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at least he appears to have a twinge of guilt for what he should probably be
in jail for. have you seen all the stock he sold this year? how are things? going to dynegy??????? -----Original Message----- From: Ward, Kim S (Houston) [mailto:Kim.Ward@ENRON.com] Sent: Wednesday, November 14, 2001 7:02 AM To: Eric Strickland (E-mail); Harriet Turk (E-mail); Jerry Ward (E-mail); John Schilke (E-mail); Mary Beer (Ellen) (E-mail); Melissa Reese (E-mail); Mike Wardell (E-mail); Tricia Tlapek (E-mail) Subject: FW: Change of Control Provisions Quite commendable, I have to say. < -----Original Message----- < From: Ken Lay - Office of the Chairman < Sent: Tuesday, November 13, 2001 6:18 PM < To: DL-GA-all_enron_worldwide2 < Subject: Change of Control Provisions < < < As many of you know, I have a provision in my employment contract < which provides for a payment of $20 million per year for the remaining < term of my contract in the event of a change of control of Enron. The < merger with Dynegy, or a similar transaction with any other company, < would trigger this provision on closing. Assuming the merger with < Dynegy is closed within 6-9 months, as we expect, this provision would < entitle me to total payments of slightly more than $60 million. < < Many CEOs have change of control provisions in their employment < contracts and mine has been in place since 1989. But given the < current circumstances facing the company and our employees, I have < been giving a lot of thought these last few days to what to do about < this payment. Initially, I thought I would use part of the funds for < a foundation for our employees and take the remainder in stock and < cash. However, after talking to a number of employees this afternoon, < I have decided that the best course of action would be for me to waive < my right to any of this payment. Therefore, at closing, I will < receive no payments under this provision. < < I know this action does not remedy the uncertainty that you and your < families face. But please know that I will continue to do everything < in my power to serve the best interests of Enron's employees and < shareholders. I am still very proud of what we have built at Enron, < and I want to continue working with all of you to correct the problems < and restore Enron to its rightful place in the energy industry. < < Thank you. < < < ********************************************************************** This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you. **********************************************************************
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