Document:

Exhibit 10.126

 

THE
COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE COMMISSION (THE
“COMMISSION”) PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED, GRANTING CONFIDENTIAL TREATMENT TO SELECTED PORTIONS.  ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE
BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED SEPARATELY WITH THE
COMMISSION.  OMITTED PORTIONS ARE
INDICATED IN THIS EXHIBIT WITH “*****”.

 

 

	
  

  	
   

  	
  Sunoco Partners
  Marketing & Terminals LP

  
	
   

  	
  1004
  N. Big Spring Street

  
	
   

  	
  Suite 515

  
	
   

  	
  Midland,
  TX 79701

  
	
  April 2,
  2009

  	
   

  	
  432  686 7080

  
	
   

  	
   

  	
  Fax
  432 687 2641

  

 

Mr. John Lacik

Square One Energy

Suite 3200 Unit 25

801 Cherry Street

Fort Worth, TX 76102

 

	
  Re:

  	
   

  	
  Crude
  Oil Purchase Agreement

  
	
   

  	
   

  	
  Sunoco Partners Reference No. 521329

  

 

Dear Mr. Lacik:

 

Reference is made to the above subject Crude Oil
Purchase Agreement whereby Sunoco Partners Marketing & Terminals L.P. will
purchase all of the crude oil and condensate, produced from the lease(s) listed
on Exhibit “A”.

 

This confirms our understanding that by mutual
consent said agreement shall be amended as follows:

 

Effective December 1, 2008, the following lease
and facility (**) were deleted, as set forth on Exhibit “A”:

 

Price.  Effective February 1,
2009, for those leases listed on the attached Exhibit “A”, the price per
barrel for each month shall be Sunoco Partners’ monthly average base price for
West Texas/New Mexico Intermediate crude oil, (currently Col. 4), gravity
deemed 40 degrees API, available in Sunoco Partners’ Crude Oil Price Bulletin
Summary as published, plus the average of Platt’s P-Plus WTA price for the
operational month, *****(1) per barrel.

 

For pricing purposes any crude oil delivered hereunder shall be deemed
to have been delivered in equal daily quantities, and the price as described
above shall be based on the prices in effect during the calendar month in which
delivered occur.

 

Price Note:  The average of Platt’s
P-Plus WTI price is taken from the operational month values contained in Platt’s
Oilgram Price Report.  (For example, the
Platt’s average for December would include those Platt’s prices published
for October 26 through November 25 inclusive.)  This average will be calculated to the
nearest one-tenth of one cent.  The time
period for these calculations will begin the day following the deadline for
pipeline scheduling, usually the 26th day of the
month, two months prior to the month of delivery, through the last day of
pipeline scheduling, usually the 25th day of the
month, one month prior to the month of delivery.  Saturday, Sunday, and holidays are excluded.

 

Except as hereby specifically modified, all terms
and conditions of said Crude Oil Purchase Agreement shall remain in full force
and effect.

 

If the foregoing is in accordance with your
understanding of our agreement, please indicate your acceptance and confirm by
signing in duplicate and returning one (1) copy for our files by mail or
fax to:

 

(1) THE
COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE COMMISSION (THE
“COMMISSION”) PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED, GRANTING CONFIDENTIAL TREATMENT TO SELECTED PORTIONS.  ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE
BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED SEPARATELY WITH THE
COMMISSION.  OMITTED PORTIONS ARE
INDICATED IN THIS EXHIBIT WITH “*****”.

 

 

Contract Administrator

Sunoco Partners Marketing &
Terminals L.P.

1004 N. Big Spring, Suite 515

Midland, Texas 79701

(432) 686-7080 / Fax: (432)
687-2641

 

If we do not receive a signed copy by mail or fax within ten (10) business
days from the date of receipt of this amendment, we will take that as evidence
of your acceptance of this amendment to the above referenced agreement.

 

Agreed and accepted this 27th day of April, 2009.

 

	
  SQUARE ONE ENERGY

  	
   

  	
  SUNOCO PARTNERS MARKETING

  & TERMINALS L.P.

  
	
   

  	
   

  	
  By:

  	
  Sunoco Logistics Partners
  Operations Gp LLC,

  
	
   

  	
   

  	
  Its General Partner

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Patrick M. McKinney

  	
   

  	
  By:

  	
  /s/ David Johnson

  
	
   

  	
  Patrick M. McKinney

  	
   

  	
   

  	
  David C. Johnson, Agent

  
	
  Title:

  	
  VP of Operations

  	
   

  	
  Title

  	
  Crude Oil
  Representative

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date

  	
  04/27/2009

  	
   

  	
  Date

  	
  04/07/2009

  
						

 

 

	
  EXHIBIT
  “A”

  	
   

  	
   

  
	
  SQUARE
  ONE ENERGY – COPA #521329

  	
   

  	
  REVISION EFFECTIVE: 12/01/2008

  

 

	
  EFF.

  DATE

  	
   

  	
  SUNOCO

  PARTNERS

  PROP. #

  	
   

  	
  LEASE
  NAME

  	
   

  	
  FIELD

  	
   

  	
  COUNTY/ST

  	
   

  	
  DIVISION

  ORDER

  	
   

  	
  PRICE*

  	
   

  	
  G&H

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  03/01/04

  	
   

  	
  0092600000

  	
   

  	
  DESDEMONA
  GAS PLNT

  	
   

  	
  DESDEMONA

  	
   

  	
  EASTLAND,
  TX

  	
   

  	
  100% E

  	
   

  	
  SUNOCO
  PARTNERS WT/NM INT (COL.4) PLUS PLATTS P + *****(2)

  	
   

  	
  $

  	
  *****

  	
  (2)

  
	
  03/01/04

  	
   

  	
  4008540000

  	
   

  	
  HOGTOWN-MOORE
  UNIT

  	
   

  	
  DESDEMONA

  	
   

  	
  EASTLAND,
  TX

  	
   

  	
  100% E

  	
   

  	
  SUNOCO
  PARTNERS WT/NM INT (COL.4) PLUS PLATTS P + *****(2)

  	
   

  	
  $

  	
  *****

  	
  (2)

  
	
  03/01/04

  	
   

  	
  40210470000

  	
   

  	
  DESDEMONA
  FIELD UT (TAXABLE)

  	
   

  	
  DESDEMONA

  	
   

  	
  EASTLAND,
  TX

  	
   

  	
  100% E

  	
   

  	
  SUNOCO
  PARTNERS WT/NM INT (COL.4) PLUS PLATTS P + *****(2)

  	
   

  	
  $

  	
  *****

  	
  (2)

  

 

(2) THE COMPANY HAS
REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”)
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED,
GRANTING CONFIDENTIAL TREATMENT TO SELECTED PORTIONS.  ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE
BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED SEPARATELY WITH THE
COMMISSION.  OMITTED PORTIONS ARE
INDICATED IN THIS EXHIBIT WITH “*****”.

 

*AS
PUBLISHED IN SUNOCO PARTNERS MARKETING & TERMINALS L.P. CRUDE OIL PRICE
BULLETIN SUMMARYEXHIBIT 10.4

 

FIRST AMENDMENT

TO THE

METABANK EMPLOYMENT AGREEMENT

WITH

J. TYLER HAAHR

 

 

THIS AMENDMENT (the “Amendment”) is entered into on the
date set forth on the signature page hereof by and between MetaBank (the “Company”) and J. Tyler
Haahr  (the “Employee”).

 

RECITALS

 

WHEREAS, the Company and the Employee previously
entered into an employment agreement dated January 27, 1997 (the “Employment
Agreement”);

 

WHEREAS, the Company and the Employee desire to
amend the Employment Agreement to comply with Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”); and

 

WHEREAS, pursuant to Section 13 of the
Employment Agreement, the Employment Agreement may be amended by written
agreement of the parties thereto;

 

NOW, THEREFORE, the parties hereby agree to amend the
Employment Agreement, generally effective January 1, 2008, as follows:

 

Section 2(b) is amended to read
as follows:

 

(b) Discretionary
Bonuses.  The Employee shall be
entitled to participate in an equitable manner with all other executive
officers of the Bank in discretionary bonuses as authorized and declared by the
Board of Directors of the Bank to its executive employees.  Any such discretionary bonus shall be payable
to the Employee at the time bonuses are paid to executive officers in
accordance with the Bank’s policies and practices; provided,
however, that any such bonus shall be paid no later than March 15 of the
year following the year in which the bonus is earned and vested.  No other compensation provided for in this
Agreement shall be deemed a substitute for the Employee’s right to participate
in such bonuses when and as declared by the Board of Directors.

 

Section 2(c) is amended to read
as follows:

 

(c) Expenses.  During the term of his employment hereunder,
the Employee shall be entitled to receive prompt reimbursement for all
reasonable expenses he incurs (in accordance with policies and procedures at
least as favorable to the Employee as those presently applicable to the senior
executive officers of the Bank) in performing services hereunder, provided that the Employee properly accounts for such
expenses in accordance with Bank policy. 
Such expense reimbursements shall be paid no later than the end of the
Employee’s taxable year following the taxable year in which the Employee incurs
the expenses.  The amount of expenses
eligible for reimbursement during a taxable year may not affect the expenses
eligible for reimbursement in any other taxable year, and the Employee’s right
to an expense reimbursement may not be liquidated or exchanged for another
benefit.

 

Section 6(a) is amended so the
first paragraph thereof reads as follows:

 

(a) The
Board of Directors may terminate the Employee’s employment at any time, but any
termination by the Bank’s Board of Directors, other than termination for cause,
shall not prejudice the Employee’s right to compensation or other benefits
under the Agreement.  If the employment
of the Employee is involuntarily terminated, other than for “cause” as provided
in this Section 6(a) or pursuant to any of Sections 6(d) through
6(g), or by reason of death or disability as provided in Sections 6(c) or
7, the Employee shall be entitled to receive:

 

(i) his
then-applicable salary for the then-remaining term of the Agreement as
calculated in accordance with Section 4 hereof, payable in installments
not less frequently than biweekly, in 

 

1

 

accordance
with the Bank’s regular payroll practices and procedures, subject to the
customary withholding tax and other employee taxes as required with respect to
compensation paid by a corporation to an employee, provided
that if the Employee is a “specified employee” (as such term is defined in Code
Section 409A and the regulations or other guidance in effect thereunder)
at the time of his employment termination and his employment terminates under
circumstances that require a distribution delay under Code Section 409A,
the commencement of biweekly installments of the Employee’s continued salary
payments shall be delayed for six months and the installments that otherwise
would have been paid during that six-month period shall be paid in a lump sum
on the six-month anniversary of the Employee’s employment termination date (or,
if earlier, as soon as administratively feasible after his death); and

 

(ii) health
insurance benefits as maintained by the Bank for the benefit of its senior
executive employees or its employees generally over the then-remaining term of
the Agreement as calculated in accordance with Section 4 hereof, provided that if the duration of such health insurance
benefits extends beyond the end of the applicable continuation coverage period
under the Consolidated Omnibus Budget Reconciliation Act (COBRA), (A) the
amount of benefits provided during one calendar year shall not affect the
amount of benefits provided during a subsequent calendar year (except with
respect to health plan maximums), (B) the benefits may not be exchanged or
substituted for other forms of compensation to the Employee, and (C) any
reimbursement or payment under the benefit arrangement will be paid in
accordance with applicable plan terms and no later than the last day of the
Employee’s taxable year following the taxable year in which he incurred the
expense giving rise to such reimbursement or payment.

 

Section 6(h) is amended to read
as follows:

 

(h)In
the event the Bank purports to terminate the Employee for cause, but it is
determined by a court of competent jurisdiction or by an arbitrator pursuant to
Section 17 that cause did not exist for such termination, or if in any
event it is determined by any such court or arbitrator that the Bank has failed
to make timely payment of any amounts owed to the Employee under this
Agreement, the Employee shall be entitled to reimbursement for all reasonable
costs, including attorneys’ fees, incurred in challenging such termination or
collecting such amounts; provided,
however, that (i) the Employee shall have no right to cost reimbursements
until the court or arbitrator enters a final and binding opinion that cause did
not exist for the Employee’s termination or that the Bank has failed to pay
amounts due to the Employee under this Agreement, and (ii) cost
reimbursements will be paid no later than March 15 of the year following
the year in which the court or arbitrator enters its final and binding
opinion.  Such reimbursement shall be in
addition to all rights to which the Employee is otherwise entitled under this
Agreement.

 

Section 9(c) is amended so the
last sentence thereof reads as follows:

 

In
the event that the Advisory Firm, based on controlling precedent or other
substantial authority, determines that an Underpayment has occurred, any such
Underpayment shall be promptly paid by the Bank to or for the benefit of the
Employee together with interest at the applicable federal rate provided for in Section 7872(f)(2) of
the Code, provided that such Underpayment and
interest shall be paid no later than two and a half months after the date on
which the Advisory Firm informs the Bank of its determination that an
Underpayment has occurred.

 

A new Section 18 is added to the
Employment Agreement to read as follows:

 

18.
Code Section 409A.  It is
intended that any income or payments to the Employee provided under this
Agreement will not be subject to the additional tax and interest under Code Section 409A
(the “Section 409A Tax”).  The
provisions of the Agreement will be construed in favor of complying with any 

 

2

 

applicable
requirements of Code Section 409A as necessary to prevent the imposition
of a Section 409A Tax.  The Bank and
the Employee agree to amend the Agreement (retroactively, if necessary) to
comply with Code Section 409A, including amendment to enable the Employee
to prevent the imposition of, or to reduce the amount of, any Section 409A
Tax.  The Bank and the Employee shall
reasonably cooperate to give full effect to this provision and the consent to
any amendment described in the preceding sentence shall not be unreasonably
withheld by either party.  The parties
agree that neither party has (a) an obligation to bring any potential Section 409A
Tax to the attention of the other party or (b) any liability for any Section 409A
Tax or any other reporting or withholding obligation to the other party.

 

In all other respects, the Employment
Agreement shall remain unchanged and in full force and effect.

 

IN WITNESS WHEREOF, this Amendment has been executed and delivered by the parties hereto
this 28th day of January, 2008.

 

	
   

  	
  METABANK 

  
	
   

  	
   

  
	
   

  	
  /s/
  E. Wayne Cooley

  
	
   

  	
  E.
  Wayne Cooley

  
	
   

  	
  Chairman,
  Compensation Committee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE

  
	
   

  	
   

  
	
   

  	
  /s/ J. Tyler Haahr

  
	
   

  	
  J. Tyler Haahr

  

 

3

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