Deferred Compensation Agreement between Edward J. Faneuil and Global GP LLC on behalf of Global Partners LP
This agreement is between Edward J. Faneuil and Global GP LLC, representing Global Partners LP. It provides Mr. Faneuil with a fully vested, nonforfeitable deferred compensation benefit of $70,000 per year, paid in monthly installments over 15 years, starting after his employment ends or after July 31, 2014, whichever is later. If Mr. Faneuil passes away, payments go to his beneficiary. The agreement is unfunded and paid from the company's general assets, and any changes require both parties' consent.
Exhibit 10.10
Description of Deferred Compensation Arrangement
between Edward J. Faneuil and
Global GP LLC on behalf of Global Partners LP
· Deferred compensation arrangement to be memorialized by a written agreement between Global GP LLC on behalf of Global Partners LP and Edward J. Faneuil, Executive Vice President, General Counsel and Secretary of Global Partners LP.
· Fully vested, nonforfeitable benefit in the amount of $70,000 per annum, payable in equal monthly installments over a period of 15 years to Mr. Faneuil or, in the event of his death, to his designated beneficiary.
· Benefits commence and are paid on the first business day of each calendar month following the later of (1) termination of employment (for any reason) or (2) July 31, 2014.
· Agreement is unfunded and payable from the general assets of Global Partners LP (or any successor).
· Agreement can only be amended with the mutual agreement of Mr. Faneuil and Global Partners LP.
