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EXHIBIT 10.40
FIRST AMENDMENT TO
RESTATED EMPLOYMENT AGREEMENT
OF
XXXXXXX XXXXX
This First Amendment to that certain Restated Employment Agreement
dated December 5, 1990 (the "Restated Agreement"), by and between APACHE
CORPORATION, a Delaware corporation, with its principal offices located at 0000
Xxxx Xxx Xxxxxxxxx, Xxxxx 000, Xxxxxxx, Xxxxx 00000-0000 (hereinafter called
"Company"), and XXXXXXX XXXXX (hereinafter called the "Executive"), is made
this 4th day of April, 1996.
WITNESSETH:
WHEREAS, the Company and the Executive entered into a Restated
Agreement dated December 5, 1990; and
WHEREAS, the parties desire to amend the terms and conditions of that
Restated Agreement;
NOW, THEREFORE, it is mutually agreed by and between the parties
hereto that paragraph 9 of the Restated Agreement shall be deleted and replaced
in its entirety as follows:
9. Death. In the event of the death of the Executive, the
Company shall pay to his designee, if any, or to his estate,
the amount of $750,000.00 in equal monthly installments over
10 years ($6,250.00 per month), commencing the first day of
the first month following the death of the Executive. The
Executive may designate the recipient of these payments by
delivering to the Company, his written designation prior to
his death. Such designation may be changed by the Executive
at any time prior to his death by executing and delivering to
the Company a subsequent written designation of recipient.
If the Executive has made no designation, then such amount
shall be paid to the Executive's estate in a lump sum. If
the Executive's designee survives him, but dies before the
entire balance of monthly payments have been made, then the
balance shall be paid to such designee's estate in a lump
sum.
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IN WITNESS HEREOF, the Company has caused this Amendment to be
executed by its duly authorized officers and the Executive has hereunto set his
hand, as of the day and year first written above.
ATTEST: APACHE CORPORATION
/S/ XXXXX X. XXXXX /S/ XXXXX X. XXXX
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ASSISTANT SECRETARY XXXXX X. XXXX
VICE PRESIDENT, HUMAN RESOURCES
AND ADMINISTRATION
EXECUTIVE
/S/ XXXXXXX XXXXX
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XXXXXXX XXXXX
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