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EMPLOYMENT AGREEMENT

Employee Retention Agreement

EMPLOYMENT AGREEMENT | Document Parties: Far East Energy (Bermuda), Ltd | Far East Energy Corporation You are currently viewing:
This Employee Retention Agreement involves

Far East Energy (Bermuda), Ltd | Far East Energy Corporation

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Title: EMPLOYMENT AGREEMENT
Date: 3/30/2009
Industry: Oil and Gas Operations     Sector: Energy

EMPLOYMENT AGREEMENT, Parties: far east energy (bermuda)  ltd , far east energy corporation
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Exhibit 10.69

 

 

FIRST AMENDMENT TO

 

EMPLOYMENT AGREEMENT

 

This First Amendment to Employment Agreement (this " Amendment ") is entered this 19 th day of December, 2008 (the " Effective Date "), by and between Far East Energy (Bermuda), Ltd., a Bermuda exempted limited liability company (the " Company ") and a wholly-owned subsidiary of Far East Energy Corporation, a Nevada corporation, and Phil Christian (the " Employee ").

 

 

RECITALS

 

WHEREAS, the Company and the Employee entered into that certain Employment Agreement dated effective March 12, 2008 (the " Existing Agreement "); and

 

WHEREAS, the Company and the Employee desire to amend the Existing Agreement on the terms herein provided.

 

NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements of the parties herein contained, the parties hereto agree as follows:

 

ARTICLE I

 

Definitions

 

Section 1.01. Capitalized terms used in this Amendment that are not defined herein shall have the meanings ascribed thereto by the Existing Agreement.

 

ARTICLE II

 

Amendments

 

Section 2.01.   Section 3(c) .  The fifth sentence of Section 3(c) is hereby amended and restated in its entirety to read as follows:

 

"The Company intends that all such payments shall be made no later than December 31 st of the calendar year beginning after the calendar year in which the Employee's taxes are remitted to the Internal Revenue Service; however, the timing of the actual payment is dependent upon the Employee's prompt provision of all relevant data and documentation that is reasonably necessary to compute the final hypothetical tax; provided, however, that all payments shall be completed within the time period required by Treas. Reg. §1.409A-1(b)(8)(iii)."

 

 

 


 

 

Section 2.02.   Section 8(f) .  Section 8(f) is hereby amended and restated in its entirety to read as follows:

 

"(f)  In order to receive the payments set forth in this Section 8, Employee must first execute a separation agreement and release of claims (other than the benefits under this Section 8) in a form suitable to the Company; provided, however, that Company shall provide the Employee with such form on a timely basis so that the Employee is able to provide the Company with the executed separation agreement and release of claims to ensure that payments made pursuant to Section 8(a) hereto are made within the 'short term deferral period' within the meaning of Section 409A of the Code and the Treasury Regulations promulgated thereunder."

 

 

ARTICLE III

 

Mis


 
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