Double Eagle Petroleum Co. is pleased to make the following offer:
Offer of Employment
April 24, 2002
Candidate: Bob D. Brady, Jr.
Position and Duties: Vice President of Engineering and Operations
(subject to approval by the Board of Directors). You
will be responsible for the Company's oil and gas
engineering and operations and will assist with
setting up accounting staff, locating office space
in Denver, Colorado, and other tasks as requested by
the President or Board of Directors. Initially, you
will work out of offices located at 1610 Wynkoop
Street, Denver, Colorado. You will be available for
business related travel every other week and at
other times reasonably requested for Company
business.
Reports To: President
Start Date: April 24, 2002
Salary: Annual salary of $106,000, paid bi-weekly or monthly
(less payroll deductions and all required
withholdings). Bonuses, at the discretion of the
Company, may be paid based on your performance and
overall Company performance.
Benefits: You and your family are eligible to participate, at
the Company's expense, in the Company's health
insurance program as of the effective date of
employment, subject to application and enrollment
requirements of the insurance provider. Your
participation in the Company's SEP shall include a
Company contribution of an amount equal to 10% of
your salary per year. The Company will lease or
purchase and provide to you the use of a
four-wheel-drive sports utility vehicle (Chevy Tahoe
or similar model) for Company and reasonable
personal use. The Company will pay all reasonable
costs associated with the use of the vehicle for
business purposes, including fuel, ordinary
maintenance, insurance and repairs. Subject to the
Company's vacation policies, you shall be entitled
to three weeks of vacation time per year.
Stock Grant: If you continuously remain an employee of the
Company through and on October 24, 2002, the Company
shall issue 10,000 shares of the Corporation's
restricted $.10 par value common stock to you on
that date.
At-will
Employment: You may terminate employment with Double Eagle
Petroleum Co. at any time and for any reason.
Likewise, Double Eagle Petroleum Co. may terminate
your employment at any time and for any reason
whatsoever, with or without cause or advance notice.
This offer supercedes and replaces in its entirety all prior discussions,
correspondence, or prior offers of employment. There are no other terms except
for Company policies and procedures as may be amended from time to time, or as
specifically set forth above.
Double Eagle Petroleum Co. Accepted:
By: /s/ Stephen H. Hollis /s/ Bob D. Brady, Jr.
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Stephen H. Hollis, President Bob D. Brady, Jr., individually