Document:

EX-10.4

 Exhibit 10.4 

WHITING PETROLEUM CORPORATION 

2020 EQUITY INCENTIVE PLAN 
  

	1.	 Purpose and Effective Date 

(a)    Purpose. The purpose of the Whiting Petroleum Corporation 2020 Equity Incentive Plan (the “Plan”)
is to promote the best interests of Whiting Petroleum Corporation (together with any successor thereto, the “Company”) and its stockholders by providing key employees and non-employee directors of
the Company and its Affiliates (as defined below) with an opportunity to acquire a proprietary interest in the Company, receive monetary payments based on the value of the Company’s shares, or receive other incentive compensation. It is
intended that the Plan will promote continuity of management and increased incentive and personal interest in the welfare of the Company by those key employees who are primarily responsible for shaping and carrying out the long-range plans of the Company and securing the Company’s continued growth and financial success. In addition, by encouraging stock ownership by directors who are not employees of the Company or its
Affiliates, the Company seeks to attract and retain on its Board of Directors persons of exceptional competence and to provide a further incentive to serve as a director of the Company. 

(b)    Effective Date. The effective date of the Plan is September 1, 2020 (the “Effective Date”).

  

	2.	 Definitions 

As used in the Plan, the following terms shall have the respective meanings set forth below: 

(a)    “10% Stockholder” shall mean a Participating Key Employee who, as of the date an Incentive Stock Option
is granted to such individual, owns more than ten percent (10%) of the total combined voting power of all classes of stock then issued by the Company or a subsidiary corporation. 

(b)    “Act” shall mean the Securities Act of 1933, as amended. 

(c)    “Affiliate” shall mean any entity that, directly or through one or more intermediaries, is controlled by,
controls, or is under common control with, the Company within the meaning of Code Section 414(b) or (c); provided that, in applying such provisions, the phrase “at least 50 percent” shall be used in place of “at least 80
percent” each place it appears therein. 
 (d)    “Award” shall mean any Option, Stock Appreciation
Right, Restricted Stock, Restricted Stock Unit, Performance Share, Performance Unit or Annual Incentive Award granted under the Plan. 

(e)    “Award Agreement” shall mean any written agreement, contract, or other instrument or document evidencing
any Award granted under the Plan. 

 (f)    “Beneficial Ownership” shall mean a Person’s
beneficial ownership of any securities: 
 (i)    which such Person or any of such Person’s
Affiliates 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, (A) securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any
of such Person’s Affiliates until such tendered securities are accepted for purchase, or (B) 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; 
 (ii)    which such Person or any of such Person’s Affiliates, directly or
indirectly, has the right to vote or dispose of or has “beneficial ownership” of (as determined pursuant to Rule 13d-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 (ii) as a result of an agreement, arrangement or understanding to vote
such security if the agreement, arrangement or understanding: (A) 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 (B) is not also then reportable on a Schedule 13D under the Act (or any comparable or successor report); or 

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

(h)    “Change in Control” shall mean the occurrence of any of the following: 

(i)    any Person (other than (A) the Company or any of its subsidiaries, (B) a trustee or other
fiduciary holding securities under any employee benefit plan of the Company or any of its subsidiaries, (C) an underwriter temporarily holding securities pursuant to an offering of such securities or (D) 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 the Effective Date, pursuant to express authorization by the Board that refers to this exception)
representing 50% 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 

  
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 (ii)    the following individuals cease for any reason
to constitute a majority of the number of directors of the Company then serving: (A) individuals who, on the Effective Date constituted the Board and (B) 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 a majority of the directors then still in office who either were directors on the Effective Date, or whose appointment, election or nomination for election was previously so approved
(collectively the “Continuing Directors”); or 
 (iii)    the consummation of a merger,
consolidation or share exchange of the Company with any other corporation or 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 (A) 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 (B) 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 the Effective Date, pursuant to express authorization by the Board that refers to this exception) representing 50% 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 
 (iv)    a complete
liquidation or dissolution of the Company is effected or there is a 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 12
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 which the majority of the combined Voting Power of the voting securities are owned by Persons in
substantially the same proportions as their ownership of the Company immediately prior to such sale. 
 Notwithstanding the foregoing,
(1) no “Change in Control” shall be deemed to have occurred if there is consummated any transaction or series of integrated transactions 

  
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immediately following which the record holders of the Stock 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 and (2) with respect to an Award that is or may be
considered deferred compensation subject to Code Section 409A, the definition of “Change in Control” herein shall be amended and interpreted in a manner that allows the definition to satisfy the requirements of a change of control
under Code Section 409A solely for purposes of complying with the requirements of Code Section 409A. 

(i)    “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. Any reference to a
specific provision of the Code shall also be deemed a reference to any successor provision thereto. 

(j)    “Commission” shall mean the United States Securities and Exchange Commission or any successor agency.

 (k)    “Committee” shall mean a committee of the Board of Directors of the Company or a subcommittee
thereof designated by such Board to administer the Plan and comprised solely of not less than two directors, each of whom will be a “non-employee director” within the meaning of Rule 16b-3; provided that the mere fact that the Committee shall fail to qualify under the foregoing requirements shall not invalidate any Award made by the Committee that is otherwise validly made under the Plan, unless
the Committee is aware at the time of the Award’s grant of the Committee’s failure to so qualify. 

(l)    “Dividend Equivalent” shall mean a right, granted to a Participating Key Employee or Non-Employee Director under the Plan, to receive cash equal to the cash dividends paid with respect to a specified number of Shares. Dividend Equivalents shall not be deemed to be Awards under the Plan. 

(m)    “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

(n)    “Excluded Items” shall mean any items which the Committee determines shall be excluded in fixing
Performance Goals, including, without limitation, any gains or losses from discontinued operations, any extraordinary gains or losses and the effects of accounting changes. 

(o)    “Fair Market Value” shall mean, with respect to a Share on a particular date: (i) the last sales
price on such date on the New York Stock Exchange, as reported in The Wall Street Journal, or if no sales of Shares occur on the date in question, on the last preceding date on which there was a sale on such market; (ii) if the Shares are not
listed on the New York Stock Exchange, but are traded on another national securities exchange or in an over-the-counter market, the last sales price (or, if there is no
last sales price reported, the average of the closing bid and asked prices) for the Shares on the particular date, or on the last preceding date on which there was a sale of Shares on that exchange or market; or (iii) if the Shares are neither
listed on a national securities exchange nor traded in an over-the-counter market, the price determined by 

  
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the Committee. With respect to any property other than Shares, Fair Market Value shall mean the fair market value of such property determined by such methods or procedures as shall be established
from time to time by the Committee. 
 (p)    “Incentive Award” shall mean the right to receive a cash payment
to the extent Performance Goals are achieved, and shall include “Annual Incentive Awards” as described in Section 6(f) of the Plan. 

(q)    “Incentive Stock Option” shall mean an option granted under Section 6(a) of the Plan that is
intended to meet the requirements of Section 422 of the Code. 
 (r)    “Key Employee” shall mean any
officer or other key employee of the Company or of any Affiliate who is responsible for or contributes to the management, growth or profitability of the business of the Company or any Affiliate as determined by the Committee. 

(s)    “Non-Employee Director” shall mean a director of the Company or
any Affiliate who is not an employee of the Company or any Affiliate. 

(t)    “Non-Qualified Stock Option” shall mean an option granted under
Section 6(a) of the Plan that is not intended to be an Incentive Stock Option. 
 (u)    “Option” shall
mean an Incentive Stock Option or a Non-Qualified Stock Option. 

(v)    “Participant” shall mean a Participating Key Employee or a
Non-Employee Director who is selected by the Committee to receive an Award under the Plan. 

(w)    “Participating Key Employee” shall mean a Key Employee designated to be granted an Award under the Plan.

 (x)    “Performance Goals” shall mean each of, or a combination of one or more of the performance metrics
selected by the Committee as the basis for the vesting or payment of an Award, subject to such terms and conditions as the Committee determines in its discretion. 

(y)    “Performance Period” shall mean, in relation to Performance Shares or Performance Units, any period for
which a Performance Goal or Goals have been established; provided, however, that such period shall not be less than one year. 

(z)    “Performance Share” shall mean any right granted under Section 6(e) of the Plan that will be paid
out in cash, as a Share (which, in specified circumstances, may be a Share of Restricted Stock) or as a Restricted Stock Unit, which right is contingent on the achievement of one or more Performance Goals during a specified Performance Period. 

(aa)    “Performance Unit” shall mean any right granted under Section 6(e) of the Plan to receive a
designated dollar value amount in cash, Shares (which, in specified circumstances, may be a designated dollar value amount of Shares of Restricted Stock) or Restricted Stock Units, which right is contingent on the achievement of one or more
Performance Goals during a specified Performance Period. 

  
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 (bb)    “Person” shall mean any individual, corporation,
partnership, association, joint-stock company, trust, unincorporated organization, or government or political subdivision thereof. 

(cc)    “Released Securities” shall mean Shares of Restricted Stock with respect to which all applicable
restrictions have expired, lapsed, or been waived. 
 (dd)    “Restricted Securities” shall mean Awards of
Restricted Stock or other Awards under which issued and outstanding Shares are held subject to certain restrictions. 

(ee)    “Restricted Stock” shall mean any Share granted under Section 6(c) of the Plan or, in specified
circumstances, a Share paid in connection with another Award, with such Share subject to risk of forfeiture and restrictions on transfer or other restrictions that will lapse upon the achievement of one or more goals relating to completion of
service by the Key Employee or Non-Employee Director or the achievement of performance or other objectives, as determined by the Committee. 

(ff)    “Restricted Stock Unit” shall mean any right to receive Shares in the future granted under
Section 6(d) of the Plan or paid in connection with another Award, with such right subject to risk of forfeiture and restrictions on transfer or other restrictions that will lapse upon the achievement of one or more goals relating to completion
of service by the Key Employee or Non-Employee Director or the achievement of performance or other objectives, as determined by the Committee. 

(gg)    “Rule 16b-3” shall mean Rule
16b-3 as promulgated by the Commission under the Exchange Act, or any successor rule or regulation thereto. 

(hh)    “Shares” shall mean shares of common stock of the Company, $.001 par value, and such other securities or
property as may become subject to Awards pursuant to an adjustment made under Section 4(b) of the Plan. 

(ii)    “Stock Appreciation Right” shall mean any right granted under Section 6(b) of the Plan. 

(jj)    “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 of Directors of the Company. 
  

	3.	 Administration 

The Plan shall be administered by the Committee; provided, however, that if at any time the Committee shall not be in existence, the
functions of the Committee as specified in the Plan shall be exercised by a committee consisting of those members of the Board of Directors of the Company who qualify as “non-employee directors”
under Rule 16b-3. To the extent permitted by applicable law, the Committee may delegate to one or more executive officers of the Company any or all of the authority and responsibility of the Committee with
respect to the Plan, other than with respect to Persons who are subject to Section 16 of the Exchange Act. To the extent the Committee has so delegated to one or more executive officers the authority and responsibility of the Committee, all
references to the Committee herein shall include such officer or officers. 

  
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 Subject to the terms of the Plan and without limitation by reason of enumeration, the
Committee shall have full discretionary power and authority to: (i) designate Participating Key Employees and select Non-Employee Directors to be participants under the Plan; (ii) determine the type
or types of Awards to be granted to each Participating Key Employee and Non-Employee Director under the Plan; (iii) determine the number of Shares to be covered by (or with respect to which payments,
rights, or other matters are to be calculated in connection with), or the amount of cash to be earned pursuant to, Awards granted to Participating Key Employees and Non-Employee Directors; (iv) determine
the terms and conditions of any Award granted to a Participating Key Employee or Non-Employee Director; (v) determine whether, to what extent, and under what circumstances Awards granted to Participating
Key Employees or Non-Employee Director may be settled or exercised in cash, Shares, other securities, other Awards, or other property, and the method or methods by which Awards may be settled, exercised,
cancelled, forfeited, or suspended; (vi) determine whether, to what extent, and under what circumstances cash, Shares, other Awards, and other amounts payable with respect to an Award granted to Participating Key Employees and Non-Employee Directors under the Plan shall be deferred either automatically or at the election of the holder thereof or of the Committee; (vii) interpret and administer the Plan and any instrument or agreement
relating to, or Award made under, the Plan (including, without limitation, any Award Agreement); (viii) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration
of the Plan; and (ix) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. Unless otherwise expressly provided in the Plan, all designations, determinations,
interpretations, and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Committee, may be made at any time, and shall be final, conclusive, and binding upon all Persons, including the Company,
any Affiliate, any Participating Key Employee, any Non-Employee Director, any holder or beneficiary of any Award, any stockholder, and any employee of the Company or of any Affiliate. 

The Company will indemnify and hold harmless each member of the Committee and the Board of Directors of the Company and each executive officer
or member of any other committee to whom a delegation under this Section 3 has been made, as to any acts or omissions with respect to this Plan or any Award to the maximum extent that the law and the Company’s by-laws permit. 
  

	4.	 Shares Available for Award 

(a)    Shares Available. Subject to adjustment as provided in Section 4(f), the number of Shares with respect
to which Awards may be granted under the Plan shall be 4,035,885 (the “Plan Reserve”). To the extent an Award provides that it shall be paid in the form of cash, then the Shares underlying such Award (which serve as the basis for
determining the cash payment that may be due thereunder) shall not deplete the Plan Reserve. In addition, if (A) an Award lapses, expires, terminates or is cancelled without the issuance of Shares thereunder (whether on a current or deferred
basis), (B) it is determined during or at the conclusion of the term of an Award that all or some portion of the Shares with respect to which the Award was 

  
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granted will not be issuable on the basis that the conditions for such issuance will not be satisfied, (C) Shares are forfeited under an Award or (D) Shares are issued under any Award
and the Company subsequently reacquires them pursuant to rights reserved upon the issuance of the Shares, then such Shares shall be recredited to the Plan Reserve and may again be used for new Awards under the Plan, but Shares recredited to the Plan
Reserve pursuant to clause (D) may not be issued pursuant to Incentive Stock Options. Notwithstanding the foregoing, in no event shall the following Shares be recredited to the Plan Reserve: Shares tendered in payment of the exercise price of
an Option; Shares withheld to satisfy federal, state or local tax withholding obligations; Shares purchased by the Company using proceeds from Option exercises; and Shares subject to a stock-settled Stock
Appreciation Right that are not issued in connection with the stock settlement of the Stock Appreciation Right upon its exercise. 

(b)    Limitation on Non-Employee Director Awards. No Non-Employee Director shall be granted, during any calendar year, Awards having a grant date fair value in excess of $500,000. 

(c)    Accounting for Awards. The number of Shares covered by an Award under the Plan shall be counted on the date
of grant of such Award against the number of Shares available for granting Awards under the Plan. 
 (d)    Sources
of Shares Deliverable Under Awards. Any Shares delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares or of treasury Shares. 

(e)    Adjustments; Change in Control. If: (i) the Company shall at any time be involved in a merger or other
transaction in which the Shares are changed or exchanged; (ii) the Company shall subdivide or combine the Shares or the Company shall declare a dividend payable in Shares, other securities or other property; (iii) the Company shall effect
a cash dividend the amount of which, on a per Share basis, exceeds ten percent (10%) of the Fair Market Value of a Share at the time the dividend is declared, or the Company shall effect any other dividend or other distribution on the Shares in the
form of cash, or a repurchase of Shares, that the Board determines by resolution is special or extraordinary in nature or that is in connection with a transaction that the Company characterizes publicly as a recapitalization or reorganization
involving the Shares; or (iv) any other event shall occur, which, in the case of this clause (iv), in the judgment of the Committee necessitates an adjustment to prevent dilution or enlargement of the benefits or potential benefits intended to
be made available under this Plan, then the Committee shall, in such manner as it may deem equitable to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan, adjust as applicable:
(A) the number and type of Shares subject to the Plan Reserve (including the number and type of Shares described in Section 4(a)(i) and (ii), and which may after the event be made the subject of Awards); (B) the number and type of Shares
subject to outstanding Awards; (C) the grant, purchase, or exercise price with respect to any Award; and (D) the Performance Goals of an Award; or, if deemed appropriate, make provision for a cash payment in an amount determined by the
Committee to the holder of an outstanding Award in exchange for cancellation of some or all of such Award (without the consent of the holder of an Award) effective at such time as the Committee specifies (which may be the time such transaction or
event is effective) or in lieu of any or all of the foregoing adjustments; provided, however, in 

  
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each case, that with respect to Awards of Incentive Stock Options no such adjustment shall be authorized to the extent that such authority would cause the Plan to violate Section 422(b) of
the Code; and provided further that the number of Shares subject to any Award payable or denominated in Shares shall always be a whole number. In any event, previously granted Options or Stock Appreciation Rights are subject only to such
adjustments as are necessary to maintain the relative proportionate interest the Options and Stock Appreciation Rights represented immediately prior to any such event and to preserve, without exceeding, the value of such Options or Stock
Appreciation Rights. 
 Without limitation, in the event of any reorganization, merger, consolidation, combination or other similar
corporate transaction or event, the Committee may substitute, on an equitable basis as the Committee determines, for each Share then subject to an Award and the Shares subject to this Plan (if the Plan will continue in effect), the number and kind
of shares of stock, other securities, cash or other property to which holders of Shares are or will be entitled in respect of each Share pursuant to the transaction. 

Notwithstanding the foregoing, in the case of a stock dividend (other than a stock dividend declared in lieu of an ordinary cash dividend) or
subdivision or combination of the Shares (including a reverse stock split), if no action is taken by the Committee, adjustments contemplated by this subsection that are proportionate shall nevertheless automatically be made as of the date of such
stock dividend or subdivision or combination of the Shares. 
 In order to preserve a Participant’s rights under an Award in the event
of (i) a Change in Control and (ii) termination within 12 months of such Change in Control, the Committee in its discretion may, at the time an Award is granted or at any time thereafter, take one or more of the following actions with
respect to a Change in Control: (a) provide for the acceleration of any time period relating to the Award or the exercise of the Award in connection with a Change in Control; (b) provide for the cancellation of the Award upon or
immediately prior to the Change in Control in exchange for an amount of cash or other property equal to the value of the Award or the value that could have been received upon the exercise of the Award had the Award then been vested and/or
exercisable; (c) adjust the terms of the Award in the manner determined by the Committee to be appropriate to reflect the Change in Control; (d) cause the Award to be assumed, or new right substituted therefor, by another entity; or
(e) make such other provision as the Committee may consider equitable and in the best interests of the Company in connection with a Change in Control. 

In addition, except as otherwise specifically provided in a stock certificate, the Company is authorized to make adjustments in the terms and
conditions of, and the criteria included in, Awards (including, without limitation, cancellation of vested Awards in exchange for a payment in cash or other equity interests, securities, or property, or any combination thereof equal to the excess,
if any, of the Fair Market Value of the options, stocks or units subject to such cancelled Awards over the exercise price of such Awards (if applicable), cancellation of unvested and/or
out-of-the-money or at-the-money Awards for no
consideration, substitution of Awards using securities of a successor or other entity, acceleration of the time that Awards vest or expire, or adjustment of performance targets) in recognition of unusual or nonrecurring events. 

  
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 (f)    Issuance or Assumption. Notwithstanding any other
provision of this Plan, and without affecting the number of Shares otherwise reserved or available under this Plan, in connection with any merger, consolidation, acquisition of property or stock, or reorganization, the Committee may authorize the
issuance or assumption of awards under this Plan upon such terms and conditions as it may deem appropriate. 
  

	5.	 Eligibility 

The Committee may designate any Key Employee as a Participating Key Employee. All Non-Employee
Directors shall be eligible to receive, at the discretion of the Committee, Awards of Non-Qualified Stock Options pursuant to Section 6(a), Stock Appreciation Rights pursuant to Section 6(b),
Restricted Stock pursuant to Section 6(c) and Restricted Stock Units pursuant to Section 6(d). The Committee’s granting of an Award to a Participant will not require the Committee to grant an Award to such individual at any future
time. The Committee’s granting of a particular type of Award to a Participant will not require the Committee to grant any other type of Award to such individual. 
  

	6.	 Awards 

(a)    Option Awards. The Committee may grant Options to Key Employees and
Non-Employee Directors with the terms and conditions as set forth below and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall
determine. 
 (i)    Type of Option. The Committee shall determine whether an Option granted to a
Participating Key Employee is to be an Incentive Stock Option or Non-Qualified Stock Option; provided, however, that Incentive Stock Options may be granted only to Key Employees of the Company, a parent
corporation (within the meaning of Code Section 424(e)) or a subsidiary corporation (within the meaning of Code Section 424(f)). All Options granted to Non-Employee Directors shall be Non-Qualified Stock Options. 
 (ii)    Exercise Price. The
exercise price per Share of an Option granted pursuant to this Section 6(a) shall be determined by the Committee; provided, however, that such exercise price shall not be less than 100% of the Fair Market Value of a Share on the date of grant
of such Option; and provided further that an Incentive Stock Option granted to a 10% Stockholder must have an exercise price at least equal to 110% of the Fair Market Value of the Shares subject to the Option as determined on the date of grant. 

(iii)    Option Term. The term of each Option shall be fixed by the Committee; provided, however,
that in no event shall the term of any Option exceed a period of ten years from the date of its grant; and provided further that each Incentive Stock Option granted to a 10% Stockholder must terminate no later than five years after the date of its
grant. 

  
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 (iv)    Grant Date. The date of grant of each
Option shall be fixed by the Committee; provided, however, that such date of grant may not be prior to the date of the Committee’s approval of the grant. 

(v)    Vesting, Exercisability and Method of Exercise. An Option shall become vested and exercisable
in such manner and within such period or periods and in such installments or otherwise as shall be determined by the Committee. The Committee also shall determine the method or methods by which, and the form or forms, including, without limitation,
cash, Shares, other securities, other Awards, or other property, or any combination thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price, in which payment of the exercise price with respect to any Option may
be made or deemed to have been made. 
 (vi)    Incentive Stock Options. The terms of any
Incentive Stock Option granted to a Key Employee under the Plan shall comply in all respects with the provisions of Section 422 of the Code and any regulations promulgated thereunder. Notwithstanding any provision in the Plan to the contrary,
no Incentive Stock Option may be granted hereunder after the tenth anniversary of the Effective Date. If the aggregate Fair Market Value of the Shares subject to all Incentive Stock Options granted to a Participating Key Employee (as determined on
the date of grant of each such Option) that become exercisable during a calendar year exceed $100,000, or if Options that are intended to be Incentive Stock Options otherwise fail to meet the applicable requirements of the Code, then such Incentive
Stock Options shall be treated as a Non-Qualified Stock Options to the extent such $100,000 limitation is exceeded or to the extent of such other failure. 

(b)    Stock Appreciation Rights. The Committee may grant Stock Appreciation Rights to Key Employees or Non-Employee Directors. Subject to the terms of the Plan and any applicable Award Agreement, a Stock Appreciation Right granted under the Plan shall confer on the holder thereof a right to receive, upon exercise
thereof, the excess of (i) the Fair Market Value of one Share on the date of exercise over (ii) the grant price of the Stock Appreciation Right as specified by the Committee, which shall not be less than 100% of the Fair Market Value of
one Share on the date of grant of the Stock Appreciation Right. Subject to the terms of the Plan, the grant price, grant date (which may not be prior to the date of the Committee’s approval of the grant), term (which may not extend more than
ten years from the date of the grant), methods of exercise, methods of settlement (including whether the Participating Key Employee or Non-Employee Director will be paid in cash, Shares, other securities,
other Awards, or other property, or any combination thereof), and any other terms and conditions of any Stock Appreciation Right shall be determined by the Committee. The Committee shall also determine the vesting provisions of Stock Appreciation
Rights. The Committee may impose such conditions or restrictions on the exercise of any Stock Appreciation Right as it may deem appropriate. 

  
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 (c)    Restricted Stock Awards. 

(i)    Issuance. The Committee may grant Awards of Restricted Stock to Key Employees and Non-Employee Directors. 
 (ii)    Restrictions. Shares of
Restricted Stock granted to Participating Key Employees and Non-Employee Directors shall be subject to such restrictions as the Committee may impose (including, without limitation, any limitation on the right
to vote a Share of Restricted Stock or the right to receive any dividend or other right or property), which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem
appropriate, provided that Shares of Restricted Stock may not be granted with a vesting period shorter than one year (other than Shares of Restricted Stock that, in combination with the Shares relating to all other Awards granted with a vesting
period shorter than one year, do not exceed 5% of the total Shares authorized under Section 4(a)). 

(iii)    Registration. Any Restricted Stock granted under the Plan to a Participating Key Employee
or Non-Employee Director may be evidenced in such manner as the Committee may deem appropriate, including, without limitation, book-entry registration or issuance of a
stock certificate or certificates. In the event any stock certificate is issued in respect of Shares of Restricted Stock granted under the Plan to a Participating Key Employee or Non-Employee Director, such
certificate shall be registered in the name of the Participating Key Employee or Non-Employee Director and shall bear an appropriate legend (as determined by the Committee) referring to the terms, conditions,
and restrictions applicable to such Restricted Stock. 
 (iv)    Payment of Restricted Stock. At
the end of the applicable restriction period relating to Restricted Stock granted to a Participating Key Employee or Non-Employee Director, one or more stock certificates for the appropriate number of Shares,
free of restrictions imposed under the Plan, shall be delivered to the Participating Key Employee or Non-Employee Director, or, if the Participating Key Employee or
Non-Employee Director received stock certificates representing the Restricted Stock at the time of grant, the legends placed on such certificates to describe the restrictions imposed under the Plan shall be
removed. 
 (v)    Forfeiture. Except as otherwise determined by the Committee, upon termination
of employment of a Participating Key Employee or service as a director of a Non-Employee Director (as determined under criteria established by the Committee) for any reason during the applicable restriction
period, all Shares of Restricted Stock still subject to restriction shall be forfeited by the Participating Key Employee or Non-Employee Director; provided, however, that the Committee may, when it finds that
a waiver would be in the best interests of the Company, waive in whole or in part any or all remaining restrictions with respect to Shares of Restricted Stock held by a Participating Key Employee or
Non-Employee Director. 

  
 12 

 (d)    Restricted Stock Units. 

(i)    Issuance. The Committee may grant Awards of Restricted Stock Units to Key Employees or Non-Employee Directors. 
 (ii)    Restrictions. Restricted
Stock Units granted to Participating Key Employees or Non-Employee Directors shall be subject to such restrictions as the Committee may impose, which restrictions may lapse separately or in combination at such
time or times, in such installments or otherwise, as the Committee may deem appropriate. 

(iii)    Payment of Shares. The Committee shall determine whether to settle Restricted Stock Units
in cash, in Shares, or a combination thereof at end of any applicable restriction period; provided, however, that the Committee may defer, or make available such deferral elections with respect to, the settlement of Restricted Stock Units as it
deems appropriate, subject in each case to the requirements of Code Section 409A. 

(iv)    Forfeiture. Except as otherwise determined by the Committee, upon termination of employment
of a Participating Key Employee or service as a director of a Non-Employee Director (as determined under criteria established by the Committee) for any reason during the applicable restriction period, all
unvested Restricted Stock Units shall be forfeited by the Participating Key Employee or Non-Employee Director; provided, however, that the Committee may, when it finds that a waiver would be in the best
interests of the Company, waive in whole or in part any or all remaining restrictions with respect to Restricted Stock Units held by a Participating Key Employee or Non-Employee Director. 

(e)    Performance Shares and Performance Units. 

(i)    Issuance. The Committee may grant Awards of Performance Shares and/or Performance Units to
Key Employees. Non-Employee Directors are not eligible to be granted Performance Shares or Performance Units under the Plan. 

(ii)    Performance Goals and Other Terms. The Committee shall determine the Performance Period, the
Performance Goal or Goals (and the performance level or levels related thereto) to be achieved during any Performance Period, the proportion of payments, if any, to be made for performance between the minimum and full performance levels for any
Performance Goal and, if applicable, the relative percentage weighting given to each of the selected Performance Goals. The Committee shall also determine the restrictions applicable to Shares of Restricted Stock or Restricted Stock Units received
upon payment of Performance Shares or Performance Units if Performance Shares or Performance Units are paid in such manner, and any other terms, conditions and rights relating to a grant of Performance Shares or Performance Units. The Committee
shall have sole discretion to determine the Performance Goals applicable to any Award. 

  
 13 

 (iii)    No Voting Rights. Participating Key
Employees shall have no voting rights with respect to Performance Shares or Shares underlying Performance Units held by them during the applicable Performance Period. 

(iv)    Payment. As soon as is reasonably practicable following the end of the applicable
Performance Period, subject to the Committee approving the satisfaction of the applicable Performance Goal if such Committee approval is required by the terms of the Award, payment of earned Performance Shares and/or Performance Units shall be made.
The Committee, in its sole discretion, may pay earned Performance Shares and Performance Units in the form of cash, Shares (which may be Shares of Restricted Stock), Restricted Stock Units or a combination of cash, Shares (which may be Shares of
Restricted Stock) and/or Restricted Stock Units, which have an aggregate Fair Market Value equal to the value of the earned Performance Shares and Shares underlying earned Performance Units at the close of the applicable Performance Period. Any
Shares of Restricted Stock payable in connection with Performance Shares or Performance Units shall, pending the expiration, lapse, or waiver of the applicable restrictions, be evidenced in the manner as set forth in Section 6(c)(iii) hereof.

 (f)    Annual Incentive Awards. Subject to the terms of this Plan, the Committee may grant Annual Incentive
Awards to Key Employees. Non-Employee Directors are not eligible to be granted Annual Incentive Awards. The Committee shall determine all terms and conditions of an Annual Incentive Award, including but not
limited to the Performance Goals, performance period, the potential amount payable, and the timing of payment. 

(g)    General. 

(i)    No Consideration for Awards. Awards shall be granted to Participating Key Employees and Non-Employee Directors for no cash consideration unless otherwise determined by the Committee. 

(ii)    Award Agreements. Each Award granted under the Plan shall be evidenced by an Award Agreement
in such form (consistent with the terms of the Plan) as shall have been approved by the Committee. 

(iii)    Awards May Be Granted Separately or Together. Awards to Participating Key Employees under
the Plan may be granted either alone or in addition to, in tandem with, or (subject to the limitations of Section 6(j)) in substitution for any other Award or any award granted under any other plan of the Company or any Affiliate. Awards
granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted under any other plan of the Company or any Affiliate, may be granted either at the same time as or at a different time from the grant of such
other Awards or awards. 
 (iv)    Forms of Payment Under Awards. Subject to the terms of the Plan
and of any applicable Award Agreement, payments or transfers to be made by the Company or an Affiliate upon the grant, exercise, or payment of an Award 

  
 14 

 
to a Participating Key Employee or Non-Employee Director may be made in such form or forms as the Committee shall determine, and may be made in a single
payment or transfer, in installments, or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include, without limitation, provisions for the payment or crediting of
interest on installment or deferred payments. 
 (v)    Limits on Transfer of Awards. Except as
otherwise provided by the Committee, no Award (other than Released Securities), and no right under any such Award, shall be assignable, alienable, saleable, or transferable by a Participating Key Employee or
Non-Employee Director otherwise than by will or by the laws of descent and distribution (or, in the case of an Award of Restricted Securities, to the Company); provided, however, that a Participating Key
Employee or Non-Employee Director at the discretion of the Committee may be entitled, in the manner established by the Committee, to designate a beneficiary or beneficiaries to exercise his or her rights, and
to receive any property distributable, with respect to any Award upon the death of the Participating Key Employee or Non-Employee Director, as the case may be. Each Award, and each right under any Award, shall
be exercisable, during the lifetime of the Participating Key Employee or Non-Employee Director, only by such individual or, if permissible under applicable law, by such individual’s guardian or legal
representative. Except as otherwise provided by the Committee, no Award (other than Released Securities), and no right under any such Award, may be pledged, alienated, attached, or otherwise encumbered, and any purported pledge, alienation,
attachment, or encumbrance thereof shall be void and unenforceable against the Company or any Affiliate. 

(vi)    Term of Awards. Except as otherwise provided in the Plan, the term of each Award shall be
for such period as may be determined by the Committee. 
 (vii)    Share Certificates;
Representation. In addition to the restrictions imposed pursuant to Section 6(c) and Section 6(e) hereof, all certificates for Shares delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop
transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the Commission, any stock exchange or other market upon which such Shares are then listed or traded, and
any applicable federal or state securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. The Committee may require each Participating Key Employee, Non-Employee Director or other Person who acquires Shares under the Plan by means of an Award originally made to a Participating Key Employee or Non-Employee Director to
represent to the Company in writing that such Participating Key Employee, Non-Employee Director or other Person is acquiring the Shares without a view to the distribution thereof. 

  
 15 

 (h)    Dividends and Dividend Equivalents. In addition to Awards
granted under the Plan, the Committee may grant Dividend Equivalents to Participating Key Employees and Non-Employee Directors, entitling the Participating Key Employees and
Non-Employee Directors to receive cash equal to cash dividends paid with respect to a specified number of Shares. Dividend Equivalents may only be granted in connection with
“full-value” Awards granted to the Participating Key Employee or Non-Employee Director under the Plan. For this purpose, a
“full-value” Award includes Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units (valued in relation to a Share) and any other similar Award under which the value of the
Award is measured as the full value of a Share, rather than the increase in the value of a Share. The Committee may provide that Dividend Equivalents shall be paid or distributed when accrued or shall be deemed to have been reinvested in such
investment vehicles as determined by the Committee, subject to such restrictions and risks of forfeiture as the Committee may impose. Notwithstanding anything to the contrary in the Plan, no dividends or Dividend Equivalents may be paid to a
Participant with respect to an Award prior to the vesting of such Award. 
 (i)    No Repricing or Backdating of
Options of Stock Appreciation Rights. Except for adjustments made pursuant to Section 4(b), neither the Committee nor any other person may decrease the exercise or grant price for any outstanding Option or Stock Appreciation Right after the
date of grant, cancel an outstanding Option or Stock Appreciation Right in exchange for cash or other Awards (other than cash or other Awards with a value equal to the excess of the Fair Market Value of the Shares subject to such Option or Stock
Appreciation Right at the time of cancellation over the exercise or grant price for such Shares) or allow a Participant to surrender an outstanding Option or Stock Appreciation Right to the Company as consideration for the grant of a new Option or
Stock Appreciation Right with a lower exercise price. In addition, the Committee may not make a grant of an Option or Stock Appreciation Right with a grant date that is effective prior to the date the Committee takes action to approve such Award.

 (j)    Code Section 409A. The Plan is intended to comply with the applicable requirements
of Section 409A of the Code and shall be limited, construed, and interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A of the Code, it shall be structured in a manner that will comply with or
be exempt from Section 409A of the Code, including proposed, temporary, or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. The Company shall have no
liability to a Participant, or any other Person, if an Award that is intended to be exempt from, or compliant with, Section 409A of the Code is not so exempt therefrom or compliant therewith or for any action taken by the Committee or the
Company and, in the event that any amount or benefit under the Plan becomes subject to penalties under Section 409A of the Code, responsibility for payment of such penalties shall rest solely with the affected Participants and not with the
Company. Notwithstanding any contrary provision in the Plan or Award Agreement, any payment(s) of “nonqualified deferred compensation” (within the meaning of Section 409A of the Code) that are otherwise required to be made under the
Plan to a “specified employee” (as defined under Section 409A of the Code) as a result of such employee’s “separation from service” (as defined under Section 409A of the Code, and excluding any payments that are
not subject to Section 409A of the Code) shall be delayed for the first six (6) months following such separation from service (or, if earlier, the date of death of 

  
 16 

 
the specified employee) and shall instead be paid (in a manner set forth in the Award Agreement) upon expiration of such six (6)-month delay period. Furthermore, notwithstanding any contrary
provision of the Plan or Award Agreement, any payment of “nonqualified deferred compensation” (within the meaning of Section 409A of the Code) under the Plan that may be made in installment shall be treated as a right to receive a
series of separate and distinct payments. 
  

	7.	 Amendment and Termination of the Plan; Correction of Defects and Omissions 

(a)    Amendments to and Termination of the Plan. Except as otherwise provided herein, the Board of Directors of the
Company or the Committee may at any time amend, alter, suspend, discontinue, or terminate the Plan; provided, however, that: 

(i)    approval by the Board of Directors shall be required for any such action to the extent the Company
determines such approval is required by: (A) prior action of the Board, (B) applicable corporate law, or (C) any other applicable law; 

(ii)    stockholder approval of any amendment of the Plan shall also be obtained to the extent the Company
determines such approval is required by: (A) Section 16 of the Exchange Act, (B) the Code, (C) the listing requirements of any principal securities exchange or market on which the Shares are then traded, or (D) any other
applicable law; and 
 (iii)    stockholder approval is required for any of the following Plan
amendments: (A) an amendment to materially increase any number of Shares or limits specified in Section 4(a) (except as contemplated by Section 4(b)), (B) an amendment to expand the group of individuals that may become Participants,
or (C) an amendment that would diminish the protections afforded by Section 6(j) or that would materially change the minimum vesting and performance requirements of an Award as required in the Plan. 

(b)    Amendment, Modification or Cancellation of Awards. Subject to the requirements of this Plan, the Committee
may modify, amend or cancel any Award, or waive any restrictions or conditions applicable to any Award or the exercise of the Award, provided that any modification or amendment that materially diminishes the rights of the Participant, or any
cancellation of an Award, shall be effective only if agreed to by the Participant or any other person(s) as may then have an interest in the Award, but the Committee need not obtain Participant (or other interested party) consent for the adjustment
or cancellation of an Award pursuant to the provisions of Section 4(b) or the modification of an Award to the extent deemed necessary to comply with any applicable law, the listing requirements of any principal securities exchange or market on
which the Shares are then traded, or to preserve favorable accounting or tax treatment of any Award for the Company. Notwithstanding the foregoing, unless determined otherwise by the Committee, any such amendment shall be made in a manner that will
enable an Award intended to be exempt from Code Section 409A to continue to be so exempt, or to enable an Award intended to comply with Code Section 409A to continue to so comply. 

  
 17 

 (c)    Clawback/ Forfeiture/ Recoupment of Awards. Any Awards
granted pursuant to this Plan, and any Stock issued or cash paid pursuant to an Award, shall be subject to (i) any recoupment, clawback, forfeiture, equity holding, stock ownership or similar policies adopted by the Company from time to time
and (ii) any recoupment, clawback, forfeiture, equity holding, stock ownership or similar requirements made applicable by law, regulation or listing standards to the Company from time to time. Notwithstanding anything to the contrary contained
herein, the Committee may cancel an Award if the Participant, without the consent of the Company, (A) has engaged in or engages in activity that is in conflict with or adverse to the interests of the Company or any Affiliate while employed by
or providing services to the Company or any Affiliate, including fraud or conduct contributing to any financial restatements or irregularities, (B) violates a non-competition, non-solicitation, non-disparagement or non-disclosure covenant or agreement with the Company or any Affiliate, as determined by the
Committee, or (C) if the Participant’s employment or service is terminated for Cause (as defined in the applicable Award Agreement). The Committee may also provide in an Award Agreement that in such event the Participant will forfeit
any compensation, gain or other value realized thereafter on the vesting, exercise or settlement of such Award, the sale or other transfer of such Award, or the sale of Shares acquired in respect of such Award, and must promptly repay such amounts
to the Company. The Committee may also provide in an Award Agreement that if the Participant receives any amount in excess of what the Participant should have received under the terms of the Award for any reason (including without limitation by
reason of a financial restatement, mistake in calculations or other administrative error), all as determined by the Committee, then the Participant shall be required to promptly repay any such excess amount to the Company. In addition, the
Company shall retain the right to bring an action at equity or law to enjoin the Participant’s activity and recover damages resulting from such activity. 

(d)    Correction of Defects, Omissions and Inconsistencies. The Committee may correct any defect, supply any
omission, or reconcile any inconsistency in the Plan, any Award or any Award Agreement in the manner and to the extent it shall deem desirable to carry the Plan into effect. 

(e)    Survival Of Awards. Termination of the Plan shall not affect the rights of Participating Key Employees or Non-Employee Directors with respect to Awards previously granted to them, and all unexpired Awards shall continue in force and effect after termination of the Plan except as they may lapse or be terminated by their
own terms and conditions. Notwithstanding the foregoing, the authority of the Board and the Committee under this Section 7 and to otherwise administer the Plan will extend beyond the date of this Plan’s termination. 

 

	8.	 General Provisions 

(a)    No Rights to Awards. No Key Employee, Participating Key Employee,
Non-Employee Director or other Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Key Employees, Participating Key Employees, Non-Employee Directors or holders or beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each Participating Key Employee or
Non-Employee Director. 

  
 18 

 (b)    Withholding. No later than the date as of which tax
withholding is first required with respect to any Award under the Plan, the Participating Key Employee shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, any federal, state, local or foreign taxes of
any kind required by law to be withheld with respect to such amount. Unless otherwise determined by the Committee, withholding obligations arising with respect to Awards to Participating Key Employees under the Plan may be settled with Shares (other
than Restricted Securities), including Shares that are part of, or are received upon exercise of, the Award that gives rise to the withholding requirement; provided, however, that the amount to be withheld may not exceed the total
maximum statutory tax rates associated with the transaction to the extent needed for the Company to avoid adverse accounting treatment. The obligations of the Company under the Plan shall be conditional on such payment or arrangements, and the
Company and any Affiliate shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Participating Key Employee. The Committee may establish such procedures as it deems appropriate for the
settling of withholding obligations with Shares, including, without limitation, the establishment of such procedures as may be necessary to satisfy the requirements of Rule 16b-3. 

(c)    No Guarantee of Tax Treatment. Notwithstanding any provisions of the Plan, the Company does not guarantee to
any Participant or any other Person with an interest in an Award that (i) any Award intended to be exempt from Code Section 409A shall be so exempt, (ii) any Award intended to comply with Code Section 409A or Code
Section 422 shall so comply, or (iii) any Award shall otherwise receive a specific tax treatment under any other applicable tax law, nor in any such case will the Company or any Affiliate indemnify, defend or hold harmless any individual
with respect to the tax consequences of any Award. 
 (d)    No Limit on Other Compensation Arrangements. Nothing
contained in the Plan shall prevent the Company or any Affiliate from adopting or continuing in effect other or additional compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases. 

(e)    Rights and Status of Recipients of Awards. The grant of an Award shall not be construed as giving a
Participating Key Employee the right to be retained in the employ of the Company or any Affiliate. Further, the Company or any Affiliate may at any time dismiss a Participating Key Employee from employment, free from any liability, or any claim
under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement. The grant of an Award to a Non-Employee Director pursuant to Section 6(a) of the Plan shall confer no right on
such Non-Employee Director to continue as a director of the Company or any Affiliate. Except for rights accorded under the Plan and under any applicable Award Agreement, Participating Key Employees and Non-Employee Directors shall have no rights as holders of Shares as a result of the granting of Awards hereunder. 

(f)    No Compensation for Benefit Plans. No Award payable under this Plan shall be deemed salary or compensation
for the purpose of computing benefits under any benefit plan or other arrangement of the Company or any Affiliate for the benefit of its employees or directors unless the Company or appropriate Affiliate shall determine otherwise. 

  
 19 

 (g)    Unfunded Status of the Plan. Unless otherwise determined
by the Committee, the Plan shall be unfunded and shall not create (or be construed to create) a trust or a separate fund or funds. The Plan shall not establish any fiduciary relationship between the Company and any Participating Key Employee, Non-Employee Director or other Person. To the extent any Person holds any right by virtue of a grant under the Plan, such right (unless otherwise determined by the Committee) shall be no greater than the right of a
general unsecured creditor of the Company. 
 (h)    Governing Law; Limitations on Actions. The validity,
construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the internal laws of the State of Delaware, without reference to conflict of law principles thereof, and applicable
federal law. Any action or other legal proceeding with respect to the Plan or any Award may be brought only within the period ending on the earlier of (i) 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 (ii) 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. 

(i)    Severability. If any provision of the Plan or any Award Agreement or any Award is or becomes or is deemed to
be invalid, illegal, or unenforceable in any jurisdiction, or as to any Person or Award, or would disqualify the Plan, any Award Agreement or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed
amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan, any Award Agreement or the Award, such provision shall be stricken
as to such jurisdiction, Person, or Award, and the remainder of the Plan, any such Award Agreement and any such Award shall remain in full force and effect. 

(j)    No Fractional Shares. No fractional Shares or other securities shall be issued or delivered pursuant to the
Plan, any Award Agreement or any Award, and the Committee shall determine (except as otherwise provided in the Plan) whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Shares or other securities,
or whether such fractional Shares or other securities or any rights thereto shall be cancelled, terminated, or otherwise eliminated. 

(i)    Whistleblower Acknowledgments. Notwithstanding anything to the contrary herein, nothing in this Plan or any
Award Agreement will (i) prohibit a Participant from making reports of possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of
the Exchange Act or Section 806 of the Sarbanes-Oxley Act of 2002, or of any other whistleblower protection provisions of federal law or regulation, or (ii) require prior approval by the Company or any of its Affiliates of any reporting
described in clause (i). 
 (k)    Headings. Headings are given to the Sections and subsections of the Plan
solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 

  
 20EX-10.5

 Exhibit 10.5 

EXECUTIVE EMPLOYMENT AND SEVERANCE AGREEMENT 

This Executive Employment and Severance Agreement (this “Agreement”) is between Lynn Peterson (“Executive”) and Whiting
Petroleum Corporation (“Whiting” and, together with its subsidiaries, the “Company”) and is effective as of September 1, 2020 (the “Effective Date”). 

WHEREAS, the Company desires to employ Executive in a key employee capacity and expects that Executive’s services will be valuable
to the conduct of the business of the Company; 
 WHEREAS, Whiting and Executive desire to specify the terms and conditions on which
Executive will be employed on and after the Effective Date, and under which Executive will receive severance in the event that Executive separates from service with the Company under the circumstances described in this Agreement; and 

NOW, THEREFORE, for the consideration described above and other good and valuable consideration, the parties agree as follows: 

1. Effective Date; Term. This Agreement shall become effective on the Effective Date and continue until the date that is two years after the
Effective Date (the “Initial Term”). Thereafter, this Agreement shall renew automatically for successive one-year renewal periods unless and until either party provides written notice to the other
party of the intent not to renew this Agreement at least 180 days prior to the end of the Initial Term or any subsequent term. The period between the Effective Date and the Termination Date shall be referred to herein as the “Employment
Term.” Expiration of this Agreement will not affect the rights or obligations of the parties hereunder arising out of, or relating to, circumstances occurring prior to the expiration of this Agreement, which rights and obligations will survive
the expiration of this Agreement. 
 2. Definitions. For purposes of this Agreement, the following terms shall have the meanings ascribed to
them: 
 (a) “Accrued Benefits” shall mean the following amounts, payable as described herein: (i) all base salary for
the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with Executive’s employment for reasonable and necessary expenses incurred by Executive on behalf of the Company for the
time period ending with the Termination Date in accordance with company policy and (iii) all other payments and benefits to which Executive (or in the event of Executive’s death, Executive’s surviving spouse or other beneficiary) is
entitled on the Termination Date under the terms of any benefit plan of the Company, excluding severance payments under any Company severance policy, practice or agreement in effect on the Termination Date. 

(b) “Affiliate” shall mean, with respect to any person, any person that, directly or through one or more intermediaries, is
controlled by, controls or is under common control with, such Person. 
 (c) “Base Salary” shall mean Executive’s
annual base salary with the Company as in effect from time to time. 
 (d) “Board” shall mean the board of directors of
Whiting or a committee of such Board authorized to act on its behalf in certain circumstances, including the Compensation Committee of the Board. 

(e) “Cause” shall mean a good faith finding by the Board that Executive has (i) willfully failed, grossly neglected or
refused to perform the lawful employment duties related to his position or as from time to time assigned to him (other than due to Disability); (ii) committed any willful, intentional or grossly negligent misconduct having the effect of injuring the
interest, business or reputation of the Company; (iii) violated or failed to comply in any material respect with the Company’s published rules, regulations or policies, as in effect or amended from time to time; (iv) been indicted
for, convicted of, or plead guilty or nolo contendere to a felony or misdemeanor involving moral turpitude, or performed any act 

 
of fraud, material theft or material dishonesty; (v) misappropriated or embezzled any property of the Company (whether or not an act constituting a felony or misdemeanor) or
(vi) breached any material provision of this Agreement or any other applicable confidentiality, non-compete, non-solicit, general release, covenant not-to-sue or other agreement with the Company. 
 (f)
“COBRA” shall mean the provisions of Code Section 4980B. 
 (g) “Code” shall mean the Internal
Revenue Code of 1986, as amended, as interpreted by rules and regulations issued pursuant thereto, all as amended and in effect from time to time. Any reference to a specific provision of the Code shall be deemed to include reference to any
successor provision thereto. 
 (h) “Disability” shall mean, subject to applicable law, any medically determinable physical
or mental impairment that (i) renders Executive unable to perform the duties of his position with the Company and (ii) is expected to last for a continuous period of not less than six months, all as certified by a physician reasonably
acceptable to the Company or its Successor. 
 (i) “Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended, as interpreted by rules and regulations issued pursuant thereto, all as amended and in effect from time to time. Any reference to a specific provision of the Exchange Act shall be deemed to include reference to any successor provision
thereto. 
 (j) “Good Reason” shall mean the occurrence of any of the following without the consent of Executive: (i) a
material diminution in Executive’s title, duties or responsibilities; (ii) a requirement that Executive relocate Executive’s principal place of work to a location that increases his one-way
commute by more than 40 miles from its location on the date of this Agreement; (iii) a reduction in Executive’s Base Salary or annual bonus target percentage, unless such reduction applies across the board to other senior executives;
(iv) a material breach by Whiting of any provisions of this Agreement; or (v) the removal of Executive from the Board by Whiting (other than for Cause or as a result of his death, disability or voluntary resignation) or the failure to re-nominate Executive to serve on the Board. Notwithstanding the foregoing, Executive will not be deemed to have Good Reason unless (x) Executive first provides Whiting with written notice of the condition
giving rise to Good Reason within 30 days of its initial occurrence and (y) Whiting fails to cure such condition within 30 days after receiving such written notice. 

(k) “Separation from Service” shall mean Executive’s termination of employment from Whiting and each entity that is
required to be included in Whiting’s controlled group of corporations within the meaning of Code Section 414(b), or that is under common control with Whiting within the meaning of Code Section 414(c) (collectively, “409A
affiliates”). Notwithstanding the foregoing: 
 (i) If Executive takes a leave of absence for purposes of military leave, sick leave or
other bona fide leave of absence, Executive will not be deemed to have incurred a Separation from Service for the first six months of the leave of absence, or if longer, for so long as Executive’s right to reemployment is provided either by
statute or by contract. 
 (ii) Subject to paragraph (i), Executive shall incur a Separation from Service when the level of bona fide
services provided by Executive to Whiting and its 409A Affiliates permanently decreases to a level of 20% or less of the level of services rendered by Executive, on average, during the immediately preceding 36 months of employment. 

(iii) If, following Executive’s termination of employment, Executive continues to provide services to the Company or a 409A Affiliate in a
capacity other than as an employee, Executive will not be deemed to have Separated from Service as long as Executive is providing bona fide services at a rate that is greater than 20% of the level of services rendered by Executive, on average,
during the immediately preceding 36 months of service. 

  
 2 

 (l) “Successor” shall mean the person to which this Agreement is assigned
upon a sale of business. 
 (m) “Termination Date” shall mean the date of Executive’s termination of employment from
the Company, as further described in Section 4. 
 3. Employment of Executive. 

(a) Position. 
 (i)
Executive shall serve in the position of Chief Executive Officer in a full-time capacity. In such position, Executive shall have such duties and authority as is customarily associated with such position and shall have such other titles,
duties and responsibilities, consistent with Executive’s position, as may be assigned from time to time by the Board, and upon request of the Board, Executive shall serve as an officer or director of any Company affiliates. Executive will be
based at the Company’s headquarters in Denver, Colorado, subject to reasonable required travel on the Company’s business. 
 (ii)
Whiting shall take such action as may be necessary to cause Executive to become a member of the Board as of the Effective Date, or if later, as of the date on which the Company receives its discharge in bankruptcy and appoints a new Board or
Directors. Thereafter, during the Employment Term, the Board shall nominate Executive for re-election as a member of the Board at the expiration of the then current term, provided that the foregoing shall not
be required to the extent prohibited by legal or regulatory requirements. 
 (iii) Executive shall devote Executive’s full business time
and best efforts to the performance of Executive’s duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would conflict or interfere with the rendition of such services either
directly or indirectly, without the prior written consent of the Board; provided that nothing herein shall preclude Executive, subject to the prior approval of the Board, from accepting appointment to or continuing to serve on any board of
directors or trustees of any business corporation or any charitable organization, serving on civic and charitable institutions and managing Executive’s personal financial affairs; further provided in each case, and in the aggregate, that
such activities do not conflict or unreasonably interfere with the performance of Executive’s duties hereunder or conflict with Section 7. Notwithstanding anything to the contrary herein, during the Employment Term, Executive may continue
to serve as a member of the Board of Directors of Denbury Resources Inc. 
 (b) Base Salary. Whiting shall pay Executive a Base Salary
in regular installments in accordance with the Company’s usual payroll practices. The Base Salary shall be an amount equal to the annual rate of $650,000, subject to increase, but not decrease, from time to time as determined by the Board. 

(c) Bonus. Executive shall be entitled to participate in the Company’s annual bonus plan with a threshold bonus of 25% of Base
Salary, target bonus of 75% of Base Salary and a maximum bonus of 150% of Base Salary based upon achievement of the performance goals under such plans. The bonus for 2020 will be pro-rated based on a fraction
equal to the number of days the Executive was employed starting on the Effective Date through December 31, 2020 divided by 365 (the “Pro Rata Amount”) and shall be no less than the target bonus multiplied by the Pro Rata Amount. 

(d) Equity. As soon as practicable and within 45 days after the Effective Date, the Executive will be granted restricted stock units
under the Company’s 2020 Equity Plan (the “Equity Plan”) with a grant date fair value equal to $650,000 (the “Initial Grant”). The stock price used to determine the number of shares shall for the Initial Grant shall be equal
to the volume weight average price for the 15 trading days commencing on the day after the Effective Date. The Executive will also be granted $1,950,000 in early 2021 (the “2021 Grant”) in conjunction with the annual issuance of long-term
incentives to other senior employees. The Initial Grant will vest ratably on the first, second and third year anniversaries of the Effective Date and fifty percent of the 2021 Grant shall vest ratably on the first, second and third year
anniversaries of the grant date and fifty percent shall vest based on the achievement of performance in each case, subject to continued employment and as further set forth in the award agreements and the Equity Plan. 

  
 3 

 (e) Special Equity. As soon as practicable and within 45 days after the Effective
Date, the Executive will be granted a special one-time equity grant of 94,500 RSUs under the Equity Plan. The award will vest as follows: 50% will vest if the daily volume weighted average price
(“VWAP”) exceeds $32.57 per share for 20 consecutive trading days, an additional 25% if the daily VWAP exceeds $48.86 per share for 20 consecutive trading days and the final 25% if the daily VWAP exceeds $65.14 per share for 20 consecutive
trading days, This award will vest only if the Executive is employed by the Company during the 20 day period when the daily VWAP equals or exceeds the targets outlined above (provided, that vesting will occur if Executive is terminated without
Cause/or resigns for Good Reason within three months prior to achieving such targets) The award will be subject to the terms and conditions of the award agreement and the Equity Plan. 

(f) Employee Benefits. Executive shall be entitled to participate in the Company’s employee benefit plans (other than annual and/or
long-term incentive programs, which are addressed in Section 3(c) and (d)) as in effect from time to time; provided that nothing contained herein shall prevent the Company from amending, modifying, suspending or terminating any such
benefit plans or arrangements at any time and from time to time in its sole discretion. 
 (g) Business Expenses. The reasonable
business expenses incurred by Executive in the performance of Executive’s duties hereunder shall be reimbursed by the Company in accordance with Company policies. 

(h) Vacation. Executive shall be entitled to four weeks of vacation per full year. 

4. Termination of Employment. Executive’s employment with the Company will terminate during the term of this Agreement, and this Agreement
will terminate on the date of such termination, as follows: 
 (a) Executive’s employment will terminate upon Executive’s death.

 (b) If Executive is Disabled, and if within 30 days after Whiting notifies Executive in writing that it intends to terminate
Executive’s employment, Executive shall not have returned to the performance of Executive’s duties hereunder on a full-time basis, Whiting may terminate Executive’s employment, effective immediately following the end of such 30-day period. 
 (c) Whiting may terminate Executive’s employment with or without Cause (other than
as a result of Disability which is governed by Section 4(b)) by providing at least 30 days’ prior written notice (or pay in lieu thereof) to Executive that indicates in reasonable detail the facts and circumstances alleged to provide a
basis for such termination. If the termination is without Cause, Executive’s employment will terminate on the date specified in the written notice of termination. If the termination is for Cause, Executive shall have 15 days from the date the
written notice is provided, to cure any conduct or act, if curable, alleged to provide grounds for termination of Executive’s employment for Cause. If the alleged conduct or act constituting Cause is not curable, Executive’s employment
will terminate on the date specified in the written notice of termination. If the alleged conduct or act constituting Cause is curable but Executive does not cure such conduct or act within the specified time period, Executive’s employment will
terminate on the date immediately following the end of the cure period. Unless otherwise directed by Whiting, from and after the date of the written notice of proposed termination, Executive shall be relieved of his duties and responsibilities and
shall be considered to be on a paid leave of absence pending any final action by Whiting or the board of directors of the Successor. 

  
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 (d) Executive may terminate his employment for or without Good Reason by providing written
notice of termination to Whiting that indicates in reasonable detail the facts and circumstances alleged to provide a basis for such termination; provided that Executive agrees to provide Whiting with at least 90 days’ written notice of
his intent to voluntarily resign from employment for any reason; further provided that Whiting may waive all or any portion of such notice period and accelerate the effective date of Executive’s voluntary resignation without re-characterizing the nature of such termination. If Executive is alleging a termination for Good Reason, Executive must provide written notice to Whiting of the existence of the condition constituting Good Reason
within 60 days of the initial existence of such condition, and Whiting must have a period of at least 30 days following receipt of such notice to cure such condition. If such condition is not cured by Whiting within such 30-day period, Executive’s termination of employment shall be effective on the date immediately following the end of such cure period. 

(e) If the Executive provides notice of termination, Whiting may elect to place Executive on “garden leave” for up to 90 days or such
shorten period as determined by the Company during which period Executive will continue to receive all of Executive’s compensation and benefits hereunder as if an active employee but during which period Whiting will not be obligated to assign
to Executive any powers or duties or to permit Executive to provide any work for Whiting or provide Executive access to Whiting’s facilities (but Executive will be required to be available as requested by Whiting). The implementation of any
such leave shall not be regarded as a termination of employment nor will it give Executive a right to terminate employment for Good Reason. During any such period of “garden leave,” Executive shall remain reasonably available at
Whiting’s reasonable request (taking into account Executive’s other professional commitments, if any, during such period) to consult on matters related to the business of the Company or the transition of Executive’s duties to his
successor, and Executive acknowledges and agrees that during and following such period he will continue to be bound by the covenants contained in Section 7 hereof in accordance with their terms and any other restrictive covenants or
professional obligations contained herein or in any other written agreement with the Company. 
 (f) Upon Executive’s termination of
employment for any reason, whether voluntarily or involuntarily, Executive shall be deemed to have resigned from all positions, directorships and memberships held with the Company, whether as an employee, officer, director, trustee, consultant or
otherwise, and such resignations shall be effective upon such termination of employment without any other action required by Executive. Executive hereby agrees to execute all documentation reasonably requested by the Company to effectuate the
foregoing. Further, except as required by law or as otherwise set forth expressly herein, Executive’s participation in, and eligibility for participation in, the benefit plans and programs of the Company shall cease as of the effective date of
any termination of Executive’s employment with the Company. 
 5. Payments upon Termination. 

(a) Entitlement to Severance. Subject to the other terms and conditions of this Agreement, Executive shall be entitled to the Accrued
Benefits, and to the severance benefits described in Section 5(b), in the following circumstances while this Agreement is in effect: 

(i) Executive’s employment is terminated by the Company without Cause, except in the case of death or Disability; 

(ii) Executive’s employment is terminated due to the Company’s notice of non-renewal of the
Employment Term pursuant to Section 1 hereof; or 
 (iii) Executive terminates his employment with the Company for Good Reason. 

For the avoidance of doubt, if Executive dies or becomes Disabled after receiving a notice by the Company (i) that Executive is being
terminated without Cause or (ii) of non-renewal of the Employment Term, or after providing notice of termination for Good Reason, then Executive’s estate, heirs and beneficiaries, in the case of
Executive’s death, or Executive or his personal representative, in the case of Executive’s Disability, shall be entitled to the Accrued Benefits and the severance benefits described in Section 5(b) at the same time such amounts would
have been paid or benefits provided to Executive had he lived or not become Disabled. 

  
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 (b) Severance Benefits; Timing and Form of Payment. Subject to the limitations
imposed by Section 6, if Executive is entitled to severance benefits, then: 
 (i) The Company shall pay Executive an amount equal to
the sum of Executive’s Base Salary and the annual bonus (equal to 75% of Base Salary), payable in equal installments over the 12 month period after the date of termination. 

(ii) Until the earlier of 18 months after the date of Executive’s Separation from Service or such time as Executive has obtained new
employment and is covered by benefits which in the aggregate are at least equal in value to the following benefits, Executive shall continue to be covered, at the expense of the Company, by the same or equivalent, medical, dental and vision coverage
as Executive received (immediately prior to Executive’s Separation from Service), subject to the following: 
 (A)
Following the end of the COBRA continuation period, if such medical or dental coverage is provided under a health plan that is subject to Section 105(h) of the Code, benefits payable under such health plan shall comply with the requirements of
Treasury regulation section 1.409A-3(i)(1)(iv) and, if necessary, the Employer shall amend such health plan to comply therewith. 

(B) If provision of any such health benefits would subject the Company or its benefits arrangements to a penalty or adverse tax
treatment, then the Company shall provide a cash payment to Executive in an amount reasonably determined by the Company to be equivalent to the COBRA premiums for similar benefit without any gross-up or make
wholes. 
 (C) During the first six months following Executive’s Separation from Service, Executive shall pay the
Company for any life insurance coverage that provides a benefit in excess of $50,000 under a group term life insurance policy. After the end of such six month period, the Company shall make a cash payment to Executive equal to the aggregate premiums
paid by Executive for such coverage, and thereafter such coverage shall be provided at the expense of the Company for the remainder of the period as set forth above. 

All payments shall be subject to payroll taxes and other withholdings in accordance with the Company’s (or the applicable employer of
record’s) standard payroll practices and applicable law. 
 (c) Severance Following a Change of Control. If Executive’s
employment is terminated by the Company without Cause, except in the case of death or Disability; or if the Company provides Executive with a notice of non-renewal of the Employment Term pursuant to
Section 1 hereof; or Executive terminates his employment with the Company for Good Reason, in each case within 3 months prior to or 12 months following a Change of Control (as defined in the Equity Plan), then, in addition to the severance
payments and benefits payable to Executive pursuant to Section 5(b), Executive will receive an additional severance payment equal to the sum of Executive’s Base Salary and the Target annual bonus (equal to 75% of Base Salary)
(collectively, the “Enhanced Severance”), payable in a lump sum on the 60th day following such termination (provided, that if the termination occurs prior to the Change of Control, then
payment shall be made on or within 60 days following the Change of Control), subject to Executive’s compliance with his post-employment obligations and conditioned on Executive’s execution of the release as set forth below. 

(d) Other Termination of Employment. If Executive’s employment terminates for any reason other than those described in
Section 5(a), Executive (or Executive’s estate in the event of his death), shall be entitled to receive only the Accrued Benefits. 

  
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 (e) Release and Post-Employment Obligations. Executive’s right to receive and
retain the severance payments and benefits (and the Enhanced Severance, if applicable) shall be conditioned upon (i) Executive’s continued compliance with the post-employment obligations set forth in Section 7 below and (ii) Executive
execution and non-revocation of a release of claims against the Company and affiliated parties in substantially the form attached as Exhibit B hereto. Such release must be executed and become effective and
irrevocable within 60 days after the Termination Date. In the event that Executive fails to timely execute the release of claims (or timely revokes his execution thereof), Executive shall repay to the Company any severance payments or benefits
previously received and the Company shall have any further obligations to Executive in respect thereof. 
 6. Limitations on Severance Payments and
Benefits. Notwithstanding any other provision of this Agreement, if any portion of the severance payments and benefits ( including the Enhanced Severance , if applicable) or any other payment under this Agreement, or under any other
agreement with or plan of the Company (in the aggregate “Total Payments”), would constitute an “excess parachute payment,” then the Total Payments to be made to Executive shall be reduced such that the value of the aggregate
Total Payments that Executive is entitled to receive shall be one dollar ($1) less than the maximum amount which Executive may receive without becoming subject to the tax imposed by Code Section 4999 or which the Company may pay without loss of
deduction under Code Section 280G(a); provided that the foregoing reduction in the amount of Total Payments shall not apply if the after-tax value to Executive of the Total Payments prior to
reduction in accordance herewith is greater than the after-tax value to Executive if Total Payments are reduced in accordance herewith. For purposes of this Agreement, the terms “excess parachute
payment” and “parachute payments” shall have the meanings assigned to them in Code Section 280G, and such “parachute payments” shall be valued as provided therein. Present value for purposes of this Agreement shall be
calculated in accordance with Code Section 1274(b)(2). 
 7. Covenants by Executive. 

(a) Confidentiality. In consideration for Executive’s employment by the Company, Executive agrees that Executive shall, during
Executive’s employment with the Company and thereafter, maintain the confidentiality of any and all information about the Company which is not generally known or available outside the Company, including without limitation, strategic plans,
technical and operating know-how, business strategy, trade secrets, customer information, business operations and other proprietary information (“Confidential Information”), and Executive will not,
directly or indirectly, disclose any Confidential Information to any person or entity, or use any Confidential Information, whether for Executive’s own benefit, the benefit of any new employer or any other person or entity or any other purpose,
in any manner. The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to Executive; (ii) becomes generally known to the public subsequent to disclosure to Executive through no wrongful act of
Executive or any representative of Executive; or (iii) Executive is required to disclose by applicable law, regulation or legal process (provided that Executive provides the Company with prior notice of the contemplated disclosure and
cooperates with the Company at its expense in seeking a protective order or other appropriate protection of such information). 
 (b)
Return of Company Documents and Property. Executive shall deliver and return to the Company within 24 hours after termination of Executive’s employment with the Company for any reason (whether voluntary or involuntary), or at any
other time the Company may request, all memoranda, notes, plans, records, reports, computer tapes, printouts, software and other documents, materials, information, drafts and data (and copies thereof) relating to work product or the business of any
member of the Company, and all computers, mobile devices and other electronic hardware or work devices that he may then possess or have under his control. Executive will not keep in Executive’s possession, recreate or deliver to anyone
else any such documents or property. Executive agrees, during the term of any restriction contained in this Agreement, to disclose this Agreement to any Person which offers employment to Executive. Executive further agrees that the Company may send
a copy of this Agreement to, or otherwise make the provisions hereof known to, any of Executive’s potential employers. For the avoidance of doubt, upon any such termination, Executive may make and retain an electronic copy of Executive’s
contacts list and calendar. 

  
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 (c)
Non-Competition/Non-Solicitation. 
 (i) During
Executive’s employment with the Company and for a period of one year following Executive’s Termination Date if such Termination Date occurs prior to a Change of Control or two years following Executive’s Termination Date if such
Termination Date occurs after a Change of Control (each, a “Restricted Period”), Executive agrees that Executive shall not, directly or indirectly, manage, operate, join, control, be employed by or participate in the management, operation
or control of, or be connected in any manner with, including, without limitation, holding any position as a stockholder, director, officer, consultant, independent contractor, employee, partner or investor in, any operations of a business that are
in competition with the business of the Company in the material plays or fields in which the Company has or proposes to have operations as set forth on Exhibit A to this Agreement, which Exhibit A may be modified prior to the time of
Executive’s termination of employment by the Board upon written notification of such modification to Executive (the “Whiting Plays and Fields”); provided, however, that nothing in this Section 7(c) shall prohibit Executive
from (A) participating in operations of a business to the extent such operations are not in competition with the business of the Company in the Whiting Plays and Fields, (B) participating solely as a passive investor in oil wells or
similar investments, owning 3% or less of the outstanding securities of any class of any issuer whose securities are registered under the Exchange Act or making passive investments in any hedge, private equity or mutual fund or similar investment
vehicle, (C) serving as a director of an entity that has less than 5% of its assets located in the Whiting Fields and Plays, or (D) serving as a director of Denbury Resources Inc. 

(ii) During Executive’s employment with the Company and during the applicable Restricted Period, Executive agrees not to, in any form or
manner, directly or indirectly, on his own behalf or in combination with others (A) solicit, induce or influence any customer, supplier, lender, lessor or any other person with a business relationship with the Company to discontinue or reduce
the extent of such business relationship or (B) recruit, solicit or otherwise induce or influence any employee of the Company to discontinue their employment with the Company. 

(d) Disclosure and Assignment to the Company of Inventions and Innovations. 

(i) Executive agrees to disclose and assign to the Company as the Company’s exclusive property, all inventions and technical or business
innovations, including but not limited to all patentable and copyrightable subject matter (collectively, the “Innovations”) developed, authored or conceived by Executive solely or jointly with others during the period of Executive’s
employment, including during Executive’s employment prior to the date of this Agreement, (A) that are along the lines of the business, work or investigations of the Company to which Executive’s employment relates or as to which
Executive may receive information due to Executive’s employment with the Company, (B) that result from or are suggested by any work which Executive may do for the Company or (C) that are otherwise made through the use of Company time,
facilities or materials. To the extent any of the Innovations is copyrightable, each such Innovation shall be considered a “work for hire.” 

(ii) Executive agrees to execute all necessary papers and otherwise provide proper assistance (at the Company’s expense), during and
subsequent to Executive’s employment, to enable the Company to obtain for itself or its nominees, all right, title and interest in and to patents, copyrights, trademarks or other legal protection for such Innovations in any and all countries.

 (iii) Executive agrees to make and maintain for the Company adequate and current written records of all such Innovations. 

(iv) In the event the Company is unable for any reason whatsoever to secure Executive’s signature to any lawful and necessary documents
required, including those necessary for the assignment of, application for or prosecution of any United States or foreign application for letters patent or copyright for any Innovation, Executive hereby irrevocably designates and appoints the
Company and its duly authorized officers and agents as Executive’s agent and attorney-in-fact, to act for and in Executive’s behalf and stead to execute and
file any such applications and to do all other lawfully permitted acts to further the assignment, prosecution and issuance of letters patent or registration of copyright thereon with the same legal force and effect as if executed by Executive.
Executive hereby waives and quitclaims to the Company any and all claims, of any nature whatsoever, which Executive may now have or may hereafter have for infringement of any patent or copyright resulting from any such application. 

  
 8 

 (v) 18 U.S.C. § 1833(b) provides: “An individual shall not be held criminally or
civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and
(ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.” Nothing in this
Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, the parties to this Agreement have the right to disclose in
confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. The parties also have the right to disclose trade secrets in a document
filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure. 
 (e)
Nondisparagement. Executive shall not, whether in writing (electronically or otherwise) or orally malign, denigrate or disparage the Company or any of its respective predecessors or successors, or any of their respective current or former
directors, officers, employees, shareholders, partners, members, agents or representatives, with respect to any of their respective past or present activities, or otherwise publish, whether in writing (electronically or otherwise) or orally
statements that malign, denigrate or disparage any of the aforementioned parties. The Company agrees to instruct its senior officers and directors not to disparage the Executive. The foregoing shall not be violated by truthful statements in response
to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings), and the foregoing limitation on the Company’s executives
and directors shall not be violated by statements that they in good faith believe are necessary or appropriate to make in connection with performing their duties and obligations to the Company. 

(f) Remedies Not Exclusive. In the event that Executive breaches any terms of this Section 7, Executive acknowledges and agrees
that said breach may result in the immediate and irreparable harm to the business and goodwill of the Company and that damages, if any, and remedies of law for such breach may be inadequate and indeterminable. The Company, upon Executive’s
breach of this Section 7, shall therefore be entitled (in addition to and without limiting any other remedies that the Company may seek under this Agreement or otherwise at law or in equity) to seek from any court of competent jurisdiction
equitable relief by way of temporary or permanent injunction and without being required to post a bond, to restrain any violation of this Section 7, and for such further relief as the court may deem just or proper in law or equity. Executive
shall reimburse the Company’s legal fees upon any breach by Executive. 
 (g) Severability of Provisions. If any restriction,
limitation or provision of this Section 7 is deemed to be unreasonable, onerous or unduly restrictive by a court of competent jurisdiction, it shall not be stricken in its entirety and held totally void and unenforceable, but shall remain
effective to the maximum extent possible within the bounds of the law. If any phrase, clause or provision of this Section 7 is declared invalid or unenforceable by a court of competent jurisdiction, such phrase, clause or provision shall be
deemed severed from this Section 7, but will not affect any other provision of this Section 7, which shall otherwise remain in full force and effect. The provisions of this Section 7 are each declared to be separate and distinct
covenants by Executive. 
 (h) Tolling. The periods during which the covenants set forth in this Section 7 shall survive a
termination of employment hereunder shall be tolled during (and shall be deemed automatically extended by) any period during which Executive is in violation of any such post-employment covenants, to the extent permitted by law. 

8. Additional Executive Representations, Warranties and Covenants. 

(a) Authority; No Conflicts. Executive represents, warrants, and covenants that as of the date hereof, (i) Executive has the full
right, authority and capacity to enter into this Agreement and perform his obligations hereunder, (ii) Executive is not bound by any agreement that conflicts with or prevents or restricts the full performance of his duties and obligations
hereunder during or after the Term, (iii) the execution and delivery of this Agreement shall not result in any breach or violation of, or a 

  
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default under, any existing obligation, commitment or agreement to which Executive is subject and (iv) Executive has not violated, and in connection with his employment with the Company will
not violate, any non-solicitation, non-competition or other similar covenant or agreement of a prior employer by which he is or may be bound, and in connection with his
employment with the Company, Executive will not use any confidential or proprietary information he may have obtained in connection with employment with any prior employer in contravention of any confidentiality obligations that Executive has to such
prior employer. 
 (b) Advice of Counsel. Prior to execution of this Agreement, Executive was advised by the Company of his right to
seek independent advice from an attorney of Executive’s own selection regarding this Agreement. Executive acknowledges that he has entered into this Agreement knowingly and voluntarily and with full knowledge and understanding of the provisions
of this Agreement after being given the opportunity to consult with counsel. 
 (c) No Reliance on Company Statements. Executive
represents further that in entering into this Agreement, Executive is not relying on any statements or representations made by any director, officer, employee or agent of any member of the Company that is not expressly set forth herein, and that
Executive is relying only upon his own judgment and any advice provided by his attorney. 
 9. Taxes. 

(a) Withholding. The Company may withhold from any payments of compensation or benefits made to Executive all applicable taxes,
including but not limited to income, employment and social insurance taxes, as required by law. Executive acknowledges and represents that the Company has not provided any tax advice to him in connection with this Agreement and that he has been
advised by the Company to seek tax advice from his own tax advisors regarding this Agreement and the payments that may be made to him pursuant to this Agreement, including, specifically, regarding the application of the provisions of
Section 409A of the Code. 
 (b) Section 409A of the Code. It is intended that the provisions of
this Agreement comply with or be exempt from Section 409A of the Code, and all provisions of this Agreement will be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A
of the Code. The Company cannot make any representations or guarantees with respect to compliance with such requirements, and neither the Company nor any affiliate will have any obligation to indemnify Executive or otherwise hold him harmless
from any or all of such taxes or penalties. For purposes of Section 409A of the Code, each installment payment hereunder will be deemed a “separate payment” within the meaning of Treas. Reg.
Section 1.409A-2(b)(iii). With respect to the timing of payments of any deferred compensation payable upon a termination of employment hereunder, references in this Agreement to “termination of employment” (and substantially
similar phrases) mean “separation from service” within the meaning of Section 409A of the Code. For the avoidance of doubt, it is intended that any expense reimbursement made to Executive hereunder is exempt from
Section 409A of the Code; however, if any expense reimbursement hereunder is determined to be deferred compensation within the meaning of Section 409A of the Code, then (i) the amount of the expense reimbursement during one taxable
year will not affect the amount of the expense reimbursement during any other taxable year, (ii) the expense reimbursement will be made on or before the last day of the year following the year in which the expense was incurred and
(iii) the right to expense reimbursement hereunder will not be subject to liquidation or exchange for another benefit. Notwithstanding any provision to the contrary in this Agreement: (i) no amount shall be payable pursuant to
Section 5 unless the termination of the Executive’s employment constitutes a “separation from service” within the meaning of Section 1.409A-1(h) of the Department of Treasury Regulations; (ii) if the Executive is deemed
at the time of his separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent that delayed commencement of any portion of the termination benefits to which the Executive is
entitled under this Agreement (after taking into account all exclusions applicable to such termination benefits under Section 409A), including, without limitation, any portion of the additional compensation awarded pursuant

  
 10 

 
to Section 5, is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of the Executive’s termination benefits shall not be
provided to the Executive prior to the earlier of (A) the expiration of the six-month period measured from the date of the Executive’s “separation from service” with the Company (as such
term is defined in the Department of Treasury Regulations issued under Section 409A) and (B) the date of the Executive’s death; provided that upon the earlier of such dates, all payments deferred pursuant to this Section 9
b shall be paid to the Executive in a lump sum, and any remaining payments due under this Agreement shall be paid as otherwise provided herein; (iii) the determination of whether the Executive is a “specified employee” for purposes of
Section 409A(a)(2)(B)(i) of the Code as of the time of his separation from service shall be made by the Company in accordance with the terms of Section 409A and applicable guidance thereunder (including, without limitation,
Section 1.409A-1(i) of the Department of Treasury Regulations and any successor provision thereto. 
 10. Future Cooperation. Executive
agrees to reasonably cooperate with Whiting Petroleum in the future and to provide to Whiting truthful information, testimony or affidavits requested in connection with any matter that arose during Executive’s employment. This cooperation may
be performed at reasonable times and places and in a manner as to not interfere with any other employment or business activities that Executive may have at the time of request. Whiting agrees to reimburse Executive for expenses incurred in providing
such cooperation, so long as such expenses are approved in advance by Whiting. 
 11. Permissible Disclosure. Notwithstanding anything to the
contrary contained herein, nothing in this Agreement shall prohibit the Executive from reporting possible violations of federal law or regulation to or otherwise cooperating with or providing information requested by any governmental agency or
entity, including, but not limited to, the Department of Justice, the Securities and Exchange Commission, the Congress and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law
or regulation. The Executive does not need the prior authorization of the Company to make any such reports or disclosures and the Executive is not required to notify the Company that the Executive has made such reports or disclosures. 

12. Notice. Any notice, request, demand or other communication required or permitted herein will be deemed to be properly given when personally
served in writing or when deposited in the United States mail, postage prepaid, addressed to Executive at the address appearing at the end of this Agreement and to the Company with attention to the General Counsel of Whiting. Either party may change
its address by written notice in accordance with this paragraph. 
 13. Set Off. The Company’s obligation to pay Executive the amounts
and to provide the benefits hereunder shall be subject to set-off, counterclaim or recoupment of amounts owed by Executive to the Company. 

14. Assignment; Benefit of Agreement. This Agreement is personal and shall not be assignable by Executive. It shall be binding upon and shall
inure to the benefit of the members of the Company and its respective successors and assigns and its economic rights and benefits shall inure to the benefit of Executive and his heirs or duly constituted legal representatives. For the avoidance of
doubt, the Company may assign its rights, obligations and interests hereunder to any other member of the Company or its affiliates or to the acquirer of the business or all or substantially all of the assets of the Company, whether by merger, stock
sale, asset sale or otherwise, in either case, without Executive’s consent. 
 15. Arbitration. Any controversy or claim arising out of
or relating to this Agreement or the breach of this Agreement that cannot be mutually resolved by Executive and the Company, shall be submitted to arbitration in Colorado in accordance with the procedures of the American Arbitration Association. The
determination of the arbitrator shall be conclusive and binding on the Company and Executive, and judgment may be entered on the arbitrator’s award in any court having jurisdiction. 

16. Applicable Law and Jurisdiction. This Agreement is to be governed by and construed under the laws of the United States and of the State of
Colorado without resort to Colorado’s choice of law rules. Each party hereby agrees that the forum and venue for any legal or equitable action or proceeding arising out of, or in connection with, this Agreement will lie in the appropriate
federal or state courts in the State of Colorado and specifically waives any and all objections to such jurisdiction and venue. 

  
 11 

 17. Drafting. The parties acknowledge and confirm that each of their respective attorneys has
participated jointly in the review and revision of this Agreement and that it has not been written solely by counsel for one party. The parties therefore stipulate and agree that the rule of construction to the effect that any ambiguities are to be
or may be resolved against the drafting party shall not be employed in the interpretation of this Agreement to favor any party against another. 
 18.
Captions and Paragraph Headings. The captions and paragraph headings set forth under each of the sections and subsections of this Agreement are for convenience of reference and shall not be construed or interpreted to define, limit,
abridge or assist in the interpretation or scope or intent of this Agreement, which must be read in its entirety. 
 19. Invalid Provisions.
Subject to Section 7(g), should any provision of this Agreement for any reason be declared invalid, void or unenforceable by a court of competent jurisdiction, the validity and binding effect of any remaining portion will not be affected, and
the remaining portions of this Agreement will remain in full force and effect as if this Agreement had been executed with said provision eliminated. 
 20.
No Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon
strict adherence to that term or any other term of this Agreement. 
 21. Entire Agreement. This Agreement contains the entire agreement of
the parties with respect to the subject matter of this Agreement except where other agreements are specifically noted, adopted or incorporated by reference. This Agreement otherwise supersedes any and all other agreements, either oral or in writing,
between the parties hereto with respect to the employment of Executive by Company, and all such agreements shall be void and of no effect. Each party to this Agreement acknowledges that no representations, inducements, promises or agreements, oral
or otherwise, have been made by any party, or anyone acting on behalf of any party, which are not embodied herein, and that no other agreement, statement or promise not contained in this Agreement will be valid or binding. 

22. Modification. This Agreement may not be modified or amended by oral agreement, but only by an agreement in writing signed by Whiting and
Executive. 
 23. Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if
the signatures thereto and hereto were upon the same instrument. 
 24. Reimbursement of Attorneys’ Fees. Whiting shall promptly
reimburse Executive for any expenses (including reasonable attorneys’ fees) incurred by Executive in connection with the drafting and negotiation of this Agreement and any incentive equity arrangements, up to an amount not exceeding $10,000.

  
 12 

 IN WITNESS WHEREOF, the parties hereto have executed, or caused to be executed, this
Agreement on the Effective Date. 
  

			
	EXECUTIVE: LYNN PETERSON
	
	 /s/ Lynn A. Peterson

Signature

	
	WHITING PETROLEUM CORPORATION
		
	By:	 	 /s/ Kevin S. McCarthy

	
	 Chairman of the Board

	 Title

  
 13 

 EXHIBIT A 

WHITING PLAYS AND FIELDS 
 Bakken Play in
Mountrail, McKenzie, Stark, Dunn, Golden Valley, Billings, Williams, Divide and McClean Counties, North Dakota and Richland and Roosevelt Counties, Montana. 

Niobrara Play in Weld County, Colorado. 

 EXHIBIT B 

FORM OF GENERAL RELEASE 

This Separation Agreement and General Release (“Agreement”) is between Whiting Petroleum Corporation, which in this Agreement is
referred to as the “Whiting” or the “Company” or the Employer, and [ LP], who is referred to as Executive. 
 1.
Background. Whiting and Executive acknowledge that Executive’s employment with Whiting is ending (or has ended), effective [Date]. Both Executive and Whiting desire an amicable separation and to fully and finally compromise and
settle any differences that may exist between them on the terms set forth in this Agreement. 
 2. Employment Termination. Executive
understands that his employment with Whiting is considered ended and his separation from service was effective [Date] (the “Separation Date”), based on reasons discussed between Executive and Whiting. Whiting and Executive are subject to
an Executive Employment and Severance Agreement dated [Date] (“Employment Agreement”) that provides for Executive’s receipt of certain separation benefits if he executes an agreement with a general release of all claims that is
acceptable to Whiting : this is that agreement. 
 3. Severance Pay and Benefits. In return for the execution of this Agreement, it becoming
effective (see paragraph 18) and Executive honoring (and continuing to honor) all of its terms, Whiting will provide Executive with the severance pay and benefits in accordance with Section 5(b) [and 5(c)] of the Employment Agreement.

 4. Acknowledgement. Executive understands that the severance pay and benefits identified in paragraph 3 above will not be paid or provided
unless he accepts this Agreement, it becomes effective (see paragraph 18), and he honors (and continues to honor) all of its terms. 
 5.
Release. Executive understands and agrees that his acceptance of this Agreement means that, except as stated in paragraph 7, he is forever waiving and giving up any and all claims he may have, whether known or unknown,
against Whiting , its parent, subsidiaries, and related companies, their insurers, their officers, directors, employees and agents for any personal monetary relief for himself, benefits or remedies that are based on any act or failure to act
that occurred on or before the date he signed this Agreement. Executive understands that this release and waiver of claims includes claims for or relating to: (a) his employment and the termination of his employment; (b) any Whiting
policy, practice, contract or agreement, including, but not limited, to the Employment Agreement; (c) any tort or personal injury relating to Executive’s employment or termination of employment; (d) any policies, practices, laws or
agreements governing the payment of wages, commissions or other compensation, including, but not limited, to the Colorado Wage Act, the Colorado Minimum Wage Order No. 30 and all terms for compensation under the Employment Agreement;
(e) any laws governing employment discrimination or retaliation including (to the extent applicable), but not limited to, Title VII of the Civil Rights Act, the Employee Retirement Income Security Act, the Americans with Disabilities Act, the
Age Discrimination in Employment Act (ADEA), the Older Worker Benefit Protection Act, the Genetic Information Nondiscrimination Act, the Family and Medical Leave Act, the National Labor Relations Act (NLRA), the Colorado Anti-Discrimination Act,
C.R.S. 24-34-401 et seq., the City and County of Denver’s Anti-Discrimination Ordinance and any other applicable state or local laws; (f) any laws or
agreements that provide for punitive, exemplary or statutory damages and (g) any laws or agreements that provide for the payment of attorney fees, costs or expenses. 

6. Future Employment. Executive agrees that he] is not now or hereafter entitled to employment or reemployment with Whiting and he agrees not to
knowingly seek such employment on any basis or through an employment agency. Executive further agrees and acknowledges that should he apply for any position in contradiction of this paragraph, Whiting may completely ignore such application and fail
to consider it based on this paragraph. 

 7. Claims Not Waived. Executive understands that this Agreement does not waive any
claims that he may have: (a) for compensation for illness or injury or medical expenses under any worker’s compensation statute; (b) for benefits under any plan currently maintained by Whiting that provides for retirement benefits
(however, Executive agrees and acknowledges that the severance pay and benefits provided in paragraph 3 above shall not be considered or included for purposes of any retirement benefit contribution or plan) under this Agreement; (c) under this
Agreement; (d) for indemnification as provided by the Company’s organizational documents, or claims under the Company’s D&O insurance coverage, or (e) that by law cannot be released or waived. 

8. Government Cooperation. Nothing in this Agreement prohibits Executive from cooperating with any government agency, including the
National Labor Relations Board or the Equal Employment Opportunity Commission, or any similar state agency. Further, Executive understands that nothing in this Agreement (including any obligation in Paragraphs 5 or 9) prohibit him from reporting a
possible violation of federal, state or local law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the United States Congress or any agency (including
but not limited to the National Labor Relations Board or the Equal Employment Opportunity Commission) or inspector general, or making other disclosures that are protected under any whistleblower provision of federal, state or local law or
regulation. 
 9. Prior Confidentiality Agreement(s). Executive agrees and understands that this Agreement does not supersede any obligation
to which he was subject under a prior agreement while employed with Whiting that addresses confidentiality, noncompetition, patents or copyright. Executive acknowledges that and continues to be, subject to those obligations contained in the
Employment Agreement, and that he is expressly re-affirming his commitment to those obligations by executing this Agreement, and acknowledging that his failure to abide by such obligations will constitute a
material breach of this Agreement. Executive acknowledges and agrees that he is subject to the restrictive covenants and other obligations as set forth in the Employment Agreement. 

9. Trade Secrets/Defend Trade Secrets Act. Nothing in this Agreement (or any prior agreement on confidentiality to which Executive may be
subject) diminishes or limits any protection granted by law to trade secrets or relieves Executive of any duty not to disclose, use or misappropriate any information that is a trade secret, for as long as such information remains a trade secret.
Additionally, nothing in this Agreement (or any prior agreement on confidentiality to which Executive may be subject) is intended to discourage Executive from reporting any theft of trade secrets to the appropriate government official pursuant to
the Defend Trade Secrets Act of 2016 (“DTSA”) or other applicable state or federal law. Additionally, under the DTSA, a trade secret may be disclosed to report a suspected violation of law and/or in an anti-retaliation lawsuit, as follows:

 a. An individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade
secret that: (A) is made (1) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and (2) solely for the purpose of reporting or investigating a suspected violation of law or
(B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 
 b. An
individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual:
(A) files any document containing the trade secret under seal and (B) does not disclose the trade secret, except pursuant to court order. Nothing in this Agreement (or any prior agreement on confidentiality to which Executive may be
subject) shall limit, curtail or diminish the Whiting ’s statutory rights under the DTSA, any applicable state law regarding trade secrets or common law. 

10. Relinquishment Of Positions. As of the Separation Date, Executive acknowledges that he has fully and completely relinquished any and all
officerships, directorships or other positions that he held with Whiting and any of its affiliates. 

 11. Nonadmission. Executive and Whiting both acknowledge and agree that nothing in this
Agreement is meant to suggest that Whiting has violated any law or contract or that Executive has any claim against Whiting. 
 12. Voluntary
Agreement. Executive acknowledges and states that he has entered into this Agreement knowingly and voluntarily. 
 13. Consulting An
Attorney. Executive acknowledges that Whiting has told him]that he should consult an attorney of his own choice about this Agreement and every matter that it covers before signing this Agreement, and that he has been provided an meaningful
opportunity for such consultation. 
 14. Obligation to Repay Upon Violation of Release. Executive understands and agrees that if he is found
by a court of competent jurisdiction to have materially violated the commitments he has made in Section 5 of this Agreement, Whiting may recover any payments and/or the value of any benefits provided in this Agreement, with the exception of
One Thousand Dollars ($1,000). 
 15. Complete Agreement. Executive understands and agrees that this document contains the entire
agreement between him and Whiting relating to his employment and the termination of his employment, that this Agreement, except as provided in paragraph 9, supersedes and displaces any prior agreements and discussions relating to such matters and
that he may not rely on any such prior agreements or discussions. 
 16. Effective Date. This Agreement shall not be effective until seven
days after Executive signs it and returns it to Whiting ’s Vice President, General Counsel and Corporate Secretary. During that seven-day period, Executive may revoke his acceptance of this Agreement by
delivering to Whiting ’s Vice President, General Counsel and Corporate Secretary a written statement stating he wishes to revoke this Agreement or not be bound by it. 

17. Final and Binding Effect. Executive understands that if he signs this Agreement, returns it to Whiting and fails to revoke it consistent
with this paragraph 18, it will have a final and binding effect and that by signing and returning this Agreement (and not revoking it) he may be giving up legal rights. Executive also acknowledges that this Agreement may be signed in counter-parts
(meaning by him and Whiting separately) and that facsimile, copy or PDF copy signatures shall be treated as valid as original signatures. 
 18.
Exclusive Jurisdiction and Venue. This Agreement is to be governed by and construed under the laws of the United States and of the State of Colorado without resort to Colorado’s choice of law rules. Whiting and Executive agree
that the forum and venue for any legal or equitable action or proceeding arising out of, or in connection with, this Agreement will lie in the appropriate federal or state courts in the State of Colorado and each specifically waives any and all
objections to such jurisdiction and venue. 
 19. Future Cooperation. Executive agrees to reasonably cooperate with Whiting in the future and
to provide to Whiting truthful information, testimony or affidavits requested in connection with any matter that arose during Executive’s employment. This cooperation may be performed at reasonable times and places and in a manner as to not
interfere with any other employment or business activities that Executive may have at the time of request. Whiting agrees to reimburse Executive for expenses incurred in providing such cooperation, so long as such expenses are approved in advance by
Whiting , including, if applicable, any legal fees and expenses reasonably incurred by Executive if Executive and Whiting agree in good faith that Executive should retain counsel independent of the counsel for Whiting in order to cooperate as
provided herein above. 
 20. Return of Property. Executive acknowledges an obligation and agrees to return all Whiting property, unless
otherwise specified in this paragraph. This includes all files, memoranda, documents, records, credit cards, keys and key cards, computers, laptops, personal digital assistants, cellular telephones, Blackberry devices or similar instruments, other
equipment of any sort, badges, vehicles and any other property of Whiting . In addition, Executive agrees to provide any and all access codes or 

 
passwords necessary to gain access to any computer, program or other equipment that belongs to Whiting or is maintained by Whiting or on company property. Further, Executive acknowledges an
obligation and agrees not to destroy, delete or disable any company property, including items, files and materials on computers and laptops. 
 21.
Divisibility of Agreement or Modification by Court. Executive understands that, to the extent permitted by law, the invalidity of any provision of this Agreement will not and shall not be deemed to affect the validity of any other
provision. Executive agrees that in the event that any provision of this Agreement is held to be invalid, it shall be, to the extent permitted by law, modified as necessary to be interpreted in a manner most consistent with the present terms of the
provision, to give effect to the provision. Finally, in the event that any provision of this Agreement is held to be invalid and not capable of modification by a court, then Executive understands and agrees that such provision shall be considered
expunged (eliminated), and he further agrees that the remaining provisions shall be treated as in full force and effect as if this Agreement had been executed by Executive after the expungement (elimination) of the invalid provision. 

22. Representations. By signing this Agreement, Executive represents that he has read this entire document and understands all of its terms.

 23. 21-Day Consideration Period. Executive may consider whether to sign and accept this Agreement
for a period of 21 days from the day he received it. If this Agreement is not signed, dated and returned to Whiting ’s Vice President, General Counsel and Corporate Secretary within 22 days, the offer of severance payments and benefits
described in paragraph 3 above will no longer be available. Executive acknowledges that should he sign and return this Agreement within the 21-day period identified in this paragraph, he is knowingly waiving
whatever additional time he may have up to the conclusion of the 21-day period for consideration of this Agreement. 
  

			
	ACCEPTED:	  	ACCEPTED:
		
	EXECUTIVE: LYNN PETERSON	  	WHITING PETROLEUM CORPORATION
		
	                                      
                      	  	By:                                     
                                   
		
	Dated:	  	Dated:

 Date Agreement was originally given to Executive:

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