Document:

exv10w2

Exhibit 10.2

AMENDMENT NO. 1 TO

EMPLOYMENT AGREEMENT

BY AND BETWEEN

THOMAS M. KITCHEN

AND

STEWART ENTERPRISES, INC.

     THIS AMENDMENT to the employment agreement effective as of May 14, 2007 (the “Employment
Agreement”) by and between Stewart Enterprises, Inc., a Louisiana corporation (“SEI”), and Thomas
M. Kitchen (“Employee”) is executed effective as of May 1, 2008.

     WHEREAS, SEI and Employee entered into the Employment Agreement, which contains certain
provisions pertaining to the issuance of stock options to Employee;

     WHEREAS, SEI maintains the 2007 Incentive Compensation Plan under which the Compensation
Committee of the Board of Directors of SEI has granted options to purchase shares of SEI’s Class A
common stock, no par value per share to Employee;

     WHEREAS, SEI and Employee have amended that certain Stock Option Agreement for the Grant of
Non-Qualified Stock Options Under the Stewart Enterprises, Inc. 2007 Incentive Compensation Plan by
and between SEI and Employee, such amendment effective as of May 1, 2008 (the “Amended Stock Option
Agreement”); and

     WHEREAS, SEI wishes to conform the terms of the Employment Agreement to those contained in the
Amended Stock Option Agreement.

     NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties as
follows:

     Amendment to Section 3.2(d)

     Section 3.2(d) of the Employment Agreement is hereby amended to read in its entirety as
follows:

     (d) If Employee’s employment is terminated, options may be exercised, but only
to the extent exercisable at the time of termination, within the periods specified
below, but no later than May 14, 2014:

     (i) In the event of

     (A) death,

     (B) disability within the meaning of Section 22(e)(3) of
the Code,

     (C) retirement on or after reaching age 65,

1

 

     (D) early retirement with the approval of the Board of
Directors or

     (E) any termination, other than termination for “cause,”
after Employee has completed 15 or more continuous years of
full-time service with the Company,

options must be exercised within one year following termination of
employment, after which time options shall terminate.

     (ii) In the event of termination for any other reason, options may be
exercised, but only to the extent exercisable at the time of termination,
within 30 days following termination of employment, after which time options
shall terminate.

Any options not yet exercisable at the time of termination of employment shall
terminate immediately upon termination of employment.

     Addition of Section 3.2(e)

     A new Section 3.2(e) is hereby added to the Employment Agreement and shall read in its
entirety as follows:

     (e) For purposes of Section 3.2(d) only, the term “cause” shall mean (a)
Employee’s breach of any written employment agreement between Employee and SEI or a
subsidiary or (b) the willful engaging by Employee in gross conduct injurious to SEI
or the subsidiary that employs Employee, which in either case is not remedied within
10 days after SEI or the employing subsidiary provides written notice to Employee of
such breach or willful misconduct.

     IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed as of the day
and year first above written.

	 	 	 	 	 
	 	STEWART ENTERPRISES, INC.

 	 
	 	By:  	/S/ JAMES W. MCFARLAND
 	 
	 	 	James W. McFarland, 	 
	 	 	Chairman of the Compensation

Committee of the Board of Directors 	 
	 

	 	 	 	 	 
	 	 	 
	 	 	         /S/ THOMAS M. KITCHEN
 	 
	 	 	Thomas M. Kitchen 	 
	 	 	Employee 	 

2exv10w7w2

Exhibit 10.7.2

AMENDMENT TO EXECUTIVE EMPLOYEE AGREEMENT

     This Amendment (this “Amendment”) to the Executive Employment Agreement, dated March 1, 2006,
and as amended by that certain amendment made as of January 1, 2008, is made as of May 28, 2008
(“Amendment Effective Date”) by and between Energy Recovery Inc., a Delaware corporation, with its
principal offices at 1908 Doolittle Drive, San Leandro, CA 94577 (the “Company”) and G.G. Pique,
an individual (the “Executive”) (together, the “Parties”).

     Pursuant to Article 5.11 of the Executive Employment Agreement, the parties hereby amend the
Executive Employment Agreement as follows:

     Article 2.1(b)(iii). The Parties hereby add Article 2.1(b)(iii) as follows:

     (iii) Notwithstanding Article 2.1(b)(ii) to the contrary, however, in the event that
the scheduled IPO is not consummated through no fault of the Executive, as determined by the
Board (with the recusal by the Executive from such Board determination, as necessary) in
good faith, all of the Executive’s stock options granted under Executive’s 2006 Equity
Compensation Grant pursuant to Article 2.1(c) of Executive’s Executive Employment Agreement
shall immediately and fully vest effective as of December 31, 2008.

All other terms contained in the Executive Employment Agreement shall continue in full force and
effect.

WITNESS, the execution of this Amendment as of the date first above written.

	 	 	 	 	 	 	 	 	 	 	 
	“Employee”	 	 	 	“Company”	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ G.G. Pique 	 	 	 	By:	 	/s/ Hans Peter Michelet 	 	 
	 

	 	 

G.G. Pique
	 	 	 	 	 	 

Title: Company Representative
	 	 

May 28, 2008exv10w16w2

Exhibit 10.16.2

SECOND MODIFICATION TO LOAN AND SECURITY AGREEMENT

 

     This
Second Modification to Loan and Security Agreement (this “Modification”) is entered into
by and between ENERGY RECOVERY, INC. (“Borrower”)
and COMERICA BANK (“Bank”) as of May 29, 2008,
at San Jose, California.

RECITALS

     This Modification is entered into upon the basis of the following facts and understandings of
the parties, which facts and understandings are acknowledged by the parties to be true and
accurate:

     Bank and Borrower previously entered into a Loan and Security Agreement (Accounts and
Inventory) dated March 27, 2008, as amended. The Loan and Security Agreement shall be referred to
herein as the “Agreement.”

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties agree as set forth below.

AGREEMENT

     1. Incorporation by Reference. The Recitals and the documents referred to therein are
incorporated herein by this reference. Except as otherwise noted, the terms not defined herein
shall have
the meaning set forth in the Agreement.

     2. Modification
to the Agreement. Subject to the satisfaction of the conditions
precedent as
set forth in Section 3 hereof, the Agreement is hereby modified as set forth below.

          (a) Section 1.2
of the Agreement is hereby deleted in its entirety and replaced with
the following:

     “1.2 Adjusted Current Ratio” shall mean, as of an applicable date of
determination, a ratio of Cash plus Eligible Accounts plus Inventory to Current
Liabilities (excluding Subordinated Debt) plus (to the extent not already included
therein) all Indebtedness to Bank including Letter of Credit Obligations.”

          (b) Section 1.12
of the Agreement is hereby deleted in its entirety and replaced with the following:

     “1.12 ‘Eligible Accounts’ shall mean and includes those Accounts of Borrower
which are due and payable within one hundred fifty (150) days, or less, from the
date of invoice (including but not limited to any accounts receivable due to
Borrower for work product or services completed for a customer but not yet invoiced
because of a delay in linking the actual time for work completed to specific jobs
and assembling a complete and comprehensive invoice), have been validly assigned to
Bank and strictly comply with all of Borrower’s warranties and representations to
Bank.”

          (c) Clause
(a) of Section 6.17 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

 

     “6.17 Borrower shall maintain the following financial ratios and covenants
on a consolidated and non-consolidated basis, which shall be monitored on a
quarterly basis, except as noted below:

          a. an Adjusted Current Ratio of not less than 1.10 to 1.00.”

     3. Recertification of Authority. Borrower certifies to Bank that:

          (a) the Restated Certification of Incorporation and Bylaws of Borrower delivered to Bank
on or about December 1, 2005 remain in full force and effect and have not been amended,
rescinded or repealed in any respect;

          (b) the Corporate Resolutions and Incumbency Certification of Borrower delivered to Bank
dated on or as of March 7, 2008 remain in full force and effect and the officers shown on such
Incumbency Certification as officers authorized to execute and deliver to Bank documents in
connection with loan financings: (i) continue to hold, and be
duly appointed to, the offices
indicated thereon; and (ii) continue to be duly authorized to execute and deliver to Bank this
Modification and any and all documents necessary to evidence indebtedness and obligations of
Borrower to Bank; and

          (c) Borrower is in good standing in the Slate of Delaware and under each jurisdiction in
which it is authorized to do business, including the State of California.

     4. Legal Effect. The effectiveness of this Modification is conditioned upon receipt by
Bank of this Modification, and any other documents which Bank may require to carry out the terms
hereof. Except as specifically set forth in this Modification, all of the terms and conditions of the
Agreement remain in full force and effect.

     5. Integration. This is an integrated Modification and supersedes all prior
negotiations and agreements regarding the subject matter hereof. All amendments hereto must be
in writing and signed by
the parties.

     IN WITNESS WHEREOF, the parties have agreed as of the date first set forth above.

	 	 	 	 	 	 	 	 	 
	ENERGY RECOVERY, INC.	 	 	 	COMERICA BANK
	By:	 	
/s/ Tom Willardson
 

	 	 	 	By:
	 	/s/ not Legible
 

	Its:	 	
CFO
 

	 	 	 	Its:
	 	Corporate Banking Officer - Western Market
 

	By:	 	
 
 
	 	 	 	 	 	 
	Its:

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