Document:

CHANGE OF CONTROL AGREEMENT 

 

MEMORANDUM OF AGREEMENT made as of the 5th day of January, 2007. 

BETWEEN:

TESCO CORPORATION, 

a corporation incorporated under the laws of the Province of Alberta, Canada 

(hereinafter referred to as the "Corporation")

OF THE FIRST PART

 - and -

Anthony Tripodo

an individual residing 

in the City of Houston, State of Texas

 (hereinafter referred to as the "Executive")

OF THE SECOND PART

WHEREAS the Corporation anticipates the valuable service that the Executive will provide to the Corporation and believes that it is reasonable and fair that the Executive receive appropriate treatment in the event of a Change of Control (as hereinafter defined); 

WHEREAS the Corporation further recognizes that the Executive will acquire special skills relating to his extensive familiarity with the business of the Corporation; 

WHEREAS in the event of a Change of Control, there is a possibility that the employment of the Executive would be terminated without cause or adversely modified and the Executive has expressed concern in that regard to the Corporation; 

WHEREAS the Corporation has determined that it would be in the best interests of the Corporation to induce the Executive to enter into an employment relationship with the Corporation by providing that in the event of a Change of Control, the Executive would have certain automatic and guaranteed rights; and

WHEREAS the Corporation and the Executive wish formally to agree to the terms and conditions which will govern the termination or modification of the employment of the Executive in the event of a Change of Control;

NOW THEREFORE in consideration for the premises hereof and of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties hereby agree as follows:

 

	

RECITALS

The parties agree, and represent and warrant to each other, that the above recitals are true and accurate.

	

INTERPRETATION

	The headings of the Articles and Sections herein are inserted for convenience of reference only and shall not affect the meaning or construction hereof.

	This Agreement shall be construed and interpreted in accordance with the laws of the State of Texas. Each of the parties hereby irrevocably attorns to the jurisdiction of the State and Federal courts located in Harris County, Texas with respect to any matters arising out of this Agreement.

	If any provision contained herein is determined to be void or unenforceable in whole or in part, it shall not be deemed to affect or impair the validity of any other provision herein and it shall be deemed to be severed from this Agreement without affecting the enforceability or validity of the remaining provisions of this Agreement. Each provision is deemed to be separate and distinct and all provisions, Articles, Sections and paragraphs of this Agreement are intended to be so severable.

	For the purposes of this Agreement, the following terms shall have the following meanings, respectively:

	"Annual Salary" means the base annual salary received by the Executive during the year in which the Change of Control occurs, plus any bonus that would be earned for such year based upon such annual salary, provided that the bonus for such year shall be calculated assuming that one hundred percent (100%) of any target for earning maximum bonus is achieved for the relevant year; 
	"Change of Control" means:

	the acceptance by the holders of shares of the Corporation, representing in the aggregate more than thirty-five percent (35%) of all issued and outstanding common shares of the Corporation, of any offer, whether by way of a take-over bid or otherwise, for all or any of the shares of the Corporation; 

	the acquisition hereafter, by whatever means, of ownership or control of more than thirty-five percent (35%) in the aggregate of all issued and outstanding common shares of the Corporation by any companies and/or individuals acting in concert (any or all of the aforesaid hereinafter referred to as the control group); 

	the acquisition of ownership or control of less than thirty-five percent (35%) in the aggregate of all issued and outstanding common shares of the Corporation by any companies and/or individuals acting in concert whereby the voting of such shares allows and does result in the election by such companies and/or individuals of a majority of the directors of the Corporation or the assumption by such companies and/or individuals of the effective management of the Corporation; 

	the making of any agreement by the Corporation to merge, consolidate or amalgamate, which causes the Corporation to be absorbed into another company; or

	the sale by the Corporation of all or substantially all of the assets of the Corporation (other than to a wholly-owned subsidiary of the Corporation);

	"Date of Termination" shall mean the date of termination of the Executive's employment;

	"Disability" means any physical or mental incapacity, disease or affliction, as determined by a legally qualified medical practitioner selected by the Corporation which prevents the Executive to a substantial degree from performing his obligations.

	"Good Reason" shall include, without limitation, the occurrence within one year after the occurrence of a Change of Control of any of the following without the Executive's written consent (except in connection with the termination of the employment of the Executive for Just Cause or Disability):

	a change which reduces the Executive's responsibilities in effect immediately prior to the Change of Control; or

	a reduction by the Corporation of the Executive's base annual salary, benefits or any other form of remuneration or any change in the basis upon which the Executive's salary, benefits or any other form of remuneration payable by the Corporation is determined and calculated; provided that base annual salary, benefits or such other remuneration may be reduced or the basis upon which they are calculated changed if the aggregate compensation to be received by the Executive provides the same overall economic benefit to the Executive;

	the Corporation relocating the Executive to any place other than the location at which he performed his duties for the Corporation immediately prior to the Change of Control, except for required travel on the Corporation's business to an extent substantially consistent with the Executive's obligations immediately prior to the Change of Control;

	any failure by the Corporation to provide the Executive with the number of paid vacation days to which he was entitled immediately prior to the Change of Control or the Corporation failing to increase such paid vacation on a basis consistent with practices in effect immediately prior to the Change of Control or with practices implemented subsequent to the Change of Control with respect to the Senior executives of the Corporation, whichever is more favorable to the Executive; or 

	the failure by the Corporation to obtain, in a form satisfactory to the Executive, an effective assumption of its obligations under this Change of Control Agreement; 

	"Just Cause" in connection with a termination by the Corporation, shall mean: (1) embezzlement or theft by the Executive of any property of the Corporation; (2) any breach by the Executive of any material provision of this Agreement; (3) any act by the Executive constituting a felony or otherwise involving theft, fraud, gross dishonesty or moral turpitude; (4) negligence or willful misconduct on the part of the Executive in the performance of his duties as an employee, officer or director of the Corporation; (5) The Executive's breach of his fiduciary obligations to the Corporation; or (6) any chemical dependence of the Executive which adversely affects the performance of his duties and responsibilities to the Corporation.

	

TERMINATION ON CHANGE OF CONTROL

	If (1) the Executive's employment is terminated by the Corporation, other than for Just Cause in the manner provided for in Section 6(b) of Executive's employment agreement, Disability or death; (2) the Executive's employment is terminated by the Executive for Good Reason, in either case within one year prior to or after the occurrence of one of the events set forth in Section 2.04(b) of this Agreement; or (3) if the Executive's employment is terminated by the Executive for any reason at his sole discretion within sixty (60) days after the occurrence of any of the events set forth in Section 2.04(b) of this Agreement, then:

	the Corporation shall pay the Executive within ten (10) days after the Date of Termination (or within such other reasonable period to effect tax planning at the request of the Executive) and to the extent permitted by law, a sum equal to two (2) times the Annual Salary;

	the Executive shall be reimbursed all expenses incurred by him prior to the Date of Termination; 

	the Corporation shall pay for the return of the Executive to his ordinary place of residence in the event that the Executive is residing elsewhere for the purpose of carrying out his employment duties and provided that the Executive so returns within ninety (90) days of the Date of Termination;

	the Corporation shall continue to pay the appropriate premiums in respect of all rights and benefits under any life insurance, disability, medical and dental plans being provided by the Corporation to the Executive at the Date of Termination, to the extent permitted by the terms of the applicable policy, for a period of twenty-four (24) months from the Date of Termination or until the Executive secures alternative employment, whichever is shorter. If the Executive's participation in any such benefit plan is not permitted by the terms of the applicable policy, the Corporation shall arrange to provide the Executive with benefits substantially similar to those which the Executive is entitled to receive under such benefit plan or to pay to the Executive such amount which, after the deduction of any income tax payable by the Executive in respect of such payment, would enable the Executive to purchase substantially similar coverage on an individual basis during such period; and

	all club memberships or similar perquisites held in the Corporation's name for the Executive's benefit at the Date of Termination shall be transferred to the Executive at no cost to the Executive and all related annual and other mandatory user fees which have been fully paid or pre-paid by the Corporation may be retained without reimbursement by the Executive.

	Except as otherwise provided in Section 3.01, the benefits payable pursuant to this Article shall not be reduced in any respect in the event the Executive shall secure or shall not reasonably pursue alternative employment following the termination of the Executive's employment.

	

NO CHANGE TO EXISTING EMPLOYMENT RELATIONSHIP

Nothing in this Agreement shall alter the terms and conditions of the Executive's employment with the Corporation except in the event of a Change of Control.

	

RELEASES AND PRE-PAYMENT OF DEBT

In order to receive any payments pursuant to this Agreement, the Executive shall first be required to repay any amounts then due and owing by the Executive to the Corporation, and the Executive shall be required to execute a Release in a form satisfactory to the Corporation which releases the Corporation of any claims which the Executive may have as against the Corporation with respect to the termination of the Executive's employment. 

	

ACCELERATION OF OPTIONS

Notwithstanding the provision of any agreement to the contrary, in the event of a Change of Control, the Corporation shall, subject to necessary regulatory approvals (which shall be vigorously pursued by the Corporation) cause all of the Executive's existing unvested stock options or other Long Term Incentive Plan awards to be accelerated and vested immediately upon the Change of Control.

	

STATUTORY DEDUCTIONS

The obligation of the Corporation to make any payment hereunder shall, in each case, be subject to any and all withholdings and deductions required by law to be made by the Corporation.

	

GENERAL

	The Executive shall not be prohibited from obtaining re-employment of any type after his termination.

	The Executive agrees that after termination of his employment by him, he will tender his resignation from any position he may hold as an officer or director of the Corporation or any of its affiliated or associated companies.

	If a Change of Control occurs, the Corporation agrees to pay, to the full extent permitted by law, all legal fees and expenses to a maximum of fifty thousand dollars ($50,000.00) which the Executive, the Executive's legal representatives or the Executive's family may reasonably incur arising out of or in connection with any litigation concerning the validity or enforceability of any provision of this Agreement, or any action by the Executive, the Executive's legal representatives or the Executive's family to enforce his or their rights under this Agreement regardless of the outcome of such litigation, and the Corporation agrees to pay interest, compounded quarterly, on the total unpaid amount payable under this Agreement until such amount is fully paid, such interest to be calculated at a rate equal to two percent (2%) in excess of the prime commercial lending rate announced from time to time by J.P. Morgan Chase Bank or its successor during the period of such nonpayment.

	This Agreement shall inure to the benefit of and be binding upon the Executive and his heirs, executors and administrators and upon the Corporation and its successors and assigns.
	In the event of any inconsistency between this Agreement and the Employment Agreement between the Executive and the Corporation, the terms of this Agreement shall govern.
	Neither party can waive or shall be deemed to have waived any right set out in this Agreement except to the extent that such waiver is in writing.

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

	

TESCO CORPORATION

	 	 
	 	 
	

Per:
	

/s/ Julio Quintana

	 	

Julio Quintana

President and Chief Executive Officer

	

Per:
	

/s/ James A. Lank

	 	

James Lank

General Counsel and Corporate Secretary

	 
	 	 
	 	 
	

/s/ Anthony Tripodo

	

Anthony TripodoRaser Form 8-K (1-5-07)

Exhibit 10.1

SETTLEMENT AGREEMENT, SEVERANCE AGREEMENT AND RELEASE

This Settlement Agreement, Severance Agreement and Release (the "Severance Agreement") is made and entered into by and between William Dwyer ("Dwyer" or "you" or "your"), who resides at 2001 Mahre Drive, Park City, UT  84098 and, Raser Technologies, Inc. ("Raser" or "Company"), a Utah corporation with its principal office at 5152 North Edgewood Drive, Suite 375, Provo, UT 84604.

This Severance Agreement is made in connection with Dwyer's termination of employment with Raser and to resolve any issues or claims Dwyer may have regarding his employment and/or relationship with Raser, or the conclusion of his employment, all as more specifically described below.  

In consideration of the mutual promises and releases contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as follows:

	These terms are defined as follows in this Settlement Agreement, Severance Agreement and Release:

"Severance Agreement" refers to this document, the Settlement Agreement, Severance Agreement and Release.

"Dollars" and "$" mean United States dollars.

An "affiliate" or "affiliated" company of a named person or entity is any other person or entity that is owned or controlled by, owns or controls, or is under common ownership or control with such named person or entity.

	By mutual agreement of the parties, in consideration of the promises and obligations set forth herein, your position as Chief Financial Officer of Raser terminated effective December 4, 2006 ("Employment Termination Date").  By signing this Severance Agreement, you further warrant and agree that after the Employment Termination Date you are not eligible for and will not present yourself for re-employment with Raser or any other subsidiary of Raser.

	In full and final settlement of any claims, causes of action and demands for relief which you or your heirs or representatives might have or assert against Raser, Raser agrees to the following, subject to the conditions, limitations and other terms of this Severance Agreement:

i.Raser will pay you a lump sum severance payment equivalent to the value of your current salary from December 5, 2006 through January 31, 2007.

ii.176,000 vested shares of Raser stock have been delivered to you as of the Employee Termination Date -- 125,000 of those shares are unregistered and 51,000 of those shares are registered, free-trading common shares pursuant to the S-8 registration statement for Raser Technologies, Inc which became effective on March 2, 2005.

	124,000 additional shares of Raser stock which were previously granted to you, and which are fully vested as of the Employment Termination Date, shall be delivered to you as otherwise set forth in column 1 of Attachment A to this Severance Agreement.  These 124,000 shares are to be registered, free-trading common shares pursuant to the S-8 registration statement for Raser Technologies, Inc which became effective on March 2, 2005.

	Your right to 33,332 additional shares of Raser stock will vest effective on the Employment Termination Date and will be delivered to you according to the schedule set forth in column 2 of Attachment A.  These 33,332 shares are to be registered, free-trading common shares pursuant to the S-8 registration statement for Raser Technologies, Inc which became effective on March 2, 2005.

	5,000 shares of Raser stock which were previously granted to you as consideration for a prior delivery deferral, are fully vested as of the Employment Termination Date and will be delivered to you according to the schedule set forth in column 3 of Attachment A.  These 5,000 shares are to be registered, free-trading common shares pursuant to the S-8 registration statement for Raser Technologies, Inc which became effective on March 2, 2005.

	33,333 additional shares of Raser stock will be granted and fully vested as a settlement as of the Employment Termination Date and will be delivered to you according to the schedule set forth in column 4 of Attachment A.  These 33,333 shares are to be registered, free-trading common shares pursuant to the S-8 registration statement for Raser Technologies, Inc which became effective on March 2, 2005.

	You will be permitted to keep your Company-issued computer and computer accessories.

	Raser's Chief Executive Officer will provide you with a positive letter of reference for your use in seeking future employment.  No Raser officer or director will make negative or derogatory statements to Raser employees or third parties about you.

AS AN EXPRESS CONDITION TO RASER PROVIDING THE COMPENSATION AND VALUE SET FORTH HEREIN, INCLUDING WITHOUT LIMITATION RASER STOCK, YOU AGREE THAT AS OF DECEMBER 26, 2006 FORWARD YOU WILL NOT SELL MORE THAN ONE THOUSAND (1,000) SHARES OF RASER STOCK DURING ANY SINGLE TRADING DAY.  YOU AGREE THAT ANY BREACH OF THIS RESTRICTION ON STOCK SALES THROUGH YOUR FAULT WILL CONSTITUTE A MATERIAL BREACH OF THIS AGREEMENT AND MAY CAUSE RASER IRREPARABLE HARM AND MONETARY DAMAGES.

4.In this section 4 of this Severance Agreement, you are giving up and waiving  any and all legal claims you might have against Raser, its officers, directors, managers, employees, and shareholders.  You are giving up and waiving claims even if you do not know now that you have a claim. The claims you are giving up include, but are not limited to, claims for discrimination based on age, race, color, national origin, religion,  ethnic origin, sex, disability, or veteran's status, or any other protected class arising under Title VII of the Civil Rights Act, the Equal Pay Act, the Americans With Disabilities Act, the Age Discrimination In Employment Act, the Utah Anti-Discrimination Act and any and all other federal, state, county or city government employment discrimination laws inasmuch as is permissible under each law, and any claim of wrongful termination on any other basis or theory.  You are giving up these legal claims on behalf of yourself and your heirs and representatives, who might be able to assert some claims against Raser.  Once you and Raser have signed this Severance Agreement, you will have given up these legal claims and those listed herein forever and you cannot sue or bring an action to recover money for those claims.

Raser waives, releases and otherwise discharges you from and against any legal claims the Company may have against you arising out of your performance of duties as Chief Financial Officer of Raser, except to the extent such claims or liabilities are based on actions taken by you for which you may be found criminally liable based on your knowing and intentional conduct.  You agree Raser's release only applies to claims arising, discoverable or discovered before the date this document is signed, and not to claims that may arise after the signing of this document.  Raser also waives, releases and otherwise discharges any rights or legal claims it may have relative to Raser stock in which your interests were vested, which were previously delivered to you, and which will vest and be delivered pursuant to the Severance Agreement.  Raser further agrees to indemnify, defend and hold you harmless from and against claims by or liabilities to third parties arising out of your performance of duties as Chief Financial Officer of Raser, except to the extent such claims or liabilities are based on actions taken by you for which you may be found criminally liable based on your knowing and intentional conduct.  

In exchange for the benefits described herein , you forever waive, release and discharge, to the full extent permitted by law, the right to pursue any and all claims, causes of action, and demands for relief, fees and liabilities of any kind whatsoever, including attorneys fees and costs, known and unknown, that you or your heirs or representatives ever had or now have against Raser, its officers, directors, managers, employees, and shareholders including (without limiting the generality of the foregoing) claims, causes of action, and demands for relief:
A.under the Age Discrimination in Employment Act (as amended);

B.under Title VII of the Civil Rights Act of 1964 (as amended);

C.under the Americans With Disabilities Act (as amended);

D.under the Family and Medical Leave Act;

E.under any other federal, state, or local law, including (without limitation) laws prohibiting, or relating to employment discrimination, harassment, or wrongful discharge for any basis or reason, or imposing any restriction on a company's right to terminate its employees to the extent permitted under each law; 

F. under the National Labor Relations Act;

G. under the Fair Labor Standards Act;

H. under the Occupational Safety and Health Act;

I.under the Employee Retirement Income Security Act;
J.under any claim relating to any civil, tort, breach of express or implied contract, breach of express or implied covenants, and/or any other legal theory whatsoever, whether by reason of my employment or termination or on any other ground; 

K.under any claim that this Agreement was procured by fraud or as a result of a mistake of fact or should otherwise be rescinded;

L.under any claim that you know about or that currently exist (or that arise from facts, events or circumstances that exist or have occurred but that you may not know about).

Without limiting the generality of the foregoing, you and Raser agree that this waiver, release, and discharge shall apply regardless of whether the companies or persons released were acting in a personal or corporate capacity, or in a fiduciary capacity in connection with an employee benefit plan maintained by Raser. 

You understand that this release does not prevent you from filing a charge of discrimination with the Equal Employment Opportunity Commission and/or the Utah Anti-Discrimination and Labor Division.  However, by signing this Agreement you hereby waive any right to receive any compensation or damages awarded to you by such agencies in the case that you were to prevail in such a claim and will assign any such award to Raser.

You acknowledge that in accordance with the Age Discrimination in Employment Act, the Company has provided the opportunity for you to consider the terms of this Agreement for at least twenty-one (21) days before signing it; and that if you have signed and returned this document prior to the expiration of twenty-one days, you have done so voluntarily and have therefore declined your right to consider the Agreement for the full twenty-one day period.  You acknowledge that you have been informed that you have the right to have this Agreement reviewed by legal counsel prior to signing it.  You also acknowledge that you have been informed that you may revoke your signature within seven (7) days of signing this document and void this Agreement.

Notwithstanding anything to the contrary, however, you do not waive or release any claims you may have to date (i) to benefits that have accrued or vested or to which you are entitled according to the terms of Raser's benefit plans (such as 401k); or (ii) arising out of events that occur after the date you sign this Severance Agreement.  In addition, you are not waiving the right to challenge the legal validity of this Severance Agreement.  With these stated exceptions only, you agree and acknowledge that you are forever giving up the right to sue for any and all claims described in this Severance Agreement and may not assign or transfer such claims to anyone else.

5.You acknowledge the receipt and sufficiency of consideration adequate to support this Severance Agreement in general and, in particular, your release of rights set forth herein, since you are receiving benefits you otherwise would not have been entitled to receive.    

6.You agree and acknowledge that you have carefully read this Severance Agreement, and that you understand and have full knowledge of all of its provisions.  You agree and acknowledge that you are entering into this Severance Agreement voluntarily, of your own free will, and without duress. 

7.(a)You acknowledge that any secrecy and/or confidentiality agreements and non-compete agreements you have signed with Raser are not superseded by this Severance Agreement and thus remain in full force and effect, subject to the provision of this Section 7 hereof.  You further agree that you will not disclose to a third party or use any trade secrets or other commercially valuable confidential or proprietary information that you possess and that was disclosed to you or to which you had or will have access during your employment by Raser (the "Confidential Information") including marketing strategy, sales strategy, planning strategy, or confidential and/or proprietary information that relates in any way to actual or anticipated business, research, development, product, intellectual property, including but not limited to trade secrets and patentable subject matter, divestment, acquisition, planning, sales, or marketing activity of Raser.  You may, however, disclose such Confidential Information to a third party with the written consent of Raser, or as may be required by law.  In the event disclosure of any Confidential Information is required by law, you agree to provide Raser promptly with written notice of such requirement so that Raser and/or its affiliate(s) may, if they so desire, seek an appropriate protective order.  You agree that you shall not disclose any Confidential Information, or any part thereof, pending conclusion of any legal proceeding regarding such disclosure requirement or protective order.  You further agree to provide reasonable assistance to Raser and/or its affiliate(s) in obtaining such protective order or other reliable assurance that confidential treatment will be granted for the Confidential Information.  You agree to return all property belonging to the Company within seven days of your execution of this Severance Agreement.  This includes, but is not limited to, equipment (except as specifically provided for herein), materials, data, leads, client lists, computer files, form agreements and other legal materials, product, and any other property, whether physical or intellectual that belongs to the Company and is in your possession.  However, you may keep copies of personnel documents relating to your employment with Raser, and you may keep personal notes or journals, personal and administrative contacts, and personal matters and copies of any correspondence between you and others at the Company specifically relating to your work performance as Chief Financial Officer.  Notwithstanding anything to the contrary, you acknowledge that you are subject to certain confidentiality and non-compete requirements set forth more particularly in that At Will Employment, Confidential Information, Invention Assignment, Noncompetition and Arbitration Agreement executed previously by the parties, which requirements you agree shall remain in full force and effect and are in no way abrogated or otherwise superseded by this Severance Agreement.  To the extent that you retain copies of any correspondence between you and others at the Company relating to your work performance as Chief Financial Officer, you agree that such is "Confidential Information" and may contain trade secrets, know how, or other intellectual property owned by Raser and to the extent such is Confidential Information  you agree to keep such information confidential and to not disclose it to any party except for legal counsel retained by you.

(b)You hereby agree that you will not make any disparaging comments, negative statements or do anything that derogates the Company, or its services, reputation, officers, directors, managers, employees, shareholders, financial status, or operations which may damage the Company, its officers, directors, managers, employees, and/or shareholders in any way, including but not limited to, in any business relationship whether actual or potential.  You further agree that you will not join with, assist, or otherwise aid in any manner another person, entity, or party in making any disparaging or negative statements or comments about the Company, its services, reputation, officers, directors, managers, employees, shareholders, financial status, or operations which could damage the Company.  You also agree that you will not join with, assist, or otherwise aid in any manner another person, entity, or party in bringing or defending against any claim or action against the Company, its officers, directors, managers, employees, and/or shareholders.

8.You represent and warrant that within the past three (3) years you have not commenced, maintained, prosecuted or participated in any action, suit, charge, grievance, complaint or proceeding of any kind against Raser in any court or before any administrative or investigative body or agency.  You further acknowledge and agree that by virtue of the foregoing, you have waived all relief available to you (including without limitation, monetary damages, equitable relief and reinstatement) under any of the claims and/or causes of action waived in this Severance Agreement.

9.In connection with matters relating to your responsibilities with Raser, you agree to reasonably cooperate in the future with Raser at the written request of Raser in the same manner as you would have cooperated as an officer of Raser.  Specifically, you agree that if requested by the Company, you will make yourself reasonably available to the Company and its counsel to consult with the Company on inquiries, challenges, charges, actions, litigation, administrative procedures, arbitrations, proceedings, or investigations by any governmental authority or other party involving the Company (collectively, "Actions").  In the event that Raser requests and you agree to provide such assistance to the Company, Raser agrees to indemnify, defend, and hold you harmless from any claims or liabilities arising out of such cooperation, unless any such claim is premised upon an intentional crime committed by you.

10.The waiver by you or Raser, express or implied, of any right to enforce the provisions of this Severance Agreement or any failure to perform under this Severance Agreement by the other party, shall not constitute or be deemed to be a waiver of any other right provided for under this Severance Agreement by the other party or parties, whether of a similar or dissimilar nature.

11.This Severance Agreement shall be governed and interpreted in accordance with the laws of the State of Utah, USA, without regard to principles of conflicts of law, to the fullest extent permitted by law.  The parties agree that money damages may not be sufficient to remedy a breach of this agreement and that the parties may seek equitable remedies, including without limitation, an injunction.  

12.This Severance Agreement incorporates by reference all otherwise unmodified terms of the At Will Employment, Confidential Information, Invention Assignment, Noncompetition and Arbitration Agreement executed previously by the parties, as amended.  This Severance Agreement and any attachments hereto specifically supersedes any and all provisions in the At Will Employment, Confidential Information, Invention Assignment, Noncompetition and Arbitration Agreement executed previously by the parties, as amended, which specifically relate to your compensation whether, without limitation, in the form of cash payments or Company shares.

13.This Severance Agreement shall not be construed as an admission of any liability on the part of Raser, its officers, directors, managers, employees, and shareholders, or you, on any basis or theory.

14.If any provision, or portion thereof, of this Severance Agreement is held to be invalid or unenforceable under any applicable statute or rule of law, it is to that extent to be deemed omitted and other provisions of this Agreement shall remain in full force and effect.

	

 

 

_________________________________

William Dwyer

 

Date:
	Raser Technologies, Inc.

By:______________________________
Brent M. Cook

Date:

 

 

	

Attachment A - Share Delivery Schedule

	
	
	
	
	
	
	

	
	

1
	

2
	

3
	

4
	
	

Total

	

Vesting Dates
	

Delivery Schedule for 124,000 previously vested shares
	

Delivery Schedule for 33,332 shares vested by agreement
	

Delivery Schedule for 5,000 shares vested at termination
	

Delivery Schedule for 33,333 shares vested in settlement
	
	

Total Vesting by Date

	

Tuesday, December 05, 2006
	

5,000
	
	
	
	
	

5,000

	

Wednesday, December 06, 2006
	

5,000
	
	
	
	
	

5,000

	

Thursday, December 07, 2006
	

5,000
	
	
	
	
	

5,000

	

Friday, December 08, 2006
	
	
	

2,500
	
	
	

2,500

	

Monday, December 11, 2006
	

4,000
	
	
	
	
	

4,000

	

Tuesday, December 12, 2006
	

6,000
	
	
	
	
	

6,000

	

Wednesday, December 13, 2006
	
	
	

2,500
	
	
	

2,500

	

Thursday, December 14, 2006
	

4,000
	
	
	
	
	

4,000

	

Friday, December 15, 2006
	

3,000
	
	
	
	
	

3,000

	

Monday, December 18, 2006
	

5,000
	
	
	
	
	

5,000

	

Tuesday, December 19, 2006
	

2,000
	
	
	
	
	

2,000

	

Wednesday, January 03, 2007
	

500
	
	
	
	
	

500

	

Wednesday, January 10, 2007
	

500
	
	
	
	
	

500

	

Wednesday, January 17, 2007
	

500
	
	
	
	
	

500

	

Wednesday, January 24, 2007
	

500
	
	
	
	
	

500

	

Wednesday, January 31, 2007
	

500
	
	
	
	
	

500

	

Wednesday, February 07, 2007
	

500
	
	
	
	
	

500

	

Wednesday, February 14, 2007
	

500
	
	
	
	
	

500

	

Wednesday, February 21, 2007
	

500
	
	
	
	
	

500

	

Wednesday, February 28, 2007
	

500
	
	
	
	
	

500

	

Monday, March 05, 2007
	

500
	
	
	
	
	

500

	

Tuesday, March 06, 2007
	

2,000
	
	
	
	
	

2,000

	

Wednesday, March 07, 2007
	

2,000
	
	
	
	
	

2,000

	

Thursday, March 08, 2007
	

2,000
	
	
	
	
	

2,000

	

Monday, March 19, 2007
	

1,000
	
	
	
	
	

1,000

	

Tuesday, March 20, 2007
	

2,000
	
	
	
	
	

2,000

	

Wednesday, March 21, 2007
	

2,000
	
	
	
	
	

2,000

	

Thursday, March 22, 2007
	

2,000
	
	
	
	
	

2,000

	

Monday, March 26, 2007
	

2,000
	
	
	
	
	

2,000

	

Tuesday, March 27, 2007
	

2,000
	
	
	
	
	

2,000

	

Wednesday, March 28, 2007
	

2,000
	
	
	
	
	

2,000

	

Thursday, March 29, 2007
	

2,000
	
	
	
	
	

2,000

	

Monday, April 02, 2007
	

1,000
	
	
	
	
	

1,000

	

Tuesday, April 03, 2007
	

2,000
	
	
	
	
	

2,000

	

Wednesday, April 04, 2007
	

2,000
	
	
	
	
	

2,000

	

Thursday, April 05, 2007
	

2,000
	
	
	
	
	

2,000

	

Monday, April 09, 2007
	

2,000
	
	
	
	
	

2,000

	

Tuesday, April 10, 2007
	

2,000
	
	
	
	
	

2,000

	

Wednesday, April 11, 2007
	

2,000
	
	
	
	
	

2,000

	

Thursday, April 12, 2007
	

2,000
	
	
	
	
	

2,000

	

Monday, April 16, 2007
	

2,000
	
	
	
	
	

2,000

	

Tuesday, April 17, 2007
	

2,000
	
	
	
	
	

2,000

	

Wednesday, April 18, 2007
	

2,000
	
	
	
	
	

2,000

	

Thursday, April 19, 2007
	

2,000
	
	
	
	
	

2,000

	

Monday, April 23, 2007
	

2,000
	
	
	
	
	

2,000

	

Tuesday, April 24, 2007
	

2,000
	
	
	
	
	

2,000

	

Wednesday, April 25, 2007
	

2,000
	
	
	
	
	

2,000

	

Thursday, April 26, 2007
	

2,000
	
	
	
	
	

2,000

	

Monday, April 30, 2007
	

2,000
	
	
	
	
	

2,000

	

Tuesday, May 01, 2007
	

2,000
	
	
	
	
	

2,000

	

Wednesday, May 02, 2007
	

2,000
	
	
	
	
	

2,000

	

Thursday, May 03, 2007
	

2,000
	
	
	
	
	

2,000

	

Monday, May 07, 2007
	

2,000
	
	
	
	
	

2,000

	

Tuesday, May 08, 2007
	

2,000
	
	
	
	
	

2,000

	

Wednesday, May 09, 2007
	

2,000
	
	
	
	
	

2,000

	

Thursday, May 10, 2007
	

2,000
	
	
	
	
	

2,000

	

Tuesday, May 15, 2007
	

2,000
	
	
	
	
	

2,000

	

Wednesday, May 16, 2007
	

2,000
	
	
	
	
	

2,000

	

Monday, May 21, 2007
	

2,000
	
	
	
	
	

2,000

	

Tuesday, May 22, 2007
	

2,000
	
	
	
	
	

2,000

	

Wednesday, May 23, 2007
	

2,000
	
	
	
	
	

2,000

	

Thursday, May 24, 2007
	

2,000
	
	
	
	
	

2,000

	

Wednesday, May 30, 2007
	
	

2,000
	
	
	
	

2,000

	

Thursday, May 31, 2007
	
	

2,000
	
	
	
	

2,000

	

Monday, June 04, 2007
	
	

2,000
	
	
	
	

2,000

	

Tuesday, June 05, 2007
	
	

2,000
	
	
	
	

2,000

	

Wednesday, June 06, 2007
	
	

2,000
	
	
	
	

2,000

	

Thursday, June 07, 2007
	
	

2,000
	
	
	
	

2,000

	

Monday, June 11, 2007
	
	

2,000
	
	
	
	

2,000

	

Tuesday, June 12, 2007
	
	

2,000
	
	
	
	

2,000

	

Wednesday, June 13, 2007
	
	

2,000
	
	
	
	

2,000

	

Thursday, June 14, 2007
	
	

2,000
	
	
	
	

2,000

	

Monday, June 18, 2007
	
	

2,000
	
	
	
	

2,000

	

Tuesday, June 19, 2007
	
	

2,000
	
	
	
	

2,000

	

Wednesday, June 20, 2007
	
	

2,000
	
	
	
	

2,000

	

Thursday, June 21, 2007
	
	

2,000
	
	
	
	

2,000

	

Monday, June 25, 2007
	
	

2,000
	
	
	
	

2,000

	

Tuesday, June 26, 2007
	
	

2,000
	
	
	
	

2,000

	

Wednesday, June 27, 2007
	
	

1,332
	
	
	
	

1,332

	

Wednesday, July 25, 2007
	
	
	
	

2,000
	
	

2,000

	

Thursday, July 26, 2007
	
	
	
	

2,000
	
	

2,000

	

Monday, July 30, 2007
	
	
	
	

2,000
	
	

2,000

	

Tuesday, July 31, 2007
	
	
	
	

2,000
	
	

2,000

	

Wednesday, August 01, 2007
	
	
	
	

2,000
	
	

2,000

	

Thursday, August 02, 2007
	
	
	
	

2,000
	
	

2,000

	

Monday, August 06, 2007
	
	
	
	

2,000
	
	

2,000

	

Tuesday, August 07, 2007
	
	
	
	

2,000
	
	

2,000

	

Wednesday, August 08, 2007
	
	
	
	

2,000
	
	

2,000

	

Thursday, August 09, 2007
	
	
	
	

2,000
	
	

2,000

	

Monday, September 10, 2007
	
	
	
	

2,000
	
	

2,000

	

Tuesday, September 11, 2007
	
	
	
	

2,000
	
	

2,000

	

Wednesday, September 12, 2007
	
	
	
	

2,000
	
	

2,000

	

Thursday, September 13, 2007
	
	
	
	

2,000
	
	

2,000

	

Monday, September 17, 2007
	
	
	
	

2,000
	
	

2,000

	

Tuesday, September 18, 2007
	
	
	
	

2,000
	
	

2,000

	

Wednesday, September 19, 2007
	
	
	
	

1,333
	
	

1,333

	

Column Totals
	

124,000
	

33,332
	

5,000
	

33,333
	
	

195,665

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}]]