Document:

SECOND AMENDMENT TO

EMPLOYMENT AGREEMENT  

 

This Second Amendment to Employment Agreement (this “Amendment”) is made and entered into this 25th day of February, 2008, by and between RAM ENERGY RESOURCES, INC., a Delaware corporation (the “Company”), and LARRY E. LEE, an individual (the “Executive”).

 

WHEREAS, the Company and the Executive are parties to that certain Employment Agreement dated as of May 8, 2006 (as amended by that certain First Amendment to Employment Agreement dated as of October 18, 2006, the “Agreement”); and

 

WHEREAS, the Board of Directors of the Company and the Executive have agreed that the Agreement should be amended in the manner set out in this Amendment; and 

 

WHEREAS, capitalized terms used but not defined herein have the meanings ascribed to such terms in the Agreement.

 

NOW, THEREFORE, it is hereby agreed that the Agreement should be and is hereby amended as follows:

 

1.       Section 1 of the Agreement is deleted in its entirety and the following Section 1 substituted therefor:

 

 “1.        Employment Period.  The Company hereby agrees to continue the Executive in its employ, and the Executive hereby agrees to remain in the employ of the Company, for the period commencing on the Effective Date and ending on April 30, 2010 (the “Employment Period”).”

 

2.         Paragraph (b)(i) of Section 2 of the Agreement is deleted in its entirety and the following Paragraph (b)(i) of Section 2 is substituted therefor:

 

 “(i)        Base Salary.  Effective February 1, 2008 and continuing thereafter during the Employment Period, the Executive shall receive an annual base salary (“Base Salary”) at least equal to $500,000.  Such Base Salary shall be payable monthly in cash.  Base Salary shall be computed prior to any reductions for (i) any deferrals of compensation made pursuant to Sections 125 or 401(k) of the Code or pursuant to any other program or arrangement provided by the Company and (ii) any withholding, income or employment taxes.  During the Employment Period, the Base Salary shall be reviewed at least annually and shall be increased at any time and from time to time as shall be determined by the Board.  Any increase in Base Salary shall not serve to limit or reduce any other obligation to the
Executive under this Agreement.  Base Salary shall not be reduced after any such increase.”

 

	
             
 	
            3.
 	
            In all other respects, the Agreement remains unchanged and in full force and effect.
 

 

 

EXECUTED this 25th day of February, 2008. 

 

“COMPANY”

 

RAM ENERGY RESOURCES, INC., a Delaware corporation

 

By  /s/ Sabrina Gicaletto  

	
             
 	
            Sabrina Gicaletto, Vice President
 

 

 “EXECUTIVE”

 

/s/  Larry E. Lee

	
             
 	
            Larry E. Lee
 

 

 

2<PAGE>

                                     FORM OF
                        RESTRICTED STOCK AWARD AGREEMENT
               FOR THE POLONIA BANCORP 2007 EQUITY INCENTIVE PLAN

         This Award Agreement is provided to _______________ (the "Participant")
by Polonia Bancorp (the "Company") as of ___________ (the "Grant Date"), the
date the Compensation Committee of the Board of Directors (the "Committee")
awarded the Participant a restricted stock award pursuant to the Polonia Bancorp
2007 Equity Incentive Plan (the "2007 Plan"), subject to the terms and
conditions of the 2007 Plan and this Award Agreement:

         1.       NUMBER OF SHARES SUBJECT
                  TO YOUR RESTRICTED STOCK AWARD:   _________  shares of Common
                                                    Stock ("Shares"), subject
                                                    to adjustment as may be
                                                    necessary pursuant to
                                                    Article 10 of the 2007 Plan.

         2.       GRANT DATE:                       _________

         Unless sooner vested in accordance with Section 3 of the Terms and
Conditions (attached hereto) or otherwise in the discretion of the Committee,
the restrictions imposed under Section 2 of the Terms and Conditions will expire
as to the following percentages of the Shares awarded hereunder, on the
following respective dates; provided that the Participant is still employed by
or in service with the Company or any of its subsidiaries:

       Percentage of
      Shares Vesting             Number of Shares Vesting         Vesting Date
      --------------             ------------------------         ------------
            20%                            _____                     _____
            40%                            _____                     _____
            60%                            _____                     _____
            80%                            _____                     _____
           100%                            _____                     _____

         IN WITNESS WHEREOF, Polonia Bancorp, acting by and through the
Committee, has caused this Award Agreement to be executed as of the Grant Date
set forth above.

                                     POLONIA BANCORP

                                     By: _______________________________________
                                         On behalf of the Compensation Committee
ACCEPTED BY PARTICIPANT:

___________________________
[Name]

___________________________
Date

<PAGE>

TERMS AND CONDITIONS

1.       GRANT OF SHARES. The Grant Date and number of Shares underlying your
         Restricted Stock Award are stated on page 1 of this Award Agreement.
         Capitalized terms used herein and not otherwise defined shall have the
         meanings assigned to such terms in the 2007 Plan.

2.       RESTRICTIONS. The unvested Shares underlying your Restricted Stock
         Award (the "Restricted Shares") are subject to the following
         restrictions until they expire or terminate.

         (a)   Restricted Shares may not be sold, transferred, exchanged,
               assigned, pledged, hypothecated or otherwise encumbered.

         (b)   If your employment or service with the Company or any Affiliate
               terminates for any reason other than as set forth in paragraph
               (b) of Section 3 hereof, then you will forfeit all of your
               rights, title and interest in and to the Restricted Shares as of
               the date of termination, and the Restricted Shares shall revert
               to the Company under the terms of the 2007 Plan.

         (c)   Restricted Shares are subject to the vesting schedule set forth
               on page 1 of this Award Agreement.

3.       EXPIRATION AND TERMINATION OF RESTRICTIONS. The restrictions imposed
         under Section 2 will expire on the earliest to occur of the following
         (the period prior to such expiration being referred to herein as the
         "Restricted Period"):

         (a)   As to the percentages of the Shares specified in the vesting
               schedule on page 1 of this Award Agreement, on the respective
               dates specified in the vesting schedule on page 1; provided you
               are then still employed by or in the service of the Company or an
               Affiliate; or

         (b)   Upon termination of your employment by reason of death or
               Disability; or

         (c)   Upon a Change in Control (as defined in the 2007 Plan).

4.       DELIVERY OF SHARES. Once the Shares are vested (see vesting schedule on
         page 1), the Shares (and accumulated dividends and earnings, if any)
         will be distributed in accordance with your instructions.

5.       VOTING AND DIVIDEND RIGHTS. As beneficial owner of the Shares, you have
         full voting and dividend rights with respect to the Shares during and
         after the Restricted Period. If you forfeit your rights under this
         Award Agreement in accordance with Section 2, you will no longer have
         any rights as a shareholder with respect to the Restricted Shares and
         you will no longer be entitled to receive dividends on the Shares.

6.       CHANGES IN CAPITAL STRUCTURE. Upon the occurrence of a corporate event
         (including, without limitation, any stock dividend, stock split,
         extraordinary cash dividend, recapitalization, reorganization, merger,
         consolidation, split-up, spin-off, combination or exchange of shares),
         your award will be adjusted as necessary to preserve the benefits or
         potential benefits of the award. Without limiting the above, in the
         event of a subdivision of the outstanding Stock (stock-split), a
         declaration of a dividend payable in Stock, or a combination or
         consolidation of the outstanding Stock into a lesser number of Shares,
         the Shares subject to this Award Agreement will automatically be
         adjusted proportionately.

7.       NO RIGHT OF CONTINUED EMPLOYMENT. Nothing in this Award Agreement will
         interfere with or limit in any way the right of the Company or any
         Affiliate to terminate your employment or service at any time, nor
         confer upon you any right to continue in the employ or service of the
         Company or any Affiliate.

8.       PAYMENT OF TAXES. You may make an election to be taxed upon your
         Restricted Stock Award under Section 83(b) of the Code within 30 days
         of the Grant Date. If you do not make an 83(b) Election, upon vesting
         of the Restricted Stock Award the Committee is entitled to require as a
         condition of delivery: (i) that you remit an amount sufficient to
         satisfy any and all federal, state and local (if any) tax withholding
         requirements and employment taxes (I.E., FICA and FUTA), (ii) that the

                                       2
<PAGE>

         withholding of such sums come from compensation otherwise due to you or
         from Shares due to you under the 2007 Plan, or (iii) any combination of
         the foregoing. Any withholding shall comply with Rule 16b-3 or any
         amendments or successive rules. OUTSIDE DIRECTORS OF THE COMPANY ARE
         SELF-EMPLOYED AND NOT SUBJECT TO TAX WITHHOLDING.

9.       PLAN CONTROLS. The terms contained in the 2007 Plan are incorporated
         into and made a part of this Award Agreement and this Award Agreement
         shall be governed by and construed in accordance with the 2007 Plan. In
         the event of any actual or alleged conflict between the provisions of
         the Plan and the provisions of this Agreement, the provisions of the
         Plan will control.

10.      SEVERABILITY. If any one or more of the provisions contained in this
         Agreement is deemed to be invalid, illegal or unenforceable, the other
         provisions of this Agreement will be construed and enforced as if the
         invalid, illegal or unenforceable provision had never been included in
         this Agreement.

11.      NOTICE. Notices and communications under this Agreement must be in
         writing and either personally delivered or sent by registered or
         certified United States mail, return receipt requested, postage
         prepaid. Notices to the Company must be addressed to:

                           Polonia Bancorp
                           3993 Huntingdon Pike, 3rd Floor
                           Huntingdon Valley, Pennsylvania 19006
                           Attn:   Compensation Committee

         or any other address designated by the Company in a written notice to
         you. Notices to you will be directed to your address as then currently
         on file with the Company, or at any other address that you provide in a
         written notice to the Company.

12.      SUCCESSORS. This Award Agreement shall be binding upon any successor of
         the Company, in accordance with the terms of this Award Agreement and
         the 2007 Plan.

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