Exhibit 10.1
NOTE: I HAVE BEEN ADVISED BY A
REPRESENTATIVE OF BUCKEYE PARTNERS, L.P. THAT I SHOULD CONSULT
WITH AN ATTORNEY PRIOR TO SIGNING THIS DOCUMENT.
FULL WAIVER AND RELEASE OF
CLAIMS
1.
I, Vance E. Powers, in exchange for
the payments described below, which payments I otherwise would not
be entitled to, do hereby waive any and all claims that I might
have against Buckeye Pipe Line Services Company, Buckeye Partners,
L.P., and Buckeye GP Holdings L.P., and each of their respective
general partners, parents, subsidiaries, and affiliated or
otherwise related businesses and divisions (hereinafter
collectively referred to as “ Buckeye ”), and
its and their directors, officers, employees, or agents (Buckeye
and such persons hereinafter collectively referred to as “
Releasees ”), arising out of or relating in any way to
my employment with Buckeye or the termination of that
employment.
2.
In connection with the termination
of my employment, I will receive the following payments from
Buckeye Pipe Line Services Company:
(a)
a severance payment in an amount
equal to One Hundred Fifty-Five Thousand Four Hundred Dollars
($155,400), which represents my current weekly salary for
thirty-nine (39) weeks, less applicable federal, state, and local
tax deductions; and
(b)
(i) a payment in an amount
equal to Eight Thousand Seven Hundred Ten Dollars ($8,710), which
represents the cost of COBRA medical and dental coverage for nine
(9) months minus the amount that I would have contributed to
my medical and dental coverage as an employee during this nine
(9) month period, less applicable federal, state, and local
tax deductions, and (ii) an additional tax gross-up amount
equal to the federal, state, and local income and payroll taxes, if
any, that I will incur on the amount paid to me under clause
(i) and on the amount paid under this clause (ii);
provided , however , that, for purposes of clause
(ii), the aggregate tax rate for the federal, state, and local
income and payroll taxes above shall be assumed to be twenty-five
(25) percent.
Buckeye Pipe Line Services Company will make the
foregoing payments to me in one (1) lump sum payment within
fifteen (15) days of the termination of my employment. In
addition to making the foregoing payments to me, Buckeye Pipe Line
Services Company, at its cost, will make outplacement services
available to me for a period of one (1) year, commencing on
May 15, 2009. Buckeye will determine the nature, scope,
and provider of such outplacement services in its reasonable
discretion.
3.
This Full Waiver and Release of
Claims (hereinafter referred to as this “ Waiver
”) applies to any and all legally waivable claims, suits,
damages, liabilities, demands, and causes of action, whether known
or unknown, existing or contingent, or whether at law or equity,
arising out of or relating in any way to my employment with Buckeye
or the termination of that employment (hereinafter
collectively
