Document:

Exhibit 10.01

 

 

AMENDMENT NO. 1

TO

EMPLOYMENT AGREEMENT

 

This AMENDMENT NO. 1 TO EMPLOYMENT
AGREEMENT is entered into this April 8, 2015 as of April 1, 2015, by and between ENSERVCO CORPORATION, a Delaware corporation,
(the “Company”), and AUSTIN PEITZ (“Peitz”), collectively referred to as the “Parties.”

 

WITNESSETH

 

WHEREAS, the Company entered into
an employment agreement with Peitz in August 2010 and amended in May 2013 and again June 2014 (effective July 1, 2014) (the “Agreement”).

 

WHEREAS, the Board of Directors
by consent dated April 8, 2015, further amended certain terms of the Agreement and the Parties wish to memorialize those amendments
as set forth herein.

 

NOW, THEREFORE, in consideration
of the conditions and covenants set forth, it is agreed that the Agreement be and hereby is amended, effective as of April 1, 2015,
so that:

 

A. Section 3, Paragraph a (“Base
Salary”) reads as follows:

 

Base
Salary. The Company will pay Executive during the Term an annual base salary in the
amount of $150,000 (“Base Salary” as of April 1, 2015) subject to such further
modification as the Chief Executive Officer, in consultation with the Board of Directors, determines appropriate.

B. Section 3, Paragraph b (“Bonus”)
reads as follows:

 

		(i)	Quarterly Bonus.
Executive will be eligible each quarter to receive a bonus of $30,000 in addition to the Executive’s Base Salary, which will
be awarded based on the Executive meeting the following pre-established goals: 

		a.	Meet the total of gross profit dollars budgeted for the Company’s yard
locations on an aggregate basis for the quarter as such gross profit was budgeted in the projections provided to PNC Bank, National
Association, the Company’ senior secured lender, for each of the last three quarters of 2015. The actual results will be
adjusted for any items of significance that in the Company’s Chief Executive Officer’s and Chief Financial Officer’s
opinion were beyond the control of the Executive and/or the field management and staff. 

		b.	Maintain downward trend in safety scores.

		c.	Broaden the Company’s marketing efforts.

		d.	Successfully establish Heat Waves Hot Oil Service LLC’s operations in
Texas.
	 	 	 
	 	 	 
	 	 	 

	Employment Agreement Amend No. 1-Peitz		Page 1

     

	 

    	 

    

		(ii)	Partial Quarterly Bonus. If the aggregate gross profit dollars for
the Company’s yard locations are less than the amount budgeted, or if any of the other metrics described in paragraphs (i)(b),
(i)(c), or (i)(d), above, are not clearly met, the Chief Executive Officer will, in consultation with the Chief Financial Officer,
determine the portion of the quarterly bonus to be paid to the Executive.

		(iii)	Payment of Quarterly Bonus. Such bonus for any quarter, if any, will
be paid during the 45-day period beginning the last day of the quarter for which the bonus was earned.

		(iv)	Discretionary Bonus. Executive will also be eligible each year for
a discretionary bonus in addition to Executive’s Base Salary and Quarterly Bonus, which will be awarded in such amounts as
the Company’s board of directors will determine and based upon Executive’s individual performance and the Company’s
financial performance; provided, however, that with the approval of the Company’s board of directors, the Company may establish
a formula-based bonus for Executive calculated from Company’s financial performance. Such bonus for any year, if any, will
be paid during the 90-day period beginning February 1 of the year immediately after the year for which the bonus was earned.

C. Except as specifically amended hereby the Agreement
remains in full force and effect.

 

 

IN WITNESS WHEREOF, the Parties
have executed this Amendment to be effective as stated above.

 

ENSERVCO CORPORATION

 

 

	By: /s/ Rick D. Kasch	 
	Rick D. Kasch, Chief Executive
Officer and President	 
	 	 
	Date: April 8, 2015	 
	 	 
	 	 
	  

EXECUTIVE

	 
	 	 
	 	 
	By: /s/ Austin Peitz	 
	Austin Peitz	 
	 	 
	Date: April 9, 2015	 

 

 

	Employment Agreement Amend No 1-Peitz	Page 2ex4-21_1.htm

 

Exhibit 4.21.1

Undertakings Regarding Further Avoiding Competition with China Petroleum & Chemical Corporation

To:             China Petroleum & Chemical Corporation:

China Petrochemical Corporation (“Sinopec Group Company”) is the controlling shareholder of China Petroleum & Chemical Corporation (“Sinopec Corp.”). In order to support business development of Sinopec Corp., integrate related assets of high quality and avoid competition, Sinopec Group Company has entered into a non-compete agreement with Sinopec Corp (the “Non-compete Agreement’). In 2012, Sinopec Group Company issued the Undertakings Regarding Further Avoiding Competition with China Petroleum & Chemical Corporation (the “Original Undertakings”) based on the Non-compete Agreement, whereby it further undertakes that:

	
  

	
1.

	
Sinopec Corp. will be the ultimate and sole platform which engages in oil and gas exploration and production, oil refining, chemicals, and sale of petroleum products after integration of these upstream, midstream and downstream businesses of Sinopec Group Company;

	
  

	
2.

	
Sinopec Group Company will dispose its minor remaining chemicals business within the next five years so as to avoid competition with Sinopec Corp. in chemicals business; and

	
  

	
3.

	
Given that Sinopec Group Company engages in the same or similar businesses with Sinopec Corp. with regards to overseas oil and natural gas exploration and production, Sinopec Corp. will propose to acquire overseas oil and gas assets owned by Sinopec Group Company (the “Assets”) when it is appropriate to do so after thorough analysis of political and economic considerations. Sinopec Group Company undertakes to transfer the Assets to Sinopec Corp. subject to compliance with then applicable laws and regulations, contractual obligations and other procedural requirements.

Pursuant to the requirements under the Guideline No. 4 to Listed Companies - Undertakings and Implementation of the Undertakings by the de facto Controller, Shareholders, Related Parties and Acquirers of Listed Companies and by Listed Companies (CSRC Announcement [2013] No. 55) promulgated by China Securities Regulatory Commission (the “CSRC”) and Notice in relation to Further Improvement of Undertakings and Implementation of Undertakings by the de facto Controller, Shareholders, Related Parties, Purchasers of Listed Companies and by Listed Companies (Jinzhengjianfa [2014] No. 35) promulgated by Beijing Branch of the CSRC, Sinopec Group Company amended item 3 of the Original Undertakings to the following:

“Given that Sinopec Group Company engages in the same or similar businesses as Sinopec Corp. with regards to the exploration and production of overseas petroleum and natural gas, Sinopec Group Company hereby grants a ten-year option to the Sinopec Corp, under which (i) Sinopec Corp. is entitled, after thorough analysis from political, economic and other perspectives, to require Sinopec Group Company to sell its overseas oil and gas assets owned as of the date of this Undertakings and still in its possession to Sinopec Corp.; (ii) in relation to the overseas oil and gas assets acquired by Sinopec Group Company after issuance of the Undertakings, Sinopec Corp. is entitled, after thorough analysis from political, economic and other perspectives, to require Sinopec Group Company to sell its equity interests in these assets to Sinopec Corp. within ten years after the completion of such acquisition. Subject to compliance with applicable laws and regulations, contractual obligations and other procedural requirements, Sinopec Group Company undertakes to transfer the assets required by Sinopec Corp. under above items (i) and (ii) to Sinopec Corp.”

Other than the amendments disclosed above, the undertakings made by Sinopec Group Company under the Non-compete Agreement and the Original Undertakings remain unchanged.

China Petrochemical Corporation (seal)

April 28, 2014Exhibit 10.1 FY2016 Variable Compensation Plan

NVIDIA CORPORATION
FISCAL YEAR 2016 VARIABLE COMPENSATION PLAN
    
Overview
    
The compensation philosophy of NVIDIA Corporation (the “Company”) is to attract, motivate, retain and reward its management through a combination of base salary and performance based compensation.  Certain Senior Officers, as defined below (collectively, the “Participants”), who are employed at the Company during fiscal year 2016 and, unless otherwise determined by the Compensation Committee (the “Committee”), are employees of the Company through the date that any amounts earned hereunder are paid (each, a “Variable Cash Payment”), will be eligible to earn compensation under the Fiscal Year 2016 Variable Compensation Plan (the “Plan”).  The Plan is designed to award a Variable Cash Payment for performance in fiscal year 2016 to a Participant if the Company achieves certain corporate performance targets (the “Corporate Targets”).  Payments earned based on the achievement of Corporate Targets shall be referred to herein as a “Corporate Variable Cash Payment.”
    
For purposes of the Plan, only the Company’s chief executive officer, chief financial officer and other named executive officers shall be considered “Senior Officers.”  The Committee shall determine the persons to be specified as Senior Officers for purposes of this Plan and the Senior Officers who may be Participants hereunder.
    
Determination of Fiscal Year 2016 Variable Cash Payments
    
Certain Senior Officers are eligible to earn a Variable Cash Payment at a specified target amount (the “Variable Cash Payment Target Amount”) if the Company achieves its Corporate Targets.  A Participant’s Variable Cash Payment Target Amount is based on the difficulty and responsibility of each position.  For fiscal year 2016, each Participant’s Variable Cash Payment Target Amount will be entirely allocated to the achievement of the Corporate Targets (the “Corporate Variable Cash Target Amount”).  A Participant may be eligible to earn more or less than his or her Corporate Variable Cash Target Amount as described more fully below.
    
The Committee has set the Corporate Targets for the Participants based on achievement of specified target fiscal year 2016 revenue.  For purposes of the Plan, revenue, or “Actual Result”, is defined as revenue, as reported in the Company’s annual earnings release for fiscal year 2016.  

The Committee has also set threshold and maximum Actual Result targets for fiscal year 2016 for Participants for the award of a portion or all of the Corporate Variable Cash Payment (the “Threshold” and “Maximum,” respectively).  The actual Corporate Variable Cash Payments that may be earned for fiscal year 2016 (the “Actual Corporate Variable Cash Payments”) shall be made pursuant to the following:
    
		
	•
	If the Actual Result is less than the Threshold, a Participant will not earn any portion of his or her Corporate Variable Cash Target Amount.

		
	•
	If the Actual Result equals the Threshold, each Participant may earn an Actual Corporate Variable Cash Payment equal to 25% of his or her Corporate Variable Cash Target Amount.

		
	•
	If the Actual Result exceeds the Threshold but is less than the Corporate Target, each Participant may earn an Actual Corporate Variable Cash Payment pursuant to the formula set forth below:

    
Actual Corporate Variable Cash Payment  =    [(((Actual Result - Threshold) / (Corporate Target - Threshold))*75%) + 25%] * Corporate Variable Cash Target Amount
    
		
	•
	If the Actual Result equals the Corporate Target, each Participant may earn an Actual Corporate Variable Cash Payment equal to 100% of his or her Corporate Variable Cash Target Amount.

		
	•
	If the Actual Result exceeds the Corporate Target but is less than the Maximum, each Participant may earn an Actual Corporate Variable Cash Payment pursuant to the formula set forth below:

 
Actual Corporate Variable Cash Payment  =    [((Actual Result - Corporate Target) / (Maximum - Corporate Target)) + 1] * Corporate Variable Cash Target Amount
    

1

		
	•
	If the Actual Result equals or exceeds the Maximum, each Participant may earn an Actual Corporate Variable Cash Payment equal to two (2) times his or her Corporate Variable Cash Target Amount.  In no event may any Participant earn an Actual Corporate Variable Cash Payment in excess of two (2) times his or her Corporate Variable Cash Target Amount.

    
Miscellaneous Provisions
    
Payments under this Plan shall be made following the end of fiscal year 2016, on such schedule as may be approved by the Committee in its discretion, but in all cases in compliance with the short-term deferral exemption from Section 409A of the Internal Revenue Code of 1986, as amended. 
    
Participation in the Plan shall not alter in any way the at will nature of the Company’s employment of a Participant, and such employment may be terminated at any time for any reason, with or without cause and with or without prior notice.
    
Notwithstanding whether this Plan is referenced in another agreement, policy, arrangement or other document, only the Board of Directors or the Committee may amend or terminate this Plan at any time. 
    
Any Variable Cash Payments or other benefits paid under this Plan shall be subject to the Company’s Clawback Policy.  By accepting any payment hereunder, the Participant agrees to be subject to the Clawback Policy.
    
This Plan shall be governed by and construed in accordance with the laws of the State of California, without regard to its principles of conflicts of laws.

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00243-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00243-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00243-of-00352.parquet"}]]