First Amendment to Ocean Energy, Inc. Executive Supplemental Retirement Plan Membership Agreement with James T. Hackett

Summary

This amendment updates the membership agreement between Ocean Energy, Inc. and James T. Hackett regarding his participation in the company's Executive Supplemental Retirement Plan. The amendment changes how Mr. Hackett's compensation is calculated for retirement plan purposes, ensuring it includes both his base salary (even if replaced by stock options) and any bonuses received. All other terms of the original agreement remain in effect. The amendment is effective as of June 26, 2000.

EX-10.3 4 0004.txt FIRST AMENDMENT TO MEMBERSHIP AGREEMENT FIRST AMENDMENT TO OCEAN ENERGY, INC. EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN MEMBERSHIP AGREEMENT WHEREAS, OCEAN ENERGY, INC., a Texas corporation, formerly known as Seagull Energy Corporation (the "Company"), and JAMES T. HACKETT (the "Employee") have heretofore executed an instrument entitled "SEAGULL ENERGY CORPORATION EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN MEMBERSHIP AGREEMENT" (the "Agreement"), evidencing the terms and conditions of the Employee's membership in the OCEAN ENERGY, INC. EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN, formerly known as the Seagull Energy Corporation Executive Supplemental Retirement Plan ( the "Plan"); and WHEREAS, the Company and the Employee desire to amend the Agreement; NOW, THEREFORE, the parties hereto agree as follows, effective as of June 26, 2000: 1. Paragraph 3 of the Agreement shall be deleted and the following shall be substituted therefor: "3. For purposes of Section 1.01(8) of the Plan, Employee's Compensation shall include (a) `deemed salary' equal to the base salary that Employee would have received if he had not received an option to purchase common stock of the Company in lieu of such salary pursuant to paragraph 3.1 of the Employment Agreement and (b) all amounts received by Employee as bonuses from the Company." 2. As amended hereby, the Agreement is specifically ratified and reaffirmed. EXECUTED this ____________ day of _____________________________, 2000. OCEAN ENERGY, INC. By:_________________________________ Name:_______________________________ Title:______________________________ EMPLOYEE ------------------------------------ James T. Hackett Houston:321750 v 1