HORIZON OFFSHORE INC
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<TYPE>EX-10
<SEQUENCE>2
<FILENAME>exhibit_10-1.htm
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<p ALIGN="right" style="margin-top: 0; margin-bottom: 0"><b>Exhibit 10.1</b></p>
<b>
<p ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0"><br>
AMENDMENT NO. 1</p>
<p ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">TO</p>
<p ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">EMPLOYMENT AND NON-COMPETITION AGREEMENT</p>
<p ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">BETWEEN</p>
<p ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">HORIZON OFFSHORE, INC. AND J. LOUIS FRANK</p>
<u>
<p ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">DATED MAY 31, 2002<br>
<br>
<br>
<br>
&nbsp;</p>
</u></b>
<p ALIGN="JUSTIFY" style="text-indent: 44px; margin-top: 0; margin-bottom: 0">This Amendment No. 1 To Employment And Non-Competition
Agreement between Horizon Offshore, Inc. (the &quot;Company&quot;) and J. Louis Frank (the
&quot;Employee&quot;) Dated May 31, 2002 (the &quot;Amendment No. 1&quot;) is dated as of September
3, 2004.<br>
<br>
&nbsp;</p>
<p ALIGN="JUSTIFY" style="text-indent: 44px; margin-top: 0; margin-bottom: 0">In mutual consideration of supporting a business
restructuring of the Company the Company and the Employee agree as follows:</p>
<p ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0"></p>
<p ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p ALIGN="JUSTIFY" style="text-indent: 44px; margin-top: 0; margin-bottom: 0">1.&nbsp;&nbsp;&nbsp; The Employment and Non-Competition Agreement between
Horizon Offshore, Inc. and J. Louis Frank dated May 31, 2002 shall hereinafter
be referred to as the &quot;Employment Agreement&quot;. </p>
<p ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0"></p>
<p ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p ALIGN="JUSTIFY" style="text-indent: 44px; margin-top: 0; margin-bottom: 0">2.&nbsp;&nbsp;&nbsp; Section 3 of the Employment Agreement shall be amended in
its entirety to read as follows:<br>
&nbsp;</p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">&quot;3.&nbsp;&nbsp;&nbsp;
<u>Duties.</u>&nbsp;&nbsp;&nbsp; The Employee shall perform such duties as
may be </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">prescribed from time to time by the Board of Directors of the
Company </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">(the &quot;Board&quot;). Employee is currently Chairman of the Board.
</p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">Throughout the Employment Term, Company shall use
        reasonable </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">efforts to cause Employee to be nominated to serve on the
Board and to</p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">secure Employee's election to the Board. It is the intention
of the parties</p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">that Employee will be elected and will serve as either
Chairman or </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">Chairman, Emeritus of the Board while serving hereunder. The
positions </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">of Chairman or Chairman, Emeritus shall be used
interchangeable </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">herein for determining the rights, duties, and obligations of
the parties </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">hereunder.&quot;
<br>
&nbsp;</p>
<p ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p ALIGN="JUSTIFY" style="text-indent: 44px; margin-top: 0; margin-bottom: 0">3.&nbsp;&nbsp;&nbsp; Section 5 (d) of the Employment Agreement shall be amended
in its entirety to read as follows:<br>
&nbsp;</p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">&quot;5(d)&nbsp;&nbsp;&nbsp;&nbsp; As used herein, &quot;For Good Cause&quot; shall mean breach of
any</p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">provision of this Agreement by Company and failure to remedy
such </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">breach within thirty (30) days of written notice; failure of
the Employee</p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">to be elected to the Board or to be elected by the Board as
its Chairman or </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">Chairman, Emeritus; the acquisition or a public announcement
that a </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">person or group of persons (other than the holders of the
Company's </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">common stock on the date of this Agreement and other than the
Company</p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">or any of its subsidiaries or any employee benefit plan of
the Company</p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">or any such subsidiary) has acquired thirty percent (30%) or
more of the </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">Company's outstanding common stock; the Company is involved
in a </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">merger or other business combination or sale or transfer of
assets or </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">earning power aggregating more than fifty percent (50%) of
the assets or </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">earning power of the Company and its subsidiaries, taken as a
whole and </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">as a result of such transaction the Company's equity holders
prior to the </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">transaction hold less than fifty percent (50%) of the
surviving or transferee</p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">entity; or the relocation of the Employee's place of
        employment outside the Houston Metropolitan area.&quot; <br>
&nbsp;</p>
<p ALIGN="JUSTIFY" style="text-indent: 44px; margin-top: 0; margin-bottom: 0">4.&nbsp;&nbsp;&nbsp; Section 6 of the Employment Agreement shall be amended by
the inclusion</p>
<p ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">of a new Section 6 (g) to read as follows:<br>
&nbsp;</p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">&quot;6 (g)&nbsp;&nbsp;&nbsp;&nbsp; All payments due Employee hereunder shall be made
within</p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">thirty (30) days of the date the amount of such payment can
be reasonably </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">determined. Anything in this Agreement to the contrary
notwithstanding, </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">payments pursuant to Section 6 (a) and 6 (e) hereof shall be
made within </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">thirty (30) days of event of termination as set forth in
Section 5 of this </p>
<p ALIGN="JUSTIFY" style="margin-left: 88px; margin-top: 0; margin-bottom: 0">Agreement and the close of the applicable quarter,
respectively.&quot;<br>
&nbsp;</p>
<p ALIGN="JUSTIFY" style="text-indent: 44px; margin-top: 0; margin-bottom: 0">5.&nbsp;&nbsp;&nbsp; Except as specifically set forth above all other terms,
conditions, rights, obligations and duties of the Employment Agreement shall
remain in full force and effect.<br>
&nbsp;</p>
<p ALIGN="JUSTIFY" style="text-indent: 44px; margin-top: 0; margin-bottom: 0">6.&nbsp;&nbsp;&nbsp; This Amendment No. 1 shall be governed by and interpreted
in accordance with the laws of the State of Texas.<br>
&nbsp;</p>
<p ALIGN="JUSTIFY" style="text-indent: 44px; margin-top: 0; margin-bottom: 0">IN WITNESS WHEREOF, the parties have executed this Amendment
No. 1 as of the date hereinabove first written.</p>
<p ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0"></p>
<p ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p ALIGN="center" style="margin-top: 0; margin-bottom: 0">[Signatures to follow on separate page] </p>
<p ALIGN="center" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
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<font FACE="Arial" SIZE="2">HORIZON OFFSHORE, INC.</font></td>
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		<td width="4%"><font size="2">By:</font></td>
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		<div style="border-bottom-style: solid; border-bottom-width: 1px">
<font size="2">/s/ Bill J. Lam</font></div>
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		Bill J. Lam</font></td>
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		President
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<font FACE="Arial" SIZE="2">EMPLOYEE</font></td>
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		<font size="2">/s/ J. Louis Frank</font></td>
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		<font size="2" FACE="Arial">J. Louis Frank</font></td>
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