May 9, 2016 Mr. Timothy A. Knox
EXHIBIT 10.1
May 9, 2016
Xx. Xxxxxxx X. Xxxx
0000 Xxxxxxxx Xxxx
Xxxxxxx, Xxxxx 00000
Re: Amendment to Employment Agreement (the “Employment Agreement”) dated as of August 4, 2014, between CSI Compressco GP Inc. (the “Company”) and Xxxxxxx X. Xxxx
Dear Xxx:
In order to address the challenges that the Company continues to face with the downturn in the oil and gas market, we are implementing workweek schedule and wage reductions.
Please sign below to confirm your consent and agreement that your current Base Salary set forth in Section 3.1 of the Employment Agreement will be reduced by 10% from $400,000 to $360,000 (on an annual basis) effective May 14, 2016. You also understand that your incentive compensation under the CICP (as defined in the Employment Agreement) for 2016 will be based on your Base Salary in effect on December 31, 2016. You further acknowledge and agree that this salary reduction does not constitute “Good Reason” for termination as defined in Section 4.4 of the Employment Agreement.
In this very difficult market, we appreciate your continued commitment and hard work.
Sincerely,
/s/Bass X. Xxxxxxx, Xx.
Bass X. Xxxxxxx, Xx., General Counsel
Agreed to and acknowledged
on May 9, 2016 by:
/s/Xxxxxxx X. Xxxx
Xxxxxxx X. Xxxx
