EXHIBIT 10.12
FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT
This Fourth Amendment (the "Fourth Amendment") to that certain employment
agreement (the "Agreement") dated May 3, 2005 by and between Westside Energy
Corporation (the "Company") and Xxxx X. Xxxxxx ("Xxxxxx") is made and entered
into effective as of the 7th day of December, 2007 by and between the Company
and Austin. All capitalized, undefined terms used herein shall have the
respective meanings given to such terms in the Agreement.
RECITALS
WHEREAS, the Agreement was entered on or about May 3, 2005; and
WHEREAS, the Agreement was first amended effective January 1, 2006 by an
instrument entitled "FIRST AMENDMENT TO EMPLOYMENT AGREEMENT;" and
WHEREAS, the Agreement was amended a second time effective September 1,
2006 by an instrument entitled "SECOND AMENDMENT TO EMPLOYMENT AGREEMENT;" and
WHEREAS, the Agreement was amended a third time effective January 1, 2007
by an instrument entitled "THIRD AMENDMENT TO EMPLOYMENT AGREEMENT" (for
purposes of the remainder of this Fourth Amendment, the term "Agreement" shall
mean the Agreement as heretofore amended by said First, Second and Third
Amendments); and
WHEREAS, the Company and Austin desire to amend further the Agreement upon
the terms, provisions and conditions set forth hereinafter;
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants and agreements of
the Company and Austin to amend the Agreement, the Company and Austin agree as
follows:
1. AMENDMENT TO THE AGREEMENT. The Agreement is hereby amended so that,
with respect to the paragraph (b) of the section captioned "Stock Bonuses" added
by the First Amendment to Employment Agreement:
(a) the aggregate number of shares of Common Stock that may be issued
pursuant to such Section as bonuses is increased from up to 120,000 shares to up
to 175,000, with a corresponding increase in the six tranches from 20,000 shares
each to 29,166 2/3 shares each; and
(b) the time by which the Company's stock price must have achieved
certain levels for the share bonuses to be earned is extended from December 31,
2007 to January 1, 2009; and
(c) any shares of Common Stock issued pursuant to the section captioned
"Stock Bonuses" as bonuses shall be issued pursuant to the Company's 2007 Equity
Incentive Plan.
2. MISCELLANEOUS. Except as otherwise expressly provided herein, the
Agreement is not amended, modified or affected by this Fourth Amendment. Except
as expressly set forth herein, all of the terms, conditions, covenants,
representations, warranties and all other provisions of the Agreement are herein
ratified and confirmed and shall remain in full force and effect. On and after
the date on which this Fourth Amendment becomes effective, the terms,
"Agreement," "hereof," "herein," "hereunder" and terms of like import, when used
herein or in the Agreement shall, except where the context otherwise requires,
refer to the Agreement, as amended by this Fourth Amendment. This Fourth
Amendment may be executed into one or more counterparts, and it shall not be
necessary that the signatures of all parties hereto be contained on any one
counterpart hereof; each counterpart shall be deemed an original, but all of
which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, this Fourth Amendment to the Agreement is adopted as of
the second date written above.
"COMPANY" "AUSTIN"
WESTSIDE ENERGY CORPORATION /s/ Xxxx X. Xxxxxx
By:/s/ Xxxxxxx X. Manner Xxxx X. Xxxxxx
Name: Xxxxxxx X. Manner
Title: Chief Executive Officer
