SEVENTH AMENDMENT TO EMPLOYMENT AGREEMENT This Agreement, made and entered into and effective as of the 30th day of November, 1994, by and among Enron Corp. (Company'), and Richard D. Kinder ('Employee'), is an amendment to that certain Employment Agreement between the parties effective September 1, 1989 (the 'Employment Agreement'). WHEREAS, the parties desire to amend the Employment Agreement to provide for Employee and Company to establish a program for survivor life insurance; WHEREAS, Employee has certain rights and post retirement benefits under the terms and provisions of the Enron Executive Supplemental Survivor Benefits Plan and the Houston Natural Gas Corporation and Subsidiaries Executive Post-Retirement Salary Continuation Agreement; NOW, THEREFORE, in consideration thereof, and of the mutual covenants contained herein, the parties agree as follows: 1. As consideration for Employee entering into this Seventh Amendment to Employment Agreement, Employee shall receive a payment in the amount of Fifty-Six Thousand Three Hundred and No/100 Dollars ($56,300.00) on or before November 30, 1994 and eight (8) annual payments of One Hundred Twenty-One Thousand Two Hundred Forty-Five and No/100 Dollars ($121,245.00) each on or before each March 1 in the years 1995 through 2002. Notwithstanding any provision to the contrary in the Employment Agreement and any amendments thereto, the consideration described in this Paragraph 1 of the Seventh Amendment to the Employment Agreement shall be paid to Employee in any and all events, in accordance with the provisions herein. 2. Article 3, Section 3.3 Other Employee Benefits shall be amended by adding the following language: Employee irrevocably waives, renounces and forfeits any and all rights to post retirement benefits under the Enron Executive Supplemental Survivor Benefits Plan and all benefits under the Houston Natural Gas Corporation and Subsidiaries Executive Post-Retirement Salary Continuation Agreement between Employee and Houston Natural Gas Corporation dated July 1, 1985. 3. This Agreement is an amendment to the Employment Agreement, and the parties agree that all other terms, conditions and stipulations contained in the Employment Agreement shall remain in full force and effect and without any change or modification, except as provided herein. IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first above written. ENRON CORP. By: JOHN H. DUNCAN Name: John H. Duncan Title: Chairman, Executive Committee of Board of Directors By: CHARLES A. LeMAISTRE Name: Charles A. LeMaistre Title: Chairman, Compensation Committee of Board of Directors RICHARD D. KINDER Richard D. Kinder
Employment Agreement - Enron Corp. and Richard D. Kinder
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