FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.40
FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT
EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (“First Amendment”) is entered into by and
between Trico Marine Services, Inc., a Delaware Corporation (the “Company”), and Xxxxxx X.
Xxxxxxxxxxx (“Executive”) as of December 9, 2008.
WHEREAS, the Company and Executive have heretofore entered into that certain Employment
Agreement effective as of July 9, 2007, which was amended and restated effective as of July 23,
2008 (the “Employment Agreement”); and
WHEREAS, the Company and Executive desire to amend the Employment Agreement in certain
respects;
NOW, THEREFORE, in consideration of the premises set forth above and the mutual agreements set
forth herein, the Company and Executive hereby agree, effective as of the date first set forth
above, that the Employment Agreement shall be amended as hereafter provided:
1. Section 2.3 of the Employment Agreement shall be amended by adding the following sentence
at the end thereof:
“For purposes of Section 2.3(i), “a material change in the geographic location at
which Executive must perform services” shall mean a requirement that Executive
relocate to a site more than fifty (50) miles from his present business address.”
2. Section 3.1 of the Employment Agreement shall be amended by adding the following sentence
at the end thereof:
“Base Salary. During the period of this Agreement, Executive shall receive a
minimum annual base salary of $600,000. Executive’s annual base salary shall be reviewed by
the Board of Directors (or a committee thereof) on an annual basis, and, in the sole
discretion of the Board of Directors (or such committee), such annual base salary may be
increased, but not decreased (except for a decrease that is consistent with reductions taken
generally by other executives of Company), effective as of any date determined by the Board
of Directors. Executive’s annual base salary shall be paid in equal installments in
accordance with Company’s standard policy regarding payment of compensation to executives
but no less frequently than monthly.”
3. Except as expressly set forth herein, the terms and conditions of the Employment Agreement
shall remain in effect and binding on each party. Nothing herein shall be deemed to entitle either
party to a consent to, or a waiver, amendment, modification or other change of, any of the other
terms, conditions, obligations, or agreements contained in the Agreement. Neither this First
Amendment nor any provision hereof may be waived, amended or modified except by a written amendment
signed by both parties.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this First Amendment as of
the date first set forth above.
“EXECUTIVE”
|
“COMPANY” | |
| TRICO MARINE SERVICES, INC. | ||
| By: | ||
| Name: | ||
| Title: | ||
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