Employment Separation Agreement (2008)Full Document 

Start of Preview
 

         
(SANDRIDGE LOGO)
EMPLOYMENT SEPARATION AGREEMENT
April 14, 2008
VIA HAND DELIVERY
Mr. Larry K. Coshow
2612 N.W. 176th Street
Edmond, OK 73003
Re: Separation Agreement
Dear Larry:
Thank you for your services to SandRidge Energy, Inc. (“SandRidge” or “Company”). This letter will supersede the Employment Separation Agreement previously issued to you dated March 25, 2008, and when fully executed, will constitute the agreement between Larry K. Coshow (the “Executive”), and SandRidge concerning the terms of Executive’s separation from employment with the Company.
1.   Termination of Employment. The effective date of termination (the “Termination Date”) of Executive’s employment with SandRidge pursuant to paragraph 6.1.1 of Executive’s Employment Agreement dated January 1, 2008 shall be April 4, 2008.
 
2.   Final Payment. Executive has been paid or will be paid Executive’s earned salary through the Termination Date plus ten (10) days pay. Executive’s final paycheck will include payment for all accrued and unused days of earned PTO (Paid Time Off).
 
3.   Severance Payment. In consideration of Executive’s service to SandRidge and Executive’s execution of this Separation Agreement and the General Release contained hereafter, SandRidge will provide the Executive (1) a Severance Payment equal to twelve (12) months of Executive’s base salary in the amount of Three Hundred Nine Thousand and 00/100 Dollars ($309,000.00), less customary payroll deductions; (2) an additional cash payment equal to ten (10) days of base salary in the amount of Eleven Thousand Eight Hundred Eighty-four and 62/100 Dollars ($11,884.62), less customary payroll deductions, in lieu of notification pursuant to paragraph 6.1.1 of Executive’s current Employment Agreement; and (3) acceleration of vesting of Executive’s Twenty Nine Thousand Two Hundred Fifty (29,250) shares of currently unvested and outstanding SandRidge restricted stock grants, less shares for required taxes. The acceleration of vesting of the shares of restricted stock set forth above will be effective immediately after Executive returns an executed copy of this Separation Agreement, or seven (7) days after that return date, whichever is later, and after Executive has returned all SandRidge property, if any. The Executive is a “specified employee” as defined in regulations under
1601 N.W. Expressway, Suite 1600, Oklahoma City, OK 73118 • Phone 405-753-5500, Fax 405-753-5975 • sandridgeenergy.com

 


 

    Section 409A of the Internal Revenue Code; therefore, the Severance Payment will be paid on the first payroll payment date which is more than six (6) months following the Termination Date. In addition, the payment will be subject to all applicable state and federal withholdings and payroll deductions but will not otherwise be “benefit bearing” and will not be considered as compensation for purposes of SandRidge’s qualified 401 (k) and profit sharing plans or for accrual of paid time off or other leaves.
 
4.   Return of SandRidge Property. If Executive has any Company property in Executive’s possession, Executive agrees to immediately return it to the Human Resources

End of Preview