Document:

ex10_4.htm

     

    Exhibit 10.4

     

    FIRST AMENDMENT TO

    ENERGY
PARTNERS, LTD.

    AMENDED
AND RESTATED 2000 STOCK INCENTIVE PLAN FOR

    NON-EMPLOYEE
DIRECTORS

     

    The
Energy Partners, Ltd. Amended and Restated 2000 Stock Incentive Plan for
Non-Employee Directors is hereby amended in the following respects:

     

    1. Section 4
of Article V is amended by adding the following sentence at the end
thereof:

     

    “Payment
shall be made on such date on or after the Payment Event as the Plan
Administrator shall determine but no later than ninety (90) days after the
occurrence of the Payment Event.”

     

    2. Article
VI is amended by adding the following sentence at the end thereof:

     

    “Anything
in the Plan to the contrary notwithstanding, no adjustment shall be made
pursuant to this Article VI that causes any award that is not otherwise deferred
compensation subject to Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”), to become deferred compensation subject to Section 409A of
the Code.”

     

    3. Article
VII is amended by adding the following new Section 3:

     

    “3.           Internal Revenue Code Section
409A.  It is intended that any stock options granted under the
Plan not constitute deferred compensation subject to Section 409A of the Code,
and the Plan shall be interpreted and operated consistently with that
intent.  In the event that it shall be determined that any payments or
benefits payable to an Eligible Director under the Plan constitute non-qualified
deferred compensation covered by Code Section 409A for which no exemption under
Code Section 409A or the regulations thereunder is available (“Covered Deferred
Compensation”), then notwithstanding anything in the Plan to the contrary, the
Eligible Director shall be deemed to have ceased to be a Director for purposes
of the Plan if and only if the Eligible Director has experienced a “separation
from service” within the meaning of said Section 409A and the regulations
thereunder.  The provisions of the Plan

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    relating
to such Covered Deferred Compensation shall be interpreted and operated
consistently with the requirements of Code Section 409A and the regulations
thereunder.”

     

    

    
      
         

        Dated:
November 13, 2008

        
          	 
      	
                  ENERGY
      PARTNERS, LTD.

                   

                   

                  By:  /s/ John H. Peper        

                          John
      H. Peper

                          Executive
      Vice President, General

                          Counsel
      and Corporate Secretaryex10_5.htm

     

    Exhibit 10.5

     

    FIRST AMENDMENT TO

    ENERGY
PARTNERS, LTD.

    STOCK
AND DEFERRAL PLAN FOR

    NON-EMPLOYEE
DIRECTORS

     

    The
Energy Partners, Ltd. Stock and Deferral Plan for Non-Employee Directors is
hereby amended in the following respects:

     

    1. The
second sentence of Article IV is amended to read in its entirety as
follows:

     

    “Subject
to the deferral election described in Article V, such meeting fees shall be
payable in cash following the applicable meeting on such date as shall be
determined by the Company but no later than 30 days after such
meeting.”

     

    2. The third
sentence of Article IV is amended to read in its entirety as
follows:

     

    “Subject
to the deferral election described in Article V, such retainer fees shall be
payable in Shares on the date of the regular annual meeting of shareholders of
the Company with respect to the year of service as an Eligible Director
beginning on that date; provided, however, that an Eligible Director may instead
elect, by filing an election with the Plan Administrator on a form prescribed by
the Plan Administrator before the payment date for any such fees, to receive a
percentage of such retainer fees (not exceeding 50%) in the form of
cash.”

     

    3. The first
sentence of Article VIII is amended to read in its entirety as
follows:

     

    “If an
Eligible Director has made a deferral election pursuant to Article V, his or her
Account shall be paid out in the form elected by the Eligible Director pursuant
to Article VII commencing on such date as may be determined by the Plan
Administrator but no later than 90 days after the date elected by the Eligible
Director pursuant to Article VII.”

     

    4. Article
VIII is amended by adding the following sentence after the first sentence
thereof:

     

    “If the
Eligible Director has elected annual installment payments, each such annual
installment after the initial installment shall be paid during the month in
which falls the applicable anniversary of the payment commencement date elected
by the Eligible Director pursuant to Article VII.”

     

    5. A new
Article XVI is added to read in its entirety as follows:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    “ARTICLE XVI INTERNAL REVENUE CODE
SECTION 409A

     

    It is
intended that this Plan comply with Section 409A of the Internal Revenue Code of
1986, as amended (and any regulations and guidance issued thereunder), and the
Plan shall be interpreted and operated consistently with that
intent.  Anything in this Plan to the contrary notwithstanding, an
Eligible Director shall be deemed to have ceased service as a member of the
Board of Directors if and only if the Eligible Director has experienced a
‘separation from service’ within the meaning of said Section 409A and the
regulations thereunder.”

     

    

    
      
         

        Dated:
November 13, 2008

        
          	 
      	
                  ENERGY
      PARTNERS, LTD.

                   

                   

                  By:  /s/ John H. Peper        

                          John
      H. Peper

                          Executive
      Vice President, General

                          Counsel
      and Corporate Secretaryex10_6.htm

     

    Exhibit 10.6

     

    AMENDMENT TO

    RESTRICTED
SHARE UNIT AGREEMENTS AND

    CASH-SETTLED
RESTRICTED SHARE UNIT AGREEMENTS

     

    All
Restricted Share Unit Agreements and Cash-Settled Restricted Share Unit
Agreements issued under the Energy Partners, Ltd. 2006 Long Term Stock Incentive
Plan or under the Energy Partners, Ltd. Amended and Restated 2000 Long Term
Stock Incentive Plan are hereby amended by adding the following sentence at the
end of Section 6:

     

    “Such
payment shall be made on such date following the applicable vesting date as may
be determined by the Company but no later than sixty (60) days after the
applicable vesting date.”

     

    
      
         

        Dated:
November 13, 2008

        
          	 
      	
                  ENERGY
      PARTNERS, LTD.

                   

                   

                  By:  /s/ John H. Peper        

                          John
      H. Peper

                          Executive
      Vice President, General

                          Counsel
      and Corporate Secretaryex10_7.htm

     

    Exhibit 10.7

     

    FORM OF THIRD AMENDMENT TO

    CHANGE
OF CONTROL SEVERANCE AGREEMENT

    BY
AND BETWEEN

    ENERGY
PARTNERS, LTD.

    AND
_______________________

     

    Energy
Partners, Ltd. and _____________ hereby agree to amend the Change of Control
Severance Agreement between them dated as of ___________, as amended by the
First and Second Amendments thereto (the “Severance Agreement”), as
follows:

     

    1. The first
sentence of Section 1 of the Severance Agreement is amended by deleting “March
28, 2009” and substituting in lieu thereof “March 28, 2010.”

     

    2. The last
sentence of Section 1 of the Severance Agreement (added by the First Amendment)
is deleted in entirety.

     

    3. The first
sentence of Section 2 of the Severance Agreement is amended by deleting “March
28, 2009” and substituting in lieu thereof “March 28, 2010.”

     

    4. Section 3
of the Severance Agreement is amended by adding the following sentence after the
first sentence thereof:

     

    “Any
reduction pursuant to the preceding sentence shall be made by reducing first the
severance benefit described in subsection (a) of Section 1 of this
Agreement.”

     

    5. The third
sentence of Section 3 of the Severance Agreement (which was the second sentence
prior to the amendment made pursuant to item 2 above) is amended to read in its
entirety as follows:

     

    “If, as a
result of subsequent events or conditions (including a subsequent payment or
absence of a subsequent payment under this Agreement or other plans, programs,
arrangements or agreements maintained by the Company or one of its affiliates),
it is determined that payments under this Agreement have been reduced by more
than the minimum amount required to prevent any payments from constituting an
“excess parachute payment,” then an additional payment shall be made to the
Executive on such date as may be determined by the Company but not later than 60
days after the applicable event or condition in an amount equal to the
additional amount that can be paid without causing any payment to constitute an
‘excess parachute payment.’”

     

    6. The last
sentence of subsection (d) of Section 4 of the Severance Agreement is amended to
read in its entirety as follows:

     

    “A
termination of employment by the Executive shall not be considered to be for
Good Reason unless (i) the Executive has provided written notice to

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    the
Company of the existence of the condition constituting Good Reason and the
Company fails to remedy the condition within thirty (30) days
after  receiving such notice, and (ii) the termination of employment
occurs within sixty (60) days after the Executive has knowledge of the condition
constituting Good Reason.

     

    7. Section
5.2 of the Severance Agreement is amended to read in its entirety as
follows:

     

    “5.2 Termination of
Agreement.  This Agreement shall terminate and be of no further
force and effect if a Change of Control (as defined in Section 4 of this
Agreement) of the Company does not occur before March 28, 2010.”

     

    8. Section
5.12 of the Severance Agreement (added by the First Amendment) is amended to
read in its entirety as follows:

     

    “5.12
Code Section
409A.  In the event that it shall be determined that any
payments or benefits under this Agreement constitute nonqualified deferred
compensation covered by Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”) for which no exemption under Code Section 409A or the
regulations thereunder is available (“Covered Deferred Compensation”), then
notwithstanding anything in this Agreement to the contrary, (i) if the Executive
is a “specified employee” (within the meaning of Code Section 409A and the
regulations thereunder and as determined by the Company in accordance with said
Section 409A) at the time of the Executive’s separation from service (as defined
below), the payment of any such Covered Deferred Compensation payable on account
of such separation from service shall be made no earlier than the date which is
6 months after the date of the Executive’s separation from service (or, if
earlier than the end of such 6-month period, the date of the Executive’s death),
and (ii) the Executive shall be deemed to have terminated from employment for
purposes of this Agreement if and only if the Executive has experienced a
“separation from service” within the meaning of said Section 409A and the
regulations thereunder.  To the extent any payment of Covered Deferred
Compensation is subject to the 6-month delay, such payment shall be paid
immediately after the end of such 6-month period (or the date of death, if
earlier).  The provisions of this Agreement relating to such Covered
Deferred Compensation shall be interpreted and operated consistently with the
requirements of Code Section 409A and the regulations thereunder.”

     

    Except as
amended as herein set forth, the Severance Agreement shall continue in full
force and effect in accordance with its terms.

     

    
      
         

      

      
        -2- 

        
          

        

      

      
         

      

    

    

     

    IN
WITNESS WHEREOF, the parties hereto have set their hands on this ____ day of
November, 2008 in multiple originals, each of which shall have the same force
and effect as if it were the sole original.

     

    
      	
              ENERGY
      PARTNERS, LTD.

               

               

            
	
              By: 
      ________________________________________

               

              ______________________________________

              Executive:

            

    

     

    

     

     

    -3-

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