First Amendment to Long-Term Retention and Deferral Agreement between Plains Exploration & Production Company and James C. Flores

Contract Categories: Human Resources › Retention Agreements
Summary

Plains Exploration & Production Company and James C. Flores have amended their existing Long-Term Retention Agreement, originally effective February 10, 2006. The amendment clarifies how credited amounts to Mr. Flores's account will be contributed to a trust and modifies certain language in the original agreement. All other terms of the original agreement remain in effect. This amendment is effective as of the original agreement date and is signed by both parties.

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EX-10.19 7 dex1019.htm FIRST AMENDMENT TO LONG-TERM RETENTION AND DEFERRAL AGREEMENT (JAMES C. FLORES) First Amendment to Long-Term Retention and Deferral Agreement (James C. Flores)

Exhibit 10.19

 

FIRST AMENDMENT

TO THE

PLAINS EXPLORATION & PRODUCTION COMPANY

LONG-TERM RETENTION AGREEMENT

JAMES C. FLORES

 

WHEREAS, Plains Exploration & Production Company (the “Company”) and James C. Flores (“Executive”) entered into the Plains Exploration & Production Company Long-Term Retention Agreement (the “Agreement”) dated effective as of the 10th day of February, 2006 (the “Effective Date”); and

 

WHEREAS, the Company and Executive have agreed to amend the Agreement as set forth below;

 

NOW, THEREFORE, effective as of the Effective Date, the parties hereto agree as follows:

 

1. The following sentence shall be added to paragraph 4 of the Agreement:

 

“The amount so credited to Executive’s Account shall then be contributed by the Company in cash, Common Stock or other property to the Trust created under the Plan to be held by the trustee of such Trust until paid according to the terms of this Agreement, to Executive.”

 

2. The words “a Deferral Election or” shall be stricken from the first sentence of paragraph 5 of the Agreement.

 

3. The first sentence of paragraph 6 of the Agreement shall be deleted.

 

4. As modified herein, the Agreement is hereby ratified and affirmed in all respects.

 

IN WITNESS WHEREOF, the parties hereto have signed this to be effective set forth above.

 

PLAINS EXPLORATION & PRODUCTION COMPANY

 

By:  

/s/ John F. Wombwell

   Date: February 10, 2006
Name:   John F. Wombwell    
Title:   Executive Vice President, General Counsel & Secretary    
Executive    
By:  

/s/ James C. Flores

   Date: February 10, 2006