SEC Contract Filing

Filing Date: 2020-06-22

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_191112.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<html><head>
	<title>ex_191112.htm</title>
	<!-- Generated by ThunderDome Portal - 6/22/2020 7:22:00 PM --><meta charset="utf-8"><meta name="format-detection" content="telephone=no">
</head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; padding:0in .1in;">
<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 36pt; text-align: center;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt; text-align: right;"><b>Exhibit 10.1</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt; text-align: center;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt; text-align: center;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt; text-align: center;"><b>SEPARATION AGREEMENT AND GENERAL RELEASE OF CLAIMS</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt; text-align: justify; text-indent: 36pt;">This<b> </b>SEPARATION AGREEMENT AND GENERAL RELEASE OF CLAIMS (this &#8220;<i><b>Agreement</b></i>&#8221;) is entered into by and between BKEP Management, Inc. (the &#8220;<i><b>Company</b></i>&#8221;) and Mark&nbsp;Hurley (&#8220;<i><b>Employee</b></i>&#8221;).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt; text-align: justify; text-indent: 36pt;">WHEREAS, Employee has been employed by the Company pursuant to that certain Employment Agreement between Employee and the Company entered into the 4<sup style="vertical-align:top;line-height:120%;font-size:pt">th</sup> day of October,&nbsp;2012 (the &#8220;<i><b>Employment Agreement</b></i>&#8221;);</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt; text-align: justify; text-indent: 36pt;">WHEREAS, Employee&#8217;s employment with the Company ended due to his resignation, effective as of June 22, 2020 (the &#8220;<i><b>Separation Date</b></i>&#8221;);</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt; text-align: justify; text-indent: 36pt;">WHEREAS, Employee and the Company wish for Employee to receive a cash payment and certain benefits as set forth in this Agreement, conditioned upon Employee&#8217;s entry into, and non-revocation of, this Agreement in the time provided to do so and satisfaction of the terms herein; and</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt; text-align: justify; text-indent: 36pt;">WHEREAS, the parties wish to resolve any and all claims that Employee has or may have against the Company or any of the other Company Parties (as defined below), including any claims that Employee may have arising out of Employee&#8217;s employment or the end of such employment.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt; text-align: justify; text-indent: 36pt;">NOW, THEREFORE, in consideration of the promises set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Employee and the Company, the parties hereby agree as follows:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt; text-align: justify; text-indent: 36pt;"><b>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resignation from Employment and Other Resignations</b>. Employee and the Company acknowledge and agree that Employee&#8217;s employment with the Company ended due to Employee&#8217;s voluntary resignation as of the Separation Date such that, as of the Separation Date, Employee was no longer employed by the Company or any other Company Party. Further, as of the Separation Date, the automatic resignations set forth in Section 5.E of the Employment Agreement took effect. Without limiting the foregoing, Employee automatically resigned, as of the Separation Date, (a) as an officer of the Company, Blueknight Energy Partners, L.P., and each other Company Party, as applicable, and (b) from the board of directors or any similar governing body of any Company Party and any corporation, limited liability entity or other entity in which the Company or any Company Party holds an equity interest and with respect to which board or similar governing body Employee serves as the Company&#8217;s or such Company Party&#8217;s designee or other representative (as applicable).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt 36pt; text-align: justify; text-indent: 36pt;"><b>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separation Payment</b>. Provided that Employee (x) executes this Agreement and returns it to the Company, care of Duke R. Ligon, Chairman of the Board, so that it is received by Mr. Ligon no later than the close of business on July 14, 2020, and does not revoke his acceptance of this Agreement pursuant to Section 8(d); and (y) honors each of Employee&#8217;s commitments set forth herein, then the Comp