WPX Energy, Inc. (NYSE:WPX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

WPX Energy, Inc. (NYSE:WPX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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Item5.02

Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.

On November9, 2016, the Compensation Committee (the
Committee) of the Board of Directors of
WPX Energy, Inc. (the Company) approved
and adopted an amendment and restatement of the Companys existing
change in control agreements with each of the named executive
officers (the NEOs) of the Company (as
amended and restated, the Agreements),
which provide for severance payments and other benefits to the
NEOs if they are terminated upon or within a certain period after
a Change in Control (as such term is defined in the Agreements).
The Committee also approved and adopted on the same date an
amendment and restatement of the Companys existing executive
severance pay plan (as amended and restated, the
Plan), which sets forth the terms and
conditions of severance payable to certain executives under
various termination of employment scenarios, including reductions
in force, job eliminations and terminations not for cause.

The term Annual Bonus has been revised in the Agreements and in
the Plan to conform with market trends. The Agreements COBRA
provisions also have been revised to provide for a lump sum cash
payment instead of providing subsidized coverage, which is
consistent with the existing provisions of the Plan. In addition
to these changes, there are a number of other minor revisions to
the Agreements and the Plan, including clarifying certain
ambiguous terms and other administrative changes.

The foregoing descriptions of the Agreements and the Plan are not
complete and are in all respects subject to the actual provisions
of the Agreements and the Plan, copies of which have been filed
as Exhibits 10.1, 10.2 and 10.3, respectively, to this Current
Report on Form 8-K and which are incorporated by reference
herein.


Item9.01
Financial Statements and Exhibits


(d)
Exhibits


Exhibit


Number


Description

10.1 Form of Amended and Restated Change in Control Agreement
between WPX Energy, Inc. and CEO
10.2 Form of Amended and Restated Change in Control Agreement
between WPX Energy, Inc. and Tier One Executives
10.3 Amended and Restated WPX Energy Executive Severance Pay Plan


2


About WPX Energy, Inc. (NYSE:WPX)

WPX Energy, Inc. is an independent oil and natural gas exploration and production company. The Company is engaged in the exploitation and development of long-life unconventional properties. It is engaged in the domestic development, production and gas management activities of oil, natural gas and natural gas liquids (NGLs) segment. It is focused on exploiting and developing its oil positions in the Williston Basin in North Dakota, and the Permian and San Juan Basins in the southwestern United States. It operates approximately 700 wells in the Permian Basin and also owns interests in over 960 wells operated by others. It holds over 94,000 net acres in the Permian Basin, and specifically in the Delaware Basin sub-area, with operations located in Eddy, Lea and Chaves Counties in New Mexico and Loving, Pecos, Reeves, Ward and Winkler Counties in Texas. It holds over 84,740 net acres in the Williston Basin. It holds approximately 130,000 net acres in the gas window of the San Juan basin.

WPX Energy, Inc. (NYSE:WPX) Recent Trading Information

WPX Energy, Inc. (NYSE:WPX) closed its last trading session up +0.06 at 12.88 with 7,007,671 shares trading hands.

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