First Amendment to Long-Term Retention and Deferral Agreement between Plains Exploration & Production Company and Executive Vice Presidents

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This amendment updates the original Long-Term Retention Agreement between Plains Exploration & Production Company and its Executive Vice Presidents. It clarifies how credited amounts to the executive's account will be contributed to a trust and held until paid out, removes certain language about deferral elections, and deletes a sentence from the agreement. All other terms of the original agreement remain in effect. The amendment is effective as of the original agreement date and is signed by both the company and the executive.

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EX-10.20 8 dex1020.htm FIRST AMENDMENT TO LONG-TERM RETENTION AND DEFERRAL AGREEMENT (EXECUTIVE VPS) First Amendment to Long-Term Retention and Deferral Agreement (Executive VPs)

Exhibit 10.20

 

FIRST AMENDMENT

TO THE

PLAINS EXPLORATION & PRODUCTION COMPANY

LONG-TERM RETENTION AGREEMENT

 

WHEREAS, Plains Exploration & Production Company (the “Company”) and                      (“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:  

 

   Date:                             
Name:  

 

        
Title:  

 

        
Executive        
By:  

 

   Date: