Second Amendment to Energy Partners, Ltd. Change of Control Severance Plan
This amendment updates the Energy Partners, Ltd. Change of Control Severance Plan, effective April 16, 2008. It clarifies how severance benefits are calculated for participants, specifying that the 'Designated Multiple' used to determine severance is either 1.5 or 2, as decided by the Committee. The corresponding 'Designated Period' for receiving benefits is 12 months for a 1.5 multiple and 18 months for a 2 multiple. The amendment ensures participants understand the duration and amount of severance they may receive if a change of control occurs.
Exhibit 10.2
SECOND AMENDMENT TO
ENERGY PARTNERS, LTD.
CHANGE OF CONTROL SEVERANCE PLAN
The Energy Partners, Ltd. Change of Control Severance Plan, as amended by the First Amendment thereto (the “Plan”), is hereby amended, effective as of April 16, 2008, as follows:
The paragraph immediately following subsection (c) of Section 5 of the Plan (and before the new sentences added by items 5 and 6 of the First Amendment to the Plan) is amended to read in its entirety as follows:
“For purposes of subsection (a) above, the ‘Designated Multiple’ shall be either 1.5 or 2 as the Committee may designate with respect to the applicable Participant. For purposes of subsection (c) above, the ‘Designated Period’ shall be 12 months in the case of a Participant whose Designated Multiple is 1.5, and 18 months in the case of a Participant whose Designated Multiple is 2.”
