Second Amendment to Employment and Stock Ownership Agreement between Energy Partners, Ltd. and Employee

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the Employment and Stock Ownership Agreement between Energy Partners, Ltd. and the employee. It changes how many company shares the employee can acquire if their employment ends after a public offering, depending on when termination occurs. The amendment only takes effect if a qualifying public offering happens. Both parties, including the employee's spouse, must sign to acknowledge the changes.

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EX-10.30 8 d78377a2ex10-30.txt FORM OF 2ND AMENDMENT TO EMPLOYMENT/STOCK AGRMT 1 EXHIBIT 10.30 SECOND AMENDMENT TO EMPLOYMENT AND STOCK OWNERSHIP AGREEMENT UNITED STATES OF AMERICA BY AND BETWEEN STATE OF LOUISIANA ENERGY PARTNERS, LTD. PARISH OF ORLEANS AND [NAME OF EMPLOYEE] THIS SECOND AMENDMENT TO EMPLOYMENT AND STOCK OWNERSHIP AGREEMENT (this "Second Amendment") is entered into in New Orleans, Louisiana on this 29th day of September, 2000, by and between [Name of Employee], an individual of the full age of majority domiciled in the Parish of Orleans, State of Louisiana (hereinafter called "Employee"), and Energy Partners, Ltd., a corporation organized and existing under the laws of the State of Delaware (hereinafter called the "Company"), represented herein by its duly authorized President, Richard A. Bachmann. WHEREAS, Employee and the Company entered into that certain Employment and Stock Ownership Agreement dated June 5, 1998; WHEREAS, Employee and the Company entered into that certain First Amendment to Employment and Stock Ownership Agreement dated November 17, 1999; WHEREAS, Employee entered into a Stockholder Agreement dated November 17, 1999, by and among the Company, Employee and the other shareholders of the Company named therein; WHEREAS, concurrent with the execution hereof, Employee is entering into a First Amendment to Stockholder Agreement dated September 29, 2000 ("First Amendment"), by and among the Company, Employee and the other shareholders of the Company named therein; NOW, THEREFORE, the parties agree as follows: 1. The definition of "Stockholder Agreement" contained in Section 2.2 shall mean such Stockholder Agreement as amended by the First Amendment. 2. Section 2.7 is amended by adding the following at the end thereof: 2 - 2 - "; provided further, however, if the Employee's employment terminates as contemplated in this Section 2.7 other than in the circumstances set forth in the immediately preceding proviso, the number of Shares that may be acquired as set forth in Section 2.12 shall, depending on the date the Employee's employment terminates, be equal to the number of Shares owned by Employee on the date of this Second Amendment multiplied by the following fraction:
Fraction of Shares Date of Termination --------- ------------------- 3/4 On or after date of consummation of Qualifying Public Offering and before first anniversary of Qualifying Public Offering 1/2 On or after first anniversary of Qualifying Public Offering and before second anniversary of Qualifying Public Offering 1/4 On or after second anniversary of Qualifying Public Offering and before third anniversary of Qualifying Public Offering 0 On or after third anniversary of Qualifying Public Offering
3. This Second Amendment shall become effective upon consummation of a Qualifying Public Offering. 3 - 3 - IN WITNESS WHEREOF, the parties hereto have set forth their hand on the day, month and year first above written in multiple originals, each of which shall have the same force and effect as if it were the same original. WITNESSES: ENERGY PARTNERS, LTD. By: Name: Name: Richard A. Bachmann Title: President Name: WITNESSES: By: Name: Name: Name: WITNESSES: ACKNOWLEDGED AND AGREED TO THE TERMS HEREOF: By: Name: Spouse Name: