AMENDMENT TO SEVERANCE AGREEMENTTermination Severance Agreement |
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Forest Oil Corporation. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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AMENDMENT TO SEVERANCE AGREEMENT THIS AMENDMENT TO SEVERANCE AGREEMENT ("Amendment") is made by and between Forest Oil Corporation, a New York corporation (the "Company"), and ("Executive"). WHEREAS , the Company and Executive have heretofore entered into that certain Severance Agreement dated , (the "Severance Agreement"); and WHEREAS , the Company and Executive desire to amend the Severance Agreement in certain respects; NOW, THEREFORE , in consideration of the premises set forth above and the mutual agreements set forth herein, the Company and Executive hereby agree that the Severance Agreement shall be amended as hereafter provided: 1. Paragraph 3(a) of the Severance Agreement shall be deleted and the following shall be substituted therefor: "(a) Pay Executive a lump sum cash payment in an amount equal to the Severance Amount. Subject to the provisions of Paragraph 6(i) hereof, such payment shall be made on one of the dates provided below (as evidenced by the initials of Executive and an authorized representative of the Company): (i) On January 15 of the first calendar year following the calendar year in which Executive's Involuntary Termination occurs (Initials: (Executive) (authorized representative of the Company)); or (ii) On January 15 of the second calendar year following the calendar year in which Executive's Involuntary Termination occurs (Initials: (Executive) (authorized representative of the Company)); or (iii) On January 15 of the third calendar year following the calendar year in which Executive's Involuntary Termination occurs (Initials: (Executive) (authorized representative of the Company)); or (iv) On January 15 of the fourth calendar year following the calendar year in which Executive's Involuntary Termination occurs (Initials: (Executive) (authorized representative of the Company)); or (v) On January 15 of the fifth calendar year following the calendar year in which Executive's Involuntary Termination occurs (Initials: (Executive) (authorized representative of the Company)). If the payment described in the first sentence of this Paragraph 3(a) will occur after the Interest Commencement Date (as defined below), then such payment shall, subject to Paragraph 4, accrue interest (compounded annually on January 15 of each year) from the Interest Commencement Date to the actual date of payment at the Interest Credit Rate (as defined below and subject to periodic adjustment as provided below) and such interest shall be paid in a lump sum on the actual date of payment of the Severance Amount. Further, if the payment described in the first sentence |
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