Notification of Base Salary Increase under Employment Agreement between RAMCO Operating Company and Larry E. Lee

Contract Categories: Human Resources › Employment Agreements
Summary

This letter notifies Larry E. Lee, President and CEO of RAM Energy, Inc., that his annual base salary will be increased to $321,550 effective January 1, 2001, as approved by the company's Board of Directors. The increase is made under the terms of his existing employment agreement, and the new salary cannot be reduced during the remainder of his employment period. The letter serves as an official record of this change.

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EX-10.5 2 0002.txt EMPLOYMENT AGREEMENT Exhibit 10.5 [RAM ENERGY, INC. LETTERHEAD] December 15, 2000 Mr. Larry E. Lee President and CEO RAM Energy, Inc. 5100 East Skelly Drive, Suite 650 Tulsa, OK 74135 RE: Notification of Base Salary Increase under Employment Agreement dated December 1, 1997, by and between RAMCO Operating Company and Larry E. Lee (the "Agreement") Dear Mr. Lee: Pursuant to the resolution unanimously adopted by the Company's Board of Directors on December 14, 2000, this is to notify you that effective January 1, 2001, the annual Base Salary (as defined in the Agreement) payable to you under the provisions of Section 2(b)(i) of the Agreement shall be increased to the sum of $321,550. As provided in said Section 2(b)(i), such Base Salary shall not be reduced during the remainder of the Employment Period (as defined in the Agreement). This notification letter shall be maintained in the Company's files along with the Agreement. Very truly yours, WILLIAM W. TALLEY William W. Talley II Chairman WWT:cbg