PYR ENERGY CORPORATION FORM OF AMENDMENT NO. 1 TO CHANGE OF CONTROL SEVERANCE AGREEMENT
Exhibit 10.4
PYR ENERGY CORPORATION
FORM
OF AMENDMENT NO. 1 TO CHANGE OF CONTROL SEVERANCE AGREEMENT
This Amendment No. 1 to Change of Control Severance Agreement (this “Amendment”) is made and
entered into by and between ___(the “Employee”) and PYR Energy Corporation (the “Company”),
effective as of April 23, 2007.
R E C I T A L S
A. Employee and the Company are parties to that certain Change of Control Severance Agreement
dated April 20, 2007 (the “Agreement”).
B. Employee and the Company wish to amend Section 3(d) and Section 8 of the Agreement in
accordance herewith.
C. Certain capitalized terms used in this Amendment and not otherwise defined herein shall
have the meanings set forth in the Agreement.
The parties hereto agree as follows:
1. Overriding Royalty Interest. The following sentence is added in its entirety to
the end of Section 3(d) of the Agreement:
Future earnings from the ORRI Assignment shall be paid to the Employee no later than
March 15 of the year following the year during which such earnings accrue.
2. Release and Waiver. The following two paragraphs are added in their entirety to
the end of Section 8 of the Agreement.
The Employee is advised before signing this Agreement to consult with an attorney
of Employee’s own choosing, as well as any other professional, such as an accountant
or financial advisor, whose advice the Employee values. Employee understands that
Employee may take up to twenty-one (21) calendar days from the date Employee
received this Agreement to consider whether to sign and return this Agreement to the
Company. If the Employee chooses to sign and return this Agreement before the end
of that twenty-one (21) period, the Employee hereby certifies that Employee did so
voluntarily for Employee’s own benefit and not because of any coercion by the
Company.
The Employee understands that Employee may revoke this Agreement by giving the
Company written notice on or before the seventh (7th) day following the day on which
Employee has signed and returned this Agreement to the Company. If the Employee
revokes this Agreement, it will be as if the Employee never signed it and Employee
will not be eligible to receive any payments or benefits under this Agreement. If
the Employee does not revoke this Release within seven (7) days after Employee signs
it, this Agreement will then be effective (the “Effective
Date”) and will be final, binding, and irrevocable. Notwithstanding anything in
this Agreement to the contrary including the provisions of Section 3, under no
circumstance shall the Company shall the Company make any payment hereunder prior to
the Effective Date.
3. Except as modified by this Amendment No. 1, all terms of the Agreement shall remain in full
force and effect without modification.
4. This Amendment No. 1 may be executed in any number of counterparts, each of which when so
executed and delivered will be deemed an original, and all of which together shall constitute one
and the same agreement. A facsimile signature shall be considered due execution and shall be
binding upon the signatory thereto with the same force and effect as if the signature were an
original and not a facsimile signature.
5. Capitalized terms not otherwise defined herein have the respective meanings ascribed to
them in the Agreement.
IN WITNESS WHEREOF, each of the parties has executed this Amendment, in the case of the
Company by its duly authorized officer, as of the day and year set forth below.
| COMPANY | PYR ENERGY CORPORATION |
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| By: | ||||
| Title: | ||||
| EMPLOYEE | ||||
