Document:

exhibit10_1.htm

    Exhibit
      10.1

    

    

    
      	
              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,

    

    

    

    Richard
      A. Bachmann

    Chairman
      and

    Chief
      Executive Officer

    

    
 

    

    ACCEPTED
      AND AGREED

    this
      ___
      day of August 2007.

    

    

    ________________________

              Joseph
      Leary

     

     

     

     

     

     

     

    
 

    ENERGY
      PARTNERS, LTD.   i   201 ST.
      CHARLES AVENUE, SUITE 3400   i   NEW
      ORLEANS, LA 70170   i   (504)
      569-1875exhibit10_2.htm

    Exhibit
      10.2

     

    AMENDMENT
      TO

    NONQUALIFIED
      STOCK OPTIONS

    GRANTED
      TO PHILLIP A. GOBE

     

    The
      Nonqualified Stock Options granted to Phillip A. Gobe under the Energy Partners,
      Ltd. 2006 Long Term Stock Incentive Plan on December 6, 2004, March 17, 2005,
      July 22, 2005, March 16, 2006, March 23, 2006, August 3, 2006 and May 30, 2007
      are hereby amended in the following respects:

     

    1.  Subparagraph
      (b) of Paragraph 7 is amended to read in its entirety as follows:

     

    “(b)           Death,
      Disability or Retirement

     

    “If
      you
      die or become disabled (as defined below) while employed by the Company, the
      period during which this Option may vest will be extended through December
      31st of the
      year in which you die or become disabled.  All shares that will not
      have vested under this Option on or before December 31st of the
      year in
      which you die or become disabled shall be forfeited as of the date you die
      or
      become disabled. With respect to all shares vested under this Option on or
      before December 31st of the
      year in
      which you die or become disabled, this Option may be exercised for a period
      of
      three (3) years from the date that you die or become disabled (but in no event
      beyond the Expiration Date).  Any shares vested under this Option but
      not exercised on or before the earlier of the Expiration Date or the date that
      is three (3) years from the date of your death or disability are forfeited
      and
      this Option shall be null and void and without further effect.

     

    “In
      the
      event of your death, your beneficiary(s) (as defined below) may exercise this
      Option.

     

    “If
      you
      become disabled, this Option may be exercised by your legal
      representative.

     

    “Except
      as hereafter provided in this subparagraph (b), if your employment with the
      Company terminates as a result of your retirement (as defined below), this
      Option shall continue to vest and become exercisable in accordance with the
      schedule set forth in Paragraph 3 of this Agreement and may be exercised
      (to the extent vested and exercisable at the applicable time) for a period
      of
      three (3) years beginning on the date of your retirement (but in no event beyond
      the Expiration Date).  Any shares under this Option as to which this
      Option is not exercised on or before the earlier of the Expiration Date or
      the
      last day of the three (3)-year period beginning on the date of your retirement
      shall be forfeited and this Option shall be null and void and without further
      effect.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    “If
      your
      employment with the Company terminates as a result of your retirement and you
      thereafter ‘change your retirement status’ (as defined below) prior to the
      Expiration Date, any shares under this Option as to which this Option has not
      been exercised shall be forfeited and this Option shall be null and void and
      without further effect.  You will be considered to ‘change your
      retirement status’ for purposes of this Agreement if you commence full-time
      employment as an executive with a business enterprise engaged directly or
      through one or more subsidiaries in the oil and gas exploration and production
      business or commence service on the board of directors of such a business
      enterprise.”

     

    2.  The
      last
      sentence of subparagraph (c) of Paragraph 7 is amended to read in its entirety
      as follows:

     

    “For
      purposes of this Option, ‘retirement’ means a termination of your employment
      that is described as a retirement by the Company in any press release issued
      by
      it or in any document filed by it with the Securities and Exchange
      Commission.”

     

    ENERGY
      PARTNERS, LTD.

     

    By: 
      ______________________________                                                                
Date:  ________________

     

    Attest:

     

    

     

    I
      HEREBY AGREE TO THIS AMENDMENT TO MY NONQUALIFIED STOCK
      OPTIONS

     

    __________________________________                        Date:  _______________

    Phillip
      A. Gobe

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