Document:

Exhibit 10.10

Exhibit 10.10

May 3, 2001

Richard Lane

3010 Waterfront Court

Chattanooga, TN 37419

Dear Rick:

This letter is to confirm our job offer for Vice President of Sales and Marketing at Transport Corporation of America, Inc. We hope you enjoyed our interview process and that we were able to give you some insight as to what Transport America has to offer. Those who met with you felt strongly that you would be an asset to our organization.

Specifics of your employment package are as follows:

•

Base salary of $160,000 per year.

•

Bonus potential: up to 40% of base salary.

•

Twelve month severance for other than cause; with non-compete agreement

•

Vacation: 4 weeks (3 weeks in writing, plus one week at your discretion)

•

Car allowance: $750 per month (exclusive of insurance, fuel and maintenance)

•

7500 shares of company stock, pending shareholder approval of additional plan shares at 5/28/02 shareholder meeting. The exercise price of these options will be pegged to the market price on the date of the grant. The options will vest over four years at 25% per year on the anniversary date of the grant.

•

Relocation:

Expenses related to sale of current home

Moving of household goods to Minnesota

Closing costs on new home in Minnesota

Up to 6 months interim housing in Minnesota

A summary of our benefits package is enclosed. If you have any questions, please call Karen Vesovich at 800-345-0479.

Transport America has growth plans that will require the type of person and energy that we believe you possess.
Success will be measured by production, performance, and perception, which equates to diligence and high energy.
Rick, we are pleased to make this offer to you with the expectation you will become an integral member of our organization.

Sincerely,

Michael J. Paxton

President and CEO 

Exhibit 10.10

March 28, 2002

Mr. Richard Lane

3010 Waterfront Court

Chattanooga, TN 37419

Re:  Addendum to Employment Letter dated May 3, 2001 [prepared and intended to be dated May 3, 2002] (the “Employment Letter”)

Dear Richard:

This addendum will confirm our mutual agreement and understanding regarding the addition of certain protective covenants to your Employment Letter with Transport Corporation of America, Inc. (“Transport America”) as of the above date and specification of the terms of the non-compete agreement referenced in the Employment Letter. All other terms and conditions of the Employment Letter shall remain in full force and effect except to the extent specifically modified by this addendum. In consideration of Transport America agreeing to enter into and provide you the benefits of a Change of Control Severance Agreement dated as of the above date, and to specify the terms of the non-compete agreement referenced in the Employment Letter, you agree to the following terms of this addendum:

1.

Definitions.  For purposes of this addendum, the terms listed below shall have the following meanings:

a.

“Confidential Information” shall mean any information that is not generally known by Transport America’s competitors or the general public. Subject to the foregoing, Confidential Information includes, but is not limited to, data of any type that was created by you in the course of your employment by Transport America; data or conclusions or opinions formed by you in the course of employment;
manuals; trade secrets; methods, procedures, or techniques pertaining to the core business of Transport America; specifications; systems; price lists; marketing plans; sales or service analyses; financial information; customer names or customer specific information; supplier names; employee names and personnel  information; research and development data; diagrams; drawings;
videotapes, audiotapes, or computerized media used as training regimens; and notes, memoranda, notebooks, and records or documents that were created or used by you in the course of employment with Transport America. Confidential Information does not include information that you can demonstrate by reliable, corroborated documentary evidence (1) is generally available to the public, (2) became generally available to the public through no act or failure to act by you, or (3) relates to a business or service not provided by Transport America on or before the date of your termination.

Exhibit 10.10

 

 

b.

“Competing business” shall mean any person or entity that competes, or is preparing to compete directly, with (1) the hauling of freight or trucking business, or (2) any of the products or services developed or sold by Transport America on or before the date of your termination.

c.

“Render services” shall mean owning, managing, operating, controlling, providing services to, being employed by, consulting for, or otherwise participating actively in, a business; provided, however, that ownership of less than 1% of a class of stock of a corporation, whether publicly traded or privately held, shall not be deemed “rendering services.”

a.

“Sell” and “sold” shall mean sell, lease, license, market, or otherwise provide or attempt to provide for compensation or advantage. 

b.

“Customer” shall mean any person or entity that (1) has a contract or business relationship with Transport America, (2) was negotiating to contract or enter into a business relationship with Transport America as of the date of your termination, or (3) has, within the last year of your employment with Transport America, purchased or leased products or services from Transport America.

2.

Confidentiality Restrictions.  You agree at all times to use all reasonable means to keep Confidential Information secret and confidential. You shall not at any time use, disclose, duplicate, record, or in any other manner reproduce in whole or in part any Confidential Information, except as necessary to determine compliance with your obligations under this addendum so long as such disclosure is not to a competitor of Transport America. You shall not at any time render services to any person or entity if providing such services would require or likely result in using or disclosing Confidential Information. You acknowledge that use or disclosure of any of Transport America’s confidential or proprietary information in violation of this addendum would have a materially detrimental effect upon
Transport America, the monetary loss from which would be difficult, if not impossible, to measure. You agree that should you
breach the confidentiality restrictions of this addendum, Transport America will be entitled to seek injunctive relief and specific
enforcement of this addendum.

3.

Noncompetition. During such period of time, if any, that you receive severance payments pursuant to the Employment Letter (the “Restriction Period”), you shall not render services, directly or indirectly, for a competing business anywhere within the United States, whether as an officer, director, owner, partner, affiliate, employee, contractor, or otherwise. 

4.

Nonsolicitation of Customers.  During the Restriction Period, you agree that you will not:

a.

solicit or sell, or attempt to solicit or sell, to any Transport America customer, services or products that compete with services or products provided by Transport America, or that were in the process of being developed by Transport America during your employment; or 

Exhibit 10.10

 

 

b.

interfere in any way with, or induce any Transport America customer, supplier or other entity to terminate or alter its business relationship with Transport America.

5.

Nonsolicitation of Employees or Others. During the Restriction Period, you agree that you will not solicit or accept—directly or indirectly, as an individual or through any other person or entity—any active employee of Transport America or retained consultant under contract with Transport America for employment or any other arrangement for compensation to perform services for any other person, regardless of the nature of their business, or induce such persons to terminate or alter their relationship with Transport America.

Sincerely, 

Michael J. Paxton

President and Chief Executive Officer

Agreed: __________________________

__________________________   

Richard Lane

Date:______________________EXHIBIT 10.1

                           CHANGE OF CONTROL AGREEMENT

         This Change of Control Agreement ("Agreement") between Minnesota Corn
Processors, LLC, a Colorado limited liability company (the "Company"), and
___/s/ Executive___ (the "Executive") is made and entered into effective as of
April 22, 2002 (the "Effective Date").

         WHEREAS, Executive is a key executive of the Company; and

         WHEREAS, it is in the best interest of the Company and its members if
the key executives can approach material business decisions objectively and
without concern for their personal situation; and

         WHEREAS, the Company recognizes that the possibility of a Change of
Control (as defined below) of the Company may result in the early departure of
key executives to the detriment of the Company and its members; and

         WHEREAS, the Board of Directors of the Company (the "Board") has
authorized and directed the Company to enter into this Agreement or other
similar agreements in order to help retain and motivate key management and to
help ensure continuity of key management;

         THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and Executive agree as
follows:

         1. TERM OF AGREEMENT.

         (a) The term of this Agreement ("Term") shall commence on the Effective
         Date and shall continue in effect through the fifth anniversary of the
         Effective Date; provided, however, commencing on the first day
         following the fourth anniversary of the Effective Date and on each day
         thereafter, the Term of this Agreement shall automatically be extended
         for one additional day unless the Board shall give written notice to
         Executive that the Term shall cease to be so extended, in which event
         the Agreement shall terminate on the first anniversary of the date such
         notice is given.

         (b) Termination of this Agreement shall not alter or impair any rights
         of Executive arising hereunder on or before such termination.

         2. CERTAIN DEFINITIONS.

         (a) "Change of Control" means the occurrence of any of the following:

                  (i) any "person" (as such term is used in Section 13(d) and
                  14(d) of the Securities Exchange Act of 1934, as amended (the
                  "Exchange Act")), other than a trustee or other fiduciary
                  holding securities under an employee benefit plan of the
                  Company, becomes the "beneficial owner" (as defined in Rule
                  13d-3 under the Exchange Act), directly or indirectly, of
                  Class A Units of the Company

<PAGE>

                  representing 35% or more of the voting power of the Company's
                  then outstanding Class A Units;

                  (ii) during any period of two consecutive years (not including
                  any period prior to the effective date of this Agreement),
                  individuals who at the beginning of such period constitute the
                  Board, and any new director (other than a director designated
                  by a person who has entered into an agreement with the Company
                  to effect a transaction described in clause (i), (iii) or (v)
                  of this Change of Control definition) whose election by the
                  Board or nomination for election by the Company's members was
                  approved by a vote of at least two-thirds of the members of
                  the Board then still in office who either were members of the
                  Board at the beginning of the period or whose election or
                  nomination for election was previously so approved, cease for
                  any reason to constitute at least 75% of the members thereof;

                  (iii)the consummation of a merger, acquisition or
                  consolidation of the Company with or by any other corporation
                  or entity;

                  (iv) the Board of Directors of the Company approve a plan of
                  complete liquidation or dissolution of the Company or a court
                  orders a complete liquidation of the Company; or

                  (v) the sale, lease, disposition, exchange or transfer of all
                  or substantially all of the assets of the Company.

         (b) "Annual Base Compensation" means the sum of (i) Executive's highest
         salary for any of the three years immediately prior to the Change of
         Control or the current annual salary, whichever is higher, (ii)
         Executive's highest bonus for any year in the three years immediately
         prior to the year in which the Change of Control occurs, (iii) the
         highest amount paid by the Company with respect to Executive's
         allocable share of the Company's life and health insurance premiums for
         any of the three years immediately prior to the year in which the
         Change of Control occurs, (iv) the highest amount of possible pension
         contributions made by the Company with respect to the Executive for any
         of the three years immediately prior to the year in which the Change of
         Control occurs and (v) the highest amount of the Company's possible
         401(k) contribution made by the Company with respect to Executive for
         any of the three years immediately prior to the year in which the
         Change of Control occurs.

         (c) "Adjusted Annual Compensation" means the Annual Base Compensation
         as increased by an annual interest factor of 3% compounded annually for
         each full year of service including the current year even if not
         completed.

                                       2
<PAGE>

         3. COMPENSATION REGISTER

         A formal register of the Annual Base Compensation and the Adjusted
         Annual Compensation for each Executive shall be maintained in the
         office of and adjusted by the Vice-President of Human Resources and
         Administration and verified by the Chief Financial Officer Company.
         Such verification shall take place on the Effective Date. Further
         adjustments to the formal register shall be made by the Vice-President
         of Human Resources and Administration of the Company and verified by
         the Chief Executive Officer of the Company. The formal register noted
         in this section shall become part of and incorporated into this
         Agreement. Any adjustments to the formal register, when made and
         verified shall be immediately made part of and incorporated into this
         Agreement. The formal register shall also note the amount to be
         determined pursuant to Section 4(a)(i).

         4. CHANGE OF CONTROL PAYMENT

         (a) If a Change of Control occurs during the Term, Executive shall
         receive the following from the Company:

                  (i) immediately at the time of the Change of Control, the
                  Company shall pay to Executive in a lump sum, in cash, payable
                  in United States currency, an amount equal to 5.26 times the
                  Adjusted Annual Compensation; and,

                  (ii) notwithstanding anything in any Company incentive plan or
                  arrangement to the contrary, all incentive awards and/or
                  deferred amounts of Executive thereunder shall become 100%
                  vested and payable in full in cash immediately on the date of
                  the Change of Control.

         (b) The Company may withhold from any amounts payable under this
         Agreement all such taxes as it shall be required to withhold pursuant
         to any applicable law or regulation.

         (c) Company may not withhold any sums due payable to Executive under
         this Agreement.

         (d) If Executive's employment with the Company terminates prior to, but
         within six months of, the date on which a Change of Control occurs and
         it is reasonably demonstrated by Executive that such termination of
         employment was by the Company (including a constructive discharge) in
         connection with or in anticipation of the Change of Control, then, for
         purposes of this Agreement, the Change of Control shall be deemed to
         have occurred on the date immediately prior to the date of Executive's
         termination of employment.

         (e) In the event the Executive dies or becomes disabled after a
         definitive agreement relating to a Change of Control event or the
         Company's Board

                                       3
<PAGE>

         of Directors has approved a Change of Control event has been entered
         into but prior to the effective date of the Change of Control, the
         Executive (or, in the event of his death, his estate) shall receive the
         amounts payable herein within fifteen (15) days of the effective date
         of the Change of Control. For purposes of this section, "disability"
         shall mean due to sickness or injury where an Executive is unable to
         perform the material duties of the Executive's occupation with the
         Company.

         5. PARACHUTE TAX GROSS UP.

         If any payment made, or benefit provided, to or on behalf of Executive
         pursuant to this Agreement or otherwise ("Payments") results in
         Executive being subject to the excise tax imposed by Section 4999 of
         the Internal Revenue Code (or any successor or similar provision)
         ("Excise Tax"), the Company shall promptly pay Executive an additional
         amount in cash (the "Additional Amount") such that after payment by
         Executive of all taxes, including, without limitation, any income taxes
         and Excise Tax, imposed on the Additional Payment, Executive retains an
         amount of the Additional Payment equal to the Excise Tax imposed on the
         Payments. Such determinations shall be made by the Company's
         independent certified public accountants.

         6. NO OFFSET.

         The amount of any payment or benefit provided for in this Agreement
         shall not be reduced or offset against any amount claimed to be owed by
         Executive to the Company or otherwise.

         7. SUCCESSOR AGREEMENT.

         The Company will require any successor (whether direct or indirect, by
         purchase, merger, consolidation or otherwise) to all or substantially
         all of the business and/or assets of the Company to assume expressly in
         writing prior to the effective date of such succession and agree to
         perform this Agreement in the same manner and to the same extent that
         the Company would be required to perform if no succession had taken
         place. Failure of the successor to so assume as provided herein shall
         constitute a breach of this Agreement and immediately entitle Executive
         to the payments hereunder as if triggered by a Change of Control.

         8. NOTICES.

         All notices and other communications hereunder shall be in writing and
         shall be given by hand delivery to the other party or by registered or
         certified mail, return receipt requested, postage prepaid, addressed,
         in either case, to the Company's headquarters or to such other address
         as either party shall have furnished to the other in writing in
         accordance herewith. Notices and communications shall be effective when
         actually received by the addressee.

                                       4
<PAGE>

         9. GOVERNING LAW.

         This Agreement will be governed by and construed in accordance with the
         laws of the state of Minnesota without regard to conflicts of law
         principles.

         10. ENTIRE AGREEMENT.

         This Agreement, other than the Minnesota Corn Processors Supplemental
         Executive Retirement Plan, employment contracts of any Executives, and
         any applicable severance agreements, is an integration of the parties'
         agreement and no agreement or representations, oral or otherwise,
         express or implied, with respect to the subject matter hereof have been
         made by either party which are not set forth expressly in this
         Agreement.

         11. SEVERABILITY.

         The invalidity or unenforceability of any provision of this Agreement
         shall not affect the validity or enforceability of any other provision
         of this Agreement, which shall remain in full force and effect.

         12. AMENDMENT AND WAIVERS.

         No provision of this Agreement may be modified, waived or discharged
         unless such waiver, modification or discharge is agreed to in writing
         and signed by Executive and such authorized member of the Company as
         may be specifically authorized by the Board. No waiver by either party
         hereto at any time of any breach by the other party hereto of, or in
         compliance with, any condition or provision of this Agreement to be
         performed by such other party shall be deemed a waiver of similar or
         dissimilar provisions or conditions at the same or at any prior or
         subsequent time.

         13. COUNTERPARTS.

         The Agreement may be executed in several counterparts, each of which
         shall be deemed an original but all of which together shall constitute
         one and the same instrument.

                                       5
<PAGE>

         IN WITNESS WHEREOF, the Company and Executive have executed this
Agreement effective for all purposes as of the Effective Date.

                                                  MINNESOTA CORN PROCESSORS, LLC

                                                  By:  /s/ L. Dan Thompson
                                                       _________________________

                                                  Name: L. Dan Thompson
                                                       _________________________

                                                  Title: President & Chief
                                                           Executive Officer
                                                       _________________________

                                                  EXECUTIVE

                                                  /s/ Executive
                                                  ______________________________

                                       6

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