AMENDMENT NO. 1 TO ADMINISTRATIVE SERVICES AGREEMENT
Exhibit
10.17
AMENDMENT
NO. 1
TO
This
Amendment No. 1 to Administrative Services Agreement (“Amendment No. 1”) amends
the Administrative Services Agreement dated January 1, 2004 (the “Agreement”)
between Apco Argentina Inc., a company organized under the laws of the Cayman
Islands and its subsidiaries (the “Company” or “Apco”) and The Xxxxxxxx
Companies, Inc., (“Xxxxxxxx”), a company organized under the laws of the State
of Delaware, USA.
In
consideration of the matters set forth herein, the parties agree that the
Agreement is hereby amended in the following particulars:
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1.
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Effective
January 1, 2007, Subsection iii of Section 4 of the Agreement is replaced
in its entirety as follows:
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The
Company will also pay Xxxxxxxx one hundred fifty thousand dollars ($150,000) per
year for the services of those Xxxxxxxx employees that hold the positions of
Chairman and Chief Executive Officer and Chief Financial Officer of Apco as
compensation for time devoted by those employees in the performance of their
duties for the Company. Such amount is based upon a percentage of such
individual’s Salary Allocation determined by using an estimate of the time
actually spent by such employees on behalf of APCO and will be periodically
reviewed and adjusted by the Parties as appropriate to more accurately reflect
the actual time spent.
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2.
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Exhibit
A to the Agreement is replaced in its entirety with the amended and
restated Exhibit A attached hereto.
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Capitalized
terms used in this Amendment No. 1 but not defined herein shall have the meaning
ascribed to such terms in the Agreement.
IN WITNESS WHEREOF, the
parties have executed this Amendment No. 1 on this 7th day of
March 2008.
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APCO
ARGENTINA INC.
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THE
XXXXXXXX COMPANIES, INC.
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/s/ Xxxxx X.
Xxxxxxx
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/s/ Xxxxxx X.
Xxxxxxx
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By: Xxxxx
X. Xxxxxxx
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By: Xxxxxx
X. Xxxxxxx
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CFO, CAO, & Controller
Apco
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Sr. Vice-President &
CFO
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Title
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Title
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AMENDED AND
RESTATED
EXHIBIT
“A”
To
Between
APCO
ARGENTINA INC.
And
THE XXXXXXXX COMPANIES,
INC.
Effective
January 1, 2007, unless otherwise noted, the Services of the following Xxxxxxxx’
positions shall be provided by Xxxxxxxx to Apco on the terms provided
below:
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Regional
Vice-President - International Exploration &
Production
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80%
of Salary Allocation
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Director
of E&P International Business Development
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90%
of Salary Allocation
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Senior
Accounting Analyst
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80%
of Salary Allocation
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Administrative
Assistant III
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33%
of Salary Allocation
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(75%
of Salary Allocation beginning January 1, 2008)
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Manager
of International Exploration and Production
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75%
of Salary Allocation
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The terms
of this Exhibit “A” may be modified by the Parties as agreed to add or remove
positions to be provided from time to time hereunder or to adjust the
percentages without amending the terms and conditions of the Administrative
Services Agreement.
