WAIVER AGREEMENT
Exhibit 10.4
This WAIVER AGREEMENT (this “Agreement”) is made and entered into as of this 21st day of
February, 2011, by and between Xxxxx Corporation, a Delaware corporation (“Xxxxx”), and Xxxxx X.
Lamp (the “Employee”).
Reference is hereby made to that certain Agreement and Plan of Merger, dated as of even date
herewith (the “Merger Agreement”), by and among Xxxxx, North Acquisition, Inc., a Wyoming
corporation (“Merger Sub”) and Frontier Oil Corporation, a Wyoming corporation (“Frontier”),
pursuant to which, subject to the terms and conditions contained therein, Merger Sub will be merged
with and into Frontier (the “Merger”), with Frontier remaining the surviving corporation in the
Merger and becoming a wholly-owned subsidiary of Xxxxx. Capitalized terms used herein and not
defined shall have the meanings ascribed to them in the Merger Agreement.
Now, therefore, in consideration of the mutual covenants contained herein and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Xxxxx and
the Employee agree as follows:
1. Effective Time. The agreements set forth in Section 2 below shall become effective
immediately prior to the Effective Time of the Merger; provided, that if the Closing does
not occur in accordance with the terms of the Merger Agreement, this Agreement shall terminate and
have no further force or effect without the need for any additional action by Xxxxx or the
Employee.
2. Waiver. Employee hereby acknowledges and agrees that the change in his title from
President to Executive Vice President and Chief Operating Officer, and any associated changes in
his employment authority, duties or responsibilities with Xxxxx following the consummation of the
Merger that are consistent with such change in title, shall not constitute a material reduction or
other change in the Employee’s authority, duties or responsibilities for purposes of the definition
of “Adverse Change” contained in any equity award listed on Exhibit A hereto. For the
avoidance of doubt, a material reduction in salary, benefits, bonus targets and/or long term
incentive grants that does not apply generally to executives of Xxxxx and its subsidiaries
(including Frontier and its subsidiaries following the Closing of the Merger) and all of their
successors, would constitute an “Adverse Change” and is not waived by this Agreement.
3. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without regard to conflict of law principles.
4. Entire Agreement. This Agreement constitutes the complete agreement between the
parties with regard to the subject matter hereof and supersedes all prior oral or written
agreements or understandings with respect to the subject matter hereof.
5. Successors and Assigns. The provisions hereof shall inure to the benefit of, and
be binding upon, the successors, assigns, heirs, executors, and administrators of the parties
hereto.
6. Counterparts. This Agreement may be executed in one or more counterparts,
including by electronic mail, facsimile and portable document format (.pdf) delivery, each of
which shall be deemed to be an original and all of which together shall constitute one and the
same instrument.
[Signature Page Follows]
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written.
EMPLOYEE: |
||||
By: | /s/ Xxxxx X. Lamp | |||
Xxxxx X. Lamp | ||||
XXXXX CORPORATION |
||||
By: | /s/ Xxxxxxx X. Xxxxxxx | |||
Name: | Xxxxxxx X. Xxxxxxx | |||
Its: | Chief Executive Officer | |||
[Signature Page to Waiver Agreement]
Exhibit A
List of Applicable Agreements
Total outstanding equity awards: 74,981 shares/units. All outstanding shares or units with a
performance standard are being reported at 100% level (i.e., target level).
1. | Restricted Stock Agreement with Xxxxx Corporation, dated February 2007: 4,098 shares outstanding | ||
2. | Restricted Stock Agreement with Xxxxx Corporation, dated March 2008: 5,127 shares outstanding | ||
3. | Restricted Stock Agreement with Xxxxx Corporation, dated February 2009: 17,622 shares outstanding | ||
4. | Performance Share Unit Agreement with Xxxxx Corporation, dated February 2009: 17,622 units outstanding | ||
5. | Restricted Stock Agreement with Xxxxx Corporation, dated March 2010: 15,256 shares outstanding | ||
6. | Performance Share Unit Agreement with Xxxxx Corporation, dated March 2010: 15,256 units outstanding |