Document:

Exhibit

EXHIBIT 10.6

CONFIDENTIALITY AND NON-COMPETITION AGREEMENT

THIS CONFIDENTIALITY AND NON-COMPETITION AGREEMENT (“Agreement”) dated July 2, 2019 and effective July 15, 2019 (the “Effective Date”) is entered into by Newpark Resources, Inc.  (the “Company”), a Delaware corporation, and David Paterson (the “Executive”) and is intended to incorporate and accurately reflect all prior negotiations, discussions, or agreements between the Parties.  Executive and the Company may sometimes be referenced herein individually as “Party” or together as the “Parties.” 

WHEREAS, the Company desires:  a) for Executive to serve as Vice President and President, Fluids Systems of the Company, as further outlined below; and b) for Executive to enter into certain restrictive covenants as set forth in this Agreement; all, in order to enhance shareholder value and grow the Company’s business to its maximum potential; and 

WHEREAS, Executive has represented himself as qualified to achieve the foregoing objectives, and the Parties mutually desire and agree to enter into this Agreement.

NOW, THEREFORE in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is mutually covenanted and agreed by and between the Parties as follows: 

		
	1.
	Indemnification and Change of Control

1.1.    Indemnification.  Executive shall execute simultaneously with this Agreement an Indemnification Agreement, in the form of the attached Appendix A, and that agreement is incorporated herein by reference.

1.2.    Change of Control.  Executive and the Company shall execute a Change of Control Agreement in the form of the attached Appendix B, and that agreement is incorporated herein by reference.

		
	2.
	Confidentiality

2.1.    Executive’s Receipt of Confidential Information.  Executive acknowledges that in connection with his role as an officer of the Company and in providing services in support of the Company Parties, Executive will receive, have access to and have the opportunity to develop certain confidential or proprietary information and knowledge concerning the Company Parties and each of the respective businesses, methods and operations (“Confidential Information”), which the Company Parties desire to protect.  Confidential Information under this Agreement includes, by way of example and without limitation, information regarding the Company Parties’ customers, employees, contractors, operations, markets and industries not generally known to the public; strategies, methods, books, records, and documents; recipes, technical information concerning products, equipment, services, and processes; procurement procedures and pricing techniques; the names of and other information concerning customers and those being solicited to be customers, investors, and business relations (such as contact name, service provided, pricing for that customer, type and amount of product used, credit and financial data, and/or other information relating to the Company Parties’ relationship with that customer); pricing strategies and price curves; positions, plans, and strategies for expansion or acquisitions; budgets; trade secrets; programs; customer lists; research; financial and sales data; raw materials purchasing or trading methodologies and terms; evaluations, opinions, and interpretations of information and data; marketing and merchandising techniques; prospective customers’ names and locations; grids and maps; electronic databases; models; specifications; computer programs; internal business records; contracts benefiting or obligating the Company Parties; bids or proposals submitted to any third party; 

EXHIBIT 10.6

technologies and methods; training methods and training processes; organizational structure; personnel information, including salaries of personnel; labor or employee relations or agreements; payment amounts or rates paid to consultants or other service providers; and other such confidential or proprietary information.  Information need not qualify as a trade secret to be protected as Confidential Information under this Agreement, and the authorized and controlled disclosure of Confidential Information to authorized parties by Company Parties in the pursuit of their business will not cause the information to lose its protected status under this Agreement.  

2.2.    Confidential Agreement Provisions.  Executive agrees not to disclose any of the terms or provisions of this Agreement to any other Person except as (a) reasonably required to be disclosed to a Person with a legitimate reason to obtain such information for Executive’s personal financial, tax or estate planning, (b) required to be disclosed pursuant to applicable law, including securities laws, (c) authorized to do so by the Company in the performance of or relating to Executive’s regular employment duties to the Company Parties, and (d) allowed under Section 6.10.

2.3.    Value of Confidential Information.  Executive acknowledges and stipulates that the Confidential Information constitutes a valuable, special, and unique asset used by the Company Parties in their businesses to obtain a competitive advantage over their competitors.  Executive further acknowledges that protection of such Confidential Information against unauthorized disclosure and use is of critical importance to the Company Parties in maintaining their competitive position and economic investment, as well as work for their respective employees.

2.4.    Executive’s Promise Not to Use or Disclose Confidential Information.  Both during and after the period Executive serves as an employee of any of the Company Parties, Executive agrees not to misappropriate or, without the prior express written consent of another officer of the Company, use, disclose or otherwise make available to any Person any Confidential Information, except as (a) authorized in the performance of Executive’s regular duties to the Company and/or (b) as allowed under Section 6.10.  Executive further agrees to comply with the confidentiality and other provisions set forth in this Agreement, the terms of which are supplemental to any statutory or fiduciary or other obligations relating to these matters.   

2.5.    Return of Confidential Information and Property.   All written materials, customer or other lists or databases, records, data, and other documents prepared or possessed by Executive in connection with Executive’s employment by any of the Company Parties belong to the Company Parties or any of them.  All information, ideas, concepts, improvements, discoveries, and inventions that are conceived, made, developed, or acquired by Executive individually or in conjunction with others during Executive’s employment by any of the Company Parties (whether during business hours and whether on any of the Company Parties’ premises or otherwise), which relate to the Company Parties’ business, products, or services are the Company Parties’ sole and exclusive property.  All memoranda, notes, records, files, correspondence, drawings, manuals, models, specifications, computer programs, maps, and all other documents, data, or materials of any type embodying such information, ideas, concepts, recipes, inventory, prices, improvements, discoveries, and inventions are the property of the Company Parties.  At the termination of Executive’s employment by any of the Company Parties, regardless of the reason and whether by Executive or the Company, Executive will promptly return to the Company all papers, documents, writings, any computer related hardware or software, cell phone(s), keys, or other data or property belonging to the Company Parties that is in Executive’s possession, custody or control, including, without limitation, Confidential Information and any such data that Executive had access to or possessed while serving as an officer of the Company.  The Company desires by this Agreement to protect its economic investment in its current and future operations and business.

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EXHIBIT 10.6

2.6.    No Use of Other Confidential Information or Conflicting Obligations by Executive.  Executive promises that he will not use during the term of his employment by any of the Company Parties, disclose to the Company Parties, bring on the Company Parties’ premises, or induce the Company Parties or any of their employees to intentionally or unintentionally use or disclose, any confidential or proprietary information or material belonging to any of Executive’s previous employers or belonging to any other Person.  Further, Executive represents that he is not a party to any other agreement, or under any other duty, which will interfere or conflict with Executive’s full compliance with this Agreement.  Executive will not enter into any agreement or undertake any other duty, whether written or oral, in conflict with the provisions of this Agreement.  Executive represents that his performance of this Agreement and his employment with any of the Company Parties does not and will not breach any agreement or other duty Executive has to keep in confidence proprietary information, knowledge or data acquired by Executive prior to his employment with any of the Company Parties, including any information belonging to any of Executive’s prior employers.

2.7.    Breach of this Section.  Executive understands and agrees that the restrictions in this Section 2 shall continue beyond the termination of Executive’s employment with any of the Company Parties regardless of the reason for such termination.  Executive acknowledges that money damages may not be sufficient remedy for any breach of this Section 2 by Executive, and that the Company shall be entitled to seek to enforce the provisions of this Section 2 by specific performance and injunctive relief as remedies for such breach or any threatened breach.  The Parties intend that the Company Parties shall be third-party beneficiaries of, and shall be entitled to enforce, Executive’s covenants in this Section 2 that are relevant to each of them.  Such remedies shall not be deemed the exclusive remedies for a breach of this Section 2, but shall be in addition to all remedies available at law or in equity to the Company Parties, including the recovery of damages from Executive and his agents involved in such breach.  In the event that Executive fails in any material respect to perform any of his material obligations under this Section 2, the Company may elect either directly or though one of the Company Parties (a) to cease any payments otherwise due to Executive and recover all payments made to Executive by any of the Company Parties on or subsequent to the date of the failure, except with respect to those payments that constitute wages earned by and owed to Executive, (b) obtain an injunction and/or (c) exercise any and all other remedies available by law.

		
	3.
	Additional Post-Employment Restrictions

3.1.    Consideration to Executive.  The restrictive covenants contained in this Section 3 are supported by consideration to Executive from the Company Parties as specified in this Agreement, including the consideration provided in Sections 1-2.  Executive acknowledges that the consideration provided for in Sections 1-2 of this Agreement constitute separate and independent consideration for the restrictive covenants contained in this Section 3 and entered into by Executive, and that the consideration in each such Section 1, and 2 is reasonable and sufficient consideration for Executive’s promises in this Agreement.

3.2.    Non-Competition.  Executive agrees that during the period of Executive’s employment with any of the Company Parties and during the twelve (12) month period immediately following the date of termination of Executive’s employment with any of the Company Parties (the “Restricted Term”), Executive will not, directly or indirectly, for himself or for others, anywhere in the Restricted Area (as defined below), unless expressly authorized in writing by the CEO of the Company, engage in, or assist any Person engaged in, the selling or providing of products or services that would displace the products or services (a) which any of the Company Parties sell, provide or plan to sell or provide as of the date of termination of Executive’s employment or at any time during Executive’s employment with any of the Company Parties, or (b) with which Executive had involvement or about which Executive received or had access to Confidential Information in the course of his employment by any of the Company Parties.  The foregoing is expressly understood to include, without limitation, the business of manufacturing, selling and/or providing products or services of the same type 

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EXHIBIT 10.6

offered and/or sold by the Company Parties as of the date of termination of Executive’s employment or any time during Executive’s employment.  “Restricted Area” under this Agreement means the geographic areas listed in Appendix C attached hereto and incorporated herein by reference.  For the avoidance of doubt, the Restricted Term shall continue uninterrupted in the event the Executive resigns from, is terminated by or otherwise ceases employment with one of the Company Parties and is immediately thereafter hired as an employee by another of the Company Parties.

3.3.    Prohibition on Circumvention. Executive cannot circumvent these covenants by alternative means or engage in any of the enumerated prohibited activities in the Restricted Area by means of telephone, telecommunications, satellite communications, correspondence, or other contact from outside the Restricted Area.  Executive further understands that the foregoing restrictions may limit his ability to engage in certain businesses during the Restricted Term, but acknowledge that these restrictions are necessary to protect the Confidential Information and business interests of the Company Parties.  

3.4.    Non-Solicitation of Customers.  During the Restricted Term, Executive shall not on his own behalf or on behalf of any other Person, either directly or indirectly, within the Restricted Area, (a) call on, service, or solicit competing business from customers of the Company Parties with whom Executive had or made contact within the twelve (12) months immediately preceding the date of termination of Executive’s employment with any of the Company Parties, or (b) induce or encourage any such customer or other source of ongoing business to stop doing business with any of the Company Parties.

3.5.    Non-Solicitation of Employees.  During the Restricted Term, Executive shall not, on his own behalf or on behalf of any other Person, either directly or indirectly, call on, solicit, or retain any employee or officer of any of the Company Parties, with whom Executive worked, had contact or associated, or about whom Executive received Confidential Information, within the course of Executive’s employment with any of the Company Parties, or in any other manner attempt, directly or indirectly, to influence, encourage, or induce any such employee or officer of any of the Company Parties to terminate or discontinue his or his employment with any of the Company Parties. 

3.6.    Reasonableness of Restrictions; Severability; Reformation.  Executive represents to the Company that the enforcement of the restrictions contained in this Agreement would not be unduly burdensome to Executive and acknowledges that Executive is willing and able, subject to the Restricted Area as defined herein, to compete in other geographical areas not prohibited by this Agreement.  It is expressly understood and agreed that the Company and Executive consider the restrictions contained in this Section 3 to be reasonable and necessary for the purposes of preserving and protecting the Confidential Information and other legitimate business interests of the Company Parties.  Nevertheless, if any of the aforesaid restrictions is found by a court having jurisdiction to be unreasonable, overly broad as to geographic area or time or otherwise unenforceable, the Parties intend for the restrictions therein set forth to be modified by such court so as to be reasonable and enforceable and, as so modified by the court, to be fully enforced.  Executive and the Company further agree that the covenants in this Section 3 shall each be construed as a separate agreement independent of any other provisions of this Agreement, and the existence of any claim or cause of action by Executive against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of any of the covenants of this Section 3. 

3.7.    Remedies for Breach.  Executive agrees that a breach or violation of this Section 3 of this Agreement by Executive shall entitle the Company Parties as a matter of right, to an injunction, issued by any court of competent jurisdiction, restraining any further or continued breach or violation of such provisions.  Such right to an injunction shall be cumulative and in addition, and not in lieu of, any other remedies to which the Company Parties may show themselves justly entitled, including, but not limited to, specific performance 

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EXHIBIT 10.6

and damages.  The Parties intend that the Company Parties shall be third-party beneficiaries of, and shall be entitled to enforce, Executive’s covenants in this Section 3 that are relevant to each of them. The Parties specifically agree that the remedy of damages alone is inadequate.  In the event that Executive fails in any material respect to perform any of his material obligations under this Section 3, the Company Parties may elect (a) to cease any payments due under this Agreement and recover all payments made to Executive under this Agreement on or subsequent to the date of the failure, except with respect to those payments that constitute wages earned by and owed to Executive, (b) obtain an injunction and/or (c) exercise any and all other remedies available by law.

3.8.    Advance Approval of Board.  It is agreed that these covenants do not prevent Executive from using and offering the general management or other skills that he possessed prior to receiving access to Confidential Information and other legitimate business interests of the Company Parties.  This Agreement creates an advance approval process, and nothing herein is intended, or will be construed as, a general restriction against Executive’s pursuit of lawful employment in violation of any controlling state or federal laws.  Executive is permitted to engage in activities that would otherwise be prohibited by this covenant if such activities are determined in the sole discretion of the Board of Directors of the Company, and authorized in writing, to be of no material threat to the legitimate business interests of the Company.

		
	4.
	Dispute Resolution

4.1.    Informal Resolution.  In the event of a dispute arising from or relating to this Agreement, including the interpretation or application of this Agreement, or Executive’s employment with any of the Company Parties (other than a claim arising under or relating to Sections 2 and 3 of this Agreement, which are specifically excluded from the scope of this Section 4.1), prior to seeking arbitration as provided for below, the Party claiming to be aggrieved shall first advise the other Party, in writing, of the specifics of the claim, including the specific provision of this Agreement alleged to have been violated, if applicable, as well as provide the other Party with any supporting documentation the Party desires to produce at that time.  If the Company is disputing amounts that Executive contends are due to him, the Company shall provide a complete statement of the amount it is disputing, the reason it is disputing it, and supporting documentation upon request by Executive.  The Parties will thereafter meet and attempt to resolve their differences in a period not to exceed thirty (30) days, unless the Parties agree in writing to mutually extend the time for one additional thirty (30) day period.  Following such attempts to resolve any such dispute, either Party may require arbitration of the other.  

4.2.    Mandatory Arbitration.  The Parties mutually agree that any and all disputes arising from or relating to this Agreement, including the interpretation or application of this Agreement, or Executive’s employment with any of the Company Parties, which the Parties are unable to resolve as provided for above, if applicable, will be submitted exclusively to final and binding arbitration pursuant to the Federal Arbitration Act.  The arbitration will be conducted in the city where the Company’s headquarters are then located or such other location as the Parties may agree, by a single arbitrator in accordance with the substantive laws of the State of Texas to the extent not preempted by the Employee Retirement Income Security Act, which shall govern all applicable benefits issues, in keeping with the above required procedure.  If the Parties cannot agree upon an arbitrator, then each Party shall choose its own independent representative, and those independent representatives shall choose the single arbitrator within thirty (30) days of the date of the selection of the first independent representative.  The legal expenses of each Party shall be borne by them respectively.  However, the cost and expenses of the arbitrator in any such action shall be borne equally by the Parties.  The arbitrator’s decision, judgment, and award shall be final, binding and conclusive upon the Parties and may be entered in the highest court, state or federal, having jurisdiction.  The arbitrator to which any such dispute shall be submitted in accordance with the provision of this Section 4.2 shall only have jurisdiction 

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EXHIBIT 10.6

and authority to interpret, apply, or determine compliance with the provisions of this Agreement, but shall not have jurisdiction or authority to add to, subtract from, or alter in any way the provisions of this Agreement.  The Parties understand that their mutual obligations to arbitrate under this Section 4.2 survive any termination of this Agreement.  

4.3.    Temporary Relief.  Notwithstanding any other provision hereof, to preserve the status quo or return the Parties to their positions as they existed prior to any alleged improper conduct, any Party may seek temporary relief, i.e., temporary restraining orders and preliminary injunctions, from a court of competent jurisdiction over the Parties, and such court may issue such relief, if the requirements under applicable law are met. 

		
	5.
	Miscellaneous Provisions. 

5.1.    Headings.   Section and other headings contained in this Agreement are for reference only and shall not affect in any way the meaning or interpretation of this Agreement. 

5.2.    Notices.   Any notice, communication, request, reply or advice (here severally and collectively called “Notice”) required or permitted to be given under this Agreement must be in writing and is effectively given by deposit in the same in the United States mail, postage pre-paid and registered or certified with return receipt requested, by national commercial courier for next day delivery, or by delivering in person the same to the address of the Person to be notified.  Notice deposited in the mail in the manner herein above described shall be effective 48 hours after such deposit, Notice sent by national commercial courier for next day delivery shall be effective on the date delivered, and Notice delivered in person shall be effective at the time of delivery.  For purposes of Notice, the address of the Parties shall, until changed as hereinafter provided, be as follows: 

	
			
	  
	(a) 
	If to the Company or any of the Company Parties: 

	  
	  
	  

	  
	  
	Newpark Resources, Inc. 

	  
	  
	9320 Lakeside Boulevard, Suite 100  

	  
	  
	The Woodlands, Texas 77381 

	  
	  
	Attention: Chief Executive Officer 

or at such address as the Company or any of the Company Parties may have advised Executive in writing; and
 	
			
	  
	(b) 
	If to Executive:
 
David Paterson

	  
	  
	  

or at such other address as Executive may have advised the Company in writing. 

5.3.    Waiver.  The failure by any Party to enforce any of its rights under this Agreement shall not be deemed to be a waiver of such rights, unless such waiver is an express written waiver which has been signed by the waiving Party.  Waiver of any one breach shall not be deemed to be a waiver of and other breach of the same or any other provision of this Agreement. 

5.4.    Choice of Law.  The validity of the Agreement, the construction of its terms, and the determination of the rights and duties of the Parties hereto shall be governed by and construed in accordance with the laws of the State of Texas without regard to choice of law principles. 

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EXHIBIT 10.6

5.5.    Invalidity of Provisions.  If any provision of this Agreement is adjudicated to be invalid, illegal or unenforceable under applicable law, the validity or enforceability of the remaining provisions shall be unaffected.  To the extent that any provision of this Agreement is adjudicated to be invalid, illegal or unenforceable because it is overbroad, that provision shall not be void but rather shall be limited only to the extent required by applicable law and enforced as so limited. 

5.6.    Entire Agreement; Written Modifications.   This Agreement, together with Appendix A, Appendix B, and Appendix C, contains the entire agreement between the Parties and supersedes all prior or contemporaneous representations, promises, understandings, and agreements between Executive and the Company. 

5.7.    Successors; Assignment.  Executive acknowledges and agrees that this Agreement shall be binding upon and inure to the benefit of the Company and any other Person, association, or entity which may hereafter acquire or succeed to all or substantially all of the business or assets of the Company by any means whether direct or indirect, by purchase, merger, consolidation, or otherwise.  The Company may assign, and Executive expressly consents to the assignment of, this Agreement to any Person, including, without limitation, any successor, parent, subsidiary, or affiliated entity of the Company, including in connection with any sale or merger (whether a sale or merger of stock or assets or otherwise) of the Company or the business of the Company. Executive acknowledges that his obligations under this Agreement are personal to Executive and may not be assigned by him without prior written consent from the Company.

5.8.    Attorney’s Fees.  The prevailing Party in any action brought to enforce this Agreement shall be entitled, in addition to such other relief that may be granted, to a reasonable sum for attorney’s fees and costs incurred by such Party in enforcing or defending against an action to enforce this Agreement. 

5.9.    Non-Disparagement. Subject to Section 6.10 below, Executive agrees for himself, and all others acting on his behalf, either directly or indirectly, not to make, support, encourage, induce or voluntarily participate in any oral or written statements about the Company, any other Company Party, or any of such entities’ officers, employees, shareholders, investors, directors, agents or representatives, that are malicious, obscene, threatening, harassing, intimidating or discriminatory and which are designed to harm any of the foregoing; except as required by law, when testifying truthfully pursuant to subpoena or other legal process, or when communicating with law enforcement or government agencies.

5.10.    Protected Disclosures.  Notwithstanding the obligations stated in this Agreement, including the restrictions found in Section 2 and Section 6.9, neither this Agreement nor any other agreement or policy of the Company Parties shall prevent or prohibit Executive from making the protected statements or disclosures or engaging in the protected activities, in each case, as follows: (a) disclosures of trade secrets made in confidence to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or (b) disclosures of trade secrets made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal or per court order, or (c) disclosures of trade secrets by Executive to his attorney in a lawsuit for retaliation for reporting a suspected violation of law and use of the trade secret information in the court proceeding, if any document containing the trade secrets is filed under seal and does not disclose the trade secrets, except pursuant to court order, or (d) providing information to any federal, state or local governmental agency or commission or participating in any investigation or proceeding conducted by any such governmental agency or commission, or (e) using the Company’s internal reporting procedures, or (f) other actions protected as whistleblower activity under applicable law.  Further, this Agreement does not impose any condition precedent (such as prior notice to 

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EXHIBIT 10.6

the Company) any penalty, or any other restriction or limitation adversely affecting Executive’s rights regarding any such protected activities, disclosures, reports, claims or investigation.
 
5.11.    Definitions.  In this Agreement: 
		
	(a)
	“Company Parties” shall include any Person (as defined in Section 6.11(d) below) in the group consisting of the Company (including successors and assigns) and the direct and indirect subsidiaries and affiliated Persons of the Company.  As used herein, a Person is affiliated with another Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such Person.  The term “control” (including, with correlative meaning, the terms “controlling,” “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

		
	(b)
	 “Person” means any individual, partnership, firm, corporation, institution, limited liability company or any other legal entity or other person.

		
	5.12.
	Section 409A.

(a)    If Executive is a “key employee,” as defined in Section 416(i) of the Code (without regard to paragraph 5 thereof), except to the extent permitted under Section 409A of the Code, no benefit or payment that is subject to Section 409A of the Code (after taking into account all applicable exceptions to Section 409A of the Code, including but not limited to the exceptions for short-term deferrals and for “separation pay only upon an involuntary separation from service”) shall be made under this Agreement on account of Executive’s “separation from service” as defined in Section 409A of the Code, with the Company until the later of the date prescribed for payment in this Agreement and the first day of the seventh calendar month that begins after the date of Executive’s separation from service (or, if earlier, the date of death of Executive).  
(b)    For purposes of Section 409A of the Code (including, but not limited to, application of the exceptions for short-term deferrals and for “separation pay only upon involuntary separation from service”), each payment provided for under this Agreement is hereby designated as a separate payment, rather than a part of a larger single payment or one of a series of payments.
(c)    Any amount that Executive is entitled to be reimbursed under this Agreement will be reimbursed to Executive as promptly as practicable and in any event not later than the last day of the calendar year after the calendar year in which the expenses to be reimbursed are incurred, and the amount of the expenses eligible for reimbursement during any calendar year.  In addition, any such reimbursement payments described in this Section shall not be subject to liquidation or exchange for any other payment or benefit.
(d)    In the event that Executive is required to execute a release to receive any payments from the Company that constitute nonqualified deferred compensation under Section 409A of the Code, payment of such amounts shall not commence until the sixtieth (60th) day following Executive’s separation from service with the Company.  Any installment payments suspended during such sixty (60) day period shall be paid as a single lump sum payment on the first payroll date following the end of such suspension period.
5.13.    Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement.
[signature page to follow]

8

EXHIBIT 10.6

 Executed as of the date first written above. 

	
			
	Signed: /s/ David Paterson
	 
	Signed: Paul L. Howes

	David Paterson (Executive)
	 
	Paul L. Howes

	 
	 
	President & CEO

	 
	 
	Newpark Resources, Inc.

	 
	 
	 

	Witness:
	 
	Witness: /s/ E. Chipman Earle

	 
	 
	Name: E. Chipman Earle

	 
	 
	 

	 
	 
	 

	 
	 
	 

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EXHIBIT 10.6

APPENDIX A
(INDEMNIFICATION AGREEMENT)

APPENDIX B
(CHANGE OF CONTROL AGREEMENT)APPENDIX C 
(“RESTRICTED AREA”)

Areas in which Newpark Resources, Inc. currently does business: 

	
				
	1. 
	Alabama
	26.
	Montana

	2. 
	Alaska
	27.
	Nebraska

	3. 
	Arizona 
	28. 
	Nevada

	4.
	Arkansas
	29.
	New Hampshire

	5.
	California
	30.
	New Jersey

	6. 
	Colorado 
	31. 
	New Mexico

	7. 
	Connecticut
	32. 
	New York

	8.
	Delaware
	33.
	North Carolina

	9.
	Florida
	34.
	North Dakota

	10.
	Georgia
	35.
	Ohio

	11.
	Hawaii
	36.
	Oklahoma

	12.
	Idaho
	37.
	Oregon

	13.
	Illinois
	38.
	Pennsylvania

	14.
	Indiana
	39.
	Rhode Island

	15.
	Iowa
	40.
	South Carolina

	16.
	Kansas
	41.
	South Dakota

	17.
	Kentucky
	42.
	Tennessee

	18.
	Louisiana
	43.
	Texas

	19.
	Maine
	44.
	Utah

	20.
	Maryland
	45.
	Vermont

	21.
	Massachusetts
	46.
	Virginia

	22.
	Michigan
	47.
	Washington

	23.
	Minnesota
	48.
	West Virginia

	24.
	Mississippi
	49.
	Wisconsin

	25.
	Missouri
	50.
	Wyoming

Other states or areas in which Newpark Resources, Inc currently does business: 

	
											
	1. 
	Western Canada 

	2. 
	Gulf of Mexico (off the “ Gulf Coast ”)Exhibit 10.1

 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN
ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF
UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.

 

PROMISSORY
NOTE

 

	Principal Amount: $200,000.00	Dated as of July 2nd,
    2019

 

8i
Enterprises Acquisition Corp, a British Virgin Islands company (the “Maker”), promises to pay to the order
of 8i Enterprises Pte Ltd or its registered assigns or successors in interest (the “Payee”) the principal sum
of Two Hundred Thousand Dollars ($200,000.00) in lawful money of the United States of America, on the terms and conditions described
below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined
by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions
of this Note.

 

		1.	Principal.
                                         The principal balance of this Promissory Note (this “Note”) shall
                                         be payable promptly after the date on which the Maker consummates an initial business
                                         combination (a “Business Combination”) with a target business (as
                                         described in its initial public offering prospectus dated March 27, 2019 (the “Prospectus”)).
                                         In the event that a Business Combination does not close prior to April 1, 2020 (or July
                                         1, 2020 or October 1, 2020, as applicable), this Note shall be deemed to be terminated
                                         and no amounts will thereafter be due from Maker to Payee under the terms hereof. The
                                         principal balance may not be prepaid without the consent of the Payee.

 

		2.	Conversion
                                         Rights. The Payee has the right, but not the obligation, to convert this Note, in
                                         whole or in part, into private units (the “Units”) of the Maker, as
                                         described in the Prospectus, by providing the Maker with written notice of its intention
                                         to convert this note at least one business day prior to the closing of a Business Combination.
                                         The number of Units to be received by the Payee in connection with such conversion shall
                                         be an amount determined by dividing (x) the sum of the outstanding principal amount payable
                                         to such Payee by (y) $10.00.

 

		(a)	Fractional
                                         Shares. No fractional Units will be issued upon conversion of this Note. In lieu
                                         of any fractional Units to which Payee would otherwise be entitled, Maker will pay to
                                         Payee in cash the amount of the unconverted principal balance of this note that would
                                         otherwise be converted into such fractional share.

 

		(b)	Effect
                                                                                                                                                                of Conversion. If the Maker timely receives notice of the Payee’s intention to convert this note at least one
                                                                                                                                                                business day prior to the closing of a Business Combination, this Note shall be deemed to be converted on the date the
                                                                                                                                                                Business Combination closes. At its expense, the Maker will, as soon as practicable after receiving this Note for
                                                                                                                                                                cancellation after the closing of a Business Combination (assuming receipt of timely notice of conversion), issue and deliver
                                                                                                                                                                to Payee, at Payee’s address set forth on the signature page hereto or such other address requested by Payee, a
                                                                                                                                                                certificate or certificates for the number of Units to which Payee is entitled upon such conversion (bearing such legends as
                                                                                                                                                                are customary pursuant to applicable state and federal securities laws), including a check payable to Payee for any cash
                                                                                                                                                                amounts payable as a result of any fractional shares as described herein.

 

     

     

    

 

		3.	Interest.
No interest shall accrue on the unpaid principal balance of this Note.

 

		4.	Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due
under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

		5.	Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

		(a)	Failure
                                         to Make Required Payments. Failure by Maker to pay the principal of this Note within
                                         five (5) business days following the date when due.

 

		(b)	Voluntary
                                         Liquidation, Etc. The commencement by Maker of a proceeding relating to its bankruptcy,
                                         insolvency, reorganization, rehabilitation or other similar action, or the consent by
                                         it to the appointment of, or taking possession by, a receiver, liquidator, assignee,
                                         trustee, custodian, sequestrator (or other similar official) for Maker or for any substantial
                                         part of its property, or the making by it of any assignment for the benefit of creditors,
                                         or the failure of Maker generally to pay its debts as such debts become due, or the taking
                                         of corporate action by Maker in furtherance of any of the foregoing.

 

		(c)	Involuntary
                                         Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction
                                         in the premises in respect of maker in an involuntary case under any applicable bankruptcy,
                                         insolvency or similar law, for the appointing of a receiver, liquidator, assignee, custodian,
                                         trustee, sequestrator (or similar official) for Maker or for any substantial part of
                                         its property, or ordering the winding-up or liquidation of the affairs of Maker, and
                                         the continuance of any such decree or order unstayed and in effect for a period of 60
                                         consecutive days.

 

		6.	Remedies.

 

		(a)	Upon
                                         the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by
                                         written notice to Maker, declare this Note to be due immediately and payable, whereupon
                                         the unpaid principal amount of this Note, and all other amounts payable hereunder, shall
                                         become immediately due and payable without presentment, demand, protest or other notice
                                         of any kind, all of which are hereby expressly waived, anything contained herein or in
                                         the documents evidencing the same to the contrary notwithstanding.

 

		(b)	Upon
                                         the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid
                                         principal balance of this Note, and all other sums payable with regard to this Note,
                                         shall automatically and immediately become due and payable, in all cases without any
                                         action on the part of Payee.

 

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		7.	Waivers.
                                         Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment
                                         for payment, demand, notice of dishonor, protest, and notice of protest with regard to
                                         the Note, all errors, defects and imperfections in any proceedings instituted by Payee
                                         under the terms of this Note, and all benefits that might accrue to Maker by virtue of
                                         any present or future laws exempting any property, real or personal, or any part of the
                                         proceeds arising from any sale of any such property, from attachment, levy or sale under
                                         execution, or providing for any stay of execution, exemption from civil process, or extension
                                         of time for payment; and Maker agrees that any real estate that may be levied upon pursuant
                                         to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may
                                         be sold upon any such writ in whole or in part in any order desired by Payee.

 

		8.	Unconditional
                                         Liability. Maker hereby waives all notices in connection with the delivery, acceptance,
                                         performance, default, or enforcement of the payment of this Note, and agrees that its
                                         liability shall be unconditional, without regard to the liability of any other party,
                                         and shall not be affected in any manner by any indulgence, extension of time, renewal,
                                         waiver or modification granted or consented to by Payee, and consents to any and all
                                         extensions of time, renewals, waivers, or modifications that may be granted by Payee
                                         with respect to the payment or other provisions of this Note, and agrees that additional
                                         makers, endorsers, guarantors, or sureties may become parties hereto without notice to
                                         Maker or affecting Maker’s liability hereunder.

 

		9.	Notices.
                                         Any notice called for hereunder shall be deemed properly given if (i) sent by certified
                                         mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form
                                         of private or governmental express mail or delivery service providing receipted delivery
                                         or (iv) sent by facsimile or (v) to the following addresses or to such other address
                                         as either party may designate by notice in accordance with this Section:

 

If
to Maker:

 

8i
Enterprises Acquisition Corp

6
Eu Tong Sen Street

#08-13
The Central

Singapore
059817

Attn:
Meng Dong (James) Tan

 

If
to Payee:

 

8i
Enterprises Pte Ltd

6
Eu Tong Sen Street

#08-13
The Central

Singapore
059817

Attn:
Meng Dong (James) Tan

 

Notice
shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission
confirmation, (iii) the date reflected on a signed delivery receipt, or (iv) two (2) Business Days following tender of delivery
or dispatch by express mail or delivery service.

 

		10.	Construction.
                                         THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK,
                                         WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

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		11.	Jurisdiction.
                                         The courts of New York have exclusive jurisdiction to settle any dispute arising
                                         out of or in connection with this agreement (including a dispute relating to any non-contractual
                                         obligations arising out of or in connection with this agreement) and the parties submit
                                         to the exclusive jurisdiction of the courts of New York.

 

		12.	Severability.
                                         Any provision contained in this Note which is prohibited or unenforceable in any
                                         jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
                                         or unenforceability without invalidating the remaining provisions hereof, and any such
                                         prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
                                         such provision in any other jurisdiction.

 

		13.	Trust
                                         Waiver. Payee has read the Prospectus and understands that Maker has established
                                         the trust account described in the Prospectus, initially in an amount of $50.0 million
                                         for the benefit of the public stockholders and the underwriters of Maker’s initial
                                         public offering (the “Underwriters”) and that, except for certain
                                         exceptions described in the Prospectus, Maker may disburse monies from the trust account
                                         only: (i) to the public stockholders in the event of the conversion of their shares or
                                         the liquidation of Maker; or (ii) to Maker and the Underwriters after consummation of
                                         a Business Combination.

 

Notwithstanding
anything herein to the contrary, Payee hereby agrees that it does not have any right, title, interest or claim of any kind in
or to any monies in the trust account (the “Claim”) and hereby waives any Claim it may have in the future as
a result of, or arising out of, any negotiations, contracts or agreements with Maker and will not seek recourse against the trust
account for any reason whatsoever.

 

		14.	The
                                         Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”)
                                         in or to any amounts contained in the trust account in which the proceeds of the initial
                                         public offering (the “IPO”) conducted by the Maker and the proceeds
                                         of the sale of securities in a private placement to occur prior to the effectiveness
                                         of the IPO, as described in greater detail in the registration statement and prospectus
                                         to be filed with the Securities and Exchange Commission in connection with the IPO, will
                                         be placed, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
                                         for any Claim from the trust account or any distribution therefrom for any reason whatsoever.

 

		15.	Amendment;
                                         Waiver. Any amendment hereto or waiver of any provision hereof may be made with,
                                         and only with, the written consent of the Maker and the Payee.

 

		16.	Assignment.
                                         No assignment or transfer of this Note or any rights or obligations hereunder may
                                         be made by any party hereto (by operation of law or otherwise) without the prior written
                                         consent of the other party hereto and any attempted assignment without the required consent
                                         shall be void.

 

		17.	Further
                                         Assurance. The Maker shall, at its own cost and expense, execute and do (or procure
                                         to be executed and done by any other necessary party) all such deeds, documents, acts
                                         and things as the Payee may from time to time require as may be necessary to give full
                                         effect to this Promissory Note.

 

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rest of this page is intentionally left blank.]

 

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IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly
executed by its Chief Executive Officer the day and year first above written.

 

	 	8i ENTERPRISES ACQUISITION CORP
	 	 	 
	 	By:	/s/ Meng Dong (James) Tan
	 	Name: 	Meng Dong (James) Tan
	 	Title:	 Chief Executive Officer

 

	Accepted and Agreed:
	 	 
	8i ENTERPRISES PTE LTD	 
	 	 	 
	By:	/s/ Meng Dong (James) Tan	 
	Name: 	Meng Dong (James) Tan	 
	Title:	Director	 

 

 

5

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