Document:

ADEPTEX10.3_FatronikAddendum

Exhibit 10.1

Addendum to License Agreement dated 21st of December 2006 
between Adept Technology and Fundacion Fatronik.
I.     License Fees
The license agreement from December 2006 agreement specifies license fees according to the following schedule starting July 1, 2007 for robots sold into regions that are covered by exclusivity:
Year 1:    800 US$     (Adept Fiscal Year 2008) 
Year 2:     800 US$    (Adept Fiscal Year 2009) 
Year 3:     1600 US$    (Adept Fiscal Year 2010) 
Year 4:    1400 US$    (Adept Fiscal Year 2011) 
Year 5:    1200 US$    (Adept Fiscal Year 2012) 
Year 6:     1000 US$    (Adept Fiscal Year 2013) 
Year 7:    800 US$    (Adept Fiscal Year 2014) 
Year 8:    600 US$    (Adept Fiscal Year 2015)
Starting with Year 3 (July 1st, 2009) the license fees have changed as follows: 
Year 1:     800 US$    (Adept Fiscal Year 2008) 
Year 2:     800 US$    (Adept Fiscal Year 2009) 
Year 3:     1200 US$    (Adept Fiscal Year 2010) 
Year 4:    1300 US$    (Adept Fiscal Year 2011) 
Year 5:    1400 US$    (Adept Fiscal Year 2012) 
Year 6:    1200 US$    (Adept Fiscal Year 2013) 
Year 7:    1000 US$    (Adept Fiscal Year 2014) 
Year 8:    800 US$    (Adept Fiscal Year 2015)
II.    Exclusivity and Minimum Unit Volume
Licensee gives up exclusivity in Russia. Therefore the minimum unit volume to keep exclusivity changes from 305 to 275 units per year. Starting with year 3, the yearly minimum unit volume is a worldwide number and is independent on geographies.

Licensor agrees to keep patent(s) alive in Russia until year 5 (June 30, 2012)
III.    Forecast 
Licensee forecasts the following unit volumes for the respective periods:
Year 3: 244 units (Adept FY2010)     1ST Half:      83 2nd Half :141     
Year 4: 300 units (Adept FY2011)     1ST Half:    145 2nd Half :155     
Year 5: 350 units (Adept FY2012)     1ST Half:    165 2nd Half :185
 
Broken down into Calendar years the forecast is as follows:
CY 2010: 286 units 
CY 2011: 320 units 
IV.    License Fee Calculation
Licensor has the option to 'borrow' unit volume from a future period for license fee calculation should the cumulated license fee for a given calendar year be below  
200,000 Euro. The goal is to generate a minimum license fee for a particular year. Should Licensor choose to use this option, that total license fee amount for the particular calendar year may not exceed 205,000 Euro
Unit volumes borrowed from the future period need to be reconciled during the next period in order to accurately reflect real unit sales for the next period.
ADEPT TECHNOLOGY, INC.    Fundacion Fatronik
By        By    
(Print)Joachim Melis        (Print)IInaki San Sebastian    
Title VPWorldwide Sales        Title General Manager    
Date March 30, 2010        Date March 30, 2010exh10-1.htm

 

  

  

  

EXHIBIT 10.1

 

 

AMENDMENT NO. 2 TO EQUITY PURCHASE AGREEMENT

 

THIS AMENDMENT NO. 2 TO EQUITY PURCHASE AGREEMENT (this “Amendment”), dated as of February 6, 2013, is entered into by and between Helix Energy Solutions Group, Inc., a Minnesota corporation (“Seller”), and Talos Production LLC, a Delaware limited liability company (“Buyer”).

 

WHEREAS, the Parties entered into that certain Equity Purchase Agreement, dated as of December 13, 2012, which was amended by that certain Amendment No. 1 to Equity Purchase Agreement, dated as of January 27, 2013 (as amended, the “Purchase Agreement”);

 

WHEREAS, the Parties desire to further amend the Purchase Agreement in certain respects as more specifically set forth below; and

 

WHEREAS, capitalized terms not defined herein shall have the meanings given to them in the Purchase Agreement.

 

NOW, THEREFORE, in consideration of the agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

1.           Amendments.  The Parties agree that the Purchase Agreement is hereby amended as follows:

 

(a) The first paragraph of Section 8.13(a) is hereby amended and restated in its entirety as follows:

 

“(a)           Buyer and Seller agree to work jointly together to obtain from BOEM the amount of a bond or bonds required to obtain from BOEM a full release of Seller from its financial guarantee to BOEM with respect to the obligations of the Acquired Companies.  With respect to the Shelf Properties, Buyer shall provide a bond or bonds to BOEM in the aggregate amount of $86,945,000 at or prior to Closing, and subsequent to Closing, Buyer shall take all actions required by BOEM (or reasonable action requested by Seller) to obtain a complete release of Seller’s financial guarantee to BOEM with respect to the Shelf Properties, including without limitation, providing a supplemental bond or bonds to BOEM in amounts sufficient to secure all lease obligations as specified or estimated by BOEM as soon as reasonably practicable following such specification or estimation, but in no event later than thirty (30) days thereafter.  With respect to the Deep Water Properties, Buyer shall provide a bond or bonds to BOEM in the aggregate amount of $7,600,000 at or prior to Closing to guarantee the lease obligations of the Acquired Companies, and subsequent to Closing, Buyer shall take all actions required by BOEM (or reasonable action requested by Seller) to obtain a complete release of Seller’s financial guarantee to BOEM with respect to the Deep Water Properties, including without limitation, providing a supplemental bond or bonds to BOEM in amounts sufficient to secure all lease obligations as specified or estimated by BOEM promptly, but in any event within eighty (80) days after the Closing, unless extended by mutual agreement of Buyer and Seller, or if such specification or estimation from BOEM is not available by such date, Buyer shall provide such supplemental bond or bonds to BOEM as soon as reasonably practicable following such specification or estimation, but in no event later than thirty (30) days thereafter.  In addition, 

 

  

  

  

 

Buyer shall not, and shall cause the Acquired Companies not to, drill any additional new wells until the earlier of (i) six (6) months following the Closing or (ii) the release of Seller’s financial guarantee to BOEM; provided, that this restriction shall not apply to the Shelf Properties at such time as the Seller’s financial guarantee to BOEM is released with respect to the Shelf Properties.  Notwithstanding the foregoing, Buyer shall be permitted to engage in recompletions and workovers on existing wells.  Until such time as Seller’s financial guarantee is released by BOEM, Buyer shall use commercially reasonable efforts to ensure BOEM seeks any damages first against the bonds provided by Buyer to BOEM pursuant to this Section 8.13(a) prior to the guarantee by Seller, provided, that any rights that Buyer may have to indemnification pursuant to Section 13.2 shall not be prejudiced or affected thereby.  In furtherance hereof and in addition to the foregoing, Buyer shall submit or cause to be submitted to BOEM the form(s) necessary to accomplish the foregoing, including Form BOEM-2028A attached hereto as Exhibit 8.13(a) with the second box checked as reflected on such exhibit.”

 

(b) Schedule 4.2(ff) is hereby amended to add the disclosure set forth in Exhibit A to this Amendment.

 

(c) Schedule 8.4(i) is hereby amended to add the disclosure set forth in Exhibit B to this Amendment.

 

(d) Schedule 8.13(b)(i) is hereby amended to add the disclosure set forth in Exhibit C to this Amendment, and the total remaining liability on such Schedule shall be updated accordingly.

 

(e) Schedule 8.13(c) is hereby amended and restated in its entirety as set forth in Exhibit D to this Amendment.

 

(f) The Helix Producer I Lease Agreement attached as Exhibit 10.2(c) to the Purchase Agreement is hereby amended and restated in its entirety as set forth in Exhibit E to this Amendment.

 

2.           Ratification. Except as expressly amended hereby, all other terms and provisions of the Purchase Agreement shall remain in full force and effect.  The Parties acknowledge that the Purchase Agreement, as amended hereby, is ratified and confirmed to be in full force and effect and that all rights, powers and duties created thereunder or existing thereby are ratified and confirmed in all respects.

 

3.           Execution in Counterparts.  For the convenience of the Parties, this Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

4.           Governing Law.  THIS AMENDMENT AND THE LEGAL RELATIONS BETWEEN THE PARTIES (INCLUDING ANY CLAIMS MADE IN CONTRACT, TORT OR OTHERWISE RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY) SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH SECTION 15.2 OF THE PURCHASE AGREEMENT.

 

[Signature Page Follows]

 

  

  

  

 

IN WITNESS WHEREOF, the Parties have executed this Amendment on the date first written above.

 

	 	SELLER:	 
	 	 	 	 
	 	
Helix Energy Solutions Group, Inc.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Anthony Tripodo	 
	 	Name:	Anthony Tripodo	 
	 	Title:	Executive Vice President and Chief Financial Officer	 
	 	 	 	 

 

 

	 	BUYER:	 
	 	 	 	 
	 	
Talos Production LLC

	 
	 	 	 	 
	
 

	
By: 

	/s/ Timothy S. Duncan	 
	 	Name:	Timothy S. Duncan	 
	 	Title:	President and Chief Executive OfficerExhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT
AGREEMENT (this “Agreement”) is entered into effective the 8th day of February 2013 (the “Effective
Date”) by and between Craig M. McKenzie, a resident of the State of Minnesota (“Employee”), and Dakota
Plains Holdings, Inc., a Nevada corporation (the “Company”).

WHEREAS, the
Company’s primary business is developing, owning and operating rail facilities and other means to support the loading, marketing
and transporting of crude oil and related products from, into and within the North Dakota Bakken oil fields;

WHEREAS,
during his employment with the Company, Employee will have access to the Company’s confidential, proprietary and trade secret
information. Employee and the Company agree that it is in the best interests of the Company to protect its confidential, proprietary
and trade secret information, to prevent unfair competition by former executives following separation of their employment and to
secure cooperation from former executives with respect to matters related to their employment with the Company; and

WHEREAS,
Employee acknowledges that his receipt of benefits under this Agreement depends on, among other things, his agreement to abide
by the confidentiality, non-competition, non-solicitation and other covenants contained in this Agreement, including those in Sections
5 and 6 below.

NOW, THEREFORE,
in consideration of the foregoing recitals and the respective agreements of the Company and Employee as set forth below, the
Company and Employee, intending to be legally bound, agree as follows:

1.                  
Employment.

1.1               
Term. As of the Effective Date, the Company hereby employs Employee, and Employee hereby
accepts such employment on the terms and conditions set forth herein, for the period commencing on the Effective Date and ending
on the three year anniversary of the Effective Date (the “Initial Term”), subject to earlier termination pursuant
to the terms of this Agreement.  This Agreement will be automatically extended after the end of the Initial Term for successive
one year terms (each a “Renewal Term”), subject to earlier termination pursuant to the terms of this Agreement,
unless either party delivers to the other party written notice of non-renewal no fewer than ninety (90) days prior to the expiration
of the Initial Term or any Renewal Term then in effect stating that such party does not wish to extend the Term beyond the end
of the Initial Term or the Renewal Term then in effect; provided, further, that if a Change in Control (as defined in the Company’s
2011 Equity Incentive Plan) occurs prior to the expiration of the Initial Term or the then-current Renewal Term, then the Initial
Term or then-current Renewal Term (as applicable) shall be extended through the two-year anniversary of the Change in Control without
any option for the Company to not renew this Agreement prior to the end of such two-year period. The Initial Term together with
any Renewal Term(s) is herein referred to as the “Term.”  If Employee remains employed by the Company after
the Term, then such employment shall be according to such terms and conditions as the Company may establish from time to time.

1.2               
Services. The Company hereby agrees to employ Employee in the role of the Company’s
Chief Executive Officer, and Employee hereby accepts such employment with the Company on the terms and conditions set forth herein.
Employee shall perform all activities and services as the Company’s Chief Executive Officer, which shall include such duties
and responsibilities as the Company’s Board of Directors (the “Board”) may from time-to-time reasonably
prescribe consistent with the duties and responsibilities of a Chief Executive Officer of the Company (the “Services”).
Employee shall use his best efforts to make himself available to render such Services to the best of his abilities. The Services
shall be performed in a good professional and workmanlike manner by Employee, to the Company’s reasonable satisfaction, which
shall include duties and responsibilities as the Company’s Chief Executive Officer. Employee shall be considered an executive
officer for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Upon execution of this Agreement, Employee will be appointed or elected to serve as a member of the Board. During the Term, the
Board will nominate Employee for reelection to the Board at the expiration of each term of office, and Employee agrees to serve
as a member of the Board for each period for which Employee is so elected.

 

    	 

    	 

    

1.3               
Existing Consulting Activities. During the Term, Employee shall devote the necessary
amount, but in no case less than a majority, of his productive time, ability and attention to the business of the Company and satisfaction
of his duties as the Company’s Chief Executive Officer. Notwithstanding the foregoing, Employee may continue to serve as
a part-time, non-employee consultant for the one non-competing entity for which Employee has been acting as a consultant immediately
prior to the Effective Date and has disclosed to the Board to the extent such service does not interfere with the complete and
satisfactory performance of the Services. Employee may not engage in any other consulting activities without advance consent of
the Board.

2.                  
At-Will Relationship. Employee’s employment
with the Company shall be entirely “at-will,” meaning that either Employee or the Company may terminate such employment
relationship at any time for any reason or for no reason at all, subject to the provisions of this Agreement. The date upon which
Employee’s termination of employment with the Company occurs is the “Termination Date.” For purposes of
Section 8.2 (iv) of this Agreement only, with respect to the timing of any payments thereunder, the “Termination
Date” shall mean the date on which a “separation from service” has occurred for purposes of Section 409A of the
Internal Revenue Code of 1986, as amended from time to time (the “Code”) and the regulations and guidance thereunder.

3.                  
Compensation and Incentive Awards. In consideration
for Employee entering into this Agreement with the Company and performing the Services required hereunder during the Term, the
Company shall provide Employee with the following compensation while Employee is employed by the Company during the Term:

3.1               
Annual Salary. The Company shall pay Employee an
annualized base salary according to this Section 3.1 (the “Salary”), which Salary shall be paid monthly
on the 15th day of each calendar month, or the last business day immediately preceding the 15th day of each
calendar month, in the event the 15th falls on a weekend or a holiday. Employee’s initial annualized Salary as
of the Effective Date shall be $350,000.

3.2               
Annual Bonus. For each calendar year during the Term, Employee shall be eligible to
receive an annual incentive bonus in the discretion of the Company’s Compensation Committee or Board based upon Employee
meeting or exceeding mutually agreed upon performance goals, with a target annual incentive bonus equal to 200% of Employee’s
annualized Salary and to be paid in restricted common stock, subject to all applicable corporate approvals, to be issued no later
than March 15 of the calendar year immediately following the calendar year for which such bonus is earned; provided, however, that
nothing herein shall obligate the Company to pay any bonus to Employee at any time.

 

    	2

    	 

    

3.3               
Restricted Stock Award. Employee shall receive a restricted stock award of 300,000
shares of the Company’s common stock in accordance with the terms and conditions of the Company’s 2011 Equity Incentive
Plan and a Restricted Stock Agreement between the Company and Employee dated the same date as Employee executes this Agreement
(the “Restricted Stock Agreement”). The restricted stock award shall vest in substantially equal increments
upon the first, second and third anniversaries of the Effective Date. The Company agrees that upon the vesting of restricted stock
issued pursuant to this Section 3.3 Employee will have the option of paying the required withholding tax due upon such vesting
or receiving a certain number of shares of common stock, in either case in accordance with the terms of the applicable grant agreements
and plan document(s) governing such restricted stock.

3.4               
Stock Option Grant. Employee shall receive a non-qualified option (the “Option”)
to purchase 200,000 shares of the Company’s common stock at an exercise price equal to fair market value as of the date of
grant in accordance with the terms and conditions of the Company’s 2011 Equity Incentive Plan and a Non-Statutory Stock Option
Agreement between the Company and Employee dated the same date as Employee executes this Agreement (the “Stock Option
Agreement”). The Option shall vest in substantially equal increments upon the first, second and third anniversaries of
the Effective Date.

4.                  
Benefits. In consideration for Employee entering
into this Agreement with the Company and performing the Services required hereunder during the Term, the Company shall provide
Employee with the following employee benefits while Employee is employed by the Company during the Term:

4.1               
Retirement Plans. Employee shall be entitled to participate in the Company’s
401(k), profit sharing and other retirement plans (the “Plan”) presently in effect or hereafter adopted by the
Company, to the extent that such Plan relates generally to all employees of the Company. Employee shall be able to contribute up
to the legal limit, as a percentage of his annualized Salary, into any such Plan, of which the Company shall match Employee’s
contribution up to a maximum of eight percent (8.0%) of Employee’s annualized Salary.

4.2               
Vacation. Employee shall be entitled to vacation pursuant to such general policies
and procedures of the Company consistent with past practices as are from time to time adopted by the Company.

4.3               
Expense Reimbursement. Employee shall be reimbursed by the Company for all ordinary
and customary business expenses, including travel. Employee shall provide such appropriate documentation regarding such expenses
and disbursements as Company may reasonably require. Reimbursement shall occur once per month and must be paid within thirty (30)
days after the Company receives appropriate documentation from Employee related to such expenses but in no event later than the
end of the Company’s taxable year following the taxable year in which such expenses are incurred.

4.4               
Health Insurance. Employee, Employee’s spouse and any children of Employee (the
“Employee’s Family”) shall be entitled to participate in health, hospitalization, disability, dental and
other such health-related benefits and/or insurance plans that the Company may have in effect from time-to-time and
provided Employee and Employee’s Family meets the eligibility requirements for each such individual plan or program,
all of which insurance premiums shall be paid by the Company on behalf of Employee and Employee’s Family. The Company provides
no assurance as to the adoption or continuance of any particular health, hospitalization, disability,
dental and other such health-related benefits and/or insurance plans or programs and Employee and Employee’s Family’s
participation in any such plan or program shall be subject to the provisions, rules and regulations applicable thereto.

 

    	3

    	 

    

4.5               
Relocation. The Company will reimburse Employee for all reasonable costs associated
with Employee and his immediate family relocating to the Minneapolis, Minnesota metropolitan area; provided, however, that the
total combined reimbursement amounts shall not exceed $25,000.00. By way of example, but not limitation, reasonable relocation
expenses include: (1) the actual costs of Employee’s real estate brokerage and related fees, closing costs and legal expenses
in connection with the sale of Employee’s primary residence and closing costs in connection with Employee’s purchase
of a home in the Minneapolis, Minnesota metropolitan area, (2) the reasonable costs of moving the household goods and personal
effects of Employee and his immediate family to the Minneapolis, Minnesota metropolitan area by one or more vendors agreed upon
by Employee and the Company, (3) travel costs for Employee and family to arrive in Minneapolis, Minnesota, and (4) costs associated
with establishing a household in Minneapolis, Minnesota. In addition to relocation expense reimbursement of up to $25,000, the
Company will provide temporary housing for Employee and spouse for a period of up to thirty (30) consecutive days. For the avoidance
of doubt, the Company’s relocation reimbursement obligations under this Section 4.5 are subject to any withholdings required
under applicable law and Employee’s submission of appropriate receipts, and do not include any reimbursement for any relocation
expenses not specifically identified above.

4.6               
Other Benefits. Employee shall also be entitled to such other benefits as the Company
may from time-to-time generally provide to its personnel, at the discretion of and as permitted by the Company’s management.

5.                  
Confidential Information.

5.1               
Employee shall maintain the confidentiality of all trade secrets, (whether owned or licensed
by the Company) and related or other interpretative materials and analyses of the Company’s projects, or knowledge of the
existence of any material, information, analyses, projects, proposed joint ventures, mergers, acquisitions, divestitures and other
such anticipated or contemplated business ventures of the Company, and other confidential or proprietary information of the Company
(“Confidential Information and Materials”) obtained by Employee as result of Employee’s employment with
the Company and for two (2) years following termination of Employee’s employment with the Company for any reason, whether
such termination is at the initiative of Employee or the Company or before or after expiration of the Term.

5.2               
In the event that such Confidential Information and Materials are memorialized on any computer
hardware, software, CD-ROM, disk, tape, or other media, Company shall have the right, subject to the rights of third parties under
contract, copyright, or other law, to view, use, and copy for safekeeping or backup purposes such Confidential Information and
Materials. During the period of confidentiality, Employee shall make no use of such Confidential Information and Materials for
his own financial or other benefit, and shall not retain any originals or copies, or reveal or disclose any Confidential Information
and Materials to any third parties, except as otherwise expressly agreed by the Company. Except in the performance of the Services,
Employee shall have no right to use the Company’s corporate logos, trademarks, service marks, or other intellectual property
without prior written permission of the Company and subject to any limitations or restrictions upon such use as the Company may
require.

 

    	4

    	 

    

5.3               
Upon expiration or termination of this Agreement, Employee shall turn over to a designated
representative of the Company all property in Employee’s possession and custody and belonging to the Company. Employee shall
not retain any copies or reproductions of correspondence, memoranda, reports, notebooks, drawings, photographs or other documents
relating in any way to the affairs of the Company and containing Confidential Information and Materials which came into Employee’s
possession at any time during the term of Employee’s employment with the Company.

5.4               
Employee acknowledges that the Company is a public company subject to the reporting requirements
of the Exchange Act and that this Agreement may be subject to the filing requirements of the Exchange Act. Employee acknowledges
and agrees that the applicable insider trading rules and limitations on disclosure of non-public information set forth in the Exchange
Act and rules and regulations promulgated by the SEC shall apply to this Agreement and Employee’s employment with the Company.
Employee (on behalf of himself as well as his executors, heirs, administrators and assigns) absolutely and unconditionally agrees
to indemnify and hold harmless the Company and all of its past, present and future affiliates, executors, heirs, administrators,
shareholders, employees, officers, directors, attorneys, accountants, agents, representatives, predecessors, successors and assigns
from any and all claims, debts, demands, accounts, judgments, causes of action, equitable relief, damages, costs, charges, complaints,
obligations, controversies, actions, suits, proceedings, expenses, responsibilities and liabilities of every kind and character
whatsoever (including, but not limited to, reasonable attorneys’ fees and costs) in the event of Employee’s breach
or alleged breach of any obligation under the Exchange Act, any rules promulgated by the SEC and any other applicable Federal or
state laws, rules, regulations or orders.

5.5               
The foregoing obligations of confidentiality shall not apply to any Confidential Information
and Materials that: (i) are now or subsequently become generally publicly known, other than as a direct or indirect result of the
breach by Employee of this Agreement, (ii) are independently made available to Employee in good faith by a third party who has
not violated a confidential relationship with the Company, or (iii) are required to be disclosed by law or legal process. Employee
understands and agrees that Employee’s obligations under this Agreement to maintain the confidentiality of the Company’s
Confidential Information are in addition to any obligations of Employee under applicable statutory or common law. The parties agree
that the provisions of this Section 5 shall survive any termination of Employee’s employment with the Company and
this Agreement.

6.                  
Non-Competition and Non-Solicitation.

6.1               
Employee agrees that he will not:

(i)anywhere
the Company does business, including but not limited to Williston Basin and the Rocky Mountain Region, engage, directly or indirectly,
alone or as a shareholder (other than as a holder of less than ten percent (10%) of the common stock of any publicly traded corporation),
partner, officer, director, employee, consultant or advisor, or otherwise in any way participate in or become associated with,
any other business organization that is engaged or becomes engaged in any business that is the same or substantially identical
business of the Company, or is directly competitive with, any business activity that the Company is conducting at the time of Employee’s
termination or has notified Employee that it proposes to conduct and for which the Company has, prior to the time of such termination,
expended substantial resources (the “Designated Industry”),

 

    	5

    	 

    

(ii)        divert
to any competitor of the Company any customer of the Company, or

(iii)        solicit
any employee, consultant or independent contractor of the Company to change its relationship with the Company, or hire or offer
employment to, or a consulting or independent contractor relationship with, any person to whom Employee actually knows the Company
has offered employment; provided, however, that this provision does not apply to any employee, consultant or independent contractor
of the Company who responds to a general solicitation for an advertised position provided Employee has not otherwise engaged in
conduct prohibited by this Section 6.

6.2               
Employee agrees to be bound by the provisions of this Section 6 in consideration for
the Company’s employment of Employee, payment of the compensation and benefits provided under Section 3 and Section
4 above and the covenants and agreements set forth herein. The provisions of this Section 6 shall apply during the term
of Employee’s employment with the Company and for a period of two (2) years following termination of Employee’s employment
with the Company for any reason, whether such termination is at the initiative of Employee or the Company or before or after expiration
of the Term. The parties agree that the provisions of this Section 6 shall survive any termination of this Agreement, Employee
will continue to be bound by the provisions of this Section 6 until their expiration and Employee shall not be entitled
to any compensation from the Company with respect thereto except as provided under this Agreement.

6.3               
Employee acknowledges that the provisions of this Section 6 are essential to protect
the business and goodwill of the Company. If at any time the provisions of this Section 6 shall be determined to be invalid
or unenforceable by reason of being vague or unreasonable as to area, duration or scope of activity, this Section 6 shall
be considered divisible and shall become and be immediately amended to only such area, duration and scope of activity as shall
be determined to be reasonable and enforceable by the court or other body having jurisdiction over the matter; and Employee agrees
that this Section 6 as so amended shall be valid and binding as though any invalid or unenforceable provision had not been
included herein.

7.                  
Non-Disparagement. Both the Company and Employee
agree that neither they nor any of their respective affiliates, predecessors, subsidiaries, partners, principals, officers, directors,
authorized representatives, agents, employees, successors, assigns, heirs or family members shall disparage or defame any other
party hereto relating in any respect to this Agreement, their relationship or the Company’s employment of Employee.

8.                  
Rights Upon Termination of Employment. 

8.1               
If Employee’s employment with the Company is terminated by the Company or Employee for
any reason upon or following the expiration of the Term, or if Employee’s employment with the Company is terminated during
the Term by the Company for Cause (as defined below) or by Employee for any reason other than Good Reason (as defined below), or
if Employee’s employment with the Company is terminated during the Term by reason of Employee’s death or Disability
(as defined below), then: (i) the Company shall pay to Employee or his beneficiary or his estate, as the case may be, Employee’s
Salary through the Termination Date, (ii) the Company shall pay any unpaid expense reimbursement that might have accrued prior
to the Termination Date; and (iii) any securities held in the name of Employee, or any portion thereof, may be exercised to the
extent Employee was entitled to do so as of the Termination Date in accordance with the terms of the applicable grant agreements
and plan document(s) governing such securities.

 

    	6

    	 

    

8.2               
If Employee’s employment with the Company is terminated during the Term by the Company
for any reason other than for Cause or by the Employee for Good Reason, then: (i) the Company shall pay Employee’s Salary
through the Termination Date, (ii) the Company shall pay any unpaid expense reimbursement that might have accrued prior to the
Termination Date, (iii) any securities held in the name of Employee, or any portion thereof, may be exercised to the extent Employee
was entitled to do so as of the Termination Date in accordance with the terms of the applicable grant agreements and plan document(s)
governing such securities, and (iv) subject to Section 8.7, the Company shall pay Employee an amount equal to two times Employee’s
annualized Salary as of the Termination Date, less applicable withholdings, payable in 24 substantially equal monthly installments
on or about the 15th day of each of the 24 months immediately following the Termination Date; provided, however, that any installments
that otherwise would be payable between the Termination Date and the 60th day after the Termination Date shall be delayed until
the 15th day of the calendar month that is more than 60 days after the Termination Date and included with the installment payable
on such date.

8.3               
Termination of Employee for “Cause” shall mean any of the following acts
by Employee:

(i)        an intentional
act of fraud, embezzlement, theft or any other material violation of law;

(ii)       intentional
damage to the Company’s assets;

(iii)      the
willful and continued failure to substantially perform required duties for the Company (other than as a result of incapacity due
to physical or mental illness); or

(iv)      willful
conduct that is demonstrably and materially injurious to the Company, monetarily or otherwise.

8.4               
 “Disability” hereunder shall mean the inability of Employee to perform
on a full-time basis the duties and responsibilities of his employment with the Company by reason of his illness or other physical
or mental impairment or condition, if such inability continues for an uninterrupted period of 180 days or more during any 360-day
period. A period of inability shall be “uninterrupted” unless and until Employee returns to full-time work, with or
without an accommodation, for a continuous period of at least thirty (30) days.

8.5               
“Good Reason” hereunder shall mean the occurrence of any of the following
during the Term without Employee’s consent: (i) a material reduction in Employee’s duties that is inconsistent with
Employee’s position as Chief Executive Officer of Company or a change in Employee’s reporting relationship such that
Employee no longer reports directly to the Board of Directors; (ii) Employee is no longer the Chief Employee Officer of Company;
(iii) any material reduction in Employee’s annual base salary or bonus compensation (other than in connection with a general
decrease in the salary or bonuses for other employees of Company); (iv) material breach by Company of any of its obligations hereunder;
or (v) a requirement by Company that Employee relocate Company’s principal office to a facility more than fifty (50) miles
from Company’s principal office as of the Effective Date; provided, however that Employee must provide written notice to
the Company that Good Reason exists within fifteen (15) days of the occurrence of the circumstances giving rise to Good Reason,
the Company must fail to cure such circumstances within thirty (30) days after its receipt of such notice from Employee and the
Company engaging in good faith negotiations with Employee to resolve the alleged Good Reason circumstances or to confirm with Employee
that the facts Employee has identified support a Good Reason resignation, and Employee must resign no later than ninety (90) days
after expiration of the Company’s 30-day cure period in order for Employee’s resignation to be for Good Reason.

 

    	7

    	 

    

8.6               
In the event of termination of Employee’s employment, the sole obligation of the Company
shall be its obligation to make the payments called for by Section 8.1 or Section 8.2 hereof, as the case may be, and the Company shall have no other obligation to Employee
 or to his beneficiary
or his estate, except for compensation earned for services performed through the Termination Date or as otherwise provided by law,
under the terms of any other applicable agreement between Employee and the Company or under the terms of any employee benefit plans
or programs then maintained by the Company in which Employee participates.

8.7               
Notwithstanding the foregoing provisions of this Section 8, the Company shall not be obligated
to provide the consideration under Section 8.2 (iv) hereof unless Employee shall have signed a release of claims in favor of the Company in a form to be
prescribed by the Company, all applicable consideration periods and rescission periods provided by law shall have expired and Employee
is in strict compliance with the terms of this Agreement as of the dates of the payments.

9.                  
Notices. Any notice required or permitted
under this Agreement shall be personally delivered or sent by recognized overnight courier or by certified mail, return receipt
requested, postage prepaid, and shall be effective when received (if personally delivered or sent by recognized overnight courier)
or on the third day after mailing (if sent by certified mail, return receipt requested, postage prepaid) to Employee at the address
indicated on the signature page of this Agreement and to the Company at its headquarters or principal place of business. Either
party may designate a different person to whom notices should be sent at any time by notifying the other party in writing in accordance
with this Agreement.

10.               
Survival of Certain Provisions. Those provisions
of this Agreement which by their terms extend beyond the termination or non-renewal of this Agreement (including all representations,
warranties, and covenants of the parties) shall remain in full force and effect and survive such termination or non-renewal.

11.               
Severability. Each provision of this Agreement
shall be considered severable such that if any one provision or clause conflicts with existing or future applicable law, or may
not be given full effect because of such law, this shall not affect any other provision which can be given effect without the conflicting
provision or clause.

12.               
Entire Agreement. This Agreement, the Restricted
Stock Agreement and the Stock Option Agreement collectively contain the entire agreement and understanding between the parties,
and supersede all prior agreements and understandings relating to the subject matter hereof. There are no understandings, conditions,
representations or warranties of any kind between the parties except as expressly set forth herein and the Restricted Stock Agreement
and Stock Option Agreement.

13.               
Assignability. Employee may not assign this
Agreement to any third party for whatever purpose without the express written consent of the Company. The Company may not assign
this Agreement to any third party without the express written consent of Employee except by operation of law, or through merger,
liquidation, recapitalization or sale of all or substantially all of the assets of the Company, provided that the Company may assign
this Agreement at any time to an affiliate of the Company. The provisions of this Agreement shall inure to the benefit of and be
binding upon the parties and their respective representatives, successors, and assigns. Any third party to which the Company assigns
this Agreement by operation of law, or through merger, liquidation, recapitalization or sale of all or substantially all of the
assets of the Company, or because such third party is an affiliate of the Company, shall thereafter be deemed the “Company”
for the purposes of this Agreement. 

 

    	8

    	 

    

14.               
Headings. The headings of the paragraphs and
sections of this Agreement are inserted solely for the convenience of reference. They shall in no way define, limit, extend, or
aid in the construction of the scope, extent, or intent of this Agreement.

15.               
Waiver. The failure of a party to enforce
the provisions of this Agreement shall not be construed as a waiver of any provision or the right of such party thereafter to enforce
each and every provision of this Agreement.

16.               
Amendments. No amendments of this Agreement
shall be binding upon the Company or Employee unless made in writing, signed by the parties hereto, and delivered to the parties
at the addresses provided herein.

17.               
Governing Law. This Agreement shall be governed
by and construed under the internal laws of the State of Minnesota, without regard to the principles of comity and/or the applicable
conflicts of laws of any state that would result in the application of any laws other than the State of Minnesota.

18.               
Jurisdiction. This Agreement, including the
documents, instruments and agreements to be executed and/or delivered by the parties pursuant hereto, shall be construed, governed
by and enforced in accordance with the internal laws of the State of Minnesota, without giving effect to the principles of comity
or conflicts of laws thereof. Employee and the Company agree and consent that any legal action, suit or proceeding seeking to enforce
any provision of this Agreement shall be instituted and adjudicated solely and exclusively in any court of general jurisdiction
in Minnesota, or in the United States District Court having jurisdiction in Minnesota and Employee and the Company agree that venue
will be proper in such courts and waive any objection which they may have now or hereafter to the venue of any such suit, action
or proceeding in such courts, and each hereby irrevocably consents and agrees to the jurisdiction of said courts in any such suit,
action or proceeding. Employee and the Company further agree to accept and acknowledge service of any and all process which may
be served in any such suit, action or proceeding in said courts, and also agree that service of process or notice upon them shall
be deemed in every respect effective service of process or notice upon them, in any suit, action, proceeding, if given or made
(i) according to applicable law, (ii) by a person over the age of eighteen (18) who personally served such notice or service of
process on Employee or the Company, as the case may be, or (iii) by certified mail, return receipt requested, mailed to employee
or the Company, as the case may be, at their respective addresses set forth in this Agreement.

19.               
Counterparts and Electronic Signatures. This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same Agreement.

20.               
Taxes and Section 409A. Company
may withhold from any amounts payable under this Agreement such federal, state and local income and employment taxes as Company
shall determine are required to be withheld pursuant to any applicable law or regulation. Employee shall be solely responsible
for the payment of all taxes due and owing with respect to wages, benefits, and other compensation provided to him hereunder. This
Agreement and the compensation payable hereunder is intended to satisfy, or be exempt from, the requirements of Section 409A(a)(2)(3)
and (4) of the Code, including current and future guidance and regulations interpreting such provisions, and should be interpreted
accordingly. Each payment under this Agreement is intended to be treated as one of a series of separate payments for purposes of
Code Section 409A and Treasury Regulation §1.409A-2(b)(2)(iii) (or any similar or successor provisions). To the extent that
any payments under Section 8.2(iv) are subject to Code Section 409A and Employee is a “Specified Employee” (as defined
in Section 409A) as of the Termination Date, such payments to Employee under Section 8.2(iv) may not be made before the date that
is six (6) months after the Termination Date or, if earlier, the date of Employee’s death. Payments to which Employee would
otherwise be entitled during the first six (6) months following the Termination Date will be accumulated and paid on the first
day of the seventh month following the Termination Date (or Employee’s death, if earlier). 

[Signature Page Follows]

    	9

    	 

    

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first set forth above.

 

	 	DAKOTA PLAINS HOLDINGS, INC.	 
	 	 	 
	 	/s/ Timothy R. Brady	 
	 	Timothy R. Brady	 
	 	Chief Financial Officer	 
	 	 	 
	 	 	 
	 	EMPLOYEE	 
	 	 	 
	 	/s/ Craig M. McKenzie	 
	 	Craig M. McKenzie	 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Employment Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}]]