Document:

exv10w32

 

Exhibit 10.32

June 7, 2004

Donna Gibbs

18269 Tamaway Drive

Lake Oswego, Oregon 97034

Dear Donna:

Following your conversation with Lowell, I am pleased to confirm our offer to
you to join PlanetOut Inc. We look forward to hearing from you on Tuesday, June
15th. The details of our offer are as follows:

	 	 	 
	Assignment:

	 	You will assume the position of Senior Vice President Corporate Marketing and
Communications in our San Francisco office and will report directly to the Chief Executive
Officer. Your start date will be no later than July 6, 2004.
	 
	 	 
	

	 	Scope of responsibilities includes, but not limited to:

	 	•	 	All communications and Public Relations functions
	 
	 	•	 	Brand oversight (with eventual brand management possible)
	 
	 	•	 	Broad investor relations support in concert with
the Chief Financial Officer who would for the foreseeable
future be primarily responsible for IR
	 
	 	•	 	Corporate, shareholder and overall market issues
management, with emphasis on external issues, but also
significant internal issues
	 
	 	•	 	Creative services oversight now with potential
direct management possible in future

	 	 	 
	Compensation:

	 	Your salary will be $150,000 per annum, payable semi-monthly. In
addition, there will be a twelve month performance bonus of $25,000, based on
mutually agreeable measures: presence in role, and a balance of quantitative
and qualitative measures agreed to within the first 30 days of employment. In
the event of termination after less than twelve months, but more than nine
months, PlanetOut would pay pro-rated a percentage of this bonus, at minimum,
fifty percent. You will be awarded 110,000 stock options, vesting over a period
of 4 years, in accordance with the PlanetOut Inc. Stock Option Plan, subject to
Board approval.
	 
	 	 
	Relocation:

	 	In addition to your base salary, PlanetOut Inc will
reimburse your relocation expenses for your move from
Oregon to San Francisco, up to $10,000 with actual
receipts. Relocation expenses are submitted as an
expense report, including travel to locate an
apartment, living setup fees (food stocking, gym
setup fee, etc.). In the event you resign from this
position with the company in the six months following
your hire date, you will to reimburse PlanetOut this
expense in full. Should you resign from the company
in the following seven to twelve months, PlanetOut
will expect a pro-rated amount of the expense
returned. In the case of extraordinary
circumstances, PlanetOut will amend this expense
arrangement with the mutual agreement of the CFO, or
the VP Human Resources and you.
	 
	 	 
	Benefits:

	 	You will be eligible to participate in PlanetOut,
Inc. benefits plan the first of the month after your
date of hire with company.

											
	P.O. Box 500
	 	San Francisco, CA
	 	94104 0500
	 	tel: 415.834.6500
	 	fax: 415.834.6223
	 	www.planetout.com

 

 

	 	 	 
	Vacation:

	 	You will be eligible to accrue Paid Time Off (“PTO”)
in accordance with company policy. Use of PTO is
guided by company policy.
	 
	 	 
	Term:

	 	At Will Agreement: Please understand that your
employment is not governed by any written or oral
contract and is considered an “at will” agreement.
This means that, notwithstanding the anticipated term
set forth above, either you or the company are free
to terminate the employment relationship at any time
for any reason, with or without cause.

As is required by the Immigration Reform and Control Act of 1986, within your
first three (3) days of employment, you will be required to provide original
documentation establishing your eligibility for employment in the United
States.

Congratulations, and welcome to PlanetOut Inc. We are pleased you have decided
to join us. I am sure you will find your position both challenging and
rewarding. Please acknowledge your acceptance by signing below and returning a
copy of this offer to me.

Sincerely,

Paige Brooks

Vice President, Human Resources

415-834-6353

 

Acknowledgement and Acceptance:

	 	 	 
	/s/ Donna L. Gibbs
 	 	June 15, 2004
 
	Donna Gibbs

	 	Date
	 

 
	 	 

 

											
	P.O. Box 500
	 	San Francisco, CA
	 	94104 0500
	 	tel: 415.834.6500
	 	fax: 415.834.6223
	 	www.planetout.com<PAGE>

                                                                     EXHIBIT 4.1

                             SUPPLEMENTAL INDENTURE

      SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"), dated as of July
2, 2004, is by and among Belden & Blake Corporation, an Ohio corporation (the
"Company"), as issuer, the Subsidiary Guarantors (as defined in the Indenture),
as guarantors and La Salle National Association, formerly known as La Salle
National Bank (the "Trustee"), as trustee.

RECITALS

      WHEREAS, the Company, as issuer, the Subsidiary Guarantors and the Trustee
entered into that certain indenture (the "Indenture"), dated as of June 27,
1997;

      WHEREAS, on June 27, 1997, the Company issued $225,000,000 aggregate
principal amount of its 9-7/8% Senior Subordinated Notes due 2007 (the "Notes");

      WHEREAS, Section 9.2 of the Indenture provides that, with the consent of
the Holders of a majority in principal amount of the Notes then outstanding
(including consents obtained in connection with a tender offer for the Notes),
the Company, when authorized by a resolution of its Board of Directors, and the
Trustee may enter into an indenture supplemental to the Indenture for the
purpose of amending or supplementing any provisions of the Indenture (with
certain exceptions not relevant to this Supplemental Indenture);

      WHEREAS, Section 9.2 of the Indenture further provides that (subject to
certain exceptions not relevant to this Supplemental Indenture) the Holders of a
majority in principal amount of the Notes then outstanding may waive compliance
in a particular instance by the Company with any provision of the Indenture;

      WHEREAS, the Company and the Subsidiary Guarantors desire and have
requested the Trustee to join with them in entering into this Supplemental
Indenture for the purpose of amending the Indenture in certain respects as
permitted by Section 9.2 of the Indenture;

      WHEREAS, the Company has been soliciting consents to this Supplemental
Indenture upon the terms and subject to the conditions set forth in its Offer to
Purchase and Consent Solicitation Statement dated June 16, 2004 and the related
Consent and Letter of Transmittal (which together, including any amendments,
modifications or supplements thereto, constitute the "Tender Offer"); and

      WHEREAS, the Company (1) has received the consent of the Holders of, and
will accept for payment under the Tender Offer promptly after the Consent
Payment Deadline (June 29, 2004) more than a majority in principal amount of the
outstanding Notes, and will accept for payment under the Tender Offer and
promptly after the Expiration Time (July 15, 2004, unless extended), any
remaining Notes tendered promptly all as certified by an Officers' Certificate
delivered to the Trustee simultaneously with the execution and delivery of this
Supplemental Indenture, (2) has delivered to the Trustee simultaneously with the
execution and delivery of this Supplemental Indenture an Opinion of Counsel
relating to this Supplemental Indenture as contemplated by Section 9.6 of the
Indenture and (3) has satisfied all other conditions required

<PAGE>

under Article 9 of the Indenture to enable the Company and the Trustee to enter
into this Supplemental Indenture.

      NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company, the Subsidiary Guarantors and the Trustee mutually
covenant and agree for the equal and ratable benefit of the Holders as follows:

                                    ARTICLE I
                                    DELETIONS

      1.1   DELETION OF SECTIONS 4.3, 4.7, 4.8, 4.9, 4.10, 4.11, 4.12, 4.13,
4.15, 4.16 AND 4.17. Sections 4.3, 4.7, 4.8, 4.9, 4.10, 4.11, 4.12, 4.13, 4.15,
4.16 and 4.17 of the Indenture are hereby deleted in their entirety.

                                   ARTICLE II
                                   AMENDMENTS.

      2.1   AMENDMENTS TO ARTICLE 5. Section 5.1 of the Indenture is hereby
amended and restated to read as follows:

                        Section 5.1. MERGER, CONSOLIDATION OR SALE OF
                  SUBSTANTIALLY ALL ASSETS.

                        Except for the Acquisition, the Company shall not
                  consolidate or merge with or into (whether or not the Company
                  is the surviving corporation), or sell, assign, transfer,
                  lease, convey or otherwise dispose of all or substantially all
                  of its properties or assets, in one or more related
                  transactions, to another Person, and the Company may not
                  permit any of its Restricted Subsidiaries to enter into any
                  such transaction or series of transactions if such transaction
                  or series of transactions would, in the aggregate, result in a
                  sale, assignment, transfer, lease, conveyance, or other
                  disposition of all or substantially all of the properties or
                  assets of the Company to another Person, in either case unless
                  (i) the Company is the surviving corporation or the Person
                  formed by or surviving any such consolidation or merger (if
                  other than the Company) or to which such sale, assignment,
                  transfer, lease, conveyance or other disposition shall have
                  been made (the "Surviving Entity") is a corporation organized
                  or existing under the laws of the United States, any state
                  thereof or the District of Columbia; (ii) the Surviving Entity
                  (if the Company is not the continuing obligor under this
                  Indenture) assumes all the obligations of the Company under
                  the Notes and this Indenture pursuant to a supplemented
                  indenture in a form reasonably satisfactory to the Trustee;
                  and (iii) immediately before and after giving effect to such
                  transaction or series of transactions no Default or Event of
                  Default exists. Any Restricted Subsidiary may consolidate
                  with, merge into or transfer all or part of its properties and
                  assets to the Company, and any Wholly Owned Restricted
                  Subsidiary may

                                       2
<PAGE>

                  consolidate with, merge into or transfer all or part of its
                  properties and assets to another Wholly Owned Restricted
                  Subsidiary.

                        None of the provisions of this Section 5.1 shall be
                  deemed to prevent the merger of the Company with an Affiliate
                  incorporated solely for the purpose of reincorporating the
                  Company in another jurisdiction. This Section 5.1 shall not
                  apply to any consolidation, merger, sale, assignment,
                  transfer, lease or other disposition if the Company shall have
                  elected to redeem the Notes pursuant to Section 3.7 and such
                  redemption takes place prior to or simultaneously with the
                  Company's consolidation or merger with or into another Person.

      2.2   AMENDMENTS TO ARTICLE 6. Section 6.1 of the Indenture is hereby
amended and restated to read as follows:

                        Section 6.1. EVENTS OF DEFAULT.

                        An "Event of Default" occurs if:

                           (1) the Company defaults in the payment of interest,
                     if any, on the Notes when the same becomes due and payable
                     and the Default continues for a period of 30 days, whether
                     or not such payment is prohibited by the provisions of
                     Article 10 hereof;

                           (2) the Company defaults in the payment of the
                     principal of or premium, if any, on the Notes, whether or
                     not such payment is prohibited by the provisions of Article
                     10 hereof;

                           (3) the Company or a Subsidiary Guarantor fails to
                     observe or perform any covenant, condition or agreement on
                     the part of the Company or a Subsidiary Guarantor to be
                     observed or performed pursuant to Article 5 hereof; or

                           (4) the Company fails to comply with any of its other
                     agreements or covenants in, or provisions of, the Notes or
                     this Indenture and the Default continues for 60 consecutive
                     days after the notice specified below.

                  A Default under clause (4) is not an Event of Default until
                  the Trustee notifies the Company, or the Holders of at least
                  25% in principal amount of the then outstanding Notes notify
                  the Company and the Trustee, of the Default and the Company
                  does not cure the Default within 60 days after receipt of the
                  notice. Each notice must specify the Default, demand that it
                  be remedied and state that the notice is a "Notice of
                  Default."

                                       3
<PAGE>

                                   ARTICLE IV
                                  MISCELLANEOUS

      4.1   DEFINITIONS. Capitalized terms used herein without definition shall
have the meanings assigned to them in the Indenture. For all purposes of this
Supplemental Indenture, except as otherwise herein expressly provided or unless
the context otherwise requires, the words "herein," "hereof" and "hereby" and
other words of similar import used in this Supplemental Indenture refer to this
Supplemental Indenture as a whole and not to any particular section hereof.

      4.2   RATIFICATION OF INDENTURE; SUPPLEMENTAL INDENTURE PART OF INDENTURE.
Except as expressly amended hereby, the Indenture is in all respects ratified
and confirmed and all the terms, conditions and provisions thereof shall remain
in full force and effect. This Supplemental Indenture shall form a part of the
Indenture for all purposes, and every Holder of Notes heretofore or hereafter
authenticated and delivered under the Indenture shall be bound hereby and all
terms and conditions of both shall be read together as though they constitute a
single instrument, except that in the case of conflict the provisions of this
Supplemental Indenture shall control.

      4.3   EFFECTIVE DATE. The provisions of this Supplemental Indenture shall
be effective only upon execution and delivery of this instrument by the parties
hereto promptly following the Consent Payment Deadline. Notwithstanding the
foregoing sentence, the provisions of this Supplemental Indenture shall become
operative only upon the purchase of more than a majority in principal amount of
the outstanding Notes pursuant to the Tender Offer. The Company shall notify the
Trustee promptly after the occurrence of such purchase.

      4.4   ENDORSEMENT AND CHANGE OF FORM OF NOTES. Any Notes authenticated and
delivered after the close of business on the date that this Supplemental
Indenture becomes operative in substitution for Notes then outstanding and all
Notes presented or delivered to the Trustee on and after that date for such
purpose shall be stamped, imprinted or otherwise legended by the Trustee, with a
notation as follows:

            "Effective as of July 7, 2004, certain restrictive covenants of the
      Company, certain provisions governing mergers and certain Events of
      Default have been eliminated or limited, as provided in the Supplemental
      Indenture, dated as of July 2, 2004. Reference is hereby made to said
      Supplemental Indenture, copies of which are on file with the Trustee, for
      a description of the amendments made therein."

      4.5   GOVERNING LAW. This Supplemental Indenture shall be governed by and
construed in accordance with the laws of the State of New York.

      4.6   TRUSTEE MAKES NO REPRESENTATION. The Trustee makes no representation
as to the validity or sufficiency of this Supplemental Indenture.

      4.7   COUNTERPARTS. The parties may sign any number of copies or
counterparts of this Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement.

                                       4
<PAGE>

      4.8   EFFECT OF HEADINGS. The Section headings herein are for convenience
only and shall not affect the construction thereof.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       5
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed as of the date first above written.

                                       COMPANY:

                                       BELDEN & BLAKE CORPORATION

                                       By: /s/ Robert W. Peshek
                                           -------------------------------------
                                       Name:  Robert W. Peshek
                                       Title: Senior Vice President and
                                              Chief Financial Officer

                                       SUBSIDIARY GUARANTORS:

                                       THE CANTON OIL & GAS COMPANY

                                       By: /s/ Robert W. Peshek
                                           -------------------------------------
                                       Name:  Robert W. Peshek
                                       Title: Senior Vice President and
                                              Chief Financial Officer

                                       WARD LAKE DRILLING, INC.

                                       By: /s/ Richard R. Hoffman
                                           -------------------------------------
                                       Name:  Richard R. Hoffman
                                       Title: Vice President

                                       TRUSTEE:

                                       LA SALLE NATIONAL ASSOCIATION, FORMERLY
                                       KNOWN AS LA SALLE NATIONAL BANK

                                       By: /s/ Erik R. Benson
                                           -------------------------------------
                                       Name: Erik R. Benson
                                       Title: First Vice President

                                       6

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