Document:

EX-10.1

Execution Copy

EMPLOYMENT AGREEMENT

This Employment Agreement (“Agreement”) dated as of May 9, 2008 (the “Effective
Date”), is entered into by and between Deerfield Capital Management LLC (“DCM”), a
Delaware limited liability company and wholly owned subsidiary of Deerfield & Company LLC
(“D&C”), an Illinois limited liability company, and Frank Straub (“Employee”).

WHEREAS, DCM desires to continue to employ Employee, and to promote him to the position of
Chief Financial Officer of DCM, and to have the benefit of his services, and Employee similarly
desires to continue to be employed by DCM and to serve in such Chief Financial Officer capacity, in
each case pursuant to the terms and conditions hereof; and DCM and D&C wish to assure that their
respective “Confidential Information” (as defined herein), which Employee obtains as a
result of his status as an employee of DCM, will remain confidential and that DCM’s and D&C’s
business interests will be protected.

NOW, THEREFORE, in consideration of the mutual promises contained herein and for other
valuable consideration, the sufficiency of which is hereby acknowledged, IT IS AGREED AS FOLLOWS:

1. Employment. DCM hereby continues to employ Employee, in his new capacity of Chief
Financial Officer of DCM, and Employee agrees to continue such employment and agrees to perform the
duties hereunder in accordance with the terms hereinafter set forth.

(a) Term. The term of Employee’s employment hereunder shall commence
on the Effective Date and conclude on the day preceding the first anniversary of
the Effective Date, unless sooner terminated according to Section 3 (the
“Term”). Subject to Section 8(i), this Agreement shall terminate upon the
expiration of the Term.

(b) Duties and Responsibilities. Employee shall devote his full time,
business skills and attention to the performance of his duties, and shall be
available during normal business hours and at such times as may otherwise be
required. Employee shall use his best efforts, expertise and knowledge to
preserve, develop and maintain the interests of DCM and each “Affiliate” (as
defined below) of DCM. Employee’s duties shall include the customary duties of a
chief financial officer, and working with other members of DCM, D&C or their
Affiliates in a professional, cooperative and efficient manner and such other
duties as may from time to time be assigned by DCM; provided they are generally
consistent with Employee’s skills and level of responsibility within the
organization. Employee shall maintain all regulatory licenses and registrations
necessary to the performance of his duties hereunder. DCM may require Employee to
perform any of the duties set forth in this Section 1(b) on behalf of DCM, D&C or
any of their Affiliates.

(c) Outside Activities. During the Term, Employee shall not engage or
otherwise be involved in any other business, trade or profession that creates an
actual, potential or perceived conflict with the interests of DCM or a DCM
Affiliate, or that otherwise conflicts with Employee’s ability to perform his
duties and responsibilities hereunder unless approved by the Board of Directors of
DCM (the “Board”).

2. Compensation and Benefits.

(a) Base Salary. During the Term, Employee shall receive a base
salary of no less than $350,000 per year (the “Base Salary”), payable in
accordance with the payroll practices of DCM as in effect from time to time.

(b) Bonuses. During the Term, Employee may be eligible to participate
in any DCM bonus plan, program or arrangement, as determined by the Board, or to
receive such other bonus as the Board may determine in its sole discretion.
Notwithstanding the foregoing, Employee’s total bonus for the Term shall be no less
than $150,000 (the “Guaranteed Bonus”), payable on or before March 31,
2009, and Employee shall also be entitled to a retention bonus (the “Retention
Bonus”) of $200,000 if he is a DCM employee on the business day immediately
following the end of the Term, payable within 10 business days after such date. If
DCM establishes a program for paying other senior management employees a portion of
their 2009-paid bonuses in Performance Shares (as defined in the Deerfield Capital
Corp. (“DFR”) First Amended and Restated Stock Incentive Plan) or similar
awards, DCM may pay Employee a portion of his Guaranteed Bonus in such awards, but
not greater than the portion paid to any employee in a capacity of similar
responsibility . Such awards may be subject to multi-year vesting but shall vest
immediately if DCM terminates Employee without “Cause” (as specified in Section
3(a) below).

(c) Business Expense Reimbursement. Employee shall be reimbursed for
his reasonable and necessary business expenses, including reasonable travel,
lodging and entertainment expenses, in accordance with DCM’s business expense
reimbursement policy as in effect from time to time and upon submission of
appropriate documentation and receipts within 30 days of the date on which the
expense is incurred.

(d) Benefits. Employee will be entitled to participate in the
medical, dental, life, long-term disability and retirement plans as may be in
effect from time to time.

(e) Deductions. All salary and other payments and allowances outlined
herein are subject to such withholding and deductions as may be required by law, as
determined by DCM in its sole discretion.

3. Termination.

	 	(a)	 	Termination by DCM without Cause;
Termination by Employee for Good Reason.

(i) This Agreement and Employee’s employment may be terminated at any time
before the day preceding the first anniversary of the Effective Date by DCM without
“Cause” (as defined below) (other than by reason of Employee’s death or
“Disability” (as defined below)) following the delivery of a “Notice of
Termination” (as defined below) to Employee. In addition, this Agreement and
Employee’s employment hereunder may be terminated at any time before the day
preceding the first anniversary of the Effective Date by Employee for “Good Reason”
(as defined below) following the delivery of a Notice of Termination to DCM.

(ii) If Employee’s employment is terminated by DCM without Cause (other than
by reason of Employee’s death or Disability) or by Employee for Good Reason,
Employee shall

(A) continue to receive the Base Salary he would have
received until the first anniversary of the Effective Date in
accordance with DCM’s normal payroll and bonus payment practices,
and

(B) as provided in Section 2(b) above, and notwithstanding
anything that may be to the contrary herein, receive (i) the
Retention Bonus, entirely in cash, within 10 days after such
termination and (ii) the Guaranteed Bonus on or before March 31,
2009 (with any Performance Shares or other equity-based award
vesting immediately upon termination).

Except as set forth above, and except for business expense
reimbursements complying with Section 2(c) above incurred before
the termination date and employee benefit plan benefits accrued
before such date (collectively, “Accrued Benefits”),
Employee shall have no further rights to any compensation
(including any Base Salary, Guaranteed Bonus or Retention Bonus)
or any other benefits hereunder. Any other benefits due Employee
after a termination pursuant to this Section 3(a) shall be
determined in accordance with DCM’s plans, policies and practices,
but Employee shall not participate in any severance plan, policy
or program of DCM.

(iii) For purposes of this Agreement, “Good Reason” shall mean,
without Employee’s consent, the occurrence of any of the following events:

(A) a reduction by DCM in Employee’s Base Salary;

(B) any material adverse change in Employee’s title or
responsibilities;

(C) any requirement of DCM that Employee be based anywhere
more than 50 miles outside the city limits of Chicago, IL; or

(D) a failure by DCM to pay Employee’s Base Salary when due
pursuant hereto.

Notwithstanding the foregoing, “Good Reason” shall not exist with respect
to the matters set forth in clauses (A), (B), (C) or (D) above if, after
written notice from Employee to the Board specifying the circumstances
giving rise to Good Reason under such clause, DCM shall have cured the
circumstances giving rise to Good Reason to the reasonable satisfaction of
Employee within10 business days after such notice.

(b) Termination for Cause.

(i) This Agreement and Employee’s employment may be terminated by DCM at any
time for Cause following delivery of a Notice of Termination to Employee.

(ii) For purposes hereof “Cause” means:

(A) the breach by Employee of any material provision of this
Agreement, including Sections 5, 6 and 7;

(B) Employee’s commission of a felony or violation of any law
involving moral turpitude, dishonesty, disloyalty or fraud;

(C) any failure by Employee to substantially comply with any
written rule, regulation, policy or procedure of DCM or any
Affiliate of DCM applicable to Employee, which noncompliance could
reasonably be expected to have a material adverse effect on the
business of DCM or any such Affiliate;

(D) any failure by Employee to comply with DCM’s, or any
Affiliate of DCM’s, policies with respect to insider trading
applicable to Employee;

(E) a willful material misrepresentation at any time by
Employee to any member of the Board or any director or superior
executive officer of DCM or any of its Affiliates;

(F) Employee’s willful failure or refusal to comply with any
of his material obligations hereunder or a reasonable and lawful
instruction of the Board or the person to whom Employee reports;
or

(G) commission by Employee of any act of fraud or gross
negligence in the course of his employment hereunder or any other
action by Employee, in either case that is determined to be
detrimental to DCM or any of its Affiliates (which determination,
in the case of gross negligence or such other action, shall be
made by the Board in its reasonable discretion);

provided that, except for any willful or grossly negligent acts or
omissions, the commission of any act or omission described in
clause (A) or (C) that is capable of being cured shall not
constitute Cause hereunder unless and until Employee, after
written notice from DCM to him specifying the circumstances giving
rise to Cause under such clause, shall have failed to cure such
act or omission to the reasonable satisfaction of the Board within
10 business days after such notice.

(iii) If Employee’s employment is terminated pursuant to this Section 3(b), he
shall be entitled to receive his Base Salary through the date of termination and
any earned but unpaid Guaranteed Bonus for any calendar year preceding the year in
which the termination occurs. Except for the Accrued Benefits, he shall have no
further rights to any compensation (including any Base Salary, Guaranteed Bonus or
Retention Bonus) or any other benefits hereunder. All other benefits, if any, due
Employee following a termination pursuant to this Section 3(b) shall be determined
in accordance with the plans, policies and practices of DCM, but Employee shall not
participate in any severance plan, policy or program of DCM.

(c) Termination due to Death or Disability. This Agreement and
Employee’s employment shall terminate immediately upon Employee’s death or,
following delivery of a Notice of Termination by DCM to Employee, due to Employee’s
Disability. If Employee’s employment is terminated pursuant to this Section 3(c),
Employee (or his estate, as the case may be) shall be entitled to receive
Employee’s Base Salary through the date of termination, the “Pro-Rated Guaranteed
Bonus” ($150,000 multiplied by the fraction equal to the number of days that
Employee was employed during the Term divided by 365), payable on or before March
31, 2009, and any Accrued Benefits before the termination date. Employee (or his
estate, as the case may be) shall have no further rights to any other compensation
(including any Base Salary, the portion of the Guaranteed Bonus exceeding the
Pro-Rated Guaranteed Bonus, or Retention Bonus) or any other benefits hereunder.
Any other benefits due Employee (or his estate, as the case may be) following a
termination pursuant to this Section 3(c) shall be determined in accordance with
DCM’s plans, policies and practices, but Employee (or his estate, as the case may
be) shall not participate in any DCM severance plan, policy or program. For
purposes hereof, “Disability” shall mean Employee’s physical or mental
incapacity as a result of which he is unable for a period of 90 days during any 180
day period to perform his duties with substantially the same level of quality as
immediately prior to such incapacity.

(d) Notice of Termination. Any termination of this Agreement and
Employee’s employment by DCM (other than the immediate and automatic termination of
this Agreement and Employee’s employment upon his death) shall be communicated by a
written Notice of Termination to Employee or, in the case of a termination by
Employee for Good Reason, to DCM, delivered in accordance with Section 8(m). For
purposes hereof, a “Notice of Termination” shall mean a notice that
indicates the specific termination provision herein relied upon and the date of
termination, as determined by DCM or, in the case of a termination by Employee for
Good Reason, the circumstances alleged to give rise to Good Reason, and which date
of termination shall be at least five business days following the date on which
Employee gives the Notice of Termination to DCM.

(e) Obligations Following Notice. If this Agreement and Employee’s
employment are terminated, Employee shall, prior to the effective date of such
termination or as may otherwise be agreed by DCM and Employee, (i) meet with his
supervisors as requested by DCM for the purpose of winding up any pending work and
providing an orderly transfer of the duties, accounts, customers and/or clients for
which he has been responsible, identifying key Confidential Information likely to
be in his possession, and discussing his plans for employment in light of his
obligations hereunder; (ii) promptly deliver to DCM any property belonging to DCM
and any of its Affiliates, including any Confidential Information, equipment
(including cell phones, computers, printers, fax machines, pagers, Personal Digital
Assistants, Bloomberg terminals or Travellers, and Reuters terminals), automobiles
and other property of DCM or its Affiliates that may be in Employee’s possession or
under his control, whether at DCM’s offices, Employee’s home or elsewhere,
including all such papers, work papers, notes, documents and equipment in the
possession of Employee or his counsel and any copies or duplicates thereof, and all
originals and copies of papers, notes and documents (in any medium, including
computer disks), whether property of DCM or any of its Affiliates or not, prepared,
received or obtained by Employee or his counsel during the course of Employee’s
employment with DCM or any of its Affiliates; and (iii) devote Employee’s full time
and attention to these obligations and his other responsibilities as directed by
DCM. If Employee’s employment is terminated pursuant to Section 3(a) by DCM
without Cause (other than by reason of Employee’s death or Disability), by Employee
for Good Reason, or by DCM pursuant to Section 3(c) due to Employee’s Disability,
the continued payment of Base Salary, as applicable, shall be subject to Employee’s
execution of a release, in substantially the form attached hereto as Exhibit A,
subject to revision to reflect changes in applicable law relating to employment or
termination thereof, including the statutes referenced in Exhibit A; provided,
however, that no such revision shall adversely impact any right Employee may have
to (i) indemnification under any charter or by-laws (or similar documents) of any
member of the Company Group, contract or applicable law, or (ii) receive accrued
but unpaid benefits or any funds beneficially owned by him under any retirement or
similar employee benefit plan.

4. Definitions. For purposes of Sections 5, 6 and 7 hereof (and otherwise where used
herein), the following terms shall have the meanings set forth herein:

(a) “Affiliate” means, with respect to any Person, any other Person
that directly or indirectly controls, is controlled by, or is under common control
with that first Person. For purposes of this definition, “control” of a Person
shall mean the power, direct or indirect, to direct or cause the direction of the
management and policies of such Person, whether through the ownership of Voting
Stock, by contract, or otherwise. When referencing an “Affiliate” of DCM or D&C
herein, the parties specifically acknowledge that such term includes DFR and its
Affiliates and shall include any Affiliate that may be organized in the future.

(b) “Client” means all Past Clients, Present Clients and Potential
Clients, subject to the following general rules: (i) with respect to each such
Client, the term shall also include any Persons that, to the Knowledge of Employee,
are Affiliates of such Client, directors, officers or employees of such Client or
any such Affiliates thereof, or Persons who are members of the Immediate Family of
any of the foregoing Persons or Affiliates of any of them; (ii) with respect to any
such Client that is a collective investment vehicle (a 401(k) retirement plan shall
not itself be considered a “collective investment vehicle” except to the extent
Employee has actual knowledge of the identities of investors therein), the term
shall also include any investor or participant in such Client (except that in the
case of any collective investment vehicle that is a registered investment company,
an investor or participant therein shall not be deemed a “Client” hereunder unless
such investor or participant has in the aggregate at least $500,000 under
management by DCM and its Affiliates, whether through investments in registered
investment companies or otherwise); and (iii) with respect to any such Client that
is a trust or similar entity, the term shall include the settler and each of the
beneficiaries of such Client and the Affiliates and Immediate Family members of any
such Persons.

(c) “Confidential Information” means all proprietary information or
data relating to the business of DCM or any of its Affiliates to which Employee has
access and/or learns prior to or during the Term, including business and financial
information; new product development; formulas, identities of and information
concerning Clients, vendors and suppliers; development, expansion and business
strategies, plans and techniques; computer programs, devices, methods, techniques,
processes and inventions; research and development activities; compilations and
other materials developed by or on behalf of DCM, D&C or any of their respective
Affiliates (whether in written, graphic, audio-visual, electronic or other media,
including computer software). Confidential Information also includes information
of any third party doing business with DCM or any of its Affiliates that such third
party identifies as being confidential or that is subject to a confidentiality
agreement with such third party. Confidential Information shall not include any
information that is in the public domain or otherwise publicly available (other
than as a result of a wrongful act of Employee or an agent or other employee of DCM
or any of its Affiliates, including a breach of Section 5(b) below).

(d) “Immediate Family” means, with respect to any individual, such
individual’s spouse; the descendants (natural or adoptive, of the whole or half
blood) of such individual or such individual’s spouse; the parents and grandparents
(natural or adoptive) of such individual or such individual’s spouse; and the
descendants of the parents (natural or adoptive) of such individual or such
individual’s spouse.

(e) “Investment Management Services” means any services (including
sub-advisory services) that involve (a) the management of an investment account or
fund (or portions thereof), or a group of investment accounts or funds, of any
Person for compensation or (b) the rendering of advice with respect to the
investment and reinvestment of assets or funds (or any group of assets or funds) of
any Person for compensation (but excluding the rendering of such advice to any
subsequent employer of Employee that is not in the business of managing investment
accounts or funds or rendering advice to or for the benefit of third parties with
respect to investment or reinvestment of assets or funds, where such advice is
rendered solely for such employer’s own proprietary use and the only compensation
received by Employee is in the form of salary, wages or bonus paid by such
employer), and, in the case of both (a) and (b), performing activities related or
incidental thereto.

(f) “Knowledge of Employee” means Employee’s actual knowledge or the
knowledge Employee should have obtained after making due inquiry.

(g) “Past Client” means any Person who, to the Knowledge of Employee,
had been an advisee or investment advisory customer of, or was otherwise a
recipient of Investment Management Services from, DCM or any of its Affiliates at
any time during the one-year period immediately preceding the date of termination
of Employee’s employment, but at such date is not an advisee or investment advisory
customer or client of, or recipient of Investment Management Services from, DCM or
any of its Affiliates.

(h) “Person” or “Persons” means any individual, corporation,
partnership, joint venture, association, joint-stock company, business trust,
limited liability company, trust, unincorporated organization or government or a
political subdivision, agency or instrumentality thereof or other entity or
organization of any kind.

(i) “Potential Client” means any Person to whom Employee or, to the
Knowledge of Employee, DCM or any of its Affiliates, or any owner, part owner,
shareholder, partner, member, director, officer, trustee, employee, agent or
consultant (or Person acting in a similar capacity) of any such Person (acting on
their behalf), has, within the one year period before the date of termination of
Employee’s employment, offered (whether by means of a personal meeting or by
telephone call, letter, written proposal or otherwise) to provide Investment
Management Services, but who is not on the termination date an advisee or
investment advisory customer of, or otherwise a recipient of Investment Management
Services from, DCM or any of its Affiliates (directly or indirectly). The preceding
sentence is meant to exclude (i) any advertising through mass media in which any
offer is available to the general public, such as magazines, newspapers and
sponsorships of public events and (ii) “cold calls” and mass-mailing form letters,
in each case to the extent not directed towards any particular Person and not
resulting in an indication of interest or a request for further information.

(j) “Present Client” means, at any particular time, any Person who, to
the Knowledge of Employee, at the time of his employment or thereafter is an
advisee or investment advisory customer of, or otherwise a recipient of Investment
Management Services from, DCM or any DCM Affiliate (directly or indirectly).

(k) “Voting Stock” means, with respect to any Person, the capital
stock or other equity or profits interests of any class or kind ordinarily having
the power to vote for the election of directors, managers or other voting members
of the governing body of such Person.

5. All Business to be the Property of DCM; Assignment of Intellectual Property;
Confidentiality.

(a) Employee agrees that any and all presently existing investment advisory
businesses of D&C, DCM and their respective Affiliates (including businesses of any
of their predecessors), and all businesses developed by D&C, DCM, any of their
respective Affiliates or any predecessor thereto, including by Employee or any
other employee of D&C, DCM, any of their respective Affiliates or any predecessor
thereto, including all investment methodologies, all investment advisory contracts,
fees and fee schedules, commissions, records, data, client lists, agreements, trade
secrets, and any other incident of any business developed by D&C, DCM, any of their
respective Affiliates or any predecessor thereto, or earned or carried on by
Employee for D&C, DCM, any of their respective Affiliates or any predecessor
thereto, and all trade names, service marks and logos under which D&C, DCM, any of
their respective Affiliates or any predecessor thereto, do or have done business,
and any combinations or variations thereof and all related logos, are and shall be
the exclusive property of D&C, DCM or such Affiliate, as applicable, for its or
their sole use, and (where applicable) shall be payable directly to D&C, DCM or
such Affiliate (as applicable). In addition, Employee acknowledges and agrees that
the investment performance of the accounts or funds managed by D&C, DCM or any of
their respective Affiliates, or any predecessor thereto, was attributable to the
efforts of the team of professionals at D&C, DCM, such Affiliate or such
predecessor thereto, and not to the efforts of any single individual or subset of
such team of professionals, and that therefore, the performance records of the
accounts or funds managed by D&C, DCM or any of their respective Affiliates, or any
predecessor thereto, are and shall be the exclusive property of D&C, DCM or such
Affiliate, as applicable (and not of any other Person or Persons), and may not be
used by Employee except with the prior written consent of the Board.

(b) Employee acknowledges that, in the course of performing services hereunder
and otherwise (including, without limitation, for DCM’s predecessors), he has had,
and will from time to time have, access to Confidential Information, including
confidential or proprietary investment methodologies, trade secrets, proprietary or
confidential plans, client identities and information, client lists, service
providers, business operations or techniques, records and data (“Intellectual
Property”) owned or used in the course of business by D&C, DCM or any of their
respective Affiliates. Employee agrees always to keep secret and not ever publish,
divulge, furnish, use or make accessible to anyone (otherwise than in the regular
business of D&C, DCM and their respective Affiliates or as required by court order
or by law (after consultation with outside counsel)) any Confidential Information
of D&C, DCM or any of their respective Affiliates. At the termination of
Employee’s services to DCM or any of its Affiliates for any reason, all data,
memoranda, client lists, notes, programs and other papers, items and tangible
media, and reproductions thereof relating to the foregoing matters in his
possession or control, shall be returned to DCM or the applicable Affiliate and
remain in its possession.

(c) In accordance with Section 3 of the Illinois Employee Patent Act, Illinois
Public Act 83-493, Employee is hereby advised that, notwithstanding any other
provision of this Section 5 to the contrary, he shall not be required to assign to
D&C, DCM or any of their respective subsidiaries, any invention, discovery or
improvement conceived or made by him for which no equipment, supplies, facility or
Confidential Information of D&C, DCM or any of their respective subsidiaries was
used and that was developed exclusively and entirely on his own time unless such
invention, discovery or improvement (i) relates to the business or the demonstrably
anticipated research or development of D&C, DCM or any of their respective
subsidiaries or (ii) results from or relates to any work performed by him for D&C,
DCM or any of their respective subsidiaries.

6. Solicitation and Other Covenants.

(a) Employee agrees, for the benefit of DCM and its Affiliates, that during
the term of Employee’s employment with DCM and any of its Affiliates and for the
period commencing on the date of Employee’s termination and ending six months
thereafter, Employee shall not, directly or indirectly,
whether as owner, part owner, shareholder, partner, member, director, officer,
trustee, employee, agent or consultant, or in any other capacity, on behalf of
Employee or any Person other than DCM or its Affiliates, without the prior written
consent of the Board, which consent may (or may not) be provided at the sole
discretion of the Board:

(i) (A) solicit or induce, or attempt to solicit or induce,
directly or indirectly, any employee or agent of, or consultant
to, DCM or any of its Affiliates to terminate its, his or her
relationship therewith, or (B) hire or engage any employee,
external researcher or similar agent or consultant, or former
employee, external researcher or similar agent or consultant of
DCM or any of its Affiliates who was employed by or acted as an
external researcher or similar agent or consultant of DCM or any
of its Affiliates at any time during the 18 month period before
such hiring or engagement of such Person; or

(ii) solely in the case of Employee terminating this
Agreement for other than Good Reason, within 6 months after the
Effective Date work in any enterprise, or any division of an
enterprise, the business of which enterprise or division, as the
case may be, primarily involves the provision of Investment
Management Services, directly with any employee who was employed
by DCM within 6 months before the Effective Date as a permanent or
interim chief financial officer.

(b) Employee and DCM agree that the periods of time and the unlimited
geographic area applicable to the covenants of this Section 6 are reasonable in
view of (i) Employee’s receipt of the payments specified in Sections 2 and (if
applicable) 3 above, (ii) the geographic scope and nature of the business in which
DCM and its Affiliates are engaged (including DCM’s predecessors), including the
geographic location of its Clients, (iii) Employee’s knowledge of DCM’s and its
Affiliates’ businesses, (iv) Employee’s relationships with DCM’s and its
Affiliates’ investment advisory clients and (vi) Employee’s continued employment
with DCM and his receipt of other payments and benefits pursuant hereto. However,
if such period or such area nonetheless should be adjudged unreasonable in any
judicial proceeding, then the period of time shall be reduced by such number of
months or such area shall be reduced by elimination of such portion of such area,
or both, as are deemed unreasonable, so that this covenant may be enforced in such
maximum area and during such maximum period of time as are adjudged to be
reasonable.

(c) Employee agrees (on behalf of himself and his Affiliates) not to make any
communication to any third party (including, by way of example and not of
limitation, any Client (including Potential Clients) or employee of DCM or any DCM
Affiliate) that would, or is reasonably likely to, disparage, create a negative
impression of, or in any way be harmful to the business or business reputation of
DCM or any DCM Affiliate or their respective successors and assigns, and the then
current and former officers, directors, shareholders, partners, members, employees,
agents and consultants (or Person acting in a similar capacity) of each of the
foregoing.

7. Remedies upon Breach; No Effect on Similar Covenants Elsewhere.

(a) If Employee breaches any covenant or agreement in Sections 5 or 6 hereof
or materially breaches any other covenant or agreement herein, whether during the
Term or after the termination of Employee’s employment with DCM for any reason,
then in any such case, DCM, D&C and any of their respective Affiliates shall be
entitled to withhold any other payments to which Employee (or any Affiliate
thereof) would otherwise be entitled hereunder or otherwise, to offset damages
resulting from such breach.

(b) Employee agrees that his breach of any covenant herein could irreparably
damage DCM and its Affiliates, and that DCM or any DCM Affiliate (or the successors
or assigns of any of them) shall have the right to specific performance or an
injunction or other equitable relief (in addition to other legal remedies) to
enforce or prevent any violation of Employee’s obligations hereunder. Nothing
herein shall be construed as limiting DCM’s, any of its Affiliates’ or their
successors’ or assigns’ protections and remedies under any applicable statute or
common law cause of action.

(c) The covenants of Employee contained in Sections 5 and 6 hereof are in
addition to, and not in lieu of, any similar covenants contained in any other
document.

8. Miscellaneous.

(a) Severability. Whenever possible, each section, portion and
provision of this Agreement will be interpreted in such manner as to be effective
and valid under applicable law. If any section, portion or provision hereof,
however, is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, and a court of competent jurisdiction
or an arbitrator cannot modify such section, portion or provision or enforce the
modified section, portion or provision, such invalidity, illegality or
unenforceability will not affect any other section, portion or provision, but this
Agreement will be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable section, portion or provision had never been
contained herein.

(b) Governing Law; Jurisdiction and Venue; Jury Trial Waiver.
Notwithstanding principles of conflicts of law of any jurisdiction to the contrary,
all terms and provisions of this Agreement are to be construed and governed by the
internal laws of the State of Illinois. Any and all proceedings relating to
Section 4, Section 5, Section 6, and, solely as it relates to Section 4, Section 5
or Section 6, Section 7 hereof shall, at the sole option of DCM, be maintained in
either the courts of the State of Illinois or the federal District Courts sitting
in Cook County, Illinois and Employee hereby agrees to submit to the personal
jurisdiction of such court and not to argue that such court is forum non
conveniens. THE PARTIES EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN
THE EVENT ANY ACTION ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT IS
LITIGATED OR HEARD IN ANY COURT.

(c) Post-Termination Covenant. Following the termination of
Employee’s employment for any reason, he agrees to cooperate, at the expense of
DCM, with D&C, DCM and any of their respective Affiliates with respect to any
litigation, administrative proceedings or investigation relating to the activities
of D&C, DCM or any of their respective Affiliates during the period of his
employment with DCM including being available for depositions and to be a witness
at any trial or proceedings, help in preparation of any legal documentation and
providing affidavits and any advice or support that D&C, DCM or any Affiliate
thereof may request of Employee in connection with such litigation, proceeding or
investigation.

(d) Dispute Resolution. Except to the extent contemplated by Section
8(b) hereof, all disputes arising in connection with Employee’s employment
hereunder or any rights arising pursuant hereto shall be resolved by binding
arbitration in accordance with the applicable rules of the American Arbitration
Association. The arbitration shall be held in Cook County, Illinois before a
single arbitrator selected in accordance with Section 11 of the American
Arbitration Association Commercial Arbitration Rules who shall have (i) substantial
business experience in the investment advisory industry, and shall otherwise be
conducted in accordance with the American Arbitration Association Commercial
Arbitration Rules and (ii) the right to award to any party any right or remedy that
is available under applicable law. The award of the arbitrator shall be final and
binding and may be entered and enforced in any court of competent jurisdiction.
The language of arbitration shall be English.

(e) Employee’s Representations and Warranties.

(i) Employee represents and warrants that, except as may be provided
by law, he is not covered by any employment agreement, covenant not to
compete, confidentiality agreement or any other contractual or other
obligation that would preclude him from entering into this Agreement or
from using his best efforts to perform his duties and responsibilities
hereunder.

(ii) Employee represents and warrants that Employee has had an
opportunity to be represented by legal counsel in connection herewith.

(f) Effect of Waiver or Consent. A waiver or consent, express or
implied, of or to any breach or default by Employee in the performance by him of
his obligations to DCM or any DCM Affiliate hereunder is not a waiver or consent of
or to any other breach or default in the performance by Employee of the same or any
other obligations of Employee with respect to DCM or any of its Affiliates. No
failure or delay on the part of any party hereto in the exercise of any right
hereunder shall impair such right or be construed to be a waiver of, or
acquiescence in, any breach of any representation, warranty or agreement herein,
nor shall any single or partial exercise of any such right preclude any other or
further exercise thereof or of any other right.

(g) Entire Agreement. This Agreement constitutes the entire agreement
between the parties as of the Effective Date and supersedes all previous agreements
and understandings between the parties with respect to the subject matter hereof.

(h) Further Assurances. The parties hereto agree to execute and
deliver to each other such other documents and to do such other acts and things
that the other party may reasonably request for the purpose of carrying out the
intent of this Agreement and the documents referred to herein.

(i) Survival. Sections 3, 4, 5, 6, 7 and 8 hereof shall survive and
continue in full force and effect in accordance with their terms notwithstanding
the termination of this Agreement and Employee’s employment for any reason.

(j) Third Party Beneficiaries; Assignability. DFR, its Affiliates and
each of the other Affiliates of DCM are intended third-party beneficiaries of the
provisions hereof. This Agreement may not be assigned by DCM without the consent
of Employee unless the assignment is to any successor (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of the
business or assets of DCM or to any direct or indirect parent company of DCM, that
in either case expressly agrees to assume and perform this Agreement in the same
manner that DCM would have been required to perform absent such assignment. This
Agreement and all provisions hereof shall inure to the benefit of and be binding
upon DCM and its successors and assigns and, to the extent relevant, to DCM’s
Affiliates and their respective successors and assigns. This Agreement shall inure
to the benefit of and be binding upon Employee’s heirs, executives, administrators
and legal personal representatives, but Employee may not assign his rights or
obligations hereunder without DCM’s prior written consent.

(k) Effectiveness of This Agreement. Notwithstanding anything to the
contrary herein, this Agreement shall not become effective until the Effective
Date.

(l) Captions. The captions used herein are for convenience of
reference only and do not constitute a part of this Agreement and will not be
deemed to limit, characterize or in any way affect any provision of this Agreement,
and all provisions of this Agreement will be enforced and construed as if no
captions had been used herein.

(m) Notices. All notices, requests, demands and other communications
required or permitted to be given hereunder shall be deemed given upon receipt, and
may be given by personal delivery, certified mail (return receipt requested),
facsimile or nationally recognized overnight courier service.

If to Employee:

Frank Straub

734 Chicory Court

Naperville, Illinois 60540

If to DCM:

Deerfield Capital Management LLC

6250 N. River Road, 9th Floor

Rosemont, Illinois 60018

Attention: General Counsel

Fax No.: (773) 380-1695

1

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

EMPLOYEE

_/s/ Frank Straub     

DEERFIELD CAPITAL MANAGEMENT LLC

By: _/s/ Luke D. Knecht     

Title: Chief Operating Officer

2

EXHIBIT A

GENERAL RELEASE

AND COVENANT NOT TO SUE

TO ALL WHOM THESE PRESENTS SHALL COME OR MAY CONCERN, KNOW that:

     (“Employee”), on Employee’s own behalf and on behalf of
Employee’s descendants, dependents, heirs, executors and administrators and permitted assigns, past
and present, in consideration for the amounts payable and benefits to be provided to Employee under
that Employment Agreement dated as of      , 200     (the “Employment Agreement”) by and
between Employee and Deerfield Capital Management LLC, a Delaware limited liability company (the
“Company”) and wholly-owned subsidiary of Deerfield & Company LLC, an Illinois limited
liability company (“D&C”) does hereby covenant not to sue or pursue any litigation (or file
any charge or otherwise correspond with any Federal, state or local administrative agency) against,
and waives, releases and discharges the Company, D&C, Deerfield Capital Corp. and their respective
assigns, affiliates, subsidiaries, parents, predecessors and successors, and the past and present
shareholders, employees, officers, directors, representatives and agents or any of them
(collectively, the “Company Group”), from any and all claims, demands, rights, judgments,
defenses, actions, charges or causes of action whatsoever, of any and every kind and description,
whether known or unknown, accrued or not accrued, that Employee ever had, now has or shall or may
have or assert as of the date of this General Release and Covenant Not to Sue (the
“Release”) against the Company Group, including, without limiting the generality of the
foregoing, any claims, demands, rights, judgments, defenses, actions, charges or causes of action
related to employment or termination of employment or that arise out of or relate in any way to the
Age Discrimination in Employment Act of 1967 (“ADEA,” a law that prohibits discrimination
on the basis of age), the National Labor Relations Act, the Civil Rights Act of 1991, the Americans
With Disabilities Act of 1990, Title VII of the Civil Rights Act of 1964, the Employee Retirement
Income Security Act of 1974, the Family and Medical Leave Act, the Sarbanes-Oxley Act of 2002, all
as amended, and other Federal, state and local laws relating to discrimination on the basis of age,
sex or other protected class, all claims under Federal, state or local laws for express or implied
breach of contract, wrongful discharge, defamation, intentional infliction of emotional distress,
and any related claims for attorneys’ fees and costs; provided, however, that
nothing herein shall release any member of the Company Group from any of its obligations to
Employee under the Employment Agreement or any rights Employee may have to indemnification under
any charter or by-laws (or similar documents) of any member of the Company Group, contract, or
applicable law or any rights to receive accrued but unpaid benefits or any funds beneficially owned
by him under any retirement or similar employee benefit plan.

In addition, nothing herein shall release any rights Employee may have pursuant to the D&C
Operating Agreement.

Employee further agrees that this Release may be pleaded as a full defense to any action, suit
or other proceeding covered by the terms hereof that is or may be initiated, prosecuted or
maintained by Employee, Employee’s heirs or assigns.

Notwithstanding the foregoing, Employee understands and confirms that Employee is executing
this Release voluntarily and knowingly, and this Release shall not affect Employee’s right to claim
otherwise under ADEA. In addition, Employee shall not be precluded by this Release from filing a
charge with any relevant Federal, State or local administrative agency, but Employee agrees not to
participate in any such administrative proceeding (other than any proceeding brought by the Equal
Employment Opportunity Commission), and agrees to waive Employee’s rights with respect to any
monetary or other financial relief arising from any such administrative proceeding.

In furtherance of the agreements set forth above, Employee hereby expressly waives and
relinquishes any and all rights under any applicable statute, doctrine or principle of law
restricting the right of any person to release claims that such person does not know or suspect to
exist at the time of executing a release, which claims, if known, may have materially affected such
person’s decision to give such a release. In connection with such waiver and relinquishment,
Employee acknowledges that Employee is aware that Employee may hereafter discover claims presently
unknown or unsuspected, or facts in addition to or different from those that Employee now knows or
believes to be true, with respect to the matters released herein. Nevertheless, it is the
intention of Employee to fully, finally and forever release all such matters, and all claims
relating thereto, that now exist, may exist or theretofore have existed, as specifically provided
herein. The parties hereto acknowledge and agree that this waiver shall be an essential and
material term of the release contained above. Nothing in this paragraph is intended to expand the
scope of the release as specified herein.

This Release shall be governed by and construed in accordance with the laws of the State of
Illinois, applicable to agreements made and to be performed entirely within such State.

To the extent that Employee is forty (40) years of age or older, this paragraph shall apply.
Employee acknowledges that Employee has been offered a period of time of at least twenty-one (21)
days to consider whether to sign this Release, which Employee has waived, and the Company agrees
that Employee may cancel this Release and at any time during the seven (7) days following the date
on which this Release has been signed by all parties to this Release. In order to cancel or revoke
this Release, Employee must deliver to the General Counsel of the Company written notice stating
that Employee is canceling or revoking this Release. If this Release is timely cancelled or
revoked, none of the provisions of this Release shall be effective or enforceable and the Company
shall not be obligated to make the payments to Employee or to provide Employee with the other
benefits described in the Employment Agreement and all contacts and provisions modified,
relinquished or rescinded hereunder shall be reinstated to the extent in effect immediately prior
hereto.

Employee acknowledges and agrees that Employee has entered into this Release knowingly and
willingly and has had ample opportunity to consider the terms and provisions of this Release.

IN WITNESS WHEREOF, the parties hereto have caused this Release to be executed on this      
day of      ,      .

     

[Employee]

DEERFIELD CAPITAL MANAGEMENT LLC

By:      

Name:

Title:

3EX-10.1

 EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (“Agreement”), dated as of May 7th 2008, (“Effective
Date”) is entered into by and between Double Eagle Petroleum Co., a Maryland corporation (the
“Company”), and Kurtis S. Hooley (“Employee”). Company and Employee are collectively referred to
as the “Parties”.

W I T N E S S E T H:

WHEREAS, the Company desires to employ Employee, and Employee desires to be employed by the
Company; and

WHEREAS, in order to establish the rights, duties and obligations of the Parties, Company and
Employee desire to enter into a binding agreement regarding the employment of Employee;

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

ARTICLE ONE

POSITION & DUTIES

1.1 Title.

Employee shall serve as Chief Financial Officer and Vice President of the Company and agrees
to perform services for the Company and such other affiliates of the Company, as described herein.

1.2 Term.

The Employee’s employment shall be for an initial term of one (1) year (“Term”), commencing on
the Effective Date, subject to the termination provisions herein (the “Term”). Employee hereby
agrees to be engaged by Company for the Term in such capacity. This Agreement shall automatically
renew for an identical term at the end of one (1) year unless this Agreement is superseded by a new
agreement, or unless notice of non-renewal is delivered in writing by the Company at least sixty
(60) days prior to the end of the term then in effect, or unless this Agreement is otherwise
terminated pursuant to the provisions hereof. A notice of non-renewal of this Agreement by the
Company to Employee shall give rise to the severance benefits described in paragraph 3.5 below
pursuant to the terms and conditions set forth therein, unless the Company gives notice of
termination for cause pursuant to Section 3.2 a. and Section 3.3 of this Agreement. If this
Agreement is terminated for cause, there are no severance benefits. Bonuses, if any, shall not be
deemed to be accrued or part of any severance package unless and until the Board of Directors has
declared and awarded the particular bonus to the particular Employee.

1.3 Duties and Responsibilities.

Employee shall perform the tasks consistent with the office or position designated herein and
such other reasonable tasks directed by the position’s direct supervisor, by the CEO of the
Company, or by the Board of Directors of the Company. Employee hereby covenants and agrees to
perform the services for which he is hereby retained in good faith and with reasonable diligence in
light of attendant circumstances.

1.4 Performance of Duties.

During the term of the Agreement, except as otherwise approved by the CEO, the Board of
Directors or as provided below, Employee agrees to devote his full business time, effort, skill and
attention to the affairs of the Company and its subsidiaries, will use his best efforts to promote
the interests of the Company, and will discharge his responsibilities in a diligent and faithful
manner, consistent with sound business practices. The foregoing shall not, however, preclude
Employee from devoting reasonable time, attention and energy in connection with other activities,
provided that any such other activities do not interfere with the performance of his duties and
services hereunder and do not conflict with the business interests of the Company, and further
provided that Employee’s participation in those other activities is approved by the Board of
Directors.

1.5 Reporting Location.

For purposes of this Agreement, Employee’s reporting location shall be Denver, Colorado, which
shall include the metropolitan area within a 60 mile radius from the Company’s current office at
that location.

ARTICLE TWO

COMPENSATION

2.1 Base Salary.

As compensation to Employee for the performance of his duties or obligations under this
Agreement, Company shall pay Employee a base salary (the “Base Salary”) of TWO HUNDRED THOUSAND AND
NO/100 DOLLARS ($200,000.00) annually, payable, at the election of the Company, in monthly or
semi-monthly installments subject to all federal, state, and municipal withholding requirements.
The Base Salary shall be prorated for any partial calendar month of employment.

2.2 Bonus Awards Within Discretion of Board.

In addition to receiving the Base Salary described in Section 2.1., Employee may, in the sole
discretion of the Board of Directors, be awarded such cash and/or non-cash bonuses (including any
combination of cash and non-cash components) from time to time as are approved by the Compensation
Committee of the Board of Directors or by the Board of Directors directly. Any such bonus will be
paid to Employee no later than March 15 of the calendar year following the calendar year during
which the bonus was earned.

2.3 Employee Benefit Plans.

During the term of employment hereunder, Employee shall be eligible to participate in any
employee benefit plans provided by the Company on the same basis as other similarly positioned or
titled employees, as such plans may be changed from time to time, in accordance with the provisions
of such plans, including, but not limited to, the Company’s qualified retirement plans and the
Company’s stock incentive plan(s), if any. Employee hereby agrees and acknowledges that nothing in
this Agreement shall guarantee Employee that any employee benefit plan shall be in effect during
the term of his or her employment nor shall guarantee Employee a right to any grant of stock
options, restricted stock or any other right under any stock incentive plan, or other plan.

2.4 Vacation.

Commencing upon Employee’s employment with the Company, Employee shall accrue, four (4) weeks
of vacation per calendar year, pro-rated proportionally for days worked as compared to the calendar
year accruable days in total. Unused vacation time may be carried over to a subsequent calendar
year provided, however, that no more than 1.5 times (1.5x) Employee’s authorized annual vacation
allocation may be accrued, at any given time. Additionally, upon termination, Employee shall be
paid for all accrued but unused vacation days.

ARTICLE THREE

TERMINATION OF EMPLOYMENT

Employee’s employment with the Company may be terminated as follows:

3.1 Death or Disability.

Upon the death or long-term disability of the Employee, this Agreement will automatically
terminate, and Employee (or his heirs in the case of death) will be entitled to receive his or her
Base Salary and benefits as listed above for a period of six (6) months from the Date of
Termination (as defined in Section 3.4 below). For purposes of this Agreement, “Disability” shall
mean the absence of the Employee from the Employee’s duties hereunder on a full-time basis for an
aggregate of 180 days within any given period of 270 consecutive days (in addition to any
statutorily required leave of absence and any leave of absence approved by the Company) as a result
of the incapacity of the Employee, despite any reasonable accommodation required by law, due to
bodily injury or disease or any other mental or physical illness of the Employee.

All of the Employee’s issued but unexercised or unvested stock options shall become fully
vested and exercisable upon Employee’s death or the termination of this Agreement due to Employee’s
long-term disability and shall remain exercisable until they are exercised or expire per the terms
of the option plan and/or agreement under which the option or shares were issued to Employee.

3.2 Termination by Company.

a. Termination for Cause.

This Agreement may be terminated for “cause” by Company immediately, without prior
notice (except as indicated herein below) and without severance pay or severance benefits.
For purposes hereof, “cause” shall mean any of the following events:

	 	i.	 	Any embezzlement or wrongful diversion of funds of Company or any affiliate
of Company by Employee;

	 	ii.	 	Malfeasance, poor performance as to core or delegated job assignments, in the
opinion of the Board of Directors, or insubordination by Employee in the conduct of
his duties.

	 	iii.	 	Failure to observe or strictly adhere to all Company policies put into effect
and/or amended from time to time;

	 	iv.	 	Abandonment by Employee of his job duties or repeated absences from
Company-directed tasks which are not otherwise excused by the Company;

	 	v.	 	Competing with the Company or otherwise diverting away from the Company
business opportunities intended for the Company or which could reasonably benefit the
Company’s core business;

	 	vi.	 	Other material breach of this Agreement by Employee that remains uncured for
a period of at least thirty (30) days following written notice from Company to
Employee of such alleged breach, which written notice describes in reasonable detail
the nature of such alleged breach; or

	 	vii.	 	Conviction of Employee or the entry of a plea of nolo contendere or
equivalent plea of a felony in a court of competent jurisdiction, or any other crime
or offense involving moral turpitude.

	 	b.	 	Reserved

	 	c.	 	Termination Without Cause

Notwithstanding the term provision of this Agreement, Company may terminate Employee
at any time without “cause”, upon providing written notice to Employee. Upon such
termination, Employee shall have the rights set forth in Section 3.5 a. below subject to
the other terms and conditions of Section 3.5.

d. Termination for Good Reason

Notwithstanding the term provision of this Agreement, Employee may terminate this Agreement
for “good reason,” 60 days after providing written notice to the Company of the “good reason” if
the written notice is provided within 30 days following the good reason event and the “good reason”
is not cured within the 60 day period following the notice. “Good reason” shall mean

	 	i.	 	material change in reporting location not agreed to by Employee;

	 	ii.	 	material reduction in responsibilities or base pay.

Upon termination by the Employee for good reason, Employee shall have the rights set forth in
Section 3.5 a. below subject to the other terms and conditions of Section 3.5.

If the Company enters into litigation with Employee as to whether Employee’s termination
validly qualifies as termination for “good reason,” then Employee will be entitled to continue to
be employed by the Company, at the same rate of salary as prior to the Employee’s notice of
termination, until a court has rendered a decision in this matter, or until the parties have
reached a settlement, whichever occurs first.

3.3 Notice of Termination.

Any termination of Employee’s employment hereunder by the Company or by Employee shall be
communicated by a Notice of Termination (as defined below) to the other party hereto. For purposes
of this Agreement, a “Notice of Termination” shall mean a written notice which (a) indicates the
specific termination provision in this Agreement relied upon, (b) in the case of a termination for
disability or termination for cause, sets forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of Employee’s employment under the provision so
indicated, and (c) specifies the Date of Termination (as defined in Section 3.4 below). The
failure by the Company or Employee to set forth in the Notice of Termination any fact or
circumstance which contributes to a showing of a disability or a termination for cause shall not
waive any right of the Company or Employee hereunder or preclude the Company or Employee from
asserting such fact or circumstance in enforcing the Company’s or Employee’s rights hereunder.

3.4 Date of Termination.

For purposes of this Agreement, the “Date of Termination” shall mean the effective date of
termination of Employee’s employment hereunder, which date shall be (a) if Employee’s employment is
terminated by Employee’s death, the date of Employee’s death, (b) if Employee’s employment is
terminated because of Employee’s disability, the disability Effective Date, (c) if Employee’s
employment is terminated by the Company (or applicable affiliated company) for cause, the date on
which the Notice of Termination is given, and (d) if Employee’s employment is terminated for any
other reason, including the resignation by Employee, the date specified in the Notice of
Termination, which date shall in no event be earlier than the date such notice is given.

3.5 Severance Pay Provisions/Change in Control/Effect of Termination Without Cause by
Company, for good reason by Employee, or Due to Resignation.

a. In the event this Agreement is not renewed by the Company and is not superseded by a new
agreement, or is terminated by Company without “cause,” or is terminated by the Employee
for “good reason,” then Employee’s sole remedy shall be limited to recovery by Employee
from Company of his or her Base Salary and benefits described above for a period equal to
twelve (12) months from the date of the expiration of this Agreement (in the case of
non-renewal) or the Date of Termination of this Agreement. Notwithstanding this Section
3.5 a., Employee shall not be entitled to payment pursuant to this paragraph a. if he is
entitled to payment pursuant to Section 3.5 b.

b. In the event of a Change in Control as defined below, and provided that Employee agrees
to remain employed for up to six months after the Change in Control, if and to the extent
requested by the Company no later than 20 business days after the Change in Control,
Employee shall be entitled to benefits in the form of a lump sum payment in the amount
equal to his base salary and benefits for a period equal to eighteen (18) months plus 50%
of the total amount of bonuses granted to Employee during the 36 months preceding the
Change in Control, provided, however, that the aggregate cash package (without regard to
benefits) upon such change in control shall not exceed three (3) times Employee’s Base
Salary at the date of the Change in Control. Such payment shall be paid within 30 days of
the date of Change in Control. . The Change in Control or severance pay provided for in
this Agreement shall be in lieu of any other severance or termination pay to which the
Employee may be entitled under any Company severance or termination plan, program, practice
or arrangement. Employee’s entitlement to any other compensation or benefits shall be
determined in accordance with any Company’s employee benefit plans and any other applicable
programs, policies and practices then in effect. Immediately, upon a change in control,
whether or not Employee’s employment is terminated in connection therewith, all of
Employee’s issued but unexercised or unvested stock options shall become fully vested and
exercisable and shall remain exercisable until they are exercised or expire per the terms
of the option plan and/or agreement under which the option or shares were issued to
Employee.

For the purposes of this Agreement, a Change in Control shall be defined, in accordance
with Code Section 409A, as the occurrence of any of the following events:  

        (i)             If any one person, or more than one person acting as a group
(as defined in Code Section 409A and IRS guidance issued thereunder), acquires ownership of
common stock of the Company that, together with stock held by such person or group,
constitutes more than fifty (50) percent of the total fair market value or total voting
power of the common stock of the Company. However, if any one person or more than one
person acting as a group, is considered to own more than fifty (50) percent of the total
fair market value or total voting power of the common stock of the Corporation, the
acquisition of additional stock by the same person or persons is not considered to cause a
Change in Control, or to cause a change in the effective control of the Corporation (within
the meaning of Code Section 409A and IRS guidance issued thereunder). An increase in the
percentage of common stock owned by any one person, or persons acting as a group, as a
result of a transaction in which the Company acquires its stock in exchange for property
shall be treated as an acquisition of stock for purposes of this Section. This paragraph
applies only when there is a transfer of stock of the Company (or issuance of stock of the
Company) and stock in such Company remains outstanding after the transaction.

        (ii)             If any one person, or more than one person acting as a group
(as determined in accordance with Code Section 409A and IRS guidance thereunder), acquires
(or has acquired during the 12-month period ending on the date of the most recent
acquisition by such person or persons) ownership of common stock of the Company possessing
thirty (30) percent or more of the total voting power of the common stock of the Company;
or      

                               

        (iii)             If a majority of members on the Company’s Board is replaced
during any 12-month period by Directors whose appointment or election is not endorsed by a
majority of the members of the Company’s Board prior to the date of the appointment or
election (provided that for purposes of this paragraph, the term Company refers solely to
the “relevant” Company, as defined in Code Section 409A and IRS guidance issued
thereunder), for which no other Company is a majority shareholder.

                               

        (iv)             If there is a change in the ownership of a substantial
portion of the Company’s assets, which shall occur on the date that any one person, or more
than one person acting as a group (within the meaning of Code Section 409A and IRS guidance
issued thereunder) acquires (or has acquired during the 12-month period ending on the date
of the most recent acquisition by such person or persons) assets from the Company that have
a total gross fair market value equal to or more than forty (40) percent of the total gross
fair market value of all of the assets of the Company immediately prior to such acquisition
or acquisitions. For this purpose, gross fair market value means the value of the assets of
the Company, or the value of the assets being disposed of, determined without regard to any
liabilities associated with such assets.

c. If Employee terminates Employee’s employment with the Company by resignation, other than
resignation for “good reason”, such termination shall be without any severance pay or
severance benefits and Employee shall be entitled only to such compensation hereunder that
has accrued as of the Date of Termination.

d. As a condition and requirement in order to receive any payment pursuant to Section 3.5
a. above, Employee must sign and deliver to the Company a full release of the Company from
any claims that Employee may have against the Company, and Employee must return to the
Company all information, documents, records, memoranda, drafts, emails, notes, data or
other non-public information that is recorded in any electronic, audio, video or other
manner that was furnished to Employee or produced by Employee in connection with Employee’s
employment, except for documents relating to compensation or benefits to which Employee is
entitled following Employee’s resignation. Employee also shall be required to return all
other Company property and equipment, including keys and access cards. The form of release
to be signed and delivered by Employee to the Company will be provided by the Company.

ARTICLE FOUR

CONFIDENTIALITY

4.1 Confidentiality.

In consideration of employment by the Company and Employee’s receipt of the salary and other
benefits associated with Employee’s employment, and in acknowledgment that:

a. the Company is engaged in the oil and gas business,

b. the Company maintains secret and confidential information,

c. during the course of Employee’s employment by the Company, such secret or confidential
information may become known to Employee, and

d. full protection of the Company’s business makes it essential that no employee
appropriate for his or her own use, or disclose, such secret or confidential information,

the Employee agrees that, during the time of Employee’s employment and for a period of one (1) year
following the termination of Employee’s employment with the Company, Employee will hold in strict
confidence and shall not, directly or indirectly, disclose or reveal to any person, or use for his
own personal benefit or for the benefit of anyone else, any trade secrets, confidential dealings,
or other confidential or proprietary information of any kind, nature, or description (regardless of
whether acquired, learned, obtained, or developed by Employee alone or in conjunction with others)
belonging to or concerning the Company or any of its subsidiaries, except (i) with the prior
written consent of the Company duly authorized by its Board, (ii) in the course of the proper
performance of Employee’s duties hereunder, (iii) for information (x) that becomes generally
available to the public other than as a result of unauthorized disclosure by Employee or his
affiliates or (y) that becomes available to Employee on a non-confidential basis from a source
other than the Company or its subsidiaries who is not bound by a duty of confidentiality, or other
contractual, legal, or fiduciary obligation, to the Company, or (iv) as required by applicable law
or legal process. Notwithstanding the forgoing, this Section is not intended, nor shall be
construed, to prohibit Employee’s general knowledge, skill and experience or Employee’s inventive
powers.

4.2 Non-Competition.

During Employee’s employment with the Company and for so long as Employee receives any
Severance Benefit or is receiving any Severance Amount provided under this agreement in respect of
the termination of his employment, Employee shall not be engaged as an officer or Employee of, or
in any way be associated in a management or ownership capacity with any corporation, company,
partnership or other enterprise or venture which conducts a business which is in direct competition
with the business of the Company; provided, however , that Employee may own not more than two
percent (2%) of the outstanding securities, or equivalent equity interests, of any class of any
corporation, company, partnership, or other enterprise that is in direct competition with the
business of the Company, which securities are listed on a national securities exchange or traded in
the over-the-counter market. It is expressly agreed that the remedy at law for breach of this
covenant is inadequate and that injunctive relief shall be available to prevent the breach thereof.

4.3 Non-Solicitation.

Employee also agrees that he will not, directly or indirectly, during the term of his
employment or within two (2) years after termination of his employment for any reason, in any
manner, either (a) employ, or permit an entity by which he becomes employed or of which he becomes
a director, to employ, any person who was employed by the Company on the Date of Termination or 45
days prior to the Date of Termination, or (b) encourage, persuade, or induce any other employee of
the Company to terminate his employment, or any person or entity engaged by the Company to
represent it to terminate that relationship without the express written approval of the Company.
It is expressly agreed that the remedy at law for breach of this covenant is inadequate and that
injunctive relief shall be available to prevent the breach thereof.

4.4 Indemnification.

a. In the event Employee was, is or becomes a party to or witness or other participant in, or
is threatened to be made a party to or witness or other participant in, any action, suit or
proceeding by reason of his being or having been an officer of the Company, then the Company shall
indemnify Employee against expenses reasonably incurred and/or liability incurred in connection
with any such action, suit or proceeding, and advance expenses to the Employee, to the fullest
extent permitted by the Company’s Certificate of Incorporation and bylaws now in effect, by the
common law, by the General Corporation Law of the State of Maryland (the “GCLM”) or other
applicable law in effect on the date hereof, and to any greater extent that the GCLM or applicable
law may in the future from time to time permit. Employee shall be indemnified as soon as
practicable but in any event no later than forty-five (45) days after written demand is presented
to the Company by the Employee, and any indemnified amount shall include any and all expenses,
judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and
other charges paid or payable in connection with or in respect of such expenses, judgments, fines,
penalties or amounts paid in settlement) of such action, suit or proceeding for which Employee
presents valid invoices and/or receipts. If so requested by Employee, the Company shall advance to
Employee, within five (5) business days of such request, reasonable expenses (an “Expense Advance”)
incurred in defending any action, suit or proceeding, provided that Employee shall provide valid
invoices and/or receipts for such expenses to be advanced, and further provided that Employee shall
execute and deliver to the Company an undertaking that Employee shall repay to the Company any
Expense Advance if it shall ultimately be determined by a court of competent jurisdiction that
Employee is not entitled to be indemnified.

b. i. Upon written demand or other request by Employee for indemnification hereunder, the
Employee shall be entitled to such indemnification unless (i) the Employee did not act in good
faith in a manner that was reasonable and in the best interests of the Company; (ii) the Employee’s
act or omission was material to the matter giving rise to the liability and was committed in bad
faith or was the result of active or deliberate dishonesty; (iii) the Employee actually received an
improper personal benefit in money, property or services; or (iv) in the case of a criminal
proceeding, the Employee had reasonable cause to believe the act or omission was unlawful.

ii. In the event of a settlement before or after any action or suit, indemnification shall be
provided only in connection with such matters covered by settlement as to which the Company is
advised by the Reviewing Party that the Employee was not guilty of such fraud or misconduct as is
covered by the provisions of Section b.i. above.

iii. Employee shall not consent to the settlement of any action, suit or proceeding involving
his role as an officer of the Company without first obtaining the Company’s written consent, and
the Company shall not be liable to indemnify Employee for any amounts paid in settlement of any
action, suit or proceeding affected without its written consent, which consent shall not be
unreasonably withheld. The Company shall not be required to obtain the consent of the Employee to
settle any action, suit or proceeding which the Company has undertaken to defend if the Company
assumes full and sole responsibility for such settlement and such settlement grants the Employee a
complete and unqualified release in respect of any potential liability.

c. Promptly after receipt by Employee of notice of the commencement of any action, suit or
proceeding, the Employee will, if a claim in respect thereof is to be made against the Company
under this Section 4.4, notify the Company in writing of the commencement thereof. The omission by
the Employee to so notify the Company will not relieve the Company from any liability that it may
have to the Employee under this Section 4.4 or otherwise, except to the extent that the Company may
suffer material prejudice by reason of such failure. Notwithstanding any other provision of this
Section 4.4, with respect to any such action, suit or proceeding as to which the Employee gives
notice to the Company of the commencement thereof:

i. The Company will be entitled to participate therein at its own expense.

ii. Except as otherwise provided in this Section 4.4, to the extent that it may wish, the
Company, jointly with any other indemnifying party similarly notified, shall be entitled to assume
the defense thereof with counsel reasonably satisfactory to the Employee. After notice from the
Company to the Employee of its election to so assume the defense thereof, the Company shall not be
liable to the Employee under this Agreement for any legal or other expenses subsequently incurred
by the Employee in connection with the defense thereof other than reasonable costs of investigation
or as otherwise provided below. The Employee shall have the right to employ the Employee’s own
counsel in such action, suit or proceeding, but the fees and expenses of such counsel incurred
after notice from the Company of its assumption of the defense thereof shall be at the expense of
the Employee unless (A) the employment of counsel by the Employee and payment for same by the
Company has been authorized by the Company, (B) the Employee shall have reasonably concluded that
there may be a conflict of interest between the Company and the Employee in the conduct of the
defense of such action and such determination by the Employee shall be supported by an opinion of
counsel, which opinion shall be reasonably acceptable to the Company, or (C) the Company shall not
in fact have employed counsel to assume the defense of the action, in each of which cases the fees
and expenses of counsel shall be at the expense of the Company. The Company shall not be entitled
to assume the defense of any action, suit or proceeding brought by or on behalf of the Company or
as to which the Employee shall have reached the conclusion provided for in clause (B) above.

d. If the Company advances Expense Advances or other funds for indemnification pursuant to
this Section, and, subsequently, indemnification pursuant to this Section is declared unenforceable
by a court of competent jurisdiction, or the Reviewing Party determines that the Employee is not
entitled to indemnification pursuant to this Section, then the Employee shall have the right to
retain the indemnification payments until all appeals of the court’s or the Reviewing Party’s
decision have been exhausted.

e. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the
parties hereto and their respective successors or assigns, including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the
business and/or assets of the Company, spouses, heirs, executors and personal and legal
representatives. This Section 4.4 shall continue in effect regardless of whether Employee
continues to serve as an officer or director of the Company or of any other enterprise at the
Company’s request.

ARTICLE FIVE

MISCELLANEOUS

5.1 Time of Essence.

Time is of the essence with respect to this Agreement and same shall be capable of specific
performance without prejudice to any other rights or remedies under law.

5.2 Benefit.

This Agreement shall inure to and be binding upon the undersigned and their respective heirs,
representatives, successors and permitted assigns. This Agreement may not be assigned by either
party without the prior written consent of the other party.

5.3 Governing Law.

This Agreement shall be governed by, and construed in accordance with the laws of the State of
Colorado without resort to any principle of conflict of laws that would require application of the
laws of any other jurisdiction; provided, however, that the Maryland corporate laws shall be
applicable to the rights of Employee as a shareholder with regard to vested Company shares which
Employee may acquire pursuant to this Agreement.

5.4 Counterparts.

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

5.5 Severability.

In case any one or more of the provisions contained in this Agreement shall for any reason be
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or
enforceability shall not affect any other provision hereof, and this Agreement shall be construed
as if such invalid, illegal or enforceable provision had never been contained herein.

5.6 Construction.

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

5.7 Captions for Convenience.

All captions herein are for convenience or reference only and do not constitute part of this
Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof.

5.8  No Waiver.

No waiver of or failure to act upon any of the provisions of this Agreement or any right or
remedy arising under this Agreement shall be deemed or shall constitute a waiver of any other
provisions, rights or remedies (whether similar or dissimilar).

5.9  Amendment.

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

5.10 Entire Contract.

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

5.11 Notices.

All notices, requests, demands, directions and other communications (“Notices”) concerning
this Agreement shall be in writing and shall be mailed, delivered personally, sent by telecopier or
facsimile, or emailed to the Employee at the Employee’s address. When mailed, each such Notice
shall be sent by first class, certified mail, return receipt requested, enclosed in a postage
prepaid wrapper, and shall be effective on the fifth business day after it has been deposited in
the mail. When delivered personally, each such Notice shall be effective when delivered to the
Employee’s address, provided that it is delivered on a business day and further provided that it is
delivered prior to 5:00 p.m., local time of the Employee, on that business day; otherwise, each
such Notice shall be effective on the first business day occurring after the date on which the
Notice is delivered. When sent by email, telecopier or facsimile, each such Notice shall be
effective on the day on which it is sent provided that it is sent on a business day and further
provided that it is sent prior to 5:00 p.m., local time of the Employee, on that business day;
otherwise, each such Notice shall be effective on the first business day occurring after the date
on which the Notice is sent. Each Notice shall be addressed to the party to be notified as shown
below:

	 	 	 	 	 
	(a)

	 	if to the Company:
	 	Double Eagle Petroleum Co.

777 Overland Trail

Casper, Wyoming 82602

Facsimile No. (307) 266-1823

Attention: Chief Executive Officer
	(b)

	 	if to the Employee:
	 	Kurtis Hooley

6331 South Malaya Street

Centennial, Colorado 80016

IN WITNESS WHEREOF, the parties have set their hands and seals hereunto on the dates set forth
below to be effective as of the Effective Date.

	 	 	 	 	 	 	 	 	 
	“Company”

	 	 	 	“Employee”
	 	

	 	

	Double Eagle Petroleum Co
	 	 	 	 	 	 
	By:

	 	/s/ Richard Dole
	 	By:
	 	 	 	/s/ Kurtis S. Hooley
	
 
	 	

	 	

	 	

	 	

	
 
	 	

	 	

	 	

	 	

	
 
	 	 	 	Title: Chief
	 	

	 	

	Title: Chairman of the Board
	 	Financial Officer	 	Chief Financial Officer

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