EXHIBIT 10.1a
EMPLOYMENT AGREEMENT
This agreement is entered into as of November 1, 2001 by and between
Delta Petroleum Corporation ("Delta" or the "Company") and ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇,
▇▇. ("Employee").
Employee has in the past does at present act as an officer and director
by the Company.
The Company desires to retain services of Employee as an employee upon
the conditions contained in the Agreement and Employee desires to provide
services to the Company under such conditions.
NOW THEREFORE, in consideration of the mutual covenants and conditions
hereafter set forth, the Company and Employee agree as follows:
1. Employment. The Company hereby agrees to engage Employee, and
Employee does hereby agree to be engaged by the Company, upon the
terms and conditions set forth in the following paragraphs. This
agreement replaces and supersedes all prior employment agreements.
2. Employment Period. The Company hereby engages Employee for the
period commencing November 1, 2001 and ending on the third
anniversary of such date ("Employment Period") to continue to
serve in all present positions with the Company and to render such
other services in an executive capacity as the Company shall
reasonably require. Except as provided in Paragraph 10
(Termination Upon Change in Control hereof), Employee hereby
agrees to remain in the employ of the Company for the Employment
Period, provided that Employee may, by 90 days written notice to
the Company, terminate his employment with the Company; in which
case this Agreement shall terminate, except as to provisions which
survive termination of employment as provided herein, without
liability to the Company upon the date specified by Employee.
3. Duties. Employee agrees that at all times during the Employment
Period, he will faithfully and diligently endeavor to promote the
business and business interests of the Company, and that he will
devote such time and attention to the affairs of the Company as is
necessary and appropriate to its proper management; provided,
however, that this Agreement shall not restrict Employee from
engaging, directly or indirectly, in any business, investment or
activity which is not inconsistent with the performance by the
Employee of his duties under this Agreement.
4. Salary and Benefits. Subject to the provisions of Paragraph 8
below, during the Employment Period, Employee shall be compensated
as follows:
a) Employee shall earn a salary of $240,000 per annum, payable
in monthly installments, subject to the customary payroll
deductions for Federal, State, and local taxes.
b) The Board of Directors and/or the Compensation Committee of
the Board of Directors of the Company may review Employee's
salary from time to time with a view to making such
increases in Employee's salary or declaring such bonuses or
other benefits to Employee as merited and warranted in light
of factors considered pertinent;
c) Employee shall have the use of a Company automobile, receive
free of cost parking and servicing for his automobile and
health, hospitalization and life insurance with coverage
exceeding or equal to that now in force, plus such other
benefits as the Board shall vote; and
d) Employee shall be entitled to four weeks vacation per year
to be taken at such times as do not interfere with the
performance of his duties hereunder.
5. Expenses. All reasonable and necessary expenses incurred by
Employee in the performance of his duties under this Agreement,
including but not limited to expenses for entertainment, travel
and similar items, will be paid or reimbursed monthly by the
Company. The Company will furnish Employee with an office in its
principal executive office in Denver and all secretarial,
geological, engineering, legal, accounting and other services
necessary to properly support Employee's performance of his duties
at the Company's expenses.
6. Disability of Employee. In the event of the disability (as
defined herein) of Employee prior to the expiration of the
Employment Period, Employee shall nevertheless continue to be
compensated for a period of one year following the date of
disability at the annual rate and with such benefits provided for
in Paragraph 4 hereof. For purposes of this Agreement, Employee
shall be deemed to be disabled if, because of illness or other
physical or mental condition, he is unable to perform for two
successive months, or for short periods aggregating over two
months in any twelve successive calendar months, his duties under
the Agreement. Such benefit period shall run from the time
disability commenced until Employee's condition improves
sufficiently to permit him to work after which date he must be
available at the Company's option.
7. Termination Upon Death and Disability. The Employment Period
shall automatically terminate upon the death of Employee;
provided, however, that in the event of the Employee's death, all
compensation Employee is entitled to receive under this Agreement
at time of his death shall be paid to his legal representative in
accordance with the provisions of Paragraph (4)(a) hereof for the
shorter of a period of one year following the date of Employee's
death or remainder of the Employment Period. The Employment
Period shall automatically terminate upon the payment for twelve
consecutive months of disability benefits to Employee (as defined
in Paragraph 6 above).
8. Termination for Cause. Upon the occurrence of any of the events
listed below, the Company may terminate the Employee without
further obligation under this Agreement except as to provision
which survive termination of employment or termination of this
agreement as provided herein:
a) Employee's conviction of any criminal act directly related
to Employee's duties hereunder including without limitation
misappropriation of funds or property of the Company or a
felony criminal act directly related to Employee's duties
hereunder.
b) Employee's misfeasance or malfeasance in office, which the
parties agree shall mean fraud, dishonesty, willful
misconduct or gross neglect of duties.
c) Breach by Employee of any material provision of this
Agreement.
9. Termination without Cause. In the event Employee is terminated by
the Company for any reason except as set forth at Paragraph 8
above, he shall continue to be compensated, funded and reimbursed
for the duration of the Employment Period in the full amounts
provided for in Paragraphs 4, 5, 6 and 7 hereof.
10. Termination Upon Change in Control. In the event that a Change in
Control (as defined in Delta's 2001 Incentive Plan, as amended, or
as now or later defined by rules and regulations of the S.E.C.) of
the Company or a sale of all or a majority of the Company's assets
shall occur at any time during the Employment Period, as a result
of which the Board of Directors appoints a person other than
Employee to serve in the capacity for which Employee is employed
hereunder, or as a result of which Employee shall elect to resign
his executive position hereunder, Employee nevertheless shall be
entitled to the benefits of and subject to all of the terms and
conditions set forth herein, including, without limitation, the
right to receive full compensation, funding and reimbursement as
provided in Paragraphs 4, 5, 6 and 7 hereof regardless of whether
Employee continues to perform any services for the Company. In
addition, in the event of any such Change in Control or sale,
irrespective of any resulting termination or resignation, the
Company shall immediately cause all of Employee's then outstanding
unexercised options or warrants, granted under any of the
Company's incentive plans or otherwise, to be exercised by the
Company on behalf of Employee with the Company paying, waiving or
otherwise being responsible for the exercise prices therefore and,
in addition, the Company shall thereupon pay to Employee an amount
equal to the Employee's estimated federal, state and local taxes
applicable to the exercise of said warrants or options. All
shares underlying said options or warrants shall be issued to
Employee immediately thereafter and all shares shall be covered by
and included in an effective S-8 or other appropriate registration
statement filed with the S.E.C. These provisions under this
Paragraph 10 shall survive any termination of this agreement under
any other section hereunder.
11. Notice of Termination. Prior to termination, for any reason (with
or without cause), Employee will be give notice thereof sufficient
to allow Employee to exercise any and all options granted Employee
under any of the Company's incentive plans or otherwise, but which
notice in any event shall be given not less that in thirty (30)
days prior to such termination. The expiration date of any such
options which have not been exercised and which would expire prior
to or within 90 days of any such termination shall be extended by
an addition six months.
12. Parties in Interest. This Agreement shall be binding upon, and
shall inure to the benefit of the Company and its successors and
assigns and any person acquiring, whether by merger,
consolidation, liquidation, purchase of assets or otherwise, all
or substantially all of the Company's equity or assets, and
business.
13. Choice of Law. It is the intention of the parties hereto that
this Agreement and the performance hereunder and all suits and
special proceedings hereunder be construed in accordance with the
under the laws of the State of Colorado and that in any action,
special proceeding or other proceeding that may be brought arising
out of, in connection with, or by reason of this Agreement, the
laws of the State of Colorado shall be applicable and shall govern
to the exclusion of the law of any other forum, without regard to
the jurisdiction in which any action or special proceeding may be
instituted.
14. Severance of Invalid Provisions. In case any one or more of the
provisions, or portions thereof, of this Agreement should be
determined to be invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining
provisions contained herein shall not in any way be affected or
impaired thereby.
15. Integrated Agreement. This Agreement shall constitute the entire
agreement between the parties hereto relating to the Engagement of
Employee.
IN WITNESS WHEREOF, Employee has executed this Agreement and the Company
has caused this Agreement to be duly executed on behalf by its duly authorized
officer, all as of the date first above written.
DELTA PETROLEUM CORPORTION
BY: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Authorized Officer
EMPLOYEE:
/s/ Aleron H. Larsosn, Jr.
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, ▇▇.
RATIFIED AND APPROVED BY DELTA
PETROLEUM CORPORATION
COMPENSATION COMMITTEE:
BY: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
BY: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇
EXHIBIT 10.1b
EMPLOYMENT AGREEMENT
This agreement is entered into as of November 1, 2001 by and between
Delta Petroleum Corporation ("Delta" or the "Company") and ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
("Employee").
Employee has in the past does at present act as an officer and director
by the Company.
The Company desires to retain services of Employee as an employee upon
the conditions contained in the Agreement and Employee desires to provide
services to the Company under such conditions.
NOW THEREFORE, in consideration of the mutual covenants and conditions
hereafter set forth, the Company and Employee agree as follows:
1. Employment. The Company hereby agrees to engage Employee, and
Employee does hereby agree to be engaged by the Company, upon the
terms and conditions set forth in the following paragraphs. This
agreement replaces and supersedes all prior employment agreements.
2. Employment Period. The Company hereby engages Employee for the
period commencing November 1, 2001 and ending on the third
anniversary of such date ("Employment Period") to continue to
serve in all present positions with the Company and to render such
other services in an executive capacity as the Company shall
reasonably require. Except as provided in Paragraph 10
(Termination Upon Change in Control hereof), Employee hereby
agrees to remain in the employ of the Company for the Employment
Period, provided that Employee may, by 90 days written notice to
the Company, terminate his employment with the Company; in which
case this Agreement shall terminate, except as to provisions which
survive termination of employment as provided herein, without
liability to the Company upon the date specified by Employee.
3. Duties. Employee agrees that at all times during the Employment
Period, he will faithfully and diligently endeavor to promote the
business and business interests of the Company, and that he will
devote such time and attention to the affairs of the Company as is
necessary and appropriate to its proper management; provided,
however, that this Agreement shall not restrict Employee from
engaging, directly or indirectly, in any business, investment or
activity which is not inconsistent with the performance by the
Employee of his duties under this Agreement.
4. Salary and Benefits. Subject to the provisions of Paragraph 8
below, during the Employment Period, Employee shall be compensated
as follows:
a) Employee shall earn a salary of $240,000 per annum, payable
in monthly installments, subject to the customary payroll
deductions for Federal, State, and local taxes.
b) The Board of Directors and/or the Compensation Committee of
the Board of Directors of the Company may review Employee's
salary from time to time with a view to making such
increases in Employee's salary or declaring such bonuses or
other benefits to Employee as merited and warranted in light
of factors considered pertinent;
c) Employee shall have the use of a Company automobile, receive
free of cost parking and servicing for his automobile and
health, hospitalization and life insurance with coverage
exceeding or equal to that now in force, plus such other
benefits as the Board shall vote; and
d) Employee shall be entitled to four weeks vacation per year
to be taken at such times as do not interfere with the
performance of his duties hereunder.
5. Expenses. All reasonable and necessary expenses incurred by
Employee in the performance of his duties under this Agreement,
including but not limited to expenses for entertainment, travel
and similar items, will be paid or reimbursed monthly by the
Company. The Company will furnish Employee with an office in its
principal executive office in Denver and all secretarial,
geological, engineering, legal, accounting and other services
necessary to properly support Employee's performance of his duties
at the Company's expenses.
6. Disability of Employee. In the event of the disability (as
defined herein) of Employee prior to the expiration of the
Employment Period, Employee shall nevertheless continue to be
compensated for a period of one year following the date of
disability at the annual rate and with such benefits provided for
in Paragraph 4 hereof. For purposes of this Agreement, Employee
shall be deemed to be disabled if, because of illness or other
physical or mental condition, he is unable to perform for two
successive months, or for short periods aggregating over two
months in any twelve successive calendar months, his duties under
the Agreement. Such benefit period shall run from the time
disability commenced until Employee's condition improves
sufficiently to permit him to work after which date he must be
available at the Company's option.
7. Termination Upon Death and Disability. The Employment Period
shall automatically terminate upon the death of Employee;
provided, however, that in the event of the Employee's death, all
compensation Employee is entitled to receive under this Agreement
at time of his death shall be paid to his legal representative in
accordance with the provisions of Paragraph (4)(a) hereof for the
shorter of a period of one year following the date of Employee's
death or remainder of the Employment Period. The Employment
Period shall automatically terminate upon the payment for twelve
consecutive months of disability benefits to Employee (as defined
in Paragraph 6 above).
8. Termination for Cause. Upon the occurrence of any of the events
listed below, the Company may terminate the Employee without
further obligation under this Agreement except as to provision
which survive termination of employment or termination of this
agreement as provided herein:
a) Employee's conviction of any criminal act directly related
to Employee's duties hereunder including without limitation
misappropriation of funds or property of the Company or a
felony criminal act directly related to Employee's duties
hereunder.
b) Employee's misfeasance or malfeasance in office, which the
parties agree shall mean fraud, dishonesty, willful
misconduct or gross neglect of duties.
c) Breach by Employee of any material provision of this
Agreement.
9. Termination without Cause. In the event Employee is terminated by
the Company for any reason except as set forth at Paragraph 8
above, he shall continue to be compensated, funded and reimbursed
for the duration of the Employment Period in the full amounts
provided for in Paragraphs 4, 5, 6 and 7 hereof.
10. Termination Upon Change in Control. In the event that a Change in
Control (as defined in Delta's 2001 Incentive Plan, as amended, or
as now or later defined by rules and regulations of the S.E.C.) of
the Company or a sale of all or a majority of the Company's assets
shall occur at any time during the Employment Period, as a result
of which the Board of Directors appoints a person other than
Employee to serve in the capacity for which Employee is employed
hereunder, or as a result of which Employee shall elect to resign
his executive position hereunder, Employee nevertheless shall be
entitled to the benefits of and subject to all of the terms and
conditions set forth herein, including, without limitation, the
right to receive full compensation, funding and reimbursement as
provided in Paragraphs 4, 5, 6 and 7 hereof regardless of whether
Employee continues to perform any services for the Company. In
addition, in the event of any such Change in Control or sale,
irrespective of any resulting termination or resignation, the
Company shall immediately cause all of Employee's then outstanding
unexercised options or warrants, granted under any of the
Company's incentive plans or otherwise, to be exercised by the
Company on behalf of Employee with the Company paying, waiving or
otherwise being responsible for the exercise prices therefore and,
in addition, the Company shall thereupon pay to Employee an amount
equal to the Employee's estimated federal, state and local taxes
applicable to the exercise of said warrants or options. All
shares underlying said options or warrants shall be issued to
Employee immediately thereafter and all shares shall be covered by
and included in an effective S-8 or other appropriate registration
statement filed with the S.E.C. These provisions under this
Paragraph 10 shall survive any termination of this agreement under
any other section hereunder.
11. Notice of Termination. Prior to termination, for any reason (with
or without cause), Employee will be give notice thereof sufficient
to allow Employee to exercise any and all options granted Employee
under any of the Company's incentive plans or otherwise, but which
notice in any event shall be given not less that in thirty (30)
days prior to such termination. The expiration date of any such
options which have not been exercised and which would expire prior
to or within 90 days of any such termination shall be extended by
an addition six months.
12. Parties in Interest. This Agreement shall be binding upon, and
shall inure to the benefit of the Company and its successors and
assigns and any person acquiring, whether by merger,
consolidation, liquidation, purchase of assets or otherwise, all
or substantially all of the Company's equity or assets, and
business.
13. Choice of Law. It is the intention of the parties hereto that
this Agreement and the performance hereunder and all suits and
special proceedings hereunder be construed in accordance with the
under the laws of the State of Colorado and that in any action,
special proceeding or other proceeding that may be brought arising
out of, in connection with, or by reason of this Agreement, the
laws of the State of Colorado shall be applicable and shall govern
to the exclusion of the law of any other forum, without regard to
the jurisdiction in which any action or special proceeding may be
instituted.
14. Severance of Invalid Provisions. In case any one or more of the
provisions, or portions thereof, of this Agreement should be
determined to be invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining
provisions contained herein shall not in any way be affected or
impaired thereby.
15. Integrated Agreement. This Agreement shall constitute the entire
agreement between the parties hereto relating to the Engagement of
Employee.
IN WITNESS WHEREOF, Employee has executed this Agreement and the Company
has caused this Agreement to be duly executed on behalf by its duly authorized
officer, all as of the date first above written.
DELTA PETROLEUM CORPORTION
BY: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, ▇▇.
Authorized Officer
EMPLOYEE:
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
▇▇▇▇▇ ▇. ▇▇▇▇▇▇
RATIFIED AND APPROVED BY DELTA
PETROLEUM CORPORATION
COMPENSATION COMMITTEE:
BY: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
BY: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇
Exhibit 10.1c
EMPLOYMENT AGREEMENT
This agreement is entered into as of November 1, 2001 by and between
Delta Petroleum Corporation ("Delta" or the "Company") and ▇▇▇▇▇ ▇. ▇▇▇▇▇
("Employee").
Employee has in the past does at present act as an officer and director
by the Company.
The Company desires to retain services of Employee as an employee upon
the conditions contained in the Agreement and Employee desires to provide
services to the Company under such conditions.
NOW THEREFORE, in consideration of the mutual covenants and conditions
hereafter set forth, the Company and Employee agree as follows:
1. Employment. The Company hereby agrees to engage Employee, and
Employee does hereby agree to be engaged by the Company, upon the
terms and conditions set forth in the following paragraphs. This
agreement replaces and supersedes all prior employment agreements.
2. Employment Period. The Company hereby engages Employee for the
period commencing November 1, 2001 and ending on the third
anniversary of such date ("Employment Period") to continue to
serve in all present positions with the Company and to render such
other services in an executive capacity as the Company shall
reasonably require. Except as provided in Paragraph 10
(Termination Upon Change in Control hereof), Employee hereby
agrees to remain in the employ of the Company for the Employment
Period, provided that Employee may, by 90 days written notice to
the Company, terminate his employment with the Company; in which
case this Agreement shall terminate, except as to provisions which
survive termination of employment as provided herein, without
liability to the Company upon the date specified by Employee.
3. Duties. Employee agrees that at all times during the Employment
Period, he will faithfully and diligently endeavor to promote the
business and business interests of the Company, and that he will
devote such time and attention to the affairs of the Company as is
necessary and appropriate to its proper management; provided,
however, that this Agreement shall not restrict Employee from
engaging, directly or indirectly, in any business, investment or
activity which is not inconsistent with the performance by the
Employee of his duties under this Agreement.
4. Salary and Benefits. Subject to the provisions of Paragraph 8
below, during the Employment Period, Employee shall be compensated
as follows:
5. Employee shall earn a salary of $144,000 per annum, payable in
monthly installments, subject to the customary payroll deductions
for Federal, State, and local taxes.
a) The Board of Directors and/or the Compensation Committee of
the Board of Directors of the Company may review Employee's
salary from time to time with a view to making such
increases in Employee's salary or declaring such bonuses or
other benefits to Employee as merited and warranted in light
of factors considered pertinent;
b) Employee shall have the use of a Company automobile, receive
free of cost parking and servicing for his automobile and
health, hospitalization and life insurance with coverage
exceeding or equal to that now in force, plus such other
benefits as the Board shall vote; and
c) Employee shall be entitled to four weeks vacation per year
to be taken at such times as do not interfere with the
performance of his duties hereunder.
5. Expenses. All reasonable and necessary expenses incurred by
Employee in the performance of his duties under this Agreement,
including but not limited to expenses for entertainment, travel
and similar items, will be paid or reimbursed monthly by the
Company. The Company will furnish Employee with an office in its
principal executive office in Denver and all secretarial,
geological, engineering, legal, accounting and other services
necessary to properly support Employee's performance of his duties
at the Company's expenses.
6. Disability of Employee. In the event of the disability (as
defined herein) of Employee prior to the expiration of the
Employment Period, Employee shall nevertheless continue to be
compensated for a period of one year following the date of
disability at the annual rate and with such benefits provided for
in Paragraph 4 hereof. For purposes of this Agreement, Employee
shall be deemed to be disabled if, because of illness or other
physical or mental condition, he is unable to perform for two
successive months, or for short periods aggregating over two
months in any twelve successive calendar months, his duties under
the Agreement. Such benefit period shall run from the time
disability commenced until Employee's condition improves
sufficiently to permit him to work after which date he must be
available at the Company's option.
7. Termination Upon Death and Disability. The Employment Period
shall automatically terminate upon the death of Employee;
provided, however, that in the event of the Employee's death, all
compensation Employee is entitled to receive under this Agreement
at time of his death shall be paid to his legal representative in
accordance with the provisions of Paragraph (4)(a) hereof for the
shorter of a period of one year following the date of Employee's
death or remainder of the Employment Period. The Employment
Period shall automatically terminate upon the payment for twelve
consecutive months of disability benefits to Employee (as defined
in Paragraph 6 above).
8. Termination for Cause. Upon the occurrence of any of the events
listed below, the Company may terminate the Employee without
further obligation under this Agreement except as to provision
which survive termination of employment or termination of this
agreement as provided herein:
a) Employee's conviction of any criminal act directly related
to Employee's duties hereunder including without limitation
misappropriation of funds or property of the Company or a
felony criminal act directly related to Employee's duties
hereunder.
b) Employee's misfeasance or malfeasance in office, which the
parties agree shall mean fraud, dishonesty, willful
misconduct or gross neglect of duties.
c) Breach by Employee of any material provision of this
Agreement.
9. Termination without Cause. In the event Employee is terminated by
the Company for any reason except as set forth at Paragraph 8
above, he shall continue to be compensated, funded and reimbursed
for the duration of the Employment Period in the full amounts
provided for in Paragraphs 4, 5, 6 and 7 hereof.
10. Termination Upon Change in Control. In the event that a Change in
Control (as defined in Delta's 2001 Incentive Plan, as amended, or
as now or later defined by rules and regulations of the S.E.C.) of
the Company or a sale of all or a majority of the Company's assets
shall occur at any time during the Employment Period, as a result
of which ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ is not thereafter the Company's CEO and
the Board of Directors appoints a person other than Employee to
serve in the capacity for which Employee is employed hereunder, or
as a result of which Employee shall elect to resign his executive
position hereunder, Employee nevertheless shall be entitled to
the benefits of and subject to all of the terms and conditions set
forth herein, including, without limitation, the right to receive
full compensation, funding and reimbursement as provided in
Paragraphs 4, 5, 6 and 7 hereof regardless of whether Employee
continues to perform any services for the Company. In addition,
in the event of any such Change in Control or sale, and if ▇▇▇▇▇
▇. ▇▇▇▇▇▇ is not thereafter the Company's CEO, irrespective of any
resulting termination or resignation, the Company shall
immediately cause all of Employee's then outstanding unexercised
options or warrants, granted under any of the Company's incentive
plans or otherwise, to be exercised by the Company on behalf of
Employee with the Company paying, waiving or otherwise being
responsible for the exercise prices therefore and, in addition,
the Company shall thereupon pay to Employee an amount equal to the
Employee's estimated federal, state and local taxes applicable to
the exercise of said warrants or options. All shares underlying
said options or warrants shall be issued to Employee immediately
thereafter and all shares shall be covered by and included in an
effective S-8 or other appropriate registration statement filed
with the S.E.C. These provisions under this Paragraph 10 shall
survive any termination of this agreement under any other section
hereunder.
11. Notice of Termination. Prior to termination, for any reason (with
or without cause), Employee will be give notice thereof sufficient
to allow Employee to exercise any and all options granted Employee
under any of the Company's incentive plans or otherwise, but which
notice in any event shall be given not less that in thirty (30)
days prior to such termination. The expiration date of any such
options which have not been exercised and which would expire prior
to or within 90 days of any such termination shall be extended by
an addition six months.
12. Parties in Interest. This Agreement shall be binding upon, and
shall inure to the benefit of the Company and its successors and
assigns and any person acquiring, whether by merger,
consolidation, liquidation, purchase of assets or otherwise, all
or substantially all of the Company's equity or assets, and
business.
13. Choice of Law. It is the intention of the parties hereto that
this Agreement and the performance hereunder and all suits and
special proceedings hereunder be construed in accordance with the
under the laws of the State of Colorado and that in any action,
special proceeding or other proceeding that may be brought arising
out of, in connection with, or by reason of this Agreement, the
laws of the State of Colorado shall be applicable and shall govern
to the exclusion of the law of any other forum, without regard to
the jurisdiction in which any action or special proceeding may be
instituted.
14. Severance of Invalid Provisions. In case any one or more of the
provisions, or portions thereof, of this Agreement should be
determined to be invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining
provisions contained herein shall not in any way be affected or
impaired thereby.
15. Integrated Agreement. This Agreement shall constitute the entire
agreement between the parties hereto relating to the Engagement of
Employee.
IN WITNESS WHEREOF, Employee has executed this Agreement and the Company
has caused this Agreement to be duly executed on behalf by its duly authorized
officer, all as of the date first above written.
DELTA PETROLEUM CORPORTION
BY: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, ▇▇.
Authorized Officer
EMPLOYEE:
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇
▇▇▇▇▇ ▇. ▇▇▇▇▇
RATIFIED AND APPROVED BY DELTA
PETROLEUM CORPORATION
COMPENSATION COMMITTEE:
BY: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
BY: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇
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