First Amendment to Employment Agreement between Northern Plains Natural Gas Company and William R. Cordes

Summary

This amendment updates the employment agreement between Northern Plains Natural Gas Company and William R. Cordes, effective September 25, 2001. It replaces Exhibit A, specifying Mr. Cordes's role as President, his salary, bonus eligibility, and details about signing bonuses in the form of phantom units. The amendment also outlines non-competition and non-solicitation obligations that continue after employment ends. All other terms of the original agreement remain unchanged.

EX-10.36 6 h91939ex10-36.txt AMEND.TO EMPLOYMENT AGREEMENT - WILLIAM R CORDES EXHIBIT 10.36 FIRST AMENDMENT TO EMPLOYMENT AGREEMENT This Agreement, entered into and made effective as of September 25, 2001, by and between NORTHERN PLAINS NATURAL GAS COMPANY, a Delaware corporation ("NPNG") having its headquarters at 1111 South 103rd Street, Omaha, Nebraska 68124-1000 and WILLIAM R. CORDES ("Employee"), is an amendment to that certain Employment Agreement between the NPNG and Employee entered into the 30th day of July, 2001, and made effective as of June 1, 2001 (the "Employment Agreement"). WHEREAS, the parties desire to amend the Employment Agreement as provided herein; NOW, THEREFORE, in consideration thereof and of the mutual covenants contained herein, the parties agree as follows: 1. Exhibit "A" to the Employment Agreement is hereby deleted in its entirety and the attached Exhibit "A" is inserted in its entirety. This Amendment is a First Amendment to the Employment Agreement, and the parties agree that all other terms, conditions and stipulations contained in the Employment Agreement, and any amendments thereto, shall remain in full force and effect and without any change or modification, except as provided herein. IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first above written. NORTHERN PLAINS NATURAL GAS COMPANY BY: /s/ STANLEY C. HORTON Name: Stanley C. Horton Title: Chairman of the Board This 26th day of September, 2001 WILLIAM R. CORDES /s/ William R. Cordes This 25th day of September, 2001 EXHIBIT "A" TO EMPLOYMENT AGREEMENT BETWEEN NORTHERN PLAINS NATURAL GAS COMPANY AND WILLIAM R. CORDES Employee Name: William R. Cordes Term: June 1, 2001 through May 31, 2003 Position: President, Northern Plains Natural Gas Company Location: Omaha, Nebraska Monthly Base Salary: Employee's monthly base salary shall be Twenty Six Thousand Dollars ($26,000.00). Performance Bonus: Employee may be eligible to participate in the Enron Corp. Annual Incentive Plan ("Plan") or any appropriate replacement bonus plan of NPNG. All Performance Bonuses are discretionary and shall be paid in accordance with the terms and provisions of the Plan and other criteria established by company, a portion of which may be paid in cash and a portion of which may be paid in stock options and/or restricted stock. Signing Bonus: As a signing bonus, subject to and effective upon approval by the administrative Committee of the Amended and Restated Northern Border Phantom Unit Plan (the "PU Plan"), the Committee shall grant Employee Northern Border Phantom Units in the form of three separate grants to be issued under the PU Plan as follows: Eight hundred eighty-two (882) Northern Border Phantom Units on October 1, 2001; a number of Northern Border Phantom Units having a value of $100,000.00 on the first anniversary of the effective date of the Employment Agreement, and a number of Northern Border Phantom Units having a value of $100,000.00 upon the second anniversary of effective date of the Employment Agreement provided Employee is employed by NPNG on the date of such grants. A written Grant Agreement shall evidence each grant and shall contain such terms and provisions as are approved by the Committee, including, but not limited to, provisions of forfeiture. Each grant shall have a holding period of five (5) years from the effective date of grant and shall be available for redemption according to the provisions of the PU Plan upon the expiration of its holding period. The Committee shall determine the method for converting the valuations recited herein into a number of Phantom Units to be granted to Employee. Geographic Region United States of America of Responsibility: Period of Post- Employee's obligations in paragraph 3.4, Employment Non- Non-Competition Obligations, and paragraph 3.5, Competition Obligations Non-Solicitation of Customers, shall survive the and Non-Solicitation of termination of employment and extend through the Customers: latest of the following dates, whichever is applicable: (a) Twelve (12) months after Employee's voluntary termination of employment if such termination occurs during the Term; or (b) Six (6) months after the last date of Employee's employment with NPNG Corp. in the event of an involuntary termination during the Term; or (c) Three (3) months after Employee's termination of employment for any reason if such termination occurs after the Term. NORTHERN PLAINS NATURAL GAS COMPANY By: ------------------------------------------ Name: Title: This ______ day of ___________________, 2001 WILLIAM R. CORDES --------------------------------------------- This ______ day of ___________________, 2001 November 7, 2001