{"id":39115,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-enron-corp-and-kenneth-l-lay3.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-enron-corp-and-kenneth-l-lay3","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-enron-corp-and-kenneth-l-lay3.html","title":{"rendered":"Employment Agreement &#8211; Enron Corp. and Kenneth L. Lay"},"content":{"rendered":"<pre>           THIRD AMENDMENT TO EMPLOYMENT AGREEMENT\n\n\n     This Agreement, made and entered into on this 10th day\nof August, 1993, and made effective as of August 10, 1993,\nby and between Enron Corp. ('Enron'), a Delaware corporation\nhaving its headquarters at 1400 Smith Street, Houston, Texas\n77002, and Kenneth L. Lay ('Employee'), an individual residing\nin Houston, Texas, is an amendment to that certain Employment\nAgreement between the parties effective September 1, 1989 (the\n'Employment Agreement').\n\n     WHEREAS, the Employment Agreement incorporates the terms\nand provisions of a Stock Finance Agreement attached to the\nEmployment Agreement as Exhibit C, as though recited therein\nin their entirety; and\n\n     WHEREAS, the parties desire to amend a certain provision\nof the Stock Finance Agreement;\n\n     NOW, THEREFORE, in consideration thereof and of the\nmutual covenants contained herein, the parties agree as\nfollows:\n\n\n1.  Section 5.02 of the Stock Finance Agreement is deleted in\nits entirety and the following is substituted in its place:\n\n     'Section 5.02.  Other Consideration.  On August 12th,\n     1993, Company agrees to pay Employee a lump sum payment\n     in the amount of One Million Ninety-Five Thousand One\n     Hundred Twenty-Eight and No\/100 Dollars ($1,095,128.00)\n     as Other Consideration.  Employee shall not be required\n     to use the Other Consideration made in this Third\n     Amendment to the Employment Agreement to repay any\n     outstanding Advances under the Stock Finance Agreement\n     and\/or the Loan Commitment Agreement, respectively. \n     Employee shall repay any outstanding Advances under the\n     Stock Finance Agreement and\/or the Loan Commitment\n     Agreement in accordance with the terms and conditions set\n     forth at Article II of the Stock Finance Agreement and\n     the Loan Commitment Agreement, respectively.'\n\n\n2.  This Agreement is an amendment to the Employment\nAgreement, and the parties agree that all other terms,\nconditions and stipulations contained in the Employment\nAgreement shall, as amended by any prior amendments thereto,\nremain in full force and effect and without any change or\nmodification, except as provided herein.\n\n     IN WITNESS WHEREOF, the parties have duly executed this\nAgreement as of the date first above written.\n\nENRON CORP.\n\n\nBy:  CHARLES A. LeMAISTRE     \nTitle:  Charles A. LeMaistre\n      Chairman, Compensation Committee\n\n\n\nKENNETH L. LAY\n\n\nKENNETH L. LAY                     \nEmployee\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7454],"corporate_contracts_industries":[9535],"corporate_contracts_types":[9539,9544],"class_list":["post-39115","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-enron-corp","corporate_contracts_industries-utilities__gas","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39115"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39115"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39115"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}