Exhibit 10.5
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
- XXXXXXX X. XXXXXXX -
This Second Amendment To Employment Agreement ("Amendment") is made
effective as of the 1st day of January, 1998, by and between Saba Petroleum
Company, a Delaware corporation ("Company"), and Xxxxxxx X. Xxxxxxx ("Employee")
and amends and modifies that certain Employment Agreement ("Agreement") between
the two parties dated November 8, 1993, and the first amendment to the Agreement
dated April 15, 1994.
Recitals
A. WHEREAS, it is in the best interest of the Company to promote
Employee to the position of Executive Vice President, General
Manager - U.S. of Saba Petroleum Company, subject to and in
accordance with the terms and provisions set forth below.
B. WHEREAS, after review and consideration of the Agreement, Company
and Employee agree to amend and modify the Agreement as set forth below:
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Subject to the terms, conditions and provisions of the Agreement, the
Company promotes Employee to Executive Vice-President, General
Manager-U.S. of Saba Petroleum Company.
2. Annual salary for Employee will be $125,000.00 and will be reviewed on
an annual basis on the anniversary date of the Agreement.
3. The incentive bonus plan as described in Paragraph 4 of the first
amendment to the Agreement will cease on December 31, 1997.
4. All other terms and conditions of the Agreement, as amended, remain in
full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment effective
as of the day first written above.
COMPANY: EMPLOYEE:
Saba Petroleum Company,
a Delaware corporation
By: _____________________ ________________________
Xxxxx Xxxxxxxxx, Chairman/CEO Xxxxxxx X. Xxxxxxx
