Document:

EX-10.8

 Exhibit 10.8 

EXECUTIVE EMPLOYMENT AND SEVERANCE AGREEMENT 

This Executive Employment and Severance Agreement (this “Agreement”) is between Charles Rimer (“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 and the Executive are parties to an employment and severance agreement dated as of November 15, 2018 ( the
“Prior Agreement”); 
 WHEREAS, the Company desires to continue 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; or (iv) a
material breach by Whiting of any provisions of this Agreement. 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 Operating 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 or the Chief Executive Officer, 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) 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. 
 (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 $ 450,000 subject to increase, but not decrease, from time to time as determined by the
Board. 
 (c) Bonus. Beginning in 2021, 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. 

(d) Equity. The Executive will be granted $1,181,250 in early 2021 (the “2021 Grant”) in conjunction with the annual issuance
of long-term incentives to other senior employees. 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, subject
to continued employment and as further set forth in the award agreement and the Company’s equity plan then in effect. 
 (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 49,100 RSUs under the Company’s 2020 Equity Plan (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. 

  
 3 

 (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. 

(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 

  
 4 

 
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. 
 (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: 

  
 5 

 (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. 

(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 

  
 6 

 
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. 
 (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, or (C) serving as a director of an entity that has less than 5% of its assets located in the Whiting Fields and Plays. 

  
 7 

 (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. 

(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. 

  
 8 

 (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 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. 

  
 9 

 (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 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. 

  
 10 

 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. 
 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. 

  
 11 

 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, (including, without limitation, the Prior Agreement) 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. 

  
 12 

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

			
	EXECUTIVE: CHARLES RIMER
	
	 /s/ Charles Rimer

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

	
	 Chairman of the Board

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. 

 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 Charles Rimer, 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: CHARLES RIMER	  	WHITING PETROLEUM CORPORATION
		
	                                      
                      	  	By:                                     
                                   
		
	Dated:	  	Dated:

 Date Agreement was originally given to Executive:Exhibit 10.30

 

INVESTMENT
AGREEMENT

 

BY
AND BETWEEN

 

ENZON
PHARMACEUTICALS, INC.

 

AND

 

ICAHN
CAPITAL LP

 

DATED
AS OF SEPTEMBER 1, 2020

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	 	 
	Article I
    DEFINITIONS AND INTERPRETATION	1
	 	 	 
	 	Section 1.1. Definitions	1
	 	 	 
	 	Section 1.2. Interpretation	4
	 	 	 
	Article II
    THE RIGHTS OFFERING	5
	 	 	 
	 	Section 2.1. The Rights Offering	5
	 	 	 
	Article III
    REPRESENTATIONS AND WARRANTIES OF THE COMPANY	6
	 	 	 
	 	Section 3.1. Organization	6
	 	 	 
	 	Section 3.2. Authorization	6
	 	 	 
	 	Section 3.3. Valid Issuance of Units and
    Shares	7
	 	 	 
	 	Section 3.4. Non-Contravention; Authorizations	7
	 	 	 
	 	Section 3.5. Registration Statement; Prospectus	7
	 	 	 
	 	Section 3.6. No Further Reliance	8
	 	 	 
	Article IV
    REPRESENTATIONS AND WARRANTIES OF THE INVESTOR	8
	 	 	 
	 	Section 4.1. Organization	8
	 	 	 
	 	Section 4.2  Authorization
	8
	 	 	 
	 	Section 4.3. Non-Contravention; Governmental
    Authorization	8
	 	 	 
	 	Section 4.4. Information; Knowledge of
    Business	8
	 	 	 
	 	Section 4.5. Ownership of Common Stock	9
	 	 	 
	 	Section 4.6. Financial Capability	9
	 	 	 
	 	Section 4.7. No Manipulation or Stabilization
    of Price	9
	 	 	 
	 	Section 4.8. No Further Reliance	9
	 	 	 
	Article V
    COVENANTS	9
	 	 	 
	 	Section 5.1. Securities to be Issued	9
	 	 	 
	 	Section 5.2. OTC Quotation	9
	 	 	 
	 	Section 5.3. Standstill Agreement; Waiver of Section 203; Registration Rights; No Change of Control; Most Favored Nation	10
	 	 	 
	Article VI
    TERMINATION	10
	 	 	 
	 	Section 6.1. Termination	10
	 	 	 
	 	Section 6.2. Effects of Termination	10
	 	 	 
	Article VII
    MISCELLANEOUS	11
	 	 	 
	 	Section 7.1. Survival	11
	 	 	 
	 	Section 7.2. Indemnification	11
	 	 	 
	 	Section 7.3. Notices	12

 

    i

     

    

 

	 	Section 7.4. Further
    Assurances	13
	 	 	 
	 	Section 7.5. Amendments and Waivers	13
	 	 	 
	 	Section 7.6. Fees and Expenses	13
	 	 	 
	 	Section 7.7. Successors and Assigns	13
	 	 	 
	 	Section 7.8. Governing Law	13
	 	 	 
	 	Section 7.9. Waiver of Jury Trial	14
	 	 	 
	 	Section 7.10. Entire Agreement	14
	 	 	 
	 	Section 7.11. Effect of Headings and Table
    of Contents	14
	 	 	 
	 	Section 7.12. Severability	14
	 	 	 
	 	Section 7.13. Counterparts; No Third Party
    Beneficiaries	14
	 	 	 
	 	Section 7.14. Specific Performance	14

 

    ii

     

    

 

INVESTMENT
AGREEMENT

 

This Investment Agreement, dated as of
September 1, 2020 (this “Agreement”), is by and between Enzon Pharmaceuticals, Inc., a Delaware corporation
(the “Company”), and Icahn Capital LP, a Delaware limited partnership (the “Investor”).

 

BACKGROUND

 

WHEREAS, the Company has proposed to offer
and sell Units (as defined below) pursuant to a Rights Offering (as defined below), on the terms and subject to the conditions
set forth herein; and

 

WHEREAS, the Company desires that the Investor
provide, and the Investor has agreed to exercise its rights under the Basic Subscription Privilege (as defined below) in the Rights
Offering, on the terms and subject to the conditions set forth herein; and

 

WHEREAS, the parties desire for the Investor
to exercise in full an Oversubscription Privilege (as defined below) in connection with the purchase all of the remaining Units
not subscribed for by holders pursuant to the Basic Subscription Privilege.

 

NOW, THEREFORE, in consideration of the
mutual covenants and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the
parties to this Agreement hereby agree as follows:

 

Article I

 

DEFINITIONS AND INTERPRETATION

 

Section 1.1. Definitions. As used in this Agreement,
the following terms have the respective meanings set forth below:

 

“Acquired Shares” means,
collectively, the shares of Common Stock and shares of Preferred Stock to be acquired by the Investor upon exercise of the Rights
acquired by the Investor pursuant to the Basic Subscription Privilege and the Oversubscription Privilege.

 

“Affiliate” of any Person
means any other Person directly or indirectly Controlling, Controlled by or under direct or indirect common Control with such
Person, provided that for purposes of this Agreement, the Company and its Subsidiaries shall not be deemed to be Affiliates of
the Investor.

 

“Agreement” shall have
the meaning set forth in the Preamble.

 

“Basic Subscription Privilege”
shall have the meaning set forth in Section 2.1(b).

 

“Beneficially Own,”
“Beneficially Owned,” “Beneficial Ownership” and “Beneficial Owner” with
respect to any securities means a holder who is deemed to be the beneficial owner, or ownership that is deemed to be beneficial
ownership, of such securities under Rule 13d-3 or Rule 13d-5 of the Exchange Act, and shall include such securities
Beneficially Owned by all other persons with whom a holder would constitute a “group” within the meaning of Section 13(d) of
the Exchange Act with respect to such securities.

 

    1

     

    

 

“Board” means the Board
of Directors of the Company.

 

“Business Day” means
any day other than a Saturday, Sunday or one on which banks in New York, New York are authorized or required to close.

 

“Capital Stock” of any
Person means any and all shares, interests, participations or other equivalents however designated of corporate stock or other
equity participations, including partnership interests, whether general or limited, of such Person and any rights (other than
debt securities convertible or exchangeable into an equity interest), warrants or options to acquire an equity interest in such
Person.

 

“Closing Date” means
the closing of the Rights Offering.

 

“Certificate of Designation”
means the Certificate of Designation to be filed with the Secretary of State of the State of Delaware that will designate, and
set forth the rights and preferences of, the Preferred Stock.

 

“Common Stock” means
the common stock, par value $0.01 per share, of the Company.

 

“Company” shall have
the meaning set forth in the Preamble.

 

“Company Indemnified Parties”
shall have the meaning set forth in Section 7.2(b).

 

“Control” has the meaning
specified in Rule 12b-2 under the Exchange Act.

 

“DGCL” means the General
Corporation Law of the State of Delaware.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Governmental Entity”
means any national, state, local, county, parish or municipal government, domestic or foreign, any agency, board, bureau, commission,
court, tribunal, subdivision, department or other governmental or regulatory authority or instrumentality that has jurisdiction
over any of the Company or any of its properties or assets or any matter relating to the transactions contemplated by this Agreement.

 

“Indemnified Party”
means an Investor Indemnified Party or a Company Indemnified Party, as the case may be.

 

“Indemnifying Party”
means the Company or the Investor, as the case may be.

 

“Investor” shall have
the meaning set forth in the Preamble.

 

“Investor Indemnified Parties”
shall have the meaning set forth in Section 7.2(a).

 

    2

     

    

 

“Law” means any federal,
state, local or foreign law, statute or ordinance, common law, or any rule, regulation, judgment, order, writ, injunction, decree,
arbitration award, license or permit of any Governmental Entity.

 

“Losses” shall have
the meaning set forth in Section 7.2(a).

 

“OTC” means the OTCQX
market of the OTC Markets Group, Inc.

 

“Oversubscription Privilege”
shall have the meaning set forth in Section 2.1(b).

 

“Person” means an individual,
a corporation, a partnership, a limited liability company, limited partnership, an association, a trust or any other entity or
organization, including a government or political subdivision or an agency or instrumentality thereof.

 

“Preferred Stock” means
a newly designated series of the preferred stock of the Company, which shall: (i) have a stated value of $1,000.00 per share;
(ii) not be convertible into shares of Common Stock; (iii) not be entitled to voting rights, except in limited circumstances
and as required by the DGCL; (iv) be entitled to receive cumulative annual dividends at a rate of 3% per annum per share
if paid in cash as declared by the Board or, if not declared in cash by the Board, 5% per annum per share paid-in-kind as an increase
to the initial liquidation value; (v) be redeemable in whole or in part at the Company’s option at any time commencing
two years after initial issuance, provided that all accrued but unpaid dividends are paid prior to, or in connection with, any
redemption; and (vi) be redeemable at the option of the holders thereof in the event that there is a change of control of
the Company, as such term shall be defined in a certificate of designation to be filed with the Secretary of State of the State
of Delaware in connection with the Rights with respect to the Preferred Stock in connection with the Rights Offering.

 

“Previously Disclosed”
means information set forth in or incorporated by reference into (i) the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2019 and filed with the SEC on February 19, 2020, including as amended by the
Company’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2019 and filed with the SEC on April 24,
2020, or (ii) its other reports and forms filed with the SEC under Sections 13(a), 14(a) or 15(d) of the Exchange
Act on or after January 1, 2020 (except for risks and forward looking information set forth in the “Risk Factors”
section of such annual report or in any forward looking statement disclaimers or similar statements that are similarly non-specific
and are predictive or forward looking in nature).

 

“Prospectus” means the
prospectus that forms a part of the Registration Statement, including all documents incorporated therein by reference, as from
time to time amended or supplemented pursuant to the Securities Act or the Exchange Act.

 

“Record Date” means
the date as of which each record holder of Common Stock will be entitled to receive one (1) Right for each share of Common
Stock held as of such date, which date shall be a date selected by the Board in accordance with the DGCL and the requirements
of the OTC.

 

“Registration Statement”
the registration statement on Form S-1, to be filed with the SEC in connection with the Rights Offering, including all documents
incorporated therein by reference, as from time to time amended or supplemented pursuant to the Securities Act or the Exchange
Act, including by any information contained in any prospectus or prospectus supplement that is deemed to be a part of the Registration
Statement pursuant to Rule 430B under the Securities Act.

 

    3

     

    

 

“Representatives” means,
with respect to a Person, such Person’s directors, officers, investment bankers, attorneys, accountants and other advisors
or representatives.

 

“Rights” shall have
the meaning set forth in Section 2.1(b).

 

“Rights Offering” shall
have the meaning set forth in Section 2.1(b).

 

“SEC” means the Securities
and Exchange Commission.

 

“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Standstill Agreement”
means the Standstill Agreement, dated as of December 8, 2016, by and between the Company, High River Limited Partnership,
Hopper Investments LLC, Barberry Corp., Icahn Partners Master Fund LP, Icahn Offshore LP, Icahn Partners LP, Icahn
Onshore LP, Icahn Capital LP, IPH GP LLC, Icahn Enterprises Holdings, L.P., Icahn Enterprises G.P. Inc., Beckton
Corp. and Carl C. Icahn.

 

“Subscription Period”
shall have the meaning set forth in Section 2.1(b).

 

“Subscription Price”
means $1,090.00 per Unit.

 

“Subsidiary” means,
with respect to any specified Person, (a) any corporation, association or other business entity of which more than 50% of
the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency and after giving
effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election
of directors, managers or trustees of the corporation, association or other business entity is at the time owned or controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); (b) any
partnership a general partner or a managing general partner of which is such Person or a Subsidiary of such Person; and (c) any
limited liability company a managing member or manager of which is such Person or a Subsidiary of such Person.

 

“Units” means the units
that are being offered in the Rights Offering, with each such Unit consisting of (i) one share of Preferred Stock and (ii) 750
shares of Common Stock.

 

Section 1.2. Interpretation. When a reference is
made in this Agreement to “Preamble,” “Articles,” “Sections” or “Annexes,” such
reference shall be to a Preamble, Article or Section of, or Annex to, this Agreement, unless otherwise indicated. The
terms defined in the singular have a comparable meaning when used in the plural, and vice versa, and words importing any gender
include the other gender. The table of contents and headings contained in this Agreement are for reference purposes only and are
not part of this Agreement. Whenever the words “include,” “includes” or “including” are used
in this Agreement, they shall be deemed followed by the words “without limitation.” No rule of construction against
the draftsperson shall be applied in connection with the interpretation or enforcement of this Agreement, as this Agreement is
the product of negotiation between sophisticated parties advised by counsel. All references to “$” or “dollars”
mean the lawful currency of the United States of America. Except as expressly stated in this Agreement, all references to any
statute, rule or regulation are to the statute, rule or regulation as amended, modified, supplemented or replaced from
time to time (and, in the case of statutes, include any rules and regulations promulgated under the statute) and all references
to any section of any statute, rule or regulation include any successor to the section. References to “words of similar
import” with respect to material adverse effect or materiality, does not include knowledge qualifiers.

 

    4

     

    

 

Article II

 

THE RIGHTS OFFERING

 

Section 2.1. The Rights Offering.

 

(a)            As
promptly as practicable after the date of this Agreement, the Company shall use its reasonable best efforts to commence and complete
the Rights Offering, including by preparing and filing the Registration Statement with the SEC and seeking to cause the Registration
Statement to be declared effective by the SEC as soon as reasonably practicable. The Registration Statement and any amendment
or supplement to the thereto in connection with the Rights Offering shall be provided to the Investor and its counsel prior to
its filing with the SEC, and the Investor and its counsel shall be given a reasonable opportunity to review and comment thereon.

 

(b)            As
soon as practicable after the Registration Statement is declared effective by the SEC and following the Record Date, the Company
shall file with the SEC and print the Prospectus, distribute copies of the Prospectus to the holders of record of Common Stock
as of the Record Date, and thereafter, promptly commence a rights offering on the following terms: (i) the Company shall
distribute, one transferable right (“Rights”) to each holder of record of Common Stock for each share of Common
Stock held by such holder as of the Record Date; (ii) for every 1,105 Rights held, the holder thereof shall be entitled to
purchase, at the election of such holder, one Unit at the Subscription Price (the “Basic Subscription Privilege”);
(iii) the offering shall remain open for the period set forth in the Registration Statement, which shall be at least the
minimum time period required by applicable Law (the “Subscription Period”); and (iv) the Investor shall
subscribe for additional Units at the Subscription Price pursuant to the instructions set forth in the Prospectus and related
materials to the extent that other holders elect not to exercise all of their respective Rights under the Basic Subscription Privilege
(the “Oversubscription Privilege”) (such rights offering, the “Rights Offering”). The Company
shall use reasonable best efforts to engage in and complete the transactions contemplated in Sections 2.1(a) and 2.1(b) as
promptly as practicable.

 

(c)            The
Investor hereby agrees that it will exercise all of its Rights under its Basic Subscription Privilege. The Investor agrees to
purchase and the Company agrees to issue and sell to the Investor such Units pursuant to this Section 2.1 at the Subscription
Price.

 

    5

     

    

 

(d)            The
Company shall not amend any of the terms of the Rights Offering described in Section 2.1(b) or waive any conditions
to the closing of the Rights Offering without the prior written consent of the Investor and the Board. Subject to the terms and
conditions of the Rights Offering, the Company shall effect the closing of the Rights Offering as promptly as practicable following
the end of the Subscription Period.

 

(e)            The
Company shall pay all of its expenses associated with the Registration Statement, the Prospectus, the Rights Offering and the
other transactions contemplated hereby, including filing and printing fees, the fees and expenses of any subscription and information
agents, the fees and expenses of its counsel, accounting fees and expenses and costs associated with clearing the Common Stock
offered for sale under applicable state securities Laws.

 

(f)            The
Investor shall provide to the Company such information as the Company may reasonably require in connection with the preparation
and filing of the Registration Statement, the Prospectus and any amendment or supplement to the Registration Statement or the
Prospectus. No such information provided by the Investor shall contain an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not misleading (i) at the time
the Registration Statement becomes effective under the Securities Act, and (ii) as of the date of the Prospectus and the
closing date of the Rights Offering and the Closing Date.

 

(g)            On
the Closing Date, the Company shall deliver to the Investor evidence of the issuance of the Acquired Shares, reflecting the Units
purchased by such Investor, in the name of the Investor against payment by or on behalf of the Investor of the purchase price
therefore by wire transfer of immediately available funds to the account designated by the Company in writing.

 

(h)            In
the event that this Agreement is terminated or the Rights Offering does not close, then, subject to Section 6.2 of
this Agreement, neither the Investor nor the Company shall be required to consummate the transactions contemplated by this Agreement.

 

Article III

 

REPRESENTATIONS AND WARRANTIES OF
THE COMPANY

 

Except as Previously Disclosed, the Company represents and
warrants to the Investor that:

 

Section 3.1. Organization. The Company is duly
incorporated and validly existing as a corporation in good standing under the Laws of the State of Delaware and has all corporate
power and authority to own its property and assets and conduct its business in all material respects as currently conducted. The
Company is duly qualified as a foreign corporation for the transaction of business and is in good standing under the Laws of each
other jurisdiction in which that nature of the business conducts or the property owned by it makes such qualification necessary,
except, in each case, as would not, individually or in the aggregate, have or reasonably be expected to have a material adverse
effect on the Company.

 

Section 3.2. Authorization. The Company has the
requisite corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder and thereunder.
The execution, delivery and performance by the Company of this Agreement and the consummation of the transactions contemplated
hereby have been (or will be when delivered) duly authorized by all necessary corporate action on the part of the Company, and
no further approval or authorization is required on the part of the Company, the Board or its stockholders (except as expressly
contemplated by this Agreement). This Agreement constitutes the valid and binding obligation of the Company, enforceable against
the Company in accordance with their terms, except as such may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization
or other similar Laws affecting creditors’ rights generally and by general equitable principles, and except as may be limited
by applicable Law and public policy.

 

    6

     

    

 

 

Section 3.3. Valid Issuance of Units and Shares.
The Units will be, as of the date or dates of their issuance, duly authorized by all necessary corporate action on the part of
the Company and, when issued and delivered by the Company against payment therefor as provided in this Agreement, will be validly
issued, fully paid and non-assessable. The Acquired Shares will be, as of the date or dates of their issuance, duly authorized
by all necessary corporate action on the part of the Company and, when issued and delivered by the Company against payment therefor
as provided in this Agreement, (a) will be validly issued, fully paid and non-assessable and (b) will not be subject
to any statutory or contractual preemptive rights or other similar rights of stockholders.

 

Section 3.4. Non-Contravention; Authorizations.
Except as contemplated by Section 5.3 hereof, the Company’s execution, delivery and performance of this Agreement,
issuance and delivery of the Units and the Acquired Shares, and consummation of the transactions contemplated hereby will not:
(i) result in any violation of the provisions of the charter or bylaws of the Company, (ii) conflict with or constitute
a breach of or default (or, with the giving of notice or lapse of time, would be in default) under, result in the creation or
imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to, or require the consent of
any other party to, any indenture, mortgage, loan or credit agreement, note, contract, franchise, lease or other instrument to
which the Company is a party or bound or to which any of the property or assets of the Company is subject or (iii) result
in any violation of any Law applicable to the Company or any Subsidiary, except, in the case of clauses (ii) and (iii), as
would not, individually or in the aggregate, have a material adverse effect on the Company. Except for any application or other
filing to be filed with OTC and assuming the accuracy of the Investor’s representations and warranties in Article IV,
no consent, approval, authorization or other order of, or registration or filing with, any Governmental Entity or OTC is required
for the Company’s execution, delivery and performance of this Agreement, the issuance and delivery of the Units and the
Acquired Shares, or the consummation of the transactions contemplated hereby, except such as have been obtained or made by the
Company.

 

Section 3.5. Registration Statement; Prospectus.
The Registration Statement and the Prospectus, at the time the Registration Statement becomes effective and as of the closing
date of the Rights Offering and the Closing Date, will comply as to form in all material respects with the applicable requirements
of the Securities Act and the Exchange Act and the rules and regulations of the SEC thereunder. The Registration Statement,
at the time it becomes effective under the Securities Act, shall not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading; and the Prospectus,
at the time the Registration Statement becomes effective and as of its date and the closing date of the Rights Offering and the
Closing Date, shall not contain an untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, in each
case, the Company makes no such representation with respect to information provided to it by the Investor pursuant to Section 2.1(f).

 

    7

     

    

 

Section 3.6. No Further Reliance. The Company acknowledges
that it is not relying upon any representation or warranty made by the Investor not set forth in this Agreement.

 

Article IV

 

REPRESENTATIONS AND WARRANTIES OF
THE INVESTOR

 

The Investor represents and warrants to the Company that:

 

Section 4.1. Organization. The Investor is duly
organized and validly existing as a limited liability company in good standing under the Laws of the State of Delaware.

 

Section 4.2. Authorization. The Investor has the
requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery
and performance by the Investor of this Agreement and consummation of the transactions contemplated hereby have been duly authorized
by all necessary action on the part of the Investor, and no further approval or authorization is required on the part of the Investor,
its managers or members. This Agreement constitutes the valid and binding obligation of the Company, enforceable against the Investor
in accordance with their terms, except as such may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization
or other similar Laws affecting creditors’ rights generally and by general equitable principles, and except as may be limited
by applicable Law and public policy.

 

Section 4.3. Non-Contravention; Governmental Authorization.

 

(a)            Except
as contemplated by Section 5.3 hereof, the execution, delivery and performance by the Investor of this Agreement and
the consummation of the transactions contemplated hereby will not: (i) conflict with or violate any provision of its charter,
bylaws or similar governing documents, (ii) conflict with or result in any breach of, or constitute a default (or, with the
giving of notice or lapse of time, would be in default) under, or give rise to any right to termination, acceleration or cancellation
under, any agreement, lease, mortgage, license, indenture or any other contract to which the Investor is a party or by which its
properties may be bound or affected and (iii) conflict with or violate any Law applicable to the Investor, except, in the
case of clauses (ii) and (iii), as would not, individually or in the aggregate, reasonably be expected to materially and
adversely affect the Investor’s ability to perform its obligations under this Agreement or consummate the transactions contemplated
hereby on a timely basis.

 

(b)            Each
approval, consent, order, authorization, designation, declaration or filing by or with any regulatory, administrative or other
Governmental Entity necessary in connection with the execution and delivery by the Investor of this Agreement and the consummation
of the transactions contemplated herein (except for such additional steps as may be required by OTC or such additional steps as
may be necessary to qualify the Acquired Shares under federal securities, state securities or blue sky Laws) has been obtained
or made and is in full force and effect, except as would not, individually or in the aggregate, reasonably be expected to materially
and adversely affect the Investor’s ability to perform its obligations under this Agreement or consummate the transactions
contemplated hereby on a timely basis.

 

    8

     

    

 

Section 4.4. Information; Knowledge of Business.
The Acquired Shares being acquired by the Investor hereunder are being acquired for its own account, for the purpose of investment
and not with a view to or for sale in connection with any public resale or distribution thereof in violation of applicable securities
Laws. The Investor fully understands the limitations on the ownership and sale, transfer or other disposition of the Acquired
Shares. The Investor is able to bear the financial risk of its investment in the Acquired Shares and is able to afford the complete
loss of such investment. The Investor has been afforded access to information about the Company and its financial condition and
business, sufficient to enable the Investor to evaluate its investment in the Acquired Shares.

 

Section 4.5. Ownership of Common Stock. As of the
date of this Agreement, the Investor and its Affiliates are the record owners of the shares of Common Stock set forth on Schedule
I. The Investor Beneficial Owns the shares of Common Stock held by its Affiliates set forth on Schedule I.

 

Section 4.6. Financial Capability. As of the date
hereof and at all relevant times under this Agreement, the Investor will have available funds necessary to purchase the Acquired
Shares on the terms and conditions contemplated by this Agreement.

 

Section 4.7. No Manipulation or Stabilization of Price.
In connection with the Rights Offering, the Investor has not taken and will not take, directly or indirectly, any action designed
to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization
or manipulation of the price of any security of the Company in order to facilitate the sale or resale of any securities of the
Company.

 

Section 4.8. No Further Reliance. The Investor
acknowledges that it is not relying upon any representation or warranty made by the Company not set forth in this Agreement. The
Investor acknowledges that it has conducted such review and analysis of the business, assets, condition, operations and prospects
of the Company that the Investor considers sufficient for purposes of the purchase of the Acquired Shares.

 

Article V

 

COVENANTS

 

Section 5.1. Securities to be Issued. The shares
of Common Stock and the shares of Preferred Stock to be issued to the Investor pursuant to the exercise of the Rights and the
terms of this Agreement shall be subject to the terms and provisions of the Company’s Certificate of Incorporation and the
Certificate of Designation.

 

Section 5.2. OTC Quotation. The Company shall use
its reasonable best efforts to cause (i) the Rights to be issued in the Rights Offering to be quoted on the OTC during the
Offering Period, and (ii) the shares of Common Stock to continue to be quoted on the OTC. The Investor acknowledges that
the shares of Preferred Stock shall not be listed on the OTC or any other securities exchange or recognized trading system.

 

    9

     

    

 

Section 5.3. Standstill
Agreement; Waiver of Section 203; Registration Rights; No Change of Control; Most Favored Nation. In connection with
the transactions contemplated by the Rights Agreement, the Board, acting on behalf of the Company, shall and hereby does: (i) terminate
the Standstill Agreement so that it shall be of no further force or effect; (ii) waive the applicability of Section 203
of the DGCL to the Investor and its Affiliates; (iii) agree to use
its best efforts to (x) register for resale all of the shares of the Company’s Common Stock then held by Investor
and its Affiliates following the closing of the Rights Offering and (y) keep such registration statement effective until
such time as all such shares may be sold by such holders without volume restrictions pursuant to Rule 144; and (iv) represent
and warrant to the Investor that the transactions contemplated by this Agreement will not trigger any “change in control”
or similar provisions contained in any agreement, compensation plan or other document to which the Company is a party or by which
it is bound. Furthermore, the Company hereby covenants and agrees from and after the date hereof that: (x) none of the terms
that may be offered to any stockholder in connection with possible participation in the Oversubscription Privilege relating to
the terms, conditions and transactions contemplated thereby, is or will be more favorable to such stockholder than those of the
Investor; and (y) in the event that the Company should enter into any agreements with other stockholders providing for more
favorable terms, this Agreement shall, at the election of the Investor, be deemed amended and modified in an economically and
legally equivalent manner such that the Investor shall receive the benefit of such more favorable terms.

 

Article VI

 

TERMINATION

 

Section 6.1. Termination. This Agreement may be
terminated at any time prior to the occurrence of the Closing Date by mutual agreement of the Board, acting on behalf of the Company,
and the Investor. This Agreement shall automatically terminate, without any further action required by any party hereto, if the
Rights Offering is not consummated by December 31, 2020.

 

Section 6.2. Effects of Termination. In the event
of the termination of this Agreement as provided in Section 6.1, this Agreement shall forthwith become wholly void
and of no further force and effect, except as expressly provided in Section 7.1; provided that nothing herein shall
relieve any party from liability for any intentional and willful breach of this Agreement occurring prior to such termination.
In determining losses or damages recoverable upon termination by a party hereto for the other party’s breach, the parties
hereto acknowledge and agree that such losses and damages shall not be limited to reimbursement of expenses or out-of-pocket costs,
and shall include the benefit of the bargain lost by such party.

 

    10

     

    

 

Article VII

 

MISCELLANEOUS

 

Section 7.1. Survival. Each of the representations
and warranties set forth in Article III and Article IV shall survive the Closing Date. In addition, Section 5.2,
Section 5.3, Section 7.2 and Section 7.7 shall survive the Closing Date.

 

Section 7.2. Indemnification.

 

(a)            Notwithstanding
anything in this Agreement to the contrary, from and after the date hereof, the Company agrees to indemnify and hold harmless the
Investor, its Affiliates and each of their respective officers, directors, partners, employees, agents and Representatives (the
“Investor Indemnified Parties”), to the fullest extent lawful, from and against any and all actions, suits,
claims, proceedings, costs, losses, liabilities, damages, expenses (including reasonable and documented fees of counsel), amounts
paid in settlement and other costs (collectively, “Losses”) arising out of or relating to (i) any inaccuracy
in or breach of the Company’s representations or warranties contained in this Agreement or (ii) the Company’s
breach of any agreement or covenant made by the Company in this Agreement. Notwithstanding the above, there shall be no indemnity
hereunder in respect of any Losses resulting from any action, suit, claim, matter or proceeding initiated by or on behalf of a
stockholder of the Company (other than the Investor, with respect to its rights under this Agreement against the Company) relating
to the transactions contemplated by this Agreement.

 

(b)            Notwithstanding
anything in this Agreement to the contrary, from and after the date hereof the Investor, agrees to indemnify and hold harmless
the Company, its Affiliates and each of their respective officers, directors, partners, employees, agents and Representatives (the
“Company Indemnified Parties”), to the fullest extent lawful, from and against any and all Losses arising out
of or relating to (i) any inaccuracy in or breach of the Investor’s representations or warranties contained in this
Agreement, or (ii) the Investor’s breach of any agreement or covenant made by the Investor in this Agreement.

 

(c)            An
Indemnified Party shall give written notice to the Indemnifying Party of any claim with respect to which it seeks indemnification
promptly after the discovery by such Indemnified Party of any matters giving rise to a claim for indemnification pursuant to Section 7.2(a) or
Section 7.2(b), and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably
satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof; provided
that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations
under this Section 7.2 unless and to the extent that the Indemnifying Party shall have been actually prejudiced by
the failure of such Indemnified Party to so notify the Indemnifying Party. Such notice shall describe in reasonable detail such
claim. An Indemnified Party shall have the right to employ separate counsel in any such proceeding and to participate in the defense
thereof, provided that the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless: (i) the
Indemnifying Party has agreed in writing to pay such fees and expenses; (ii) the Indemnifying Party shall have failed promptly
to assume the defense of such proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such proceeding;
or (iii) the named parties to any such proceeding (including any impleaded parties) include both such Indemnified Party and
the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to
exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified
Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party,
the Indemnifying Party shall not have the right to assume the defense thereof and shall be liable for the reasonable and documented
legal fees and expenses of one law firm retained by the Indemnified Party). The Indemnifying Party shall not be liable for any
settlement of any action, suit, claim or proceeding effected without its written consent. The Indemnifying Party will not, without
the Indemnified Party’s prior written consent, settle or compromise any claim or consent to entry of any judgment in respect
thereof in any pending or threatened action, suit, claim or proceeding in respect of which indemnification has been sought hereunder
unless such settlement or compromise includes an unconditional release of such Indemnified Party from all liability arising out
of such action, suit, claim or proceeding.

 

    11

     

    

 

Section 7.3. Notices. All notices and other communications
required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given (a) on
the date of delivery, if delivered personally or by facsimile, upon confirmation of receipt, (b) on the first Business Day
following the date of dispatch if delivered by a recognized next-day courier services, (c) upon receipt, if delivered by
facsimile or other electronic transmission (provided confirmation of transmission and deliver is electronically generated and
kept on file by the sending party) or (d) on the third Business Day following the date of mailing if delivered by registered
or certified mail, return receipt requested, postage prepaid, to the parties to this Agreement at the following address or to
such other address either party to this Agreement shall specify by notice to the other party:

 

If to the Company:

 

Enzon Pharmaceuticals, Inc. 

20 Commerce Drive (Suite 135) 

Cranford, New Jersey 07016 

Attention: Andrew Rackear, Chief Executive Officer

 

With a copy (which shall not constitute notice)
to:

 

Thompson Hine LLP 

335 Madison Avenue, 12th Floor 

New York, New York 10017-4611 

Attention: Todd E. Mason; Corby J. Baumann 

Facsimile: (212) 344-6101

 

If to the Investor:

 

Icahn Capital LP 

16690 Collins Avenue, Suite PH-1 

Sunny Isles Beach, FL 33160 

Attention: Irene March 

Facsimile: (305) 422-4211

 

    12

     

    

 

With a copy (which shall not constitute notice)
to:

 

Icahn Capital LP 

16690 Collins Avenue, Suite PH-1 

Sunny Isles Beach, FL 33160 

Attention: Jesse Lynn 

Facsimile: (917) 591-3310

 

Section 7.4. Further Assurances. Each party hereto
shall do and perform or cause to be done and performed all further acts and shall execute and deliver all other agreements, certificates,
instruments and documents as the other party hereto reasonably may request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

Section 7.5. Amendments and Waivers. Any provision
of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is duly executed and delivered:
(x) by the Board, acting on behalf of the Company; and (y) by the Investor. No failure or delay by any party in exercising
any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude
any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided
shall be cumulative and not exclusive of any rights or remedies provided by Law.

 

Section 7.6. Fees and Expenses. Each party hereto
shall pay all of its own fees and expenses (including attorneys’ fees) incurred in connection with this Agreement and the
transactions contemplated hereby.

 

Section 7.7. Successors and Assigns. Notwithstanding
any provisions to the contrary set forth herein, the Investor shall have the right to assign this Agreement, and all of its rights
and obligations hereunder, to any Affiliate of the Investor. With the exception of the foregoing, this Agreement shall not be
otherwise assignable or otherwise transferable (by operation of law or otherwise) by any party hereto without the prior written
consent of the other party hereto. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns.

 

Section 7.8. Governing Law. This Agreement shall
be governed by and construed in accordance with the laws of the State of Delaware. The parties hereby irrevocably submit to the
exclusive jurisdiction of the Court of Chancery of the state of Delaware, or to the extent such court does not have subject matter
jurisdiction, the Superior Court of the State of Delaware or the United States District Court of the State of Delaware, and hereby
waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof, that
it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in said courts or
that the venue thereof may not be appropriate or that this Agreement may not be enforced in or by said courts, and the parties
hereto irrevocably agree that all claims with respect to such action or proceeding shall be heard and determined in the Court
of Chancery of the state of Delaware, or to the extent such court does not have subject matter jurisdiction, the Superior Court
of the State of Delaware or the United States District Court of the State of Delaware. The parties hereby consent to and grant
any such court jurisdiction over the person of such parties and over the subject matter of any such dispute and agree that mailing
of process or other papers in connection with any such action or proceeding in the manner provided in Section 7.3,
or in such other manner as may be permitted by applicable Law, shall be valid and sufficient service thereof.

 

    13

     

    

 

Section 7.9. Waiver of Jury Trial. Each party acknowledges
and agrees that any controversy that may arise under this agreement is likely to involve complicated and difficult issues, and
therefore each such party hereby irrevocably and unconditionally waives any right such party may have to a trial by jury in respect
of any litigation directly or indirectly arising out of or relating to this agreement or the transactions contemplated by this
agreement.

 

Section 7.10. Entire Agreement. This Agreement
constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all prior
agreements and understandings, both oral and written, between the parties and/or their Affiliates with respect to the subject
matter of this Agreement.

 

Section 7.11. Effect of Headings and Table of Contents.
The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the
construction hereof.

 

Section 7.12. Severability. If one or more provisions
of this Agreement are held to be unenforceable under applicable Law, such provision shall be deemed to be excluded from this Agreement
and the balance of this Agreement shall be interpreted as if such provision were so excluded and shall be enforced in accordance
with its terms to the maximum extent permitted by Law.

 

Section 7.13. Counterparts; No Third Party Beneficiaries.
This Agreement may be signed in any number of counterparts (including by facsimile or other electronic transmission), each of
which shall be an original, with the same effect as if the signatures were upon the same instrument. No provision of this Agreement
shall confer upon any Person other than the parties hereto any rights or remedies hereunder.

 

Section 7.14. Specific Performance. The parties
hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled
to an injunction or injunctions to prevent breaches of the provisions of this Agreement and to enforce specifically the terms
and provisions hereof in the Court of Chancery of the State of Delaware or, to the extent such courts does not have subject matter
jurisdiction, the United States District Court for the District of Delaware, and each party hereto agrees to waive in any action
for such enforcement the defense that a remedy at law would be adequate.

 

[signature page follows]

 

    14

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Investment Agreement to be duly executed by their respective authorized officers as of the date first written above.

 

	 	
        ENZON PHARMACEUTICALS, INC. 

	 	
         

	 	By:	/s/ Andrew Rackear
	 	Name:	Andrew Rackear
	 	Title:	Chief Executive Officer

 

	 	ICAHN CAPITAL LP 

	 	 	 
	 	By:	/s/ Irene March
	 	Name:	Irene March
	 	Title:	Executive Vice President

 

    15

     

    

 

SCHEDULE I

 

COMMON STOCK OWNED BY INVESTOR AND ITS
AFFILIATES

 

	Name of Investor	 	Shares of Common Stock	 
	Icahn Capital LP	 	 	0	 
	Icahn Partners LP 	 	 	
3,901,475
 
 
	
	Icahn Partners Master Fund LP	 	 	2,697,411	 
	Total	 	 	6,598,886	 

 

    16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]