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Document Preview Employment Agreement |
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Title: |
Employment Agreement |
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Date: |
2004 |
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Size: |
Preview shows 10KB of 45KB total |
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Price: |
$43 |
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ID: |
#1033682 |
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EMPLOYMENT AGREEMENT
This Employment Agreement (the Agreement) is made and entered into as of the 1st day of January, 2000 (the Effective Date), by and between Magnum Hunter Resources, Inc., a Nevada corporation (Magnum Hunter) and its affiliates, Gruy Petroleum Management Co., a Texas Corporation and a wholly-owned subsidiary of Magnum Hunter, (collectively, the Employer) and Gary C. Evans (Employee).
WHEREAS, the Board of Directors of the Employer (the Board) recognizes that it is important to attract, hire and retain key officers and management personnel;
WHEREAS, the Board also recognizes that, in the event of a Change in Control (as hereinafter defined), significant distractions of its key management and operations personnel can result because of the uncertainties inherent in such a situation;
WHEREAS, the Board has determined that it is essential and in the best interest of the Employer and its stockholders to retain officers and key employees in the event of a threat or occurrence of Change in Control and to ensure their continued dedication and efforts in such event without undue concern for their personal, financial and employment security; and
WHEREAS, in order to induce qualified candidates to accept employment with the Employer and to remain in the employ of the Employer in the event of a threat or the occurrence of a Change in Control, the Employer desires to enter into this Agreement with the Employee.
NOW THEREFORE, for and in consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
| 1. | Employment. Employer hereby employs Employee and Employee hereby accepts employment with Employer upon the terms and conditions hereinafter set forth. |
| 2. | Duties. Employee shall serve the Employer as President and Chief Executive Officer of the Employer with such responsibilities as shall be determined from time to time by the Board; provided, however, that all duties assigned to Employee hereunder shall be commensurate with the skill and experience of Employee. Employee agrees to devote all of his professional time, attention, skills, benefits and best efforts to the performance of his duties hereunder and to the promotion of the business and interests of Employer. |
| 3. | Term. This Agreement shall become effective on the Effective Date, and shall continue, unless earlier terminated in accordance with the terms of this Agreement, for a period of six (6) years commencing on the Effective Date. This Agreement shall thereafter be automatically renewed for a period of one year, unless earlier terminated as provided herein, and unless one party has given written notice to the other party of its or his intention not to renew this Agreement at least thirty (30) days prior to the expiration of its then current term (the Term). |
| 4. | Compensation. As compensation for his services rendered under this Agreement, Employee shall be entitled to receive the following: |
| (a) | Base Salary. During the Term, Employee shall initially be paid an annual salary of Three Hundred Thousand and No/100 Dollars ($300,000.00) per annum (the Base Salary) payable in equal payments twice a month for a total of twenty-four (24) payments per year. The Base Salary may be increased or decreased as the Board may determine from time to time; |
| (b) | Expenses. Employer shall reimburse Employee for all reasonable and necessary out-of-pocket travel and other expenses incurred by Employee in rendering services required under the terms of this Agreement, promptly after submission, on a monthly basis, of a detailed statement of such expenses and reasonable documentation. |
| (c) | Bonus. Expressly conditioned on the Employee being employed on the last day of the fiscal year of the Employer, the Employee may receive a bonus in an amount determined solely by the unanimous approval of the compensation committee of Employer and the Board, in their sole discretion. |
| (d) | Benefits. During the Term, Employee shall be entitled to receive such group benefits as Employer may provide to its other employees at comparable salaries and responsibilities to those of Employee. |
| (e) | Automobile. During the Term, Employee shall have use of a company automobile, the make and model of which shall be mutually agreed upon between the parties. The Employer shall pay all expenses associated with the automobile, including maintenance, insurance and fuel costs. Employee may request a newer vintage of automobile no more than once every twenty-four (24) months. |
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