Document:

exv4w3

PNA GROUP, INC.

103/4% Senior Notes due 2016

 

FOURTH SUPPLEMENTAL INDENTURE

Dated as of August 1, 2008

with respect to

INDENTURE

Dated as of August 15, 2006

 

THE BANK OF NEW YORK MELLON, as Trustee

 

 

FOURTH SUPPLEMENTAL INDENTURE

     FOURTH SUPPLEMENTAL INDENTURE dated as of August 1, 2008 (this “Fourth Supplemental
Indenture”) by and among PNA Group, Inc., a corporation duly organized and existing under the laws
of the State of Delaware (the “Company”), the Guarantors (as that term is defined in the Indenture)
and The Bank of New York Mellon, a New York banking association, as trustee (the “Trustee”) under
the Indenture (as hereinafter defined).

RECITALS OF THE COMPANY

     WHEREAS, the Company has heretofore executed and delivered to The Bank of New York Mellon, an
Indenture (as amended, supplemented or otherwise modified, the “Indenture”) dated as of August 15,
2006, providing for the issuance of the Company’s 103/4% Senior Notes due 2016 (the “Notes”),
initially in the aggregate principal amount of $250,000,000.

     WHEREAS, pursuant to and in accordance with Section 9.2 of the Indenture, Reliance Steel &
Aluminum Co. (“Reliance”), the parent corporation of the Company, has obtained on behalf of the
Company, on or prior to the date hereof, the consent of the Holders of the Notes representing not
less than a majority in aggregate principal amount of the outstanding Notes to the amendments to
the Indenture set forth in this Fourth Supplemental Indenture.

     WHEREAS, Reliance has solicited the consents of the Holders of the Notes pursuant to the Offer
to Purchase and Consent Solicitation Statement dated July 1, 2008 (as the same may be amended or
supplemented from time to time, the “Statement”), and in the related Letter of Transmittal and
Consent (as the same may be amended or supplemented from time to time, together with the Statement,
the “Offer”), to the proposed amendments to the Indenture upon the terms and conditions set forth
therein (the “Amendments”);

     WHEREAS, Reliance has received and delivered or caused to be delivered to the Trustee the
consents of the Holders of at least a majority in aggregate principal amount of the outstanding
Notes to the Amendments pursuant to the Offer;

     WHEREAS, the Company has been authorized by resolution of its board of directors to enter into
this Supplemental Indenture;

     WHEREAS, the Company has requested that the Trustee join in the execution and delivery of this
Supplemental Indenture;

     WHEREAS, all other acts and proceedings required by law, by the Indenture and by the articles
of incorporation and bylaws of the Company to make this Supplemental Indenture a valid and binding
agreement for the purposes

 

 

expressed herein, in accordance with its terms, have been duly done and performed; and

     WHEREAS, the Amendments contained herein will become operative (the “Operative Date”) upon
Reliance’s acceptance for payment of at least a majority in aggregate principal amount of the
outstanding Notes that are validly tendered and not withdrawn pursuant to the Offer.

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, it is mutually covenanted and agreed
for the equal and ratable benefit of the Holders of the Notes as follows:

ARTICLE 1

Amendments To Indenture

     Section 1.01.

     (a) Sections 4.3 and 4.4 of the Indenture shall be amended by deleting the text in such
Sections in their entirety and replacing them with “The Company shall comply with Section 314 of
the Trust Indenture Act.”

     (b) Sections 4.5, 4.6, 4.7, 4.8, 4.9, 4.10, 4.11, 4.12, 4.13, 4.15, 4.17, 4.20, 4.21 and 4.22
of the Indenture shall be amended by deleting the text of such Sections in their entirety and
replacing them with “[Intentionally Omitted],” and all references made thereto throughout the
Indenture and the Notes shall be deleted in their entirety.

     (c) Subclauses (ii), (iii) and (iv) of Section 5.1 of the Indenture shall be amended by
deleting the text of such subclauses in their entirety and replacing them with “[Intentionally
Omitted],” and the paragraph immediately following Section 5.1(iv) shall be amended by deleting
such text in its entirety and all references made thereto throughout the Indenture and the Notes
shall be deleted in their entirety.

     (d) Subclauses (3), (4), (5), (6) and (7) of Section 6.1 of the Indenture shall be amended by
deleting the text of such subclauses in their entirety and replacing them with “[Intentionally
Omitted],” and all references made thereto throughout the Indenture and the Notes shall be deleted
in their entirety.

     (e) To the extent that any defined term is used exclusively in the article, sections,
subclauses and paragraphs deleted pursuant to subclauses (a) – (d) above, Section 1.1 of the
Indenture shall be amended by deleting the definitions for such defined terms.

2

 

ARTICLE 2

Amendments to Notes

     Section 2.01. The Notes are deemed to be amended as follows:

     (a) The reference to Section 4.10 in Section 6 “Mandatory Redemption” on the reverse of the
form of Note is deleted.

     (b) The reference to “an Asset Sale Offer or” in clause (c) of Section 7 “Repurchase at the
Option of Holder” on the reverse of the form of Note is deleted.

     (c) Clauses (3), (4), (5), (6) and (7) of Section 13 “Defaults and Remedies” on the reverse of
the form of Note are deleted.

ARTICLE 3

Miscellaneous

     Section 3.01. This Fourth Supplemental Indenture will become effective immediately upon its
execution and delivery but the amendments in such Fourth Supplemental Indenture set forth in
Article 1 and Article 2 hereof will only become operative on the Operative Date.

     Section 3.02. The Indenture, as supplemented by this Fourth Supplemental Indenture, is in all
respects ratified and confirmed, and this Fourth Supplemental Indenture shall be deemed a part of
the Indenture in the manner and to the extent herein and therein provided.

     Section 3.03. The recitals herein shall be taken as the statements solely of the Company, and
the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no
representations as to, and shall not be responsible in any manner whatsoever for or in respect of,
the validity or sufficiency of this Fourth Supplemental Indenture.

     Section 3.04. All agreements of the Issuer in this Fourth Supplemental Indenture and the
Notes and any Note Guarantees, as applicable, shall bind their respective successors and assigns.
All agreements of the Trustee in this Fourth Supplemental Indenture shall bind its successors and
assigns.

     Section 3.05. This Fourth Supplemental Indenture shall be governed by, and construed in
accordance with, the law of the State of New York.

     Section 3.06. In case any provision in this Fourth Supplemental Indenture shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.

3

 

     Section 3.07. The parties may sign any number of copies of this Fourth Supplemental
Indenture. Each signed copy shall be an original, but all of them together shall represent the same
agreement.

     Section 3.08. Capitalized terms not otherwise defined in this Fourth Supplemental Indenture
shall have the respective meanings assigned to them in the Indenture.

[signature pages follow]

4

 

     IN WITNESS WHEREOF, this Fourth Supplemental Indenture has been duly executed as of the date
first-above written.

	 	 	 	 	 	 	 
	 	 	PNA GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Karla Lewis
 

	 	 
	 

	 	Name:
	 	Karla Lewis	 	 
	 

	 	Title:
	 	Vice President and Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	PRECISION FLAMECUTTING & STEEL, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Precision GP Holding, LLC, its general partner
 

	 	 

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Karla Lewis
 

	 	 
	 

	 	 	 	Name:
	 	Karla Lewis	 	 
	 

	 	 	 	Title:
	 	Vice President and Secretary	 	 

	 	 	 	 	 	 	 
	 	 	SUGAR STEEL CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Karla Lewis
 

	 	 
	 

	 	Name:
	 	Karla Lewis	 	 
	 

	 	Title:
	 	Vice President and Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	S&S STEEL WAREHOUSE, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Karla Lewis
 

	 	 
	 

	 	Name:
	 	Karla Lewis	 	 
	 

	 	Title:
	 	Vice President and Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	SMITH PIPE & STEEL COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Karla Lewis
 

	 	 
	 

	 	Name:
	 	Karla Lewis	 	 
	 

	 	Title:
	 	Vice President and Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	INFRA-METALS CO.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Karla Lewis
 

	 	 
	 

	 	Name:
	 	Karla Lewis	 	 
	 

	 	Title:
	 	Vice President and Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	FERALLOY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Karla Lewis
 

	 	 
	 

	 	Name:
	 	Karla Lewis	 	 
	 

	 	Title:
	 	Vice President and Secretary	 	 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	DELNOR CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	
    /s/ Karla Lewis
 

	 	 
	 

	 	Name:
	 	Karla Lewis	 	 
	 

	 	Title:
	 	Vice President and Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	DELTA STEEL, L.P.
	 
	 	 	 	 	 	 	 	 
	 	 	By: Delta GP, L.L.C., its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Karla Lewis
 

	 	 
	 

	 	 	 	Name:
	 	Karla Lewis	 	 
	 

	 	 	 	Title:
	 	Vice President and Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By: Delta LP, L.L.C., its limited partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	
	 	By:	 	/s/ Karla Lewis
 

	 	 
	 

	 	
	 	Name:	 	Karla Lewis	 	 
	 

	 	
	 	Title:	 	Vice President and Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	DELTA GP, L.L.C.
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Karla Lewis
 

	 	 
	 

	 	Name:
	 	Karla Lewis	 	 
	 

	 	Title:
	 	Vice President and Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	DELTA LP,
L.L.C.
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Karla Lewis
 

	 	 
	 

	 	Name:
	 	Karla Lewis	 	 
	 

	 	Title:
	 	Vice President and Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	METALS SUPPLY COMPANY, LTD.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By: MSC Management, Inc., its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Karla Lewis
 

	 	 
	 

	 	 	 	Name:
	 	Karla Lewis	 	 
	 

	 	 	 	Title:
	 	Vice President and Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By: PNA Group, Inc., its limited partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	
	 	By:	 	/s/ Karla Lewis
 

	 	 
	 

	 	
	 	Name:	 	Karla Lewis	 	 
	 

	 	
	 	Title:	 	Vice President and
Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MSC MANAGEMENT, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Karla Lewis
 

	 	 
	 

	 	Name:
	 	Karla Lewis	 	 
	 

	 	Title:
	 	Vice President and Secretary	 	 

6

 

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK MELLON, as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Timothy Casey
 

	 	 
	 

	 	Name:
	 	Timothy Casey	 	 
	 

	 	Title:
	 	Assistant Treasurer	 	 

7exv10w1

Exhibit 10.1

AMENDMENT TO NONQUALIFIED STOCK OPTION AWARD AGREEMENTS

UNDER THE

DEVON ENERGY CORPORATION 2005 LONG-TERM INCENTIVE PLAN

     THIS AMENDMENT TO NONQUALIFIED STOCK OPTION AWARD AGREEMENTS (“Amendment”) is entered into as
of the ___ day of                     , 2008 by and between Devon Energy Corporation, a Delaware corporation
(the “Company”), and                      (the “Participant”).

W I T N E S S E T H:

     WHEREAS, the Company and the Participant have previously entered into certain Nonqualified
Stock Option Award Agreements under the Devon Energy Corporation 2005 Long-Term Incentive Plan
listed on Exhibit A (the “Agreements”), which granted to the Participant options to purchase shares
of Common Stock of the Company (the “Stock Options”) in exchange for the Participant’s performance
of future services for the Company pursuant to the terms of the Agreements; and

     WHEREAS, the Company and the Participant desire to amend the Agreements with respect to the
vesting and exercisability of the Stock Options following the date of retirement of the Participant
under certain circumstances; and

     WHEREAS, Section 12.7 of the Plan permits the Compensation Committee of the Company’s Board of
Directors (the “Committee”) to amend the Agreements; and

     WHEREAS, the Committee has approved the amendment of the Agreements as set forth herein.

     NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto agree that the Agreements are hereby amended as follows:

	 	1.	 	Section 1 is hereby amended by deleting the definition of
“Early Retirement Date” in Section 1(b) and by inserting the definition of
“Normal Retirement Date” in Section 1(b).
	 
	 	2.	 	Section 1 is hereby amended by adding a new definition in
Section 1(c) as follows:
	 
	 	 	 	““Post-Retirement Eligible” means the Participant’s Date of Termination
occurs (i) by reason of the Participant’s retirement and (ii) on or after
the Participant has attained age fifty-five (55) with ten (10) or more Years
of Service, as that term is defined in the Retirement Plan.”
	 
	 	3.	 	The first sentence of Section 3 is hereby amended to read as
follows:
	 
	 	 	 	“Each installment of Covered Shares of the Stock Option shall be
exercisable on and after the Vesting Date for such installment as
described in the following schedule (but only if the Participant’s
Date 

 

 

	 	 	 	of Termination has not occurred before the Vesting Date, except
as otherwise provided in Section 3 of this Award Agreement):”
	 
	 	4.	 	The first sentence of Section 3(a) is hereby amended to read as
follows:
	 
	 	 	 	“The Stock Option shall become fully exercisable upon the occurrence
of a Change of Control Event that occurs (i) prior to the
Participant’s Date of Termination or (ii) if the Participant has
retired prior to such Change of Control Event and is Post-Retirement
Eligible, following the Participant’s Date of Termination.”
	 
	 	5.	 	Section 3 is hereby amended to delete from Section 3(c) the
phrase “or Early Retirement Date (as such term is defined in the Company’s
Retirement Plan).”
	 
	 	6.	 	Section 3 is hereby amended to add a Section 3(d):
	 
	 	 	 	“(d) Notwithstanding any provision to the contrary in this Award
Agreement, if the Participant is Post-Retirement Eligible, the
Participant shall, subject to the satisfaction of the conditions in
Section 10, be eligible to vest, in accordance with the Vesting
Schedule above in this Section 3, in the installments of the Covered
Shares of the Stock Option that remain unvested on the Date of
Termination as follows:

	 	 	 	 	 
	 	 	Percentage of Unvested Installments of Covered Shares of
	 	 	the Stock Option Eligible to be Earned by the
	Age at Retirement	 	Participant
	54 and earlier
	 	 	0	%
	55
	 	 	60	%
	56
	 	 	65	%
	57
	 	 	70	%
	58
	 	 	75	%
	59
	 	 	80	%
	60 and beyond
	 	 	100	%

	 	7.	 	The last paragraph of Section 3 is amended to read as follows:
	 
	 	 	 	“Nothing in this Award Agreement shall be construed to affect the
application of Section 12.6 of the Plan (relating to Change of
Control) to the extent such Section would otherwise be applicable.”

2

 

	 	8.	 	Section 4 is hereby amended to read as follows:
	 
	 	 	 	“Term of Stock Option. The Stock Option shall cease to be
exercisable on the earliest to occur of:

	 	(a)	 	The Expiration Date set forth on the Cover
Page.
	 
	 	(b)	 	If the Participant’s Date of Termination occurs
by reason of death, the three-year anniversary of such Date of
Termination.
	 
	 	(c)	 	If the Participant’s Date of Termination occurs
by reason of Disability, the one-year anniversary of such Date of
Termination.
	 
	 	(d)	 	If the Participant’s Date of Termination occurs
by reason of the Participant’s retirement and the Participant is
Post-Retirement Eligible, the Expiration Date of the Stock Option;
provided, however, if a Non-Compliance Event (as defined in Section 10)
occurs following such retirement, the Stock Option shall cease to be
exercisable on the one-year anniversary of such Non-Compliance Event.
	 
	 	(e)	 	If (i) the Participant’s Date of Termination
occurs by reason of the Participant’s retirement, (ii) the Date of
Termination occurs on or after the Participant’s Normal Retirement
Date, and (iii) the Participant is not Post-Retirement Eligible, the
three-year anniversary of such Date of Termination (or such later date
as may be permitted by the Committee).
	 
	 	(f)	 	If the Participant’s Date of Termination occurs
under circumstances in which the Participant is entitled to severance
benefits from the Company, a Subsidiary of the Company, or an
Affiliated Entity under an employment agreement or severance agreement,
the last day of the Severance Period. The “Severance Period” shall be
the longer of:

	 	(i)	 	the period beginning on the Date
of Termination and continuing through the end of the period
during which such severance benefits are paid to the
Participant; or
	 
	 	(ii)	 	the period described in the
following clause (b), if the amount of the Participant’s
severance benefits is determined in whole or in part as being
equal to the product of (a) the Participant’s salary rate,
multiplied by (b) a period over which such benefit would
be computed.

	 	(g)	 	If the Participant’s Date of Termination occurs
and Sections (b), (c), (d), (e) and (f) are not applicable, the
three-month anniversary of such Date of Termination.”

3

 

	 	9.	 	By adding a new Section 10 that provides as follows:

	 	“10. Conditions to Post-Retirement Vesting.
	 
	 	(a)	 	Notice of and Conditions to Post-Retirement
Vesting. If the Participant is Post-Retirement Eligible, the Company
shall, within a reasonable period of time prior to the Participant’s
Date of Termination, notify the Participant that the Participant has
the right to continue to vest following the Date of Termination in any
unvested installments of Covered Shares of the Stock Option (each such
unvested installment, an “Installment”), provided that the Participant
executes and delivers to the Company, with respect to each such
Installment, the following documentation: (i) a non-disclosure letter
agreement, in the form attached as Exhibit B, (a “Non-Disclosure
Agreement”) on or before January 1 of the year in which such
Installment vests pursuant to the Vesting Schedule (or, with respect
to the calendar year in which the Date of Termination occurs, on or
before the Date of Termination), and (ii) a compliance certificate, in
the form attached as Exhibit C, (a “Compliance Certificate”)
indicating the Participant’s full compliance with the Non-Disclosure
Agreement on or before November 1 of the year in which such
Installment vests pursuant to the Vesting Schedule.
	 
	 	(b)	 	Consequences of Failure to Satisfy Vesting
Conditions. In the event that, with respect to any given Installment,
the Participant fails to deliver either the respective Non-Disclosure
Agreement or Compliance Certificate for such Installment on or before
the date required for the delivery of such document (such failure, a
“Non-Compliance Event”), the Participant shall not be entitled to vest
in any unvested Installments that would vest from and after the date
of the Non-Compliance Event and the Company shall be authorized to
take any and all such actions as are necessary to cause such unvested
Stock Options to not vest and to terminate. The only remedy of the
Company for failure to deliver a Non-Disclosure Agreement or a
Compliance Certificate shall be the failure to vest in, and
cancellation of, any unvested Installments then held by the
Participant.”

     The Agreements are not amended in any respect except as herein provided. This Amendment is
not intended and shall not be construed as increasing the aggregate number of shares of Common
Stock subject to the Stock Options under the Agreements.

     All capitalized terms used in this Amendment shall have the same meaning ascribed to them in
the Plan and the Agreements unless specifically denoted otherwise.

[SIGNATURES APPEAR ON FOLLOWING PAGE]

4

 

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and year first
above written.

	 	 	 	 	 	 	 
	“Company”	 	Devon Energy Corporation, a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	“Participant”
	 	 	 	 	 	 
	 

	 	 

	 	 

5

 

EXHIBIT A

Nonqualified Stock Option Award Agreements

Subject to Amendment

 

 

EXHIBIT B

Form of Non-Disclosure Agreement

[Insert Date]

Devon Energy Corporation

20 North Broadway

Oklahoma City, OK 73102

Re:     Non-Disclosure Agreement

Ladies and Gentlemen:

     This letter agreement is entered between Devon Energy Corporation (together with its
subsidiaries and affiliates, the “Company”) and the undersigned (the “Participant”) in
connection with that certain Amendment to Nonqualified Stock Option Award Agreements (the
“Amendment”) dated                     , 2008 between the Company and the Participant. All
capitalized terms used in this letter agreement shall have the same meaning ascribed to them in
the Amendment unless specifically denoted otherwise.

     The Participant acknowledges that, during the course of and in connection with the
employment relationship between the Participant and the Company, the Company provided and the
Participant accepted access to the Company’s trade secrets and confidential and proprietary
information, which included, without limitation, information pertaining to the Company’s
finances, oil and gas properties and prospects, compensation structures, business and litigation
strategies and future business plans and other information or material that is of special and
unique value to the Company and that the Company maintains as confidential and does not disclose
to the general public, whether through its annual report and/or filings with the Securities and
Exchange Commission or otherwise (the “Confidential Information”).

     The Participant acknowledges that his position with the Company was one of trust and
confidence because of the access to the Confidential Information, requiring the Participant’s
best efforts and utmost diligence to protect and maintain the confidentiality of the
Confidential Information. Unless required by the Company or with the Company’s express written
consent, the Participant will not, during the term of this letter agreement, directly or
indirectly, disclose to others or use for his own benefit or the benefit of another any of the
Confidential Information, whether or not the Confidential Information is acquired, learned,
attained or developed by the Participant alone or in conjunction with others.

     The Participant agrees that, due to his access to the Confidential Information, the
Participant would inevitably use and/or disclose that Confidential Information in breach of his
confidentiality and non-disclosure obligations if the Participant worked in certain capacities
or engaged in certain activities for a period of time following his employment with the Company,
specifically in a position that involves (i) responsibility and decision-making authority or
input at the executive level regarding any subject or responsibility, (ii) decision-making
responsibility or input at any management level in the Participant’s individual area of

 

 

assignment with the Company, or (iii) responsibility and decision-making authority or input that
otherwise allows the use of the Confidential Information (collectively referred to as the
“Restricted Occupation”). Therefore, except with the prior written consent of the Company,
during the term of this letter agreement, the Participant agrees not to be employed by, consult
for or otherwise act on behalf of any person or entity in any capacity in which he would be
involved, directly or indirectly, in a Restricted Occupation. The Participant acknowledges that
this commitment is intended to protect the Confidential Information and is not intended to be
applied or interpreted as a covenant against competition.

     The Participant further agrees that, during the term of this letter agreement, the
Participant will not, directly or indirectly on behalf of a person or entity or otherwise, (i)
solicit any of the established customers of the Company or attempt to induce any of the
established customers of the Company to cease doing business with the Company, or (ii)
solicit any of the employees of the Company to cease employment with the Company.

     This letter agreement shall become effective upon execution by the Participant and the
Company and shall terminate on December 31, 200___. [NOTE: Insert date that is the end of the
calendar year of the letter agreement.]

     If you agree to the above terms and conditions, please execute a copy of this letter
agreement below and return a copy to me.

	 	 	 	 	 
	 

	 	“PARTICIPANT”	 	 
	 
	 	 	 	 
	 

	 	 

[Name of Participant]
	 	 

THE UNDERSIGNED HEREBY ACCEPTS AND AGREES TO THE TERMS SET FORTH ABOVE AS OF THIS ___ DAY OF
                    , ___.

	 	 	 	 	 	 	 
	 

	 	“COMPANY”	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	DEVON ENERGY
	 	CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 
	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 

2

 

EXHIBIT C

Form of Compliance Certificate

     I hereby certify that I am in full compliance with the covenants contained in that certain
letter agreement (the “Agreement”) dated as of                     , ___ between Devon Energy Corporation
and me and have been in full compliance with such covenants at all times during the period ending
October 31, ___.

	 	 	 
	 

	 	 
	 

	 	[Name of Participant]

Dated:

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