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EXHIBIT 10.26
AMENDMENT TO
CONSULTING AGREEMENT
WHEREAS, SEAGULL ENERGY CORPORATION ("Seagull") and XXXXXX X. XXXX
("Xxxx") have heretofore entered into a Consulting Agreement (the "Agreement"),
which was effective as of July 1, 1997; and
WHEREAS, Seagull and Xxxx desire to amend the Agreement in order to
reflect the continuation of the consulting relationship between Seagull and
Xxxx;
NOW, THEREFORE, Seagull and Xxxx agree that the Agreement shall be
amended as follows, effective as of January 1, 1999:
1. Paragraphs 2(a), (b) and (c) of the Agreement shall be deleted and the
following shall be substituted therefor:
"(a) During the term of this Agreement, Seagull shall pay Xxxx on
the first day of each calendar quarter (or as soon as
administratively feasible thereafter), a fee to be determined
based upon the following schedule:
QUARTER BEGINNING QUARTERLY FEE
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July 1, 1997 $50,000
October 1, 1997 $50,000
January 1, 1998 $25,000
April 1, 1998 $25,000
July 1, 1998 $25,000
October 1, 1998 $25,000
January 1, 1999 $25,000
April 1, 1999 $25,000
July 1, 1999 $25,000
October 1, 1999 $25,000
January 1, 2000 $25,000
April 1, 2000 $25,000
(b) The Nonstatutory Stock Option Agreement dated July 9, 1992,
between Global Natural Resources Inc. and Xxxx shall be
amended pursuant to the amendment attached hereto as Exhibit B
to provide that the option granted thereunder shall be fully
exercisable until June 30, 2001.
(c) The Nonstatutory Stock Option Agreement dated January 23,
1997, between Seagull and Xxxx shall be amended pursuant to
the amendment attached hereto as Exhibit B to provide that the
option granted thereunder shall be fully exercisable until
June 30, 2001."
2
1. The first sentence of Paragraph 3 of the Agreement shall be deleted and the
following shall be substituted therefor:
2.
"Seagull agrees to retain the services of Xxxx for a term of three years
beginning on the Effective Date of this Agreement; provided, however, that
the parties hereto may terminate Xxxx'x services prior to the end of such
term pursuant to Paragraphs (a) or (b) below."
1. As amended hereby, the Agreement is specifically ratified and reaffirmed.
2.
3. IN WITNESS WHEREOF, Seagull has caused this Agreement to be duly executed
by one of its officers thereunto duly authorized and Xxxx has executed this
Agreement, effective as of January 1, 1999.
4.
5. SEAGULL ENERGY CORPORATION
6.
7.
8.
BY: /s/ XXXXXXX X. XXXXXXXX
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NAME: Xxxxxxx X. Xxxxxxxx
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TITLE: Executive VP and CFO
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/s/ XXXXXX X. XXXX
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XXXXXX X. XXXX
