Apache Corporation Amendment of Restricted Stock Unit Awards
Exhibit 10.75
Apache Corporation
Amendment of Restricted Stock Unit Awards
Recipient Name: | Thomas E. Voytovich (Recipient, Employee, you or your) |
Company: | Apache Corporation |
Amendment: | This is a summary of the amendment of the terms of your grant(s) of Restricted Stock Units (RSUs) under certain prior notices (the Grant Notices) subject to the terms of the Apache Corporation 2011 Omnibus Equity Compensation Plan, as amended (the Plan) and the Restricted Stock Unit Award Agreements (the Agreements). |
You were previously awarded Apache Corporation RSUs in accordance with the terms of the Plan and the Agreements. In connection with your release from service with the Company effective November 30, 2015 (the Termination Date) and the terms of the release and settlement agreement between you and the Company (the Release Agreement), for purposes of continued vesting of the prorated portion of your outstanding RSUs under the Plan determined as of the Termination Date, upon your acceptance of this Amendment, the Company agrees that such prorated portion of your outstanding RSUs will continue to vest according to their original schedules and any agreed amendments to said equity plan and award agreements as if you continued employment with the Company after your Termination Date, provided that such vesting shall occur at such times solely if you are then in compliance with the provisions of the Release Agreement. For the avoidance of doubt, however, you will not be treated as continuing in employment with the Company after the Termination Date for purposes of the Change of Control provisions of the Plan and the Agreements. Employees exclusion from receiving the benefits of the Change of Control provisions of the Plans and Agreements shall not diminish nor terminate the other rights and benefits provided to Employee regarding RSUs and in lieu of TSRs under the Apache Corporation Employee Release and Settlement Agreement between Employee and Apache Corporation. |
Affected Awards: | Prorated portion of your outstanding RSUs under the Plan as of the Termination Date as set forth in Annex A. |
Plan: | Apache Corporation 2011 Omnibus Equity Compensation Plan, as amended |
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Acceptance: | Please indicate your acceptance of this Amendment by executing the attached Amendment and returning it to Margery M. Harris. Upon acceptance of this Amendment you will be able to continue to access your account at netbenefits.fidelity.com. By accepting this Amendment, you will have agreed to the terms and conditions set forth in the Amendment and the terms and conditions of the Plan. You also agree to immediately notify Apache Corporation of any future change in your address or other contact information. If you do not accept this Amendment, for purposes of continued vesting of the prorated portion of your outstanding RSUs, you will be treated as terminating from employment with the Company on the Termination Date. |
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Apache Corporation
Amendment of Restricted Stock Unit Agreements
This Amendment to the Restricted Stock Unit Award Agreements is entered into in connection with the Recipients release from service with Apache Corporation (together with its Affiliates, the Company) effective November 30, 2015 (the Termination Date) and the terms of the release and settlement agreement between the Recipient and the Company (the Release Agreement) and governs all outstanding RSUs under the Plan and the Agreements, determined as of the Termination Date, between the Company and the Recipient.
1. | Section 3 of each of the Agreements is hereby amended to add a new paragraph at the end thereof, which shall read as follows: |
Release Agreement. Notwithstanding the provisions of Section 3 of any Agreement or the provisions of the Grant Notices or the Plans to the contrary, for purposes of continued vesting of the prorated portion of your outstanding RSUs, the Recipients employment shall be deemed to continue with the Company following the Termination Date provided that the Recipient remains in compliance with the provisions of the Release Agreement. The Recipient shall immediately notify the Company of any future change in address or other contact information.
2. | The remaining terms of the Agreements and the Plan shall continue in full force and effect except as provided in the controlling Apache Corporation Employee Release and Settlement Agreement between Recipient and Apache Corporation. |
3. | This Amendment may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. |
4. | If any provision of this Amendment is held invalid or unenforceable, the remainder of this Amendment shall nevertheless remain in full force and effect, and if any provision is held invalid or unenforceable with respect to particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances, to the fullest extent permitted by law. |
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IN WITNESS HEREOF the parties have caused this Amendment to be executed, agreed, and accepted, effective as of November 30, 2015.
APACHE CORPORATION | THOMAS E. VOYTOVICH, RECIPIENT | |||||||
By: | /s/ Margery M. Harris | By: | /s/ Thomas E. Voytovich | |||||
Margery M. Harris | Thomas E. Voytovich | |||||||
Executive Vice President, | ||||||||
Human Resources |
ATTEST: |
/s/ Cheri L. Peper |
Cheri L. Peper |
Corporate Secretary |
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Apache Corporation
Prorated Portion of Unvested Awards
Thomas E. Voytovich
Annex A
Restricted Stock Units (RSUs)
Grant | Grant Date | Last Vesting Date | Next Vesting Date | Prorated Portion of Award | Next Tranche of Awards Vesting | Prorated Awards Based on Days | ||||||||||||||||||
2012 RSU | 05/22/12 | 05/22/15 | 05/22/16 | 52 | % | 1,215 | 637 | |||||||||||||||||
2013 RSU | 05/16/13 | 05/16/15 | 05/16/16 | 54 | % | 2,977 | 1,610 | |||||||||||||||||
2014 RSU | 05/13/14 | 05/13/15 | 05/13/16 | 55 | % | 4,843 | 2,659 | |||||||||||||||||
2015 RSU | 06/15/15 | 06/15/15 | 06/15/16 | 46 | % | 8,311 | 3,814 | |||||||||||||||||
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Subtotal | 17,346 | 8,720 |
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