OASIS PETROLEUM INC. (NYSE:OAS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 9.01 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. |
Description of Exhibit |
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10.1 |
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 |
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 |
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 |
Third Amended and Restated Employment Agreement effective as of March 20, 2018 between Oasis Petroleum Inc. and Nickolas J. Lorentzatos. |
Oasis Petroleum Inc. ExhibitEX-10.1 2 nuszagreement.htm EXHIBIT 10.1 Exhibit FOURTH AMENDED AND RESTATED EMPLOYMENT AGREEMENTThis Fourth Amended and Restated Employment Agreement (this “Agreement”) is made by and between Oasis Petroleum Inc.,…To view the full exhibit click here
About OASIS PETROLEUM INC. (NYSE:OAS)
Oasis Petroleum Inc. is an independent exploration and production company. The Company is focused on the acquisition and development of unconventional oil and natural gas resources in the North Dakota and Montana regions of the Williston Basin. Its segments include Exploration and Production, which is engaged in the acquisition and development of oil and natural gas properties; Well Services, which performs completion services for the Company’s oil and natural gas wells operated by Oasis Petroleum North America LLC (OPNA), and Midstream Services, which performs salt water gathering and disposal and other midstream services for the Company’s oil and natural gas wells operated by OPNA. The Company’s projects include Williston Basin, West Williston and East Nesson. It also operates a well services business through Oasis Well Services LLC (OWS) and a midstream services business through Oasis Midstream Services LLC (OMS).
