Document:

8-K

Exhibit 10.1

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is entered into effective as of the 4th day of November, 2015 (the “Amendment Effective Date”) by and between American Midstream GP, LLC, a Delaware limited partnership (“Company”) and Michael D. Suder (“Executive”).

Company and Executive may be referred to herein individually as a “Party” or collectively as the “Parties”. Capitalized terms utilized but not otherwise defined herein shall have the meanings set forth in that certain Employment Agreement dated as of December 17, 2013, by and between Company and Executive (the “Agreement”).

RECITALS

WHEREAS, Company and Executive are parties to the Agreement; and

WHEREAS, Company and Executive desire to amend the Agreement to amend the earnout provision.

AGREEMENT

NOW, THEREFORE, Company and Executive, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and intending to be legally bound, hereby agree as follows:
    
1.Additional Defined Terms. The following defined terms are hereby added to Article I

1.1“AMID Corporate SG&A Blackwater Allocation” means the greater of (i) zero (0) or (ii) the Blackwater SG&A Allocation.

1.2“Blackwater Direct SG&A” means (i) the total cost of the Blackwater Midstream Corporate Cost Center (Number 3602), less long term incentive plan compensation expense, interest expense and non-cash expenses, for the applicable calculation period, as maintained by on the books and records of the Blackwater Entities, multiplied by (ii) (A) (1) total Blackwater Harvey revenue for the applicable calculation period plus (2) fifty percent (50%) of Blackwater Harvey construction in progress for the applicable calculation period, including assets placed into service during the applicable calculation period, divided by (B) (1) the aggregate of revenue for all Blackwater Entities for the applicable calculation period plus (2) fifty percent (50%) the aggregate construction in progress for the applicable calculation period for all Blackwater Entities, all calculated in accordance with GAAP.

1.3“Blackwater Harvey” means Blackwater Harvey, LLC, a Delaware limited liability company.

1.4“Blackwater SG&A Allocation” means (i) (A) the selling general and administrative (“SG&A”) costs of American Midstream Partners, LP for the applicable calculation period multiplied by (B) (1) the Operating Margin of Blackwater Harvey for the applicable calculation period divided by (2) the Operating Margin of American Midstream Partners, LP for the applicable calculation period minus (ii) the Blackwater Direct SG&A for the applicable calculation period, all calculated in accordance with GAAPP.

1.5“EBITDA” means, with respect to the applicable calculation period, the net income before interest, income taxes, depreciation and amortization of Blackwater Harvey, in each case calculated in accordance with GAAP. In calculating EBITDA, no addition or deduction shall be taken for: (i) non-recurring expenses, including but not limited to those related to corporate transactions; (ii) non-cash expenses, including but not limited to equity-based compensation and asset retirement obligations; (iii) any gains resulting from 

Exhibit 10.1

any write-up of any assets or any loss resulting from any write-down or impairments; and (iv) hedging or other similar activities; provided, further and for the avoidance of doubt, in calculating EBITDA, the net income (or net loss) shall specifically include deductions for Blackwater Direct SG&A and AMID Corporate SG&A Blackwater Allocation. 

1.6“First Earnout” means the lesser of (i) ten percent (10%) of the difference between Harvey FMV and Harvey Cost and (ii) $1 million.

1.7“Harvey FMV” means eight (8) multiplied by next twelve months’ EBITDA, as forecasted by the Company as of the date that Target 1 or Target 2, as applicable, is achieved.

1.8“Harvey Cost” means the cumulative investment in the assets of Blackwater Harvey, including costs to date, including without limitation fully burdened allocated employee costs, as determined by the Company.

1.9“Operating Margin” means, with respect to a particular entity, (i) revenue minus (ii) (A) costs of goods sold plus (B) direct operating expenses, and, for the avoidance of doubt, excluding all amortization and depreciation expenses, all calculated in accordance with GAAP.

1.10“Second Earnout” means the lesser of (i) ten percent (10%) of the difference between Harvey FMV and Harvey Cost and (ii) $1 million.

2.Deletion of Section 3.2(c). Section 3.2(c) of the Agreement is hereby amended and replaced in its entirely with the following:

(c)    Harvey Incentive Bonus.

(i)    If the calculation of EBITDA for any trailing twelve-month period measured at the end of a fiscal quarter during the five years following December 17, 2013 (the “Earnout Period”) exceeds $3,000,000 (“Target 1”), then, within ninety (90) days after such determination, the Company shall pay Executive an amount equal to the First Earnout multiplied by 46.15%; provided, however, that, if Executive is not employed by the Company at the time Target 1 is reached, Executive forfeits all rights to payment pursuant to this Section 3.2(c)(i). 

(ii)    If the calculation of EBITDA for any trailing twelve-month period measured at the end of a fiscal quarter during the Earnout Period exceeds $5,000,000 (“Target 2”), then, within ninety (90) days after determination, the Company shall pay Executive an amount equal to the Second Earnout multiplied by 46.15%; provided, however, that, if Executive is not employed by the Company at the time Target 2 is reached, Executive forfeits all rights to payment pursuant to this Section 3.2(c)(ii). 

(iii)    All payments made pursuant to this Section 3.2(c) shall be paid (A) through the issuance of common units, representing limited partnership interests, of American Midstream Partners, LP (“Common Units”), (B) in cash or (C) in any combination of Common Units and cash, at the discretion of the Company. Payments made in Common Units shall be (Y) valued at the volume-weighted average of the closing prices of the Common Units on the New York Stock Exchange for the ten trading days ending on the trading day prior to the date such issuance is made and (Z) vesting (1) 50% on the date of issuance and (2) 50% ratably over the three anniversaries following the issuance date.

Exhibit 10.1

3.Ratification; Primacy.  Except as amended by this Amendment, all of the terms, provisions, covenants and conditions contained in the Agreement remain in full force and effect; provided, if there is ever any conflict between the Agreement and this Amendment, the terms, provisions, covenants and conditions contained in this Amendment shall govern. The terms and provisions of this Amendment are binding upon and inure to the benefit of the Parties, their representatives, successors and assigns.  As amended by this Amendment, the Agreement is ratified and confirmed by the Parties, and declared to be a valid and enforceable contract between them.

4.Counterparts.  This Amendment may be executed in as many counterparts as deemed necessary.  When so executed, the aggregate counterparts shall constitute one agreement and shall have the same effect as if all Parties signing counterparts had executed the same instrument.

5.Amendment; Waiver.  This Amendment may not be amended or modified except pursuant to a written instrument signed by all of the Parties.  Each Party may waive on its own behalf compliance by any other Party with any term or provision hereof; provided, however, that any such waiver shall be in writing and shall not bind the non-waiving Party.  The waiver by any Party of a breach of any term or provision shall not be construed as a waiver of any subsequent breach of the same or any other provision.

6.Joint Preparation.  The Parties agree and confirm that this Amendment was prepared jointly by all Parties and not by any one Party to the exclusion of the other.

7.No Third Party Beneficiaries.  This Amendment is not intended to confer upon any person not a party hereto any rights or remedies hereunder, and no person other than the Parties is entitled to rely on or enforce any provision hereof.

[Signature Page Follows]

Exhibit 10.1

IN WITNESS WHEREOF, the undersigned have executed and delivered this Amendment as of the date first above written.

	
			
	AMERICAN MIDSTREAM GP, LLC

	 

	 
	 
	 

	By:
	 
	/s/ Daniel C. Campbell

	Name:
	 
	Daniel C. Campbell

	Title:
	 
	Senior Vice President and Chief Financial Officer

	
			
	 
	 
	Michael D. Suder

	 
	 
	/s/ Michael D. SuderExhibit

TRANSITION AGREEMENT
It is hereby agreed by and between Donald Muir, hereinafter referred to as "Employee,” and Lionbridge Technologies, Inc. (hereinafter referred to as the "Company” or “Lionbridge"), on  November 6, 2015 (the “Effective Date”) for good and sufficient consideration more fully described below, that:
		
	1.
	Employment Status.     Employee's employment status with Lionbridge shall terminate on  January 15, 2016 (the "Termination Date”).  As of the Termination Date, Employee's salary will cease and any entitlement he has under any Company-provided benefit programs (including, but not limited to, participation in or eligibility for Lionbridge’s Management Incentive Plan for 2015 or 2016 performance  and the Change of Control Policy and Change of Control Agreement between Employee and Lionbridge) will terminate, except as required by federal or state law or otherwise described below.  In addition, Employee resigns from all director, officer and management positions held by him in Lionbridge or any of its affiliates or subsidiaries, and agrees to execute on request and prior to the Termination Date letters of resignation and any other documentation necessary to effect such resignation.

		
	2.
	Consideration.

		
	a.
	Payment.  In consideration of Employee’s promises and undertakings set forth in this Agreement, and contingent on Employee’s performance of all his  obligations to or in favor of Lionbridge having arisen or arising in the future under this Agreement and that certain Business Protection Agreement entered into by and between Lionbridge and Employee and effective as of September 10, 2007  (the “Business Protection Agreement”); Lionbridge shall pay to Employee (i) over a period of  twelve (12) months after the Termination Date at regular intervals in accordance with Lionbridge’s payroll practices then in effect, less legally required withholdings and deductions, $360,000, plus (ii) over a two year period, upon Employee’s proper and timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, an amount equal to the premiums for continuing health coverage for less the amount Employee (and any of her qualified dependents covered as of the Effective Date) would have contributed to receive such benefits if he had remained an employee of Lionbridge, as determined by Lionbridge in its reasonable discretion and subject to applicable changes in rates under the Corporation’s health plans. The Termination Date will be treated as a qualifying event under the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”), and Employee will receive COBRA information under separate cover.  If Employee dies before receiving the entire severance payment stated herein, the balance will be paid to his spouse, but if she is not alive at the time, the remaining payments will be paid to his estate.

		
	b.
	Equity and MIP.  Employee acknowledges and agrees that (a) any stock options that have not vested as of the Termination Date will expire and be forfeited as of the Termination Date; (b) any shares of restricted stock that have not vested as of the Termination Date described below will expire and be forfeited as of the Termination Date, and (c) any long-term incentive awards that have not vested as of  the Termination Date will expire and be forfeited as of  the Termination Date (including for the avoidance of doubt, all shares granted under long-term incentive awards granted on January 13, 2014 and February 4, 2015).  Lionbridge’s agreement to provide for a Termination Date that is a period of time following the Effective Date is additional consideration and is intended to allow for the vesting of equity through and including  the Termination Date. Notwithstanding the foregoing, Employee will be entitled to receive an award under the terms and conditions of the Company’s 2015 MIP as and when approved by the Nominating and Compensation Committee of the Board of Directors, including an MBO payout at 57%, but will not participate in the Company’s 2016 MIP.  Stock options that have vested but have not been exercised as of the Termination  Date will continue to be exercisable for a period of 60 days from Termination Date in accordance with the applicable Stock Incentive Plan and award agreement. 

		
	c.
	Full Payment. Apart from the payments and obligations set forth in this section 2, Lionbridge shall have no additional or continuing liability to Muir for any compensation, bonuses, equity, or benefits of employment.

		
	d.
	Company Files, Documents and Other Property.  As soon as possible, but no later than three (3) business days following the Termination Date, Employee will return to Lionbridge all Company computers, files, reports, books, data and other documents, and any keys, credit cards or other items or equipment that he might have in his or her possession or under her control that are the property of Lionbridge, except as Lionbridge may otherwise agree.  Employee agrees not to use any of the foregoing Company materials at any time, for any purpose.

		
	3.
	Release.

		
	a.
	In exchange for the compensation described in paragraph 2 herein, and other good and valuable consideration, receipt of which is hereby acknowledged, Employee hereby agrees that he, his representatives, agents, estate, predecessors, successors and assigns, release and forever discharge Lionbridge and/or its successors, assigns, directors, shareholders, officers, employees and/or agents, both individually and in their official capacities with Lionbridge (the “Lionbridge Released Parties”), from any and all actions or causes of action, suits, claims, complaints, contracts, liabilities, agreements, promises, debts and damages, whether existing or contingent, known or unknown, which arise out of Employee’s 

employment with or termination of employment from Lionbridge (the “Claims”).  This release is intended by Employee to be all encompassing and to act as a full and total release of any Claims that Employee may have or has had against the Lionbridge Released Parties, including, but not limited to, any federal, state or municipal law or regulation dealing with either employment or employment discrimination such as those laws or regulations concerning discrimination on the basis of age, race, color, religion, creed, sex, sexual orientation, national origin, handicap status, marital status or status as a disabled or Vietnam era veteran; any contract, whether oral or written, express or implied; or common law.
		
	i.
	Without limitation, specifically included in this paragraph are any Claims arising under the federal Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Civil Rights Act of 1866 and 1871, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Equal Pay Act, the Genetic Information Nondiscrimination Act, the Occupational Safety and Health Act, the Americans With Disabilities Act and any similar and applicable Massachusetts or other state or local statute or regulation, all of the foregoing as amended.

		
	ii.
	Claims under any other local, state or federal employment related statute, regulation or executive order (as they may have been amended through the Effective Date) relating to wages, hours or any other terms and conditions of employment.  Without limitation, specifically included in this paragraph are any Claims arising under the Fair Labor Standards Act, the Family and Medical Leave Act of 1993, the Lilly Ledbetter Fair Pay Act of 2009, the National Labor Relations Act, the Employee Retirement Income Security Act of 1974, COBRA, and any similar and applicable Massachusetts or other state or local statute or regulation.

		
	iii.
	Claims under any local, state or federal common law theory including, without limitation, wrongful discharge, breach of express or implied contract, promissory estoppel, unjust enrichment, breach of covenant of good faith and fair dealing, violation of public policy, defamation, interference with contractual relations, intentional or negligent infliction of emotional distress, invasion of privacy, misrepresentation, deceit, fraud or negligence.

		
	iv.
	Claims (a) arising or resulting from or connected in any way to the negotiation and execution of this Agreement (including without limitation for fraudulent inducement); (b) arising or resulting from or connected in any way to the operation or management of Lionbridge; (c) for any salary, bonus, incentive, reimbursement of expenses or other payment or compensation in connection with the employment relationship, except for the severance payment set forth in Section 2 above; or (d) based on any other act, conduct or omission of Lionbridge up to the execution of this Agreement.

		
	b.
	Employee agrees not only to release and discharge the Lionbridge Released Parties from any and all Claims as stated above that Employee could make on his own behalf or on behalf of others, but also those Claims which might be made by any other person or organization on behalf of Employee, and Employee specifically waives any right to become, and promises not to become, a member of any class in a case in which a claim or claims against the Lionbridge Released Parties are made involving any matters which arise out of Employee’s employment with or termination from Lionbridge.  Nothing in this Agreement is to be construed as an admission by the Lionbridge Released Parties of any liability or unlawful conduct whatsoever.

		
	c.
	This release does not include any claim under the workers compensation or unemployment compensation statutes.  Also, this Agreement is not intended to affect the rights and responsibilities of government agencies such as the Equal Employment Opportunity Commission (the “EEOC”), the National Labor Relations Board (the “NLRB”), or any other federal, state or local agency, to enforce the laws within their jurisdiction.  This means that by signing this Agreement Employee may still exercise his or her protected right to (i) file a charge with, or participate in an investigation or proceeding conducted by, the EEOC, the NLRB, or any other federal, state or local government entity and (ii) exercise Employee’s rights under Section 7 of the National Labor Relations Act to engage in joint activity with other employees.  Notwithstanding the foregoing, Employee agrees that (x) if Employee files a charge with the EEOC, the NLRB, or any other federal, state or local government entity or (y) if one of the foregoing agencies commences an investigation or other legal action on Employee’s behalf, Employee specifically waive and release his or her right to recover, if any, individual monetary damages or other individual benefits or remedies of any sort whatsoever arising from the charge you filed or from the governmental action

		
	d.
	Employee acknowledges the payments and benefits set forth in this Agreement, together with payments and benefits previously provided to Employee by Lionbridge, are the only payments and benefits he will receive in connection with her employment or its termination, other than unemployment benefits which he may apply for after January 31, 2016.  The Company neither guarantees nor warranties that Employee’s application for unemployment compensation benefits will be granted by the Department of Unemployment Assistance.

		
	4.
	Waiver of Rights and Claims Under the Age Discrimination and Employment Act and the Older Workers Benefit Protection Act.

		
	a.
	Employee has been informed that since he is 40 years of age or older, he has or might have specific rights and/or claims under the Age Discrimination and Employment Act and/or the Older Workers Benefit Protection Act.  In consideration for the compensation described in paragraph 2 herein, Employee specifically waives such rights and/or claims to the extent that such rights and/or claims arose prior to the date this Agreement was executed.

		
	b.
	Employee was advised by Lionbridge of his right to consult with an attorney prior to executing this Agreement.

		
	c.
	Employee was further advised when he was presented with this Agreement on or before  November 6, 2015, and that he had 21 days within which to consider the Agreement, until the close of business on  November  27, 2015.

		
	d.
	Employee was also advised that he may revoke this Agreement within seven days after signing it, by delivering a signed notice of revocation by mail, overnight mail, fax, email, or hand delivery, to Lionbridge, attention: Michele Erwin, Michele.Erwin@lionbridge.com or 1050 Winter Street, Waltham, MA, within the seven day deadline.

		
	5.
	Confidentiality.

		
	a.
	All obligations and restrictive covenants as set forth in any existing employment agreement between Employee and the Company regarding the protection of the Company’s trade secrets, confidential information, works made for hire and inventions, as well as any agreements regarding the solicitation or hiring of employees or customers, including but not limited to the Business Protection Agreement or the like, shall remain in full force and effect notwithstanding this Agreement, including but not limited to, provisions and/or restrictions relating to trade secrets, confidential information, works made for hire and inventions, solicitation, hiring, Company property, etcetera. 

		
	b.
	Other than as permitted in Section 4(c) above, the Employee  shall not divulge or publish, directly or indirectly, any information whatsoever regarding the financial   terms  of this Agreement to any person or organization, other than the attorneys, accountants and/or financial advisors of the Company and the Employee, or as required by law. 

		
	c.
	Nothing in this paragraph 5 shall bar Employee or Lionbridge from providing truthful testimony in any legal proceeding or in communicating with any governmental agency, or from making any other truthful disclosure required or authorized by law, including, if required, disclosure of this Agreement; provided, however, that in providing such testimony or making such disclosures or communications, the parties will use their best efforts to ensure that this paragraph 7 is complied with to the maximum extent possible.

		
	6.
	Representations and Governing Law.

		
	a.
	This Agreement represents a complete understanding between the parties, supersedes any and all other agreements and understandings, whether oral or written.  Employee understands that his Change of Control Agreement and Indemnification Agreement terminate automatically as of the Effective Date. This Agreement may not be modified, altered or changed except upon written consent of both parties.

		
	b.
	This Agreement shall be governed by and construed in accordance with the laws of Massachusetts, without giving effect to the principles of conflicts of law thereof.

		
	c.
	Employee acknowledges that any breach of the obligations and covenants set forth in this Agreement would cause Lionbridge immediate and irreparable harm and, therefore, that Lionbridge shall be entitled to injunctive relief in addition to any other remedies Lionbridge may have at law or in equity.

		
	d.
	Employee represents that he has read the foregoing Agreement, fully understands the terms and conditions of such Agreement, and is voluntarily executing the same.  In entering into this Agreement, Employee does not rely on any representation, promise or inducement made by Lionbridge, with the exception of the consideration described in this document.

		
	e.
	In the event that any provision in this Agreement is determined to be legally invalid, the affected provision shall be stricken from the Agreement, and the remaining terms of the Agreement and its enforceability shall remain unaffected thereby.  The language of all parts of this Agreement shall in all cases be construed as a whole according to its fair meaning and not strictly for or against any of the parties.

		
	f.
	This Agreement may be executed in any number of counter-parts, each of which shall constitute an original, but which taken together shall constitute one instrument.

		
	g.
	Headings.  Paragraph, section and subsection headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose.

		
	7.
	Effective Date.  As set out in 4(d), Employee may revoke this Agreement for a period of seven (7) days following its execution, and the Agreement shall not become effective or enforceable until this revocation period has expired.

Executed this 6th day of November, 2015.

	
			
	 
	 
	/S/    DONALD MUIR        

	 
	 
	Donald Muir

	 
	 
	 

	 
	 
	 

	 
	 
	Lionbridge Technologies, Inc.

	 
	 
	 

	 
	 
	 

	 
	 
	/S/    RORY J. COWAN        

	 
	 
	Rory J. Cowan

	 
	Title:
	Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00251-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00251-of-00352.parquet"}]]