Exhibit 10.7


 


EMPLOYMENT AGREEMENT


 


BETWEEN


 


GLYECO, INC.


 


And


 


IAN
RHODES


(Executive)


 


THIS EMPLOYMENT AGREEMENT
(this “Agreement”), dated as of December 30, 2016 (the “Effective Date”) is entered into by and between
GlyEco, Inc., a Nevada corporation (the “Company”), and Ian Rhodes, an individual with a physical address at [See Recent
Address on File with Company] (the “Executive”) (collectively, the “Parties,” individually, a “Party”).


 


WITNESSETH:


 


WHEREAS, the Executive
is currently the Chief Financial Officer of the Company;


 


WHEREAS, the Board of
Directors of the Company (the “Board”) has requested and the Executive has agreed to provide services to the Company
as the Chief Executive Officer of the Company; and


 


WHEREAS, the Board has
determined that it is in the best interests of the Company and its stockholders to indemnify the Executive for claims for damages
arising out of or relating to the performance of such services to the Company in accordance with the terms and conditions set forth
in this Agreement and pursuant to Nevada law; and


 


WHEREAS, as an inducement
to serve and in consideration for such services, the Company has agreed to indemnify the Executive for claims for damages arising
out of or relating to the performance of such services to the Company in accordance with the terms and conditions set forth in
a separate agreement, which indemnification agreement is attached as an exhibit hereto and is incorporated herein by reference;
and


 


WHEREAS, in order to
accomplish these objectives and establish the rights, duties and obligations of the Parties, which shall be generally stated herein
and which may be more fully stated in other agreements between the Parties, including equity-based agreements, indemnity agreements,
and other employment or incentive related agreements as the Company or the Board may adopt from time to time, the Board has caused
the Company to enter into this Agreement;


 


NOW, THEREFORE, in consideration
of the premises and the mutual covenants and agreements set forth herein, the Parties, intending to be legally bound, hereby agree
as follows:


 




      


     


    

 


Article
One






Definitions


 


		1.	Definitions. As used in this Agreement:



 


1.1           The
term “Accrued Obligations,” when used in the case of the Executive’s death or disability shall mean the sum of
(1) that portion of the Executive’s Base Salary that was not previously paid to the Executive from the last payment date
through the Date of Termination and (2) any Severance Benefit due.


 


1.2           The
term “Automatic Extension” shall have the meaning set forth in Section 2.2 herein.


 


1.3           The
term “Base Salary” shall have the meaning set forth in Section 3.1 herein.


 


1.4           The
term “Board” shall have the meaning set forth in the recitals.


 


1.5           The
term “Cause” shall have the meaning set forth in Section 4.3 herein.


 


1.6           The
term “Common Stock” shall mean the Common Stock, par value $0.0001, of the Company.


 


1.7           The
term “Compensation Committee” shall mean the Compensation Committee of the Company.


 


1.8           The
term “Company Group” shall mean the Company and any other corporation or trade or business required to be aggregated
with the Company which constitutes a single Company under Code Section 414(b) or Code Section 414(c) with the Company, except that
in applying Code Section 1563(a)(1), (2), and (3), the language “at least 50 percent” is used instead of
“at least 80 percent.”


 


1.9           The
term “Corporate Documents” shall mean the Company’s Certificate of Incorporation, as amended and/or its Bylaws,
as amended.


 


1.10         The
term “Effective Date” shall have the meaning set forth in the preamble.


 


1.11         The
term “Good Reason” shall have the meaning set forth in Section 4.3(c) herein.


 


1.12         The
term “Initial Term” shall have the meaning set forth in Section 2.2 herein.


 




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1.13         The
term “Separation from Service” shall mean the Executive’s termination of employment with the Company Group for
any reason which constitutes a “separation from service” under Code Section 409A. Notwithstanding the foregoing, the
Executive’s employment relationship with the Company Group is considered to remain intact while the individual is on military
leave, sick leave or other bona fide leave of absence if there is a reasonable expectation that the Executive will return to perform
services for the Company Group and the period of such leave does not exceed six months, or if longer, so long as the Executive
retains a right to reemployment with the Company under applicable law or contract. Solely for purposes of determining whether a
Separation from Service has occurred, the Company will determine whether the Executive has terminated employment with the Company
Group based on whether it is reasonably anticipated by the Company and the Executive that the Executive will permanently cease
providing services to the Company Group, whether as an employee or independent contractor, or that the services to be performed
by the Executive, whether as an employee or independent contractor, will permanently decrease to no more than 20% of the average
level of bona fide services performed, whether as an employee or independent contractor, over the immediately preceding 36-month
period or such shorter period during which the Executive was performing services for the Company Group. If a leave of absence occurs
during such 36-month or shorter period which is not considered a Separation from Service, unpaid leaves of absence shall be disregarded
and the level of services provided during any paid leave of absence shall be presumed to be the level of services required to receive
the compensation paid with respect to such leave of absence.


 


1.14         The
term “Severance Benefit” shall have the meaning set forth in Section 4.6(a)(i) herein. The term may also be referred
to as a “Severance Amount.”


 


1.15         The
term “Without Cause” shall have the meaning set forth in Section 4.3(b) herein.


 


1.16         The
term “Without Good Reason” shall have the meaning set forth in Section 4.3 herein.


 


Article
Two






POSITION
AND DUTIES


 


		2.	Employment.



 


2.1           Title.
The Executive shall serve as the Chief Executive Officer of the Company and agrees to perform services for the Company and such
other affiliates of the Company, as described in Section 2.3 herein.


 


2.2           Term.
The Executive’s employment shall be for an initial term of one (1) year (the “Initial Term”), commencing on the
Effective Date. The Executive’s employment shall be automatically extended on the day after the second year anniversary of
the Effective Date (“Automatic Extension”), and on each anniversary date thereof, for additional one (1) year periods
unless the Company provides notice that it does not intend to extend the term of the Executive’s employment at least sixty
(60) days in advance of the end of the Initial Term or any Automatic Extension.


 




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2.3           Duties
and Responsibilities. The Executive shall report to the Board. In such position, the Executive shall have such duties, authority,
and responsibility as are consistent with the Executive’s position as the Chief Executive Officer of the Company or as are
otherwise delegated to him from time to time by the Board.


 


2.4           Performance
of Duties. During the term of the Agreement, except as provided below, the Executive agrees to devote his full business time,
effort, skill and attention to the affairs of the Company and its subsidiaries, will use his best efforts to promote the interests
of the Company, and will discharge his responsibilities in a diligent and faithful manner, consistent with sound business practices.
For the avoidance of doubt, the Executive shall work no fewer than forty (40) hours per week in discharging his responsibilities.
The foregoing shall not, however, preclude Executive from devoting reasonable time, attention and energy in connection with the
following activities, provided that such activities do not materially interfere with the performance of his duties and services
hereunder:


 


		(a)	fulfilling speaking engagements;



 


		(b)	engaging in charitable and community activities;



 


		(c)	managing his personal business and investments; and



 


(d)          any
other activity approved of by the Board. For purposes of this Agreement, any activity specifically listed on Schedule A
shall be considered as having been approved by the Board.


 


2.5           Representations
and Warranties of the Executive with Respect to Conflicts, Past Employers and Corporate Opportunities. The Executive represents
and warrants that:


 


(a)          his
employment by the Company will not conflict with any obligations which he has to any other person, firm or entity; and


 


(b)          he
will not, without disclosure to and approval of the Board, directly or indirectly, assist or have an active interest in (whether
as a principal, stockholder, lender, employee, officer, director, partner, venturer, consultant or otherwise) any person, firm,
partnership, association, corporation or business organization, entity or enterprise that competes with or is engaged in a business
which is substantially similar to the business of the Company; provided, however, that ownership of not more than two percent
(2%) of the outstanding securities of any class of any publicly held corporation shall not be deemed a violation of this Section
2.5; provided, further, that any investment specifically listed on Schedule A shall not be deemed a violation of this Section 2.5.


 


2.6           Activities
and Interests with Companies Doing Business with the Company. In addition to those activities and interests of Executive disclosed
on Schedule A attached hereto, Executive shall promptly disclose to the Board, in accordance with the Company’s policies,
full information concerning any interests, direct or indirect, he holds (whether as a principal, stockholder, lender, executive,
director, officer, partner, venturer, consultant or otherwise) in any business which, as reasonably known to Executive, purchases
or provides services or products to, the Company or any of its subsidiaries, provided that the Executive need not disclose any
such interest resulting from ownership of not more than two percent (2%) of the outstanding securities of any class of any publicly
held corporation.


 




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2.7           Other
Business Opportunities. Nothing in this Agreement shall be deemed to preclude the Executive from participating in other business
opportunities if and to the extent that: (a) such business opportunities are not directly competitive with, similar to the business
of the Company, or would otherwise be deemed to constitute an opportunity appropriate for the Company; (b) the Executive’s
activities with respect to such opportunities do not have a material adverse effect on the performance of the Executive’s
duties hereunder, and (c) the Executive’s activities with respect to such opportunity have been fully disclosed in writing
to the Board.


 


2.8           Reporting
Location. For purposes of this Agreement, the Executive’s reporting location shall be a location within a 30 mile radius
of Larchmont, New York; provided, however, that it is understood and agreed that Executive’s responsibilities may include
frequent travel to the Company’s operating facilities.


 


Article
Three






compensation


 


		3.	Compensation.



 


3.1           Base
Salary.        Executive shall receive an initial annual base salary
of One Hundred Seventy Five Thousand US Dollars ($175,000.00), payable in accordance with the Company’s then-existing payroll
policies (the “Base Salary”) and subject to all applicable withholding requirements. The Base Salary shall be reviewed
by the Board and its Compensation Committee annually for adequacy.


 


3.2           Annual
Incentive. Executive will be eligible to receive an annual cash incentive payable for the achievement of performance goals
established by the Board up to or equal to fifty percent (50%) of the Executive’s Base Salary, which may be granted pursuant
to the following guidelines: (a) subject to the Board’s or the Compensation Committee’s discretion, up to or equal
to twenty-five percent (25%); and up to or equal to twenty-five percent (25%) for objectives set by the Board or the Compensation
Committee. The Executive understands and acknowledges that the ability or obligation of the Company to pay any cash incentives
or bonus may be limited by provisions in any then-existing debt facility or any then-outstanding debt issuance that may preclude
such payments if any debt covenants are or would be violated by payment of such Annual Incentive, if paid in cash, which covenants
shall be memorialized from time to time on Schedule 3.2 hereof. An Annual Incentive payment may be made in cash if such
existing covenants have been specifically and explicitly waived in writing by any then-lender or investor; provided, however,
that no Annual Incentive can be paid if the Company would be required to pay for such a waiver. Any unpaid Annual Incentive payment
will be accrued or paid in Company common stock.


 




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3.3           The
actual earned Annual Incentive, if any, payable to Executive for any performance period will depend upon the extent to which the
applicable performance goal(s) specified by the Board or the Compensation Committee are achieved and will be decreased or increased
for under- or over- performance. Except as specifically provided herein, Executive’s Annual Incentive will be subject to
the terms and conditions of a formal bonus plan that may be adopted by the Compensation Committee from time to time; provided,
that if there is no formal bonus plan that has been established by the Company, the Executive’s Annual Incentives shall be
established each year by the Compensation Committee.


 


		3.4	Long Term Incentives.



 


(i)          Long-Term
Ongoing Performance Equity Incentive. Executive will be eligible to receive long-term performance equity incentives at a level
and on conditions as the Compensation Committee shall establish. Any long-term incentive will be subject to terms and conditions
of the Company’s 2012 Stock Incentive Plan (the “LTIP”), or any successor thereto, or any other equity-based
compensation plan that may be established by the Committee and approved by the shareholders. In addition, any long-term incentive
will be subject to the Committee’s standard terms and conditions for the applicable type of award, including vesting criteria
such as continued service or performance objectives.


 


(ii)         Stock
Grant. Executive will be granted one million (1,000,000) restricted shares of Common Stock (the “Stock Grant”)
as part of his equity compensation component. The stock will vest at such time that a $0.20/share price threshold has been achieved,
which threshold will be measured and approved based on a 30-trading day volume weighted average price (VWAP). Reference is also
made to Executive’s prior stock grant, which is reflected on Exhibit C attached hereto.


 


		3.5	Participation In Benefit Plans.



 


(a)          Retirement
Plans. Executive shall be entitled to participate, without any waiting or eligibility periods, in all qualified retirement
plans provided to other executive officers and other key employees.


 


(b)          Employee
Benefit Plans and Insurance. The Executive shall have the right to participate in employee benefit plans and insurance programs
of the Company that the Company may sponsor from time to time and to receive customary Company benefits, if those benefits are
so offered. Nothing herein shall obligate Executive to accept such benefits if and when they are offered.


 




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		(c)	Vacation.



 


(i)          The
Executive shall be entitled to fifteen (15) days of annual vacation, consistent with Company existing policy.


 


(d)          Paid
Holidays. The Executive shall be entitled to such paid holidays as are generally available to all employees.


 


3.6           Relocation
and Business-related Expenses. In the event that Executive is required to move from his primary residence and consents to such
move, then Executive shall be provided with relocation assistance as provided below:


 


(a)          Housing
and Temporary Lodging. The Company will pay the costs, for the Executive and his family, of house-hunting trips and the cost
of transporting the Executive, his spouse, furniture, household effects, and vehicles, to the area in which the Company will be
headquartered. In addition, the Company will pay the cost of the Executive’s travel, temporary living expenses, including
housing, whether hotel or apartment, and meals, during the period prior to the Executive’s move to the city in which the
Company will be headquartered.


 


(b)          Reimbursement.
Executive shall be entitled to reimbursement within a reasonable time for all properly documented and approved expenses for travel.
The Company shall reimburse business expenses of Executive directly related to Company business, including, but not limited to,
airfare, lodging, meals, travel expenses, medical expenses while traveling not covered by insurance, business entertainment, expenses
associated with entertaining business persons, local expenses to governments or governmental officials, tariffs, applicable taxes
outside of the United States, special expenses associated with travel to certain countries, supplemental life insurance or supplemental
insurance of any kind or special insurance rates or charges for travel outside the Executive’s country of residence (unless
such insurance is being provided by the Company), rental cars and insurance for rental cars, and any other expenses of travel that
are reasonable in nature or that have been otherwise pre-approved. Executive shall be governed by the travel and entertainment
policy in effect at the Company.


 


3.7           Severance
Benefit. In the event that Executive’s employment is terminated, other than for Cause, Executive shall receive severance
pursuant to Section 4.6(a)(i) herein.


 


3.8           Payroll
Procedures and Policies. All payments required to be made by the Company to the Executive pursuant to this Article Three shall
be paid on a regular basis in accordance with the Company’s normal payroll procedures and policies.


 


Article
Four


 



Termination
OF EMPLOYMENT


 


4.1           Events
of Termination. Executive’s employment, the Employment Period, the Base Salary, and any and all other rights of Executive
under this Agreement or otherwise as an employee of the Company will terminate (except as otherwise provided in this Section 4):


 




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(a) upon the death of the Executive;


 


(b) upon termination of employment
due to the Disability of the Executive;


 


(c) upon termination by the
Company for Cause;


 


(d) upon resignation of employment
by the Executive without Good Reason;


 


(e) upon termination by the
Company without Cause;


 


(f) upon the resignation of
employment by Executive for Good Reason.


 


Upon termination of Executive’s
employment, as provided above or otherwise, Executive’s rights respecting benefits, stock options, restricted stock, and
other equity awards will be determined under the applicable plan or program providing the same.


 


4.2           Definition
and Determination of Disability. If the Company determines in good faith that the Disability (as defined below) of the Executive
has occurred during the Employment Term, the Company may give the Executive notice of its intention to terminate the Executive’s
employment. In such event, the Executive’s employment hereunder shall terminate effective on the thirtieth (30th)
day after receipt of such notice by the Executive (the “Disability Effective Date”); provided, that,
within the thirty (30) day period after such receipt, the Executive shall not have returned to full-time performance of the Executive’s
duties. For purposes of this Agreement, “Disability” shall mean the absence of the Executive from the Executive’s
duties hereunder on a full-time basis for an aggregate of 180 days within any given period of two hundred seventy (270) consecutive
days (in addition to any statutorily required leave of absence and any leave of absence approved by the Company) as a result of
incapacity of the Executive, despite any reasonable accommodation required by law, due to bodily injury or disease or any other
mental or physical illness, which will, in the opinion of a physician selected by the Company or its insurers and acceptable to
the Executive or the Executive’s legal representative, be permanent and continuous during the remainder of the Executive’s
life.


 


		4.3	Definition of “Cause,” “Without Cause,”
and “Good Reason.”



 


		(a)	Termination for Cause.



 


The Executive’s
employment hereunder may be terminated for Cause. For purposes of this Agreement, “Cause” shall mean:


 


(i)          the
willful and continued failure of the Executive to perform substantially the Executive’s duties hereunder (other than any
such failure resulting from bodily injury or disease or any other incapacity due to mental or physical illness) after a written
demand for substantial performance is delivered to the Executive by the Board or the Chairman of the Company, which specifically
identifies the manner in which the Board or the Chairman of the Company believes the Executive has not substantially performed
the Executive’s duties; or 


 




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(ii)         the
willful engaging by the Executive in illegal conduct or gross misconduct that is materially and demonstrably detrimental to the
Company and/or its affiliated companies, monetarily or otherwise.


 


For purposes
of this provision, no act, or failure to act, on the part of the Executive shall be considered “willful” unless done,
or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission
was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly
adopted by the Board, upon the instructions of the Chairman or another Board Member of Company, or based upon the advice of counsel
for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best
interests of the Company and its affiliated companies. The cessation of employment of the Executive shall not be deemed to be for
Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative
vote of not less than two-thirds (2/3) of the entire membership of the Board then in office, excluding the Executive, at a meeting
of the Board called and held for such purpose (after reasonable notice is provided to the Executive and the Executive is given
an opportunity, together with counsel, to be heard before the Board) finding that, in the good faith opinion of the Board, the
Executive is guilty of the conduct described in subparagraph (i) or (ii) above, and specifying the particulars thereof
in detail.


 


(iii)        Executive’s
material violation of any Company policy or code of ethics or conduct that may be in force from time to time;


 


(iv)        the
appropriation (or attempted appropriation) of a material business opportunity of the Company without first presenting it to the
Company in writing and giving it a reasonable opportunity to accept or reject such opportunity, including attempting to secure
or securing any personal profit in connection with any transaction entered into on behalf of the Company;


 


(v)         the
Executive’s conviction of, or plea of nolo contendere to, any felony of theft, fraud, embezzlement or violent crime, or the
entering of a guilty plea or a plea of non contendere for any other crime for which imprisonment is a punishment.


 


(vi)        the
misappropriation (or attempted misappropriation) of any of the Company’s funds or property.


 


		(b)	Termination without Cause.



 


The determination
of whether the Executive’s employment is terminable for Cause shall be made solely by the Company’s Board of Directors,
which shall act in good faith in making such determination. All terminations by the Company that are not for Cause, or on the occasion
of the Executive’s death or disability shall be considered Without Cause.


 




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		(c)	Termination for Good Reason.



 


The Executive’s
employment hereunder may be terminated for Good Reason. For all purposes under this Agreement, “Good Reason” shall
mean the occurrence of one or more of the following events arising without the express written consent of the Executive,
but only if the Executive notifies the Company in writing of the event within sixty (60) days following the occurrence of
the event, the event remains uncured after the expiration of thirty (30) days from receipt of such notice, and the Executive
resigns effective no later than thirty (30) days following the Company’s failure to cure the event:


 


		(i)	a material diminution in the Executive’s Base Salary;



 


(ii)           a
material diminution in the Executive’s authority, duties, or responsibilities (including status, offices, titles and reporting
requirements), duties, functions, responsibilities or authority as contemplated by Section 2.3 of this Agreement, or any other
action by the Company that results in a diminution in such position, duties, functions, responsibilities or authority, excluding
for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company
promptly after receipt of notice thereof given by the Executive as provided for herein;


 


(iii)          the
Company or a subsidiary thereof requiring the Executive to be permanently based anywhere other than within thirty (30) miles
from the location other than as provided in Section 2.8 of this Agreement;


 


(iv)          any
other action that constitutes a material breach by the Company of the Agreement;


 


(v)          or
the Executive’s ceasing to be the highest ranking officer of the Company; or


 


A resignation
of employment by Executive for any other reason or under any other circumstances will be a resignation “Without Good Reason.”


 


4.4           Notice
of Termination. Any termination of the Executive’s employment hereunder by the Company or by the Executive (other than
a termination pursuant to Section 4.1(a)) shall be communicated by a Notice of Termination (as defined below) to the other party
hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which (a) indicates the
specific termination provision in this Agreement relied upon, (b) in the case of a termination for Disability, Cause or Good
Reason, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s
employment under the provision so indicated, and (c) specifies the Date of Termination (as defined in Section 4.5 below);
provided, however, that notwithstanding any provision in this Agreement to the contrary, a Notice of Termination given in connection
with a termination for Good Reason shall be given by the Executive within a reasonable period of time, not to exceed sixty (60) days,
following the occurrence of the event giving rise to such right of termination. The failure by the Company or the Executive to
set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Disability, Cause, or Good Reason
shall not waive any right of the Company or the Executive hereunder or preclude the Company or the Executive from asserting such
fact or circumstance in enforcing the Company’s or the Executive’s rights hereunder.


 




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4.5           Date
of Termination. For purposes of this Agreement, the “Date of Termination” shall mean the effective date of termination
of the Executive’s employment hereunder, which date shall be (a) if the Executive’s employment is terminated
by the Executive’s death, the date of the Executive’s death, (b) if the Executive’s employment is terminated
because of the Executive’s Disability, the Disability Effective Date, (c) if the Executive’s employment is terminated
by the Company (or applicable affiliated company) for Cause or by the Executive for Good Reason, the date on which the Notice
of Termination is given, and (d) if the Executive’s employment is terminated for any other reason, the date specified
in the Notice of Termination, which date shall in no event be earlier than the date such notice is given; provided,
however, that if within thirty (30) days after any Notice of Termination is given, the party
receiving such Notice of Termination notifies the other party that a dispute exists concerning the termination, the Date of Termination
shall be the date on which the dispute is finally determined, either by mutual written agreement of the parties or by a final
judgment, order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having
been perfected). 


 


		4.6	Obligations of the
Company upon Termination.



 


(a)            General;
Good Reason; Other Than for Cause, Death or Disability. Should Executive’s employment with the Company be terminated
by the Company Without Cause or should Executive resign his employment with the Company for Good Reason, then, subject to Executive
executing, and failing to revoke during any applicable revocation period, the Severance Agreement and General Release attached
as Exhibit A to this Agreement within time period provided immediately herein, after Executive’s termination
of employment, the Company will provide to Executive the following:


 


(i)          the
Company shall pay to the Executive (either in a lump sum or on in equal monthly installments over a twelve (12) month period after
the Date of Termination, at the Company’s option) an amount equal to twelve (12) month’s salary at the level of the
Executive’s Base Salary then in effect, (such twelve (12) months amount is hereinafter referred to as the “Severance
Amount”); and


 


(ii)         to
the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits
required to be paid or provided or which the Executive is eligible to receive under any annual bonus plan, program, policy, practice
or arrangement or contract or agreement of the Company and its affiliated companies (such other amounts and benefits hereinafter
referred to as the “Other Benefits”).


 




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Provided, however, that
in the event the Company elects not to renew the Executive’s Agreement for an additional term, whether such extension comes
after conclusion of the Initial Term, or such additional term pursuant to an Automatic Extension and provided, further that the
Company has satisfied all obligations due the Executive under the terms of this Agreement, the Executive shall have no further
rights and the Company shall have no further obligations under this Agreement, except for Article V and the Indemnification Agreement
executed between the Company and the Executive thereunder.


 


(b)           Death.
If the Executive’s employment is terminated by reason of the Executive’s death during the Employment Term, this Agreement
shall terminate without further compensation obligations to the Executive’s legal representatives under this Agreement, other
than for (i) payment of Accrued Obligations (which shall be paid to the Executive’s estate or beneficiary, as applicable,
in a lump sum in cash within ninety (90) days of the Date of Termination) and the timely payment or settlement of any other
amount pursuant the Other Benefits and (ii) treatment of all other compensation under existing plans as provided by the terms
and rules of those plans. 


 


(c)           Disability.
If the Executive’s employment is terminated by reason of the Executive’s Disability during the Employment Term, this
Agreement shall terminate without further compensation obligations to the Executive, other than for (i) payment of Accrued
Obligations (which shall be paid to the Executive in a lump sum in cash within 90 days of the Date of Termination) and the
timely payment or settlement of any other amount pursuant to the Other Benefits and (ii) treatment of all other compensation
under existing plans as provided by the terms and rules of those plans. 


 


(d)           Cause;
Other than for Good Reason. If the Executive’s employment is terminated for Cause during the Employment Term, this Agreement
shall terminate without further compensation obligations to the Executive other than the obligation to pay to the Executive Base
Salary through the Date of Termination plus the amount of any compensation previously deferred by the Executive, in each case to
the extent theretofore unpaid. If the Executive voluntarily terminates the Executive’s employment during the Employment Term,
and such termination is Without Good Reason, this Agreement shall terminate without further compensation obligations to the Executive,
other than for the that portion Executive’s Base Salary that was not previously paid to the Executive from the last payment
date through the effective date of the Executive’s voluntary termination and the timely payment or provision of the Other
Benefits, as provided in any applicable plan, and the Executive shall have no further obligations nor liability to the Company.
In such case, any amounts owed to the Executive shall be paid to the Executive in a lump sum in cash within ninety (90) days
of the Date of Termination subject to applicable laws and regulations. 


 




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		4.7	Code Section 409A.



 


(a)          General.
Notwithstanding any provision to the contrary in this Agreement, if the Executive is deemed at the time of his Separation from
Service from the Company to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code and
if any amounts otherwise payable pursuant to this Agreement within the first six (6) months following the Executive’s
Separation from Service would be subject to the excise tax imposed by Section 409A of the Code, then payment of such portion
of the benefits subject to the excise tax shall be suspended and shall be paid in a lump sum to the Executive on the first business
day following the expiration of six (6) months from the date of the Executive’s Separation from Service.


 


(b)          409A
Compliance. It is intended that any amounts payable under this Agreement and the Company’s and Executive’s exercise
of authority or discretion hereunder shall comply with Internal Revenue Code Section 409A (including the Treasury regulations and
other published guidance relating thereto) so as not to subject Executive to the payment of any interest or additional tax imposed
under Internal Revenue Code Section 409A. To the extent any amount payable to Executive from Company, per this Agreement or otherwise,
would trigger the additional tax imposed by Internal Revenue Code Section 409A, the parties agree to adopt any necessary amendments
to this Agreement in order to avoid such additional tax.


 


Article
Five

 


indemnification


 


5.             Indemnification.
The Executive shall be indemnified and held harmless pursuant to the terms and conditions set forth in the Indemnity Agreement
substantially in the form attached as Exhibit B hereto.


 


Article
Six


  


confidentiality


 


		6.	Confidentially; Non-Competition; and Non-Solicitation.



 


6.1           Confidentiality.
In consideration of employment by the Company and Executive’s receipt of the salary and other benefits associated with Executive’s
employment, and in acknowledgment that (a) the Company is engaged in the waste glycol recycling business, (b) maintains secret
and confidential information, (c) during the course of Executive’s employment by the Company such secret or confidential
information may become known to Executive, and (d) full protection of the Company’s business makes it essential that no employee
appropriate for his or her own use, or disclose such secret or confidential information, Executive agrees that during the time
of Executive’s employment and for a period of two (2) years following the termination of Executive’s employment
with the Company, Executive agrees to hold in strict confidence and shall not, directly or indirectly, disclose or reveal to any
person, or use for his own personal benefit or for the benefit of anyone else, any trade secrets, confidential dealings, or other
confidential or proprietary information of any kind, nature, or description (whether or not acquired, learned, obtained, or developed
by Executive alone or in conjunction with others) belonging to or concerning the Company or any of its subsidiaries, except (i)
with the prior written consent of the Company duly authorized by its Board, (ii) in the course of the proper performance of Executive’s
duties hereunder, (iii) for information (x) that becomes generally available to the public other than as a result of unauthorized
disclosure by Executive or his affiliates or (y) that becomes available to Executive on a non-confidential basis from a source
other than the Company or its subsidiaries who is not bound by a duty of confidentiality, or other contractual, legal, or fiduciary
obligation, to the Company, or (iv) as required by applicable law or legal process.


 




    	 	13	 



     


    

 


6.2           Non-Competition.
During Executive’s employment with the Company and for so long as Executive receives any Severance Benefit or is receiving
any Severance Amount provided under this agreement in respect of the termination of his employment, Executive shall not, in the
Restrictive Area (as defined below), be engaged as an officer or executive of, or in any way be associated in a management or ownership
capacity with any corporation, company, partnership or other enterprise or venture which conducts a business which is in direct
competition with the business of the Company; provided, however, that Executive may own not more than two percent (2%) of
the outstanding securities, or equivalent equity interests, of any class of any corporation, company, partnership, or either enterprise
that is in direct competition with the business of the Company, which securities are listed on a national securities exchange or
traded in the over-the-counter market. For purposes of this Agreement, a lump sum payment equivalent made to Executive shall be
judged in relation to his most recent annual Base Salary to determine whether Executive is continuing to receive a Severance Benefit
or Severance Amount and shall be measured from the date such payment is received. It is expressly agreed that the remedy at law
for breach of this covenant is inadequate and that injunctive relief shall be available to prevent the breach thereof. For purposes
of this Agreement, “Restrictive Area” shall mean anywhere in the United States; provided, however, if a court determines
such a geographic scope is unenforceable, the Restricted Area shall be anywhere within the Northeastern United States; provided,
however, if a court determines such a geographic scope is unenforceable, the Restricted Area shall be anywhere within the State
of New York.


 


6.3           Non-Solicitation.
Executive also agrees that he will not, directly or indirectly, during the term of his employment or within one (1) year after
termination of his employment for any reason, in any manner, encourage, persuade, or induce any other employee of the Company to
terminate his employment, or any person or entity engaged by the Company to represent it to terminate that relationship without
the express written approval of the Company; provided, however, that in the event an employee with whom the Executive had
a preexisting relationship prior to his employment with the Company individually elects to resign as a consequence of the Executive’s
having left the Company’s employ, this non-solicitation provision in this Section 6.3 shall not prohibit their subsequent
association. It is expressly agreed that the remedy at law for breach of this covenant is inadequate and that injunctive relief
shall be available to prevent the breach thereof.


 


6.4           
Return of Company Property. On the date of the Executive’s termination of his employment with the Company for any
reason (or at any time prior thereto at the Company’s request), Executive shall return all property belonging to the Company
or its affiliates (including, but not limited to, any Company provided laptops, computers, cell phones, wireless electronic mail
devices or other equipment, or documents and property belonging to the Company). Executive may retain the Executive’s rolodex
and similar address books provided that such items only include contact information.]


 






    	 	14	 



     


    

 


6.5     
Notwithstanding anything herein to the contrary, in the event Executive breaches, in any material respect, any of the covenants
set forth in this Article Six hereof, whether before or after the termination of Term under this Agreement, Company shall have
the right to discontinue any or all remaining Severance Amount and other payments.  Such discontinuance of Severance Amount
and other payments shall be in addition to and shall not limit any and all other rights and remedies that Company may have against
the Executive.


 


6. 6      The duration
of any covenant contained in this Article Six, shall be extended during any period the Executive is in breach of the applicable
covenant.


 


Article
Seven


 


miscellaneous


 


		7.	Miscellaneous.



 


7.1           Benefit.
This Agreement shall inure to the benefit of and be binding upon each of the Parties, and their respective successors. This Agreement
shall not be assignable by any Party without the prior written consent of the other Party. The Company shall require any successor,
whether direct or indirect, to all or substantially all the business and/or assets of the Company expressly to assume and agree
to perform, by instrument in a form reasonably satisfactory to Executive, this Agreement and any other agreements between Executive
and the Company or any of its subsidiaries, in the same manner and to the same extent as the Company.


 


7.2           Covenants
of Article Six Are Essential Independent Covenants. The covenants by Executive in Article Six are essential elements of this
Agreement, and without Executive’s agreement to comply with such covenants, the Company would not have entered into this
Agreement or employed Executive. The Company and the Executive have independently consulted with their respective counsel and have
been advised in all respects concerning the reasonableness and propriety of such covenants, with specific regard to the nature
of the business conducted by the Company.


 


If Executive’s
employment hereunder expires or is terminated, this Agreement will continue in full force and effect as is necessary or appropriate
to enforce the covenants and agreements of Executive in Article Six.


 


7.3           Governing
Law. This Agreement shall be governed by, and construed in accordance with the laws of the State of Nevada without resort to
any principle of conflict of laws that would require application of the laws of any other jurisdiction.


 




    	 	15	 



     


    

  


7.4           Section
409A. Consistent with Section 4.8 hereof, it is the intention of the parties that this Agreement complies with Section 409A
and the regulations thereunder, and that the terms and provisions of the Agreement shall be interpreted and implemented accordingly.
Notwithstanding the foregoing, it is expressly agreed to and understood by the Executive that all tax related matters
inclusive of Section 409A are the sole responsibility of the executive and under no circumstances shall the Company
be liable for any tax related matters as a result of this Agreement as it relates to the Executive.


 


7.5           Counterparts.
This Agreement may be executed in counterparts and via facsimile, each of which shall be deemed to constitute an original, but
all of which together shall constitute one and the same Agreement. Each such counterpart shall become effective when one counterpart
has been signed by each Party thereto.


 


7.6           Headings.
The headings of the various articles and sections of this Agreement are for convenience of reference only and shall not be deemed
a part of this Agreement or considered in construing the provisions thereof.


 


7.7           Severability.
Any term or provision of this Agreement that shall be prohibited or declared invalid or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective only to the extent of such prohibition or declaration, without invalidating the remaining
terms and provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction, and if any
term or provision of this Agreement is held by any court of competent jurisdiction to be void, voidable, invalid or unenforceable
in any given circumstance or situation, then all other terms and provisions hereof, being severable, shall remain in full force
and effect in such circumstance or situation, and such term or provision shall remain valid and in effect in any other circumstances
or situation.


 


7.8           Construction.
Use of the masculine pronoun herein shall be deemed to refer to the feminine and neuter genders and the use of singular references
shall be deemed to include the plural and vice versa, as appropriate. No inference in favor of or against any Party shall be drawn
from the fact that such Party or such Party’s counsel has drafted any portion of this Agreement.


 


7.9           Equitable
Remedies. The Parties hereto agree that, in the event of a breach of this Agreement by either Party, the other Party, if not
then in breach of this Agreement, may be without an adequate remedy at law owing to the unique nature of the contemplated relationship.
In recognition thereof, in addition to (and not in lieu of) any remedies at law that may be available to the non-breaching Party,
the non-breaching Party shall be entitled to obtain equitable relief, including the remedies of specific performance and injunction,
in the event of a breach of this Agreement, by the Party in breach, and no attempt on the part of the non-breaching Party to obtain
such equitable relief shall be deemed to constitute an election of remedies by the non-breaching Party that would preclude the
non-breaching Party from obtaining any remedies at law to which it would otherwise be entitled.


 


7.10         No
Waiver. No failure, delay or omission of or by any Party in exercising any right, power or remedy upon any breach or default
of any other Party, or otherwise, shall impair any such rights, powers or remedies of the Party not in breach or default, nor shall
it be construed to be a waiver of any such right, power or remedy, or an acquiescence in any similar breach or default; nor shall
any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.
Any waiver, permit, consent or approval of any kind or character on the part of any Party of any provisions of this Agreement must
be in writing and be executed by the Parties and shall be effective only to the extent specifically set forth in such writing.


 




    	 	16	 



     


    

  


7.11         Remedies
Cumulative. All remedies provided in this Agreement, by law or otherwise, shall be cumulative and not alternative.


 


7.12         Amendment.
This Agreement may be amended only by a writing signed by all of the Parties hereto.


 


7.13         Entire
Contract. This Agreement and the documents and instruments referred to herein constitute the entire contract between the parties
to this Agreement and supersede all other understandings, written or oral, with respect to the subject matter of this Agreement.


 


7.14         Survival.
This Agreement shall constitute a binding obligation of the Company and any successor thereto. Notwithstanding any other provision
in this Agreement, the obligations under Article Five and Article Six shall survive termination of this Agreement.


 


7.15         Savings
Clause. Notwithstanding any other provision of this Agreement, if the indemnification provisions in Exhibit B hereto
or any portion thereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless
indemnify Executive as to Expenses (as that term is defined in the Indemnification Agreement attached hereto as Exhibit B),
judgments, fines, penalties and amounts paid in settlement with respect to any Proceeding (as that term is defined in the Indemnification
Agreement attached hereto as Exhibit B) to the full extent permitted by any applicable portion of this Agreement that shall
not have been invalidated and to the fullest extent permitted by applicable law.


 


7.16         Modifications
and Waivers. Notwithstanding any other provision of this Agreement, the indemnification provisions contained in the Indemnification
Agreement in Exhibit B hereto may be amended from time to time to reflect changes in Nevada law or for other reasons; provided,
that no other modifications shall be made that are not identical or substantially similar to those modifications that are made
to all then-current directors and officers.


 


7.17         Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been given (i)
when delivered by hand or (ii) if mailed by certified or registered mail with postage prepaid, on the third day after the date
on which it is so mailed:


 


		(a)	if to Executive:



 


Ian Rhodes


[See Recent
Address on File with Company]


 




    	 	17	 



     


    

  


		(b)	if to the Company:



 


GlyEco, Inc.


c/o Robinson Brog Leinwand Greene
Genovese & Gluck P.C.


875 Third Avenue, 9th
Floor


New York, NY 10022


Attn: David E. Danovitch, Esq.


 


or to such other address
as may have been furnished to Executive by the Company or to the Company by Executive, as the case may be.


 


7.18         No
Limitation. Notwithstanding any other provision of this Agreement, for avoidance of doubt, the parties confirm that the foregoing
does not apply to or limit Executive’s rights under Nevada law or the Company’s Corporate Documents.


 


[Signatures Follow On Next Page]


 




    	 	18	 



     


    

  


IN WITNESS WHEREOF,
the parties have set their hands and seals hereunto on the date first above written.


 





	GLYECO, INC.	 	EXECUTIVE
	 	 	 	 
	By:	/s/ Scott Nussbaum	 	/s/ Ian Rhodes
	Name:	Scott Nussbaum	 	Name:	Ian Rhodes
	Title:	Chairman of the Compensation	 	 	 
	 	Committee of the Board of Directors	 	 	 







 



    	 	19	 



     


    

 


Schedule A


 


Outside Activities/Investments


Ian Rhodes


 


	Company or

Project Name	 	Nature of

Business	 	Date Hired or

Commenced

Involvement	 	Position	 	Compensation	 	Annual

Time

Commitment,

(time

away

from

office)
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 





Dated: [____], 2016


 


Initials:Executive: _____Company: ______


 




      


     


    

 


Schedule 3.2


 







      


     


    

 


Exhibit A


 


SEVERANCE AGREEMENT AND GENERAL RELEASE


 


This Severance Agreement
and General Release (“Agreement”) is entered into by and between Ian Rhodes (“Executive”) and GlyEco, Inc.
(hereinafter the “Company”) (Executive and the Company are each a “party” to this Agreement and, when collectively
referenced herein, Executive and the Company shall be referred to as the “Parties”), and is made and entered into with
reference to the following facts:


 


RECITALS


 


WHEREAS, Executive
was hired by the Company in 2016 and has held the position of the Company’s Executive Officer since December [__], 2016,
and


 


WHEREAS, Executive’s
employment with the Company has been terminated effective       (the “Termination Date”);
and


 


WHEREAS, the Company
and Executive desire to resolve, fully and finally, any and all claims or disputes that exist or may exist between them through
the date of this Agreement.


 


AGREEMENT


 


NOW THEREFORE, in consideration
of the covenants and premises contained herein, the Parties hereto agree as follows:


 


1.            Agreement
by the Company. Prior to the execution of this Agreement, Company will pay Executive all Base Salary and for the value
of all unused vacation earned through the date of termination. Company will also pay Executive for any Target Bonus awarded by
the Board of Directors but not yet paid. In exchange for Executive’s agreement to the releases and other terms and conditions
of this Agreement, the Company agrees to provide Executive, after the Effective Date (as defined below) of this Agreement, a total
gross lump sum payment of $     , which is equal to (a) 1 year of his Base Salary based
upon his current Base Salary of $     ; (b) plus $     , which
is equal [_______]. [Insert other benefits if applicable.]


 


2.            Agreement
by the Executive. By signing this Agreement and accepting the payment set forth in Section 1 above, Executive agrees
to be bound by the terms of this entire Agreement. Executive further agrees to be bound by the surviving terms of the agreements
he entered into as an employee of the Company.


 




    	 	22	 



     


    

  


3.            Release
of Claims. In exchange for the consideration provided in Section 1 above, Executive hereby expressly waives, releases,
acquits and forever discharges the Company and its parents, successors, assigns, divisions, subsidiaries, affiliates, partners,
officers, directors, executives, investors, shareholders, managers, supervisors, employees, agents, attorneys and representatives
(hereinafter the “Released Parties” or “Releasees”), from any and all claims, demands, and causes of action
which Executive has or claims to have, whether known or unknown, of whatever nature, which exist or may exist as of the date of
Executive’s execution of this Agreement. As used in this paragraph, “claims,” “demands,” and “causes
of action” include, but are not limited to, contract claims, equitable claims, fraud claims, tort claims, discrimination
claims, harassment claims, retaliation claims, personal injury claims, constructive discharge claims, emotional distress claims,
public policy claims, wage claims, claims for debts, accounts, attorneys’ fees, compensatory damages, punitive damages, and/or
liquidated damages, claims for the Company’s stock or options to purchase the Company’s stock, claims for vesting or
accelerated vesting of options to purchase the Company’s Common Stock, claims for defamation, and any and all claims arising
under the Americans with Disabilities Act, the Family and Medical Leave Act, or any other federal or state statute governing employment,
including but not limited to Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, 29 U.S.C. §
621 et seq., and any other federal, state or local statute governing any aspect of the employer/employee relationship.


 


4.            Release
of Claims for Age Discrimination. Without in any way limiting the generality or scope of Section 3 of this Agreement,
Executive hereby understands and agrees to release any and all claims, rights or benefits Executive has or may have for age discrimination
arising out of or under the Age Discrimination in Employment Act of 1967 (“ADEA”), 29 U.S.C. § 621, et seq., as
the ADEA may have been or may be amended, or any equivalent or comparable provision of state or local law, without limitation.


 


5.            Release
of Unknown Claims. Executive understands and agrees, in compliance with any statute or ordinance which requires a specific
release of unknown claims or benefits, that this Agreement includes a release of unknown claims, and Executive hereby expressly
waives and relinquishes any and all claims, rights or benefits that Executive may have which are unknown to Executive at the time
of the execution of this Agreement.


 


6.            Indemnification
Agreement. Executive’s and Company’s rights and responsibilities under the Indemnification Agreement dated
[______] between Executive and Company will continue in effect and will not be affected by this Agreement.


 


7.            Sufficiency
of Consideration. Executive acknowledges and agrees that absent this Agreement, Executive has no legal entitlement to the
consideration provided in this Agreement and that the consideration represents good and sufficient value for the releases and other
agreements of Executive set forth in this Agreement.


 


8.            Non-Admission
of Liability. Executive understands that the Company denies that it has engaged in any wrongdoing whatsoever in connection
with its dealings with Executive and that nothing in this Agreement shall constitute or be treated as an admission of any wrongdoing
or liability on the part of the Company and/or the Released Parties.


 




    	 	23	 



     


    

 


9.            Consultation
with an Attorney. Executive is advised to consult with an attorney of his choosing prior to entering into this Agreement.


 


10.           Acceptance
of Agreement. Executive has up to twenty-one (21) days after the Termination Date to consider this Agreement and Executive
may revoke this Agreement at any time during the first seven (7) days following Executive’s execution of this Agreement
by delivering written notice of revocation to the Secretary of the Company’s Board of Directors, no later than five (5:00)
p.m. on the seventh (7th) day after execution. Executive received this Agreement on      , 2016.
The settlement offer contained in this Agreement will automatically expire if this Agreement, fully executed by Executive, is not
received by the Secretary of the Company’s Board of Directors, on or before      , 201_.


 


11.           Effective
Date of Agreement. This Agreement will become effective, irrevocable and fully enforceable upon the expiration of seven
(7) days following the date of Executive’s execution of this Agreement (the “Effective Date”), provided
that Executive has executed and submitted to the Company the executed original of this Agreement in a timely manner as set forth
in Section 10 and Executive has not exercised Executive’s right to revoke this Agreement as set forth in Section 10.


 


12.           No
Filing of Claims. Executive represents and warrants that Executive does not presently have on file, and further represents
and warrants that Executive will not hereafter file, any claims, charges, grievances or complaints against the Company and/or the
Released Parties in or with any administrative, state, federal or governmental entity, agency, board or court, or before any other
tribunal or panel or arbitrators, public or private, based upon any actions or omissions by the Company and/or the Released Parties
occurring prior to the date of Executive’s execution of this Agreement.


 


13.           Ownership
of Claims. Executive represents and warrants that Executive is the sole and lawful owner of all rights, title and interest
in and to all released matters, claims and demands arising out of or in any way related to Executive’s employment with the
Company and/or the resignation thereof.


 


14.          Successors
and Assigns. Executive understands and agrees that this Agreement and all of its terms shall be binding upon Executive’s
representatives, heirs, executors, administrators, successors, and assigns.


 


15.           Tax
Liability. Executive acknowledges and agrees that he has obtained no advice from Releasees (defined above) and that neither
Releasees, nor their attorneys, have made any representation regarding the tax consequences, if any, of Executive’s receipt
of the settlement amounts and other consideration provided for in this Agreement. Executive further acknowledges and agrees that
he is personally responsible for the payment of all federal, state and local taxes that are due, or may be due, for any payments
and other consideration received by Executive under this Agreement. Executive agrees to indemnify the Company and hold the Company
harmless for any and all taxes, penalties and/or other assessments that the Company is, or may become, obligated to pay on account
of any payments and other consideration made to Executive under this Agreement.


 




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16.           Attorneys’
Fees. Executive understands and agrees that in any dispute between Executive and the Company regarding the terms of this
Agreement and/or any alleged breach thereof, that the prevailing party, as determined by a court of law or a mutually agreed upon
arbitrator, will be entitled to recover its costs and reasonable attorneys’ fees arising out of such dispute.


 


17.           Confidentiality.
Executive understands and agrees that the terms and existence of this Agreement and any other terms or information relating to
the resignation of Executive’s employment with the Company are strictly confidential and may not be disclosed to any other
person or entity, with the exception of Executive’s immediate family members and legal and financial advisors.


 


18.           Continuing
Obligations. Executive and Company understand and agree that certain obligations set forth in the Executive Employment
Agreement between the Parties of [___________], 2016, as it may have been amended from time to time, a copy of which is attached
hereto (at the time of execution) as Exhibit A and incorporated herein by this reference, continue beyond termination
of his employment with the Company. Those obligations include those set forth in Sections [______] of that agreement. Executive
further understands and agrees that a breach of any continuing obligation contained in the Company’s Executive Employment
Agreement shall also constitute a breach of this Agreement.


 


19.           Non-Disparagement.
Executive and Company agree that they will not disparage or in any way criticize each other, including for the Company its officers,
managers, supervisors, employees, investors, products, services, or technology, at any time in the future. Nothing contained in
this Section is intended to prevent Executive or Company from testifying truthfully in any legal proceeding.


 


20.           Headings.
The headings in each section herein are for convenience of reference only and shall be of no legal effect in the interpretation
of the terms hereof.


 


21.           Integration.
This Agreement, and the surviving provisions of the accompanying Exhibit A, constitute an integrated; written contract, expressing
the entire agreement between the Parties with respect to the subject matter hereof. In this regard, Executive represents and warrants
that he is not relying on any promises or representations which do not appear written herein. Executive further understands and
agrees that this Agreement can be amended or modified only by a written agreement, signed by all of the Parties hereto.


 




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22.         Nevada
Law Applies. This Agreement shall, in all respects, be interpreted, enforced and governed under the laws of the State of
Nevada applicable to contracts executed and performed in Nevada without giving effect to conflicts of law principles.


 


23.         Severability.
Executive agrees that if any provision, or portion thereof, of this Agreement is held to be invalid or unenforceable or to be contrary
to public policy or any law, for any reason, the remainder of the Agreement shall not be affected thereby.


 


24.         Execution
by Counterparts/Facsimile. This Agreement may be executed in separate counterparts and by facsimile, and each such counterpart
shall be deemed an original with the same effect as if all parties signed the same document.


 


EXECUTIVE UNDERSTANDS AND AGREES THAT
EXECUTIVE MAY BE WAIVING SIGNIFICANT LEGAL RIGHTS BY SIGNING THIS AGREEMENT, AND REPRESENTS THAT EXECUTIVE HAS ENTERED INTO THIS
AGREEMENT VOLUNTARILY, AFTER HAVING THE OPPORTUNITY TO CONSULT WITH AN ATTORNEY OF EXECUTIVE’S OWN CHOOSING, WITH A FULL
UNDERSTANDING OF AND IN AGREEMENT WITH ALL OF ITS TERMS. 


 


IN WITNESS WHEREOF, the Parties have executed
this Agreement on the date provided below.


 




    	 	26	 



     


    

  


Exhibit B


 


Indemnification Agreement


 




    	 	27	 



     


    

  


Exhibit C


 


Side Letter


 




    	 	28