Document:

ex10_3.htm

    EMPLOYMENT
AGREEMENT

    

    This AGREEMENT (the “Agreement”) is
made as of the date signed (the “Effective Date”), by and between Global
Automotive Supply, Inc., a Nevada corporation with its headquarters located in
Orlando, Florida (the “Employer”), and Harry Christenson (the
“Executive”).  In consideration of the mutual covenants contained in
this Agreement, the Employer and the Executive agree as follows:

    

    1.           Employment.  The
Employer agrees to employ the Executive and the Executive agrees to be employed
by the Employer on the terms and conditions set forth in this
Agreement.

    

    2.           Capacity;
Location.  The Executive shall serve the Employer as Chief
Financial Officer.  In his capacity as Chief Financial Officer,
Executive will report to the Chief Executive Officer, and shall be responsible
for strategic and operational matters relating to the Employer’s finance and
accounting efforts subject to the direction of the Chief Executive
Officer.  In such capacity, the Executive shall perform such services
and duties in connection with the business, affairs and operations of the
Employer as may be assigned or delegated to the Executive from time to time by
or under the authority of the Chief Executive Officer.  Executive’s
employment with Employer will be based in Employer’s Orlando, Florida offices;
provided, that
Employee may be required from time to time to travel in connection with
Employer’s business needs.

    

    3.           Term.  The
term of this Agreement shall be a period of three years during which time
Executive shall be considered an at-will employee of Employer and, subject to
the provisions of Section 6, the employment relationship described herein may be
terminated by either Executive or Employer at any time.

    

    4.           Compensation and
Benefits.  The regular compensation and benefits payable to the
Executive under this Agreement shall be as follows:

    

    (a) Base
Salary.  Beginning February 22, 2008, for all services rendered
by the Executive under this Agreement, the Employer shall pay the Executive a
base salary (the “Salary”) at the annual rate of One Hundred and Seventy Five
Thousand Dollars ($175,000), subject to increase from time to time in the
discretion of the Board of Directors of Employer or the Compensation Committee,
if any, of the Board of Directors (the “Compensation Committee”).  The
Salary shall be payable in periodic installments in accordance with the
Employer’s usual practice for its senior executives.

     

    (b) Bonus. Executive
shall be eligible to participate in an incentive program established by the
Compensation Committee, with such terms as may be established in the sole
discretion of the Compensation Committee.

     

    (c)           Regular
Benefits.  The Executive shall be entitled to fully paid health
insurance benefits from Employer, and shall also be entitled to participate in
any car allowance/lease, employee benefit plans, life insurance plans,
disability income plans, retirement plans, expense reimbursement plans and other
benefit plans which the Employer may from time to time have in effect for all or
most of its executive management employees.  Executive shall have the
option to receive cash payments in equivalent to the current company health
insurance cost (currently $1,250) per month if Executive elects to decline
participation in the Employer’s health insurance plan. Participation in any
Employer benefit plan shall be subject to the terms of the applicable plan
documents, generally applicable policies of the Employer, applicable law and the
discretion of the Board of Directors, the Compensation Committee or any
administrative or other committee provided for in or contemplated by any such
plan.  Except with respect to the aforementioned health insurance
benefits, nothing contained in this Agreement shall be construed to create any
obligation on the part of the Employer to establish any such plan or to maintain
the effectiveness of any such plan, which may be in effect from time to
time.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (d)           Vacation.  The
Executive shall be entitled to vacation according to Employer’s vacation policy,
such vacation time to accrue on a per-pay-period basis and not to be less than
two weeks per 12-month period.

    

    (e)           Taxation of Payments and
Benefits.  The Employer shall undertake to make deductions,
withholdings and tax reports with respect to payments and benefits under this
Agreement to the extent that it reasonably and in good faith believes that it is
required to make such deductions, withholdings and tax
reports.  Payments under this Agreement shall be in amounts net of any
such deductions or withholdings.  Nothing in this Agreement shall be
construed to require the Employer to make any payments to compensate the
Executive for any adverse tax effect associated with any payments or benefits or
for any deduction or withholding from any payment or benefit.

    

    (f) Expenses.  The
Employer shall reimburse the Executive for all reasonable and necessary business
related travel expenses incurred or paid by the Executive in performing his
duties under this Agreement and which are consistent with applicable policies of
the Employer.  All payments for reimbursement of such expenses shall
be made upon presentation by the Executive of expense statements or vouchers and
such other supporting information as the Employer may from time to time
reasonably request.

    

    (g) Stock
Options.  The Employer shall grant to the Executive, pursuant
to and subject to the Employer’s 2008 stock option plan as soon as such plan is
approved by the Board of Directors to purchase a then to be determined number of
shares of the Employer’s common stock, at an exercise price per share to be
determined immediately after the Company becomes a publicly traded
company.  Of these initial options, 50% will vest upon the date of
grant and the balance will vest over a two-year period in equal increments on
each anniversary of the date of grant.  All options granted shall
expire according to the terms of the option plan.

    

    (h)  Extent of
Service.  During the Executive’s employment under this
Agreement, the Executive shall devote the Executive’s full business time, best
efforts and business judgment, skill and knowledge to the advancement of the
Employer’s interests and to the discharge of the Executive’s duties and
responsibilities under this Agreement.  The Executive shall not engage
in any other business activity, except as may be approved by the Chief Executive
Officer; provided, that
nothing in this Agreement shall be construed as preventing the Executive
from:

     

    
      
        
        

      

      
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    (a)           investing
the Executive’s assets in any company or other entity in a manner not prohibited
by Section 7(d) and in such form or manner as shall not require any material
activities on the Executive’s part in connection with the operations or affairs
of the companies or other entities in which such investments are made;
and

    

    (b)           engaging
in religious, charitable or other community or non-profit activities that do not
impair the Executive’s ability to fulfill the Executive’s duties and
responsibilities under this Agreement.

    

    6.           Termination and Termination
Benefits.  Notwithstanding the provisions of Section 3, the
Executive’s employment under this Agreement shall terminate under the following
circumstances set forth in this Section 6.

    

    (a)           Termination by the Employer
for Cause. The Executive’s employment under this Agreement may be
terminated for “Cause” without further liability on the part of the Employer,
effective immediately upon a vote of the Board of Directors and written notice
to the Executive.  Only the following shall constitute “Cause” for
such termination:

    

    (i)           dishonest
or fraudulent statements or acts of the Executive with respect to the Employer
or any affiliate of the Employer;

    

    (ii)           the
Executive’s conviction of, or entry of a plea of guilty or nolo contendere for,
(A) a felony or (B) any misdemeanor (excluding minor traffic violations)
involving moral turpitude, deceit, dishonesty or fraud;

    

    (iii)           gross
negligence, willful misconduct or insubordination of the Executive with respect
to the Employer or any affiliate of the Employer; or

    

    (iv)           material
breach by the Executive of any of the Executive’s obligations under this
Agreement, or any other agreement to which Executive and Employer are now or
hereafter a party to.

    

    (b)           Termination by the
Executive.  The Executive’s employment under this Agreement may
be terminated by the Executive by written notice to Employer at least thirty
(30) days prior to such termination.

    

    (c)           Termination by the Employer
Without Cause.  Subject to the payment of Termination Benefits
pursuant to Section 6(d), the Executive’s employment under this Agreement may be
terminated by the Employer without Cause upon written notice to the Executive (a
termination “Without Cause”).

     

    
      
        
        

      

      
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    (d)           Certain Termination
Benefits.  Unless otherwise specifically provided in this
Agreement or otherwise required by law, all compensation and benefits payable to
the Executive under this Agreement shall terminate on the date of termination of
the Executive’s employment under this Agreement.  Notwithstanding the
foregoing, in the event of termination of the Executive’s employment with the
Employer Without Cause pursuant to Section 6(c) above, the Employer shall
provide to the Executive the following termination benefits (“Termination
Benefits”):

    

    (i)           payment
of the Executive’s Salary at the rate then in effect pursuant to Section 4(a)
for the period from the date of termination until the date that is two (2)
months after the date of termination; and

    

    Notwithstanding
the foregoing, nothing in this Section 6(d) shall be construed to affect the
Executive’s right to receive COBRA continuation entirely at the Executive’s own
cost to the extent that the Executive may continue to be entitled to COBRA
continuation after the Executive’s right to cost sharing under Section 6(d)(ii)
ceases.

    

    (e)           Disability.  If
the Executive shall be disabled so as to be unable to perform the essential
functions of the Executive’s then existing position or positions under this
Agreement with reasonable accommodation, the CEO may remove the Executive from
any responsibilities and/or reassign the Executive to another position with the
Employer during the period of such disability.  Notwithstanding any
such removal or reassignment, the Executive shall continue to receive the
Executive’s full Salary (less any disability pay or sick pay benefits to which
the Executive may be entitled under the Employer’s policies) and benefits under
Section 4 of this Agreement (except to the extent that the Executive may be
ineligible for one or more such benefits under applicable plan terms) for a
period of time equal to two (2) months.  If any question shall arise
as to whether during any period the Executive is disabled so as to be unable to
perform the essential functions of the Executive’s then existing position or
positions with reasonable accommodation, the Executive may, and at the request
of the Employer shall, submit to the Employer a certification in reasonable
detail by a physician selected by the Employer to whom the Executive or the
Executive’s guardian has no reasonable objection as to whether the Executive is
so disabled or how long such disability is expected to continue, and such
certification shall for the purposes of this Agreement be conclusive of the
issue.  The Executive shall cooperate with any reasonable request of
the physician in connection with such certification.  If such question
shall arise and the Executive shall fail to submit such certification, the
Employer’s determination of such issue shall be binding on the
Executive.  Nothing in this Section 6(e) shall be construed to waive
the Executive’s rights, if any, under existing law including, without
limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans
with Disabilities Act, 42 U.S.C. §12101 et seq.

     

    
      
        
        

      

      
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    7.           Confidential Information,
Noncompetition and Cooperation.

    

    (a)           Confidential
Information.  As used in this Agreement, “Confidential
Information” means information belonging to the Employer which is of value to
the Employer in the course of conducting its business and the disclosure of
which could result in a competitive or other disadvantage to the
Employer.  Confidential Information includes, without limitation,
financial information, reports, and forecasts; inventions, improvements and
other intellectual property; trade secrets; know-how; designs, processes or
formulae; software; market or sales information or plans; customer lists; and
business plans, prospects and opportunities (such as possible acquisitions or
dispositions of businesses or facilities) which have been discussed or
considered by the management of the Employer.  Confidential
Information includes information developed by the Executive in the course of the
Executive’s employment by the Employer, as well as other information to which
the Executive may have access in connection with the Executive’s
employment.  Confidential Information also includes the confidential
information of others with which the Employer has a business
relationship.  Notwithstanding the foregoing, Confidential Information
does not include information in the public domain, unless due to breach of the
Executive’s duties under Section 7(b).

    

    (b)           Confidentiality.  The
Executive understands and agrees that the Executive’s employment creates a
relationship of confidence and trust between the Executive and the Employer with
respect to all Confidential Information.  At all times, both during
the Executive’s employment with the Employer and after its termination, the
Executive will keep in confidence and trust all such Confidential Information,
and will not use or disclose any such Confidential Information without the
written consent of the Employer, except as may be necessary in the ordinary
course of performing the Executive’s duties to the Employer.

    

    (c)           Documents, Records,
etc.  All documents, records, data, apparatus, equipment and
other physical property, whether or not pertaining to Confidential Information,
which are furnished to the Executive by the Employer or are produced by the
Executive in connection with the Executive’s employment will be and remain the
sole property of the Employer.  The Executive will return to the
Employer all such materials and property as and when requested by the
Employer.  In any event, the Executive will return all such materials
and property immediately upon termination of the Executive’s employment for any
reason.  The Executive will not retain with the Executive any such
material or property or any copies thereof after such termination.

    

    (d)           Noncompetition and
Nonsolicitation.  Without the prior written consent of the CEO,
during the period that Executive is employed by Employer and for one (1) year
thereafter, the Executive (i) will not, directly or indirectly, whether as
owner, partner, shareholder, consultant, agent, employee, co-venturer or
otherwise, engage, participate, assist or invest in any Competing Business (as
hereinafter defined); (ii) will refrain from directly or indirectly employing,
attempting to employ, recruiting or otherwise soliciting, inducing or
influencing any person to leave employment with the Employer; and (iii) will
refrain from soliciting or encouraging any customer or supplier to terminate or
otherwise modify adversely its business relationship with the
Employer.  The Executive understands that the restrictions set forth
in this Section 7(d) are intended to protect the Employer’s interest in its
Confidential Information and established employee, customer and supplier
relationships and goodwill, and agrees that such restrictions are reasonable and
appropriate for this purpose.  For purposes of this Agreement, the
term “Competing Business” shall mean any business that provides or intends to
provide the same or similar types of services or products as those provided or
targeted by Employer or any of its subsidiaries in any geographic area then
served or targeted by Employer or any of its
subsidiaries.  Notwithstanding the foregoing, the Executive may own up
to two percent (2%) of the outstanding stock of a publicly held
corporation.

     

    
      
        
        

      

      
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    (e)           Third-Party Agreements and
Rights.  The Executive hereby confirms that the Executive is
not bound by the terms of any agreement with any previous employer or other
party which restricts in any way the Executive’s use or disclosure of
information or the Executive’s engagement in any business.  The
Executive represents to the Employer that the Executive’s execution of this
Agreement, the Executive’s employment with the Employer and the performance of
the Executive’s proposed duties for the Employer will not violate any
obligations the Executive may have to any such previous employer or other
party.  In the Executive’s work for the Employer, the Executive will
not disclose or make use of any information in violation of any agreements with
or rights of any such previous employer or other party, and the Executive will
not bring to the premises of the Employer any copies or other tangible
embodiments of non-public information belonging to or obtained from any such
previous employment or other party.

    

    (f)           Litigation and Regulatory
Cooperation.  During and after the Executive’s employment, the
Executive shall cooperate fully with the Employer in the defense or prosecution
of any claims or actions now in existence or which may be brought in the future
against or on behalf of the Employer which relate to events or occurrences that
transpired while the Executive was employed by the Employer.  The
Executive’s full cooperation in connection with such claims or actions shall
include, but not be limited to, being available to meet with counsel to prepare
for discovery or trial and to act as a witness on behalf of the Employer at
mutually convenient times.  During and after the Executive’s
employment, the Executive also shall cooperate fully with the Employer in
connection with any investigation or review of any federal, state or local
regulatory authority as any such investigation or review relates to events or
occurrences that transpired while the Executive was employed by the
Employer.  The Employer shall reimburse the Executive for any
reasonable out-of-pocket expenses incurred in connection with the Executive’s
performance of obligations pursuant to this Section 7(f) and shall pay the
Executive for his time at his annual salary rate in effect at the time of the
termination of his employment.

    

    (g)           Developments.  Executive
will make full and prompt disclosure to the Employer of all inventions,
discoveries, designs, developments, methods, modifications, improvements,
processes, algorithms, databases, computer programs, formulae, techniques, trade
secrets, graphics or images, audio or visual works, and other works of
authorship (collectively "Developments"), whether or not patentable or
copyrightable, that are created, made, conceived or reduced to practice by
Executive (alone or jointly with others) or under Executive's direction during
the period of his employment.  Executive acknowledges that all work
performed by Executive for Employer hereunder is on a "work for hire" basis, and
Executive hereby assigns and transfers, and will assign and transfer, to
the Employer and its successors and assigns all of Executive's right, title and
interest, including but not limited to all patents, patent applications,
trademarks and trademark applications, copyrights and copyright applications,
and other intellectual property rights in all countries and territories
worldwide and under any international conventions, in and to all Developments
that (a) relate to the business of the Employer or any of the products or
services of the Employer; (b) result from tasks assigned to Executive by
the Employer; or (c) result from the use of personal property (whether tangible
or intangible) owned, leased or contracted for by the Employer.

     

    
      
        
        

      

      
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    (h)           Injunction.  The
Executive agrees that it would be difficult to measure any damages caused to the
Employer which might result from any breach by the Executive of the promises set
forth in this Section 7, and that in any event money damages would be an
inadequate remedy for any such breach.  Accordingly, subject to
Section 8 of this Agreement, the Executive agrees that if the Executive
breaches, or proposes to breach, any portion of this Agreement, the Employer
shall be entitled, in addition to all other remedies that it may have, to an
injunction or other appropriate equitable relief to restrain any such breach
without showing or proving any actual damage to the Employer.

    

    8.           Arbitration of
Disputes.   Any controversy or claim arising out of or
relating to this Agreement or the breach thereof or otherwise arising out of the
Executive’s employment or the termination of that employment (including, without
limitation, any claims of unlawful employment discrimination whether based on
age or otherwise) shall, to the fullest extent permitted by law, be settled by
arbitration in any forum and form agreed upon by the parties or, in the absence
of such an agreement, under the auspices of the American Arbitration Association
(“AAA”) in Orlando, Florida in accordance with the Employment Dispute Resolution
Rules of the AAA, including, but not limited to, the rules and procedures
applicable to the selection of arbitrators.  In the event that any
person or entity other than the Executive or the Employer may be a party with
regard to any such controversy or claim, such controversy or claim shall be
submitted to arbitration subject to such other person or entity’s
agreement.  Judgment upon the award rendered by the arbitrator may be
entered in any court having jurisdiction thereof.  This Section 8
shall be specifically enforceable. Notwithstanding the foregoing, this Section 8
shall not preclude either party from pursuing a court action for the sole
purpose of obtaining a temporary restraining order or a preliminary injunction
in circumstances in which such relief is appropriate; provided, that any
other relief shall be pursued through an arbitration proceeding pursuant to this
Section 8.

    

    9.           Consent to
Jurisdiction. To the extent that any court action is permitted consistent
with or to enforce Section 8 of this Agreement, the parties hereby consent to
the jurisdiction of the courts of the State of Florida.  Accordingly,
with respect to any such court action, the Executive (a) submits to the personal
jurisdiction of such courts; (b) consents to service of process; and (c) waives
any other requirement (whether imposed by statute, rule of court, or otherwise)
with respect to personal jurisdiction or service of process.

     

    
      
        
        

      

      
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    10.           Integration.  This
Agreement constitutes the entire agreement between the parties with respect to
the subject matter hereof and supersedes all prior agreements between the
parties with respect to any related subject matter.

    

    11.           Assignment; Successors and
Assigns, etc.  Neither the Employer nor the Executive may make
any assignment of this Agreement or any interest herein, by operation of law or
otherwise, without the prior written consent of the other party; provided, that the
Employer may assign its rights under this Agreement without the consent of the
Executive in the event that the Employer shall effect a reorganization,
consolidate with or merge into any other corporation, partnership, organization
or other entity, or transfer all or substantially all of its properties or
assets to any other corporation, partnership, organization or other
entity.  This Agreement shall inure to the benefit of and be binding
upon the Employer and the Executive, their respective successors, executors,
administrators, heirs and permitted assigns.

    

    12.           Enforceability.  If
any portion or provision of this Agreement (including, without limitation, any
portion or provision of any section of this Agreement) shall to any extent be
declared illegal or unenforceable by a court of competent jurisdiction, then the
remainder of this Agreement, or the application of such portion or provision in
circumstances other than those as to which it is so declared illegal or
unenforceable, shall not be affected thereby, and each portion and provision of
this Agreement shall be valid and enforceable to the fullest extent permitted by
law.

    

    13.           Waiver.  No
waiver of any provision hereof shall be effective unless made in writing and
signed by the waiving party.  The failure of any party to require the
performance of any term or obligation of this Agreement, or the waiver by any
party of any breach of this Agreement, shall not prevent any subsequent
enforcement of such term or obligation or be deemed a waiver of any subsequent
breach.

    

    14.           Notices.  Any
notices, requests, demands and other communications provided for by this
Agreement shall be sufficient if in writing and delivered in person or sent by a
nationally recognized overnight courier service or by registered or certified
mail, postage prepaid, return receipt requested, to the Executive at the last
address the Executive has filed in writing with the Employer or, in the case of
the Employer, at 119 Gatlin Avenue, Orlando, Florida 38206, ATTN: Chief
Executive Officer, and shall be effective on the date of delivery in person or
by courier or three (3) days after the date mailed.

    

    15.           Amendment.  This
Agreement may be amended or modified only by a written instrument signed by the
Executive and by a duly authorized representative of the Employer.

    

    16.           Governing
Law.  This is a Florida contract and shall be construed under
and be governed in all respects by the laws of the State of Florida, without
giving effect to the conflict of laws principles of such State.

     

    
      
        
        

      

      
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    17.           Counterparts.  This
Agreement may be executed in any number of counterparts, each of which when so
executed and delivered shall be taken to be an original; but such counterparts
shall together constitute one and the same document.

    

    IN WITNESS WHEREOF, this Agreement has
been executed by the Employer and by the Executive as of the Effective
Date.

    
    

     

    
      	Global Automotive
      Supply, Inc.
	 	 
	By:	/s/
      Joseph DeFrancisci
	 	
              Mr.
      Joseph DeFrancisci

              Chief
      Executive Officer

            
	 	 
	Executive:
	 
	 	/s/
      Harry Christenson
	 	Harry
      Christenson
	Date:	February 22,
      2008exhibit10-6.htm

     

    
      

      

    

    

    Exhibit
10.6

    

    WHITING
PETROLEUM CORPORATION

     

    PRODUCTION
PARTICIPATION PLAN

     

    Amended
and Restated

    February
4, 2008

    

     

    PREAMBLE

     

    WHITING
PETROLEUM CORPORATION, a Delaware corporation (collectively with its
wholly-owned subsidiaries Whiting Oil and Gas Corporation, a Delaware
corporation and Equity Oil Company, a Colorado corporation, the “Company”),
hereby establishes the following production participation plan (the “Plan”).  The
Plan is intended to provide greater incentives to the Company’s employees to
increase the profitability of the Company and to enable the Company to attract,
motivate and retain valuable employees upon whom, in large measure, the
continued profitability of the Company depends.  It is intended that
each employee have an opportunity to participate in the results of successful
acquisition and development of proven reserves.

     

    ARTICLE
I

     

    Definitions

     

    The
following words and phrases shall have the meaning set forth below unless the
context clearly indicates otherwise:

     

    1.1           “Act”
means the Securities Exchange Act of 1934, as amended.

     

    1.2           “Affiliate” and
“Associate” shall have the respective meanings ascribed to such terms in
Rule l2b-2 of the General Rules and Regulations under the Act.

     

    1.3           A
Person shall be deemed to be the “Beneficial
Owner” of any securities:

     

    (a)           which
such Person or any of such Person’s Affiliates or Associates has the right to
acquire (whether such right is exercisable immediately or only after the passage
of time) pursuant to any agreement, arrangement or understanding, or upon the
exercise of conversion rights, exchange rights, rights, warrants or options, or
otherwise; provided, however, that a Person shall not be deemed the Beneficial
Owner of, or to beneficially own, (i) securities tendered pursuant to a
tender or exchange offer made by or on behalf of such Person or any of such
Person’s Affiliates or Associates until such tendered securities are accepted
for purchase, or (ii) securities issuable upon exercise of rights issued
pursuant to the terms of any Rights Agreement of the Company, at any time before
the issuance of such securities;

     

    (b)           which
such Person or any of such Person’s Affiliates or Associates, directly or
indirectly, has the right to vote or dispose of or has “beneficial
ownership” of (as determined pursuant to Rule l3d-3 of the General
Rules and Regulations under the Act), including pursuant to any agreement,
arrangement or understanding; provided, however, that a Person shall not be
deemed the Beneficial Owner of, or to beneficially own, any security under this
clause (b) as a result of an agreement, arrangement or understanding to
vote such security if the agreement, arrangement or understanding:
(i) arises solely from a revocable proxy or consent given to such Person in
response to a public proxy or consent solicitation made pursuant to, and in
accordance with, the applicable rules and regulations under the Act and
(ii) is not also then reportable on a Schedule l3D under the Act (or
any comparable or successor report); or

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c)           which
are beneficially owned, directly or indirectly, by any other Person with which
such Person or any of such Person’s Affiliates or Associates has any agreement,
arrangement or understanding for the purpose of acquiring, holding, voting
(except pursuant to a revocable proxy as described in clause (c) above) or
disposing of any voting securities of the Company.

     

    1.4           “Change in
Control” means, for purposes of Section 7.1 (accelerated vesting), the
occurrence of any of the following:

     

    (a)           any
Person (other than (i) the Company or any of its subsidiaries, (ii) a trustee or
other fiduciary holding securities under any employee benefit plan of the
Company or any of its subsidiaries, (iii) an underwriter temporarily holding
securities pursuant to an offering of such securities or (iv) a corporation
owned, directly or indirectly, by the shareholders of the Company in
substantially the same proportions as their ownership of stock in the Company
(“Excluded
Persons”)) is or becomes the Beneficial Owner, directly or indirectly, of
securities of the Company (not including in the securities beneficially owned by
such Person any securities acquired directly from the Company or its Affiliates
after February 23, 2006, pursuant to express authorization by the Board that
refers to this exception) representing 20% or more of either the then
outstanding shares of common stock of the Company or the combined Voting Power
of the Company’s then outstanding voting securities; or

     

    (b)           the
following individuals cease for any reason to constitute a majority of the
number of directors of the Company then serving:  (i) individuals who,
on February 23, 2006 constituted the Board and (ii) any new director (other than
a director whose initial assumption of office is in connection with an actual or
threatened election contest, including but not limited to a consent
solicitation, relating to the election of directors of the Company) whose
appointment or election by the Board or nomination for election by the Company’s
shareholders was approved by a vote of at least two-thirds (2/3) of the
directors then still in office who either were directors on February 23, 2006,
or whose appointment, election or nomination for election was previously so
approved (collectively the “Continuing
Directors”); provided, however, that individuals who are appointed to the
Board pursuant to or in accordance with the terms of an agreement relating to a
merger, consolidation, or share exchange involving the Company (or any direct or
indirect subsidiary of the Company) shall not be Continuing Directors for
purposes of this definition until after such individuals are first nominated for
election by a vote of at least two-thirds (2/3) of the then Continuing Directors
and are thereafter elected as directors by the shareholders of the Company at a
meeting of shareholders held following consummation of such merger,
consolidation, or share exchange; and, provided further, that in the event the
failure of any such persons appointed to the Board to be Continuing Directors
results in a Change in Control of the Company, the subsequent qualification of
such persons as Continuing Directors shall not alter the fact that a Change in
Control of the Company occurred; or

     

    (c)           the
shareholders of the Company approve a merger, consolidation or share exchange of
the Company with any other corporation or approve the issuance of voting
securities of the Company in connection with a merger, consolidation or share
exchange of the Company (or any direct or indirect subsidiary of the Company)
pursuant to applicable stock exchange requirements, other than (i) a merger,
consolidation or share exchange which would result in the voting securities of
the Company outstanding immediately prior to such merger, consolidation or share
exchange continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity or any parent thereof)
at least 50% of the combined Voting Power of the voting securities of the
Company or such surviving entity or any parent thereof outstanding immediately
after such merger, consolidation or share exchange, or (ii) a merger,
consolidation or share exchange effected to implement a recapitalization of the
Company (or similar transaction) in which no Person (other than an Excluded
Person) is or becomes the Beneficial Owner, directly or indirectly, of
securities of the Company (not including in the securities beneficially owned by
such Person any securities acquired directly from the Company or its Affiliates
after February 23, 2006, pursuant to express authorization by the Board that
refers to this exception) representing 20% or more of either the then
outstanding shares of common stock of the Company or the combined Voting Power
of the Company’s then outstanding voting securities; or

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (d)           the
shareholders of the Company approve a plan of complete liquidation or
dissolution of the Company or an agreement for the sale or disposition by the
Company of all or substantially all of the Company’s assets (in one transaction
or a series of related transactions within any period of 24 consecutive months),
other than a sale or disposition by the Company of all or substantially all of
the Company’s assets to an entity at least 75% of the combined Voting Power of
the voting securities of which are owned by Persons in substantially the same
proportions as their ownership of the Company immediately prior to such
sale.

     

    Notwithstanding
the foregoing, no “Change in
Control” shall be deemed to have occurred if there is consummated any
transaction or series of integrated transactions immediately following which the
record holders of the common stock of the Company immediately prior to such
transaction or series of transactions continue to own, directly or indirectly,
in the same proportions as their ownership in the Company, an entity that owns
all or substantially all of the assets or voting securities of the Company
immediately following such transaction or series of transactions.

     

    1.5           “Change in
Control” means, for purposes of Section 7.2 (Plan termination), the
occurrence of the following:

     

    (a)           A
change in the ownership of the Company, which shall occur on the date that any
one person, or more than one person acting as a group (as defined below)
acquires ownership of the stock of the Company that, together with the stock
then held by such person or group, constitutes more than fifty percent (50%) of
the total fair market value or total voting power of the stock of the
Company.  However, if any one person or more than one person acting as
a group is considered to own more than fifty (50%) of the total fair market
value or total voting power of the stock of the Company, the acquisition of
additional stock by the same person or persons is not considered to cause a
Change in Control.

     

    (b)           A
change in the effective control of the Company, which shall occur on the date
that:

     

    (i)           Any
one person, or more than one person acting as a group, acquires (or has acquired
during the twelve month period ending on the date of the most recent acquisition
by such person or persons) ownership of stock of the Company possessing thirty
percent (30%) or more of the total voting power of the stock of the
Company.  However, if any one person or more than one person acting as
a group is considered to own more than thirty percent (30%) of the total voting
power of the stock of the Company, the acquisition of additional voting stock by
the same person or persons is not considered to cause a Change in Control;
or

     

    (ii)           A
majority of the members of the Board is replaced during any twelve month period
by directors whose appointment or election is not endorsed by a majority of the
members of the Board prior to the date of the appointment or
election.

     

    (c)           A
change in the ownership of a substantial portion of the Company’s assets, which
shall occur on the date that any one person, or more than one person acting as a
group, acquires (or has acquired during the twelve month period ending on the
date of the most recent acquisition by such person or persons) assets from the
Company that have a total gross fair market value equal to more than
seventy-five percent (75%) of the total gross fair market value of all the
assets of the Company immediately prior to such acquisition or acquisitions,
other than an excluded transaction (as defined below).  For purposes
of this paragraph:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (i)           “Gross fair
market value” means the value of the assets of the Company, or the value
of the assets being disposed of, as applicable, determined without regard to any
liabilities associates with such assets.

     

    (ii)           The
term “excluded
transaction” means any transaction in which assets are transferred
to:  (A) a shareholder of the Company (determined immediately before
the asset transfer) in exchange for or with respect to its stock; (B) an entity,
fifty percent (50%) or more of the total value or voting power of which is
owned, directly or indirectly, by the Company (determined after the asset
transfer); (C) a person, or more than one person acting as a group, that owns,
directly or indirectly, fifty percent (50%) or more of the total value or voting
power of all the outstanding stock of the Company (determined after the asset
transfer); or (D) an entity at least fifty percent (50%) of the total value or
voting power of which is owned, directly or indirectly, by a person described in
clause (C) (determined after the asset transfer).

     

    The term
“persons
acting as a group” as used in this Section 1.5 shall not include any
persons acting as a group solely because they purchase or own stock of the
Company at the same time, or as a result of the same public offering, or because
they purchase assets at the same time, as applicable.  However,
persons will be considered to be acting as a group if they are owners of an
entity that enters into a merger, consolidation, purchase or acquisition of
stock, or similar business transaction with the Company.

     

    1.6           “Committee”
means the Compensation Committee of the Board of Directors of Whiting Petroleum
Corporation.

     

    1.7            “Company”
means Whiting Petroleum Corporation together with its subsidiaries Whiting Oil
and Gas Corporation and Equity Oil Company and any successor
thereto.

     

    1.8           
“Compensation” means the total salary paid or accrued to a Participant by
the Company or a wholly-owned subsidiary of the Company during a Plan Year,
excluding bonuses, reimbursed expenses and other extraordinary
items.

     

    1.9            “Contributed
Economic Interest” shall have the meaning ascribed in Section
3.2.

     

    1.10            “Effective
Date” means January 1, 1981.

     

    1.11           
“Employee” means each common-law salaried employee of the Company or a
subsidiary of the Company who performs services for the Company or a subsidiary
on a full-time basis, as determined by the Company.

     

    1.12            “Net
Income” means gross revenue less taxes (other than income taxes) ,
royalties and direct lease operating expenses.

     

    1.13            “Net
Proceeds” means the proceeds of the sale of oil and gas properties
(including, without limitation, proven developed reserves and proven undeveloped
reserves) less actual sales expenses without regard to income
taxes.

     

    1.14            “Original
Sharing Ratios” shall have the meaning ascribed in Section
5.2.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1.15           
“Participant” means an Employee, or former Employee, who is eligible to
receive distributions in accordance with the terms of the Plan.

     

    1.16            “Person”
means any individual, firm, partnership, corporation or other entity, including
any successor (by merger or otherwise) of such entity, or a group of any of the
foregoing acting in concert.

     

    1.17            “Partial Plan
Year” means that period of time within a fiscal year of the Company
commencing on January 1 and ending upon either (i) the voluntary termination of
the Plan by the Company or (ii) the occurrence of a Change in Control (as
defined in Section 1.5).

     

    1.18            “Plan
Year” means the twelve-month period on which the records of the Plan are
kept, which shall be the same as the fiscal year of the Company.

     

    1.19            “Post-1994
Pools” shall have the meaning ascribed in Section 4.2.

     

    1.20            “Post-2003
Pools” shall have the meaning ascribed in Section 5.4(c).

     

    1.21            “Pre-1995
Pools” shall have the meaning ascribed in Section 4.1.

     

    1.22            “Pre-2004
Pools” shall have the meaning ascribed in Section 5.4(b).

     

    1.23            “Voting
Power” means the voting power of the outstanding securities of the
Company having the right under ordinary circumstances to vote at an election of
the Board.

     

    1.24            Pronouns:  Gender
and Number.  Unless the context clearly indicates otherwise,
words in any gender shall include the other genders and the singular shall
include the plural and vice versa.

     

    ARTICLE
II

     

    Participation in the
Plan

     

    2.1           Participation.

     

    Each
Employee of the Company shall become a Participant in the Plan on his date of
employment by the Company as an Employee.

     

    2.2           Enrollment –
Procedure.

     

    Each
Participant shall fill out and sign an enrollment form supplied by the Committee
and return it to the Committee.  The enrollment form shall state,
among other information, the Participant’s post office address and date of birth
and a designation of the names and post office addresses of his
beneficiaries.

     

    2.3           Absences.

     

    A leave
of absence approved in writing by the Company shall not constitute a termination
of employment for purposes of computing years of service with the Company for
determining vesting under Section 5.4.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
III

     

    Company
Contributions

     

    3.1           Contributions for Plan Years
Prior to January 1, 1995.  For each Plan Year prior to
January 1, 1995, the Company contributed to the Plan and allocated on its
books, for Plan purposes, certain deemed overriding royalty interests with
respect to specified oil and gas properties.  (See Section 4.1
regarding the allocation of income in respect of Plan Years prior to January 1,
1995.)

     

    3.2           Contributions for Plan Years
After December 31, 1994 Plan Years.  Effective for Plan Years
commencing January 1, 1995 and thereafter as well as any Partial Plan Year,
the Company shall contribute to the Plan a deemed  economic interest
with respect to the oil and gas properties developed or acquired in any manner
during each Plan Year including, without limitation, proven developed reserves,
proven undeveloped reserves and unproven or undeveloped interests (the “Contributed
Economic Interest”).  (See Section 4.2 regarding the allocation
of Net Income and Net Proceeds in respect of Plan Years and Partial Plan Years
after December 31, 1994.)

     

    3.3           Sale of
Interest.  If the Company sells or transfers to an unrelated
third party its interest in any oil and gas property previously contributed to
the Plan in respect of a particular Plan Year or Partial Plan Year, that
portion of the Net Proceeds from such sale representing in the case of Pre-1995
Pools, the production interest allocated to the Plan, and in the case of
Post-1994 Pools, the percentage of Net Income determined by the Committee for
the Plan Year or Partial Plan Year during which such sale is closed, shall be
distributable to the Participants eligible to share in income distributions for
each such particular Plan Year or Partial Plan Year in question in the same
manner as Net Income from production with respect to that particular Plan Year
or Partial Plan Year.  Notwithstanding the foregoing, the portion of
Net Proceeds attributable to the  Contributed Economic Interest
relating to such sold or transferred property interest not previously allocated
to a Plan Year or Partial Plan Year shall be distributable to Participants in
the Plan who are Employees at the end of the Plan Year or Partial Plan Year in
which such sale or transfer occurs in the same manner as Net Income from
production with respect to the Plan Year or Partial Plan Year in which such sale
or transfer occurs.

     

    ARTICLE
IV

     

    Allocation of
Income

     

    4.1           Allocation of Income for
Plan Years Prior to January 1, 1995.  Deemed overriding royalty
interests in wells located on properties contributed to the Plan which were
either spudded or in wells which were purchased during each Plan Year prior to
January 1, 1995 form separate accounting pools for each such Plan Year (the
“Pre-1995
Pools”).  The calculation of income allocable to the Plan and
the Participants in the Plan with respect to the Pre-1995 Pools shall continue
to be made in accordance with the provisions of the Plan as in effect prior to
January 1, 1995.

     

    4.2           Allocation
of Income for Plan Years and any Partial Plan Year After December 31,
1994.  Net Income attributable to the Contributed Economic
Interest (including, without limitation, development by way of conversion of
proven undeveloped reserves to proven developed reserves through drilling wells
spudded during the Plan Year and any Partial Plan Year, and incremental
production obtained through redrilling, reworking, fracturing or refracturing or
other forms of stimulation,
waterfloods, CO2
injection or other tertiary recovery methods) for each Plan Year and any Partial
Plan Year after December 31, 1994 together with Net Proceeds attributable to
such properties shall form separate accounting pools (the “Post-1994
Pools”).  In respect of Post-1994 Pools, the Committee shall
allocate a specified percentage of the Net Income and Net Proceeds derived from
the oil and gas properties contributed to the Plan during each Plan Year and any
Partial Plan Year; provided, however, that, with respect to any Partial Plan
Year or a Plan Year, the last day of which is the date of a Change in Control
(as defined in Section 1.5) or a voluntary termination of the Plan, the
Committee shall not allocate a percentage less than the average of the
percentages set by the Committee for the three (3) previous Plan Years as to
proven undeveloped reserves allocated pursuant to Section 7.1.  In
setting such percentage, the Committee shall take into consideration the
anticipated earnings of the Company for each such Plan Year and Partial Plan
Year before interest expense and income taxes and any other performance criteria
deemed appropriate by the Committee.  The applicable percentage of Net
Income and Net Proceeds for each Plan Year attributable to each of the Post-1994
Pools shall be distributed annually in accordance with
Article V.  The applicable percentage of Net Income and Net
Proceeds for any Partial Plan Year shall be distributed in accordance with
Article VII.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
V

     

    Distribution of
Income

     

    5.1           Allocation of Current Plan
Year and Partial Plan Year Income.  As of the last day of each
Plan Year and any Partial Plan Year, beginning with the Plan Year ending
December 31, 1981, the Committee shall, in its discretion, allocate the Net
Income attributable to the accounting pool created for that Plan Year or Partial
Plan Year, and any Net Proceeds attributable to proven undeveloped reserves
received pursuant to Section 3.3 above for such Plan Year or Partial Plan Year,
among the Participants employed by the Company on the last day of that Plan Year
or Partial Plan Year and, in the exercise of such discretion, consider the
following methodology:

     

    (a)           Thirty-three
and one-third percent (33-1/3%) of the Net Income attributable to each Plan
Year’s or Partial Plan Year’s accounting pool shall be allocated among the
eligible Participants in the proportion which the Compensation of each
Participant for such Plan Year or Partial Plan Year bears to the total
Compensation of all eligible Participants for such Plan Year or Partial Plan
Year.

     

    (b)           Up
to sixty-six and two-thirds percent (66-2/3%) of the Net Income
attributable to each Plan Year’s or Partial Plan Year’s accounting pool shall be
available for allocation among eligible Participants on the basis of performance
or any other basis determined in the discretion of the Committee.

     

    The
determination of the Committee as to the award to each eligible Participant,
shall be solely within the discretion of the Committee, and all decisions of the
Committee shall be final and binding on all Participants and
beneficiaries.  All decisions with respect to the allocation of Net
Income to Participants shall remain confidential.  Any unallocated
portion of the sixty-six and two-thirds percent of the Net Income for that Plan
Year determined pursuant to Section 5.1(b) shall be allocated and paid to
Participants in the same proportion as the amounts paid under
Section 5.1(a).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.2           Allocation of Prior Plan
Year Income.

     

    The Net
Income and Net Proceeds attributable to each Plan Year allocable to each
separate accounting pool formed under the Plan during Plan Years prior to the
current Plan Year shall be allocated only among those Participants who
originally shared in the allocation of the Net Income and Net Proceeds
attributable to such accounting pool as determined pursuant to Section 5.1
(or their beneficiaries) and who are either employed by the Company as of the
last day of the latest Plan Year or are vested in accordance with
Section 5.4 in accordance with their original sharing ratios in each such
accounting pool (the “Original Sharing
Ratios”); provided, however, that, in the case of Pre-2004 Pools (as
defined in Section 5.4(b) below), the Original Sharing Ratios shall be increased
proportionately to account for the forfeiture of interests because of
(a) the termination of employment of Participants prior to becoming fully
vested in accordance with Section 5.4, or (b) those matters specified
in Section 5.5; provided further, that, in the case of Post-2003 Pools (as
defined in Section 5.4(c) below), Original Sharing Ratios shall remain the same
at all times and not be impacted by the forfeiture of any
interests.

     

    5.3           Distribution of
Income.

     

    As soon
as practicable after the end of each Plan Year (but prior to the succeeding
December 31), beginning with the Plan Year ending December 31, 1981, the Company
shall distribute to each Participant (or his beneficiary) in one lump sum his
allocable share of the Net Income or Net Proceeds attributable to each
accounting pool for each Plan Year in which Participant has an allocated
interest, less any required withholding of income or employment taxes or other
authorized deductions or amounts applicable to payments made to Employees of the
Company.

     

    5.4           Vesting Upon Termination,
Disability or Death.

     

    (a)           General.  If
a Participant with less than one full year of employment with the Company
terminates his employment with the Company for any reason, he shall cease to be
a Participant in this Plan and all rights of such Employee under this Plan shall
terminate.

     

    (b)           Vesting For Plan Years Prior
to 2004.  For any Participant who is credited with one or more
full years of employment with the Company at the date of his termination of
employment with the Company, such Participant’s right to continue to participate
in accounting pools relating to Plan Years prior to 2004 (the “Pre-2004
Pools”) in which he was previously allocated an interest pursuant to the
terms of this Plan shall vest during the continuation of such employment in
accordance with the following schedule:

     

    
      	
              Full Years of Employment

            	 
      	
              Vested
      Percentage

              of Future Income

            
	
              1

            	 
      	
              20%

            
	
              2

            	 
      	
              40%

            
	
              3

            	 
      	
              60%

            
	
              4

            	 
      	
              80%

            
	
              5

            	 
      	
              100%

            

    

     

    A vested
Participant shall continue to share in the distribution of Net Income or Net
Proceeds (as set forth in Section 3.3) from all Pre-2004 Pools in which he was
previously allocated an interest pursuant to the terms of this Plan in the same
manner as Participants who are employed by the Company, based upon his vested
percentage at the date of his termination of employment and his percentage of
the Net Income and Net Proceeds (as set forth in Section 3.3) of each such
Pre-2004 Pool as of the end of the Plan Year immediately preceding or coincident
with the date of his termination of employment.  For purposes of this
Section 5.4(b), employment prior to January 1, 1981 shall be disregarded
and only full years of employment after January 1, 1981 shall be credited
to Participants.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c)           Vesting for 2004 Plan Year
and Subsequent Plan Years.  For any Participant who is credited
with one or more full years of employment with the Company at the date of his
termination of employment with the Company, such Participant’s right to continue
to participate in accounting pools relating to the 2004 Plan Year and subsequent
Plan Years (the “Post-2003
Pools”) in which he was previously allocated an interest pursuant to the
terms of this Plan shall vest during the continuation of such employment in
accordance with the following schedule:

     

    
      	
              
                Full
      Years Elapsed Since

                Beginning
      of Plan Year

                Relating
      to Pool

              

            	 
      	
              
                Cumulative
      Vested Percentage

                of
      Participation

                in
      Pool

              

            
	
              fewer
      than 1

            	 
      	
              0%

            
	
              1

            	 
      	
              20%

            
	
              2

            	 
      	
              40%

            
	
              3

            	 
      	
              60%

            
	
              4

            	 
      	
              80%

            
	
              5
      or more

            	 
      	
              100%

            

    

    

     

    A vested
Participant shall continue to share in the distribution of Net Income or Net
Proceeds (as set forth in Section 3.3) from each Post-2003 Pool in which he was
previously allocated an interest pursuant to the terms of this Plan in the same
manner as Participants who are employed by the Company, based upon his vested
percentage of his participation in such Post-2003 Pool at the date of his
termination of employment and his percentage of the Net Income and Net Proceeds
(as set forth in Section 3.3) of each such Post-2003 Pool as of the end of the
Plan Year immediately preceding or coincident with the date of his termination
of employment.  Notwithstanding any other provision of this Plan to
the contrary, upon a Participant’s reaching age 62 while continuously employed
by the Company, such Participant’s right to continue to participate in each
Post-2003 Pool in which he originally shared shall become fully
vested.

     

    (d)           If
a Participant who is an Employee dies or becomes disabled during his employment
(such qualifying disability to be determined by the Committee in its sole
discretion) prior to becoming fully vested in accordance with subsections
(b) or (c) above, as applicable, such Participant (or his beneficiary) shall
nevertheless be fully vested for purposes of future distributions from all
accounting pools relating to Plan Years in which he was previously allocated an
interest pursuant to the terms of this Plan.

     

    5.5           Forfeiture-Termination for
Cause.

     

    (a)           If
a Participant’s employment with the Company is terminated for cause, as
determined by the Company in its sole discretion, the Participant, regardless of
his or her vested percentage, shall forfeit all rights to any further
distributions or payments from the Plan as of the date of such
termination.

     

    (b)           If
a vested non-Employee Participant is later determined by the Company in its sole
discretion to have engaged in any activity which would be grounds for
termination for cause while employed by the Company, such Participant shall,
upon such determination, forfeit all rights to any further distributions or
payments from the Plan.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
VI

     

    Allocation of Administrative
Responsibilities

     

    6.1           The
Company.

     

    The
Company shall be responsible for:  (a) keeping accurate books and
accounts with respect to properties contributed to the Plan and all Net Income
and Net Proceeds which it receives attributable to properties which have been
allocated to the Plan; (b) keeping accurate books and records with respect
to its Employees and their Compensation and furnishing such data to the
Committee; and (c) making payments to Plan Participants and their
beneficiaries in accordance with the provisions of the Plan.

     

    6.2           The
Committee.

     

    The
Committee shall administer the Plan and shall have all powers necessary for that
purpose, including, but not by way of limitation, power to specify the economic
interest contributed, and percentages of Net Income and Net Proceeds allocated,
to the Plan each Plan Year or Partial Plan Year, 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 all
distributions in accordance with the provisions of the Plan and shall maintain
all Plan records except records required to be kept by the Company.

     

    6.3           Indemnification of Committee
Members.

     

    The
Company shall indemnify each member of the Committee against any and all claims,
loss, damages, expense and liability arising from any action or failure to act
with respect to the Plan, except when the same is judicially determined to be
due to the gross negligence or willful misconduct of such person.

     

    ARTICLE
VII

     

    Termination and
Amendment

     

    7.1           Termination of Plan; Change
in Control; Accelerated Vesting.

     

    The
Company presently intends to continue the Plan indefinitely, but the continuance
of the Plan is not assumed as a contractual obligation and the Company may
terminate the Plan at any time by delivering written notice of termination to
the Committee and each Participant and beneficiary then entitled to receive
distributions from the Plan.  Upon (a) the voluntary termination of
the Plan by the Company, or (b) a Change in Control (as defined in Section 1.4),
the interests of all Participants in the Plan who are Employees at such time
shall become 100% vested as to all Plan Years or the Partial Plan Year in which
such Participant was allocated an interest pursuant to the terms of this
Plan.  Further, upon the voluntary termination of the Plan by the
Company or a Change in Control (as defined in Section 1.5), all remaining oil
and gas properties in the Plan which are categorized as proven undeveloped
reserves previously contributed to the Plan as a Contributed Economic Interest
but not allocated to a particular Plan Year shall be allocated (together with
the allocation of Net Income and Net Proceeds, if any, as set forth in Sections
4.2 and 3.3, respectively) to the Partial Plan Year established as the result of
such voluntary termination or Change in Control and the interests of all
Participants in the Plan who are Employees at such time shall become 100% vested
as to such Partial Plan Year Net Income and such remaining
properties.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    7.2           Distributions Upon Voluntary
Termination or Change in Control.

     

    (a)           Upon
voluntary termination of the Plan by the Company, (i) the fair market value of
the existing interest of each non-Employee Participant (or beneficiary thereof)
as of the date of such voluntary termination shall be distributed in one lump
sum and (ii) the fair market value of the vested interest of each Employee
Participant as described in Section 7.1 as of the date of such voluntary
termination shall be distributed in one lump sum, in each case twelve (12)
months after the date of such termination.  The determination of fair
market value shall be made by the Company, using the valuation reports, discount
rates and other factors then being used by the Company for the purchase of oil
and gas properties from third parties.  This provision shall not be
effective unless all other plans required to be aggregated with this Plan under
U.S. Internal Revenue Code Section 409A are also terminated and no similar plan
is adopted by the Company within three (3) years of the date of
termination.

     

    (b)           Upon
a Change in Control (as defined in Section 1.5), the Plan shall automatically
terminate, and (i) the existing interest of each non-Employee Participant (or
beneficiary thereof), valued in accordance with Section 7.2(a) as of the
date of such Change in Control, shall be distributed in one lump sum and (ii)
the vested interest of each Employee Participant as described in Section 7.1,
valued in accordance with Section 7.2(a) as of the date of such Change in
Control, shall be distributed in one lump sum, in each case as soon as
practicable after the date of such Change in Control but no later than one (1)
month after the date of such Change in Control.

     

    7.3           Amendment by
Company.

     

    The
Company may at any time amend the Plan in any respect by action of its Board of
Directors, but no amendment shall be made which would have the effect of
materially and adversely affecting the interest of any person under the Plan
with respect to then existing Pools.

     

    ARTICLE
VIII

     

    Miscellaneous

     

    8.1           Right to Dismiss
Employees.

     

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

     

    8.2           Withholding of Taxes,
Etc.

     

    The
Company shall withhold from all payments to Participants and beneficiaries
hereunder, and pay to the appropriate governmental authority, all amounts of
income and employment taxes and other authorized deductions and amounts which
are required by applicable law and regulation to be withheld from wage payments
to Employees of the Company.

     

    8.3           Source of
Benefits.

     

    All
benefits payable under the Plan shall be paid solely from the general assets of
the Company and no allocation of royalty interest or income on the books of the
Company shall be deemed to create a separate fund or any ownership interest on
the part of the Plan in any properties being used to measure Plan income or in
any production from such properties.  The right of a Participant or
his beneficiary to receive a distribution hereunder shall be an unsecured
claim.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    8.4           Ownership of
Properties.

     

    Nothing
contained in this Plan shall in any way restrict the right of the Company to
sell, transfer, mortgage, encumber or otherwise deal with the properties giving
rise to the revenues used to measure Plan income.

     

    8.5           Beneficiaries.

     

    Each
Participant shall file with the Committee a designation of the beneficiaries and
contingent beneficiaries to whom income attributable to his interest under the
Plan shall be paid in the event of his death on such form as may be prescribed
by the Committee.  The last properly completed beneficiary designation
received by the Committee while the Participant is living shall be given
effect.  Such designation may be changed by the Participant at any
time and without the consent of any previously designated
beneficiary.  In the absence of an effective beneficiary designation
as to any portion of a Participant’s interest under the Plan, income
attributable to such interest shall be paid to the Participant’s personal
representative, but if the Committee believes that none has been appointed
within six months after the Participant’s death, the Committee may direct that
such income shall not be paid until a personal representative has been appointed
or may direct that such income shall be paid to the Participant’s surviving
spouse as defined by federal law in effect at the time the Committee makes its
decision.

     

    8.6           Non-transferability of
Benefits.

     

    No
Participant or beneficiary shall have any right to assign, alienate, transfer,
hypothecate, encumber or anticipate his interest in any benefits under this
Plan, nor shall such benefits be subject to any legal process to levy upon or
attach the same for payment of any claim against any such Participant or
beneficiary.

     

    8.7           Payments Due Minors or
Incapacitated Persons.

     

    If any
person entitled to a payment under the Plan is a minor, or if the Committee
determines that any such person is incapacitated by reason of physical or mental
disability, whether or not legally adjudicated as such, the Committee shall have
the power to cause the payments becoming due to such person to be made to his
personal representative or to another for his benefit, without responsibility of
the Committee to see to the application of such payments.  The
Committee shall have no responsibility to investigate the physical or mental
condition of a Participant and any determination of disability made by the
Committee shall be binding on the Participant and all other
persons.  Payments made pursuant to such power shall operate as a
complete discharge of the Plan, the Company and the Committee.

     

    8.8           Notification of
Address.

     

    Each
Participant must file with the Company from time to time in writing his post
office address and the post office address of each of his beneficiaries and each
change of post office address.  Any communication, statement or notice
addressed to a Participant or beneficiary at his last post office address filed
with the Company, or as shown on the Company’s records, will be binding on the
Participant and his beneficiaries for all purposes of the
Plan.  Neither the Committee nor the Company shall be required to
search for or locate a Participant or beneficiary.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    8.9           Offset.

     

    The
Company shall have the right to offset from any amount payable hereunder any
amount that the Participant owes to the Company without the consent of the
Participant (or his beneficiary, following the Participant’s
death).

     

    8.10         Severability.

     

    If any
provision of this Plan is or becomes or is deemed to be invalid, illegal or
unenforceable in any jurisdiction, or as to any person, payment or circumstance,
under any law the Committee deems applicable, then such provision should be
construed or deemed amended to conform to applicable laws, or if it cannot be so
construed or deemed amended, then such provision should be stricken as to such
jurisdiction, person, payment or circumstance, and the remainder of this Plan
will remain in full force and effect.

     

    8.11         Governing Law; Limitations;
Venue.

     

    The
construction and interpretation of this Plan shall be governed by the laws of
the State of Colorado without reference to conflict of law principles
thereof.  Any action or other legal proceeding with respect to the
Plan may be brought only within the period ending on the earlier of (a) one year
after the date the claimant in such action or proceeding knows or with the
exercise of reasonable care should have known of the facts giving rise to the
claim, or (b) the expiration of the applicable statute of limitations period
under applicable law.  Exclusive jurisdiction over any such actions or
legal proceedings shall reside in the courts of the State of Colorado and the
United States District Court located in Denver, Colorado.

     

    

    DATE:  February
4, 2008

    

    
      	
              ATTEST:

            	 
      	 
      	
              WHITING
      PETROLEUM CORPORATION

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
              /s/
      Bruce R. DeBoer

            	 
      	
              By:

            	
              /s/
      James J. Volker

            
	
              Bruce
      R. DeBoer

              Corporate
      Secretary

            	 
      	 
      	
              James
      J. Volker

              Chairman,
      President and Chief

              Executive
      Officer

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