Document:

<PAGE>   1
                                                                     EXHIBIT 4.7

                FORM OF FIRST AMENDMENT TO STOCKHOLDER AGREEMENT

                  THIS FIRST AMENDMENT TO STOCKHOLDER AGREEMENT (this
"AGREEMENT") is entered into on September 29, 2000 by and among ENERGY PARTNERS,
LTD., a Delaware corporation (the "COMPANY"), EVERCORE CAPITAL PARTNERS L.P.,
EVERCORE CAPITAL PARTNERS (NQ) L.P. and EVERCORE CAPITAL OFFSHORE PARTNERS L.P.,
each a limited partnership organized under the laws of the State of Delaware
(collectively, the "EVERCORE ENTITIES"), ENERGY INCOME FUND, L.P., a limited
partnership organized under the laws of the State of Delaware ("EIF"), and the
individual stockholders of the Company signatories hereto. Terms used but not
defined herein have the meanings assigned to such terms in the Stockholder
Agreement (the "STOCKHOLDER AGREEMENT") dated November 17, 1999 by and among the
Company, the Evercore Entities, EIF and the individual stockholders of the
Company party thereto (the "INDIVIDUAL STOCKHOLDERS").

                  WHEREAS, the Company, the Evercore Entities, EIF and the
Individual Stockholders are party to the Stockholder Agreement.

                  WHEREAS, the parties hereto wish to amend the Stockholder
Agreement as set forth in this Agreement.

                  NOW, THEREFORE, the parties hereto hereby agree as follows:

                  1. Section 2.1(b) is amended by replacing the first sentence
with the following:

                           "The Evercore Entities, Evercore Permitted
         Transferees, EIF, EIF Permitted Transferees, and, subject to Section
         2.1(c) with respect to Management Shareholders, the Individual
         Shareholders and Shareholder Transferees may Dispose of any Securities,
         in whole or in part, at any time or from time to time to Evercore
         Permitted Transferees, EIF Permitted Transferees or Shareholder
         Permitted Transferees without any restriction, except for limitations
         and restrictions under the Securities Act."

                  2. Section 2.1(c) is deleted in its entirety and replaced with
the following:

                                         "(c) Without prior approval of the
                       Compensation Committee, Management Shareholders and
                       Shareholder Transferees may not Dispose of any shares of
                       Common Stock other than to Shareholder Transferees for
                       three years after the date of consummation of a
                       Qualifying Public Offering; provided, however, that,
                       without being subject to the provisions of this Agreement
                       other than Section 2.4,
<PAGE>   2
                                      -2-

                                    (i) subject to clause (y) of the proviso to
                        Section 2.1(c)(iii), a Management Shareholder and his or
                        her Shareholder Transferees may Dispose of the
                        percentage of shares of Common Stock owned on the date
                        of the First Amendment by such Management Shareholder
                        and his or her Shareholder Transferees on or after the
                        dates set forth below:

<TABLE>
<CAPTION>
                        Percentage                                             Date
                        ----------                                             ----
<S>                                                 <C>
                             0%                     On or after date of Qualifying Public Offering and prior
                                                    to first annual anniversary of a Qualifying Public
                                                    Offering

                            25%                     On or after first annual anniversary of Qualifying Public
                                                    Offering and before second annual anniversary of
                                                    Qualifying Public Offering

                            50%                     On or after second annual anniversary of Qualifying
                                                    Public Offering and before third annual anniversary of
                                                    Qualifying Public Offering

                           100%                     On or after third annual anniversary of Qualifying
                                                    Public Offering
</TABLE>

                       provided that (x) the percentages applicable to Richard
                       A. Bachmann shall be 0%, 15%, 30% and 100%, respectively,
                       (y) shares of Common Stock (or options to acquire such
                       shares) which vest following the date of the First
                       Amendment shall be deemed to be owned by such Management
                       Shareholder on the date of the First Amendment effective
                       as of the date of vesting, and (z) shares of Common Stock
                       (or options to acquire such shares) acquired by a
                       Management Shareholder following the date of the First
                       Amendment shall be subject to such restrictions on
                       transfer as may be imposed by the Compensation Committee,
                       and shall not be deemed subject to this Section 2.1(c);

                                 (ii) a Management Shareholder that has ceased
                        to be an employee of the Company as a result of a
                        termination without Cause shall be permitted to Dispose
                        of shares of Common Stock; and

                                 (iii) a Management Shareholder may pledge,
                        encumber or grant a security interest in up to 50% of
                        the Common Stock beneficially owned by him or her;
                        provided that (y) in no event shall shares of Common
                        Stock encumbered pursuant to this clause, plus shares of
                        Common Stock sold
<PAGE>   3
                                      -3-

                        pursuant to Section 2.1(c)(i), exceed 50% of the shares
                        of Common Stock owned by such Management Shareholder and
                        his or her Shareholder Transferees on the date of the
                        First Amendment prior to the third anniversary of a
                        Qualifying Public Offering and (z) the pledgee of such
                        shares shall agree that the shares so pledged will
                        remain subject to the provisions of this Agreement as
                        shares of a Management Shareholder."

                  3. Section 4.1 is deleted in its entirety and replaced with
the following:

                  "SECTION 4.1. COVENANTS. Until the Transition Date, without
         the Required Approval, except as provided in Section 8.1, the Company
         will not take any of the following actions:

                  (a) consolidate or merge with or into any Person or enter into
         any similar business combination, transaction or series of
         transactions, except any such transaction or series of transactions, as
         the case may be, involving only Wholly Owned Subsidiaries of the
         Company;

                  (b) amend or repeal any provision of, or add any provision to,
         the Company's Certificate of Incorporation, Bylaws or any Certificate
         of Designation or otherwise alter or change the preferences, rights,
         privileges or powers of the Securities;

                  (c) create, designate, reclassify, authorize the issuance of,
         or issue or sell any new series or class of securities or increase the
         authorized number of, authorize the issuance of, or issue, any
         additional shares of securities, except in connection with redemptions
         or repurchases of preferred stock under the Certificates of
         Designation;

                  (d) except as specifically provided otherwise in this
         Agreement, change or modify the size of the Company's Board of
         Directors or any provision of the Company's Restated Certificate of
         Incorporation, Certificate of Designation, Bylaws or other governance
         document establishing requirements for quorum or action of the
         Company's Board of Directors;

                  (e) voluntarily liquidate, dissolve, wind up or discontinue
         the business of the Company;

                  (f) pay, declare or set aside any sums for the payment of, any
         dividends, or make any distributions on, any Securities except as
         required by the terms of the Preferred Stock;

                  (g) redeem, purchase or otherwise acquire any of its
         Securities or redeem, purchase or make any payments with respect to any
         stock appreciation rights, phantom
<PAGE>   4
                                      -4-

         stock plans or similar rights or plans relating to the Company or its
         subsidiaries, except for redemptions or repurchases of Preferred Stock
         permitted under the Certificates of Designation;

                  (h) purchase, acquire or obtain any capital stock or other
         proprietary interest, directly or indirectly, in any other entity or
         all or substantially all of the business or assets of another Person
         for consideration (including assumed liabilities) in excess of
         $2,500,000;

                  (i) enter into or commit to enter any joint ventures or any
         partnerships or establish any non-Wholly Owned Subsidiaries, in each
         case, where the contributions or investments by the Company are in
         excess of $2,500,000 in cash or assets, except as set forth or provided
         for in a capital expenditure budget of the Company set forth in Exhibit
         D or approved after the Effective Date under subpart (o) below;

                  (j) sell, lease, transfer or otherwise dispose of any asset or
         group of assets, in an aggregate amount (as to the Company and all of
         its subsidiaries), for consideration in excess of $2,500,000 in a
         single transaction or in a series of related transactions;

                  (k) create, incur, assume or suffer to exist any indebtedness
         for borrowed money of the Company or any of its subsidiaries in an
         aggregate amount (as to the Company and all of its subsidiaries) in
         excess of $2,500,000, except for any indebtedness to be repaid upon
         consummation of a Qualifying Public Offering;

                  (l) mortgage, encumber, create, incur or suffer to exist,
         liens on its assets, in an aggregate amount (as to the Company and all
         of its subsidiaries) in excess of $2,500,000, except for liens on
         assets that exist as of the date hereof and liens incurred after the
         Effective Date in the ordinary course of business that do not secure
         indebtedness for borrowed money or capitalized lease obligations;

                  (m) increase any compensation or benefits or enter into or
         amend any employment agreement with any of its current or future
         officers or directors or adopt any new employee benefit plan or amend
         any existing employee benefit plan in any material respect that
         provides benefits more favorable to participants in such plans, except
         for such changes to or new plans set forth on Schedule 4.1;

                  (n) make any award of any restricted stock or stock options or
         other stock-based compensation to any Person or reallocate any such
         awards, including the shares referenced in Section 7.1 to be executed
         and delivered at the Effective Date;

                  (o) adopt, approve or amend (in excess of $3,000,000 in the
         aggregate) any capital budget or operating budget of the Company or
         make expenditures (in excess of
<PAGE>   5
                                      -5-

         $3,000,000 in the aggregate) not contemplated by a capital or operating
         budget of the Company, except for individual operating expenditures of
         $100,000 or less in the ordinary course that require immediate action
         by the Company and that would otherwise cause the total expenditures
         not contemplated by a capital or operating budget of the Company to
         exceed $3,000,000;

                  (p) engage in hedging transactions with respect to oil and/or
         gas prices; and

                  (q) agree in writing or otherwise to take any of the foregoing
         actions.

         Nothing in this Section 4.1 shall affect, impair or limit the
         requirements of class voting with respect to the Preferred Stock set
         forth in the Certificates of Designation. For purposes of this Section
         4.1, the "REQUIRED APPROVAL" means, (i) for so long as Richard A.
         Bachmann serves on the Board and is Chief Executive Officer of the
         Company, the approval of Mr. Bachmann and an Evercore Approval
         Director, (ii) if Mr. Bachmann either no longer serves on the Board or
         is not Chief Executive Officer of the Company, the approval of an
         Evercore Approval Director and (iii) with respect to any cash dividends
         on Common Stock, the approval of an Evercore Approval Director and
         either Mr. Bachmann or a majority of the members of the Independent
         Committee."

                  4. The definitions of "CAUSE" and "MANAGEMENT SHAREHOLDERS"
are deleted in their entirety and replaced with the following:

              " 'CAUSE', with respect to any Management Shareholder, has the
              meaning set forth in the Employment and Stock Ownership Agreement
              of such Management Shareholder (collectively, the "EMPLOYMENT
              AGREEMENTS")."

              " 'MANAGEMENT SHAREHOLDERS' means, for purposes of Section 7.1(d),
              those individuals set forth on Exhibit E, and for any other
              purpose, Messrs. Richard Bachmann, Clinton Coldren, Wayne
              Greenwalt, John McCandless, Don Olson, James Orth, Louis Willhoit,
              Jr. and Ken Smith, and Mses. Suzanne Baer and Jean Stallard, and
              any other individuals who sign an Additional Party Counterpart as
              a Management Shareholder after the date hereof."

                  5. The following definition is hereby added:

              " 'FIRST AMENDMENT' means the First Amendment to Stockholder
              Agreement dated September 29, 2000."
<PAGE>   6
                                      -6-

                  6. Section 9.15 is deleted in its entirety and replaced with
the following:

                      "SECTION 9.15. EMPLOYMENT AGREEMENTS. Upon any Management
         Shareholder's resignation or termination for Cause, the provisions of
         Section 2.1 shall not apply to a transaction to acquire Securities
         pursuant to the Employment Agreement of such Management Shareholder."

                  7. By their execution hereof, Richard A. Bachmann and the
Evercore Entities acknowledge that the Required Approval has been obtained for
the execution, delivery and performance of this Agreement and the form of Second
Amendment to Employment Agreement attached to this Agreement as Annex 1.

                  8. Except as expressly set forth herein, the terms of the
Stockholder Agreement are unchanged, and the Stockholder Agreement, as amended
by this Agreement, is hereby confirmed and ratified.

                  9. This Agreement may be executed in multiple counterparts,
each of which shall be deemed an original and all of which shall, taken
together, be considered one and the same agreement, it being understood that the
parties need not sign the same counterpart.

                  10. This Agreement shall become effective upon the later to
occur of the date of (i) the execution of this Agreement by the Company, the
Evercore Entities, EIF and the holders of a majority of the Securities owned by
Individual Shareholders, and (ii) the consummation of a Qualifying Public
Offering. For the avoidance of doubt, following the effectiveness of this
Agreement, Section 2.4 is the only restriction on Individual Shareholders who
are not also Management Shareholders.
<PAGE>   7
                                       S-1

                  IN WITNESS WHEREOF, the parties hereto have executed and
delivered this Agreement as of the date first above written.

                                   ENERGY PARTNERS, LTD.

                                   By:
                                        ----------------------------------------
                                        Name:  Richard A. Bachmann
                                        Title: Chairman, President and Chief
                                               Executive Officer

                                   EVERCORE CAPITAL PARTNERS L.P.

                                   By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                   EVERCORE CAPITAL PARTNERS (NQ) L.P.

                                   By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                   EVERCORE CAPITAL OFFSHORE PARTNERS L.P.

                                   By:
                                        ----------------------------------------
                                        Name:
                                        Title:
<PAGE>   8
                                      S-2

                                   EVERCORE CO-INVESTMENT PARTNERSHIP L.P.

                                   By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                   ENERGY INCOME FUND, LP

                                   By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                   ---------------------------------------------
                                   Richard Bachmann

                                   ---------------------------------------------
                                   Suzanne Baer

                                   ---------------------------------------------
                                   Wayne Greenwalt

                                   ---------------------------------------------
                                   William O. Hiltz

                                   ---------------------------------------------
                                   John McCandless

                                   ---------------------------------------------
                                   Don Olson

                                   ---------------------------------------------
                                   James Orth
<PAGE>   9
                                      S-3

                                   ---------------------------------------------
                                   Louis Willhoit, Jr.

                                   ---------------------------------------------
                                   Jean Stallard

                                   ---------------------------------------------
                                   Clinton Coldren

                                   ---------------------------------------------
                                   Ken Smith

                                   ---------------------------------------------
                                   Thomas DeBrock

                                   ---------------------------------------------
                                   Ken Meyers

                                   ---------------------------------------------
                                   John Phillips

                                   ---------------------------------------------
                                   Eamon Kelly

                                   ---------------------------------------------
                                   Harold Carter

                                   ---------------------------------------------
                                   Franklin W. Hobbs
<PAGE>   10
                                      S-4

                                   OIL AND GAS RENTAL SERVICES, INC.

                                   By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                   VATICAN VENTURES, L.L.C.

                                   By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                   ---------------------------------------------
                                   Stephen A. Loeb

                                   NELL LABATT FAMILY LIMITED PARTNERSHIP

                                   By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                   MORGAN KEEGAN AND COMPANY, INC., CUSTODIAN
                                   FBO DONALD A. OLSON IRA

                                   By:
                                        ----------------------------------------
                                        Name:
                                        Title:
<PAGE>   11
                                      S-5

                                   TUNDRA RESOURCES, L.L.C.

                                   By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                   ---------------------------------------------
                                   Jeff Feinman

                                   ---------------------------------------------
                                   Marvin Gearhart

                                   ---------------------------------------------
                                   Lucy T. Riess

                                   ---------------------------------------------
                                   F. Kelleher Riess

                                   ---------------------------------------------
                                   Gerald E. Songy

                                   L Z P, L.L.C.

                                   By:
                                        ----------------------------------------
                                        Name:
                                        Title:
<PAGE>   12
                                      S-6

                                   CROSBY LAND AND RESOURCES, A MISSISSIPPI
                                   PARTNERSHIP

                                   By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                   ---------------------------------------------
                                   Anthony J. Magro

                                   TRI-C PROPERTIES, L.L.C.

                                   By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                   CORPORATE CAPITAL, L.L.C.

                                   By:
                                        ----------------------------------------
                                        Name:
                                        Title:
<PAGE>   13
                                                                         ANNEX 1

SECOND AMENDMENT TO
EMPLOYMENT AND
STOCK OWNERSHIP AGREEMENT
                                                        UNITED STATES OF AMERICA
BY AND BETWEEN
                                                        STATE OF LOUISIANA
ENERGY PARTNERS, LTD.
                                                        PARISH OF ORLEANS
AND

[NAME OF EMPLOYEE]

                  THIS SECOND AMENDMENT TO EMPLOYMENT AND STOCK OWNERSHIP
AGREEMENT (this "Second Amendment") is entered into in New Orleans, Louisiana on
this 29th day of September, 2000, by and between [Name of Employee], an
individual of the full age of majority domiciled in the Parish of Orleans, State
of Louisiana (hereinafter called "Employee"), and Energy Partners, Ltd., a
corporation organized and existing under the laws of the State of Delaware
(hereinafter called the "Company"), represented herein by its duly authorized
President, Richard A. Bachmann.

                  WHEREAS, Employee and the Company entered into that certain
Employment and Stock Ownership Agreement dated June 5, 1998;

                  WHEREAS, Employee and the Company entered into that certain
First Amendment to Employment and Stock Ownership Agreement dated November 17,
1999;

                  WHEREAS, Employee entered into a Stockholder Agreement dated
November 17, 1999, by and among the Company, Employee and the other shareholders
of the Company named therein;

                  WHEREAS, concurrent with the execution hereof, Employee is
entering into a First Amendment to Stockholder Agreement dated September 29,
2000 ("First Amendment"), by and among the Company, Employee and the other
shareholders of the Company named therein;

                  NOW, THEREFORE, the parties agree as follows:
<PAGE>   14
                                      -2-

                  1. The definition of "Stockholder Agreement" contained in
Section 2.2 shall mean such Stockholder Agreement as amended by the First
Amendment.

                  2. Section 2.7 is amended by adding the following at the end
thereof:

              "; provided further, however, if the Employee's employment
              terminates as contemplated in this Section 2.7 other than in the
              circumstances set forth in the immediately preceding proviso, the
              number of Shares that may be acquired as set forth in Section 2.12
              shall, depending on the date the Employee's employment terminates,
              be equal to the number of Shares owned by Employee on the date of
              this Second Amendment multiplied by the following fraction:

<TABLE>
<CAPTION>
                             Fraction
                            of Shares                             Date of Termination
                            ---------                             -------------------
<S>                                               <C>
                               3/4                On or after date of consummation of Qualifying Public
                                                  Offering and before first anniversary of Qualifying
                                                  Public Offering

                               1/2                On or after first anniversary of Qualifying Public Offering
                                                  and before second anniversary of Qualifying Public Offering

                               1/4                On or after second anniversary of Qualifying Public Offering
                                                  and before third anniversary of Qualifying Public Offering

                                 0                On or after third anniversary of Qualifying Public
                                                  Offering
</TABLE>

                  3. This Second Amendment shall become effective upon
consummation of a Qualifying Public Offering.
<PAGE>   15
                                      -3-

                  IN WITNESS WHEREOF, the parties hereto have set forth their
hand on the day, month and year first above written in multiple originals, each
of which shall have the same force and effect as if it were the same original.

WITNESSES:                              ENERGY PARTNERS, LTD.

                                        By:
------------------------------               ------------------------------
Name:                                        Name:
                                             Title:

------------------------------
Name:

WITNESSES:

                                        By:
------------------------------               ------------------------------
Name:                                        Name:

------------------------------
Name:

WITNESSES:                              ACKNOWLEDGED AND AGREED
                                        TO THE TERMS HEREOF:

                                        By:
------------------------------               ------------------------------
Name:                                        Spouse

------------------------------
Name:<PAGE>   1
                                                                   EXHIBIT 10.10

EMPLOYMENT AND                                     UNITED STATES OF AMERICA
STOCK OWNERSHIP
AGREEMENT                                          STATE OF LOUISIANA

BY AND BETWEEN                                     PARISH OF ORLEANS

ENERGY PARTNERS, LTD.

AND

RICHARD A. BACHMANN

                  THIS EMPLOYMENT AND STOCK OWNERSHIP AGREEMENT (the
"Agreement"), entered into in New Orleans, Louisiana on this 5th day of June,
1998, by and between Richard A. Bachmann, an individual of the full age of
majority domiciled in the Parish of Orleans, State of Louisiana (hereinafter
called "Employee") and Energy Partners, Ltd., a corporation organized and
existing under the laws of the State of Delaware (hereinafter called "Company"),
represented herein by its duly authorized President, Richard A. Bachmann.

1.       Terms and Conditions of Employment.

         1.1.     Length of Employment. In consideration for the compensation
                  set forth in Subparagraph 1.2, Employee shall be employed as
                  Company's President and Chief Executive Officer for a period
                  of five (5) years (or for such lesser time period as mandated
                  by law) from the date of execution of this Agreement (the
                  "Term"). Company may terminate employment at any time for
                  "Cause" in which case Employee shall not be entitled to the
                  balance of compensation for the remainder of the Term. "Cause"
                  as used herein shall consist of the following: (a) willful
                  refusal to perform assigned functions; (b) insubordination;
                  (c) embezzlement; (d) intoxication or drug abuse which
                  interferes with job performance; (e) wrongful disclosure of
                  confidential company information; (f) conflict of interest
                  which is undisclosed and not Board approved; (g) conviction of
                  a felony; (h) engaging, directly or indirectly, in a business
                  which is competitive to the business of the Company, as an
                  employee, officer, director, shareholder, partner, agent or
                  independent contractor which is undisclosed and not Board
                  approved; and (i) incompetence. Within thirty (30) days of
                  execution of this Agreement, Employee shall prepare a written
                  disclosure statement of all business relationships in which he
                  may continue to be an

<PAGE>   2
                                      -2-

                  employee, officer, director, shareholder, partner, agent or
                  independent contractor. A Cause determination shall be in the
                  Company's sole discretion. Company may terminate employment
                  upon ninety (90) days' written notice for any reason
                  whatsoever in which case Employee shall not be entitled to the
                  balance of compensation for the remainder of the Term
                  following such ninety (90) day notice. Employee shall not be
                  entitled to the balance of compensation due for the remainder
                  of the Term following termination of employment due to death
                  or permanent disability.

         1.2.     Consideration. As compensation, Employee shall receive the
                  monthly compensation as set forth on Exhibit "A" attached
                  hereto and made a part hereof, less social security and
                  withholding taxes. The Company shall offer group health care
                  coverage as determined by the Board of Directors. By mutual
                  written agreement between the parties, Exhibit "A" may be
                  modified, substituted or replaced from time to time so as to
                  reflect adjustments to compensation or other benefits as
                  determined by the Board of Directors. Only the President of
                  the Company shall have the authority on the Company's behalf
                  to modify, substitute or replace Exhibit "A."

         1.3.     Vacation Time. Employee shall accrue vacation days during each
                  month worked during the Term as set forth in Exhibit "A",
                  which shall be taken at times mutually agreeable to Employee
                  and Company. The Company, in its discretion, may advance
                  vacation days as requested by Employee. Months "worked" are
                  those months during which Employee was actively engaged in
                  employment on Company's behalf for more than ten (10) business
                  days. The accrued vacation time must be used in the calendar
                  year that it is accrued and will not be carried forward to
                  succeeding years.

         1.4.     Liability. Company shall indemnify and hold harmless Employee
                  from and against any and all claims and liabilities to which
                  Employee may be or become subject by reason of Employee now or
                  hereafter being or having heretofore been an employee of
                  Company and/or by reason of Employee's alleged acts or
                  omissions as such employee, whether or not Employee continues
                  to be such employee at the time when any such claim or
                  liability is asserted, and shall reimburse Employee for all
                  legal and other expenses reasonably incurred by Employee in
                  connection with defending any or all such claims or
                  liabilities, including amounts paid or agreed to be paid in
                  connection with reasonable settlements made before final
                  adjudication with the approval of the Board of Directors,
                  whether or not Employee continues to be an employee at the
                  time such

<PAGE>   3
                                      -3-

                  expenses are incurred; provided, however, that Employee shall
                  not be indemnified against any claim or liability to the
                  extent that it arises out of Employee's own gross negligence
                  or willful misconduct finally determined by a court of
                  competent jurisdiction, and shall not be indemnified against
                  or reimbursed for any expenses incurred in defending any or
                  all such claims or liability or in settling the same.

         1.5.     Non-Competition Agreement. Company and Employee acknowledge
                  that Company is engaged in the business of owning, operating,
                  producing and exploring for mineral interests, and other
                  related activities. For a period of two (2) years following
                  termination of employment (the last day on which Employee is
                  actively engaged in employment on Company's behalf), Employee
                  will not compete directly or indirectly with the Company as to
                  any existing contract to which Company is a party, and/or as
                  to any business of the Company evidenced by contracts,
                  agreements, letters of intent, confidentially agreements, or
                  written proposals in existence on the date of termination of
                  employment in those Parishes in Louisiana set forth in Exhibit
                  "B", and in the states and subdivisions of those states as
                  provided in Exhibit "B". The parties acknowledge that the
                  remedy at law for any breach, whether jointly or severally, of
                  this non-competition clause of this Agreement, all of which is
                  deemed material, will be inadequate and the parties hereby
                  agree that the Company shall be entitled to injunctive relief
                  by a court of competent jurisdiction enjoining and restraining
                  him from the continuance of any such act which constitutes a
                  breach hereof. In addition to injunctive relief, Company
                  reserves the right to seek any damages to which it may be
                  entitled as consequence of employee's breach of this
                  Agreement.

         1.6.     Wages. Should Employee Resign (as defined in Subparagraph 2.7
                  below), and if Employee does not have any just cause of
                  complaint against the Company, Employee shall then forfeit all
                  of the future wages that may be due and payable to Employee.
                  However, Employee shall not be compelled to repay any monies
                  Employee has received as wages, whether in advance of the
                  current year or at the time of Employee's engagement.

2.       Shareholder's Agreement.

         2.1.     Purchase of Shares. Subject to the terms and conditions of
                  this Agreement, Employee shall purchase from Company 1,650
                  shares of no par value common stock of the Company
                  (hereinafter, the "Shares") at the price of one dollar

<PAGE>   4
                                      -4-

                  ($1.00) per share upon execution of this Agreement, receipt
                  and sufficiency of which is hereby acknowledged.

         2.2.     Transfer of Shares. No Shares may be sold, assigned, pledged,
                  transferred or otherwise alienated (each, "Transferred")
                  except in accordance with and pursuant to the terms and
                  conditions of this Agreement and that certain Stockholders'
                  Agreement dated June 5, 1998, by and between the Company,
                  Employee, and others identified therein (the "Stockholders'
                  Agreement"). Additionally, as a condition precedent to any
                  Transfer, the transferee must validly execute the
                  Stockholders' Agreement. Unless otherwise prohibited in the
                  Stockholders' Agreement, the Shares may be pledged with the
                  Company's consent, provided that any lender's recourse for
                  liquidation on debt repayment shall be limited to selling the
                  pledged Shares under the same terms and conditions as though
                  it was an Employee. The lender shall agree to the foregoing
                  provisions as terms of the pledge.

         2.3.     Restrictions on Transfer. Any Transfer or attempted Transfer
                  by Employee in violation of this Agreement shall be null and
                  void and of no force or effect whatever. Any purported
                  transferee shall not be deemed to be a shareholder of the
                  Company and shall not be entitled to receive a new certificate
                  or any distributions on or with respect to the Shares.
                  Employee hereby acknowledges the reasonableness of the
                  restrictions on Transfer imposed by this Agreement in view of
                  the Company's purposes and the relationship of the Employee
                  with the Company. Accordingly, the restrictions on Transfer
                  contained herein shall be specifically enforceable.

                  Employee hereby further agrees to hold the Company and each
                  other shareholder (each shareholder's successors and assigns)
                  wholly and completely harmless from any cost, liability or
                  damage (including, without limitation, liabilities for income
                  taxes and costs of enforcing this indemnity) incurred by any
                  of such indemnified persons as a result of a Transfer or
                  attempted Transfer in violation of this Agreement.

         2.4.     Subsequently Issued Shares. All Shares hereinafter issued to
                  Employee or to Employee's beneficiaries, heirs, successors in
                  interest, representatives or assigns with respect to any
                  Shares subject to this Agreement, whether by stock split,
                  stock dividend or otherwise, shall bear the same endorsement
                  and be subject to all the terms and conditions hereof.

<PAGE>   5
                                      -5-

         2.5.     Legend. In addition to other legends required under the
                  Stockholders' Agreement and applicable securities laws, the
                  Shares which are subject to this Agreement shall contain the
                  following legend:

                           "The shares represented by this certificate are
                           subject to repurchase by Energy Partners, Ltd. and
                           such shares may not be sold or otherwise transferred
                           except pursuant to the Employment and Stock Ownership
                           Agreement, dated ______________, 1998, by and between
                           the shareholder to whom this certificate was issued,
                           the shareholder's spouse and Energy Partners, Ltd., a
                           copy of which is on file in the office of the
                           Corporate Secretary of the Company."

         2.6.     Internal Revenue Code Section 83(b) Election. The Employee
                  shall execute a valid election under Internal Revenue Code
                  Section 83(b), in accordance with the procedures prescribed in
                  the regulations thereunder and the form attached hereto and
                  made hereof as Exhibit "C".

         2.7.     Shareholder Rights Upon Employee Resignation or Termination
                  for Cause. If Employee voluntarily terminates employment with
                  the Company by resignation ("Resign") before the expiration of
                  the Term or if Employee is terminated by the Company for
                  "Cause" (as defined in Subparagraph 1.1 above) prior to the
                  expiration of the Term, all of Employee's rights to the Shares
                  may be acquired as set forth in Section 2.12 hereof at a price
                  equal to the greater of $0.00 or the book value of the Shares
                  as set forth on the Company's financial statements as of
                  December 31 of the year prior to termination.

         2.8.     Shareholder Rights Upon Judgment of Separation or Divorce. In
                  the event of a judgment of separation or divorce involving
                  Employee in which a portion of Employee's Shares are
                  transferred to Employee's spouse/ex-spouse, Employee shall
                  have sixty (60) days from the date of such transfer to
                  purchase said Shares from the spouse/ex-spouse. If Employee
                  does not purchase said Shares within the sixty (60) day time
                  period, then within four (4) months of said transfer, all of
                  Employee's rights to the Shares transferred to Employee's
                  spouse/ex-spouse may be acquired as set forth in Section 2.12
                  hereof. If the Shares are owned as community property or in
                  joint ownership, Employee's spouse shall execute this
                  Agreement in acknowledgment and agreement to such sale of
                  Shares. The spouse, by executing this Agreement, shall also
                  acknowledge and agree that following such sale of their
                  Shares, the spouse will have no further interest

<PAGE>   6
                                      -6-

                  whatsoever in this Agreement or any claims under it. This
                  provision shall be inapplicable to any Employee whose
                  spouse/ex-spouse is also an employee of the Company and holds
                  Shares in their own name.

         2.9.     Purchase Price upon Judgment of Separation or Divorce. (a) If
                  Employee purchases the spouse/ex-spouse's Shares, the purchase
                  price shall be based upon the "fair market value" of the
                  Shares as of the end of the fiscal year of the Company
                  immediately preceding the date of said judgment and payment
                  shall be made in cash. "Fair market value" shall be determined
                  by both Employee and the spouse/ex-spouse by obtaining two (2)
                  appraisals. However, if no agreement can be reached within
                  five (5) business days of the date of the latest appraisal,
                  the Company will obtain a third appraisal, with costs split
                  evenly between Employee and the spouse/ex-spouse, and the fair
                  market value will be the average of the three (3) appraisals.
                  (b) If Employee does not purchase the Shares from the
                  spouse/ex-spouse, then the Shares may be acquired as set forth
                  in Section 2.12 hereof for the fair market value established
                  based upon the average of an appraisal obtained by Company and
                  an appraisal obtained by Employee determined as of the end of
                  the fiscal year of Company immediately preceding the date of
                  said judgment within four (4) months of the transfer to the
                  spouse/ex-spouse.

         2.10.    Shareholder Rights upon Death, Permanent Disability or
                  Involuntary Termination by Company for Other than Cause.
                  Should employment of Employee by Company cease due to
                  Employee's death, permanent disability or involuntary
                  termination of Employee by Company for a reason other than
                  "Cause" as defined in Subparagraph 1.1 above, Employee's
                  Shares shall continue to be held in Employee's name (or
                  Employee's designated beneficiary or trustee, as applicable).
                  For purposes hereof, permanent disability shall be Employee's
                  complete and total inability, by reason of illness, accident
                  or otherwise, to perform the duties of the occupation for
                  which Employee was employed when such disability commenced for
                  a period of twenty-six (26) weeks. All determinations as to
                  the date and the extent of disability of Employee shall be
                  made by the Company's President or his designee based upon
                  such information as deemed reasonable and appropriate.

         2.11.    Interests of Employee Spouse upon Death. By executing this
                  Agreement, the spouse of Employee agrees to execute within
                  sixty (60) days hereof, a valid last will and testament
                  containing a legacy to Employee consisting of all interests in
                  the Shares that the spouse owns jointly or through a community
                  property regime. The last will and testament shall also
                  contain a provision that should such

<PAGE>   7
                                      -7-

                  disposition impinge upon the legitime of the spouse's forced
                  heirs, that Employee shall have the right within six (6)
                  months of the spouse's death to purchase such Shares at a
                  price based upon an independent appraisal determined as of the
                  December thirty-first (31st) immediately prior to the date of
                  the spouse's death. Should Employee fail to purchase such
                  Shares, the Shares may be acquired as set forth in Section
                  2.12 hereof at the fair market value as determined using the
                  procedure set forth in Subparagraph 2.9(b) above, within four
                  (4) months of the spouse's death.

         2.12.    Option to Purchase. As more fully described in Section 4 of
                  the Stockholders' Agreement, any right or option to purchase
                  any shares pursuant to this Agreement shall first be
                  exercisable by Richard A. Bachmann, or his designee, who shall
                  first have the option to purchase all of the Shares under the
                  applicable terms and conditions. Company shall have the option
                  to purchase or redeem the Shares if not purchased by Richard
                  A. Bachmann under the same applicable terms and conditions,
                  and so long as the Stockholders' Agreement is in effect,
                  Energy Income Fund, L.P., or its designee, shall have the
                  option to purchase all of the Shares not purchased by Richard
                  A. Bachmann or Company under the same applicable terms and
                  conditions.

         2.13.    Mandatory Sale of Shares. Notwithstanding anything to the
                  contrary set forth herein and as more fully described in
                  Section 5 of the Stockholders' Agreement, if a bona fide offer
                  to purchase eighty-five percent (85%) of the Shares of the
                  Company is received by the Company from an independent third
                  party at a price per Share which is supported by appraisals,
                  and if the holders of eighty-five percent (85%) of the Shares
                  then outstanding have agreed to tender their Shares pursuant
                  to such offer, Employee agrees to sell all Shares that
                  Employee holds on the terms and conditions set forth in such
                  offer.

         2.14.    Restriction on Sale of Shares. Except as provided elsewhere in
                  this Section 2.0, after (i) a Qualified Public Offering, (ii)
                  transfer of more than seventy-five (75) percent of the
                  authorized, issued, and outstanding stock of the Company by
                  sale, merger, or otherwise, or (iii) by written agreement of
                  all parties to this Agreement, for a period of one (1) year
                  prior to the termination of this Agreement as defined in
                  Section 3.7 hereof, Employee shall not sell such number of
                  Shares in excess of the lesser of: (A) the number of Shares
                  permitted to be sold by Employee pursuant to any underwriting
                  and/or subscription agreement or (B) fifty (50%) percent of
                  the Shares held by Employee. If Employee desires to sell more
                  Shares than set forth above, Employee, may at the option of
                  the

<PAGE>   8
                                      -8-

                  Company, sell such Shares to the Company at the lesser of book
                  value as of the preceding December 31, or the then market
                  value of the stock as traded on a recognized stock exchange.

         2.15.    Exception to Restriction on Transfer of Shares.
                  Notwithstanding the restriction on sale, transfer or
                  alienation of the Shares provided herein, Employee shall have
                  the right to transfer a portion of the Shares held by him to
                  an individual or individuals who are, or will become, an
                  employee of the company (each an "Employee Transferee");
                  provided, however, that any such Employee Transferee must
                  validly execute a Shareholders' Agreement and an Employment
                  and Stock Ownership Agreement as a condition precedent to
                  receiving any Shares.

3.       Miscellaneous

         3.1.     Entire Agreement. The parties to this Agreement acknowledge
                  that they have concurrently executed that certain
                  Stockholders' Agreement dated on even date by and among Energy
                  Partners, Ltd., and Energy Income Fund, L.P., and The
                  Individual Stockholders ("Stockholders' Agreement"). In any
                  circumstances where there is a conflict between the provisions
                  of the Stockholders' Agreement and this Agreement, except as
                  provided in Section 3.7 below, the provisions of the
                  Stockholders' Agreement shall prevail, but only so long as the
                  Stockholders' Agreement is in force and effect. Capitalized
                  terms not defined herein shall have the meaning set forth in
                  the Stockholders' Agreement. Without limiting the generality
                  of the foregoing, this Agreement embodies the entire agreement
                  between the parties hereto regarding to the subject matter
                  hereof, and shall supersede any and all prior agreements
                  whether written or oral relating to employment and/or Shares
                  of the Company owned by Employee, and shall be binding upon
                  Employee and Employee's heirs, legatees, legal
                  representatives, successors, donees, transferees and assigns,
                  and Employee does hereby authorize and obligate Employee's
                  executors, heirs and legatees to comply with the terms of this
                  Agreement. The parties shall not be bound by or be liable for
                  any statement, representation, promise, inducement or
                  understanding of any kind or nature regarding the subject
                  matter hereof which is not set forth herein. No changes,
                  amendments or modifications of any of the terms or conditions
                  of this document shall be valid unless reduced to writing and
                  signed by all parties hereto, Company being represented by its
                  President or his designee.

<PAGE>   9
                                      -9-

         3.2.     Severability. If any provision of this Agreement shall be
                  declared unlawful or incapable of execution or in conflict
                  with the Stockholders' Agreement, such facts shall in no way
                  affect the validity of any other portion hereof which can be
                  given reasonable effect without the provision declared invalid
                  or incapable of execution; nor shall such fact operate to
                  nullify or rescind this Agreement, but shall only serve to
                  render ineffective the provisions declared invalid of the
                  remainder, or the intent of the Agreement as a whole.

         3.3.     Applicable Law. This document shall be construed for all
                  purposes as a Louisiana document and shall be interpreted and
                  enforced in accordance with the laws of the State of
                  Louisiana; provided however, that the non-compete provisions
                  set forth in Subparagraph 1.5 hereof shall be governed by the
                  law of the state where the alleged competition occurs, whether
                  in Louisiana or some other state.

         3.4.     Number and Gender. As used herein, the singular shall include
                  the plural and vice versa and words used in one gender shall
                  include all others as appropriate.

         3.5.     Additional Documents. The parties hereto agree to execute
                  whatever documents or instruments and to perform whatever acts
                  may be reasonably required to fulfill the requirements and/or
                  intents hereof.

         3.6.     Legal Assistance. The parties hereto have each consulted with
                  legal counsel or have had the opportunity to consult with
                  legal counsel regarding the terms and conditions of this
                  Agreement.

         3.7.     Termination. The Terms and Conditions of this Agreement shall
                  terminate at the earlier of (i) one year following the
                  completion of a Qualified Public Offering, (ii) one year
                  following transfer of more than seventy-five (75) percent of
                  the authorized, issued, and outstanding stock of the Company
                  by sale, merger, or otherwise, (iii) or by written agreement
                  of all parties to this Agreement. If none of the three (3)
                  events referred to immediately herein above have occurred, the
                  terms and conditions of the Employment portion of this
                  Agreement (Sections 1.0 to 1.6) shall terminate five (5) years
                  from the date hereof.

                  IN WITNESS WHEREOF, the parties hereto have set forth their
hand and seal on the day, month and year first above written in multiple
originals, each of which shall have the same force and effect as if it were the
same original.

<PAGE>   10
                                      -10-

WITNESSES:                                    ENERGY PARTNERS, LTD.

/s/ JEAN M. STALLARD
----------------------------                  By: /s/ RICHARD A. BACHMANN
                                                  ------------------------------
                                              Richard A. Bachmann, President

/s/ KENNETH P. SMITH
----------------------------

                                              ACKNOWLEDGED AND AGREED TO THE
                                              TERMS HEREOF:

/s/ Witness                               /s/ SUSAN D. BACHMANN
----------------------------                  ----------------------------------
                                              Spouse

/s/ Witness
----------------------------

<PAGE>   11
                                                                       Exhibit B

         Includes all parishes and subdivisions within the states of Louisiana,
Mississippi, Arkansas, Alabama, and Texas.
<PAGE>   12
                                      -2-

                               Louisiana Parishes

Acadia
Allen
Ascension
Assumption
Avoyelles
Beauregard
Bienville
Bossier
Caddo
Calcasieu
Caldwell
Cameron
Catahoula
Claiborne
Concordia
East Baton Rouge
East Carroll
East Feliciana
Evangeline
Franklin
Grant
Iberia
Iberville
Jackson
Jefferson
Jefferson Davis
Lafayette
Lafourche
La Salle
Lincoln
Livingston
Madison
Morehouse
Natchitoches
Orleans
Quachita
Plaquemines
Pointecoupee
Rapides
Red River
Richland
Sabine
St. Bernard
St. Charles
St. Helena
St. James
St. John The Baptist
St. Landry
St. Martin
St. Mary
St. Tammany
Tangipahoa
Tensas
Terresbonne
Union
Vermilion
Vermon
Washington
Webster
West Baton Rouge
West Carroll
West Feliciana
Winn
<PAGE>   13
                                      -3-

                                 Texas Counties

Anderson County
Andrews County
Angelina County
Aransas County
Archer County
Armstrong County
Atascosa County
Austin County
Austin-San Antonio Corridor
Bailey County
Bandera County
Bastrop County
Bavior County
Bee County
Bell County
Bexar County
Blanco County
Borden County
Bosque County
Bowie County
Brazoria County
Brazos County
Brewster County
Briscoe County
Brooks County
Brown County
Burieson County
Burner County
Caldwell County
Calhoun County
Callahan County
Cameron County
Camp County
Carson County
Cass County
Castro County
Chambers County
Cherokee County
Childress County
Clay County
Cochran County
Coke County
Coleman County
Collin County
Collingsworth County
Colorado County
Comal County
Comanche County
Concho County
Cooke County
Corvell County
Corrie County
Crane County
Crockett County
Crosby County
Culberson County
Dallam County
Dallas County
Dawson County
De Witt County
Deaf Smith County
Delta County
Denton County
Dickens County
Dimmit County
Donlev County
Duval County
East Texas
Eastland County
Ecror County
El Paso County
Ellis County
Erath County
Falls County
Fannin County
Favette County
<PAGE>   14
                                      -4-

Fisher County
Floyd County
Foard County
Fort Bend County
Franklin County
Freestone County
Frio County
Gaines County
Galveston County
Garza County
Gillespie County
Glasscock County
Goliad County
Gonzales County
Gray County
Grayson County
Gregg County
Grimes County
Guadalupe County
Hale County
Hall County
Hamilton County
Hansford County
Hardeman County
Hardin County
Harris County
Harrison County
Hartley County
Haskell County
Hays County
Hemphill County
Henderson County
Hidalgo County
Hill County
Hocklev County
Hood County
Hopkins County
Houston County
Howard County
Hudspeth County
Hunt County
Hutchinson County
Irion County
Jack County
Jackson County
Jasper County
Jeff Davis County
Jefferson County
Jim Hogg County
Jim Wells County
Johnson County
Jones County
Karnes County
Kaufman County
Kendall County
Kenedy County
Kent County
Kerr County
Kimble County
King County
Kinney County
Kleberg County
Knox County
La Salle County
Lamar County
Lamb County
Lampasas County
Lavaca County
Lee County
Leon County
Liberty County
Limestone County
Lipscomb County
Live Oak County
Llano County
Loving County
Lubbock County
Llynn County
Madison County
Marion County
Martin County
Mason County
<PAGE>   15
                                      -5-

Matagorda County
Maverick County
McCulloch County
McLennan County
McMullen County
Medina County
Menard County
Midland County
Milam County
Mills County
Mitchell County
Montague County
Montgomery County
Moore County
Morris County
Motley County
Nacogdoches County
Navarro County
Newton County
Nolan County
Nueces County
Ochiltree County
Oldham County
Orange County
Palo Pinto County
Panhandle County
Panola County
Parker County
Parmer County
Pecos County
Polk County
Potter County
Presidio County
Rains County
Randall County
Reagan County
Real County
Red River County
Reeves County
Refugio County
Roberts County
Robertson County
Rockwall County
Runnels County
Rusk County
Sabine County
San Agustine County
San Jacinto County
San Patricio County
San Saba County
Schleicher County
Scurry County
Shackelford County
Shelby County
Sherman County
Smith County
Somervell County
Southeast Texas
Starr County
Stephens County
Sterling County
Stonewall County
Sutton County
Swisher County
Tarrant County
Taylor County
Terrell County
Terry County
Throckmorton County
Tirus County
Tom Green County
Travis County
Trinity County
Tyler County
Upshur County
Upton County
Uvalde County
Val Verde County
Van Zandt County
Victoria County
Walker County
Waller County
<PAGE>   16
                                      -6-

Ward County
Washington County
Webb County
Wharton County
Wheeler County
Wichita County
Wilbarger County
Willacy County
Williamson County
Wilson County
Winkler County
Wise County
Wood County
Yoakum County
Young County
Zapata County
Zavala County

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}]]