EXECUTIVE SERVICES AGREEMENT
Exhibit 10.27
THIS EXECUTIVE SERVICES AGREEMENT (this “Agreement”) is made and entered into as of August 2, 2019 (the “Effective Date”), by and between Xxxxxxx X. Xxxx (“Executive”) and Xxxxxxx Midstream Partners GP LLC, a Delaware limited liability company (“Company”) and the general partner of Xxxxxxx Midstream Partners LP, a Delaware limited partnership (“Partnership,” and together with Company, the “Partnership Parties”). Executive and Company are collectively referred to herein as the “Parties,” and individually as a “Party.”
WHEREAS, Executive is the Chief Financial Officer and Secretary of the Company and provides services for and on behalf of the Partnership Parties; and
WHEREAS, the Parties wish to memorialize their agreement with respect to the terms and conditions of Executive’s continued employment as the Chief Financial Officer and Secretary of the Company.
NOW, THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound, mutually agree as follows:
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provided, that, any of the events described in Section 4(b)(ii)(C) or Section 4(b)(ii)(D) above shall constitute Cause only if Executive fails to cure such event to the reasonable satisfaction of the Board within thirty (30) calendar days of receiving written notice from the Board of the event which allegedly constitutes Cause; and provided further that a termination shall not be deemed to be for Cause under Section 4(b)(ii)(C) or Section 4(b)(ii)(D) unless and until there shall have been delivered to Executive a copy of a resolution duly adopted by the affirmative vote of a majority of the members of the Board (other than Executive), at a meeting of the Board called and held for such purpose (after reasonable notice is provided to Executive, and Executive is given an opportunity, together with counsel, to be heard before the Board), finding that, in the good faith opinion of the Board, Executive is guilty of the conduct described in Section 4(b)(ii)(C) or Section 4(b)(ii)(D), above, and specifying the particulars thereof in detail.
For the purposes of this provision, no act or failure to act on the part of Executive shall be considered “willful” unless it is done, or omitted to be done, by Executive in bad faith and without reasonable belief that Executive’s actions or omission was in the best interests of the Partnership Parties. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board, or upon the instructions of the Board, or based upon the advice of counsel for the Company, shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Partnership Parties.
provided, that, any of the conditions described in Section 4(b)(v)(A) through 4(b)(v)(D) above shall constitute Good Reason only if the Company fails to cure such condition to the reasonable satisfaction of Executive within thirty (30) calendar days of receiving written notice from Executive of the condition which allegedly constitutes Good Reason; and provided further, that, Executive’s termination shall constitute a termination by Executive for Good Reason only if the Termination Date occurs not later than ninety (90) calendar days following the initial existence of one or more of the conditions described in Section 4(b)(v)(A) through 4(b)(v)(D) above.
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(A) | Company shall pay to Executive an amount equal to Executive’s accrued but unpaid then-current Base Salary through the Termination Date, and |
(B) | the treatment of each long-term incentive compensation award shall be governed by the terms and conditions of the applicable award agreement for such award and the Plan or similar incentive award program under which such award was granted. |
(A) | Company shall pay to Executive (or his designated beneficiaries), an amount equal to Executive’s accrued but unpaid then-current Base Salary through the Termination Date; |
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(B) | to the extent not yet paid to Executive (or his designated beneficiaries), Company shall pay to Executive (or his designated beneficiaries) (1) the amount of Executive’s Annual Bonus for the last full year during which Executive performed services for the Partnership Parties (including the amount of any Additional Bonus, if applicable), and (2) the amount of Executive’s Annual Bonus for the current year, based on Executive’s Annual Bonus for such last full year (including the amount of any Additional Bonus, if applicable) and pro-rated based on Executive’s Termination Date; and |
(C) | any units which may have been awarded to Executive under the Plan or any other long-term incentive programs available generally to the Company’s executive officers in the future, in each case, shall vest in full as of the Termination Date and convert into Common Units as set forth in the applicable award agreement. |
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IF TO COMPANY:
Xxxxxxx Midstream Partners GP LLC
c/o s Midstream Partners LP
0000 Xxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxx 00000
Attention: General Counsel
With a copy to:
Hunton Xxxxxxx Xxxxx LLP
000 Xxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxx 00000
Attention: Xxxxxx X. Xxxxxx
IF TO EXECUTIVE:
Xxxxxxx X. Xxxx
c/x Xxxxxxx Midstream Partners LP
0000 Xxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxx 00000
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XXXXXXX MIDSTREAM PARTNERS GP LLC
Dated: August 2, 2019By: /s/ Xxxxxxx X. Xxxx
Name: Xxxxxxx X. Xxxx
Title: CFO & Secretary
Signature Page to Executive Services Agreement
EXECUTIVE
Dated: August 2, 2019 /s/ Xxxxxxx X. Xxxx
Xxxxxxx X. Xxxx
Signature Page to Executive Services Agreement