Document:

Exhibit 10.11

 

AQUA METALS, INC.

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT
AGREEMENT is entered into effective as of January 15th, 2015 between AQUA METALS, INC., a Delaware corporation, and
(“Company”), and Stephen Cotton (“Employee”).

 

1.          EMPLOYMENT.
Company hereby employs or continues the employment of Employee in the capacity of Chief Commercial Officer, in accordance with
the terms of this Agreement and all the policies and procedures set forth in the Employee Manual, and other policies or procedures
currently in effect or subsequently implemented. Employee acknowledges that Employee is not employed for a specific term but is
an at-will employee who may resign at any time without notice. Likewise, the Company may terminate the Employee at any time, with
or without notice, and with or without cause or reason.

 

2.           GENERAL
WORK RESPONSIBILITIES

 

2.1            Employee
is responsible for the commercial strategy and development of the Company, including but not limited to activities relating to
marketing, sales (including both supply and offtake strategies), branding, product development and customer service.

 

2.2 Work assignments
are made at the exclusive discretion of the Company and the Company has the absolute right to assign Employee new or different
job duties as deemed appropriate by the Company.

           

3.           EMPLOYEE’S
OBLIGATIONS. Employee covenants and agrees, as a condition of accepting or continuing employment with the Company, to all the
terms and conditions in the Employee Manual, as amended, other agreements executed by Employee and all Company policies, procedures
and other agreements now in existence or hereafter implemented as follows:

 

3.1            Comply
with all Company policies and procedures as set forth in the Employee Manual, policy and procedure manuals, safety manuals and
other sources;

 

3.2            Devote
his full time and attention to meet the requirements set forth in the job description which objectives or duties may change from
year to year;

 

3.3           Follow
the direction and recommendations of Company management including the Chief Executive Officer and the Board of Directors;

 

3.4            Refrain
from investing in any direct competitor of the Company except that Employee may at any time own beneficially up to one (1%) of
the stock of any competing corporation whose securities are listed on a national securities exchange or regularly traded in the
national over-the-counter-market; and

 

    	 

    	 

    

 

3.5            To
observe and comply at all times with the provisions of the Company's share dealing code (as amended, from time to time) and with
every rule of law and every regulation in force in relation to dealings in stock, shares, debentures or other securities of the
Company (including in relation to unpublished price sensitive information affecting such securities), in whatever jurisdiction,
and to observe and comply with all laws and regulations of any stock exchange, market or dealing system in which such dealings
take place.

 

4.            COMPENSATION

 

4.1            Salary.
The Employee will be paid an annual salary of Two Hundred Fifty Thousand Dollars ($250,000). Salary shall be paid on a semi-monthly
basis as adjusted from time to time. During employment, the Company will pay Employee the annual base salary in accordance with
the terms of the Employee Manual less state and federal withholding and authorized deductions.           

 

4.2            Bonuses.
Company plans to implement a bonus compensation plan with the approval of the Board. This Agreement may be amended to include any
bonus compensation program adopted by the Company.

 

4.3            Benefits.
Employee shall be entitled to the insurance and employee benefits set forth in the Employee Manual or other benefits agreements
with insurers who have contracted with the Company. The Company does not warrant that it will continue to offer the same or similar
medical insurance benefits or other related benefits in the future and reserves the right to modify, reduce or eliminate benefits
at its sole discretion.

 

4.4            Equity
Awards. The Employee may be eligible for equity awards granted by the Board of Directors of the Company, at its discretion
from time to time, in each case subject to a written equity award agreement signed by the Company and Employee independently of
this Agreement. The execution of such agreements will not alter the at-will status of the Employee or the terms and conditions
of this Agreement and the rights of the Employee under this Agreement by virtue of the adoption, amendment, termination or enforceability
of any equity award agreement or other related documents.

 

4.5            Severance
on Termination Without Cause Or For Good Reason. If the Company terminates the Employee for any reason without Cause (including
death or Disability) or Employee resigns from the Company for Good Reason, the Employee shall be entitled to (i) a severance payment
of two year's annual salary at the greater of the salary rate effective on the date of termination or the salary rate of $250,000;
and (ii) the cost or value of two year's benefits including, without limitation, the cost of all insurance premiums and all other
benefits in effect on the date of termination for which the Employee is eligible, less all federal and state withholding. The receipt
of any severance or other benefits pursuant to this Section will be subject to Employee signing, and not revoking, a customary
separation agreement and release of claims in a form acceptable to the Company in its reasonable discretion. No severance or other
benefits will be paid or provided until the separation agreement and release agreement becomes effective.

 

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5.            CONFIDENTIAL
INFORMATION, NON DISCLOSURE, AND TRADE SECRETS AGREEMENT

 

5.1           Employee
expressly agrees that he will never disclose to a third party any "Confidential Information" as defined in the Confidential
Information, Non-Disclosure, and Trade Secrets Agreement attached hereto as Exhibit B to this Agreement.

 

5.2           Employee
shall not during his employment directly or indirectly render any services of a business, commercial or professional nature to
any other person or organization, whether for compensation or otherwise, which would be in competition with the Company, or which
would prevent Employee from rendering the agreed services to Company during the tenure of his employment.

 

6.           INTENTIONALLY
OMITTED.

 

7.           TERMINATION.
Upon termination of employment, Employee shall return all Company's property such as cell phones, lap tops, or other tangible
and intangible property including, without limitation, customer lists, manuals, contract forms, documents or any other tangible
or intangible documents or information used by the Company in the Employee’s possession at the time of termination, in a
manner consistent with Company policy.

 

8.           SURVIVAL
OF PROVISIONS OF AGREEMENT POST TERMINATION. All the obligations set forth in Sections 4, 5.1, 7 and 8 shall
survive the termination of the Agreement and the termination of Employee’s employment with the Company.

 

9.            MISCELLANEOUS

 

9.1 Notices. All
notices required or permitted hereunder shall be in writing and deemed properly given when delivered in person to Employee or to
a corporation officer of Company, as the case may be, or when deposited in the United States mail, postage prepaid and properly
addressed to the party to be notified, if to Employee, to his residence, and if to Company, to its Secretary, at the home office,
Emeryville, California, or to any such other address as shall have last been given by the party to be notified.

 

9.2 Parties Benefited.
This Agreement shall inure to the benefit of, and be binding on Employee, his heirs, executors and administrators and on Company,
its successors and assigns.

 

9.3 Assignments. This
Agreement may be assigned at any time by Company to any related corporation or a successor corporation. In the event of such an
assignment, the assignee corporation to which the Agreement is assigned shall automatically be substituted for the assignor Company
for all intentions and purposes and to the same extent as if this assignee were the Company that had originally executed this Agreement.
This is a personal contract and the Employee cannot assign or transfer all or any portion of the contract except that in the event
of the Employee’s death the compensation due and owing the Employee can be paid in accordance with any assignment of death
benefits.

 

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9.4 Waiver. The
waiver by either party of a default or a breach of any provision of this Agreement by the other party shall not operate or be construed
as a waiver of any subsequent default or breach.

 

9.5 Modifications.
The provisions of this Agreement shall constitute the entire agreement between the parties, with respect to the specific terms
set forth herein, and may only be modified by an agreement in writing signed by the party against whom enforcement is sought. Modifications
to this Agreement do not change or alter the at-will status of the Employee.

 

9.6 Construction of
Agreement. This Agreement shall be construed consistently with the terms and conditions of all other Company policies and procedures,
which are referenced in this Agreement. If there is any conflict with the terms of this Agreement and Company policy or procedure,
this Agreement shall be interpreted to comply with Company policies or procedures.

 

9.7 Supersedes Prior
Agreements. This Agreement and all the terms thereof supersede all prior employment agreements executed by Employee but shall
be interpreted consistent with the Employee Manual and other policies and procedures of the Company. This Agreement will be interpreted
independently of any and all agreements executed by Employee pertaining to equity awards.

 

9.8 Attorneys Fees.
The prevailing party in any action brought to enforce this Agreement may recover reasonable attorneys’ fees and costs
including all costs and fees incurred in the preparation, trial and appeal of an action brought to enforce this Agreement.

 

9.9 Applicable Law.
It is the intent of the parties that all provisions of this Agreement be enforced to the fullest extent permissible under the law
and public policy of the state of California, unless prohibited by law in which case this Agreement shall be enforced in accordance
with the laws where the action for enforcement is filed. If any section is determined by a court of law to be unenforceable, that
section shall be severed from the Agreement and the balance of the Agreement shall be enforced according to its terms.

 

10. Definitions.
Capitalized terms used in this Agreement but not otherwise defined herein shall have the meaning hereby assigned to them as
follows:

                      

10.1 “Disability”
The Employee shall be deemed to have a Disability for purposes of this Agreement if either (i) the Employee is deemed disabled
for purposes of any group or individual disability policy or (ii) in the good faith judgment of the Board, the Employee is substantially
unable to perform the Employee’s duties under this Agreement for more than ninety (90) days, whether or not consecutive,
in any twelve (12) month period, by reason of a physical or mental illness or injury.

 

10.2 “Cause”
shall mean (i) Employee’s conviction of, or plea of nolo contendere to, a felony; (ii) a willful act by the Employee which
constitutes gross misconduct and which is injurious to the Company; (iii) any act or acts of dishonesty by Employee intended or
reasonable expected to result in any gain or personal enrichment of Employee at the expense of the Company; or (iv) if Employee
fails to perform the duties and responsibilities of his position after a written demand from the Board which describes the basis
for the Board’s belief that Employee has not substantially performed his duties and provides Employee with thirty (30) days
to take corrective action.

 

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10.3 “Good Reason”
shall mean, in the context of a resignation by the Employee, a resignation that occurs within thirty (30) days following the
occurrence, without the written consent of the Employee, of one or more of the following events: (i) any adverse change in the
Employee’s base salary the in effect; (ii) a significant reduction of the Employees responsibilities relative to Employee’s
responsibilities in effect immediately prior to such reduction; or (iii) the relocation of the Employee to a facility or location
more than fifty (50) miles from the Company’s present location; provided, however, that “Good Reason” shall not
be deemed to exist hereunder if such change in Base Salary or reduction of responsibilities occurs in connection with (x) changes
or reductions generally applicable to the Company’s management group, or (y) Employee’s engagement in any action or
any inaction that would otherwise enable the Company to terminate the Employee for Cause.

 

11. EMPLOYEE CERTIFICATION.
Employee hereby certifies that he has had an adequate opportunity to review, and understands all the terms and conditions of, this
Agreement.

 

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

 

	 	EMPLOYEE
	 	 
	 	/s/ Stephen Cotton
	 	Stephen Cotton
	 	 
	 	COMPANY
	 	 
	 	Aqua Metals, Inc.,
	 	A Delaware corporation
	 	 	 
	 	By:	/s/ Stephen R. Clarke
	 	 	Dr. Stephen R. Clarke, President

 

    	Page 5 of 5Exhibit 10.12

 

National Securities Corporation

4551 Glencoe Ave. Suite 150

Marina del Rey, CA 90292

 

Ladies and Gentlemen:

 

This agreement is being
delivered to you in connection with the proposed Underwriting Agreement (the “Underwriting Agreement”) between
Aqua Metals, Inc., a Delaware corporation (the “Company”), and National Securities Corporation (“National”)
relating to a proposed underwritten public offering of shares (the “Shares”) of the Company’s Common Stock
(the “Common Stock”).

 

In order to induce
National to enter into the Underwriting Agreement, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the undersigned agrees that, during the period beginning on and including the date of the Underwriting
Agreement through and including the one year anniversary of the date of the Underwriting Agreement (the “Lock-Up Period”),
the undersigned, or any affiliated party of the undersigned, will not, without the prior written consent of National, directly
or indirectly:

 

		(i)	offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option
or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any shares of Common
Stock or any securities convertible into or exercisable or exchangeable for Common Stock, whether now owned or hereafter acquired
by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition, or

 

		(ii)	enter into any swap or other agreement, arrangement or transaction that transfers to another, in
whole or in part, directly or indirectly, any of the economic consequence of ownership of any Common Stock or any securities convertible
into or exercisable or exchangeable for any Common Stock,

 

whether any transaction described in clause (i)
or (ii) above is to be settled by delivery of Common Stock, other securities, in cash or otherwise.

 

Notwithstanding the
provisions set forth in the immediately preceding paragraph, the undersigned may, without the prior written consent of National,
(1) transfer any Common Stock or any securities convertible into or exchangeable or exercisable for Common Stock as a bona fide
gift or gifts, or by will or intestacy, to any member of the immediate family (as defined below) of the undersigned or to a trust
the beneficiaries of which are exclusively the undersigned or members of the undersigned’s immediate family or to a charity
or educational institution; provided, however, that it shall be a condition to the transfer that (A) the transferee executes
and delivers to National not later than one business day prior to such transfer, a written agreement, in substantially the form
of this agreement and otherwise satisfactory in form and substance to National, and (B) if the undersigned is required to
file a report under Section 16(a) of the Securities Exchange Act of 1934, as amended, reporting a reduction in beneficial
ownership of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock by the undersigned
during the Lock-Up Period, the undersigned shall include a statement in such report to the effect that such transfer or distribution
is not a transfer for value and that such transfer is being made as a gift or by will or intestacy, as the case may be or (2) exercise
or convert currently outstanding warrants, options and convertible debentures, as applicable, and exercise options under an acceptable
stock option plan, so long as the undersigned agrees that the shares of Common Stock received from any such exercise or conversion
will be subject to this agreement. For purposes of this paragraph, “immediate family” shall mean a spouse, child, grandchild
or other lineal descendant (including by adoption), father, mother, brother or sister of the undersigned.

 

    	 

    	 

    

  

The undersigned further
agrees that (i) it will not, during the Lock-Up, make any demand for or exercise any right with respect to the registration
under the Securities Act of 1933, as amended (the “1933 Act”), of any Common Stock or any securities convertible
into or exercisable or exchangeable for Common Stock, and (ii) the Company may, with respect to any Common Stock or any securities
convertible into or exercisable or exchangeable for Common Stock owned or held (of record or beneficially) by the undersigned,
cause the transfer agent or other registrar to enter stop transfer instructions and implement stop transfer procedures with respect
to such securities during the Lock-Up Period.

 

In addition, the undersigned
hereby waives any and all notice requirements and rights with respect to the registration of any securities pursuant to any agreement,
instrument, understanding or otherwise, including any registration rights agreement or similar agreement, to which the undersigned
is a party or under which the undersigned is entitled to any right or benefit and any tag-along rights or other similar rights
to have any securities (debt or equity) included in the offering contemplated by the Underwriting Agreement or sold in connection
with the sale of Common Stock pursuant to the Underwriting Agreement, provided that such waiver shall apply only to the public
offering of Common Stock pursuant to the Underwriting Agreement and each registration statement filed under the 1933 Act in connection
therewith.

 

The undersigned hereby
represents and warrants that the undersigned has full power and authority to enter into this agreement and that this agreement
has been duly executed and delivered by the undersigned and is a valid and binding agreement of the undersigned. This agreement
and all authority herein conferred are irrevocable and shall survive the death or incapacity of the undersigned and shall be binding
upon the heirs, personal representatives, successors and assigns of the undersigned.

 

IN WITNESS WHEREOF, the undersigned has
executed and delivered this agreement as of the date set forth below.

 

	 	Yours very truly,
	 	 
	 	 
	 	 
	 	
        Print

        Name:
	 
	 	 	 
	 	Date:	_____________, 2015

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