Document:

FOURTH AMENDMENT TO 

REVOLVING CREDIT AND SECURITY AGREEMENT

 

This Fourth Amendment
to Revolving Credit and Security Agreement (the “Amendment”) is
made as of this 11th day of June, 2014 by and among Kable
Media Services, Inc., a corporation organized under the laws of the State of Delaware (“Kable”),
Kable Distribution Services, Inc.,
a corporation organized under the laws of the State of Delaware (“Kable Distribution”), Kable
Product Services, Inc., a corporation organized under the laws of the State of Delaware (“Kable Product”),
Kable News Company, Inc., a corporation
organized under the laws of the State of Illinois (“Kable News”), Palm
Coast Data Holdco, Inc., a corporation organized under the laws of the State of Delaware (“Palm Holding”),
Kable Staffing Resources LLC,
a limited liability company organized under the laws of the State of Delaware (“Kable Staffing”), Kable
News International, Inc., a corporation organized under the laws of the State of Delaware (“Kable International”),
Palm Coast Data LLC, a limited
liability company organized under the laws of the State of Delaware (“Palm Coast”), Fulcircle
Media, LLC, a Delaware limited liability company (“FulCircle” and, together with Palm Coast,
Kable International, Kable Staffing, Palm Holding, Kable News, Kable Product, Kable Distribution, Kable, and any other Person joined
as a borrower to the Loan Agreement (as defined below) from time to time, collectively, the “Borrowers”, and
each a “Borrower”), the financial institutions which are now or which hereafter become a party to the Loan Agreement
(collectively, the “Lenders” and each individually a “Lender”) and PNC BANK, NATIONAL
ASSOCIATION (“PNC”), as agent for Lenders (PNC, in such capacity, the “Agent”) and as
a Lender.

 

BACKGROUND

 

A.           On
May 13, 2010, Borrowers and PNC as a Lender and Agent entered into that certain Revolving Credit and Security Agreement (as same
has been or may be amended, restated, modified, renewed, extended, replaced or substituted from time to time, including, without
limitation, as amended by certain modifications and/or waivers contained in that certain (i) Consent Letter dated September 27,
2010, (ii) Consent Letter dated December 29, 2011, (iii) Waiver and Amendment dated July 18, 2012, (iv) First Amendment to Revolving
Credit and Security Agreement dated as of October 1, 2012, (v) Second Amendment and Joinder to Revolving Credit and Security Agreement
dated as of December 31, 2012, and (vi) Third Amendment to Revolving Credit and Security Agreement dated as of March 29, 2013,
the “Loan Agreement”) to reflect certain financing arrangements between the parties thereto. The Loan Agreement
and all other documents executed in connection therewith to the date hereof are collectively referred to as the “Existing
Financing Agreements.” All capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in
the Loan Agreement.

 

B.           (i)
Kable Distribution is a party to a Distribution Agreement dated January 3, 2006 with Heinrich Bauer (USA) LLC (“Bauer
US”) (as assignee from Heinrich Bauer Verlag Beteiligungs GmbH) (as amended, restated, supplemented or otherwise modified
from time to time, the “Main Distribution Agreement”) and a Distribution Agreement for Distribution to Canada
Only dated as of January 3, 2006 with Bauer US (as amended, restated, supplemented or otherwise modified from time to time, the
“Canada Distribution Agreement” and collectively with the Main Distribution Agreement, the “Distribution
Agreements”) and (ii) Palm Coast (as assignee from Fulfillment Corporation of America) is a party to a Services Agreement
dated December 1, 1994 with Bauer US (as assignee from Bauer Publishing Company LP) (as amended, restated, supplemented, or otherwise
modified from time to time, the “Fulfillment Agreement”).

 

    	 

    	 

    

 

C.           Borrowers
have informed Agent that Kable Distribution, Palm Coast, and AMREP Corporation (“AMREP”) intend to enter into
a Settlement Agreement with Bauer US, dated as of June 11, 2014 (as amended, restated, supplemented, or otherwise modified from
time to time, the “Settlement Agreement”) pursuant to which the parties will agree to certain amendments to
the Distribution Agreements and the Fulfillment Agreement, the issuance by AMREP of certain shares of its common stock to Bauer
US and the release by Bauer US of claims it may have against Kable Distribution, Palm Coast, and AMREP, as further set forth in
the Settlement Agreement attached hereto on Exhibit A. In addition, Kable Distribution intends to issue a promissory note
to AMREP in a principal amount equal to the fair market value of the shares of AMREP common stock issued to Bauer US and the promissory
note will be secured by all of the assets of Kable Distribution. The foregoing transactions shall collectively be referred to herein
as the “Bauer Settlement”.

 

D.           Borrowers
have requested that Agent and Lenders (i) consent to the Bauer Settlement and (ii) modify certain definitions, terms and conditions
in the Loan Agreement, and Agent and Lenders are willing to do so on the terms and conditions hereafter set forth.

 

NOW THEREFORE, with
the foregoing background hereinafter deemed incorporated by reference herein and made part hereof, the parties hereto, intending
to be legally bound, promise and agree as follows:

 

Section
1             Consent.

 

(a)          In reliance upon
the documentation and information provided to Agent in connection with the Bauer Settlement, and notwithstanding anything to the
contrary contained in the Loan Agreement, including, without limitation, Sections 7.4, 7.10, 7.8, and 7.17 of the Loan Agreement,
or any other Existing Financing Agreement, upon the Effective Date, Agent and Lenders hereby consent to the Bauer Settlement.

 

(b)          This
consent shall be effective only as to the items set forth in the preceding paragraph. This consent shall not be deemed to constitute
a consent to the breach by Borrowers of any covenants or agreements contained in any Existing Financing Agreement with respect
to any other transaction or matter. Borrowers agree that the consent set forth in the preceding paragraph (a) shall be limited
to the precise meaning of the words as written therein and shall not be deemed (i) to be a consent to, or any waiver or modification
of, any other term or condition of any Existing Financing Agreement, or (ii) to prejudice any right or remedy that Agent or Lenders
may now have or may in the future have under or in connection with any Existing Financing Agreement other than with respect to
the matters for which the consent in the preceding paragraph (a) has been provided. Other than as described in this Amendment,
the consent described in the preceding paragraph (a) shall not alter, affect, release or prejudice in any way any Obligations under
the Existing Financing Agreements. This consent shall not be construed as establishing a course of conduct on the part of Agent
or Lenders upon which the Borrowers may rely at any time in the future. Borrowers expressly waive any right to assert any claim
to such effect at any time.

 

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Section
2             Amendments to Loan Agreement

 

(a)          New
Definition. On the Effective Date, the following defined term shall be added to Section 1.2 of the Loan Agreement:

 

“Bauer Settlement”
shall mean the arrangement reflected by that certain Settlement Agreement among Kable Distribution, Palm Coast, and AMREP Corporation
dated as of June 11, 2014, and all documents, instruments, and agreements executed in connection therewith, in each case as amended,
restated, supplemented, or otherwise modified from time to time.

 

(b)          Definition.
On the Effective Date, the following defined term contained in Section 1.2 of the Loan Agreement shall be amended and restated
in its entirety as follows:

 

“Fixed Charge Coverage
Ratio” shall mean and include, with respect to any fiscal period, the ratio of (a) EBITDA, plus stock based compensation
paid to employees during such period to the extent deducted in calculating EBITDA, plus Restructuring Charges paid during
such period to the extent such Restructuring Charges were included in the Restructuring Reserve prior to being paid and were deducted
in calculating EBITDA, minus Unfunded Capital Expenditures made during such period, minus distributions (including
tax distributions) and dividends to the extent paid in cash during such period to (b) the sum of all Debt Payments made during
such period, plus all cash payments made on account of Borrowers’ pension obligations during such period to the extent
such payments were not deducted in calculating EBITDA (but excluding up to $2,300,000 of such payments during the period commencing
on May 1, 2012 through January 31, 2013), plus payments made to the State of Florida on account of the obligations owing
to the State of Florida under the award agreement between Palm Coast and the State of Florida (but excluding such payments made
during the period commencing on May 1, 2012 through January 31, 2013 up to the initial amount of the Florida Reserve). For the
purpose of calculating the Fixed Charge Coverage Ratio, any gain to Borrowers associated with the Bauer Settlement shall be excluded
from the calculation of EBITDA.

 

(c)          Revolving
Advances. On the Effective Date, Section 2.1 of the Loan Agreement shall be amended and restated in its entirety as follows:

 

    	-3-

    	 

    

 

2.1           Revolving
Advances

 

(a) Amount
of Revolving Advances. Subject to the terms and conditions set forth in this Agreement including Sections 2.1(b), (c), (d),
(e), and (f), each Lender, severally and not jointly, will make Revolving Advances to Borrowers in aggregate amounts outstanding
at any time equal to such Lender’s Commitment Percentage of the least of: (x) the Maximum Revolving Advance Amount less the
aggregate Maximum Undrawn Amount of all outstanding Letters of Credit; (y) 85% of Cash Collections, or (z) an amount equal to the
sum of:

 

(i) up to 75%,
subject to the provisions of Section 2.1(d) hereof (“Receivables Advance Rate”), of Eligible Receivables, plus

 

(ii) up to 65%,
subject to the provision of Section 2.1 (d) and (f) hereof, of Eligible Unbilled Kable Distribution Receivables (the “Kable
Distribution Unbilled Receivables Advance Rate” and, together with the Receivables Advance Rate, collectively, the “Advance
Rates”), minus

 

(iii) the aggregate
Maximum Undrawn Amount of all outstanding Letters of Credit, minus

 

(iv) the Florida
Reserve, minus

 

(v) such reserves
as Agent may reasonably deem proper and necessary from time to time after the Closing Date; provided that Agent shall provide Borrowers
with no less than three (3) Business Days prior written notice of such reserve and the reason therefor; provided, further, that
(i) all reserves (including the amount of such reserve) established hereunder shall bear a reasonable relationship to the events,
conditions or circumstances that are the basis for such reserve and (ii) the amount of any reserve shall not be duplicative of
(a) the amount of any other reserve with respect to the same events, conditions or circumstances or (b) any exclusionary criteria
or limitations set forth in the definitions of Eligible Receivable.

 

The amount derived
from the sum of (x) Sections 2.1(a)(z)(i) and (ii) minus (y) Section 2.1 (a)(z)(iii), (iv), and (v) at any time and from
time to time shall be referred to as the “Formula Amount”. The Revolving Advances shall be evidenced by one
or more secured promissory notes (collectively, the “Revolving Credit Note”) substantially in the form attached
hereto as Exhibit 2.1(a).

 

(b) Reserved.

 

(c) Reserved.

 

    	-4-

    	 

    

 

(d) Discretionary
Rights. The Advance Rates may be increased or decreased by Agent at any time and from time to time in the exercise of its reasonable
discretion based on Agent’s review of updated field examinations or other Collateral evaluations, it being understood that
the amount of any reduction in Advance Rates shall have a reasonable relationship to the event, condition or other matter which
is the basis for such reduction. Each Borrower consents to any such increases or decreases and acknowledges that decreasing the
Advance Rates or increasing or imposing reserves may limit or restrict Advances requested by Borrowing Agent. The rights of Agent
under this subsection are subject to the provisions of Section 16.2(b).

 

(e) Reserved.

 

(f) Sublimit
for Revolving Advances made against Eligible Unbilled Kable Distribution Receivables. The aggregate amount of Revolving Advances
at any time outstanding made to Borrowers against Eligible Unbilled Kable Distribution Receivables shall not exceed $4,000,000.

 

Section 3             Intercreditor
Agreement. Notwithstanding anything to the contrary contained in the Intercreditor Agreement
or in the Loan Agreement, upon the Effective Date, the Intercreditor Agreement, and all rights and obligations of all parties thereunder
(including, without limitation, of Agent, Bauer US, and any Borrower), shall be terminated in its entirety and shall be of no further
force and effect. 

 

Section 4             Representations,
Warranties and Covenants of Borrowers. Each Borrower hereby represents and warrants to and
covenants with the Agent and the Lenders that:

 

(a)          such
Borrower reaffirms all representations and warranties made to Agent and Lenders under the Loan Agreement and all of the other Existing
Financing Agreements and confirms that after giving effect to this Amendment all are true and correct in all material respects
as of the date hereof (except to the extent any such representations and warranties specifically relate to a specific date, in
which case such representations and warranties were true and correct in all material respects on and as of such other specific
date);

 

(b)          from
and after the Effective Date, such Borrower reaffirms all of the covenants contained in the Loan Agreement (as amended hereby),
covenants to abide thereby until all Advances, Obligations and other liabilities of Borrowers to Agent and Lenders under the Loan
Agreement of whatever nature and whenever incurred, are satisfied and/or released by Agent and Lenders;

 

(c)          after
giving effect to this Amendment, no Default or Event of Default has occurred and is continuing under any of the Existing Financing
Agreements;

 

    	-5-

    	 

    

 

(d)          such
Borrower has the authority and legal right to execute, deliver and carry out the terms of this Amendment, that such actions were
duly authorized by all necessary limited liability company or corporate action, as applicable, and that the officer executing this
Amendment on its behalf was similarly authorized and empowered, and that this Amendment does not contravene any provisions of its
certificate of incorporation or formation, operating agreement, bylaws, or other formation documents, as applicable, or of any
material contract or agreement to which it is a party or by which any of its properties are bound; and

 

(e)          this
Amendment and all assignments, instruments, documents, and agreements executed and delivered in connection herewith, are valid,
binding and enforceable in accordance with their respective terms, except as such enforceability may be limited by any applicable
bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally.

 

Section 5             Conditions
Precedent/Effectiveness Conditions. This Amendment shall be effective upon the date of satisfaction
of all of the following conditions precedent (the “Effective Date”) (all documents to be in form and substance reasonably
satisfactory to Agent and Agent’s counsel):

 

(a)          Agent
shall have received this Amendment fully executed by the Borrowers;

 

(b)          Agent
shall have received a fully executed Subordination Agreement with AMREP;

 

(c)          Agent
shall have received a fully executed Settlement Agreement and all documents, instruments, and agreements relating thereto;

 

(d)          Agent
shall have received resolutions of the board of directors or members, as applicable, of Kable Distribution, Palm Coast, and AMREP
approving the terms of the Bauer Settlement;

 

(e)          Agent
shall have received a final copy of each of the Distribution Agreements;

 

(f)          Agent
shall have received copies of the documentation evidencing the merger of Kable Specialty Packaging Services LLC with and into Kable
Product;

 

(g)          All
documents, instruments and information required to be delivered hereunder shall be in form and substance reasonably satisfactory
to Agent and Agent’s counsel;

 

(h)          Agent
shall have received such other documents as Agent or counsel to Agent may reasonably request; and

 

(i)          No
Default or Event of Default shall have occurred and be continuing, both prior and after giving effect to the terms of this Amendment.

 

    	-6-

    	 

    

 

Section 6             Further
Assurances. Each Borrower hereby agrees to take all such actions and to execute and/or deliver
to Agent and Lenders all such documents, assignments, financing statements and other documents, as Agent and Lenders may reasonably
require from time to time, to effectuate and implement the purposes of this Amendment.

 

Section 7             Payment
of Expenses. Borrowers shall pay or reimburse Agent and Lenders for their reasonable attorneys’
fees and expenses in connection with the preparation, negotiation and execution of this Amendment and the documents provided for
herein or related hereto.

 

Section 8             Reaffirmation
of Loan Agreement. Except as modified by the terms hereof, all of the terms and conditions
of the Loan Agreement, as amended, and all other Existing Financing Agreements are hereby reaffirmed and shall continue in full
force and effect as therein written.

 

Section 9             Confirmation
of Indebtedness. Borrowers confirm and acknowledge that as of the close of business on June
10, 2014, Borrowers were indebted to Lenders for the Advances under the Loan Agreement without any deduction, defense, setoff,
claim or counterclaim, of any nature, in the aggregate principal amount of $421,871.43 due on account of Revolving Advances, and
$140,573.32 on account of undrawn Letters of Credit, plus all fees, costs and expenses incurred to date in connection with the
Loan Agreement and the Other Documents.

 

Section
10             Miscellaneous

 

(a)          Third
Party Rights. No rights are intended to be created hereunder for the benefit of any third party donee, creditor, or incidental
beneficiary.

 

(b)          Headings.
The headings of any paragraph of this Amendment are for convenience only and shall not be used to interpret any provision hereof.

 

(c)          Modifications.
No modification hereof or any agreement referred to herein shall be binding or enforceable unless in writing and signed on behalf
of the party against whom enforcement is sought.

 

(d)          Governing
Law. The terms and conditions of this Amendment shall be governed by the laws of the Commonwealth of Pennsylvania without regard
to provisions of conflicts of law.

 

(e)          Counterparts.
This Amendment may be executed in any number of and by different parties hereto on separate counterparts, all of which, when so
executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement. Any signature delivered
by a party by facsimile or pdf transmission shall be deemed to be an original signature hereto.

 

    	-7-

    	 

    

 

IN WITNESS WHEREOF, the parties have caused
this Amendment to be executed and delivered by their duly authorized officers as of the date first above written.

 

	 BORROWERS:
	 
	 KABLE MEDIA SERVICES, INC.
	 KABLE DISTRIBUTION SERVICES, INC.
	 KABLE PRODUCT SERVICES, INC.
	 KABLE NEWS COMPANY, INC.
	 KABLE STAFFING RESOURCES LLC
	 KABLE NEWS INTERNATIONAL, INC.

 

	 By:	/s/ Bruce Obdendorf _	 
	 Name: Bruce Obendorf	 
	 Title: Executive Vice President, Finance	 

 

	 PALM COAST DATA LLC
	 PALM COAST DATA HOLDCO, INC.
	 FULCIRCLE MEDIA, LLC

 

	 By:	/s/ Peter M. Pizza	 
	 Name: Peter M. Pizza	 
	 Title: Vice President	 

 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO

REVOLVING CREDIT AND SECURITY AGREEMENT]

 

    	S-1

    	 

    

 

 

	 	PNC BANK, NATIONAL ASSOCIATION,
	 	as Lender and as Agent
	 	 
	 	By:	/s/ Jacqueline MacKenzie
	 	Name: Jacqueline MacKenzie
	 	Title: Vice President

 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO

REVOLVING CREDIT AND SECURITY AGREEMENT]

 

    	S-2Exhibit 10.01

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “Agreement”)
is made effective as of June 10, 2014 (the “Effective Date”) between Robert Geiges (“Employee”) and Standard
Metals Processing, Inc., hereinafter referred to as (“SMPR” or the “Company”), who are hereinafter sometimes
collectively referred to as “the parties” or singularly as a “party.”

 

WITNESSETH

 

WHEREAS, SMPR wishes to appoint
Employee as the Company’s Chief Financial Officer and desires to memorialize his employment in this Agreement upon the terms
and conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein, the parties hereto agree as follows:

 

1. Employment Services. SMPR
hereby agrees to employ Employee as Chief Financial Officer and Employee hereby accepts such position under the terms and conditions
set forth herein. Employee shall be subject to all the usual and customary office policies and procedures of the Company as may
from time to time be established for Employees of similar grade and position.

 

2. Duties. 

 

		(a)	Employee shall serve as the Chief Financial Officer of the Company during the Term (as defined
below) of this Agreement. Employee shall carry out all assignments including:

 

		(i)	financial reporting, including preparation of financial statements, reports and disclosure documents,
coordination with any outside accountant or auditor in the preparation of any regulatory disclosure documents, and certifying required
Securities and Exchange Commission regulatory filings;

 

		(ii)	economic strategy and forecasting, including studying, analyzing and reporting on trends and opportunities
for expansion and projection of future company growth and acquisitions or research which may involve handling press and public
relations;

 

		(iii)	preparation and analyzing or preparing budgets for expansions, future projects, supervising investments
and raising funds;

 

		(iv)	overseeing accounting which includes review and payment of expense reports and all other expenses
and monitoring income of the Company and its subsidiaries;

 

		(v)	such other duties as are usual and typical for an employee of a company in similar positions and
for the faithful discharge of such different or additional duties as may be reasonably established by management or the Board of
Directors; and

 

		(vi)	review all communication the Company has with outside parties that may affect any and all existing
and future investments and funding to the Company.

 

		(b)	Employee shall, if so requested by the Company, also serve with or without additional compensation,
as an officer, director or manager of entities from time to time directly or indirectly owned or controlled by the Company (each
an “Affiliate,” or collectively, the “Affiliates”).

 

    	 

    	 

    

 

3. Term. The term of the employment
shall be for a One (1) year period commencing on the Effective Date (the “Term”), unless sooner terminated by the Company
or Employee in accordance with the terms of this Agreement or pursuant to Section 6 below.

 

4. Extent of Services. Employee
shall devote substantial time, attention and energy to his duties hereunder and shall use his best efforts to promote the business
of SMPR and/or its subsidiaries during the Term of this Agreement. Employee may engage in other activities, including serving on
the Board of Directors of other corporations/organizations, and/or advising other corporations/organizations in each case to the
extent that such activities do not materially detract from or limit the performance of Employee’s duties under this Agreement,
or inhibit in any material way the business of SMPR and/or its subsidiaries. Employee will engage in no activity, paid or otherwise,
for a competitor of SMPR so long as this Agreement is in effect. Employee may invest his assets in such manner as will not require
any services to be performed on his part in the operation or affairs of the companies in which such investments are made, but only
if such investments are consistent with this Agreement. Employee shall perform all duties in a professional, ethical and businesslike
manner.

 

5. Compensation and Benefits. As
compensation for his services hereunder, during the Term of the Agreement, SMPR agrees:

 

		(a)	To make payments to Employee of One Thousand Dollars ($1,000.00) per month as compensation for
his employment.

 

		(b)	To pay annual bonuses, if any bonuses are payable during the Term, which shall be determined by
the Company, in its sole discretion, in an amount and upon such other performance criteria as shall be fixed by the Board of Directors
based upon the performance of Employee and the Company during the same period.

 

		(c)	Employee shall be included in any pension plan in effect as of the date of this Agreement or affected
thereafter. Employee’s participation as described in the sentence immediately preceding shall be in relation to Employee’s
annual compensation as compared to any other individual’s participation based upon his annual compensation at the time of
this Agreement.

 

		(d)	SMPR will reimburse Employee for his direct expenses in connection with his duties hereunder including,
but not limited to, reasonable travel, entertainment and hotel expenses. Employee shall timely provide such receipts and other
documentation of his expenses before any reimbursements will be paid.

 

6. Termination. 

 

(a) This Agreement
shall be terminated upon the happening of any of the following:

 

		(i)	at the cessation of SMPR’s business activities except as a result of a sale or merger;

 

		(ii)	upon the mutual consent of the parties hereto;

 

		(iii)	upon the death of Employee;

 

		(iv)	the termination of this Agreement for any reason or no reason by the Company upon Thirty (30) days
prior written notice to Employee.

 

    	 

    	 

    

 

		(v)	the termination for any reason or no reason by Employee
upon Thirty (30) days written notice to the Company. However, Employee cannot terminate this Agreement during a Restricted Period.

 

		(1)	“Restricted Period” shall mean the Thirty (30) day period immediately preceding the
due date of a quarterly regulatory filing and the Sixty (60) day period immediately preceding the due date of an annual regulatory
filing. The due date of the regulatory filing shall include any applicable extensions and extend until such quarterly or annual
statement is filed.

 

		(b)	Termination by Company for Cause.“Cause”
for the purpose of this Agreement is defined as (i) an intentional act of fraud, embezzlement, theft or any other material violation
of law committed by Employee; (ii) damage to Company’s assets; (iii) disclosure of Company’s confidential information;
(iv) breach of Employee’s obligations under this Agreement; (v) intentional engagement in any competitive activity which
would constitute a breach of Employee’s duty of loyalty or of Employee’s obligations under this Agreement; (vi) breach
of any of Company’s policies; (vii) the willful and continued failure to substantially perform Employee’s duties for
Company (other than as a result of incapacity due to physical or mental illness); (viii) willful conduct by Employee that is materially
injurious to Company, monetarily or otherwise, or (ix) failure to follow any written directives from the Board of Directors.

 

		(c)	If Employee is terminated under Section 6(a)(i)-(iv), Employee shall receive Three (3) months severance.
If Employee is terminated under Section 6(a)(v) or 6(b) then Company shall pay Employee any earned but unpaid compensation as of
the Date of this Termination within Thirty (30) days of such date. “Date of Termination” shall mean the final date
of Employee’s employment, not the date of notice of termination.

 

7. Covenant not to Compete. Employee
hereby covenants and agrees that during the Term of this Agreement and for a period of One (1) year after termination of such Agreement
hereunder:

 

		(a)	Employee will not in any way, directly or indirectly, solicit, divert, take away or accept, the
business of any of the customers, suppliers or service providers of SMPR during the Term of this Agreement for the purpose of selling
to any such customer any product or service which was provided or offered by during the Term of this Agreement hereof.

 

		(b)	Employee will not directly or indirectly, attempt or seek to cause any of the foregoing customers,
suppliers or service providers of SMPR to refrain from maintaining or acquiring from or through SMPR any products or services,
or providing any products or services which were provided or offered by or to SMPR during the Term hereof, and will not assist
any other person or persons to do so. Employee agrees that telephonic or written communication by him to any of the Parties described
above shall constitute activity by Employee for the purposes of this Agreement.

 

		(c)	Employee will not enter into any contract with direct competitors of the Company or work for or
consult direct competitors of the Company on topics relating to the Company’s business. The Recipient agrees that he will
not engage in, directly or indirectly, and in any capacity whatsoever, or have any financial interest in, any business operation
or in any party in competition with the Company.

 

		(d)	Attempt in any manner to persuade any investor or shareholder of the Company to cease investing
or reduce any investment in the Company.

 

    	 

    	 

    

 

8. Non – Disclosure.
Employee acknowledges that, in order for Employee to effectively perform his duties hereunder SMPR will disclose to Employee
certain valuable trade secrets and confidential business information that has been created, discovered or developed by, or that
otherwise has become known to SMPR as a result of substantial effort, expense and time incurred by SMPR or which has been assigned
or otherwise conveyed. In light of such acknowledgement, Employee hereby agrees as follows:

 

		(a)	Trade Secrets. Employee hereby acknowledges that certain processes, formulas and mechanisms
used by SMPR in its operation of its business, are not generally known to the public or to other persons engaged in businesses
similar to its business and, as such constitute its trade secrets. Employee hereby agrees never to directly or indirectly disclose
or use, or assist anyone else in disclosing or using such trade secrets to any person or entity other than as authorized in the
regular course of the performance of this Agreement.

 

		(b)	Confidential Information.

 

		(i)	Employee hereby agrees that during the Term of this Agreement and for a period of Two (2) years
following termination of such employment, Employee will not divulge, disclose or make accessible to any person or entity the following
confidential business information (“Confidential Information”) of SMPR, including but not limited to: (1) e-mail addresses,
customer lists, the names of customer contacts, the names of investor contacts, investor lists, professional contacts, business
plans, technical data, product ideas, personnel, contracts and financial information; (2) patents, trade secrets, techniques, formulas,
formulations, components, ingredients, compounds, processes, business methodologies, schematics, employee suggestions, development
tools and processes, computer printouts, computer programs, design drawings and manuals, and improvements; (3) information about
costs, profits, markets and sales; (4) plans for future development and new product concepts; (5) data relating to studies, clinical
trials, results of any studies or trials, regulatory applications, patients, research, development, procedures and treatment plans;
(6) all documents, books, papers, drawings, models, sketches, and other data of any kind and description, including electronic
data recorded or retrieved by any means, that have been or will be disclosed, as well as written or oral instructions or comments;
(7) any and all information provided to the Recipient while on the Company’s Tonopah, Nevada property (the “Tonopah
Property”); (8) any land, machinery, individuals, production, operations, development, work, processes, or any other type
of information the Recipient observes while at the Tonopah Property; and (9) any and all information provided to Recipient regarding
the Company or conversations between the Recipient and a representative of the Company.

 

		(ii)	Employee recognizes and acknowledges that:

 

		(1)	The Confidential Information is a valuable, special and unique asset of the Company and that disclosure
of any Confidential Information would cause considerable harm to the Company’s operations and/or business reputation; and

 

		(2)	The disclosure of the Confidential Information to any other person or entity outside the Company
or use of the Confidential Information by or on behalf of any other person or entity could result in irreparable harm to the Company.

 

		(iii)	Employee shall not disclose, use or in any way implement the Confidential Information to provide,
enable or help others to provide services that are substantially similar to or competitive with any of the Company’s projects,
products or services without the written consent of the Company or as otherwise required by law.

 

    	 

    	 

    

 

		(iv)	With respect to all Confidential Information, Employee shall:

 

		(1)	protect and safeguard the Confidential Information against unauthorized use, publication, or disclosure
in any manner;

 

		(2)	not use any of Confidential Information except to perform the duties of Chief Financial Officer
of the Company as set out in this Agreement;

 

		(3)	not, directly or indirectly, in any way, reveal, reverse engineer, de-compile, disassemble, report,
publish, disclose, transfer or otherwise use any of the Confidential Information except as specifically authorized by the Company
in accordance with this Agreement; and

 

		(4)	not restrict access to the Confidential Information to the Company’s officers, directors,
or employees who need such access for a permitted use.

 

9. Property of SMPR.
Employee agrees that upon termination of this Agreement, he will promptly deliver to SMPR all written and other materials in
his possession or control which contain any of the trade secrets and confidential business information described in this Agreement
and all other property of SMPR in his possession or control at such time, which was obtained from SMPR or complied or produced
for SMPR during the Term of this Agreement, including, but not limited to: (a) records; data, plans, programs, invoices, flow charts,
record layouts, computer printouts, magnetic tapes, diskettes, disks, card decks; (b) log-in and password information for all electronic
formats including but not limited to: bank(s), QuickBooks, and payroll company; and (c) letters and customer lists.

 

10. Non-solicitation
of Employees. During the Term of this Agreement and for One (1) year thereafter, Employee shall not hire or solicit for employment
directly or through or on behalf of any party, any persons who are then employees of SMPR.

 

11. Relations with
Third Parties and Representations of the Parties.

 

		(a)	Employee agrees that SMPR may make known to others, either during or subsequent to the Term of
this Agreement, the existence of this Agreement and the provisions of all or any part hereof.

 

		(b)	Employee represents and warrants that:

 

		(i)	He is not in violation of any term of any employment contract, patent or other proprietary information
disclosure agreement of any other contract, agreement or any judgment, decree or order of any court or administrative agency relating
to or affecting his right to be retained by SMPR because of the nature of this business conducted or proposed to be conducted by
SMPR or for any other reasons;

 

		(ii)	No such term, judgment, decree or order conflicts with his obligation to use his best efforts to
promote the interests of SMPR nor does the execution and delivery of this Agreement, nor the carrying on of SMPR business conflict
with any such term, judgment, decrees or order; and

 

		(iii)	Neither he nor any of his affiliates (as that term is defined under the Securities Act of 1933)
are a party to any transaction, agreement or understanding to which SMPR is also a party except this Agreement or any agreement
executed hereunder, nor does he or any of his affiliates have any interest in any person or entity with whom SMPR does or intends
to do business.

 

    	 

    	 

    

 

		(c)	SMPR hereby makes the following representations in connection with this Agreement:

 

		(i)	SMPR is a corporation duly organized and validly existing by virtue of the laws of the state of
its incorporation and is in good standing under the laws thereof.

 

		(ii)	The execution of this Agreement by SMPR and the performance by it of the covenants and undertakings
hereunder have been duly authorized by all requisite corporate action, and approved by the Board of Directors and SMPR has the
corporate power and authority to enter into this Agreement and perform the covenants and undertakings to be performed by it hereunder
and is under no other impediment which would adversely affect its ability to consummate or prohibit it from meeting its obligation
hereunder.

 

		(iii)	This Agreement has been duly authorized, executed and delivered by SMPR and constitutes a valid
and legally binding obligation of SMPR enforceable in accordance with its terms.

 

12. Remedies, Survival,
and Severability.

 

		(a)	SMPR and Employee agree that in the event of breach of any of the covenants, agreements or obligations
under Sections 4, 7, 8, 9, 10 and 11 thereof, remedies at law would be inadequate and either party may seek injunctive relief as
well as damages.

 

		(b)	The covenants, agreements, representations, warranties and obligations contained in Sections 4,
7, 8, 9, 10 and 11 hereof shall survive the termination of this Agreement for the periods herein set forth.

 

		(c)	Each of the covenants, agreements and obligations contained in Sections 4, 7, 8, 9, 10 and 11 hereof
shall be independent and severable from the others and should any be for any reason held illegal, invalid or unenforceable in whole
or in part, said illegality, invalidity or unenforceability shall not affect the other covenants, agreements and obligations in
said Sections.

 

		(d)	In the enforcement of their rights hereunder, SMPR and Employee shall return all of their rights
under law or in equity to enforce the obligations of the other party hereunder or otherwise, and to seek relief for the acts of
the other party subject to the terms of this Agreement.

 

13. Miscellaneous.

 

		(a)	This Agreement embodies the entire agreement of the parties hereto relating to the subject matter
hereof. No amendment, modification, waiver or attempted waiver of this Agreement or any part hereof shall be valid or binding unless
made in writing and signed by both parties.

 

		(b)	All questions concerning the construction, validity, and interpretation of this Agreement and the
performance of the obligations imposed hereunder shall be governed by the laws of the State of New York, without giving effect
to the conflict of law or choice of law provisions thereof. Any dispute, controversy or claim arising out of this Agreement shall
be resolved in accordance with the rules of the Arbitration Association of America (“AAA”) applying New York law. Each
Party hereby waives its right to seek any remedy or claim for relief in court, including such Party’s right to a jury trial.
Notwithstanding the foregoing, any actions commenced under this Agreement shall be venued in either the United States District
Court for the Southern District of New York, or in the Supreme Court of New York, New York County.

 

    	 

    	 

    

 

		(c)	Any notice required or permitted to be given pursuant to this Agreement shall be sufficiently given
when delivered or if sent by Certified mail postage prepaid, return receipt requested, on the third day after such mailing, to
the following address:

 

 

If to Standard Metals Processing,
Inc.:

 

611
Walnut Street

Gadsden, Alabama 35901

 

With a copy (which shall not
constitute notice) to the Company’s counsel:

 

Brinen & Associates, LLC

7 Dey Street, Suite 1503

New York, New York 10007

 

If to Employee:

 

At the address set forth on
the signature page.

 

or, as to each
party, at such other address as shall be designated by such party in a written notice to the other party pursuant to the terms
of this section.

 

		(d)	This Agreement may be executed in one or more counterparts, each of which shall be deemed to be
original, but all of which together shall constitute one and the same instrument.

 

		(e)	The headings of the sections and subsections hereof have been inserted as a matter of convenience
and shall not be used in the interpretation of any provisions of this Agreement.

 

		(f)	The failure of either party hereto in any one or more instances to insist upon the performance
of any of the terms or conditions of this Agreement, or to exercise any rights or privileges conferred in this Agreement or the
waiver by either party of any breach of any of the terms, covenants or conditions of this Agreement shall not be construed as thereafter
waiving any such terms, conditions, rights, privileges or covenants, and the same shall continue and remain in full force and effect
as if no such forbearance or waiver had occurred.

 

		(g)	Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable
the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions
of this Agreement in any other jurisdiction. Further, to the extent that any term or provision hereof is deemed invalid, void or
otherwise unenforceable, but may be made enforceable by amendment thereto, the parties agree that such amendment may be made so
that the same shall, nevertheless, be enforceable to the fullest extent permissible under the laws and public policies applied
in any such jurisdiction in which enforcement is sought.

 

14. Entire
Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings,
whether written or oral, relating to the subject matter of this Agreement.

 

[SIGNATURE PAGE TO FOLLOW]

 

    	 

    	 

    

  

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement under their seals as of the date and year first written above.

 

	The Company:	 	Employee:
	Standard Metals Processing, Inc.	 	Robert Geiges
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Sharon Ullman	 	By:	/s/ Robert Geiges
	 	 	 	 	 
	Name:	Sharon Ullman	 	Address:	 
	Title:	Chief Executive Officer, President and Executive Chairwoman

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