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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Facet Holdings Corp

Date:

2006

Size:

Preview shows 4KB of 69KB total

Price:

$50

ID:

#2515554

 

 

► Employment ► Employment Agreements

 

 

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                              EMPLOYMENT AGREEMENT


This Employment Agreement ("AGREEMENT") is made and entered into as of
February 7, 2005 (the "EFFECTIVE DATE"), by and between MARINER ENERGY, INC., a
Delaware corporation (hereafter "COMPANY"), and TERESA BUSHMAN (hereafter
"EXECUTIVE").

1. EMPLOYMENT. During the Employment Period (as defined in Section 4
hereof), the Company shall employ Executive, and Executive shall serve, as Vice
President and General Counsel, reporting to the President or Chief Executive
Officer of the Company.

2. DUTIES AND RESPONSIBILITIES OF EXECUTIVE.

(a) During the Employment Period, Executive shall devote her full
time and attention during normal business hours to the business of the
Company, will act in the best interests of the Company and will perform
with due care her duties and responsibilities. Executive's duties will
include those normally incidental to the position of Vice President and
General Counsel as well as whatever additional duties may be assigned to
her by the Board of Directors of the Company (the "BOARD") or the Chief
Executive Officer of the Company. Executive agrees to cooperate fully with
the Board and the Chief Executive Officer of the Company and not to engage
in any activity that materially interferes with the performance of
Executive's duties hereunder. During the Employment Period, Executive will
not hold outside employment without the advance written approval of the
Board. Provided that it shall not be a violation of this Agreement for
Executive to (1) serve on corporate, civic, or charitable boards or
committees (except for boards or committees of a business organization
that competes with the Company in any business in which the Company is
regularly engaged), which are listed on EXHIBIT A so long as such service
does not materially interfere with the performance of Executive's duties
and responsibilities under this Agreement, as determined in the good faith
opinion of the Board, (2) manage personal investments, or (3) take
vacation days and reasonable absences due to injury or illness, as set
forth herein and/or permitted by the general policies of the Company.

(b) Executive represents and covenants to the Company that she is
not subject or a party to any employment agreement, noncompetition
covenant, nondisclosure agreement, or any other agreement, covenant,
understanding, or restriction that would prohibit Executive from executing
this Agreement and fully performing her duties and responsibilities
hereunder, or would in any manner, directly or indirectly, limit or affect
the duties and responsibilities that may now or in the future be assigned
to Executive hereunder.

(c) Executive acknowledges and agrees that Executive owes the
Company a duty of loyalty and that the obligations described in this
Agreement are in addition to, and not in lieu of, the obligations
Executive owes the Company under the common law.

{PAGE}

3. COMPENSATION.

(a) During the Employment Period (as defined in Section 4 hereof),
the Company shall pay to Executive an annualized base salary of $200,000
(the "BASE SALARY") in consideration for Executive's services under this
Agreement, payable on a not less than semi-monthly basis, in conformity
with the Company's customary payroll practices for executive salaries. For
all purposes of this Agreement, Executive's Base Salary shall include any
portion thereof which is deferred under any nonqualified plan or
arrangement. Each year, the Board shall review Executive's salary based on
market survey data, corporate performance, and performance of Executive.
If, in its sole and complete discretion, the Board determines that an

 

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