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EXHIBIT 10.10
[PIRINATE CONSULTING GROUP, LLC LETTERHEAD]
May 17, 2000
Xxxxxxx XxXxxxxx
Chief Executive Officer
Coho Energy, Inc.
00000 Xxxxxxx Xxxx
Xxxxx 000
Xxxxxx, Xxxxx 00000
Dear Xxxxxxx:
When executed in the space provided below, this letter agreement ("Agreement")
shall serve to memorialize the terms and conditions of the retention of PIRINATE
Consulting Group, LLC ("PIRINATE") by Coho Energy, Inc. ("Coho") with respect to
consulting services to be rendered by PIRINATE to Coho, as follows:
1. The effective date of the Agreement shall be April 1, 2000. PIRINATE
shall provide the personal services of Xxxxxx Xxxxx ("Xxxxx") to Coho
with respect to projects assigned by the Board of Directors of Coho
("Board").
2. Projects assigned to Xxxxx shall include assistance with respect to
the operational and financial matters of Coho, resolution of the
pending litigation with affiliates of Xxxxx, Muse and disposition of
Coho's interest in its Tunisian concession.
3. PIRINATE will initially receive a retainer of $15,000 per each month
or portion of a month that services are rendered hereunder. The
retainer shall cover an average five (5) to six (6) business days'
services per calendar month, whether rendered at Coho's Dallas offices
or elsewhere, additional days shall be billed at $2500 per day. The
retainer is payable in advance and is due by the first day of the
month in which services are to be rendered. PIRINATE will provide a
monthly invoice for such retainer, which shall be payable on receipt
and which will include a statement of the prior month's out-of-pocket
expenses to be reimbursed by Xxxx and charges for any additional days'
services provided in such prior month. Any additional days' services
beyond the services covered by the monthly retainer and any major
expenses must be approved in advance by the Executive Committee of the
Board. Any expenses shall be consistent with expense guidelines
applicable to senior executives of Coho.
4. It is recognized that Xxxxx is currently a member of the Board and
that any compensation received by Xxxxx with respect to his activities
as a Director shall be in addition to and shall not prejudice or be
prejudiced by any compensation received or services performed
hereunder.
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5. PIRINATE and Xxxxx shall maintain all non-public information of Coho
as strictly confidential except to the extent otherwise required by
applicable law or court order.
6. Either party may terminate this agreement, with or without cause, upon
sixty (60) days prior written notice. Any termination shall be without
prejudice to PIRINATE's right to receive retainer payments, payments
for additional days' services and reimbursement of expenses for all
periods prior to the effective date of such termination.
PIRINATE greatly appreciates the opportunity of assisting you and your
management team in creating a stronger and more profitable Coho. Please indicate
your acceptance of the foregoing terms and conditions by executing a counterpart
of this Agreement in the space provided below and returning same together with
the retainer payment for the first month of the engagement to the address set
forth above.
Sincerely,
/s/ XXXXXX X. XXXXX
Xxxxxx X. Xxxxx
Chairman and Chief Executive Officer
Xxxxxx and accepted this 22nd day of May, 1999 by:
Coho Energy, Inc.
By: /s/ XXXXXXX X. XXXXXXXX
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Xxxxxxx X. XxXxxxxx
Chief Executive Officer
