Document:

Exhibit 10.6

 

EXECUTIVE EMPLOYMENT AGREEMENT

(2005)

 

THIS EXECUTIVE
EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into June 15, 2005,
by and between Granite City Food &
Brewery Ltd., a corporation duly organized and existing under the
laws of the State of Minnesota, with a place of business at 5831 Cedar Lake
Road, St. Louis Park, Minnesota (hereinafter referred to as the “Company”), and Steven J.
Wagenheim, a resident of Hennepin County, Minnesota (hereinafter
referred to as “Executive”).

 

ARTICLE 1

EMPLOYMENT

 

1.01  Executive has been employed by the Company
pursuant to a written contract of employment dated December 14, 1999 (the “1999
Agreement”), which agreement ended on January 1, 2002, but has been
extended for consecutive six month periods since that date.  The Company hereby agrees to further extend
the employment of Executive as President and Chief Executive Officer of the
Company, and Executive hereby accepts and agrees to such employment on the terms
and conditions of this Agreement.  This
Agreement supersedes the 1999 Agreement. 
Executive is expressly granted the right to continue his management of,
and employment by, New Brighton Ventures, Inc., which operates a Champps
restaurant, and such employment will not be deemed to violate Executive’s
obligations under Article 9 of this Agreement.  Executive represents that his involvement
with New Brighton Ventures, Inc. will not materially divert his attention
and services from his full-time obligations pursuant to this Agreement.

 

1.02  Executive shall generally have the authority,
responsibilities, and such duties as are customarily performed by the chief
executive or chief operating officer of similar businesses, and shall also
render such additional services and duties as may be reasonably requested of
him from time to time by the Company’s Board of Directors.

 

1.03  Executive shall report to the Board of
Directors of the Company or any committee thereof as the Board shall direct,
and shall generally be subject to direction, orders and advice of the
Board.  The Company retains the
discretion to transfer or reassign Executive to another executive position or
to other executive duties, and any such transfer or reassignment shall not
affect the enforcement of this Agreement.

 

ARTICLE 2

BEST EFFORTS OF EXECUTIVE

 

2.01  Executive agrees that he will at all times
faithfully, industriously, and to the best of his ability, experience, and
talents, perform all of the duties that may be required of and from him
pursuant to the express and implicit terms of this Agreement, to the reasonable
satisfaction of the Company.

 

 

ARTICLE 3

TERM OF EMPLOYMENT

 

3.01  Executive’s employment pursuant to this
Agreement shall be for a term of three years commencing effective January 1,
2005 and ending at 11:59 p.m. December 31, 2007 (the “Term”).  If the Company and Executive desire to
continue Executive’s employment beyond December 31, 2007, such employment
shall continue on an at-will basis, with either Executive or employer having
the right to terminate Executive’s employment with or without cause on not less
than sixty (60) days’ prior notice.  If
Executive’s employment continues beyond the term on an at-will basis, it shall
continue under the terms and conditions of this Agreement, as the same may be
amended from time to time with the consent of employer and Executive, except
that Section 4.02 shall be inapplicable and incentive compensation payable
to Executive, if any, shall be only as fixed by the Company’s Compensation
Committee (the “Committee”).  During such
continuation period, Executive’s compensation shall be at Executive’s monthly
base compensation rate applicable on the last day of the Term, for each month
worked and prorated for any partial month during which employment continues.

 

ARTICLE 4

COMPENSATION AND BENEFITS

 

4.01  During the Term (commencing January 1,
2005), Executive shall be paid a base annual salary at the rate of Two Hundred
Twenty-Five Thousand ($225,000), payable monthly in accordance with the Company’s
current, established pay periods, reduced by all deductions and withholdings
required by law and as otherwise specified by Executive.  The Company shall cause the Committee to
review Executive’s performance and base salary level each year during the Term,
commencing, 2006.  Executive’s salary may
be increased (but not decreased), in the sole discretion of the Committee.  In the event Executive’s employment shall,
for any reason, terminate during the Term, Executive’s final monthly base
salary payment shall be made on a pro-rated basis as of the last day of the
month in which such employment terminated.

 

4.02  Executive shall be entitled to incentive
bonus payments, “Annual Incentive Compensation” (“AIC”), for the year 2005, in
the amounts and based upon achievement of the Company’s annual financial
performance goals set forth in Exhibit A to this Agreement.  The amount, if any, of this AIC shall be
computed in accordance with the following procedures:

 

(a)                        At the
close of each fiscal quarter, the Company shall determine whether the performance
goals set forth in Exhibit A have been achieved as of the end of each
calendar quarter (“Budget Year to Date”).

 

(b)                       A Tentative
Incentive Compensation Payment (“TICP”) shall be computed at the end of each
calendar quarter based on the Budget Year to Date.

 

2

 

(c)                        The amount
computed for the quarter shall be reduced by one-half (the “Retained Amount”),
and reduced further by any amounts previously paid to the Executive during the
calendar year.  The TICP shall not be
reduced below zero.  The TICP so computed
shall be paid to the Executive within sixty (60) days of the end of the
calendar quarter.  The Retained Amount
may become payable as described below.

 

(d)                       Upon
receipt by the Company of its audited financial statements, the AIC due
Executive, if any, shall be computed based on Exhibit A and based on the
Budget Year to Date.  This amount shall
be reduced by the TICPs made to Executive. 
The AIC will be paid within thirty (30) days of its determination as
described above and shall be payable from the Retained Amount, plus any
additional amount paid by the Company. 
In the event that the Company determines that the TICPs made to the
Executive exceeds the AIC, the Company shall notify Executive of the amount, if
any, of such overpayment.  The Executive
shall have thirty (30) days to repay the Company.

 

4.03  Executive shall be eligible to receive such
fringe benefits as are, and may be, made available to other executive employees
of the Company from time to time in the sole discretion of the Company’s Board
of Directors, but only to the extent Executive meets the eligibility
requirements therefor.  The Company is
not obligated to provide or continue any benefits to its employees and may,
without any prior notice, discontinue any benefit now provided or as may be
provided in the future, within the sole discretion of the Company’s Board of
Directors.

 

4.04  Clawback. 
The Company’s Board of Directors may terminate Executive’s right to the
incentive compensation described in Section 4.02, and may require
reimbursement to the Company by Executive of any incentive compensation
previously paid, in the event:  (1) of
a material breach by Executive of his obligations under Sections 8 or 9 of this
Agreement; or (2) if Executive would, in the judgment of the Company’s
legal counsel, be obligated to disgorge to or reimburse the Company for, any
compensation paid or payable to Executive by reason of the application of Section 304
of the Sarbanes-Oxley Act of 2002.  In
the event Executive fails to make prompt reimbursement of any such incentive
compensation previously paid, the Company may, to the extent permitted by
applicable law, deduct the amount required to be reimbursed from Executive’s
compensation otherwise due under this Agreement.

 

ARTICLE 5

VACATION AND LEAVE OF ABSENCE

 

5.01  Executive shall be entitled to three weeks of
paid vacation per year, in addition to the Company’s normal holidays.  Vacation time will be scheduled taking into
account the Executive’s duties and obligations at the Company.  Sick leave and all other leaves of absence
will be in accordance with the Company’s stated personnel policies.

 

3

 

ARTICLE 6

TERMINATION

 

6.01  The Company may, subject to applicable law,
terminate Executive’s employment by giving Executive two (2) months notice
if Executive, due to sickness or injury, is prevented from carrying out his
essential job functions for a period of six (6) months or longer.  In the event of such termination, Executive
shall receive only that compensation earned through the date of termination;
provided, however, that Executive shall be entitled to all or a portion of any
bonus due Executive pursuant to any bonus plan or arrangement established prior
to termination, to the extent earned or performed through the date of
termination based upon the requirements or criteria of such plan or
arrangement, as the Board shall in good faith determine.

 

6.02  Executive’s employment  will be deemed terminated upon the death of
the Executive.  In the event of such
termination, Executive shall receive compensation earned through the date of
termination; provided, however, that Executive shall be entitled to all or a
portion of any bonus due Executive pursuant to any bonus plan or arrangement
established prior to termination, to the extent earned or performed based upon
the requirements or criteria of such plan or arrangement, as the Board shall in
good faith determine.

 

6.03  Any other provision of this Agreement notwithstanding,
the Company may terminate Executive’s employment upon written notice if the
termination is based on any of the following events that constitute Cause:

 

(a)                        Any
commission or nolo contendere plea by Executive to a felony, gross misdemeanor
or misdemeanor involving moral turpitude, or any public conduct by Executive
that has or can reasonably be expected to have a detrimental effect on the
Company; or

 

(b)                       Any fraud,
misappropriations or embezzlement by Executive or intentional material damage to
the property or business of the Company by Executive; or

 

(c)                        Executive’s
failure to perform his duties and responsibilities in accordance with the
provisions of this Agreement, or Executive’s violation of specific written
directions of the Board of the Company.

 

In the event of such
termination, and not withstanding any contrary provision otherwise stated,
Executive shall receive only his base salary earned through the date of
termination.

 

6.04  The employment of the Executive shall in no
event be considered to have been terminated for Cause if the termination of his
employment took place:

 

(a)                        as a
result of an act or omission which occurred more than 360 days prior to the
Executive’s having been given notice of the termination of his employment for
such act or omission, unless the commission of such act or such omission could
not at the time of such commission or omission have been known to a member of
the Board of Directors of the Company (other than the Executive, if he is then
a member of the Board of Directors), in which case there shall not be
termination for 

 

4

 

Cause if notice of termination took place more than
360 days from the date that the commission of such act or such omission was or
could reasonably have been so known; or

 

(b)                       as a result
of a continuing course of action which commenced and was or reasonably could
have been known to a member of the Board of Directors of the Company (other
than the Executive) more than 360 days prior to notice having been given to the
Executive of the termination of his employment.

 

ARTICLE 7

SEVERANCE; CHANGE IN CONTROL

 

7.01                 The
Company, its successors or assigns, will pay Executive as severance pay an
amount equal to eighteen (18) months of the Executive’s monthly base salary for
full-time employment at the time of Executive’s separation if:  (i) there has been a Change of Control
of the Company (as defined in Section 7.03), and (ii) Executive is an
active and full-time employee at the time of the Change of Control, and (iii) within
twelve (12) months following the date of the Change of Control, Executive
employment is involuntarily terminated for any reason (including Good Reason
(as definition Section 7.03)), other than for Cause or death or
disability.  If prior to a Change of
Control (a) Executive’s employment is involuntarily terminated by the
Company without cause or (b) Executive voluntarily terminates his
employment for Good Reason, and such involuntary termination for Good Reason
(y) occurred at the request of a person who indicated an intention, or taken
steps reasonably calculated, to effect a Change of Control or (y) otherwise
occurred in connection with, or in anticipation of, a Change of Control which
actually occurs, then the termination of Executive’s employment shall be deemed
to have occurred immediately following a Change of Control.  Nothing in this Subsection 7.01 shall
limit the authority of the Committee or Board to terminate Executive’s
employment in accordance with Section 6.03.  Payment of such amount, less customary
withholdings, shall be made in one lump sum and will occur within thirty (30)
days of the Executive’s termination or resignation;

 

7.02                 If
the Company is obligated to pay the severance payment provided in Section 7.01,
and if Executive timely elects to continue his group health and dental
insurance coverage pursuant to applicable COBRA/continuation law and the terms
of the respective benefit plans, pay on Executive’s behalf the premiums for
such coverage for the lesser of twelve (12) months or such time as Executive’s
COBRA/continuation rights expire; and cause the immediate vesting of any
unvested stock options then held by Executive.

 

7.03                 “Good
Reason” will be deemed to have occurred if, after a Change in Control:

 

(a)                        the Company,
its successors or assigns, assigns Executive a position, principal duties,
responsibilities, or status contrary to that provided in Sections 1.02 or 1.03
above;

 

(b)                       the
Company, its successors or assigns, relocates Executive to a location that is more
than one hundred (100) miles from the Company’s current headquarters in
Minnesota;

 

5

 

(c)                        the
Company, its successors or assigns, reduces Executive’s base salary contrary to
the provisions of section 4.01 hereof or fails to pay Executive any
material compensation or fringe benefits to which the Executive is entitled
within ten (10) business days of the due date; or

 

(d)                       the
Company, its successors or assigns, breaches any of its material obligations
under this Agreement and does not correct any such breach within thirty (30)
days of receiving notice thereof from Executive.

 

7.04                 For
the purposes of this Agreement, “Change in Control” shall mean any one of the
following:

 

(a)                        an
acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or
14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) of 50% or more of either:

 

(1)                                  the
then outstanding Stock; or

 

(2)                                  the
combined voting power of the Company’s outstanding voting securities
immediately after the merger or acquisition entitled to vote generally in the
election of directors; provided, however, that the following acquisition shall
not constitute a Change of Control:

 

(i)                                     any
acquisition directly from the Company;

 

(ii)                                  any
acquisition by the Company or Subsidiary;

 

(iii)                               any
acquisition by the trustee or other fiduciary of any employee benefit plan or
trust sponsored by the Company or a Subsidiary; or

 

(iv)                              any
acquisition by any corporation with respect to which, following such
acquisition, more than 50% of the Stock or combined voting power of Stock and
other voting securities of the Company is beneficially owned by substantially
all of the individuals and entities who were beneficial owners of Stock and
other voting securities of the Company immediately prior to the acquisition in
substantially similar proportions immediately before and after such
acquisition; or

 

(b)                       individuals
who, as of the date of this Agreement, constitute the Board (the “Incumbent
Board”), cease to constitute a majority of the Board.  Individuals nominated or whose nominations
are approved by the Incumbent Board and subsequently elected shall be deemed
for this purpose to be members of the Incumbent Board; or

 

(c)                        approval
by the shareholders of the Company of a reorganization, merger, consolidation,
liquidation, dissolution, sale or statutory exchange of Stock which changes the
beneficial ownership of Stock and other voting securities so that after the
corporate change the immediately previous owners of 50% of Stock and other 

 

6

 

voting securities do not own 50% of the Company’s
Stock and other voting securities either legally or beneficially; or

 

(d)                       the sale,
transfer or other disposition of all substantially all of the Company’s assets;
or

 

(e)                        a merger
of the Company with another entity after which the pre-merger shareholders of
the Company own less than 50% of the stock of the surviving corporation.

 

A “Change in
Control” shall not be deemed to occur with respect to Executive if the merger,
sale, transfer or an acquisition of a 50% or greater interest is to or by a
group that includes the Executive, nor shall it be deemed to occur if at least
50% of the Stock and other voting securities owned before the occurrence are
beneficially owned subsequent to the occurrence by a group that includes the
Executive.

 

7.05                 Section 409A
of the Code.  Notwithstanding any other
provision of this Agreement to the contrary, the parties to this Agreement
intend that this Agreement shall satisfy the applicable requirements, if any,
of Section 409A of the Code (“Section 409A”) in a manner that will
preclude the imposition of the penalties described in Section 409A.  The parties agree that the Agreement shall be
deemed modified as may become necessary (as determined by the Company in its
discretion) to satisfy the requirements described above.

 

ARTICLE 8

NONDISCLOSURE

 

8.01  Except as permitted or directed by the
Company or as may be required in the proper discharge of Executive’s employment
hereunder, Executive shall not, during the Term of employment or at any time
thereafter, divulge, furnish or make accessible to anyone or use in any way any
confidential, trade secret or proprietary information of the Company, including
without limitation, whether or not reduced to writing, customer lists, customer
files or information, pricing information, expansion information, recipes,
formulas, planning and financial information, contracts, sales and marketing information,
business strategy or opportunities for new or developing business, which
Executive has prepared, acquired or become acquainted with during his
employment by the Company.  Executive
acknowledges that the above-described knowledge or information is the property
of the Company that constitutes a unique and valuable asset and represents a
substantial investment by the Company, and that any disclosure or other use of
such knowledge or information, other than for the sole benefit of the Company,
would be wrongful and would cause irreparable harm to the Company.  Executive agrees to at all times maintain the
confidentiality of such knowledge or information, to refrain from any acts or
omissions that would reduce its value to the Company, and to take and comply
with reasonable security measures to prevent any accidental or intentional
disclosure or misappropriation.  Upon
termination of Executive’s employment for any reason, Executive shall promptly
return to the Company all such confidential, trade secret and proprietary
information, including all copies thereof, then in Executive’s possession,
control or influence, whether prepared by Executive or others.

 

7

 

8.02  The foregoing obligations of confidentiality
shall not apply to any knowledge or information the entirety of which is now
published or subsequently becomes generally publicly known, other than as a
direct or indirect result of the breach of this Agreement by Executive or a
breach of a confidentiality obligation owed to the Company by any third party.

 

8.03  In the event of a breach or threatened breach
by Executive of the provisions of this Article 8, the Company shall be
entitled to an injunction restraining Executive from directly or indirectly disclosing,
disseminating, lecturing upon, publishing or using such confidential, trade
secret or proprietary information (whether in whole or in part) and restraining
Executive from rendering any services or participating with any person, firm,
corporation, association or other entity to whom such knowledge or information
(whether in whole or in part) has been disclosed, without the posting of a bond
or other security.  Nothing herein shall
be construed as prohibiting the Company from pursuing any other equitable or
legal remedies available to it for such breach or threatened breach, including
the recovery of damages from Executive. 
Executive agrees that the Company shall be entitled to recover its costs
of litigation, expenses and attorney fees incurred in enforcing this Agreement.

 

8.04  The Executive understands and agrees that any
violation of this Article 8 while employed by the Company may result in
immediate disciplinary action by the Company, including termination of
employment pursuant to Section 6.03 hereof.

 

8.05  The provisions of this Article 8 shall
survive termination of this Agreement indefinitely.

 

ARTICLE 9

NONCOMPETITION AND NON-RECRUITMENT

 

9.01  The Company and Executive recognize and agree
that: (i) Executive has received, and will in the future receive,
substantial amounts of highly confidential and proprietary information
concerning the Company, its business, customers, Executives and vendors; (ii) as
a consequence of using or associating himself with the Company’s name,
goodwill, and reputation, Executive will develop personal and professional
relationships with the Company’s current and prospective customers, clients and
vendors; and (iii) provision for non-competition and non-recruitment
obligations by Executive is critical to the Company’s continued economic
well-being and protection of the Company’s confidential and proprietary
business information.  In light of these
considerations, this Article 9 sets forth the terms and conditions of
Executive’s obligations of non-competition and non-recruitment during the Term
of and subsequent to the termination of this Agreement and/or Executive’s
employment for any reason.

 

9.02  Unless the obligation is waived or limited by
the Company as set forth herein, Executive agrees that during the term of
Executive’s employment pursuant to this Agreement and for a period of twelve
(12) months following termination of Executive’s employment for any reason,
Executive will not directly or indirectly: (a) solicit or do competitive
business with any person or entity that is or was a customer or vendor of the
Company within the twelve (12) months prior to the date of termination; or (b) engage
within the North American markets in which the Company engages in business at
the time of termination, in any similar or related 

 

8

 

business activity
in competition with the Company’s direct line of business as conducted at the
time of Executive’s termination.  Among
all other competitive actions that are likewise restricted, Executive shall not
cause or attempt to cause any existing or prospective customer, client or
account who then has a relationship with the Company for current or prospective
business to divert, terminate, limit or in any adverse manner modify, or fail to
enter into any actual or potential business with the Company.

 

9.03  At its sole option, the Company may, by
express written notice to Executive, waive or limit the time and/or geographic
area in which Executive cannot engage in competitive activity or the scope of
such competitive activity.

 

9.04  For a period of twelve (12) months following
termination of Executive’s employment for any reason, Executive will not
initiate or participate in any other employer’s recruitment or hiring of any of
the Company’s Executives.

 

9.05  Executive agrees that breach by him of the
provisions of this Article 9 will cause the Company irreparable harm that
is not fully remedied by monetary damages. 
In the event of a breach or threatened breach by Executive of the
provisions of this Article 9, the Company shall be entitled to an
injunction restraining Executive from directly or indirectly competing or
recruiting as prohibited herein, without posting a bond or other security.  Nothing herein shall be construed as
prohibiting the Company from pursuing any other equitable or legal remedies
available to it for such breach or threatened breach, including the recovery of
damages from Executive.  Executive agrees
that the Company shall be entitled to recover its costs of litigation, expenses
and attorney fees incurred in enforcing this Agreement.

 

9.06  The Executive understands and agrees that any
violation of this Article 9 while employed by the Company may result in
immediate disciplinary action by the Company, including termination of
employment pursuant to Section 6.03 hereof.

 

9.07  The Company recognizes that Executive
currently owns and operates a Champps restaurant in New Brighton,
Minnesota.  Executive’s continuance of
the normal ongoing operation of Executive’s Champps restaurant in New Brighton,
Minnesota shall not be considered a breach of this agreement.  This exception applies only to the currently
existing and operating Champps restaurant owned by Executive and does not apply
to any other restaurants or microbreweries, including any future expansions
under the Champps restaurant name or additional enterprises with which
Executive becomes associated. 
Furthermore, this exception shall not allow Executive to solicit or
recruit any Executives of the Company for Executive’s currently existing
Champps restaurant.

 

9.08  The obligations contained in this Article 9
shall survive the termination of this Agreement indefinitely.

 

ARTICLE 10

 

MISCELLANEOUS

 

10.01  Governing Law.  This Agreement shall be governed and
construed according to the laws of the State of Minnesota without regard to
conflicts of law provisions.

 

9

 

10.02  Successors.  This Agreement is personal to Executive and
Executive may not assign or transfer any part of his rights or duties
hereunder, or any compensation due to him hereunder, to any other person or
entity.  This Agreement may be assigned
by the Company and the Company may require any successors or assigns as defined
in Section 7.04 to expressly assume and agree to perform the Company’s
obligations under this Agreement.

 

10.03  Waiver.  The waiver by the Company of the breach or
nonperformance of any provision of this Agreement by Executive will not operate
or be construed as a waiver of any future breach or nonperformance under any
such provision of this Agreement or any similar agreement with any other
Executive.

 

10.04  Modification.  This Agreement supersedes, revokes and
replaces any and all prior oral or written understandings, if any, between the
parties relating to the subject matter of this Agreement.  The parties agree that this Agreement: (a) is
the entire understanding and agreement between the parties; and (b) is the
complete and exclusive statement of the terms and conditions thereof, and there
are no other written or oral agreements in regard to the subject matter of this
Agreement.  This Agreement shall not be
changed or modified except by a written document signed by the parties hereto.

 

10.05  Severability and Blue Penciling.  To the extent that any provision of this
Agreement shall be determined to be invalid or unenforceable as written, the
validity and enforceability of the remainder of such provision and of this
Agreement shall be unaffected.  If any
particular provision of this Agreement shall be adjudicated to be invalid or
unenforceable, the Company and Executive specifically authorize the tribunal
making such determination to edit the invalid or unenforceable provision to
allow this Agreement, and the provisions thereof, to be valid and enforceable
to the fullest extent allowed by law or public policy.

 

10.06  Any dispute or controversy arising under this
Agreement shall, at the request of any party hereto be resolved by binding
arbitration by a single arbitrator selected by employer and Executive, with
arbitration governed by The United States Arbitration Act (Title 9, U.S.
Code).  Such arbitrator shall be a
disinterested person who is either an attorney, retired judge or labor
relations arbitrator.  In the event
employer and Executive are unable to agree upon such arbitrator, the arbitrator
shall, upon petition by either the Company or Executive, be designated by a
judge of the Hennepin County District Court. 
The arbitrator shall have the authority to make awards of damages as
would any court in Minnesota having jurisdiction over a dispute between
employer and Executive, except that the arbitrator may not make an award of
exemplary damages or consequential damages. 
In addition, the Company and Executive agree that all other matters arising
out of Executive’s employment relationship with the Company shall be
arbitrable, unless otherwise restricted by law.

 

(a)                        In any
arbitration proceeding, each party shall pay the fees and expenses of its or
his own legal counsel.

 

(b)                       The
arbitrator, in his or her discretion, may award legal fees and expenses and
costs of the arbitration, including the arbitrator’s fee, to an prevailing
party.

 

10

 

(c)                        In the
event of noncompliance or violation, as the case may be, of Sections 8 or 9 of
this Agreement, the Company may alternatively apply to a court of competent
jurisdiction for a temporary restraining order, injunctive and/or such other
legal and equitable remedies as may be appropriate, if it and such court
reasonably determines that the Company would have no adequate remedy at law for
such violation or noncompliance.

 

IN WITNESS
WHEREOF the following parties have executed the above instrument the day and
year first above written.

 

	
   

  	
  GRANITE CITY FOOD & BREWERY, LTD

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ William E. Burdick

  	
   

  
	
   

  	
   

  	
  William E. Burdick

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Steven J. Wagenheim

  	
   

  
	
   

  	
   

  	
  Steven J. Wagenheim

  

 

11

 

EXHIBIT A

 

	
   

  	
   

  	
  2005

  	
   

  	
  2006

  	
   

  	
  2007

  	
   

  
	
  SALARY

  	
   

  	
  $

  	
  225,000

  	
   

  	
  $

  	
  225,000

  	
   

  	
  $

  	
  225,000

  	
   

  
	
  Effective January 1,
  of each calendar year

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CASH
  INCENTIVE COMPENSATION*

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (At 100% of
  Budget)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Sales

  	
   

  	
  $

  	
  31,500

  	
   

  	
  TBD

  	
   

  	
  TBD

  	
   

  
	
  IROP

  	
   

  	
  $

  	
  36,000

  	
   

  	
  TBD

  	
   

  	
  TBD

  	
   

  
	
  IROP less
  G&A and Opening Expenses

  	
   

  	
  $

  	
  18,000

  	
   

  	
  TBD

  	
   

  	
  TBD

  	
   

  
	
  EPS

  	
   

  	
  $

  	
  4,500

  	
   

  	
  TBD

  	
   

  	
  TBD

  	
   

  
	
  Total Cash
  Compensation (100% of Budget)

  	
   

  	
  $

  	
  320,000

  	
   

  	
   

  	
   

  	
   

  	
   

  
											

 

*Cash Incentive Compensation
Metrics:

 

	
  ITEM

  	
   

  	
  

  	
   

  	
  Over Perform

  	
   

  	
  Target

  	
   

  	
  Under Perform

  	
   

  	
  

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Sales

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Performance Against Budget

  	
   

  	
  105.0

  	
  %

  	
  102.5

  	
  %

  	
  100.0

  	
  %

  	
  97.5

  	
  %

  	
  95.0

  	
  %

  	
  < 95.0

  	
  %

  
	
  Targets

  	
   

  	
  $

  	
  41,528,408

  	
   

  	
  $

  	
  40,539,637

  	
   

  	
  $

  	
  39,550,865

  	
   

  	
  $

  	
  38,562,093

  	
   

  	
  $

  	
  37,573,322

  	
   

  	
  $

  	
  < 37,573,322

  	
   

  
	
  Incentive Dollars Earned

  	
   

  	
  $

  	
  37,800

  	
   

  	
  $

  	
  34,650

  	
   

  	
  $

  	
  31,500

  	
   

  	
  $

  	
  20,790

  	
   

  	
  $

  	
  10,395

  	
   

  	
  $

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IROP

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Performance Against Budget

  	
   

  	
  105.6

  	
  %

  	
  102.8

  	
  %

  	
  100.0

  	
  %

  	
  97.2

  	
  %

  	
  95.0

  	
  %

  	
  < 95.0

  	
  %

  
	
  Targets

  	
   

  	
  18.9

  	
  %

  	
  18.4

  	
  %

  	
  17.9

  	
  %

  	
  17.4

  	
  %

  	
  17.0

  	
  %

  	
  < 17.0

  	
  %

  
	
  Incentive Dollars Earned

  	
   

  	
  $

  	
  54,000

  	
   

  	
  $

  	
  45,000

  	
   

  	
  $

  	
  36,000

  	
   

  	
  $

  	
  23,760

  	
   

  	
  $

  	
  11,880

  	
   

  	
  $

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IROP - G&A - Opening Exp - Stock Op Exp
  (EBITDA)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Performance Against Budget

  	
   

  	
  120.00

  	
  %

  	
  110.00

  	
  %

  	
  100.00

  	
  %

  	
  90.00

  	
  %

  	
  80.00

  	
  %

  	
  < 80.00

  	
  %

  
	
  Targets

  	
   

  	
  $

  	
  2,016,293

  	
   

  	
  $

  	
  1,848,268

  	
   

  	
  $

  	
  1,680,244

  	
   

  	
  $

  	
  1,512,220

  	
   

  	
  $

  	
  1,344,195

  	
   

  	
  $

  	
  < 1,792,068

  	
   

  
	
  Incentive Dollars Earned

  	
   

  	
  $

  	
  27,000

  	
   

  	
  $

  	
  22,500

  	
   

  	
  $

  	
  18,000

  	
   

  	
  $

  	
  11,880

  	
   

  	
  $

  	
  5,940

  	
   

  	
  $

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EPS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Performance Against Budget

  	
   

  	
  84.0

  	
  %

  	
  92.0

  	
  %

  	
  100.0

  	
  %

  	
  105.0

  	
  %

  	
  110.0

  	
  %

  	
  > 110.0

  	
  %

  
	
  Targets

  	
   

  	
  $

  	
  (0.1327

  	
  )

  	
  $

  	
  (0.1454

  	
  )

  	
  $

  	
  (0.1580

  	
  )

  	
  $

  	
  (0.1659

  	
  )

  	
  $

  	
  (0.1738

  	
  )

  	
  $

  	
  < (0.01738

  	
  )

  
	
  Incentive Dollars Earned

  	
   

  	
  $

  	
  6,750

  	
   

  	
  $

  	
  5,625

  	
   

  	
  $

  	
  4,500

  	
   

  	
  $

  	
  2,970

  	
   

  	
  $

  	
  1,485

  	
   

  	
  $

  	
  —

  	
   

  

 

Incentive Compensation awards
can range from $0.00 to $90,000.00 on budget to $125,550 for performance that
exceeds budget in all categories.Exhibit 10.1

 

GENERAL RELEASE

 

TO BE ACCEPTED, THIS DOCUMENT
MUST BE SIGNED, WITHOUT ANY

ALTERATIONS, AND SUBMITTED TO R. L. SOVINE

OF MARATHON OIL COMPANY’S HUMAN RESOURCES
ORGANIZATION,

NO LATER THAN 4:00 P.M. ON JUNE 28, 2005

 

Section 1. Consideration

 

I, Stephen J. Lowden, am voluntarily signing this
release in return for:

 

1)                                      Payment
of $670,000 (Six Hundred Seventy Thousand
Dollars and No Cents), subject to appropriate payroll deductions
including withholding for federal, state, local, social security, and Medicare
taxes.  I understand that this payment
will be made as soon as administratively feasible and prudent after this
release becomes irrevocable so long as the terms of this General Release remain
in effect.  I understand and agree that
payment under this Release may not be accelerated and that the Consideration is
not assignable.

 

2)                                      Payment
of $15,000 in lieu of executive outplacement services.

 

3)                                      Payment
of $15,000 in lieu of 2005 Executive Tax Assistance and Financial Planning.

 

4)                                      Payment
of $3,000 in lieu of 2006 Executive Tax Assistance.

 

5)                                      Payment
of $10,000 in recognition of 12 months of COBRA health plan contributions.

 

The foregoing items shall be referred to collectively
as the “Consideration.”

 

I agree that my employment with Marathon Oil Company (“Marathon”) ended
immediately prior to midnight on May 31, 2005, and I also agree that I am
not eligible for, nor eligible to elect to receive, any benefits under the
Termination Allowance Plan of Marathon Oil Company.

 

I have received and reviewed this General Release and
I have also had the opportunity to ask any questions I have had regarding this
General Release.

 

I understand that I will be entitled to the
Consideration referenced above only if I sign an unaltered copy of this General
Release, in the presence of a notary public, and then submit the General
Release to R. L. Sovine of Marathon Oil Company’s Human Resources Organization,
on or before June 28, 2005.  I
understand that if I submit the General Release by mail, it must be postmarked
no later than that date.

 

I further understand that the above-described
Consideration is above and beyond any benefits or payments that would be
provided to me by Marathon upon the termination of employment if I did not sign
this General Release.  By receiving the
Consideration provided through this General Release, I understand that I will
not be eligible for a benefit under the Termination Allowance Plan.

 

1

 

Section 2. Complete Release

 

Consideration, Scope, Parties Released

 

I have chosen to sign this General Release in return
for my entitlement to the Consideration described above in Section 1 of
this General Release.  I am providing
this release not only on my own behalf, but also on behalf of my heirs,
executors, and assigns.  My release is
being given to the following persons and entities:

 

(1)                                  Marathon
Oil Corporation, Marathon Oil Company, Marathon Pipe Line Company, Marathon
Ashland Petroleum LLC, Marathon Service Company and all the direct or indirect
parents, subsidiaries and affiliates of any of these companies, including any
of their predecessors and successors (“the Marathon Group”);

 

(2)                                  the
past, present and future agents, officers, directors, employees, stockholders,
owners, insurers, representatives and assigns of the members of the Marathon
Group;

 

(3)                                  the
employee benefit plans of members of the Marathon Group, as well as the
insurers, trustees, administrators and fiduciaries of such plans; and

 

(4)                                  any
other persons acting by, through, under or in concert with any of the persons
or entities listed in (1) through (3) above.

 

Claims Released

 

Except for the claims listed in the final paragraph of
this Section 2, I hereby unconditionally, fully and forever release the
persons and entities listed above from all claims, demands, causes of action or
similar rights of any nature, whether known or unknown, which I may have
against any or all of them including, but not limited to, those arising out of
or in any way related to my employment within the Marathon Group or the
termination of that employment.  Examples
of claims released include, but are not limited to, claims for attorneys fees,
claims for employment or re-employment, claims for benefits under the
Termination Allowance Plan of Marathon Oil Company, claims for any additional
benefits because of the payment of the Consideration to me, and claims arising
under any of the following statutes, executive orders or common law doctrines:

 

(1)                                  the
Age Discrimination in Employment Act, which prohibits age discrimination in
employment;

 

(2)                                  Title
VII of the Civil Rights Act of 1964, Section 1981 of the Civil Rights Act
of 1866 and, to the extent it may be applicable, Executive Order 11246, which
collectively prohibit discrimination based on race, color, national origin,
religion or sex;

 

(3)                                  the
Equal Pay Act, which prohibits paying men and women unequal pay for equal work;

 

(4)                                  the
Americans with Disabilities Act and Sections 503 and 504 of the Rehabilitation
Act of 1973, which prohibit discrimination against the disabled;

 

2

 

(5)                                  any
other federal, state or local laws or regulations prohibiting discrimination in
employment;

 

(6)                                  the
Workers Adjustment and Retraining Notification Act, which requires that advance
notice be given of certain work force reductions;

 

(7)                                  the
Employee Retirement Income Security Act of 1974 which, among other things,
protects pension and health benefits;

 

(8)                                  the
Fair Labor Standards Act of 1938, which regulates wage and hour matters;

 

(9)                                  federal,
state or local laws (including statutes, regulations, other administrative
guidance and common law doctrines) which provide recourse for alleged wrongful
discharge, physical or personal injury, emotional distress, breach of contract,
fraud, negligent misrepresentation, libel, slander, defamation and similar or
related claims;

 

(10)                            the
Family and Medical Leave Act of 1993, which requires employers to provide
leaves of absence under certain circumstances;

 

(11)                            any
other federal, state, or local laws or regulations relating to employment, such
as veterans’ reemployment rights laws or laws restricting an employer’s right
to terminate employees; and

 

(12)                            rights
to unvested restricted stock and unvested stocks options and stock appreciation
rights.

 

Release Extends to both Known and Unknown Claims

 

This General Release covers both claims that I know
about and those I may not know about.  I
expressly waive all rights afforded by any statute or common law doctrine which
limits in any way the effect of a release with respect to unknown claims.

 

Claims Not Released

 

I am not releasing:

 

(1)                      any
rights or claims under the Age Discrimination in Employment Act that arise
after the date that I sign this General Release;

 

(2)                      my
rights to the Consideration described in Section 1 of this General
Release;

 

(3)                      any
claims I may have which relate solely to my participation in the tax-qualified
employee pension plans (and any related non-qualified deferred compensation
arrangements) maintained by members of the Marathon Group;

 

(4)                      any
claims I may have which relate solely to vested outstanding option and/or stock
appreciation rights with respect to common stock issued by Marathon Oil
Corporation subject to the terms of those plans;

 

3

 

(5)                      any
claims I may have which relate solely to “COBRA” continuation of coverage
rights under group health plans maintained by members of the Marathon Group;

 

(6)                      any
claims I may have for workers’ compensation benefits or for unemployment
compensation benefits;

 

(7)                      any
claims I may have for reimbursement for covered or authorized expenses I or my
dependents incurred, prior to my termination, under the Health Plan of Marathon
Oil Company, the Marathon Dental Plans, the Transfer Allowance Plan or the
business expense reimbursement policy;

 

(8)                      any
claims I may have for reimbursement or tax services under Marathon’s Tax
Equalization Policy;

 

(9)                      any
rights I may have to indemnification under the Indemnification Policy of
Marathon Oil Company subject to the terms of that policy; and

 

(10)                any
rights I may have to vacation pay for calendar year 2005.

 

(11)                Any
claims I may have which relate solely to my participation in the Level Premium
Life Insurance Plan of Marathon Oil Company.

 

Section 3. No Future
Lawsuits or Recoveries

 

I promise never to file a lawsuit or any
administrative proceeding asserting any causes of action or claims that are
released in Section 2 of this General Release.  I agree that I will not collect damages or payment
if any action or legal proceeding is brought, or has been brought, by someone
else on my behalf with respect to the released claims.  If, prior to the date this General Release
becomes irrevocable under Section 9, I have any pending lawsuit with respect
to any claim this General Release releases, I agree to request, in writing,
that the lawsuit be dismissed with prejudice. 
I also agree to make the request on or before the date this General
Release becomes irrevocable under Section 9 and to immediately provide
written evidence of my request to Marathon. 
I further agree to take any other steps which are necessary or
appropriate to obtain a dismissal of the lawsuit or any administrative
proceeding, with prejudice.

 

If I break any of my promises contained in this
General Release, such as filing a lawsuit or administrative proceeding based on
claims that I released, I understand that the Marathon Group may seek to have a
court order me to pay for any costs and expenses incurred by any released
person or entity in successfully defending itself to which such person or
entity may be legally entitled, including reasonable attorney’s fees.

 

Section 4.
Release of Claims by Marathon Group

 

The Marathon Group hereby unconditionally, fully and
forever releases Stephen J. Lowden, his successor and assigns, from all claims,
demands, causes of action or similar rights of any nature, whether

 

4

 

known or unknown, which they may have against Stephen J. Lowden for
events, acts or omissions occurring prior to the execution of this agreement,
including but not limited to those arising out of or related to his employment
with any member of the Marathon Group. 
In the event any member of the Marathon Group violates the terms of this
release of claims, Stephen J. Lowden’s agreement to release those claims
identified in Section 2 shall become null and void.  In the event Stephen J. Lowden breaches or
violates any of the terms of this General Release, the release of claims by the
Marathon Group in this Section 4 shall become null and void.

 

Section 5.
Confidentiality

 

I agree that I will not disclose to others or use,
whether directly or indirectly, any Confidential Information obtained by or
disclosed to me during the course of my employment with Marathon, except to the
extent required by law, and except for information which is or becomes publicly
available other than as a result of a breach of the provisions of this Section by
me.  “Confidential Information” shall
mean information about Marathon or any member of the Marathon Group and its
respective suppliers, clients and customers that is not disclosed by Marathon
for financial reporting purposes, including (without limitation) proprietary
knowledge, trade secrets, market research, data, formulae, or other similar
information, as well as supplier, client, and customer lists and all papers,
resumes, and records (including electronic records) of the documents containing
such Confidential Information.  I further
agree to deliver or return to Marathon upon my termination all documents,
computer tapes and disks, records, lists, data, drawings, prints, notes and
written information (and all copies thereof) furnished by any member of the
Marathon Group or prepared or obtained by me during the course of my employment
with Marathon.  I understand that the
obligations of this nondisclosure clause do not apply to any information which
is or becomes public or in the public domain by action of Marathon or through
no fault of my own.

 

In order to enforce the terms of this nondisclosure
clause, I acknowledge and understand that, in the event of an actual or
anticipated breach, Marathon may pursue any and all remedies available to it,
including, but not limited to, those under the Economic Espionage Act, the
Texas Theft Liability Act, and any other applicable federal or state statutory
or common laws.

 

Section 6. No Promises

 

I agree that the members of the Marathon Group and
their employees have made no promises or representations to me regarding benefit
entitlements which led me to decide to sign this General Release, other than
any promises or representations which are contained in this Release and in any
written materials provided to me in connection with my being informed of my
right to elect to receive the Consideration described in Section 1.

 

5

 

Section 7. Termination of
Employment and

Resignation from Other Company Related Positions

 

I acknowledge that my employment with Marathon
terminated immediately prior to midnight on May 31, 2005, and I
acknowledge and agree that my employment within the Marathon Group will not be
resumed again in the future.  I promise
never to seek employment in the future with any member of the Marathon Group or
with any entity in which any member of the Marathon Group currently has a
direct or indirect ownership interest. 
Coincident with the date of my termination, I am also resigning as an
officer, director, member, member representative, member of the board of
managers or any other similar position or positions with the Marathon Group, or
any other entity, which I hold as a result of my employment with the Marathon
Group and I agree to execute any documents appropriate to facilitate any such
resignation immediately upon request.

 

Section 8. Period for Review
and Consideration of General Release

 

I agree that I have been given at least twenty-one
(21) days to review and consider this General Release before the deadline for
submitting it.  I understand that I may
use as much of this period of time as I wish to prior to reaching a decision
regarding the signing of the General Release.

 

Section 9. Advice to Consult
with Attorney

 

I understand that I am advised to consult with an
attorney (at my own expense) before signing this General Release and that, to
the extent I deemed it appropriate, I did so.

 

Section 10. Effective Date
and My Right to Revoke General Release

 

I understand that this General Release shall not
become effective or enforceable until the revocation period discussed in the
next paragraph has passed.

 

I understand that I may revoke this General Release
after I sign it by submitting a written notice of revocation to R. L. Sovine of
Marathon Oil Company’s Human Resources Organization not later than  the end of the eighth day following the date
I sign the General Release.  I understand
that if I submit the written notice of revocation by mail, it must be
postmarked no later than the eighth day following the date on which I sign the
General Release.  I also understand that
if I revoke this General Release it shall not be effective or enforceable, and
I will not receive the Consideration referenced in Section 1 of this
General Release.  I understand that the
Consideration described in Section 1 will not be provided until after this
General Release becomes irrevocable.

 

Section 11. Non-Admission of
Liability

 

I understand that the Marathon Group does not believe
or admit that it or any released person or entity has done anything wrong.  I agree that this General Release shall not
be admissible in any court or other forum for any purpose other than for the
enforcement of its terms.

 

6

 

Section 12. Death Before
Payment of the Consideration

 

I understand that if I am otherwise eligible for the
Consideration, and I should die after signing this General Release, but before
the Consideration is paid to me in full, the amount of the Consideration
described in Section 1 which has not been paid to me will be paid to my
estate.  This is the case, however, only
if I did not revoke this General Release before my death.  I also understand that if I am otherwise
eligible for the Consideration described in Section 1, but die before
signing this General Release, the Consideration will not be paid to my estate
nor to anyone else.  I also understand
that in no event will the Consideration be payable to anyone if I should die
prior to the end of my employment.

 

Section 13. Company Property

 

I have returned to the Marathon Group all originals
and copies of any files, memoranda, documents, records, credit cards, keys,
cell phones, electronic devices and any other Marathon Group property in my
possession.

 

 Section 14. False Claims Representations
and Promises

 

I have disclosed to the Marathon Group any information
I have concerning any conduct involving Marathon Oil Company or any other
Marathon Group member that I have any reason to believe may be unlawful or
involve any false claims to the United States or any other government.  I promise to cooperate fully in any
investigation  Marathon Oil Company or
any other Marathon Group member undertakes into matters occurring during my
employment within the Marathon Group.  I
understand that nothing in this General Release prevents me from cooperating
with any United States or other government investigation.

 

Section 15. Future
Cooperation

 

I agree that I will promptly and fully respond to all
inquiries from Marathon relating to any lawsuit with respect to which I have
relevant information and will be willing, if reasonably available, to testify
in connection with that lawsuit.  To the
extent I incur out-of-pocket expenses (such transportation, lodging, meals,
postage or telephone charges) in assisting Marathon in response to its request,
Marathon will mail me a reimbursement check for those expenses within 30 days
after it receives my request for payment with satisfactory written
substantiation of the claimed expenses.

 

Section 16.
Modification/Execution of General Release

 

This General Release may not be modified or cancelled
in any manner except by a writing signed by both me and any member of the
Marathon Group.  It is not necessary that
Marathon sign this General Release for it to become binding upon Marathon and
me.  This General Release shall be
binding on the Marathon Group when it becomes irrevocable pursuant to Section 9.

 

7

 

Section 17. Partial
Invalidity of the General Release

 

I agree that if any term or provision of this General
Release is determined by a court or other appropriate authority to be invalid,
void, or unenforceable for any reason, the remainder of the terms and
provisions of this General Release shall remain in full force and effect and
shall in no way be affected, impaired or invalidated.

 

Section 18. Interpretation

 

This General Release shall be construed as a whole
according to its fair meaning.  It shall
not be construed strictly for or against me or any released person or
entity.  Unless the context indicates
otherwise, the term “or” shall be deemed to include the term “and” and the
singular or plural number shall be deemed to include the other.  Captions are intended solely for convenience
of reference and shall not be used in the interpretation of this General
Release.  The validity, construction,
interpretation, and administration of this General Release shall be governed by
substantive laws of the State of Texas.

 

I ACKNOWLEDGE THAT I HAVE READ
THIS GENERAL RELEASE, UNDERSTAND IT, AND AM VOLUNTARILY SIGNING IT.

 

PLEASE
READ THIS GENERAL RELEASE CAREFULLY.  IT
CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.  IF YOU WISH, YOU SHOULD TAKE ADVANTAGE OF THE
FULL CONSIDERATION PERIOD AFFORDED BY SECTIONS 7 AND 9 AND CONSULT YOUR
ATTORNEY.

 

YOUR SIGNATURE MUST BE WITNESSED BY A NOTARY PUBLIC.

 

 

	
      /s/ Stephen J. Lowden

  	
   

  	
  June 11, 2005

  
	
  Stephen J. Lowden

  	
   

  

 

WITNESS BY A NOTARY PUBLIC:

 

 

STATE OF Texas

 

COUNTY OF Harris

 

 

This instrument was acknowledged before me on June 11,
2005 by Stephen J. Lowden.

 

 

	
   

  	
  /s/ Robert E. Siegrist

  	
   

  
	
   

  	
   

  	
  Notary Public as Witness

  
				

 

8

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