Document:

Exhibit 4.1

Ian Kelly

76 a. South Main St. Stockton, NJ 08559

ian.kelly@mac.com | 347-231-2295

 

CLIENT: Worlds.com
- Thom Kidrin

 

NOTES:

EVENT:

DATE:

LOCATION:

INVOICE #:
19-Jan-11

PROPOSAL DATE:

DESCRIPTION:
Service Retainer (4 Months)

 

DATE SERVICES
RENDERED PRICE QUANTITY TOTAL

25,000 25,000

1-3-11 to 5-3-11Marketing Materials Production

Service Retainer Services include:

 

Corporate Video Production

Video Asset Management

Web Design

Web Development

Printed Marketing
Material Production

Creative Design

Creative Direction

Art Design

 

 

Payment
to be made in shares of Worlds Inc stock - $25,000.00 @ .17 per share. 147,058
shares

*expenses not included

 

Subtotal $25,000.00

CREDIT

SubTotal

Tax 8.1%

Subtotal

TOTAL $25,000.00

 

GRAND TOTAL
$25,000.00EX-10.1

2011 Incentive Compensation Guidelines

	 	•	 	Each year the Compensation Committee of the Board (“the Committee”) will approve
the employees of Group 1 who are eligible for participation in the Corporate Incentive
Compensation Plan (“the Plan”) for the year.

	 	•	 	Incentive compensation levels of the Plan for each individual will be stated as a
percentage of the participating employee’s base compensation in effect when the Plan is
approved by the Committee.

	 	•	 	For Managers and above, incentive compensation levels of the Plan will be based upon
both financial-based and mission-based goals for the Plan year as established by the
Committee.

	 	 	 	– Up to 50% of the incentive award will be based on an established
financial goal (EPS target). The EPS target will equate to the Company’s adjusted
EPS as disclosed in its fourth quarter earnings release as filed with the
Securities and Exchange Commission. Any effects of stock buy backs will also be
excluded from the calculation.

	 	 	 	– Up to 50% of the incentive award will be based on mission-based goals
established at the beginning of each year. The mission-based bonus will only be
funded if the Company achieves a minimum EPS of $2.16.

	 	 	 	– The mission-based and financial-based portions of the bonus can be
awarded independently so that achievement of one is not predicated on the
achievement of the other.

	 	•	 	For Associate Managers and below, the incentive award will be based on attainment of
mission-based goals established during the annual review cycle and performance during the
year as determined by the individual’s manager and department head.

	 	•	 	For Employees hired during a Plan year, the Committee will have complete discretion as
to the extent of participation in the Plan, if any, by the new hire.

	 	•	 	Employees who resign their positions with Group 1 will not be entitled to
participate in the Plan for the year in which the resignation occurs.

	 	•	 	Employees who resign their positions with Group 1 after the end of a Plan year,
but before the actual payment of the incentive compensation amounts will be entitled to
payment for the Plan year for which they were employed.

	 	•	 	Incentive Compensation earned for the Plan year will be paid after completion of the
Company’s audit and announcement of earnings for that year.

	 	•	 	In the event of a material restatement of the Company’s financial statement, the
Committee may, in its discretion, either make additional payment to or seek to recover the
cash amount by which the individual employee’s bonus is affected based on the restated
financial results.

	 	•	 	The Committee has sole authority to administer, modify or change the Plan, including but
not limited to, adjusting actual performance criteria for Plan purposes for extraordinary
or unusual items included in actual operating results, or when the company fails to meet
financial objectives.EX-4.1

	 	 	 
	

	 	EXECUTION COPY
	Amendment Deed relating to Trust Deed

ENDEAVOUR ENERGY LUXEMBOURG S.A.R.L.

as Issuer

and

ENDEAVOUR INTERNATIONAL CORPORATION

as Guarantor

and

BNY MELLON CORPORATE TRUSTEE SERVICES LIMITED

as Trustee

and

SMEDVIG QIF PLC

as a Bondholder

and

MR. JOHN HEWETT

as a Bondholder

Relating to

	 	

	U.S.$40,000,000 11.5 per cent. Guaranteed Convertible Bonds due 2014

	11 MARCH 2011

	 	

THIS AMENDMENT DEED has been executed as a deed by the parties set out below on 11 March
2011

BETWEEN:

	(1)	 	Endeavour Energy Luxembourg S.A.R.L., a private company with limited liability incorporated
under the laws of Luxembourg (the “Issuer");

	(2)	 	Endeavour International Corporation, a company incorporated under the laws of the state of
Nevada, United States of America (the “Guarantor");

	(3)	 	BNY Mellon Corporate Trustee Services Limited, as Trustee under the Trust Deed (the
“Trustee");

	(4)	 	Smedvig QIF PLC, as a Bondholder (“Smedvig"); and

	(5)	 	Mr. John Hewett, as a Bondholder (“Hewett");

together the “Parties” and each a “Party".

WHEREAS:

	(A)	 	The Parties entered into a trust deed (the “Trust Deed") dated 24 January 2008 pursuant to
which U.S.$40,000,000 11.5 per cent. Guaranteed Convertible Bonds due 2014 were constituted
and issued.

	(B)	 	The Parties now wish to vary certain terms and conditions (the “Conditions”) of the Bonds as
set out in the Trust Deed on the terms set out in this deed (the “Amendment Deed").

	(C)	 	Smedvig is executing this Amendment Deed (i) to represent that it is the holder of 99.75 per
cent. of the outstanding Bonds and (ii) to direct the Trustee to execute this Amendment Deed
and consent to the amendments to be effected to the Trust Deed and the Conditions of the
Bonds, such direction to take the form of a resolution in writing signed by or on behalf of
Bondholders representing in aggregate not less than three-quarters of the aggregate principal
amount outstanding of the Bonds pursuant to paragraph 22 of Schedule 3 (Provisions for
Meetings of Bondholders) to the Trust Deed, and accordingly to take effect as an Extraordinary
Resolution.

	(D)	 	Hewett is executing this Amendment Deed (i) to represent that he is the holder of 0.25 per
cent. of the outstanding Bonds and (ii) to direct the Trustee to execute this Amendment Deed
and consent to the amendments to be effected to the Trust Deed and the Conditions of the
Bonds, such direction to take the form of a resolution in writing signed by or on behalf of
Bondholders representing in aggregate not less than three-quarters of the aggregate principal
amount outstanding of the Bonds pursuant to paragraph 22 of Schedule 3 (Provisions for
Meetings of Bondholders) to the Trust Deed, and accordingly to take effect as an Extraordinary
Resolution.

	(E)	 	The Trustee is executing this Amendment Deed to consent to the amendments to be effected to
the Trust Deed and the Conditions of the Bonds in accordance with the Extraordinary Resolution
referred to in recitals (C) and (D) above.

NOW THIS DEED WITNESSES AND IT IS HEREBY DECLARED AS FOLLOWS:

	1.	 	DEFINITIONS

All capitalised terms which are defined in the Trust Deed (including the Conditions) shall,
save to the extent otherwise defined herein, have the same meaning when used in this
Amendment Deed.

	2.	 	VARIATION OF THE TRUST DEED

	2.1	 	With effect from the date of this Amendment Deed, the Trust Deed shall be amended as follows:

	 	(a)	 	the Maturity Date, as defined in Condition 3, shall be 24 January 2016;

	 	(b)	 	the last sentence of the first paragraph of Condition 6.1 shall be deleted in
full;

	 	(c)	 	the fourth paragraph of Condition 6.1 shall be deleted in its entirety and
the following new paragraph shall be inserted in substitution thereof:

Beginning with the Interest Period commencing on 31 March 2014, the Bonds
shall bear interest at the rate of 7.5 per cent. per annum calculated by
reference to the principal amount thereof and which will be capitalised by
adding to the Outstanding Principal Amount from time to time of the Bonds
quarterly in arrear on each Interest Capitalisation Date, commencing on
the Interest Capitalisation Date falling on 30 June 2014. The amount of
interest per Authorised Denomination capitalised in respect of the last
Interest Period from (and including) 31 December 2015 to (but excluding)
the Maturity Date will amount to U.S.$ 11.49.

	 	(d)	 	the table in Condition 6.1 shall be deleted and the following table shall be
inserted in substitution:

	 	 	 	 	 
	Interest Capitalisation Date	 	Outstanding Principal Amount per Authorised
	 	 	Denomination
	Closing Date

	 	 	U.S.$1,000	 
	 

	 	 	 	 
	31 March 2008

	 	 	1,021.72	 
	 

	 	 	 	 
	30 June 2008

	 	 	1,051.10	 
	 

	 	 	 	 
	30 September 2008

	 	 	1,081.32	 
	 

	 	 	 	 
	31 December 2008

	 	 	1,112.40	 
	 

	 	 	 	 
	31 March 2009

	 	 	1,144.39	 
	 

	 	 	 	 
	30 June 2009

	 	 	1,177.29	 
	 

	 	 	 	 
	30 September 2009

	 	 	1,211.13	 
	 

	 	 	 	 
	31 December 2009

	 	 	1,245.95	 
	 

	 	 	 	 
	31 March 2010

	 	 	1,281.77	 
	 

	 	 	 	 
	30 June 2010

	 	 	1,318.63	 
	 

	 	 	 	 
	30 September 2010

	 	 	1,356.54	 
	 

	 	 	 	 
	31 December 2010

	 	 	1,395.54	 
	 

	 	 	 	 
	31 March 2011

	 	 	1,435.66	 
	 

	 	 	 	 
	30 June 2011

	 	 	1,476.93	 
	 

	 	 	 	 
	30 September 2011

	 	 	1,519.40	 
	 

	 	 	 	 
	31 December 2011

	 	 	1,563.08	 
	 

	 	 	 	 
	31 March 2012

	 	 	1,608.02	 
	 

	 	 	 	 
	30 June 2012

	 	 	1,654.25	 
	 

	 	 	 	 
	30 September 2012

	 	 	1,701.81	 
	 

	 	 	 	 
	31 December 2012

	 	 	1,750.73	 
	 

	 	 	 	 
	31 March 2013

	 	 	1,801.07	 
	 

	 	 	 	 
	30 June 2013

	 	 	1,852.85	 
	 

	 	 	 	 
	30 September 2013

	 	 	1,906.12	 
	 

	 	 	 	 
	31 December 2013

	 	 	1,960.92	 
	 

	 	 	 	 
	31 March 2014

	 	 	2,017.30	 
	 

	 	 	 	 
	30 June 2014

	 	 	2,055.12	 
	 

	 	 	 	 
	30 September 2014

	 	 	2,093.65	 
	 

	 	 	 	 
	31 December 2014

	 	 	2,132.91	 
	 

	 	 	 	 
	31 March 2015

	 	 	2,172.90	 
	 

	 	 	 	 
	30 June 2015

	 	 	2,213.64	 
	 

	 	 	 	 
	30 September 2015

	 	 	2,255.15	 
	 

	 	 	 	 
	31 December 2015

	 	 	2,297.43	 
	 

	 	 	 	 
	24 January 2016

	 	 	2,308.92	 
	 

	 	 	 	 

and

	 	(e)	 	in Condition 8.2(a) The words “24 January 2012” shall be deleted and the
words “24 January 2016” shall be inserted in their place.

	2.2	 	Save as varied by this Amendment Deed, the Trust Deed shall remain in full force and effect
upon the terms and conditions set out therein.

	2.3	 	References in the Trust Deed to “this Trust Deed” shall be read and construed as references
to “this Trust Deed as amended by the Amendment Deed” and words such as “herein”, “hereof”,
“hereunder”, “hereby” and “hereto” where they appear in the Trust Deed shall be construed
accordingly.

	3.	 	ENTIRE AGREEMENT

	3.1	 	Each Party acknowledges and agrees with the other Party that this deed together with any
other documents referred to in this Amendment Deed constitutes the entire and only agreement
between the Parties relating to the subject matter herein.

	3.2	 	If any of the provisions of this Amendment Deed are inconsistent with or in conflict with any
of the provisions of the Trust Deed then, to the extent of any such inconsistency or conflict,
the provisions of this Amendment Deed shall prevail as between the Parties.

	4.	 	REPRESENTATIONS AND WARRANTIES

	4.1	 	Corporate Power: Smedvig represents and warrants that it has the requisite power and
authority to enter into this Amendment Deed and to direct the Trustee as set out in this
Amendment Deed, and all acts, conditions and things required to be done, fulfilled and
performed in order to permit Smedvig to enter into this Amendment Deed and to direct the
Trustee as set out in this Amendment Deed have been done have been done, fulfilled and
performed and no steps have been taken to challenge, revoke or cancel any such authorisation
obtained or effected.

	4.2	 	Holding of Bonds: Smedvig represents and warrants that as at the date of this Amendment Deed
it is the holder of 99.75 per cent. of the aggregate principal amount outstanding of the Bonds
and that it has not encumbered its rights as the holder of 99.75 per cent. of the aggregate
principal amount outstanding of the Bonds to direct the Trustee as set out in Clause 5
(Directions to the Trustee) below.

	4.3	 	Holding of Bonds: Hewett represents and warrants that as at the date of this Amendment Deed
he is the holder of 0.25 per cent. of the aggregate principal amount outstanding of the Bonds
and that he has not encumbered his rights as the holder of 0.25 per cent. of the aggregate
principal amount outstanding of the Bonds to direct the Trustee as set out in Clause 5
(Directions to the Trustee) below.

	5.	 	DIRECTIONS TO THE TRUSTEE

Smedvig and Hewett hereby direct the Trustee to execute and enter into this Amendment Deed
and by doing so to consent to the amendments set out in this Amendment Deed to be effected
to the Trust Deed and the Conditions of the Bonds such that this direction take the form of
a resolution in writing signed by or on behalf of Bondholders representing in aggregate not
less than three-quarters of the aggregate principal amount outstanding of the Bonds
pursuant to paragraph 22 of Schedule 3 (Provisions for Meetings of Bondholders) to the
Trust Deed, and accordingly to take effect as an Extraordinary Resolution pursuant to
paragraph 20 of Schedule 3 (Provisions for Meetings of Bondholders) to the Trust Deed.

	6.	 	PROVISIONS OF THE TRUST DEED APPLICABLE

The provisions of clauses 18 (Communication), 19 (Governing Law and Jurisdiction), 20
(Counterparts) and 21 (Contracts (Rights of Third Parties) Act 1999) of the Trust Deed
shall apply, mutatis mutandis, to this Amendment Deed as if they were set out herein and
references to “Trust Deed” were replaced by references to “this Amendment Deed”.

IN WITNESS whereof this Amendment Deed has been executed as a deed on the date first above written.

SIGNATORIES

Issuer

	 	 	 	 	 
	Executed as a deed by

ENDEAVOUR ENERGY LUXEMBOURG S.A.R.L.

acting by Michael Kirksey in the presence of:

	 	)

)

)

)
	 	London March 11, 2011

/s/ Michael Kirksey

EVP & CFO, Manager

	Signature of witness

Name of witness

Address of witness

Occupation of witness

	 	 	 	/s/ Nicholas Pogson

Nicholas Pogson

c/o 114 St Martin’s Lane, London

Commercial Director

Authorised Signatory

Guarantor

	 	 	 	 	 
	Executed as a deed by

ENDEAVOUR INTERNATIONAL CORPORATION

acting by Michael Kirksey in the presence of:

	 	)

)

)

)
	 	London March 11, 2011

/s/ Michael Kirksey

EVP & CFO, Manager

	Signature of witness

Name of witness

Address of witness

Occupation of witness

	 	 	 	/s/ Nicholas Pogson

Nicholas Pogson

c/o 114 St Martin’s Lane, London

Commercial Director

Authorised Signatory

1

Trustee

	 	 	 	 	 
	EXECUTED as a deed by

BNY MELLON CORPORATE TRUSTEE SERVICES

LIMITED

Acting by two of its lawful attorneys
	 	)

)

)

)
	 	/s/ Paul Cattermole

Paul Cattermole

Vice President

/s/ Marco Thuo

Marco Thuo

Vice President

	Signature of witness

Name of witness

Address of witness

Occupation of witness
	 	 	 	/s/ Trevor Blewer

Trevor Blewer

Vice President

The Bank of New York Mellon

Once Canada Square

London E14 %AL

Bank Officer

Authorised Signatory

2

Smedvig

	 	 	 	 	 
	Executed as a deed by

SMEDVIG QIF PLC

acting by John Thore Olsen in the presence of:

	 	)

)

)

)
	 	Stavanger March 11th, 2011

/s/ John Thore Olsen

	Signature of witness

Name of witness

Address of witness

Occupation of witness

	 	 	 	/s/ Marit Hovstad

Marit Hovstad

Vestvollvnk, 4017 Stavanger, Norway

CFO

Hewett

	 	 	 	 	 
	Executed as a deed by

MR. JOHN HEWETT

in the presence of:

	 	)

)

)

)
	 	/s/ John Hewitt

	Signature of witness

Name of witness

Address of witness

Occupation of witness

	 	 	 	/s/ CC Young

Cristian Young

20 St James Street, London, 5W1A1E5

CFO

3

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