EXHIBIT 10.41.2
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment amends the Employment Agreement dated effective April 1,
2001 (the "Employment Agreement") between BLACK WARRIOR WIRELINE CORP
("Employer") and XXXXX XXX XXXXXXXX ("Employee").
Whereas, effective April 1, 2001, the Employer and Employee entered
into the Employment Agreement, providing for Employee's employment.
Now therefore, to reflect the agreement between the parties, Employer
and Employee do hereby amend the Employment Agreement, as follows:
In the event of a Change of Control, the Company shall pay to the
Employee the sum of one (1) times the total annual compensation as in effect
during the twelve (12) months preceding the Change of Control.
Change of Control of the Company, which for purposes of this Agreement
shall mean any of the following: (i) any person or group of persons (within the
meaning of the Securities Exchange Act of 1934,) shall have acquired, after the
Closing Date, beneficial ownership (within the meaning of Rule 13d-3 promulgated
by the Securities and Exchange Commission under the Securities Exchange Act of
1934,) of 20% or more of the issued and outstanding shares of capital stock of
Company having the right to vote for the election of Directors of Company under
ordinary circumstances; (ii) more than 25% of the assets of the Company are sold
in a transaction or series of related transactions; (iii) the Company shall
merge with any other person or firm; (iv) during any period of twelve
consecutive calendar months, individuals who at the beginning of such period
constituted the Board of Directors of Company (together with any new directors
whose election by the Board of Directors of Company or whose nomination for
election by the Stockholders of Company was approved by a vote of at least
two-thirds of the Directors then still in office who either were Directors at
the beginning of such period or whose election or nomination for election was
previously so approved cease) for any reason other than death or disability to
constitute a majority of the Directors then in office; or (v) St. Xxxxx Capital
Corp. ceases to be the general partner, managing partner or otherwise ceases to
be in control of St. Xxxxx Capital Partners, LP or SJMB, LP; (v) X. X. Xxxxxxx
shall cease to be President, or CEO, or a Director, or an Employee of the
Company.
EMPLOYEE: EMPLOYER:
BLACK WARRIOR WIRELINE CORP
BY
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XXXXX XXX XXXXXXXX ITS: PRESIDENT
