Document:

Exhibit 10.1

 

AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Amendment to Employment
Agreement (the "Amendment") is made and entered into by and between Basic Energy Services, Inc., a Delaware corporation
(hereafter "Company"), and Adam Hurley (hereafter "Executive"), effective as of April 27, 2021 (the "Effective
Date").

 

WITNESSETH:

 

WHEREAS, the Company and the
Executive previously entered into that certain Employment Agreement effective as of July 19, 2018, amended as of January 1,
2019 and offer letter dated September 28, 2020 pursuant to which Executive became the Company’s Executive Vice President and
Chief Financial Officer (the "Employment Agreement");

 

WHEREAS, Section 30 of
the Employment Agreement allows the parties to amend the Employment Agreement by written instrument executed by both parties; and

 

WHEREAS, the Company and the
Executive desire to amend the Employment Agreement to clarify the amount of severance payable to Executive in connection with his position
as Executive Vice President and Chief Financial Officer with the Company;

 

NOW,
THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto agree as follows:

 

1.            Section 6(b)(1) of
the Employment Agreement is hereby amended and restated in its entirety to read as follows:

 

The Company shall pay to Executive as
additional compensation (the "Additional Payment"), an amount which is equal to "Total Cash" (defined below).
 "Total Cash" means one and a half (1.5) times the sum of (A) Executive's annual Base Salary (as in effect immediately
prior to his Termination Date) plus (B) Executive's current annual incentive target Bonus (Section 2(b)) for the
full year in which the termination of employment occurred; provided, in the event of a Change in Control and a termination of Executive
by the Company without Cause, by Executive for Good Reason or for Retirement within the six (6) months preceding or the 12 months
following a Change in Control, "Total Cash" shall be calculated as two (2) times the sum of (A) Executive's annual
Base Salary (as in effect immediately prior to his Termination Date) plus (B) the higher of (x) Executive's current annual incentive
target Bonus (Section 2(b)) for the full year in which the termination of employment occurred or (y) the highest annual incentive
Bonus received by Executive with respect to any of the last three completed fiscal years. The Company shall make the Additional Payment
to Executive in a cash lump sum not later than 60 calendar days following the Termination Date and, if applicable with respect to a Change
in Control that occurs within six (6) months after a Termination Date, the Company shall make a payment equal to the positive difference,
if any, of the Additional Payment due under this Section 6(b) applicable to the Change in Control less the Additional Payment
previously made pursuant to this Section 6(b) prior to the Change in Control to Executive in a cash lump sum not later than
60 calendar days following the Change in Control. If the 60-day payment period begins in one calendar year and ends in the subsequent
calendar year, the Additional Payment shall be paid in the subsequent calendar year.

 

    1

     

    

 

2.            Except
as otherwise specifically set forth herein, all other terms and conditions of the Employment Agreement shall remain in full force and
effect.

 

[Remainder of page intentionally blank]

 

    2

     

    

 

 IN WITNESS WHEREOF, the
Executive has executed the Amendment and the Company has caused this Amendment to be executed in its name and on its behalf by its
duly authorized officer, to be effective as of the Effective Date.

 

	 	EXECUTIVE:
	 	 
	 	Signature:	/s/ Adam L. Hurley

 

	 	Name:	Adam L. Hurley
	 	 
	 	 
	 	COMPANY:

 

		By:	/s/ Keith
Schilling

 

		Name:	Keith Schilling

 

		Its:	Chief Executive
Officer

 

    3ex_245623.htm

Exhibit 10.1

 

TWENTY-FIRST AMENDMENT

TO AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP OF

HOSPITALITY INVESTORS TRUST OPERATING PARTNERSHIP, L.P.

 

This TWENTY-FIRST AMENDMENT TO AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF HOSPITALITY INVESTORS TRUST OPERATING PARTNERSHIP, L.P. (the “Company”) is entered into as of May 1, 2021 and effective as of April 30, 2021 (this “Amendment”), by HOSPITALITY INVESTORS TRUST, INC., a Maryland corporation, as general partner (the “General Partner”), and BROOKFIELD STRATEGIC REAL ESTATE PARTNERS II HOSPITALITY REIT II LLC, a Delaware limited liability company, as a Limited Partner and the holder of all issued and outstanding Class C Units (the “Initial Preferred LP”). Capitalized terms used but not otherwise defined in this Amendment shall have the meanings given to such terms in the Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of March 31, 2017 (as amended by the First Amendment thereto, dated as of July 10, 2017, the Second Amendment thereto, dated as of September 29, 2017, the Third Amendment thereto, dated as of December 29, 2017, the Fourth Amendment thereto, dated as of February 27, 2018, the Fifth Amendment thereto, dated as of March 29, 2018, the Sixth Amendment thereto, dated as of July 2, 2018, the Seventh Amendment thereto, dated as of September 28, 2018, the Eighth Amendment thereto, dated as of December 31, 2018, the Ninth Amendment thereto, dated as of February 27, 2019, the Tenth Amendment thereto, dated as of March 29, 2019, the Eleventh Amendment thereto, dated as of July 1, 2019, the Twelfth Amendment thereto, dated as of September 30, 2019, the Thirteenth Amendment thereto, dated as of December 31, 2019, the Fourteenth Amendment thereto, dated of March 31, 2020, the Fifteenth Amendment thereto, dated of July 1, 2020, the Sixteenth Amendment thereto, dated September 30, 2020, the Seventeenth Amendment thereto, dated December 24, 2020, the Eighteenth Amendment thereto, dated December 31, 2020, the Nineteenth Amendment thereto, dated March 30, 2021, the Twentieth Amendment thereto, dated March 31, 2021, and thereafter from time to time, the “Partnership Agreement”).

 

RECITALS:

 

WHEREAS, because of the liquidity constraints the General Partner and the Company are facing as a result of the coronavirus pandemic, they have been engaging in ongoing discussions with the Initial Preferred LP regarding strategic and liquidity alternatives; and

 

WHEREAS, in order to assist in facilitating the successful outcome of these discussions, the General Partner and the Initial Preferred LP previously amended the Partnership Agreement to convert the Class C Cash Distribution Amounts payable on December 31, 2020 and March 31, 2021 into distributions payable in additional Class C Units, subject to a requirement that such converted Class C Cash Distribution Amounts be redeemed if a restructuring support agreement was not executed and delivered on or before April 30, 2021 (or, if a restructuring support agreement had been executed and delivered on or before April 30, 2021, following the termination of such restructuring support agreement); and

 

 

 

 

WHEREAS, for the same purposes, the General Partner and the Initial Preferred LP desire to further amend the Partnership Agreement to extend the date by which a restructuring support agreement must be executed and delivered (or, having been executed and delivered, not terminated) to May 14, 2021.

 

NOW, THEREFORE, in consideration of the premises made hereunder, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the General Partner and the Initial Limited Partner, intending to be legally bound, hereby agree as follows:

 

	
			1.

				
			Amendments.

			

 

(a)         The defined term “Restructuring Failure Event” in the Partnership Agreement is hereby amended and restated in its entirety as follows:

 

“Restructuring Failure Event” means (i) a Restructuring Support Agreement has not been executed and delivered on or before May 14, 2021 or (ii) if a Restructuring Support Agreement has been executed and delivered on or before May 14, 2021, the termination of such Restructuring Support Agreement.

 

	
			2.

				
			Miscellaneous. 

			

 

(a)         The parties acknowledge and agree that the execution and delivery of this Amendment by the Initial Preferred LP shall, to the extent such approval is required pursuant to Section 16.3 of the Partnership Agreement, be deemed to be the approval by the affirmative vote of the Holders of at least a majority of the Class C Units of this Amendment and all transactions contemplated hereby.

 

(b)         This Amendment may be executed (including by electronic transmission) with counterpart signature pages or in counterparts, all of which together shall constitute one agreement binding on all of the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Amendment immediately upon affixing its signature hereto.

 

(c)         This Amendment shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of laws thereof.

 

(d)          If any provision of this Amendment is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby.

 

(e)         This Amendment contains the entire understanding and agreement among the parties hereto with respect to the subject matter hereof and supersedes any other prior written or oral understandings or agreements among them with respect thereto.

 

(f)         The Partnership Agreement (as amended by this Amendment) shall continue to be in full force and effect and is hereby in all respects ratified and confirmed.

 

[SIGNATURE PAGE FOLLOWS]

 

2

 

 

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly executed this Amendment as of the date and year first aforesaid.

 

 

	 	
			GENERAL PARTNER:

				 
	 	
			HOSPITALITY INVESTORS TRUST, INC.

				 
	 	
			By:

				/s/ Jonathan P. Mehlman	 
	 	 	
			Name: Jonathan P. Mehlman

				 
	 	 	
			Title: President and Chief Executive Officer

				 
	 	 	 
	 	
			INITIAL PREFERRED LP:

				 
	 	BROOKFIELD STRATEGIC REAL ESTATE	 
	 	
			PARTNERS II HOSPITALITY REIT II LLC

				 
	 	
			By:

				/s/ Murray Goldfarb	 
	 	 	
			Name: Murray Goldfarb

				 
	 	 	
			Title: Managing Partner

				 

 

[Signature page to Amendment]

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