Document:

Offer Letter

 Exhibit 10.48 
  

					
	 RICHARD A. BACHMANN
 Chairman, and
 Chief Executive Officer
	 	

	 	 Direct (504) 799-1944
 Fax: (504) 799-1901 bachmann@eplweb.com

 August 15, 2007 
 Joseph T. Leary 
 Dear Joe: 
 This letter serves to
confirm the offer of employment to you for the position of Executive Vice President and Chief Financial Officer of Energy Partners, Ltd. (the “Company”). This offer is subject to the Company’s Board of Directors approving your
appointment in these capacities. 
 The following represent the terms and conditions of this offer: 
  

	 	•	 	 Commencement date on August 20, 2007 (or such other date in close proximity thereto as shall be mutually agreed between us). 

  

	 	•	 	 A commencement of employment payment of $50,000. 

  

	 	•	 	 Starting base salary of $250,000 annually. 

  

	 	•	 	 Annual bonus target of 55% of base pay. In your first year of employment, you will be eligible for a prorated bonus amount, depending upon your date of hire.

  

	 	•	 	 The grant on the commencement date of your employment of an option with a ten year term to purchase 100,000 shares of Common Stock of the Company that will vest in
one-third increments on each of the first three anniversaries of the date of grant at an exercise price equal to the closing price of the Company’s Common Stock on the date of grant (a detailed Stock Option Agreement containing standard terms
consistent with the foregoing will be provided shortly after your commencement of employment). 

  

	 	•	 	 The award on the commencement date of your employment of 30,000 Cash-Settled Restricted Share Units that will vest on the third anniversary of your date of
employment (likewise, a Cash-Settled Restricted Share Unit Agreement containing standard terms consistent with the foregoing will be provided shortly after your commencement of employment). 

  

	 	•	 	 You will be eligible for twenty-five days of vacation annually, prorated for 2007. 

  

	 	•	 	 Terms of the moving and relocation assistance will be provided to you separately. 

  

	 	•	 	 Eligible for Change of Control Agreement, including a three (3) times multiple of base and annual bonus (details of the calculation will be provided in the
Agreement). 

 In addition to your compensation, you will be entitled to participate in any plans sponsored by the Company, including
medical, dental, disability and life insurance plans, subject in each instance to applicable conditions and waiting periods. The Company also sponsors a 401(k) plan in which you will be eligible to participate on the terms provided in the plan
documents. A summary of the benefit plans and a copy of the 401(k) Summary Plan description are being provided to you separately. 
 The Company, as do most
employers, expressly reserves the right to discontinue or amend the nature or amount of any of the compensation or benefit plans/programs/policies/practices that it offers. Also, your employment at the Company will be on an “at will”
basis, meaning that you or the Company may terminate this employment relationship at any time, with or without reason. 
 If you have any questions, please
call me. We are very pleased to make this offer to you and are looking forward to you joining our team. 

 Please acknowledge your acceptance of this offer by signing below and returning one copy to the undersigned, whereupon
this shall constitute a binding agreement between us. 
  

	
	Sincerely,
	
	/s/ Richard A. Bachmann
	 Richard A. Bachmann
 Chairman and
 Chief Executive Officer

  

	
	 ACCEPTED AND AGREED
 this 16 day of August
2007.

	
	/s/ J.T. Leary
	Joseph Leary

 ENERGY PARTNERS, LTD. • 201 ST. CHARLES AVENUE, SUITE 3400 • NEW ORLEANS, LA 70170
• (504) 569-1875Offer Letter

 Exhibit 10.49 
  

					
	 RICHARD A. BACHMANN
 Chairman and
 Chief Executive Officer
	 	

	 	 Direct (504)799-1944
 Fax: (504)799-1901
 bachmann@eplweb.com

  
  
 June 11, 2007 
 Mr. Stephen Longon 
 1415 Soniat 
 New Orleans, LA 70115 
 Dear Steve: 
 This letter serves to confirm the offer of employment to you
for the position of Senior Vice President, Drilling and Engineering with Energy Partners, Ltd. (the “Company”). This offer is subject to the Company’s Board of Directors approving your appointment as an Officer of the Company at its
meeting on August 2, 2007. 
 The following represent the terms and conditions of this offer: 
  

	 	•	 	 Commencement date on July 9, 2007 (or such other date in close proximity thereto as shall be mutually agreed between us). 

	 	•	 	 An employment payment of $50,000 on the first payday after employment. 

	 	•	 	 Starting base salary of $224,000 annually. 

	 	•	 	 Annual bonus target of 50% of base pay. 

	 	•	 	 The grant on the commencement date of your employment of an option with a ten year term to purchase 10,000 shares of Common Stock of the Company that will vest in
one-third increments on each of the first three anniversaries of the date of grant at an exercise price equal to the closing price of the Company’s Common Stock on the date of grant (a detailed Stock Option Agreement containing standard terms
consistent with the foregoing will be provided shortly after your commencement of employment). 

	 	•	 	 The award on the commencement date of your employment of 10,000 Restricted Share Units that will vest on the third anniversary of your date of employment (likewise,
a Restricted Share Unit Agreement containing standard terms consistent with the foregoing will be provided shortly after your commencement of employment). 

	 	•	 	 The award on the commencement date of your employment of 10,000 Cash-settled Restricted Share Units that will vest on the third anniversary of your date of
employment (similarly, a Cash-settled Restricted Share Unit Agreement containing standard terms consistent with the foregoing will be provided shortly after your commencement of employment). 

	 	•	 	 A 2007 performance bonus of at least 25% of base salary. 

	 	•	 	 Eligible for Change in Control Plan. 

	 	•	 	 You will be eligible for twenty-five days of vacation annually, pro-rated for 2007. 

 In addition to your compensation, you will be entitled to participate in any plans sponsored by the Company, including
medical, dental, disability and life insurance plans, subject in each instance to applicable conditions and waiting periods. The Company also sponsors a 401(k) plan in which you will be eligible to participate on the terms provided in the plan
documents. A summary of the benefit plans and a copy of the 401(k) Summary Plan description are being provided to you separately. 
 The Company, as do most
employers, expressly reserves the right to discontinue or amend the nature or amount of any of the compensation or benefit plans/programs/policies/practices that it offers. Also, your employment at the Company will be on an “at will”
basis, meaning that you or the Company may terminate this employment relationship at any time, with or without reason. 
 If you have any questions, please
call me. We are very pleased to make this offer to you and are looking forward to you joining our team. 
 Please acknowledge your acceptance of this offer
by signing below and returning one copy to the undersigned, whereupon this shall constitute a binding agreement between us. 
 Sincerely, 
  

	
	/s/ Richard A. Bachmann
	Richard A. Bachmann
	 Chairman and
 Chief Executive
Officer

  
 ACCEPTED AND AGREED 
 this 11th day of June, 2007 
  

	
	 /s/ Steve Lognon

	Steve Longon

  
  
 ENERGY PARTNERS, LTD.     ·     201 ST. CHARLES AVENUE, SUITE 3400     ·     NEW ORLEANS, LA 70170     ·     (504) 569-1875Settlement Agreement

 Exhibit 10.50 
 SETTLEMENT AGREEMENT 
 This Settlement Agreement (the “Settlement
Agreement”) is entered into on this 23rd day of June, 2009 (the “Signing Date”), by and between Energy Partners, Ltd. (the “Company”) and Stephen D. Longon
(“Individual”) (collectively, the “Parties”). 
 RECITALS 
 WHEREAS, the Company and Individual have entered into that certain Change of Control Severance Agreement originally effective July 14, 2008
and amended by the First Amendment thereto (as amended, the “Severance Agreement”); 
 WHEREAS, the Company is
undergoing a significant restructuring that requires the Company to address its ability to fully perform its potential obligations under the Severance Agreement; 
 WHEREAS, the Company’s promise to pay the settlement payment provided for within this Settlement Agreement is sufficient consideration for the exchange of Individual’s potential claims noted below;
and 
 WHEREAS, subject to the approval of the United States Bankruptcy Court for the Southern District of Texas, Houston Division
(the “Court”) in that certain case styled In re Energy Partners, Ltd., et al., case no. 09-32957 (jointly administered), the Company and Individual now desire to amend the Parties’ rights and obligations with
regard to the Severance Agreement in exchange for new rights and obligations that will be governed solely by this Settlement Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises and benefits contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 SETTLEMENT AGREEMENT 
 1. Effectiveness of Agreement. This Settlement Agreement shall become effective only upon the occurrence of the following two events: (a) the Court approves this Settlement Agreement, and (b) the effective date
occurs for a plan of reorganization for the Company that is confirmed by the Court (the “Plan of Reorganization”) and that, as of the effective date of the Plan of Reorganization, rejects the Severance Agreement pursuant to
the terms of 11 U.S.C. § 365(a) (the two events collectively referred to herein as the “Approval Events” and the date on which the later of the two individual Approval Events occur shall be referred to herein as the
“Effective Date”). 
 (a) Exchange. Individual hereby waives and releases all potential claims to receive cash
severance payments and all other benefits (including, but not limited to, continued medical benefits or the accelerated vesting of equity compensation awards) provided under the Severance Agreement (the “Obligations”) in
exchange for an allowed general unsecured claim against the Company in the amount of $340,000, which is an amount equal to one full year of Individual’s annual base salary as in effect on April 13, 2009 (the “Settlement
Payment”). The Settlement Payment shall be paid to Individual in accordance with the terms of the Plan of Reorganization (the date on which such Settlement Payment is made, the “Settlement Payment  

 
Date”), provided that Individual is still employed by the Company on the Settlement Payment Date or if Individual is not employed
by the Company on the Settlement Payment Date, Individual’s termination of employment was due solely to a termination by the Company without Cause. For purposes of this Agreement, “Cause” shall mean, on the part of
Individual: (i) conviction of a felony; (ii) dishonesty; (iii) failure to perform his duties; (iv) insubordination; (v) theft; (vi) wrongful disclosure of confidential information; (vii) conflict of interest that
is undisclosed and not approved by the Company’s board of directors; (viii) violation of a written Company policy applicable to all employees generally; or (ix) engaging in any manner, directly or indirectly, in a business that
competes with the business of the Company in any capacity that is undisclosed and not approved by the Company’s board of directors. 
 2. Waiver, Release and Compromise. The Settlement Payment provided pursuant to this Settlement Agreement shall be conditioned upon the execution by Individual of a release agreement in favor of the Company in the form attached
hereto as Appendix A (the “Release Agreement”) with such modifications as the Company may reasonably request. 
 3. Agreement. The Parties understand and agree that (a) the consideration for this Settlement Agreement is contractual and not a mere recital, (b) the Company’s promise to pay the Settlement Payment is
sufficient consideration for the exchange of Individual’s potential claims under the Severance Agreement, (c) each Party has had the opportunity to engage counsel to review this Settlement Agreement and advise such Party with respect
hereto, (d) this Settlement Agreement and the agreements contained herein are binding upon, and inure to the benefit of, the Parties, their respective successors and assigns, and all persons claiming by or through such Parties and
(e) Individual’s sole right hereunder is to receive the Settlement Payment in exchange for the Release Agreement and, if Individual does not execute the Release Agreement, Individual shall have no right to receive the Settlement Payment.
This Settlement Agreement shall be construed as if jointly drafted by the Parties and no presumption or burden of proof shall arise favoring or disfavoring either Party by virtue of the authorship of any provision of this Settlement Agreement.

 4. Complete Agreement. This Settlement Agreement and the Release Agreement contain the complete agreement of the Parties
with respect to the subject matter hereof, and supersede all prior and contemporaneous agreements, understandings, representations and negotiations relating thereto. This Settlement Agreement may be modified only by written amendment executed by
both Parties. 
 5. Severability. If any provision contained in this Settlement Agreement is determined to be void, illegal or
unenforceable, in whole or in part, then the other provisions contained herein shall remain in full force and effect as if the provision that was determined to be void, illegal or unenforceable had not been contained herein. 
 6. No Admission of Liability. This Settlement Agreement is not an admission of any liability but is a compromise, and neither this
Settlement Agreement nor the payment or provision of the Settlement Payment shall be treated as an admission of liability. All communications (whether oral or in writing) between and/or among the Parties, their counsel and/or their respective
representatives relating to, concerning or in connection with this Settlement Agreement, the negotiation thereof, and information exchanged between the Parties shall be governed and protected in accordance with the Federal Rule of Evidence 408 to
the fullest extent permitted by law. 
  

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 7. Governing Law. This Settlement Agreement shall be interpreted under and governed by,
construed and enforced in accordance with, and subject to, the laws of the State of Delaware, without giving effect to any principles of conflict of laws. 
 [Signature Page to Follow] 
  

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 IN WITNESS WHEREOF, the Parties have executed this Settlement Agreement as of the day and year
first above written. 
  

			
	ENERGY PARTNERS, LTD.
		
	By:	 	/s/ Alan Bell
		
	Name:	 	Alan Bell
		
	Title:	 	Chief Restructuring Officer

  

	
	INDIVIDUAL
	
	/s/ Stephen D. Longon
	Stephen D. Longon

  

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 Appendix A 
 RELEASE AGREEMENT 
 This Release Agreement (this “Release”) is executed by
Stephen D. Longon (“Individual”) this 23rd day of June, 2009 (the “Effective Date”). In consideration of the benefits to be derived from this Release, the covenants and agreements set forth herein, and
other valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the execution and delivery hereof, the Individual hereby agrees as follows: 
 1. Settlement Agreement. This Release is executed by the Individual pursuant to the requirements of the Settlement Agreement between Individual and Energy Partners, Ltd. (the “Company”)
dated as of the date hereof and effective on the date described therein (the “Settlement Agreement”), as a condition to the receipt of any payments thereunder by Individual. Terms not otherwise defined in this Release shall
have the respective meanings given to such terms within the Settlement Agreement. 
 2. Release and Waiver by Individual. For and in
consideration of the covenants and promises contained herein and in the Settlement Agreement, the receipt and sufficiency of which are hereby acknowledged, Individual, on behalf of himself and his family, assigns, representatives, agents, heirs
and/or attorneys, if any, hereby covenants not to sue and fully, finally and forever completely waives, releases and discharges the Company, along with each of its present and former parents, subsidiaries and/or affiliates, predecessors, successors
and/or assigns, if any (collectively, the “Company Parties”), as well as each of the Company Parties’ respective past, present and future officers, directors, managers, members, shareholders, employees, agents, attorneys
and representatives, if any, jointly and severally (collectively, with the Company Parties, “Company Released Parties”), of and from any and all claims, actions, obligations, liabilities, demands and/or causes of action, of
whatever kind or character, whether now known or unknown, which Individual has or might claim to have against any of the Company Released Parties: 
 (a) for the Obligations; 
 (b) for any and all injuries, harms, damages (whether actual or punitive), costs, losses, expenses,
attorneys’ fees and or liabilities or other detriments, other than those relating to fraud, arising out of the Settlement Agreement, including, but not limited to, the return, surrender, or abandonment of Individual’s potential claims to
receive cash, other property or the Individual’s equity compensation awards pursuant to such Settlement Agreement; and 
 (c) for any
and all injuries, harms, damages (whether actual or punitive), costs, losses, expenses, attorneys’ fees and/or liabilities or other detriments, if any, whenever incurred or suffered by Individual arising from, relating to, or in any way
connected with, any fact, event, transaction, action or omission that occurred or failed to occur prior to the Effective Date (but excluding claims arising out of fraud), including, without limitation: 
 (i) any claim under state or Federal law that provides civil remedies for the enforcement of rights arising out of the employment
relationship, including, without limitation, discrimination claims such as claims or causes of action under Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000 et seq.; Civil Rights 

  

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Act of 1866, 42 U.S.C. § 1981; Civil Rights Act of 1991, 42 U.S.C. § 1981a; Americans with Disabilities Act, 42 U.S.C. § 12101 et
seq.; Fair Labor Standards Act, 29 U.S.C. § 201, et seq.; Employee Retirement Income Security Act, 29 U.S.C. § 1000 et seq.; Family and Medical Leave Act, 29 U.S.C. § 2601, et seq.; Worker Adjustment
Retraining and Notification Act, 29 U.S.C. § 2101, et seq.; Age Discrimination in Employment Act, 29 U.S.C. § 621, et seq., as amended by the Older Workers Benefit Protection Act of 1990, or any other Federal or state statute
prohibiting discrimination in employment or granting rights to an individual arising out of an employment relationship; and 
 (ii) any claims for unpaid or withheld wages, bonuses, benefits, stock, stock options, profit-sharing, wrongful discharge or termination, breach of contract, promissory estoppel, breach of any implied covenants (including any duty of good
faith and fair dealing), negligence, negligent hiring, negligent supervision, negligent retention, defamation, invasion of privacy, slander, and intentional infliction of emotional distress. 
 3. Additional Covenants and Agreements. 
 (a) Individual hereby waives, releases and forever discharges each of the Company Released Parties from any claims that this Release was procured by fraud or signed under duress or coercion so as to make this Release not binding.

 (b) Notwithstanding anything contained herein to the contrary, this Release shall not release or waive, or in any manner affect or void:

 (i) Individual’s or the Company’s rights and obligations under the Settlement Agreement; 
 (ii) Individual’s (and, if applicable, Individual’s dependents’) right, for so long as Individual is employed by any
Company Released Party, to remain covered under any insurance policy sponsored, maintained or purchased by any Company Released Party (if and to the extent that Company Released Party is able to remain subscribed to such policy on and following the
Effective Date of this Release) in which Individual (and if applicable, Individual’s dependents) participated as of the Effective Date of this Release; 
 (iii) Individual’s right to be indemnified by the Company for actions or claims against Individual resulting from his or her daily
and ordinary employment duties, including, but not limited to, any claim with respect to which Individual would be entitled to indemnification by the Company under applicable corporate law, the certificate of incorporation or bylaws of the Company
or if applicable, those certain indemnity agreements by and between certain of the Company’s officers or directors and the Company in place as of March 1, 2009; or 
 (iv) Individual’s rights pursuant to the Energy Partners, Ltd. Change of Control Severance Plan originally effective March 24,
2005, as amended, or the Energy Partners, Ltd. Employee Change of Control Severance Plan originally effective September 13, 2006, as amended. 
 4. Modification. This Release cannot be modified orally and can only be modified through a written document signed by both parties. 
  

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 5. Severability. If any provision contained in this Release is determined to be void,
illegal or unenforceable, in whole or in part, then the other provisions contained herein shall remain in full force and effect as if the provision that was determined to be void, illegal or unenforceable had not been contained herein. 

6. Choice of Law. This Release shall be interpreted under and governed by, construed and enforced in accordance with, and subject to,
the laws of the State of Delaware, without giving effect to any principles of conflicts of law. 
 7. Entire Agreement. This
Release and the Settlement Agreement constitute the entire understanding and agreement of the Company and Individual and supersede prior understandings and agreements, if any, among or between the Company and Individual, with respect to the subject
matter of this Release, other than as specifically referenced herein. Other than the terms set forth in this Release and the Settlement Agreement, there are no representations, agreements, arrangements or understandings, oral or written, concerning
the subject matter hereof between the Company and Individual that are not fully expressed or incorporated by reference in this Release. This Release does not, however, operate to supersede or extinguish any confidentiality, non-solicitation,
non-disclosure or non-competition obligations owed by Individual to the Company under any prior agreement. 
 8. Fully
Understood. By executing this Release, Individual acknowledges and affirms that he has read and understood the foregoing, agreed to the terms, and acknowledges receipt of a copy of the same. Individual further acknowledges and agrees that after
receiving a copy of this Release, (a) Individual has been advised and had an opportunity to consult an attorney before signing it, and (b) Individual enters into this Release knowingly, voluntarily and after any consultations with any
attorney or other advisor as Individual deemed appropriate. Individual understands and agrees that by signing this Release he is giving up the right to pursue any legal claims that he may have against any Company Released Party. 
 IN WITNESS WHEREOF, Individual has executed this Release as of the day and year first above written. 
  

	
	INDIVIDUAL
	
	/s/ Stephen D. Longon
	Stephen D. Longon

  

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