such Common Stock, which legend or legends will make appropriate reference to such restrictions, including, but not limited to, a restriction against sale of such Common Stock for any period of time as may be required by Applicable Laws.
Additionally, and not by way of limitation, the Administrator may impose such restrictions on any Common Stock issued pursuant to the Plan as it may deem advisable. 
  
 23. No Employment Rights. Neither this Plan nor any Option or Stock Award will confer upon a Grantee any right with respect to
continuing the Grantee’s employment or consulting relationship with the Company, or continuing service as a Director, nor will they interfere in any way with the Grantee’s right or the Company’s right to terminate such employment or
consulting relationship or directorship at any time, with or without cause. 
  
 24. Governing Law. The Plan will be governed by, and construed in accordance with the laws of the State of Delaware (without giving effect to conflicts of law principles). 
  

 12<PAGE>

                                                                   Exhibit 4.5

                       THIRD AMENDMENT TO CREDIT AGREEMENT

     This Third Amendment to Credit Agreement (this "Third Amendment"), dated as
of October ___, 2003, is by and among WHITING OIL AND GAS CORPORATION, formerly
known as Whiting Petroleum Corporation, a Delaware corporation ("Borrower"),
BANK ONE, NA, a national banking association, as Administrative Agent
("Administrative Agent"), and each of the financial institutions a party hereto
as Banks (hereinafter collectively referred to as "Banks," and individually, a
"Bank").

                              W I T N E S S E T H:

     WHEREAS, Borrower, Administrative Agent and Banks are parties to that
certain Credit Agreement dated as of December 20, 2002 (as amended, the "Credit
Agreement") (unless otherwise defined herein, all terms used herein with their
initial letter capitalized shall have the meaning given such terms in the Credit
Agreement, as amended hereby); and

     WHEREAS, Borrower has advised Banks that AER may dispose of its stock in
Borrower (a) in transactions which may include (1) a sale of all or a portion of
the shares of common stock of Borrower in a private transaction to the
Designated Shareholders (the "Borrower Private Sale"), and/or (2) a sale of all
or a portion of the shares of common stock by Borrower in a Qualified Public
Offering (the "Borrower IPO"), or (b) pursuant to the terms of a Master
Separation Agreement (the "MSA") which may be entered into among Borrower,
Alliant and AER prior to the completion of a Qualified Public Offering, pursuant
to which AER would transfer and convey all of the outstanding Equity of Borrower
to Whiting Petroleum Corporation, formerly known as Whiting Petroleum Holdings,
Inc., a Delaware corporation ("WPC"), in exchange and as consideration for
one-hundred percent (100%) of the common stock of WPC and other property and
assets (the "Share Exchange"), which Share Exchange would result in (i) Borrower
becoming a wholly-owned Subsidiary of WPC, and (ii) WPC becoming a wholly-owned
Subsidiary of AER; and

     WHEREAS, Borrower has further advised Banks that, in the event that the MSA
is executed and the Share Exchange occurs, AER may dispose of its stock in WPC
in transactions which may include (a) a sale of all or a portion of the shares
of common stock of WPC in a private transaction to the Designated Shareholders
(the "WPC Private Sale" and, together with the Borrower Private Sale,
collectively, the "Private Sales" and, each individually, a "Private Sale"),
and/or (b) a sale of all or a portion of the shares of common stock of WPC to
the public pursuant to a Qualified Public Offering (the "WPC IPO" and, together
with the Borrower IPO, collectively, the "IPOs" and, each individually, an
"IPO"); and

     WHEREAS, Borrower has further advised Banks that (a) Whiting Petroleum
Corporation, a Delaware corporation, and the "Borrower" under and as defined in
the Credit Agreement as in effect immediately prior to the effective date
hereof, has changed its name to "Whiting Oil and Gas Corporation" (the "Borrower
Name Change"), and (b) Whiting Petroleum Holdings, Inc., a Delaware corporation,
has changed its name to "Whiting Petroleum Corporation" (the "WPC Name Change"
and, together with the Borrower Name Change,

<PAGE>

collectively, the "Name Changes" and, together with the Share Exchange, any
Private Sale and any IPO, collectively, the "Subject Transactions"); and

     WHEREAS, the Subject Transactions are prohibited by certain provisions of
the Credit Agreement as in effect on the date hereof; and

     WHEREAS, Borrower has requested that the Credit Agreement be amended in
certain respects to permit the Subject Transactions; and

     WHEREAS, the parties desire to reaffirm and establish a Borrowing Base of
$210,000,000 to be effective as of November 1, 2003 and continuing until the
next Redetermination thereafter; and

     WHEREAS, subject to and upon the terms and conditions set forth herein,
Banks have agreed to Borrower's requests.

     NOW THEREFORE, for and in consideration of the mutual covenants and
agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged and confessed,
Borrower, Administrative Agent and each Bank hereby agree as follows:

     SECTION 1. Amendments. In reliance on the representations, warranties,
covenants and agreements contained in this Third Amendment, and subject to the
satisfaction of each condition precedent set forth in Section 3 hereof, the
Credit Agreement is hereby amended effective as of the date hereof in the manner
provided in this Section 1.

     1.1. Amendment to Definitions. The definitions of "Borrower," "Change of
Control," "Credit Parties," "Designated Shareholders," "Equity Investment,"
"Facility Guaranty," "Loan Papers," "Qualified Public Offering" and "Restricted
Payment" contained in Section 1.1 of the Credit Agreement shall be amended to
read in full as follows:

          "Borrower" means (a) prior to August 25, 2003 (the effective date of
     the Borrower Name Change (as defined in the Third Amendment)), Whiting
     Petroleum Corporation, a Delaware corporation, and (b) from and after
     August 25, 2003, Whiting Oil and Gas Corporation, a Delaware corporation.

          "Change of Control" means that, for any reason (a) at any time prior
     to the completion of a Qualified Public Offering or an Equity Investment,
     Borrower and, to the extent the Share Exchange has occurred, WPC shall
     cease to be wholly-owned direct or indirect Subsidiaries of Alliant, (b) at
     any time prior to the completion of a Qualified Public Offering but after
     the completion of an Equity Investment, Alliant shall cease to hold,
     directly or indirectly, at least fifty one percent (51%) of the total
     voting power of all classes of capital stock then outstanding of each of
     Borrower and, to the extent the Share Exchange has occurred, WPC entitled
     (without regard to the occurrence of any contingency) to vote in elections
     of directors of each of Borrower and WPC, respectively, (c) at any time
     prior to the completion of an Equity Investment but after the completion of
     a Qualified Public Offering, any Person or group (as defined in Section
     13(d)(3) or 14(d)(2) of the Exchange Act) other than Alliant shall become
     (i) the direct or indirect

                                                                               2

<PAGE>

     beneficial owner (as defined in Section 13(d)(3) of the Exchange Act) of
     greater than forty-nine percent (49%) of the total voting power of all
     classes of capital stock then outstanding of either of WPC or Borrower
     entitled (without regard to the occurrence of any contingency) to vote in
     elections of directors of either of WPC or Borrower, respectively, and (ii)
     the largest shareholder of the total voting power of all classes of capital
     stock then outstanding of either of WPC or Borrower entitled (without
     regard to the occurrence of any contingency) to vote in elections of
     directors of either of WPC or Borrower, respectively, and (d) at any time
     after the completion of a Qualified Public Offering and an Equity
     Investment, any Person or group (as defined in Section 13(d)(3) or 14(d)(2)
     of the Exchange Act) other than the Designated Shareholders shall become
     (i) the direct or indirect beneficial owner (as defined in Section 13(d)(3)
     of the Exchange Act) of greater than forty-nine percent (49%) of the total
     voting power of all classes of capital stock then outstanding of either of
     WPC or Borrower entitled (without regard to the occurrence of any
     contingency) to vote in elections of directors of either of WPC or
     Borrower, respectively, and (ii) the largest shareholder of the total
     voting power of all classes of capital stock then outstanding of either of
     WPC or Borrower entitled (without regard to the occurrence of any
     contingency) to vote in elections of directors of either of WPC or
     Borrower, respectively.

          "Credit Parties" means, collectively, Borrower and each Restricted
     Subsidiary, and, from and after the execution by WPC of a Facility Guaranty
     as provided in Section 4.2 of the Third Amendment, WPC, and "Credit Party"
     means any one of the foregoing.

          "Designated Shareholders" means shareholders of WPC or Borrower, as
     the case may be, other than Alliant or AER, which are designated by WPC or
     Borrower, as the case may be, and approved by Required Banks, as
     "Designated Shareholders" pursuant to a written designation and notice
     executed and delivered by WPC or Borrower, as the case may be, to, and
     acknowledged by, Administrative Agent (on behalf of Required Banks).

          "Equity Investment" means either the Borrower Equity Investment or the
     WPC Equity Investment.

          "Facility Guaranty" means a Guaranty substantially in the form of
     Exhibit A attached hereto to be executed by (a) each Restricted Subsidiary
     of Borrower in favor of Banks and (b) as provided in Section 4.2 of the
     Third Amendment, WPC in favor of Banks, pursuant to which WPC or such
     Restricted Subsidiary of Borrower guarantees payment and performance in
     full of the Obligations.

          "Loan Papers" means this Agreement, the First Amendment, the Second
     Amendment, the Third Amendment, the Notes, each Facility Guaranty which may
     now or hereafter be executed, each Borrower Pledge Agreement which may now
     or hereafter be executed, each Subsidiary Pledge Agreement which may now or
     hereafter be executed, all Mortgages now or at any time hereafter delivered
     pursuant to Section 5.1, all Letters of Credit and all other certificates,
     documents or instruments delivered in connection with this Agreement, as
     the foregoing may be amended from time to time.

                                                                               3

<PAGE>

          "Qualified Public Offering" means the first underwritten public
     offering pursuant to an effective registration statement under the
     Securities Act of 1933, as amended, covering the offering and sale of the
     common stock of Borrower or WPC, as the case may be.

          "Restricted Payment" means, with respect to any Person, (a) any
     Distribution by such Person, (b) any capital contribution, loan or advance
     by any Credit Party to any Unrestricted Subsidiary, (c) the issuance of a
     Guarantee by any Credit Party with respect to any Debt or other obligation
     of Parent, WPC, Alliant, AER or any Unrestricted Subsidiary, or (d) the
     retirement, redemption, defeasance, repurchase or prepayment prior to
     scheduled maturity by such Person or any Affiliate of such Person of any
     Debt of such Person.

     1.2. Additional Definitions. Section 1.1 of the Credit Agreement shall be
amended to add the following definitions to such Section:

          "Borrower Equity Investment" means the purchase by the Designated
     Shareholders of all or a portion of the common stock of Borrower, with the
     proceeds of such purchase being distributed to Alliant, AER or Borrower to
     be applied, in the case of proceeds distributed to Borrower, towards the
     purchase of oil and gas properties.

          "WPC" means (a) prior to August 25, 2003 (the effective date of the
     WPC Name Change (as defined in the Third Amendment)), Whiting Petroleum
     Holdings, Inc., a Delaware corporation, and (b) from and after August 25,
     2003, Whiting Petroleum Corporation, a Delaware corporation.

          "WPC Equity Investment" means the purchase by the Designated
     Shareholders of all or a portion of the common stock of WPC, with the
     proceeds of such purchase being distributed to Alliant, AER or Borrower to
     be applied, in the case of proceeds distributed to Borrower, towards the
     purchase of oil and gas properties.

          "Share Exchange" has the meaning set forth in the Third Amendment.

          "Third Amendment" means that certain Third Amendment to Credit
     Agreement dated as of October ___, 2003, among Borrower, Administrative
     Agent and Banks.

     1.3. Amendment to Organizational Representation. Section 7.13 of the Credit
Agreement shall be amended to read in full as follows:

          "Section 7.13 Organizational Structure; Nature of Business. As of the
     Closing Date and the date of the Third Amendment, (a) AER owns one hundred
     percent (100%) of the issued and outstanding Equity of Borrower, and (b)
     Borrower has no direct, wholly-owned Subsidiaries other than Whiting-Golden
     Gas, WOK and Whiting Programs. Whiting Programs is the general partner of
     various partnerships that own oil and gas properties that are not Borrowing
     Base Properties. Borrower also owns, directly and partially indirectly
     through Whiting Programs, one hundred percent (100%) of the Equity in
     Whiting Institutional, which has assets of not greater than $2,000,000, and
     which assets are not included in the Borrowing Base. Borrower is engaged
     only in the

                                                                               4

<PAGE>

     business of acquiring, exploring, developing and operating Mineral
     Interests and the production, processing and marketing of Hydrocarbons
     therefrom. Schedule 7.13 attached hereto accurately reflects (i) the
     jurisdiction of incorporation or organization of WPC and each Credit Party,
     (ii) each jurisdiction in which WPC and each Credit Party is qualified to
     transact business as a foreign corporation, foreign partnership or foreign
     limited liability company, (iii) the authorized, issued and outstanding
     Equity of WPC and each Credit Party (and the record and beneficial owners
     of such Equity interests), and (iv) all outstanding warrants, options,
     subscription rights, convertible securities or other rights to purchase
     Equity of each Credit Party. Upon consummation (as applicable) of the Share
     Exchange, WPC will be a holding company owning one hundred percent (100%)
     of the issued and outstanding common Equity of Borrower. Promptly following
     the completion of an Equity Investment, the Share Exchange and/or a
     Qualified Public Offering, Borrower shall prepare and deliver to
     Administrative Agent, as applicable, an amended Schedule 7.13 reflecting
     changes resulting from the consummation of such transaction."

     1.4. Amendment to Business Covenant. Section 8.2 of the Credit Agreement
shall be amended to read in full as follows:

          "Section 8.2 Business of Credit Parties. The sole business of (a) WPC
     following the Share Exchange (as applicable) will be (and will continue to
     be) that of a holding company owning one-hundred percent (100%) of the
     issued and outstanding Equity of Borrower, and (b) the other Credit Parties
     will be (and will continue to be) the acquisition, exploration, development
     and operation of Mineral Interests and the production, processing and
     marketing of Hydrocarbons therefrom."

     1.5. Amendment to Asset Disposition Covenant. The last sentence of Section
9.5 of the Credit Agreement shall be amended to read in full as follows:

          "Except in connection with an Equity Investment, a Qualified Public
     Offering, or the Share Exchange, in no event will Borrower sell, transfer
     or dispose of any Equity in any Subsidiary nor will any Credit Party (other
     than WPC) issue or sell any Equity or any option, warrant or other right to
     acquire such Equity or security convertible into such Equity to any Person
     other than the Credit Party which is the direct parent of such issuer on
     the Closing Date."

     1.6. Amendment to Organizational Documents Covenant. Section 9.6 of the
Credit Agreement shall be amended to read in full as follows:

     "Section 9.6 Amendments to Organizational Documents; Other Material
Agreements. Borrower will not, nor will Borrower permit any other Credit Party
to, enter into or permit any modification or amendment of, or waive any material
right or obligation of any Person under, its certificate or articles of
incorporation, bylaws, partnership agreement, regulations or other
organizational documents other than amendments, modifications and waivers (a) in
connection with an Equity Investment, a Qualified Public Offering or the Share
Exchange, or (b) which will not, individually or in the aggregate, have a
Material Adverse Effect."

                                                                               5

<PAGE>

     1.7. Schedule 7.13. Schedule 7.13 to the Credit Agreement is hereby amended
and restated in its entirety in the form of Schedule 7.13 attached to this Third
Amendment.

     SECTION 2. Borrowing Base. Effective as of November 1, 2003, the Borrowing
Base shall be reaffirmed at $210,000,000 and shall remain at $210,000,000 until
the next Redetermination thereafter. Borrower and Banks agree that the
Redetermination provided for in this Section 2 shall not be construed or deemed
to be a Special Redetermination for purposes of Section 4.3 of the Credit
Agreement.

     SECTION 3. Conditions Precedent. The effectiveness of the amendments to the
Credit Agreement contained in Section 1 hereof is subject to the satisfaction of
each condition precedent set forth in this Section 3:

     3.1. Charter Documents. Borrower shall have delivered to Administrative
Agent (a) the certificate of incorporation of Borrower and WPC, in each case as
amended to date and certified as of a recent date by the Secretary of State of
Delaware, (b) the bylaws of Borrower and WPC, in each case as amended to date
and certified as accurate and complete by an Authorized Officer of Borrower and
WPC, respectively and (c) all material agreements and other documents evidencing
the Name Changes.

     3.2. Collateral Documents. Borrower shall have executed and delivered to
Administrative Agent such new Notes, amendments to the Mortgages and other
documents, instruments and agreements as Administrative Agent deems necessary or
advisable in order to grant to Administrative Agent, for the benefit of Banks,
or to continue perfection of the Liens previously granted to Administrative
Agent, for the benefit of Banks, a perfected first priority Lien in all
Borrowing Base Properties.

     3.3. Legal Opinion. Borrower shall have delivered to Administrative Agent
and each Bank a legal opinion of Welborn Sullivan Meck & Tooley, special counsel
to Borrower and WPC, favorably opining as to (a) the due authorization,
execution and delivery of this Third Amendment and the other Loan Papers
executed in connection herewith by Borrower, (b) the enforceability of this
Third Amendment and each other Loan Paper executed in connection herewith, (c)
the organization, existence and good standing of Borrower and WPC, and (d) such
other matters related to the execution of this Third Amendment and the other
Loan Papers executed in connection herewith as Administrative Agent shall
require, and otherwise in form and substance satisfactory to Administrative
Agent and Banks.

     3.4. Officer's Certificates. Borrower shall have delivered to
Administrative Agent such certificates of Authorized Officers of Borrower,
certificates of Governmental Authorities, certified copies of resolutions of the
Board of Directors of Borrower and such other documents, instruments and
agreements as Administrative Agent shall require to evidence the valid corporate
existence and authority to conduct business of Borrower, and the authorization,
execution and delivery of this Third Amendment and the other Loan Papers
executed in connection herewith, all in form and substance satisfactory to
Administrative Agent and its counsel.

                                                                               6

<PAGE>

     3.5. Other Documentation. Administrative Agent shall have received such
other documents, instruments and agreements as it or any Bank may reasonably
request, all in form and substance reasonably satisfactory to Administrative
Agent and Banks.

     3.6. Insurance. Certificates of insurance coverage evidencing that Borrower
is carrying insurance required by Section 8.6 of the Credit Agreement.

     3.7. Fees and Expenses. Borrower shall have paid all fees and expenses
incurred by Administrative Agent in connection with the preparation, negotiation
and execution of this Third Amendment, including, without limitation, all fees
and expenses of Vinson & Elkins L.L.P., counsel to Administrative Agent.

     3.8. No Defaults. After giving effect to the amendments contained in
Section 1 hereof, no Default or Event of Default shall exist.

     SECTION 4. Additional Covenants. Borrower hereby covenants and agrees as
follows:

     4.1. MSA. Upon the execution (as applicable) of the MSA, Borrower shall
deliver to Administrative Agent (a) a fully executed and complete copy of the
MSA (together with all amendments thereto) accompanied by a certificate executed
by an Authorized Officer of Borrower certifying that such copy is accurate and
complete and represents the complete understanding and agreement of the parties
thereto, and (b) all material agreements and other documents executed in
connection with the MSA and/or evidencing the Share Exchange. The MSA (and the
exhibits thereto) shall be substantially in the form of Exhibit B hereto, and
the agreements and documents described in clause (b) of this Section 4.1 shall
be in form and substance reasonably satisfactory to Banks. No material deviation
or alteration of the executed MSA from the form of MSA (and the exhibits
thereto) attached hereto as Exhibit B may be made without the prior written
consent of Banks.

     4.2. WPC Documents. Upon the execution (as applicable) of the MSA, Borrower
shall, or shall cause WPC to, deliver to Administrative Agent a Facility
Guaranty duly executed and delivered by WPC.

     SECTION 5. Representations and Warranties of Borrower. To induce Banks and
Administrative Agent to enter into this Third Amendment, Borrower hereby
represents and warrants to Banks and Administrative Agent as follows:

     5.1. Due Authorization; No Conflict. The execution, delivery and
performance by Borrower of this Third Amendment and the other Loan Papers
executed in connection herewith are within Borrower's corporate powers, have
been duly authorized by all necessary action, require no action by or in respect
of, or filing with, any governmental body, agency or official and do not violate
or constitute a default under any provision of applicable law or any Material
Agreement binding upon Borrower or result in the creation or imposition of any
Lien upon any of the assets of Borrower except Permitted Encumbrances.

     5.2. Validity and Enforceability. This Third Amendment and the other Loan
Papers executed in connection herewith constitute the valid and binding
obligation of Borrower

                                                                               7

<PAGE>

enforceable in accordance with its terms, except as (i) the enforceability
thereof may be limited by bankruptcy, insolvency or similar laws affecting
creditor's rights generally, and (ii) the availability of equitable remedies may
be limited by equitable principles of general application.

     5.3. Accuracy of Representations and Warranties. Each representation and
warranty of each Credit Party contained in the Loan Papers is true and correct
in all material respects as of the date hereof (except to the extent such
representations and warranties are expressly made as of a particular date, in
which event such representations and warranties were true and correct as of such
date).

     5.4. Absence of Defaults. After giving effect to the amendments contained
in Section 1 hereof, no Default or Event of Default has occurred which is
continuing.

     5.5. No Defense. Borrower has no defense to payment of, or any counterclaim
or rights of set-off with respect to, all or any portion of the Obligations.

     SECTION 6. Miscellaneous.

     6.1. Reaffirmation of Loan Papers. Any and all of the terms and provisions
of the Credit Agreement and the Loan Papers shall, except as amended and
modified hereby, remain in full force and effect, and are hereby ratified and
confirmed. The amendments contemplated hereby shall not limit or impair any
Liens securing the Obligations, each of which are hereby ratified, affirmed and
extended to secure the Obligations.

     6.2. Confirmation of Loan Papers and Liens. As a material inducement to
Banks to make the agreements and grant the consents, waivers and amendments set
forth herein, Borrower hereby (a) acknowledges and confirms the continuing
existence, validity and effectiveness of the Loan Papers and the Liens granted
thereunder, (b) agrees that the execution, delivery and performance of this
Third Amendment and the consummation of the transaction contemplated hereby
(including, without limitation, the Subject Transactions) shall not in any way
release, diminish, impair, reduce or otherwise adversely affect such Loan Papers
and Liens, and (c) acknowledges and agrees that the Liens granted under the Loan
Papers secure, and after the consummation of the transactions contemplated
hereby (including, without limitation, the Subject Transactions) will continue
to secure, the payment and performance of the Obligations as first priority
perfected Liens.

     6.3. Parties in Interest. All of the terms and provisions of this Third
Amendment shall bind and inure to the benefit of the parties hereto and their
respective successors and assigns.

     6.4. Legal Expenses. Borrower hereby agrees to pay on demand all reasonable
fees and expenses of counsel to Administrative Agent incurred by Administrative
Agent in connection with the preparation, negotiation and execution of this
Third Amendment.

     6.5. Counterparts. This Third Amendment may be executed in counterparts,
and all parties need not execute the same counterpart; however, no party shall
be bound by this Third Amendment until Borrower and Required Banks have executed
a counterpart. Facsimiles shall be effective as originals.

                                                                               8

<PAGE>

     6.6. Complete Agreement. THIS THIRD AMENDMENT, THE CREDIT AGREEMENT AND THE
OTHER LOAN PAPERS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG THE PARTIES.

     6.7. Headings. The headings, captions and arrangements used in this Third
Amendment are, unless specified otherwise, for convenience only and shall not be
deemed to limit, amplify or modify the terms of this Third Amendment, nor affect
the meaning thereof.

     6.8. Effectiveness. This Third Amendment shall be effective automatically
and without necessity of any further action by Borrower, Administrative Agent or
Banks when counterparts hereof have been executed by Borrower, Administrative
Agent and Required Banks, and all conditions to the effectiveness hereof set
forth herein and in the Credit Agreement have been satisfied (including, without
limitation, all conditions precedent set forth in Section 3 hereof).

     IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to
be duly executed by their respective Authorized Officers on the date and year
first above written.

                           [Signature pages to follow]

                                                                               9

<PAGE>

                               SIGNATURE PAGE TO
                      THIRD AMENDMENT TO CREDIT AGREEMENT
                                  BY AND AMONG
                 WHITING OIL AND GAS CORPORATION, AS BORROWER,
                     BANK ONE, NA, AS ADMINISTRATIVE AGENT

                          AND THE BANKS PARTY THERETO

                                             BORROWER:

                                             WHITING OIL AND GAS CORPORATION, a
                                             Delaware corporation

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                             ACKNOWLEDGED AND AGREED TO BY:

                                             WHITING PETROLEUM CORPORATION, a
                                             Delaware corporation

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                [Signature Page]

<PAGE>

                                SIGNATURE PAGE TO
                       THIRD AMENDMENT TO CREDIT AGREEMENT
                                  BY AND AMONG
                 WHITING OIL AND GAS CORPORATION, AS BORROWER,
                     BANK ONE, NA, AS ADMINISTRATIVE AGENT
                          AND THE BANKS PARTY THERETO

                                             ADMINISTRATIVE AGENT:

                                             BANK ONE, NA

                                             -----------------------------------
                                             J. Scott Fowler,
                                             Director, Capital Markets

                                             BANKS:

                                             BANK ONE, NA

                                             -----------------------------------
                                             J. Scott Fowler,
                                             Director, Capital Markets

                                [Signature Page]

<PAGE>

                                SIGNATURE PAGE TO
                       THIRD AMENDMENT TO CREDIT AGREEMENT
                                  BY AND AMONG
                 WHITING OIL AND GAS CORPORATION, AS BORROWER,
                     BANK ONE, NA, AS ADMINISTRATIVE AGENT
                          AND THE BANKS PARTY THERETO

                                             WACHOVIA BANK, NATIONAL
                                             ASSOCIATION

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                [Signature Page]

<PAGE>

                                SIGNATURE PAGE TO
                       THIRD AMENDMENT TO CREDIT AGREEMENT
                                  BY AND AMONG
                 WHITING OIL AND GAS CORPORATION, AS BORROWER,
                     BANK ONE, NA, AS ADMINISTRATIVE AGENT
                          AND THE BANKS PARTY THERETO

                                             U.S. BANK NATIONAL ASSOCIATION

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                [Signature Page]

<PAGE>

                                SIGNATURE PAGE TO
                       THIRD AMENDMENT TO CREDIT AGREEMENT
                                  BY AND AMONG
                 WHITING OIL AND GAS CORPORATION, AS BORROWER,
                     BANK ONE, NA, AS ADMINISTRATIVE AGENT
                          AND THE BANKS PARTY THERETO

                                             UNION BANK OF CALIFORNIA

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                [Signature Page]

<PAGE>

                                SIGNATURE PAGE TO
                       THIRD AMENDMENT TO CREDIT AGREEMENT
                                  BY AND AMONG
                 WHITING OIL AND GAS CORPORATION, AS BORROWER,
                     BANK ONE, NA, AS ADMINISTRATIVE AGENT
                          AND THE BANKS PARTY THERETO

                                             FORTIS CAPITAL CORP.

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                [Signature Page]

<PAGE>

                                SIGNATURE PAGE TO
                       THIRD AMENDMENT TO CREDIT AGREEMENT
                                  BY AND AMONG
                 WHITING OIL AND GAS CORPORATION, AS BORROWER,
                     BANK ONE, NA, AS ADMINISTRATIVE AGENT
                          AND THE BANKS PARTY THERETO

                                             BANK OF OKLAHOMA, N.A.

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                [Signature Page]

<PAGE>

                                SIGNATURE PAGE TO
                       THIRD AMENDMENT TO CREDIT AGREEMENT
                                  BY AND AMONG
                 WHITING OIL AND GAS CORPORATION, AS BORROWER,
                     BANK ONE, NA, AS ADMINISTRATIVE AGENT
                          AND THE BANKS PARTY THERETO

                                             COMERICA BANK

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                [Signature Page]

<PAGE>

                                SIGNATURE PAGE TO
                       THIRD AMENDMENT TO CREDIT AGREEMENT
                                  BY AND AMONG
                 WHITING OIL AND GAS CORPORATION, AS BORROWER,
                     BANK ONE, NA, AS ADMINISTRATIVE AGENT
                          AND THE BANKS PARTY THERETO

                                             BANK OF SCOTLAND

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                [Signature Page]

<PAGE>

                                SIGNATURE PAGE TO
                       THIRD AMENDMENT TO CREDIT AGREEMENT
                                  BY AND AMONG
                 WHITING OIL AND GAS CORPORATION, AS BORROWER,
                     BANK ONE, NA, AS ADMINISTRATIVE AGENT
                          AND THE BANKS PARTY THERETO

                                             WELLS FARGO BANK, N.A.

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                [Signature Page]

<PAGE>

                                SIGNATURE PAGE TO
                       THIRD AMENDMENT TO CREDIT AGREEMENT
                                  BY AND AMONG
                 WHITING OIL AND GAS CORPORATION, AS BORROWER,
                     BANK ONE, NA, AS ADMINISTRATIVE AGENT
                          AND THE BANKS PARTY THERETO

                                             COMPASS BANK

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                [Signature Page]

<PAGE>

                                SIGNATURE PAGE TO
                       THIRD AMENDMENT TO CREDIT AGREEMENT
                                  BY AND AMONG
                 WHITING OIL AND GAS CORPORATION, AS BORROWER,
                     BANK ONE, NA, AS ADMINISTRATIVE AGENT
                          AND THE BANKS PARTY THERETO

                                             NATEXIS BANQUES POPULAIRES

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                [Signature Page]

<PAGE>

                                    EXHIBIT A
                                    ---------

                            Form of Facility Guaranty
                            -------------------------

                                     A - 1

<PAGE>

                                    EXHIBIT B
                                    ---------

                                   Form of MSA
                                   -----------

                                     B - 1

<PAGE>

                                  SCHEDULE 7.13
                                  -------------

                            Organizational Structure
                            ------------------------

Credit Party:  Whiting Oil and Gas Corporation ("Borrower")

Jurisdiction of Incorporation:  Delaware

Jurisdiction of Qualification as a Foreign Corporation:  Alabama, Arkansas,
California, Colorado, Kansas, Louisiana, Michigan, Montana, Nebraska, New
Mexico, North Dakota, Ohio, South Dakota, Texas and Wyoming

Authorized, issued and outstanding Equity of Borrower:  1,000 shares

Outstanding warrants, options, subscription rights, convertible securities or
other rights to Equity of Borrower:  None

                                   S-7.13 - 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]