Compensation Update Letter Agreement between Summit Operating Services Company, LLC and Heath Deneke
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Summary
This letter agreement, dated April 9, 2025, updates the compensation terms for Heath Deneke under his existing Employment Agreement with Summit Operating Services Company, LLC. Effective March 28, 2025, Mr. Deneke's annual base salary is set at $795,000, his annual bonus can range from zero to 300% of base salary with a target of 120%, and his annual long-term incentive plan (LTIP) target is 450% of base salary. All other terms of the Employment Agreement remain unchanged, and these updates do not constitute Good Reason for resignation.
EX-10.1 2 exhibit101-updatedcompensa.htm EX-10.1 Document
EXHIBIT 10.1
April 9, 2025
Heath Deneke
Via Electronic Mail
Via Electronic Mail
Re: Updated Compensation
Dear Heath:
Reference is made herein to that certain Amended and Restated Employment Agreement, effective August 1, 2024, by and between you and Summit Operating Services Company, LLC (the “Employment Agreement”), attached hereto as Exhibit A. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Employment Agreement.
By signing below, you acknowledge and agree that pursuant to this letter and effective as of March 28, 2025 (the “Effective Date”), (a) your Annual Base Salary in Section 3(a) of the Employment Agreement will be $795,000; (b) in Section 3(b) of the Employment Agreement, (i) your Annual Bonus will range from zero to 300% of the Annual Base Salary, and (ii) your Target Annual Bonus will be 120% of the Annual Base Salary; and (c) your Annual LTIP Target in Section 3(c) of the Employment Agreement will be 450% of the Annual Base Salary (collectively, the “Compensation Updates”). For the avoidance of doubt, by signing below, you consent to the changes set forth above and acknowledge and agree that none of the Compensation Updates will constitute Good Reason for purposes of the Employment Agreement. No other changes are being made to the Employment Agreement, and except as specifically provided by this letter, the Employment Agreement will remain in full force and effect in accordance with its terms.
Please return a counter signed copy at your earliest convenience.
Sincerely, | |||||
SUMMIT OPERATING SERVICES | |||||
COMPANY, LLC | |||||
By: | /s/ James Johnston | ||||
Name: James Johnston | |||||
Its: EVP, General Counsel, Chief Compliance Officer and Secretary | |||||
Accepted and Agreed | |||||
/s/ Heath Deneke | |||||
Heath Deneke | |||||
Exhibit A
Employment Agreement
(see attached)