Document:

sgu-ex1020_6.htm

Exhibit 10.20

 

Star Group, L.P.

9 West Broad Street, Suite 310

Stamford, CT 06902

  

Entered into June 19, 2019.  Effective as of March 18, 2019.

 

Mr. Jeffrey M. Woosnam

Star Group, L.P.

9 West Broad Street, Suite 310

Stamford, CT  06902

 

Dear Jeff:

 

This agreement (this “Agreement”) confirms your compensation package and other employment terms as Chief Executive Officer and President of Star Group, L.P. and its subsidiaries (the “Partnership”) effective March 18, 2019. We are pleased to offer you the following compensation package and other terms, the levels and conditions of which will be in effect during your employment unless otherwise modified by agreement between you and the Partnership. 

1.Base Salary.  Your base annual salary commencing March 18, 2019 will be $316,702 per year. You will be paid $13,195.92 semi-monthly subject to withholding of all applicable taxes and benefit deductions.

2.Benefit Coverage.  You will be eligible to participate in the Partnership's benefits plans in accordance with their terms and conditions.

3.Termination.  It is understood that your employment is at will and that either party can terminate the relationship at any time. If the Partnership terminates your employment for reasons other than for Cause, or you terminate your employment for Good Reason, you will be entitled to a severance payment equal to your base annual salary in the year of such termination (“Termination Severance Payment”). Such amount shall be paid to you in a lump sum within 30 days after the termination of your employment. In consideration of this offer you agree that while you are an employee of the Partnership and for twelve months thereafter, you will not compete with the Partnership nor become involved either as an employee, as a consultant or in any other capacity, in the sale of heating oil or propane on a retail basis. You agree that you will not reveal any confidential information concerning the Partnership and that you will not solicit nor seek to hire, employees of the Partnership during that time.

(a)Good Reason.  For purposes of this Agreement, “Good Reason” shall exist in the event any of the following actions are taken without your consent:  (i) a material diminution in your base salary, duties, responsibilities, or authorities; (ii) a requirement that you report to an officer or employee other than the board of directors of Kestrel Heat, LLC (the “Board”); (iii) a material relocation more than 50 miles away from either your primary work location as of the date of this Agreement or the Partnership’s corporate headquarters; or (iv) any other action or inaction by the Partnership that constitutes a material breach of its obligations under this Agreement.  To exercise your right to terminate for Good Reason, you must provide written notice to the Partnership of your belief that Good Reason exists within 90 days of the initial existence of the condition(s) giving rise to Good Reason, and that notice shall describe the condition(s) believed to constitute Good Reason.  The Partnership shall have 30 days to remedy the Good Reason condition(s).  If not remedied within that 30-day period, you may terminate this Agreement; provided, however, that such termination must occur no later than 180 days after the date of the initial existence of the condition(s) giving rise to the Good Reason; otherwise, you shall be deemed to have accepted the condition(s), or the Partnership’s correction of such condition(s), that may have given rise to the existence of Good Reason.

 

 

 

(b)For purposes of this Agreement, “Cause” means (i) your commission, conviction of, or plea of nolo contendere to, any felony or to any crime or criminal offense involving acts of theft, fraud, embezzlement, or moral turpitude; (ii) your abuse of alcohol or drugs in any manner which adversely affects the performance of your duties in any material way; (iii) your failure or refusal to comply with company policies and procedures as may be in effect from time to time; (iv) malfeasance in the conduct of your duties, which shall include (A) misuse or diversion of funds of the Partnership or its affiliates, (B) embezzlement, (C) material misrepresentations or concealments on any written reports submitted to the Partnership or its affiliates; (D) sexual or other harassment of employees or third parties or any other violation of applicable personnel policies; or (E) any other act or omission which the Board determines in good faith is contrary to the best interests of the Partnership or its affiliates and has materially harmed, or is likely to materially harm, the interests of the Partnership or its affiliates, including their reputations.  If the Board determines in good faith that a cure is possible and appropriate, the Partnership will give you written notice of the acts or omissions constituting Cause and no termination of your employment will be for Cause unless and until you fail to cure such acts or omissions within 15 days following receipt of such written notice.  If the Board determines in good faith that a cure is not possible and appropriate, you will have no notice or cure rights before your employment is terminated for Cause.

4.Change of Control.  If your employment with the Partnership is terminated for any reason, other than by reason of your death, termination by the Board for any reason other than for Cause, or termination by you for Good Reason, within a period of 180 days following a Change of Control, you will be entitled to receive from Petro Holdings Inc. a severance payment equal to two times your base annual salary in the year of such termination plus two times the average amount paid to you as a bonus and/or as profit sharing during the three years preceding the year of such termination (“Change of Control Severance Payment”), to be paid to you in a lump sum within 30 days after the termination of your employment.  The term “Change of Control” shall mean the present equity owners of Kestrel Heat, LLC and their affiliates collectively shall cease for any reason to beneficially own equity interests having the voting power to elect at least a majority of the members of the board of directors or other governing board of the general partner of the Partnership or any successor entity to the Partnership. For the avoidance of doubt, you will not be entitled to receive both a Termination Severance Payment and a Change of Control Severance Payment.

5.Controlling Nature of this Agreement.  This Agreement shall be in addition to any other agreements between you and the Partnership (or any affiliate of the Partnership).  In the event of any conflict between this Agreement and any such other agreement, the terms of this Agreement shall control.

6.Full Settlement.  The obligation to pay any Termination Severance Payment or Change of Control Severance Payment hereunder is subject to receipt by the Partnership of a waiver and release in form reasonably satisfactory to the Partnership within 30 days after the termination date pursuant to which you will acknowledge that any Termination Severance Payment or Change of Control Severance Payment hereunder is in lieu of all claims against the Partnership and its affiliates arising out of or relating to your employment and the termination of your employment, excepting only compensation and benefits accrued to the date of termination of employment.  In no way will you be obligated to seek other employment or take any other action to mitigate the amounts payable to you pursuant to this Agreement.

7.Miscellaneous.

(a)Successor.  This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.

(b)Waiver of Breach.  The waiver by either party of a breach of any provision of this Agreement by the other party shall not be construed as a waiver of any subsequent or continuing breach of the same provision or of any other provision of this Agreement.

 

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(c)Notices.  All notices and other communications hereunder shall be in writing and shall be deemed to have been given when delivered by hand, or mailed by first‐class certified mail, postage prepaid and return receipt requested, or by facsimile transmission, electronic mail or sent by reputable overnight courier addressed as follows:

If to Jeffrey Woosnam:

 

Star Group, L.P.

9 West Broad Street, Suite 310

Stamford, CT  06902

Attn: Jeffrey M. Woosnam

 

If to the Company:

 

Star Group, L.P.

9 West Broad Street, Suite 310

Stamford, CT  06902

Attn: Chief Financial Officer

 

With a copy to:

 

Thompson & Knight LLP 

1722 Routh St., Ste. 1500

Dallas, Texas  75201

Attn: Ann Marie Cowdrey

Telephone No.:  (214) 969-1221

Email:  annmarie.cowdrey@tklaw.com 

 

or, in each case, at such other address as may from time to time be specified to the other party in a notice similarly given.

(d)Governing Law.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to the conflicts of law principles thereof.

(e)Entire Agreement.  This Agreement contains the entire Agreement of the parties and their affiliates relating to the subject matter hereof and supersedes all prior Agreements, representations, warranties and understandings, written or oral, with respect thereto.

(f)Validity.  If any term or provision of this Agreement or the application thereof to any person, property or circumstance shall to any extent be invalid or unenforceable, the remainder of this Agreement, or the application of such term or provision to persons, property or circumstances other than those as to which it is invalid or unenforceable, shall not be affected thereby, and each term and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

(g)Amendments, Miscellaneous, Etc.  Neither this Agreement, nor any term hereof, may be changed, waived, discharged or terminated except by an instrument in writing signed by the party against which such change, waiver, discharge or termination is sought to be enforced.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument.  The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

Please indicate your agreement with the foregoing by signing in the space provided below.

 

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STAR GROUP, L.P.

 

 

 

By:/s/ Richard Ambury

Richard Ambury 

Chief Financial Officer

 

 

AGREED:

 

 

 

/s/ Jeffrey M. Woosnam

Jeffrey M. WoosnamExhibit 10.4

 

Power of Attorney

 

[Authorizer] (the “Authorizer”), issue this Power of Attorney on [Execution Date].

 

WHEREAS:

 

(1)                    The Authorizer holds 100% of the equity of [Name of VIE] (the “Company”);

 

(2)                    A series of agreements, including the Exclusive Option Agreement, the Equity Interest Pledge Agreement and the Exclusive Consultation and Service Agreement, have been concluded by and between the Authorizer, Shanghai Qiyue Information Technology Co., Ltd. (the “WFOE”) and the Company.

 

(3)                    In order to ensure that the Company can operate continuously and normally and that the Company and the Authorizer fulfill their obligations under the above agreements, WFOE requires the shareholders of the Company to authorize WFOE as its Agent to exercise on its behalf all the rights the Authorizer enjoys in respect of the Company’s equity held, and the Authorizer agrees to grant such authorization to WFOE.

 

THEREFORE, the Authorizer hereby irrevocably selects, entrusts and appoints WFOE or its designated person (collectively referred to as the “Agent”, including legal and natural persons) during the validity period of this Power of Attorney to, on behalf of the Authorizer, exercise all rights enjoyed with respect to the Company equity held by the Authorizer under relevant laws and regulations and the Articles of Association of the Company, including but not limited to the following rights (collectively referred to as “Shareholder Rights”), and the Agent agrees to accept the above authorization:

 

(a)                   Propose to convene, convene and participate in the Company’s shareholders’ meetings;

 

(b)                   Receive any notice regarding the convening of the shareholders’ meetings and relevant meeting procedures;

 

(c)                    Sign and deliver any written resolution in the name of the Authorizer or on behalf of the Authorizer in the capacity of a shareholder;

 

(d)                   Vote in person or by proxy on any matter discussed in the shareholders’ meeting (including but not limited to the sale, transfer, mortgage, pledge or disposal of any or all of the Company’s assets);

 

(e)                    Sell, transfer, pledge or otherwise dispose of any or all of the Authorizer’s shares in the Company;

 

(f)                     Nominate, elect, appoint or remove any director, general manager, chief financial officer and other senior officers of the Company;

 

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(g)                    Supervise the Company’s operating performance, approve the Company’s annual budget or announcing dividends, and consult the Company’s financial information at any time;

 

(h)                   Bring a lawsuit or take other legal actions against any director or senior officers whose acts have damaged the interests of the Company or the Company’s shareholders;

 

(i)                       Make decisions in the capacity of a shareholder; and

 

(j)                      Any other rights granted to shareholders by the Articles of Association of the Company or relevant laws and regulations.

 

The Authorizer further agrees and undertakes that:

 

(a)                  The Authorizer hereby authorizes the Agent to exercise the shareholders’ rights at its absolute discretion without any oral or written instruction from the Authorizer. Moreover, without prior written consent of WFOE, the Authorizer shall not exercise any shareholders’ rights.

 

(b)                  WFOE is entitled to appoint one or more alternative candidates at its sole discretion to exercise any or all of the rights of the Agent under this Power of Attorney, it also has the right to revoke the appointment of such alternative candidates at its sole discretion.

 

(c)                   If the equity held by the Authorizer in the Company increases, whether or not through the transfer of equity or the increase of registered capital, any equity acquired by the Authorizer as a result of a transfer of equity or an increase of the capital shall be subject to the Power of Attorney, and the Agent is entitled to exercise the said shareholders’ rights on behalf of the Authorizer with respect to any equity acquired by transfer or equity or increase of capital; similarly, if anyone takes ownership of the Company’s equity, whether through voluntary transfer, legal transfer, forced auction or any other means, all such equity of the Company shall still be subject to this Power of Attorney, and the Agent has the right to continue exercising the said shareholders’ rights with respect to such equity.

 

(d)                  For the avoidance of doubt, if the Authorizer needs to transfer its equity to WFOE or its affiliates in accordance with the Exclusive Consultation and Service Agreement and the Equity Interest Pledge Agreement (including any subsequent amendment or supplementary agreement thereof) signed with WFOE, the Agent is entitled to sign the equity transfer agreement and other relevant agreements on behalf of the Authorizer and fulfill all the shareholders’ obligations under the Exclusive Consultation and Service Agreement and the Equity Interest Pledge Agreement. At the request of WFOE, the Authorizer shall sign any document, affix the official seal and/or seal, and take any other necessary action to complete the said equity transfer. The Authorizer shall ensure the completion of such equity transfer and urge any assignee and WFOE to sign a power of attorney with the 

 

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content substantially identical to that hereof; and

 

(e)                   WFOE may, any time at its discretion, notify and require in writing the Authorizer to re-sign a power of attorney with the content substantially identical to that hereof, authorize its designated person to act as its Agent and to exercise on its behalf all the rights enjoyed by it regarding the Company equity held under relevant laws and regulations and the Articles of Association of the Company.

 

This Power of Attorney has been officially signed by the Authorizer. It shall come into force as of the date of signature indicated herein and shall remain in force during the existing period of the Company. Without prior written consent of WFOE, the Authorizer shall not terminate or amend this Power of Attorney or revoke the authorization granted to the Agent. This Power of Attorney shall have the same binding force on the successor, inheritor and assignee of the Authorizer.

 

[No body text below]

 

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[Signature Page Only]

 

Authorizer: [Signature Block of Authorizer]

 

 

[Signature Page Only]

 

Agent: Shanghai Qiyue Information Technology Co., Ltd. (Seal)

 

Company seal: /s/ Shanghai Qiyue Information Technology Co., Ltd.

 

	
Signature of Legal   (or Authorized) Representative: 
    	
/s/ WU Haisheng
    

 

 

Schedule of Material Differences

 

One or more persons and Shanghai Qiyue Information Technology Co., Ltd. entered into Powers of Attorney regarding VIEs of the Registrant using this form. Pursuant to Instruction ii to Item 601 of Regulation S-K, the Registrant may only file this form as an exhibit with a schedule setting forth the material details in which the executed agreements differ from this form:

 

	
No.
    	
 
    	
Authorizer
    	
 
    	
Name of VIE
    	
 
    	
Execution Date
    	
 
    	
Signature Block of Authorizer
    
	
1
    	
 
    	
Beijing Qibutianxia Technology Co., Ltd., a   limited liability company formally established and validly existing in   accordance with laws of the People’s Republic of China (“China”) with the   Unified Social Credit Code of 91110106796743693W
    	
 
    	
Shanghai Qiyu   Information Technology Co., Ltd.
    	
 
    	
September 10, 2018
    	
 
    	
Beijing Qibutianxia Technology Co., Ltd. (Seal)
    
   Company seal: /s/ Beijing Qibutianxia Technology Co., Ltd.
    
   Signature of Legal (or Authorized) Representative: /s/ LIU Wei LIU Wei
    
	
2
    	
 
    	
Beijing Qibutianxia Technology Co., Ltd., a   limited liability company formally established and validly existing in   accordance with laws of the People’s Republic of China (“China”) with the   Unified Social Credit Code of 91110106796743693W
    	
 
    	
Fuzhou 360 Online   Microcredit Co., Ltd.
    	
 
    	
September 10, 2018
    	
 
    	
Beijing Qibutianxia Technology Co., Ltd. (Seal)
    
   Company seal: /s/ Beijing Qibutianxia Technology Co., Ltd.
    
   Signature of Legal (or Authorized) Representative: /s/ LIU Wei LIU Wei
    
	
3
    	
 
    	
Beijing Qibutianxia Technology Co., Ltd., a   limited liability company formally established and validly existing in   accordance with laws of the People’s Republic of China (“China”) with the   Unified Social Credit Code of 91110106796743693W
    	
 
    	
Fuzhou 360 Financing   Guarantee Co., Ltd.
    	
 
    	
April 22, 2019
    	
 
    	
Beijing Qibutianxia Technology Co., Ltd. (Seal)
    
   Company seal: /s/ Beijing Qibutianxia Technology Co., Ltd.
    
   Signature of Legal (or Authorized) Representative: /s/ LIU Wei LIU Wei
    

 

 

	
4
    	
 
    	
Beijing Zhongxin Baoxin Technology Co., Ltd., a   limited liability company formally established and validly existing in   accordance with laws of the People’s Republic of China (“China”) with the   Unified Social Credit Code of 911101087916221632
   Beijing Qicaitianxia Technology Co., Ltd., a limited liability company   formally established and validly existing in accordance with laws of the   People’s Republic of China (“China”) with the Unified Social Credit Code of   91110107MA008U1E3A
    	
 
    	
Shanghai 360 Financing   Guarantee Co., Ltd.
    	
 
    	
May 31, 2019
    	
 
    	
Beijing Zhongxin Baoxin Technology Co., Ltd (Seal)

Company seal: /s/ Beijing Zhongxin Baoxin Technology   Co., Ltd
    
   Legal (or Authorized) Representative:
    /s/LIU Wei
   LIU Wei
    
   Beijing Qicaitianxia Technology Co., Ltd (Seal)

Company seal: /s/ Beijing Zhongxin Baoxin Technology   Co., Ltd
    
   Legal (or Authorized) Representative:
    /s/MA Hongbin
   MA Hongbin

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