Exhibit 10.27
SEVENTH AMENDMENT TO CONSULTING SERVICES AGREEMENT
This Agreement, made and entered into and effective as
of the 27th day of October, 1997 (the "Effective Date"), by
and among Xxxx X. Xxxxxxxx, whose address is 000 Xxxxx Xxxx,
Xxxxxxxxx, Xxxxxxxxxxx 00000 ("Consultant"), Enron Corp., a
Delaware corporation ("Enron" or "Company"), and Enron Power
Corp., a Delaware corporation ("EPC"), is an amendment to
that certain Consulting Services Agreement entered into
among the parties and effective as of the first day of
August, 1991.
WHEREAS, the parties desire to amend the Consulting
Services Agreement;
NOW, THEREFORE, in consideration of the Consultant's
continued engagement with Company and of the covenants
contained herein, the parties agree as follows:
1. The parties agree that the Term of the Consulting
Services Agreement is extended through December 31, 1998.
Upon mutual consent of both parties, the Term may be
extended for a period of twelve (12) months beyond December
31, 1998.
2. Effective January 1, 1998, section C. of Paragraph
(2) is hereby deleted and the following inserted in its
place:
"C. Consultant agrees to provide up to ninety
(90) days consulting services under this
Agreement; the intent is for Consultant to devote
approximately 35% - 40% of his time and effort
("Consulting Time") to performing consulting
services hereunder. The particular amount of time
Consultant may spend in fulfilling his obligations
under this Agreement may vary from day to day or
week to week. Consultant shall use Consultant's
best efforts to be prepared and available at such
times requested by the Clients. If requested by
the Clients in writing, and acceptable to
Consultant, Consultant shall perform consulting
services in excess of such Consulting Time.
3. Effective October 14, 1997, section ii. of
Paragraph (3)A. of the Consulting Services Agreement is
deleted and the following is inserted in its place:
"ii. For the period beginning January 1, 1998 and
ending December 31, 1998, Consultant shall be paid
a fee of Thirty-Three Thousand Seventy-Five
Dollars ($33,075.00) per month (the "Fee"). If or
when the number of days in the twelve month period
for which Consultant provides consulting services
thereunder exceeds the Consulting Time, then
Consultant shall be paid a daily rate of Four
thousand Four Hundred Ten Dollars ($4,410.00;
"Additional Remuneration"); provided however, for
the period from January 1, 1998 and ending
December 31, 1998, such daily Additional
Remuneration shall be paid to Consultant if or
when the number of such days exceeds ninety (90)
days."
4. The last sentence of Paragraph 3 of section (3)E.
of the Consulting Services Agreement is deleted and the
following inserted in its place:
"This grant shall not be exercisable after
December 31, 1999."
This Agreement is the seventh amendment to the
Consulting Services Agreement as previously amended, and the
parties agree that all other terms, conditions and
stipulations contained in said Consulting Services Agreement
and the previous amendments thereto shall remain in full
force and effect and without any change or modification,
except as provided herein.
IN WITNESS WHEREOF, the parties have duly executed this
Agreement as of the date first above written.
XXXX X. XXXXXXXX
/s/ XXXX X. XXXXXXXX
ENRON CORP. ENRON POWER CORP.
/s/ XXXXXX X. XXXXXXXXX /s/ XXXXX X. XXXXXXXX
Title: Vice President Title: Vice President &
Compensation and Benefits Secretary
