Document:

Exhibit 10.1

 

 

FOURTH
AMENDMENT TO SECOND AMENDED

AND RESTATED LOAN AGREEMENT

 

This
is a Fourth Amendment to Second Amended and Restated Loan Agreement (this “Fourth Amendment”) dated as of the 31st
day of December, 2014, between VNB New York, LLC, a New York limited liability company, successor by merger to VNB New York
Corp., a New York corporation (“VNB”), having an office at One Penn Plaza, Suite 2915, New York, New York 10019, Bank
Leumi USA, a New York banking corporation (“Leumi”), having an office at 579 Fifth Avenue, New York, New York 10017,
Israel Discount Bank of New York, a New York banking corporation (“IDB”), having an office at 511 Fifth Avenue, New
York, New York 10017, Manufacturers and Traders Trust Company, a New York banking corporation (“M&T”), having
an office at 350 Park Avenue, New York, New York 10017 and One Liberty Properties, Inc., a Maryland corporation, having its principal
place of business at 60 Cutter Mill Road, Suite 303, Great Neck, New York 11021 (the “Borrower”). Capitalized terms
not otherwise defined in this Fourth Amendment shall have the meanings ascribed to them in the Loan Agreement (as defined below).

 

WHEREAS,
Lender and Borrower entered into a certain Second Amended and Restated Loan Agreement made as of the 31st day of March,
2010, as amended by that First Amendment to Second Amended and Restated Loan Agreement dated as of January 6, 2011, by and between
Lender and Borrower, as further amended by that certain Second Amendment to Second Amended and Restated Loan Agreement dated as
of August 5, 2011, by and between Lender and Borrower, as further amended by that Third Amendment to Second Amended and Restated
Loan Agreement dated as of July 31, 2012, by and between Lender and Borrower (collectively, as the same may be further amended
from time to time, the “Loan Agreement”);

 

WHEREAS,
Lender and Borrower wish to supplement and amend the terms of the Loan Agreement as more particularly set forth herein.

 

NOW,
THEREFORE, it is agreed as follows:

 

1.            Section
1.01 entitled “Certain Defined Terms” of the Loan Agreement is hereby amended by deleting the following definitions
in their entirety: “Collateral Mortgage”, “Collateral Mortgage Properties”, “Collateral Mortgage
Value”, “Limited Guaranty”, “Limited Guarantor”, and “Subordinate Collateral Mortgage”.
In addition, any and all Limited Guaranties, Collateral Mortgages and/or Subordinate Collateral Mortgages previously delivered
to Lender are hereby declared null and void and of no force or effect, and shall be marked “canceled” and returned
to Borrower promptly after the date hereof.

 

2.            Section
1.01 entitled “Certain Defined Terms” of the Loan Agreement is hereby amended by deleting the first paragraph
of the definition of the term “Adjusted LIBOR Rate” in its entirety and replacing it with the following:

 

“Adjusted
LIBOR Rate” means for any LIBOR Interest Period applicable to any LIBOR Rate Loan, the rate per annum for deposits fixed
by the ICE Benchmark Administration in the London interbank market, for a period of time comparable to such LIBOR Interest Period,
in U.S. Dollars as it appears on the Dow Jones Telerate Service page 3750 (or such other pages as may replace page 3750 on that
service or such other recognized quoting service or commonly available source generally utilized by Lender for similar commercial
borrowers from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London
interbank market) as of 11:00 a.m. London time on the day that is two (2) Business Days prior to the beginning of such LIBOR Interest
Period; provided, however, if the rate described above does not so appear on any applicable interest determination date, the Adjusted
LIBOR Rate shall be the rate for deposits in dollars for a period substantially equal to the interest period on the Reuters Page
LIBO (or such other page as may replace the LIBO Page on that service for the purpose of displaying such rates) as of 11:00 a.m.
(London time) on the day that is two (2) Business Days prior to the beginning of such LIBOR Interest Period.

 

    	 

    	 

    

 

3.            The
definition of the term “Affiliate” in Section 1.01 of the Loan Agreement is hereby amended by deleting the last sentence
thereof.

 

4.            Section
1.01 entitled “Certain Defined Terms” of the Loan Agreement is hereby amended by deleting the definition of
the term “Applicable Margin” in its entirety and replacing it with the following:

 

“Applicable
Margin” means, with respect to each calendar quarter, the following percentage points, (a) determined in accordance
with the following table from information provided to Lender in the compliance certificate delivered for such calendar quarter
on the Compliance Certificate Delivery Date applicable to such calendar quarter and (b) reset for such calendar quarter on the
Applicable Margin Reset Date applicable to such calendar quarter; provided, however, that notwithstanding the foregoing, in the
event Borrower is required to deliver a new compliance certificate for such calendar quarter in accordance with the terms of Section
5.01(b)(vi)(B)(2), then (i) the Applicable Margin for such calendar quarter shall be (A) re-calculated as of the delivery date
of such new compliance certificate and (B) deemed effective retroactive as of the Applicable Margin Reset Date applicable to such
calendar quarter and (ii) (x) Borrower shall promptly pay to Lender any interest owed to Lender as a result of such recalculation
of the Applicable Margin or (y) Lender shall credit Borrower for any over-payment of interest as a result of such recalculation
of the Applicable Margin, as applicable:

 

	Ratio
    of Total Debt to Total Value

    (expressed as a percentage)	Applicable
    Margin
	Greater
    than 65%	3.00%
	Equal
    to or less than 65%, but greater than 60%	2.75%
	Equal
    to or less than 60%, but greater than 55%	2.50%
	Equal
    to or less than 55%, but greater than 50%	2.00%
	Equal
    to or less than 50%	1.75%

 

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5.            Section
1.01 entitled “Certain Defined Terms” of the Loan Agreement is hereby amended by adding the following new defined
term in the appropriate alphabetical order:

 

“Applicable
Margin Reset Date” shall mean, with respect to each calendar quarter, the first Business Day of the month immediately
following the month in which the Compliance Certificate Delivery Date applicable to such calendar quarter occurs.

 

6.            Section
1.01 entitled “Certain Defined Terms” of the Loan Agreement is hereby amended by deleting the definition of
the term “Borrowing Base” in its entirety and replacing it with the following:

 

“Borrowing
Base” means as of any date of determination, an amount equal to 65% of the Total Unsecured Value.

 

7.            Section
1.01 entitled “Certain Defined Terms” of the Loan Agreement is hereby amended by deleting the definition of
the term “Collateral” in its entirety and replacing it with the following:

 

“Collateral”
means all property which is subject or is to be subject to the security interest, mortgage, deed of trust or mortgage deed
or pledge granted by the Pledge Agreement(s).

 

8.            Section
1.01 entitled “Certain Defined Terms” of the Loan Agreement is hereby amended by deleting the definition of
the term “Consolidated EBITDA” in its entirety and replacing it with the following:

 

“Consolidated
EBITDA” means the Consolidated Net Income (or Deficit) of the Borrower and its Subsidiaries for any period, plus acquisition
costs, depreciation, property impairment charges not to exceed $7,500,000 (measured quarterly for the prior 12 month period) and
after all expenses and other proper charges but before payment or provision for any income taxes or interest expense for such
period, to the extent such items were deducted from gross income to calculate Consolidated Net Income, as determined in accordance
with GAAP.

 

9.            Section
1.01 entitled “Certain Defined Terms” of the Loan Agreement is hereby amended by adding the following new defined
term in the appropriate alphabetical order:

 

“Compliance
Certificate Delivery Date” shall have the meaning set forth in Section 5.01(b)(vi) hereof.

 

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10.            Section
1.01 entitled “Certain Defined Terms” of the Loan Agreement is hereby amended by deleting the definition of
the term “Floating Rate” in its entirety and replacing it with the following:

 

“Floating
Rate” means a rate of interest equal to the Prime Rate plus the Applicable Margin.

 

11.            The
definition of the term “Investment” in Section 1.01 of the Loan Agreement is hereby amended by deleting the phrase
“and except for the Limited Guaranties” therefrom.

 

12.            Section
1.01 entitled “Certain Defined Terms” of the Loan Agreement is hereby amended by deleting the definition of
the term “LIBOR Based Rate” in its entirety and replacing it with the following:

 

“LIBOR
Based Rate” means a rate of interest on the Libor Rate Loans equal to the Adjusted LIBOR Rate plus the Applicable Margin.

 

13.            Section
1.01 entitled “Certain Defined Terms” of the Loan Agreement is hereby amended by deleting the definition of
the term “LIBOR Interest Period” in its entirety and replacing it with the following:

 

“LIBOR
Interest Period” means a period of one month duration during which the LIBOR Based Rate is applicable.

 

14.            Section
1.01 entitled “Certain Defined Terms” of the Loan Agreement is hereby amended by deleting the definition of
the term “Loan Documents” in its entirety and replacing it with the following:

 

“Loan
Documents” means this Agreement, the Note, the Guaranties, the Pledge Agreements, and any other document executed or
delivered pursuant to this Agreement.

 

15.            Clause
(ix) of the definition of the term “Permitted Investments” in Section 1.01 of the Loan Agreement is hereby amended
by deleting the sum “$25,000,000” therefrom and replacing it with the sum “$37,500,000”.

 

16.            Section
1.01 entitled “Certain Defined Terms” of the Loan Agreement is hereby amended by deleting the definitions of
the terms “Total Secured Value” and “Total Unsecured Value” in their entirety and replacing them with
the following:

 

“Total
Secured Value” means the value of the Borrower’s, Guarantors’ and their respective Subsidiaries’ Encumbered
Properties (other than New Encumbered Properties), calculated by capitalizing the Adjusted Net Operating Income thereof at a rate
of 8.00%, plus the value of the Borrower’s, Guarantors’ and their respective Subsidiaries’ New Encumbered Properties,
calculated at the higher of (i) the capitalization of the Adjusted Net Operating Income thereof at a rate 8.00% or (ii) the purchase
price thereof, provided however that such Encumbered Property must be improved and have a positive cash flow.

 

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“Total
Unsecured Value” means the value of the Borrower’s, Guarantors’ and their respective Subsidiaries’
Unencumbered Properties (other than New Unencumbered Properties), calculated by capitalizing the Adjusted Net Operating Income
thereof at a rate of 8.00%, plus the value of the Borrower’s, Guarantors’ and their respective Subsidiaries’
New Unencumbered Properties, calculated at the higher of (i) the capitalization of the Adjusted Net Operating income thereof at
a rate of 8.00% or (ii) the purchase price thereof, provided however that such Unencumbered Property must be improved and have
a positive cash flow.

 

17.            Section
1.01 entitled “Certain Defined Terms” of the Loan Agreement is hereby amended by deleting the definition of
the term “Unencumbered Properties” in its entirety and replacing it with the following:

 

“Unencumbered
Properties” shall mean a Property or Properties unencumbered by any security interest, mortgage or any other Lien upon
or charge against or interest in the Property to secure payment of a debt or performance of an obligation.

 

18.            Section
1.05 of the Loan Agreement is hereby amended by deleting the phrase “and Section 5.04” therefrom.

 

19.            Section
2.07 (a) of the Loan Agreement is hereby amended by substituting and replacing the words “March 31, 2015” with the
words “December 31, 2018” in their place instead.

 

20.            Section
2.09 of the Loan Agreement is hereby deleted in its entirety and is of no further force and effect.

 

21.            Section
2.11 of the Loan Agreement is hereby amended by deleting the words “June 1” therefrom and replacing them with the
words “January 1”. 

 

22.            Sections
3.01(j) of the Loan Agreement is hereby amended by deleting the phrase “including the opinion of Westerman Ball Ederer Miller
& Sharfstein, LLP, counsel for the Limited Guarantors” therefrom.

 

23.            Sections
3.01(l), (m) and (y) of the Loan Agreement are hereby deleted in their entirety and are of no further force and effect.

 

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24.            Section
4.01(t) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 

(t)
Solvency. The liability of each Guarantor as a result of the execution of its respective Guaranty and the execution of
this Agreement shall not cause the liabilities (including contingent liabilities) of such Guarantor to exceed the fair saleable
value of their assets, except as may be limited by the terms of their respective Guaranty.

 

25.            Section
4.01(u) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 

(u)
Financial or Other Advantage. Each Guarantor acknowledges that it has derived or expects to derive a financial or other
advantage from the Loans obtained by the Borrower from Lender.

 

26.            Section
5.01(b)(vi) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 

(vi)
Certificate of No Default. (A) No later than thirty (30) days following the end of each calendar quarter (such date of
delivery with respect to each calendar quarter, a “Compliance Certificate Delivery Date”), a certificate of the President,
Vice President or the Chief Financial Officer of the Borrower, (1) certifying that to the best of their knowledge after due inquiry
no Default or Event of Default has occurred and is continuing, or if a Default or Event of Default has occurred and is continuing,
a statement as to the nature thereof and the action which is proposed to be taken with respect thereto; and (2) with computations
demonstrating compliance with the covenants contained in Section 5.03 in form and substance similar to Exhibit E; and (B) simultaneous
with the delivery of the financial statements referred to in Section 5.01(b)(i) and (ii), a certificate of the President, Vice
President or the Chief Financial Officer of the Borrower, either (1) certifying that there are no changes to the most recent certificate
delivered in accordance with clause (A) of this Section 5.01(b)(vi) or (2) if any changes have occurred, a new certificate (x)
setting forth the changes to the most recent certificate delivered in accordance with clause (A) of this Section 5.01(b)(vi) and
(y) certifying that there are are no other changes to such prior certificate other than those specified in such new certificate.

 

27.            Section
5.01(b)(vii) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 

(vii)
Borrowing Base Certificate. As soon as available, and in any event not later than the date Borrower delivers a copy of
its 10-Q report and related information for each fiscal quarter in accordance with Section 5.01(b)(ii) above, with each Loan request
in accordance with Section 2.06 and with each mandatory prepayment set forth in Section 2.07(c), a Borrowing Base Certificate
in the form attached as Exhibit F.

 

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28.          Section
5.01(b)(xiv) of the Loan Agreement is hereby amended by deleting the phrase “and Section 5.04” therefrom.

 

29.          Section
5.01(m)(i) of the Loan Agreement is hereby deleted in its entirety and and replaced with the following:

 

(i)           Cause
any Subsidiary of the Borrower owning Unencumbered Properties to become a Guarantor of all obligations of the Borrower to the
Lender, whether incurred under this Agreement or otherwise and such new Guarantor shall deliver an executed guaranty to the Lender,
in form and substance satisfactory to the Lender, within three (3) Business Days after the later of (i) the date of formation
of such new Subsidiary; (ii) the acquisition of an Unencumbered Property; or (iii) the date an Encumbered Property becomes an
Unencumbered Property.

 

30.          Section
5.01(q) of the Loan Agreement is hereby deleted in its entirety and is of no further force and effect.

 

31.          Section
5.01(t) of the Loan Agreement is hereby deleted in its entirety and is of no further force and effect.

 

32.          Section
5.03(g) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 

(g)
Cash Position. Borrower will maintain average outstanding collected deposit balances of not less than $3,000,000, to be
tested quarterly.

 

33.          Section
5.04 of the Loan Agreement is hereby deleted in its entirety and is of no further force and effect.

 

34.          Section
6.01(f) of the Loan Agreement is hereby deleted in its entirety and is of no further force and effect.

 

35.          Schedule
2.09 to the Loan Agreement is hereby deleted in its entirety and is of no further force and effect.

 

36.          Exhibit
C to the Loan Agreement is hereby deleted in its entirety and is of no further force and effect.

 

37.          The
effectiveness of this Fourth Amendment shall be expressly subject to receipt by Lender of the following items:

 

		(a)	a
                                         fully executed Fourth Amendment;

 

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		(b)	payment
                                         of all costs and expenses incurred by Lender;

 

		(c)	payment
                                         to Lender of the commitment fee in the amounts set forth on Schedule 1 attached hereto,
                                         which the Borrower and Guarantors acknowledge was earned by Lender in connection with
                                         this Fourth Amendment;

 

		(d)	payment
                                         to Lender’s counsel for fees and expenses in connection with the preparation, negotiation
                                         and execution of this Fourth Amendment; and

 

		(e)	such
                                         other agreements and instruments as Lender reasonably deems necessary to carry out the
                                         terms and provisions of this Fourth Amendment.

 

38.          All
terms and conditions of the Loan Documents, except as modified by this agreement are hereby affirmed and ratified.

 

39.          Borrower
hereby represents and warrants that:

 

		(a)	Except
                                         as set forth on the attached schedules, any and all of the representations, warranties
                                         and schedules contained in the Loan Agreement or any of the other Loan Documents are
                                         true and correct in all material respects on and as of the date hereof as though made
                                         on and as of such date;

 

		(b)	Except
                                         as otherwise expressly disclosed to Lender in writing by Borrower, no event has occurred
                                         and is continuing which constitutes an Event of Default under the Loan Agreement or under
                                         any of the other Loan Documents or which upon the giving of notice or the lapse of time
                                         or both would constitute an Event of Default;

 

		(c)	As
                                         of the date hereof, it is legally, validly and enforceably indebted to VNB under its
                                         Revolving Credit Note in the principal amount of $3,533,335.00, to M&T under its
                                         Revolving Credit Note in the principal amount of 6,183,335.00, to Leumi under its Revolving
                                         Credit Note in the principal amount of $1,766.665.00, and to IDB under its Revolving
                                         Credit Note in the principal amount of $1,766.665.00, all of which amounts are due without
                                         offset, claim, defense, counterclaim or right of recoupment; and

 

		(d)	Borrower
                                         and each Guarantor hereby release and discharge Lender from all claims or liabilities
                                         in any way arising from or in any way connected with the Loan Agreement or the Loan Documents
                                         to the extent arising through the date of execution hereof.

 

40.          This Fourth Amendment shall be governed and construed in accordance with the laws of the State of New York.

 

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41.            No
modification or waiver of or with respect to any provisions of this Fourth Amendment and all other agreements, instruments and
documents delivered pursuant hereto or thereto, nor consent to any departure by Lender from any of the terms or conditions thereof,
shall in any event be effective unless it shall be in writing and executed in accordance with the provisions of the Loan Agreement,
and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No consent
to or demand on the Borrower or any Guarantor in any case shall, of itself, entitle it, him or her to any other or further notice
or demand in similar or other circumstances.

 

42.            The
provisions of this Fourth Amendment are severable, and if any clause or provision shall be held invalid or unenforceable in whole
or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof,
in such jurisdiction and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause
or provision in the Fourth Amendment in any jurisdiction.

 

43.            This
Fourth Amendment may be executed in counterparts each of which so executed shall be deemed to be an original, but all of such
counterparts shall together constitute but one and the same instrument. Delivery by fax or other electronic transmission (including
a .pdf e-mail transmission) of an executed counterpart of a signature page to this Fourth Amendment shall be effective as delivery
of an original executed counterpart of this Fourth Amendment.

 

44.            This
Fourth Amendment shall be binding upon and inure to the benefit of the Borrower and its successors and to the benefit of Lender
and its successors and assigns. The rights and obligations of the Borrower under this Fourth Amendment shall not be assigned or
delegated without the prior written consent of Lender, and any purported assignment or delegation without such consent shall be
void.

 

[Signature
pages to follow.]

 

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IN
WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be duly executed by their duly authorized representatives,
all as of the day and year first above written.

 

	 	BORROWER:
	 	 
	 	ONE
    LIBERTY PROPERTIES, INC.
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer
	 	 	 
	 	GUARANTORS:
	 	 	 
	 	OLP
    BATAVIA, INC.
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer
	 	 	 
	 	OLP
    BOLING BROOK LLC
	 	By:
    One Liberty Properties, Inc., its sole member
	 	 	 
	 	By:	
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer
	 	 	 
	 	OLP
    CARY LLC
	 	By:
    OLP-OD LLC, its sole member
	 	By:
    One Liberty Properties, Inc., its sole member
	 	 	 
	 	By:	
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer

 

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	 	OLP
    CHICAGO LLC
	 	By:
    OLP-OD LLC, its sole member
	 	By:
    One Liberty Properties, Inc., its sole member
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer
	 	 	 
	 	OLP
    COLUMBUS, INC.
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer
	 	 	 
	 	OLP
    EUGENE LLC
	 	By:
    OLP-OD LLC, its sole member
	 	By:
    One Liberty Properties, Inc., its sole member
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer
	 	 	 
	 	OLP
    EL PASO I L.P.
	 	By:
    OLP El Paso, Inc., its general partner
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer

 

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	 	OLP
    FARMINGTON AVENUE CT LLC
	 	By:
    One Liberty Properties, Inc., its sole member
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer
	 	 	 
	 	OLP
    HOUSTON GUITARS LLC
	 	By:
    One Liberty Properties, Inc., its sole member
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer
	 	 	 
	 	OLP
    HIGHLANDS RANCH LLC
	 	By:
    One Liberty Properties, Inc., its sole member
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer
	 	 	 
	 	OLP
    KENNESAW LLC
	 	By:
    OLP-OD LLC, its sole member
	 	By:
    One Liberty Properties, Inc., its sole member
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer

 

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	 	OLP
    LAKE CHARLES, LLC
	 	By:
    One Liberty Properties, Inc., its sole member
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer
	 	 	 
	 	 	 
	 	OLP
    LAWRENCE LLC
	 	By:
    One Liberty Properties, Inc., its sole member
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer
	 	 	 
	 	OLP
    MONROEVILLE L.P.
	 	By:
    OLP PA Monroeville LLC, general partner
	 	By:
    One Liberty Properties, Inc., its sole member
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer
	 	 	 
	 	OLP
    NAPLES LLC
	 	By:
    One Liberty Properties, Inc., its sole member
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer
	 	 	 
	 	OLP
    NEW HOPE LLC
	 	By:
    One Liberty Properties, Inc., its sole member
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer

 

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	 	OLP
    NEW HYDE PARK, INC.
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer
	 	 	 
	 	OLP
    ONALASKA LLC
	 	By:
    One Liberty Properties, Inc., its sole member
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer
	 	 	 
	 	OLP
    PALM BEACH, INC.
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer
	 	 	 
	 	OLP
    PINELLAS PARK LLC
	 	By:
    One Liberty Properties, Inc., its sole member
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer
	 	 	 
	 	OLP
    SOUTH HIGHWAY HOUSTON, INC.
	 	 	 
	 	By:	 
	 	 	David
    W. Kalish, Senior Vice President –
	 	 	Chief
    Financial Officer

 

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	 	OLP SUNLAND PARK DRIVE LLC
	 	By: OLP-OD LLC, its sole member
	 	By: One Liberty Properties, Inc., its sole member
	 	 	 
	 	By:	 
	 	 	David W. Kalish, Senior Vice President –
	 	 	Chief Financial Officer
	 	 	 
	 	OLP TEXAS, INC.
	 	 	 
	 	By:	 
	 	 	David W. Kalish, Senior Vice President –
	 	 	Chief Financial Officer
	 	 	 
	 	OLP TLC KILLEEN LLC
	 	By: One Liberty Properties, Inc., its sole member
	 	 	 
	 	By:	 
	 	 	David W. Kalish, Senior Vice President –
	 	 	Chief Financial Officer

 

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	 	LENDERS:
	 	 	 
	 	VNB
    NEW YORK LLC, successor by merger to 

VNB New York Corp.
	 	 	 
	 	By:	 
	 	 	Name:  Andrew
    Baron
	 		Title:    First
    Vice President

 

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	 	BANK LEUMI USA
	 	 	 
	 	By:	 
	 	 	Name:  Cynthia C. Wilbur
	 	 	Title:    Vice President

 

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	 	ISRAEL
    DISCOUNT BANK OF NEW YORK
	 	 	 
	 	By:	 
	 	 	Name:
    Marc G. Cooper
	 	 	Title:
      First Vice President
	 	 	 
	 	By:	 
	 	 	Name:
    Jeff Marcus
	 	 	Title:
      Vice President

 

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	 	MANUFACTURERS
    AND TRADERS
	 	TRUST
    COMPANY
	 	 	 
	 	By:	 
	 	 	Name:  Jonathan
    S. Tolpin
	 	 	Title:    Administrative
    Vice President

 

    	19

    	 

    

 

SCHEDULE
1

 

COMMITMENT
FEE

 

	VNB
    NEW YORK CORP.	$150,000.00
	BANK
    LEUMI USA	$75,000.00
	ISRAEL
    DISCOUNT BANK OF NEW YORK	$75,000.00
	MANUFACTURERS
    AND TRADERS TRUST COMPANY	$262,500.00

 

 

20EX-10.1

 Exhibit 10.1 

EXECUTIVE EMPLOYMENT AND SEVERANCE AGREEMENT 

This Executive Employment and Severance Agreement (this “Agreement”) is between
[            ] (“Executive”) and Whiting Petroleum Corporation (“Whiting” and, together with its subsidiaries, the “Company”) and effective as of
January 1, 2015 (the “Effective Date”). 
 WHEREAS, Executive is employed by the Company in a key employee
capacity and Executive’s services are valuable to the conduct of the business of the Company; 
 WHEREAS, Whiting and Executive
have previously entered into an Executive Excise Tax Gross-Up Agreement (the “Excise Tax Agreement”) that provides for potential make-whole payments to Executive with respect to excise taxes imposed on payments in connection with a change
of control of Whiting; 
 WHEREAS, Whiting and Executive desire to specify the terms and conditions on which Executive will
continue employment on and after the effective date indicated above (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 
 WHEREAS, Executive has agreed to waive the benefits and protections under the Excise Tax
Agreement in exchange for the potential benefits contemplated by this Agreement. 
 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 December 31, 2015 (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. Notwithstanding the foregoing, if a
Change of Control occurs prior to the end of the Initial Term or any subsequent term, this Agreement shall be extended automatically for a two year renewal period beginning on the date of the Change of Control (a “Post-Change of Control Renewal
Period”). 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) “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 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.  

 (b) “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; (iii) any and all other cash earned through the Termination Date and deferred at the election of Executive or pursuant to any deferred
compensation plan then in effect; (iv) 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; and (v) if (and only if) Executive’s employment terminates under the circumstances
described in Section 5(a), an amount equal to Executive’s annual target cash bonus opportunity (if any) as established by the Board or the Compensation Committee of the Board for the fiscal year in which the Termination Date occurs,
multiplied by a fraction, the numerator of which is the number of days that have elapsed during the annual performance period to the date of Executive’s Separation from Service and the denominator of which is 365. Payment of Accrued Benefits
shall be made (x) with respect to clauses (i) and (ii), promptly in accordance with the Company’s prevailing practice; (y) with respect to clauses (iii) and (iv), pursuant to the terms of the benefit plan or practice
establishing such benefits; or (z) with respect to clause (v), on the first day of the seventh month following the month in which Executive’s Separation from Service occurs, without interest thereon; provided that, if on the date of
Executive’s Separation from Service, neither Whiting nor any other entity that is considered a “service recipient” with respect to Executive within the meaning of Code Section 409A has any stock that is publicly traded on an
established securities market (within the meaning of Treasury Regulation Section 1.897-1(m)) or otherwise, then the amount described in clause (v) shall be paid to Executive in cash forty-five (45) days following the date of
Executive’s Separation from Service. 
 (c) “Base Salary” shall mean Executive’s
annual base salary with the Company as in effect from time to time. 
 (d) “Beneficial Owner”
shall mean a Person who has 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; 

  
 2 

 (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 Exchange 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 Exchange Act and (B) is not also then reportable on a Schedule 13D under the Exchange 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. 
 (e) “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. 

(f) “Cause” shall mean a good faith finding by the Board that Executive has (i) failed, neglected,
or refused to perform the lawful employment duties related to his or her position or as from time to time assigned to him (other than due to Disability); (ii) committed any willful, intentional, or grossly negligent act having the effect of
materially 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,
and such violation or failure has the effect of materially injuring the interest, business, or reputation of the Company; (iv) committed an act constituting a felony or misdemeanor involving moral turpitude, fraud, theft, or 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. 
 (g) “Change
of Control” shall mean the occurrence of any of the following:  
 (i) any Person (other than (A) the
Company, (B) a trustee or other fiduciary holding securities under any employee benefit plan of the Company, (C) an underwriter temporarily holding securities pursuant to an offering of such

  
 3 

 
securities or (D) a corporation owned, directly or indirectly, by the stockholders of Whiting in substantially the same proportions as their ownership of stock in Whiting (“Excluded
Persons”)) is or becomes the Beneficial Owner, directly or indirectly, of securities of Whiting (not including in the securities beneficially owned by such Person any securities acquired directly from Whiting or its Affiliates after the
Effective Date, pursuant to express authorization by the Board that refers to this exception) representing 20% or more of either the then outstanding shares of common stock of Whiting or the combined Voting Power of Whiting’s then outstanding
voting securities; or 
 (ii) the following individuals cease for any reason to constitute a majority of the number of
directors of Whiting 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 Whiting) whose appointment or election by the Board or nomination for election by Whiting’s stockholders was approved by a vote of at least
two-thirds (2/3) 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”);
provided, however, that individuals who are appointed to the Board pursuant to or in accordance with the terms of an agreement relating to a merger, consolidation, or share exchange involving Whiting (or any direct or indirect subsidiary of Whiting)
shall not be Continuing Directors for purposes of this definition until after such individuals are first nominated for election by a vote of at least two-thirds (2/3) of the then Continuing Directors and are thereafter elected as directors by
the stockholders of Whiting at a meeting of stockholders held following consummation of such merger, consolidation, or share exchange; and, provided further, that in the event the failure of any such persons appointed to the Board to be Continuing
Directors results in a Change of Control, the subsequent qualification of such persons as Continuing Directors shall not alter the fact that a Change of Control occurred; or 

(iii) the consummation of a merger, consolidation or share exchange of Whiting with any other corporation or the issuance of
voting securities of Whiting in connection with a merger, consolidation or share exchange of Whiting (or any direct or indirect subsidiary of Whiting) pursuant to applicable stock exchange requirements, other than (A) a merger, consolidation or
share exchange which would result in the voting securities of Whiting 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 Whiting 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 Whiting (or similar transaction) in which no Person (other than an Excluded Person) is or becomes the Beneficial Owner, directly or indirectly, of

  
 4 

 
securities of Whiting (not including in the securities beneficially owned by such Person any securities acquired directly from Whiting or its Affiliates after the Effective Date, pursuant to
express authorization by the Board that refers to this exception) representing 20% or more of either the then outstanding shares of common stock of the Company or the combined Voting Power of the Company’s then outstanding voting securities; or

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

Notwithstanding the foregoing, (1) no “Change of Control” shall be deemed to have occurred if there is consummated any
transaction or series of integrated transactions immediately following which the record holders of the outstanding Shares immediately prior to such transaction or series of transactions continue to own, directly or indirectly, in the same
proportions as their ownership in Whiting, an entity that owns all or substantially all of the assets or voting securities of Whiting immediately following such transaction or series of transactions and (2) to the extent necessary for any
amounts considered to be deferred compensation subject to Code Section 409A to comply with the requirements of Code Section 409A, the definition of “Change of 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. 

(h) “COBRA” shall mean the provisions of Code Section 4980B. 

(i) “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. 

(j) “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 or her 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. 
 (k) “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. 

  
 5 

 (l) “General Release” shall mean a release of all claims
that Executive, and anyone who may succeed to any claims of Executive, has or may have against Whiting, its board of directors, any of its subsidiaries or affiliates, or any of their employees, directors, officers, employees, agents, plan sponsors,
administrators, successors (including the Successor), fiduciaries, or attorneys, including but not limited to claims arising out of Executive’s employment with, and termination of employment from, the Company, but excluding claims for
(i) severance payments and benefits due pursuant to this Agreement and (ii) any salary, bonus, equity, accrued vacation, expense reimbursement and other ordinary payments or benefits earned or otherwise due with respect to the period prior
to the date of any Separation from Service. The General Release shall be in a form that is reasonably acceptable to the Company or the Board. 

(m) “Good Reason” shall mean the occurrence of any of the following without the consent of Executive:
(i) a material diminution in Executive’s authority, duties or responsibilities; (ii) a material diminution in the authority, duties or responsibilities of the supervisor to whom Executive is required to report; (iii) a material
diminution in the budget over which Executive retains authority; (iv) a material change in the geographic location at which Executive must perform services; or (v) a material breach by Whiting of any provisions of this Agreement. 

  
 (n) “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); provided that the phrase “at least 50 percent” shall be used in place of the phrase “ at least 80 percent” each place it appears
therein or in the regulations thereunder (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. 

  
 6 

 (o) “Severance Payment” shall mean Executive’s Base Salary
at the time of the Termination Date multiplied by [1x]1 plus Executive’s target annual bonus for the year in which the Termination Date occurs; provided that if Executive’s
Termination Date occurs on or within two years following a Change of Control, the multiplier described above shall be increased to [2x]2. 

(p) “Shares” shall mean shares of common stock of Whiting, $.001 par value per share. 

(q) “Successor” shall mean the person to which this Agreement is assigned upon a Sale of Business within the
meaning of Section 10. 
 (r) “Termination Date” shall mean the date of Executive’s termination
of employment from the Company, as further described in Section 4. 
 (s) “Voting Power” shall
mean the voting power of the outstanding securities of Whiting having the right under ordinary circumstances to vote at an election of the Board. 

3. Employment of Executive 

(a) Position. 

(i) Executive shall serve in the position of [            ] 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 and duties, consistent with Executive’s position, as may be assigned from time
to time by the Board. 
 (ii) Executive will 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 continue to serve on any board of directors or trustees of any business
corporation or any charitable organization; further provided in each case, and in the aggregate, that such activities do not conflict or interfere with the performance of Executive’s duties hereunder or conflict with Section 7. 

(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 Executive’s base salary as in effect on the Effective Date, subject to increase, but not decrease, from time to time as determined by the
Board.  
  

	1 	2x for CEO. 

	2 	3x for CEO. 

  
 7 

 (c) Bonus and Equity Incentives. Executive shall be entitled
to participate in such annual and/or long-term cash and equity incentive plans and programs of Whiting as are generally provided to the senior executives of Whiting. If a Change of Control occurs when Executive is employed under this Agreement, then
the Company shall cause (i) all restrictions on any restricted stock or restricted stock unit awards made to Executive prior to the Change of Control to lapse such that Executive is fully and immediately vested in such awards upon such Change
of Control; (ii) any stock options or stock appreciation rights granted to Executive prior to the Change of Control pursuant to the Company’s equity-based incentive plan(s) to be fully and immediately vested upon such Change of Control;
and (iii) any performance shares, performance units or similar performance-based equity awards granted to Executive pursuant to the Company’s equity-based incentive plan(s) to be earned on a pro rated basis according to the portion of the
performance period that has elapsed through the date of the Change of Control as if all performance requirements had been satisfied at the target level (or such higher level as would have been achieved if performance through the date of the Change
of Control of had continued through the end of the performance period). In addition, on and after a Change of Control, to assure that Executive will have an opportunity to earn incentive compensation, Executive shall be included in a bonus plan of
the Employer which shall satisfy the standards described below (such plan, the “Bonus Plan”). Bonuses under the Bonus Plan shall be payable with respect to achieving such financial or other goals reasonably related to the business of the
Company as the Company shall establish (the “Goals”), all of which Goals shall be attainable, prior to the end of the Post-Change of Control Renewal Period, with approximately the same degree of probability as the most attainable goals
under the Company’s bonus plan or plans as in effect at any time during the 180-day period immediately prior to the Change of Control (whether one or more, the “Company Bonus Plan”) and in view of the Company’s existing and
projected financial and business circumstances applicable at the time. The amount of the bonus (the “Bonus Amount”) that Executive is eligible to earn under the Bonus Plan shall be no less than 100% of Executive’s target award
provided in such Company Bonus Plan (such bonus amount herein referred to as the “Targeted Bonus”), and in the event the Goals are not achieved such that the entire Targeted Bonus is not payable, the Bonus Plan shall provide for a payment
of a Bonus Amount equal to a portion of the Targeted Bonus reasonably related to that portion of the Goals which were achieved. Payment of the Bonus Amount shall not be affected by any circumstance occurring subsequent to the end of the Post-Change
of Control Renewal Period, including termination of Executive’s employment.  
 (d) 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)) as in effect from time to time on the same
basis as those benefits are generally made available to other senior executives of Whiting. On and after a Change of Control, Executive shall be included: (i) to the extent eligible thereunder (which eligibility shall not be conditioned on
Executive’s salary grade or on any other requirement which excludes persons of comparable status to Executive unless such exclusion was in effect for such plan or an equivalent plan immediately prior to the Change of Control), in any and all
plans providing benefits for the Company’s salaried employees in general (including but not limited to group life insurance, hospitalization, medical, dental, and long-term disability plans) and (ii) in plans provided to executives of 

  
 8 

 
the Company of comparable status and position to Executive (including but not limited to deferred compensation, split-dollar life insurance, supplemental retirement, stock option, stock
appreciation, stock bonus, cash bonus and similar or comparable plans); provided that in no event shall the aggregate level of benefits under the plans described in clause (i) and the plans described in clause (ii), respectively, in
which Executive is included be less than the aggregate level of benefits under plans of the Company of the type referred to in such clause, respectively, in which Executive was participating immediately prior to the Change of Control. 

(e) 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. 
 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 written notice to Executive that indicates in reasonable detail the facts and circumstances alleged to provide a basis for such termination. A notice by Whiting to Executive pursuant to
Section 1 of the intent not to renew this Agreement shall not constitute termination by Whiting pursuant to this Section 4(c). 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 30 days from the date the written notice is provided, or such longer period as Whiting may determine to be appropriate, 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. Notwithstanding anything to the contrary herein, on and after a Change of Control, a determination of Cause shall only be made by the Board of Directors of the Successor, which may terminate Executive for Cause only after providing
Executive (i) written notice as set forth above, (ii) the opportunity to appear before such board and provide rebuttal to such proposed termination, and (iii) written notice following such appearance confirming such termination and
certifying that the decision to terminate Executive for Cause was approved by at least 66% of the members 

  
 9 

 
of such board, excluding Executive. Unless otherwise directed by Whiting, from and after the date of the written notice of proposed termination, Executive shall be relieved of his or her 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 confirming such proposed termination. Notwithstanding anything to the contrary in this
Agreement, if a Change of Control occurs and Executive’s employment with the Company is terminated (other than a termination due to Executive’s death or as a result of Disability) during the period of 180 days prior to the date on which
the Change of Control occurs, and if it is reasonably demonstrated by Executive that such termination of employment (x) was at the request of a third party who has taken steps reasonably calculated to effect a Change of Control or
(y) otherwise arose in connection with or in anticipation of a Change of Control, then for all purposes of this Agreement such termination of employment shall be deemed a termination following such Change of Control. 

(d) Executive may terminate his or her 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. 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 90 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 with
such 30-day period, Executive’s termination of employment from the Company shall be effective on the date immediately following the end of such cure period. 

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(c), in either of the following circumstances while this Agreement is in effect: 

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

(ii) Executive terminates his or her employment with the Company for Good Reason. 

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

  
 10 

 (b) General Release Requirement. As an additional prerequisite for receipt
of the severance benefits described in Section 5(c), Executive must execute, deliver to Whiting, and not revoke (to the extent Executive is allowed to do so) a General Release within 20 calendar days following the termination of
Executive’s employment. 
 (c) Severance Benefits; Timing and Form of Payment. Subject to the limitations
imposed by Section 6, if Executive is entitled to severance benefits, then: 
 (i) Company shall pay Executive the
Severance Payment in a lump sum in cash on the first day of the seventh month following the month in which Executive’s Separation from Service occurs, without interest thereon; provided that, if on the date of Executive’s Separation from
Service, neither Whiting nor any other entity that is considered a “service recipient” with respect to Executive within the meaning of Code Section 409A has any stock that is publicly traded on an established securities market (within
the meaning of Treasury Regulation Section 1.897-1(m)) or otherwise, then the Severance Payment shall be paid to Executive in cash forty-five (45) days following the date of Executive’s Separation from Service. 

(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 life insurance,
hospitalization, medical, dental and vision coverage as Executive received (or, if higher, as was required hereunder) immediately prior to Executive’s Separation from Service, subject to the following: 

(A) Following the end of the COBRA continuation period, if such hospitalization, 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 benefits. 

(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 

  
 11 

 
such coverage shall be provided at the expense of the Company for the remainder of the period as set forth above; provided that this clause (C) shall cease to apply if on the date of
Executive’s Separation from Service, neither Whiting nor any other entity that is considered a “service recipient” with respect to Executive within the meaning of Code Section 409A has any stock which is publicly traded on an
established securities market (within the meaning of Treasury Regulation Section 1.897-1(m)) or otherwise. 
 (D) If
Executive’s Separation from Service occurs following a Change of Control, such benefits shall be provided until the earlier of 24 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 benefits described in the first sentence of this subsection. 

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. 
 (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 or her death), shall be entitled to receive only the Accrued Benefits. 

6. Limitations on Severance Payments and Benefits. Notwithstanding any other provision of this Agreement, if any portion
of the Severance Payment 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). Within 20 business days following delivery of the notice of termination or notice by Whiting to Executive of its belief that there is a payment or benefit due Executive that will result in
an excess parachute payment as defined in Code Section 280G, Executive and Whiting, at Whiting’s expense, shall obtain the opinion (which need not be unqualified) of nationally recognized tax counsel selected by Whiting, which opinion sets
forth: (A) the amount of the Base Period Income, (B) the amount and present value of Total Payments, (C) the amount and present value of any excess parachute payments without regard to the limitations of this Section 6, (D)

  
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the After-Tax Value of the Total Payments if the reduction in Total Payments contemplated under this Section 6 did not apply, and (E) the After-Tax Value of the Total Payments taking
into account the reduction in Total Payments contemplated under this Section 6. As used in this Section 6, the term “Base Period Income” means an amount equal to Executive’s “annualized includible compensation for the
base period” as defined in Code Section 280G(d)(1). For purposes of such opinion, the value of any noncash benefits or any deferred payment or benefit shall be determined by Whiting’s independent auditors in accordance with the
principles of Code Sections 280G(d)(3) and (4), which determination shall be evidenced in a certificate of such auditors addressed to Whiting and Executive. For purposes of determining the After-Tax Value of Total Payments, Executive shall be deemed
to pay federal income taxes and employment taxes at the highest marginal rate of federal income and employment taxation in the calendar year in which the Termination Payment is to be made and state and local income taxes at the highest marginal
rates of taxation in the state and locality of Executive’s domicile for income tax purposes on the date the Termination Payment is to be made, net of the maximum reduction in federal income taxes that may be obtained from deduction of such
state and local taxes. Such opinion shall be dated as of the Termination Date and addressed to Whiting and Executive and shall be binding upon the Company and Executive. If such opinion determines that there would be an excess parachute payment and
that the After-Tax Value of the Total Payments taking into account the reduction contemplated under this Section is greater than the After-Tax Value of the Total Payments if the reduction in Total Payments contemplated under this Section did not
apply, then the Termination Payment hereunder or any other payment determined by such counsel to be includible in Total Payments shall be reduced or eliminated as specified by Executive in writing delivered to Whiting within five business days of
Executive’s receipt of such opinion or, if Executive fails to so notify Whiting, then as Whiting shall reasonably determine, so that under the bases of calculations set forth in such opinion there will be no excess parachute payment. If such
legal counsel so requests in connection with the opinion required by this Section, Executive and Whiting shall obtain, at Whiting’s expense, and the legal counsel may rely on in providing the opinion, the advice of a firm of recognized
executive compensation consultants as to the reasonableness of any item of compensation to be received by Executive. Notwithstanding the foregoing, the provisions of this Section 6, including the calculations, notices and opinions provided for
herein, shall be based upon the conclusive presumption that the following are reasonable: (1) the compensation and benefits provided for in Section 3 and (2) any other compensation, including but not limited to the Accrued Benefits,
earned prior to the date of Executive’s Separation from Service by Executive pursuant to the Company’s compensation programs if such payments would have been made in the future in any event, even though the timing of such payment is
triggered by the Change of Control or Executive’s Separation from Service. If the provisions of Code Sections 280G and 4999 are repealed without succession, then this Section 6 shall be of no further force or effect. 

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 

  
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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. If Executive receives notice that he must disclose Confidential Information pursuant to a
subpoena or other lawful process, Executive must notify the Company immediately. Upon termination of employment with the Company, Executive will immediately return to the Company all written or electronically stored confidential or proprietary
information in whatever format it is contained. 
 (b) 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(b) 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, or from owning 5% or less of the outstanding securities of any class of any issuer whose securities are
registered under the Exchange Act, or (C) serving as a director of an entity that has less than 10% of its assets located in the Whiting Fields and Plays. 

(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 or her 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. 

  
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 (c) 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, (1) 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, or (2) that result from or are suggested by any work which Executive may do for the Company or (3) 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) Upon any termination of Executive’s employment, employee agrees to deliver to the Company promptly
all items which belong to the Company or which by their nature are for the use of Company employees only, including, without limitation, all written and other materials which are of a secret or confidential nature relating to the business of the
Company. 
 (v) In the event 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 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 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. 

  
 15 

 (d) 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. The prevailing party in any action to enforce this Section 7 shall be entitled to reimbursement by the other party for the prevailing party’s reasonable attorneys fees and costs. 

(e) 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. 

8. 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 Chief Executive Officer of Whiting
and the General Counsel of Whiting. Either party may change its address by written notice in accordance with this paragraph. 
 9. Set
Off; Mitigation. 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. However, Executive shall
not be required to mitigate the amount of any payment provided for pursuant to this Agreement by seeking other employment or otherwise. 

10. Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective executors, administrators, successors and assigns. If Whiting experiences a Change of Control, or otherwise sells, assigns or transfers all or substantially all of its business and assets to any person or if Whiting merges into or
consolidates or otherwise combines (where Whiting does not survive such combination) with any person (any such event, a “Sale of Business”), then Whiting shall assign all of its right, title and interest in this Agreement as of the date of
such event to such person, and Whiting shall cause such person, by written agreement in form and substance reasonably satisfactory to Executive, to expressly assume and agree to perform from and after the date of such assignment all of the terms,
conditions and provisions imposed by this Agreement upon the Company. Failure of Whiting to obtain such agreement prior to the effective date of such Sale of Business shall be a 

  
 16 

 
breach of this Agreement constituting “Good Reason” hereunder, except that for purposes of implementing the foregoing the date upon which such Sale of Business becomes effective shall
be the Termination Date. In case of such assignment by Whiting and of assumption and agreement by such person, as used in this Agreement, “Whiting” shall thereafter mean the person which executes and delivers the agreement provided for in
this Section 10 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law, and this Agreement shall inure to the benefit of, and be enforceable by, such person. Executive shall, in his or her
discretion, be entitled to proceed against any or all of such persons, any person which theretofore was such a successor to Whiting, and Whiting (as so defined) in any action to enforce any rights of Executive hereunder. Except as provided in this
Section 10, this Agreement shall not be assignable by Whiting. This Agreement shall not be terminated by the voluntary or involuntary dissolution of Whiting. 

11. 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, including any dispute as to the calculation of Executive’s Benefits, Base Salary, Bonus Amount or any Severance Payment hereunder, 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. 
 12. 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. 

13. Captions and Paragraph Headings. Captions and paragraph headings used herein are for convenience only and are not a part of
this Agreement and will not be used in construing it. 
 14. Invalid Provisions. Subject to Section 7(e), 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. 
 15. 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. 
 16. 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 

  
 17 

 
the employment of Executive by Company, including the Excise Tax Agreement, 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. 
 17. Modification. This Agreement may not be modified or amended by oral
agreement, but only by an agreement in writing signed by Whiting and Executive. 
 18. 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. 

  
 18 

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

			
	  

	Signature
	
	  

	Printed Name
	
	WHITING PETROLEUM CORPORATION
		
	By:	 	  

	Name:
	Title:

 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

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