Prepared and filed by St Ives Burrups






Exhibit 10.25


 


STATE OF
TEXAS                    §

COUNTY OF HARRIS             §


 


EMPLOYMENT AGREEMENT


 


THIS  AGREEMENT, made and entered into effective the 1st day of September, 2004 (the  “Effective Date”), by and between BLACK  WARRIOR WIRELINE CORP., a Delaware corporation (hereinafter referred  to as the AEmployer@), and RON  WHITTER (hereinafter referred to as the AEmployee@), as follows:


 


WITNESSETH:


 


          WHEREAS, Employer and Employee desire to desire to  reduce to writing and formalize the basis on which Employee will continue to be  employed by Employer;


 


          NOW,  THEREFORE,  in consideration of the premises and the mutual covenants hereinafter set  forth, faithfully to be kept by the parties hereto, it is agreed as follows:


 


          1.          Term.  The Employer will employ the Employee, and  the Employee agrees to remain in the employ of the Employer, for a period of  three (3) years commencing on the Effective Date.


 


          2.          Duties.  Employee shall serve as the Chief Financial  Officer of Employer, working in an office to be established, at Employer’s  expense, by Employer in the Houston, Texas area.  Employee shall work at the direction and control of the president  and officers of Employer.  Employee  shall devote the whole of his time during business hours, and at any other time  when he is reasonably needed, for the benefit of the Employer.  The Employee shall use his best efforts to  promote the interest and welfare of the Employer at all times.  Any outside employment, consulting or any  other active commercial business activity of any kind is strictly forbidden  without written permission of an Officer of the Company and shall be grounds  for immediate termination.  Employee  hereby accepts the employment on the

terms and conditions as hereinafter set  forth.


 








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          3.          Compensation.  As compensation for his services, the  Employee shall be paid a base salary of$135,000 per year, and, in addition, a  one-time signing bonus of $25,000.  On  each anniversary date of this Agreement, Employee=s salary shall be reviewed for possible  adjustment in line with the policies and practices of the managers and officers  of Black Warrior Wireline Corp. Employee shall also receive a monthly car  allowance of $750.


 


          4.          Non-Competition.  The Employee agrees that for and during the  duration of his employment he will not directly or indirectly become employed  by or associated with, in any capacity, any other person, firm or corporation  which operates a wireline or directional drilling business in the general  business area of the Employer.  It is  agreed by the parties hereto that, in the event of any breach of the  non-competition provisions herein, legal remedies available to the Employer  would be inadequate.  Therefore, in the  event of such breach, the Employer is specifically authorized to apply to a  court of competent jurisdiction to enjoin any violation of such provision.


 


          5.          Benefits.  The Employee shall be entitled to the same  benefits package as the employees of Black Warrior Wireline Corp. So long as  the senior executives of Employer receive company-paid family health coverage,  the Employee shall receive this benefit.   


 


          6.          Termination.  Employee’s employment shall be terminated  upon the happening of any of the following events:


 


                       (i)          At  the end of the 3rd year of employment hereunder, unless extended by mutual  agreement of the parties; or


 


                       (ii)         Upon  any material breach of the employment relationship, including the failure of  Employee to perform his duties, as reasonably directed by Employer; or


 


                       (iii)        Upon  the death or disability of the Employee; provided that, for clarification, death  or disability shall not be considered a breach of this agreement; or


 


                       (iv)        Conviction  in a court of law of any felony or offense involving company property; or


 


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                       (v)          Violation of any part of the  company’s standard policies and procedures, drug and alcohol policy or any  policy letters which may be issued from time to time.


 


          7.          Amendments.  This agreement shall not be modified or  amended except by a writing signed by both parties.


 


          8.          Prior  Agreements.  This agreement replaces  and supersedes any and all employment agreements, deferred compensation  agreements, or employment arrangements, whether written or oral, between the  parties hereto, made at any time prior to the date hereof.


 


          9.          Applicable  Law.  This agreement shall be  construed and enforced in accordance with the laws of the state of Texas.


 


          10.        Notices.  All notices, request, demands, and other  communications hereunder shall be deliverer in writing, by fax or verbal.  If in writing shall be delivered to the  following:


 


	
   

  	
  (i)

  	
  If to the employer, to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
                      Black    Warrior Wireline Corp.

  
	
   

  	
   

  	
                      100    Rosecrest Lane

  
	
   

  	
   

  	
                      Columbus,    Mississippi  39701

  
	
   

  	
   

  	
                      Attn:  William L. Jenkins

  
	
   

  	
   

  	
   

  
	
   

  	
  (ii)

  	
  If to the employee, to:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
                      Ron    Whitter

  
	
   

  	
   

  	
                      6402    Gladehill Drive

  
	
   

  	
   

  	
                      Kingwood,    TX 77345

  



 


          11.          Change  of Control.   Upon a Change of  Control, the Employer shall pay to the Employee the sum of $125,000 (the “COC  Payment”).  As used  herein, a Change of Control shall mean any of the following:  (i) any person or group of persons (within  the meaning of the Securities Exchange Act of 1934,) shall have acquired, after  the Closing Date, beneficial ownership (within the meaning of Rule 13d-3  promulgated by the Securities and Exchange Commission under the Securities  Exchange Act of 1934,) of 20% or more of the issued and outstanding shares of  capital stock of Company having the right to vote for the election of Directors  of Company under ordinary 


 


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circumstances; (ii) more than  25% of the assets of the Company are sold in a transaction or series of  transactions closing within twenty-four (24)  months of one another; (iii) the Company shall merge with any other person or  firm;  (iv) during any period of twelve  consecutive calendar months, individuals who at the beginning of such period  constituted the Board of Directors of Company (together with any new directors  whose election by the Board of Directors of Company or whose nomination for  election by the Stockholders of Company was approved by a vote of at least  two-thirds of the Directors then still in office who either were Directors at  the beginning of such period or whose election or nomination for election was  previously so approved cease) for any reason other than death or disability to  constitute a majority of the Directors then in office; (v) St. James Capital  Corp. ceases to be the general partner, managing partner or
otherwise ceases to  be in control of St. James Capital Partners, LP or SJMB, LLC ceases to be the  general partner, managing partner or otherwise ceases to be in control of  SJMB, LP, (vi) William L. Jenkins ceases to  serve in as Chief Executive Officer, President or Director of the Company.  


 


          12.          Captions.  The captions or headings in this Agreement  are made for convenience and general reference only and shall not be construed  to describe, define or limit the scope or intent of the provisions of this  Agreement.


 


          13.          Assignment.  In the event of a sale of the Employer, or a  sale of substantially all of the assets of the Employer, the Employer shall  either (i) cause the purchaser to assume its rights and obligations under this  Agreement or (ii) terminate this agreement and pay to Employee an early  termination fee equal to fifty percent (50%) of the compensation due to  Employee during the remainder of the Term..


 


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          IN  WITNESS WHEREOF,  the Employer by and through its duly authorized officers and the Employee have  caused this instrument to be executed under seal effective the 15th day of  September, 2004, but effective upon the Effective Date.


 


	
  WITNESS:

  	
  BLACK WARRIOR WIRELINE CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ William L. Jenkins

  
	
   

  	
   

  	
  



  
	
   

  	
   

  	
  William L. Jenkins

  
	
   

  	
   

  	
  Its CEO

  
	
   

  	
   

  	
   

  
	
  WITNESS:

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Ron Whitter

  
	
   

  	
  



  
	
   

  	
  Ron Whitter

  



 


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