AMENDMENT TO EMPLOYMENT AGREEMENT
WHEREAS, Seagull Energy Corporation (the "Company") and Xxxxx X. Xxxx
("Galt") have heretofore entered into an Employment Agreement (the "Agreement"),
effective as of December 30, 1983; and
WHEREAS, Section 3.4 of the Agreement obligates the Company to provide
certain term life insurance coverage to Galt during the term of the Agreement;
and
WHEREAS, the Company and Galt have heretofore entered into an agreement
regarding the provision of insurance coverage for Galt, effective as of January
1, 1987, and in satisfaction of the Company's obligations under Section 3.4 of
the Agreement; and
WHEREAS, the Company and Galt desire to amend such prior agreement
regarding the provision of life insurance coverage for Galt, effective as of
January 1, 1997, to provide Galt with additional flexibility with respect to
such insurance coverage;
NOW, THEREFORE, the parties hereto agree as follows:
1. Effective as of January 1, 1997 and continuing for each year that
the Agreement is in force and effect, on the date and in the manner designated
by Galt, which date shall be within ninety days of the due date specified on
Schedule A attached hereto and made a part hereof, the Company shall tender
annual premiums in the amounts established pursuant to Schedule A by check
payable to the insurance company designated by Galt to be applied by such
company to the insurance policy designated by Galt.
2. Galt agrees that payment of the premiums by the Company as specified
in Item 1 above will constitute full and complete performance by the Company of
its obligations under Section 3.4 of the Agreement.
Executed this 23rd day of January, 1997.
SEAGULL ENERGY CORPORATION
By: /s/ Xxxxxxx X. Xxxxxxxx
Name: Xxxxxxx X. Xxxxxxxx
Title: Sr. Vice President and CFO
/s/ Xxxxx X. Xxxx
XXXXX X. XXXX
SCHEDULE A
Annual Premium Payments by Seagull Energy Corporation
Due Date Amount Age of Xx. Xxxx
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2-9-97 $ 4,770 63
2-9-98 5,490 64
2-9-99 6,355 65
2-9-00 7,225 66
2-9-01 8,100 67
2-9-02 8,990 68
2-9-03 9,885 69
2-9-04 11,000 70
2-9-05 12,520 71
2-9-06 14,520 72
2-9-07 17,055 73
2-9-08 20,235 74
2-9-09 24,060 75
2-9-10 28,510 76
2-9-11 33,570 77
2-9-12 36,730 78
2-9-13 40,080 79
2-9-14 43,565 80
