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EXHIBIT 10.1
RESTATED SEVERANCE AGREEMENT
This Severance Agreement (the "Agreement") is between HarCor Energy, Inc. ("the
Company") and __________________________ (the "Employee").
WHEREAS, pursuant to the authority granted by the Board of Directors in a
resolution dated March 17, 1997, the Company and the said Employee entered into
a Severance Agreement dated April 9, 1997, and it is the intention of the
parties hereto that this Agreement will restate and extend the said Severance
Agreement, and
WHEREAS, the Company is considering business transactions that could result in
the sale, a change of control and/or ownership of the Company; and
WHEREAS, the Company recognizes that the sale, a change of control and/or
ownership could result in the loss of the Employee's job; and
WHEREAS, the Company recognizes that the continued employment of the Employee is
critical to the maximization of shareholders' value in any contemplated sale or
change of control transaction; and
WHEREAS, the Company wishes to continue the employment of the Employee with the
Company until any contemplated sale, change of control or ownership is effected.
Now, therefore, in consideration of the mutual covenants and agreements
hereinafter set forth, these parties agree to the following:
I. EMPLOYEE OBLIGATIONS
The Employee agrees to the following:
A. To remain employed by the Company in the Employee's current position
or any position assigned by the Company from April 9, 1997, until (a) December
31, 1998, or until (b) the Effective Date (as defined herein), whichever date
first occurs.
B. To devote all of the Employee's working time to the Company and to
give the Employee's best effort to the business affairs of the Company, and to
the performance of the duties of the Employee's assigned position, and as may be
further required, from April 9, 1997, until (a) December 31, 1998, or until (b)
the Effective Date, whichever date first occurs.
II. COMPANY OBLIGATIONS
The Company agrees to the following:
A. To pay a special one-time lump sum severance payment to the Employee
at Houston, Texas, within ten (10) days after the Effective Date, equal to 1.5
times Total Cash Compensation (as defined herein) paid to the Employee for the
tax year 1996, provided that:
1. All Employee Obligations are met; and
