Document:

exv10w48

EXHIBIT 10.48

FIRST AMENDMENT TO THE EMPLOYMENT AGREEMENT OF KEVIN P. STOLZ

THIS FIRST AMENDMENT is by and between Ecology Coatings, Inc., a Nevada corporation (the
“Company”), and Kevin P. Stolz (the “Executive”) and is entered to be effective as of the 29th day
of August, 2008 (the “Amendment Date”).

          WHEREAS, the Company and the Executive entered into that certain Employment Agreement dated as
of February 1, 2008 (the “Agreement”) and desire in accordance with Section 10.1 of the Agreement
to make certain amendments thereto;

          Now, therefore, it is hereby agreed as follows:

     1. Paragraph 4.5 of the Agreement is amended to read as follows:

               4.5 Change in Control. If, during the term of this Agreement and within one year after a
“Change in Control,” as defined below, the Company shall terminate the Executive’s employment other
than for Cause, Death or Disability or the Executive shall terminate employment for Good Reason,
the Company shall (i) pay to the Executive the amount of compensation that would have been payable
to the Executive over the period then remaining under this Agreement and on the same schedule as
such payments would have been due had the termination not occurred, provided that the Company shall
pay the Executive for a minimum of twenty-four (24) months on this basis; and (ii) cause all stock
options issued to the Executive that have not vested as of the termination to be immediately
vested.

               4.5.1 The term “Change in Control” shall mean an event or the last of a series of related
events by which:

                    4.5.2 the Company merges or consolidates with or into another entity or completes any other
corporate reorganization, if more than fifty percent (50%) of the combined voting power of the
continuing or surviving entity’s securities outstanding immediately after such merger,
consolidation or other reorganization is owned by persons who were not stockholders of the Company
immediately prior to such merger, consolidation or other reorganization; or

                    4.5.3 the Company sells, transfers or otherwise disposes of all or substantially all of the
consolidated assets of the Company or its subsidiaries and the Company does not own stock in the
purchaser or purchasers having more than fifty percent (50%) of the voting power in elections for
directors; or

                    4.5.4 the composition of the Board changes, as a result of which fewer than one half of the
incumbent directors are directors who either:

                         (i) had been directors of the Company twenty-four (24) months prior to such change; or

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                         (ii) were elected, or nominated for election, to the Board with the affirmative votes of at
least a majority of the directors who had been directors of the Company twenty-four (24) months
prior to such change and who were still in office at the time of the election or nomination.

A transaction shall not constitute a Change of Control if (i) its sole purpose is to change the
state of the Company’s incorporation or to create a holding company that will be owned in
substantially the same proportions by the Persons who held the Company’s securities immediately
before such transaction (ii) the Company acquires another corporation or entity through the
purchase or other acquisition of control of the voting stock or assets of such corporation or
entity or (iii) the transaction involves Equity 11, Ltd. or any its affiliates; or

               4.5.5 any Person acquires direct or indirect beneficial ownership of more than thirty-three
percent (33%) of the voting power of the Company, whether in a single transaction or a series of
transactions.

               4.5.6 As used in this Agreement, a “Person” means any “person,” as that term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended, together with all of
that person’s “affiliates” and “associates,” as those terms are defined in Rule 12b-2 of such Act.

     2. Effective October 1, 2008, the base salary specified in Section 2.3.1 shall be changed to
Seventy Thousand Dollars ($70,000) and shall remain so until Company executes a new agreement with
a potential customer currently testing Company’s technology that results in new annual revenue of
at least $1,000,000 per year. When such revenue is realized, Executive’s base salary will return
to One Hundred Forty Thousand Dollars ($140,000).

     3. The Company will recommend to the Board of Directors that the Board approve the issuance of
10,000 additional stock options to Executive.

     4. In all other respects, the terms of the Agreement shall remain in full force and effect.

[Remainder of this page left intentionally blank]

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     IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the Effective Date.

The Company:

Ecology Coatings, a Nevada corporation

	 	 	 
	/s/ Richard D. Stromback

	 	 
	 
	 	 
	Richard D. Stromback
	 	 
	Chief Executive Officer
	 	 

The Executive:

KEVIN P. STOLZ

	 	 	 
	/s/ Kevin P. Stolz

	 	 
	 
	 	 
	Kevin P. Stolz
	 	 

3exv4w1

Exhibit 4.1

FIRST SUPPLEMENTAL INDENTURE

     FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of August 28,
2008, among Stone Energy Offshore, L.L.C. (the “New Subsidiary Guarantor”), a Delaware
limited liability company and subsidiary of Stone Energy Corporation, a Delaware corporation (the
“Company”), the Company and The Bank of New York Mellon Trust Company, N.A., as successor
trustee to JPMorgan Chase Bank, a New York banking corporation, under the Indenture referred to
below (the “Trustee”).

WITNESSETH:

     WHEREAS the Company has heretofore executed and delivered to the Trustee an Indenture (the
“Indenture”) dated as of December 10, 2001, providing for the issuance of an unlimited
aggregate principal amount of 81/4% Senior Subordinated Notes due 2011 (the “Securities”);

     WHEREAS Section 4.13 of the Indenture provides that under certain circumstances the Company is
required to cause the New Subsidiary Guarantor to execute and deliver to the Trustee a supplemental
indenture pursuant to which the New Subsidiary Guarantor shall unconditionally guarantee all the
Company’s obligations under the Securities pursuant to a Subsidiary Guaranty on the terms and
conditions set forth herein; and

     WHEREAS pursuant to Section 9.01 of the Indenture, the Trustee and the Company are authorized
to execute and deliver this Supplemental Indenture;

     NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the New Subsidiary Guarantor, the
Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the
holders of the Securities as follows:

     1. Agreement to Guarantee. The New Subsidiary Guarantor hereby agrees, jointly and
severally with all other Subsidiary Guarantors, if any, to unconditionally guarantee the Company’s
obligations under the Securities on the terms and subject to the conditions set forth in Article 11
of the Indenture and to be bound by all other applicable provisions of the Indenture.

     2. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as
expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the
terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every holder of Securities
heretofore or hereafter authenticated and delivered shall be bound hereby.

     3. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO PRINCIPLES OF
CONFLICTS OF LAW THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

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     4. Trustee Makes No Representation. The Trustee makes no representation as to the
validity or sufficiency of this Supplemental Indenture.

     5. Counterparts. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement.

     6. Effect of Headings. The Section headings herein are for convenience only and shall
not effect the construction thereof.

[Signature Page Follows]

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     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	STONE ENERGY OFFSHORE, L.L.C.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	STONE ENERGY CORPORATION	 	 
	 

	 	 	 	its Sole Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kenneth H. Beer	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Kenneth H. Beer	 	 
	 

	 	Title:
	 	Senior Vice President and	 	 
	 

	 	 	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	STONE ENERGY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kenneth H. Beer	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Kenneth H. Beer	 	 
	 

	 	Title:
	 	Senior Vice President and	 	 
	 

	 	 	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK	 	 
	 	 	MELLON TRUST COMPANY, N.A.	 	 
	 	 	as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Julie H.Ramos	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Julie Hoffman-Ramos	 	 
	 

	 	Title:
	 	Assistant Treasurer	 	 

Signature Page to First Supplemental Indentureexv4w2

Exhibit 4.2

FIRST SUPPLEMENTAL INDENTURE

     FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of August 28,
2008, among Stone Energy Offshore, L.L.C. (the “New Subsidiary Guarantor”), a Delaware
limited liability company and subsidiary of Stone Energy Corporation, a Delaware corporation (the
“Company”), the Company and The Bank of New York Mellon Trust Company, N.A., as successor
trustee to JPMorgan Chase Bank, National Association, a national banking association, under the
Indenture referred to below (the “Trustee”).

WITNESSETH:

     WHEREAS the Company has heretofore executed and delivered to the Trustee an Indenture (the
“Indenture”) dated as of December 15, 2004, providing for the issuance of an unlimited
aggregate principal amount of 6 3/4% Senior Subordinated Notes due 2014 (the “Securities”);

     WHEREAS Section 4.13 of the Indenture provides that under certain circumstances the Company is
required to cause the New Subsidiary Guarantor to execute and deliver to the Trustee a supplemental
indenture pursuant to which the New Subsidiary Guarantor shall unconditionally guarantee all the
Company’s obligations under the Securities pursuant to a Subsidiary Guaranty on the terms and
conditions set forth herein; and

     WHEREAS pursuant to Section 9.01 of the Indenture, the Trustee and the Company are authorized
to execute and deliver this Supplemental Indenture;

     NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the New Subsidiary Guarantor, the
Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the
holders of the Securities as follows:

     1. Agreement to Guarantee. The New Subsidiary Guarantor hereby agrees, jointly and
severally with all other Subsidiary Guarantors, if any, to unconditionally guarantee the Company’s
obligations under the Securities on the terms and subject to the conditions set forth in Article 11
of the Indenture and to be bound by all other applicable provisions of the Indenture.

     2. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as
expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the
terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every holder of Securities
heretofore or hereafter authenticated and delivered shall be bound hereby.

     3. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO PRINCIPLES OF
CONFLICTS OF LAW THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

1

 

     4. Trustee Makes No Representation. The Trustee makes no representation as to the
validity or sufficiency of this Supplemental Indenture.

     5. Counterparts. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement.

     6. Effect of Headings. The Section headings herein are for convenience only and shall
not effect the construction thereof.

[Signature Page Follows]

2

 

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	STONE ENERGY OFFSHORE, L.L.C.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	STONE ENERGY CORPORATION	 	 
	 

	 	 	 	its Sole Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kenneth H. Beer	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Kenneth H. Beer	 	 
	 

	 	Title:
	 	Senior Vice President and	 	 
	 

	 	 	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	STONE ENERGY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kenneth H. Beer	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Kenneth H. Beer	 	 
	 

	 	Title:
	 	Senior Vice President and	 	 
	 

	 	 	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK	 	 
	 	 	MELLON TRUST COMPANY, N.A.	 	 
	 	 	as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Julie H. Ramos	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Julie Hoffman-Ramos	 	 
	 

	 	Title:
	 	Assistant Treasurer	 	 

Signature Page to First Supplemental Indenture

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