SEC Contract Filing

Filing Date: 2019-12-17

Document Content:
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>10
<FILENAME>ex10_7.htm
<DESCRIPTION>EXHIBIT 10.7
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 <div style="text-align: right; font-weight: bold;"> Exhibit 10.7<br>
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 <div style="text-align: right; font-style: italic; font-weight: bold;">Execution Version</div>
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 <div style="text-align: center; font-weight: bold;">LEGACY RESERVES INC.</div>
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 <div style="text-align: center; font-weight: bold;"><u>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</u></div>
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 <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">AMENDED AND RESTATED EMPLOYMENT AGREEMENT</font> (this &#8220;<u>Agreement</u>&#8221;) dated as of December 11, 2019 (the &#8220;<u>Effective Date</u>&#8221;), between Legacy Reserves
 Services LLC, a Texas limited liability company (the &#8220;<u>Employer</u>&#8221;), and Albert E. Ferrara, III (the &#8220;<u>Employee</u>&#8221;).</div>
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 <div style="text-align: center; font-weight: bold;"><u>W</u>&#160;<u>I</u>&#160;<u>T</u>&#160;<u>N</u>&#160;<u>E</u>&#160;<u>S</u>&#160;<u>S</u>&#160;<u>E</u>&#160;<u>T</u>&#160;<u>H</u></div>
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 <div style="text-indent: 36pt;"><font style="font-weight: bold;">WHEREAS</font>, the Employer and Employee are party to an employment agreement dated as of October 31, 2019 (the &#8220;Prior Employment Agreement&#8221;);</div>
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 <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">WHEREAS</font>, the Employer desires to continue to employ the Employee as the General Counsel and Corporate Secretary<font style="font-weight: bold;">&#160;</font>of
 Legacy Reserves Inc., a Delaware corporation (the &#8220;<u>Company</u>&#8221;); and</div>
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 <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">WHEREAS</font>, the Employer and the Employee wish to amend and restate the Prior Employment Agreement, effective as of the date hereof.</div>
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 <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">NOW, THEREFORE</font>, in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and
 sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:</div>
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 <div style="text-indent: 36pt;"><font style="font-weight: bold;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-weight: bold;">POSITION AND DUTIES.</font></div>
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 <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During the Employment Term (as defined in <u>Section 2</u> hereof), Employee shall serve as the General Counsel and Corporate Secretary of the Company. In this capacity, the Employee
 shall have the duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies, and such other duties, authorities and responsibilities as may
 reasonably be assigned to the Employee that are not inconsistent with the Employee&#8217;s position as General Counsel and Corporate Secretary of the Company. The Employee&#8217;s principal place of employment shall be in Midland, Texas, <u>provided</u> that
 the Employee understands and agrees that the Employee may be required to travel from time to time for business purposes. The Employee shall report directly to the Chief Executive Officer of the Company.</div>
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 <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During the Employment Term, the Employee shall devote substantially all of the Employee&#8217;s business time, energy, business judgment, knowledge and skill to the performance of the
 Employee&#8217;s duties with the Employer and the Company, <u>provided</u> that the foregoing shall not prevent the Employee from (i) serving on the boards of directors of non-profit organizations and, with the prior written approval of the Board of
 Directors of the Company (the &#8220;<u>Board</u>&#8221;), other for profit companies, (ii) participating in charitable, civic, educational, professional, community or industry affairs, and (iii) managing the Employee&#8217;s passive personal investments so long as
 such activities in the aggregate do not materially interfere or conflict with the Employee&#8217;s duties hereunder or create a potential business or fiduciary conflict or materially interfere with the performance of the Employee&#8217;s obligations to the
 Employer or the Company under this Agreement. The for profit company boards on which the Employee currently serves, all of which have been approved by the Board, are listed on <u>Exhibit A</u> hereto.</div>
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 <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="