March 18, 2010
Exhibit 10.12
March 18, 2010
Xxxxxx X. Xxxxxxxxxx
0000 X. 00xx Xxxxx
Xxxxx, XX 00000
Dear Norm:
Pursuant to Section 5(d) of your employment agreement dated as of November 30, 2009 (the “Employment Agreement”), among you, SemManagement, L.L.C. (“SemManagement”) and SemGroup Corporation, SemManagement agreed to purchase your residence located at 00000 Xxxxxxxxxx Xxxxx, Xxxxxx, Xxxxxxx (the “Residence”), if by May 31, 2010, you have been unable to enter into a contract for the sale of the Residence. It is our understanding that you have received an offer to purchase the Residence for $630,000 and that you have received two separate appraisals of the Residence, each reporting an appraised value of the Residence of approximately $640,000. It has been proposed that in lieu of SemManagement’s commitment to purchase the Residence from you at the appraised value, you accept the offer of $630,000 and SemManagement will pay you $10,000 as an additional relocation expense reimbursement under Section 5(b) of the Employment Agreement. The payment will be made on the date of the consummation of the sale of the Residence to the purchaser for $630,000, at which time SemManagement and you will be deemed to have fully performed the respective obligations under Section 5(d).
If you are agreeable to the terms of this letter, please acknowledge your consent to the terms hereof by signing the following page. Your acceptance of this letter agreement will be deemed to be an amendment of your Employment Agreement to effect the terms hereof. All other terms and provisions of your Employment Agreement remain in full force and effect.
| Very truly yours, | ||
| SemGroup Corporation | ||
| By: | /s/ Xxxx X. Xxxxxxxxxx | |
| Name: | Xxxx X. Xxxxxxxxxx | |
| Title: | Chairman of the Board | |
SemGroup Corporation
| 0000 Xxxxx Xxxx Xxxxxx, Xxxxx 000 | Xxxxx, XX 00000-0000 | Tel: 000.000.0000 | Fax: 000.000.0000 | xxx.xxxxxxxxxxxx.xxx |
| SemManagement, L.L.C. | ||
| By: SemGroup Corporation, Sole Member and Manager | ||
| By: | /s/ Xxxx X. Xxxxxxxxxx | |
| Name: | Xxxx X. Xxxxxxxxxx | |
| Title: | Chairman of the Board | |
Consented to this 18th day of March, 2010
| /s/ Xxxxxx X. Xxxxxxxxxx |
| Xxxxxx X. Xxxxxxxxxx |
