ARTICLE 1 PURCHASE AND SALEPurchase and Sale Agreement • August 9th, 2004 • Buckeye Partners L P • Pipe lines (no natural gas) • Texas
EXHIBIT 10.2 DESCRIPTION OF SEVERANCE ARRANGEMENTS FOR STEPHEN C. MUTHER Stephen C. Muther, Senior Vice President, Administration and General Counsel of Buckeye Pipe Line Company LLC, the general partner (the "General Partner") of Buckeye Partners,...Severance Agreement • August 9th, 2004 • Buckeye Partners L P • Pipe lines (no natural gas)
Stephen C. Muther, Senior Vice President, Administration and General Counsel of Buckeye Pipe Line Company LLC, the general partner (the "General Partner") of Buckeye Partners, L.P. (the "Partnership"), and Glenmoor LLC ("Glenmoor") are parties to an Amended and Restated Employment and Severance Agreement, dated as of May 4, 2004 (the "Employment Agreement"), which provides for, among other things, the payment of severance and the continuation of certain benefits following (a) an involuntary termination of Mr. Muther's employment for any reason other than for "cause" or (b) a voluntary termination of employment by Mr. Muther for "good reason," which includes, in certain circumstances, a termination in connection with a "change of control" of the Partnership. The Employment Agreement provides for a severance payment of 3.0 times Mr. Muther's annualized base salary at the time of termination in the circumstances described in clauses (a) and (b) above. In addition, the Partnership will pro
