Document:

exhibit10_3.htm

    Exhibit
      10.3

     

    AMENDMENT
      TO

    RESTRICTED
      SHARE UNIT AGREEMENTS

    GRANTED
      TO PHILLIP A. GOBE

     

    The
      Restricted Share Unit Agreements providing for the grant of Restricted Share
      Units to Phillip A. Gobe on December 6, 2004, March 23, 2006 and August 3,
      2006
      under the Energy Partners, Ltd. 2006 Long Term Stock Incentive Plan are hereby
      amended in the following respects:

     

    1.  Section
      5
      is hereby amended to read in its entirety as follows:

     

    
      	
               

            	
              “5.

            	
              Termination
                of Employment - In the event of the termination of your employment for
                any reason other than your retirement (as defined below) during the
                Restricted Period, all Restricted Share Units which have not vested
                pursuant to Section 4 above shall be forfeited and the Company may
                take
                any action necessary to effect such forfeiture without further notice
                to
                you.  Except as hereafter provided in this Section 5, if
                your employment with the Company terminates as a result of your retirement
                (as defined below), your Restricted Share Units shall continue to
                vest in
                accordance with Section 4 above.  However, if your
                employment with the Company terminates as a result of your retirement
                and
                you thereafter ‘change your retirement status’ prior to the date on which
                all Restricted Share Units have vested, any Restricted Share Units
                which
                have not vested pursuant to Section 4 above shall be forfeited and
                the Company may take any action necessary to effect such forfeiture
                without any further notice to you.  For purposes of this Section
                5, ‘retirement’ shall mean a termination of your employment that is
                described as a retirement by the Company in any press release issued
                by it
                or in any document filed by it with the Securities and Exchange
                Commission.  For purposes of this Section 5, you will be
                considered to ‘change your retirement status’ if you commence full-time
                employment as an executive with a business enterprise engaged directly
                or
                through one or more subsidiaries in the oil and gas exploration and
                production business or commence service on the board of directors
                of such
                a business enterprise.”

            

    

     

    2.  Section
      6
      is hereby amended to read in its entirety as follows:

     

    
      	
               

            	
              “6.

            	
              Payment
                - If any Restricted Share Units vest pursuant to Section 4 above,
                certificate(s) evidencing the shares of Company Common Stock represented
                by those Restricted Share Units shall be delivered to you on the
                vesting
                date.  Notwithstanding the foregoing, pursuant to Section 409A
                of the Internal Revenue Code of 1986, as amended, if you are a ‘specified
                employee’ (within the meaning of said Section 409A and the regulations
                thereunder) at the time of your retirement (as defined in Section
                5
                above), no payment may be made to you under this Agreement on account
                of
                your retirement earlier than the date which is 6 months after the
                date of
                your retirement (or, if earlier than the end of such 6-month period,
                the
                date of your death).”

            

    

     

    

     

    ENERGY
      PARTNERS, LTD.

     

    By:      _____________________________                            Date:  ________________

     

    Attest:

     

    

     

    I
      HEREBY AGREE TO THIS AMENDMENT TO MY RESTRICTED SHARE UNIT
      AGREEMENTS

     

    __________________________________                    Date:  _______________

    Phillip
      A. Gobeexhibit10_4.htm

    Exhibit
      10.4

     

    AMENDMENT
      TO

    CASH-SETTLED
      RESTRICTED SHARE UNIT AGREEMENT

    GRANTED
      TO PHILLIP A. GOBE

     

    The
      Cash-Settled Restricted Share Unit Agreement providing for the grant of
      Restricted Share Units to Phillip A. Gobe on May 30, 2007 under the Energy
      Partners, Ltd. 2006 Long Term Stock Incentive Plan are hereby amended in the
      following respects:

     

    1.  Section
      5
      is hereby amended to read in its entirety as follows:

     

    
      	
               

            	
              “5.

            	
              Termination
                of Employment - In the event of the termination of your employment for
                any reason other than your retirement (as defined below) during the
                Restricted Period, all Restricted Share Units which have not vested
                pursuant to Section 4 above shall be forfeited and the Company may
                take
                any action necessary to effect such forfeiture without further notice
                to
                you.  Except as hereafter provided in this Section 5, if
                your employment with the Company terminates as a result of your retirement
                (as defined below), your Restricted Share Units shall continue to
                vest in
                accordance with Section 4 above.  However, if your
                employment with the Company terminates as a result of your retirement
                and
                you thereafter ‘change your retirement status’ prior to the date on which
                all Restricted Share Units have vested, any Restricted Share Units
                which
                have not vested pursuant to Section 4 above shall be forfeited and
                the Company may take any action necessary to effect such forfeiture
                without any further notice to you.  For purposes of this Section
                5, ‘retirement’ shall mean a termination of your employment that is
                described as a retirement by the Company in any press release issued
                by it
                or in any document filed by it with the Securities and Exchange
                Commission.  For purposes of this Section 5, you will be
                considered to ‘change your retirement status’ if you commence full-time
                employment as an executive with a business enterprise engaged directly
                or
                through one or more subsidiaries in the oil and gas exploration and
                production business or commence service on the board of directors
                of such
                a business enterprise.”

            

    

     

    2.  Section
      6
      is hereby amended to read in its entirety as follows:

     

    
      	
               

            	
              “6.

            	
              Payment
                - If any Restricted Share Units vest pursuant to Section 4 above,
                certificate(s) evidencing the shares of Company Common Stock represented
                by those Restricted Share Units shall be delivered to you on the
                vesting
                date.  Notwithstanding the foregoing, pursuant to Section 409A
                of the Internal Revenue Code of 1986, as amended, if you are a ‘specified
                employee’ (within the meaning of said Section 409A and the regulations
                thereunder) at the time of your retirement (as defined in Section
                5
                above), no payment may be made to you under this Agreement on account
                of
                your retirement earlier than the date which is 6 months after the
                date of
                your retirement (or, if earlier than the end of such 6-month period,
                the
                date of your death).”

            

    

     

    

     

    ENERGY
      PARTNERS, LTD.

     

    By:       ____________________________                    Date:  _______________

     

    Attest:

     

    

     

    I
      HEREBY AGREE TO THIS AMENDMENT TO MY CASH-SETTLED RESTRICTED SHARE UNIT AGREEMENTS

     

    _________________________________                    Date:  _______________

    Phillip
      A. Gobeex101.htm

    EX 10.1
 

    

    RESIGNATION
      AGREEMENT AND RELEASE

    

    

    This
      Resignation Agreement and Release
      (“Agreement”) is entered into between Z Trim Holdings, Inc. (“Employer”) and
      Gregory J. Halpern (“Employee”).  In consideration for the mutual
      promises set forth below, Employer and Employee agree as follows.

     

    1.
      Employee has resigned his employment
      and his position as director,  effective August 20, 2007.

     

    2.
      Employer agrees to:

     

    
      	
               

            	
              a.
                Pay Employee three months of severance pay in the amount of 3 month’s
                worth of current salary,  less regular
                withholding;

            

    

    
      	
               

            	
              b.
                Pay Employee any amounts due and owing for 15 days of earned but
                unused
                vacation pay, less regular withholding, as determined by the Company
                pursuant to the Company’s current policies and
                procedures.

            

    

     

    c.  Provided
      that Employee
      exercises his right to continue coverage under thegroup medical plan, Employer
      will pay the full cost of coverage for up to sixmonths or until Employee no
      longer qualifies for COBRA continuation coverage, whichever occurs first for
      the
      Employee and for Employee’s family.

     

    
      	
               

            	
              The
                payment set forth in paragraph 2(a) will be made in lump sum on or
                before
                August 31, 2007, less regular
                withholding.

            

    

     

    3.
      Employee acknowledges that he has no
      further right to any benefits or compensation not provided for in this
      Agreement, including wages, salary, severance pay, bonuses or stock
      options.

     

    4.
      On behalf of himself, his heirs,
      executors, administrators and assigns, Employee fully releases Employer and
      all
      of its affiliated or related entities, their successors, assigns, officers,
      directors, agents, employees and attorneys from all claims, known or unknown,
      of
      any kind of nature whatsoever which Employee has, claims or may have or claim
      in
      the future relating to Employer and the other released parties referred to
      above.  This release includes but is not limited to all liabilities
      for the payment of any sums for accrued earnings, bonuses, severance pay,
      salary, accruals under any vacation, sick leave or holiday plans, any employee
      benefits, any charge, claim or lawsuit under any federal, state or local law,
      including but not limited to claims under Title VII of the Civil Rights Act
      of
      1964, the Civil Rights Act of 1991, the Civil Rights Act of 1866, the Age
      Discrimination in Employment Act, as amended by the Older Workers’ Benefit
      Protection Act, the Americans with Disabilities Act, the Worker Adjustment
      Retraining and Notification Act, the Family and Medical Leave Act, and any
      tort,
      contract, quasi contact and other common laws claims, and for attorney’s
      fees.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.
      Employee represents that he has not
      filed any charges, suits, claims or complaints against Employer or the other
      released parties referred to above, and to the maximum extent permitted by
      law,
      Employee agrees that he will not do so at any time in the future with respect
      to
      any claim which arose prior to the date of this Agreement.  This
      release forever bars all suits which arose or might arise in the future from
      any
      occurrences arising prior to the date of this Agreement.  If Employee,
      or any administrative agency, acting on Employee's behalf, files any
      administrative charge, Employee agrees to waive all right to
      recovery.

     

    6.
      The following provisions are
      applicable to and made a part of this Separation Agreement and
      Release:

     

          
a.
      Employee does not release or waive any right or claim that he may have which
      arises after the date of this Agreement.  However, Employee
      acknowledges and understands that he has unequivocally resigned his employment
      prior to signing this Agreement, and any claim Employee may have based upon
      the
      separation from employment has arisen prior to the execution of this
      Agreement.

     

           
b.
      In exchange for this release, Employee acknowledges that he has received
      separate consideration beyond that which Employee is otherwise entitled to
      under
      Employer policy or applicable law, including but not limited to the severance
      pay.

     

           
c.
      Employer expressly advises Employee to consult with an attorney of his choosing
      prior to signing this Agreement, which contains a general release of all
      claims.

     

          
d.
      Employee has twenty-one (21) days from the date of receipt to consider whether
      or not to sign this Agreement.  In the event Employee signs it,
      Employee has a further period until August 31, 2007, in which to revoke this
      Agreement.  This Agreement is not effective until the end of the
      revocation period. Any revocation should be communicated in writing, by personal
      delivery or first class mail to Steve Cohen, Z Trim Holdings, Inc., 1011 Campus
      Drive, Mundelein, Illinois 60060.

     

      7.
      Employee agrees he has
      returned or will return to Employer all Employer documents and property,
      including records, credit cards, computer software and disks, card key passes,
      and other physical property which Employee received or prepared during the
      course of his employment.  Employee agrees to retain no copies or
      duplicates.  Pursuant to all applicable law, Employer will return all
      personal property to Employee.  Employer agrees to assign the
      Trademark Application to Employee for the mark “oral saver” on or before August
      31, 2007.

     

     
8.
      Employee agrees to keep
      confidential the terms of this Agreement. However, Employee may discuss this
      Agreement with his attorney, spouse and accountant, provided those individuals
      also keep the Agreement confidential.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    9.  Employee
      agrees that he
      will make no statements to the public or press concerning his employment with
      Employer or his separation from employment that have not previously been
      approved by Employer’s Board of Directors.

     

    10.
      Employee agrees not to make
      disparaging remarks about Employer, its products or services or about Employer’s
      directors, officers or employees.

     

            11.
      Employees acknowledges that he remains bound by all of the non-competition
      and
      non-disclosure provisions of his Employment Agreement dated January 2, 2007
      and  that

     Employer
      retains all the rights and remedies set forth in the Employment Agreement for
      breach of such provisions.

     

    12.
      This Agreement shall not in any way
      be construed as an admission by Employer that it has acted wrongfully with
      respect to Employee or that Employee has any rights whatsoever against Employer
      or the other released parties.

     

    13.
      Employee agrees that he has
      carefully read and fully understands all of the provisions of this Agreement
      and
      is knowingly, voluntarily and willfully entering into this
      Agreement.

     

    14.
      Employee acknowledges that in
      executing this Agreement, he has not relied upon any representation by Employer
      or its agents not set forth in this Agreement.

     

    15.
      Employee acknowledges that he
      received this Agreement on August 20, 2007.

     

    16.
      This Agreement sets forth the
      entire agreement between the parties and supersedes any prior agreements and
      understandings, written or oral.

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    PLEASE
      READ CAREFULLY.

    THIS
      AGREEMENT INCLUDES

    A
      RELEASE OF ALL KNOWN

    AND
      UNKNOWN CLAIMS.

    

     

     

    
      	EMPLOYEE  	 	 	 Z
              Trim Holdings, Inc.	 
	
              /s/Gregory
                Halpern 

            	 	 	
               By:  /s/
                Brian S. Isreal

            	 
	
              Name
                Gregory Halpern 

            	 	 	
              Brian
                S. Isreal

            	 
	
              Date
                8-20-07   

            	 	 	
              Date
                8/20/07

            	 

                                                                             

     

    /s/

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