Amendment to Executive Employment Agreement between VAALCO Energy, Inc. and Ronald Bain (January 2022)
This agreement is an amendment to Ronald Bain's Executive Employment Agreement with VAALCO Energy, Inc. The amendment increases the potential annual long-term incentive award to up to 75% of Mr. Bain’s base salary, replacing the previous provision in the contract. All other terms of the original contract remain unchanged. The amendment is effective immediately upon Mr. Bain’s signature, which was provided on January 27, 2022.
Exhibit 10.2
VAALCO Energy, Inc.
9800 Richmond Ave., Suite 700
Houston, Texas 77042
Tel: (713) 623-0801
Ronald Bain
Aberdeen
United Kingdom
BY EMAIL: ***@***
January 21, 2022
Dear Ron,
Proposed changes to your Executive Employment Agreement
Vaalco Energy Inc (“the Company”) is proposing to make certain changes to your terms of employment. The purpose of these changes is to provide greater financial incentives to grow the Company and increase share price.
I have set out below the proposed changes to your Executive Employment Agreement, which was dated 18 June 2021 and effective as of 21 June 2021 (the Contract):
| · | Paragraph 3.3 “Equity Awards after the Effective Date” the final sentence of the clause (only) shall be deleted and shall be replaced by the following: |
The annual long-term incentive award shall be up to seventy-five (75%) of Executive’s Base Salary.
The remaining terms of your Contract shall be otherwise unaffected by this change.
Kindly confirm your agreement to and acceptance of this variation by signing and returning the attached copy of this letter to Michael G. Silver, General Counsel, by January 31, 2022. The change shall be immediately effective from the date of your signature. You should then keep your signed copy of this letter safe together with your Contract, which shall be amended by this letter.
If you have any questions, please contact me.
Yours sincerely,
/s/ Andrew L. Fawthrop
Andrew L. Fawthrop – Chairman of the Compensation Committee
For and on behalf of VAALCO ENERGY INC
I agree that my Contract shall be varied by the revised terms set out in this letter with immediate effect.
Signed /s/ Ronald Bain
RONALD BAIN
Date: January 27, 2022
