Change in Control Severance Plan (2011)Full Document 

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THE MERIDIAN RESOURCE &
EXPLORATION LLC
CHANGE IN CONTROL SEVERANCE PLAN
AND SUMMARY PLAN DESCRIPTION
(As Amended and Restated Effective as of May 14, 2010)

 


 

THE MERIDIAN RESOURCE & EXPLORATION LLC
CHANGE IN CONTROL SEVERANCE PLAN
AND SUMMARY PLAN DESCRIPTION
(As Amended and Restated Effective May 14, 2010)
     WHEREAS, The Meridian Resource & Exploration LLC, a limited liability company that is organized and existing under the laws of the State of Delaware (“TMRX”), recognizes that one of its most valuable assets consists of its employees and consultants; and
     WHEREAS, TMRX previously adopted The Meridian Resource & Exploration LLC Change in Control Severance Plan (the “Plan”), effective as of December 15, 2008, to provide severance benefits in the event that the employment or affiliation relationship of certain service providers is involuntarily terminated in conjunction with a Change in Control (as defined in the Plan); and
     WHEREAS, TMRX desires to amend and restate the Plan to comply with ERISA and to clarify certain provisions therein; and intending thereby to provide a continuing program of benefits without a gap or lapse in coverage;
     NOW, THEREFORE, the Plan is hereby amended and restated in its entirety, with no interruption or gap in coverage, effective as of May 14, 2010, unless otherwise specified herein:

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TABLE OF CONTENTS
                 
            Page  
ARTICLE I ESTABLISHMENT AND OBJECTIVE     1  
 
  1.1   Establishment     1  
 
  1.2   Objective     1  
ARTICLE II DEFINITIONS AND CONSTRUCTION     1  
 
  2.1   Capitalized Terms     1  
 
  2.2   Number and Gender     8  
 
  2.3   Headings     8  
 
  2.4   Construction and Interpretation     8  
ARTICLE III ELIGIBILITY     8  
ARTICLE IV BENEFITS     9  
 
  4.1   Equity Based Compensation     9  
 
  4.2   Benefits Following Termination of Employment or Affiliation Relationship     9  
 
  4.3   Legal Fees     10  
ARTICLE V TIME OF BENEFITS PAYMENTS     11  
ARTICLE VI TERMINATION PROCEDURES AND COMPENSATION DURING DISPUTE     11  
 
  6.1   Notice of Termination     11  
 
  6.2   Termination Date     11  
 
  6.3   Dispute Concerning Termination     11  
ARTICLE VII WITHHOLDING     12  
ARTICLE VIII DEATH OF PARTICIPANT     12  
ARTICLE IX AMENDMENT AND TERMINATION     12  
ARTICLE X ADOPTION OF PLAN BY AFFILIATES     12  
ARTICLE XI MISCELLANEOUS     13  
 
  11.1   Plan Not an Employment Contract     13  
 
  11.2   Alienation Prohibited     13  
 
  11.3   Severability     13  
 
  11.4   Binding Effect     13  
 
  11.5   Other Amounts Due     13  
 
  11.6   Notices     14  
 
  11.7   Governing Law     14  
ARTICLE XII CLAIMS PROCEDURES     14  
 
  12.1   Notice of Claim     14  
 
  12.2   Claims Review Procedure     15  
 
  12.3   Exhaustion of Administrative Remedies     15  
ARTICLE XIII PLAN ADMINISTRATION     16  
 
  13.1   Allocation of Authority     16  

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            Page  
 
  13.2   Powers and Duties of the Plan Administrator     16  
 
  13.3   Delegation by the Plan Administrator     17  
APPENDIX A ERISA INFORMATION     A-1  
APPENDIX B YOUR ERISA RIGHTS     B-1  

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THE MERIDIAN RESOURCE & EXPLORATION LLC
CHANGE IN CONTROL SEVERANCE PLAN
AND SUMMARY PLAN DESCRIPTION
ARTICLE I
ESTABLISHMENT AND OBJECTIVE
     1.1 Establishment. The Meridian Resource & Exploration LLC, a Delaware limited liability company (“TMRX” or the “Company”), hereby amends and restates the “The Meridian Resource & Exploration LLC Change in Control Severance Plan” effective as of May 14, 2010 (the “Plan”).
     1.2 Objective. The Plan is designed to attract and retain certain designated Employees and Consultants of the Company and its Affiliates, and to reward such Employees and Consultants by providing replacement income and certain benefits following a Change in Control.
ARTICLE II
DEFINITIONS AND CONSTRUCTION
     2.1 Capitalized Terms. Whenever used in the Plan, the following capitalized terms in this Section 2.1 shall have the meanings set forth below:
     “Affiliate” means any entity which is a member of (i) the same controlled group of corporations within the meaning of section 414(b) of the Code with TMRC or TMRX, (ii) a trade or business (whether or not incorporated) which is under common control (within the meaning of section 414(c) of the Code) with TMRC or TMRX or (iii) an affiliated service group (within the meaning of section 414(m) of the Code) with TMRC or TMRX.
     “Annual Incentive Plan” means The Meridian Resource & Exploration LLC Annual Incentive Compensation Plan, as it may be amended from time to time,

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