Document:

EXHIBIT
10(iii).(f.4) 

 

Resolutions
of the Board of Directors 

Regarding Cash Compensation of Non-employee Directors 

October 26,
2011 

RESOLVED, that, effective January 1,
2012, each member of the Board of Directors who is not an employee of the
Corporation or of any of its affiliated companies (a “non-employee director”)
be compensated at the rate of $110,000 per annum, and that in addition, 

(a) each non-employee
director designated as Chair of the Audit Committee, Chair of the Compensation
Committee, or as Presiding Director be compensated at the rate of $10,000 per
annum; and 

(c) non-employee directors
receive no additional fees for serving on, or attending regular or special
meetings of, the Board or any committee of the Board, or for execution of written
consents to action in lieu of meetings of the Board or any such committee, but
be reimbursed for reasonable expenses if any; and that the resolutions
regarding non-employee director remuneration adopted by the Board of Directors
on October 28, 2009 be, and hereby are, revoked.pbpb-ex1023_503.htm

EXHIBIT 10.23

Director Compensation Plan

In accordance with the Potbelly Corporation 2013 Long-Term Incentive Plan (the "Plan"), each non-employee Director of Potbelly Corporation (the "Company") and Potbelly Illinois, Inc. is eligible to receive compensation for services rendered.  Each non-employee Director who is a member of the Board of Directors as of the 2016 Annual Meeting of the Stockholders (the "2016 Annual Meeting") is eligible to receive $110,000 in annual compensation, with an increase to $135,000 starting with the 2017 Annual Meeting of the Stockholders (the "2017 Annual Meeting").  Additional retainers will be paid to the Lead Director and certain Committee Chairs as described below.

Each non-employee Director may elect between the following forms of payment for his or her annual compensation:

	
 
	
1. 
	
The non-employee Director receives Restricted Stock Units (as defined in the Plan) (the "RSUs") having a grant date Fair Market Value of $110,000 in 2016 (to be increased to $135,000 starting in 2017) (with a grant date on or before the end of the respective second fiscal quarter); or 

	
 
	
2.  
	
The non-employee Director receives:

	
 
	
a.  
	
$50,000 in cash in 2016 (to be increased to $60,000 starting in 2017) (half of which will be paid on before the end of the respective second fiscal quarter and half of which will be paid on or before the end of the respective fiscal year); plus 

	
 
	
b.  
	
RSUs having a grant date Fair Market Value of $60,000 in 2016 (to be increased to $75,000 starting in 2017) (with a grant date on or before the end of the respective second fiscal quarter).

If any non-employee Director fails to make an election prior to the end of the first fiscal quarter, such Director will be deemed to have elected to receive compensation in the form of cash and RSUs, as set forth in paragraph 2 above.

The Lead Director as of the 2016 Annual Meeting receives an additional $20,000 retainer, the Audit Committee Chair as of the 2016 Annual Meeting receives an additional $10,000 retainer in 2016 (with an increase to $15,000 starting with the 2017 Annual Meeting), and the Compensation Committee Chair as of the 2016 Annual Meeting receives an additional $7,500 retainer in 2016 (with an increase to $10,000 starting with the 2017 Annual Meeting).  The Lead Director, Audit Committee Chair and Compensation Committee Chair may each elect between the following forms of payment for such additional retainer: 

 

	
 
	
1.
	
RSUs having a grant date Fair Market Value equal to such additional retainer amount (with a grant date on or before the end of the respective second fiscal quarter); or

	
 
	
2.
	
Cash in an amount equal to one-half such additional retainer amount (half of which will be paid on before the end of the respective second fiscal quarter and half of which will be paid on or before the end of the respective fiscal year); plus RSUs having a grant date Fair Market Value of half of such additional retainer amount (with a grant date on or before the end of the respective second fiscal quarter).

If any non-employee Director joins the Board of Directors of the Company and/or Potbelly Illinois, Inc. after the Annual Meeting of the Stockholders (the "Annual Meeting"), or if a Director begins service as the Lead Director, Audit Committee Chair, or Compensation Committee Chair after the Annual Meeting, such Director's compensation shall be pro-rated accordingly and paid prior to the next Annual Meeting.

Subject to the terms and conditions of the Restricted Stock Unit Award Agreement, RSUs shall vest as follows: fifty percent (50%) on the first anniversary of the grant date, and fifty percent (50%) on the second anniversary of the grant date.mrd-ex1030_423.htm

 

Exhibit 10.30

AMENDMENT NO. 2 TO 

GAS TRANSPORTATION AGREEMENT

This Amendment No. 2 (this “Amendment”), dated as of February 3, 2016, to that certain Gas Transportation Agreement, dated as of April 14, 2015, as amended by that certain Amendment No. 1 to Gas Transportation Agreement, dated as of August 5, 2015 (as so amended, the “Agreement”), is entered into by and among PennTex North Louisiana, LLC, a Delaware limited liability company (“Transporter”), and MRD Operating LLC, a Delaware limited liability company (“Customer”).  Transporter and Customer are each referred to herein as a “Party,” and collectively as, the “Parties.”  Capitalized terms used but not defined herein have the meaning given to them in the Agreement.

WHEREAS, Transporter has agreed to provide certain gas transportation services for Customer, and Customer has agreed to make certain payments to Transporter, pursuant to the Agreement; and

WHEREAS, the Parties desire to amend the Agreement in accordance with Article XV thereof as set forth herein.

NOW THEREFORE, in consideration of the premises of this Amendment and the agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows:

1. Definitions.  Article I of the Agreement is hereby amended by adding thereto in alphabetical order the following definitions, which shall read in full as follows:

“Customer’s Priority Firm Service Gas” shall mean an amount of Customer Gas equal to 100,000 MMBtu per Day, which shall be entitled to Priority Firm Service on the Transportation System.  

“Priority Firm Service” shall mean Firm Service that Transporter is contractually entitled to interrupt its performance only after all Interruptible Service and all other Firm Service has been curtailed in accordance with Article V. 

“Priority Firm Service Gas” shall mean all Gas entitled to Priority Firm Service on the Transportation System, including, without limitation, Customer’s Priority Firm Service Gas.  

2. Amendment and Restatement of Article V.  Article V of the Agreement is hereby amended by deleting such Article in its entirety and replacing it with the following:

Article V.Curtailment

If on any Day the quantity of Customer Gas and all other Gas available for delivery into the Transportation System on such Day exceeds the capacity of the Transportation System at any point, then Transporter shall interrupt or curtail receipts of Gas with respect to the affected point(s) only in accordance with the following:

(a) First, Transporter shall curtail all Interruptible Service Gas prior to curtailing Firm Service Gas.  In the event Transporter curtails some, but not all, Interruptible Service Gas on a particular Day, Transporter shall allocate the capacity of the Transportation System available for Interruptible Service Gas at the affected points on a pro rata basis based upon the last confirmed nominations of Interruptible Service Gas from all shippers on the Transportation System prior to the event causing the curtailment.

(b) Second, if additional curtailments are required beyond those described in the immediately preceding clause (a), Transporter shall curtail Firm Service Gas (excluding Priority Firm Service Gas).  In the event Transporter curtails some, but not all, such Firm Service Gas on a particular Day, Transporter shall allocate the capacity of the Transportation System at the affected point(s) on a pro rata basis based upon the last confirmed 

 

 

nominations of Firm Service Gas (excluding Priority Firm Service Gas) from all shippers on the Transportation System prior to the event causing the curtailment. 

(c) Third, if additional curtailments are required beyond those described in the immediately preceding clauses (a) and (b), Transporter shall curtail Priority Firm Service Gas.  In the event Transporter curtails some, but not all, such Priority Firm Service Gas on a particular Day, Transporter shall allocate the capacity of the Transportation System at the affected point(s) on a pro rata basis based upon each shipper’s Priority Firm Service Gas (including Shipper’s Priority Firm Service Gas). 

Transporter shall provide Customer notice of any interruption or curtailment of the receipt of Customer Gas into the Transportation System as is reasonable under the circumstances.

3. Demand Charge.  Article VIII of the Agreement is hereby amended by adding a new subsection (c) to the Section thereof entitled “Fees,” which shall read in full as follows:

(c) Demand Charge.  Commencing January 1, 2016 and ending December 31, 2025, for each Month, Customer shall pay to Transporter a demand charge of $360,000 per Month in consideration of Transporter’s agreement to provide Priority Firm Service to Customer.  Such demand charge shall be in addition to the transportation fee described in Section VIII(a) of this Agreement.

4. Governing Law.  This Amendment shall be governed, interpreted and construed in accordance with the laws of the State of Texas without regard to the conflicts of laws provisions thereof. 

5. Counterpart Execution.  This Amendment may be executed in any number of counterparts, each of which shall be considered an original, and all of which shall be considered one and the same instrument. Any signature delivered by a Party by facsimile transmission or electronically shall be deemed an original signature.

6. Integration with Agreement.  This Amendment shall be and hereby is incorporated into and forms a part of the Agreement.  Except as expressly provided herein, all terms and conditions of the Agreement shall remain in full force and effect.

[signature page follows]

 

 

2

 

 

IN WITNESS WHEREOF, each Party has duly executed this Amendment as of the date first written above.

 

	
	
MRD Operating LLC

 

	
By:
	
Memorial Resource Development Corp.,

	
 
	
its sole member

 

	
By:
	
/s/ Kyle N. Roane

	
Name:
	
Kyle N. Roane

	
Title:
	
Senior Vice President

 

	
	
PennTex North Louisiana, LLC

 

	
By:
	
/s/ Robert O. Bond

	
Name:
	
Robert O. Bond

	
Title:
	
Chief Operating Officer

 

[Signature Page to Amendment No. 2 to Gas Transportation Agreement]

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