EXHIBIT 10.7
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
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This First Amendment to the Employment Agreement ("First Amendment") is
made and entered into as of December 10, 2007 to amend that certain Employment
Agreement dated August 11, 2006 ("Agreement") entered into by Pacific Energy
Resources Ltd., a Delaware corporation ("Company") and Xxxxxx X. Xxxxx
("Employee").
WHEREAS, the parties wish to amend the Agreement to clarify the terms
of the Share Option Grants contained in the Agreement.
WHEREAS, the parties wish to amend the Agreement in the following
respects only:
1. Section 7.2 (Grant of Share Options) is hereby amended in its
entirety to read as follows:
"7.2 GRANT OF SHARE OPTIONS. With the prior approval
of the Company's Compensation Committee, the Employee shall be
granted under and pursuant to the terms of the Company's 2006
Share Option Plan, options to purchase in the aggregate
450,000 shares of stock of the Company and subject to the
following vesting schedule contained in the Company's Stock
Option Agreement:
(a) Options to purchase 200,000 shares shall be
vested upon grant shortly after the signing
of this Agreement, and
(b) Options to purchase 250,000 shares shall be
vested to the Employee upon the one year
anniversary of this Agreement."
Except as otherwise provided herein the Agreement remains in full force
and effect.
IN WITNESS WHEREOF, the parties have executed this First Amendment as
of the date indicated below.
COMPANY: Pacific Energy Resources Ltd.,
a Delaware Corporation
By: /s/ Xxxxxx Xxxxx
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Xxxxxx Xxxxx
President
EMPLOYEE:
/s/ Xxxxxx Xxxxx
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Xxxxxx X. Xxxxx
