Document:

Unassociated Document

    Exhibit
10.1

     

    AMENDED
AND RESTATED

    EMPLOYMENT
AGREEMENT

     

    This
amended and restated AGREEMENT (this “Agreement”) is made
and entered into as of the 2nd day of December 2010, by and between Triangle
Petroleum Corporation, a Nevada corporation (the “Company”), and Dr.
Peter Hill (“Employee”).

     

    W
I T N E S S E T H :

     

    WHEREAS,
Employee has been employed by the Company as its Chief Executive Officer since
November 30th, 2009 (the “Effective Date”);
and

     

    WHEREAS,
the Company desires to enter into this Agreement embodying the terms of such
employment, and Employee desires to enter into this Agreement and to accept such
employment, subject to the terms and provisions of this Agreement.

     

    NOW,
THEREFORE, in consideration of the promises and mutual covenants contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which are mutually acknowledged, the Company and Employee hereby
agree as follows:

     

    Section
1.  Definitions

     

    (a)  “Accrued Obligations”
shall mean (i) all accrued but unpaid Base Salary through the date of
termination of Employee’s employment, (ii) any unpaid or unreimbursed expenses
incurred in accordance with Section 7 below, (iii) any benefits provided under
the Company’s employee benefit plans upon a termination of employment, in
accordance with the terms contained therein, (iv) reasonable relocation costs,
to the extent unpaid or unreimbursed, and (v) any allowance payable to Employee
by the Company, in accordance with written Company policy.

     

    (b)  “Agreement” shall have
the meaning set forth in the preamble hereto.

     

    (c)  “Base Salary” shall
mean the salary provided for in Section 4 below or any increased salary granted
to Employee pursuant to Section 4 below.

     

    (d)  “Board” shall mean the
Board of Directors of the Company.

     

    (e)  “Cause” shall mean (i)
Employee’s act(s) of gross negligence or willful misconduct in the course of
Employee’s employment hereunder that is or could reasonably be expected to be
materially injurious to the Company or any other member of the Company Group,
(ii) willful failure or refusal by Employee to perform in any material respect
his duties or responsibilities, (iii) misappropriation by Employee of any assets
of the Company or any other member of the Company Group, (iv) embezzlement or
fraud committed by Employee, or at his direction, (v) Employee’s conviction of,
or pleading “guilty” or “ no contest” to a felony under United States state or
federal law.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (f)  “Change of Control”
shall mean the first to occur of any of the following, but only if such event
constitutes a change in ownership or effective control of the Company or a
change in ownership of a substantial portion of the assets of the Company within
the meaning of Section 409A of the Code:

     

    (i)  any
Person becomes the beneficial owner, directly or indirectly, of securities of
the Company representing fifty percent (50%) or more of the combined voting
power of the Company’s then outstanding securities; or

     

    (ii)
 during any period of one (1) year, individuals who at the beginning of
such period constitute the Board (and any new director whose election by the
Company’s stockholders was approved by a vote of at least two-thirds (2/3) of
the directors then still in office who either were directors at the beginning of
the period or whose election or nomination for election was so approved) cease
for any reason to constitute a majority thereof; or

     

    (iii)  (A)
the sale or disposition of all or substantially all the Company’s assets, or (B)
a merger, consolidation, or reorganization of the Company with or involving any
other entity, other than a merger, consolidation, or reorganization that would
result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) at least fifty percent
(50%) of the combined voting power of the securities of the Company (or such
surviving entity) outstanding immediately after such merger, consolidation, or
reorganization.

     

    (g)  “Change of Control Severance
Term” shall mean the thirty (30) month period following Employee’s
termination pursuant to Section 8(h) below.

     

    (h)  “Code” shall mean the
Internal Revenue Code of 1986, as amended.

     

    (i)  “Common Shares” shall
mean any and all shares, deferred share units and other equity-based awards
granted to Employee from time to time.

     

    (j)  “Company” shall have
the meaning set forth in the preamble hereto.

     

    (k)  “Company Group” shall
mean the Company together with any direct or indirect subsidiaries of the
Company.

     

    (l)  “Compensation
Committee” shall mean the Board or the committee of the Board designated
to make compensation decisions relating to senior executive officers of the
Company Group.

     

    (m)  “Competitive
Activities” shall mean any business activities in the same state or
geologic basin in which the Company or any other member of the Company Group
engages during the Term of Employment.

     

    (n)  “Covered Compensation”
shall mean compensation paid or payable to Employee pursuant to this Agreement
as Base Salary, RSTI Award, STI Award, Success Fee and any allowances
paid.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (o)  “Disability” shall
mean any physical or mental disability or infirmity of the Employee that has
prevented the performance of Employee’s duties for a period of (i) ninety (90)
consecutive days or (ii) one hundred twenty (120) non-consecutive days during
any twelve (12) month period.  Any question as to the existence,
extent, or potentiality of Employee’s Disability upon which Employee and the
Company cannot agree shall be determined by a qualified, independent physician
selected by the Company and approved by Employee (which approval shall not be
unreasonably withheld).  The determination of any such physician shall
be final and conclusive for all purposes of this Agreement.

     

    (p)  “Dispute” shall have
the meaning set forth in Section 15 below.

     

    (q)  “Effective Date” shall
have the meaning set forth in the recitals above.

     

    (r)  “Employee” shall have
the meaning set forth in the preamble hereto.

     

    (s)  “Good Reason” shall
mean, without Employee’s consent, (i) a diminution in Employee’s title, duties,
or responsibilities, (ii) a reduction in the Covered Compensation, (iii) the
failure of the Company to pay any compensation hereunder when due or to perform
any other obligation of the Company hereunder, (iv) the relocation of Employee’s
principal place of employment to a country other than the United States, or (v)
failure of the Company to obtain a written agreement from any successor or
assign of the Company to assume the obligations of the Company under this
Agreement upon a Change of Control.

     

    (t)  “Person” shall mean
any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust (charitable or non-charitable),
unincorporated organization, or other form of business entity.

     

    (u)  “Principal Place of
Employment” shall mean the Employee’s primary state of permanent
residence, currently the Commonwealth of Massachusetts, or any future state in
which Employee establishes residency in accordance with state law.

     

    (v)  “Release Expiration
Date” shall mean the date that is twenty-one (21) days following the date
upon which the Company timely delivers Employee the release contemplated in
Section 8(i) below, or in the event that such termination of employment is “in
connection with an exit incentive or other employment termination program” (as
such phrase is defined in the Age Discrimination in Employment Act of
1967), the date that is forty-five (45) days following such delivery
date.

     

    (w)  “Restricted Period”
shall mean the period commencing on the Effective Date and extending to the nine
(9) month anniversary of Employee’s termination of employment for any
reason.

     

    (x)  “Restructuring STI
Award” or “RSTI
Award” shall have the meaning set forth in Section 4(c)
below.

     

    (y)  “Severance Term” shall
mean the eighteen (18) month period following Employee’s termination by the
Company without Cause (other than by reason of death or Disability) or by
Employee for Good Reason.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (z)  “STI Award” shall have
the meaning set forth in Section 4(b) below.

     

    (aa)  “Success Fee” shall
have the meaning set forth in Section 4(d) below.

     

    (bb)  “Tax Gross-Up” shall
have the meaning set forth in Section 8(d)(vi) below.

     

    (cc)  “Taxable Cost” shall
have the meaning set forth in Section 8(d)(vi) below.

     

    (dd)  “Term of Employment”
shall mean the period specified in Section 2 below.

     

    Section
2.  Acceptance and Term of Employment

     

    The
Company agrees to employ Employee, and Employee agrees to serve the Company, on
the terms and conditions set forth herein.  The “Term of Employment”
shall mean the period commencing on the Effective Date and, unless terminated
sooner as provided in Section 8 hereof, continuing for a period of two (2) years
from the Effective Date; provided, however, that the
Term of Employment shall be extended automatically at the end of the initial two
(2) year term for a one (1) year term and thereafter for successive one (1) year
terms if neither the Company nor Employee has advised the other in writing in
accordance with Section 16 at least ninety (90) days prior to the end of the
then current term that such term will not be extended for an additional one (1)
year term.

     

    Section
3.  Position, Duties, and Responsibilities; Place of
Performance

     

    (a)  During
the Term of Employment, Employee shall be employed and serve as the Chief
Executive Officer (the “CEO”) of the Company
and shall have such duties and responsibilities as are commensurate with such
title.  The Employee shall report to the Board and shall carry out and
perform all orders, directions and policies given to him by the Board consistent
with his position and title.

     

    (b)  Employee
shall devote his best efforts to the performance of his duties under this
Agreement and shall not engage in any other business or occupation during the
Term of Employment that (x) interferes with Employee’s exercise of judgment in
the Company’s best interests.  Notwithstanding the foregoing, nothing
herein shall preclude Employee from (i) serving as a member of the boards of
directors or advisory boards (or their equivalents in the case of a
non-corporate entity) of non-competing businesses, (ii) engaging in charitable
activities and community affairs, and receiving compensation for other business
activities, including asset management and investment activities, which do not
constitute prohibited activities as set out in clause (x), and (iii) from
managing his personal investments and affairs; provided, however, that the
activities set out in clauses (i), (ii) and (iii) shall be limited by Employee
so as not to materially interfere, individually or in the aggregate, with the
performance of his duties and responsibilities hereunder.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    Section
4.  Compensation

     

    During
the Term of Employment, Employee shall be entitled to the following
compensation:

     

    (a)  Base
Salary.  Employee shall be paid an annualized Base Salary,
payable in accordance with the regular payroll practices of the Company, of not
less than US $250,000, with increases, if any, as may be approved in writing by
the Compensation Committee.

     

    (b)  Short-Term Incentive
Awards.  In his capacity as CEO of the Company, Employee shall
be eligible for an annual short-term incentive award determined by the
Compensation Committee in respect of each fiscal year (or partial fiscal year)
during the Term of Employment (the “STI Award”) in
accordance with this Section 4(b).  The intended target “STI Award”
shall be up to 200% of Base Salary, and shall be tied directly to
performance.  The STI Award shall be paid as soon as practicable
following the last day of the fiscal year, but in no event later than one day
prior to the date that is 2 1/2 months following the last day of the fiscal
year.

     

    (c)  Restructuring STI
Award.  Employee shall also be eligible to receive a one-time
“Restructuring STI Award” (the “RSTI Award”) of 200%
of base salary separate and independent of the STI Award.  The RSTI
Award shall be awarded upon satisfactory achievement of some or all of the
following short term goals, as determined in good faith by the Compensation
Committee, which are designed to recapitalize the Company and establish a
new strategic direction in the best interests of shareholders:

     

    (i)  Find
a strategic or financial partner for Windsor Block well, with board approved
carry for TPLM.

     

    (ii)  Material
acquisition of U.S. acreage in the Bakken or other play deemed a strategic
priority by the board.

     

    (iii)  Completion
of board approved restructuring/capital raise; sufficient for 2010 development
of core assets.

     

    (iv)  A
50% increase in the 10-day average trailing share price, relative to the 10-day
average trailing share price as calculated on the date of execution of this
Agreement.

     

    (v)  Determination
by board/compensation committee that overall performance of the Executive,
including cost cutting, warrants full award of target RSTI Award.

     

    As of
December 2, 2010, the Board has approved and the Compensation Committee has
determined that Employee shall be awarded the RSTI Award.  The RSTI
Award shall be granted in the form of 90,909 shares of restricted common stock
of the Company upon, and effective upon, the approval of the Company’s
shareholders of the contemplated omnibus equity incentive plan in the year
2011.  Except as may otherwise be provided under this Agreement, the
RSTI Award shall vest in its entirety on January 31, 2012, which vesting shall
be subject to Employee’s continued service until the vesting date and the terms
and conditions of the applicable omnibus equity incentive plan and award
agreement.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

     

    (d)  Success
Fee.  As of December 2, 2010, the Board has approved that
Employee shall be eligible to receive a one-time success fee award equal to
10,000 shares of restricted common stock of the Company upon, and effective
upon, the approval of the Company’s shareholders of the contemplated omnibus
equity incentive plan in the year 2011 (the “Success
Fee”).  Except as may otherwise be provided under this
Agreement, the Success Fee shall vest in its entirety on January 31, 2012 which
vesting shall be subject to Employee’s continued service until the vesting date
and the terms and conditions of the applicable omnibus equity incentive plan and
award agreement.

     

    Section
5.  Employee Benefits

     

    (a)  General.  During
the Term of Employment, Employee shall be entitled to participate in health
insurance and other benefits provided to other senior executives of the
Company.

     

    (b)  Vacation, Leave and
Time
Off.  During each calendar year of the Term of Employment,
Employee shall be eligible for twenty-five (25) days paid vacation or leave, as
well as sick pay and other paid and unpaid time off in accordance with the
policies and practices of the Company.

     

    Section
6.  Key-Man Insurance

     

    At any
time during the Term of Employment, the Company shall have the right to insure
the life of Employee for the sole benefit of the Company, in such amounts, and
with such terms, as it may determine.  All premiums payable thereon
shall be the obligation of the Company.  Employee shall have no
interest in any such policy, but agrees to cooperate with the Company in
procuring such insurance by submitting to physical examinations, supplying all
information required by the insurance company, and executing all necessary
documents, provided that no financial obligation is imposed on Employee by any
such documents.

     

    Section
7.  Reimbursement of Business Expenses

     

    Employee
is authorized to incur reasonable business expenses in carrying out his duties
and responsibilities under this Agreement, and the Company shall promptly
reimburse him for all such reasonable business expenses, subject to
documentation in accordance with written Company policy, as in effect from time
to time.

     

    Section
8.  Termination of Employment

     

    (a)  General.  The
Term of Employment shall terminate earlier than as provided in Section 2 hereof
upon the earliest occurrence pursuant to Sections 8(b) through 8(h)
hereunder.  Except as otherwise provided herein, all payments under
this Section 8 shall occur within fifteen (15) days following the
termination date.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (b)  Termination Due to Death or
Disability.  Employee’s employment shall terminate
automatically upon his death.  The Company may terminate Employee’s
employment immediately upon the occurrence of a Disability, such termination to
be effective upon Employee’s receipt of written notice of such
termination.  In the event Employee’s employment is terminated due to
his death or Disability, Employee or his estate or his beneficiaries, as the
case may be, shall be entitled to:

     

    (i)  the
Accrued Obligations; and

     

    (ii)  any
unpaid STI Award in respect of any completed fiscal year that has ended prior to
the date of such termination, which amount shall be paid on the sixtieth
(60th) day
following the termination date; and any STI Award that would have been payable
with respect to the year of termination in the absence of the Employee’s death
or Disability, pro-rated for the period the Employee worked prior to his death
or Disability, which amount shall be paid at such time STI Awards are paid to
other senior executives of the Company, but in no event later than one day prior
to the date that is 2 1/2 months following the last day of the fiscal year in
which such termination occurs; and

     

    (iii)  except
as may be provided under an award agreement, immediate vesting of any and all
Common Shares previously awarded to the Employee irrespective of type of award;
and

     

    (iv)  the
rights to the same compensation and benefits as provided in Section 8(d) below,
in lieu of clauses (i) through (iv), if the termination of Employee’s employment
is by reason of death or Disability while the Employee is traveling on official
Company business.

     

    Following
such termination of Employee’s employment by reason of death or Disability,
except as set forth in this Section 8(b), Employee shall have no further rights
to any compensation or any other benefits under this Agreement.

     

    (c)  Termination by the Company
for Cause.

     

    (i)  The
Company may terminate Employee’s employment at any time for Cause, effective
upon Employee’s receipt of written notice of such termination; provided, however, that with
respect to any Cause of termination relying on clause (i) or (ii) of the
definition of Cause set forth in Section 1(e) hereof, to the extent such act or
acts are curable, Employee shall be given not less than twenty (20) days’
written notice by the Board of the Company’s intention to terminate him for
Cause, such notice to state in detail the particular act or acts or failure or
failures to act that constitute the grounds on which the proposed termination
for Cause is based, and such termination shall be effective at the expiration of
such twenty (20) day notice period unless Employee has substantially cured such
act or acts or failure or failures to act that give rise to Cause during such
period.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

     

    (ii)  In
the event the Company terminates Employee’s employment for Cause, he shall be
entitled only to the Accrued Obligations, and any previously awarded Common
Shares which are not vested as of the date of termination shall be
cancelled.  Following such termination of Employee’s employment for
Cause, except as set forth in this Section 8(c), Employee shall have no further
rights to any compensation or any other benefits under this
Agreement.

     

    (d)  Termination by the Company
without Cause.  The Company may terminate Employee’s employment
at any time without Cause, effective upon Employee’s receipt of written notice
of such termination.  In the event Employee’s employment is terminated
by the Company without Cause (other than due to death or Disability), Employee
shall be entitled to:

     

    (i)  the
Accrued Obligations; and

     

    (ii)  any
unpaid STI Award in respect of any completed fiscal year that has ended prior to
the date of such termination, which amount shall be paid on the sixtieth
(60th) day
following the termination date; and

     

    (iii)  the
target STI Award for the year in which termination occurs, pro-rated for the
period the Employee worked prior to such termination, which amount shall be paid
at such time STI Awards are paid to other senior executives of the Company, but
in no event later than one day prior to the date that is 2 1/2 months following
the last day of the fiscal year in which such termination occurs;
and

     

    (iv)  except
as may be provided under an award agreement, immediate vesting of any and all
Common Shares previously awarded to the Employee irrespective of type of award;
and

     

    (v) continuation
of payment of Base Salary during the Severance Term, payable in accordance with
the Company’s regular payroll practices, but commencing on the first payroll
date following the date that is sixty (60) days following the termination date,
which first payment shall include payments relating to such initial sixty (60)
day period; and

     

    (vi)  continuation,
during the Severance Term, of the health benefits provided to Employee and his
covered dependants under the Company’s health plans, it being understood and
agreed that the Company’s obligation to provide such continuation of benefits
shall terminate prior to the expiration of the Severance Term in the event that
Employee becomes eligible to receive any health benefits while employed by or
providing service to, in any capacity, any other business or entity during the
Severance Term; provided, however, that as a
condition of the Company’s providing the continuation of health benefits
described herein, the Company may require Employee to elect continuation
coverage under COBRA.  Notwithstanding the forgoing, if such health
benefits are provided to employees of the Company generally through a
self-insured arrangement, and Employee qualifies as a “highly compensated
individual” (within the meaning of Section 105(h) of the Code), (1) such
continuation of benefits shall be provided on a fully taxable basis, based on
100% of the monthly premium cost of participation in the self-insured plan less
any portion required to be paid by Employee (the “Taxable Cost”), and,
as such, Employee’s W−2 shall include the after-tax value of the Taxable Cost
for each month during the applicable benefit continuation period, and (2) on the
last payroll date of each calendar month during which any health benefits are
provided pursuant to this Section 8(d)(vi), Employee shall receive an additional
payment, such that, after payment by the Employee of all federal, state, local
and employment taxes imposed on Employee as a result of the inclusion of the
portion of the Taxable Cost in income during such calendar month, Employee
retains (or has had paid to the Internal Revenue Service on his behalf) an
amount equal to such taxes as Employee is required to pay as a result of the
inclusion of the Taxable Cost in income during such calendar month (the “Tax
Gross-Up”).  In no event shall the Tax Gross-Up be paid to
Employee later than the end of the taxable year following the taxable year in
which such taxes are paid.  Furthermore, no continuation of coverage
shall be provided to the extent it results in adverse tax consequences to the
Company under Section 4980D of the Code.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    Following
such termination of Employee’s employment by the Company without Cause, except
as set forth in this Section 8(d), Employee shall have no further rights to any
compensation or any other benefits under this Agreement.

     

    (e)  Termination by Employee with
Good Reason.  Employee may terminate his employment with Good
Reason by providing the Company twenty (20) days’ written notice setting forth
in reasonable specificity the event that constitutes Good
Reason.  During such twenty (20) day notice period, the Company shall
have a cure right (if curable), and if not cured within such period, Employee’s
termination will be effective upon the expiration of such cure period, and
Employee shall be entitled to the same payments and benefits as provided in
Section 8(d) above for a termination by the Company without Cause, subject to
the same conditions on payment and benefits as described in Section 8(d)
above.  Following such termination of Employee’s employment by
Employee with Good Reason, except as set forth in this Section 8(e), Employee
shall have no further rights to any compensation or any other benefits under
this Agreement.

     

    (f)  Termination by Employee
without Good Reason.  Employee may terminate his employment
without Good Reason by providing the Company thirty (30) days’ written notice of
such termination.  In the event of a termination of employment by
Employee under this Section 8(f), except as provided in Section 8(h), Employee
shall be entitled only to the Accrued Obligations, and any previously awarded
Common Shares which are not vested as of the date of termination shall be
cancelled.  In the event of termination of Employee’s employment under
this Section 8(f), the Company may, in its sole and absolute discretion, by
written notice accelerate such date of termination without changing the
characterization of such termination as a termination by Employee without Good
Reason.  Following such termination of Employee’s employment by
Employee without Good Reason, except as set forth in this Section 8(f) or
Section 8(h), Employee shall have no further rights to any compensation or any
other benefits under this Agreement.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (g)  Non-Extension of the Term of
Employment.  Employee’s employment hereunder shall terminate
upon the close of business of the last day of the then current term if either
the Company or Employee gives timely notice of its intention not to extend the
then current term of employment, as provided in Section 2.  Upon such
termination of the Term of Employment, Employee shall be entitled
to:

     

    (i)  the
Accrued Obligations; and

     

    (ii)  any
unpaid STI Award in respect of any completed fiscal year that has ended prior to
the date of such termination, which amount shall be paid on the sixtieth
(60th) day
following the termination date; and

     

    In the
event that Employee’s employment hereunder is terminated by reason of the
Company giving notice of its intention not to extend any Term of Employment
under Section 2, in addition to the above, Employee shall be entitled to the
following benefits:

     

    (iii)  any
STI Award that would have been payable with respect to the year of termination
in the absence of the Employee’s termination, pro-rated for the period the
Employee worked prior to such termination, which amount shall be paid at such
time STI Awards are paid to other senior executives of the Company, but in no
event later than one day prior to the date that is 21/2 months following the
last day of the fiscal year in which such termination occurred; and

     

    (iv)  except
as may be provided under an award agreement, immediate vesting of any and all
Common Shares previously awarded to the Employee; and

     

    (v)  continuation
of payment of Base Salary for a period of eighteen (18) months, payable in
accordance with the Company’s regular payroll practices, but commencing on the
first payroll date following the date that is sixty (60) days following the
termination date, which first payment shall include payments relating to such
initial sixty (60) day period; and

     

    (vi)  continuation,
for a period of eighteen (18) months, of the health benefits provided to
Employee and his covered dependants under the Company’s health plans, subject to
the terms and conditions set forth in Section 8(d)(vi) above.

     

    Following
such termination of Employee’s employment pursuant to Section 2, except as set
forth in this Section 8(g), Employee shall have no further rights to any
compensation or any other benefits under this Agreement.  In the event
that Employee’s employment hereunder is terminated by reason of the Employee
giving notice of his intention not to extend any Term of Employment under
Section 2, then any previously awarded Common Shares which are not vested as of
the date of termination shall be cancelled.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (h)  Termination Following Change
of Control.  If, upon a Change of Control of the Company or
during the one (1) year period following such Change of Control, Employee is
terminated by the Company without Cause or Employee terminates his employment
with or without Good Reason, in lieu of the benefits payable pursuant to
Sections 8(d) or 8(e) or 8(f) hereof, as applicable, Employee shall be entitled
to:

     

    (i)  the
Accrued Obligations; and

     

    (ii)  any
unpaid STI Award in respect of any completed fiscal year that has ended prior to
the date of such termination, which amount shall be paid on the sixtieth
(60th) day
following the termination date; and

     

    (iii)  the
target STI Award for the year in which termination occurs, pro-rated for the
period the Employee worked prior to such termination, which amount shall be paid
at such time STI Awards are paid to other senior executives of the Company, but
in no event later than one day prior to the date that is 2 1/2 months following
the last day of the fiscal year in which such termination occurs;
and

     

    (iv)  a
lump-sum cash payment equal to two and one-half (2.5) times Base Salary, which
amount shall be paid on the sixtieth (60th) day
following the termination date; and

     

    (v)  except
as may be provided under an award agreement, immediate vesting of any and all
Common Shares previously awarded to the Employee irrespective of type of award;
and

     

    (vi)  continuation,
during the Change of Control Severance Term, of the health benefits provided to
Employee and his covered dependants under the Company’s health plans, subject to
the terms and conditions set forth in Section 8(d)(vi) above.

     

    Following
such termination of Employee’s employment following a Change of Control, except
as set forth in this Section 8(h), Employee shall have no further rights to any
compensation or any other benefits under this Agreement.

     

    (i)  Release.  Notwithstanding
any provision herein to the contrary, the Company may require that, prior to
payment of any amount or provision of any benefit pursuant to this Section 8
(other than the Accrued Obligations), Employee shall have executed, on or prior
to the Release Expiration Date, a customary general release in favor of the
Company Group in such form as is reasonably required by the Company, and any
waiting periods contained in such release shall have expired.  To the
extent that the Company requires execution of such release, the Company shall
deliver such release to Employee within five (5) business days following the
termination of Employee’s employment hereunder, and the Company’s failure to
deliver such release prior to the expiration of such five (5) business day
period shall constitute a waiver of any requirement to execute such
release.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    Section
9.  Representations and Warranties of Employee

     

    Employee represents and warrants to the
Company that:

     

    (a)  Employee
is entering into this Agreement voluntarily and that his employment hereunder
and compliance with the terms and conditions hereof will not conflict with or
result in the breach by him of any agreement to which he is a party or by which
he may be bound;

     

    (b)  Employee
has not violated, and in connection with his employment with the Company will
not violate, any non-solicitation, non-competition, or other similar covenant or
agreement of a prior employer by which he is or may be bound; and

     

    (c)  in
connection with his employment with the Company, Employee will not use any
confidential or proprietary information he may have obtained in connection with
employment with any prior employer.

     

    Section
10.  Taxes

     

    (a)  Withholding.  The
Company may withhold from any payments made under this Agreement all applicable
taxes, including but not limited to income, employment, and social security
taxes, as shall be required by applicable law.  Employee acknowledges
and represents that the Company has not provided any tax advice to him in
connection with this Agreement and that he has been advised by the Company to
seek tax advice from his own tax advisors regarding this Agreement and payments
that may be made to him pursuant to this Agreement, including specifically, the
application of the provisions of Section 409A of the Code to such
payments.

     

    Section
11.  Set Off; Mitigation

     

    The
Company’s obligation to pay Employee the amounts provided and to make the
arrangements provided hereunder shall be subject to set-off, counterclaim, or
recoupment of amounts owed by Employee to the Company or its affiliates; provided, however, that to the
extent any amount so subject to set-off, counterclaim, or recoupment is payable
in installments hereunder, such set-off, counterclaim, or recoupment shall not
modify the applicable payment date of any installment, and to the extent an
obligation cannot be satisfied by reduction of a single installment payment, any
portion not satisfied shall remain an outstanding obligation of Employee and
shall be applied to the next installment only at such time the installment is
otherwise payable pursuant to the specified payment
schedule.  Employee shall not be required to mitigate the amount of
any payment provided for pursuant to this Agreement by seeking other employment
or otherwise, and except as provided in Section 8 hereof, the amount of any
payment provided for pursuant to this Agreement shall not be reduced by any
compensation earned as a result of Employee’s other employment or
otherwise.

     

    Section
12.  Successors and Assigns; No Third-Party Beneficiaries

     

    (a)  The
Company.  This Agreement shall inure to the benefit of the
Company and its respective successors and assigns.  Neither this
Agreement nor any of the rights, obligations, or interests arising hereunder may
be assigned by the Company to a Person (other than another member of the Company
Group, or its or their respective successors) without Employee’s prior written
consent; provided, however, that in the
event of the merger or consolidation, or transfer or sale of all or
substantially all of the assets, of the Company with or to any other individual
or entity, this Agreement shall, subject to the provisions hereof, be binding
upon and inure to the benefit of such successor, and such successor shall
discharge and perform all the promises, covenants, duties, and obligations of
the Company hereunder, it being agreed that in such circumstances, the consent
of Employee shall not be required in connection therewith.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (b)  Employee.  Employee’s
rights and obligations under this Agreement shall not be transferable by
Employee by assignment or otherwise, without the prior written consent of the
Company; provided, however, that if Employee shall die, all amounts then payable
to Employee hereunder shall be paid in accordance with the terms of this
Agreement to Employee’s devisee, legatee, or other designee, or if there be no
such designee, to Employee’s estate.

     

    (c)  No Third-Party
Beneficiaries.  Except as otherwise set forth in Section 8(b)
hereof, nothing expressed or referred to in this Agreement will be construed to
give any Person other than the Company, the other members of the Company Group,
and Employee any legal or equitable right, remedy, or claim under or with
respect to this Agreement or any provision of this Agreement.

     

    Section
13.  Waiver and Amendments

     

    Any
waiver, alteration, amendment, or modification of any of the terms of this
Agreement shall be valid only if made in writing and signed by each of the
parties hereto; provided, however, that any such waiver, alteration, amendment,
or modification is consented to on the Company’s behalf by the
Board.  No waiver by either of the parties hereto of their rights
hereunder shall be deemed to constitute a waiver with respect to any subsequent
occurrences or transactions hereunder unless such waiver specifically states
that it is to be construed as a continuing waiver.

     

    Section
14.  Severability

     

    If any
covenants or such other provisions of this Agreement are found to be invalid or
unenforceable by a final determination of a court of competent jurisdiction, (a)
the remaining terms and provisions hereof shall be unimpaired, and (b) the
invalid or unenforceable term or provision hereof shall be deemed replaced by a
term or provision that is valid and enforceable and that comes closest to
expressing the intention of the invalid or unenforceable term or provision
hereof.

     

    Section
15.  Governing Law and Jurisdiction

     

    In the
event of any dispute under this Agreement, or relating or arising under the
employment relationship (a “Dispute”), this
Agreement shall be governed by the laws of the State of Nevada.  Each
party shall bear its own costs, including attorneys’ fees, and share all costs
of the Dispute equally, subject to the following:  nothing provided
herein shall interfere with either party’s right to seek or receive damages or
costs as may be allowed by applicable statutory law (such as, but not
necessarily limited to, reasonable attorneys’ fees and dispute resolution
related costs and expenses, if allowed by applicable statutory
law).

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    Section
16.  Notices

     

    (a)  Every
notice or other communication relating to this Agreement shall be in writing,
and shall be mailed to or delivered to the party for whom or which it is
intended at such address as may from time to time be designated by it in a
notice mailed or delivered to the other party as herein provided; provided, that
unless and until some other address be so designated, all notices and
communications by Employee to the Company shall be mailed or delivered to the
Company at its principal executive office, and all notices and communications by
the Company to Employee may be given to Employee personally or may be mailed to
Employee at Employee’s last known address, as reflected in the Company’s
records.

     

    (b)  Any
notice so addressed shall be deemed to be given (i) if delivered by hand, on the
date of such delivery, (ii) if mailed by courier or by overnight mail, on the
first business day following the date of such mailing, and (iii) if mailed by
registered or certified mail, on the third business day after the date of such
mailing.

     

    Section
17.  Section Headings; Mutual Drafting

     

    (a)  The
headings of the sections and subsections of this Agreement are inserted for
convenience only and shall not be deemed to constitute a part thereof or affect
the meaning or interpretation of this Agreement or of any term or provision
hereof.

     

    (b)  The
parties are sophisticated and have been represented (or have had the opportunity
to be represented) by their separate attorneys throughout the transactions
contemplated by this Agreement in connection with the negotiation and drafting
of this Agreement and any agreements and instruments executed in connection
herewith.  As a consequence, the parties do not intend that the
presumptions of laws or rules relating to the interpretation of contracts
against the drafter of any particular clause should be applied to this Agreement
or any document or instrument executed in connection herewith, and therefore
waive their effects.

     

    Section
18.  Entire Agreement

     

    This
Agreement, together with any exhibits attached hereto, constitutes the entire
understanding and agreement of the parties hereto regarding the employment of
Employee.  This Agreement supersedes all prior negotiations,
discussions, correspondence, communications, understandings, and agreements
between the parties relating to the subject matter of this
Agreement.

     

    Section
19.  Survival of Operative Sections

     

    Upon any
termination of Employee’s employment, this Agreement shall survive to the extent
necessary to give effect to the provisions thereof.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    Section
20.  Section 409A

     

    The
intent of the parties is that payments and benefits under this Agreement comply
with Section 409A of the Code, to the extent subject thereto, and accordingly,
to the maximum extent permitted, this Agreement shall be interpreted and
administered to be in compliance therewith.  Notwithstanding anything
contained herein to the contrary, Employee shall not be considered to have
terminated employment with the Company for purposes of this Agreement unless
Employee would be considered to have incurred a “separation from service” from
the Company within the meaning of Section 409A of the Code.  Each
amount to be paid or benefit to be provided under this Agreement shall be
construed as a separate identified payment for purposes of Section 409A of the
Code, and any payments described in this Agreement that are due within the
“short term deferral period” as defined in Section 409A of the Code shall not be
treated as deferred compensation unless applicable law requires
otherwise.  Without limiting the foregoing and notwithstanding
anything contained herein to the contrary, to the extent required in order to
avoid accelerated taxation and/or tax penalties under Section 409A of the Code,
amounts that would otherwise be payable and benefits that would otherwise be
provided pursuant to this Agreement during the six-month period immediately
following Employee’s separation from service shall instead be paid on the first
business day after the date that is six months following Employee’s separation
from service (or death, if earlier).  To the extent required to avoid
an accelerated or additional tax under Section 409A of the Code, amounts
reimburseable to Employee under this Agreement shall be paid to Employee on or
before the last day of the year following the year in which the expense was
incurred and the amount of expenses eligible for reimbursement (and in-kind
benefits provided to Employee) during any one year may not effect amounts
reimburseable or provided in any subsequent year.  The Agreement may
be amended in any respect deemed by the Board or the Compensation Committee to
be necessary in order to preserve compliance with Section 409A of the
Code.

     

    Section
21.  Counterparts

     

    This
Agreement may be executed in two or more counterparts, each of which shall be
deemed to be an original but all of which together shall constitute one and the
same instrument.  The execution of this Agreement may be by actual or
facsimile signature.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
first above written.

     

    
      
        
          
            
              
                
                  	 	TRIANGLE PETROLEUM
      CORPORATION	 
	 	 	 
	
                           

                        	/s/ Gardner
      Parker	 
	 	By:
      GARDNER PARKER	 
	 	Title:
      CHAIRMAN	 
	 	 	 
	 	 	 
	 	By:  /s/ Peter
      Hill	 
	 	EMPLOYEE	 

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        16Unassociated Document

    
      Exhibit
10.2

       

      AMENDED
AND RESTATED

      EMPLOYMENT
AGREEMENT

       

      This
amended and restated AGREEMENT (this “Agreement”) is made
and entered into as of the 2nd day of December 2010, by and between Triangle
Petroleum Corporation, a Nevada corporation (the “Company”), and
Jonathan Samuels (“Employee”).

       

      W
I T N E S S E T H :

       

      WHEREAS,
Employee has been employed by the Company as its Chief Financial Officer since
November 30th, 2009 (the “Effective Date”);
and

       

      WHEREAS,
the Company desires to enter into this Agreement embodying the terms of such
employment, and Employee desires to enter into this Agreement and to accept such
employment, subject to the terms and provisions of this Agreement.

       

      NOW,
THEREFORE, in consideration of the promises and mutual covenants contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which are mutually acknowledged, the Company and Employee hereby
agree as follows:

       

      Section
1.  Definitions

       

      (a)  “Accrued Obligations”
shall mean (i) all accrued but unpaid Base Salary through the date of
termination of Employee’s employment, (ii) any unpaid or unreimbursed expenses
incurred in accordance with Section 7 below, (iii) any benefits provided under
the Company’s employee benefit plans upon a termination of employment, in
accordance with the terms contained therein, (iv) reasonable relocation
costs, to the extent unpaid or unreimbursed, and (v) any allowance payable to
Employee by the Company, in accordance with written Company policy.

       

      (b)  “Agreement” shall have
the meaning set forth in the preamble hereto.

       

      (c)  “Base Salary” shall
mean the salary provided for in Section 4 below or any increased salary granted
to Employee pursuant to Section 4 below.

       

      (d)  “Board” shall mean the
Board of Directors of the Company.

       

      (e)  “Cause” shall mean (i)
Employee’s act(s) of gross negligence or willful misconduct in the course of
Employee’s employment hereunder that is or could reasonably be expected to be
materially injurious to the Company or any other member of the Company Group,
(ii) willful failure or refusal by Employee to perform in any material respect
his duties or responsibilities, (iii) misappropriation by Employee of any assets
of the Company or any other member of the Company Group, (iv) embezzlement or
fraud committed by Employee, or at his direction, (v) Employee’s conviction of,
or pleading “guilty” or “ no contest” to a felony under United States state or
federal law.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (f)  “Change of Control”
shall mean the first to occur of any of the following, but only if such event
constitutes a change in ownership or effective control of the Company or a
change in ownership of a substantial portion of the assets of the Company within
the meaning of Section 409A of the Code:

       

      (i)  any
Person becomes the beneficial owner, directly or indirectly, of securities of
the Company representing fifty percent (50%) or more of the combined voting
power of the Company’s then outstanding securities; or

       

      (ii)  during
any period of one (1) year, individuals who at the beginning of such period
constitute the Board (and any new director whose election by the Company’s
stockholders was approved by a vote of at least two-thirds (2/3) of the
directors then still in office who either were directors at the beginning of the
period or whose election or nomination for election was so approved) cease for
any reason to constitute a majority thereof; or

       

      (iii)  (A)
the sale or disposition of all or substantially all the Company’s assets, or (B)
a merger, consolidation, or reorganization of the Company with or involving any
other entity, other than a merger, consolidation, or reorganization that would
result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) at least fifty percent
(50%) of the combined voting power of the securities of the Company (or
such surviving entity) outstanding immediately after such merger, consolidation,
or reorganization.

       

      (g)  “Change of Control Severance
Term” shall mean the twenty-four (24) month period following Employee’s
termination pursuant to Section 8(h) below.

       

      (h)  “Code” shall mean the
Internal Revenue Code of 1986, as amended.

       

      (i)  “Common Shares” shall
mean any and all shares, deferred share units and other equity-based awards
granted to Employee from time to time.

       

      (j)  “Company” shall have
the meaning set forth in the preamble hereto.

       

      (k)  “Company Group” shall
mean the Company together with any direct or indirect subsidiaries of the
Company.

       

      (l)  “Compensation
Committee” shall mean the Board or the committee of the Board designated
to make compensation decisions relating to senior executive officers of the
Company Group.

       

      (m)  “Competitive
Activities” shall mean any business activities in the same state or
geologic basin in which the Company or any other member of the Company Group
engages during the Term of Employment.

       

      (n)  “Covered Compensation”
shall mean compensation paid or payable to Employee pursuant to this Agreement
as Base Salary, RSTI Award, STI Award, Success Fee and any allowances
paid.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      (o)  “Disability” shall
mean any physical or mental disability or infirmity of the Employee that has
prevented the performance of Employee’s duties for a period of (i) ninety (90)
consecutive days or (ii) one hundred twenty (120) non-consecutive days during
any twelve (12) month period.  Any question as to the existence,
extent, or potentiality of Employee’s Disability upon which Employee and the
Company cannot agree shall be determined by a qualified, independent physician
selected by the Company and approved by Employee (which approval shall not be
unreasonably withheld).  The determination of any such physician shall
be final and conclusive for all purposes of this Agreement.

       

      (p)  “Dispute” shall have
the meaning set forth in Section 15 below.

       

      (q)  “Effective Date” shall
have the meaning set forth in the recitals above.

       

      (r)  “Employee” shall have
the meaning set forth in the preamble hereto.

       

      (s)  “Good Reason” shall
mean, without Employee’s consent, (i) a diminution in Employee’s title, duties,
or responsibilities, (ii) a reduction in the Covered Compensation, (iii) the
failure of the Company to pay any compensation hereunder when due or to perform
any other obligation of the Company hereunder, (iv) the relocation of Employee’s
principal place of employment to a country other than the United States, or (v)
failure of the Company to obtain a written agreement from any successor or
assign of the Company to assume the obligations of the Company under this
Agreement upon a Change of Control.

       

      (t)  “Person” shall mean
any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust (charitable or non-charitable),
unincorporated organization, or other form of business entity.

       

      (u)  “Principal Place of
Employment” shall mean the Employee’s primary state of permanent
residence, currently the State of Florida, or any future state in which Employee
establishes residency in accordance with state law.

       

      (v)  “Release Expiration
Date” shall mean the date that is twenty-one (21) days following the date
upon which the Company timely delivers Employee the release contemplated in
Section 8(i) below, or in the event that such termination of employment is “in
connection with an exit incentive or other employment termination program” (as
such phrase is defined in the Age Discrimination in Employment Act of 1967), the
date that is forty-five (45) days following such delivery date.

       

      (w)  “Restricted Period”
shall mean the period commencing on the Effective Date and extending to the nine
(9) month anniversary of Employee’s termination of employment for any
reason.

       

      (x)  “Restructuring STI Award”
or “RSTI Award”
shall have the meaning set forth in Section 4(c) below.

       

      (y)  “Severance Term” shall
mean the twelve (12) month period following Employee’s termination by the
Company without Cause (other than by reason of death or Disability) or by
Employee for Good Reason.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      (z)  “STI Award” shall have
the meaning set forth in Section 4(b) below.

       

      (aa)  “Success Fee” shall
have the meaning set forth in Section 4(d) below.

       

      (bb)  “Tax Gross-Up” shall
have the meaning set forth in Section 8(d)(vi) below.

       

      (cc)  “Taxable Cost” shall have the
meaning set forth in Section 8(d)(vi) below.

       

      (dd)  “Term of Employment”
shall mean the period specified in Section 2 below.

       

      Section
2.  Acceptance and Term of Employment

       

      The
Company agrees to employ Employee, and Employee agrees to serve the Company, on
the terms and conditions set forth herein.  The “Term of Employment”
shall mean the period commencing on the Effective Date and, unless terminated
sooner as provided in Section 8 hereof, continuing for a period of one (1) year
from the Effective Date; provided, however, that the
Term of Employment shall be extended automatically at the end of the initial one
(1) year term for a one (1) year term and thereafter for successive one (1) year
terms if neither the Company nor Employee has advised the other in writing in
accordance with Section 16 at least ninety (90) days prior to the end of the
then current term that such term will not be extended for an additional one (1)
year term.

       

      Section
3.  Position, Duties, and Responsibilities; Place of
Performance

       

      (a)  During
the Term of Employment, Employee shall be employed and serve as the Chief
Financial Officer (the “CFO”)of the Company
and shall have such duties and responsibilities as are commensurate with such
title.  The Employee shall report to the Chief Executive Officer and
shall carry out and perform all orders, directions and policies given to him by
the Board consistent with his position and title.

       

      (b)  Employee
shall devote his best efforts to the performance of his duties under this
Agreement and shall not engage in any other business or occupation during the
Term of Employment that (x) interferes with Employee’s exercise of judgment in
the Company’s best interests.  Notwithstanding the foregoing, nothing
herein shall preclude Employee from (i) serving as a member of the
boards of directors or advisory boards (or their equivalents in the case of
a non-corporate entity) of non-competing businesses, (ii) engaging in charitable
activities and community affairs, and receiving compensation for other business
activities, including asset management and investment activities, which do not
constitute prohibited activities as set out in clause (x), and (iii) from
managing his personal investments and affairs; provided, however, that the
activities set out in clauses (i), (ii) and (iii) shall be limited by Employee
so as not to materially interfere, individually or in the aggregate, with the
performance of his duties and responsibilities hereunder.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      Section
4.  Compensation

       

      During
the Term of Employment, Employee shall be entitled to the following
compensation:

       

      (a)  Base
Salary.  Employee shall be paid an annualized Base Salary,
payable in accordance with the regular payroll practices of the Company, of not
less than USD $200,000, with increases, if any, as may be approved in writing by
the Compensation Committee.

       

      (b)  Short-Term Incentive
Awards.  In his capacity as CFO of the Company, Employee shall
be eligible for an annual short-term incentive award determined by the
Compensation Committee in respect of each fiscal year (or partial fiscal year)
during the Term of Employment (the “STI Award”) in
accordance with this Section 4(b).  The intended target “STI Award”
shall be up to 200% of Base Salary, and shall be tied directly to
performance.  The STI Award shall be paid as soon as practicable
following the last day of the fiscal year, but in no event later than one day
prior to the date that is 2 1/2 months following the last day of the fiscal
year.

       

      (c)  Restructuring STI
Award.  Employee shall also be eligible to receive a one-time
“Restructuring STI Award” (the “RSTI Award”) of 200% of base
salary separate and independent of the STI Award.  The RSTI Award
shall be awarded upon satisfactory achievement of some or all of the following
short term goals, as determined in good faith by the Compensation Committee,
which are designed to recapitalize the Company and establish a new strategic
direction in the best interests of shareholders:

       

      (i)  Find
a strategic or financial partner for Windsor Block well, with board approved
carry for TPLM.

       

      (ii)  Material
acquisition of U.S. acreage in the Bakken or other play deemed a strategic
priority by the board.

       

      (iii)  Completion
of board approved restructuring/capital raise; sufficient for 2010 development
of core assets.

       

      (iv)  A
50% increase in the 10-day average trailing share price, relative to the 10-day
average trailing share price as calculated on the date of execution of this
Agreement.

       

      (v)  Determination
by board/compensation committee that overall performance of the Executive,
including cost cutting, warrants full award of target RSTI Award.

       

      As of
December 2, 2010, the Board has approved and the Compensation Committee has
determined that Employee shall be awarded the RSTI Award.  The RSTI
Award shall be granted in the form of 72,727 shares of restricted common stock
of the Company upon, and effective upon, the approval of the Company’s
shareholders of the contemplated omnibus equity incentive plan in the year
2011.  Except as may otherwise be provided under this Agreement, the
RSTI Award shall vest in its entirety on January 31, 2012, which vesting shall
be subject to Employee’s continued service until the vesting date and the terms
and conditions of the applicable omnibus equity incentive plan and award
agreement.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      (d)  Success
Fee.  As of December 2, 2010, the Board has approved that
Employee shall be eligible to receive a one-time success fee award equal to
10,000 shares of restricted common stock of the Company upon, and effective
upon, the approval of the Company’s shareholders of the contemplated omnibus
equity incentive plan in the year 2011 (the “Success
Fee”).  Except as may otherwise be provided under this
Agreement, the Success Fee shall vest in its entirety on January 31, 2012 which
vesting shall be subject to Employee’s continued service until the vesting date
and the terms and conditions of the applicable omnibus equity incentive plan and
award agreement.

       

      Section
5.  Employee Benefits

       

      (a)  General.  During
the Term of Employment, Employee shall be entitled to participate in health
insurance and other benefits provided to other senior executives of the
Company.

       

      (b)  Vacation, Leave and Time
Off.  During each calendar year of the Term of Employment,
Employee shall be eligible for twenty-five (25) days paid vacation or leave, as
well as sick pay and other paid and unpaid time off in accordance with the
policies and practices of the Company.

       

      Section
6.  Key-Man Insurance

       

      At any
time during the Term of Employment, the Company shall have the right to insure
the life of Employee for the sole benefit of the Company, in such amounts, and
with such terms, as it may determine.  All premiums payable thereon
shall be the obligation of the Company.  Employee shall have no
interest in any such policy, but agrees to cooperate with the Company in
procuring such insurance by submitting to physical examinations, supplying all
information required by the insurance company, and executing all necessary
documents, provided that no financial obligation is imposed on Employee by any
such documents.

       

      Section
7.  Reimbursement of Business Expenses

       

      Employee
is authorized to incur reasonable business expenses in carrying out his duties
and responsibilities under this Agreement, and the Company shall promptly
reimburse him for all such reasonable business expenses, subject to
documentation in accordance with written Company policy, as in effect from time
to time.

       

      Section
8.  Termination of Employment

       

      (a)  General.  The
Term of Employment shall terminate earlier than as provided in Section 2 hereof
upon the earliest occurrence pursuant to Sections 8(b) through 8(h)
hereunder.  Except as otherwise provided herein, all payments under
this Section 8 shall occur within fifteen (15) days following the termination
date.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      (b)  Termination Due to Death or
Disability.  Employee’s employment shall terminate
automatically upon his death.  The Company may terminate Employee’s
employment immediately upon the occurrence of a Disability, such termination to
be effective upon Employee’s receipt of written notice of such
termination.  In the event Employee’s employment is terminated due to
his death or Disability, Employee or his estate or his beneficiaries, as the
case may be, shall be entitled to:

       

      (i)  the
Accrued Obligations; and

       

      (ii)  any
unpaid STI Award in respect of any completed fiscal year that has ended prior to
the date of such termination, which amount shall be paid on the sixtieth
(60th) day
following the termination date; and any STI Award that would have been payable
with respect to the year of termination in the absence of the Employee’s death
or Disability, pro-rated for the period the Employee worked prior to his death
or Disability, which amount shall be paid at such time STI Awards are paid to
other senior executives of the Company, but in no event later than one day prior
to the date that is 2 1/2 months following the last day of the fiscal year in
which such termination occurs; and

       

      (iii)  except
as may be provided under an award agreement, immediate vesting of any and all
Common Shares previously awarded to the Employee irrespective of type of award;
and

       

      (iv)  the
rights to the same compensation and benefits as provided in Section 8(d) below,
in lieu of clauses (i) through (iv), if the termination of Employee’s employment
is by reason of death or Disability while the Employee is traveling on official
Company business.

       

      Following
such termination of Employee’s employment by reason of death or Disability,
except as set forth in this Section 8(b), Employee shall have no further rights
to any compensation or any other benefits under this Agreement.

       

      (c)  Termination by the Company
for Cause.

       

      (i)  The
Company may terminate Employee’s employment at any time for Cause, effective
upon Employee’s receipt of written notice of such termination; provided, however, that with
respect to any Cause of termination relying on clause (i) or (ii) of the
definition of Cause set forth in Section 1(e) hereof, to the extent such act or
acts are curable, Employee shall be given not less than twenty (20) days’
written notice by the Board of the Company’s intention to terminate him for
Cause, such notice to state in detail the particular act or acts or failure or
failures to act that constitute the grounds on which the proposed termination
for Cause is based, and such termination shall be effective at the expiration of
such twenty (20) day notice period unless Employee has substantially cured such
act or acts or failure or failures to act that give rise to Cause during such
period.

       

      (ii)  In
the event the Company terminates Employee’s employment for Cause, he shall be
entitled only to the Accrued Obligations, and any previously awarded Common
Shares which are not vested as of the date of termination shall be
cancelled.  Following such termination of Employee’s employment for
Cause, except as set forth in this Section 8(c), Employee shall have no further
rights to any compensation or any other benefits under this
Agreement.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      (d)  Termination by the Company
without Cause.  The Company may terminate Employee’s employment
at any time without Cause, effective upon Employee’s receipt of written notice
of such termination.  In the event Employee’s employment is terminated
by the Company without Cause (other than due to death or Disability), Employee
shall be entitled to:

       

      (i)  the
Accrued Obligations; and

       

      (ii)  any
unpaid STI Award in respect of any completed fiscal year that has ended prior to
the date of such termination, which amount shall be paid on the sixtieth
(60th) day
following the termination date; and

       

      (iii)  the
target STI Award for the year in which termination occurs, pro-rated for the
period the Employee worked prior to such termination, which amount shall be paid
at such time STI Awards are paid to other senior executives of the Company, but
in no event later than one day prior to the date that is 2 1/2 months following
the last day of the fiscal year in which such termination occurs;
and

       

      (iv)  except
as may be provided under an award agreement, immediate vesting of any and all
Common Shares previously awarded to the Employee irrespective of type of award;
and

       

      (v)  continuation
of payment of Base Salary during the Severance Term, payable in accordance with
the Company’s regular payroll practices, but commencing on the first payroll
date following the date that is sixty (60) days following the termination date,
which first payment shall include payments relating to such initial sixty (60)
day period; and

       

      (vi)  continuation,
during the Severance Term, of the health benefits provided to Employee and his
covered dependants under the Company’s health plans, it being understood and
agreed that the Company’s obligation to provide such continuation of benefits
shall terminate prior to the expiration of the Severance Term in the event that
Employee becomes eligible to receive any health benefits while employed by or
providing service to, in any capacity, any other business or entity during the
Severance Term; provided, however, that as a
condition of the Company’s providing the continuation of health benefits
described herein, the Company may require Employee to elect continuation
coverage under COBRA.  Notwithstanding the forgoing, if such health
benefits are provided to employees of the Company generally through a
self-insured arrangement, and Employee qualifies as a “highly compensated
individual” (within the meaning of Section 105(h) of the Code), (1) such
continuation of benefits shall be provided on a fully taxable basis, based on
100% of the monthly premium cost of participation in the self-insured plan less
any portion required to be paid by Employee (the “Taxable Cost”), and,
as such, Employee’s W−2 shall include the after-tax value of the Taxable Cost
for each month during the applicable benefit continuation period, and (2) on the
last payroll date of each calendar month during which any health benefits are
provided pursuant to this Section 8(d)(vi), Employee shall receive an additional
payment, such that, after payment by the Employee of all federal, state, local
and employment taxes imposed on Employee as a result of the inclusion of the
portion of the Taxable Cost in income during such calendar month, Employee
retains (or has had paid to the Internal Revenue Service on his behalf) an
amount equal to such taxes as Employee is required to pay as a result of the
inclusion of the Taxable Cost in income during such calendar month (the “Tax
Gross-Up”).  In no event shall the Tax Gross-Up be paid to
Employee later than the end of the taxable year following the taxable year in
which such taxes are paid.  Furthermore, no continuation of coverage
shall be provided to the extent it results in adverse tax consequences to the
Company under Section 4980D of the Code.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      Following
such termination of Employee’s employment by the Company without Cause, except
as set forth in this Section 8(d), Employee shall have no further rights to any
compensation or any other benefits under this Agreement.

       

      (e)  Termination by Employee with
Good Reason.  Employee may terminate his employment with Good
Reason by providing the Company twenty (20) days’ written notice setting forth
in reasonable specificity the event that constitutes Good
Reason.  During such twenty (20) day notice period, the Company shall
have a cure right (if curable), and if not cured within such period, Employee’s
termination will be effective upon the expiration of such cure period, and
Employee shall be entitled to the same payments and benefits as provided in
Section 8(d) above for a termination by the Company without Cause, subject to
the same conditions on payment and benefits as described in Section 8(d)
above.  Following such termination of Employee’s employment by
Employee with Good Reason, except as set forth in this Section 8(e), Employee
shall have no further rights to any compensation or any other benefits under
this Agreement.

       

      (f)  Termination by Employee
without Good Reason.  Employee may terminate his employment
without Good Reason by providing the Company thirty (30) days’ written notice of
such termination.  In the event of a termination of employment by
Employee under this Section 8(f), except as provided in Section 8(h), Employee
shall be entitled only to the Accrued Obligations, and any previously awarded
Common Shares which are not vested as of the date of termination shall be
cancelled.  In the event of termination of Employee’s employment under
this Section 8(f), the Company may, in its sole and absolute discretion, by
written notice accelerate such date of termination without changing the
characterization of such termination as a termination by Employee without Good
Reason.  Following such termination of Employee’s employment by
Employee without Good Reason, except as set forth in this Section 8(f) or
Section 8(h), Employee shall have no further rights to any compensation or any
other benefits under this Agreement.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      (g)  Non-Extension of the Term of
Employment.  Employee’s employment hereunder shall terminate
upon the close of business of the last day of the then current term if either
the Company or Employee gives timely notice of its intention not to extend the
then current term of employment, as provided in Section 2.  Upon such
termination of the Term of Employment, Employee shall be entitled
to:

       

      (i)  the
Accrued Obligations; and

       

      (ii)  any
unpaid STI Award in respect of any completed fiscal year that has ended prior to
the date of such termination, which amount shall be paid on the sixtieth
(60th) day
following the termination date; and

       

      In the
event that Employee’s employment hereunder is terminated by reason of the
Company giving notice of its intention not to extend any Term of Employment
under Section 2, in addition to the above, Employee shall be entitled to the
following benefits:

      (iii)  any
STI Award that would have been payable with respect to the year of termination
in the absence of the Employee’s termination, pro-rated for the period the
Employee worked prior to such termination, which amount shall be paid at such
time STI Awards are paid to other senior executives of the Company, but in no
event later than one day prior to the date that is 21/2 months following the
last day of the fiscal year in which such termination occurred; and

       

      (iv)  except
as may be provided under an award agreement, immediate vesting of any and all
Common Shares previously awarded to the Employee; and

       

      (v)  continuation
of payment of Base Salary for a period of twelve (12) months, payable in
accordance with the Company’s regular payroll practices, but commencing on the
first payroll date following the date that is sixty (60) days following the
termination date, which first payment shall include payments relating to such
initial sixty (60) day period; and

       

      (vi)  continuation,
for a period of twelve (12) months, of the health benefits provided to Employee
and his covered dependants under the Company’s health plans, subject to the
terms and conditions set forth in Section 8(d)(vi) above.

       

      Following
such termination of Employee’s employment pursuant to Section 2, except as set
forth in this Section 8(g), Employee shall have no further rights to any
compensation or any other benefits under this Agreement.  In the event
that Employee’s employment hereunder is terminated by reason of the Employee
giving notice of his intention not to extend any Term of Employment under
Section 2, then any previously awarded Common Shares which are not vested as of
the date of termination shall be cancelled.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      (h)  Termination Following Change
of Control.  If, upon a Change of Control of the Company or
during the one (1) year period following such Change of Control, Employee is
terminated by the Company without Cause or Employee terminates his employment
with or without Good Reason, in lieu of the benefits payable pursuant to
Sections 8(d) or 8(e) or 8(f) hereof, as applicable, Employee shall be entitled
to:

       

      (i)  the
Accrued Obligations; and

       

      (ii)  any
unpaid STI Award in respect of any completed fiscal year that has ended prior to
the date of such termination, which amount shall be paid on the sixtieth
(60th) day
following the termination date; and

       

      (iii)  the
target STI Award for the year in which termination occurs, pro-rated for the
period the Employee worked prior to such termination, which amount shall be paid
at such time STI Awards are paid to other senior executives of the Company, but
in no event later than one day prior to the date that is 2 1/2 months following
the last day of the fiscal year in which such termination occurs;
and

       

      (iv)  a
lump-sum cash payment equal to two (2) times Base Salary, which amount shall be
paid on the sixtieth (60th) day
following the termination date; and

       

      (v)  except
as may be provided under an award agreement, immediate vesting of any and all
Common Shares previously awarded to the Employee irrespective of type of award;
and

       

      (vi)  continuation,
during the Change of Control Severance Term, of the health benefits provided to
Employee and his covered dependants under the Company’s health plans, subject to
the terms and conditions set forth in Section 8(d)(vi) above.

       

      Following
such termination of Employee’s employment following a Change of Control, except
as set forth in this Section 8(h), Employee shall have no further rights to any
compensation or any other benefits under this Agreement.

       

      (i)  Release.  Notwithstanding
any provision herein to the contrary, the Company may require that, prior to
payment of any amount or provision of any benefit pursuant to this Section 8
(other than the Accrued Obligations), Employee shall have executed, on or prior
to the Release Expiration Date, a customary general release in favor of the
Company Group in such form as is reasonably required by the Company, and any
waiting periods contained in such release shall have expired.  To the
extent that the Company requires execution of such release, the Company shall
deliver such release to Employee within five (5) business days following the
termination of Employee’s employment hereunder, and the Company’s failure to
deliver such release prior to the expiration of such five (5) business day
period shall constitute a waiver of any requirement to execute such
release.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      Section
9.  Representations and Warranties of Employee

       

      Employee represents and warrants to the
Company that:

       

      (a)  Employee
is entering into this Agreement voluntarily and that his employment hereunder
and compliance with the terms and conditions hereof will not conflict with or
result in the breach by him of any agreement to which he is a party or by which
he may be bound;

       

      (b)  Employee
has not violated, and in connection with his employment with the Company will
not violate, any non-solicitation, non-competition, or other similar covenant or
agreement of a prior employer by which he is or may be bound; and

       

      (c)  in
connection with his employment with the Company, Employee will not use any
confidential or proprietary information he may have obtained in connection with
employment with any prior employer.

       

      Section
10.  Taxes

       

      (a)  Withholding.  The
Company may withhold from any payments made under this Agreement all applicable
taxes, including but not limited to income, employment, and social security
taxes, as shall be required by applicable law.  Employee acknowledges
and represents that the Company has not provided any tax advice to him in
connection with this Agreement and that he has been advised by the Company to
seek tax advice from his own tax advisors regarding this Agreement and
payments that may be made to him pursuant to this Agreement, including
specifically, the application of the provisions of Section 409A of the Code to
such payments.

       

      Section
11.  Set Off; Mitigation

       

      The
Company’s obligation to pay Employee the amounts provided and to make the
arrangements provided hereunder shall be subject to set-off, counterclaim, or
recoupment of amounts owed by Employee to the Company or its affiliates; provided, however, that to the
extent any amount so subject to set-off, counterclaim, or recoupment is payable
in installments hereunder, such set-off, counterclaim, or recoupment shall not
modify the applicable payment date of any installment, and to the extent an
obligation cannot be satisfied by reduction of a single installment payment, any
portion not satisfied shall remain an outstanding obligation of Employee and
shall be applied to the next installment only at such time the installment is
otherwise payable pursuant to the specified payment
schedule.  Employee shall not be required to mitigate the amount of
any payment provided for pursuant to this Agreement by seeking other employment
or otherwise, and except as provided in Section 8 hereof, the amount of any
payment provided for pursuant to this Agreement shall not be reduced by any
compensation earned as a result of Employee’s other employment or
otherwise.

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      Section
12.  Successors and Assigns; No Third-Party Beneficiaries

       

      (a)  The
Company.  This Agreement shall inure to the benefit of the
Company and its respective successors and assigns.  Neither this
Agreement nor any of the rights, obligations, or interests arising hereunder may
be assigned by the Company to a Person (other than another member of the Company
Group, or its or their respective successors) without Employee’s prior written
consent; provided, however, that in the
event of the merger or consolidation, or transfer or sale of all or
substantially all of the assets, of the Company with or to any other individual
or entity, this Agreement shall, subject to the provisions hereof, be binding
upon and inure to the benefit of such successor, and such successor shall
discharge and perform all the promises, covenants, duties, and obligations of
the Company hereunder, it being agreed that in such circumstances, the consent
of Employee shall not be required in connection therewith.

       

      (b)  Employee.  Employee’s
rights and obligations under this Agreement shall not be transferable by
Employee by assignment or otherwise, without the prior written consent of the
Company; provided, however, that if Employee shall die, all amounts then payable
to Employee hereunder shall be paid in accordance with the terms of this
Agreement to Employee’s devisee, legatee, or other designee, or if there be no
such designee, to Employee’s estate.

       

      (c)  No Third-Party
Beneficiaries.  Except as otherwise set forth in Section 8(b)
hereof, nothing expressed or referred to in this Agreement will be construed to
give any Person other than the Company, the other members of the Company Group,
and Employee any legal or equitable right, remedy, or claim under or with
respect to this Agreement or any provision of this Agreement.

       

      Section
13.  Waiver and Amendments

       

      Any
waiver, alteration, amendment, or modification of any of the terms of this
Agreement shall be valid only if made in writing and signed by each of the
parties hereto; provided, however, that any such waiver, alteration, amendment,
or modification is consented to on the Company’s behalf by the
Board.  No waiver by either of the parties hereto of their rights
hereunder shall be deemed to constitute a waiver with respect to any subsequent
occurrences or transactions hereunder unless such waiver specifically states
that it is to be construed as a continuing waiver.

       

      Section
14.  Severability

       

      If any
covenants or such other provisions of this Agreement are found to be invalid or
unenforceable by a final determination of a court of competent jurisdiction, (a)
the remaining terms and provisions hereof shall be unimpaired, and (b) the
invalid or unenforceable term or provision hereof shall be deemed replaced by a
term or provision that is valid and enforceable and that comes closest to
expressing the intention of the invalid or unenforceable term or provision
hereof.

       

      Section
15.  Governing Law and Jurisdiction

       

      In the
event of any dispute under this Agreement, or relating or arising under the
employment relationship (a “Dispute”), this
Agreement shall be governed by the laws of the State of Nevada.  Each
party shall bear its own costs, including attorneys’ fees, and share all costs
of the Dispute equally, subject to the following:  nothing provided
herein shall interfere with either party’s right to seek or receive damages or
costs as may be allowed by applicable statutory law (such as, but not
necessarily limited to, reasonable attorneys’ fees and dispute resolution
related costs and expenses, if allowed by applicable statutory
law).

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      Section
16.  Notices

       

      (a)  Every
notice or other communication relating to this Agreement shall be in writing,
and shall be mailed to or delivered to the party for whom or which it is
intended at such address as may from time to time be designated by it in a
notice mailed or delivered to the other party as herein provided; provided, that
unless and until some other address be so designated, all notices and
communications by Employee to the Company shall be mailed or delivered to
the Company at its principal executive office, and all notices and
communications by the Company to Employee may be given to Employee personally or
may be mailed to Employee at Employee’s last known address, as reflected in the
Company’s records.

       

      (b)  Any
notice so addressed shall be deemed to be given (i) if delivered by hand, on the
date of such delivery, (ii) if mailed by courier or by overnight mail, on the
first business day following the date of such mailing, and (iii) if mailed by
registered or certified mail, on the third business day after the date of such
mailing.

       

      Section
17.  Section Headings; Mutual Drafting

       

      (a)  The
headings of the sections and subsections of this Agreement are inserted for
convenience only and shall not be deemed to constitute a part thereof or affect
the meaning or interpretation of this Agreement or of any term or provision
hereof.

       

      (b)  The
parties are sophisticated and have been represented (or have had the opportunity
to be represented) by their separate attorneys throughout the transactions
contemplated by this Agreement in connection with the negotiation and drafting
of this Agreement and any agreements and instruments executed in connection
herewith.  As a consequence, the parties do not intend that the
presumptions of laws or rules relating to the interpretation of contracts
against the drafter of any particular clause should be applied to this Agreement
or any document or instrument executed in connection herewith, and therefore
waive their effects.

       

      Section
18.  Entire Agreement

       

      This
Agreement, together with any exhibits attached hereto, constitutes the entire
understanding and agreement of the parties hereto regarding the employment of
Employee.  This Agreement supersedes all prior negotiations,
discussions, correspondence, communications, understandings, and agreements
between the parties relating to the subject matter of this
Agreement.

       

      Section
19.  Survival of Operative Sections

       

      Upon any
termination of Employee’s employment, this Agreement shall survive to the extent
necessary to give effect to the provisions thereof.

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      Section
20.  Section 409A

       

      The
intent of the parties is that payments and benefits under this Agreement comply
with Section 409A of the Code, to the extent subject thereto, and accordingly,
to the maximum extent permitted, this Agreement shall be interpreted and
administered to be in compliance therewith.  Notwithstanding anything
contained herein to the contrary, Employee shall not be considered to have
terminated employment with the Company for purposes of this Agreement unless
Employee would be considered to have incurred a “separation from service” from
the Company within the meaning of Section 409A of the Code.  Each
amount to be paid or benefit to be provided under this Agreement shall be
construed as a separate identified payment for purposes of Section 409A of the
Code, and any payments described in this Agreement that are due within the
“short term deferral period” as defined in Section 409A of the Code shall not be
treated as deferred compensation unless applicable law requires
otherwise.  Without limiting the foregoing and notwithstanding
anything contained herein to the contrary, to the extent required in order to
avoid accelerated taxation and/or tax penalties under Section 409A of the Code,
amounts that would otherwise be payable and benefits that would otherwise be
provided pursuant to this Agreement during the six-month period immediately
following Employee’s separation from service shall instead be paid on the first
business day after the date that is six months following Employee’s separation
from service (or death, if earlier).  To the extent required to avoid
an accelerated or additional tax under Section 409A of the Code, amounts
reimburseable to Employee under this Agreement shall be paid to Employee on or
before the last day of the year following the year in which the expense was
incurred and the amount of expenses eligible for reimbursement (and in-kind
benefits provided to Employee) during any one year may not effect amounts
reimburseable or provided in any subsequent year.  The Agreement may
be amended in any respect deemed by the Board or the Compensation Committee to
be necessary in order to preserve compliance with Section 409A of the
Code.

       

      Section
21.  Counterparts

       

      This
Agreement may be executed in two or more counterparts, each of which shall be
deemed to be an original but all of which together shall constitute one and the
same instrument.  The execution of this Agreement may be by actual or
facsimile signature.

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
first above written.

       

      
        
          
            	 	TRIANGLE PETROLEUM
      CORPORATION	 
	 	 	 
	
                     

                  	/s/
      Peter Hill	 
	 	DR.
      PETER HILL	 
	 	Title: CHIEF EXECUTIVE
      OFFICER	 
	 	 	 
	 	EMPLOYEE	 
	 	 	 
	 	By: /s/ Jonathan
      Samuels	 
	 	

                    JONATHAN
      SAMUELS

                  	 

          

           

          
            
              
              

            

            
              16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}]]