Document:

EX-10.42

 

Exhibit 10.42

SECOND AMENDMENT

to

EMPLOYMENT AGREEMENT (“Agreement”)

between

RONNIE D. KESSINGER

and

TRIAD GUARANTY INC. (“Company”)

     WHEREAS, Section III.1. of the Agreement provides that Employee will perform certain services
for the Company through July 15, 2006, unless extended by mutual agreement of the parties; and

WHEREAS, the Agreement has been previously amended to extend through January 15, 2007; and

     WHEREAS, Company has requested and Employee has agreed to extend the time to provide these
services for the Company through June 15, 2007 and to revise the rate of compensation; and

     WHEREAS, the parties desire to memorialize the terms of their agreement.

     NOW, THEREFORE, in consideration of the mutual covenants and obligations hereinafter set
forth, the parties hereto agree as follows:

1. Section III.1. of the amended Agreement is amended by deleting “January 15, 2007” and
substituting “June 15, 2007” therefor and by deleting “$25,000” and substituting “$30,000”
therefor.

2. Except as expressly provided in this Amendment or as necessary to effectuate the terms of
this Amendment, the terms of the Agreement remain unchanged.

IN WITNESS WHEREOF, the parties hereto have affixed their signatures this 18th day of January 2007.

	 	 	 	 	 
	RONNIE D. KESSINGER 	TRIAD GUARANTY INC.

TRIAD GUARANTY INSURANCE CORPORATION 

TRIAD GUARANTY ASSURANCE CORPORATION

TRIAD RE INSURANCE CORPORATION

 	 

	 	 	 	 	 
	/s/ Ronnie D. Kessenger (SEAL)
 	 
	Ronnie D. Kessinger      	 
	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                         /s/ Mark K. Tonnesen
 	 
	 	 	Mark K. Tonnesen 	 
	 	 	President and CEOEX-10.1

 

Exhibit 10.1

First Amendment to

Linn Energy, LLC Long-Term Incentive Plan

     WHEREAS, Linn Energy, LLC (the “Company”) maintains the Linn Energy, LLC Long-Term
Incentive Plan (the “Plan”) for the purpose of granting Awards thereunder to Employees and
Directors of the Company and its Affiliates who perform services for the Company and its
Affiliates; and

     WHEREAS, the Company desires to amend the Plan to increase the number of Restricted Units that
may be awarded under the Plan.

     NOW, THEREFORE, the following provisions of the Plan shall be amended to read as follows:

4. Units.

     (a) Limits on Units Deliverable. Subject to adjustment as provided in Section 4(c), the
maximum number of Units that may be delivered or reserved for delivery or underlying any Award with
respect to the Plan is 3,900,000, except that no more than 1,500,000 Units in the aggregate may be
issued under the Plan as Restricted Units. If any Award expires, is canceled, exercised, paid or
otherwise terminates without the delivery of Units, or if the maximum number of Units delivered is
reduced for any reason other than tax withholding or payment of the exercise price, then the Units
covered by such Award, to the extent of such expiration, cancellation, exercise, payment or
termination, shall again be Units with respect to which Awards may be granted. Units that cease to
be subject to an Award because of the exercise of the Award, or the vesting of Restricted Units or
similar Awards, shall no longer be subject to or available for any further grant under this Plan.
Notwithstanding the foregoing, there shall not be any limitation on the number of Awards that may
be granted under the Plan and paid in cash.

     All terms used herein that are defined in the Plan shall have the same meanings given to such
terms in the Plan, except as otherwise expressly provided herein.

     Except as amended and modified hereby, the Plan shall continue in full force and effect and
the Plan and this instrument shall be read, taken and construed as one and the same instrument.

     Executed this 18th day of January, 2007.

	 	 	 	 	 
	 	LINN ENERGY, LLC

 	 
	 	By:  	/s/ Kolja Rockov	 
	 	 	Kolja Rockov 	 
	 	 	Executive Vice President and

Chief Financial OfficerExhibit 10.1 - Letter of Intent

	Third Amendment Agreement 

Exhibit 10.1

THIRD AMENDMENT AGREEMENT (THIS “AGREEMENT”) TO A CERTAIN LETTER OF INTENT ENTERED INTO BY AND AMONG GULF UNITED ENERGY INC. (“GLFE”) AND CÍA.MEXICANA DE GAS NATURAL,S.A. DE C.V. (“CMGN”) AS OF MARCH 22, 2006, AND AMENDED AS OF NOVEMBER 14 AND DECEMBER 11, 2006.

R E P R E S E N T A T I O N S

	I.       	
GLFE hereby represents that:

	 

	(a)     	
It effectively entered into a letter of intent as of March 22, 2006, and into the first and second amendment agreements to such letter of intent, with CMGN, as of November 14 and December 11, 2006, respectively (such instrument, as amended, the “LOI”).

	 
	(b)     	
As of the date hereof, CMGN has fully complied with the terms of the LOI as set forth therein.

	 
	(c)     	
The execution and delivery of this Agreement by GLFE and the performance by GLFE of its obligations hereunder have been duly authorized by all requisite action on the part of GLFE.

	 
	(d)     	
Its representative hereunder has sufficient authority to legally bind GLFE pursuant to the terms and conditions of this Agreement.

	 
	(e)     	
It is the intent of GLFE to amend certain provisions of the LOI, pursuant to the terms hereof.

	 
	 

	II.      	
CMGN hereby represents that:

	 

	(a)     	
It effectively entered into a letter of intent as of March 22, 2006, and into the first and second amendment agreements to such letter of intent, with GLFE, as of November 14 and December 11, 2006, respectively.

	 
	(b)     	
As of the date hereof, GLFE has fully complied with the terms of the LOI.

	 
	(c)     	
The execution and delivery of this Agreement by CMGN and the performance by CMGN of its obligations hereunder have been duly authorized by all requisite action on the part of CMGN.

	 
	(d)     	
Its representative hereunder has sufficient authority to legally bind CMGN pursuant to the terms and conditions of this Agreement.

	 
	(e)     	
It is the intent of CMGN to amend certain provisions of the LOI, pursuant to the terms hereof.

	 

 

	
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	Third Amendment Agreement  

 

NOW THEREFORE, in consideration of the foregoing representations and mutually recognizing their mutual personality and authority, the parties hereto (hereinafter referred to, together, as the “Parties” and each of them as a “Party”) agree to be bound pursuant to the terms and conditions as set forth in the following:

C L A U S E S

Clause 1.        Agreement.

The Parties hereby agree to amend the provisions of paragraphs 4.3.2, 4.3.3, 9.1, 9.2 and 10.4 of the LOI, so that each of such paragraphs, in its entirety, shall read as follows:

	 

    	 “4.3.2  

  	pay CMGN as follows, which amounts correspond to the remaining fraction of 12% of the estimated development costs of Phase 1 and Phase 2 of the Project for Fiscal Year 2006, as set forth in paragraph  

	  	  	3.2:  	  
	  
	  	  	(i)  	US$225,000.00, on or before December 15, 2006, and  
	  
	  

	  	(ii)  	US$184,410.92 or 185,000 restricted shares representative of the equity capital of GLFE, on or before January 30TH , 2007;”  

	 
	  	
“4.3.3

 

	within 15 days after the date of completion of the Transaction, issue to  CMGN (or an Affiliate thereof, as designated by CMGN) 750,000 restricted shares representative of the equity capital of GLFE. Neither all nor any fraction of such shares shall be transferred by CMGN (or its  corresponding Affiliate) until a holding period of 24 months counted from the date of transfer by GLFE to CMGN (or its corresponding Affiliate) as  set forth herein, shall have expired.”  

	  
	  	
“9.1

 

	It is the intent of the Parties to conclude the negotiations referred to herein, and to complete the Transaction, by March 15, 2007; therefore, this instrument shall be in full force and effect during the period counted from the date of execution of this LOI to the date of execution of the Joint Venture Agreement, if applicable.”  

	  
	 

  

  	“9.2  

  

  	If the Transaction should not be completed by March 15, 2007, but except if the term of this LOI shall have been expressly extended by the written agreement of the Parties, this LOI shall be terminated, without any responsibility for the Parties thereof, except for the provisions of Section 7 above, which shall survive the termination of this instrument.”  

	  
		
“10.4

	
should the Transaction not be completed by March 15, 2007, unless such date is extended by the written agreement of the Parties, or”

 

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	Third Amendment Agreement  

 

Clause 2.      Effect.

     2.1.      The amendments to the LOI made pursuant to Clause 1 hereof shall be effective as of this date, and shall be governed as set forth in the LOI.

     2.2.      Except for the amendments referred to under Clause 1 above, each and all of the provisions of the LOI shall continue to be valid and enforceable among the Parties as set forth therein.

Clause 3.      Notices.

Any notice to be delivered by one Party to the other pursuant to this Agreement shall be in writing and sent to the other Party, by courier (return receipt requested), facsimile (“fax”) (receipt confirmed), or delivered personally, and shall be deemed to be received when effectively received by the addressee. All notices shall be sent to the following addresses of the Parties (or at such other address for a Party as shall be specified in a notice given in accordance with this Clause 3):

	3.1.	 	If to CMGN:  
			Pedro Luis Ogazón 59  
			Colonia Guadalupe Inn  
			01100 Mexico, D.F.  
			Fax: (+52-55) 5148-6701  
			  
			Attention: Fernando Calvillo Alvarez  
			  
	3.2.		If to GLFE:  
			5858 Westheimer Suite 850  
			Houston, Texas 77057  
			Fax: 713-621-7500  
			  
			Attention: Don Wilson  

Clause 4.      Governing Law, Jurisdiction.

     4.1.      This Agreement shall be governed and construed in accordance with the laws of the United Mexican States (“Mexico”).

     4.2.      Any dispute, controversy or claim arising out of, or in relation to, or in connection with, this Agreement shall be resolved by an arbitration tribunal, which arbitration tribunal shall act in accordance with the rules of Conciliation and Arbitration of the International Chamber of Commerce (the “Arbitration Rules”), applying the laws of Mexico to the substance of the controversy.

 

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	Third Amendment Agreement  

  

      4.3.      The arbitration tribunal shall be composed of three arbitrators, one designated by each Party and a third one, who shall preside the tribunal, to be appointed by the International Chamber of Commerce in accordance with the Arbitration Rules. The arbitration tribunal shall resolve by majority vote of the arbitrators.

      4.4.      The Arbitration shall be held in Mexico City, Mexico. The arbitration proceeding shall be conducted in both the Spanish and English languages; any procedure not determined under the Arbitration Rules shall be determined by the laws of Mexico and therefore consequential, punitive or other similar damages shall not be allowed.

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of January 11, 2007.

	CÍA. MEXICANA DE GAS NATURAL, S.A. DE C.V.  		  	GULF UNITED ENERGY INC.  
	  
	  	  		  	  
	  	FERNANADO ALVAREZ	 	  	DON WILSON  
	By:  	Fernando Calvillo Álvarez  		By:  	Don Wilson  
	Title:     	Chairman.  		Title:  	PRESIDENT  

  

 

  

 

 

 

 

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