SEC Contract Filing

Filing Date: 2019-02-05

Document Content:
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<TYPE>EX-10.7
<SEQUENCE>8
<FILENAME>a19-3932_1ex10d7.htm
<DESCRIPTION>EX-10.7
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;10.7<a name="Exhibit10_7_110232"></a></font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EMPLOYMENT AGREEMENT</font></u></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS EMPLOYMENT AGREEMENT</font></b> (this &#147;<u>Agreement</u>&#148;) is made this 4th day of February, 2019 and shall be effective as of January&nbsp;1, 2019, by and between Global GP LLC, a Delaware limited liability company (the &#147;<u>Company</u>&#148;), and Matthew Spencer (the &#147;<u>Executive</u>&#148;).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS,</font></b> in 2018 the Company employed the Executive as the Chief Accounting Officer of the Company and the Executive also served as the Chief Accounting Officer of Global Partners LP, a Delaware limited partnership (the &#147;<u>Partnership</u>&#148;) of which the Company is the general partner; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS,</font></b> the Company and the Executive have negotiated mutually agreeable terms for the Executive&#146;s continued employment by the Company for a term of three years commencing as of January&nbsp;1, 2019.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOW, THEREFORE</font></b>, for and in consideration of the mutual promises, covenants and obligations contained herein, the sufficiency of which the Company and the Executive each acknowledges, the Company and the Executive hereby agree as follows:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Employment and Term of Employment</u>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to the terms of this Agreement, the employment term hereunder will commence as of January&nbsp;1, 2019 (the &#147;<u>Effective Date</u>&#148;) and continue through December&nbsp;31, 2021.&#160; So long as the Executive is then employed by the Company, the Company and the Executive agree to begin discussions concerning the renewal of this Agreement in the second calendar quarter of 2021, with the objective of reaching a final agreement regarding such renewal by the end of December&nbsp;2021.&#160; Absent the receipt by either party from the other party of a notice not to renew this Agreement as provided in Section&nbsp;1(b)&nbsp;below (and so long as the Executive has remained employed by the Company hereunder), the term of this Agreement shall be automatically extended from December&nbsp;31, 2021 through April&nbsp;15, 2022 to allow for finalization of new short-term and long-term incentive payment plans.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Either the Company or the Executive may provide the other with prior written notice of its or his desire not to renew this Agreement, delivered in accordance with Section&nbsp;20 (&#147;<u>Notice</u>&#148;) at least ninety (90) days in advance of January&nbsp;1, 2022, in which case this Agreement shall terminate at 11:59 p.m.&nbsp;on December&nbsp;31, 2021 and the Executive shall receive the compensation set forth in Section&nbsp;7(e)&nbsp;below.</p>
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