SEC Contract Filing

Filing Date: 2016-02-29

Document Content:
<DOCUMENT>
<TYPE>EX-10.17
<SEQUENCE>2
<FILENAME>d127875dex1017.htm
<DESCRIPTION>EX-10.17
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.17</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 10.17 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>SECOND AMENDMENT TO EMPLOYMENT AGREEMENT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">THIS SECOND AMENDMENT TO
EMPLOYMENT AGREEMENT (this &#147;<U>Amendment</U>&#148;) is made and entered into by and between Michael D. Watford (&#147;<U>Watford</U>&#148;). Ultra Petroleum Corp., a Yukon corporation and each of the Company&#146;s subsidiaries, including: UP
Energy Corporation and Ultra Resources, Inc. (the &#147;<U>Company</U>&#148;), dated as of February 24, 2016 effective as of February&nbsp;16, 2016 for purposes of amending that certain employment agreement by and between Watford and the Company,
dated February&nbsp;1, 2007 (the &#147;<U>Employment Agreement</U>&#148;). Terms used in this Amendment with initial capital letters that are not otherwise defined herein shall have the meanings ascribed to such terms in the Employment Agreement.
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS,</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Company and Watford are party to the Employment Agreement dated as of February&nbsp;1, 2007 (the &#147;<U>Employment Agreement</U>&#148;); </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS,</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;1 of the Employment Agreement provides that the term of Watford&#146;s employment under the Employment Agreement is automatically extended (an
&#147;<U>Extension</U>&#148;) each February&nbsp;1 unless the Company Board provides ninety (90)&nbsp;days advance notice of its intention not to renew such employment (a &#147;<U>Non-Renewal Notice</U>&#148;); </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS,</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Company has not provided a Non-Renewal Notice so that the term of Watford&#146;s employment under the Employment Agreement has been extended for the one-year period
commencing February&nbsp;1, 2016; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS,</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;1 and Section&nbsp;4.B of the Employment provide that Watford may unilaterally elect to terminate his employment if an agreement cannot be reached as to
the terms of any Extension and, in the event of any such termination, Watford would be entitled to the severance benefits specified in Section&nbsp;4.B of the Employment Agreement; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS,</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">as of the date of this Amendment, the Company has not offered Watford satisfactory terms of employment during the Extension, including satisfactory levels of annual and
long-term compensation; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS,</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Company desires for Watford not to terminate his employment pursuant to Section&nbsp;1 and Section&nbsp;4.B of the Employment Agreement; </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS,</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">subject to the terms and conditions hereof, and in consideration for the contemporaneous posting of the Letter of Credit (defined below), Watford is willing to forgo
his right to terminate his employment pursuant to Section&nbsp;1 and Section&nbsp;4.B of the Employment Agreement; and </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%" VALIGN="top"