Executive Officer Compensation Disclosure for Sanchez Midstream Partners GP LLC (2019)
This document outlines the base salaries for the executive officers of Sanchez Midstream Partners GP LLC, the general partner of Sanchez Midstream Partners LP, effective January 1, 2019. The officers are employees of Sanchez Oil & Gas Corporation and provide services to the Partnership, with specified salary allocations. The document also describes standard employee benefits, such as a 401(k) plan and insurance, and notes that bonuses or equity compensation may be awarded at the company's discretion.
Exhibit 10.11
Executive Officer Compensation
Base Salary
The following table sets forth the base salary for each named executive officer of Sanchez Midstream Partners GP LLC, the general partner of Sanchez Midstream Partners LP (the “Partnership”). Each person is an employee of Sanchez Oil & Gas Corporation (“SOG”) and provides services to the Partnership, with the amounts listed being the portion of the salary allocated to the Partnership, effective as of January 1, 2019.
| Sanchez Production Partners LP, Officer | Base Salary |
| Gerald F. Willinger Chief Executive Officer | $600,000 |
| Charles C. Ward Chief Financial Officer & Secretary | $375,000 |
| Patricio D. Sanchez President & Chief Operating Officer | $400,000 |
Other Benefits
SOG does not maintain a defined benefit pension plan for its employees because it believes that such plans primarily reward longevity rather than performance. SOG provides a basic benefits package generally to all employees, which includes a 401(k) plan, parking costs, and health, disability and life insurance. In addition, SOG, in its discretion, may permit executive officers to utilize company-owned or chartered aircraft for personal use. In its discretion, SOG and/or the board of directors of the Partnership’s general partner may award the named executive officers cash bonuses and/or equity compensation.
