Document:

EX-10.1

 Exhibit 10.1 
 FORM OF 
 STOCK OPTION AGREEMENT 

THIS STOCK OPTION AGREEMENT (the “Agreement”), dated as of
            (the “Grant Date”) is made by and between HCA Holdings, Inc., a Delaware corporation (hereinafter referred to as the “Company”), and the
individual whose name is set forth on the signature page hereof, who is an employee of the Company or a Subsidiary or Affiliate of the Company, hereinafter referred to as the “Optionee”. Any capitalized terms herein not otherwise
defined in Article I shall have the meaning set forth in the 2006 Stock Incentive Plan for Key Employees of HCA Holdings, Inc. and its Affiliates, as amended and restated (the “Plan”). 

WHEREAS, the Company wishes to carry out the Plan, the terms of which are hereby incorporated by reference and made a part of this
Agreement; and 
 WHEREAS, the Compensation Committee of the Board of Directors of the Company, including any subcommittee
formed pursuant to Section 3(a) of the Plan, (or, if no such committee is appointed, the Board of Directors of the Company) (the “Committee”) has determined that it would be to the advantage and best interest of the Company and
its shareholders to grant the Option provided for herein to the Optionee as an incentive for increased efforts during his term of office with the Company or its Subsidiaries or Affiliates, and has advised the Company thereof and instructed the
undersigned officers to issue said Option; 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained and
other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows: 

ARTICLE I 

DEFINITIONS 
 Whenever the following terms are used in this Agreement, they shall have the meaning specified below unless the context clearly indicates to the contrary. 

Section 1.1.  Cause 
 “Cause” shall mean “Cause” as such term may be defined in any employment agreement or change-in-control agreement in effect at the time of termination of employment between the
Optionee and the Company or any of its Subsidiaries or Affiliates, or, if there is no such employment or change-in-control agreement, “Cause” shall mean (i) willful and continued failure by Optionee (other than by reason of a
Permanent Disability) to perform his or her material duties with respect to the Company or it Subsidiaries which continues beyond ten (10) business days after a written demand for substantial performance is delivered to Optionee by the Company
(the “Cure Period”); (ii) willful or intentional engaging by Optionee in material misconduct that causes material and demonstrable injury, monetarily or otherwise, to the Company, the Investors or their respective Affiliates;
(iii) conviction of, or a plea of nolo contendere 

 
to, a crime constituting (x) a felony under the laws of the United States or any state thereof or (y) a misdemeanor for which a sentence of more than six months’ imprisonment is
imposed; or (iv) Optionee’s engaging in any action in breach of restrictive covenants made by Optionee under any Management Stockholder’s Agreement (if applicable) or other agreement containing restrictive covenants (e.g., covenants
not to disclose confidential information, to compete with the business of the Company or its Subsidiaries or to solicit the employees thereof to terminate their employment) or any employment or change-in-control agreement between the Optionee and
the Company or any of its Subsidiaries, which continues beyond the Cure Period (to the extent that, in the Board’s reasonable judgment, such breach can be cured). 
 Section 1.2. EBITDA Performance Option 
 “EBITDA
Performance Option” shall mean the right and option to purchase, on the terms and conditions set forth herein, all or any part of an aggregate of the number of shares of Common Stock set forth on the signature page hereof opposite the term
EBITDA Performance Option. 
 Section 1.3. Fiscal Year 

“Fiscal Year” shall mean each of the 2011, 2012, 2013 and 2014 fiscal years of the Company (which, for the avoidance of doubt,
ends on December 31 of any given calendar year). 
 Section 1.4. Good Reason 

“Good Reason” shall mean “Good Reason” as such term may be defined in any employment agreement or change-in-control
agreement in effect at the time of termination of employment between the Optionee and the Company or any of its Subsidiaries or Affiliates, or, if there is no such employment or change-in-control agreement, “Good Reason” shall mean
(i) (A) a reduction in Optionee’s base salary (other than a general reduction in base salary that affects all similarly situated employees (defined as all employees within the same Company pay grade as that of Optionee) in
substantially the same proportions that the Board implements in good faith after consultation with the Chief Executive Officer (“CEO”) and Chief Operating Officer of the Company, if any); (B) a reduction in Optionee’s annual
incentive compensation opportunity; or (C) the reduction of benefits payable to Optionee under the Company’s Supplemental Executive Retirement Plan (if Optionee is a participant in such plan), in each case other than any isolated,
insubstantial and inadvertent failure by the Company that is not in bad faith and is cured within ten (10) business days after Optionee gives the Company written notice of such event; provided that the events described in (i)(A) or
(i)(B) above will not be deemed to give rise to Good Reason if employment is terminated, but Optionee declines an offer of employment involving a loss of compensation of less than 15% from a purchaser, transferee, outsourced vendor, new operating
entity or affiliated employer; (ii) a substantial diminution in Optionee’s title, duties and responsibilities, other than any isolated, insubstantial and inadvertent failure by the 

  
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Company that is not in bad faith and is cured within ten (10) business days after Optionee gives the Company written notice of such event; or (iii) a transfer of Optionee’s primary
workplace to a location that is more than twenty (20) miles from his or her workplace as of the date of this Agreement; provided that Good Reason shall not be deemed to occur merely because Optionee’s willful decision to change
position or status within the Company or any of its Subsidiaries causes one or more of the occurrences described in (i), (ii), or (iii) to come about. 
 Section 1.5. Option 
 “Option” shall mean the
aggregate of the Time Option and the EBITDA Performance Option granted under Section 2.1 of this Agreement. 
 Section 1.6.
Permanent Disability 
 “Permanent Disability” shall mean “Disability” as such term is defined in
any employment agreement between Optionee and the Company or any of its Subsidiaries, or, if there is no such employment agreement, “Disability” as defined in the long-term disability plan of the Company. 

Section 1.7. Retirement 
 “Retirement” shall mean Optionee’s resignation (other than for Good Reason) from service with the Company and its Service Recipients (i) after attaining 65 years of age or
(ii) after attaining 55 years of age and completing ten (10) years of service with the Company or any Service Recipient. 

Section 1.8. Secretary 
 “Secretary” shall mean the Secretary of the Company. 
 Section 1.9. Time
Option 
 “Time Option” shall mean the right and option to purchase, on the terms and conditions set forth
herein, all or any part of an aggregate of the number of shares of Common Stock set forth on the signature page hereof opposite the term Time Option. 

  
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 ARTICLE II 
 GRANT OF OPTIONS 
 Section 2.1. Grant of Options 

For good and valuable consideration, on and as of the date hereof the Company irrevocably grants to the Optionee the following Stock
Options: (a) the Time Option and (b) the EBITDA Performance Option, in each case on the terms and conditions set forth in this Agreement. No part of the Option shall be treated as an “incentive stock option” within the meaning of
Section 422 of the Code. 
 Section 2.2. Exercise Price 

Subject to Section 2.4, the exercise price of the shares of Common Stock covered by the Option (the “Exercise
Price”) shall be as set forth on the signature page hereof. 
 Section 2.3. No Guarantee of Employment 

Nothing in this Agreement or in the Plan shall confer upon the Optionee any right to continue in the employ of the Company or any
Subsidiary or Affiliate or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries or Affiliates, which are hereby expressly reserved, to terminate the employment of the Optionee at any time for any reason
whatsoever, with or without cause, subject to the applicable provisions of, if any, the Optionee’s employment agreement with the Company or offer letter provided by the Company to the Optionee. 

Section 2.4. Adjustments to Option 
 The Option shall be subject to the adjustment provisions of Sections 8 and 9 of the Plan, provided, however, that in the event of the payment of an extraordinary dividend by the Company to
its stockholders, then; first, the Exercise Prices of the Option shall be reduced by the amount of the dividend paid, but only to the extent the Committee determines it to be permitted under applicable tax laws and it will not have adverse
tax consequences to the Optionee; and, if such reduction cannot be fully effected due to such tax laws, second, the Company shall pay to the Optionee a cash payment, on a per Share basis, equal to the balance of the amount of the dividend not
permitted to be applied to reduce the Exercise Price of the applicable Option as follows: (a) for each Share subject to a vested Option, promptly following the date of such dividend payment; and (b), for each Share subject to an unvested
Option, on the date on which such Option becomes vested and exercisable with respect to such Share. 

  
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 ARTICLE III 
 PERIOD OF EXERCISABILITY 
  

	Section 3.1. 	Commencement of Exercisability 

 (a) So long as the Optionee continues to be employed by the Company or any other Service Recipients, the Option shall become exercisable pursuant to the following schedules: 

(i) Time Option. The Time Option shall become vested and exercisable with respect to 25% of the Shares subject to such Time Option
on each of the first four anniversaries of the Grant Date. 
 (ii) EBITDA Performance Option. The EBITDA Performance
Option shall be eligible to become vested and exercisable as to 25% of the Shares subject to such EBITDA Performance Option (the “Eligible Option”) at the end of each of the four Fiscal Years if the Company, on a consolidated basis,
achieves its annual EBITDA targets for the given Fiscal Year, as each such target shall be established by the Committee on the attached Schedule A or otherwise within the first ninety days of each such Fiscal Year (each, once so established,
an “EBITDA Target”) for the given Fiscal Year. In the event the actual EBITDA for a Fiscal Year equals or exceeds 96% of the EBITDA Target for such year, a portion of the Eligible Option shall become vested and exercisable as
provided in the attached Schedule A. Subject to the immediately preceding sentence, in the event that the EBITDA Target is not achieved in a particular Fiscal Year, then that portion of the Eligible Option that failed to vest due to the
Company’s failure to achieve 100% of its EBITDA Target shall be forfeited and immediately terminated as of the date the actual EBITDA for the Fiscal Year has been certified by the Committee; 

(b) Notwithstanding the foregoing, upon the occurrence of a Change in Control (the definition of which is set forth on
Schedule B attached hereto): 
 (i) the Time Option shall become immediately exercisable as to 100% of the shares of
Common Stock subject to such Option immediately prior to a Change in Control (but only to the extent such Option has not otherwise terminated or become exercisable); 
 (ii) the EBITDA Performance Option shall become immediately exercisable as to 100% of the Eligible Option with respect to (i) the Fiscal Year in which the Change in Control occurs and (ii) each
subsequent Fiscal Year (but only to the extent such Option has not otherwise terminated or become exercisable); and 
 (c)
Notwithstanding the foregoing, no Option shall become exercisable as to any additional shares of Common Stock following the termination of employment of the Optionee for any reason and any Option, which is unexercisable as of the Optionee’s
termination of employment, shall immediately expire without payment therefor. 

  
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 Section 3.2. Expiration of Option 

The Optionee may not exercise the Option to any extent after the first to occur of the following events: 

(a) The tenth anniversary of the Grant Date so long as the Optionee remains employed with the Company or any Service Recipient through
such date; 
 (b) The third anniversary of the date of the Optionee’s termination of employment with the Company and all
Service Recipients, if the Optionee’s employment is terminated by reason of death or Permanent Disability; 
 (c)
Immediately upon the date of the Optionee’s termination of employment by the Company and all Service Recipients for Cause; 

(d) One hundred and eighty (180) days after the date of an Optionee’s termination of employment by the Company and all Service
Recipients without Cause (for any reason other than as set forth in Section 3.2(b)); 
 (e) One hundred and eighty
(180) days after the date of an Optionee’s termination of employment with the Company and all Service Recipients by the Optionee for Good Reason; 
 (f) One hundred and eighty (180) days after the date of an Optionee’s termination of employment with the Company and all Service Recipients by the Optionee upon Retirement. 

(g) Thirty (30) days after the date of an Optionee’s termination of employment with the Company and all Service Recipients by
the Optionee without Good Reason (except due to Retirement, death or Permanent Disability); or 
 (h) At the discretion of the
Company, if the Committee so determines pursuant to Section 9 of the Plan. 
 ARTICLE IV 

EXERCISE OF OPTION 

Section 4.1. Person Eligible to Exercise 
 During the lifetime of the Optionee, only the Optionee (or his or her duly authorized legal representative) may exercise an Option or any portion thereof. After the death of the Optionee, any exercisable
portion of an Option may, prior to the time when an Option becomes unexercisable under Section 3.2, be exercised by his personal representative or by any person empowered to do so under the Optionee’s will or under the then applicable laws
of descent and distribution. 

  
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 Section 4.2. Partial Exercise 

Any exercisable portion of an Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time
prior to the time when the Option or portion thereof becomes unexercisable under Section 3.2; provided, however, that any partial exercise shall be for whole shares of Common Stock only. 

Section 4.3. Manner of Exercise 
 Subject to the Company’s code of conduct and securities trading policies as in effect from time to time, an Option, or any exercisable portion thereof, may be exercised solely by delivering to the
Company or its designated agent all of the following prior to the time when the Option or such portion becomes unexercisable under Section 3.2: 
 (a) Notice in writing (or such other medium acceptable to the Company or its designated agent) signed or acknowledged by the Optionee or other person then entitled to exercise the Option or portion
thereof, stating that the Option or portion thereof is thereby exercised, such notice complying with all applicable rules established by the Committee; 
 (b) (i) Full payment (in cash or by check or by a combination thereof) for the shares with respect to which such Option or portion thereof is exercised, (ii) indication that the Optionee elects to
pay the Exercise Price of the Option (or portion thereof) through an arrangement that is compliant with the Sarbanes-Oxley Act of 2002 (and any other applicable laws and exchange rules) and that provides for the delivery of irrevocable instructions
to a broker to sell Common Stock obtained upon the exercise of the Option (or portion thereof) and to deliver promptly to the Company an amount that would otherwise be paid by Optionee to the Company pursuant to clause (i) of this subsection
(b), or (iii) if made available by the Company, indication that the Optionee elects to have the number of Shares that would otherwise be issued to the Optionee reduced by a number of Shares having an equivalent Fair Market Value to the payment
that would otherwise be made by Optionee to the Company pursuant to clause (i) of this subsection (b). 
 (c) (i) Full
payment (in cash or by check or by a combination thereof) to satisfy the minimum withholding tax obligation with respect to which such Option or portion thereof is exercised or (ii) indication that the Optionee elects to satisfy the withholding
tax obligation through an arrangement that is compliant with the Sarbanes-Oxley Act of 2002 (and any other applicable laws and exchange rules) and that provides for the delivery of irrevocable instructions to a broker to sell Common Stock obtained
upon the exercise of the Option and to deliver promptly to the Company an amount to satisfy the minimum withholding tax obligation that would otherwise be required to be paid by the Optionee to the Company pursuant to clause (i) of this
subsection (c), or (iii) if made available by the Company, indication that the Optionee elects to have the number of Shares that would otherwise be issued to the Optionee upon exercise of such Option (or portion thereof) reduced by a number of
Shares having an aggregate Fair Market 

  
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Value, on the date of such exercise, equal to the payment to satisfy the minimum withholding tax obligation that would otherwise be required to be made by the Optionee to the Company pursuant to
clause (i) of this subsection (c). 
 (d) If required by the Company, a bona fide written representation and agreement, in a
form satisfactory to the Company, signed by the Optionee or other person then entitled to exercise such Option or portion thereof, stating that the shares of Common Stock are being acquired for his own account, for investment and without any present
intention of distributing or reselling said shares or any of them except as may be permitted under the Securities Act of 1933, as amended (the “Act”), and then applicable rules and regulations thereunder, and that the Optionee or other
person then entitled to exercise such Option or portion thereof will indemnify the Company against and hold it free and harmless from any loss, damage, expense or liability resulting to the Company if any sale or distribution of the shares by such
person is contrary to the representation and agreement referred to above; provided, however, that the Company may, in its reasonable discretion, take whatever additional actions it deems reasonably necessary to ensure the observance and performance
of such representation and agreement and to effect compliance with the Act and any other federal or state securities laws or regulations; and 
 (e) In the event the Option or portion thereof shall be exercised pursuant to Section 4.1 by any person or persons other than the Optionee, appropriate proof of the right of such person or persons to
exercise the option. 
 Without limiting the generality of the foregoing, the Company may require an opinion of counsel acceptable to it to the
effect that any subsequent transfer of shares acquired on exercise of an Option does not violate the Act, and may issue stop-transfer orders covering such shares. Share certificates evidencing stock issued on exercise of this Option shall bear an
appropriate legend referring to the provisions of subsection (d) above and the agreements herein. The written representation and agreement referred to in subsection (d) above shall, however, not be required if the shares to be issued
pursuant to such exercise have been registered under the Act, and such registration is then effective in respect of such shares. 

Section 4.4. Conditions to Issuance of Stock Certificates 
 The shares of stock deliverable upon the exercise of an Option, or any portion thereof, may be either previously authorized but unissued shares or issued shares, which have then been reacquired by the
Company. Such shares shall be fully paid and nonassessable. If share certificates are to be issued, the Company shall not be required to issue or deliver any certificate or certificates for shares of stock purchased upon the exercise of an Option or
portion thereof prior to fulfillment of all of the following conditions: 
 (a) The obtaining of approval or other clearance from
any state or federal governmental agency which the Committee shall, in its reasonable and good faith discretion, determine to be necessary or advisable; and 
 (b) The lapse of such reasonable period of time following the exercise of the Option as the Committee may from time to time establish for reasons of administrative convenience or as may otherwise be
required by applicable law. 

  
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 Section 4.5. Rights as Stockholder 

Except as otherwise provided in Section 2.4 of this Agreement, the holder of an Option shall not be, nor have any of the rights or
privileges of, a stockholder of the Company in respect of any shares purchasable upon the exercise of the Option or any portion thereof unless and until certificates representing such shares shall have been issued by the Company to such holder, or
the Company or its designated agent has otherwise recorded the appropriate book entries evidencing Optionee’s ownership of the shares. 
 ARTICLE V 
 MISCELLANEOUS 

Section 5.1. Administration 
 The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to
interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Optionee, the Company and all other interested persons. No member of the Committee shall be
personally liable for any action, determination or interpretation made in good faith with respect to the Plan or the Option. In its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the
Committee under the Plan and this Agreement. 
 Section 5.2. Option Not Transferable 

Neither the Option nor any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of the
Optionee or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by
judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided, however, that this Section 5.2 shall not
prevent transfers by will or by the applicable laws of descent and distribution. 
 Section 5.3. Notices 

Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of its Secretary, and
any notice to be given to the Optionee shall be addressed to him at the address (including an electronic address) 

  
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reflected in the Company’s books and records. By a notice given pursuant to this Section 5.3, either party may hereafter designate a different address for notices to be given to him.
Any notice, which is required to be given to the Optionee, shall, if the Optionee is then deceased, be given to the Optionee’s personal representative if such representative has previously informed the Company of his status and address by
written notice under this Section 5.3. Any notice shall have been deemed duly given when (i) delivered in person, (ii) delivered in an electronic form approved by the Company, (iii) enclosed in a properly sealed envelope or
wrapper addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service, or (iv) enclosed in a properly sealed envelope or wrapper addressed as aforesaid,
deposited (with fees prepaid) in an office regularly maintained by FedEx, UPS, or comparable non-public mail carrier. 
 Section 5.4.
Titles; Pronouns 
 Titles are provided herein for convenience only and are not to serve as a basis for interpretation
or construction of this Agreement. The masculine pronoun shall include the feminine and neuter, and the singular the plural, where the context so indicates. 
 Section 5.5. Applicability of Plan  
 The Option and the shares
of Common Stock issued to the Optionee upon exercise of the Option shall be subject to all of the terms and provisions of the Plan. 

Section 5.6. Amendment 
 Subject to Section 10 of the Plan, this Agreement may be amended only by a writing executed by the parties hereto, which specifically states that it is amending this Agreement. 

Section 5.7 Governing Law 
 The laws of the State of Delaware shall govern the interpretation, validity and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of
laws. 
 Section 5.8 Arbitration 
 In the event of any controversy among the parties hereto arising out of, or relating to, this Agreement which cannot be settled amicably by the parties, such controversy shall be finally, exclusively and
conclusively settled by mandatory arbitration conducted expeditiously in accordance with the American Arbitration Association rules, by a single independent arbitrator. Such arbitration process shall take place within the Nashville, Tennessee
metropolitan area. The decision of the arbitrator 

  
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shall be final and binding upon all parties hereto and shall be rendered pursuant to a written decision, which contains a detailed recital of the arbitrator’s reasoning. Judgment upon the
award rendered may be entered in any court having jurisdiction thereof. Each party shall bear its own legal fees and expenses, unless otherwise determined by the arbitrator. If the Optionee substantially prevails on any of his or her substantive
legal claims, then the Company shall reimburse all legal fees and arbitration fees incurred by the Optionee to arbitrate the dispute. 
 IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto. 
  

			
	 HCA HOLDINGS, INC.

		
	By:	 	  
		
	Its:	 	  

  
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 Option Grants: 

 

					
	Aggregate number of shares of Common Stock	 	  	  	 
	for which the Time Option granted hereunder is	 		  	
	exercisable (100% of number of shares):	 		  	
		 		  	
	Aggregate number of shares of Common Stock	 		  	
	for which the EBITDA Performance Option 	 		  	
	granted hereunder is exercisable (100% of the	 		  	
	number of shares):             	 		  	
		 		  	
	Exercise Price of all options: 	 	$            per share	  	
		 		  	
	Grant Date:             	 		  	

  

 Schedule B 

Definition of Change in Control 
 For purposes of this Agreement, the term “Change in Control” shall mean, in lieu of any definition contained in the Plan: 
 (i) the sale or disposition, in one or a series of related transactions, of all or substantially all of the assets of the Company to any Person or Group other than, as of the date of determination,
(A) any and all of an employee benefit plan (or trust forming a part thereof) maintained by (1) the Company or (2) any corporation or other Person of which a majority of its voting power of its voting equity securities or equity
interest is owned, directly or indirectly, by the Company; (B) Hercules Holding II, LLC, a Delaware limited liability company (or any successor) (“Hercules Holding II”), but only for so long as Hercules Holding II continues to hold at
least 30% of the voting power of the Company’s voting equity securities, or (C) any Equity Sponsor (as defined in the Company’s Amended and Restated Certificate of Incorporation dated as of March 8, 2011), but only for so long as
the Equity Sponsors, in the aggregate, continue to hold at least 30% of the voting power of the Company’s voting equity securities (any of the foregoing, “Permitted Holders”); or 

(ii) any Person or Group, other than the Permitted Holders, becomes the Beneficial Owner (as such term is defined in Rule 13d-3 under the
Exchange Act (or any successor rule thereto) (except that a Person shall be deemed to have “beneficial ownership” of all shares that any such Person has the right to acquire, whether such right is exercisable immediately or only after the
passage of time), directly or indirectly, of more than 50% of the total voting power of the voting stock of the Company (or any entity which controls the Company), including by way of merger, consolidation, tender or exchange offer or otherwise; or

 (iii) a reorganization, recapitalization, merger or consolidation (a “Corporate Transaction”) involving the Company,
unless securities representing more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Company or the corporation resulting from such Corporate Transaction
(or the parent of such corporation) are Beneficially Owned subsequent to such transaction by the Person or Persons who were the Beneficial Owners of the outstanding voting securities entitled to vote generally in the election of directors of the
Company immediately prior to such Corporate Transaction, in substantially the same proportions as their ownership immediately prior to such Corporate Transaction; or 
 (iv) during any period of 12 months, individuals who at the beginning of such period constituted the Board (together with any new directors whose election by such Board or whose nomination for election by
the shareholders of the Company was approved by a vote of a majority of the directors of the Company, then still in office, who were either directors at the beginning of such period or whose election or nomination for election was previously so
approved) cease for any reason to constitute a majority of the Board then in office.Executive Employment Agreement

 Exhibit 10.1 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 This Executive
Employment Agreement by and between Heckmann Corporation (the “Company”) and W. Christopher Chisholm (“Executive”) is made this 9th day of November, 2011 (the “Agreement”). The parties hereto agree to the employment of
Executive by the Company on the following terms and conditions: 
  

	1.	Commencement and Term of Agreement 

 Executive’s employment under this Agreement will commence and become effective on November 15, 2011 (the “Employment Start Date”) and continue for a period of three
(3) years (the “Term”), unless earlier terminated pursuant to the provisions of this Agreement. The Term may be modified or extended by mutual agreement. 

 

	2.	Positions and Appointments 

Executive shall serve as Executive Vice President and Chief Financial Officer of the Company and shall also serve as the Company’s
treasurer. As such, Executive shall report to and have the duties and responsibilities assigned by the Company’s Board of Directors, its Chairman and Chief Executive Officer and/or the Company’s President and Chief Operating Officer.
Executive agrees to serve, without additional compensation, as an officer or director for each of the Company’s subsidiaries, partnerships, joint ventures, limited liability companies and other affiliates as determined by the Company from time
to time. Executive shall perform his duties during reasonable business hours from the Company’s offices in Pittsburgh, Pennsylvania. Executive may be required to travel occasionally and/or for extended, reasonable periods of time for business
purposes, including to any other office maintained by the Company. Executive shall perform faithfully and diligently all duties assigned to Executive. 
  

	3.	Base Salary 

 The Company
will pay Executive a base salary in cash at the rate of $250,000 per annum, payable in accordance with the normal payroll practices of the Company. Executive’s base salary may be changed by mutual agreement at any time during the Term.

  

	4.	Incentive Compensation 

  

	4.1	Guaranteed Bonus. Executive shall receive an annual guaranteed bonus equal to ten percent (10%) of Executive’s base salary (the “Guaranteed
Bonus”). The Guaranteed Bonus earned by Executive for any fiscal year shall be paid by the Company in cash (except as otherwise elected by Executive pursuant to Section 4.3) during the period beginning on the first business day of
the next succeeding fiscal year and ending on the 15th day of the third month of such succeeding fiscal year. 

  

	4.2	 Discretionary Bonus. Executive shall be eligible to earn an annual discretionary bonus of up to fifty percent (50%) of Executive’s
base salary (the “Discretionary Bonus”), based upon the achievement of such Company and individual objectives as determined by the Compensation Committee of the Board of Directors of the Company (the
“Compensation 

 
Committee”). The Discretionary Bonus earned by Executive for any fiscal year of the Company shall be paid by the Company in cash (except as otherwise elected by Executive
pursuant to Section 4.3) during the period beginning on the first business day of the next succeeding fiscal year and ending on the 15th day of the third month of such succeeding fiscal year. 

 

	4.3	Equity Awards. 

  

	 	(a)	Stock Option. Upon approval by the Compensation Committee as soon as practicable following the Employment Start Date, Executive shall be granted pursuant to the
Company’s 2009 Equity Incentive Plan (the “Plan”) an option to purchase one hundred fifty thousand (150,000) shares of Company common stock (the “Option”) at a price per share equal to the
fair market value of a share of Company common stock determined on the Employment Start Date in accordance with the Plan. The Option shall vest over a three-year period at the rate of 33-1/3% upon the first anniversary of the date of grant and
1/36 per month during the succeeding 24-month period, subject to the terms of this Agreement and Executive’s continued employment through each respective vesting date. 

 

	 	(b)	Common Stock in Lieu of Cash Bonus. At Executive’s written election made on or before December 31 of each calendar year during the Tenn, Executive may
receive payment of the Guaranteed Bonus and any Discretionary Bonus to which Executive may be entitled with respect to services to be performed during the next succeeding calendar year during the Tenn in the form of an award of fully vested shares
of Company common stock (the “Bonus Stock Award”) to be granted by the Compensation Committee pursuant to the Plan on the date such bonus would otherwise be paid in cash, with the number of such shares determined by dividing
the cash value of the bonus by the fair market value of a share of Company common stock determined on the date of grant in accordance with the Plan. 

  

	 	(c)	Restricted Stock. Executive shall receive a grant of 150,000 restricted stock units pursuant to the Plan which shall vest entirely on the third
(3rd) anniversary of the grant date. 

  

	 	(d)	Awards Subject to Plan. All equity awards granted under this Section 4.3 will each be subject to the terms and conditions of the Plan and the applicable
standard form of award agreement provided pursuant to the Plan (except as modified by this Agreement), which Executive will be required to sign as a condition of receiving each such award. 

 

	4.4	Other Discretionary Compensation. During the Term hereof and as long as Executive is employed by the Company, Executive shall be entitled to receive annual or
other periodic discretionary cash, equity or other incentive compensation or bonus as the Board or the Compensation Committee shall determine to be appropriate from time to time, in their sole discretion. Executive may be eligible for future equity
awards at the sole discretion of the Compensation Committee. 

  
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	5.	Expenses 

 The Company
shall promptly reimburse Executive for all reasonable travel, accommodation, marketing, entertainment, and other similar out-of-pocket business expenses, including certain reasonable and customary travel and relocation expenses (including
reimbursement of any income tax consequences related to relocation cost reimbursements), until such time as Executive sells his home in Kingwood. Texas, necessarily incurred by Executive in the performance of his duties, provided that any expense
reimbursement claims are supported by relevant documentation and are made in accordance with the Company’s expense or travel policies. All such expense reimbursements shall (a) be paid no later than the earlier to occur of 30 days after
request for reimbursement or the last day of Executive’s taxable year following the taxable year in which the expense was incurred, (b) not be affected by the amount of expenses eligible for reimbursement in any other taxable year and
(c) not be subject to liquidation or exchange for another benefit. 
  

	6.	Benefits and Vacation 

Executive shall be entitled to participate in, and receive benefits as permitted by applicable law under, any pension benefit plan,
welfare benefit plan (including, without limitation, health insurance), vacation benefit plan, including 15 paid vacation days per annum, or other executive benefit plan made available by the Company to its senior executives. Any such plan or
benefit arrangement may be amended, modified, or terminated by the Company from time to time with or without notice to Executive, 
  

	7.	Termination of Employment 

  

	7.1	By Executive. 

  

	 	(a)	Voluntary Resignation without Good Reason. Executive may voluntarily terminate his employment with the Company at any time without “Good Reason” (as
defined below) upon thirty (30) days’ advance written notice to the Company. Upon such termination, Executive will be entitled to receive only his compensation earned through his final day of employment (the “Accrued
Compensation”), consisting of base salary, amounts due Executive pursuant to Sections 5 and 6, and Executive’s rights under all then outstanding equity awards held by Executive to the extent vested in accordance with their terms
through his final day of employment. 

  

	 	(b)	 Voluntary Resignation for Good Reason. Executive may voluntarily terminate his employment with the Company for Good Reason within ninety
(90) days following the initial existence of a condition constituting Good Reason, provided that Executive delivered to the Company written notice of such condition within thirty (30) days following its initial existence and the Company
failed to cure such condition within thirty (30) days following receipt of such notice. Upon such termination, Executive will be entitled to receive his Accrued Compensation. In addition, subject to Section 11 and provided that Executive
executes a full general 

  
 - 3 -

	 	
release in a form satisfactory to the Company releasing all claims, known or unknown, that Executive may have against the Company and its affiliates and such release has become effective in
accordance with its terms prior to the sixtieth (60th) day following Executive’s termination date, then Executive shall be entitled to: 

  

	 	(i)	payment by the Company in a lump sum on the sixtieth (60th) day following Executive’s employment termination date of an amount equal to twelve
(12) months of Executive’s base salary then in effect immediately prior to Executive’s termination of employment; and 

  

	 	(ii)	payment by the Company of the premiums required to continue Executive’s group health care coverage under the applicable provisions of the Consolidated Omnibus
Budget Reconciliation Act of 1985 (“COBRA”), provided that Executive timely elects to continue such coverage under COBRA, for a period ending on the first to occur of (A) the date twelve (12) months following
Executive’s termination of employment, (B) the date Executive ceases to be eligible for coverage under COBRA, and (C) the date Executive becomes eligible for health care coverage through another employer; and 

 

	 	(iii)	acceleration in full, effective as of Executive’s final day of employment, of the vesting and/or exercisability of all then outstanding equity awards held by
Executive. 

  

	 	(c)	Good Reason Defined. For purposes of this Agreement, “Good Reason” shall mean: (i) a material diminution in Executive’s base salary,
(ii) a material change in the geographic location(s) described in Section 2 at which the Executive must perform the services, excluding required business travel described in Section 2, (iii) a material reduction in
Executive’s duties, position, or responsibilities relative to Executive’s duties, position, or responsibilities in effect immediately prior to such reduction, or (iv) a material breach of this Agreement by the Company.

  

	7.2	By Company. 

  

	 	(a)	Without Cause. The Company may terminate Executive’s employment with the Company at any time without Cause (as defined below) upon thirty
(30) days’ advance written notice to Executive. Upon such termination, Executive will be entitled to receive his Accrued Compensation. In addition, subject to Section 11 and provided that Executive executes a full general release in a
form satisfactory to the Company releasing all claims, known or unknown, that Executive may have against the Company and its affiliates and such release has become effective in accordance with its terms prior to the sixtieth (60th) day
following Executive’s termination date, then Executive shall be entitled to 

  

	 	(i)	 payment by the Company in a lump sum on the sixtieth (60th) day following Executive’s employment termination date of an amount equal to

  
 - 4 -

	 	
the sum of (A) twelve (12) months of Executive’s base salary and (B) twelve (12) months of the Guaranteed Bonus, based in each case on Executive’s base salary rate
in effect immediately prior to Executive’s termination of employment; and 

  

	 	(ii)	payment by the Company of the premiums required to continue Executive’s group health care coverage under the applicable provisions of COBRA, provided that
Executive timely elects to continue such coverage under COBRA, for a period ending on the first to occur of (A) the date twelve (12) months following Executive’s termination of employment, (B) the date Executive ceases to be
eligible for coverage under COBRA, and (C) the date Executive becomes eligible for health care coverage through another employer; and 

  

	 	(iii)	acceleration in full, effective as of Executive’s final: day of employment, of the vesting and/or exercisability of all then outstanding equity awards held by
Executive. 

  

	 	(b)	For Cause. The Company may terminate Executive’s employment with the Company at any time for Cause following written notice to Executive of his act(s) or
failure(s) to act constituting Cause for termination and, if such condition is capable of cure, Executive’s failure to cure such condition within thirty (30) days following such notice. Upon such termination, Executive will be entitled to
receive only his Accrued Compensation. 

  

	 	(c)	Cause Defined. For purposes of this Agreement, “Cause” shall be deemed to exist if Executive shall at any time: (i) commit a material breach of
this Agreement, (ii) be guilty of gross negligence or willful misconduct in connection with or affecting the business or affairs of the Company, (iii) be guilty of insubordination, (iv) engage in material and intentional unauthorized
use, misappropriation, destruction or diversion of any tangible or intangible asset or corporate opportunity of the Company, or (v) be convicted of, or plead no contest to, a felony criminal offense. Termination of Executive’s employment
as a result of Executive’s death or Disability shall not constitute termination “without Cause.” 

  

	7.3	Death and Disability. 

  

	 	(a)	 Executive’s employment with the Company will automatically terminate upon his death. Further, the Company reserves the right to terminate
Executive’s employment with the Company at any time during which Executive has a Disability (as defined below). Upon termination of Executive’s employment due to death or Disability, Executive or his estate will be entitled to receive his
Accrued Compensation. In addition, subject to Section 11 and provided that Executive or the representative of Executive’s estate executes a full general release in a form satisfactory to the Company releasing all claims, known or unknown,
that Executive may have against the Company and its affiliates and such release has become effective in accordance with its terms prior to the sixtieth 

  
 - 5 -

	 	
(60th) day following Executive’s termination date, then in the event of such termination of Executive’s employment due to death or Disability, Executive or his estate shall be entitled
to the payments and benefits set forth in Section 7.2(a) above. 

  

	 	(b)	For purposes of this Agreement, a “Disability” means a physical or mental impairment that prevents Executive from performing the essential
duties of his position, with or without reasonable accommodation, for (i) a period of sixty (60) consecutive calendar days, or (ii) an aggregate of ninety (90) work days in any six (6) month period. A determination that
Executive has incurred a Disability will be made by the Company, in its sole discretion, but in consultation with a physician selected by the Company, provided that such selected physician consults with Executive’s physician in addition to any
examination of Executive and/or other tests on Executive that such selected physician performs or orders to be performed, and Executive hereby agrees to submit to any such examinations and/or other tests from time to time. Notwithstanding the
foregoing, any termination of employment due to a Disability will be made in accordance with applicable local laws. 

  

	8.	Change of Control 

  

	8.1	Effect of Non-Assumption of Equity Awards upon Change of Control. Notwithstanding any provision to the contrary contained in any plan or agreement evidencing an
equity award granted to Executive pursuant to this Agreement (unless such plan or agreement expressly disclaims this Section 8.1) and except as otherwise provided by Section 11, in the event of a Change of Control in which both
(a) the surviving, continuing, successor, or purchasing corporation or other business entity or parent thereof, as the case may be (the “Acquiring Corporation”), does not assume or continue the Company’s rights and
obligations under such then-outstanding equity award of Executive or substitute for such then-outstanding equity award of Executive substantially equivalent equity awards for the Acquiring Corporation’s stock, and (b) the Company does not
cancel such equity award of Executive in exchange for payment to Executive with respect to each vested and unvested share underlying such equity award in cash or other property having a fair market value equal to the fair market value of the
consideration to he paid per share of common stock of the Company pursuant to the Change of Control transaction (less the exercise price per share subject to the award, if applicable), then the vesting, exercisability and settlement of such equity
award which is not assumed, continued, substituted for or canceled in exchange for payment by the Company shall be accelerated in full effective immediately prior to but conditioned upon the consummation of the Change of Control, provided that
Executive remains an employee of the Company immediately prior to the Change of Control. 

  

	8.2	Effect of Termination Following Change of Control. In the event that upon or within one (1) year following a Change of Control either Executive voluntarily
terminates his employment with the Company for Good Reason or the Company terminates Executive’s employment with the Company without Cause, Executive will be entitled to receive his Accrued Compensation. In addition, subject to Section 11
and provided that Executive 

  
 - 6 -

	 	
executes a full general release in a form satisfactory to the Company releasing all claims, known or unknown, that Executive may have against the Company and its affiliates and such release has
become effective in accordance with its terms prior to the sixtieth (60th) day following Executive’s termination date, then Executive shall be entitled to the following in lieu of the payments and benefits to which Executive would
otherwise be entitled upon such termination in accordance with Section 7.1(b) or Section 7.2(a), as applicable: 

  

	 	(a)	payment by the Company in a lump sum on the sixtieth (60th) day following Executive’s termination of employment of an amount equal to the sum of (i) two
(2) times Executive’s annual base salary and (ii) two (2) times the Guaranteed Bonus, based in each case on Executive’s based salary rate as in effect either immediately prior to Executive’s termination of employment or
immediately prior to the consummation of the Change of Control, whichever is greater; and 

  

	 	(b)	payment by the Company of the premiums required to continue Executive’s group health care coverage under COBRA, or, following cessation of eligibility under COBRA,
under an individual health care plan, for a period ending on the first to occur of (i) the date twenty-four (24) months following Executive’s separation from service, and (ii) the date Executive becomes eligible for health care
coverage through another employer, provided that in no event will the Company’s payment obligation exceed the then effective premium rate for group health care continuation coverage under COBRA; and 

 

	 	(c)	acceleration in full, effective as of Executive’s final day of employment, of the vesting and/or exercisability of all then outstanding equity awards held by
Executive. 

  

	8.3	Section 280G. If, due to the payments and benefits provided by Section 8 and any other payments and benefits to which Executive is entitled pursuant to
this Agreement or otherwise, Executive would be subject to any excise tax pursuant to Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), due to characterization of any such payments or benefits
as excess parachute payments pursuant to Section 280G(b)(l) of the Code, the amounts payable under Section 8 will be reduced (to the least extent possible) in order to avoid any “excess parachute payment” under
Section 280G(b)(1) of the Code. Any reduction in the payments and benefits required by this Section 8.3 will be made in the following order: (i) reduction of cash payments; (ii) reduction of accelerated vesting of equity awards
other than stock options; (iii) reduction of accelerated vesting of stock options; and (iv) reduction of other benefits paid or provided to Executive. hi the event that acceleration of vesting of equity awards is to be reduced, such
acceleration of vesting will be cancelled in the reverse order of the date of grant of Executive’s equity awards. If two or more equity awards are granted on the same date, each award will be reduced on a pro-rata basis.

  
 - 7 -

	8.4	Change of Control Defined. For purposes of this Agreement, “Change of Control” means the earliest to occur of the following events:

  

	 	(a)	the acquisition or ownership by any individual, entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, and
any successor statute, as it may be amended from time to time (the “Exchange Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty percent (50%) of the
combined voting power of the outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Voting Securities”); or 

 

	 	(b)	as a result of or in connection with either an actual or threatened election contest (“Election Contest”) or other actual or threatened
solicitation of proxies or consents by or on behalf of a person other than the Board of Directors (“Proxy Contest”) subject in any such event to Rule 14(a)-12(c) under the Exchange Act, the individuals comprising the
Company’s Board of Directors immediately before such Election Contest or Proxy Contest cease to constitute a majority of the Board of Directors; or 

  

	 	(c)	consummation of a reorganization, merger, consolidation or similar corporate transaction, or series of related such transactions, as a result of which the holders of
Outstanding Voting Securities immediately prior to such transaction(s) fail to retain immediately after such transaction(s) direct or indirect beneficial ownership of more than fifty percent (50%) of the Outstanding Voting Securities determined
immediately after such transaction(s); or 

  

	 	(d)	the sale, exchange or other disposition of all or substantially all of the assets of the Company; or 

 

	 	(e)	approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

 

	9.	Confidential Information 

  

	9.1	Executive acknowledges that, during the course of his employment with the Company, he will have access to confidential business information and secrets. Executive
agrees, both during the term of his employment and following its termination, that he will hold the confidential business information and secrets in the strictest confidence, and that he will not use or attempt to use or disclose any business
secret, intellectual property, customer list, or other confidential information to any other person or entity without the prior written authorization of the Company. 

 

	9.2	The restrictions of clause 9.1 do not apply to any confidential information that (a) has entered into the public domain other than by a breach of this Agreement or
other obligation of confidentiality of which Executive is aware, or (b) solely to the extent and for the duration required, is required to be disclosed under a validly-issued court order, pursuant to a request by government regulators, and
which disclosure the Company is unable legally to prevent. 

  
 - 8 -

	10.	Further Obligations of Executive 

  

	10.1	Executive shall comply with all applicable rules of law, securities laws, regulations, and codes of conduct of the Company in effect from time to time in relation to
dealings in shares, notes, debentures, or other securities. 

  

	10.2	Executive represents that his employment with the Company does not violate any prior agreement with a former employer or third party. 

 

	11.	Application of Section 409A 

  

	11.1	Notwithstanding anything contained in this Agreement to the contrary, no amount payable on account of Executive’s termination of employment which constitutes a
“deferral of compensation” (“Section 409A Deferred Compensation”) within the meaning of the Treasury Regulations issued pursuant to Section 409A of the Code (the “Section 409A
Regulations”) shall be paid unless and until Executive has incurred a “separation from service.” For purposes of this Agreement, “separation from service” shall have the meaning of such term as defined by the
Section 409A Regulations. Furthermore, if Executive is a “specified employee” within the meaning of the Section 409A Regulations as of the date of Executive’s separation from service, no amount that constitutes
Section 409A Deferred Compensation which is payable on account of Executive’s separation from service shall be paid to Executive before the date (the “Delayed Payment Date”) which is first day of the seventh
(7th) month after the date of Executive’s separation from service or, if earlier, the date of Executive’s death following such separation from service. All such amounts that would, but for this Section, become payable prior to the
Delayed Payment Date will be accumulated and paid on the Delayed Payment Date. 

  

	11.2	To the extent that all or any portion of the Company’s payment of or reimbursement to Executive for the cost of health care coverage premiums pursuant to Sections
7.1(b)(ii), 7.2(a), or 8.2(b) (the “Company-Provided Benefits”) would exceed an amount for which, or continue for a period of time in excess of which, such Company Provided Benefits would qualify for an exemption from
treatment as Section 409A Deferred Compensation, then, for the duration of the applicable period during which the Company is required to provide such benefits: (a) the amount of Company-Provided Benefits furnished in any taxable year of
Executive shall not affect the amount of Company-Provided Benefits furnished in any other taxable year of Executive; (b) any right of Executive to Company-Provided Benefits shall not be subject to liquidation or exchange for another benefit;
and (c) any reimbursement for Company-Provided Benefits to which Executive is entitled shall be paid no later than the last day of Executive’s taxable year following the taxable year in which Executive’s expense for such
Company-Provided Benefits was incurred. 

  

	11.3	Any equity award which constitutes Section 409A Deferred Compensation and which would vest and become payable upon a Change of Control in accordance with
Section 8.1 shall vest in full as provided by Section 8.1 but shall be converted automatically at the effective time of such Change of Control into a right to receive in cash on the date or dates such award would have been settled in
accordance with its then existing settlement schedule (or on such earlier date as provided by Section 8.2(c)) an amount or amounts equal in the aggregate to the intrinsic value of the equity award at the time of the Change of Control.

  
 - 9 -

	11.4	Notwithstanding any provision of this Agreement to the contrary, to the extent that any amount constituting Section 409A Deferred Compensation would become payable
under this Agreement solely by reason of a Change of Control, such amount shall become payable only if the event constituting a Change of Control would also constitute a change in ownership or effective control of the Company or a change in the
ownership of a substantial portion of the assets of the Company within the meaning of the Section 409A Regulations. 

  

	11.5	The Company intends that income provided to Executive pursuant to this Agreement will not be subject to taxation under Section 409A of the Code. The provisions of
this Agreement shall be interpreted and construed in favor of satisfying any applicable requirements of Section 409A and the Section 409A Regulations. However, the Company does not guarantee any particular tax effect for income provided
to Executive pursuant to this Agreement. In any event, except for the Company’s responsibility to withhold applicable income and employment taxes from compensation paid or provided to Executive, the Company shall not be responsible for the
payment of any applicable taxes incurred by Executive on compensation paid or provided to Executive pursuant to this Agreement. 

  

	12.	Miscellaneous 

  

	12.1	This Agreement, the Company’s 2009 Equity Incentive Plan and the equity award agreements thereunder evidencing the awards described in Section 4.3, and the
Company’s Employee Nondisclosure, Confidentiality and Inventions Assignment Agreement constitute the entire agreement and understanding between the Company and Executive and supersede any other agreements, whether oral or written, with respect
to the subject matter of this Agreement. This Agreement may only be modified or amended by a further agreement in writing signed by the parties hereto. 

  

	12.2	 In the event of any dispute or claim relating to or arising out of Executive’s employment relationship with the Company, this Agreement, or the
termination of Executive’s employment with the Company for any reason (including, but not limited to, any claims of breach of contract, wrongful termination or age, sex, race, national origin, disability or other discrimination or harassment),
Executive and the Company agree that all such disputes shall be fully, finally and exclusively resolved by binding arbitration conducted before a single neutral arbitrator pursuant to the rules for arbitration of employment disputes by the American
Arbitration Association in the counties of Riverside or Los Angeles, California. The arbitrator shall permit adequate discovery and is empowered to award all remedies otherwise available in a court of competent jurisdiction and any judgment rendered
by the arbitrator may be entered by any court of competent jurisdiction. The arbitrator shall issue an award in writing and state the essential findings and conclusions on which the award is based. BY EXECUTING THIS AGREEMENT, EXECUTIVE AND THE
COMPANY ARE BOTH WAIVING THE RIGHT TO A JURY TRIAL WITH RESPECT TO ANY SUCH DISPUTES. The Company shall bear 

  
 - 10 -

 
the costs of the arbitrator, forum and filing fees. Each party shall bear its own respective attorney fees and all other costs, unless otherwise provided by law and awarded by the arbitrator.

  

	12.3	This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts when taken together shall constitute
one and the same original. 

  

	12.4	Except to the extent that applicable law requires that any specific action be taken or performed by the Company’s Compensation Committee, or to the extent
otherwise provided in this Agreement, any action to be taken or performed, or direction to be provided, by the Company under this Agreement may be taken, performed, or provided at the direction of the President and Chief Operating Officer of the
Company or another executive officer of the Company, as determined from time to time by the Company’s Board of Directors or Chief Executive Officer. 

  

	12.5	Any waiver by the Company of any provision, or any breach of any provision, of this Agreement shall not operate or be construed as a waiver of any subsequent breach of
such provision or any other provision herein. 

  

	12.6	Due to the personal nature of the services contemplated under this Agreement, this Agreement and Executive’s rights and obligations hereunder may not be assigned
by Executive. The Company may assign its rights, together with its obligations hereunder, in connection with any sale, transfer, or other disposition of all or substantially all of its business and/or assets, provided that any such assignee of the
Company agrees to be bound by the provisions of this Agreement. 

  

	12.7	All payments under this Agreement shall be subject to reduction for taxes and other withholdings required to be withheld by law. 

 

	12.8	This Agreement is governed by and shall be construed in accordance with the laws of the State of California, and without giving effect to conflict of law principles.

 [Signature Page on Following Page] 

  
 - 11 -

 THE PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY
PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DATES SHOWN BELOW. 
  

									
	Heckmann Corporation	 		 		 	
					
	By:	 	 /s/ Richard J. Heckmann
	 		 	Date:	 	November 9, 2011
		 	Name: Richard J. Heckmann	 		 		 	
		 	Title: Chairman of the Board & CEO	 		 		 	
				
	Executive	 		 		 	
					
	By:	 	 /s/ W. Christopher Chisholm
	 		 	Date:	 	November 9, 2011
		 	W. Christopher Chisholm	 		 		 	

  
 - 12 -

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