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Unassociated Document

    EXHIBT
      10.1

     

    AMENDMENT
      AGREEMENT

     

    NOVEMBER
      10, 2006

     

    This
      Amendment Agreement (this “Amendment”) constitutes (i) Amendment No. 2 to the
      Securities Purchase Agreement by and among Carsunlimited.com, Inc., a Nevada
      corporation (the “Company”), and Mellon HBV Master U.S. Event Driven Fund LP and
      Mellon HBV Master Global Event Driven Fund LP (collectively, the “Investors”)
      dated as of August 9, 2006, as amended by Amendment No. 1 thereto by and among
      the Company and the Investors dated October 16, 2006 (the “Agreement”) , and
      (ii) Amendment No. 2 to the Registration Rights Agreement by and among the
      Company and the Investors dated August 9, 2006, as amended by Amendment No.
      1 to
      the Securities Purchase Agreement by and among the Company and the Investors
      dated October 16, 2006. Capitalized terms used but not otherwise defined in
      this
      Amendment have the meanings assigned to them in the Agreement and the
      Registration Rights Agreement.

     

    RECITALS

     

    A. WHEREAS,
      the Agreement sets forth undertakings of the Company to effect a reverse stock
      split and reincorporate in Delaware within certain periods following the Closing
      of the transactions under the Agreement and the Company has requested the
      Investors to consent to an extension of the periods during which the Company
      shall effect the reverse stock split and reincorporate in Delaware;

     

    B. WHEREAS,
      the Registration Rights Agreement sets forth undertakings of the Company to
      file
      a registration statement pursuant to the Securities Act of 1933, as amended,
      covering the resale of the Registrable Securities and to have such registration
      statement declared effective within certain periods and the Company has
      requested the Investors to consent to an extension of the periods during which
      the Company may file a registration statement covering the resale of the
      Registrable Securities and the date by which such registration statement must
      be
      declared effective; and

     

    C. WHEREAS,
      the Company and the Investors wish to amend the Agreement and the Registration
      Rights Agreement in the manner set forth in this Amendment. 

     

    AGREEMENT
      

     

    NOW,
      THEREFORE, in consideration of the foregoing and the promises and covenants
      contained herein and in the Agreement and the Registration Rights Agreement,
      and
      for other good and valuable consideration the receipt of which is hereby
      acknowledged, the parties agree as follows:

     

    
      	
              1.

            	
              Amendment
                To the Agreement:

            

    

     

    
      	
            	1.1.	
              Registration
                Rights Agreement. The first sentence of Section 1.6 of the Agreement
                is
                hereby amended by deletion of the phrase “within ninety (90) days
                following the date of Closing”, and insertion, in lieu thereof, of the
                phrase “by December 31, 2006.” The second sentence of Section 1.6 of the
                Agreement is hereby amended by deletion of the phrase “one hundred eighty
                (180) days after the Closing Date”, and insertion, in lieu thereof, of the
                phrase “March 31, 2007”. 

            

    

     

    
      
         

      

      
        -1-

        
          

        

      

      
         

      

    

    

     

    

     

    
      	
            	1.2.	
              Reverse
                Stock Split.
                Section 7.5 of the Agreement is hereby amended by deletion of the
                phrase
                “Within fourteen (14) days following the Closing”, and insertion, in lieu
                thereof, of the phrase “By December 31,
                2006”.

            

    

     

    
      	
            	1.3.	
              Domicile
                in Delaware.
                Section 7.4 of the Agreement is hereby amended by deletion of the
                phrase
                “Within forty five (45) days following the Closing”, and insertion, in
                lieu thereof, of the phrase “by December 31,
                2006”.

            

    

     

    
      	
              2.

            	
              Amendment
                to the Registration Rights Agreement.
                The first sentence of Section 2.1 (a) of the Registration Rights
                Agreement
                is hereby amended by (i) deletion of the phrase “within ninety (90) days
                of the Closing Date”, and insertion, in lieu thereof, of the phrase “by
                December 31, 2006”; and (ii) deletion of the phrase “one hundred eighty
                (180) days after the Closing Date”, and insertion, in lieu thereof, of the
                phrase “March 31, 2007”.

            

    

     

    
      	
              3.

            	
              Effect
                of Amendment.
                Except as expressly modified by this Amendment, the Agreement and
                the
                Registration Rights Agreement shall remain unmodified and in full
                force
                and effect. 

            

    

     

    
      	
              4.

            	
              Entire
                Agreement.
                This Amendment together with the Agreement and the Registration Rights
                Agreement constitute the full and entire understanding and agreement
                among
                the Company and the Investors with regard to the
                subject matters hereof.

            

    

     

    
      	
              5.

            	
              Headings. The
                headings contained in this Amendment are for convenience of reference
                only
                and are not to be given any legal effect and shall not affect the
                meaning
                or interpretation of this
                Amendment.

            

    

     

    

     

    

     

    

     

    SIGNATURE
      PAGES FOLLOW

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the parties have executed this Amendment effective as of the
      date that the last party signs this Amendment. 

     

    
      	 	 	
              COMPANY:

            
	 	 	 
	 	 	
              CARSUNLIMITED.COM,
                INC.

            
	 	 	 
	 	 	 
	 	 By	
               

            
	 	 	 
	 	 Name:
              	
               

            
	 	 	 
	 	 Title:
              	
               

            
	 	 	 
	 	Address:	
               

            
	 	 	
               

            
	 	
               

              Facsimile
                Number: 

            	 
	 	Date
              of Signature: 	 

    

     

     

     

    

    

    Company
      Signature Page to Amendment Agreement November10, 2006

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    

    
      	 	
              INVESTORS:

            
	 	 
	 	
              MELLON
                HBV MASTER U.S. 

            
	 	
              EVENT
                DRIVEN FUND LP

            
	 	 
	 	
              By:
                Mellon HBV Company Ltd., its General Partner

            
	 	 
	 	
              By:
                ____________________________

            
	 	 
	 	
              Name:
                

            
	 	 
	 	
              Title:
                

            
	 	 
	 	
              Address:
                200 Park Avenue, 54th Floor

            
	 	 
	 	
              New
                York, New York 10166-3399

            
	 	 
	 	
              Facsimile
                Number: 

            
	 	 
	 	
              Date
                of Signature: ________________

            
	 	 
	
               

            	 
	 	 
	 	
              MELLON
                HBV MASTER GLOBAL EVENT

            
	 	
              DRIVEN
                FUND LP

            
	 	 
	 	
              By:
                Mellon HBV Company Ltd., its General Partner

            
	 	 
	 	
              By:
                ____________________________

            
	 	 
	 	
              Name:
                

            
	 	 
	 	
              Title:
                

            
	 	 
	 	
              Address:
                200 Park Avenue, 54th Floor

            
	 	 
	 	
              New
                York, New York 10166-3399

            
	 	 
	 	
              Facsimile
                Number: 

            
	 	 
	 	
              Date
                of Signature: ________________

            

    

    

    

     

    

     

    Investors
      Signature Page to Amendment Agreement November 10, 2006

     

    
      
         

      

      
        -4-EMPLOYMENT
      AGREEMENT

    

    

      This
      Employment Agreement dated as of November 15, 2006 (this “Agreement”),
      by
      and between OTELCO INC., a Delaware corporation (the “Company”)
      and
      GARY B. ROMIG (the ‘Employee”).
      

    

    WHERE
      AS,
      the
      Company and the Employee desire to enter into this Agreement.

    

    NOW
      THEREFORE,
      in
      consideration of the mutual covenants contained herein and other good and
      valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties hereto agree as follows:

    

    Section
      1. Effective
      Date; Termination.
      

    

    This
      Agreement shall become effective on the date first written above (the
“Effective
      Date”).

    

    Section
      2. Employment
      Period.
      

    

    Subject
      to Section
      4,
      the
      Company hereby agrees to employ the Employee, and the Employee hereby agrees
      to
      be employed by the Company, in accordance with the terms and provisions of
      this
      Agreement, for the period from the Effective Date through the Termination Date
      (the “Employment
      Period”).

    

    Section
      3. Terms
      of Employment.

    

    (a)
      Duties
      and Position.
      During
      the Employment Period, the Employee shall serve as Vice President and General
      Manager-Mid-Missouri. As such, the Employee shall have duties and
      responsibilities commensurate with such position and such other duties and
      responsibilities as may from time to time be assigned to or vested in the
      Employee by the Company’s Board of Directors (the “Board”)
      or the
      Chief Executive Officer. 

    

    (b)
      Full
      Time.
      During
      the Employment Period, and excluding any periods of vacation and sick leave
      to
      which the Employee is entitled, the Employee agrees to devote his full business
      time and efforts, to the best of his ability, experience and talent, to the
      business and affairs of the Company. During the Employment Period, it shall
      not
      be a violation of this Agreement for the Employee to serve on corporate, civic
      or charitable boards or committees or manage personal investments (including
      serving as a member of boards of directors or similar bodies of entities not
      engaged in competition with the Company (as determined by the Board in its
      reasonable discretion)), in each case, so long as such activities do not
      interfere with the performance of the Employee’s responsibilities as an employee
      of the Company in accordance with this Agreement.

    

    (c)
      Compensation.
      

    

    (i)
      Base
      Salary.
      During
      the Employment Period, the Employee shall receive an annual base salary of
      $106,500 which Annual Base Salary shall be subject to annual increase by an
      amount equal to at least the increase in the cost of living, if any, between
      the
      date of the immediately preceding increase and the date of each such adjustment,
      based upon the Consumer Price Index for the Birmingham, Alabama MSA, or if
      that
      index is discontinued, a similar index prepared by a department or agency of
      the
      United States government (as so adjusted, the “Annual
      Base Salary”).
      The
      Annual Base Salary shall be paid in accordance with the customary payroll
      practices of the Company, subject to withholding and other payroll
      taxes.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (ii)
      Bonus.
      For
      each fiscal year during the Employment Period, the Employee will be entitled
      to
      receive a bonus (the “Bonus”)
      of up
      to 25% of the Annual Base Salary. The Bonus shall be based upon the Company
      achieving operating and/or financial goals to be established by the Board or
      any
      duly appointed committee thereof in good faith, in its sole
      discretion.

    

    (iii)
      Benefits.
      During
      the Employment Period, the Employee shall be entitled to participate in all
      incentive (including any long term incentive plan), savings and retirement
      plans, practices, policies and programs applicable generally to other employees
      of the Company and shall be eligible for participation in and shall receive
      all
      benefits under welfare benefit plans, practices, policies and programs provided
      by the Company to the extent applicable generally to other employees of the
      Company. In addition, the Employee will be entitled to coverage under any
      directors’ and officers’ liability insurance maintained by the
      Company.

    

    (iv)
      Automobile.
      During
      the Employment Period, the Company shall provide the Employee with the use
      of a
      Company automobile (or, at the Company’s option, shall lease an automobile for
      the Employee’s use) and shall reimburse the Employee for all reasonable expenses
      incurred by the Employee in connection with the use and maintenance of such
      automobile.

    

    (v)
      Expenses.
      The
      Employee shall be entitled to receive reimbursement for all reasonable expenses
      incurred by the Employee during the Employment Period in connection with the
      performance of his duties hereunder, in accordance with the policies, practices
      and procedures of the Company as in effect from time to time.

    

    (vi)
      Vacation
      and Holidays.
      During
      the Employment Period, the Employee shall be entitled to up to 5 weeks paid
      vacation per year in accordance with the policies of the Company applicable
      to
      other employees of the Company generally.

    

    Section
      4. Termination
      of Employment.

    

    (a)
      Death
      or Disability.
      The
      Employee’s employment shall terminate automatically upon the Employee’s death or
      Disability. For purposes of this Agreement, “Disability”
shall
      mean the Employee’s inability to perform his duties and obligations hereunder
      for any 90 days during a period of 180 consecutive days due to mental or
      physical incapacity as determined by a physician selected by the Company or
      its
      insurers.

    

    (b)
      Termination
      by the Employee.
      The
      Employee may terminate his employment with the Company at any time, without
      prior notice.

    

    (c)
      Termination
      by the Company.
      The
      Company may terminate the Employee’s employment with the Company at any time,
      with or without Cause and without prior notice. “Cause”
will
      mean that any of the following will have occurred: (i) the Employee has been
      convicted of a felony, stolen funds or otherwise engaged in fraudulent conduct,
      (ii) the Employee has engaged in willful misconduct or has been grossly
      negligent, in each case, which has been materially injurious to the Company,
      (iii) the Employee has failed or refused to comply with directions of the Board
      that are reasonably consistent with the Employee’s current position, or (iv) the
      Employee has breached the terms of this Agreement. “Without
      Cause”
shall
      mean a termination by the Company of the Employee’s employment during the
      Employment Period for any reason other than a termination based upon Cause,
      death or Disability.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
      5. Obligations
      of the Company upon Termination.

    

    (a)
      Without
      Cause.
      If,
      during the Employment Period, the Company shall terminate the Employee’s
      employment Without Cause, then the Company will provide the Employee with the
      following severance payments and/or benefits:

    

    (i)
      The
      Company shall pay to the Employee a lump sum in the amount of the Employee’s
      accrued but unpaid Annual Base Salary through the Termination Date
      (“Accrued
      Obligations”);

    

    (ii)
      The
      Employee, if applicable, and members of his family shall be entitled to continue
      their participation in the Company’s welfare and benefit plans (the
“Benefits”)
      until
      the Termination Date;

    

    (iii)
      The
      Company shall pay to the Employee a lump sum in the amount of 1/2 of his Annual
      Base Salary; and

    

    (iv)
      The
      Company shall pay to the Employee a lump sum amount equal to the Bonus the
      Employee would have received had he remained employed by the Company through
      the
      end of the fiscal year in which the termination occurred, pro rated for the
      number of days Employee was employed by the Company during such fiscal year,
      to
      be paid at the same time that similar bonuses are paid to the Company’s other
      employees.

    

    (b)
      Cause;
      by the Employee; Death or Disability.
      If the
      Employee’s employment shall be terminated by the Company for Cause, by the
      Employee for any reason, or due to death or Disability, then the Company shall
      have no further payment obligations to the Employee (or his heirs or legal
      representatives) other than for (i) payment of Accrued Obligations and (ii)
      the
      continuance of Benefits through the Termination Date.

    

    (c)
      Condition:
      Remedies.
      The
      Employee acknowledges and agrees that, (a) the Company’s obligations to make
      payments under Section
      5(a)
      will be
      conditioned on the Employee executing and delivering a customary general release
      in form and substance reasonably satisfactory to the Company.

    

    Section
      6. Nondisclosure
      and Nonuse of Confidential Information.

    

    (a)
      The
      Employee shall not disclose or use at any time, either during the Employment
      Period or thereafter, any Confidential Information (as hereinafter defined)
      of
      which the Employee is or becomes aware as a consequence of or in connection
      with
      his employment with a Company, whether or not such information is developed
      by
      him, except (i) to the extent that such disclosure or use is in furtherance
      of
      the Employee’s performance in good faith of his duties as President of the
      Company or (ii) to the extent required by law or legal process; provided
      that (A)
      the Employee agrees to provide the Company with prompt written notice of any
      such law or legal process and to assist the Company, at the Company’s expense,
      in asserting any legal challenges to or appeals of such law or legal process
      that the Company in its sole discretion pursues, and (B) in complying with
      any
      such law or legal process, the Employee shall limit his disclosure only to
      the
      Confidential Information that is expressly required to be disclosed by such
      law
      or legal process. The Employee will take all commercially reasonable steps
      to
      safeguard Confidential Information and to protect it against disclosure, misuse,
      espionage, loss and theft. The Employee shall deliver to the Company at the
      termination of the Employment Period, or at any time the Company may request,
      all memoranda, notes, plans, records, reports, computer tapes and software
      and
      other documents and data (and copies thereof) relating to the Confidential
      Information or the Work Product (as hereinafter defined) of the Company which
      the Employee may then possess or have under his control.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)
      The
      Employee agrees that all Work Product belongs in all instances to the Company.
      The Employee will promptly disclose such Work Product to the Board and perform
      all actions reasonably requested by the Board (whether during or after the
      Employment Period) to establish and confirm the Company’s ownership of the Work
      Product (including, without limitation, the execution and delivery of
      assignments, consents, powers of attorney and other instruments) and to provide
      reasonable assistance to the Company (whether during or after the Employment
      Period), at the Company’s sole expense, in connection with the prosecution of
      any applications for patents, trademarks, trade names, service marks or reissues
      thereof or in the prosecution or defense of interferences relating to any Work
      Product. The Employee recognizes and agrees that the Work Product, to the extent
      copyrightable, constitutes works for hire under the copyright laws of the United
      States.

    

    (c)
      “Confidential
      Information”
means
      information that is not generally known to the public and that is used,
      developed or obtained by the Company in connection with its business, including,
      but not limited to, information, observations and data obtained by the Employee
      while employed by the Company or any predecessors thereof (including those
      obtained prior to the date of this Agreement) concerning (i) the business or
      affairs of the Company and its Affiliates and (ii) products, services, fees,
      costs, pricing structures, analyses, drawings, photographs and reports, computer
      software (including operating systems, applications and program listings),
      data
      bases, accounting and business methods, inventions, devices, new developments,
      methods and processes (whether patentable or unpatentable and whether or not
      reduced to practice), customers and clients and customer and client lists,
      all
      technology and trade secrets, and all similar and related information in
      whatever form. Confidential Information will not include any information that
      (A) is or becomes generally available to the public other than through
      disclosure by the Employee in violation of this Section
      6,
      (B) was
      provided to the Employee prior to the date hereof a non-confidential basis
      from
      a Person who was not otherwise bound by a confidentiality agreement or duty
      with
      the Company or an Affiliate thereof, or (C) becomes available to the Employee
      on
      a non-confidential basis from a Person who is not otherwise bound by a
      confidentiality agreement or duty with the Company or its Affiliates or is
      not
      otherwise prohibited from transmitting the information to the
      Employee.

    

    (d)
      “Work
      Product”
means
      all inventions, innovations, improvements, technical information, systems,
      software developments, methods, designs, analyses, drawings, reports, service,
      marks, trademarks, trade names, trade dress, logos and all similar or related
      information (whether patentable or unpatentable) which relates to the Company’s
      actual or anticipated business, research and development or existing or future
      products or services and which are conceived, developed or made by the Employee
      (whether or not during usual business hours and whether or not alone or in
      conjunction with any other person) during the Employment Period together with
      all patent applications, letters patent, trademark, trade name and service
      mark
      applications or registrations, copyrights and reissues thereof that may be
      granted for or upon any of the foregoing.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
      7. Non-Compete
      and Non-Solicit.

    

    (a)
      The
      Employee acknowledges that, in the course of his employment with the Company,
      he
      has become familiar, or will become familiar, with the Company’s and its
      Affiliates’ trade secrets and with other confidential information concerning the
      Company and its Affiliates and that his services have been and will be of
      special, unique and extraordinary value to the Company and its Affiliates.
      Therefore, the Employee agrees that, during the Employment Period and for 6
      months thereafter (the “Restricted
      Period”),
      he
      shall not directly or indirectly (i) engage, within the Restricted Territory,
      in
      any telephone or communications business, including, but not limited to,
      incumbent local exchange carrier, long distance telephone business, cable
      television, Internet access, or other business that the Company’ or any of its
      Affiliates’ is engaged in during the Employee’s employment by the Company (the
“Company
      Business”),
      (ii)
      compete or participate as agent, employee, consultant, advisor, representative
      or otherwise in any enterprise engaged in a business which has any operations
      engaged in the Company Business within the Restricted Territory; or (iii)
      compete or participate as a stockholder, partner, member or joint venturer,
      or
      have any direct or indirect financial interest, in any enterprise which has
      any
      material operations engaged in the Company Business within the Restricted
      Territory; provided,
      however,
      that
      nothing contained herein will prohibit the Employee from (A) owning, operating
      or managing any business, or acting upon any business opportunity, after
      obtaining approval of a majority of the Board; or (B) owning no more than five
      percent (5%) of the equity of any publicly traded entity with respect to which
      the Employee does not serve as an officer, director, employee, consultant or
      in
      any other capacity other than as an investor. The term "Restricted
      Territory"
      means
      all states within the United States in which the Company or any of its
      Affiliates conducts or is pursuing or analyzing plans to conduct Company
      Business as of the Termination Date.

    

    (b)
      As a
      means reasonably designed to protect Confidential Information, the Employee
      agrees that, during the period commencing on the Effective Date and ending
      on
      the expiration of the Restricted Period, he will not (i) solicit or make any
      other contact with, directly or indirectly, any customer of the Company or
      any
      of its Affiliates as of the date that the Employee ceases to be employed by
      the
      Company with respect to the provision of any service to any such customer that
      is the same or substantially similar to any service provided to such customer
      by
      the Company or its Affiliates or (ii) solicit or make any other contact with,
      directly or indirectly, any employee of the Company or any of its Affiliates
      on
      the date that the Employee ceases to be employed by the Company (or any person
      who was employed by the Company or any of its Affiliates at any time during
      the
      three-month period prior to the Termination Date) with respect to any
      employment, services or other business relationship.

    

    Section
      8. Remedies.
      

    

    The
      Employee acknowledges that irreparable damage would occur in the event of a
      breach of the provisions of Section
      6
      or
Section
      7
      by the
      Employee. It is accordingly agreed that, in addition to any other remedy to
      which its is entitled at law or in equity, the Company will be entitled to
      an
      injunction or injunctions to prevent breaches of such sections of this Agreement
      and to enforce specifically the terms and provisions of such
      sections.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
      9. Definitions.

    

    “Accrued
      Obligations”
has
      the
      meaning set forth in Section
      5(a)(i).

    

    “Affiliate”
means,
      with respect to any Person, any other Person that is controlled by, controlling
      or under common control with, such Person. Notwithstanding anything to the
      contrary contained herein, with respect to the Company, the term “Affiliate”
will include, without limitation, each Person with an ownership interest in
      the
      Company (and each member, stockholder or partner of each such Person), each
      Person in which the member of the Company (and each member, stockholder or
      partner of each such Person) holds or has the right to acquire, collectively,
      more than 25% of the voting equity interests. 

    

    “Agreement”
has
      the
      meaning set forth in the Caption.

    

    “Annual
      Base Salary”
has
      the
      meaning set forth in Section
      3(c)(i).

    

    “Benefits”
has
      the
      meaning set forth in Section
      5(a)(ii).

    

    “Board”
has
      the
      meaning set forth in Section
      3(a).

    

    “Bonus”
has
      the
      meaning set forth in Section
      3(c)(ii).

    

    “Business
      Day”
means
      any day that is not a Saturday, Sunday, legal holiday or other day on which
      banks are required to be closed in New York, New York.

    

    “Cause”
has
      the
      meaning set forth in Section
      4(c).

    

    “Company”
has
      the
      meaning set forth in the Caption.

    

    “Company
      Business”
has
      the
      meaning set forth in Section
      7(a).

    

    “Confidential
      Information”
has
      the
      meaning set forth in Section
      6(c).

    

    “Disability”
has
      the
      meaning set forth in Section
      4(a).

    

    “Effective
      Date”
has
      the
      meaning set forth in Section
      1.
      

    

    “Employment
      Period”
has
      the
      meaning set forth in Section
      1.

    

    “Employee”
has
      the
      meaning set forth in the Caption.

    

    “Person”
means
      an individual, partnership, corporation, limited liability company, trust or
      unincorporated organization, or a government or agency or political subdivision
      thereof.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Restricted
      Period”
has
      the
      meaning set forth in Section
      7(a).

    

    “Restricted
      Territory”
has
      the
      meaning set forth in Section
      7(a).

    

    “Termination
      Date”
means
      the effective date of the termination of the Employee’s employment with the
      Company, for any reason, by any party, or by death or Disability.

    

    “Without
      Cause”
has
      the
      meaning set forth in Section
      4(c).

    

    “Work
      Product”
has
      the
      meaning set forth in Section
      6(d).

    

    Section
      10. General
      Provisions.

    

    (a)
      Severability.
      It is
      the desire and intent of the parties hereto that the provisions of this
      Agreement be enforced to the fullest extent permissible under the laws and
      public policies applied in each jurisdiction in which enforcement is sought.
      Accordingly, if any particular provision of this Agreement shall be adjudicated
      by a court of competent jurisdiction to be invalid, prohibited or unenforceable
      for any reason, such provision, as to such jurisdiction, shall be ineffective,
      without invalidating the remaining provisions of this Agreement or affecting
      the
      validity or enforceability of such provision in any other jurisdiction.
      Notwithstanding the foregoing, if such provision could be more narrowly drawn
      so
      as not to be invalid, prohibited or unenforceable in such jurisdiction, it
      shall, as to such jurisdiction, be so narrowly drawn, without invalidating
      the
      remaining provisions of this Agreement or affecting the validity or
      enforceability of such provision in any other jurisdiction.

    

    (b)
      Entire
      Agreement.
      This
      Agreement embodies the complete agreement and understanding among the parties
      hereto with respect to the subject matter hereof. This Agreement supersedes
      and
      preempts any prior understandings, agreements or representations by or among
      the
      parties, written or oral, which may have related to the subject matter hereof
      in
      any way.

    

    (c)
      Survival.
      Notwithstanding anything to the contrary contained herein, the provisions of
      Section
      6,
      Section
      7
      and
Section
      8
      shall
      survive the termination of this Agreement. 

    

    (d)
      Counterparts.
      This
      Agreement may be executed in separate counterparts, each of which is deemed
      to
      be an original and all of which taken together constitute one and the same
      agreement.

    

    (e)
      Successors
      and Assigns; Beneficiaries.
      This
      Agreement is personal to the Employee and without the prior written consent
      of
      the Company shall not be assignable by the Employee other than by will or the
      laws of descent and distribution. This Agreement shall inure to the benefit
      of
      and be enforceable by the Employee’s heirs and legal representatives and the
      successors and assigns of the Company. The Company reserves the right to assign
      this Agreement in whole or in part to any of its Affiliates and upon any such
      assignment, the term “Company” will be deemed to be such Affiliate

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (f)
      Governing
      Law.
      THIS
      AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING
      PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION)
      THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK
      TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE
      OF
      NEW YORK WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT,
      EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE
      SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.

    

    (g)
      Waiver
      of Jury Trial.
      EACH OF
      THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ITS RIGHT TO A JURY TRIAL OF ANY
      CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY
      DEALINGS BETWEEN THE PARTIES HERETO RELATING TO THE SUBJECT MATTER
      HEREOF.

    

    (h)
      Amendment
      and Waiver.
      The
      provisions of this Agreement may be amended and waived only with the prior
      written consent of the Employee and the Company and no course of conduct or
      failure or delay in enforcing the provisions of this Agreement shall be
      construed as a waiver of such provisions or affect the validity, binding effect
      or enforceability of this Agreement or any provision hereof.

    

    (i)
      Notices.
      All
      notices, requests, demands, claims, consents and other communications which
      are
      required or otherwise delivered hereunder shall be in writing and shall be
      deemed to have been duly given if (i) personally delivered or transmitted by
      electronic mail, (ii) sent by nationally recognized overnight courier, (iii)
      mailed by registered or certified mail with postage prepaid, return receipt
      requested, or (iv) transmitted by facsimile (with a copy of such transmission
      concurrently transmitted by registered or certified mail with postage prepaid,
      return receipt requested), to the parties hereto at the following addresses
      (or
      at such other address for a party as shall be specified by like
      notice):

    

    (j)
      If to
      the Board or the Company, to:

    

    Otelco
      Inc. 

    505
      Third
      Avenue East

    Oneonta,
      Alabama 35121 

    Attention:
      Michael Weaver 

    Telephone
      No: 205-625-3596

    Facsimile
      No: (205) 625-3528

    

    with
      a
      copy to:

    

    Dorsey
      & Whitney LLP

    250
      Park
      Avenue 

    New
      York,
      Yew York 10177

    Attention:
      Steven Khadavi, Esq. 

    Telephone
      No: (212) 415-9376

    Facsimile
      No: (212) 953-7201

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)
      if to
      the Employee to:

    

    Gary
      B.
      Romig

    200
      Barner Street

    Pilot
      Grove, MO 65276

    Telephone
      No: 660-834-4281

    Facsimile
      No: 660-834-6632

    

    or
      to
      such other address as the party to whom such notice or other communication
      is to
      be given may have furnished to each other party in writing in accordance
      herewith. Any such notice or communication shall be deemed to have been received
      (i) when delivered, if personally delivered or transmitted by electronic mail,
      with receipt acknowledgment by the recipient by return electronic mail, (ii)
      when sent, if sent by facsimile on a Business Day during normal business hours
      (or, if not sent on a Business Day during normal business hours, on the next
      Business Day after the date sent by facsimile), (iii) on the next Business
      Day
      after dispatch, if sent by nationally recognized, overnight courier guaranteeing
      next Business Day delivery, and (iv) on the 5th
      Business
      Day following the date on which the piece of mail containing such communication
      is posted, if sent by mail. 

    

    (k)
      Descriptive
      Headings.
      The
      descriptive headings of this Agreement are inserted for convenience only and
      do
      not constitute a part of this Agreement.

    

    (l)
      Construction.
      Where
      specific language is used to clarify by example a general statement contained
      herein, such specific language shall not be deemed to modify, limit or restrict
      in any manner the construction of the general statement to which it relates.
      The
      language used in this Agreement shall be deemed to be the language chosen by
      the
      parties to express their mutual intent, and no rule of strict construction
      shall
      be applied against any party.

    

    (m)
      Nouns
      and Pronouns.
      Whenever the context may require, any pronouns used herein shall include the
      corresponding masculine, feminine or neuter forms, and the singular form of
      nouns and pronouns shall include the plural and vice-versa.

    

    

    

    [signature
      page follows]

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

      IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Employment Agreement as of the date first
      written above.

    

    

     

    

    
      	
               

            	
              OTELCO
                INC.  

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
              By:
                

            	
              /s/
                Curtis L. Garner, Jr.

            	
               

            
	
               

            	
              Name:
                Curtis L. Garner, Jr.

            
	
               

            	
              Title:
                CFO

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
              EMPLOYEE 

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
              /s/
                Gary B. Romig

            	
               

            
	
               

            	
              GARY
                B. ROMIG

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