Exhibit 10.48
HARKEN ENERGY CORPORATION
AMENDMENT TO SEVERANCE AGREEMENT
THIS AMENDMENT TO SEVERANCE AGREEMENT (the “Amendment”) is made and entered into this 28 day of April 2003 by
and between HARKEN ENERGY CORPORATION, a Delaware corporation, whose principal office is 580 WestLake Park Blvd.,
Suite 600, Houston, Texas 77079 (“ the Company ”) and JAMES W. DENNY III an individual employee of the Company, (the
“Employee”).
WHEREAS , the Company and Employee, on June 19, 2002 entered into that certain Severance Agreement (the “Severance
Agreement”) whereby both parties agreed as to the terms and conditions that would govern Employee’s severance from the
employ of the Company; and
WHEREAS, the Company and Employee desire to amend the terms of the Severance Agreement as set forth in this Amendment.
NOW THEREFORE, for and in the mutual considerations recited and acknowledged by both parties hereto, the Company and
the Employee agree as follows:
1.
That Section 5 entitled “Term of Agreement” be modified, amended and replaced for all purposes of said Severance
Agreement by the following:
Term of Agreement: Unless otherwise agreed to in writing by the parties hereto, this Agreement shall be in effect from the
date first set forth above and shall continue through and including June 1, 2004. At the expiration of the Term this
Agreement may be extended, modified or renegotiated only upon the mutual written agreement of both.
IN WITNESS whereof this Amendment has been executed the day and year first above written.
HARKEN ENERGY CORPORATION (the Company)
James W. Denny III (the Employee)
2.
That all other terms and conditions not expressly modified herein continue to be in effect as agreed upon between the
Company and Employee as set forth in the Severance Agreement.
By:
/s/ Mikel D. Faulkner
Name: Mikel D. Faulkner
Its: Chief Executive Officer and President
/s/ James W. Denny III