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On January 7, 2011, the Stock Option Plan Committee of the board of directors of Apache Corporation ("Apache") granted incentive awards, effective as of January 7, 2011, to substantially all management and professional employees of Apache and its subsidiaries, including certain of the executive officers named in Apache's 2010 Proxy Statement. These grants were made pursuant to Apache's existing 2007 Omnibus Equity Compensation Plan (the "Omnibus Plan"), which was approved by Apache's stockholders in May 2007. Each management and professional employee and officer received a 2011 Performance Program ("2011 Performance") award, which was granted in performance-based, at-risk, restricted stock units intended to link the grantee's potential compensation to Apache's performance over a specified future period. The 2011 Performance awards are designed to attract, retain and incentivize executives and other employees while aligning their interests with the interests of Apache's stockholders. The form of award agreement for the 2011 Performance awards is attached as Exhibit 10.1.