Document:

spp_Ex1012

		

			Exhibit 10.12

		

		
			Executive Officer Compensation
		

		
			 
		

		
			Base Salary
		

		
			The following table sets forth the base salary for each named executive officer of Sanchez Midstream Partners GP LLC, the general partner of Sanchez Midstream Partners LP (the “Partnership”).  Each person is an employee of Sanchez Oil & Gas Corporation (“SOG”) and provides services to the Partnership, with the amounts listed being the portion of the salary allocated to the Partnership, effective as of January 1, 2020.
		

			
					
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						Sanchez Production Partners LP, Officer

					
					
						Base Salary

				
	
					
						Gerald F. Willinger

					
						Chief Executive Officer

					
					
						$600,000

				
	
					
						Charles C. Ward

					
						Chief Financial Officer & Secretary

					
					
						$375,000

				
	
					
						Patricio D. Sanchez

					
						President & Chief Operating Officer

					
					
						$400,000

				

		
			 
		

		
			Other Benefits
		

		
			SOG does not maintain a defined benefit pension plan for its employees because it believes that such plans primarily reward longevity rather than performance. SOG provides a basic benefits package generally to all employees, which includes a 401(k) plan, parking costs, and health, disability and life insurance.  In addition, SOG, in its discretion, may permit executive officers to utilize company-owned or chartered aircraft for personal use.  In its discretion, SOG and/or the board of directors of the Partnership’s general partner may award the named executive officers cash bonuses and/or equity compensation.spp_Ex1013

		

			Exhibit 10.13

		

		
			Board Compensation for Directors*
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Type of Compensation

					
					
						Amount

				
	
					
						Board Cash Retainer++

					
					
						Fiscal 2020: $35,000, payable quarterly on the last day of each fiscal quarter, commencing January 1, 2020+

					
						Fiscal 2021: $10,000, payable quarterly on the last day of each fiscal quarter, commencing January 1, 2020+

				
	
					
						Equity Grant++

					
					
						Fiscal 2020: no equity grant included in  compensation for directors.

					
						Fiscal 2021: $100,000 (issued March 31 of each year based on the Partnership’s Common Unit closing price on the NYSE American on such date (or the next trading day if such date is not a trading day)); fully vested upon issuance; any person appointed to the Board shall be issued equity on a pro rata basis from the date of appointment through the following March 31 (with the number of Common Units based on the closing price on the NYSE American on the date of appointment (or the next trading day if such date is not a trading day)).

				
	
					
						Board Meeting Fees

					
					
						$1,500 for each meeting attended

				
	
					
						Committee Meeting Fees

					
					
						$1,000 for each substantive meeting of the Audit Committee attended

				
	
					
						 

					
					
						$3,500 for each substantive meeting of the Conflicts Committee attended

				
	
					
						Committee Chair Retainer

					
					
						$3,500 for Audit Committee Chair, payable quarterly on the last day of each fiscal quarter+

				
	
					
						 

					
					
						$2,500 for Conflicts Committee Chair, payable quarterly on the last day of each fiscal quarter+

				
	
					
						Other Benefits

					
					
						Independent Directors are eligible to participate in the basic health benefits package available to SOG employees. Additionally, the Independent Directors are eligible for life and accidental death and dismemberment insurance.

				

		
			 
		

		
			

		 

		

			Exhibit 10.13

		

		

		
			*Includes all persons serving as directors, excepting those appointed by the Class C Preferred Holders, Officers and those with ownership interests in SP Holdings, LLC.
		

		
			+For any person who ceases to serve during the fiscal quarter prior to such payment date, such person shall receive a pro rata amount for the portion of the fiscal quarter so served.
		

		
			++During Fiscal 2020, in recognition of the depressed price of the Partnership’s Common Units and the corresponding dilutive effect of any equity grant, no equity grant shall occur.  As a result, the Board Cash Retainer shall increase by an annual amount equal to $100,000, or $25,000 per fiscal quarter.rbcaa_Ex_43

		
			EXHIBIT 4.3
		

		
			 
		

		
			DESCRIPTION OF SECURITIES
		

		
			 
		

		
			As of December 31, 2019, Republic Bancorp, Inc. (“Republic”) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934 (the “Exchange Act”):  Class A Common Stock, no par value.  Republic has two other classes of securities that are not registered under the Exchange Act: Class B Common Stock and Preferred Stock.  No Preferred Stock has been issued.
		

		
			    
		

		
			The following description of the terms of our Class A Common Stock is not complete and is subject to, and qualified in its entirety to, the Articles of Incorporation (“Articles”) of Republic, the By-Laws of Republic, and the Kentucky Business Corporation Act.  Copies of the Articles and By-Laws have been filed with the Securities and Exchange Commission.
		

		
			 
		

		
			Under the Articles, the total number of shares of Class A Common Stock that are authorized for issuance are 30,000,000 shares.  Each share of Class A Common Stock is entitled to one vote on matters presented to the shareholders of Republic and there is no cumulative voting with respect to the election of directors.  Each share of Class B Common Stock is entitled to ten votes per share on matters presented to the shareholders.  The Class A Common Stock votes together with the Class B Common Stock as a single voting group on all matters except with respect to those matters for which separate voting is required under Kentucky law.
		

		
			 
		

		
			Subject to any preferential rights of any shares of Preferred Stock then outstanding, and applicable requirements of law, the Class A Common Stock is entitled to dividends from funds legally available therefor if, as and when declared by the board of directors of Republic.
		

		
			 
		

		
			If any dividend is paid with respect to the Class B Common Stock, a dividend of like kind must be declared and paid contemporaneously with respect to the Class A Common Stock. If a cash dividend is paid on the Class B Common Stock, a cash dividend must be paid on the Class A Common Stock in an amount per share equal to 110% of the dividend paid per share on the Class B Common Stock (rounded to the nearest $.0001). If a stock dividend, payable in shares of Class B Common Stock, is paid on the Class B Common Stock, a stock dividend, payable in shares of Class A Common Stock, must be paid on the Class A Common Stock at the same per share rate.  If a dividend is paid on the Class B Common Stock other than in cash or shares of Class B Common Stock, an equal dividend, on a per share basis, must be paid on the Class A Common Stock.
		

		
			 
		

		
			The instruments under which the securities of Republic’s subsidiary, Republic Bancorp Capital Trust, are outstanding prohibit the payment of dividends on the Common Stock if Republic elects to defer payments on the trust subsidiary's securities, as permitted by those instruments.
		

		
			 
		

		
			Class B Common Stock may be converted, at the option of the holder, to shares of Class A Common Stock on a share for share basis.  Shares of Class A Common Stock are not convertible into any other class of Republic’s capital stock.  
		

		
			 
		

		
			In the event of a dissolution of Republic and subject to the rights of any Preferred Stock then outstanding, each share of Class A Common Stock and Class B Common Stock shall have equal rights and will share, pro rata, in the distribution of the net assets of Republic.
		

		
			 
		

		
			Republic’s Articles require that, if there is a change in the number of issued and outstanding shares of Class A Common Stock as a result of share split, reverse share split, share dividend or similar recapitalization (a "Capital Change"), then a Capital Change of like kind must be made in the issued and outstanding shares of Class B Common Stock.  Likewise, if there is a Capital Change in the issued and outstanding shares of Class B Common Stock, a Capital Change of like kind must occur in the issued and outstanding shares of Class A Common Stock.
		

		
			 
		

		
			Certain provisions of the Articles and By-Laws could have the effect of delaying, deferring or preventing a change in control of Republic:
		

			
	
			
				 1)
			

			
	
			
			The Articles authorize the board of directors to establish one or more series of Preferred Stock, the terms of which can be determined by the board of directors at the time of issuance.  To the extent the Republic board of directors exercises this authority granted it in the Articles, the fixing of the relative rights, preferences and limitations of shares of Preferred Stock, vis-a-vis the Class A Common Stock, could have the effect of modifying the rights of holders of Class A Common Stock. 

			
	
			
				 2)
			

			
	
			
			The Articles limit the right of shareholders holding shares representing less than a majority of the voting power of the then outstanding voting stock of Republic to call a special meeting of the shareholders.  Under the Articles, special meetings of shareholders may only be called by the board of directors or shareholders owning shares representing more than 50% of the votes entitled to be cast by the holders of all voting stock of Republic then outstanding.   The affirmative vote of the holders of more than 50% of the voting power of the then outstanding voting stock is required to amend this provision of the Articles.

		
			

		 

		

			
	
			
				 3)
			

			
	
			
			The By-Laws provide that the board of directors may fill any vacancies on the board of directors, including vacancies resulting from a board of directors resolution to increase the number of directors.  

			
	
			
				 4)
			

			
	
			
			 The By-Laws establish advance notice procedures and other requirements for shareholders to submit nominations to the board of directors and other proposals to be presented to the shareholders for a vote.

		
			The Class A Common Stock is listed on The Nasdaq Stock Market and trades under the symbol “RBCAA.”  Computershare Investor Services LLC is the transfer agent and registrar for the Class A Common Stock.
		

		
			 
		

		 

		

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