Amendment to Employment Agreement between CSI Compressco GP Inc. and Timothy A. Knox (May 2016)

Contract Categories: Human Resources › Employment Agreements
Summary

CSI Compressco GP Inc. and Timothy A. Knox have agreed to amend Knox's employment agreement due to ongoing challenges in the oil and gas market. Effective May 14, 2016, Knox's annual base salary will be reduced by 10%, from $400,000 to $360,000. Incentive compensation for 2016 will be based on the salary in effect at year-end. Knox acknowledges that this salary reduction does not qualify as "Good Reason" for termination under the original agreement. Both parties have signed to confirm their agreement to these changes.

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EX-10.1 2 cclp8k-20160509_ex10x01.htm EXHIBIT 10.1 Exhibit


EXHIBIT 10.1

May 9, 2016

Mr. Timothy A. Knox
6904 Paradise Lane
Midland, Texas 79707

Re:    Amendment to Employment Agreement (the “Employment Agreement”) dated as of August 4, 2014, between CSI Compressco GP Inc. (the “Company”) and Timothy A. Knox

Dear Tim:

In order to address the challenges that the Company continues to face with the downturn in the oil and gas market, we are implementing workweek schedule and wage reductions.

Please sign below to confirm your consent and agreement that your current Base Salary set forth in Section 3.1 of the Employment Agreement will be reduced by 10% from $400,000 to $360,000 (on an annual basis) effective May 14, 2016. You also understand that your incentive compensation under the CICP (as defined in the Employment Agreement) for 2016 will be based on your Base Salary in effect on December 31, 2016. You further acknowledge and agree that this salary reduction does not constitute “Good Reason” for termination as defined in Section 4.4 of the Employment Agreement.

In this very difficult market, we appreciate your continued commitment and hard work.

Sincerely,

/s/Bass C. Wallace, Jr.            
Bass C. Wallace, Jr., General Counsel

Agreed to and acknowledged
on May 9, 2016 by:

/s/Timothy A. Knox                 
Timothy A. Knox


CSI Compressco LP P.O. Box 60760, Midland, TX 79711.
1 ###-###-#### www.csicompressco.com