Document:

Atlas Energy Resources Long-Term Incentive Plan

 Exhibit 10.1 
 ATLAS ENERGY RESOURCES 
 LONG-TERM INCENTIVE PLAN 
  

	SECTION 1:	PURPOSE OF THE PLAN. 

 The Atlas Energy Resources Long-Term
Incentive Plan (the “Plan”) is intended to promote the interests of Atlas Energy Resources, LLC, a Delaware limited liability company (the “Company”), by providing to its officers, directors, employees, consultants and joint
venture partners and to directors, employees and consultants of the Manager and its Affiliates (as defined below) who perform services to the Company and its Affiliates incentive awards for superior performance that are based on Units (as defined
below). It is also contemplated that the Plan will enhance the ability of the Company and its Affiliates to attract and retain the services of individuals who are essential for the growth and profitability of the Company and to encourage them to
devote their best efforts to advancing the business of the Company and its Affiliates. 
  

	SECTION 2:	DEFINITIONS. 

 As used in the Plan,
the following terms shall have the meanings set forth below: 
 “Affiliate” means, with respect to any Person, any other Person that directly or
indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause
the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Award”
means an Option, Phantom Unit, Restricted Unit or Unit Grant granted under the Plan, and shall include any tandem DERs granted with respect to a Phantom Unit. 
 “Board” means the Board of Directors of the Company. 
 “Change in Control” means the occurrence of any of the following: 
 (1) the Manager, or an Affiliate of the Parent, ceases to be the external manager of the Company; 
 (2) the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange
Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of
transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of 50% or more of the combined voting power of
the Company’s then outstanding securities eligible to vote for the election of the Board; provided, however, that the event described in this paragraph (2) shall not be deemed to be a change in control by virtue of any of the following
acquisitions (A) by any Person that is part of a controlled group or under common control with the Company or the Parent; (ii) any employee benefit plan (or related trust) 

 
sponsored or maintained by the Company or by any entity controlled by the Company or the Parent; or (iii) any Person controlled by any executive officer
(as defined by Rule 16a-1(f) of the Exchange Act) of the Company, the Manager or the Parent. For purposes of this definition, “controlled by” shall mean possessing, directly or indirectly, the power to direct or cause the direction of the
management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; 
 (3) the
sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the Company, taken as a whole, to any Person other than an Affiliate; or 
 (4) during any period of 24 consecutive months, individuals who at the beginning of such period constituted the Board (including for this
purpose any new director whose election or nomination for election or appointment was approved by a vote of at least 2/3 of the directors then still in office who were directors at the beginning of such period) cease for any reason to constitute at
least a majority of the Board or, if both Edward E. Cohen and Jonathan Z. Cohen cease to be directors of the Company. 
 Notwithstanding the foregoing, with
respect to any Award that is subject to Section 409A of the Code, Change in Control shall mean a “change of control event,” as defined in the regulations and guidance issued under Section 409A of the Code. 
 “Code” means the Internal Revenue Code of 1986, as amended, or any successor thereto. 
 “Committee” means the Board or such committee of the Board or the board or committee of an Affiliate of the Company appointed by the Board to administer the
Plan; provided, however, that with respect to Awards to a Participant subject to Section 16 of the Exchange Act, the Committee shall be composed of non-employee members of the Board or the board of an Affaliate. 
 “DER” means a right, granted in tandem with a specific Phantom Unit, to receive an amount in cash equal to, and at the same time as, the cash distributions
made by the Company with respect to a Unit during the period such Phantom Unit is outstanding. 
 “Disability” means an illness or injury that
lasts at least 6 months, is expected to be permanent and renders the Participant unable to substantially carry out his or her duties to the Company or any of its Affiliates, as determined by the Committee. 
 “Employee” means any officer, employee, consultant of the Company or a director, employee or consultant of the Manager or any of its Affiliates who perform
services for the Company. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Fair Market Value” means the closing sales price of a Unit on the applicable date (or if there is no trading in the Units on such date, the closing sales
price on the last date Units were traded). In the event Units are not publicly traded at the time a determination of fair market value is required to be made hereunder, the determination of fair market value shall be made in good faith by the
Committee through any reasonable valuation method permitted under the Code. 
  

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 “Manager” means Atlas Energy Management, Inc., a Delaware corporation, the external manager of the Company.

 “Non-employee Director” means a member of the Board of the Company that is not an Employee. 
 “Option” means an option to purchase Units granted under the Plan. 
 “Parent” means Atlas America, Inc., a Delaware corporation. 
 “Participant” means any Employee or Non-employee Director granted
an Award under the Plan. 
 “Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust,
unincorporated organization, association, government agency or political subdivision thereof or other entity. 
 “Phantom Unit” means a phantom
(notional) unit granted under the Plan which upon vesting entitles the Participant to receive a Unit or its then Fair Market Value in cash, as determined by the Committee. 
 “Restricted Period” means the period established by the Committee with respect to an Award during which the Award remains subject to forfeiture or is not exercisable by the Participant. 
 “Restricted Unit” means a Unit granted under the Plan that is subject to a Restricted Period. 
 “Rule 16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act, or any successor rule or regulation thereto as in effect from time to time. 
 “SEC” means the Securities and Exchange Commission, or any successor thereto. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Unit” means a common unit of the
Company. 
 “Unit Grant” means an Award that is not subject to a Restricted Period. 
  

	SECTION 3:	ADMINISTRATION. 

 The Plan shall be administered by the Committee. A
majority of the Committee shall constitute a quorum, and the acts of a majority of the members of the Committee who are present at any meeting thereof at which a quorum is present, or acts unanimously approved by the members of the Committee in
writing, shall be the acts of the Committee. Subject to the following and any applicable law, the Committee, in its sole discretion, may delegate any or all of its powers and duties under the Plan, including the power to grant Awards under the Plan,
to the Chief Executive Officer of the Company, subject to such limitations on such delegated powers and duties as the Committee may impose, if any; provided, however, that such delegation shall not limit the Chief Executive Officer’s right to
receive Awards under the Plan. Notwithstanding the foregoing, the Chief Executive Officer may not grant Awards to, or take any action with respect 

  

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to any Award previously granted to, himself or a Person who is an Employee or Non-employee Director subject to Rule 16b-3. Subject to the terms of the Plan
and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority to: (i) designate Participants; (ii) determine the type or types of
Awards to be granted to a Participant; (iii) determine the terms and conditions of any Award; (iv) determine whether, to what extent, and under what circumstances Awards may be settled, exercised, canceled, or forfeited; (v) interpret
and administer the Plan and any instrument or agreement relating to an Award made under the Plan; (vi) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper
administration of the Plan; and (vii) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. Unless otherwise expressly provided in the Plan, all designations,
determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive, and binding upon all Persons, including
the Company, any Affiliate, any Participant, and any beneficiary of any Award. 
  

	SECTION 4:	UNITS. 

 (a) Units Available.
Subject to adjustment as provided in Section 4(c), the number of Units with respect to which Phantom Units, Restricted Units, Unit Grants and Options may be granted under the Plan is 3,742,000. If any Option, Phantom Unit or Restricted Unit is
forfeited or otherwise terminates or is canceled or paid without the delivery of Units, then the Units covered by such Award, to the extent of such forfeiture, termination, payment or cancellation, shall again be Units with respect to which Awards
may be granted. 
 (b) Sources of Units Deliverable under Awards. Any Units delivered pursuant to an Award shall
consist, in whole or in part, of Units newly issued by the Company, Units acquired in the open market or from any Affiliate of the Company, or any other Person, or any combination of the foregoing, as determined by the Committee in its discretion.

 (c) Adjustments. In the event that the Committee determines that any distribution (whether in the form of cash,
Units, other securities or other property), recapitalization, split, reverse split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Units or other securities of the Company, issuance of warrants or
other rights to purchase Units or other securities of the Company, or other similar transaction or event affects the Units such that an adjustment is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits
intended to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number and type of Units (or other securities or property) with respect to which Awards may be
granted, (ii) the number and type of Units (or other securities or property) subject to outstanding Awards, and (iii) the grant or exercise price with respect to any Award [or, if deemed appropriate, make provision for a cash payment to
the holder of an outstanding Award]; provided, that the number of Units subject to any Award shall always be a whole number. 
  

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	SECTION 5:	ELIGIBILITY. 

 Any Employee or Non-employee Director shall be
eligible to be designated a Participant and receive an Award under the Plan. 
  

	SECTION 6:	AWARDS. 

 (a) Options. The
Committee shall have the authority to determine the Employees and Non-employee Directors to whom Options shall be granted, the number of Units to be covered by each Option, the exercise price therefor, the Restricted Period and the conditions and
limitations applicable to the exercise of the Option, as the Committee shall determine, that are not inconsistent with the provisions of the Plan. 
 (i) Exercise Price. The exercise price per Unit purchasable under an Option shall be determined by the Committee at the time the Option is granted and may not be less than its Fair Market Value as of the date
of grant. 
 (ii) Time and Method of Exercise. The Committee shall determine the Restricted Period and the method or
methods by which payment of the exercise price may be made or deemed to have been made, which may include, without limitation, cash, check acceptable to the Committee, a “cashless-broker” exercise through procedures approved by the
Committee, or any combination thereof, or if permitted by the Committee, by delivering Units owned by the Participant and having a Fair Market Value on the exercise date equal to the relevant exercise price. Units used to exercise an Option shall
have been held by the Participant for the requisite period of time to avoid adverse accounting consequences to the Company with respect to the Option. 
 (b) Phantom Units. The Committee shall have the authority to determine the Employees and Non-employee Directors to whom Phantom Units shall be granted, the number of Phantom Units to be granted to each such
Participant, the Restricted Period, the conditions under which the Phantom Units may become vested or forfeited, whether DERs are granted with respect to a Phantom Unit and such other terms and conditions, as the Committee may determine, that are
not inconsistent with the provisions of the Plan. 
 (c) Restricted Units and Unit Grants. The Committee shall have the
authority to determine the Employees and Non-employee Directors to whom Restricted Units and Unit Grants shall be granted, the number of Restricted Units and/or Unit Grants to be granted to each such Participant, the Restricted Period, the
conditions under which the Restricted Units may become vested or forfeited, and such other terms and conditions as the Committee may establish with respect to such Awards. 
 (d) General. 
 (i) Forfeiture. Except as otherwise provided in the terms of the Award, upon termination of a Participant’s employment with the Company or its Affiliates or membership on the Board during the applicable Restricted Period, all
Options, unvested Phantom Units and unvested Restricted Units shall be forfeited 

  

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by the Participant; provided, however, that if the reason for the termination is the Participant’s death, or Disability, all Options awarded to the
Participant shall become exercisable and all Phantom Units and Restricted Units shall vest automatically. The Committee may, in its discretion, waive in whole or in part any forfeiture.  
 (ii) Awards May Be Granted Separately or Together. Awards may, in the discretion of the Committee, be granted either alone or in
addition to, in tandem with, or in substitution for any other Award granted under the Plan or any award granted under any other plan of the Company or any Affiliate. 
 (iii) Limits on Transfer of Awards. 
 A. Except as provided in (C) below, each Award shall be exercisable only by the Participant during the Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will or the
laws of descent and distribution. 
 B. Except as provided in (C) below, no Award and no right under any such Award may
be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the
Company or any Affiliate thereof. 
 C. To the extent specifically provided by the Committee with respect to an Award grant,
an Award may be transferred by a Participant without consideration to immediate family members or related family trusts, limited partnerships or similar entities or on such terms and conditions as the Committee may from time to time establish. In
addition, Awards may be transferred by will and the laws of descent and distribution. 
 (iv) Unit Certificates. All
certificates for Units or other securities of the Company delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan
or the rules, regulations, and other requirements of the SEC, any stock exchange upon which such Units or other securities are then listed, and any applicable federal or state laws, and the Committee may cause a legend or legends to be put on any
such certificates to make appropriate reference to such restrictions. 
 (v) Delivery of Units or Other Securities and
Payment by Participant of Consideration. Notwithstanding anything in the Plan or any grant agreement to the contrary, delivery of Units pursuant to the exercise or vesting of an Award may be deferred for any period during which, in the good
faith determination of the Committee, the Company is not reasonably able to obtain or issue Units 

  

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pursuant to such Award without violating the rules or regulations of any applicable law or securities exchange. No Units or other securities shall be
delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan or the applicable Award grant agreement (including, without limitation, any exercise price or tax withholding) is received by the Company.

 (vi) Rule 16b-3. It is intended that the Plan and any Award made to a Participant subject to Section 16 of the
Exchange Act meet all of the requirements of Rule 16b-3. If any provision of the Plan or any such Award would disqualify the Plan or such Award under, or would otherwise not comply with Rule 16b-3, such provision or Award shall be construed or
deemed amended to conform to Rule 16b-3. 
 (vii) Status of Original Issue Units. The Company intends, but shall not be
obligated, to register for sale under the Securities Act the Units acquirable pursuant to Awards, and to keep such registration effective throughout the period that any Awards are in effect. In the absence of such effective registration or an
available exemption from registration under the Securities Act, delivery of Units acquirable pursuant to Awards shall be delayed until registration of such Units is effective or an exemption from registration under the Securities Act is available.
In the event exemption from registration under the Securities Act is available, a Participant (or a Participant’s estate or personal representative in the event of the Participant’s death or incapacity), if requested by the Company to do
so, will execute and deliver to the Company in writing an agreement containing such provisions as the Company may require to assure compliance with applicable securities laws. No sale or disposition of Units acquired pursuant to an Award by a
Participant shall be made in the absence of an effective registration statement under the Securities Act with respect to such Units unless an opinion of counsel satisfactory to the Company that such sale or disposition will not constitute a
violation of the Securities Act or any other applicable securities laws is first obtained. 
 (viii) Change in Control.
Upon a Change in Control, all Awards that are not subject to Section 409A of the Code shall automatically vest and become payable or exercisable, as the case may be, in full. In this regard, all Restricted Periods shall terminate and all
performance criteria, if any, shall be deemed to have been achieved at the maximum level. To the extent an Option is not exercised upon a Change in Control, the Committee may, in its discretion, cancel such Award without payment or provide for a
replacement grant with respect to such property and on such terms as it deems appropriate. With respect to an Award subject to section 409A of the Code, such Award shall be paid out on the Change in Control if the Change in Control complies with
section 409A of the Code; otherwise the Award will remain outstanding and be distributed in accordance with its terms. 
  

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	SECTION 7:	AMENDMENT AND TERMINATION. 

 Except
to the extent prohibited by applicable law: 
 (a) Amendments to the Plan. Except as required by the rules of the
principal securities exchange on which the Units are traded and subject to Section 7(b) below, the Board or the Committee may amend, alter, suspend, discontinue, or terminate the Plan in any manner without the consent of any member,
Participant, other holder or beneficiary of an Award, or other Person. 
 (b) Amendments to Awards. Subject to
Section 7(a), the Committee may waive any conditions or rights under, amend any terms of, or alter any Award theretofore granted, provided no change, other than pursuant to Section 7(c) or 8(f), in any Award shall materially reduce the
benefit to a Participant without the consent of such Participant, except if such amendment is required to comply with the requirements of section 409A of the Code. 
 (c) Adjustment of Awards upon the Occurrence of Certain Unusual or Nonrecurring Events. The Committee is hereby authorized to make
adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 4(c) of the Plan) affecting the Company or the
financial statements of the Company, or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or
potential benefits intended to be made available under the Plan. 
  

	SECTION 8:	GENERAL PROVISIONS. 

 (a) No
Rights to Award. No Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Participants. The terms and conditions of Awards need not be the same with respect to each
Participant. 
 (b) Withholding. The Company or any Affiliate is authorized to withhold from any Award, from any
payment due or transfer made under any Award or from any compensation or other amount owing to a Participant the amount of any applicable taxes payable in respect of the grant of an Award, its exercise, the lapse of restrictions thereon, or any
payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion of the Company or Affiliate to satisfy its withholding obligations for the payment of such taxes. Without limiting the foregoing,
if the Committee so permits, a Participant may elect to satisfy the Company’s tax withholding obligation with respect to Awards paid in Units by having Units withheld, at the time such Awards become taxable, up to an amount that does not exceed
the minimum applicable withholding tax rate for federal (including FICA), state and local tax liabilities. The election must be in a form and manner prescribed by the Committee. 
  

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 (c) No Right to Employment. The grant of an Award shall not be construed as giving
a Participant the right to be retained in the employ of the Company or any Affiliate or to remain on the Board. Further, the Company or an Affiliate may at any time dismiss a Participant from employment, free from any liability or any claim under
the Plan, unless otherwise expressly provided in the Plan or in any Award agreement. 
 (d) Governing Law. The
validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the laws of the State of Delaware and applicable federal law. 
 (e) Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in
any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be
construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such
Award shall remain in full force and effect. 
 (f) Other Laws. The Committee may refuse to issue or transfer any Units
or other consideration under an Award if, in its sole discretion, it determines that the issuance or transfer or such Units or such other consideration might violate any applicable law or regulation, the rules of the principal securities exchange on
which the Units are then traded, or entitle the Company or an Affiliate to recover the same under Section 16(b) of the Exchange Act, and any payment tendered to the Company by a Participant, other holder or beneficiary in connection with the
exercise of such Award shall be promptly refunded to the relevant Participant, holder or beneficiary. It is the intent of the Company that, to the extent applicable, Awards made under the Plan comply with the requirements of section 409A of the Code
and the regulations thereunder. To the extent that any legal requirement as set forth in the Plan ceases to be required under applicable law, the Committee may determine that such Plan provision shall cease to apply. The Committee may revoke any
Award if it is contrary to law or modify an Award or the Plan to bring an Award or the Plan into compliance with any applicable law or regulation. The Committee may, in its sole discretion, agree to limit its authority under this Section 8(f).

 (g) No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or
separate fund of any kind or a fiduciary relationship between the Company or any participating Affiliate and a Participant or any other Person. 
 (h) No Fractional Units. No fractional Units shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash, other securities, or other property shall be paid or
transferred in lieu of any fractional Units or whether such fractional Units or any rights thereto shall be canceled, terminated, or otherwise eliminated. 
  

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 (i) Headings. Headings are given to the sections and subsections of the Plan
solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 
 (j) Facility Payment. Any amounts payable hereunder to any Person under legal disability or who, in the judgment of the Committee,
is unable to properly manage his financial affairs, may be paid to the legal representative of such Person, or may be applied for the benefit of such Person in any manner which the Committee may select, and the Company shall be relieved of any
further liability for payment of such amounts. 
  

	SECTION 9:	TERM OF THE PLAN. 

 The Plan shall be effective on the date of its
approval by the Unit holders and shall continue until the date terminated by the Board or Units are no longer available for the grant of Awards under the Plan, whichever occurs first. However, unless otherwise expressly provided in the Plan or in an
applicable Award agreement, any Award granted prior to such termination, and the authority of the Board or the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such
Award, shall extend beyond such termination date. 
  

 -10-Employment Agreement bet. HQ Sustainable Martime Industries and Trond Ringstad

 EXHIBIT 10.13 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (“Agreement”) is made, entered into and
effective as of June 28th, 2006 (the “Effective Date”), between HQ Sustainable Maritime Marketing Inc., a New York corporation licensed to do business in the State of Washington with its principal place of business located at 788
Melbourne Towers 1511 Third Avenue, Seattle, WA 98101 USA tel. (206) 621 9888 and Fax (206) 621 0318 (the “Company”), and Trond Ringstad, an individual residing at 159 Western Avenue West Suite 457, Seattle WA 98119, Tel.
(206) 282 2273 and Fax (206) 282 2276 (the “Executive”). 
 WHEREAS, prior commencing to the Effective Date (the
“Inception Date”), the Executive has owned and operated Pacific Supreme Seafoods and built a multi-million dollar seafood trading business, with clients and a sales network which spans the United States and extends throughout the world and
has been made aware of the sales objectives of the Company; and 
 WHEREAS, the Company and the Executive wish to memorialize the terms and
conditions of the Executive’s employment by the Company purchasing as well the Goodwill (See Annex “A”) and sales network of Pacific Supreme Seafoods through the present agreement and the hiring of the Executive in the position of
Executive Vice President Sales; 
 NOW, THEREFORE, in consideration of the covenants and promises contained herein, the Company and the
Executive agree as follows: 
 1. Employment Period. The Company offers to employ the Executive, and the Executive agrees to be
employed by Company, in accordance with the terms and subject to the conditions of this Agreement, commencing on the Effective Date and terminating on the third anniversary of the Effective Date (the “Scheduled Termination Date”), unless
terminated in accordance with the provisions of paragraph 11 herein below, in which case the provisions of paragraph 11 shall control, provided however, that unless either party provides the other party with written notice of his or its
intention not to renew this Agreement at least six (6) months prior to the Scheduled Termination Date, this Agreement shall automatically renew for an additional three-year period commencing on the day after the Scheduled Termination Date and
terminating on the fifth anniversary of the day after the Scheduled Termination Date. The Executive affirms that no obligation exists between the Executive and any other entity which would prevent or impede the Executive’s immediate and full
performance of every obligation of this Agreement. 
 2. Position and Duties. During the term of the Executive’s employment
hereunder, the Executive shall continue to serve in, and assume duties and responsibilities consistent with, the position of Executive Vice-President Sales, unless and until otherwise instructed by the Company. The Executive agrees to devote
substantially all of his working time, skill, energy and best business efforts during the term of his 

 
employment with the Company, and the Executive shall not engage in activities outside the scope of his employment with the Company if such activities would
detract from or interfere with his ability to fulfill his responsibilities and duties under this Agreement or require substantial amounts of his time or of his services. Notwithstanding anything to the contrary contained herein, the Executive may
hold officer and non-executive director positions (or the equivalent position) in or at other entities that are affiliated and not affiliated with the Company. The Company acknowledges that the Executive currently holds, and acknowledges the
Executive’s right to continue to hold, such positions in such entities and to continue to fulfill his obligations in connection with holding such positions in such entities so long as it does not interfere with his ability to perform his duties
and responsibilities hereunder. 
 3. No Conflicts. The Executive covenants and agrees that for so long as he is employed by the
Company, he shall inform the Company of each and every business opportunity related to the business of the Company of which he becomes aware, and that he will not, directly or indirectly, exploit any such opportunity for his own account, nor will he
render any services to any other person or business, acquire any interest of any type in any other business or engage in any activities that conflict with the Company’s best interests or which is in competition with the Company. 
 4. Hours of Work. The Executive’s normal days and hours of work shall coincide with the Company’s regular business hours. The nature of
the Executive’s employment with the Company requires flexibility in the days and hours that the Executive must work, and may necessitate that the Executive work on other or additional days and hours. 
 5. Location. The locus of the Executive’s employment with the Company shall be the Company’s office located at 788 Melbourne Towers,
1511 Third Avenue, Seattle, WA, 98101 USA 
 6. Compensation. 
 a. Base Salary. During the term of this Agreement, the Company shall pay, and the Executive agrees to accept, in consideration for the
Executive’s services hereunder, pro rata bi-weekly payments of the annual salary of US$150,000.00, less all applicable taxes and other appropriate deductions (“Base Salary”). The Executive’s Base Salary is calculated based
on sales generated by the Seattle based Sales office of the Company for the year immediately following his employment (or pro-rata portion thereof in the case of a period of less than twelve (12) months) of no less than US$ 15 million.
The Executive agrees and acknowledges that the Base Salary will be adjusted according to the percentage represented by the fraction formed by the sales actually completed during this year period and US$ 15 million calculated proportionately at
the end of the calendar year. Executive agrees and acknowledges that where sales have exceeded US$ 15 million for that period the adjustments awarded within 90 days of year end will be no more than 1.5 times the Base Salary and no less than 50%
of the salary. An adjustment increasing the Base Salary will be paid 50% in cash and 50% in restricted shares of Company common stock. In addition, the Company’s Board of Directors (the 

 
“Board”) shall review the Executive’s Base Salary annually to determine whether it should be increased otherwise within the Board’s sole
discretion. Determination of the amount of sales generated shall be in the sole discretion of the Board. 
 b. Annual Bonus. During
the term of this Agreement, the Executive shall be entitled to an annual bonus paid in restricted shares of Company common stock or in cash at the Company’s discretion based on the profitability of the company and the quality of sales as seen
by the profitability for the company of such sales and the quality and creditworthiness of the buyers of such products for each calendar year (or pro-rata portion thereof in the case of a period of less than twelve (12) months). The
decision to pay any annual bonus shall be within the Board’s sole discretion based on its review of the operating performance of the Company during the preceding fiscal year. Each annual bonus shall be paid by the Company to the Executive
promptly after the first meeting of the Board following the previous calendar year, but in no case later than March 30th of each year. 
 7. Expenses. Expenses pre-authorized in writing by the Board will be promptly reimbursed by the
Company against proper proof in writing of such expenses. 
 8. Vacation. During the term of this Agreement, the Executive shall be
entitled to accrue, on a pro rata basis, 10 vacation days, per year. The Executive shall be entitled to carry over any accrued, unused vacation days from year to year without limitation which the Company can adjust from year to year based on
its absolute discretion. 
 9. Stock Options. The Board may from time to time grant to the Executive the right to participate in a
Stock Option plan to the extent which remains to be determined. 
 10. Other Benefits. 
 a. During the term of this Agreement, the Executive shall be eligible to participate in incentive, savings, retirement (401(k)), and welfare benefit
plans, including, without limitation, health, medical, dental, vision, life (including accidental death and dismemberment) and disability insurance plans (collectively, “Benefit Plans”), in substantially the same manner and at
substantially the same levels as the Company makes such opportunities available to the Company’s managerial or salaried employees executive employees. 
 b. Notwithstanding anything contained in paragraph 10(a) herein above to the contrary: 
 (i) The cost of the
Executive’s coverage under the Benefit Plans providing health, medical, dental, vision, life (including accidental death and dismemberment) and disability insurance, shall be paid by the Company. 
  

 (ii) The Executive’s spouse and dependent minor children will be covered under the Benefit Plans
providing health, medical, dental, and vision benefits, and the cost of such coverage shall be paid by the Company. 
 (iii) The Company shall
reimburse the Executive for any pre-authorized in writing out-of-pocket expenses incurred in connection with the Benefit Plan coverages provided in this paragraph 10 as the result of any deductible or co-insurance provision of any insurance policy;
provided however, that any such reimbursements shall not exceed Five Thousand Dollars (US$5,000.00) per calendar year. 
 11.
Termination of Employment. 
 a. Death. In the event that, during the term of this Agreement, the Executive dies, this
Agreement and the Executive’s employment with the Company shall automatically terminate and the Company shall have no further obligations or liability to the Executive or his heirs, administrators or executors with respect to compensation and
benefits accruing thereafter, except for the obligation to pay the Executive’s heirs, administrators or executors any earned but unpaid base salary, unpaid pro rata annual bonus and unused vacation days accrued through the date of death.
The Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions. 
 b. Disability. In the event that, during the term of this Agreement, the Executive shall be prevented from performing his duties and responsibilities hereunder to the full extent required by the Company by
reason of “Disability,” as defined herein below, this Agreement and the Executive’s employment with the Company shall automatically terminate and the Company shall have no further obligations or liability to the Executive or his
heirs, administrators or executors with respect to compensation and benefits accruing thereafter, except for the obligation to pay the Executive’s heirs, administrators or executors any earned but unpaid base salary, unpaid pro rata
annual bonus and unused vacation days accrued through the date of Disability. The Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions through the last
date of the Executive’s employment with the Company. For purposes of this Agreement, “Disability” shall mean a physical or mental disability that prevents the performance by the Executive, with or without reasonable accommodation, of
his duties and responsibilities hereunder for a continuous period of not less than four consecutive months, or not less than an aggregate of four months during any one-year period. 
 c. Cause. 
 (i) At any time during the
term of this Agreement, the Company may terminate this Agreement and the Executive’s employment hereunder for “Cause.” For purposes of this Agreement, “Cause” shall mean: (a) the willful and continued failure of the
Executive to perform substantially his duties and responsibilities for the Company (other than any such failure resulting from a Disability) after a written demand for substantial performance is delivered to the Executive by the Company, which
specifically 

  

 4 

 
identifies the manner in which the Company believes that the Executive has not substantially performed his duties and responsibilities, which willful and
continued failure is not cured by the Executive within ten (10) business days of his receipt of said written demand; (b) the conviction of, or plea of guilty or nolo contendre to, a felony, after the exhaustion of all available
appeals; or (c) the willful engaging by the Executive in gross misconduct which is materially and demonstratively injurious to the Company, after a written demand to cease or cure such gross misconduct is delivered to the Executive by the
Company, which specifically identifies the manner in which the Company believes that the Executive has committed gross misconduct that is materially and demonstratively injurious to the Company, which gross misconduct does not cease or is not cured
by the Executive within ten (10) business days of his receipt of said written demand. Gross misconduct includes without limitation the payment or receipt of unauthorized payments in cash or kind. 
 (ii) Termination of the Executive for “Cause” pursuant to paragraphs 11(c)(i)(a) and (c) shall be made by delivery to the Executive of a
copy of the written demand referred to in paragraphs 11(c)(i)(a) and (c), or pursuant to paragraphs 11(c)(i)(b) by a written notice, either of which shall specify the basis of such termination and the particulars thereof and finding that in the
reasonable judgment of the Company, the conduct set forth in paragraph 11(c)(i)(a), 11(c)(i)(b) or 11(c)(i)(c), as applicable, has occurred and that such occurrence warrants the Executive’s termination. 
 (iii) Upon termination of this Agreement for “Cause,” the Company shall have no further obligations or liability to the Executive or his heirs,
administrators or executors with respect to compensation and benefits thereafter, except for the obligation to pay the Executive any earned but unpaid base salary, and approved expenses. The Company shall deduct, from all payments made hereunder,
all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions. All unexercised options granted to Executive shall expire immediately. 
 d. “Good Reason” 
 (i) At any time during the term of this Agreement, subject to the
conditions set forth in paragraph 11(d)(iii) herein below, the Executive may terminate this Agreement and the Executive’s employment with the Company for “Good Reason.” For purposes of this Agreement, “Good Reason” shall
mean the occurrence, without the Executive’s consent, of any of the following events: (a) the assignment to the Executive of duties that are significantly different from, and that result in a substantial diminution of, the duties that he
assumed on the Inception Date; (b) the assignment to the Executive of a title that is different from and subordinate to the title specified in paragraph 2 herein above, or (c) a Change of Control (as defined in paragraph 11(d)(ii) herein
below). 
 (ii) For purposes of this Agreement, “Change of Control” means the Company’s Board votes to approve: (a) a
change in control of the Company such that one entity (directly or through affiliates) purchases control of over 75% of the Company’s common stock and does not agree, prior to the change of control, to assume the terms and conditions of this
Agreement); or (b) any sale, lease, exchange or other transfer (in one 

  

 5 

 
transaction or a series of related transactions) of all, or substantially all, of the assets of the Company other than any sale, lease, exchange or other
transfer to any company where the Company owns, directly or indirectly, 100 percent of the outstanding voting securities of such company after any such transfer. 
 (iii) The Executive shall not be entitled to terminate his employment with the Company and this Agreement for “Good Reason” unless and until (a) he shall have received written notice from the Company of
the occurrence of an event constituting “Good Reason” as that term is defined in paragraph 11(d)(i) and (ii) herein above, which written notice the Company shall deliver to the Executive within five (5) business days of the
occurrence of any such event; (b) he shall have delivered written notice to the Company of his intention to terminate this Agreement or his employment with the Company for “Good Reason,” which notice specifies in reasonable detail the
circumstances claimed to provide the basis for such termination for “Good Reason,” within 30 days of his receipt from the Company of the written notice described in paragraph ii(d)(iii)(a) herein above, the Executive’s having obtained
actual knowledge of a “Good Reason;” and (c) the Company shall not have eliminated the circumstances constituting “Good Reason” within 30 days of its receipt from the Executive of the written notice described in paragraph
11(d)(iii)(b) herein above. 
 (iv) In the event that the Executive terminates this Agreement and his employment with the Company for
“Good Reason,” the Company shall pay or provide to the Executive (or, following his death, to the Executive’s heirs, administrators or executors): (a) any earned but unpaid Base Salary, unpaid pro rata annual bonus and
unused vacation days accrued through the Executive’s last day of employment with the Company; (b) six months of Executive’s full Base Salary; (c) the value of vacation days that the Executive has accrued; and (d) six months
continued coverage, at the Company’s expense, under all Benefits Plans in which the Executive was a participant immediately prior to his last date of employment with the Company. The Company shall deduct, from all payments made hereunder, all
applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions. 
 (v) The Executive shall have no duty to mitigate
his damages, except that Continued Benefits shall be canceled or reduced to the extent of any comparable benefit coverage offered to the Executive during the period prior to the Scheduled Termination Date by a subsequent employer or other person or
entity for which the Executive performs services, including but not limited to consulting services. 
 e. Without “Good Reason”
Or “Cause” 
 (i) By The Executive. At any time during the term of this Agreement, the Executive shall be entitled to
terminate this Agreement and the Executive’s employment with the Company without “Good Reason,” as that term is defined in paragraph 11(d)(i) and (ii) herein above, by providing prior written notice of at least thirty
(30) days to the Company. Upon termination by the Executive of this Agreement and the Executive’s employment with the Company without “Good Reason,” the Company shall have no further obligations or liability to the Executive or
his heirs, 

  

 6 

 
administrators or executors with respect to compensation and benefits thereafter, except for the obligation to pay the Executive any earned but unpaid base
salary and unused vacation days accrued through the Executive’s last day of employment with the Company. The Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other
appropriate deductions. All unexercised options granted to Executive shall expire in thirty (30) days. 
 (ii) By The Company. At
any time during the term of this Agreement, the Company shall be entitled to terminate this Agreement and the Executive’s employment with the Company without “Cause,” as that term is defined in paragraph 11(c)(i) herein above, by
providing prior written notice of at least thirty (30) days to the Executive. Upon termination by the Company of this Agreement and the Executive’s employment with the Company without Cause, the Company shall pay or provide to the
Executive (or, following his death, to the Executive’s heirs, administrators or executors): (a) any earned but unpaid base salary, unpaid pro rata annual bonus and unused vacation days accrued through the Executive’s last day
of employment with the Company; (b) six months Base Salary; (c) the value of accrued but unused vacation days that the Executive; (d) six months continued coverage, at the Company’s expense, under all Benefits Plans in which the
Executive was a participant immediately prior to his last date of employment with the Company. The Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions.

 12. Confidential Information. 
 a. The Executive expressly acknowledges that, in the performance of his duties and responsibilities with the Company, he has been exposed since the Inception Date, and will be exposed, to the trade secrets, business and/or financial secrets
and confidential and proprietary information of the Company, its affiliates and/or its clients or customers (“Confidential Information”). The term “Confidential Information” means, without limitation, information or material that
has actual or potential commercial value to the Company, its affiliates and/or its clients or customers and is not generally known to and is not readily ascertainable by proper means to persons outside the Company, its affiliates and/or its clients
or customers. 
 b. Except as authorized in writing by the Board, during the performance of the Executive’s duties and responsibilities
for the Company and (i) until such time as any such Confidential Information becomes generally known to and readily ascertainable by proper means to persons outside the Company, its affiliates and/or its clients or customers, or (ii) for
one year following the termination of the Executive’s employment by the Company for any reason, whichever is earlier, the Executive agrees to keep strictly confidential and not use for his personal benefit or the benefit to any other person or
entity the Confidential Information, whether or not prepared or developed by the Executive. Confidential Information includes, without limitation, the following, whether or not expressed in a document or medium, regardless of the form in which it is
communicated, and whether or not marked “trade secret” or “confidential” or any similar legend: (i) lists of and/or information concerning customers, suppliers, employees, 

  

 7 

 
consultants, and/or co-venturers of the Company, its affiliates or its clients or customers; (ii) information submitted by customers, suppliers,
employees, consultants and/or co-venturers of the Company, its affiliates and/or its clients or customers; (iii) information concerning the business of the Company, its affiliates and/or its clients or customers, including, without limitation,
cost information, profits, sales information, prices, accounting, unpublished financial information, business plans or proposals, markets and marketing methods, advertising and marketing strategies, administrative procedures and manuals, the terms
and conditions of the Company’s contracts and trademarks and patents under consideration, distribution channels, franchises, investors, sponsors and advertisers; (iv) technical information concerning products and services of the Company,
its affiliates and/or its clients or customers, including, without limitation, product data and specifications, diagrams, flow charts, know how, processes, designs, formulae, inventions and product development; (v) lists of and/or information
concerning applicants, candidates or other prospects for employment, independent contractor or consultant positions at or with any actual or prospective customer or client of Company and/or its affiliates, any and all confidential processes,
inventions or methods of conducting business of the Company, its affiliates and/or its clients or customers; (vi) any and all versions of proprietary computer software (including source and object code), hardware, firmware, code, discs, tapes,
data listings and documentation of the Company, its affiliates and/or its clients or customers; (vii) any other information disclosed to the Executive by, or which the Executive obtained under a duty of confidence from, the Company, its
affiliates and/or its clients or customers; (viii) all other information not generally known to the public which, if misused or disclosed, could reasonably be expected to adversely affect the business of the Company, its affiliates and/or its
clients or customers. 
 c. The Executive affirms that he does not possess and will not rely upon the protected trade secrets or confidential
or proprietary information of his prior employer(s) in providing services to the Company. 
 d. In the event that the Executive’s
employment with the Company terminates for any reason, the Executive shall deliver forthwith to the Company any and all originals and copies of Confidential Information. 
 13. Ownership And Assignment of Inventions. 
 a. The Executive acknowledges that, in connection with
his duties and responsibilities relating to his employment with the Company, he and/or other employees of the Company working with him, without him or under his supervision, may create, conceive of, make, prepare, work on or contribute to the
creation of or may be asked by the Company or its affiliates to create, conceive of, make, prepare, work on or contribute to the creation of, without limitation, lists, business diaries, business address books, documentation, ideas, concepts,
inventions, designs, works of authorship; computer programs, audio/visual works, developments, proposals, works for hire or other materials (“Inventions”). To the extent that any such Inventions relate to any actual or reasonably
anticipated business of the Company or any of its affiliates, or falls within, is suggested by or results from any tasks assigned to the Executive for or on behalf of the Company or 

  

 8 

 
any of its affiliates, the Executive expressly acknowledges that all of his activities and efforts relating to any Inventions, whether or not performed
during his or the Company’s regular business hours, are within the scope of his employment with the Company and that the Company owns all right, title and interest in and to all Inventions, including, to the extent that they exist, all
intellectual property rights thereto, including, without limitation, copyrights, patents and trademarks in and to all Inventions. The Executive also acknowledges and agrees that the Company owns and is entitled to sole ownership of all rights and
proceeds to all Inventions. 
 b. The Executive expressly acknowledges and agrees to assign to the Company, and hereby assigns to the
Company, all of the Executive’s right, title and interest in and to all Inventions, including, to the extent they exist, all intellectual property rights thereto, including, without limitation, copyrights, patents and trademarks in and to all
Inventions. 
 c. In connection with all Inventions, the Executive agrees to disclose any Invention promptly to the Company and to no other
person or entity. The Executive further agrees to execute promptly, at the Company’s request, specific written assignments of the Executive’s right, title and interest in any Inventions, and do anything else reasonably necessary to enable
the Company to secure or obtain a copyright, patent, trademark or other form of protection in or for any Invention in the United States or other countries. 
 d. The Executive acknowledges that all rights, waivers, releases and/or assignments granted herein and made by the Executive are freely assignable by the Company and are made for the benefit of the Company and its
Affiliates, subsidiaries, licensees, successors and assigns. 
 14. Non-Competition And Non-Solicitation. 
 a. The Executive agrees and acknowledges that the Confidential Information that the Executive has already received and will receive are valuable to the
Company, its affiliates and/or its clients or customers, and that its protection and maintenance constitutes a legitimate business interest of Company, its affiliates and/or its clients or customers to be protected by the non-competition
restrictions set forth herein. The Executive agrees and acknowledges that the non-competition restrictions set forth herein are reasonable and necessary and do not impose undue hardship or burdens on the Executive. The Executive also acknowledges
that the products and services developed or provided by the Company, its affiliates and/or its clients or customers are or are intended to be sold, provided, licensed and/or distributed to customers and clients in and throughout the United States
(“the Geographic Boundary”), and that the Geographic Boundary, scope of prohibited competition, and time duration set forth in the non-competition restrictions set forth below are reasonable and necessary to maintain the value of the
Confidential Information of and to protect the goodwill and other legitimate business interests of, the Company, its affiliates and/or its clients or customers. 
  

 9 

 b. The Executive hereby agrees and covenants that he shall not, directly or indirectly, in any capacity
whatsoever, including, without limitation, as an employee, employer, consultant, principal, partner, shareholder, officer, director or any other individual or representative capacity (other than a holder of less than one percent (1%) of the
outstanding voting shares of any publicly held company), or whether on the Executive’s own behalf or on behalf of any other person or entity or otherwise howsoever, during the Executive’s employment with the Company and for a period of one
year following after the termination of this Agreement or of the Executive’s employment with the Company for any reason, in the Geographic Boundary: 
 (i) Engage, own, manage, operate, control, be employed by, consult for, participate in, or be connected in any manner with the ownership, management, operation or control of any business in competition with the
“Business of the Company.” The “Business of the Company” is defined as vertically integrated aquatic product company marketing and distributing seafood products. 
 (ii) Recruit, hire, induce, contact, divert or solicit, or attempt to recruit, hire, induce, contact, divert or solicit, any employee, consultant or
independent contractor of the Company to leave the employment thereof, whether or not any such employee, consultant or independent contractor is party to an employment agreement. 
 15. Dispute Resolution. The Executive and the Company agree that any dispute or claim, whether based on contract, tort, discrimination,
retaliation, or otherwise, relating to, arising from, or connected in any manner with this Agreement or with the Executive’s employment with Company shall be resolved exclusively through final and binding arbitration under the auspices of the
American Arbitration Association (“AAA”). The arbitration shall be held in the Borough of Manhattan, New York, New York. The arbitration shall proceed in accordance with the National Rules for the Resolution of Employment Disputes of the
American Arbitration Association (“AAA”) in effect at the time the claim or dispute arose, unless other rules are agreed upon by the parties. The arbitration shall be conducted by one arbitrator who is a member of the AAA, unless the
parties mutually agree otherwise. The arbitrators shall have jurisdiction to determine any claim, including the arbitrability of any claim, submitted to them. The arbitrators may grant any relief authorized by law for any properly established claim.
The interpretation and enforceability of this paragraph of this Agreement shall be governed and construed in accordance with the United States Federal Arbitration Act, 9. U.S.C. §1, et seq. More specifically, the parties agree to submit
to binding arbitration any claims for unpaid wages or benefits, or for alleged discrimination, harassment, or retaliation, arising under Title VII of the Civil Rights Act of 1964, the Equal Pay Act, the National Labor Relations Act, the Age
Discrimination in Employment Act, the Americans With Disabilities Act, the Employee Retirement Income Security Act, the Civil Rights Act of 1991, the Family and Medical Leave Act, the Fair Labor Standards Act, Sections 1981 through 1988 of Title 42
of the United States Code, COBRA, the New York State Human Rights Law, the New York City Human Rights Law, and any other federal, state, or local law, regulation, or ordinance, and any common law claims, claims for breach of contract, or claims for
declaratory relief. The Executive acknowledges that the purpose and effect of this paragraph is solely to elect private arbitration in lieu of any judicial proceeding he 

  

 10 

 
might otherwise have available to him in the event of an employment-related dispute between him and the Company. Therefore, the Executive hereby waives his
right to have any such employment-related dispute heard by a court or jury, as the case may be, and agrees that his exclusive procedure to redress any employment-related claims will be arbitration. 
 16. Notice. For purposes of this Agreement, notices and all other communications provided for in this Agreement or contemplated hereby shall be in
writing and shall be deemed to have been duly given when personally delivered, delivered by a nationally recognized overnight delivery service or when mailed United States Certified or registered mail, return receipt requested, postage prepaid, and
addressed as follows: 
 If to the Company: 
 HQ Sustainable
Maritime Industries Inc 
 Melbourne Towers, 
 1511 Third Avenue,
Suite 788, 
 Seattle, WA 98101 
 If to the Executive:

 Trond Ringstad, 
 159 Western Avenue West Suite 457,

 Seattle, WA 98119 
 17. Miscellaneous.

 a. Telephones, stationery, postage, e-mail, the internet and other resources made available to the Executive by the Company, are solely
for the furtherance of the Company’s business. 
 b. All issues and disputes concerning, relating to or arising out of this Agreement
and from the Executive’s employment by the Company, including, without limitation, the construction and interpretation of this Agreement, shall be governed by and construed in accordance with the internal laws of the State of New York, without
giving effect to that State’s principles of conflicts of law. 
 c. The Executive and the Company agree that any provision of this
Agreement deemed unenforceable or invalid may be reformed to permit enforcement of the objectionable provision to the fullest permissible extent. Any provision of this Agreement deemed unenforceable after modification shall be deemed stricken from
this Agreement, with the remainder of the Agreement being given its full force and effect. 
 d. The Company shall be entitled to equitable
relief, including injunctive relief and specific performance as against the Executive, for the Executive’s threatened or actual breach of paragraphs 12, 13 and 14 of this Agreement, as money damages for a 

  

 11 

 
breach thereof would be incapable of precise estimation, uncertain, and an insufficient remedy for an actual or threatened breach of paragraphs 12,13 and 14
of this Agreement. The Executive and the Company agree that any pursuit of equitable relief in respect of paragraphs 12, 13 and 14 of this Agreement shall have no effect whatsoever regarding the continued viability and enforceability of paragraph 15
of this Agreement. 
 e. Any waiver or inaction by the Company for any breach of this Agreement shall not be deemed a waiver of any
subsequent breach of this Agreement. 
 f. The Executive and the Company independently have made all inquiries regarding the qualifications
and business affairs of the other which either party deems necessary. The Executive affirms that he fully understands this Agreement’s meaning and legally binding effect. Each party has participated fully and equally in the negotiation and
drafting of this Agreement. Each party assumes the risk of any misrepresentation or mistaken understanding or belief relied upon by him or it in entering into this Agreement. 
 g. The Executive’s obligations under this Agreement are personal in nature and may not be assigned by the Executive to any other person or entity.

 h. This instrument constitutes the entire Agreement between the parties regarding its subject matter. When signed by all parties, this
Agreement supersedes and nullifies all prior or contemporaneous conversations, negotiations, or agreements, oral and written, regarding the subject matter of this Agreement. In any future construction of this Agreement, this Agreement should be
given its plain meaning. This Agreement may be amended only by a writing signed by the Company and the Executive. 
 i. This Agreement may be
executed in counterparts, a counterpart transmitted via facsimile, and all executed counterparts, when taken together, shall constitute sufficient proof of the parties’ entry into this Agreement. The parties agree to execute any further or
future documents which may be necessary to allow the full performance of this Agreement. This Agreement contains headings for ease of reference. The headings have no independent meaning. 
 [remainder of page intentionally left blank] 
  

 12 

 THE EXECUTIVE STATES THAT HE HAS FREELY AND VOLUNTARILY ENTERED INTO THIS AGREEMENT AND THAT HE HAS READ AND
UNDERSTOOD EACH AND EVERY PROVISION THEREOF. THIS AGREEMENT IS EFFECTIVE UPON THE EXECUTION OF THIS AGREEMENT BY BOTH PARTIES. UNDERSTOOD, AGREED, AND ACCEPTED: 
  

									
	 Trond Ringstad
  
	 		 	 HQ Sustainable Maritime Marketing Inc.
  

					
		 	/s/ Trond Ringstad	 		 	By:	 	/s/ Norbert Sporns
		 		 		 		 	 Name: Norbert Sporns
 Title: CEO

  

									
					
	Date:	 	June 28th, 2006	 		 	Date:	 	June 28th, 2006

  

 13 

 ANNEX A 
 THIS AGREEMENT FOR THE PURCHASE OF GOODWILL (“Goodwill Agreement”) is made, entered into and effective as of April 10th, 2006 (the “Effective Date”), between HQ Sustainable Maritime Marketing Inc., a New York corporation licensed to do business in the State of
Washington with its principal place of business located at 788 Melbourne Towers 1511 Third Avenue, Seattle, WA, 98101 USA tel. (206) 621 9888 and Fax. (206) 621 0318 (the “Company”), and Trond Ringstad, an individual residing at
159 Western Avenue West Suite 457, Seattle WA, 98119, Tel. (206) 282 2273 and Fax (206) 282 2276 (the “Executive”). 
 WHEREAS, prior commencing to the Effective Date (the “Inception Date”), the Executive has owned and operated Pacific Supreme Seafoods and built a multi-million dollar seafood trading business, with clients and a sales network
which spans the United States and extends throughout the world and has been made aware of the sales objectives of the Company, and 
 WHEREAS, the Company and the Executive wish to memorialize the terms and conditions of the acquisition of Goodwill and the sales network of Pacific Supreme Seafoods and any other Seafood companies with which the Executive is associated,
through the present agreement; 
 NOW, THEREFORE, in consideration of the covenants and promises contained herein, the Company and the
Executive agree as follows: 
 The Company does hereby purchase from the Executive the Goodwill which he has attached to Pacific Supreme Seafoods and to
himself personally as well as to any other companies he owns or is associated with which trade in seafood products including without limitation, tilapia, shrimp, Bering Sea Crab, Dungeness crab, scallops etc., and the executive does hereby consent
to sell such Goodwill to the Company for the price of USD 250,000 paid for USD 150,000 at the execution of the present agreement and another USD 100,000 90 days from the execution of these presents as well as the transfer of USD 300,000 payable in
shares calculated at 80% of the trading value as of February 24th, 2006. 
 The Executive acknowledges and that the Company may amortize this purchase over a designated period and time and the Executive agrees to execute any documentation needed
to accommodate this intent. 
 The Executive hereby warrants that the Goodwill attached to all seafood companies he has been dealing with and is associated
with flows to the Company in virtue of the present agreement, and that those companies will cease to exist and be terminated so as not to enter into conflict with the present agreement, the Executive being bound by the non-competition clause forming
part of the Employment agreement and the present transfer and sale of Goodwill. 
 [remainder of page intentionally left blank]

  

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 THE EXECUTIVE STATES THAT HE HAS FREELY AND VOLUNTARILY ENTERED INTO THIS AGREEMENT AND THAT HE HAS READ AND
UNDERSTOOD EACH AND EVERY PROVISION THEREOF. THIS AGREEMENT IS EFFECTIVE UPON THE EXECUTION OF THIS AGREEMENT BY BOTH PARTIES. UNDERSTOOD, AGREED, AND ACCEPTED: 
  

									
	 Trond Ringstad
  
	 		 	 HQ Sustainable Maritime Marketing Inc.
  

					
		 	/s/ Tronel Ringstad	 		 	By:	 	/s/ Norbert Sporns
		 		 		 		 	 Name: Norbert Sporns
 Title: CEO

  

									
					
	Date:	 	 June 28th, 2006
  
	 		 	Date:	 	June 28th, 2006

  

 15

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