EXTENSION AGREEMENT TO CONTINUE EMPLOYMENT AGREEMENT
BETWEEN XXXX X. XXXXX, XX. ("EXECUTIVE") AND
POGO PRODUCING COMPANY, A DELAWARE CORPORATION ("COMPANY"),
DATED EFFECTIVE FEBRUARY 1, 1998
WHEREAS, Executive and Company are parties to an
"Employment Agreement" bearing an original "Effective Date" of
February 1, 1998; and
WHEREAS, February 1, 1998, (even date herewith) is
hereby deemed to be the "Renewal Date" in that Employment
Agreement; and
WHEREAS, Executive and Company each wish to extend said
Employment Agreement for an additional one-year period so as to
terminate (unless further extended) two years thereafter, (to-wit
January 31, 2000); and
WHEREAS, Company desires to retain the services of
Executive for the benefit of Company and its shareholders, and
desires to induce Executive to remain in its employ for that
extended time period; and
WHEREAS, Executive has agreed to continue to serve as
an employee of Company for the period specified herein from and
after the date of this Extension Agreement; and
WHEREAS, Company and Executive desire to enter into
this Extension Agreement in order to formally secure for Company
the benefit of the experience and abilities of Executive, and to
set forth the agreements and understandings of Company and
Executive; and
WHEREAS, Company has advised Executive that execution
and performance of this Extension Agreement by Company has been
duly authorized and approved by all requisite corporate action on
the part of the Company.
NOW, THEREFORE, in consideration of the foregoing and
the mutual promises and agreements herein contained, and in
consideration of the sum of $10 paid by Company to Executive,
receipt whereof is hereby acknowledged by Executive, Executive
and Company do hereby agree as follows:
1. The Employment Agreement between Executive and
Company bearing an "Effective Date" of February 1, 1996 and a
"Renewal Date" which is deemed herein to be February 1, 1998, is
hereby extended for an additional one-year period commencing
February 1, 1998 and ending January 31, 2000, unless such employ
ment period is hereafter further extended for an additional
period by both Executive and Company.
2. All provisions of the Employment Agreement between
Executive and Company dated as of February 1, 1996, and as it is
herein amended, are continued in full force and effect without
change as if the Employment Agreement had been initially
effective as of February 1, 1998.
POGO PRODUCING COMPANY
By: /s/ XXXX X. XXX XXXXXXX
-----------------------------
Chairman of the Board, President
and Chief Executive Officer
ATTEST:
/s/ XXX XXX XXXXXXX
----------------------------
Assistant Corporate Secretary
EMPLOYEE:
/s/ XXXX X. XXXXX, XX.
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