Document:

Stock Incentive Plan as amended (FINAL)

 EXHIBIT 10.34 
  
 AMENDMENT NO. 1 
 TO 
 CONTANGO OIL & GAS COMPANY 1999 STOCK INCENTIVE PLAN 
  
 THIS AMENDMENT NUMBER ONE to the Contango Oil & Gas Company 1999 Stock
Incentive Plan (the “Amendment”) is dated as of the 7th day of March, 2001. 
  
 WHEREAS, the Board of Directors (the “Board”) and the Shareholders
of Contango Oil & Gas Company (the “Company”) have approved the Contango Oil & Gas Company 1999 Stock Incentive Plan (the “Plan”), pursuant to which the Company may grant to persons eligible under the Plan Restricted
Stock Awards, Incentive Stock Options and Nonqualified Options to purchase the Company’s common stock, par value $0.04 per share (the “Common Stock”). 
  
 WHEREAS, it is deemed desirable and in the best interests of the Company to amend the Plan to (i) reflect
the Company’s recent change in domicile from Nevada to Delaware and in connection therewith the 2 for 1 reverse of the Common Stock split (the “Reverse Stock Split”); (ii) include as exhibits to the Plan the forms of agreement that
the Company and a grantee enter into when Incentive Stock Options, Nonqualified Options, or Restricted Stock Awards are granted or issued by the Company pursuant to the Plan (the “Form Agreements”); and (iii) change the governing law from
Nevada to Delaware where the Company is currently incorporated (collectively, the items in (i) through (iii) are the “Conforming Changes”). 
  
 WHEREAS, the Conforming Changes do not materially alter the terms and conditions of the Plan in the manner contemplated in Section 18 of the Plan but
rather serve to (i) clarify the change in the Company’s state of incorporation and reflect the Reverse Stock Split and (ii) facilitate Plan participants understanding of the administration of the Plan by including as exhibits to the Plan the
Form Agreements that are used when a grant or award is made pursuant to the Plan. 
  
 NOW, THEREFORE, in consideration of the foregoing recitals, the Plan is hereby amended by the Board as follows: 
  
 1. Amendment to Section 4. Section 4 (“Number of Shares Subject to Plan”) of the Plan shall be amended and restated in its
entirety as read as follows: 
  
 4. NUMBER OF SHARES SUBJECT
TO PLAN 
  
 The shares to be offered under the Plan shall
initially consist of up to two million five hundred thousand (2,500,000) shares of Common Stock, subject to adjustment from time to time by the Committee. If any Option granted hereunder shall expire or terminate for any reason without having been
exercised in full, the unpurchased shares subject thereto shall again be available for purposes of this Plan. If any shares, which are attributable to RSAs, expire or are otherwise terminated, cancelled, surrendered or forfeited, during a calendar
year, such shares shall again be available for purposes of this Plan. 
  

 A-1 

 2. Amendment to Section 5. Section 5 (“Eligibility and Participation”) of the
Plan shall be amended and restated in its entirety as follows to add a new paragraph (c): 
  
 5. ELIGIBILITY AND PARTICIPATION 
  
 (a) The Committee shall determine the Employees to whom Options or RSAs shall be granted, the time or times at which such Options or RSAs
shall be granted and the number of shares to be subject to each Option or RSA. An Employee who has been granted an Option or RSA may, if he is otherwise eligible, be granted an additional Option or Options or RSA or RSAs if the Committee shall so
determine. An Employee may be granted Incentive Options or Non-Qualified Options or both under the Plan; provided, however, that the grant of Incentive Options and Non-Qualified Options to an Employee shall be the grant of separate Options and each
Incentive Option and each Non-Qualified Option shall be specifically designated as such. 
  
 (b) In no event shall an Employee be granted in any calendar year, under the Plan and all other plans of the Company and any Subsidiary or
Parent of the Company, Incentive Options that are first exercisable during any one calendar year for stock with an aggregate fair market value (determined as of the time the option was granted) in excess of One Hundred Thousand Dollars ($100,000).

  
 (c) If an Employee is granted an Incentive
Option or Nonqualified Option or RSA, such grant shall be granted pursuant to an agreement between the Company and the Employee in the form of agreement applicable for such grant or award, with such amendments or modifications as deemed necessary or
appropriate by the Committee, copies of which form agreements are attached hereto as Exhibits A-1, A-2 or A-3. 
  
 3. Amendment to Section 23. Section 23 (“Option or RSA Agreements”) of the Plan shall be amended and restated in its entirety to
read as follows: 
  
 23. OPTION OR RSA AGREEMENTS

  
 In accordance with Section 5, Options and RSAs under the Plan
shall be evidenced by an agreement as shall be approved by the Committee that sets forth the terms, conditions and limitations of an Option or RSA. The Committee may amend agreements theretofore entered into, either prospectively or retroactively,
including, but not limited to, the acceleration of vesting of an Option or RSA and the extension of time to exercise an Option or RSA, except that, no such amendment shall affect the Option or RSA in a materially adverse manner without the consent
of the Optionee or Participant nor shall any such amendment constitute a modification of any Incentive Option within the meaning of Section 424(h) of the Code. 
  

4. Amendment to Section 25. Section 25 (“Governing Law”) of the Plan shall be amended and restated in its entirety to read as
follows: 
  
 25. GOVERNING LAW. 
  
 The Plan shall be governed and construed in accordance with the laws of the
State of Delaware and the Code.” 
  

 A-2 

 5. Full Force and Effect. Except as expressly set forth in this Amendment, the Plan is
unchanged and in full force and effect. 
  
 6. Governing
Law. This Amendment is to be governed by and construed in accordance with the laws of the State of Delaware and the Code. 
  
 *    *    *    *    *    * 
  

 A-3Offer Letter of Michael Dinkins

 Exhibit 10.1 
  
 July 25, 2005 
  
 Personal and Confidential 
  
 Mr. Michael Dinkins 
 [address omitted] 
  
 Dear Michael: 
  
 I have enjoyed meeting and discussing with you the very important position we have available in our Company. The more we talked, the more I
am convinced that you are a perfect fit for this position. Mike, Carolyn, Tim, Henry and the others you talked to at our office were all impressed with you and would like you to join the HRH team. Accordingly, I am pleased to offer you the
opportunity to join HRH as Executive Vice President – Chief Financial Officer as follows: 
  

			
	Title:	 	Executive Vice President – Chief Financial Officer reporting to Chairman and Chief Executive Officer.
		
	Start Date:	 	As soon as practical but no later than September 15, 2005.
		
	Location:	 	The position will be located in our corporate office in Richmond, Virginia.
		
	Relocation:	 	The Company will reimburse you for the costs associated with selling your home in [address omitted], buying a home in Virginia and transporting your household goods to your new
home.
		
	Base Compensation:	 	$25,000.00 per month ($300,000 per year) – base compensation will be reviewed annually
		
	Car/Auto Allowance:	 	You will be provided with either a company car with a new car value of $40,000 or a monthly auto allowance of $800
		
	Short Term Incentive:	 	You would become a participant of the Corporate Incentive Plan. [target bonus information omitted] Since you will be entering the plan on September 1st, you will be eligible for a prorata
bonus payment equal to 33.3% or 1/3rd of what normally would be paid as described previously.

 Mr. Michael Dinkins 
 July
25, 2005 
 Page 2 
  

			
	Long Term Incentive:	 	You would be eligible for an annual award of restricted stock grants and non-qualified stock options based on a salary grade 22. I anticipate that the awards for 2005 will be 3,000 restricted
stock grants and 13,000 non-qualified options. The value of the restricted grants at $35 per share is $105,000. The value of the non-qualified options using a black-shoales value of $11 is $143,000. The total value of the long term incentives is
$248,000.
		
	 	 	In addition, as part of your new hire package, the Company will request the Board of Directors to grant you 2,000 restricted stock grants and 5000 non-qualified stock options at the next
meeting following your hire date. The grants and options will vest 25% per year with full vesting in four years. The combined value of these grants is $125,000.
		
	Paid Time Off:	 	You will be granted 27 days paid time off.
		
	Employee Benefits:	 	In addition to the standard employee benefit package offered to all HRH employees, you will also be provided with an executive life insurance policy for $1,000,000 and an executive disability
policy which provides additional income protection in the event of a disability. You will also be eligible to participant in the HRH Supplemental Executive Retirement Plan and the Voluntary Executive Deferred Compensation Plan. If you have any
questions regarding these benefits please contact Henry Kramer directly at (804) 747-3130.
		
	 Financial, Tax &
 Estate
Planning:
	 	As a corporate executive, you will be provided with a maximum of $7,500 for a three year period for reimbursement of financial, tax and estate planning expenses.
		
	Change of Control:	 	As a corporate executive, you will be provided with a change of control contract which provides for severance in the event you lose your position as a result of a change of control. The
amount of severance you would receive is three times your base salary and highest bonus paid in the past three years. Your target bonus of $[omitted] will be used for change of control purposes during the first year of employment.

  
 Mike, I am very excited about the
prospect of you joining HRH. I firmly believe that HRH can provide you with a unique opportunity to make a valuable contribution to the success of our company, and I know you will enjoy working with our executive management group. 

 Mr. Michael Dinkins 
 July
25, 2005 
 Page 3 
  
 As a condition of employment, you will be required to execute HRH’s Executive Employment Agreement (copy enclosed). In addition, your officer appointment and compensation package must be approved by the Board of
Directors. We anticipate that the Board would approve our request prior to your start date. 
  
 Nothing in this letter should be considered as altering the employment-at-will relationship or as creating an express or implied contract or promise concerning the policies or practices that HRH has implemented or
will implement in the future. This offer is contingent upon you successfully passing a background and drug test. 
  
 Please contact me if you have any questions regarding the above. 
  
 Sincerely, 
  

			
	 /s/ Martin L. Vaughan, III

	 	 
	Chairman -Chief Executive Officer	 	 
		
	 /s/ Michael Dinkins

	 	7/27/05
	Accepted: Michael Dinkins	 	Date

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