SEC Contract Filing

Filing Date: 2019-11-25

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d839833dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B><B><I>Execution Version</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This Employment Agreement (this &#147;<U>Agreement</U>&#148;) is entered into effective as of November&nbsp;24, 2019 (the &#147;<U>Effective
Date</U>&#148;), by and among Tallgrass Management, LLC, a Delaware limited liability company (the &#147;<U>Company</U>&#148;), Tallgrass Energy GP, LLC, a Delaware limited liability company (the &#147;<U>General Partner</U>&#148;), and William R.
Moler, an individual (&#147;<U>Executive</U>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Executive is currently employed as President and Chief Operating Officer of the Company and serves on the Board of Directors
of the General Partner (the &#147;<U>Board</U>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Company desires to continue to employ Executive and
Executive desires to continue to be employed by the Company and serve as an executive of the Partnership Entities (as defined below), on the terms set forth herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, for and in consideration of the mutual promises, covenants and obligations contained herein (including in <U>Exhibit
A</U> hereto), and other good and valuable consideration, the parties agree as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Employment</U>. The Company agrees to
continue to employ Executive and Executive agrees to continue to be employed by the Company as the Company&#146;s Chief Executive Officer (collectively the &#147;<U>Position</U>&#148;) upon the terms and conditions of this Agreement until such
employment is terminated as provided in <U>Section</U><U></U><U>&nbsp;7</U>. For no additional compensation, Executive shall serve on the Board during the Employment Period. Executive will report to the Board. So long as Executive is employed by the
Company in the Position, each of the General Partner, Tallgrass Equity, LLC and Tallgrass MLP GP, LLC (collectively, the &#147;<U>Partnership Entities</U>&#148;) agrees that Executive will also serve as and be appointed in the same Position for each
of the Partnership Entities. The period in which Executive is employed by the Company hereunder is referred to as the &#147;<U>Employment Period</U>.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Compensation</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) For all services rendered by Executive to the Company, the Partnership Entities and each of the downstream affiliates of
the Partnership Entities (the Partnership Entities and such downstream affiliates (including the Company), collectively, the &#147;<U>Constituent Companies</U>&#148;), the Company will pay Executive an annualized base salary of not less than
$750,000 (&#147;<U>Base Salary</U>&#148;), which will accrue and be payable in arrears in accordance with the Company&#146;s general payroll practices (and any increase in Base Salary during the Employment Period shall then be referred to as
&#147;Base Salary&#148; for the purposes of this Agreement). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Subject to this <U>Section</U><U></U><U>&nbsp;3(b)</U>,
Executive shall receive a bonus for the 2019 calendar year (the&nbsp;&#147;<U>2019 Bonus</U>&#148;), which 2019 Bonus shall be $1,500,000. The 2019 Bonus shall be paid as soon as administratively feasible after the end of the 2019 calendar year, but
in no event later than March&nbsp;15, 2020. For the 2020 calendar year and for each </P>
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subsequent complete calendar year that Executive is employed by the Company hereunder, Executive shall be eligible for discretionary bonus compensation (the &#147;<U>Annual Bonus</U>&#148;),
which shall be determined by the Board. For the 2020 calendar year, the Annual Bonus shall have a target value equal to 400% of Executive&#146;s Base Salary (subject to achievement of applicable performance targets). The performance targets for the
applicable calendar year (the &#147;<U>Bonus Year</U>&#148;) shall be established by the Board (or a committee thereof) annually and communicated to Executive not later than February&nbsp;15 of each year. Each Annual Bonus, if any, shall be paid as
soon as administratively feasible after the Board (or a committee thereof) certifies whether the applicable performance targets for the Bonus Year have been achieved, but in no event later than March
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