Document:

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                                                                    Exhibit 10.2

                              ENERGY PARTNERS, LTD.
            AMENDED AND RESTATED 2000 LONG TERM STOCK INCENTIVE PLAN

          1.   Purposes.

          The purposes of the Amended and Restated 2000 Long Term Stock
Incentive Plan are to advance the interests of Energy Partners, Ltd. and its
shareholders by providing a means to attract, retain, and motivate employees of
the Company upon whose judgment, initiative and efforts the continued success,
growth and development of the Company is dependent.

          2.   Definitions.

          For purposes of the Plan, the following terms shall be defined as set
forth below:

          (a) "Affiliate" means any entity other than the Company and its
Subsidiaries that is designated by the Board or the Committee as a participating
employer under the Plan; provided that the Company directly or indirectly owns
at least 20% of the combined voting power of all classes of stock of such entity
or at least 20% of the ownership interests in such entity.

          (b) "Award" means any Option, Performance Share or Restricted Share
granted to an Eligible Person under the Plan.

          (c) "Award Agreement" means any written agreement, contract, or other
instrument or document evidencing an Award.

          (d) "Beneficiary" means the person, persons, trust or trusts which
have been designated by the Eligible Person in his or her most recent written
beneficiary designation filed with the Company to receive the benefits specified
under this Plan upon the death of the Eligible Person, or, if there is no
designated Beneficiary or surviving designated Beneficiary, then the person,
persons, trust or trusts entitled by will or the laws of descent and
distribution to receive such benefits.

          (e) "Board" means the Board of Directors of the Company.

          (f) "Code" means the Internal Revenue Code of 1986, as amended from
time to time. References to any provision of the Code shall be deemed to include
successor provisions thereto and regulations thereunder.

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          (g) "Committee" means the Compensation Committee of the Board, or such
other Board committee as may be designated by the Board to administer the Plan;
provided, however, that the Committee shall consist of two or more directors of
the Company, each of whom is a "non-employee director" within the meaning of
Rule 16b-3 under the Exchange Act, to the extent applicable.

          (h) "Company" means Energy Partners, Ltd., a corporation organized
under the laws of Delaware, or any successor corporation.

          (i) "Eligible Person" means an employee of the Company, a Subsidiary
or an Affiliate, including any director who is an employee, or a consultant to
the Company, a Subsidiary or an Affiliate.

          (j) "Exchange Act" means the Securities Exchange Act of 1934, as
amended from time to time. References to any provision of the Exchange Act shall
be deemed to include successor provisions thereto and regulations thereunder.

          (k) "Fair Market Value" means, with respect to Shares or other
property, the fair market value of such Shares or other property determined by
such methods or procedures as shall be established from time to time by the
Committee. If the Shares are listed on any established stock exchange or a
national market system, unless otherwise determined by the Committee in good
faith, the Fair Market Value of a Share shall mean the closing price of the
Share on the date on which it is to be valued hereunder (or, if the Shares were
not traded on that day, the next preceding day that the Shares were traded) on
the principal exchange on which the Shares are traded, as such prices are
officially quoted on such exchange.

          (l) "ISO" means any option intended to be and designated as an
incentive stock option within the meaning of Section 422 of the Code.

          (m) "NQSO" means any Option that is not an ISO.

          (n) "Option" means a right, granted under Section 5(b), to purchase
Shares.

          (o) "Participant" means an Eligible Person who has been granted an
Award under the Plan.

          (p) "Performance Share" means a performance share granted under
Section 5(c).

          (q) "Plan" means this Amended and Restated 2000 Long Term Stock
Incentive Plan.

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          (r) "Restricted Shares" means an Award of Shares under Section 5(d)
that may be subject to certain restrictions and to a risk of forfeiture.

          (s) "Rule 16b-3" means Rule 16b-3, as from time to time in effect and
applicable to the Plan and Participants, promulgated by the Securities and
Exchange Commission under Section 16 of the Exchange Act.

          (t) "Shares" means common stock, par value $0.01 per share, of the
Company.

          (u) "Subsidiary" means any corporation (other than the Company) in an
unbroken chain of corporations beginning with the Company if each of the
corporations (other than the last corporation in the unbroken chain) owns shares
possessing 50% or more of the total combined voting power of all classes of
stock in one of the other corporations in the chain.

          3.   Administration.

          (a)  Authority of the Committee. The Plan shall be administered by the
Committee, and the Committee shall have full and final authority to take the
following actions, in each case subject to and consistent with the provisions of
the Plan:

        (i)    to select Eligible Persons to whom Awards may be granted;

        (ii)   to designate Affiliates;

        (iii)  to determine the type or types of Awards to be granted to each
     Eligible Person;

        (iv)   to determine the type and number of Awards to be granted, the
     number of Shares to which an Award may relate, the terms and conditions of
     any Award granted under the Plan (including, but not limited to, any
     exercise price and any bases for adjusting such exercise price, any
     restriction or condition, any schedule for lapse of restrictions or
     conditions relating to transferability or forfeiture, exercisability, or
     settlement of an Award, and waiver or accelerations thereof, and waivers of
     performance conditions relating to an Award, based in each case on such
     considerations as the Committee shall determine), and all other matters to
     be determined in connection with an Award;

         (v)   to determine whether, to what extent, and under what
     circumstances an Award may be settled, or the exercise price of an Award
     may be paid, in cash, Shares, other Awards, or other property, or an Award
     may be canceled, forfeited, exchanged, or surrendered;

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         (vi)   to determine whether, to what extent, and under what
     circumstances cash, Shares, other Awards, or other property payable with
     respect to an Award will be deferred either automatically, at the election
     of the Committee, or at the election of the Eligible Person;

         (vii)  to determine whether, to what extent, and under what
     circumstances any cash, Shares, other Awards, or other property payable on
     a deferred basis will be adjusted for interest or earnings equivalents and,
     if so, the basis for determining such equivalents;

         (viii) to prescribe the form of each Award Agreement, which need not
     be identical for each Eligible Person;

         (ix)   to adopt, amend, suspend, waive, and rescind such rules and
     regulations and appoint such agents as the Committee may deem necessary or
     advisable to administer the Plan;

         (x)    to correct any defect or supply any omission or reconcile any
     inconsistency in the Plan and to construe and interpret the Plan and any
     Award, rules and regulations, Award Agreement, or other instrument
     hereunder;

         (xi)   to accelerate the exercisability or vesting of all or any
     portion of any Award or to extend the period during which an Award is
     exercisable; and

         (xii)  to make all other decisions and determinations as may be
     required under the terms of the Plan or as the Committee may deem necessary
     or advisable for the administration of the Plan.

             (b) Manner of Exercise of Committee Authority. The Committee
shall have sole discretion in exercising its authority under the Plan. Any
action of the Committee with respect to the Plan shall be final, conclusive, and
binding on all persons, including the Company, Subsidiaries, Affiliates,
Eligible Persons, any person claiming any rights under the Plan from or through
any Eligible Person, and shareholders. The express grant of any specific power
to the Committee, and the taking of any action by the Committee, shall not be
construed as limiting any power or authority of the Committee. The Committee may
delegate to officers or managers of the Company or any Subsidiary or Affiliate
the authority, subject to such terms as the Committee shall determine, to
perform administrative functions and, with respect to Awards granted to persons
not subject to Section 16 of the Exchange Act, to perform such other functions
as the Committee may determine, to the extent permitted under Rule 16b-3 (if
applicable) and applicable law.

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             (c)  Limitation of Liability. Each member of the Committee shall
be entitled to, in good faith, rely or act upon any report or other information
furnished to him or her by any officer or other employee of the Company or any
Subsidiary or Affiliate, the Company's independent certified public accountants,
or other professional retained by the Company to assist in the administration of
the Plan. No member of the Committee, nor any officer or employee of the Company
acting on behalf of the Committee, shall be personally liable for any action,
determination, or interpretation taken or made in good faith with respect to the
Plan, and all members of the Committee and any officer or employee of the
Company acting on their behalf shall, to the extent permitted by law, be fully
indemnified and protected by the Company with respect to any such action,
determination, or interpretation.

             (d)  Limitation on Committee's Discretion. Anything in this Plan
to the contrary notwithstanding, in the case of any Award which is intended to
qualify as "performance-based compensation" within the meaning of Section
162(m)(4)(C) of the Code, unless the Award Agreement specifically provides
otherwise, the Committee shall have no discretion to increase the amount of
compensation payable under the Award to the extent such an increase would cause
the Award to lose its qualification as such performance-based compensation.

             (e)  Quorum, Acts of Committee. A majority of the Committee shall
constitute a quorum, and the acts of a majority of the members present at any
meeting at which a quorum is present, or acts approved in writing by all of the
members, shall be acts of the Committee.

             4.   Shares Subject to the Plan.

             (a)  Subject to adjustment as provided in Section 4(c) hereof,  the
total number of Shares reserved for issuance in connection with Awards under the
Plan shall be 2,627,130. No Award may be granted if the number of Shares to
which such Award relates, when added to the number of Shares previously issued
under the Plan, exceeds the number of Shares reserved under the preceding
sentence. If any Awards are forfeited, canceled, terminated, exchanged or
surrendered or such Award is settled in cash or otherwise terminates without a
distribution of Shares to the Participant, any Shares counted against the number
of Shares reserved and available under the Plan with respect to such Award
shall, to the extent of any such forfeiture, settlement, termination,
cancellation, exchange or surrender, again be available for Awards under the
Plan. Upon the exercise of any Award granted in tandem with any other Awards,
such related Awards shall be canceled to the extent of the number of Shares as
to which the Award is exercised.

             (b)  Subject to adjustment as provided in Section 4(c) hereof, (i)
the maximum number of Shares with respect to which Options may be granted during
a calendar year to any Eligible Person under this Plan shall be 200,000 Shares
and (ii) the maximum number of

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Restricted Shares which may be granted shall be limited to 20% of the number of
shares reserved for issuance pursuant to Section 4(a) hereof.

             (c)  In the event that the Committee shall determine that any
dividend in Shares, recapitalization, Share split, reverse split,
reorganization, merger, consolidation, spin-off, combination, repurchase, or
share exchange, or other similar corporate transaction or event, affects the
Shares such that an adjustment is appropriate in order to prevent dilution or
enlargement of the rights of Eligible Persons under the Plan, then the Committee
shall make such equitable changes or adjustments as it deems appropriate and, in
such manner as it may deem equitable, adjust any or all of (i) the number and
kind of shares which may thereafter be issued under the Plan, (ii) the number
and kind of shares, other securities or other consideration issued or issuable
in respect of outstanding Awards, and (iii) the exercise price relating to any
Award; provided, however, in each case that, with respect to ISOs, such
adjustment shall be made in accordance with Section 424(a) of the Code, unless
the Committee determines otherwise. In addition, the Committee is authorized to
make adjustments in the terms and conditions of, and the criteria and
performance objectives included in, Awards in recognition of unusual or
non-recurring events (including, without limitation, events described in the
preceding sentence) affecting the Company or any Subsidiary or Affiliate or the
financial statements of the Company or any Subsidiary or Affiliate, or in
response to changes in applicable laws, regulations, or accounting principles;
provided, however, that, in the case of an Award which is intended to qualify as
"performance-based compensation" within the meaning of Section 162(m)(4)(C) of
the Code, such authority shall be subject to Section 3(d) hereof.

             (d)  Any Shares distributed pursuant to an Award may consist, in
whole or in part, of authorized and unissued Shares or treasury Shares including
Shares acquired by purchase in the open market or in private transactions.

             5.   Specific Terms of Awards.

             (a)  General. Awards may be granted on the terms and conditions
set forth in this Section 5. In addition, the Committee may impose on any Award
or the exercise thereof, at the date of grant or thereafter (subject to Section
8(d)), such additional terms and conditions, not inconsistent with the
provisions of the Plan, as the Committee shall determine, including terms
regarding forfeiture of Awards or continued exercisability of Awards in the
event of termination of employment by the Eligible Person.

             (b)  Options. The Committee is authorized to grant Options, which
may be NQSOs or ISOs, to Eligible Persons on the following terms and conditions:

          (i)     Exercise Price. The exercise price per Share purchasable under
     an Option shall be determined by the Committee, and the Committee may,
     without limitation, set

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     an exercise price that is based upon achievement of performance criteria if
     deemed appropriate by the Committee.

          (ii)    Option Term. The term of each Option shall be determined by
     the Committee.

          (iii)   Time and Method of Exercise. The Committee shall determine at
     the date of grant or thereafter the time or times at which an Option may be
     exercised in whole or in part (including, without limitation, upon
     achievement of performance criteria if deemed appropriate by the
     Committee), the methods by which such exercise price may be paid or deemed
     to be paid (including, without limitation, broker-assisted exercise
     arrangements), the form of such payment (including, without limitation,
     cash, Shares, notes or other property), and the methods by which Shares
     will be delivered or deemed to be delivered to Eligible Persons.

          (iv)    ISOs. The terms of any ISO granted under the Plan shall comply
     in all respects with the provisions of Section 422 of the Code, including
     but not limited to the requirement that the ISO shall be granted within ten
     years from the earlier of the date of adoption or shareholder approval of
     the Plan. ISOs may only be granted to employees of the Company or a
     Subsidiary.

             (c)  Performance Shares. The Committee is authorized to grant
Performance Shares to Eligible Persons on the following terms and conditions:

          (i)     Performance Period and Criteria. The Committee shall determine
     a performance period (the "Performance Period") of one or more years and
     shall determine the performance objectives for grants of Performance
     Shares. Performance objectives may vary from Eligible Person to Eligible
     Person and shall be based upon one or more of the following performance
     criteria as the Committee may deem appropriate: total stockholder return,
     earnings, earnings per share, operating income, net income, pro forma net
     income, return on stockholders' equity, return on designated assets, net
     asset value, economic value added, revenues, expenses, operating profit
     margin, operating cash flow, cash flow per share, and net profit margin.
     The performance objectives may be determined by reference to the
     performance of the Company, or of a Subsidiary or Affiliate, or of a
     division or unit of any of the foregoing. Performance Periods may overlap
     and Eligible Persons may participate simultaneously with respect to
     Performance Shares for which different Performance Periods are prescribed.

          (ii)     Award Value. At the beginning of a Performance Period, the
     Committee shall determine for each Eligible Person or group of Eligible
     Persons with respect to that Performance Period the range of number of
     Shares, if any, which may be fixed or

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     may vary in accordance with such performance or other criteria specified by
     the Committee, which shall be paid to an Eligible Person as an Award if the
     relevant measure of Company performance for the Performance Period is met.

          (iii)   Significant Events. If during the course of a Performance
     Period there shall occur significant events as determined by the Committee
     which the Committee expects to have a substantial effect on a performance
     objective during such period, the Committee may revise such objective;
     provided, however, that, in the case of an Award which is intended to
     qualify as "performance-based compensation" within the meaning of Section
     162(m)(4)(C) of the Code, such authority shall be subject to Section 3(d)
     hereof.

          (iv)    Forfeiture. Except as otherwise determined by the Committee,
     at the date of grant or thereafter, upon termination of employment during
     the applicable Performance Period, Performance Shares for which the
     Performance Period was prescribed shall be forfeited; provided, however,
     that the Committee may provide, by rule or regulation or in any Award
     Agreement, or may determine in an individual case, that restrictions or
     forfeiture conditions relating to Performance Shares will be waived in
     whole or in part in the event of terminations resulting from specified
     causes, and the Committee may in other cases waive in whole or in part the
     forfeiture of Performance Shares.

          (v)     Payment. Each Performance Share may be paid in whole Shares,
     or cash, or a combination of Shares and cash either as a lump sum payment
     or in installments, all as the Committee shall determine, at the time of
     grant of the Performance Share or otherwise, commencing as soon as
     practicable after the end of the relevant Performance Period. The Committee
     must certify in writing prior to the payment of any Performance Share that
     the performance objectives and any other material terms were in fact
     satisfied.

             (d)  Restricted Shares. The Committee is authorized to grant
Restricted Shares to Eligible Persons on the following terms and conditions:

          (i)     Issuance and Restrictions. Restricted Shares shall be subject
     to such restrictions on transferability and other restrictions, if any, as
     the Committee may impose at the date of grant or thereafter, which
     restrictions may lapse separately or in combination at such times, under
     such circumstances (including, without limitation, upon achievement of
     performance criteria if deemed appropriate by the Committee), in such
     installments, or otherwise, as the Committee may determine. Except to the
     extent restricted under the Award Agreement relating to the Restricted
     Shares, an Eligible Person granted Restricted Shares shall have all of the
     rights of a shareholder including, without limitation, the right to vote
     Restricted Shares and the right to receive

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     dividends thereon. The Committee must certify in writing prior to the lapse
     of restrictions conditioned on achievement of performance criteria that
     such performance criteria were in fact satisfied.

          (ii)    Forfeiture. Except as otherwise determined by the Committee,

     at the date of grant or thereafter, upon termination of employment during
     the applicable restriction period, Restricted Shares and any accrued but
     unpaid dividends or (and any accrued but unpaid interest or earnings
     equivalents thereon) that are at that time subject to restrictions shall be
     forfeited; provided, however, that the Committee may  provide, by rule or
     regulation or in any Award Agreement, or may determine in any individual
     case, that restrictions or forfeiture conditions relating to Restricted
     Shares will be waived in whole or in part in the event of terminations
     resulting from specified causes, and the Committee may in other cases waive
     in whole or in part the forfeiture of Restricted Shares.

          (iii)   Certificates for Shares. Restricted Shares granted under the
     Plan may be evidenced in such manner as the Committee shall determine. If
     certificates representing Restricted Shares are registered in the name of
     the Eligible Person, such certificates shall bear an appropriate legend
     referring to the terms, conditions, and restrictions applicable to such
     Restricted Shares, and the Company shall retain physical possession of the
     certificate.

          (iv)    Dividends. Dividends paid on Restricted Shares shall be either
     paid at the dividend payment date, or deferred (with or without the
     crediting of interest or earnings equivalents thereon as determined by the
     Committee) for payment to such date as determined by the Committee, in cash
     or in unrestricted Shares having a Fair Market Value equal to the amount of
     such dividends; provided, however, that any such dividends (and any
     interest or earnings equivalents credited thereon) shall be subject to
     forfeiture upon such conditions, if any, as the Committee may specify.
     Shares distributed in connection with a Share split or dividend in Shares,
     and other property distributed as a dividend, shall be subject to
     restrictions and a risk of forfeiture to the same extent as the Restricted
     Shares with respect to which such Shares or other property has been
     distributed.

               6. Certain Provisions Applicable to Awards.

             (a)  Stand-Alone, Additional, Tandem and Substitute Awards. Awards
granted under the Plan may, in the discretion of the Committee, be granted to
Eligible Persons either alone or in addition to, in tandem with, or in exchange
or substitution for, any other Award granted under the Plan or any award granted
under any other plan or agreement of the Company, any Subsidiary or Affiliate,
or any business entity to be acquired by the Company or a Subsidiary or
Affiliate, or any other right of an Eligible Person to receive payment from

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the Company or any Subsidiary or Affiliate. Awards may be granted in addition to
or in tandem with such other Awards or awards, and may be granted either as of
the same time as or a different time from the grant of such other Awards or
awards. The per Share exercise price of any Option which is granted in
connection with the substitution of awards granted under any other plan or
agreement of the Company or any Subsidiary or Affiliate or any business entity
to be acquired by the Company or any Subsidiary or Affiliate, shall be
determined by the Committee, in its discretion.

             (b)  Terms of Awards. The term of each Award granted to an
Eligible Person shall be for such period as may be determined by the Committee;
provided, however, that in no event shall the term of any ISO exceed a period of
ten years from the date of its grant (or such shorter period as may be
applicable under Section 422 of the Code).

             (c)  Form of Payment Under Awards. Subject to the terms of the
Plan and any applicable Award Agreement, payments to be made by the Company or a
Subsidiary or Affiliate upon the grant, maturation, or exercise of an Award may
be made in such forms as the Committee shall determine at the date of grant or
thereafter, including, without limitation, cash, Shares, or other property, and
may be made in a single payment or transfer, in installments, or on a deferred
basis. The Committee may make rules relating to installment or deferred payments
with respect to Awards, including the rate of interest or earnings equivalents
to be credited with respect to such payments.

             (d)  Nontransferability. Unless otherwise set forth by the
Committee in an Award Agreement, Awards shall not be transferable by an Eligible
Person except by will or the laws of descent and distribution (except pursuant
to a Beneficiary designation) and shall be exercisable during the lifetime of an
Eligible Person only by such Eligible Person or his or her guardian or legal
representative. An Eligible Person's rights under the Plan may not be pledged,
mortgaged, hypothecated, or otherwise encumbered, and shall not be subject to
claims of the Eligible Person's creditors.

             7.   Change of Control Provisions.

             (a)    Acceleration of Exercisability and Lapse of Restrictions.
In the event of a Change of Control, the following acceleration provisions shall
apply unless otherwise provided by the Committee at the time of the Award grant:

            All outstanding Awards pursuant to which the Participant may have
       rights the exercise of which is restricted or limited, shall become fully
       exercisable at the time of the Change of Control. Unless the right to
       lapse of restrictions or limitations is waived or deferred by a
       Participant prior to such lapse, all restrictions or limitations
       (including risks of forfeiture and deferrals) on outstanding Awards
       subject to restrictions or limitations under the Plan shall lapse, and
       all performance criteria and other conditions to

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                                      -11-

       payment of Awards under which payments of cash, Shares or other property
       are subject to conditions shall be deemed to be achieved or fulfilled and
       shall be waived by the Company at the time of the Change of Control.

             (b)  Definitions of Certain Terms. For purposes of this Section 7,
the following definitions, in addition to those set forth in Section 2, shall
apply:

            (i)   "Change of Control" means and shall be deemed to have occurred
       if:

                  (a)  any person (within the meaning of the Exchange Act),
               other than the Company, a Related Party or Evercore Capital
               Partners, L.P. or its affiliates or any person to whom Evercore
               Capital Partners, L.P and its affiliates transfer all of their
               interests in the Company, is or becomes the "beneficial owner"
               (as defined in Rule 13d-3 under the Exchange Act), directly or
               indirectly, of Voting Securities representing 25 percent or more
               of the total voting power of all the then-outstanding Voting
               Securities; or

                  (b)  the individuals who, as of the effective date of the
               Plan, constitute the Board, together with those who first become
               directors subsequent to such date and whose recommendation,
               election or nomination for election to the Board was approved by
               a vote of at least a majority of the directors then still in
               office who either were directors as of the effective date of the
               Plan or whose recommendation, election or nomination for election
               was previously so approved (the "Continuing Directors"), cease
               for any reason to constitute a majority of the members of the
               Board; or

                  (c)  a merger, consolidation, recapitalization or
               reorganization of the Company or a Subsidiary, reverse split of
               any class of Voting Securities, or an acquisition of securities
               or assets by the Company or a Subsidiary is consummated, other
               than (I) any such transaction in which the holders of outstanding
               Voting Securities immediately prior to the transaction receive
               (or, in the case of a transaction involving a Subsidiary and not
               the Company, retain), with respect to such Voting Securities,
               voting securities of the surviving or transferee entity
               representing more than 50 percent of the total voting power
               outstanding immediately after such transaction, with the voting
               power of each such continuing holder relative to other such
               continuing holders not substantially altered in the transaction,
               or (II) any such transaction which would result in a Related
               Party beneficially owning more than 50 percent of the voting
               securities of the surviving entity outstanding immediately after
               such transaction; or

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                                      -12-

                  (d)  the stockholders of the Company approve a plan of
               complete liquidation of the Company or an agreement for the sale
               or disposition by the Company of all or substantially all of the
               Company's assets other than any such transaction which would
               result in a Related Party owning or acquiring more than 50
               percent of the assets owned by the Company immediately prior to
               the transaction.

           (ii)   "Related Party" means (a) a majority-owned subsidiary of the
          Company; (b) an employee or group of employees of the Company or any
          majority-owned subsidiary of the Company; (c) a trustee or other
          fiduciary holding securities under an employee benefit plan of the
          Company or any majority-owned subsidiary of the Company; or (d) a
          corporation owned directly or indirectly by the stockholders of the
          Company in substantially the same proportion as their ownership of
          Voting Securities.

          (iii)   "Voting Securities" means any securities of the Company which
         carry the right to vote generally in the election of directors.

               8. General Provisions.

             (a)  Compliance with Legal and Trading Requirements. The Plan, the
granting and exercising of Awards thereunder, and the other obligations of the
Company under the Plan and any Award Agreement, shall be subject to all
applicable federal and state laws, rules and regulations, and to such approvals
by any regulatory or governmental agency as may be required. The Company, in its
discretion, may postpone the issuance or delivery of Shares under any Award
until completion of such stock exchange or market system listing or registration
or qualification of such Shares or other required action under any state or
federal law, rule or regulation as the Company may consider appropriate, and may
require any Participant to make such representations and furnish such
information as it may consider appropriate in connection with the issuance or
delivery of Shares in compliance with applicable laws, rules and regulations. No
provisions of the Plan shall be interpreted or construed to obligate the Company
to register any Shares under federal or state law.

             (b)  No Right to Continued Employment or Service. Neither the
Plan nor any action taken thereunder shall be construed as giving any employee
or director the right to be retained in the employ or service of the Company or
any of its Subsidiaries or Affiliates, nor shall it interfere in any way with
the right of the Company or any of its Subsidiaries or Affiliates to terminate
any employee's or director's employment or service at any time.

             (c)  Taxes. The Company or any Subsidiary or Affiliate is
authorized to withhold from any Award granted, any payment relating to an Award
under the Plan, including from a distribution of Shares, or any payroll or other
payment to an Eligible Person, amounts of withholding and other taxes due in
connection with any transaction involving an

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                                      -13-

Award, and to take such other action as the Committee may deem advisable to
enable the Company and Eligible Persons to satisfy obligations for the payment
of withholding taxes and other tax obligations relating to any Award. This
authority shall include authority to withhold or receive Shares or other
property and to make cash payments in respect thereof in satisfaction of an
Eligible Person's tax obligations.

             (d)  Changes to the Plan and Awards. The Board may amend, alter,
suspend, discontinue, or terminate the Plan or the Committee's authority to
grant Awards under the Plan without the consent of shareholders of the Company
or Participants, except that any such amendment, alteration, suspension,
discontinuation, or termination shall be subject to the approval of the
Company's shareholders to the extent such shareholder approval is required under
Section 422 of the Code; provided, however, that, without the consent of an
affected Participant, no amendment, alteration, suspension, discontinuation, or
termination of the Plan may materially and adversely affect the rights of such
Participant under any Award theretofore granted to him or her. The Committee may
waive any conditions or rights under, amend any terms of, or amend, alter,
suspend, discontinue or terminate, any Award theretofore granted, prospectively
or retrospectively; provided, however, that, without the consent of a
Participant, no amendment, alteration, suspension, discontinuation or
termination of any Award may materially and adversely affect the rights of such
Participant under any Award theretofore granted to him or her.

             (e)  No Rights to Awards; No Shareholder Rights. No Eligible
Person or employee shall have any claim to be granted any Award under the Plan,
and there is no obligation for uniformity of treatment of Eligible Persons and
employees. No Award shall confer on any Eligible Person any of the rights of a
shareholder of the Company unless and until Shares are duly issued or
transferred to the Eligible Person in accordance with the terms of the Award.

             (f)  Unfunded Status of Awards. The Plan is intended to
constitute an "unfunded" plan for incentive compensation. With respect to any
payments not yet made to a Participant pursuant to an Award, nothing contained
in the Plan or any Award shall give any such Participant any rights that are
greater than those of a general creditor of the Company; provided, however, that
the Committee may authorize the creation of trusts or make other arrangements to
meet the Company's obligations under the Plan to deliver cash, Shares, other
Awards, or other property pursuant to any Award, which trusts or other
arrangements shall be consistent with the "unfunded" status of the Plan unless
the Committee otherwise determines with the consent of each affected
Participant.

             (g)  Nonexclusivity of the Plan. Neither the adoption of the Plan
by the Board nor its submission to the shareholders of the Company for approval
shall be construed as creating any limitations on the power of the Board to
adopt such other incentive arrangements as it may deem desirable, including,
without limitation, the granting of options and other

<PAGE>

                                      -14-

awards otherwise than under the Plan, and such arrangements may be either
applicable generally or only in specific cases.

             (h)  Not Compensation for Benefit Plans. No Award payable under
this Plan shall be deemed salary or compensation for the purpose of computing
benefits under any benefit plan or other arrangement of the Company for the
benefit of its employees or directors unless the Company shall determine
otherwise.

             (i)  No Fractional Shares. No fractional Shares shall be issued
or delivered pursuant to the Plan or any Award. The Committee shall determine
whether cash, other Awards, or other property shall be issued or paid in lieu of
such fractional Shares or whether such fractional Shares or any rights thereto
shall be forfeited or otherwise eliminated.

             (j)  Governing Law. The validity, construction, and effect of the
Plan, any rules and regulations relating to the Plan, and any Award Agreement
shall be determined in accordance with the laws of Delaware without giving
effect to principles of conflict of laws.

             (k)  Effective Date; Plan Termination. The Plan shall become
effective as of September 12, 2000 (the "Effective Date"), subject to approval
by the vote of the holders of a majority of the shares of stock of the Company
within 12 months after the Effective Date. Awards may be made prior to such
approval by stockholders, but each such Award shall be subject to the approval
of this Plan by the stockholders, and if this Plan shall not be so approved, all
Awards granted under this Plan shall be of no effect. The Plan shall terminate
as to future awards on the date which is ten (10) years after the Effective
Date.

             (l)  Prior Option. Upon approval of the Plan by stockholders of
the Company, the stock option granted to Suzanne Baer on April 17, 2000 shall be
considered an Option granted under the Plan.

             (m)  Titles and Headings. The titles and headings of the sections
in the Plan are for convenience of reference only. In the event of any conflict,
the text of the Plan, rather than such titles or headings, shall control.<PAGE>
                                                                    EXHIBIT 10.4

                                FIRST AMENDMENT
                            TO ENERGY PARTNERS, LTD.
               2000 STOCK OPTION PLAN FOR NON-EMPLOYEE DIRECTORS

        THIS IS THE FIRST AMENDMENT (THIS "AMENDMENT"), EFFECTIVE AS OF
SEPTEMBER 12, 2000, TO THE 2000 STOCK OPTION PLAN FOR NON-EMPLOYEE DIRECTORS
(THE "PLAN") OF ENERGY PARTNERS, LTD. (THE "COMPANY").

WHEREAS, PURSUANT TO ARTICLE IX OF THE PLAN THE BOARD OF DIRECTORS MAY AMEND THE
PLAN AT ANY TIME IN ITS SOLE AND ABSOLUTE DISCRETION;

WHEREAS, THE BOARD OF DIRECTORS HAS RESOLVED TO AMEND THE TRANSFERABILITY
PROVISIONS OF THE PLAN;

NOW, THEREFORE, IN CONSIDERATION OF THE PROMISES AND OF THE MUTUAL AGREEMENTS
HEREIN CONTAINED, THE UNDERSIGNED DIRECTORS HEREBY AGREE AS FOLLOWS:

          1.   DEFINED TERMS. TERMS DEFINED IN THE PLAN AND USED HEREIN SHALL,
UNLESS OTHERWISE INDICATED, HAVE THE MEANINGS GIVEN TO THEM IN THE PLAN.

          2.   AMENDMENT TO SECTION 5 OF ARTICLE V. SECTION 5 OF ARTICLE V OF
THE PLAN IS HEREBY AMENDED BY (a) INSERTING "A." IMMEDIATELY PRIOR TO THE FIRST
PARAGRAPH OF SUCH SECTION AND (b) INSERTING THE FOLLOWING NEW PARAGRAPH AFTER
THE FIRST PARAGRAPH OF SUCH SECTION:

               "B. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THE ABOVE
          PARAGRAPH (a) OF THIS SECTION 5, THE COMPANY MAY CONSENT TO THE
          TRANSFER, ASSIGNMENT OR PLEDGE BY AN OPTIONEE OF ANY OPTION GRANTED
          UNDER THE PLAN BY PROVIDING SUCH OPTIONEE WITH A WRITTEN CONSENT THAT
          HAS BEEN DULY AUTHORIZED AND CONSENTED TO BY THE COMPANY. SUCH
          TRANSFER, ASSIGNMENT OR PLEDGE SHALL BE A VALID TRANSFER, ASSIGNMENT
          OR PLEDGE OF ALL RIGHTS AND PRIVILEGES HELD BY THE OPTIONEE, INCLUDING
          THE POWER TO EXERCISE THE OPTION, UNDER THE PLAN."

          3.   GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF DELAWARE.

          4.   MISCELLANEOUS. ALL OTHER TERMS, CONDITIONS AND PROVISIONS OF THE
PLAN, NOT AFFECTED BY THIS FIRST AMENDMENT, ARE RATIFIED AND CONFIRMED.

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