Document:

EXHIBIT 10.60

 

 

October 16, 2014

 

Tom Chambers

[ADDRESS]

[ADDRESS]

RE:  Offer of Employment:  Senior Vice President and Chief Financial Officer

 

Dear Tom:

 

On behalf of Kosmos Energy, LLC (the “Company”), I am pleased to extend this offer of employment (this “Offer”) to you in the position of Senior Vice President and Chief Financial Officer in accordance with the following terms:

 

	
Start   Date:
    	
 
    	
On or before   November 5, 2014 (the “Start Date”).
    
	
 
    	
 
    	
 
    
	
Base   Salary:
    	
 
    	
Base salary at an   initial annual rate of $550,000 (the “Base Salary”),   payable in accordance with the Company’s payroll practices as in effect from   time to time. The Company currently pays salary on the 15th and the last day   of each month. The Company will review the Base Salary annually to determine   whether to increase it. The Base Salary will not be decreased except in   connection with a proportionate across-the-board decrease for the Company’s   senior executives generally.
    
	
 
    	
 
    	
 
    
	
Annual   Target Cash Bonus:
    	
 
    	
Annual discretionary   cash bonus that will be targeted at 100% of the Base Salary (the “Target Bonus”), based upon both Company and individual   performance. The actual cash bonus, if any, that you would receive for any   year based on the level of attainment of the applicable Company and   individual performance metrics within the context of prevailing market   conditions and may range between 0% and 200% of the Base Salary.
    
	
 
    	
 
    	
 
    
	
Sign-On   Equity Awards:
    	
 
    	
On the first day of the   calendar month following the Start Date, you will receive two awards (the “Sign-On Equity Awards”) of restricted share units (“RSUs”). The Sign-On Equity Awards will be issued under the   Kosmos Energy Ltd. Long Term Incentive Plan (such plan, or any successor   thereto, the “LTIP”), and will   be subject to the terms (including, without limitation, the applicable   vesting schedules and forfeiture restrictions) set forth in the LTIP and   individual award agreements. The Sign-On Equity Awards will have an aggregate   value as of the grant date of $1,650,000. Of this amount, $825,000 will be   granted in the form of service-vesting RSUs and $825,000 will be granted in   the form of performance-vesting RSUs. The number of common shares of Kosmos   Energy 
    

 

 

	
 
    	
 
    	
Ltd. (“Kosmos”) underlying each Sign-On Equity   Award (at target, in the case of the performance-vesting RSUs) will be   determined in accordance with the terms of the LTIP by dividing the grant   date value of such award by the closing price of a common share on the grant   date.
    
	
 
    	
 
    	
 
    
	
Long   Term Incentive (“LTI”) Opportunity
    	
 
    	
In addition to the   Sign-On Equity Awards, during your employment with the Company you will be   eligible for annual long-term incentive (“LTI”)   equity awards. You will receive an initial award (the “2015 LTI Award”) of RSUs with an   aggregate value as of the grant date of $1,650,000 in 2015 as part of the   LTIP award cycle which is expected to be granted by the end of June, 2015,   assuming that you are still employed by the Company on the grant date that   such awards are granted. The 2015 LTI Award will follow an allocation between   service-vesting and performance vesting RSUs that is consistent with the   other members of the Company’s senior management.
    
	
 
    	
 
    	
 
    
	
Severance   Benefits:
    	
 
    	
If you are terminated   through no fault of your own or your position is eliminated and you are not   offered a comparable position in Dallas (other than in connection with a   Change in Control as defined in the LTIP), then subject to: (i) your   execution and non-revocation of a general release of claims provided by the   Company; (ii) such release becoming effective not later than 60 days   after such termination, and (iii) your continued compliance with any   confidentiality covenants to which you are subject you will receive a   severance payment equal to your then current Base Salary plus Target Bonus   for 1 year. Additionally, the Company will reimburse you the amount of COBRA   payments to cover medical and dental health insurance for you and your   eligible dependents for 1 year.
    
	
 
    	
 
    	
 
    
	
Change   in Control:
    	
 
    	
If your employment with   the Company is terminated in connection with a Change in Control, you will   generally be eligible for severance benefits under the Company’s Change in   Control Severance Policy (the “Severance   Policy”), subject to the terms of the Severance Policy.   Notwithstanding the foregoing, the Company reserves the right to amend or   terminate the Severance Policy at any time, with or without notice.
    

 

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Relocation:
    	
 
    	
You will be required to   relocate your principal residence to the Dallas/Fort Worth area as soon as   practicable after the Start Date. The Company will pay or reimburse you for   all reasonable and customary costs associated with the following:

 

·                  As discussed, we contemplate that you will   continue to maintain your residence in Sugar Land, Texas and that you will   commute between Sugar Land and Dallas for a period of up to twelve (12)   months (the “Transition Period.”) During the   Transition Period, the Company will cover your reasonable and necessary   temporary housing expenses in the Dallas/Fort Worth area, as well as your   costs of commuting between Sugar Land, Texas and Dallas, Texas.

 

In addition, after the   Transition Period the Company will pay or reimburse you for the costs of the   following items to facilitate your move from Sugar Land to Dallas:

 

·                  Packing and transporting standard furniture and   personal household goods and effects belonging to you and members of your   immediate family.

 

·                  Reasonable expenses, including travel, for you   and members of your immediate family to obtain permanent housing in the   Dallas/Fort Worth area.

 

·                  A one-time lump sum of $5,000 to cover   miscellaneous expenses.

 

·                  Reimbursement of actual closing costs, realtor   costs, inspection costs, and related costs associated with the sale of your   existing home in Sugar Land, Texas and the purchase/lease of a new residence   in the Dallas/Fort Worth area. You will be required to sell your existing   home and either purchase or lease a home in the Dallas/Fort Worth area to   receive this reimbursement.

 

The reimbursements made   to you with respect to the foregoing relocation benefits shall include   amounts intended to cover the U.S. tax obligations that you would expect to   incur in relation to such relocation benefits.
    
	
 
    	
 
    	
 
    
	
401(k) Plan:
    	
 
    	
You will be eligible to   participate in the Company’s 401(k) plan starting on your Start Date.   Currently the Company matches employees’ contributions to the plan dollar for   dollar up to the lesser of 8% of eligible compensation contributed or the   applicable Internal Revenue Service maximum. The Company match is not   guaranteed to remain at the same level. You will be notified if there is a   plan contribution or design change.
    
	
 
    	
 
    	
 
    
	
Other   Benefits:
    	
 
    	
You will be entitled to   participate in the Company’s other benefit plans applicable to full-time   regular employees. For the 2014 calendar year, the Company is paying 100% of   the cost of such benefit plans. The Company reserves the right to change the   benefits provided or the costs charged to employees at any time in its sole   discretion; provided, however, that the 
    

 

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Company will not   decrease your benefits, or the portion of your benefits costs borne by the   Company, except in connection with such an across- the-board decrease for the   Company’s U.S.-based senior executives generally.
    
	
 
    	
 
    	
 
    
	
Vacation:
    	
 
    	
Based on your years of   relevant industry-related work experience, the Company will provide with you   with five weeks of annual vacation allowance (prorated for the first year of   your employment based on the number of calendar days that you are employed in   such year), in line with the Company’s other executive officers.
    
	
 
    	
 
    	
 
    
	
Spousal   Assistance:
    	
 
    	
If required, the   Company will provide employment assistance through The MI Group for your   spouse. This benefit includes, but is not limited to, career counseling,   employment search coaching, resume development, employment search assistance   and career development workshops. The use of this benefit is required to be   commenced within 90 days after your move date to Dallas and to be completed   within one year after such move date.
    
	
 
    	
 
    	
 
    
	
Holidays:
    	
 
    	
The Company’s current   practice is to provide employees with nine nationally recognized major U.S.   holidays and up to two additional “floating” holidays of their choice. The   Company reserves the right to change this general practice at any time in its   sole discretion.
    

 

 

	
 
    	
Sincerely,
    
	
 
    	
 
    
	
 
    	
/s/ Andrew G. Inglis
    
	
 
    	
Andrew G. Inglis
    
	
 
    	
Chairman and Chief   Executive Officer
    

 

 

I agree to the terms of employment set forth above.  Furthermore, I represent to the Company that I am not subject to any obligation or agreement (including an employment agreement or non-compete agreement) that would prevent me from becoming an employee of the Company or that will adversely impact my ability to perform my duties.

 

	
/s/ Thomas P. Chambers
    	
 
    
	
Thomas P. Chambers
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
October 13, 2014
    	
 
    

 

4stag_Ex106

		
			Exhibit 10.6
		

		
			 
		

		
			STAG INDUSTRIAL, INC.
		

		
			 
		

		
			SECOND AMENDMENT TO THE
		

		
			2011 EQUITY INCENTIVE PLAN
		

		
			 
		

		
			The STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended (the “Plan”), is hereby amended as follows: 
		

		
			 
		

			
	
			
				 1.
			

			
	
			
			The second paragraph of Section 3(b) of the Plan is hereby amended by deleting clause (vi) thereof and replacing it with the following provision:

		
			“(vi) accelerate or otherwise change the time in which an Award may be exercised or becomes payable and to waive or accelerate the lapse, in whole or in part, of any restriction or condition with respect to such Award; provided, however, that except as provided in Section 7(c), such action shall not cause an option or stock appreciation right to be fully exercisable before the third anniversary of the date on which such Award was granted;”
		

			
	
			
				 2.
			

			
	
			
			The first paragraph of Section 4 is amended by adding the following sentences at the end thereof:

		
			“If (i) any option granted under the Plan is exercised through the tendering of shares of Common Stock (either actually or by attestation) or by the withholding of shares of Common Stock issuable upon exercise of the option or (ii) withholding tax liabilities related to an option or stock appreciation right are satisfied by the tendering of shares of Common Stock (either actually or by attestation) or the withholding of shares of Common Stock issuable upon exercise of the option or stock appreciation right, then the number of shares of Common Stock tendered or withheld shall not be available for the grant of other Awards under this Plan.  If shares of Common Stock are issued in settlement of a stock appreciation right, the number of shares of Common Stock available for the grant of other Awards under this Plan shall be reduced by the number of shares of Common Stock for which the stock appreciation right was exercised rather than the number of shares of Common Stock issued in settlement of the stock appreciation right.”
		

			
	
			
				 3.
			

			
	
			
			Section 6(a) is amended by adding the following sentence at the end thereof:

		
			“Except as provided in Section 7(c), no option shall be fully exercisable before the third anniversary of the date on which the option was granted.”
		

			
	
			
				 4.
			

			
	
			
			Section 6(b) is amended by adding the following sentence as the fifth sentence thereof:

		
			“Except as provided in Section 7(c), no SAR shall be fully exercisable before the third anniversary of the date on which the SAR was granted.”
		

		

		

		 

		

			 

		

 

		Except as amended above, the Plan shall remain in full force and effect.  Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Plan.
		

		
			 
		

		
			IN WITNESS WHEREOF, STAG Industrial, Inc. has executed this Second Amendment to the 2011 Equity Incentive Plan as of this 20th day of February, 2015.
		

		
			 
		

		
			 
		

		
			 
		

			
					
						 

					
					
						STAG INDUSTRIAL, INC. 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Jeffrey M. Sullivan

				
	
					
						 

					
					
						 

					
					
						Name: Jeffrey M. Sullivan

				
	
					
						 

					
					
						 

					
					
						Title:   Executive Vice President,  

				
	
					
						 

					
					
						 

					
					
						General Counsel and Secretary

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		 

		

			2

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