SEC Contract Filing

Filing Date: 2019-12-20

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>a102keithschillingemployme.htm
<DESCRIPTION>EXHIBIT 10.2
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<div><a name="sFC35F5C84CA5312CF90F200E9649301C"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Exhibit 10.2</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;"><img src="bastwocolorlogocmyka02.jpg" alt="bastwocolorlogocmyka02.jpg" style="height:77px;width:228px;"></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">December 14, 2019</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Keith, </font></div><div style="line-height:120%;text-align:justify;font-size:6pt;"><font style="font-family:Arial;font-size:6pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">It is my pleasure to extend to you an offer of employment to join the Basic Energy Services team as our new </font><font style="font-family:Arial;font-size:11pt;font-weight:bold;">President &amp;</font><font style="font-family:Arial;font-size:11pt;">&#32;</font><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Chief Executive Officer</font><font style="font-family:Arial;font-size:11pt;">. Your employer will be Basic Energy Services, L.P. (&#8220;Basic&#8221; or the &#8220;Company&#8221;). The proposed terms and conditions for your offer of employment with the Company are reflected in this letter. Please read this letter carefully, as it supersedes all prior discussions and memorializes our mutual intent to enter a written employment agreement containing mutually agreeable terms and conditions. Please note that the final version of the employment agreement will be subject to final approval by Basic&#8217;s Board of Directors (the &#8220;Board&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">The terms and conditions of this offer are summarized as follows:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:0px;"><font style="font-family:Arial;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Work Location: </font><font style="font-family:Arial;font-size:11pt;">&#32;Although you will be expected to travel as necessary to fulfill your duties, responsibilities, and authorities for the Company, your primary work location will be at our corporate headquarters in Ft. Worth, Texas.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:24px;font-size:6pt;"><font style="font-family:Arial;font-size:6pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:0px;"><font style="font-family:Arial;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Duties:</font><font style="font-family:Arial;font-size:11pt;">&#32;&#32;You will report to the Board and have the duties, responsibilities, and authorities that are customary of your position for a company of similar size in the oilfield services industry, including without limitation duties, responsibilities, and authorities with respect to Company&#8217;s affiliates. You will owe a fiduciary duty of loyalty, fidelity, and allegiance to act in the best interests of the Company and its affiliates and at all times during your employment with Basic and to do no act or make no omission during that time that would injure their business, interests, or reputations. If you accept this offer of employment, you will be expected to abide at all times with the Company&#8217;s personnel policies, practices, and procedures as a condition of continuing employment.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:24px;font-size:6pt;"><font style="font-family:Arial;font-size:6pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:0px;"><font style="font-family:Arial;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Classification:</font><font style="font-family:Arial;font-size:11pt;">&#32;&#32;You will be classified as an exempt employee and therefore will not be entitl