THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
), is made and entered into as of
January 23, 2007 (the Effective Date
), by and between BASIC ENERGY SERVICES, INC., a Delaware
corporation (hereafter Company
), and KENNETH V. HUSEMAN (hereafter Executive
), an individual
and resident of Texas. The Company and Executive may sometimes hereafter be referred to singularly
as a Party
or collectively as the Parties
W I T N E S S E T H:
WHEREAS, the Company and the Executive entered into an Employment Agreement
on December 29,
2006, effective as of December 31, 2006 (the Employment Agreement
), which provided for, among
other things, the criteria for determining the Executives Bonus and the minimum Bonus that
Executive shall receive for any Bonus Period;
WHEREAS, in consideration for the Compensation Committee of the Board of Directors of the
Company increasing the Executives Base Salary for 2007, the Executive has agreed to enter into
this Amendment for the purpose of eliminating certain provisions in the Employment Agreement
relating to the minimum Bonus that Executive shall receive for any Bonus Period;
WHEREAS, the Company desires to continue to secure the employment services of Executive
subject to the terms and conditions hereafter set forth; and
WHEREAS, the Executive is willing to enter into this Amendment upon the terms and conditions
hereafter set forth;
NOW, THEREFORE, in consideration of Executives employment with the Company, and the premises
and mutual covenants contained herein, the Parties hereto agree as follows.
Capitalized terms used herein without definition shall have the meanings
assigned to them in the Employment Agreement
2. Amendment Regarding Bonus.
The sentence in Section 2(b) of the Employment Agreement
Notwithstanding the foregoing, for each such one-year period, the minimum Bonus that Executive
shall receive for completion of any of the performance criteria for that period shall be $50,000.
is hereby deleted in its entirety.
3. Choice of Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW.
4. Entire Agreement
. The Employment Agreement
, as amended by this Amendment, contains the
entire agreement of the Parties hereto with respect to the matters covered herein and shall
otherwise continue in full force and effect in accordance with its terms.
5. Counterparts. This Amendment may be executed in any number of counterparts, each of which
when so executed and delivered shall be an original, but all such
counterparts shall together constitute one and the same instrument. Each counterpart may consist
of a copy hereof containing multiple signature pages, each signed by one party hereto, but together
signed by both parties.
[Signature page follows.]