Second Amendment to Employment Agreement between Gasco Energy, Inc. and Executive (January 22, 2009)
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Summary
This amendment updates the employment agreement between Gasco Energy, Inc. and its executive, originally effective January 2, 2003 and previously amended in 2009. The main change clarifies when additional compensation is payable to the executive if their employment ends following a change of control, specifying that payment must occur by a set deadline. All other terms of the original agreement remain in effect.
EX-10.12 2 d66665exv10w12.htm EX-10.12 exv10w12
Exhibit 10.12
SECOND AMENDMENT TO GASCO ENERGY, INC. EMPLOYMENT AGREEMENT
WHEREAS, (“Executive”) and Gasco Energy, Inc. (the “Company”) have heretofore entered into an employment agreement, effective as of January 2, 2003, as amended by an amendment thereto effective as of January 1, 2009 (together, the “Agreement”), pertaining to the terms and conditions of Executive’s employment by the Company; and
WHEREAS, the Executive and the Company desire to amend the Agreement by entering into this Second Amendment to Gasco Energy, Inc. Employment Agreement (the “Amendment”);
NOW, THEREFORE, the Agreement shall be and is hereby amended, effective as of January 22, 2009:
1. The last sentence of Section 5.5.4 shall be deleted in its entirety and the following shall be substituted therefore:
“The additional compensation payable to the Executive pursuant to a) or b), as applicable, and c) of this Section 5.5.4 shall only become payable if Executive’s employment is terminated with the Company no later than the last day of the calendar year in which the Change of Control occurred and shall be paid to Executive at the time selected by the Company but in no event later than the fifteenth day of the third month immediately following the calendar year in which the Change of Control occurred.”
2. As amended hereby, the Agreement is specifically ratified and reaffirmed.
[Signature Page Follows]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed this 22nd day of January, 2009
| THE COMPANY: | EXECUTIVE: | |||||||||
| GASCO ENERGY, INC. | ||||||||||
By: | By: | |||||||||
Signature Page to
Second Amendment To
Gasco energy, inc. employment Agreement
Second Amendment To
Gasco energy, inc. employment Agreement
