EXHIBIT 4.1
SECOND AMENDMENT TO STOCKHOLDER AGREEMENT
THIS SECOND AMENDMENT TO STOCKHOLDER AGREEMENT (this
"AGREEMENT") is entered into on January 15, 2002 by and among ENERGY PARTNERS,
LTD., a Delaware corporation (the "COMPANY"), EVERCORE CAPITAL PARTNERS L.P.,
EVERCORE CAPITAL PARTNERS (NQ) L.P. and EVERCORE CO. INVESTMENT PARTNERSHIP
L.P., each a limited partnership organized under the laws of the State of
Delaware, and EVERCORE CAPITAL OFFSHORE PARTNERS L.P., a limited partnership
organized under the laws of the Cayman Islands (collectively, the "EVERCORE
ENTITIES"), ENERGY INCOME FUND, L.P., a limited partnership organized under the
laws of the State of Delaware ("EIF"), and the individual stockholders of the
Company signatories hereto. Terms used but not defined herein have the meanings
assigned to such terms in the Stockholder Agreement (the "STOCKHOLDER
AGREEMENT") dated November 17, 1999, as amended, by and among the Company, the
Evercore Entities, EIF and the individual stockholders of the Company party
thereto (the "INDIVIDUAL STOCKHOLDERS").
WHEREAS, the Company, the Evercore Entities, EIF and the
Individual Stockholders are party to the Stockholder Agreement.
WHEREAS, the parties hereto wish to amend the Stockholder
Agreement as set forth in this Agreement.
NOW, THEREFORE, the parties hereto hereby agree as follows:
1. Section 1.1 is hereby amended by adding the following
definition:
"HHOC Shareholders" means Xxxx Candies, X.X. Xxxxxxx,
Xxxx X. Xxxx, Xxxxx X. Xxxx, Xxxx X. Xxxxx, Xxxxx X. Xxxxxx
and their respective Affiliates (which term shall not include
the Company or its subsidiaries).
2. Section 3.2(a) and (b) is hereby amended in its entirety
with the following:
(a) The Board shall be composed of nine directors,
unless Xxxxxxx X. Xxxxxxxx ceases to serve as Chairman and
Chief Executive Officer of the Company but remains a member of
the Board, in which case (and until Xx. Xxxxxxxx no longer
serves on the Board) the Board shall be composed of ten
directors. The number of Directors constituting the Board
shall not be changed until the earlier to occur of (x) the
Transition Date and (y) such time as any Person acquires at
least 80% of the issued and outstanding Common Stock,
provided, however, that a majority of the Board, with the
unanimous
consent of each Director who is a designee of any Evercore
Entities pursuant to this Section 3.2 may alter the size of
the Board; provided, further, that no reduction shall
eliminate a designee of any Shareholder under Section 3.2(b)
without such Shareholder's consent.
(b) Until the Transition Date, the Evercore Entities
shall be entitled to designate or nominate four persons (with
each Evercore Entity designating at least one of the persons)
as directors of the Company (five persons if Xxxxxxx X.
Xxxxxxxx no longer serves as Chief Executive Officer of the
Company but serves on the Board). EIF shall be entitled to
designate or nominate one person as a director of the Company,
the HHOC Shareholders shall be entitled to designate or
nominate one person as a director of the Company (which
designee shall initially be Xxxx X. Xxxx) and the Management
Shareholders shall be entitled to designate or nominate the
three remaining directors of the Company. From the Transition
Date until such time as the Evercore Entities Beneficially Own
a Company Ownership Interest of less than 10%, the Evercore
Entities shall be able to designate or nominate a number of
persons as directors of the Company equal to the product
(rounded to the next highest whole number) of (i) the Company
Ownership Interest of the Evercore Entities, times (ii) the
total number of directors then on the Company's Board.
3. Section 9.2 is hereby amended to add the following to the
last sentence:
"The rights of HHOC under Section 3.2 shall terminate
on the date on which the HHOC Shareholders have a Company
Ownership Interest (as determined in good faith by the
Company) of less than 10%."
4. By their execution hereof, Xxxxxxx X. Xxxxxxxx and the
Evercore Entities acknowledge that the Required Approval has been obtained for
the execution, delivery and performance of this Agreement.
5. Except as expressly set forth herein, the terms of the
Stockholder Agreement are unchanged, and the Stockholder Agreement, as amended
by this Agreement, is hereby confirmed and ratified. Except for the HHOC
Shareholders, this Agreement is not intended to confer upon any person other
than the parties hereto any rights or remedies hereunder.
6. This Agreement may be executed in multiple counterparts,
each of which shall be deemed an original and all of which shall, taken
together, be considered one and the same agreement, it being understood that the
parties need not sign the same counterpart.
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7. This Agreement shall become effective upon the execution of
this Agreement by the Company, the Evercore Entities, EIF and the holders of a
majority of the Securities owned by Individual Shareholders.
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IN WITNESS WHEREOF, the parties hereto have executed and
delivered this Agreement as of the date first above written.
ENERGY PARTNERS, LTD.
By:
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Name: Xxxxxxx X. Xxxxxxxx
Title: Chairman, President and Chief
Executive Officer
EVERCORE CAPITAL PARTNERS L.P.
By:
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Name:
Title:
EVERCORE CAPITAL PARTNERS (NQ) L.P.
By:
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Name:
Title:
EVERCORE CAPITAL OFFSHORE PARTNERS L.P.
By:
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Name:
Title:
EVERCORE CO-INVESTMENT PARTNERSHIP L.P.
By:
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Name:
Title:
ENERGY INCOME FUND, LP
By:
------------------------------------
Name:
Title:
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Xxxxxxx X. Xxxxxxxx
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Xxxxxxx Xxxx
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Xxxxxxx X. Xxxxx
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Xxxx XxXxxxxxxx
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Xxxxx Xxxxxxxx, Xx.
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Xxxxxxx Xxxxxxx
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Xxx Xxxxx
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Xxxxxx XxXxxxx
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Xxx Xxxxxx
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Xxxx Xxxxxxxx
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Xxxxx Xxxxx
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Xxxxxx Xxxxxx
