SEC Contract Filing

Filing Date: 2023-02-15

Document Content:
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;15, 2023 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear
Mike, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following sets forth your compensation terms with HF Sinclair Corporation (the &#147;Corporation&#148;) between the date hereof and
November&nbsp;9, 2023, your anticipated retirement date from the Corporation (as such date may be extended by agreement of the Corporation and you, the &#147;Retirement Date&#148;), as approved by the Board of Directors of the Corporation or its
committees: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Position:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Through May&nbsp;8, 2023: Chief Executive Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">May&nbsp;9, 2023 through the Retirement Date: Executive Vice President, Corporate</P></TD></TR>
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<TD VALIGN="top">Salary:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Through May&nbsp;8, 2023: An annual salary of $1,325,000 paid on a <FONT STYLE="white-space:nowrap">bi-weekly</FONT> basis.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">May&nbsp;9, 2023 through the Retirement Date: A salary of $100,000 per calendar month (pro-rated for partial months).</P></TD></TR>
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<TD VALIGN="top">Annual Incentive Bonus:</TD>
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<TD VALIGN="top">Within 30 calendar days of May&nbsp;8, 2023, you will be paid $1,200,433, which is your 2023 Annual Incentive Plan bonus at your target bonus percentage of 150% based on your actual salary earnings during and <FONT
STYLE="white-space:nowrap">pro-rated</FONT> with respect to the period starting October&nbsp;1, 2022 and ending May&nbsp;8, 2023. At this time, no new annual incentive cash compensation targets or bonus opportunities have been set for you for your
service as Executive Vice President, Corporate. Any such targets or bonus opportunities require the approval of the Compensation Committee.</TD></TR>
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<TD VALIGN="top">Job Level:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Through May&nbsp;8, 2023: E3</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">May&nbsp;9, 2023
through the Retirement Date: E2</P></TD></TR>
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<TD VALIGN="top">Long Term Incentive Program:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You are not eligible to receive any new long-term incentive awards under the Corporation&#146;s 2020 Long Term Incentive Plan. On the
Retirement Date, any unvested equity awards held by you on such date will remain outstanding and will not be forfeited, provided that you agree to remain a consultant for the Corporation for at least three months following the Retirement Date. The
terms of the vesting of the equity awards are set forth in your Successor Transition Agreement and Release (the &#147;Agreement&#148;), and shall be effective upon your execution of the Agreement and compliance with the terms thereof.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">However, if prior to the Retirement Date, your employment with the Corporation is
terminated by you due to an act of &#147;cause&#148; by the Corporation or if the Corporation terminates your employment for a reason other than &#147;cause&#148;, then, on your last day as an employee of the Corporation (unless another date is
noted below), in either case, (a <FONT STYLE="white-space:nowrap">&#147;Pre-Retirement</FONT> Qualifying Termination&#148;) your unvested equity awards will be treated as follows
subject</P></TD></TR></TABLE> <P STYLE="font-size:150pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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