{"id":39129,"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-enron-capital-trade.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-enron-corp-enron-capital-trade","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-enron-corp-enron-capital-trade.html","title":{"rendered":"Employment Agreement &#8211; Enron Corp., Enron Capital Trade &#038; Resources Corp. and Jeffrey K. Skilling"},"content":{"rendered":"<pre>\n             FIRST AMENDMENT TO EMPLOYMENT AGREEMENT\n\n\n     This Agreement, made and entered into on this 31st\nday of December, 1996, and made effective as of January\n1, 1997 (the 'Effective Date'), by and among Enron Corp.\n('Enron'), Enron Capital Trade &amp; Resources Corp. ('ECT'),\nand Jeffrey K Skilling ('Employee'), is an amendment to\nthat certain Employment Agreement between ECT and\nEmployee, effective January 1, 1996 (the 'Employment\nAgreement').\n\n     WHEREAS, the parties desire to amend the Employment\nAgreement, and provide for assignment of the Employment\nAgreement to Enron;\n\n     NOW, THEREFORE, in consideration of the covenants\ncontained herein, and for other good and valuable\nconsideration, the parties agree as follows:\n\n1.   Assignment.  The parties agree that the Employment\nAgreement is assigned to Enron as of the Effective Date,\nwhereupon Employee shall become an employee of Enron.\n\n2.   Duties.  Section 1.2 of the Employment Agreement is\namended to reflect that as an employee of Enron, Employee\nshall serve in the position of Chairman and Chief\nExecutive Officer of ECT.  In addition to the duties\nprovided for in Section 1.2 of the Employment Agreement,\nEmployee shall be employed by Enron in the position of\nPresident and Chief Operating Officer.\n\n3.   Base Salary.  Section 2.1 is amended to provide\nthat as of the Effective Date, Employee's monthly base\nsalary during the Term shall be Sixty Two Thousand Five\nHundred Dollars ($62,500.00).\n\n4.   Incentive Compensation.  Employee shall participate\nin Enron's Long Term Incentive Plan.  For calendar year\n1997, Employee shall be granted an award of Nine Hundred\nSixty Thousand (960,000) Performance Units under the\nEnron Corp. Performance Unit Plan.  Effective December\n31, 1996, Employee shall be granted an award of Options\nto purchase one hundred eleven thousand six hundred\nthirty (111,630) shares of Enron Corp. common stock under\nthe Enron Corp. 1991 Stock Plan (As Amended and Restated\nEffective May, 1994)(the 'Enron Stock Plan').\n\n5.   Amendment of Grant Agreement.  On August 29, 1994,\nEnron and Employee entered into an agreement, which was\nsubsequently amended to change the vesting provisions by\nthe First Amendment thereto, pursuant to which (the\n'Grant Agreement') Employee was granted the option to\nacquire 500,000 shares of Enron common stock subject to\nterms and Provisions of the Enron Stock Plan.  The Grant\nAgreement is amended to provide that under Paragraph A\nthereof, all provisions pertaining to vesting of the\nGrant are deleted in their entirety and replaced with the\nfollowing:\n\n\n     'Assuming your continuous employment with Enron or\n     an Affiliate, this Grant will become vested and will\n     be exercisable after vesting until canceled\n     according to the provisions of this Grant Agreement\n     as follows:\n\n     May 1, 1997             166,666 Options\n     May 1, 1998             An Additional 166,667 Options\n     May 1, 1999             An Additional 166,667 Options'\n\n6.   Acceptance of New Position and Title.  Employee\nagrees that his enhanced position and job title resulting\nfrom this Agreement are satisfactory to Employee as\nreferenced in Section 2.5 of the Employment Agreement.\n\n7.   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 remain in full force and effect and\nwithout any change or modification, except as provided\nherein.\n\n     IN WITNESS WHEREOF, the parties have duly executed\nthis Agreement as of the date first above written.\n\n                                   ENRON CAPITAL TRADE AND\nENRON CORP.                             RESOURCES CORP.\n\n\nBy:  KENNETH L. LAY                By:  PEGGY B. MENCHACA\nTitle:                             Title:  Vice President\n                                           &amp; Secretary\n\n\n\nJEFFREY K. SKILLING\n\n\nJEFFREY K. SKILLING\n\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-39129","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\/39129","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=39129"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39129"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39129"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}