EXHIBIT 10.26
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (this "Amendment"), dated as of
November 20, 2002, by and between Plains Exploration & Production Company, a
Delaware corporation ("Company"), and Xxxxx X. Xxxxxx ("Employee"). Undefined
capitalized terms are defined in the Agreement (as defined below).
WHEREAS, Company and Employee entered into the Employment Agreement, dated
as of September 19, 2002 (the "Agreement");
WHEREAS, Company and Employee desire to enter into this Amendment to change
the effective date of the grant of 75,000 restricted shares of Company common
stock;
NOW THEREFORE, in consideration of the premises and other good and valuable
consideration, the parties hereby agree as follows:
1. Section 4(d) of the Agreement is hereby amended by deleting it in its
entirety and replacing it with the following:
"(d) New Grant. On the Effective Date, Company will grant Employee
75,000 restricted shares of Company common stock with respect to which
restrictions will lapse pro rata over a three-year period beginning on
the first anniversary of the Effective Date and under such other terms
and conditions as provided in the agreement evidencing such award."
2. Effect on the Agreement. Except as specifically amended or waived by
this Amendment, all terms and conditions of the Agreement shall remain in
full force and effect. The term "Agreement" used in the Agreement shall mean
the Agreement as amended hereby.
3. Counterparts. This Amendment may be executed in counterparts each of
which shall be deemed to be an original but all of which shall constitute
one and the same agreement.
4. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of Texas, without regard to its
principles of conflicts of law.
[Signature Page Follows]
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IN WITNESS WHEREOF, each of the parties have caused this Amendment to be
executed on its behalf by its officers thereunto duly authorized on the day and
year first written above.
PLAINS EXPLORATION & PRODUCTION
COMPANY
By: /S/ XXXX X. XXXXXXX
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Xxxx X. Xxxxxxx
President
EMPLOYEE
/S/ XXXXX X. XXXXXX
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Xxxxx X. Xxxxxx
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