EXHIBIT 10.2
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
This Second Amendment to Employment Agreement ("Second Amendment") dated
April 14, 1997, is by and among Midcoast Energy Resources, Inc. (the
"Employer" or the "Company") and Xxx X. Xxxxxxx (the "Employee").
WITNESSETH
:
WHEREAS, the Employer and the Employee entered into that certain
Employment Agreement (the "Agreement") dated January 1, 1993, as amended by
that certain Amendment to Employment Agreement, dated April 1, 1993 (the
"Amendment"); and
WHEREAS, the Employer and the Employee desire to amend certain terms of
the Agreement.
NOW, THEREFORE, in consideration of the foregoing, the Employer and the
Employee hereby agree as follows:
SECTION 4
TERM OF EMPLOYMENT
1.Section 4 shall be deleted in its entirety and replaced with the
following:
"4.Term of Employment.
The term of employment of the Employee by the
Employer shall commence on the effective date hereof,
and shall terminate on the eighth anniversary of such
date, unless sooner terminated in accordance with
Section 7 below (the "Employment Period")."
SECTION 5
COMPENSATION
2.Section 5.A. shall be deleted in its entirety and replaced with the
following:
"A. Base Salary. For all services rendered under this
Agreement, the Employer agrees to pay to the Employee
during the Employment Period an annual salary in the
amounts and schedule set forth below:
CALENDAR YEAR
AMOUNT
1993 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$125,000
1994 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$125,000
1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$125,000
1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$125,000
1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$95,000
1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$125,000
1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$125,000
2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$150,000
2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$150,000
or the equivalent amount payable on any other
periodic basis consistent with the Employer's
payroll procedures (but no less frequently than
monthly), subject only to such payroll and
withholding deductions as are required by
federal, state or local law, in addition to
bonuses (as set forth in Section 5.B.)."
[Signature Page Follows]
IN WITNESS WHEREOF, the Employer and the Employee have duly
executed this Agreement, as of the date first written above.
EMPLOYER:
Midcoast Energy Resources, Inc.
By: /s/ Xxxxxxx X. Xxxxxx
Xxxxxxx A. Xxxxxx,
Chief Financial Officer
EMPLOYEE:
/s/ Xxx X. Xxxxxxx
Xxx X. Xxxxxxx
