AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
Exhibit 10.9
AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (this “Amending Agreement”) dated and effective as of the 1st day of March, 2009 (the “Effective Date”).
BETWEEN:
AECO Gas Storage Partnership, by its managing partner, Xxxxx Gas Storage Canada ULC
(hereinafter called ‘‘Xxxxx’’)
- and-
Xxxxx Xxxx, an individual resident in the City of Calgary,
in the Province of Alberta, (hereinafter called “Executive”).
WHEREAS:
A. Executive and Xxxxx entered into an Executive Employment Agreement dated August 30, 2006 (the “Employment Agreement”)
B. Executive and Xxxxx have agreed to amend the terms of the Employment Agreement as are hereinafter set forth in this Amending Agreement. All other terms and conditions of the Employment Agreement shall remain unchanged. This Amending Agreement may be executed in multiple counterparts, each constituting an original document. The Employment Agreement and this Amending Agreement shall constitute one legal instrument.
C. Executive and Xxxxx have agreed that their relationship will be governed by the terms and conditions of this Amending Agreement as of the Effective Date.
NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the mutual covenants contained in this Amending Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Executive and Xxxxx agree as follows:
1. All references to the “Corporation” or “Xxxxx Gas Storage” in the Employment Agreement shall be amended and replaced with “AECO Gas Storage Partnership, by its managing partner, Xxxxx Gas Storage Canada ULC”;
2. The entirety of Section 1.5 (b) of the Employment Agreement is hereby deleted and replaced with the following:
1.5(b) In addition to the annual salary payable to the Executive, the Executive shall be paid a cash bonus which shall be determined and paid in the complete and sole discretion of the Compensation Committee of Xxxxx XX Holdings I, L.P. and Xxxxx XX Holdings II, L.P. If a Compensation Committee is no longer constituted or has otherwise been dissolved, such cash bonus shall be determined and paid in the complete and sole discretion of the Board of Supervisors of Xxxxx XX Holdings I, L.P. and Xxxxx XX Holdings II, L.P. (the “Board”). In such circumstances
where a Compensation Committee is no longer constituted or has otherwise been dissolved and the determination of the bonus is put to the Board, Xxxxx Xxxx will recuse himself from the Board in the deliberation and ultimate decision regarding such bonus determination.
3. The entirety of Section 1.21(b) of the Employment Agreement is hereby deleted and replaced with the following:
2.21(b) if to the Company:
AECO Gas Storage Partnership, by its managing partner
Xxxxx Gas Storage Canada ULC
400,607 - 8th Avenue S.W.
Calgary AB TIP OA7
Attention: General Counsel
With a copy of any notice of default to:
Riverstone Holdings, LLC
000 Xxxxx Xxxxxx
Xxx Xxxx, XX 00000
Xxxxxx Xxxxxx
Attention: Xxxxxx Xxxx
IN WITNESS WHEREOF the parties hereto have executed this Amending Agreement as of the Effective Date.
/s/ Xxxxx Xxxx |
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/s/ Xxxxxxxx Xxxxxxx |
Xxxxx Xxxx |
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Witness |
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Print Name: Xxxxxxxx Xxxxxxx |
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AECO Gas Storage Partnership, |
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by its managing partner, |
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Xxxxx Gas Storage Canada ULC |
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/s/ Xxxx Xxxxxxxx |
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Senior Vice President |
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Xxxx Xxxxxxxx |