Document:

Exhibit 10.1

  

Susquehanna

Susquehanna Bank

Robert P. Whelen, Jr., Senior Vice President

307 International Circle, 6th floor

Hunt Valley, MD 21030-1376

Tel (410) 316-0214

Fax (410) 316-0016

July 29, 2013

Mr. Jeffery G. Hough

SVP, Chief Financial Officer

GSE Systems

1332 Londontown Blvd.

Sykesville, MD 21784

Dear Jeff:

The purpose of this letter is to confirm that the Bank has agreed to the following:

	
·

	
The Bank has agreed to extend the Revolving Credit Expiration Date until June 30, 2014, as defined in the Master Loan and Security Agreement dated November 22, 2011 in Section 1.1(a), by and among GSE Systems, Inc., GSE Power Systems, Inc., GSE EnVision, Inc. and Susquehanna Bank.  All other terms and conditions shall remain the same.

Please call me with any questions.

Respectfully,

/s/ Robert P Whelen, Jr.

Robert P Whelen, Jr.

Senior Vice PresidentExhibit 10.2

 

AMENDMENT NO. 1 TO STOCKHOLDER PROTECTION RIGHTS AGREEMENT

AMENDMENT NO. 1 TO STOCKHOLDER PROTECTION RIGHTS AGREEMENT (as amended from time to time, this "Agreement"), dated as of March 21, 2014, between GSE Systems, Inc., a Delaware corporation (the "Company"), and Continental Stock Transfer & Trust Company, a New York banking corporation, as Rights Agent (the "Rights Agent," which term shall include any successor Rights Agent hereunder).

WITNESSETH:

WHEREAS, the Company and the Rights Agent are parties to a Stockholder Protection Rights Agreement, dated as of March 21, 2011;

WHEREAS, the Board of Directors of the Company has authorized an amendment to the Agreement providing for the extension of the Expiration Time until March 21, 2016 (as described herein);

NOW THEREFORE, in consideration of the premises and the respective agreements set forth herein, the parties hereby agree as follows:

	
1.

	
The term "Expiration Time" shall be amended to read as follows:

"Expiration Time shall mean the earliest of (i) the Exchange Time, (ii) the Redemption Time, (iii) the Close of Business on March 21, 2016, unless, for purposes of this clause (iii), extended by action of the Rights Plan Committee and the Board of Directors of the Company in accordance with Section 5.19 (in which case the applicable time shall be the time to which it has been so extended), and (iv) immediately prior to the effective time of a consolidation, merger or statutory share exchange that does not constitute a Flip-over Transaction or Event."

	2.	Terms not otherwise defined herein shall have the meanings ascribed to them in the Stockholder Protection Rights Agreement, dated as of March 21, 2011.

	3.	This Agreement may be executed in counterparts and by each party hereto on a separate counterpart, both of which when so executed shall be deemed to be an original and both of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Agreement by facsimile or e-mail transmission shall be effective as delivery of a manually executed counterpart of this agreement.

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

	
GSE SYSTEMS, INC.

	
 

	
By: /s/ Lawrence M. Gordon

	
Name: Lawrence M. Gordon

	
Title:   Senior Vice President

	
           and General Counsel

	
 

	
 

	
CONTINENTAL STOCK TRANSFER &

	
TRUST COMPANY, as Rights Agent

	
 

	
By: /s/ Margaret Villani

	
Name: Margaret Villani

	
Title:   Vice PresidentExhibit 10.1

FIRST AMENDMENT TO 

EMPLOYMENT AGREEMENT

 

 

THIS FIRST AMENDMENT
TO EMPLOYMENT AGREEMENT (First Amendment) is entered into the 24th  day of March, 2014 (“Execution Date”)
and effective this 1st Day of January, 2014 (“Effective Date”) by and between TWIN CITIES POWER HOLDINGS,
L.L.C., a Minnesota Limited Liability Company, with its principal place of business at 16233 Kenyon Avenue, Suite 210, Lakeville,
Minnesota 55044 (the “COMPANY”) and TIMOTHY S. KRIEGER an individual with his principal residence at 19555 Oak Grove
Ave. Prior Lake Minnesota 55372 (the “EMPLOYEE”).

 

The PARTIES entered
into an Employment Agreement on the 1st day of January, 2012.

 

The PARTIES wish to
amend certain terms and conditions in the Employment Agreement pursuant to this First Amendment.

 

The PARTIES have herein
agreed to this First Amendment to the Employment Agreement to amend the terms and conditions set forth therein.

 

NOW THEREFORE, in consideration
of the mutual covenants, terms, and conditions herein contained, it is hereby agreed by and between the PARTIES:

 

1, Section 4 COMPENSATION
is AMENDED:

 

 (a) Salary. The COMPANY shall pay to the Executive a salary of Zero Dollars ($0.00) per annum (the “SALARY”); provided, however, that the Board Shall consider increasing the Executive’s Salary in the event the Executive is no longer the beneficial owner of 100% of the outstanding equity of the COMPANY.

 

 (b) Bonus. The Executive shall be eligible to receive an annual cash bonus (the “Bonus”) at the conclusion of each year of service. The amount of the Bonus, if any, shall be determined based on a formula and performance measures agreed to between the Executive and the Board at the time of, and in connection with, the Company’s annual budget process, such formula to provide for some form of partial payout to be determined based on the achievement or partial achievement of the relevant performance metrics. Such Bonus shall be paid no later than sixty (60) days following the end of the year of service for which it is payable (or if paid pursuant to Section 7(g) of this Agreement in accordance with the provisions of such section).

 

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(c) Equity Incentive. The Executive
shall receive an equity incentive in accordance with Section 11 below.

 

(d) Other Benefits. During the
term of the Executive’s employment hereunder, in addition to the Salary and the Bonus, the Executive shall be entitled to
participate in health, insurance, pension, and other benefits provided to other senior executives of the Company on terms no less
favorable than those available to senior executives of the Company generally (collectively “Benefits”). The Executive
shall also be entitled to three weeks of vacation per year and the same number of holidays, sick days and other benefits as are
generally allowed to other senior executives of the Company in accordance with the Company policies in effect from time to time
generally.

 

(e) Taxation of Payments and
Benefits. The Company may make deductions, withholdings and tax reports with respect to payments and benefits under this Agreement
to the extent that the Company reasonably and in good faith believes that it is required to make such deductions, withholdings
and tax reports. Payments under this Agreement shall be in amounts net of any such deductions or withholdings. Nothing in this
Agreement shall be construed to require the Company to make any payments to compensate the Executive for any adverse tax effect
associated with any payments or benefits or for any deduction or withholding from any payment or benefit.

 

SECTION 5 Reimbursements for
Expenses. The Executive is authorized to incur reasonable expenses in the discharge of the services to be performed hereunder in
accordance with Company policy, including expenses for travel, entertainment, lodging and similar items, in accordance with the
Company’s expense reimbursement policy, as the same may be modified by the Board from time to time. The Company shall reimburse
the Executive for all such expenses upon presentation by the Executive of itemized accounts of such expenditures in accordance
with the policy of the Company, as in effect from time to time.

 

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SECTION 6 Employment at Will.
Subject to the provisions and conditions of this Agreement (including, without limitation, Section 7), the Executive’s employment
hereunder shall be effective as of the date hereof. Executive’s employment shall be employment “at will,” under
which both Executive and the Company shall be entitled to terminate this Agreement and the employment relationship, with or without
Cause or Good Reason (each as hereinafter defined), at any time, subject to the requirements of Section 7 hereof.

 

2. All other terms
and conditions of the Employment Agreement dated the 1st day of January, 2012 remain unchanged except as hereinbefore
amended by this FIRST AMENDMENT to EMPLOYMENT AGREEMENT.

 

 

 

 

[SIGNATURE PAGE FOLLOWING
ON PAGE 4]

 

 

 

 

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The COMPANY and the EMPLOYEE have duly
executed this First Amendment to the Employment Agreement as of the date and year set forth in the first paragraph to this First
Amendment.

 

 

TWIN CITIES POWER HOLDINGS, L.L.C.

 

 

	/s/ Timothy S. Krieger	 
	By: 	TIMOTHY S. KRIEGER	 
	Its: 	President/CEO

	 
	 	 	 
	 	 	 
	/s/ Keith W. Sperbeck	 
	By:	KEITH W. SPERBECK	 
	Its:	Secretary	 
	 	 	 
	EMPLOYEE	 
	 	 	 
	/s/ Timothy S. Krieger	 
	By: 	 TIMOTHY S. KRIEGER	 

 

 

    	4Exhibit 10.2

 

THIRD AMENDMENT TO 

EMPLOYMENT AGREEMENT

 

 

THIS THIRD AMENDMENT TO EMPLOYMENT
AGREEMENT (Third Amendment) is entered into the  11th day of March, 2014 (“Execution Date”) and effective
this 1st Day of March, 2014 (“Effective Date”) by and between TWIN CITIES POWER HOLDINGS, L.L.C., a
Minnesota Limited Liability Company, with its principal place of business at 16233 Kenyon Avenue, Suite 210, Lakeville,
Minnesota 55044 (the “COMPANY”) and STEPHANIE STASKA, an individual with her principal residence at 1521
78th Avenue, Roberts, Wisconsin 54023 (the “EMPLOYEE”).

 

The PARTIES entered into an Employment Agreement
on the 18th day of August 2008 and which Employment Agreement was amended by a First Amendment to Employment Agreement
dated January 1st, 2012; and a Second Amendment to Employment Agreement dated December 31, 2012. (the “EMPLOYMENT
AGREEMENT”) the Employment Agreement was assigned by TWIN CITIES POWER, L.L.C. to TWIN CITIES POWER HOLDINGS, L.L.C on March
10th, 2014.

 

The PARTIES wish to amend certain terms
and conditions in the Employment Agreement pursuant to this Third Amendment.

 

The PARTIES have herein agreed to this Third
Amendment to the Employment Agreement to amend the terms and conditions set forth therein.

 

NOW THEREFORE, in consideration of the mutual
covenants, terms, and conditions herein contained, it is hereby agreed by and between the PARTIES:

 

		1.	Section 4 Compensation is amended.

	 	 	 
		a)	Salary. The COMPANY agrees to pay the EMPLOYEE an annual base salary of $180,000.00 (the “Base Salary”),
in equal semi-monthly installments, and in arrears, in accordance with the standard payroll practices of the COMPANY. Within 30
days of the anniversary date of this Agreement and within 30 days of every anniversary thereafter, during the term of this Agreement,
the Base Salary will be reviewed by the President, considering both the EMPLOYEE’s performance and the performance of the
COMPANY during the preceding calendar year. If the EMPLOYEE’s
Base Salary is adjusted by the COMPANY, such adjusted Base Salary shall then constitute the Base Salary for all purposes under
this Agreement.

 

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		b)	Benefits and Vacation. The EMPLOYEE will be entitled to participate in all benefit plans adopted by the COMPANY to the
extent that the terms of such benefit plans permit the EMPLOYEE to participate. The EMPLOYEE will be entitled to 25 days per year
of personal time off (“PTO”) and all legal holidays observed by the COMPANY, in each case, in accordance with the COMPANY’s
policies as in effect from time-to-time. In the event EMPLOYEE does not use all PTO for a given fiscal year, up to 2 days of unused
PTO may be carried over to the next fiscal year. The EMPLOYEE will be additionally allowed to work from home up to 60% of all work
days depending on the workload of the COMPANY as determined in the total discretion of the President of the COMPANY.

	 	 	 
		c)	401K. The COMPANY agrees to establish a 401k for EMPLOYEE by December 31, 2008.

	 	 	 
		d)	Bonus. The EMPLOYEE shall be eligible for a discretionary bonus based on the performance of the EMPLOYEE and the profitability
of the COMPANY.

 

		2.	All other terms and conditions of the Employment Agreement dated the 18th day of August 2008 as amended by the First
and Second Amendments to Employment Agreement remain unchanged except as hereinbefore amended by this Third Amendment to Employment
Agreement.

 

 

[SIGNATURE PAGE FOLLOWING
ON PAGE 3]

 

 

 

 

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The COMPANY and the EMPLOYEE have duly
executed this Third Amendment to the Employment Agreement as of the date and year set forth in the first paragraph to this Third
Amendment.

 

TWIN CITIES POWER HOLDINGS, L.L.C.

 

 

	/s/ Timothy S. Krieger	 
	By: 	TIMOTHY S. KRIEGER	 
	Its: 	President/CEO

	 
	 	 	 
	 	 	 
	EMPLOYEE	 
	 	 	 
	/s/Stephanie Staska	 
	By: 	 STEPHANIE STASKA	 

 

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