Attached files
file | filename |
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EX-32.2 - EX-32.2 - Titan Energy, LLC | tten-ex322_7.htm |
EX-32.1 - EX-32.1 - Titan Energy, LLC | tten-ex321_9.htm |
EX-31.2 - EX-31.2 - Titan Energy, LLC | tten-ex312_8.htm |
EX-31.1 - EX-31.1 - Titan Energy, LLC | tten-ex311_6.htm |
EX-10.4 - EX-10.4 - Titan Energy, LLC | tten-ex104_11.htm |
10-Q - 10-Q - Titan Energy, LLC | tten-10q_20170630.htm |
EXHIBIT 10.5
May 16, 2017
Mark D. Schumacher
Re: Retention Bonus
Dear Mark:
To incentivize you to remain with and committed to the success of Titan Energy, LLC (the “Company”) and its subsidiaries, the Company is offering you a retention bonus upon the terms and conditions set forth in this letter agreement (“Agreement”). As confirmed by the Class B directors, no amount paid pursuant to this Agreement shall impact the amount of your 2017 bonus.
The Company agrees to make the following payment to you, in addition to your normal salary, 2017 bonus and benefits (as confirmed by the Class B directors), subject to the terms and conditions in this Agreement and your execution and delivery of this Agreement to the Company by May 23, 2017 (the “Delivery Date”):
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Retention Bonus. Subject to the conditions set forth below, you will be eligible to receive a cash bonus in an amount equal to $320,000 (the “Retention Bonus”) payable in three (3) installments: the first installment of $80,000 as soon practicable following the execution of this Agreement, the second installment of $80,000 on November 2, 2017, and the third installment of $160,000 on May 2, 2018 (each a “Payment Date”); provided you are actively employed by the Company on each Payment Date. The Retention Bonus will be paid subject to applicable withholdings and deductions. |
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Payment Conditions. If you resign your employment the Company or your employment is terminated for “Cause” (as defined in the Titan Energy, LLC Management Incentive Plan, as in effect on the date hereof), prior to May 2, 2018, you will not be eligible for any unpaid portion of the Retention Bonus. In the event that your employment is terminated by the Company without “Cause” prior to May 2, 2018, the Company will pay you any unpaid portion of the retention Bonus within sixty (60) days of your termination date; provided, you execute, return and do not revoke a separation agreement and general release of claims in a form acceptable to the Company. |
to constitute a waiver of any of your rights, claims or causes of action under your September 1, 2016 Employment Agreement. |
To accept this Agreement, please sign where indicated below, and return in a confidential envelope to Robin Harris, Vice President of Human Resources, Titan Energy, LLC, 1845 Walnut Street, Philadelphia, PA 19103.
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Sincerely, |
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/s/ TITAN ENERGY, LLC |
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TITAN ENERGY, LLC |
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ACCEPTED AND AGREED AS OF THE |
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DATE FIRST SET FORTH ABOVE: |
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/s/ Mark D. Schumacher |
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Mark D. Schumacher |
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