SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.15
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
This Second Amendment (the Amendment) to that certain employment agreement between Matador Resources Company, a Texas corporation (Matador), acting through its Board of Directors, and Bradley M. Robinson (Employee) dated August 9, 2011, as previously amended (collectively, with the prior amendment, the Agreement) is entered into and effective as of December 1, 2011.
WHEREAS, Matador and Employee previously entered into the Agreement; and
WHEREAS, Matador and Employee desire to modify the timing of any payment to be made pursuant to Section 14(b) of the Agreement.
NOW, THEREFORE, Matador and Employee hereby agree to amend the Agreement as follows, effective as of the date hereof:
1. Section 14(b) of the Agreement is restated in its entirety to provide as follows:
(b) If Employees employment is terminated by the Company for a reason other than as described in Section 14(a) or (c), or is terminated by Employee for Good Reason pursuant to Section 12(g), the Company shall (i) pay to Employee all Accrued Obligations as required under applicable wage payment laws and in accordance with the Companys customary payroll practices, and (ii) subject to Employees compliance with Sections 8 and 9, pay to Employee severance pay in an amount equal to one (1) times his then-current Base Salary as of the Date of Termination, plus one (1) times an amount equal to the average annual amount of all bonuses paid to Employee with respect to the prior two (2) calendar years, in a lump sum, subject to Section 16(b), on the sixtieth (60th) day following the Date of Termination. Employee shall have no obligation to seek other employment, and any income so earned shall not reduce the foregoing amounts.
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IN WITNESS WHEREOF, Matador and Employee have duly executed this Amendment to be effective as of the date set forth above.
MATADOR RESOURCES COMPANY | ||
By: | /s/ Joseph Wm. Foran | |
Joseph Wm. Foran Chairman of Board and Chief Executive Officer |
EMPLOYEE | ||
/s/ Bradley M. Robinson | ||
Bradley M. Robinson, individually |
Signature Page
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