Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On September 10, 2020, Bruce R. DeBoer, the current Chief Administrative
Officer, General Counsel and Secretary of Whiting Petroleum Corporation
("Whiting"), notified Whiting of his intent to step down from such position with
Whiting effective on October 30, 2020.
On September 10, 2020, Whiting and Mr. DeBoer entered into an amendment (the
"Amendment") to Mr. DeBoer's employment agreement dated January 1, 2015 and as
amended August 24, 2018 (the "Existing Employment Agreement") that provides
Mr. DeBoer's employment with Whiting will end on October 30, 2020. The Amendment
also provides that in exchange for a general release of claims Mr. DeBoer may
have against Whiting, Whiting will provide Mr. DeBoer with severance pay and
benefits consistent with those provided for in the Existing Employment
Agreement. In addition, the Amendment provides that Mr. DeBoer will no longer be
entitled to (i) any severance pay and benefits provided for under Section 5.d.
of the Existing Employment Agreement or any other payment or benefits in
connection with a Change of Control (as defined in the Existing Employment
Agreement) or (ii) any additional bonus payment for 2020 or otherwise. In the
event Mr. DeBoer fails to honor all of the terms and conditions of the Amendment
and the continuing obligations set forth in the Existing Employment Agreement,
which include confidentiality, noncompete and non-solicit obligations,
Mr. DeBoer would be required to repay the severance payments. The foregoing
description of the Amendment is qualified in its entirety by reference to the
full text of the Amendment, a copy of which is attached hereto as Exhibit 10 and
is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(a) Financial Statements of Businesses Acquired. Not Applicable.
(b) Pro Forma Financial Information. Not Applicable.
(c) Shell Company Transactions. Not Applicable.
(d) Exhibits:
(10) Amendment to Employment Agreement and General Release, by and between
Whiting Petroleum Corporation and Bruce R. DeBoer, dated
September 10, 2020.
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WHITING PETROLEUM CORPORATION
FORM 8-K
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