Document:

Filed by Bowne Pure Compliance

 

Ex. 10.78

RETIREMENT AGREEMENT

THIS RETIREMENT AGREEMENT (the “Agreement”) made and entered into effective November 15, 2007,
by and between Syntroleum Corporation (the “Company”) and John B. Holmes, Jr. (the “Executive”).

W I T N E S S E T H:

WHEREAS, the Executive and the Company are parties to that certain Employment Agreement dated
as of August 31, 2002 (the “Employment Agreement”), and that certain Indemnification Agreement
dated October 1, 2002 (the “Indemnification Agreement”); and

WHEREAS, the parties mutually desire to arrange for Executive’s retirement from the Company
under certain terms; and

WHEREAS, in consideration of the mutual promises contained herein, the parties hereto are
willing to enter into this Agreement upon the terms and conditions herein set forth.

NOW, THEREFORE, in consideration of the premises, the terms and provisions set forth herein,
the mutual benefits to be gained by the performance thereof and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

1. Retirement and Resignation from Officer Positions. Effective as of the close of
business on December 28, 2007 (the “Retirement Date”), the Executive will retire as an employee of
the Company. As of November 19, 2007, the Executive agrees to resign any and all director officer,
or other positions he holds with the Company or any of its affiliates and/or subsidiaries, and the
Executive hereby agrees to sign and deliver the letter included herein Attachment B,
evidencing his resignation as an officer. The Executive shall remain as an employee until the
Retirement Date and subject to the terms of the Employment Agreement. However, the Company and
Executive agree that from the execution of the Agreement until the Retirement Date, the Executive
shall be available, at times to be mutually agreed, if called upon by the Company, to provide
assistance that the Company may request.

2. Consideration and Waiver and Release. The Executive shall have until 45 calendar
days after the date this Agreement was furnished to him to consider whether to sign and return this
Agreement to the Company by first class mail or by hand delivery. In consideration for the
Executive’s execution of and compliance with this Agreement, including but not limited to the
execution of the Waiver and Release attached hereto as Attachment A, the Company shall
provide the consideration set forth below in this Section 2. Unless as otherwise provided in the
Agreement, this consideration is provided subject to the binding execution by the Executive
(without revocation) of the Waiver and Release. The Company’s obligation to make any further
payments or provide any benefits otherwise due under Section 2 shall cease only in the event the
Executive is in material breach of the terms of this Agreement or the Waiver and Release and fails
to cure such breach in a reasonable period of time, and no payment shall be made or other
benefit described hereunder provided until the expiration of the seven-day revocation period
as provided for in the Waiver and Release (the “Effective Waiver Date”).

 

 

 

A. Retirement Payments. Assuming the Waiver and Release has become binding
(without revocation), the Company agrees to pay the Executive a lump sum payment of
$576,202.19 (less applicable taxes) on December 28, 2007.

B. Health Plan Coverage Continuation. The Executive and his qualifying
dependents will be eligible for continuation coverage for medical and dental+vision benefits
under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), subject to the
Executive’s payment of the full premiums and the Company’s ability to amend or terminate its
benefit plans at any time. From the Retirement Date until the date one (1) year following
the Retirement Date, the Company shall bear the payment of that portion of the full premium
which is over and above the Executive’s continued payment of the employee portion of the
then-applicable premium under the Company’s medical and dental+vision plans, as such portion
and premiums are in effect from time to time. If, following the Retirement Date, the
Executive becomes eligible for medical or dental+vision benefits from another employer, the
Company’s obligation to provide such benefits coverage shall immediately cease only with
regard to that coverage provided by the other employer.

C. Stock Options. The Executive shall be treated as having terminated
employment due to “retirement” for purposes of any stock options awarded to the Executive
under any incentive plan of the Company which remain unexercised as of the Executive’s
Retirement Date. All of Executive’s stock options and restricted stock shall be immediately
vested upon the Retirement Date, except for those restricted stock grants granted pursuant
to the Restricted Stock Agreement dated as of March 16, 2007. In addition, the Nominating
and Compensation Committee (the “Committee”) has agreed to extend the exercisability of all
options until the end of the original term of the option.

D. Bonuses. The Executive will not be eligible to receive any annual bonus for
the 2007 calendar year.

E. D&O Insurance. Subject to the Company’s own decision with regard to amounts
and insurance providers, the Company will maintain D&O or other insurance coverage and
extend same to the Executive, similar to the Company’s then-current executive group, for a
period of three (3) years from the Effective Waiver Date.

3. Other Benefits. The Executive’s benefits under the Syntroleum 401(k) Plan and any
other plan or arrangement of the Company shall be determined and paid in accordance with the terms
of such plans. Except as expressly provided herein or in the terms of such plans, all benefits
provided to the Executive shall cease as of the Retirement Date.

 

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4. Restrictive Covenants. As a material inducement to the Company to enter into this
Agreement, Executive agrees that the restrictive covenants set forth in paragraphs 6, 7, 8, 9, 10,
11 and 12 of the Employment Agreement, originally agreed to by the Executive in entering into the
Employment Agreement in exchange for the Company’s provision to the Executive of
Trade Secret Information and for other good and valid consideration, remain in full force and
effect; provided, however, that, effective the Retirement Date, subject to the Executive upholding
his continuing obligations to maintain the Trade Secret Information of the Company as set forth in
the Employment Agreement, the Company agrees to waive the restrictions set forth in paragraphs 9(a)
and 9(b). Notwithstanding the forgoing, the Company does not waive the restrictions on the
Executive as set forth in paragraph 9(c) of the Employment Agreement.

5. Assistance with Legal Proceedings. The Executive agrees that for a period of three
years after the Retirement Date, the Executive will furnish such information and proper assistance
as may be reasonably necessary in connection with any litigation or other legal proceedings in
which the Company or any affiliate or subsidiary is then or may become involved; provided, however,
that the parties agree to negotiate a reasonable rate of compensation for any such services.

6. Reference; Nondisparagement. The Executive agrees to refrain from any criticisms
or disparaging comments about the Company or any affiliates (including any current or former
officer, director or employee of the Company), and the Executive agrees not to take any action, or
assist any person in taking any other action, that is adverse to the interests of the Company or
any affiliate or inconsistent with fostering the goodwill of the Company and its affiliates.
Likewise, the Company agrees to refrain from any criticisms or disparaging comments about the
Executive, and the Company agrees not to take any action, or assist any person in taking any other
action, that is adverse to the interests of the Executive or inconsistent with fostering the
goodwill of the Executive. Notwithstanding the forgoing, this paragraph imposes no limitation on
the Executive’s rights as a shareholder of the Company, or on either party’s rights to enforce this
Agreement. Nothing in this Agreement shall apply to or restrict in any way the communication of
information by either Party to any state or federal law enforcement agency, or require notice to
either Party thereof in such event, and neither Party will be in breach of the covenant contained
above solely by reason of giving testimony which is compelled by process of law.

7. Non-Alienation. The Executive shall not have any right to pledge, hypothecate,
anticipate, or in any way create a lien upon any amounts provided under this Agreement, and no
payments or benefits due hereunder shall be assignable in anticipation of payment either by
voluntary or involuntary acts or by operation of law. So long as the Executive lives, no person,
other than the parties hereto, shall have any rights under or interest in this Agreement or the
subject matter hereof. Upon the death of the Executive, his executors, administrators, devisees
and heirs, in that order, shall have the right to enforce the provisions hereof.

8. Amendment of Agreement. This Agreement may not be modified or amended except by an
instrument in writing signed by the parties hereto.

9. Waiver. No term or condition of this Agreement shall be deemed to have been
waived, nor shall there be an estoppel against the enforcement of any provision of this Agreement,
except by written instrument of the party charged with such waiver or estoppel.

 

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10. Notices. All notices or communications hereunder shall be in writing, addressed
as follows:

To the Company:

Syntroleum Corporation

4322 South 49th West Avenue

Tulsa, OK 74107-6100

Attention: General Counsel

Fax: (918) 592-7979

To the Executive:

John B. Holmes, Jr.

2153 Inwood Drive

Houston, Texas 77019

Telephone: (713) 630-1045

All such notices shall be conclusively deemed to be received and shall be effective; (i) if sent by
hand delivery, upon receipt, (ii) if sent by telecopy or facsimile transmission, upon confirmation
of receipt by the sender of such transmission or (iii) if sent by registered or certified mail, on
the fifth day after the day on which such notice is mailed.

11. Tax Withholding. The Company shall withhold from any benefits payable under this
Agreement the minimum federal, state, city or other taxes that will be required pursuant to any law
or governmental regulation or ruling. In instances where a taxable event involves options or
stock, the taxes will be handled in accordance with the applicable stock option agreement or
restricted stock award agreement.

12. Severability. If any provision of this Agreement is held to be invalid, illegal
or unenforceable, in whole or part, such invalidity will not affect any otherwise valid provision,
and all other valid provisions will remain in full force and effect.

13. Counterparts. This Agreement may be executed in two or more counterparts, each of
which will be deemed an original, and all of which together will constitute one document.

14. Titles. The titles and headings preceding the text of the sections and
subsections of this Agreement have been inserted solely for convenience of reference and do not
constitute a part of this Agreement or affect its meaning, interpretation or effect.

 

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15. Governing Law; Venue. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF OKLAHOMA, UNITED STATES OF AMERICA, WITHOUT REGARD TO
CONFLICT OF LAW PROVISIONS THEREOF. Subject to Section 15(a) below, the Company and the Executive
expressly and irrevocably consent and submit to the nonexclusive jurisdiction of any state or
federal court sitting in Tulsa County, Oklahoma and agree that, to the fullest extent allowed by
law, such Oklahoma state or federal courts shall have jurisdiction over any action,
suit or proceeding arising out of or relating to this Agreement. The Company and the
Executive each irrevocably waive, to the fullest extent allowed by law, any objection either of
them may have to the laying of venue of any such suit, action or proceeding brought in any state or
federal court sitting in Tulsa County, Oklahoma based upon a claim that such court is inconvenient
or otherwise an objectionable forum. Any process in any action, suit or proceeding arising out of
or relating to this Agreement may, among other methods, be served upon the Company or the Executive
by delivering it or mailing it to their respective addresses set forth herein. Any such delivery
or mail service shall be deemed to have the same force and effect as personal service in the State
of Oklahoma.

(a) Any dispute arising out of or in connection with this Agreement, including any question
regarding its existence, validity or termination, shall be addressed exclusively in the following
priority order:

(1) Negotiation. The Employee and the Company shall arrange a meeting, at a mutually
convenient time by phone or in person, to discuss the issues of each Party and negotiate for a
resolution of the dispute. The period of negotiation shall extend no longer than thirty (30)
calendar days from the first meeting of the negotiators.

(2) Mediation. If the Parties have failed to resolve the dispute by negotiation, the
Parties shall submit to mediation prior to seeking resolution by binding arbitration. The Parties
will cooperate with one another in selecting a mediator from the American Arbitration Association
panel of neutrals, which shall be requested to promptly schedule the mediation proceedings. The
parties covenant that they will participate in the mediation in good faith, and that they will each
bear their own costs. All offers, promises, conduct and statements, whether oral or written, made
in the course of the mediation by any of the parties, their agents, employees, experts and
attorneys, and by the mediator, are expected to be treated as confidential, privileged and
inadmissible for any purpose, including impeachment, in any arbitration or other proceeding
involving the parties, provided that evidence that is otherwise admissible or discoverable shall
not be rendered inadmissible or non-discoverable as a result of its use in the mediation. If the
dispute is not resolved within thirty (30) calendar days from the date of the submission of the
dispute to mediation (or such later date as the parties may mutually agree in writing), the
administration of the arbitration shall proceed forthwith. The mediation may continue, if the
parties so agree, after the appointment of the arbitrators. Unless otherwise agreed by the
parties, the mediator shall be disqualified from serving as arbitrator in the case. The pendency
of a mediation shall not preclude a party from seeking provisional remedies, such as a temporary or
permanent injunction or restraining order to prevent a continuing harm to a Party, in aid of the
arbitration from a court of appropriate jurisdiction, and the parties agree not to defend against
any application for provisional relief on the ground that a mediation is pending.

 

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(3) Arbitration. Within five (5) business days of the conclusion of the Parties’
mediation, any dispute, claim or controversy arising out of or relating to this Agreement or the
breach, termination, enforcement, interpretation or validity thereof, including the determination
of the scope or applicability of this Agreement to arbitrate, shall be determined by binding
arbitration in Tulsa, Oklahoma, before three (3) arbitrators. The arbitration shall be
administered by the American Arbitration Association pursuant to its Commercial Rules for
Arbitration. The arbitrators’ award may be enforced in Tulsa County District Court, the United
States District Court for the Northern District of Oklahoma or in any other court having
jurisdiction over the parties. This clause shall not preclude the Parties from seeking provisional
remedies in aid of arbitration, such as a temporary or permanent injunction or restraining order to
prevent a continuing harm to a Party, from a court of appropriate jurisdiction. The Parties
covenant that they will participate in the arbitration in good faith, and that they will each bear
their own costs. The provisions of this clause may be enforced by any court of competent
jurisdiction, and the Party seeking enforcement shall be entitled to an award of all costs, fees
and expenses, including attorneys’ fees, to be paid by the Party against whom enforcement is
ordered.

(4) The Parties agree that the dispute resolution priority set forth herein is a material term
of this agreement and that the damages for failure to comply with the dispute resolution priority
are and would be difficult to measure. Consequently, the Parties agree that in the event a Party
elects to ignore the dispute resolution priority order requirements set forth in this Section
15(a), the Party making the election shall be obligated for all (internal and external) costs, fees
and expenses, including attorneys’ fees, of the other Party, regardless of how the dispute is
ultimately decided. In other words, any Party electing to forego the dispute resolution priority
in Section 15(a) also elects to pay the fees, costs and expenses of the other Party even if the
electing Party ultimately prevails. The dispute resolution priority order requirement specified in
this Section 15(a) may be amended, modified, or waived only upon the agreement, in writing, of the
Parties.

16. Remedies. In the event of any material breach by either party of any of the
provisions of this Agreement and in the event such material breach is not cured by the breaching
party within forty-five (45) days after notice from the non-breaching party, the non-breaching
party, in addition to any other rights, remedies or damages available at law or in equity, shall be
entitled (a) to injunctive relief enjoining and restraining any such material breach by the
breaching party; and, in addition to any other award of damages to which may be entitled, (b) to
recover from the breaching party all costs and expenses, including reasonable attorney’s fees,
incurred by the non-breaching party, its successors or assigns as a consequence of any such breach.

17. Entire Agreement. This Agreement, together with Attachments A and B, constitute
the entire agreement of the parties with respect to the subject matter hereof, and expressly
supersedes the Employment Agreement, except as expressly provided herein.

18. 409A Compliance. The parties acknowledge that all payments and benefits provided
under this Agreement and the Consulting Agreement are intended to meet the requirements and
restrictions of the nonqualified deferred compensation rules contained in Section 409A of the
Internal Revenue Code of 1986, as amended (to the extent applicable thereto).

 

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IN WITNESS WHEREOF, the parties have executed this Agreement in multiple counterparts, all of
which shall constitute one agreement, effective as of the date and year first above written.

	 	 	 	 	 	 	 
	 	 	SYNTROLEUM CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Edward G. Roth
	 	 
	 

	 	 	 	 

Edward G. Roth
	 	 
	 

	 	 	 	President & Chief Operating Officer	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE	 	 
	 
	 	/s/ John B. Holmes, Jr.	 	 
	 	 	 	 	 
	 	 	John B. Holmes, Jr.	 	 

 

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Attachment A

SYNTROLEUM CORPORATION

Waiver And Release

Syntroleum Corporation has offered to pay me certain benefits (the “Benefits”) under my
Retirement Agreement with Syntroleum Corporation, dated as of November 15, 2007 (the “Retirement
Agreement”), which include benefits to which I am not otherwise entitled. These Benefits were
offered to me in exchange for my agreement, among other things, to waive all of my claims against
and release Syntroleum Corporation and its predecessors, successors and assigns (collectively
referred to as the “Company”), all of the affiliates (including parents and subsidiaries) of the
Company (collectively referred to as the “Affiliates”) and the Company’s and Affiliates’ directors
and officers, employees and agents, insurers, employee benefit plans and the fiduciaries and agents
of said plans (collectively, with the Company and Affiliates, referred to as the “Corporate Group”)
from any and all claims, demands, actions, liabilities and damages arising out of or relating in
any way to my employment with or retirement from the Company or the Affiliates; provided, however,
that this Waiver and Release shall not apply to any claim or cause of action to enforce or
interpret any provision contained in the Retirement Agreement. I have read this Waiver and Release
and the Retirement Agreement, including the attachments thereto (all of which I received together
and which, together, are referred to herein as the “Retirement Agreement Materials”) and they are
incorporated herein by reference. I choose to accept this offer.

I understand that signing this Waiver and Release is an important legal act. I acknowledge
that the Company has advised me in writing to consult an attorney before signing this Waiver and
Release. I understand that, in order to be eligible for Benefits, I must sign (and return to
Stephani Britton, HR Manager) this Waiver and Release before 5 p.m. on December 30, 2007. I
acknowledge that I have been given sufficient time to consider whether to sign the Retirement
Agreement and whether to execute this Waiver and Release.

In exchange for the payment to me of Benefits, which are in addition to any remuneration or
benefits to which I am already entitled, I, among other things, (1) agree not to sue in any local,
state and/or federal court regarding or relating in any way to my employment with or retirement
from the Company or the Affiliates, and (2) knowingly and voluntarily waive all claims and release
the Corporate Group from any and all claims, demands, actions, liabilities, and damages, whether
known or unknown, arising out of or relating in any way to my employment with or retirement from
the Company or the Affiliates1. 

 

			
	1	 	Nothing in this Waiver and Release or the Separation
Agreement should be construed as a waiver of my rights vested under the terms
of employee benefit plans sponsored by the Company or the Affiliates or with
respect to such rights or claims as may arise after the date this Waiver and
Release is executed. Additionally, I am not waiving any rights that I may have
under the Family and Medical Leave Act of 1993 or the Fair Labor Standards Act.
Furthermore, although I waive all rights to recovery of any compensation or
benefits that I might be entitled to as a result of filing charges or claims
with the Equal Employment Opportunity Commission, the National Labor Relations
Board and the Oklahoma Human Rights Commission, I am not giving up any right
that I may have to file charges or claims with these governmental agencies.
Finally, I am not waiving any rights that cannot by law be released by private
agreement

 

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This Waiver and Release
 includes, but is not limited to, claims and causes of action under: Title VII of the Civil
Rights Act of 1964, as amended (“Title VII”); the Age Discrimination in Employment Act of 1967, as
amended, including the Older Workers Benefit Protection Act of 1990 (“ADEA”); the Civil Rights Act
of 1866, as amended; the Civil Rights Act of 1991; the Americans with Disabilities Act of 1990
(“ADA”); the Energy Reorganization Act, as amended, 42 U.S.C. ss 5851; the Workers Adjustment and
Retraining Notification Act of 1988; the Pregnancy Discrimination Act of 1978; the Employee
Retirement Income Security Act of 1974, as amended; the Occupational Safety and Health Act; claims
in connection with workers’ compensation or “whistle blower” statutes; and/or contract, tort,
defamation, slander, wrongful termination or any other state or federal regulatory, statutory or
common law. Further, I expressly represent that no promise or agreement which is not expressed in
the Retirement Agreement Materials has been made to me in executing this Waiver and Release, and
that I am relying on my own judgment in executing this Waiver and Release, and that I am not
relying on any statement or representation of the Company, any of the Affiliates or any other
member of the Corporate Group or any of their agents. I agree that this Waiver and Release is
valid, fair, adequate and reasonable, is with my full knowledge and consent, was not procured
through fraud, duress or mistake and has not had the effect of misleading, misinforming or failing
to inform me.

I acknowledge that payment of Benefits to me by the Company is not an admission by the Company
or any other member of the Corporate Group that they engaged in any wrongful or unlawful act or
that the Company or any member of the Corporate Group violated any federal or state law or
regulation.

Should any of the provisions set forth in this Waiver and Release be determined to be invalid
by a court, agency or other tribunal of competent jurisdiction, it is agreed that such
determination shall not affect the enforceability of other provisions of this Waiver and Release.
I acknowledge that this Waiver and Release and the other Retirement Agreement Materials set forth
the entire understanding and agreement between me and the Company or any other member of the
Corporate Group concerning the subject matter of this Waiver and Release and supersede any prior or
contemporaneous oral and/or written agreements or representations, if any, between me and the
Company or any other member of the Corporate Group. I understand that for a period of 7 calendar
days following the date that I sign this Waiver and Release, I may revoke my acceptance of the
offer, provided that my written statement of revocation is received on or before that seventh day
by Stephani Britton, HR Manager, Syntroleum Corporation, 4322 South 49th West Avenue,
Tulsa, Oklahoma 74107, facsimile number:  (918) 592-7979, in which case the Waiver and Release will
not become effective. In the event I revoke my acceptance of this offer, the Company shall have no
obligation to provide me Benefits. I understand that failure to revoke my acceptance of the offer
within 7 calendar days from the date I sign this Waiver and Release will result in this Waiver and
Release being permanent and irrevocable.

 

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I acknowledge that I have read this Waiver and Release, have had an opportunity to ask
questions and have it explained to me and that I understand that this Waiver and Release will have
the effect of knowingly and voluntarily waiving any action I might pursue, including breach of
contract, personal injury, retaliation, discrimination on the basis of race, age, sex, national
origin, or disability and any other claims arising prior to the date of this Waiver and Release.
By execution of this document, I do not waive or release or otherwise relinquish any legal rights I
may have which are attributable to or arise out of acts, omissions, or events of the
Company or any other member of the Corporate Group which occur after the date of the execution of
this Waiver and Release.

	 	 	 
	John B. Holmes, Jr.
	 	 
	 

Executive’s Printed Name

	 	 
	
/s/ John B. Holmes, Jr.
	 	 
	 

Executive’s Signature

	 	 
	
11/15/07 
	 	 
	 

Executive’s Signature Date

	 	 

 

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Attachment B

November 15, 2007

Syntroleum Corporation

4322 South 49th West Avenue

Tulsa, Oklahoma 74107

Attn.: Secretary of the Corporation

	 	 	 	 	 
	 

	 	Re:
	 	Confirmation of resignation from all positions and offices held in Syntroleum
Corporation, and all of its affiliates and/or subsidiaries

Dear Sir/Madam:

By affixing my signature to this letter, I hereby resign, due to my expected entry into
retirement, from any and all positions and/or offices previously held in Syntroleum Corporation,
all of its affiliates and/or subsidiaries that are in existence as of the date of this
correspondence. My resignation includes, without limitation, any position as a director, officer,
agent, or trustee of Syntroleum Corporation and in any of the entities of Syntroleum Corporation
(its affiliates and/or subsidiaries). This resignation shall become effective as of November 19,
2007 as stated in the Retirement Agreement, although I will remain an employee of Syntroleum
Corporation until December 28, 2007.

Sincerely,

John B. Holmes, Jr.

 

-11-Filed by Bowne Pure Compliance

 

Exhibit 10.79

RETIREMENT AGREEMENT

THIS RETIREMENT AGREEMENT (the “Agreement”) made and entered into effective November 16, 2007,
by and between Syntroleum Corporation (the “Company”) and Kenneth L. Agee (the “Executive”).

WITNESSETH:

WHEREAS, the Executive and the Company are parties to that certain Second Amended and Restated
Employment Agreement dated as of June 17, 1999 (the “Employment Agreement”), and that certain
Amended and Restated Indemnification Agreement dated June 17, 1999 (the “Indemnification
Agreement”); and

WHEREAS, the Executive and the Company wish to modify and amend the Employment Agreement
provided herein; and

WHEREAS, the parties mutually desire to arrange for Executive’s retirement from the Company
under certain terms; and

WHEREAS, in consideration of the mutual promises contained herein, the parties hereto are
willing to enter into this Agreement upon the terms and conditions herein set forth.

NOW, THEREFORE, in consideration of the premises, the terms and provisions set forth herein,
the mutual benefits to be gained by the performance thereof and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

1. Retirement and Resignation from Officer Positions. Effective as of 12:01 a.m. on
December 2, 2007 (the “Retirement Date”), the Executive will retire as an employee of the Company.
As of November 19, 2007, the Executive agrees to resign any and all director, officer, or other
positions he holds with the Company or any of its affiliates and/or subsidiaries, and the Executive
hereby agrees to sign and deliver the letter included herein Attachment B, evidencing his
resignation as an officer. The Executive shall remain as an employee until the Retirement Date and
subject to the terms of the Employment Agreement. However, the Company and Executive agree that
from the execution of the Agreement until the Retirement Date, the Executive shall be available, at
times to be mutually agreed, if called upon by the Company, to provide assistance that the Company
may request.

2. Consideration and Waiver and Release. The Executive shall have until 45 calendar
days after the date this Agreement was furnished to him to consider whether to sign and return this
Agreement to the Company by first class mail or by hand delivery. In consideration for the
Executive’s execution of and compliance with this Agreement, including but not limited to the
execution of the Waiver and Release attached hereto as Attachment A, the Company shall
provide the consideration set forth below in this Sections 2, 3(B), 3(C) & 5 of this Agreement.
The value of such consideration is in excess of what Executive is otherwise entitled to.

 

 

 

 Kenneth L. Agee

Retirement Agreement

Unless as
otherwise provided in the Agreement, this consideration is provided subject to the binding
execution by the Executive (without revocation) of the Waiver and Release. The Company’s
obligation to make any further payments or provide any benefits otherwise due under Section 2 shall
cease only in the event the Executive is in material breach of the terms of this Agreement or the
Waiver and Release and fails to cure such breach in a reasonable period of time, and no payment
shall be made or other benefit described hereunder provided until the expiration of the seven-day
revocation period as provided for in the Waiver and Release (the “Effective Waiver Date”).

A. Retirement Payments. Assuming the Waiver and Release has become binding
(without revocation), the Company agrees to pay the Executive a lump sum payment of
$499,374.87 (less applicable taxes) on November 30, 2007. This provision hereby modifies and
supersedes Section 13 (d) of the Employment Agreement.

B. Health Plan Coverage Continuation. The Executive and his qualifying
dependents will be eligible for continuation coverage for medical and dental+vision benefits
under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), subject to the
Executive’s payment of the full premiums and the Company’s ability to amend or terminate its
benefit plans at any time. From the Retirement Date until the date one (1) year following
the Retirement Date, the Company shall bear the payment of that portion of the full premium
which is over and above the Executive’s continued payment of the employee portion of the
then-applicable premium under the Company’s medical and dental+vision plans, as such portion
and premiums are in effect from time to time. If, following the Retirement Date, the
Executive becomes eligible for medical or dental+vision benefits from another employer, the
Company’s obligation to provide such benefits coverage shall immediately cease only with
regard to that coverage provided by the other employer.

C. Unused Leave. Payable on November 30, 2007 and any limitations set forth in
the Company’s personnel policies, the Company will make a lump sum cash payment to Executive
in an amount equal to the hours of unused vacation leave earned up to the Retirement Date.

D. Restricted Stock Grant. The Company and Executive acknowledge that they will
execute a Restricted Stock Award Agreement contemporaneous with this Retirement Agreement
covering the award to Executive of 150,000 shares of the Company’s common stock subject to
performance vesting requirements. Such Restricted Stock Award Agreement shall remain in
effect and binding on the parties notwithstanding the separation of the Executive from the
Company.

E. Stock Options. The Executive and the Company agree that for those stock
option which are unexercised on the Retirement Date, the Executive will have those time
periods set forth for the each particular Stock Option Agreement as set forth on Attachment
C to exercise the stock options granted and vested under the particular listed Stock Option
Agreement.

F. Bonuses. The Executive will not be eligible to receive any annual bonus for
the 2007 calendar year.

 

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Kenneth L. Agee

Retirement Agreement

G. D&O Insurance. Subject to the Company’s own decision with regard to amounts
and insurance providers, the Company will maintain D&O or other insurance coverage and
extend same to the Executive, similar to the Company’s then-current executive group, for a
period of three (3) years from the Effective Waiver Date when commercially possible.

3. Property of the Company.

A. All documents, encoded media, and other tangible items provided to Executive by the
Company or prepared, generated or created by Executive or others in connection with any
business activity of the Company are the property of the Company, and Executive will
promptly deliver to the Company all such documents, media and other items in Executive’s
possession, including all complete or partial copies, recordings, abstracts, notes or
reproductions of any kind made from or about such documents, media, items or information
contained therein by the Separation Date. Executive will neither have nor claim any right,
title or interest in any trademark, service mark or trade name owned or used by the Company.

B. Subject to the necessary and proper procedures of the Company’s Information
Technology department for the termination or retirement of any Company employee and the
requirement that Company will not be required to purchase any licenses to comply with this
paragraph, the Company agrees to transfer ownership of certain listed items to the Executive
within 30 days of the Retirement Date, or within a reasonable period thereof as required to
coordinate with the third party vendors of the Company. The items to be transferred are:
(i) mobile phone and associated cell number, and (ii) one laptop computer & peripherals
(including basic operating system and business productivity software licenses, keyboard,
mouse monitor and docking station) for each. All items are to be provided to the Executive
in working order on an “AS IS, WHERE IS” basis.

C. The Company shall transfer to Executive title to a 2006 Volkswagen Jetta, VIN#
3VWST71K26M682133 (“the Vehicle”) effective the Retirement Date. As regards the Vehicle, the
transfer shall be on a “AS IS, WHERE IS” basis. THE COMPANY EXPRESSLY DISCLAIMS ANY EXPRESS
OR IMPLIED WARRANTIES, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE RELATING TO THE VEHICLE. Any and all transfer taxes, fees or costs
resulting from the transfer of the Vehicle shall be paid by the Executive.

4. Other Benefits. The Executive’s benefits under the Syntroleum 401(k) Plan and any
other plan or arrangement of the Company shall be determined and paid in accordance with the terms
of such plans. Except as expressly provided herein or in the terms of such plans, all benefits
provided to the Executive shall cease as of the Retirement Date.

 

-3-

 

 Kenneth L. Agee

Retirement Agreement

5. Restrictive Covenants. As a material inducement to the Company to enter into this
Agreement, Executive agrees that the restrictive covenants set forth in paragraphs 6, 7, 8, 9, 10,
11 and 12 of the Employment Agreement, originally agreed to by the Executive in entering into the
Employment Agreement in exchange for the Company’s provision to the Executive of
Trade Secret Information and for other good and valid consideration, remain in full force and
effect; provided, however, that, effective the Retirement Date, subject to the Executive upholding
his continuing obligations to maintain the Trade Secret Information of the Company as set forth in
the Employment Agreement, the Company agrees to waive the restrictions set forth in paragraphs 9(a)
and 9(b). Notwithstanding the forgoing, the Company agrees to waive the provisions of paragraph
9(c) as it relates to James Engman, Bryan Hicks and Ronnie Young, but otherwise, the Company does
not waive the restrictions on the Executive as set forth in paragraph 9(c) of the Employment
Agreement.

A. The Company agrees to modify the Employment Agreement by striking the language of
paragraph 8(c) in its entirety, and inserting the language in bold, italic typeface below:

“The provisions of this Paragraph 8 do not apply to an invention (i) developed
during your employment with the Company, for which no equipment, supplies, facility
or Trade Secret Information of the Company was used and which was developed entirely
on Employee’s own time, or (ii) for an invention developed within two years of
termination of employment, which does not include any Trade Secret Information
disclosed to Employee by the Company or Trade Secret Information developed by
Employee in the course of his employment with the Company.  A reasonable
determination of the applicability of Paragraph 8(a) to an Employee’s invention
shall be made by Syntroleum after the Employee submits notification in writing of
the invention.  Said notice shall include adequate detail for Syntroleum to evaluate
the invention and the circumstances under which the Employee believes this exclusion
should apply.  Such notice to Company shall be made whenever a reasonable person
would consider that the invention may include any Trade Secret Information disclosed
to Employee by the Company or Trade Secret Information developed by Employee in the
course of his employment with the Company.  The Company shall have the right to
review the invention and contest the applicability of this Paragraph 8 even in such
circumstances that Employee does not give notice.”

6. Assistance with Company Activities. The Executive agrees that for a period of
three years after the Retirement Date, the Executive will furnish such information and proper
assistance as may be reasonably necessary in connection with the Company’s activities, including
but not limited to, any litigation or other legal proceedings in which the Company or any affiliate
or subsidiary is then or may become involved. The Executive and the Company agree that in the event
the requests for assistance present an unreasonable and undue burden upon the Executive, the
Executive and the Company will negotiate a reasonable rate of compensation for his time; such
agreed compensation will not include time responding to casual requests for information or
clarifications.

 

-4-

 

 Kenneth L. Agee

Retirement Agreement

7. Reference; Nondisparagement. The Executive agrees to refrain from any criticisms
or disparaging comments about the Company or any affiliates (including any current or former
officer, director or employee of the Company), and the Executive agrees not to take any action, or
assist any person in taking any other action, that is adverse to the interests of the
Company or any affiliate or inconsistent with fostering the goodwill of the Company and its
affiliates. Likewise, the Company agrees to refrain from any criticisms or disparaging comments
about the Executive, and the Company agrees not to take any action, or assist any person in taking
any other action, that is adverse to the interests of the Executive or inconsistent with fostering
the goodwill of the Executive. Notwithstanding the forgoing, this paragraph imposes no limitation
on the Executive’s rights as a shareholder of the Company, or on either party’s rights to enforce
this Agreement. Nothing in this Agreement shall apply to or restrict in any way the communication
of information by either Party to any state or federal law enforcement agency, or require notice to
either Party thereof in such event, and neither Party will be in breach of the covenant contained
above solely by reason of giving testimony which is compelled by process of law.

8. Non-Alienation. The Executive shall not have any right to pledge, hypothecate,
anticipate, or in any way create a lien upon any amounts provided under this Agreement, and no
payments or benefits due hereunder shall be assignable in anticipation of payment either by
voluntary or involuntary acts or by operation of law. So long as the Executive lives, no person,
other than the parties hereto, shall have any rights under or interest in this Agreement or the
subject matter hereof. Upon the death of the Executive, his executors, administrators, devisees
and heirs, in that order, shall have the right to enforce the provisions hereof.

9. Amendment of Agreement. This Agreement may not be modified or amended except by an
instrument in writing signed by the parties hereto.

10. Waiver. No term or condition of this Agreement shall be deemed to have been
waived, nor shall there be an estoppel against the enforcement of any provision of this Agreement,
except by written instrument of the party charged with such waiver or estoppel. The Executive does
waive any requirement for notice for termination of employment as set forth in the Employment
Agreement.

11. Notices. All notices or communications hereunder shall be in writing, addressed
as follows:

To the Company:

Syntroleum Corporation

4322 South 49th West Avenue

Tulsa, OK 74107-6100

Attention: President

Fax: (918) 592-7979

 

-5-

 

Kenneth L. Agee

Retirement Agreement

To the Executive:

Kenneth L. Agee

13137 South Yorktown Avenue

Bixby, OK 74008

Telephone: (918) 298-7811

All such notices shall be conclusively deemed to be received and shall be effective; (i) if sent by
hand delivery, upon receipt, (ii) if sent by telecopy or facsimile transmission, upon confirmation
of receipt by the sender of such transmission or (iii) if sent by registered or certified mail, on
the fifth day after the day on which such notice is mailed.

12. Tax Withholding. The Company shall withhold from any benefits payable under this
Agreement the minimum federal, state, city or other taxes that will be required pursuant to any law
or governmental regulation or ruling. In instances where a taxable event involves options or
stock, the taxes will be handled in accordance with the applicable stock option agreement or
restricted stock award agreement.

13. Severability. If any provision of this Agreement is held to be invalid, illegal
or unenforceable, in whole or part, such invalidity will not affect any otherwise valid provision,
and all other valid provisions will remain in full force and effect.

14. Counterparts. This Agreement may be executed in two or more counterparts, each of
which will be deemed an original, and all of which together will constitute one document.

15. Titles. The titles and headings preceding the text of the sections and
subsections of this Agreement have been inserted solely for convenience of reference and do not
constitute a part of this Agreement or affect its meaning, interpretation or effect.

16. Governing Law; Venue. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF OKLAHOMA, UNITED STATES OF AMERICA, WITHOUT REGARD TO
CONFLICT OF LAW PROVISIONS THEREOF. Subject to Section 16(a) below, the Company and the Executive
expressly and irrevocably consent and submit to the nonexclusive jurisdiction of any state or
federal court sitting in Oklahoma County, Oklahoma and agree that, to the fullest extent allowed by
law, such Oklahoma state or federal courts shall have jurisdiction over any action, suit or
proceeding arising out of or relating to this Agreement. The Company and the Executive each
irrevocably waive, to the fullest extent allowed by law, any objection either of them may have to
the laying of venue of any such suit, action or proceeding brought in any state or federal court
sitting in Oklahoma County, Oklahoma based upon a claim that such court is inconvenient or
otherwise an objectionable forum. Any process in any action, suit or proceeding arising out of or
relating to this Agreement may, among other methods, be served upon the Company or the Executive by
delivering it or mailing it to their respective addresses set forth herein. Any such delivery or
mail service shall be deemed to have the same force and effect as personal service in the State of
Oklahoma.

 

-6-

 

 Kenneth L. Agee

Retirement Agreement

(a) Any dispute arising out of or in connection with this Agreement, including any question
regarding its existence, validity or termination, shall be addressed exclusively in the following
priority order:

(1) Negotiation. The Employee and the Company shall arrange a meeting, at a mutually
convenient time by phone or in person, to discuss the issues of each Party and negotiate for a
resolution of the dispute. The period of negotiation shall extend no longer than thirty (30)
calendar days from the first meeting of the negotiators.

(2) Mediation. If the Parties have failed to resolve the dispute by negotiation, the
Parties shall submit to mediation prior to seeking resolution by binding arbitration. The Parties
will cooperate with one another in selecting a mediator from the American Arbitration Association
panel of neutrals, which shall be requested to promptly schedule the mediation proceedings. The
parties covenant that they will participate in the mediation in good faith, and that they will each
bear their own costs. All offers, promises, conduct and statements, whether oral or written, made
in the course of the mediation by any of the parties, their agents, employees, experts and
attorneys, and by the mediator, are expected to be treated as confidential, privileged and
inadmissible for any purpose, including impeachment, in any arbitration or other proceeding
involving the parties, provided that evidence that is otherwise admissible or discoverable shall
not be rendered inadmissible or non-discoverable as a result of its use in the mediation. If the
dispute is not resolved within thirty (30) calendar days from the date of the submission of the
dispute to mediation (or such later date as the parties may mutually agree in writing), the
administration of the arbitration shall proceed forthwith. The mediation may continue, if the
parties so agree, after the appointment of the arbitrators. Unless otherwise agreed by the
parties, the mediator shall be disqualified from serving as arbitrator in the case. The pendency
of a mediation shall not preclude a party from seeking provisional remedies, such as a temporary or
permanent injunction or restraining order to prevent a continuing harm to a Party, in aid of the
arbitration from a court of appropriate jurisdiction, and the parties agree not to defend against
any application for provisional relief on the ground that a mediation is pending.

(3) Arbitration. Within five (5) business days of the conclusion of the Parties’
mediation, any dispute, claim or controversy arising out of or relating to this Agreement or the
breach, termination, enforcement, interpretation or validity thereof, including the determination
of the scope or applicability of this Agreement to arbitrate, shall be determined by binding
arbitration in Oklahoma City, Oklahoma, before three (3) arbitrators. The arbitration shall be
administered by the American Arbitration Association pursuant to its Commercial Rules for
Arbitration. The arbitrators’ award may be enforced in State District Courts in Tulsa or Oklahoma
Counties, the United States District Courts for the Northern or Western Districts of Oklahoma or in
any other court having jurisdiction over the parties. This clause shall not preclude the Parties
from seeking provisional remedies in aid of arbitration, such as a temporary or permanent
injunction or restraining order to prevent a continuing harm to a Party, from a court of
appropriate jurisdiction. The Parties covenant that they will participate in the arbitration in
good faith, and that they will each bear their own costs. The provisions of this clause may be
enforced by any court of competent jurisdiction, and the Party seeking enforcement shall be
entitled to an award of all costs, fees and expenses, including attorneys’ fees, to be paid by the
Party against whom enforcement is ordered.

 

-7-

 

 Kenneth L. Agee

Retirement Agreement

(4) The Parties agree that the dispute resolution priority set forth herein is a material term
of this agreement and that the damages for failure to comply with the dispute resolution priority
are and would be difficult to measure. Consequently, the Parties agree that in the event a Party
elects to ignore the dispute resolution priority order requirements set forth in this Section
16(a), the Party making the election shall be obligated for all (internal and external) costs, fees
and expenses, including attorneys’ fees, of the other Party, regardless of how the dispute is
ultimately decided. In other words, any Party electing to forego the dispute resolution priority
in Section 16(a) also elects to pay the fees, costs and expenses of the other Party even if the
electing Party ultimately prevails. The dispute resolution priority order requirement specified in
this Section 16(a) may be amended, modified, or waived only upon the agreement, in writing, of the
Parties.

17. Remedies. In the event of any material breach by either party of any of the
provisions of this Agreement and in the event such material breach is not cured by the breaching
party within forty-five (45) days after notice from the non-breaching party, the non-breaching
party, in addition to any other rights, remedies or damages available at law or in equity, shall be
entitled (a) to injunctive relief enjoining and restraining any such material breach by the
breaching party; and, in addition to any other award of damages to which may be entitled, (b) to
recover from the breaching party all costs and expenses, including reasonable attorney’s fees,
incurred by the non-breaching party, its successors or assigns as a consequence of any such breach.

18. Entire Agreement. This Agreement, together with Attachments A and B, constitute
the entire agreement of the parties with respect to the subject matter hereof, and expressly
supersedes the Employment Agreement, except as expressly provided herein.

19. 409A Compliance. The parties acknowledge that all payments and benefits provided
under this Agreement and the Consulting Agreement are intended to meet the requirements and
restrictions of the nonqualified deferred compensation rules contained in Section 409A of the
Internal Revenue Code of 1986, as amended (to the extent applicable thereto).

(signature page follows)

 

-8-

 

 Kenneth L. Agee

Retirement Agreement

IN WITNESS WHEREOF, the parties have executed this Agreement in multiple counterparts, all of
which shall constitute one agreement, effective as of the date and year first above written.

	 	 	 	 	 
	 	SYNTROLEUM CORPORATION

 	 
	 	By:  	/s/ Edward G. Roth	 
	 	 	Edward G. Roth 	 
	 	 	President & Chief Operating Officer 	 
	 
	 	EXECUTIVE

 
/s/ Kenneth L. Agee	 
	 	Kenneth L. Agee
 	 

-9-

 

Attachment A

SYNTROLEUM CORPORATION

Waiver And Release

Syntroleum Corporation has offered to pay me certain benefits (the “Benefits”) under my
Retirement Agreement with Syntroleum Corporation, dated as of November
 _____ 
, 2007 (the “Retirement
Agreement”), which include benefits to which I am not otherwise entitled. These Benefits were
offered to me in exchange for my agreement, among other things, to waive all of my claims against
and release Syntroleum Corporation and its predecessors, successors and assigns (collectively
referred to as the “Company”), all of the affiliates (including parents and subsidiaries) of the
Company (collectively referred to as the “Affiliates”) and the Company’s and Affiliates’ directors
and officers, employees and agents, insurers, employee benefit plans and the fiduciaries and agents
of said plans (collectively, with the Company and Affiliates, referred to as the “Corporate Group”)
from any and all claims, demands, actions, liabilities and damages arising out of or relating in
any way to my employment with or retirement from the Company or the Affiliates; provided, however,
that this Waiver and Release shall not apply to any claim or cause of action to enforce or
interpret any provision contained in the Retirement Agreement. I have read this Waiver and Release
and the Retirement Agreement, including the attachments thereto (all of which I received together
and which, together, are referred to herein as the “Retirement Agreement Materials”) and they are
incorporated herein by reference. I choose to accept this offer.

I understand that signing this Waiver and Release is an important legal act. I acknowledge
that the Company has advised me in writing to consult an attorney before signing this Waiver and
Release. I understand that, in order to be eligible for Benefits, I must sign (and return to
Stephani Britton, HR Manager) this Waiver and Release before 5 p.m. on December 31, 2007. I
acknowledge that I have been given sufficient time to consider whether to sign the Retirement
Agreement and whether to execute this Waiver and Release.

In exchange for the payment to me of Benefits, which are in addition to any remuneration or
benefits to which I am already entitled, I, among other things, (1) agree not to sue in any local,
state and/or federal court regarding or relating in any way to my employment with or retirement
from the Company or the Affiliates, and (2) knowingly and voluntarily waive all claims and release
the Corporate Group from any and all claims, demands, actions, liabilities, and damages, whether
known or unknown, arising out of or relating in any way to my employment with or retirement from
the Company or the Affiliates1.

 

			
	1	 	Nothing in this Waiver and Release or the Separation
Agreement should be construed as a waiver of my rights vested under the terms
of employee benefit plans sponsored by the Company or the Affiliates or with
respect to such rights or claims as may arise after the date this Waiver and
Release is executed. Additionally, I am not waiving any rights that I may have
under the Family and Medical Leave Act of 1993 or the Fair Labor Standards Act.
Furthermore, although I waive all rights to recovery of any compensation or
benefits that I might be entitled to as a result of filing charges or claims
with the Equal Employment Opportunity Commission, the National Labor Relations
Board and the Oklahoma Human Rights Commission, I am not giving up any right
that I may have to file charges or claims with these governmental agencies.
Finally, I am not waiving any rights that cannot by law be released by private
agreement.

 

-10-

 

This Waiver and Release includes, but is not limited to, claims and causes of action under: Title VII of the Civil
Rights Act of 1964, as amended (“Title VII”); the Age Discrimination in Employment Act of 1967, as
amended, including the Older Workers Benefit Protection Act of 1990 (“ADEA”); the Civil Rights Act
of 1866, as amended; the Civil Rights Act of 1991; the Americans with Disabilities Act of 1990
(“ADA”); the Energy Reorganization Act, as amended, 42 U.S.C. ss 5851; the Workers Adjustment and
Retraining Notification Act of 1988; the Pregnancy Discrimination Act of 1978; the Employee
Retirement Income Security Act of 1974, as amended; the Occupational Safety and Health Act; claims
in connection with workers’ compensation or “whistle blower” statutes; and/or contract, tort,
defamation, slander, wrongful termination or any other state or federal regulatory, statutory or
common law. Further, I expressly represent that no promise or agreement which is not expressed in
the Retirement Agreement Materials has been made to me in executing this Waiver and Release, and
that I am relying on my own judgment in executing this Waiver and Release, and that I am not
relying on any statement or representation of the Company, any of the Affiliates or any other
member of the Corporate Group or any of their agents. I agree that this Waiver and Release is
valid, fair, adequate and reasonable, is with my full knowledge and consent, was not procured
through fraud, duress or mistake and has not had the effect of misleading, misinforming or failing
to inform me.

I acknowledge that payment of Benefits to me by the Company is not an admission by the Company
or any other member of the Corporate Group that they engaged in any wrongful or unlawful act or
that the Company or any member of the Corporate Group violated any federal or state law or
regulation.

Should any of the provisions set forth in this Waiver and Release be determined to be invalid
by a court, agency or other tribunal of competent jurisdiction, it is agreed that such
determination shall not affect the enforceability of other provisions of this Waiver and Release.
I acknowledge that this Waiver and Release and the other Retirement Agreement Materials set forth
the entire understanding and agreement between me and the Company or any other member of the
Corporate Group concerning the subject matter of this Waiver and Release and supersede any prior or
contemporaneous oral and/or written agreements or representations, if any, between me and the
Company or any other member of the Corporate Group. I understand that for a period of 7 calendar
days following the date that I sign this Waiver and Release, I may revoke my acceptance of the
offer, provided that my written statement of revocation is received on or before that seventh day
by Stephani Britton, HR Manager, Syntroleum Corporation, 4322 South 49th West Avenue,
Tulsa, Oklahoma 74107, facsimile number:  (918) 592-7979, in which case the Waiver and Release will
not become effective. In the event I revoke my acceptance of this offer, the Company shall have no
obligation to provide me Benefits. I understand that failure to revoke my acceptance of the offer
within 7 calendar days from the date I sign this Waiver and Release will result in this Waiver and
Release being permanent and irrevocable.

 

-11-

 

I acknowledge that I have read this Waiver and Release, have had an opportunity to ask
questions and have it explained to me and that I understand that this Waiver and Release will have
the effect of knowingly and voluntarily waiving any action I might pursue, including breach of
contract, personal injury, retaliation, discrimination on the basis of race, age, sex, national
origin, or disability and any other claims arising prior to the date of this Waiver and Release.
By execution of this document, I do not waive or release or otherwise relinquish any legal rights I
may have which are attributable to or arise out of acts, omissions, or events of the
Company or any other member of the Corporate Group which occur after the date of the execution of
this Waiver and Release.

	 	 	 
	Kenneth L. Agee
 

Executive’s Printed Name

	 	 
	
/s/ Kenneth L. Agee
	 	 
	 

Executive’s Signature

	 	 
	
11/16/07 
	 	 
	 

Executive’s Signature Date

	 	 

 

-12-

 

Attachment B

November 16, 2007

Syntroleum Corporation

4322 South 49th West Avenue

Tulsa, Oklahoma 74107

Attn.: Secretary of the Corporation

Re:    Confirmation of resignation from all positions and offices held in Syntroleum
Corporation, and all of its affiliates and/or subsidiaries

Dear Sir/Madam:

By affixing my signature to this letter, I hereby resign, due to my expected entry into
retirement, from any and all positions and/or offices previously held in Syntroleum Corporation,
all of its affiliates and/or subsidiaries that are in existence as of the date of this
correspondence. My resignation includes, without limitation, any position as a director, officer,
agent, or trustee of Syntroleum Corporation and in any of the entities of Syntroleum Corporation
(its affiliates and/or subsidiaries). This resignation shall become effective as of November 19,
2007 as stated in the Retirement Agreement, although I will remain an employee of Syntroleum
Corporation until December 2, 2007.

Sincerely,

Kenneth L. Agee

 

-13-

 

Attachment “C”

SYNTROLEUM CORPORATION

Stock Option Detail

The stock option detail below shows the exercisable options available to the Executive. If the
Executive elects to sell any or all of his vested options, The Executive will need to do so by the
expiration date noted in the chart below.

Stock Option Detail

	 	 	 	 	 	 	 	 	 	 	 
	Option Date	 	Option Price	 	Expiration Date	 	Shares Exercisable/Vested
	12/20/07
	 	$1.54	 	12/20/07	 	300,000
	1/23/06
	 	$9.67	 	1/2/08	 	14,000

 

-14-

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