Document:

Third Amendment, Dated as of May 31, 2005, to Credit Agreement

 Exhibit 10.1 
  
 THIRD AMENDMENT TO CREDIT AGREEMENT 
  
 This THIRD AMENDMENT TO CREDIT AGREEMENT (this “Agreement”) is dated as of May 31, 2005 and entered
into by and among PETCO Animal Supplies Stores, Inc., a Delaware corporation (“Company”), the financial institutions listed on the signature pages hereof (“Lenders”) and Wells Fargo Bank, National Association, as
administrative agent for Lenders (“Administrative Agent”), and, for purposes of Section 5 hereof, the guarantors listed on the signature pages hereto (“Guarantors”) and is made with reference to that certain Credit
Agreement dated as of January 13, 2005 as amended by that certain First Amendment to Credit Agreement dated as of March 10, 2005 and that certain Second Amendment to Credit Agreement dated as of April 29, 2005 (as so amended, the “Credit
Agreement”), by and among Company, Lenders and Administrative Agent. Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement. 
  
 RECITALS 
  
 WHEREAS, Company and Requisite Lenders desire to amend subsections 6.1(i), 6.1(ii) and 8.3 of the Credit Agreement as
they relate to Company’s delivery of quarterly financials for the first Fiscal Quarter of Fiscal Year 2005 and year-end financials for Fiscal Year 2004; 
  
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as
follows: 
  
 Section 1. AMENDMENT TO CREDIT AGREEMENT 
  
 (a) Subsection 6.1(i) of the Credit Agreement is hereby
amended in its entirety and replaced with the following: 
  
 “(i) Quarterly Financials: as soon as available and in any event (A) on or before June 30, 2005 with respect to the first Fiscal Quarter of Fiscal Year 2005 and (B) within 45 days after the close of the second and third Fiscal
Quarters of Fiscal Year 2005 and each of the first three Fiscal Quarters in each subsequent Fiscal Year of Holdings, to the extent prepared to comply with the requirements of the Securities and Exchange Commission, a copy of Holdings’ report on
Form 10-Q filed with the Securities and Exchange Commission for such Fiscal Quarter, or, if no such Form 10-Q was filed by Holdings, (a) the consolidated balance sheets of Holdings and its Subsidiaries as at the end of such Fiscal Quarter and the
related consolidated statements of earnings and cash flows of Holdings and its Subsidiaries for such Fiscal Quarter and for the period from the beginning of the then current Fiscal Year to the end of such Fiscal Quarter, setting forth in each case
in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year, all in reasonable detail and certified by the chief financial officer of Holdings that they fairly present, in all material respects, the
financial condition of Holdings and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments, and (b) a
narrative report describing the operations of Holdings and its Subsidiaries in a form reasonably satisfactory to Administrative Agent;” 
  

			
	1	  	Third Amendment

 (b) Subsection 6.1(ii) of the Credit Agreement is hereby deleted in its entirety and
replaced with the following: 
  
 “(ii) Year-End
Financials: as soon as available and in any event (A) on or before June 30, 2005 with respect to Fiscal Year 2004 and (B) within 90 days after the end of each subsequent Fiscal Year, to the extent prepared to comply with the requirements of the
Securities and Exchange Commission, a copy of Holdings’ report on Form 10-K filed with the Securities and Exchange Commission for such Fiscal Year, or, if no such Form 10-K was filed by Holdings, (a) the consolidated balance sheets of Holdings
and its Subsidiaries as at the end of such Fiscal Year and the related consolidated statements of earnings, stockholders’ equity and cash flows of Holdings and its Subsidiaries for such Fiscal Year, setting forth in each case in comparative
form the corresponding figures for the previous Fiscal Year, all in reasonable detail and certified by the chief financial officer of Holdings that they fairly present, in all material respects, the financial condition of Holdings and its
Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated, (b) a narrative report describing the operations of Holdings and its Subsidiaries in a form reasonably satisfactory to
Administrative Agent, and (c) in the case of such consolidated financial statements, a report thereon of KPMG or other independent certified public accountants of recognized national standing selected by Holdings and reasonably satisfactory to
Administrative Agent, which report shall be unqualified as to scope of audit, shall express no doubts about the ability of Holdings and its Subsidiaries to continue as a going concern, and shall state that such consolidated financial statements
fairly present, in all material respects, the consolidated financial position of Holdings and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated in conformity with GAAP
applied on a basis consistent with prior years (except as otherwise disclosed in such financial statements) and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with
generally accepted auditing standards;” 
  
 (c) Subsection 8.3 of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
  
 “Failure of Company to perform or comply with any term or condition contained in Section 7 of this Agreement or failure of Company to comply with
subsection 6.1(ii) of this Agreement with respect to its financial statements for Fiscal Year 2004 (it being agreed that noncompliance with subsection 6.1(ii) with respect to any subsequent Fiscal Year shall be subject to subsection 8.5 below);
or” 
  
 Section 2. CONDITIONS TO EFFECTIVENESS 
  
 Section 1 of this Agreement shall become effective only upon the
satisfaction of the following conditions precedent (the date of satisfaction of such conditions being referred to as the “Third Amendment Effective Date”: 
  
 (a) On or before the Third Amendment Effective Date, Company shall deliver to Lenders (or to Administrative
Agent or its legal counsel for Lenders) one or more copies of this Agreement executed by each Loan Party, dated the Third Amendment Effective Date. 
  

			
	2	  	Third Amendment

 (b) Requisite Lenders shall have executed this Agreement and delivered copies to
Administrative Agent or its legal counsel. 
  
 Section 3. REPRESENTATIONS AND
WARRANTIES 
  
 In order to induce Lenders to enter into this
Agreement and to amend the Credit Agreement in the manner provided herein, Company hereby represents and warrants that after giving effect to this Agreement, the following statements are true, correct and complete: 
  
 (a) Corporate Power and Authority. Company has all
requisite corporate power and authority to enter into this Agreement and to carry out the transactions contemplated by, and perform its obligations under, the Credit Agreement as amended by this Agreement (the “Amended Agreement”).

  
 (b) Authorization of Agreements. The
execution and delivery of this Agreement and the performance of the Amended Agreement have been duly authorized by all necessary corporate action on the part of Company. 
  
 (c) No Conflict. The execution and delivery by Company of this Agreement and the performance by
Company of the Amended Agreement do not and will not (i) violate any provision of any law or any governmental rule or regulation applicable to Company or any of its Subsidiaries, the Certificate or Articles of Incorporation or Bylaws of Company or
any of its Subsidiaries or any order, judgment or decree of any court or other agency of government binding on Company or any of its Subsidiaries, (ii) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a
default under any Contractual Obligation of Company or any of its Subsidiaries, which breach or default would reasonably be expected to have a Material Adverse Effect, (iii) result in or require the creation or imposition of any Lien upon any of the
properties or assets of Company or any of its Subsidiaries (other than Liens created under any of the Loan Documents in favor of Administrative Agent on behalf of Lenders), or (iv) require any approval of stockholders or any approval or consent of
any Person under any Contractual Obligation of Company or any of its Subsidiaries. 
  
 (d) Governmental Consents. The execution and delivery by Company of this Agreement and the performance by Company of the Amended
Agreement do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any federal, state or other governmental authority or regulatory body. 
  
 (e) Binding Obligation. This Agreement has been duly
executed and delivered by Company and this Agreement and the Amended Agreement are the legally valid and binding obligations of Company, enforceable against Company in accordance with their respective terms, except as may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability. 
  

			
	3	  	Third Amendment

 (f) Absence of Default. No event has occurred and is continuing that would
constitute an Event of Default or a Potential Event of Default. 
  
 Section 4.
MISCELLANEOUS 
  
 (a) Reference to and
Effect on the Credit Agreement and the Other Loan Documents. 
  
 (i) On and after the Third Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit
Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Amended
Agreement. 
  
 (ii) Except as specifically amended by this
Agreement, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. 
  
 (iii) The execution, delivery and performance of this Agreement shall not, except as expressly provided herein, constitute a waiver of any provision of,
or operate as a waiver of any right, power or remedy of Administrative Agent or any Lender under, the Credit Agreement or any of the other Loan Documents. 
  
 (b) Fees and Expenses. Company acknowledges that all costs, fees and expenses as described in subsection 10.2 of the Credit
Agreement incurred by Administrative Agent and its counsel with respect to this Agreement and the documents and transactions contemplated hereby shall be for the account of Company. 
  
 (c) Headings. Section and subsection headings in this Agreement are included herein for convenience
of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. 
  
 (d) Applicable Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. 

 
 (e) Counterparts; Effectiveness. This Agreement
may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the
same instrument; signature pages 

  

			
	4	  	Third Amendment

 
may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same
document. This Agreement shall become effective upon the execution of a counterpart hereof by Company, Requisite Lenders and each of the Loan Parties and receipt by Company and Administrative Agent of written or telephonic notification of such
execution and authorization of delivery thereof. 
  
 Section 5. ACKNOWLEDGEMENT
AND CONSENT BY GUARANTORS 
  
 Each guarantor listed on the
signature pages hereof (“Guarantors”) hereby acknowledges that it has read this Agreement and consents to the terms thereof, and hereby confirms and agrees that, notwithstanding the effectiveness of this Agreement, the obligations
of each Guarantor under its applicable Guaranty shall not be impaired or affected and the applicable Guaranty is, and shall continue to be, in full force and effect and is hereby confirmed and ratified in all respects. Each Guarantor further agrees
that nothing in the Credit Agreement, this Agreement or any other Loan Document shall be deemed to require the consent of such Guarantor to any future amendment to the Credit Agreement. 
  

			
	5	  	Third Amendment

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective officers thereunto duly authorized as of the date first written above. 
  

			
	COMPANY:
	
	PETCO ANIMAL SUPPLIES STORES, INC.
		
	By:	 	 /s/ RODNEY CARTER

	Name:	 	Rodney Carter
	Title:	 	 Senior Vice President and
 Chief Financial
Officer

  

			
	S-1	  	Third Amendment

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
 and as a Lender

		
	By:	 	 /s/ ALEX Y. KIM

	Name:	 	Alex Y. Kim
	Title:	 	Vice President

  

			
	S-2	  	Third Amendment

			
	LENDERS:
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ MATTHEW KOENIG

	Name:	 	Matthew Koenig
	Title:	 	Senior Vice President

  

			
	S-3	  	Third Amendment

			
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ JANET E. JORDAN

	Name:	 	Janet E. Jordan
	Title:	 	Vice President

  

			
	S-4	  	Third Amendment

			
	UNION BANK OF CALIFORNIA, N.A.
		
	By:	 	 /s/ L. D. HART

	Name:	 	L. D. Hart
	Title:	 	Vice President

  

			
	S-5	  	Third Amendment

			
	NATIONAL CITY BANK
		
	By:	 	 /s/ RALPH A. KAPAROS

	Name:	 	Ralph A. Kaparos
	Title:	 	Senior Vice President

  

			
	S-6	  	Third Amendment

			
	HSBC BANK USA, NATIONAL ASSOCIATION
		
	By:	 	 /s/ J. BLAKE SEATON

	Name:	 	Blake Seaton
	Title:	 	Vice President

  

			
	S-7	  	Third Amendment

			
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ JASON A. RASTOVSKI

	Name:	 	Jason A. Rastovski
	Title:	 	Vice President

  

			
	S-8	  	Third Amendment

					
	GUARANTORS:	 	PETCO ANIMAL SUPPLIES, INC.,
	 	 	a Delaware corporation
			
	 	 	By:	 	 /s/ RODNEY CARTER

	 	 	Name:	 	Rodney Carter
	 	 	Title:	 	Senior Vice President and Chief
	 	 	 	 	Financial Officer
		
	 	 	 INTERNATIONAL PET SUPPLIES AND
 DISTRIBUTION, INC.,

	 	 	a California corporation
			
	 	 	By:	 	 /s/ RODNEY CARTER

	 	 	Name:	 	Rodney Carter
	 	 	Title:	 	Senior Vice President and Chief
	 	 	 	 	Financial Officer
		
	 	 	PETCO SOUTHWEST, INC.,
	 	 	a California corporation
			
	 	 	By:	 	 /s/ RODNEY CARTER

	 	 	Name:	 	Rodney Carter
	 	 	Title:	 	Senior Vice President and Chief
	 	 	 	 	Financial Officer
		
	 	 	PETCO SOUTHWEST, L.P.,
	 	 	a California limited partnership
			
	 	 	By:	 	PETCO ANIMAL SUPPLIES STORES, INC.
	 	 	Its:	 	General Partner
			
	 	 	By:	 	 /s/ RODNEY CARTER

	 	 	Name:	 	Rodney Carter
	 	 	Title:	 	Senior Vice President and Chief
	 	 	 	 	Financial Officer

  

			
	S-9	  	Third Amendment

			
	PET CONCEPTS INTERNATIONAL,
	a California corporation
		
	By:	 	 /s/ RODNEY CARTER

	Name:	 	Rodney Carter
	Title:	 	Senior Vice President and Chief
	 	 	Financial Officer
	
	PM MANAGEMENT INCORPORATED,
	a California corporation
		
	By:	 	 /s/ RODNEY CARTER

	Name:	 	Rodney Carter
	Title:	 	Senior Vice President and Chief
	 	 	Financial Officer
	
	E-PET SERVICES,
	a California corporation
		
	By:	 	 /s/ RODNEY CARTER

	Name:	 	Rodney Carter
	Title:	 	Senior Vice President and Chief
	 	 	Financial Officer
	
	E-PET SERVICES, LLC,
	a Virginia limited liability company
		
	By:	 	E-PET SERVICES
	Its:	 	Sole Member
		
	By:	 	 /s/ RODNEY CARTER

	Name:	 	Rodney Carter
	Title:	 	Senior Vice President and Chief
	 	 	Financial Officer

  

			
	S-10	  	Third AmendmentExecutive Change in Control Severance Plan

 
Exhibit 10.1 
  
 SPINNAKER EXPLORATION COMPANY 
 EXECUTIVE CHANGE IN CONTROL SEVERANCE PLAN

  

	I.	INTRODUCTION 

  
 This Executive Change in Control Severance Plan is adopted pursuant to the authorization of the Board of Directors of Spinnaker Exploration Company, a
Delaware corporation (the “Company”), for the benefit of its eligible employees and the eligible employees of its participating subsidiaries and affiliated entities. This Executive Change in Control Severance Plan is intended to provide
severance benefits to certain officers and employees whose employment is terminated under certain circumstances on or after the date upon which occurs a change in control of the Company. 
  

	II.	DEFINITIONS AND CONSTRUCTION 

  
 2.1 Definitions. Where the following words and phrases appear in the Plan, they shall have the respective meanings set forth below, unless
their context clearly indicates to the contrary. 
  
 (a) “Board” shall mean the Board of Directors of the Company. 
  
 (b) “Change in Control” shall mean: (1) a merger of the Company with another entity, a consolidation involving the
Company, or the sale of all or substantially all of the assets of the Company to another entity if, in any such case, the holders of equity securities of the Company immediately prior to such transaction or event do not beneficially own immediately
after such transaction or event equity securities of the resulting entity entitled to 50% or more of the votes then eligible to be cast in the election of directors generally (or comparable governing body) of the resulting entity in substantially
the same proportions that they owned the equity securities of the Company immediately prior to such transaction or event; (2) the dissolution or liquidation of the Company; (3) when any person or entity other than an Exempt Person, including a
“group” as contemplated by Section 13(d)(3) of the Exchange Act, acquires or gains ownership or control (including, without limitation, power to vote) of more than 50% of the combined voting power of the outstanding securities of the
Company; or (4) as a result of or in connection with a contested election of directors, the persons who were members of the Board immediately before such election shall cease to constitute a majority of the Board. For purposes of the preceding
sentence and determining Exempt Persons, (i) “resulting entity” in the context of a transaction or event that is a merger, consolidation or sale of all or substantially all assets shall mean the surviving entity (or acquiring entity in the
case of an asset sale) unless the surviving entity (or acquiring entity in the case of an asset sale) is a subsidiary of another entity and the holders of common stock of the Company receive capital stock of such other entity in such transaction or
event, in which event the resulting entity shall be such other entity, and (ii) subsequent to the consummation of a merger or consolidation that does not constitute a Change in Control, the term “Company” shall refer to the resulting
entity and the term “Board” shall refer to the board of directors (or comparable governing body) of the resulting entity. 
  
 (c) “Change in Terms of Service” shall mean, with respect to each Covered Individual, the occurrence, on the date upon
which a Change in Control occurs or within such Covered Individual’s Coverage Period, of any one or more of the following: 

 (1) a material reduction in the nature or scope of such Covered Individual’s
aggregate responsibilities from those applicable to such Covered Individual immediately prior to the date on which a Change in Control occurs; 
  
 (2) a material reduction in such Covered Individual’s annual base salary or target opportunity under any applicable bonus or
incentive compensation plan or arrangement from that provided to such Covered Individual immediately prior to the date on which a Change in Control occurs; or 
  

(3) a change in the location of such Covered Individual’s principal place of employment by the Employer by 50 miles or more from
the location where he was principally employed immediately prior to the date on which a Change in Control occurs. 
  
 (d) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
  
 (e) “Committee” shall mean the Committee
appointed pursuant to Section 4.1. 
  
 (f)
“Company” shall mean Spinnaker Exploration Company, a Delaware corporation. 
  
 (g) “Compensation” shall mean, with respect to each Covered Individual, the sum of the following: 
  
 (1) the greater of such Covered Individual’s annual
base salary at the rate in effect (A) immediately prior to the Change in Control, (B) 60 days prior to the date of such Covered Individual’s Involuntary Termination, or (C) the date of such Covered Individual’s Involuntary Termination; and

  
 (2) the annual cash bonus, if any, most
recently paid by the Employer to such Covered Individual prior to the date of such Covered Individual’s Involuntary Termination (or, if greater, the annual cash bonus, if any, most recently paid by the Employer to such Covered Individual prior
to the date upon which a Change in Control occurs); provided, however, that if such Covered Individual was employed by the Employer for only a portion of the year with respect to which such bonus was paid, then the amount under this clause (2) shall
equal an amount determined by annualizing the bonus received by such Covered Individual based on the ratio of the number of days such Covered Individual was employed by the Employer during such year to 365 days. 
  
 (h) “Coverage Period” shall mean, with
respect to each Covered Individual, a period of time that begins on the date upon which a Change in Control occurs and continues for a number of months designated by the Company in its sole discretion, which number of months shall be set forth
opposite such Covered Individual’s name in the Covered Individual Schedule; provided, however, that if, for any reason, the number of months is not so designated in the Covered Individual Schedule, then such number of months shall equal 12.

  
 (i) “Covered Individual”
shall mean each individual who is employed by the Employer and who has been designated by the Company in its sole discretion as a “Covered Individual” for purposes of the Plan. 
  
 (j) “Covered Individual Schedule” shall mean a schedule maintained by the Company for
purposes of the Plan indicating the name, Coverage Period and Severance Amount 

  

 -2- 

 
Percentage of each Covered Individual. The Covered Individual Schedule shall be and is hereby made a part of the Plan for all purposes, and such schedule may
be amended from time to time by the Company in accordance with Section 5.2. 
  
 (k) “Disability” shall mean a disability entitling a Covered Individual to benefits under a group long-term disability plan maintained by the Employer. 
  
 (l) “Employer” shall mean the Company and
each of its subsidiaries and affiliates that is treated as an Employer in accordance with the provisions of Section 5.1. 
  
 (m) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
  
 (n) “Exempt Person” shall mean any person
or entity, including a “group” as contemplated by Section 13(d)(3) of the Exchange Act, who acquires securities of the Company directly from the Company and who immediately after such acquisition has ownership or control (including,
without limitation, power to vote) of more than 50% of the combined voting power of the outstanding securities of the Company and who immediately prior to such acquisition did not have ownership or control (including, without limitation, power to
vote) of more than 50% of the combined voting power of the outstanding securities of the Company; provided, however, such person or entity shall not be deemed to be an Exempt Person if such person or entity concurrently or subsequently acquires or
gains ownership or control (including, without limitation, power to vote) from any person or entity other than the Company of additional voting securities of the Company and if, immediately after such acquisition or gain, such person or entity has
ownership or control (including, without limitation, power to vote) of more than 50% of the combined voting power of the outstanding securities of the Company. 
  

(o) “Involuntary Termination” shall mean, with respect to each Covered Individual, any termination of such Covered
Individual’s employment with the Employer which: 
  
 (1) does not result from a voluntary resignation by such Covered Individual (other than a resignation pursuant to clause (2) of this Section 2.1(o)); or 
  
 (2) results from a resignation by such Covered Individual on or before the date which is 60 days after the
date the Covered Individual receives notice of a Change in Terms of Service; 
  
 provided, however, that the term “Involuntary Termination” shall not include a Termination for Cause or any termination as a result of such Covered Individual’s death or Disability. 
  
 (p) “Plan” shall mean the Spinnaker
Exploration Company Executive Change in Control Severance Plan, as amended from time to time. 
  
 (q) “Severance Amount Percentage” shall mean, with respect to each Covered Individual, a percentage designated by the
Company in its sole discretion, which percentage shall be set forth opposite such Covered Individual’s name in the Covered Individual Schedule; provided, however, that if, for any reason, the percentage is not so designated in the Covered
Individual Schedule, then such percentage shall equal 100%. 
  
 (r) “Termination for Cause” shall mean, with respect to each Covered Individual, any termination of such Covered Individual’s employment with the Employer based on a determination by the
Committee that such Covered Individual (1) has been convicted of a 

  

 -3- 

 
misdemeanor involving moral turpitude or a felony, (2) has engaged in conduct which is materially injurious (monetarily or otherwise) to the Employer or any
of its affiliates (including, without limitation, misuse of the Employer’s or an affiliate’s funds or other property), (3) has engaged in gross negligence or willful misconduct in the performance of such Covered Individual’s duties,
(4) has willfully refused without proper legal reason to perform such Covered Individual’s duties and responsibilities, (5) has materially breached any material provision of any agreement between the Employer and such Covered Individual, or (6)
has materially breached any material corporate policy maintained and established by the Employer that is of general applicability to Covered Individuals. 
  
 2.2 Number and Gender. Wherever appropriate herein, a word used in the singular shall be considered to include the plural and the plural to
include the singular. The masculine gender, where appearing in the Plan, shall be deemed to include the feminine gender. 
  
 2.3 Headings. The headings of Articles and Sections herein are included solely for convenience and if there is any conflict between such
headings and the text of the Plan, the text shall control. 
  

	III.	SEVERANCE BENEFITS 

  
 3.1 Severance Benefits. If the employment by the Employer or a successor thereto of a Covered Individual shall be subject to an Involuntary
Termination on the date upon which a Change in Control occurs or within such Covered Individual’s Coverage Period, then such Covered Individual shall be entitled to receive as a severance benefit, subject to the provisions of Sections 3.3 and
3.4, a lump sum cash payment in an amount equal to such Covered Individual’s Severance Amount Percentage multiplied by his Compensation. Such lump sum cash payment shall be paid by the Employer to such Covered Individual on or before the fifth
day after the date of such Involuntary Termination (or, if applicable, on or before the fifth day after such Covered Individual executes the agreement referred to in Section 3.4(b)); provided, however, that if the lump sum cash payment would be
subject to additional taxes and interest under Section 409A of the Code, then payment of the lump sum cash payment shall be deferred to the extent required to avoid such additional taxes and interest. 
  
 3.2 Interest on Late Payments. If any cash payment provided for
in Section 3.1 is not made when due, the Employer shall pay to the Covered Individual interest on the amount payable from the date that such payment should have been made under such Section until such payment is made, which interest shall be
calculated at the rate of 10% per annum, compounded annually. 
  
 3.3 Parachute Payments. Anything to the contrary herein notwithstanding, if a Covered Individual is a “disqualified individual” (as defined in Section 280G(c) of the Code), and the severance benefits provided for in
Section 3.1, together with any other payments or benefits which the Covered Individual has the right to receive from the Employer, would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the severance
benefits provided hereunder shall be either (a) reduced (but not below zero) so that the present value of such total amounts received by the Covered Individual from the Employer will be one dollar ($1.00) less than three times the Covered
Individual’s “base amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of such amounts received by the Covered Individual shall be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in
full, whichever produces the better net after-tax position to the Covered Individual (taking into account any applicable excise tax under Section 4999 of the Code and any applicable income tax). The determination as to whether any such reduction in
the amount of the severance benefits is necessary shall be made by the Committee in good faith. If a reduced cash payment is made and through error or otherwise that payment, when aggregated with other payments or benefits from the Employer (or its

  

 -4- 

 
affiliates) used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than three times the Covered Individual’s
base amount, the Covered Individual shall immediately repay such excess to the Employer upon notification that an overpayment has been made. Nothing in this Section 3.3 shall require the Employer to be responsible for, or have any liability or
obligation with respect to, any Covered Individual’s excise tax liabilities under Section 4999 of the Code. 
  
 3.4 Coordination with Employment Agreement. The benefits under the Plan are not intended to duplicate the benefits to which a Covered
Individual is entitled under an employment agreement or a severance agreement between such Covered Individual and the Employer, and if a Covered Individual is entitled to a severance benefit under any such agreement, then such Covered Individual
shall not be entitled to benefits under the Plan unless (a) within five days after the date of such Covered Individual’s Involuntary Termination, such Covered Individual provides written notice to the Company (addressed to the Chairman of the
Board of the Company or any successor entity) that such Covered Individual has elected to receive the benefits under the Plan in lieu of any severance benefit payable in cash under any such agreement (including, without limitation, any cash payment
under any such agreement that is intended to make such Covered Individual whole or otherwise compensate him with respect to excise taxes imposed under Section 4999 of the Code) and (b) such Covered Individual executes an agreement in the form
prescribed by the Committee pursuant to which such Covered Individual expressly waives his right to receive any severance benefit payable in cash under any such agreement (including, without limitation, any cash payment under any such agreement that
is intended to make such Covered Individual whole or otherwise compensate him with respect to excise taxes imposed under Section 4999 of the Code) in exchange for the receipt of benefits under the Plan. 
  
 3.5 No Mitigation. A Covered Individual shall not be required
to mitigate the amount of any payment or benefit provided for in this Article III by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Article III be reduced by any compensation or benefit
earned by the Covered Individual as the result of employment by another employer or by retirement benefits. Except as provided in Section 3.4, the benefits under the Plan are in addition to any other benefits to which a Covered Individual is
otherwise entitled; provided, however, that a Covered Individual who is entitled to receive benefits under the Plan shall not be eligible to receive any benefits under any other severance benefit plan maintained by the Employer or any of its
affiliates. 
  

	IV.	ADMINISTRATION OF PLAN 

  
 4.1 Appointment of Committee. The Company shall be the Plan administrator during the period preceding the date upon which a Change in
Control occurs. Prior to the date upon which a Change in Control occurs, the Board shall appoint one or more persons or entities who are not employed by the Employer or any affiliate thereof to serve as the Committee from and after such date. If for
any reason any individual or entity so appointed resigns or is otherwise unwilling or unable to serve as a member of the Committee, then such individual or entity (or any successor thereto) shall appoint his or its own successor (who shall also be
independent of the Employer). The Committee may select officers and may appoint a secretary who need not be a member of the Committee. The Committee shall designate the person or persons who shall be authorized to sign for the Committee and, upon
such designation, the signature of such person or persons shall bind the Committee. 
  
 4.2 Proceedings and Meetings. The Committee shall keep appropriate records of proceedings related to the administration of the Plan and shall make available for examination during business hours to any
Covered Individual or beneficiary such records as pertain to that individual’s interest in the Plan. The Committee shall hold meetings upon such notice and at such times and places as it may from time to time determine. Notice to a member shall
not be required if waived in writing by that member. A majority of the members of the Committee duly appointed shall constitute a quorum for the 

  

 -5- 

 
transaction of business. All resolutions or other actions taken by the Committee at any meeting where a quorum is present shall be by vote of a majority of
those present at such meeting and entitled to vote. Resolutions may be adopted or other action taken without a meeting upon written consent signed by all of the members of the Committee. 
  
 4.3 Committee’s Powers and Duties. It shall be a principal duty of the Committee to see that the Plan is
carried out, in accordance with its terms, for the exclusive benefit of persons entitled to participate in the Plan. The Committee shall have full power to administer the Plan in all of its details, subject to applicable requirements of law. For
this purpose, the Committee’s powers shall include, but not be limited to, the following authority, in addition to all other powers provided by the Plan: 
  

(a) to make and enforce such rules and regulations as it deems necessary or proper for the efficient administration of the Plan; 
  
 (b) to interpret the Plan, its interpretation thereof to be final and
conclusive on all persons claiming benefits under the Plan; 
  
 (c) to decide all questions concerning the Plan and the eligibility of any person to participate in the Plan; 
  
 (d) to make a determination as to the right of any person to a benefit under the Plan (including, without limitation, to determine whether and when there
has been a termination of a Covered Individual’s employment and the cause of such termination); 
  
 (e) to appoint such agents, counsel, accountants, consultants, claims administrator and other persons as may be required to assist in administering the
Plan; 
  
 (f) to allocate and delegate its responsibilities under
the Plan and to designate other persons to carry out any of its responsibilities under the Plan, any such allocation, delegation or designation to be in writing; 
  
 (g) to sue or cause suit to be brought in the name of the Plan; and 
  
 (h) to obtain from the Employer and from Covered Individuals such information
as is necessary for the proper administration of the Plan. 
  
 4.4
Indemnification of Committee. The Company agrees to indemnify and to defend to the fullest extent permitted by law any member of the Committee against all liabilities, damages, costs and expenses (including attorneys’ fees and
amounts paid in settlement of any claims approved by the Company) occasioned by any act or omission to act in connection with the Plan, if such act or omission was in good faith. 
  
 4.5 Compensation, Bond and Expenses. The members of the Committee shall not receive compensation with respect
to their services for the Committee. To the extent required by applicable law, but not otherwise, Committee members shall furnish bond or security for the performance of their duties hereunder. Any expenses properly incurred by the Committee
incident to the administration, termination or protection of the Plan, including the cost of furnishing bond, shall be paid by the Company. 
  
 4.6 Claims Procedures. Claims for Plan benefits and reviews of Plan benefit claims that have been denied or modified shall be processed in
accordance with the written Plan claims procedures that are attached hereto as Exhibit A, which procedures are hereby incorporated by reference as a part of the Plan. 
  

 -6- 

	V.	GENERAL PROVISIONS 

  
 5.1 Other Participating Employers. It is contemplated that affiliates of the Company may adopt this Plan and thereby become an
“Employer” hereunder. Any such entity, whether or not presently existing, may become a party hereto by appropriate action of its Board of Directors or noncorporate counterpart. The provisions of the Plan shall apply separately and equally
to each Employer and its employees in the same manner as is expressly provided for the Company and its employees, except that the determination of whether a Change in Control has occurred shall be made based solely on the Company. Nevertheless, any
Employer may incorporate in its adoption agreement or in an amendment document specific provisions relating to the operation of the Plan, and such provisions shall become a part of the Plan as to such Employer only. Transfer of employment among the
Company and other participating Employers (and among any of their affiliates) shall not be considered an Involuntary Termination hereunder. Subject to the provisions of Section 5.2, any participating Employer may, by appropriate action of its Board
of Directors or noncorporate counterpart, terminate its participation in the Plan. Amounts payable hereunder shall be paid by the Employer which employs the particular Covered Individual. 
  
 5.2 Term of Plan, Termination and Amendment. 
  
 (a) The initial term of the Plan shall be the period beginning on the date of the approval of the Plan by the Board and
ending on (and including) December 31, 2006. Beginning on the last day of such initial term, and on each successive two-year anniversary of such date, the term of the Plan shall be extended automatically for an additional successive two-year term;
provided, however, that if, at least 45 days prior to the last day of any such term, the Company shall give to the individuals who are then designated as Covered Individuals written notice that no such automatic extension shall occur, then the Plan
shall terminate on the last day of such term. The Plan shall remain in effect until so terminated by the Company. Failure of the Company to provide the required notice to Covered Individuals shall be considered as an extension of the Plan for an
additional two-year term. Notwithstanding anything to the contrary contained in this “sunset provision,” if a Change in Control occurs while the Plan is in effect, then the Plan shall not be subject to termination under this “sunset
provision,” and the Plan shall remain in force with respect to each Covered Individual for a period equal to his Coverage Period, and if within said Coverage Period the contingency factors occur which would entitle such Covered Individual to
the benefits provided herein, then the Plan shall remain in effect in accordance with its terms with respect to such Covered Individual until the date that all such benefits have been so provided. If, within such Covered Individual’s Coverage
Period, the contingency factors that would entitle such Covered Individual to said benefits do not occur, then the Plan shall terminate with respect to such Covered Individual upon the expiration of his Coverage Period. 
  
 (b) The Plan (other than the Covered Individual Schedule) may not be amended
except for (i) an amendment to the administrative provisions of the Plan that is required pursuant to applicable law, (ii) an amendment that increases the benefits payable under the Plan or otherwise constitutes a bona fide improvement of a Covered
Individual’s rights under the Plan, or (iii) an amendment which decreases the benefits of a Covered Individual that is consented to in writing by such Covered Individual. The Covered Individual Schedule may not be amended except for (1) an
amendment that adds a Covered Individual to such schedule, (2) an amendment that increases the Coverage Period or Severance Amount Percentage applicable to a Covered Individual, or (3) an amendment that decreases the Coverage Period or Severance
Amount Percentage applicable to a Covered Individual that is either (x) consented to in writing by such Covered Individual or (y) effective as of the first day of a new two-year term of the Plan as provided in Section 5.2(a) and written notice of
such decrease has been provided by the Company to such Covered Individual at least 45 days prior to such effective date. 
  

 -7- 

 (c) The Plan may not be amended, terminated, or discontinued except as expressly provided in this Section
5.2. For purposes of this Section 5.2, the termination of an Employer’s participation in the Plan (and, accordingly, but for the provisions of this Section 5.2, the termination of such Employer’s participation in the Plan pursuant to
Section 5.1) shall be deemed to be an amendment to the Plan, but the commencement of participation by an Employer in the Plan (and, accordingly, participation by such Employer in the Plan pursuant to Section 5.1) shall not be considered an amendment
to the Plan. 
  
 5.3 Funding; Cost of Plan. The
benefits provided herein shall be unfunded and shall be provided from the Employer’s general assets. The entire cost of the Plan shall be borne by the Employer and no contributions shall be required of the Covered Individuals. 
  
 5.4 Plan Year. The Plan shall operate on a plan year consisting
of the 12-consecutive month period commencing on January 1 of each year; provided, however, that the first Plan Year shall begin on the date of the approval of the Plan by the Board and shall end on December 31, 2005. 
  
 5.5 Nonalienation. Covered Individuals shall not have any right
to pledge, hypothecate, anticipate or assign benefits or rights under the Plan, except by will or the laws of descent and distribution. 
  
 5.6 Not Contract of Employment. The adoption and maintenance of the Plan shall not be deemed to be a contract of employment between the
Employer and any person or to be consideration for the employment of any person. Nothing herein contained shall be deemed to (a) give any person the right to be retained in the employ of the Employer, (b) restrict the right of the Employer to
discharge any person at any time, (c) give the Employer the right to require any person to remain in the employ of the Employer, or (d) restrict any person’s right to terminate his employment at any time. 
  
 5.7 Indemnification. If a Covered Individual shall obtain any
money judgment or otherwise prevail with respect to any litigation brought by such Covered Individual or the Employer to enforce or interpret any provision contained herein, the Employer, to the fullest extent permitted by applicable law, hereby
indemnifies such Covered Individual for his reasonable attorneys’ fees and disbursements incurred in such litigation and hereby agrees (a) to pay in full all such fees and disbursements and (b) to pay prejudgment interest on any money judgment
obtained by such Covered Individual from the earliest date that payment to such Covered Individual should have been made under the Plan until such judgment shall have been paid in full, which interest shall be calculated at the rate of 10% per
annum, compounded annually. 
  
 5.8 Payment Obligations
Absolute. The Employer’s obligation to pay a Covered Individual the amounts provided herein shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim,
recoupment, defense or other right which the Employer or any of its subsidiaries may have against such Covered Individual or anyone else. All amounts payable by the Employer shall be paid without notice or demand. 
  
 5.9 Withholding. Any benefits paid or provided pursuant to the
Plan shall be subject to any required tax withholding. 
  
 5.10
Severability. Any provision in the Plan that is prohibited or unenforceable in any jurisdiction by reason of applicable law shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability
without invalidating or affecting the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  

 -8- 

 5.11 Effect of Plan. The Plan is intended to supersede all prior oral or written policies
of the Employer and all prior oral or written communications to Covered Individuals with respect to the subject matter hereof, and all such prior policies or communications are hereby null and void and of no further force and effect. Further, the
Plan shall be binding upon the Employer and any successor of the Employer, by merger or otherwise, and shall inure to the benefit of and be enforceable by the Employer’s Covered Individuals. Any benefits paid or provided pursuant to the Plan
shall be deemed to be a severance payment and not “compensation” for purposes of determining benefits under the Employer’s qualified plans (unless and to the extent that any such qualified plan expressly provides otherwise).

  
 EXECUTED this 31st day of May, 2005. 
  

			
	SPINNAKER EXPLORATION COMPANY
		
	By:	 	 /s/ ROGER L. JARVIS

	Name:	 	Roger L. Jarvis
	Title:	 	 Chairman of the Board, President and
 Chief
Executive Officer

  

 -9- 

 EXHIBIT A 
 TO SPINNAKER EXPLORATION COMPANY 
 EXECUTIVE CHANGE IN CONTROL SEVERANCE PLAN 
  
 CLAIMS PROCEDURES 
  
 1. Purpose of Exhibit 
  
 This Exhibit sets forth the benefit claims procedures for the Spinnaker
Exploration Company Executive Change in Control Severance Plan, as amended from time to time (the “Plan”). 
  
 2. Definitions 
  
 Capitalized terms used in this Exhibit that are not defined in this Paragraph 2 shall have the meaning assigned to such terms in the Plan. For purposes of this Exhibit, the following terms, where capitalized, will
have the meanings provided below: 
  

	 	(a)	Adverse Benefit Determination: Any denial, reduction or termination of or failure to provide or make payment (in whole or in part) of a Plan benefit, including any denial,
reduction, termination or failure to provide or make payment that is based on a determination of a Claimant’s eligibility to participate in the Plan. Further, any invalidation of a claim for failure to furnish written proof of loss or to comply
with the claim submission procedure will be treated as an Adverse Benefit Determination. 

  

	 	(b)	Benefits Administrator: The Company’s Vice President of Human Resources or such other person or office to whom the Committee has delegated day-to-day Plan administration
responsibilities and who, pursuant to such delegation, processes Plan benefit claims in the ordinary course. 

  

	 	(c)	Claimant: An individual or an authorized representative of such individual who has filed or desires to file a claim for a benefit or an increased benefit under the Plan.

  

	 	(d)	ERISA: The Employee Retirement Income Security Act of 1974, as amended. 

  

3. Filing of Benefit Claim 
  
 To file a benefit claim under the Plan, a Claimant must submit to the Benefits Administrator a written claim for Plan benefits containing a description of
(a) an alleged failure to receive a benefit payable to such Claimant under the Plan or (b) an alleged discrepancy between the amount of a benefit owed and the amount of a benefit received by such Claimant under the Plan. In connection with the
submission of a claim, the Claimant may examine the Plan and any other relevant documents relating to the claim, and may submit written comments relating to such claim to the Benefits Administrator coincident with the filing of the benefit claim
form. If the Claimant needs additional information regarding his Plan benefits, he may obtain such information by submitting a written request to the Benefits Administrator describing the additional information needed. Failure of a Claimant to
furnish a written claim description or to otherwise comply with the claim submission procedure will invalidate such claim unless the Benefits Administrator in its discretion determines that it was not reasonably possible to comply with such
procedure. 
  

 A-1 

 4. Processing of Benefit Claim 
  
 Upon receipt of a fully completed benefit claim from a Claimant, the Benefits Administrator shall determine if the
Claimant’s right to the requested benefit, payable at the time or times and in the form requested, is clear and, if so, shall process such benefit claim without resort to the Committee. If the Benefits Administrator determines that the
Claimant’s right to the requested benefit, payable at the time or times and in the form requested, is not clear, it shall refer the benefit claim to the Committee for review and determination, which referral shall include: 
  

	 	(a)	All materials submitted to the Benefits Administrator by the Claimant in connection with the claim; 

  

	 	(b)	A written description of why the Benefits Administrator was of the view that the Claimant’s right to the benefit, payable at the time or times and in the form requested, was
not clear; 

  

	 	(c)	A description of all Plan provisions pertaining to the benefit claim; 

  

	 	(d)	Where appropriate, a summary as to whether such Plan provisions have in the past been consistently applied with respect to other similarly situated Claimants; and

  

	 	(e)	Such other information as may be helpful or relevant to the Committee in its consideration of the claim. 

  
 If the Claimant’s claim is referred to the Committee, the Claimant may examine any relevant document relating to his claim and may
submit written comments or other information to the Committee to supplement his benefit claim. Within 90 days of receipt of a fully completed benefit claim form from a Claimant that has been referred to the Committee by the Benefits Administrator
(or such longer period as may be necessary due to unusual circumstances or to enable the Claimant to submit comments, but in any event not later than will permit the Committee sufficient time to fully and fairly consider the claim and make a
determination within the time frame provided in Paragraph 5 below), the Committee shall consider the referral regarding the claim of the Claimant and make a decision as to whether it is to be approved, modified or denied. If the claim is approved,
the Committee shall direct the Benefits Administrator to process the approved claim as soon as administratively practicable. 
  
 5. Notification of Adverse Benefit Determination 
  
 In any case of an Adverse Benefit Determination of a claim for a Plan benefit, the Benefits Administrator or the Committee shall furnish written notice to
the affected Claimant within a reasonable period of time but not later than 90 days after receipt of such claim for Plan benefits (or within 180 days if special circumstances necessitate an extension of the 90-day period and the Claimant is informed
of such extension in writing within the 90-day period and is provided with an extension notice consisting of an explanation of the special circumstances requiring the extension of time and the date by which the benefit determination will be
rendered). Any notice that denies a benefit claim of a Claimant in whole or in part shall, in a manner calculated to be understood by the Claimant: 
  

	 	(a)	State the specific reason or reasons for the Adverse Benefit Determination; 

  

 A-2 

	 	(b)	Provide specific reference to pertinent Plan provisions on which the Adverse Benefit Determination is based; 

  

	 	(c)	Describe any additional material or information necessary for the Claimant to perfect the claim and explain why such material or information is necessary; and

  

	 	(d)	Describe the Plan’s review procedures and the time limits applicable to such procedures, including a statement of the Claimant’s right to bring a civil action under
section 502(a) of ERISA following an Adverse Benefit Determination on review. 

  
 6. Review of Adverse Benefit Determination 
  
 A Claimant has the right to have an Adverse Benefit Determination reviewed in accordance with the following claims review procedure: 
  

	 	(a)	The Claimant must submit a written request for such review to the Committee not later than 60 days following receipt by the Claimant of the Adverse Benefit Determination
notification; 

  

	 	(b)	The Claimant shall have the opportunity to submit written comments, documents, records, and other information relating to the claim for benefits to the Committee;

  

	 	(c)	The Claimant shall have the right to have all comments, documents, records, and other information relating to the claim for benefits that have been submitted by the Claimant
considered on review without regard to whether such comments, documents, records or information were considered in the initial benefit determination; and 

  

	 	(d)	The Claimant shall have reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits free of charge upon request, including
(i) documents, records or other information relied upon for the benefit determination, (ii) documents, records or other information submitted, considered or generated without regard to whether such documents, records or other information were relied
upon in making the benefit determination, and (iii) documents, records or other information that demonstrates compliance with the standard claims procedure. 

  
 The decision on review by the Committee will be binding and conclusive upon all persons, and the Claimant shall neither be required nor be
permitted to pursue further appeals to the Committee. 
  
 7.
Notification of Benefit Determination on Review 
  
 Notice of the
Committee’s final benefit determination regarding an Adverse Benefit Determination will be furnished in writing or electronically to the Claimant after a full and fair review. Notice of an Adverse Benefit Determination upon review will:

  

	 	(a)	State the specific reason or reasons for the Adverse Benefit Determination; 

  

	 	(b)	Provide specific reference to pertinent Plan provisions on which the Adverse Benefit Determination is based; 

  

	 	(c)	 State that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information
relevant to the 

  

 A-3 

	 	 
Claimant’s claim for benefits, including (i) documents, records or other information relied upon for the benefit determination, (ii) documents, records
or other information submitted, considered or generated without regard to whether such documents, records or other information were relied upon in making the benefit determination, and (iii) documents, records or other information that demonstrates
compliance with the standard claims procedure; and 

  

	 	(d)	Describe the Claimant’s right to bring an action under section 502(a) of ERISA. 

  
 The Committee shall notify a Claimant of its determination on review with respect to the Adverse Benefit Determination of the Claimant
within a reasonable period of time but not later than 60 days after the receipt of the Claimant’s request for review unless the Committee determines that special circumstances require an extension of time for processing the review of the
Adverse Benefit Determination. If the Committee determines that such extension of time is required, written notice of the extension (which shall indicate the special circumstances requiring the extension and the date by which the Committee expects
to render the determination on review) shall be furnished to the Claimant prior to the termination of the initial 60-day review period. In no event shall such extension exceed a period of 60 days from the end of the initial 60-day review period. In
the event such extension is due to a Claimant’s failure to submit necessary information, the period for making the determination on review will be tolled from the date on which the notification of the extension is sent to the Claimant until the
date on which the Claimant responds to the request for additional information. 
  
 8. Exhaustion of Administrative Remedies 
  
 Completion of the claims procedures described in this document will be a condition precedent to the commencement of any legal or equitable action in connection with a claim for benefits under the Plan by a Claimant or
by any other person or entity claiming rights individually or through a Claimant; provided, however, that the Committee may, in its sole discretion, waive compliance with such claims procedures as a condition precedent to any such action.

  
 9. Payment of Benefits 
  
 If the Benefits Administrator or Committee determines that a Claimant is
entitled to a benefit under the Plan, payment of such benefit will be made to such Claimant as soon as administratively practicable after the date the Benefits Administrator or Committee determines that such Claimant is entitled to such benefit or
on such other date designated by the Committee in accordance with the terms of the Plan. 
  
 10. Authorized Representatives 
  
 An authorized representative may act on behalf of a Claimant in pursuing a benefit claim or an appeal of an Adverse Benefit Determination. An individual or entity will only be determined to be a Claimant’s authorized representative for
such purposes if the Claimant has provided the Committee with a written statement identifying such individual or entity as his authorized representative and describing the scope of the authority of such authorized representative. In the event a
Claimant identifies an individual or entity as his authorized representative in writing to the Committee but fails to describe the scope of the authority of such authorized representative, the Committee shall assume that such authorized
representative has full powers to act with respect to all matters pertaining to the Claimant’s benefit claim under the Plan or appeal of an Adverse Benefit Determination with respect to such benefit claim. 
  

 A-4 

 11. Amendments 
  
 These procedures may be amended in accordance with the provisions of, and subject to the limitations set forth in, Section 5.2 of the Plan. 
  

 A-5

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