Document:

Promissory Note

 Exhibit 10.6 
 Loan No.: 050-0012576-001 
 PROMISSORY NOTE 

(Fixed Rate) 
 (10210 Grogan’s Mill Road, The Woodlands, Montgomery County, Texas) 
  

			
	$3,485,000.00	  	August 8, 2005

 FOR VALUE
RECEIVED, RAAM GLOBAL ENERGY COMPANY, a Delaware corporation (“Borrower”), promises to pay to the order of GE COMMERCIAL FINANCE BUSINESS PROPERTY CORPORATION, a Delaware corporation (“Payee”; Payee and any subsequent holder of
this Promissory Note (this “Note”) being referred to herein as “Holder”), at Payee’s office at 10900 Northeast Fourth Street, Suite 500, Bellevue, Washington 98004, attention: Middle Market Risk, or at such other address as
Holder may from time to time designate in writing, the principal sum of Three Million Four Hundred Eighty-Five Thousand and No Hundredths Dollars ($3,485,000.00) together with interest from the date the proceeds of the loan (the “Loan”)
evidenced by this Note are initially disbursed (including, without limitation, disbursement into an escrow for the benefit of Borrower) until Maturity (as defined below) on the principal balance from time to time remaining unpaid hereon at the rate
of seven and five hundredths percent (7.05%) per annum (computed on the basis of a 360-day year consisting of twelve (12) consecutive thirty (30)-day months) in installments as follows: (i) interest only in advance at the rate of
$682.48 per day shall be due and payable on the date the proceeds of the Loan are initially disbursed to or for the benefit of Borrower for the period from the date of such disbursement to and including the last day of the month during which such
disbursement occurs, and (ii) two hundred thirty-nine (239) installments of principal and interest in the amount of $27,123.86 each shall be payable commencing on October 1, 2005 and continuing on the first day of each and every
succeeding month until September 1, 2025 (“Maturity”), at which time all then unpaid principal and interest hereon shall be due and payable. 
 All payments of the principal and interest on this Note shall be made in coin or currency of the United States of America which at the time shall be the legal tender for the payment of public and private
debts. 
 If any payment shall not be received by Holder within ten (10) days after its due date, Borrower shall pay an
additional charge equal to five percent (5.00%) of the delinquent payment or the highest additional charge permitted by law, whichever is less. 
 Except as is expressly provided for herein, this Note may not be prepaid in whole or in part without the prior written consent of Holder. Upon not less than fifteen (15) days’ advance written
notice to Holder, and upon payment of a prepayment fee as set forth below (the “Prepayment Fee”), Borrower shall have the right to prepay all, but not less than all, of the outstanding balance of this Note. The Prepayment Fee shall be
determined by adding the “Base Premium”, which is calculated by multiplying the “Base Premium Factor” set forth below by the 

 
principal balance to be prepaid, to the “Variable Premium”, which is determined by (i) calculating the decrease (expressed in basis points) in the current weekly average yield of
ten (10)-year U.S. Dollar Interest Rate Swaps (as published in Federal Reserve Statistical Release H.15 [519]) (the “Index”) from Friday, March 15, 2005, to the prepayment date, (ii) dividing the decrease by 100,
(iii) multiplying the result by the following described “Variable Premium Factor”, and (iv) multiplying the product by the principal balance to be prepaid. If the Index is unchanged or has increased from Friday, March 15,
2005, to the prepayment date, no Variable Premium shall be due. The Base Premium Factor and the Variable Premium Factor shall be as shown on the following chart for the month in which prepayment occurs: 

 

							
	No. Mos
Remaining	  	(Years)	 	Base Premium
Factor	  	Variable Premium
Factor
				
	240 - 229	  	(20)	 	0.05	  	0.094
	228 - 217	  	(19)	 	0.04	  	0.090
	216 - 205	  	(18)	 	0.03	  	0.085
	204 - 193	  	(17)	 	0.02	  	0.081
	192 - 181	  	(16)	 	0	  	0.076
	180 - 169	  	(15)	 	0	  	0.072
	168 - 157	  	(14)	 	0	  	0.067
	156 - 145	  	(13)	 	0	  	0.063
	144 - 133	  	(12)	 	0	  	0.058
	132 - 121	  	(11)	 	0	  	0.053
	120 - 109	  	(10)	 	0	  	0.049
	108 - 97	  	(9)	 	0	  	0.044
	96 - 85	  	(8)	 	0	  	0.039
	84 - 73	  	(7)	 	0	  	0.035
	72 - 61	  	(6)	 	0	  	0.030
	60 - 49	  	(5)	 	0	  	0.025
	48 - 37	  	(4)	 	0	  	0.020
	36 - 25	  	(3)	 	0	  	0.015
	24 - 13	  	(2)	 	0	  	0.010
	12 - 1	  	(1)	 	0	  	0.005

 If the Federal
Reserve Board ceases to publish Statistical Release H.15 [519], then the decrease in the weekly average yield of ten (10)-year U.S. Dollar Interest Rate Swaps will be determined from another source designated by Holder. 

If Holder at any time accelerates this Note after an Event of Default (defined below), then Borrower shall be obligated to pay the
Prepayment Fee in accordance with the foregoing schedule. The Prepayment Fee shall not be payable in the case of an assumption of the Loan (if permitted by Holder pursuant to the terms of the Security Instrument (as hereinafter defined)), nor with
respect to condemnation awards or insurance proceeds from fire or other casualty which Holder applies to prepayment, nor with respect to Borrower’s prepayment of the Note in full during the last 90 days of the term of this Note unless an Event
of Default has occurred and is continuing. Borrower expressly acknowledges that such Prepayment Fee is not a penalty but is 

  
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intended solely to compensate Holder for the loss of its bargain and the reimbursement of internal expenses and administrative fees and expenses incurred by Holder. 

The Loan is secured, in part, by a certain Commercial Deed of Trust, Security Agreement, Assignment of Leases and Rents and Fixture
Filing (the “Security Instrument”) covering the real property and other assets (the “Property”) described therein, and by certain other documents executed and delivered in connection herewith (this Note, the Security Instrument
and such other documents are collectively called the “Loan Documents”). 
 Holder shall have full recourse against
Borrower for all sums due under this Note and for all the representations, warranties, indemnities and covenants in the Security Instrument and all other Loan Documents. 
 Each of the following shall constitute an Event of Default (“Event of Default”) hereunder and under the Security Instrument: 

(a) Failure of Holder to receive any payment of principal, interest, or Prepayment Fee upon this Note when due, and such failure shall
continue for ten (10) days after written notice is given by Holder to Borrower of the same; or 
 (b) The occurrence of an
“Event of Default” as defined in any Loan Document (other than this Note). 
 Upon the occurrence of any Event of
Default, Holder shall have the option to declare the entire amount of principal and interest due under this Note immediately due and payable without notice or demand, and Holder may exercise any of its rights under this Note and any document
executed or delivered herewith. After acceleration or maturity, Borrower shall pay interest on the outstanding principal balance of this Note at a default rate equal to the lesser of fifteen percent (15.00%) per annum or the maximum interest
rate permitted by law (the “Default Rate”). 
 If this Note is placed in the hands of an attorney for collection,
Borrower shall pay reasonable attorneys’ fees and costs incurred by Holder in connection therewith, and in the event suit or action is instituted to enforce or interpret this Note (including, without limitation, efforts to modify or vacate any
automatic stay or injunction), the prevailing party shall be entitled to recover all expenses reasonably incurred at, before or after trial and on appeal, whether or not taxable as costs, or in any bankruptcy proceeding, or in connection with
post-judgment collection efforts, including, without limitation, reasonable attorneys’ fees, witness fees (expert and otherwise), deposition costs, copying charges and other expenses. 

This Note shall be governed and construed; in accordance with the laws of the State of Texas applicable to contracts made and to be
performed therein (excluding choice-of-law principles). Borrower hereby irrevocably submits to the jurisdiction of any state or federal court sitting in Texas in any action or proceeding brought to enforce or otherwise arising out of or relating to
this Note, and hereby waives any objection to venue in any such court and any claim that such forum is an inconvenient forum. 

This Note is given in a commercial transaction for business purposes. 

  
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 This Note may be declared due prior to its expressed maturity date, all in the events, on
the terms, and in the manner provided for in the Security Instrument. 
 Borrower and all sureties, endorsers, guarantors and
other parties now or hereafter liable for the payment of this Note, in whole or in part, hereby severally (i) waive demand, notice of demand, presentment for payment, notice of nonpayment, notice of default, protest, notice of protest, notice
of intent to accelerate, notice of acceleration and all other notices except those for which the Loan Documents expressly provide, and further waive diligence in collecting this Note or in enforcing any of the security for this Note; (ii) agree
to any substitution, subordination, exchange or release of any security for this Note or the release of any party primarily or secondarily liable for the payment of this Note; (iii) agree that Holder shall not be required to first institute
suit or exhaust its remedies hereon against Borrower or others liable or to become liable for the payment of this Note or to enforce its rights against any security for the payment of this Note; and (iv) consent to any extension of time for the
payment of this Note, or any installment hereof, made by agreement by Holder with any person now or hereafter liable for the payment of this Note, even if Borrower is not a party to such agreement. 

Borrower authorizes Holder or its agent to insert in the spaces provided herein the appropriate interest rate and the payment amounts as
of the date of the initial advance hereunder. 
 All agreements between Borrower and Holder, whether now existing or hereafter
arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of demand or acceleration of the final maturity of this Note or otherwise, shall the interest contracted for, charged, received, paid or agreed to
be paid to Holder exceed the maximum amount permissible under the applicable law. If, from any circumstance whatsoever, interest would otherwise be payable to Holder in excess of the maximum amount permissible under applicable law, the interest
payable to Holder shall be reduced to the maximum amount permissible under applicable law; and if from any circumstance Holder shall ever receive anything of value deemed interest by applicable law in excess of the maximum amount permissible under
applicable law, an amount equal to the excessive interest shall be applied to the outstanding principal balance hereof, or if such excessive amount of interest exceeds the unpaid balance of principal hereof, such excess shall be refunded to
Borrower. All interest paid or agreed to be paid to Holder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full period (including any renewal or extension) until payment in full of the
principal so that the interest hereon for such full period shall not exceed the maximum amount permissible under applicable law. Holder expressly disavows any intent to contract for, charge or receive interest in an amount which exceeds the maximum
amount permissible under applicable law. This paragraph shall control all agreements between Borrower and Holder. 

WAIVER OF JURY TRIAL. BORROWER AND HOLDER HEREBY KNOWINGLY, VOLUNTARILY AND INTELLIGENTLY WAIVE ANY AND ALL RIGHTS THAT EACH
PARTY TO THIS NOTE MAY NOW OR HEREAFTER HAVE UNDER THE LAWS OF THE UNITED STATES OF AMERICA OR THE STATE OF TEXAS, TO A TRIAL BY JURY OF ANY AND ALL ISSUES ARISING DIRECTLY OR INDIRECTLY IN ANY ACTION OR PROCEEDING RELATING TO THIS NOTE, THE LOAN
DOCUMENTS OR ANY TRANSACTIONS CONTEMPLATED THEREBY OR 

  
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RELATED THERETO. IT IS INTENDED THAT THIS WAIVER SHALL APPLY TO ANY AND ALL DEFENSES, RIGHTS, CLAIMS AND/OR COUNTERCLAIMS IN ANY SUCH ACTION OR PROCEEDING. BORROWER UNDERSTANDS THAT THIS WAIVER
IS A WAIVER OF A CONSTITUTIONAL SAFEGUARD, AND EACH PARTY INDIVIDUALLY BELIEVES THAT THERE ARE SUFFICIENT ALTERNATE PROCEDURAL AND SUBSTANTIVE SAFEGUARDS, INCLUDING, A TRIAL BY AN IMPARTIAL JUDGE, THAT ADEQUATELY OFFSET THE WAIVER CONTAINED HEREIN.

 [REMAINDER OF PAGE INTENTIONALLY BLANK; 
 EXECUTION PAGE FOLLOWS] 

  
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 IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS AGREEMENT SHOULD BE READ CAREFULLY
BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THIS WRITTEN CONTRACT MAY BE LEGALLY ENFORCED. YOU MAY CHANGE THE TERMS OF THIS AGREEMENT ONLY BY ANOTHER WRITTEN AGREEMENT. 

TIME IS OF THE ESSENCE HEREOF. 
 IN WITNESS WHEREOF, Borrower has executed or caused this Note to be executed by its duly authorized officer under seal as of the year and day first written above. 

 

			
	BORROWER:
	
	 RAAM GLOBAL ENERGY COMPANY,
 a Delaware corporation

		
	By:	 	 /s/ Jeff T Craycraft

	Print:	 	 Jeff T Craycraft

	Title:	 	 CFO

		
		 	[SEAL]

 [EXECUTION PAGE OF PROMISSORY
NOTE]Employment Agreement--Howard A. Settle

 Exhibit 10.7 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (this
“Agreement”), dated January 1, 2011 by and between RAAM Global Energy Company, a Delaware corporation (the “Company” or “Employer”) and Howard A. Settle, an individual (“Employee”). 

W I T N E S S E T H: 
 WHEREAS, Employer is engaged in the business of oil and gas exploration and development; and 
 WHEREAS, Employer desires to employ Employee to perform certain services for the Company, as hereinafter set forth, and Employee desires to undertake the performance of such services and any
reasonable changes in such services Employee may hereafter be directed to undertake from time to time. Employee agrees to devote his professional time on a full-time basis to the business of the Company and perform the duties and responsibilities
assigned by the Company to the best of his ability and with reasonable diligence. 
 NOW, THEREFORE, for and in
consideration of the foregoing premises, the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and on the terms and subject to the conditions
herein set forth, the parties hereto agree as follows: 
  

	1.	Employment. Employer hereby employs Employee and Employee hereby accepts employment with Employer upon the following terms and conditions.

  

	2.	Services. Employee shall perform the following services (the “Services”) for the Company: 

Duties of President and Chief Executive Officer which include: Management Committee; Corporate Strategy & Direction; Personnel
Management; Fund Raising; Reports to Board of Directors. 
 All Services performed by Employee shall be subject to review by
Employer. Employer shall have the authority to specify the nature and timing of the Services. 
  

	3.	Term. This Agreement shall commence on the date hereof, continue in force to December 31, 2011. 

 

	4.	Compensation. As compensation for the Services, Employee shall receive the following: 

 

	 	a.	Salary. From the commencement of employment until December 31, 2011, Employee shall receive an annual salary, prorated for the actual months of the year
employed, of Two Hundred Seventy-Five Thousand Dollars ($275,000) to be paid in equal monthly installments of $22,916.67 on the last day of each month in which the Services are rendered. 

	 	b.	Expenses. Employee shall be reimbursed for all reasonable out-of-pocket expenses incurred by Employee in the performance of the Services. The Employer shall
determine the extent of prior authorization required, if any, and required documentation regarding such reimbursable expenses. 

  

	 	c.	Benefits. While employed by the Company, Employee shall be allowed to participate, on the same basis generally as other employees of the Company, in all employee
benefit plans and programs, including improvements or modifications of the same, which on the commencement date of this Agreement or thereafter through the Term are made available by the Company to all or substantially all of the Company’s
similarly situated employees. Such benefits, plans and programs may include, without limitation, medical, health and dental care, life insurance, disability protections, and qualified and non-qualified deferred compensation plans, provided, however,
that nothing contained in this Agreement shall require the Company to establish, maintain or continue any of the fringe benefits already in existence or hereafter adopted for employees of the Company nor restrict the right of the Company to amend,
modify or terminate such fringe benefit programs in a manner which does not discriminate against Employee as compared to other employees of the Company. 

  

	 	d.	Withholding. The Company shall withhold from any compensation, benefits or amounts payable to Employee under this Agreement all federal, state, city, or other
taxes as may be required pursuant to any law or governmental regulation or ruling. 

  

	 	e.	Vacation and Paid Legal Holidays. Employee shall be entitled to no less than 10 working days paid vacation each year of the Term and paid legal holidays as
reasonably determined by the Employer. 

  

	5.	Participation in the Employee Incentive Bonus Plan and After Payout Overriding Royalty Plan. 

 

	 	a.	Employee Incentive Bonus Plan. Employee shall participate in any incentive bonus plan approved by the Compensation Committee of the Employer’s Board of
Directors and the percentage of participation will be determined by the Compensation Committee. 

  

	 	b.	Participation in the After Payout Overriding Royalty Plan. Employee shall be a Participant in the After Payout Overriding Royalty Plan (“APORRI Plan”),
attached hereto as Exhibit “B”, and incorporated herein by reference. For purposes of the After Payout Overriding Royalty Plan, Employee will receive 100 APORRI Units as defined in the APORRI Plan. 

  
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	 	c.	Century Exploration Resources Royalty. Employee shall be granted and receive a one percent of eight eighths (1% of 8/8ths) overriding royalty interest
(“ORRI”) in and to each and every oil and gas lease currently owned or subsequently acquired by Employer after the commencement of the Term. The ORRI shall be proportionately reduced to the working interest owned by Employer in each lease,
prior to any assignment or other disposition to third parties, and shall be paid in the same manner and time as the land owner royalties. 

 For any distributions received by Employee from the Bonus Plan, the Employer shall deduct any federal, state, or local taxes required by law to be withheld with respect to such payments. 

 

	6.	Confidentiality and Non-Disclosure. During the Term of this Agreement, Employer has disclosed and will continue to disclose to Employee certain
confidential information, which is proprietary and valuable, relating to the Company’s oil and gas exploration activities, which confidential information includes, but is not limited to, geological and geophysical data, maps, models, and
interpretations, and may include commercial, contractual and financial information (hereinafter referred to as the “Confidential Information”). Employee hereby agrees to the following in respect of the Confidential Information during the
term of this Agreement and for one year thereafter: 

  

	 	a.	Employee shall maintain the Confidential Information strictly confidential and the Confidential Information shall not be used by Employee or sold, traded, published or
otherwise disseminated to anyone, in any manner whatsoever, including by means of photocopy or other reproduction, without Employer’s prior written consent, except as provided in subparagraphs (b), (c) and (d) below In the event that
Employee’s employment hereunder is terminated pursuant to Section 7 hereof, Employee agrees that the Confidential Information shall be used only for the benefit of Employer and not in any manner detrimental to the business interests of
Employer. 

  

	 	b.	Employee may disclose the Confidential Information without Employer’s prior written consent only to the extent that such information: 

 

	 	i.	Is already in the possession of Employee, through means other than the Company, at the time of its disclosure to Employee; 

 

	 	ii.	Is already in possession of the public or becomes available to the public other than through the act or omission of Employee; 

 

	 	iii.	Is required to be disclosed under applicable law or by a governmental or stock exchange order, decree, regulation or rule (provided that Employee shall give written
notice to Employer prior to such disclosure); or 

  
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	 	iv.	Is acquired independently from a third party that represents that it has the right to disseminate such information at the time it is acquired by Employee.

  

	 	c.	Employee shall be entitled to disclose the Confidential Information without Employer’s prior written consent to such of the following persons who have a clear need
to know in order to evaluate the Confidential Information: 

  

	 	i.	Employees, officers and directors of Employer or an Employer Affiliated Company (as hereinafter defined); or 

 

	 	ii.	Any professional consultant or agent retained by Employer for the purpose of evaluating the Confidential Information. 

 

	 	d.	Employee shall make diligent efforts to ensure that all the persons to whom the Confidential Information is disclosed pursuant to this Section 6 shall keep such
information confidential and shall not disclose or divulge the same to any unauthorized person. If Employee makes such diligent efforts and a third party to which Employee disclosed Confidential Information discloses or uses such Confidential
Information to the detriment of Employer, Employee shall not be liable for any costs or damages to Employer arising thereby. In no event shall Employee shall be liable to Employer for any costs or damages resulting from disclosures made by those
persons disclosed Confidential Information under Section 6(c). 

  

	 	e.	The Confidential Information shall remain the property of Employer and Employer may demand the return thereof at any time upon giving written notice to Employee. Within
ten (10) days of receipt of such notice, Employee shall return to Employer all of the original Confidential Information and shall destroy all copies and reproductions (both written and electronic), in Employee’s possession or control.

  

	7.	Events Causing Termination of Employment. Notwithstanding anything to the contrary provided for in Section 3 hereof, this Agreement and the
employment relationship created hereby shall terminate upon the occurrence of any of the following events: 

  

	 	a.	Employee’s resignation provided Employee has given Employer thirty (30) days prior written notice (unless the parties agree in writing to a shorter or longer
period of time) of his voluntary resignation or at the end of the Term then in effect provided Employee has given Employer prior written notice to not allow automatic extension of the Term under Section 3; 

 

	 	b.	 The Disability of Employee, with “Disabled” or “Disability” meaning Employee’s inability to substantially perform the Services
under this Agreement for a period 

  
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of more than sixty (60) consecutive days as substantiated to the reasonable satisfaction of the Company’s Board of Directors (the “Board”) by a qualified medical professional
or after a shorter period upon the reasonable determination of the Board, working in conjunction with a qualified independent medical professional, that Employee will not be able to perform the Services on a full-time basis as anticipated under this
Agreement.; 

  

	 	c.	The death of Employee; 

  

	 	d.	Employee’s resignation due to relocation of the office location more then 40 miles from the present office location; 

 

	 	e.	Termination due to expiration of herein employment agreement: Termination of employment by written notice from the company of cancellation of the automatic extension of
the employment contract. 

  

	 	f.	Company terminating Employee’s employment for “Cause” upon the occurrence of any of the following: 

 

	 	i.	Employee’s conviction of a crime involving moral turpitude or a crime including the imposition of a sentence for a term of imprisonment in a federal or state
penitentiary; 

  

	 	ii.	Employee’s failure or refusal to follow, in any material respect, reasonable and legal instructions of the Company; 

 

	 	iii.	Employee’s failure or refusal to comply, in any material respect, with the reasonable policies, Code of Ethics, standards and regulations of Employer applicable to
all employees, which from time to time may be established; 

  

	 	iv.	Employee’s failure or refusal to faithfully and diligently perform, in any material respect, the Services or the usual customary duties of his employment under
this Agreement; 

  

	 	v.	Employee’s breach or default, in any material respect, in the performance of his obligations hereunder; 

 

	 	vi.	Employee conducts himself in an unprofessional, unethical, immoral or fraudulent manner or performs such acts that interfere with or hinder the performance of other
employees; 

  

	 	vii.	Employee is found guilty of unprofessional or unethical conduct by any board, institution, organization or professional society having any privilege or right to pass
upon the conduct of Employee; or 

  
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	 	viii.	Employee’s conduct, in any material respect, discredits Employer or is detrimental to the reputation, character and standing of Employer. 

For purposes of subsections (ii) through (viii), the Company shall provide Employee with written notification and a reasonable time
to cure prior to termination for Cause as that term is defined herein. 
  

	8.	Payments to Employee Upon Termination of Employment. 

  

	 	a.	Upon the termination of Employee’s employment with the Company pursuant to Section 7(a) or 7(f), Employee shall be entitled only to: 

 

	 	i.	Any Salary or portion thereof, earned but not yet paid through the date of termination; 

 

	 	ii.	Reimbursement in accordance with this Agreement of any business expense reasonably incurred by Employee through the date of termination but not yet paid;

  

	 	iii.	Any vested benefits that may be due to Employee on the date of termination under the provisions of any of the Company’s benefits plan, program or policy;

  

	 	iv.	Any overriding royalty interests conveyed to Employee or otherwise due Employee under the APORRI Plan prior to the effective date of such termination; and

 Upon the effective date of such termination, any rights of the Employee to future compensation under the Bonus
Plan, including without limitation, any liquidation bonus, shall immediately terminate and the Employee shall not be entitled to any distribution under the Bonus Plan. 
  

	 	b.	If, prior to the end of the Term, Employee’s employment is terminated by the Company pursuant to Section 7(b), 7(c), 7(d), or 7(e), Employee shall be entitled
only to: 

  

	 	i.	Any Salary or portion thereof, earned but not yet paid through the date of termination; 

 

	 	ii.	Reimbursement in accordance with this Agreement of any business expense reasonably incurred by Employee through the date of termination but not yet paid;

  

	 	iii.	 Any vested benefits that may be due to Employee on the date of 

  
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termination under the provisions of any of the Company’s benefits plan, program or policy; 

  

	 	iv.	Any overriding royalty interests conveyed to Employee or otherwise due Employee under the APORRI Plan prior to the effective date of such termination; and

  

	 	v.	Participation in the Bonus Plan as provided for therein based on the occurrence of death or disability. 

 

	9.	Prohibition Against Assignment. Employee agrees on behalf of himself and his executors and administrators, heirs, legatees, distributes, agents,
representatives, and any other person or persons claiming any benefit under him by virtue of this Agreement, that this Agreement and the rights, interests and benefits hereunder shall not be assigned, transferred, pledged or hypothecated in any way
by Employee or any executor, administrator, heir, legatee, distributee or other persons claiming under Employee by virtue of this Agreement and shall not be subject to execution, attachment or similar process. Any attempt to assign, transfer, pledge
or hypothecate or otherwise dispose of this Agreement or of such rights, interests, and benefits contrary to the foregoing provisions or the levy of any attachment or similar process thereupon shall be null and void and without effect and shall
constitute a material breach of this Agreement. There shall be no prohibition against the assignment of an overriding royalty interest once it has been assigned pursuant to the APORRI Plan. 

 

	10.	Remedies. Employee recognizes and acknowledges that in the event of any default in, or breach of any of, the terms, conditions and provisions of this
Agreement (either actual or threatened) by Employee, Employer’s remedies at law shall be inadequate. Accordingly, Employee agrees that in such event, Employer shall have the right of specific performance and/or injunctive relief in addition to
any and all other remedies and rights at law or in equity. No remedy set forth in this Agreement or otherwise conferred upon or reserved to any party, shall be considered exclusive of any other remedy available to any party (unless otherwise
required by applicable law), but the same shall be distinct, separate and cumulative and may be exercised from time to time as often as occasion may arise or as may be deemed expedient. 

 

	11.	 Notice. Whenever this Agreement requires or permits any notice, request, or demand from one party to another, the notice, request, or
demand must be in writing to be effective and shall be deemed to be delivered and received (i) if personally delivered or if delivered by facsimile or courier service, when actually received by the party to whom notice is sent or (ii) if
delivered by certified mail (whether actually received or not), at the close of business on the third business day next following the day when placed in the mail, postage prepaid, addressed to the appropriate party or parties, at the address of such
arty set forth below (or at such other address as such party may designate by written 

  
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notice to all other parties in accordance herewith): 

  

			
	If to Employer:	  	RAAM Global Energy Company
		  	Attn: Howard A. Settle
		  	1537 Bull Lea Rd.
		  	Lexington, Kentucky 40511
		  	Fax: (859) 233-7471
		
	If to Employee:	  	Howard A. Settle
		  	3132 Althorp Way
		  	Lexington, KY 40509

  

	12.	Indemnification. If, at any time during the Term of this Agreement, Employee is made a party to, or is threatened to be made a party in, any civil,
criminal or administrative action, suit or proceeding by reason of the fact that Employee is or was a director, officer, employee, or agent of the Company, or of any other corporation or any partnership, joint venture, trust or other enterprise for
which Employee served as such at the request of the Company, then Employee shall be indemnified by the Company, to the fullest extent permitted under applicable law, against expenses actually and reasonably incurred by Employee or imposed on
Employee in connection with, or resulting from, the defense of such action, suit or proceeding, or in connection with, or resulting from, any appeal therein if Employee acted in good faith and in a manner Employee reasonably believed to be in or not
opposed to the best interest of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe Employee’s conduct was unlawful, except with respect to matters as to which is adjudged that Employee is
liable to the Company or to such other corporation, partnership, joint venture, trust, or other enterprise for gross negligence or willful misconduct in the performance of his duties. As used in this Agreement, the term “expenses” shall
include all obligations actually and reasonably incurred by Employee for the payment of money, including, without limitation, attorneys’ fees, judgments, awards, fines, penalties, taxes, and amounts paid in satisfaction of a judgment or in
settlement of any such action, suit or proceeding, except amounts paid to the Company or such other corporation, partnership, joint venture, trust, or other enterprise by Employee. The foregoing indemnification provisions shall be in addition to any
other rights to indemnification to which Employee may be entitled. 

  

	13.	Entire Agreement; Amendments. This Agreement and the exhibits hereto contain the entire agreement of the parties and together supersede all prior
agreements and understandings either oral or written, between the parties hereto, in respect of the subject matter described therein. The parties specifically agree that, in the event of any conflict or inconsistency between this Agreement and the
Bonus Plan or the APORRI Plan, this Agreement shall control. This Agreement shall not be modified or amended except by a written document executed by both parties to this Agreement. 

  
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	14.	Parties Bound. This Agreement and the rights and obligations hereunder shall be binding upon and inure to the benefit of Employer and Employee, and their
respective heirs, personal representatives, successors and permitted assigns. 

  

	15.	Enforceability. If, for any reason, any provision contained in this Agreement should be held invalid in part by a court of competent jurisdiction, then it
is the intent of each of the parties hereto that the balance of this Agreement be enforced to the fullest extent permitted by applicable law. Accordingly, should a court of competent jurisdiction determine that the scope of any covenant is too broad
to be enforced as written, it is the intent of each of the parties that the court should reform such covenant to such narrower scope as it determines enforceable. 

 

	16.	Waiver of Provisions. Any waiver of any terms and conditions hereof must be in writing, and signed by the parties hereto. The waiver of any of the terms
and conditions of this Agreement shall not be construed as a waiver of any other terms and conditions hereof. 

  

	17.	Captions. The captions in this Agreement are for convenience of reference only and shall not limit or otherwise affect any of the terms or provisions
hereof. 

  

	18.	Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE
SUBSTANTIVE LAWS OF THE STATE OF KENTUCKY. 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first written above. 
 Employer: 
 RAAM Global Energy Company 
  

			
		 	 /s/ Jeff T. Craycraft

		 	By: Jeff T. Craycraft, Chief Financial Officer

 Employee: 
  

			
		 	 /s/ Howard A. Settle

		 	Howard A. Settle

  
 9

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