Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Amended and Restated Employment Agreements with Thomas B. Nusz, Taylor L. Reid, Michael H. Lou and Nickolas J. Lorentzatos
On March 20, 2018, Oasis Petroleum Inc. (the “Company”) entered into amended and restated employment agreements with its Chairman and Chief Executive Officer, Thomas B. Nusz (the “Nusz Agreement”), its President and Chief Operating Officer, Taylor L. Reid (the “Reid Agreement”), its Executive Vice President and Chief Financial Officer, Michael H. Lou (the “Lou Agreement”), and its Executive Vice President, General Counsel and Corporate Secretary, Nickolas J. Lorentzatos (the “Lorentzatos Agreement” and together with the Nusz Agreement, the Reid Agreement and the Lou Agreement, the “Amended Agreements” and each an “Amended Agreement”), in each case, to replace the officer’s previous employment agreement with the Company, which expired on March 20, 2018 (each, a "2015 Agreement"). The Amended Agreements are effective as of March 20, 2018.
Each Amended Agreement generally contains the same material terms as the corresponding 2015 Agreement. With respect to the Nusz Agreement, Mr. Nusz's base salary remained unchanged from the 2015 Agreement. The Reid Agreement, the Lou Agreement, and the Lorentzatos Agreement provide for increased base salaries of $600,000, $480,000, and $425,000, respectively, as compared to the 2015 Agreements. Neither Mr. Reid nor Mr. Lou experienced an increase in his base salary, as compared to his 2017 base salary, as a result of entering into an Amended Agreement. Each Amended Agreement also provides for payment of a prorated target bonus upon a severance qualifying termination on or within two years following a change in control.
Copies of the Nusz Agreement, Reid Agreement, Lou Agreement and Lorentzatos Agreement are attached hereto as Exhibits 10.1, 10.2, 10.3, and 10.4, respectively, and are incorporated herein by reference. The description of the Amended Agreements contained herein is qualified in its entirety by reference to the full text of the Amended Agreements.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits
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Exhibit No.
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Description of Exhibit
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10.1
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Fourth Amended and Restated Employment Agreement effective as of March 20, 2018 between Oasis Petroleum Inc. and Thomas B. Nusz.
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10.2
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Fifth Amended and Restated Employment Agreement effective as of March 20, 2018 between Oasis Petroleum Inc. and Taylor L. Reid.
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10.3
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Third Amended and Restated Employment Agreement effective as of March 20, 2018 between Oasis Petroleum Inc. and Michael H. Lou.
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10.4
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Third Amended and Restated Employment Agreement effective as of March 20, 2018 between Oasis Petroleum Inc. and Nickolas J. Lorentzatos.
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