Compensation Update Letter Agreement between Summit Operating Services Company, LLC and William (Bill) Mault (April 2025)
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Summary
Summit Operating Services Company, LLC and William (Bill) Mault have agreed to update Bill's compensation terms, effective March 28, 2025. Bill's annual base salary will be $450,000, his annual bonus can range from 0% to 200% of his base salary with a target of 85%, and his annual long-term incentive plan (LTIP) target will be 240% of his base salary. Bill agrees these changes do not constitute 'Good Reason' under his existing employment agreement, which otherwise remains unchanged.
EX-10.3 4 exhibit103-updatedcompensa.htm EX-10.3 Document
EXHIBIT 10.3
April 9, 2025
William (Bill) Mault
Via Electronic Mail
Via Electronic Mail
Re: Updated Compensation
Dear Bill:
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 $450,000; (b) in Section 3(b) of the Employment Agreement, (i) your Annual Bonus will range from zero to 200% of the Annual Base Salary, and (ii) your Target Annual Bonus will be 85% of the Annual Base Salary; and (c) your Annual LTIP Target in Section 3(c) of the Employment Agreement will be 240% 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/ William J. Mault | |||||
William (Bill) Mault | |||||
Exhibit A
Employment Agreement
(see attached)