Document:

ex10_1.htm

     

    Exhibit 10.1

     

    FIRST AMENDMENT

    TO

    ENERGY
PARTNERS, LTD.

    AMENDED
AND RESTATED

    2000
LONG TERM STOCK INCENTIVE PLAN

     

    The
Energy Partners, Ltd. Amended and Restated 2000 Long Term Stock Incentive Plan
is hereby amended in the following respects:

     

    1.           A
new subsection (f) is added to Section 3 to read in its entirety as
follows:

     

    “(f)
Limitation on
Committee’s Authority under Code Section 409A.  Anything in the
Plan to the contrary notwithstanding, the Committee’s authority to modify
outstanding Awards shall be limited to the extent necessary so that the
existence of such authority does not (i) cause an Award that is not otherwise
deferred compensation subject to Section 409A of the Code to become deferred
compensation subject to Section 409A of the Code or (ii) cause an Award that is
otherwise deferred compensation subject to Section 409A of the Code to fail
to meet the requirements prescribed by Section 409A of the
Code.”

     

    2.           Subsection
(c) of Section 4 is amended by adding the following sentence at the end
thereof:

     

    “Anything
in the Plan to the contrary notwithstanding, no adjustment shall be made
pursuant to this Section 4(c) that causes any Award that is not otherwise
deferred compensation subject to Section 409A of the Code to become deferred
compensation subject to Section 409A of the Code.”

     

    3.           A
new subsection (n) is added to Section 8 to read in its entirety as
follows:

     

    “(n)
Code Section 409A
Compliance. It is intended that the
Plan and Awards issued thereunder will comply with Section 409A of the Code (and
any regulations and guidance issued thereunder) to the extent the Awards are
subject thereto, and the Plan and such Awards shall be interpreted on a basis
consistent with such intent.  The Plan and any Award Agreements issued
thereunder may be amended in any respect deemed by the Board or the Committee to
be necessary to preserve compliance with Section 409A of the Code.  In
the case of any Award that, for purposes of Section 409A of the Code, was not
earned and vested on December 31, 2004 and that is treated as “deferred
compensation” subject to Section 409A of the Code, notwithstanding any provision
in an

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Award
Agreement to the contrary, (i) in the case of any payment under the Award that
is to be made upon a termination of employment or other service, (x) such
termination of employment or other service will be deemed to occur upon the
Participant’s “separation from service” with the employer (within the meaning of
Section 409A of the Code and the regulations thereunder), and (y) if the
Participant is on the date of his or her “separation from service” a “specified
employee” (within the meaning of Section 409A of the Code and the regulations
thereunder and as determined by the Company in accordance with said Section
409A), then with regard to any payment that is required to be delayed pursuant
to Section 409A(a)(2)(B) of the Code, such payment shall not be made prior to
the earlier of (A) the expiration of the six (6)-month period measured from the
date of the Participant’s “separation from service,” or (B) the date of the
Participant’s death (the “Delay Period”); and, upon the expiration of the Delay
Period, all payments delayed pursuant hereto (whether they would have otherwise
been payable in a single sum or in installments in the absence of such delay)
shall be paid to the Participant in a lump sum, and any remaining payments due
under the Award shall be paid in accordance with the normal payment dates
specified for them, and (ii) in the case of any payment under the Award that is
to be made upon a Change of Control, for this purpose Change of Control shall
mean a transaction or event that constitutes a change in the ownership or
effective control of the Company, or in the ownership of a substantial portion
of the assets of the Company, within the meaning of Section 409A of the Code and
the regulations thereunder.”

     

     

     

    
       

      Dated:
November 13, 2008

      
        	 
      	
                ENERGY
      PARTNERS, LTD.

                 

                 

                By:  /s/ John H. Peper        

                        John
      H. Peper

                        Executive
      Vice President, General

                        Counsel
      and Corporate Secretaryex10_2.htm

     

     

    Exhibit 10.2

    
 

    THIRD AMENDMENT TO

    ENERGY
PARTNERS, LTD.

    CHANGE
OF CONTROL SEVERANCE PLAN

     

    The
Energy Partners, Ltd. Change of Control Severance Plan, as amended by the First
and Second Amendments thereto, is hereby amended in the following
respects:

     

    1. The last
sentence of subsection (h) of Section 2 is amended to read in its entirety as
follows:

     

    “A
termination of employment by the Participant shall not be considered to be for
Good Reason unless (i) the Participant provides written notice to the Company of
the existence of the condition constituting Good Reason and the Company fails to
remedy the condition within thirty (30) days after receiving such notice, and
(ii) the termination of employment occurs within sixty (60) days after the
Participant has knowledge of the condition constituting Good
Reason.”

     

    2. The
sentence of Section 5 added by item 5 of the First Amendment thereto is deleted
in its entirety.

     

    3. Section 7
is amended by adding the following sentence after the first sentence
thereof:

     

    “Any
reduction pursuant to the preceding sentence shall be made by reducing first the
severance benefit described in Section 5(a) of this Plan.”

     

    4. The third
sentence of Section 7 (which was the second sentence prior to the amendment made
pursuant to item 3 above) is amended to read in its entirety as
follows:

     

    “If, as a
result of subsequent events or conditions (including a subsequent payment or
absence of a subsequent payment under this Plan or other plans, programs,
arrangements or agreements maintained by the Company or one of its affiliates),
it is determined that payments under this Plan to a Participant have been
reduced by more than the minimum amount required to prevent any payments from
constituting an “excess parachute payment,” then an additional payment shall be
made to the Participant on such date as may be determined by the Committee but
not later than 60 days after the applicable event or condition in an amount
equal to the additional amount that can be paid without causing any payment to
constitute an ‘excess parachute payment.’”

     

    5. Section
17 (added by the First Amendment) is amended to read in its entirety as
follows:

     

     

    “17.           Compliance with Code Section
409A.  In the event that it shall be determined that any
payments or benefits payable in re-

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    spect of
any Participant under this Plan constitute nonqualified deferred compensation
covered by Code Section 409A for which no exemption under Code Section 409A or
the regulations thereunder is available (“Covered Deferred Compensation”), then
notwithstanding anything in this Plan to the contrary, (i) if the Participant is
a “specified employee” (within the meaning of Code Section 409A and the
regulations thereunder and as determined by the Company in accordance with said
Section 409A) at the time of the Participant’s separation from service (as
defined below), the payment of any such Covered Deferred Compensation payable on
account of such separation from service shall be made no earlier than the date
which is 6 months after the date of the Participant’s separation from service
(or, if earlier than the end of such 6-month period, the date of the
Participant’s death), and (ii) the Participant shall be deemed to have
terminated from employment for purposes of this Plan if and only if the
Participant has experienced a “separation from service” within the meaning of
said Section 409A and the regulations thereunder.  To the extent any
payment of Covered Deferred Compensation is subject to the 6-month delay, such
payment shall be paid immediately after the end of such 6-month period (or the
date of death, if earlier).  The provisions of this Plan relating to
such Covered Deferred Compensation shall be interpreted and operated
consistently with the requirements of Code Section 409A and the regulations
thereunder.”

     

    

    
      
         

        Dated:
November 13, 2008

        
          	 
      	
                  ENERGY
      PARTNERS, LTD.

                   

                   

                  By:  /s/ John H. Peper        

                          John
      H. Peper

                          Executive
      Vice President, General

                          Counsel
      and Corporate Secretaryex10_3.htm

     

    Exhibit 10.3

     

    FIRST AMENDMENT

    TO

    ENERGY
PARTNERS, LTD.

    2006
LONG TERM STOCK INCENTIVE PLAN

     

    The
Energy Partners, Ltd. 2006 Long Term Stock Incentive Plan is hereby amended as
follows:

     

    Subsection
(l) of Section 9 is amended by adding the following at the end
thereof:

     

    “In the
case of any Award that is treated as “deferred compensation” subject to Section
409A of the Code, notwithstanding any provision in an Award Agreement to the
contrary, (i) in the case of any payment under the Award that is to be made upon
a termination of employment or other service, (x) such termination of employment
or other service will be deemed to occur upon the Participant’s “separation from
service” with the employer (within the meaning of Section 409A of the Code and
the regulations thereunder), and (y) if the Participant is on the date of his or
her “separation from service” a “specified employee” (within the meaning of
Section 409A of the Code and the regulations thereunder and as determined by the
Company in accordance with said Section 409A), then with regard to any payment
that is required to be delayed pursuant to Section 409A(a)(2)(B) of the Code,
such payment shall not be made prior to the earlier of (A) the expiration of the
six (6)-month period measured from the date of the Participant’s “separation
from service,” or (B) the date of the Participant’s death (the “Delay Period”);
and, upon the expiration of the Delay Period, all payments delayed pursuant
hereto (whether they would have otherwise been payable in a single sum or in
installments in the absence of such delay) shall be paid to the Participant in a
lump sum, and any remaining payments due under the Award shall be paid in
accordance with the normal payment dates specified for them, and (ii) in the
case of any payment under the Award that is to be made upon a Change of Control,
for this purpose Change of Control shall mean a transaction or event that
constitutes a change in the ownership or effective control of the Company, or in
the ownership of a substantial portion of the assets of the Company, within the
meaning of Section 409A of the Code and the regulations
thereunder.”

     

    

    
      
         

        Dated:
November 13, 2008

        
          	 
      	
                  ENERGY
      PARTNERS, LTD.

                   

                   

                  By:  /s/ John H. Peper        

                          John
      H. Peper

                          Executive
      Vice President, General

                          Counsel
      and Corporate Secretary

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