Document:

Exhibit 10.1

 

FOURTH AMENDED AND RESTATED SEVERANCE AGREEMENT

 

This Fourth Amended and
Restated Severance Agreement between
Edge Petroleum Corporation, a
Delaware corporation (the “Company”), and Kirsten A. Hink (“Employee”).

 

WITNESSETH:

 

WHEREAS, the Company
previously entered into a Severance Agreement because it desired to retain
certain employee personnel and, accordingly, the Board of Directors of the
Company (the “Board”) approved the
Company entering into a severance agreement with Employee in order to encourage
such employee’s continued service to the Company; and

 

WHEREAS, Employee
previously committed such services in return for specific arrangements with
respect to severance compensation and other benefits; and

 

WHEREAS, effective
immediately, the Company and Employee desire to amend and restate the Severance
Agreement to establish documentary compliance with Section  409A of the Internal Revenue Code of 1986, as
amended; and

 

WHEREAS, in
consideration for Employee’s agreement to enter into this Amended and Restated
Severance Agreement, the Company will, upon the occurrence of a Change of
Control (as defined in Section  1(b)  of this Agreement), automatically vest any
Restricted Stock Award that is outstanding as of the date of such Change of
Control; and

 

NOW
THEREFORE, in consideration of the foregoing and for other
good and valuable consideration, the Company and Employee agree as follows:

 

	
  1.

  	
   

  	
  Definitions

  

 

	
   

  	
   

  	
  (a)

  	
   

  	
  “Change
  in Duties “shall mean the occurrence, within two years
  after the date upon which a Change of Control occurs, of any one or more of
  the following conditions provided that the Employee has notified the Company
  of the existence of such condition within 90 days of its initial existence
  and the Company has not cured the condition within 30 days after such notice
  is provided (the “Correction Period”):

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (i)

  	
   

  	
  A significant reduction in
  the duties of Employee from those applicable to the Employee immediately
  prior to the date on which a Change of Control occurs; or

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (ii)

  	
   

  	
  A material reduction in
  Employee’s annual salary from that provided to the Employee immediately prior
  to the date on which a Change of Control occurs; or

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (iii)

  	
   

  	
  A change in the location
  of Employee’s principal place of employment by the Company by more than 50
  miles from the location where he or she was

  

 

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  principally employed
  immediately prior to the date on which a Change of Control occurs.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)

  	
   

  	
  “Change
  of Control” means the occurrence of either of the following
  events:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (i)

  	
   

  	
  The Company (A) shall not
  be the surviving entity in any merger, consolidation or other reorganization
  (or survives only as a subsidiary of an entity other than a previously
  wholly-owned subsidiary of the Company) or (B) is to be dissolved and
  liquidated, and as a result of or in connection with such transaction which
  for the avoidance of doubt, applies to (A) and (B), the persons who were
  directors of the Company before such transaction shall cease to constitute a
  majority of the Board;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (ii)

  	
   

  	
  Any person or entity,
  including a “group” as contemplated by Section 13(d)(3) of the Securities
  Exchange Act of 1934, as amended, acquires or gains ownership or control
  (including, without limitation, power to vote) of 20% or more of the
  outstanding shares of the Company’s voting stock (based upon voting power),
  and as a result of or in connection with such transaction, the persons who
  were directors of the Company before such transaction shall cease to
  constitute a majority of the Board; or

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (iii)

  	
   

  	
  The Company sells all or
  substantially all of the assets of the Company to any other person or entity
  (other than a wholly-owned subsidiary of the Company) in a transaction that
  requires shareholder approval pursuant to the Texas Business Corporation Act.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c)

  	
   

  	
  “Code” shall mean
  the Internal Revenue Code of 1986, as amended.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (d)

  	
   

  	
  “Compensation” shall mean
  the greater of:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (i)

  	
   

  	
  Employee’s current annual
  salary plus his or her Targeted Bonus Opportunity immediately prior to the
  date on which a Change of Control occurs, or

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (ii)

  	
   

  	
  Employee’s current annual
  salary plus his or her Targeted Bonus Opportunity at the time of his or her
  Involuntary Termination.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (e)

  	
   

  	
  “Incentive
  Award” shall mean any grant or award of restricted stock,
  stock options or other benefits or awards made to an Employee under the
  Incentive Award Plan.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (f)

  	
   

  	
  “Incentive
  Award Plan” shall mean Edge Petroleum Corporation 1997
  Incentive Plan, as amended, or any successor thereto.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (g)

  	
   

  	
  “Involuntary
  Termination” shall mean any termination of Employee’s
  employment with the Company which:

  

 

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  (i)

  	
   

  	
  does not result from a
  resignation by Employee (other than a resignation pursuant to Clause (ii) of
  this paragraph (g) or a resignation at the request of the Company); or

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (ii)

  	
   

  	
  results from a resignation
  by Employee on or before the date which is thirty days after the expiration
  of the Correction Period associated with a Change in Duties; provided,
  however, the term “Involuntary  Termination” shall not include a
  Termination for Cause or any termination as a result of death, disability
  under circumstances entitling him to benefits under the Company’s long-term
  disability plan.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (h)

  	
   

  	
  “Severance
  Amount” shall mean an amount equal to 1.50 times
  Employee’s Compensation.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (i)

  	
   

  	
  “Targeted  Bonus Opportunity” shall mean the
  Employee’s current targeted bonus opportunity, if any, as approved by the
  Compensation Committee effective for the year with respect to which such
  targeted bonus opportunity, if any, is being determined or for the last year
  for which such an opportunity was so approved if one has not been approved
  for the current year, expressed as a dollar amount.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (j)

  	
   

  	
  “Termination
  for Cause” shall mean termination of Employee’s employment
  by the Company (or its subsidiaries) by reason of (a) conviction of the
  Employee by a court of competent jurisdiction of any felony or a crime involving
  moral turpitude; (b) the Employee’s knowing failure or refusal to follow
  reasonable instructions of the Board or reasonable policies, standards and
  regulations of the Company or its subsidiaries as set forth in the employee
  manual or otherwise; (c) the Employee’s continued failure or refusal to
  faithfully and diligently perform the usual, customary duties of his or her
  employment with the Company or a subsidiary; (d) the Employee continuously
  conducting himself or herself in an unprofessional, unethical, immoral or
  fraudulent manner; or (e) the Employee’s conduct discredits the Company or a
  subsidiary or is detrimental to the reputation, character and standing of the
  Company or a subsidiary.

  
	
   

  	
   

  
	
  2.

  	
   

  	
  Services.    Employee
  agrees that he or she will render services to the Company (as well as any
  subsidiary thereof or successor thereto) during the period of his or her
  employment to the best of his or her ability and in a prudent and
  businesslike manner.

  
	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Severance
  Benefits.    If Employee’s
  employment by the Company or any subsidiary thereof or successor thereto
  shall be subject to an Involuntary Termination which occurs within two years
  after the date upon which a Change of Control occurs, then Employee shall be
  entitled to receive, as additional compensation for services rendered to the
  Company (including its subsidiaries), the following severance benefits:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)

  	
   

  	
  A lump sum cash payment in
  an amount equal to Employee’s Severance Amount.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)

  	
   

  	
  Effective as of the date of Involuntary Termination,
  Employee shall become fully vested in all outstanding Incentive Awards that
  had not previously vested or

  

 

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  otherwise become
  exercisable as of such date due to restrictions or other provisions contained
  in the document granting such Incentive Award, such restrictions or other
  provisions in such document notwithstanding.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c)

  	
   

  	
  Employee and, if
  applicable, his or her eligible dependents who are covered under the
  Company’s medical, dental or vision plans (collectively, the “Company Group
  Health Plans”) as of the date on which Employee’s Involuntary Termination
  occurs shall be entitled to elect to continue coverage under the Company
  Group Health Plans in accordance with section 4980B of the Code and sections
  601-607 et  seq. of the Employee Retirement Income Security Act
  of 1974, as amended (“COBRA”), or similar provisions of applicable state
  continuation coverage laws. If and to the extent that Employee and/or his or
  her eligible dependents elect COBRA coverage then, during the Continuation
  Period (defined below), Employee and, if applicable, his or her covered
  dependents shall be required to pay the active employee rates applicable to
  similarly situated active employees for the applicable type and level of
  coverage under the applicable Company Group Health Plans (the “Employee
  Contribution”) and the Company shall pay the remainder of any required
  premium for the Continuation Period. For purposes of this Agreement, the
  “Continuation Period” shall be the period commencing on the date of
  Employee’s Involuntary Termination and ending on the earliest to occur of (i)
  the expiration of eighteen months after Employee’s Involuntary Termination
  (or any additional period required pursuant to applicable federal or state
  law), (ii) the date Employee or, if applicable, his or her covered
  dependents, is eligible for medical, dental or vision coverage, as
  applicable, under another employer-provided group health plan (with Employee
  being obligated hereunder to report such eligibility to the Company within 30
  days and certify eligibility for payments hereunder promptly upon request of
  the Company), or (iii) the date on which COBRA coverage (or applicable state
  continuation coverage, if applicable) terminates. The amount and due dates
  for such payment shall be communicated to Employee and, if applicable, his or
  her eligible dependents within 44 days of the date of Employee’s Involuntary
  Termination. The foregoing is intended to reflect financial agreements between
  Employee and the Company and shall not be construed to limit Employee’s
  rights under COBRA. The Continuation Period shall run concurrently with the
  required COBRA continuation coverage period (and any period of state
  continuation coverage required by applicable law) and shall not extend any
  person’s COBRA continuation coverage period (or period of state continuation
  coverage).

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (d)

  	
   

  	
  If the Continuation Period
  expires pursuant to Section 3(c)(i) above, then following the expiration of
  the Continuation Period, if and to the extent that Employee, and, where
  applicable, Employee’s covered dependents were covered by the Company Group
  Health Plans immediately prior to termination of the Continuation Period and
  are not eligible for medical, dental or vision coverage, as applicable, under
  another employer-provided group health plan, Employee shall be entitled to
  receive a cash lump sum payment equal to eighteen times the monthly amount,
  if any, that the Company or its successor (or any parent or

  

 

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  affiliate of the Company
  or its successor), as applicable, pays to subsidize employee medical, dental
  or vision coverage, as applicable, for similarly situated active employees
  and their dependents for the type and level of coverage that was being
  provided to Employee and his or her covered dependents, if applicable, under
  the Company Group Health Plans (as COBRA coverage) immediately prior to the
  end of the Continuation Period (the “Company Subsidy Amount”) based on the
  Company subsidy rates in effect in the month immediately prior to the
  expiration of the Continuation Period. 
  Payment of such Company Subsidy Amount shall be made within 30 days of
  the expiration of the Continuation Period.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (e)

  	
   

  	
  In lieu of any Company-provided continued life
  insurance or accidental death and dismemberment coverage following Employee’s
  Involuntary Termination, Employee shall receive a payment of $2,000. The
  payment required under this Paragraph 3(e) shall be paid in a lump sum within
  15 days following Employee’s Involuntary Termination.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (f)

  	
   

  	
  Employee shall be entitled to receive reimbursement
  for out-placement services incurred before the end of the second calendar
  year following Employee’s Involuntary Termination in connection with
  obtaining new employment up to a maximum cost of $6,000, if Employee is
  seeking new employment. Such reimbursement shall be paid within 90 days of
  the Company’s receipt of Employee’s request for reimbursement including any
  required documentation of expenses.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (g)

  	
   

  	
  The severance benefits payable under this agreement
  shall be paid to the Employee on or before the fifth day after the last day
  of Employee’s employment with the Company. Any severance benefits paid
  pursuant to this paragraph will be deemed to be a severance payment and not
  compensation for the purposes of determining benefits under the Company’s
  qualified plans and shall be subject to any required tax withholding.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Interest
  on Late Benefit Payments.   If any payment
  provided for in Paragraph 3(a) or 3(b) hereof is not made when due, the
  Company shall pay to Employee interest on the amount payable from the date
  that such payment should have been made under such paragraph until such
  payment is made, which interest shall be calculated at a rate equal to two
  percentage points over the prime or base rate of interest announced by Chase
  Bank of Texas, N.A. or any successor thereto, at its principal office in
  Houston, Texas and shall change when and as such change in such prime or base
  rate shall be announced by such bank.

  
	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  Certain
  Additional Payments by the Company.   Notwithstanding
  anything to the contrary in this Agreement, in the event that any payment or
  distribution by the Company to or for the benefit of Employee, whether paid
  or distributed or distributable pursuant to the terms of this Agreement or
  otherwise (a “Payment”), would be subject to the excise tax imposed by
  Section 4999 of the Code or any interest or penalties with

  

 

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  respect to such excise tax
  (such excise tax, together with any such interest or penalties, are
  hereinafter collectively referred to as the “Excise Tax”), the Company shall
  pay to Employee an additional payment (a “Gross-up Payment”) in an amount
  such that after payment by Employee of all taxes (including an interest or
  penalties imposed with respect to such taxes), including any Excise Tax
  imposed on any Gross-up Payment, Employee retains an amount of the Gross-up
  Payment equal to the Excise Tax imposed upon the payment.  The Company and Employee shall make an
  initial determination as to whether a Gross-up Payment is required and the
  amount of any such Gross-up Payment. Employee shall notify the Company in
  writing of any claim by the Internal Revenue Service which, if successful,
  would require the Company to make a Gross-up Payment (or a Gross-up Payment
  in excess of that, if any, initially determined by the Company and Employee)
  within ten days of the receipt of such claim. 
  The Company shall notify Employee in writing at least ten days prior
  to the due date of any response required with respect to such claim if it
  plans to contest the claim.  The
  Gross-up Payment to Employee shall be made no earlier than the date of the
  Payment to which such Gross-up Payment relates and no later than December 31
  of the year following the year during which Employee remits the related
  taxes.  If the Company decides to
  contest such claim, Employee shall cooperate fully with the Company in such
  action; provided, however, the Company shall bear and pay directly or
  indirectly all cost and expenses (including additional interest and
  penalties) incurred in connection with such action and shall indemnify and
  hold Employee harmless, on an after-tax basis, for any Excise Tax or income
  tax, including interest and penalties with respect thereto, imposed as a
  result of the Company’s action.  If, as
  a result of the Company’s action with respect to a claim, Employee receives a
  refund of any amount paid by the Company with respect to such claim, Employee
  shall promptly pay such refund to the Company.  If the Company fails to timely notify
  Employee whether it will contest such claim or the Company determines not to
  contest such claim, then the Company shall immediately pay to Employee the
  portion of such claim, if any, which it has not previously paid to Employee.

  
	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  General.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)

  	
   

  	
  Term. The original
  effective date of this Agreement was June 1, 1999. The initial term of this
  Agreement shall be the period beginning on said effective date and ending on
  the two-year anniversary of said effective date. Within sixty days after the
  expiration of this Agreement and within sixty days after each successive
  two-year period of time thereafter that this Agreement is in effect, the
  Company shall have the right to review this Agreement, and in its sole
  discretion either continue and extend this Agreement, terminate this
  Agreement, and/or offer Employee a different agreement, and will notify
  Employee of such action before the end of said sixty-day time period
  mentioned above. This Agreement shall remain in effect until so terminated
  and/or modified by the Company. Failure of the Company at any time and from
  time to time to take any action within any of said sixty-day time periods
  shall be considered as an extension of this Agreement for an additional
  two-year period of time. Notwithstanding anything to the contrary contained
  in this “sunset provision,” it
  is agreed that if a Change of

  

 

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  Control occurs while this
  Agreement is in effect, then this Agreement shall not be subject to
  termination or modification under this “sunset
  provision,” and shall remain in
  force for a period of two years after such Change of Control, and if within
  said two years the contingency factors occur which would entitle Employee to
  the benefits as provided herein, this Agreement shall remain in effect in
  accordance with its terms.  If, within
  such two years after a Change of Control, the contingency factors that would
  entitle Employee to said benefits do not occur, thereupon this two-year “sunset provision” shall again be
  applicable with the sixty-day time period for Company action (to either
  continue, extend, terminate or offer Employee different agreement shall
  thereafter commence at the expiration of said two years after such Change of
  Control and on each two-year anniversary date thereafter.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)

  	
   

  	
  Indemnification.   If
  Employee shall obtain any money judgment or otherwise prevail with respect to
  any litigation brought by Employee or the Company to enforce or interpret any
  provision contained herein, the Company, to the fullest extent permitted by
  applicable law, hereby indemnifies Employee for his or her reasonable
  attorneys’ fees and disbursements incurred in such litigation and hereby
  agrees (i) to pay in full all such fees and disbursements and (ii) to pay
  prejudgment interest on any money judgment obtained by Employee from the
  earliest date that payment to Employee should have been made under this
  Agreement until such judgment shall have been paid in full, which interest
  shall be calculated at a rate equal to two percentage points over the prime
  or base rate of interest announced by Chase Bank of Texas, N.A. (or any
  successor thereto) at its principal office in Houston, Texas, and shall
  change when and as any such change in such prime or base rate shall be
  announced by such bank.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c)

  	
   

  	
  Payment
  Obligations Absolute.   The Company’s
  obligation to pay (or cause one of its subsidiaries to pay) Employee the
  amounts and to make the arrangements provided herein shall be absolute and
  unconditional and shall not be affected by any circumstances, including,
  without limitation, any set-off, counterclaim, recoupment, defense or other
  right which the Company (including its subsidiaries) may have against the
  Employee or anyone else. All amounts payable by the Company (including its
  subsidiaries hereunder) shall be paid without notice or demand. Employee
  shall not be obligated to seek other employment in mitigation of the amounts
  payable or arrangements made under any provision of this Agreement, and,
  except as provided in Paragraph 3(c), (d) or (e) hereof, the obtaining of any
  such other employment shall in no event effect any reduction of the Company’s
  obligations to make (or cause to be made) the payments and arrangements
  required to be made under this Agreement.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (d)

  	
   

  	
  Successors.   This
  Agreement shall be binding upon and inure to the benefit of the Company and
  any successor of the Company, by merger, combination, asset sale or
  otherwise. This Agreement shall also be binding upon and inure to the benefit
  of Employee and his or her estate. If Employee shall die prior to full
  payment of

  

 

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  amounts due pursuant to
  this Agreement, such amounts shall be payable pursuant to the terms of this
  Agreement to his or her estate.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (e)

  	
   

  	
  Severability.   Any
  provision in this Agreement which is prohibited or un-enforceable in any
  jurisdiction by reason of applicable law shall, as to such jurisdiction, be
  ineffective only to the extent of such prohibition or unenforceability
  without invalidating or affecting the remaining provisions hereof, and any
  such prohibition or unenforceability in any jurisdiction shall not invalidate
  or render unenforceable such provision in any other jurisdiction.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (f)

  	
   

  	
  Non-Alienation.   Employee
  shall not have any right to pledge, hypothecate, anticipate or assign this
  Agreement or the rights hereunder, except by will or the laws of descent and
  distribution.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (g)

  	
   

  	
  Notices.   Any
  notices or other communications provided for in this Agreement shall be
  sufficient if in writing. In the case of Employee, such notices or
  communications shall be effectively delivered if hand delivered to Employee
  at his or her principal place of employment or if sent by registered or
  certified mail to Employee at the last address he or she has filed with the
  Company. In the case of the Company, such notices or communications shall be
  effectively delivered if sent by registered or certified mail to the Company
  at its principal executive offices.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (h)

  	
   

  	
  Controlling
  Law.   This Agreement shall be governed by,
  and construed in accordance with, the laws of the State of Texas. Further,
  Employee agrees that any legal proceeding to enforce the provisions of this
  Agreement shall be brought in Houston, Harris County, Texas, and hereby
  waives the right to any pleas regarding subject matter or personal
  jurisdiction and venue.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (i)

  	
   

  	
  Release.
    Any benefit payable pursuant to Section 3 herein is subject to
  Employee’s execution of a release, without subsequent revocation, within 60
  days of Employee’s termination, in the form established by the Company,
  releasing the Company, its shareholders, partners, officers, directors,
  employees and agents from any and all claims and from any and all causes of
  action of any kind or character (except claims arising under this Agreement),
  including but not limited to all claims or causes of action arising out of
  Employee’s employment with the Company or, with the exception of rights
  provided in any other written agreement between the Company and Employee, the
  termination of such employment.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (j)

  	
   

  	
  Full
  Settlement.   If Employee is entitled to and
  receives the benefits provided hereunder, performance of the obligations of
  the Company hereunder will constitute full settlement of all claims that
  Employee might otherwise assert against the Company on account of Employee’s
  termination of employment, except such claims as may be asserted pursuant to
  any other agreement between the Company and Employee.

  

 

8

 

	
   

  	
   

  	
  (k)

  	
   

  	
  Unfunded
  Obligation.   The obligation to pay amounts under
  this Agreement is an unfunded obligation of the Company (including its
  subsidiaries), and no such obligation shall create a trust or be deemed to be
  secured by any pledge or encumbrance on any property of the Company
  (including its subsidiaries).

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (l)

  	
   

  	
  Not a
  Contract of Employment.   This
  Agreement shall not be deemed to constitute a contract of employment, nor
  shall any provision hereof affect (i) the right of the Company (or its
  subsidiaries) to discharge Employee at will, subject to the terms of any
  other agreement between the Company (or its subsidiaries) and Employee, or
  (ii) the terms and conditions of any other agreement between the Company and
  Employee except as provided herein.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (m)

  	
   

  	
  Number
  and Gender.   Wherever appropriate herein, words
  used in the singular shall include the plural and the plural shall include
  the singular. The masculine gender where appearing herein shall be deemed to
  include the feminine gender.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (n)

  	
   

  	
  Counterparts.   This
  Agreement may be executed in one or more counterparts, each of which shall be
  deemed to be an original, but all of which together will constitute one and
  the same Agreement.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (o)

  	
   

  	
  Headings.   The
  headings in this Agreement are for convenience only and shall be disregarded
  in construing this Agreement.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (p)

  	
   

  	
  Section
  409A.   This Agreement is intended to comply
  with Code Section 409A and any ambiguous provision will be construed in a
  manner that is compliant with or exempt from the application of Code Section
  409A. If any provision of this Agreement would cause Employee to incur any
  additional tax or interest under Code Section 409A and accompanying Treasury
  regulations and guidance, Employer shall, after consulting with Employee,
  reform such provision to comply with Code Section 409A, to the extent
  permitted under Code Section 409A; provided, however, that Employer agrees to
  maintain, to the maximum extent practicable, the original intent and economic
  benefit to Employee of the applicable provision without violating the
  provisions of Code Section 409A. Notwithstanding any provision to the
  contrary in this Agreement, if Employee is deemed on his termination date to
  be a “specified employee” within the meaning of that term under Section
  409A(a)(2)(B) of the Code, then the payments and benefits under this Agreement
  that are subject to Code Section 409A shall be made or provided (subject to
  the last sentence hereof) on the later of (A) the payment date set forth in
  this Agreement or (B) the date that is the earliest of (i) the expiration of
  the six-month period measured from the date of Employee’s Termination of
  employment or (ii) the date of Employee’s death (the “Delay Period”).
  Payments subject to the Delay Period shall be paid to Employee without
  interest for such delay in payment. Notwithstanding any provision of this
  Agreement to the contrary, Employee acknowledges and agrees that the Company
  and its employees, officers, directors, Affiliates and Subsidiaries shall not
  be liable for, and nothing provided or contained in this Agreement will be
  construed to obligate or cause the Company

  

 

9

 

	
   

  	
   

  	
   

  	
   

  	
  and/or its employees,
  officers, directors, Affiliates and Subsidiaries to be liable for, any tax,
  interest or penalties imposed on Employee related to or arising with respect to
  any violation of Section  409A.

  

 

IN WITNESS WHEREOF, THE PARTIES HERETO HAVE
EXECUTED THIS AMENDED AND RESTATED AGREEMENT ON THE 9TH DAY OF APRIL, 2009.

 

	
   

  	
   

  	
  “Company”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  EDGE PETROLEUM CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  John W. Elias

  
	
   

  	
   

  	
   

  	
  John
  W. Elias

  
	
   

  	
   

  	
   

  	
  Chairman,
  President and

  
	
   

  	
   

  	
   

  	
  Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “Employee”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Kirsten A. Hink

  
	
   

  	
   

  	
   

  	
  Kirsten
  A. Hink

  

 

10United States Securities and Exchange Commission Edgar Filing

			
	

	Ross Miller

Secretary of State

204 North Carson Street, Ste 1

Carson City, Nevada 89701-4299

(775) 684 5708

Website: secretaryofstate.biz

	Exhibit 4.2

	
	Amendment to Certificate of Designation After Issuance of Class or Series 

(PURSUANT TO NRS 78.1955) 

		
	USE BLACK INK ONLY - DO NOT HIGHLIGHT 

	ABOVE SPACE IS FOR OFFICE USE ONLY

Certificate of Amendment to Certificate of Designation

For Nevada Profit Corporations

(Pursuant to NRS 78.1955 - After Issuance of Class or Series)

1.

Name of corporation:

Voyant International Corporation

2.

Stockholder approval pursuant to statute has been obtained.

3.

The class or series of stock being amended:

Series A Convertible Preferred Stock

4.

By a resolution adopted by the board of directors, the certificate of designation is being amended as follows or the new class or series is: 

Section 2 of the certificate of designation is hereby amended by deleting Paragraph A, which provides as follows:

“A. Two thousand (2,000) of the authorized shares of Preferred Stock are hereby designated “Series A Convertible Preferred Stock” (the “Series A Preferred”).

“A. Three thousand (3,000) of the authorized shares of Preferred Stock are hereby designated “Series A Convertible Preferred Stock” (the “Series A Preferred”).

5.

Effective date of filing (Optional):

                                                                               (must not be later than 90 days after the certificate is filed)

6.

Officer Signature (Required): X                                                                      

Filing Fee: $175.00

IMPORTANT: Failure to include any of the above information and submit the proper fees may cause this filing to be rejected.

This form must be accompanied by appropriate fees.

	
	Nevada Secretary of State AM 78.1955 After Issue 2007

Revised on: 01/01/07

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