First Amendment to Amended and Restated Employment, Confidentiality and Non-Competition Agreement, dated as of February 15, 2019, by and between Parsley Energy Operations, LLC and Matt Gallagher
PARSLEY ENERGY OPERATIONS, LLC
FIRST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT,
CONFIDENTIALITY, AND NON-COMPETITION AGREEMENT
WHEREAS, Parsley Energy Operations, LLC (Parsley) and Matthew Gallagher, a natural person (Employee) (Employee and Parsley each referred to as a Party and, collectively, as the Parties herein) entered into an Amended and Restated Employment, Confidentiality, and Non-Competition Agreement, effective as of January 1, 2019 (the Agreement); and
WHEREAS, the Parties desire to amend the Agreement as described below, effective as of January 1, 2019.
NOW, THEREFORE, the Agreement shall be amended as follows:
Section 1.02 of the Agreement shall be deleted and the following shall be substituted therefor:
1.02 Base Salary. During the Term, Parsley will pay Employee a base salary of at least $750,000 per year, in periodic installments in accordance with Parsleys customary payroll practices as may exist from time to time, but no less frequently than monthly. During the Term, Parsley may not decrease Employees salary below the base salary enumerated in this Section 1.02, but may, in Parsleys sole discretion, increase Employees salary as it sees fit from time to time. Employees annual base salary, as in effect from time to time, is hereinafter referred to as Employees Base Salary.
As amended hereby, the Parties ratify and reaffirm the Agreement.
|First Amendment to Employment, Confidentiality, and Non-Competition Agreement||Page 1|
Executed as of this 15th day of February, 2019.
|/s/ Matthew Gallagher|
|PARSLEY ENERGY OPERATIONS, LLC|
|By:||/s/ Colin W. Roberts|
|Colin W. Roberts, EVP & General Counsel|
|First Amendment to Employment, Confidentiality, and Non-Competition Agreement||Signature Page|