EXECUTIVE SERVICES AGREEMENT
Exhibit 10.6
THIS EXECUTIVE SERVICES AGREEMENT (this “Agreement”) is made and entered into as of November 3, 2021 (the “Effective Date”), by and between Xxxxxxxx Xxxxxxxx (“Executive”) and Evolve Transition Infrastructure GP LLC (formerly known as Xxxxxxx Midstream Partners GP LLC), a Delaware limited liability company (the “Company”) and the general partner of Evolve Transition Infrastructure LP (formerly known as Xxxxxxx Midstream Partners LP), a Delaware limited partnership (the “Partnership,” and together with the Company, the “Partnership Parties”). Executive and the Company are collectively referred to herein as the “Parties,” and individually as a “Party.”
WHEREAS, the Parties wish that Executive be hired as an employee of the Company as of the Effective Date, and to transition into the role of the President and Chief Investment Officer of the Company effective as of December 1, 2021, in each case, to provide 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 employment as specified hereunder.
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:
i. | participation in the applicable retirement plans, health and welfare plans and disability insurance plans of the Partnership Parties, under the terms of such plans (in effect from time to time) and to the same extent and under the same conditions such participation and coverages are provided to other similarly situated executive officers of the Company; |
ii. | unlimited paid vacation each calendar year which may be used in Executive’s reasonable discretion, so long as the vacation time does not interfere with Executive’s ability to complete his or her corporate obligations, and is used only for time off for vacation and personal days, and not for other purposes covered by leave of absence and paid sick leave policies; and |
iii. | reimbursement within thirty (30) days of its receipt from Executive of supporting receipts, to the extent required by the Company’s reimbursement policies, for all of Executive’s out-of-pocket business expenses reasonably and actually incurred by Executive in connection with his or her employment hereunder (Board approval shall be required for any single expense exceeding $10,000 or for expenses exceeding in the aggregate annually $120,000 and reimbursement of any and all business expenses is conditioned on Executive submitting his or her request to the Company for reimbursement and supporting substantiation within ninety (90) days of the date on which any such expenses shall have been incurred). |
provided, that, any of the events described in Section 4(b)(iv)(3) or Section 4(b)(iv)(4) 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.
provided, that, any of the conditions described in Section 4(b)(vi)(1) through 4(b)(vi)(4) 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)(vi)(1) through 4(b)(vi)(4) above.
provided, that, as a condition to receiving the benefits described in the above paragraphs 2-4, Executive must sign and return a release of all known and unknown claims in a termination agreement that is acceptable to the Company within the applicable deadline set forth therein, but in no event later than forty-five (45) days after the Termination Date.
provided, that, as a condition to receiving the benefits described in the above paragraphs 2-4, Executive must sign and return a release of all known and unknown claims in a termination agreement that is acceptable to the Company within the applicable deadline set forth therein, but in no event later than forty-five (45) days after the Termination Date.
IF TO THE COMPANY:
Evolve Transition Infrastructure GP LLC
c/o Evolve Transition Infrastructure LP
0000 Xxxx Xxx Xxxx, Xxxxx 0000
Xxxxxxx, XX 00000
Attn: Xxxx Xxxxxx
Email: Xxxxxx@xxxxxxxxxxxxxxxxx.xxx
With a copy to:
Sidley Austin LLP
0000 Xxxxxxxxx Xx., Xxxxx 0000
Xxxxxxx, Xxxxx 00000
Attention: Xxxxx X. Xxxxxxxx
Email: xxxxxxxxx@xxxxxx.xxx
IF TO EXECUTIVE:
Xxxxxxxx Xxxxxxxx
c/o Evolve Transition Infrastructure LP
0000 Xxxx Xxx Xxxx, Xxxxx 0000
Xxxxxxx, XX 00000
[Signature Page Follows]
IN WITNESS WHEREOF, the Parties hereto have duly executed this Agreement as of the Effective Date first written above.
COMPANY | |||
Evolve Transition Infrastructure GP LLC | |||
By: | /s/ Xxxxxxx Xxxx | ||
Name:Xxxxxxx Xxxx | |||
| |
EXECUTIVE |
/s/ Xxxxxxxx Xxxxxxxx |
Xxxxxxxx Xxxxxxxx |
[Signature Page to Executive Services Agreement]
Schedule A
Permitted Outside Activities
N/A.
Schedule B
Change in Control Matters
Clause (B) of the Change in Control definition set forth in Section 4(b)(v) of this Agreement shall not apply with respect to any direct or indirect sale, transfer, conveyance or other disposition, in one or a series of related transactions of the assets that relate to the Partnership’s midstream business (“Midstream Assets”), and such Midstream Assets, to the extent sold, transferred, conveyed or disposed, shall not be taken into consideration in determining whether a Change in Control has occurred for purposes of Section 4(b)(v) of this Agreement.