Document:

Exhibit

EXHIBIT 10.1

Sixth AMENDMENT TO THIRD AMENDED
AND RESTATED CREDIT AGREEMENT
This SIXTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Sixth Amendment”), dated as of February 21, 2018 (the “Sixth Amendment Effective Date”), is among MARTIN OPERATING PARTNERSHIP L.P., a Delaware limited partnership, as borrower (the “Borrower”), MARTIN MIDSTREAM PARTNERS L.P., a Delaware limited partnership (the “MLP”), the Lenders (as defined below) party hereto, and ROYAL BANK OF CANADA, as administrative agent (the “Administrative Agent”) and collateral agent for the Lenders and as L/C Issuer and a Lender.

WHEREAS, the Borrower, the MLP, the Administrative Agent, and the lenders party thereto (the “Lenders”) are parties to that certain Third Amended and Restated Credit Agreement dated as of March 28, 2013 (as amended by that certain First Amendment to Third Amended and Restated Credit Agreement dated as of July 12, 2013, that certain Second Amendment to Third Amended and Restated Credit Agreement dated as of May 5, 2014, that certain Third Amendment to Third Amended and Restated Credit Agreement dated as of June 27, 2014, that certain Fourth Amendment to Third Amended and Restated Credit Agreement dated as of June 23, 2015, that certain Fifth Amendment to Third Amended and Restated Credit Agreement dated as of April 27, 2016, and as may be further renewed, extended, amended, restated or modified from time to time, the “Credit Agreement”);

WHEREAS, the Borrower has requested that the Administrative Agent and Lenders amend the Credit Agreement to reflect the changes set forth below; and

WHEREAS, the Administrative Agent and Lenders party hereto have agreed to such request, subject to the terms and conditions set forth herein.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

Section 1.Definitions.  Unless otherwise defined in this Sixth Amendment, terms used in this Sixth Amendment that are defined in the Credit Agreement shall have the meanings assigned to such terms in the Credit Agreement (as amended by this Sixth Amendment).  The interpretive provisions set forth in Section 1.02 of the Credit Agreement shall apply to this Sixth Amendment.

Section 2.Amendments to Credit Agreement.  In reliance on the representations, warranties, covenants and agreements contained in this Sixth Amendment, but subject to the satisfaction of each condition precedent set forth in Section 3 hereof, the Credit Agreement shall be amended effective as of the Sixth Amendment Effective Date in the manner provided in this Section 2.

(a)Amended Definitions.  The definitions of “Committed Borrowing”, “Committed Loan Notice”, “Consolidated Fund Debt” and “Loan Documents” contained in Section 1.01 of the Credit Agreement shall be amended and restated in their entirety as follows:

“Committed Borrowing” means a borrowing (including any Inventory Financing Sublimit Borrowing) consisting of simultaneous Committed Loans of the same Type and having the same Interest Period made by each of the Lenders pursuant to Section 2.01.

“Committed Loan Notice” means a notice of (a) a Committed Borrowing (including Inventory Financing Sublimit Borrowing), (b) a conversion of Committed Loans from one Type to the other, (c) a conversion of Committed Loans from one Class to the other or (d) a continuation of 

Committed Loans as the same Type, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A-1 or A-2, as applicable.

“Consolidated Funded Debt” means, as of any date of determination, for the MLP, the Borrower and the Restricted Subsidiaries on a consolidated basis, an amount equal to (x) the sum of (a) the outstanding principal amount of all obligations and liabilities, whether current or long-term, for borrowed money (including Letters of Credit and all other Obligations hereunder), (b) Attributable Indebtedness with respect to Capital Leases, (c) Attributable Indebtedness with respect to Synthetic Lease Obligations, and (d) without duplication, all Guaranty Obligations with respect to Indebtedness of the type specified in clauses (a) through (c) above, minus (y) to the extent included in clause (x) above, the aggregate principal amount of any outstanding Inventory Financing Sublimit Borrowing; provided, that (i) notwithstanding the foregoing, at any time following the Qualified Factoring Program Reclassification Date, principal or similar amounts under any Permitted Factoring Transaction shall be included in Consolidated Funded Debt for purposes of determining the Leverage Ratio and Senior Leverage Ratio and (ii) for purpose of clause (y) above, the outstanding Inventory Financing Sublimit Borrowings on the last day of each month shall be deemed to have been reduced by the Inventory Sublimit Prepayment Amount required to be made in the immediately succeeding calendar month pursuant to Section 2.03(f).

 “Loan Documents” means this Agreement, the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment, each Note, the Master Consent to Assignment, each of the Collateral Documents, the Agent/Arranger Fee Letters, the Engagement Letter, each Committed Loan Notice, each Compliance Certificate, the Guaranties, each Letter of Credit Application and each other agreement, document or instrument executed and delivered by a Loan Party from time to time in connection with this Agreement and the Notes. 

(b)New Definitions.  Section 1.01 of the Credit Agreement and the list of defined terms set forth therein shall be amended to add the following definitions to such Section and the list of defined terms set forth therein in appropriate alphabetical order to read in full as follows:

“Borrowing Base Certificate” means a certificate duly executed a Responsible Officer of the Borrower, substantially in the form of Exhibit I, prepared with respect to all Financed Eligible Inventory owned by the Borrower and its Restricted Subsidiaries on each Inventory Financing Sublimit Borrowing Base Date, (a) stating that the aggregate principal amount outstanding under the Inventory Financing Sublimit Tranche, after giving effect to any Inventory Financing Sublimit Borrowings made on or as of such Inventory Financing Sublimit Borrowing Base Date (if any), and giving effect to any prepayment made or required to be made contemporaneously with the delivery of such Borrowing Base Certificate pursuant to Section 2.03(f), does not exceed the lesser of (x) the Inventory Financing Sublimit Borrowing Base as of such Inventory Financing Sublimit Borrowing Base Date and (y) Inventory Financing Sublimit Availability as of such Inventory Financing Sublimit Borrowing Base Date, and (b) describing in reasonable detail the volumes, locations, sale contracts, Sale Values, Swap Contracts, and Hedged Values of the Financed Eligible Inventory.

“Class” means, with respect to a Committed Loan, its character as a General Loan or an Inventory Financing Loan.

“Committed Loan Notice (Financed Inventory)” means a Committed Loan Notice that includes the information related to (i) the applicable Inventory Financing Sublimit Borrowing required by Sections (c) and (d) of the form of Committed Loan Notice attached hereto as Exhibit A-1 or (ii) the conversion of General Loans to Inventory Financing Loans required by Section 5 of the form of Conversion/Continuation Notice attached hereto as Exhibit A-2.

“Eligible Inventory” means Petroleum Products owned by the Borrower and its Restricted Subsidiaries, specified by the Borrower as Eligible Inventory in the corresponding Borrowing Base Certificate or Committed Loan Notice (Financed Inventory), as applicable, which are the subject of either (x) sales contracts or (y) Swap Contracts (including over-the-counter commodity contracts, futures contracts and physical forward sales contracts at fixed prices); provided, that such Petroleum Products shall only constitute Eligible Inventory so long as (a)(i) the Borrower or its Restricted Subsidiaries shall have lawful and absolute title thereto (specifically excluding, however, tank bottoms and pipeline line fill of the Borrower and its Restricted Subsidiaries classified as long-term assets), subject only to Permitted Eligible Inventory Encumbrances and (ii) the Collateral Agent, for the benefit of the Lenders and the Lender Swap Parties, shall have a first priority security interest with respect to such Petroleum Products (subject only to Permitted Eligible Inventory Encumbrances), (b) the Collateral Agent, for the benefit of the Lenders and the Lender Swap Parties, shall have a first priority security interest (subject only to Permitted Eligible Inventory Encumbrances) with respect to such sales contract or Swap Contracts, and (c) unless such requirement is waived by the Collateral Agent, each applicable commodities intermediary in respect of any commodities account relating to any Financed Eligible Inventory shall have executed and delivered an Inventory Financing Control Agreement.

“Financed Eligible Inventory” means all Eligible Inventory that the purchase or storage of which has been fully or partially financed (or deemed financed) by Inventory Financing Loans.

“General Loans” means all Loans other than Inventory Financing Loans; provided, that Inventory Financing Loans may be converted into General Loans in accordance with Section 2.03(f) and Section 2.02(a).

“Hedged Value” means, as to Financed Eligible Inventory that is not subject to sales contracts, an amount equal to the volumes of such Financed Eligible Inventory multiplied by the prices fixed with respect thereto in the corresponding Swap Contracts.

“Inventory Financing Control Agreement” means an agreement that perfects by control the Lien in favor of the Collateral Agent for the benefit of the Lenders and the Lender Swap Parties in respect of one or more commodities accounts, as required in connection with the Inventory Financing Sublimit Tranche.

“Inventory Financing Loan” means all Loans outstanding under the Inventory Financing Sublimit Tranche; provided, that General Loans may be converted into Inventory Financing Loans in accordance with Section 2.02(a).  

“Inventory Financing Sublimit Availability” means at any time, the lowest of (a) the then Aggregate Committed Sums, (b) $75,000,000 and (c) solely with respect to the period between March 1 to June 30 of each year, $10,000,000. The Inventory Financing Sublimit is part of, and not in addition to, the Aggregate Committed Sum.

“Inventory Financing Sublimit Borrowing” means a Committed Borrowing under the Inventory Financing Sublimit Tranche.

“Inventory Financing Sublimit Borrowing Base” means, as determined upon the delivery of each Borrowing Base Certificate delivered pursuant to Section 6.01(c), as of the Inventory Financing Sublimit Borrowing Base Date specified therein, the amount equal to the product of (a) 90% and (b) an amount equal to the sum of (in each case, as determined as of such Inventory Financing Sublimit Borrowing Base Date) (i) the Sale Value of Financed Eligible Inventory that is subject to sales contracts, plus (ii) the Hedged Value of Financed Eligible Inventory that is not 

subject to sales contracts, minus (iii) all storage, transportation and other applicable costs related to such Financed Eligible Inventory as reasonably estimated by the Borrower.

“Inventory Financing Sublimit Borrowing Base Date” means the last day of each calendar month.

“Inventory Financing Sublimit Tranche” has the meaning set forth in Section 2.01(c).

“Inventory Sublimit Prepayment Amount” has the meaning set forth in Section 2.03(f).

“New Financed Inventory” has the meaning set forth in Section 4.02(e).

“Permitted Eligible Inventory Encumbrances” means Liens permitted under Section 7.01 (c), (d), (f) and (l).

“Petroleum Products” means crude oil condensate, natural gas, natural gas liquids, liquified petroleum gases, refined petroleum products or any blend thereof.

“Sale Value” means, as to Financed Eligible Inventory that is subject to sales contracts, an amount equal to the volumes of such Financed Eligible Inventory multiplied by the sale price with respect thereto in the corresponding sales contracts.

“Sixth Amendment” means that certain Sixth Amendment to Third Amended and Restated Credit Agreement dated as of February 21, 2018 by and among the Borrower, MLP, the other Loan Parties party thereto, the Lenders party thereto, the Administrative Agent and the Collateral Agent.

“Sixth Amendment Effective Date” means February 21, 2018.

(c)Amendment to Section 2.01(a) of the Credit Agreement. Paragraph (a) of Section 2.01 of the Credit Agreement shall be amended and restated in its entirety to read in full as follows:

Subject to and in reliance upon the terms, conditions, representations and warranties in the Loan Documents, each Lender severally, but not jointly, agrees to make loans (including any Loan advanced under the Inventory Financing Sublimit Tranche pursuant to Section 2.01(c), each such Loan, a “Committed Loan”) to the Borrower from time to time on any Business Day during the period from the Closing Date to the Maturity Date (the “Availability Period”), in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Pro Rata Share of one or more Committed Borrowings under the Facility, not to exceed, when aggregated with such Lender’s Pro Rata Share of the Outstanding Amount of the L/C Obligations, such Lender’s Committed Sum.  Such Committed Borrowings may be repaid and reborrowed from time to time in accordance with the terms and provisions of the Loan Documents; provided, that, each such Committed Borrowing must occur on a Business Day and no later than the Business Day immediately preceding the Maturity Date.

(d)Addition of a new paragraph (c) to Section 2.01 of the Credit Agreement. A new paragraph (c) shall be added to the end of Section 2.01 of the Credit Agreement to read in its entirety as follows:

Subject to and in reliance upon the terms, conditions, representations and warranties in the Loan Documents, each Lender agrees that, upon the request of the Borrower, certain Committed Loans made pursuant to Section 2.01(a), as are specified by the Borrower in the applicable Committed Loan Notice (Financed Inventory), will be designated as part of a sublimit (the “Inventory Financing Sublimit Tranche”) to finance (i) the purchase and sale by the Borrower or any Restricted Subsidiary of Eligible Inventory, (ii) the Eligible Inventory subject to a Swap 

Contract entered into by the Borrower or any Restricted Subsidiary, and (iii) storage and transportation costs relating thereto; provided, that on the date any such Committed Loan is so designated, the aggregate outstanding Committed Loans under the Inventory Financing Sublimit Tranche shall not exceed the Inventory Financing Sublimit Availability. With respect to any Inventory Financing Sublimit Borrowing, such Inventory Financing Borrowing shall be deemed to have been used to finance the Eligible Inventory specified in the applicable Committed Loan Notice (Financed Inventory) in accordance with clause (i), (ii) and (iii) of the preceding sentence, regardless of the manner in which the proceeds of such Inventory Financing Sublimit Borrowing are actually applied. 

(e)Amendment to Section 2.02(a) of the Credit Agreement. Paragraph (a) of Section 2.02 of the Credit Agreement shall be amended by (i) inserting the text “or one Class to the other” immediately after the text “one Type to the other” contained in the first sentence of such paragraph and (ii) deleting both clause (v) thereof and the word “and” immediately before such clause (v) and replacing them with the following new clauses to read in their entirety as follows:

(v) the Class of Committed Loans to be borrowed or to which existing Committed Loans are to be converted, (vi) in case of an Inventory Financing Sublimit Borrowing, the certifications required by Section 4.02(e) and (vii) if applicable, the duration  of the Interest Period with respect thereto.

(f)Amendment to Section 2.03(a) of the Credit Agreement. Paragraph (a) of Section 2.03 of the Credit Agreement shall be amended by (i) inserting the text “and Class(es)” immediately after the text “prepayment and the Type(s)” contained in the second sentence of such Section and (ii) adding a new sentence to the end of such Section to read in its entirety as follows:

Any notice of prepayment that fails to specify the Class of any Committed Loan being prepaid shall be deemed to have specified such Class to be a General Loan.

(g)Addition of a new paragraph (f) to Section 2.03 of the Credit Agreement. A new paragraph (f) shall be added to Section 2.03 of the Credit Agreement to read in its entirety as follows:

Inventory Financing Sublimit Borrowings. If on any Inventory Financing Sublimit Borrowing Base Date the aggregate outstanding Inventory Financing Sublimit Borrowings exceed the lesser of (x) the Inventory Financing Sublimit Availability and (y) the Inventory Sublimit Borrowing Base (such excess, the “Inventory Sublimit Prepayment Amount”), then, on or prior to the tenth Business Day of the calendar month immediately succeeding such Inventory Financing Sublimit Borrowing Base Date, the Borrower shall (i) prepay the outstanding Inventory Financing Sublimit Borrowings, (ii) convert outstanding Inventory Sublimit Borrowings to General Loans or (iii) prepay the outstanding Inventory Financing Sublimit Borrowings and convert outstanding Inventory Sublimit Borrowings to General Loans, in any case of the foregoing clauses (i), (ii) or (iii), in an amount equal to the Inventory Sublimit Prepayment Amount for such Inventory Financing Sublimit Borrowing Base Date.

(h)Addition of a new paragraph (g) to Section 2.03 of the Credit Agreement. A new paragraph (g) shall be added to Section 2.03 of the Credit Agreement to read in its entirety as follows:

Prepayment Class. Unless otherwise specified in the applicable prepayment notice delivered pursuant to Section 2.03(a), or in writing by the Borrower prior to such prepayment, all prepayments pursuant to Section 2.03(a), (b) or (c) shall be deemed to be prepayments of first, General Loans and then, to the extent no General Loans are outstanding, Inventory Financing Loans.

(i)Addition of a new paragraph (e) to Section 4.02 of the Credit Agreement. A new paragraph (e) shall be added to the end of paragraph (d) of Section 4.02 of the Credit Agreement to read in its entirety as follows:

In case of any Inventory Financing Sublimit Borrowing, (i) all of the Petroleum Products to which such Inventory Financing Sublimit Borrowing relates (the “New Financed Inventory”) shall constitute Eligible Inventory, (ii) the price risk relating to such New Financed Inventory shall have been fully hedged pursuant to a Swap Contract or sold forward pursuant to a sales contract (subject to immaterial deficiencies described in Section 6.19(b)) and (iii) the Borrower shall have delivered to the Administrative Agent a Committed Loan Notice (Financed Inventory), whereby the Borrower certifies (A) as to the clauses (i) and (ii) above, and (B) that the principal amount of such Inventory Financing Sublimit Borrowing does not exceed an amount equal to the product of (a) 90%  and (b) an amount equal to the sum of (in each case, as determined as of such Inventory Financing Sublimit Borrowing Base Date) (x) the Sale Value of Financed Eligible Inventory that is subject to sales contracts, plus (y) the Hedged Value of Financed Eligible Inventory that is not subject to sales contracts, minus (z)  all storage, transportation and other applicable costs related to such Financed Eligible Inventory as reasonably estimated by the Borrower.  

(j)Amendment to Sections 6.01(a) and 6.01(b) of the Credit Agreement. Paragraph (a) of Section 6.01 of the Credit Agreement shall be amended by deleting the word “and” at the end of the paragraph, and paragraph (b) of Section 6.01 of the Credit Agreement shall be amended by replacing the punctuation “.” at the end of the paragraph with the phrase “; and”.

(k)Addition of a new paragraph (c) to Section 6.01 of the Credit Agreement. A new paragraph (c) shall be added to the end of Section 6.01 of the Credit Agreement to read in its entirety as follows:
so long as any Inventory Financing Loans are outstanding, on or prior to the tenth Business Day of each calendar month, a Borrowing Base Certificate providing information as of the last day of the immediately preceding calendar month.

(l)Amendment to Section 6.09 of the Credit Agreement. Section 6.09 of the Credit Agreement shall be amended and restated in its entirety to read in full as follows:

Section 6.09 Books and Records.     (a) Maintain in all material respects proper books of record and account (including the Eligible Inventory and the Swap Contracts and sales contracts related thereto), in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving its assets and business, and (b) maintain such books of record and account (including the Eligible Inventory and the Swap Contracts and sales contracts related thereto) in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over it.

(m) Addition of a new Section 6.19 to the Credit Agreement. Section 6.19 of the Credit Agreement shall be added to the end of Article VI to read in its entirety as follows:

Section 6.19 Inventory Financing Sublimit Tranche. 
    
(a) The Borrower shall provide prompt notice of any change, amendment or modification that occurs with respect to a Swap Contract or sales contract related to Financed Eligible Inventory to the extent that such change, amendment or modification relates to the timing or amount of payments thereunder or would cause a prepayment to be required under Section 2.03(f).

(b) The Borrower shall, and shall cause each of the Restricted Subsidiaries to, maintain full Swap Contracts or forward sale contracts at all times with respect to Financed Eligible Inventory; provided, that the unavailability of derivatives with respect to the precise type of Petroleum Product 

that constitutes given Financed Eligible Inventory, basis differentials that cannot be fully hedged, or similar circumstances, shall not result in given Financed Eligible Inventory being considered to be not “fully hedged” for the purpose of this clause (b), so long as the Borrower is in good faith attempting to cause its commodity price risk with respect to such Financed Eligible Inventory to be minimized as reasonably possible.

(n)Amendment to Section 7.02(a)(xi) of the Credit Agreement. Section 7.02(a)(xi) of the Credit Agreement shall be amended by replacing the text “$1,000,000” with the text “$2,000,000”. 

(o)Amendment to Section 7.14(b) of the Credit Agreement. Section 7.14(b) of the Credit Agreement shall be amended and restated in its entirety to read as follows:

Leverage Ratio.  Permit the Leverage Ratio as of the end of any fiscal quarter to be greater than: 

(i) with respect to the fiscal quarters ending in March and June of 2018, 5.75 to 1.00; 

(ii) with respect to the fiscal quarters ending in September and December of 2018 and March of 2019, 5.50 to 1.00; and 

(iii) with respect to each fiscal quarter ending in June of 2019 and thereafter, 5.25 to 1.00, except that the Borrower may elect a maximum Leverage Ratio of 5.50 to 1.00 for the last day of the fiscal quarter in which an Acquisition or an acquisition of the equity interests of one or more new Restricted Subsidiaries has occurred and for the two fiscal quarters immediately following such acquisition (the “Acquisition Step-up Election”); provided that (i) such acquisition shall have a purchase price of at least $50,000,000, (ii) any Restricted Subsidiary acquired in connection with such acquisition shall remain designated as a Restricted Subsidiary at all times during the effectiveness of the Acquisition Step-up Election and (iii) after the conclusion of the applicable time period for any Acquisition Step-up Election, the Borrower must wait at least one full fiscal quarter before making another Acquisition Step-up Election.

(p)Amendment to Section 7.14(c) of the Credit Agreement. Section 7.14(c) of the Credit Agreement shall be amended and restated in its entirety to read as follows:

Senior Leverage Ratio. Permit the Senior Leverage Ratio as of the end of any fiscal quarter to be greater than 3.25 to 1.00.

(q)Replacement of Exhibit A-1 to the Credit Agreement. Exhibit A-1 to the Credit Agreement shall be replaced in its entirety with Annex I attached hereto.

(r)Replacement of Exhibit A-2 to the Credit Agreement. Exhibit A-2 to the Credit Agreement shall be replaced in its entirety with Annex II attached hereto.

(s)Addition of Exhibit I to the Credit Agreement. A new Exhibit I as Annex III attached hereto shall be added after the end of Exhibit H to the Credit Agreement. The phrase “I     Borrowing Base Certificate” shall be added to the end of the list of exhibits in the table of contents of the Credit Agreement.

Section 3.Conditions of Effectiveness.  This Sixth Amendment shall not be effective until the date each of the following conditions precedent has been satisfied:

(a)the Administrative Agent has received a counterpart of this Sixth Amendment (which may be by telecopy or other electronic transmission) executed by the Borrower, the MLP, the other Loan Parties, the Administrative Agent, and Lenders constituting Required Lenders;

(b)the Administrative Agent has received a certificate signed by a Responsible Officer of the Borrower certifying that (i) the representations and warranties contained in Article V of the Credit Agreement are true and correct in all material respects on and as of such date (unless such representations and warranties specifically refer to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date), (ii) no Default or Event of Default has occurred and is continuing under the Credit Agreement as of such date, (iii) since December 31, 2016, there has been no event or circumstance that has or could reasonably be expected to have a Material Adverse Effect, (iv) there is no litigation, investigation or proceeding known to and affecting the Borrower or any affiliate for which the Borrower is required to give notice under the Credit Agreement, and (v) no action, suit, investigation or proceeding is pending or, to the knowledge of such officer, threatened in any court or before any arbitrator or Governmental Authority by or against the Borrower, any Guarantor, the MLP’s general partner, or any of their respective properties that could reasonably be expected to have a Material Adverse Effect; and

(c)the Borrower has paid (i) an amendment fee to the Administrative Agent (for the benefit of each Lender party hereto) in an aggregate amount equal to 0.10% of each such Lender’s Commitment as of the date hereof and (ii) the Administrative Agent’s reasonable legal fees and expenses to the extent invoiced prior to closing;

(d)the Administrative Agent has received such other documents as may be reasonably required by the Administrative Agent, including a Borrowing Base Certificate and Committed Loan Notice (Financed Inventory) with respect to the Loans deemed to be Inventory Financing Loans on the date hereof.

Section 4.Representations and Warranties.  In order to induce the Administrative Agent and the Lenders to enter into this Sixth Amendment, each Loan Party represents and warrants to the Administrative Agent and to each Lender that:

(a)This Sixth Amendment, the Credit Agreement as amended hereby, and each Loan Document have been duly authorized, executed, and delivered by the Borrower and the applicable Loan Parties and constitute their legal, valid, and binding obligations enforceable in accordance with their respective terms (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium, and similar laws affecting creditors’ rights generally and to general principles of equity).

(b)The representations and warranties set forth in Article V of the Credit Agreement and in the Collateral Documents are true and correct in all material respects on and as of the Sixth Amendment Effective Date, after giving effect to this Sixth Amendment, as if made on and as of the Sixth Amendment Effective Date, except to the extent such representations and warranties relate solely to an earlier date.

(c)As of the date hereof, after giving effect to this Sixth Amendment, no Default or Event of Default has occurred and is continuing or would result immediately after giving effect to this Sixth Amendment and the transactions contemplated hereby.

(d)No Loan Party has any defense to payment, counterclaim or rights of set-off with respect to the Obligations on the date hereof.

Section 5.Effect of Amendment.

(a)This Sixth Amendment (i) except as expressly provided herein, shall not be deemed to be a consent to the modification or waiver of any other term or condition of the Credit Agreement or of any of the instruments or agreements referred to therein, and (ii) shall not prejudice any right or rights which the Administrative Agent, the Collateral Agent, or the Lenders may now or hereafter have under or in connection with the Credit Agreement, as amended by this Sixth Amendment.  Except as otherwise expressly provided by this Sixth Amendment, all of the terms, conditions and provisions of the Credit Agreement shall remain the same.  It is declared and agreed by each of the parties hereto that the Credit Agreement, as amended hereby, shall continue in 

full force and effect, and that this Sixth Amendment and such Credit Agreement shall be read and construed as one instrument.

(b)Each of the undersigned Guarantors is executing this Sixth Amendment in order to evidence that it hereby consents to and accepts the terms and conditions of this Sixth Amendment and the transactions contemplated thereby, agrees to be bound by the terms and conditions hereof, and ratifies and confirms that each Guaranty and each of the other Loan Documents to which it is a party is, and shall remain, in full force and effect after giving effect to this Sixth Amendment.  The Borrower and each of the other Loan Parties hereby confirm and agree that all Liens and other security now or hereafter held by the Collateral Agent for the benefit of the Lenders as security for payment of the Obligations are the legal, valid, and binding obligations of the Borrower and the Loan Parties, remain in full force and effect, are unimpaired by this Sixth Amendment, and are hereby ratified and confirmed as security for payment of the Obligations.

(c)No failure or delay on the part of the Administrative Agent or the Lenders to exercise any right or remedy under the Credit Agreement, any other Loan Document or applicable law shall operate as a waiver thereof, nor shall any single partial exercise of any right or remedy preclude any other or further exercise of any right or remedy, all of which are cumulative and may be exercised without notice except to the extent notice is expressly required (and has not been waived) under the Credit Agreement, the other Loan Documents and applicable law.

(d)Upon and after the execution of this Amendment by each of the parties hereto, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified hereby.

Section 6.Miscellaneous.  This Sixth Amendment shall for all purposes be construed in accordance with and governed by the laws of the State of New York and applicable federal law.  The captions in this Sixth Amendment are for convenience of reference only and shall not define or limit the provisions hereof.  This Sixth Amendment may be executed in separate counterparts, each of which when so executed and delivered shall be an original, but all of which together shall constitute one instrument.  In proving this Sixth Amendment, it shall not be necessary to produce or account for more than one such counterpart.  Delivery of an executed counterpart of this Sixth Amendment by telecopier or other electronic means shall be effective as delivery of a manually executed counterpart of this Sixth Amendment.

Section 7.Entire Agreement.  THE CREDIT AGREEMENT (AS AMENDED BY THIS SIXTH AMENDMENT) AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

Remainder of Page Intentionally Blank.
Signature Pages to Follow.

IN WITNESS WHEREOF, the parties hereto have caused this Sixth Amendment to be duly executed and delivered by their proper and duly authorized officers as of the date and year first above written.
MARTIN OPERATING PARTNERSHIP L.P., 
a Delaware limited partnership,
as Borrower

By:    MARTIN OPERATING GP LLC,
its General Partner

By:    MARTIN MIDSTREAM PARTNERS L.P.,
its Sole Member

By:    MARTIN MIDSTREAM GP LLC,
its General Partner

By:      /s/ Robert D. Bondurant           
Robert D. Bondurant,
Executive Vice President, Treasurer and   
Chief Financial Officer

MARTIN MIDSTREAM PARTNERS L.P.,
a Delaware limited partnership,
as a Guarantor

By:    MARTIN MIDSTREAM GP LLC,
its General Partner

By:    /s/ Robert D. Bondurant           
Robert D. Bondurant,
Executive Vice President, Treasurer and   
Chief Financial Officer

MARTIN OPERATING GP LLC, 
a Delaware limited liability company,
as a Guarantor

By:    MARTIN MIDSTREAM PARTNERS L.P.,
its Sole Member

By:    MARTIN MIDSTREAM GP LLC,
its General Partner

By:    /s/ Robert D. Bondurant           
Name:    Robert D. Bondurant,
Title:    Executive Vice President, Treasurer and   
Chief Financial Officer

MARTIN MIDSTREAM FINANCE CORP.,
a Delaware corporation,
as a Guarantor

By:    /s/ Robert D. Bondurant           
Name:    Robert D. Bondurant,
Title:    Executive Vice President and   
Chief Financial Officer

MOP MIDSTREAM HOLDINGS LLC,
a Delaware limited liability company,
as a Guarantor

By:    /s/ Robert D. Bondurant           
Name:    Robert D. Bondurant,
Title:    Executive Vice President, Treasurer and   
Chief Financial Officer

TALEN’S MARINE & FUEL, LLC,
a Louisiana limited liability company,
as a Guarantor

By:    /s/ Robert D. Bondurant           
Name:    Robert D. Bondurant,
Title:    Executive Vice President, Treasurer and   
Chief Financial Officer

MARTIN MIDSTREAM NGL HOLDINGS, LLC, a Delaware limited liability company,
as a Guarantor

By:        /s/ Robert D. Bondurant           
Name:    Robert D. Bondurant
		
	Title:
	Executive Vice President and Chief 

Financial Officer

MARTIN MIDSTREAM NGL HOLDINGS II, LLC, a Delaware limited liability company,
as a Guarantor

By:       /s/ Robert D. Bondurant           
Name:    Robert D. Bondurant
		
	Title:
	Executive Vice President and Chief 

Financial Officer

CARDINAL GAS STORAGE PARTNERS LLC,
a Delaware limited liability company,
as a Guarantor

By:        /s/ Robert D. Bondurant           
Name:    Robert D. Bondurant
Title:    Executive Vice President

PERRYVILLE GAS STORAGE LLC, 
a Delaware limited liability company,
as a Guarantor

By:        /s/ Robert D. Bondurant           
Name:    Robert D. Bondurant
Title:    Executive Vice President

ARCADIA GAS STORAGE, LLC, 
a Texas limited liability company,
as a Guarantor

By:        /s/ Robert D. Bondurant           
Name:    Robert D. Bondurant
Title:    Executive Vice President

CADEVILLE GAS STORAGE LLC, 
a Delaware limited liability company,
as a Guarantor

By:        /s/ Robert D. Bondurant           
Name:    Robert D. Bondurant
Title:    Executive Vice President

MONROE GAS STORAGE COMPANY, LLC, 
a Delaware limited liability company,
as a Guarantor

By:       /s/ Robert D. Bondurant           
Name:    Robert D. Bondurant
Title:    Executive Vice President

ROYAL BANK OF CANADA,
as Administrative Agent and Collateral Agent

By:       /s/ Rodica Dutka           
Name:    Rodica Dutka
Title:    Manager, Agency

ROYAL BANK OF CANADA,
as a Lender and as L/C Issuer

By:        /s/ Jason S. York           
Name:  Jason S. York
Title:   Authorized Signatory

Wells Fargo Bank, N.A.,
as Syndication Agent and a Lender

By:       /s/ Charles D. Kirkham           
Name:    Charles D. Kirkham
Title:    Managing Director

ABN AMRO CAPITAL USA LLC,
as Co-Documentation Agent and a Lender

By:       /s/ Darrell Holley           
Name:    Darrell Holley
Title:    Managing Director

By:       /s/ Kaylan Hopson           
Name:    Kaylan Hopson
Title:    Vice President

REGIONS BANK,
as Co-Documentation Agent and a Lender

By:       /s/ Cody Chance           
Name:    Cody Chance
Title:    Vice President

BNP PARIBAS,
as a Lender

By:       /s/ Joe Onischuk           
Name:    Joe Onischuk
Title:    Managing Director

By:        /s/ Mark Renaud           
Name:    Mark Renaud
Title:    Managing Director

CAPITAL ONE, NATIONAL ASSOCIATION,
as a Lender

By:       /s/ Christopher Kuna           
Name:    Christopher Kuna
Title:    Vice President

NATIXIS,
as a Lender

By:        /s/ Jarrett Price           
Name:    Jarrett Price
Title:    Director

By:        /s/ Brice le Foyer           
Name: Brice le Foyer
Title:    Director

SUNTRUST BANK,
as a Lender

By:       /s/ Carmen Malizia           
Name:    Carmen Malizia
Title:    Director
    

BANK OF AMERICA, N.A.,
as a Lender

By:       /s/ Jo Ann Vasquez           
Name:    Jo Ann Vasquez
Title:    Vice President

BRANCH BANKING AND TRUST COMPANY,
as a Lender

By:       /s/ Lincoln LaCour           
Name:    Lincoln LaCour
Title:    Vice President

COMPASS BANK,
as a Lender

By:       /s/ Jay S. Tweed           
Name:    Jay S. Tweed
Title:    Senior Vice President

COMERICA BANK,
as a Lender

By:       /s/ Jessica Burgess           
Name:    Jessica Burgess
Title:    Vice President
    

CADENCE BANK, N.A.,
as a Lender

By:       /s/ David Anderson           
Name:    David Anderson
Title:    Senior Vice President

SUMITOMO MITSUI BANKING CORPORATION,
as a Lender

By:       /s/ James D. Weinstein           
Name:    James D. Weinstein
Title:    Managing Director

GOLDMAN SACHS Bank USA,
as a Lender

By:       /s/ Chris Lam           
Name:    Chris Lam
Title:    Authorized Signatory

PNC BANK, NATIONAL ASSOCIATION,
as a Lender

By:       /s/ Sean Piper           
Name:    Sean Piper
Title:    AVP

RAYMOND JAMES BANK, N.A.,
as a Lender

By:       /s/ John Harris           
Name:    John Harris
Title:    Managing Director
    

ANNEX I

EXHIBIT A-1

FORM OF COMMITTED LOAN NOTICE

Date:  ___________, _____
To:    Royal Bank of Canada, as Administrative Agent

Ladies and Gentlemen:

Reference is made to that certain Third Amended and Restated Credit Agreement dated as of March 28, 2013 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”; the terms defined therein being used herein as therein defined), among Martin Operating Partnership L.P., a Delaware limited partnership (the “Borrower”), Martin Midstream Partners L.P., a Delaware limited partnership (the “MLP”), Royal Bank of Canada, as Administrative Agent and Collateral Agent, and the Lenders from time to time party thereto.

The undersigned hereby requests:

		
	1.
	Status Information

		
	(a)
	Outstanding amount of Committed Loans under the Revolver Facility prior to the Committed Borrowing requested herein:  $____________

		
	(b)
	Principal amount of Committed Loans under the Facility available to be borrowed:  $______________

		
	2.
	Amount of Committed Borrowing:  $___________

		
	3.
	Requested date of Committed Borrowing:  _________________, 20__.

		
	4.
	Requested Type of Committed Loan and applicable Dollar amount:

(a)    Base Rate Loan for $________________________.

(b)    Eurodollar Rate Loan with Interest Period of:

		
	(i)
	one month for        $_______________

		
	(ii)
	two months for        $_______________

		
	(iii)
	three months for    $_______________

		
	(iv)
	six months for        $_______________

		
	(v)
	twelve months for    $_______________

		
	5.
	Purpose of Loan:  is the purpose of the Loan to fund Quarterly Distributions?

		
	___
	Yes

		
	___
	No 

6.    Inventory Financing Sublimit Borrowing: is this Loan an Inventory Financing Sublimit Borrowing?

		
	___
	Yes

		
	___
	No

The undersigned hereby certifies that the following statements will be true on the date of the proposed Committed Borrowing after giving effect thereto and to the application of the proceeds therefrom:

(a)    the representations and warranties of the Borrower, the MLP, each other Guarantor executing a Guaranty, and to the extent applicable, the other Subsidiaries, contained in Article V of the Agreement are true and correct in all material respects as though made on and as of such date (except such representations and warranties which expressly refer to an earlier date, which are true and correct in all material respects as of such earlier date); 

(b)    no Default or Event of Default has occurred and is continuing, or would result from such proposed Committed Borrowing; 

[(c)    all of the Petroleum Products to which this Committed Borrowing relates (the “New Financed Inventory”) constitutes Eligible Inventory, and the price risk relating to the New Financed Inventory is fully hedged pursuant to a Swap Contract or sold forward pursuant to a sales contract (subject to immaterial deficiencies described in Section 6.19(b) of the Agreement)]1; and

[(d)    the amount of this Committed Borrowing does not exceed an amount equal to the product of (a) (a) 90% and (b) an amount equal to the sum of (in each case, as determined as of such Inventory Financing Sublimit Borrowing Base Date) (i) the Sale Value of Financed Eligible Inventory that is subject to sales contracts, plus (ii) the Hedged Value of Financed Eligible Inventory that is not subject to sales contracts, minus (iii) all storage, transportation and other applicable costs related to such Financed Eligible Inventory as reasonably estimated by the Borrower.]2 

[signature page follows]

Signature Page to
Committed Loan Notice

1   This section should be included in the Committed Loan Notice only if the Committed Loan Notice covers an Inventory Financing Sublimit Borrowing.
2   This section should be included in the Committed Loan Notice only if the Committed Loan Notice covers an Inventory Financing Sublimit Borrowing.

The Committed Borrowing requested herein complies with Section 2.01 of the Agreement.

MARTIN OPERATING PARTNERSHIP L.P., 
a Delaware limited partnership, as Borrower

By:    MARTIN OPERATING GP LLC,
its General Partner

By:    MARTIN MIDSTREAM PARTNERS L.P., 
its Sole Member

By:    MARTIN MIDSTREAM GP LLC,
its General Partner

By:                        
Name:                                
Title:                                 

ANNEX II

EXHIBIT A-2

FORM OF CONVERSION/CONTINUATION NOTICE

Date:  _____________, ____

To:    Royal Bank of Canada, as Administrative Agent

Ladies and Gentlemen:

Reference is made to that certain Third Amended and Restated Credit Agreement dated as of March 28, 2013 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”; the terms defined therein being used herein as therein defined), among Martin Operating Partnership L.P., a Delaware limited partnership (the “Borrower”), Martin Midstream Partners L.P., a Delaware limited partnership (the “MLP”), Royal Bank of Canada, as Administrative Agent and Collateral Agent, and the Lenders from time to time party thereto.

The undersigned hereby requests:
		
	1.
	Amount of [conversion] [continuation]:  $_____________

		
	2.
	Existing rate (check applicable blank):    

		
	(a)
	Base Rate:            ________

(b)    Eurodollar Rate with 
Interest Period of:
(i)    one month        ________
(ii)    two months        ________
(iii)    three months        ________
(iv)    six months         ________
(v)    twelve months        ________

		
	3.
	If a Eurodollar Rate Loan, date of the last day of the Interest Period for such Loan: ______________, 20__.    

4.    [The Loan described above is to be [converted] [continued] as follows:] To be included for conversions unrelated to Inventory Financing Loan conversions.
		
	(a)
	Requested date of [conversion] [continuation]: _______________, 20__.

(b)    Requested Type of Loan and applicable Dollar amount:
(i)    Base Rate Loan for $_____________
(ii)    Eurodollar Rate Loan with Interest Period of:
(A)    one month for        $_______________
(B)    two months for        $_______________
(C)    three months for    $_______________
(D)    six months for        $_______________
(E)    twelve months for    $_______________

5.  [The Loan described above is to be converted as follows:]4 
		
	(a)
	Requested date of conversion: _______________, 20__.

		
	(b)
	[Inventory Financing Loans/General Loans] in the amount of $_____________ to be converted into [General Loans/Inventory Financing Loans].

		
	(c)
	[The undersigned hereby certifies that the following statements will be true on the date of the conversion date after giving effect thereto:]5 

3 To be included for conversions unrelated to Inventory Financing Loan conversions.
4 To be included for conversions of Class.
5 To be included for conversions from General Loans to Inventory Financing Loans.

(i)    all of the Petroleum Products to which this conversion relates (the “New Financed Inventory”) constitutes Eligible Inventory, and the price risk relating to the New Financed Inventory is fully hedged pursuant to a Swap Contract or sold forward pursuant to a sales contract (subject to immaterial deficiencies described in Section 6.19(b) of the Agreement)]; and
(ii) the amount of General Loans being converted to Inventory Financing Loans (together with all other Inventory Financing Loans outstanding on the conversion date) will not exceed an amount equal to the product of (a) 90% and (b) an amount equal to the sum of (in each case, as determined as of such Inventory Financing Sublimit Borrowing Base Date) (i) the Sale Value of Financed Eligible Inventory that is subject to sales contracts, plus (ii) the Hedged Value of Financed Eligible Inventory that is not subject to sales contracts, minus (iii) all storage, transportation and other applicable costs related to such Financed Eligible Inventory as reasonably estimated by the Borrower.]

    

The [conversion] [continuation] requested herein complies with Section 2.02 of the Agreement.

MARTIN OPERATING PARTNERSHIP L.P., 
a Delaware limited partnership, as Borrower

By:    MARTIN OPERATING GP LLC,
its General Partner

By:    MARTIN MIDSTREAM PARTNERS L.P., 
its Sole Member

By:    MARTIN MIDSTREAM GP LLC,
its General Partner

By:                        
Name:                                
Title:                                 
    

ANNEX III
EXHIBIT  I
FORM OF BORROWING BASE CERTIFICATE
[date]
To:    Royal Bank of Canada, as Administrative Agent
[address]
Attn:

This Borrowing Base Certificate (this “Certificate”) is being delivered This Certificate must be delivered on or prior to the tenth Business Day of the calendar month pursuant to Section 6.01(c) of that certain Third Amended and Restated Credit Agreement dated as of March 28, 2013 (as the same may be amended, restated or otherwise modified from time to time, the “Credit Agreement”) among Martin Operating Partnership L.P., a Delaware limited partnership, as borrower (the “Borrower”), Martin Midstream Partners L.P., a Delaware limited partnership (the “MLP”), the Lenders party thereto, and Royal Bank of Canada, as administrative agent (in such capacity, and together with its permitted successors, the “Administrative Agent”).Capitalized terms used but not defined herein shall have the meanings assigned to them in the Credit Agreement. The undersigned, Responsible Officer of the Borrower, hereby certifies on behalf of the Borrower the following:

		
	1.
	The Inventory Financing Sublimit Borrowing Base Date to which this Certificate applies is [_____]. The Inventory Financing Sublimit Borrowing Base Date shall be the last day of the calendar month immediately preceding the month in which this Certificate is delivered. 

		
	2.
	The aggregate principal amount borrowed and outstanding under the Inventory Financing Sublimit Tranche on the Inventory Financing Sublimit Borrowing Base Date, after giving effect to any Inventory Financing Sublimit Borrowings designated on such Inventory Financing Sublimit Borrowing Base Date [pursuant to clause 7 below], after giving effect to any prepayment made (but not required to be made) on the Inventory Financing Sublimit Borrowing Base Date, but without giving effect to any prepayment required to be made contemporaneously with the delivery of this Certificate pursuant to Section 2.03(f) of the Credit Agreement, is equal to $[____].

		
	3.
	The Inventory Financing Sublimit Availability of the Inventory Financing Sublimit Borrowing Base is equal to $[____]. The lowest of (a) the then Aggregate Committed Sums, (b) $75,000,000 and with regard to the period between March 1 to June 30 of each year, $10,000,000. The Inventory Financing Sublimit is part of, and not in addition to, the Aggregate Committed Sum.

		
	4.
	The calculation of the Inventory Financing Sublimit Borrowing Base as of the Inventory Financing Sublimit Borrowing Base Date is set forth on Exhibit A hereto. Such Inventory Financing Sublimit Borrowing Base is equal to $[_____].

		
	5.
	The amount calculated pursuant to clause 2 above that is in excess of the lower of the amounts calculated pursuant to each clauses 3 and 4 above (if any) is equal to $[____]. This is the Inventory Sublimit Prepayment Amount for the Inventory Financing Sublimit Borrowing Base Date. Contemporaneously with the delivery of this Certificate, the Borrower hereby notifies the Administrative Agent pursuant to Section 2.03(f) of the Credit Agreement that the Borrower has made [a prepayment of Inventory Financing Sublimit Borrowings][conversion of Inventory Financing Loans to General Loans pursuant to Section [8] hereof] in the Inventory Sublimit Prepayment Amount (if any) in accordance with Section 2.03(f) of the Credit Agreement.

		
	6.
	The aggregate principal amount borrowed and outstanding under the Inventory Financing Sublimit Tranche, after giving effect to any Inventory Financing Sublimit Borrowings designated on the Inventory Financing Sublimit Borrowing Base Date (if any) [pursuant to clause 7 below] and after giving effect to any prepayment or conversion to General Loans required to be made contemporaneously with the delivery of this Certificate pursuant to Section 2.03(f) of the Credit Agreement and pursuant to clause 5 above, does not exceed the lesser of (x) the Inventory Financing Sublimit Borrowing Base as of the Inventory Financing Sublimit Borrowing Base Date and (y) the Inventory Financing Sublimit Availability as of the Inventory Financing Sublimit Borrowing Base Date.

		
	7.
	[The Borrower hereby requests the conversion of General Loans to, and designation of such Loans as, Inventory Financing Loans as of the Inventory Financing Sublimit Borrowing Base Date in a principal amount equal to $[_____]. The Borrower hereby certifies that the following statements are true as of such Inventory Financing Sublimit Borrowing Base Date:

		
	(i)
	all of the Petroleum Products to which such requested Inventory Financing Sublimit Borrowing relates (the “New Financed Inventory”) constitute Eligible Inventory;

		
	(ii)
	the price risk relating to such New Financed Inventory has been fully hedged pursuant to a Swap Contract or sold forward pursuant to a sales contract (subject to immaterial deficiencies described in Section 6.19(b) of the Credit Agreement);

		
	(iii)
	 the principal amount of such Inventory Financing Sublimit Borrowing does not exceed an amount equal to the product of (a) 90%  and (b) an amount equal to the sum of (in each case, as determined as of such Inventory Financing Sublimit Borrowing Base Date) (x) the Sale Value of Financed Eligible Inventory that is subject to sales contracts, plus (y) the Hedged Value of Financed Eligible Inventory that is not subject to sales contracts, minus (z)  all storage, transportation and other applicable costs related to such Financed Eligible Inventory as reasonably estimated by the Borrower.]9 

		
	8.
	[The Borrower hereby requests the conversion of Inventory Financing Loans to General Loans in a principal amount equal to $[    ] as of the Inventory Financing Sublimit Borrowing Base Date.]10 

		
	9.
	The following table sets forth true, complete and correct information related to Financed Eligible Inventory owned by Borrower or any Restricted Subsidiary on the Inventory Financing Sublimit Borrowing Base Date.

9 Include if plan is to deem an Inventory Financing Sublimit Borrowing as a General Loan as of the Inventory Financing Sublimit Borrowing Base Date.
10 Include if plan is to deem General Loans as Inventory Financing Sublimit Borrowings as of the Inventory Financing Sublimit Borrowing Base Date.

I. Total Volume of Financed Eligible Inventory:
II. Location of Financed Eligible Inventory:
	
			
	State
	County
	Volume (Barrels/MMBTU)

	 
	 
	 

III. Financed Eligible Inventory Subject to Sales Contracts:
	
						
	Counterparty
	Contract Number
	Contract Date
 (i.e. End Date)
	Volume
(Barrels/MMBTU)
	Sale Price
	Sale Value

	 
	 
	 
	 
	 
	 

IV. Financed Eligible Inventory Subject to Swap Contracts:
	
						
	Counterparty
	Contract Number
	Contract Date
 (i.e. End Date)
	Volume
(Barrels/MMBTU)
	Hedge Price
	Hedge Value

	 
	 
	 
	 
	 
	 

[signature page follows]

IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the first date written above. 

MARTIN OPERATING PARTNERSHIP L.P., 
a Delaware limited partnership, as Borrower

By:    MARTIN OPERATING GP LLC,
its General Partner

By:    MARTIN MIDSTREAM PARTNERS L.P., 
its Sole Member

By:    MARTIN MIDSTREAM GP LLC,
its General Partner

By:                        
Name:                                
Title:                                 
        

Exhibit A

Inventory Financing Sublimit Borrowing Base Calculation

I. Sale Value

A. Volume of Financed Eligible Inventory subject to sales contracts

B. Sale price of such Financed Eligible Inventory

Sale Value = A * B

II. Hedged Value

A. Volume of Financed Eligible Inventory not subject to sales contracts

B. Prices fixed with respect thereto in corresponding Swap Contracts

C. Hedged Value = A* B

III. Inventory Financing Sublimit Borrowing Base

A. Sale Value (from I. above)

B. Hedged Value (from II. above)

C. All storage, transportation and other applicable costs related to such Financed Eligible Inventory as reasonably estimated by the Borrower

D. A + B - C

Inventory Financing Sublimit Borrowing Base = D * 90%ex_105825.htm

Exhibit 10.1

 

SEPARATION AND MUTUAL RELEASE AGREEMENT

 

This SEPARATION AND MUTUAL RELEASE AGREEMENT (this “Agreement”) dated as of February 16, 2018 (the “Effective Date”) sets forth the agreement by and between James M. Mitchell (“Employee”) and GulfMark Offshore, Inc., a Delaware corporation (the “Company”) concerning the termination of Employee’s employment with the Company. 

 

	 	
			1.

				
			Termination of Employment.

			

 

Employee’s employment with the Company will cease as of the date on which the Company files its annual report on Form 10-K (or such other date mutually agreed between the parties, the “Separation Date”). Effective as of the Separation Date, Employee’s at-will employment will cease and Employee will be deemed to have resigned from all positions, including all board positions, with the Company and its subsidiaries and affiliates (each entity individually, and collectively, the “Company Group”).    The Company and Employee will cooperate and make all reasonable efforts to effect and appropriately document such resignations as promptly as possible following the Separation Date.

 

	 	
			2.

				
			The Transition Period.

			

 

The period between the Effective Date, and the Separation Date will be a “Transition Period,” during which the following will apply:

 

(a)     For as long as Employee remains employed by the Company during the Transition Period, Employee will continue to receive his base salary of $304,200 (on an annualized basis) and to participate in the same benefit plans that he participated in immediately prior to the Effective Date. 

 

(b)     If, during the Transition Period, Employee’s employment is terminated by the Company for Cause (as defined below) or Employee resigns for any reason other than Good Reason (as defined below), Employee’s termination date will be accelerated to the date on which notice of termination is given, Employee will not receive the Termination Payment described below, and will not be entitled to any severance payments or benefits. For the avoidance of doubt, if Employee is terminated without Cause or resigns for Good Reason during the Transition Period, the Separation Date shall be accelerated to the date on which notice of termination is given, and Employee will receive the Termination Payment, subject to Employee’s compliance with the terms of this Agreement.

 

(c)     For purposes of this Agreement, “Cause” means any of the following: (i) Employee’s commission of theft, embezzlement, any other act of material dishonesty relating to his employment or service, or any willful violation of any law, rules or regulation applicable to the Company, including, but not limited to, those laws, rules or regulations established by the Securities and Exchange Commission (the “SEC”), or any self-regulatory organization having jurisdiction or authority over Employee or the Company, (ii) Employee’s conviction of, or Employee’s plea of guilty or nolo contendere to, any felony or of any other crime involving fraud, material dishonesty or moral turpitude, (iii) Employee’s material breach of this Agreement, or (iv) Employee’s willful failure to perform the reasonable and customary duties of his position with the Company, which failure is not remedied within 10 business days after written demand by the board of directors of the Company (the “Board”) for substantial performance is received by Employee which specifically identifies the nature of such failure.

 

page 1 of 10

 

 

(d)     For purposes of this Agreement, “Good Reason” means the occurrence of any of the following without Employee’s consent, (i) the Company’s material breach of this Agreement, (ii) the relocation of Employee’s principal place of employment, or (iii) the assignment of duties or responsibilities to Employee that are not reasonable or customary for the Chief Financial Officer of an enterprise comparable to the Company. For the avoidance of doubt, any reasonable duties or responsibilities relating to the transition of Employee’s role shall not constitute Good Reason. Employee may resign for Good Reason, and thereby resign his employment, after providing 10 days’ written notice to the Company of the act(s) or omission(s) constituting Good Reason (which notice must be given within 10 days after the occurrence of such act(s) or omission(s) and describe the act(s) or omission(s) in reasonable detail) if such act(s) or omission(s) is/are not cured by the Company within 10 days after Employee provides such written notice.

 

	 	
			3.

				
			The Termination Payment.

			

 

Subject to the terms of this Agreement, in consideration of the General Release provided in Section 4 hereof, in lieu of any rights that Employee may have under any employment, change of control or other severance arrangement with the Company, and provided that Employee remains in compliance with the terms of this Agreement, the Company will pay to Employee: (i) a lump-sum amount, paid on the 60th day following the Separation Date, equal to $456,300, representing 18 months of Base Salary and (ii) a lump-sum amount, paid on the 60th day following the Separation Date, equal to $33,952.86, representing eighteen times the employer portion of the monthly cost of maintaining medical, dental and/or vision benefits for Employee under a group health plan of the Company in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), determined using the COBRA premium rate in effect for the level of coverage that Employee had in place immediately prior to the Separation Date (collectively, the “Termination Payment”). The Termination Payment will be made less applicable withholdings and deductions in accordance with the regular payroll practices of the Company. 

 

	 	
			4.

				
			Releases.

			

 

(a)     In exchange for and in consideration of the Termination Payment described in this Agreement, and as a condition of its receipt, Employee, on behalf of Employee and Employee’s heirs, executors, administrators, successors and assigns, irrevocably and unconditionally releases, waives and forever discharges the Released Parties (as defined below) from all claims, demands, actions, causes of action, charges, complaints, liabilities, obligations, promises, sums of money, agreements, representations, controversies, disputes, damages, suits, right, sanctions, costs (including attorneys’ fees), losses, debts and expenses of any nature whatsoever, whether known or unknown, fixed or contingent, which Employee now has or had ever had against the Released Parties arising out of, concerning or related to Employee’s employment with the Company Group, from the beginning of time and up to and including the date Employee executes this Agreement. Notwithstanding the foregoing or any other provision in this Agreement, this release does not include and Employee does not release any claims he may have now or may have in the future under that certain Indemnity Agreement between Employee and Company or under the Articles of Incorporation and Bylaws of Company, including but not limited to any claims for advancement of defense costs, indemnity, and directors and officers liability coverage.

 

page 2 of 10

 

 

(b)     This General Release includes, without limitation, (i) law or equity claims; (ii) express or implied contract claims (including any claims for any equity-based awards under any long-term incentive plans or programs) or tort claims; (iii) claims arising under any federal, state or local laws of any jurisdiction that prohibit age, sex, race, national origin, color, disability, religion, veteran, military status, sexual orientation or any other form of discrimination, harassment, hostile work environment or retaliation (including, without limitation, the Age Discrimination in Employment Act (ADEA), the Older Workers Benefit Protection Act (OWBPA), the Americans with Disabilities Act of 1990, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Civil Rights Acts of 1866 and/or 1871, 42 U.S.C. Section 1981, the Rehabilitation Act, the Family and Medical Leave Act, the Sarbanes-Oxley Act, the Employee Polygraph Protection Act, the Worker Adjustment and Retraining Notification Act, the Equal Pay Act of 1963, the Lilly Ledbetter Fair Pay Act, the Uniformed Services Employment and Reemployment Rights Act of 1994, Section 1558 of the Patient Protection and Affordable Care Act of 2010, the Texas Human Rights Act or the Texas Labor Code, or any other federal, state or local laws of any jurisdiction, if and to the extent applicable and as any of the foregoing may be amended from time to time); (iv) claims under any other federal, state, local, municipal or common law whistleblower protection, discrimination, wrongful discharge, anti-harassment or anti-retaliation statute or ordinance; (v) claims arising under the Employee Retirement Income Security Act of 1974 (ERISA); or (vi) any other statutory or common law claims related to Employee’s employment with the Company Group and the termination thereof. 

 

(c)     The term “Released Parties” or “Released Party” as used herein shall mean and include: (i) the Company; (ii) the Company’s former, current and future parents, subsidiaries, affiliates, shareholders and lenders; (iii) each predecessor, successor and affiliate of any entity listed in clauses (i) and (ii); (iv) each former, current and future officer, director, agent, representative, employee, owner, shareholder, partner, joint venturer, attorney, employee benefit plan, employee benefit plan administrator, insurer, administrator and fiduciary of any of the entities or persons listed in clauses (i) through (iii); and (v) any other person acting by, through, under or in concert with any of the persons or entities listed herein.

 

(d)     Nothing in this Agreement prohibits or is intended in any manner to prohibit, Employee from (i) reporting a possible violation of federal or other applicable law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, the U.S. Congress, and any governmental agency Inspector General, or (ii) making other disclosures that are protected under whistleblower provisions of federal law or regulation. This Agreement does not limit Employee’s right to receive an award (including, without limitation, a monetary reward) for information provided to the SEC. Employee does not need the prior authorization of anyone at the Company to make any such reports or disclosures, and Employee is not required to notify the Company that Employee has made such reports or disclosures. Nothing in this Agreement or any other agreement or policy of the Company is intended to interfere with or restrain the immunity provided under 18 U.S.C. §1833(b). Employee cannot be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) (a) in confidence to federal, state or local government officials, directly or indirectly, or to an attorney, and (b) for the purpose of reporting or investigating a suspected violation of law; (ii) in a complaint or other document filed in a lawsuit or other proceeding, if filed under seal; or (iii) in connection with a lawsuit alleging retaliation for reporting a suspected violation of law, if filed under seal and does not disclose the trade secret, except pursuant to a court order. This Section 4(d) is intended to comply with all applicable laws. If any laws are adopted, amended or repealed after the date hereof, this Section 4(d) shall be deemed to be amended to reflect the same.

 

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(e)     This General Release does, however, prevent Employee, to the maximum extent permitted by law, from obtaining any monetary or other personal relief for any of the claims Employee has released in this General Release. Pursuant to the OWBPA, Employee understands and acknowledges that by executing this General Release and releasing all claims against each and all of the Released Parties, Employee has waived any and all rights or claims that Employee has against any Released Party under the ADEA, which includes, but is not limited to, any claim that any Released Party discriminated against Employee on account of Employee’s age. This General Release, however, shall not affect Employee’s rights under the OWBPA to have a judicial determination of the validity of this General Release and does not purport to limit any right Employee may have to file a charge under the ADEA or other civil rights statute or to participate in an investigation or proceeding conducted by the EEOC or other investigative agency. This General Release does, however, waive and release any right to recover damages under the ADEA or other civil rights statute.

 

(f)     Employee confirms that no claim, charge or complaint against any of the Released Parties has been brought by Employee before any federal, state or local court or administrative agency. Employee represents and warrants that Employee has no knowledge of any improper or illegal actions or omissions by any of the Released Parties. This expressly includes, but is not limited to, any and all conduct that potentially could give rise to claims under the Sarbanes-Oxley Act of 2002 (Public Law 107-204), if and to the extent applicable. Employee further represents that, as of the date of Employee’s execution of this Agreement, Employee has not been the victim of any illegal or wrongful acts by any of the Released Parties, including, without limitation, discrimination, retaliation, harassment or any other wrongful act based on sex, age, or any other legally protected characteristic. 

 

page 4 of 10

 

 

(g)     The Company, on behalf of itself and its managers, officers, directors, members, subsidiaries, affiliates, agents, attorneys, heirs, legatees, successors and assigns, hereby waives, discharges and releases Employee from any and all prior or current direct or indirect claim, loss, debt, demand, judgment, fine, penalty, settlement, damage, deficiency, cost, expense, obligation or responsibility of any nature or kind, fixed or unfixed, accrued, absolute or contingent, known or unknown, asserted or unasserted, liquidated or unliquidated, matured or unmatured, secured or unsecured, which arise out of or are based on Employee’s status as an employee, officer, or director of the Company; provided, however, that nothing contained herein shall release or discharge Employee (or any of Employee’s descendants, dependents, heirs, executors, trusts, administrators, assigns, or successors) from any claims, causes of action, demands, fees or liabilities of any kind whatsoever, arising out of or relating to (i) performing Employee’s obligations under this Agreement, (ii) any rights or claims which arise after the Company’s execution of this Agreement, (iii) Employee’s acts or omissions constituting illegal conduct, fraud (including, without limitation, undiscovered financial fraud), embezzlement, gross negligence or other willful misconduct, or (iv) any claims, causes of action, demands, fees or liabilities of any kind whatsoever which cannot be waived by law.

 

	 	
			5.

				
			Consideration Period. 

			

 

By signing this Agreement in the space below, Employee is confirming Employee’s acceptance of the terms and conditions set forth herein and is acknowledging the following:

 

(a)     The obligations as set out in this Agreement represent a complete waiver and release of all rights and claims that Employee has against the Released Parties, except those specifically maintained as set forth in Section 4(a) above. Accordingly, Employee understands Employee’s obligation to review this Agreement carefully before signing it.

 

(b)     Employee understands that Employee can take up to 21 days from Employee’s receipt of this Agreement on February 1, 2018 (the “Consideration Period”) to consider its meaning and effect and to determine whether or not Employee wishes to enter into it by signing this Agreement in the first space provided below. In addition, in order to receive the Termination Payment, Employee will be required to reaffirm Employee’s signature on the Separation Date in the second space provided below. Before signing this Agreement in either space, Employee is advised to consult with an attorney. If Employee chooses to sign this Agreement before the end of the Consideration Period, Employee is doing so voluntarily.

 

(c)     In addition, Employee may revoke Employee’s signature within seven days in the first space. Further, Employee may revoke Employee’s signature within seven days after signing this Agreement in the second space. Any revocation of this Agreement must be in writing.

 

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(d)     Employee will forward the original of this Agreement once signed by Employee, as well as any notice of Employee’s desire to revoke Employee’s signature, to: 

 

GulfMark Offshore, Inc.

842 West Sam Houston Parkway North, Suite 400

Houston, TX 77024

Attn: Senior Vice President – Human Resources

david.darling@gulfmark.com

 

Employee shall also send a copy of this Agreement, once signed, and any notice of Employee’s intention to revoke in pdf format via email to the above address.

 

(e)     Employee understands that if Employee fails to sign this Agreement in all spaces as required, or Employee signs but exercises Employee’s right to revoke Employee’s signature in either space, Employee’s right to receive the Termination Payment will not vest and will not become due and owing to Employee. 

 

	 	
			6.

				
			Nondisparagement. 

			

 

Subject to Section 4(d) hereof, Employee agrees and acknowledges that Employee will not make any statement (orally or in writing) or take any action which, in any way, disparages the Company or the other Released Parties; provided that the foregoing will not preclude Employee from making truthful statements as required by lawfully compelled testimony, and provided that Employee notifies the Company in advance of any such testimony and cooperates with the Company’s reasonable efforts with respect to such testimony, to the fullest extent permitted by applicable law. The Company agrees and acknowledges that no member of its Board nor any of its executive officers will make any statement (orally or in writing) or take any action which, in any way, disparages Employee; provided that the foregoing will not preclude the Company, its Board, or its executive officers from making truthful statements as required by lawfully compelled testimony, provided that the Company notifies Employee in advance of any such testimony and cooperates with Employee’s reasonable efforts with respect to such testimony, to the fullest extent permitted by applicable law. If either party breaches its obligations pursuant to this Section 6, the other party may truthfully respond. 

 

	 	
			7.

				
			Confidential Information; Non-Competition. 

			

 

(a)     It is understood that Employee during Employee’s tenure with the Company has received access to some or all of the Company’s various trade secrets and confidential or proprietary information, consisting of, but not limited to, information relating to: (i) business operations and methods; (ii) existing and proposed investments and investment strategies; (iii) financial performance; (iv) compensation arrangements and amounts (whether relating to the Company or to any of its employees); (v) contractual relationships; (vi) business partners and relationships; and (vii) marketing strategies (all of the foregoing, “Confidential Information”). Confidential Information shall not include: information that (A) is general knowledge of Employee or information that becomes generally available to the public by means other than Employee’s breach of this Section 7 (for example, not as a result of Employee’s unauthorized release of marketing materials), (B) is in Employee’s possession, or becomes available to Employee, on a non-confidential basis, from a source other than the Company or (C) Employee is required by law, regulation, court order or discovery demand to disclose; provided, however, that in the case of clause (C), Employee gives the Company, to the extent permitted by law, reasonable notice prior to the disclosure of the Confidential Information and the reasons and circumstances surrounding such disclosure to provide the Company an opportunity to seek a protective order or other appropriate request for confidential treatment of the applicable Confidential Information.

 

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(b)     Subject to Section 4(d) hereof, Employee further agrees that Employee shall not, except for with the prior written consent of the Company, use or disclose to any third party any of the Confidential Information described herein, directly or indirectly, at any time following the Separation Date.

 

(c)     Employee represents that all Confidential Information and other files, documents, materials, records, notebooks, customer lists, business proposals, contracts, agreements and other repositories containing information concerning the Company or the business of the Company (including all copies thereof) in Employee’s possession, custody or control, whether prepared by Employee or others, remains with or has been returned to the Company. 

 

(d)     As part of the consideration for the compensation and benefits to be paid to Employee hereunder, to protect Confidential Information of the Company and its customers and clients that have been and will be entrusted to Employee, the business goodwill of the Company and its subsidiaries that were developed in and through Employee and the business opportunities that were disclosed or entrusted to Employee by the Company and its subsidiaries, and as an additional incentive for the Company to enter into this Agreement, for the six-month period following the Separation Date, Employee will not, directly or indirectly:

 

(i)     engage in, or carry on or assist, individually or as a principal, owner, officer, director, employee, shareholder, consultant, contractor, partner, member, joint venturer, agent, equity owner or in any other capacity whatsoever, any (A) business competitive with any business in which the Company is engaged from time to time (“Competing Business”) or (B) Business Enterprise (as defined below) that is otherwise competitive with the Company within the states in which the Company conducts business;

 

(ii)     perform for any corporation, partnership, limited liability company, sole proprietorship, joint venture or other business association or entity (a “Business Enterprise”) engaged in any Competing Business any duty Employee has performed for the Company that involved Employee’s access to, or knowledge or application of, Confidential Information. 

 

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(iii)     Notwithstanding the foregoing restrictions of this Section 7, nothing in this Section 7 shall prohibit any investment by Employee, directly or indirectly, in publicly-traded securities which are issued by a Business Enterprise involved in or conducting a Competing Business, provided that Employee (A) in the aggregate directly and indirectly, does not own more than five percent (5%) of the outstanding equity or voting securities of such Business Enterprise and (B) does not have the right through the ownership of a voting interest or otherwise, to direct the activities of or associated with the business of such Business Enterprise. 

 

	 	
			8.

				
			Non-Solicitation.

			

 

In consideration for the Termination Payment, Employee agrees that for the one-year period beginning on the Separation Date, Employee will not:

 

(a)     induce or attempt to induce any customer, supplier, licensee or other business relation of the Company to cease doing business with the Company or in any way interfere with the relationship between any such customer, supplier, licensee or business relation and the Company;

 

(b)     induce or attempt to induce any customer, supplier, licensee or other business relation of the Company with whom Employee had direct business contact in dealings during the course of Employee’s employment with the Company to cease doing business with the Company or in any way interfere with the relationship between any such customer, supplier, licensee or business relation and the Company; or

 

(c)     solicit with the purpose of hiring or hire any person who is or, within 180 days after such person ceased to be an employee of the Company, was an employee of the Company.

 

	 	
			9.

				
			Rights and Continuing Obligations Unrelated to this Agreement.

			

 

(a)     Regardless of whether Employee enters into this Agreement, the Company will pay Employee for all Base Salary payable through the last day of his employment with the Company Group.

 

(b)     Employee acknowledges and agrees that Employee’s participation as an active employee under any benefit plan, program, policy or arrangement sponsored or maintained by the Company Group will cease as of the last day of Employee’s employment with the Company Group. Employee will be given separate information regarding: (i) Employee’s right to continue coverage under the Company’s group medical plans following the date Employee’s coverage would otherwise cease, as COBRA; (ii) Employee’s rights with respect to Employee’s participation in the Company’s 401(k) plan; and (iii) any rights Employee may have to convert group participation in Company plans to individual policies.

 

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			10.

				
			Enforcement.

			

 

(a)     Employee acknowledges that Employee’s obligations as set forth in this Agreement are reasonable and necessary for the protection of the Company and that the Company may be irrevocably damaged if such obligations are not specifically enforced. Accordingly, Employee agrees that, in addition to any other relief to which the Company may be entitled in the form of damages or recoupment of payments, the Company shall be entitled to seek and obtain injunctive relief (without the necessity of posting bond) from a court of competent jurisdiction for the purpose of restraining Employee from any actual or threatened breach of such obligations. Employee agrees that the geographic boundaries, scope of prohibited activities, and time duration of each of the covenants set forth in Sections 7 and 8 are reasonable in nature and are no broader than are necessary to maintain the confidentiality and the goodwill of the Company’s proprietary and Confidential Information, plans and services and to protect the other legitimate business interests of the Company.

 

(b)     Employee further acknowledges that Employee’s obligations and representations as set forth in this Agreement are reasonable and necessary for the protection of the Company and are a material inducement for the Company entering into this Agreement. Therefore, in the event of any material breach by Employee of this Agreement, or in the event that any representation made by Employee under this Agreement is subsequently found to have been untrue when made, Employee agrees that (i) Employee shall not be entitled to the Termination Payment, and (ii) the Company shall have the right to recover and Employee shall have the obligation to repay to the Company any portion of the Termination Payment that Employee has received. 

 

(c)     The Company acknowledges that by signing this Agreement, Employee has met the requirements under the Key Employee Retention Bonus Agreement dated March 13, 2017 to sign a release and that Employee is entitled to retain the retention bonus.

 

	 	
			11.

				
			Miscellaneous.

			

 

(a)     No Admission of Liability. Employee agrees that neither this Agreement nor the furnishing of the consideration for the General Release as set forth in this Agreement shall be deemed or construed at any time for any purpose as an admission by the Released Parties of any liability or unlawful conduct of any kind. Employee further acknowledges and agrees that the consideration provided for herein is adequate consideration for Employee’s obligations hereunder.

 

(b)     Severability and Reformation. Each of the provisions of this Agreement constitutes independent and separable covenants. Any portion of this Agreement that is determined by a court of competent jurisdiction to be overly broad in scope, duration or area of applicability or in conflict with any applicable statute or rule will be deemed, if possible, to be modified or altered so that it is not overly broad or in conflict or, if not possible, to be omitted from this Agreement. The invalidity of any portion of this Agreement will not affect the validity of the remaining sections of this Agreement.

 

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(c)     No Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion will not be considered a waiver thereof or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

 

(d)     Successors and Assigns. This Agreement and any rights herein granted are personal to the parties hereto and will not be assigned or otherwise transferred by either party without the prior written consent of the other party, and any attempt at violative assignment or any other transfer, whether voluntary or by operation of law, will be void and of no force and effect, except that this Agreement may be assigned to by the Company to any successor in interest to the business of the Company. This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors, affiliates and any person or other entity that succeeds to all or substantially all of the business, assets or property of the Company. This Agreement and all of Employee’s rights hereunder shall inure to the benefit of and be enforceable by Employee’s heirs and estate.

 

(e)     No Conflict; Governing Law. Each party represents that the performance of all of the terms of this Agreement will not result in a breach of, or constitute a conflict with, any other agreement or obligation of that party. This Agreement is made in, governed by, and is to be construed and enforced in accordance with the internal laws of the State of Texas, without giving effect to conflict of law principles that would require application of the laws of another jurisdiction. 

 

(f)     Notices. All notices and other communications hereunder must be in writing and will be deemed duly given if delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid or by overnight courier, and addressed to the intended recipient at the addresses maintained in the Company’s records. Notices sent to the Company should be directed to:

 

GulfMark Offshore, Inc.

842 West Sam Houston Parkway North, Suite 400

Houston, TX 77024

Attn: Senior Vice President – Human Resources

david.darling@gulfmark.com

 

(g)     Counterparts. This Agreement may be executed in counterparts, and each counterpart will be deemed an original for all purposes.

 

(h)     Captions and Headings. The captions and headings are for convenience of reference only and will not be used to construe the terms or meaning of any provisions of this Agreement.

 

(i)     Entire Agreement. This Agreement, sets forth the entire agreement between the parties with respect to the subject matter hereof. Except for the rights and obligations that survive under the Indemnity Agreement and the Articles of Incorporation and Bylaws of the Company, this Agreement supersedes any and all prior understandings and agreements between the parties (including, without limitation the prior Change of Control Agreement between Employee and the Company and the prior Employment Agreement between Employee and the Company, each dated May 30th, 2013) and neither party will have any obligation toward the other except as set forth herein. Without limiting the generality of the foregoing, Employee agrees that the execution of this Agreement and the payments made hereunder will constitute satisfaction in full of the Company’s obligations to Employee under any and all plans, programs or arrangements of the Company under which Employee may be entitled to payments and/or benefits in connection with the termination of Employee’s employment. This Agreement may not be superseded, amended, or modified except in writing signed by both parties.

 

[Remainder of page intentionally left blank.

Signatures on following page.]

 

page 10 of 10

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

 

GULFMARK OFFSHORE, INC.

 

 

/s/ Quintin V. Kneen                                       

 

Date: February 16, 2018

By: Quintin V. Kneen

Title: President, Chief Executive Officer

 

 

 

James M. Mitchell

 

 

/s/ J. Mitchell                                              

 

Date: February 16, 2018

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