Document:

exv10w5

Exhibit 10.5

AMENDMENT TO EMPLOYMENT AGREEMENT

          This AMENDMENT (this “Amendment”) by and between Mariner Energy, Inc., a Delaware corporation
(the “Company”), and Michiel C. van den Bold (the “Executive”), dated this 12th day of August, 2010
and effective as of January 1, 2009, is an amendment to that certain Employment Agreement by and
between the Company and the Executive dated as of February 7, 2005, as previously amended by the
Amendment to Employment Agreement entered into as of June 8, 2006 (the “Employment Agreement”).

RECITALS

          The Company and the Executive have previously entered into the Employment Agreement to provide
for terms and conditions of the Executive’s employment by the Company; and

          The Company and the Executive desire to make certain changes to the Employment Agreement to
ensure that the Employment Agreement complies with the applicable requirements of Section 409A of
the Internal Revenue Code (the “Code”); and

          Internal Revenue Service Notice 2010-6 permits this Amendment to be effective as of January 1,
2009 and for the Employment Agreement to be treated as being corrected on January 1, 2009.

          NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

          1. A new Section 26 is hereby added to the Employment Agreement to read as follows:

          “26. SECTION 409A.

     (a) Notwithstanding anything in this Agreement to the contrary, if any
provision hereof would result in the imposition of an additional tax under
Section 409A of the Code and related regulations and Treasury pronouncements
(‘Section 409A’), that provision will be reformed to avoid imposition of the
applicable tax to the extent permissible under Section 409A and no action so
taken shall be deemed to adversely affect Executive’s rights under this
Agreement.

     (b) Each payment under this Agreement is intended to be exempt from
Section 409A or in compliance with Section 409A, including, but not limited
to, being paid pursuant to a fixed schedule or specified date pursuant to
Treasury Regulation § 1.409A-3(a) and the provisions of this Agreement will
be administered, interpreted and construed accordingly. Without limiting
the generality of the foregoing, the term ‘termination of employment’ or any
similar term under this Agreement or the Merger Agreement will be
interpreted to mean ‘separation from service’ within the meaning of Section
409A and Treasury Regulation § 1.409A-3(a)(1) to

1

 

the extent necessary to comply with Section 409A. A ‘separation from
service’ will occur if both parties reasonable expect the Executive’s level
of service to permanently drop to less than half the Executive’s average
level of service during the preceding three years, as determined pursuant to
Code Section 409A(a)(2)(A)(i) and Internal Revenue Service guidance of
general applicability. Payment of the Annual Bonus under Section 3(b) is
contingent upon employment on the date of payment. Subject to any six-month
delay requirement set forth in Section 26(e), payments under Section 8(a)
and payments to Executive on account of termination of employment pursuant
to the Merger Agreement (as defined below) shall be paid on the 60th day
following Executive’s termination of employment; payments under Sections
7(c)(1), 7(c)(3), 7(e)(1) and 7(e)(3) will be made as set forth in Section
8(a), as required by Sections 7(c)(6) and 7(e)(6). Any Gross-up Payment
payable hereunder shall be paid to Executive at the time Executive receives
payments or benefits to which the Excise Tax relates; notwithstanding the
foregoing, in accordance with Section 409A requirements, any Gross-Up
Payment shall be paid no later than the end of the calendar year next
following the year in which Executive remits the related taxes.

     (c) All reimbursements or provision of in-kind benefits pursuant to
this Agreement shall be made in accordance with Treas. Reg. §
1.409A-3(i)(1)(iv) such that the reimbursement or provision will be deemed
payable at a specified time or on a fixed schedule relative to a permissible
payment event. Specifically, the amount reimbursed or in-kind benefits
provided under this Agreement during Executive’s taxable year may not affect
the amounts reimbursed or provided in any other taxable year (except that
total reimbursements may be limited by a lifetime maximum under a group
health plan), the reimbursement of an eligible expense shall be made on or
before the last day of Executive’s taxable year following the taxable year
in which the expense was incurred, and the right to reimbursement or
provision of in-kind benefit is not subject to liquidation or exchange for
another benefit.

     (d) If the execution of a waiver and release is a condition to
Executive receiving benefits under this Agreement, the Company will provide
Executive with such waiver and release within seven days following
Executive’s separation from service. In order to be eligible for benefits
hereunder, Executive must execute and return such waiver and release to the
Company on or before the last day of the minimum required waiver
consideration period provided under the Age Discrimination in Employment Act
and not revoke such waiver and release within the time period set forth in
such waiver and release.

     (e) Notwithstanding any provision of this Agreement to the contrary,
Executive and the Company agree that any benefit under this Agreement or any
other agreement or arrangement (including pursuant to

2

 

the Merger Agreement) which is subject to the six-month delay under Section
409A(a)(2)(B) of the Code shall not be paid or commence until the earliest
of: (1) the first business day following the expiration of six months from
Executive’s separation from service, (2) the date of Executive’s death, or
(3) such earlier date as complies with the requirements of Section 409A,
provided that in no event shall any such delayed payment be made prior to
July 1, 2010.

     (f) As used in this Section 26, ‘Merger Agreement’ means the Agreement
and Plan of Merger by and among Apache Corporation, ZMZ Acquisitions LLC,
and the Company, dated as of April 14, 2010.”

          2. The first sentence of Section 2 of the Waiver and Release Agreement is hereby amended to
read as follows:

“In exchange for Executive’s obligations under this Agreement, the Company shall pay
Executive those severance payments and benefits described in Sections 7, 8 and 9, as
applicable, of the Employment Agreement, and those payments and benefits to which
Executive is entitled pursuant to the Agreement and Plan of Merger by and among
Apache Corporation, ZMZ Acquisitions LLC, and the Company, dated as of April 14,
2010, both of which are incorporated herein by reference and made a part of this
Agreement.”

3

 

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

	 	 	 	 	 
	 	

MARINER ENERGY, INC.

 	 
	 	By:  	/s/ Scott D. Josey
 	 
	 	 	Scott D. Josey 	 
	 	 	Chairman of the Board,

Chief Executive Officer and
President 	 
	 
	 	EXECUTIVE

 	 
	 	/s/ Michiel C. van den Bold
 	 
	 	Michiel C. van den Bold 	 
	 	 	 

4exv10w8

Exhibit 10.8

AMENDMENT TO EMPLOYMENT AGREEMENT

          This AMENDMENT (this “Amendment”) by and among Mariner Energy, Inc., a Delaware corporation,
Mariner Energy Resources, Inc., a Delaware corporation, (collectively, the “Employers”) and Judd
Hansen (the “Executive”), dated this 12th day of August, 2010 and effective as of
January 1, 2009, is an amendment to that certain Employment Agreement by and among the Employers
and the Executive dated as of June 8, 2006 (the “Employment Agreement”).

RECITALS

          The Employers and the Executive have previously entered into the Employment Agreement to
provide for terms and conditions of the Executive’s employment by the Employers; and

          The Employers and the Executive desire to make certain changes to the Employment Agreement to
ensure that the Employment Agreement complies with the applicable requirements of Section 409A of
the Internal Revenue Code (the “Code”); and

          Internal Revenue Service Notice 2010-6 permits this Amendment to be effective as of January 1,
2009 and for the Employment Agreement to be treated as being corrected on January 1, 2009.

          NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

          1. Section 26 of the Employment Agreement is hereby amended to read as follows:

	 	 	“26. Section 409A.

     (a) Notwithstanding anything in this Agreement to the contrary, if any
provision hereof would result in the imposition of an additional tax under
Section 409A of the Code and related regulations and Treasury pronouncements
(‘Section 409A’), that provision will be reformed to avoid imposition of the
applicable tax to the extent permissible under Section 409A and no action so
taken shall be deemed to adversely affect Executive’s rights under this
Agreement.

     (b) Each payment under this Agreement is intended to be exempt from
Section 409A or in compliance with Section 409A, including, but not limited
to, being paid pursuant to a fixed schedule or specified date pursuant to
Treasury Regulation § 1.409A-3(a) and the provisions of this Agreement will
be administered, interpreted and construed accordingly. Without limiting
the generality of the foregoing, the term ‘termination of employment’ or any
similar term under this Agreement or the Merger Agreement will be
interpreted to mean ‘separation from service’ within the meaning of Section
409A and

1

 

Treasury Regulation § 1.409A-3(a)(1) to the extent necessary to comply with
Section 409A. A ‘separation from service’ will occur if both parties
reasonably expect the Executive’s level of service to permanently drop to
less than half the Executive’s average level of service during the preceding
three years, as determined pursuant to Code Section 409A(a)(2)(A)(i) and
Internal Revenue Service guidance of general applicability. Payment of the
Annual Bonus under Section 3(b) is contingent upon employment on the date of
payment. Subject to any six-month delay requirement set forth in Section
26(e), payments under Sections 7(a), 7(b) and 7(d) and payments to Executive
on account of termination of employment pursuant to the Merger Agreement (as
defined below) shall be paid on the 60th day following Executive’s
termination of employment. Any Gross-up Payment payable hereunder shall be
paid to Executive at the time Executive receives payments or benefits to
which the Excise Tax relates; notwithstanding the foregoing, in accordance
with Section 409A requirements, any Gross-Up Payment shall be paid no later
than the end of the calendar year next following the year in which Executive
remits the related taxes.

     (c) All reimbursements or provision of in-kind benefits pursuant to
this Agreement shall be made in accordance with Treas. Reg. §
1.409A-3(i)(1)(iv) such that the reimbursement or provision will be deemed
payable at a specified time or on a fixed schedule relative to a permissible
payment event. Specifically, the amount reimbursed or in-kind benefits
provided under this Agreement during Executive’s taxable year may not affect
the amounts reimbursed or provided in any other taxable year (except that
total reimbursements may be limited by a lifetime maximum under a group
health plan), the reimbursement of an eligible expense shall be made on or
before the last day of Executive’s taxable year following the taxable year
in which the expense was incurred, and the right to reimbursement or
provision of in-kind benefit is not subject to liquidation or exchange for
another benefit.

     (d) If the execution of a waiver and release is a condition to
Executive receiving benefits under this Agreement, Employer will provide
Executive with such waiver and release within seven days following
Executive’s separation from service. In order to be eligible for benefits
hereunder, Executive must execute and return such waiver and release to
Employer on or before the last day of the minimum required waiver
consideration period provided under the Age Discrimination in Employment Act
and not revoke such waiver and release within the time period set forth in
such waiver and release.

     (e) Notwithstanding any provision of this Agreement to the contrary,
Executive and the Employers agree that any benefit under this Agreement or
any other agreement or arrangement (including pursuant to the Merger
Agreement) which is subject to the six-month delay under

2

 

Section 409A(a)(2)(B) of the Code shall not be paid or commence until the
earliest of: (1) the first business day following the expiration of six
months from Executive’s separation from service, (2) the date of Executive’s
death, or (3) such earlier date as complies with the requirements of Section
409A, provided that in no event shall any such delayed payment be made prior
to July 1, 2010.

     (f) As used in this Section 26, ‘Merger Agreement’ means the Agreement
and Plan of Merger by and among Apache Corporation, ZMZ Acquisitions LLC,
and MEI, dated as of April 14, 2010.”

          2. The first sentence of Section 2 of the Waiver and Release Agreement is hereby amended to
read as follows:

“In exchange for Executive’s obligations under this Agreement, Employer shall pay
Executive those severance payments and benefits described in Sections 7, 8 and 9, as
applicable, of the Employment Agreement, and those payments and benefits to which
Executive is entitled pursuant to the Agreement and Plan of Merger by and among
Apache Corporation, ZMZ Acquisitions LLC, and MEI, dated as of April 14, 2010, both
of which are incorporated herein by reference and made a part of this Agreement.”

3

 

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

	 	 	 	 	 
	 	MARINER ENERGY, INC.

 	 
	 	By:  	/s/ Scott D. Josey
 	 
	 	 	Scott D. Josey 	 
	 	 	Chairman of the Board,

Chief Executive Officer and President 	 
	 
	 	MARINER ENERGY RESOURCES, INC.

 	 
	 	By:  	/s/ Scott D. Josey
 	 
	 	 	Scott D. Josey 	 
	 	 	Chairman of the Board,

Chief Executive Officer and President 	 
	 
	 	EXECUTIVE

 	 
	 	/s/ Judd Hansen
 	 
	 	Judd Hansen 	 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]