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EXHIBIT 10.21
CONSULTING AGREEMENT
The following represents the agreement between PennzEnergy Company
("PennzEnergy") and Xxxxx Xxxxxxxxx ("Consultant") regarding consulting
services.
1. Consultant will provide consulting services as requested by PennzEnergy
during the period of June 1, 1999 through May 31, 2002. These
consulting services will primarily relate to PennzEnergy's
international projects and investments.
2. In exchange for these services, PennzEnergy will pay a retainer in the
total amount of $300,000, payable in twelve (12) equal quarterly
installments of $25,000, due and payable on the first day of the months
of June, September, December and March, with the initial installment
payable on June 1, 1999 and the last installment payable on March 1,
2002.
3. In addition, PennzEnergy will either provide transportation and lodging
or reimburse Consultant for necessary travel expenses incurred in
connection with rendering consulting services pursuant to this
agreement.
4. While providing the consulting services contemplated by this agreement,
Consultant will be acting as an independent contractor, and not as an
employee of PennzEnergy under the meaning of any federal, state or
local law.
5. Consultant will be responsible for all taxes and other payments due any
federal, state or local government agency with respect to the quarterly
retainer payments paid to Consultant by PennzEnergy. PennzEnergy will
not withhold taxes or other amounts from the quarterly retainer
payments and will not provide any worker's compensation, insurance or
other benefits pursuant to this consulting agreement.
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6. Either party may terminate this agreement at any time upon written
notice; however, Consultant will be entitled to reimbursement for
travel expense incurred in connection with consulting services
performed prior to receipt of the written notice and the retainer will
not be subject to refund to the extent one or more quarterly
installments have been paid prior to termination. In the event of
termination by PennzEnergy, any quarterly installment(s) not previously
paid will become due and payable within 30 days following notice of
termination.
Agreed to this 17th day of May, 1999.
/s/ Xxxxx X. Xxxx /s/ Xxxxx Xxxxxxxxx
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By: Xxxxx X. Xxxx Xxxxx Xxxxxxxxx
Title: Chairman of the Board 000 Xxxxxxxxxxx Xx., X.X.
Xxxxx 000
Xxxxxxxxxx, XX 00000
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