Amendment to Employment Agreement between Magnum Hunter Resources Corporation and Ronald D. Ormand
This amendment updates the employment agreement between Magnum Hunter Resources Corporation and Ronald D. Ormand, effective November 14, 2011. It revises the definitions of "Change of Control" and "Incentive Plan" in the original agreement, aligning them with the company's Stock Incentive Plan as of the amendment date. The amendment is signed by both the company and the executive, confirming their agreement to these changes.
Exhibit 10.4.1
Amendment to Employment Agreement
Magnum Hunter Resources Corporation, a Delaware corporation (formerly Petro Resources Corporation) (the “Company”) and Ronald D. Ormand (“Executive”) entered into an Employment Agreement effective May 22, 2009 (the “Agreement”). The Company and Executive desire to amend the Agreement effective as of November 14, 2011, as follows:
FIRST: Section 1.1(e) of the Agreement is hereby amended by restatement in its entirety as follows:
(e) “Change of Control” means a “Change in Control” as defined under the Incentive Plan as in effect on November 14, 2011.
SECOND: Section 1.1(k) of the Agreement is hereby amended by restatement in its entirety as follows:
(k) “Incentive Plan” means the Company’s Stock Incentive Plan as amended from time to time.
| Executed on the 17th day of November, 2011. |
| Magnum Hunter Resources Corporation |
| /s/ Joe L. McClaugherty |
| By Joe L. McClaugherty, Chair, |
| Compensation Committee of the Board of Directors |
| Executive |
| /s/ Ronald D. Ormand |
| Ronald D. Ormand |
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