Document:

Lettter Agreement

 Exhibit 10.25 
  

					
	

	 		 	Encorium Group Inc.
	 	 	One Glenhardie Corporate Center
	 	 	 1275 Drummers Lane
 Suite 100

	 	 	Wayne, PA 19087 USA
	 	 	Tel: +1 610 975 9533
	 	 	Fax: +1 610 975 9556
	 	 	www.encorium.com

 November 12, 2007 
 Dr. Linda Nardone 
 3131 East Legacy Drive, Unit #1062 
 Phoenix, AZ 85042 
 Dear Dr. Nardone: 
 It is our
pleasure to offer you the position of Executive Vice President and Chief Operating Officer with Encorium Group, Inc. The details of your salary, bonus and fringe benefit package are detailed below. 
 Start Date: 
 The start date of your at-will employment
is November 12, 2007. 
 Salary 
 As
agreed, you will be paid an annualized salary of $275,000. Paydays are semi-monthly. 
 Relocation Expense 
 Encorium Group, Inc., its successors, affiliates, subsidiaries or assigns (ENCO), offers the payment of up to $25,000 for general relocation expenses such as allowance
for moving of personal belongings, apartment rent, car rental, etc. Payment/reimbursement is in accordance with Company policies. 
 Stock Options

 66,666 stock options shall be granted at the exercise price of 100% of the market value per share of Encorium Group, Inc. common stock as of
the close of trading on the NASDAQ market on your first day of employment subject to the approval of the Compensation Committee of the Board of Directors of Encorium Group, Inc. The stock options would vest ratably over a three year period starting
from the date of the grant. The terms of the stock option agreement would be those approved previously for Encorium Group, Inc. employees by its shareholders. 
  

			
	 	  	Vested Options
	 1 Year Anniversary of Employment, November 12, 2007
	  	22,222
	 2 Year Anniversary of Employment, November 12, 2008
	  	22,222
	 3 Year Anniversary of Employment, November 12, 2009
	  	22,222

 Incentive Plans and/or Deferred Compensation Plans 
 Beginning at the start of 2008 you will be eligible to participate at the classification Executive Vice President and Chief Operating Officer level in such incentive
bonus plans and/or deferred compensation plans as may be maintained or put into effect by the Company. Your eligibility will be governed in all respects by such incentive bonus plans as may then be in effect. 

 Employee Benefits 
 You are eligible for our standard employee benefits package. These include insurance benefits (medical, dental and vision coverage) for you, your spouse and your dependents, and life, long-term disability, short-term
disability and accidental death coverage for you. You will also be eligible to participate in Encorium Group Inc.’s 401 (k) plan pursuant to the plan provisions. 
 Paid Time Off 
 You will receive (i) paid time off of 15 vacation days per year to be used/paid in
accordance with Company policy, and (ii) paid holidays in accordance with the Company’s regular policies. 
 Employment/Severance and
Non-Compete Agreements 
 The Encorium Group, Inc. Board of Directors will formulate an executive compensation agreement for you that will govern
specific aspects of your employment, including severance. Said agreement will include compensation issues in the event of a change of control. That agreement will be in place within the next 6 months from your initial date of employment. Your
compensation package under that agreement will be comparable to the compensation packages of other officers at your level excluding the President and Chief Executive Officer of Encorium Group, Inc., and the President of Encorium’s European and
Asian Operations. 
 The agreement is expected to provide severance of one year at your then current base salary in the event that you are terminated either
without cause or in connection with a change of control (as defined in the agreement). Your severance protection will be honored as soon as you become employed, regardless of whether the overall agreement is in place. In order to receive the
severance you must execute a General Release Agreement drafted by the Company, releasing any and all claims against the Company and confirming all confidentiality/ nondisparagement/ non-competition / non-solicitation obligations. For purposes of
this offer letter, termination for “cause” shall mean a termination for the following reasons: (i) the Company’s reasonable belief, after written notice by the Company and failure to cure within 30 days of such notice, that you have
committed a willful serious act such as fraud, embezzlement or theft against the Company intending to enrich yourself at the expense of the Company; (ii) you have committed a felony (or entered a plea of nolo contendre to a felony
charge); (iii) in carrying out your duties hereunder, have engaged in willful gross neglect or willful gross misconduct; (iv) you have refused to carry out your duties in gross dereliction of duty; or (v) you have materially breached
this agreement, after written notice by the Company and failure to cure within 30 days of such notice. For purposes of this paragraph, however, no act or failure to act on your part shall be considered willful or gross dereliction of duty unless
done, or omitted to be done, not in good faith and without a reasonable belief that your action or omission was in the best interest of the company. 
 We
have agreed that you will concurrently sign a one year covenant not to compete and non-solicitation agreement in connection with the execution of the executive compensation agreement referenced above and your acceptance of employment with the
Company. As discussed, the terms and conditions of such covenants will become enforceable upon your termination of employment with Encorium Group, Inc. for any or no reason, including your decision to leave employment for any or no reason.

 Encorium Group, Inc. Property 
 You will
be responsible for all Encorium property, materials or written information issued to you or in your possession or control. You must return all Encorium property immediately upon request or upon termination of employment, regardless of where or how
maintained. By signing this letter, you consent 

 
and agree that, if you do not return Encorium property to the Company upon request or upon termination of your employment, Encorium may withhold the cost of
any unreturned property from your final paycheck, to the extent permitted by law. You also acknowledge and agree that Encorium has the right to take legal action to recover and protect its property, and/or to receive compensation for its value if it
is not returned to the Company when requested or required. 
 General Information 
 Your employment with Encorium Group, Inc. is at will and neither Encorium Group, Inc. nor you have entered into a contract regarding the duration of your employment. You
are free to terminate your employment with Encorium Group, Inc. at any time, with or without reason. Likewise, Encorium Group, Inc. has the right to terminate or otherwise modify your employment, with or without reason, at the discretion of Encorium
Group, Inc. No employee of Encorium Group, Inc. can enter into an employment contract for a specified period of time, or make any agreement contrary to this policy without written approval from the Board of Directors. Please be aware that Encorium
Group, Inc. has the right to adjust your semi-monthly paycheck during the course of your employment with the Company in the event any monies are owed to the Company. 
 Severability 
 In the event that any provision or portion of this Agreement shall be determined to be
invalid or unenforceable for any reason, in whole or in part, the remaining provisions of this Agreement shall remain in full force and effect to the fullest extent permitted by law. 
 Employment Forms 
 As a condition of your employment, you must read, sign and return this letter and the
Confidentiality Agreement via fax to (610) 975-9205 no later than end of business November 12, 2007 as well as the agreement which will be provided shortly and contains the non-competition/ non-solicitation obligations. Once we have
received these documents, we will mail out a new employee packet. Please review and complete the enclosed forms in that packet, and bring them to your first day of work. 
 Welcome to Encorium Group, Inc.! 
 Very truly yours, 
  

							
	 /s/ Nicole Haraczka
	 		 	 11/12/07
	 	
	Nicole Haraczka	 		 	Date	 	
	Director, Global Human Resources	 		 		 	
				
	SIGNATURE	 		 	 /s/ Linda Nardone
	 	
				
	DATE	 		 	 11/12/2007Third Amendment to Credit Agreement

 Exhibit 10.1 
 Execution Version 
 THIRD AMENDMENT 
 TO 
 CREDIT
AGREEMENT 
 AMONG 
 REX ENERGY CORPORATION, 
 as Borrower, 
 KEYBANK NATIONAL ASSOCIATION, 
 as Administrative Agent, 
 and 
 The Lenders Signatory Hereto 
 Effective as of April 20, 2009 

 THIRD AMENDMENT TO CREDIT
AGREEMENT 
 This THIRD AMENDMENT TO CREDIT
AGREEMENT (this “Third Amendment”) executed effective as of the 20th of April, 2009 (the “Third Amendment Effective Date”) is among REX ENERGY CORPORATION,
a corporation formed under the laws of the State of Delaware (the “Borrower”); KEYBANK NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity,
together with its successors, the “Administrative Agent”), and the Lenders signatory hereto. 
 Recitals 
 A. The Borrower, the Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of September 28, 2007, as amended by
that certain First Amendment dated as of April 14, 2008, as amended by that certain Second Amendment dated as of December 23, 2008 (the “Credit Agreement”), pursuant to which the Lenders have made certain credit available
to and on behalf of the Borrower. 
 B. The Borrower, the Administrative Agent and the Lenders have agreed to amend certain provisions of the
Credit Agreement. 
 C. The Lenders have redetermined the Borrowing Base in the amount set forth herein. 
 D. NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Defined Terms. Each capitalized
term which is defined in the Credit Agreement, but which is not defined in this Third Amendment, shall have the meaning ascribed such term in the Credit Agreement. Unless otherwise indicated, all section references in this Third Amendment refer to
the Credit Agreement. 
 Section 2. Amendments to Credit Agreement. 
 2.1 Amendments to Section 1.02. Section 1.02 is hereby amended by deleting the defined term “Applicable Margin” and replacing
it with the following: 
 “‘Applicable Margin’ means, for any day, with respect to any ABR Loan or Eurodollar Loan, or
with respect to the Commitment Fee Rate, as the case may be, the rate per annum set forth in the Borrowing Base Utilization Grid below based upon the Borrowing Base Utilization Percentage then in effect: 
  

													
	Borrowing Base Utilization Grid	 
					
	 Borrowing Base Utilization Percentage
	  	<33.0	%	 	3 33.0	%	 	3 66.0	%	 	3 90.0	%
		  			 	<66.0	%	 	<90.0	%	 		
	 Eurodollar Loans
	  	1.750	%	 	2.000	%	 	2.250	%	 	2.500	%
	 ABR Loans
	  	0.500	%	 	0.750	%	 	1.000	%	 	1.250	%
	 Commitment Fee Rate
	  	0.375	%	 	0.375	%	 	0.500	%	 	0.500	%

  

 Page 2 

 Each change in the Applicable Margin shall apply during the period commencing on the effective date of
such change and ending on the date immediately preceding the effective date of the next such change, provided, however, that if at any time the Borrower fails to deliver a Reserve Report pursuant to Section 8.12(a), then the “Applicable
Margin” means the rate per annum set forth on the grid when the Borrowing Base Utilization Percentage is at its highest level until the day that such Reserve Report is delivered to the Administrative Agent, and as of such delivery date and
until the effective date of the next change in the Applicable Margin, the Applicable Margin shall be based on the Borrowing Base reflected by such Reserve Report.” 
 Section 3. Borrowing Base. 
 3.1. Borrowing Base. Pursuant to Section 2.07 of
the Credit Agreement, the Borrowing Base is hereby maintained at $80,000,000 until the next Redetermination Date, subject to further adjustments from time to time pursuant to Section 8.13(c) or Section 9.12. 
 Section 4. Conditions Precedent. The effectiveness of this Third Amendment is subject to the receipt by the Administrative Agent of the
following documents and satisfaction of the other conditions provided in this Section 4, each of which shall be reasonably satisfactory to the Administrative Agent in form and substance: 
 4.1 Third Amendment. The Administrative Agent shall have received multiple counterparts as requested of this Third Amendment from the Borrower and
each Lender. 
 4.2 Payment of Outstanding Invoices. Payment by the Borrower to the Administrative Agent of all fees and other amounts
due and payable on or prior to the Third Amendment Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower. 
 4.3 No Default. No Default or Event of Default shall have occurred and be continuing as of the Third Amendment Effective Date. 
 Section 5. Representations and Warranties; Etc. The Borrower hereby affirms: (a) that as of the date of execution and delivery of this
Third Amendment, all of the representations and warranties contained in each Loan Document to which the Borrower is a party are true and correct in all material respects as though made on and as of the Third Amendment Effective Date (unless made as
of a specific earlier date, in which case, was true as of such date); and (b) that after giving effect to this Third Amendment and to the transactions contemplated hereby, no Defaults exist under the Loan Documents or will exist under the Loan
Documents. 
  

 Page 3 

 Section 6. Miscellaneous. 
 6.1 Confirmation. The provisions of the Credit Agreement (as amended by this Third Amendment) shall remain in full force and effect in accordance
with its terms following the effectiveness of this Third Amendment. 
 6.2 Ratification and Affirmation of the Borrower. The Borrower
hereby expressly (a) acknowledges the terms of this Third Amendment, (b) ratifies and affirms its obligations under the Credit Agreement and the other Security Instruments to which it is a party, and (c) acknowledges, renews and
extends its continued liability under the Credit Agreement and the other Security Instruments to which it is a party remains in full force and effect with respect to the Indebtedness as amended hereby. 
 6.3 Counterparts. This Third Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of
such counterparts taken together shall be deemed to constitute one and the same instrument. 
 6.4 Limited Waiver. Neither the
execution by the Administrative Agent or the Lenders of this Third Amendment, nor any other act or omission by the Administrative Agent or the Lenders or their officers in connection herewith, shall be deemed a waiver by the Administrative Agent or
the Lenders of any defaults which may exist, or which may occur in the future under the Credit Agreement and/or the other Loan Documents, or any future defaults of the same provision waived hereunder (collectively “Other
Violations”). Similarly, nothing contained in this Third Amendment shall directly or indirectly in any way whatsoever either: (a) impair, prejudice or otherwise adversely affect the Administrative Agent’s or the Lenders’
right at any time to exercise any right, privilege or remedy in connection with the Loan Documents with respect to any Other Violations, (b) amend or alter any provision of the Credit Agreement (except as specifically amended herein), the other
Loan Documents, or any other contract or instrument, or (c) constitute any course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the Administrative Agent or the Lenders under the
Credit Agreement, the other Loan Documents, or any other contract or instrument. Nothing in this Third Amendment shall be construed to be a consent by the Administrative Agent or the Lenders to any Other Violations. 
 6.5 No Oral Agreement. THIS WRITTEN THIRD AMENDMENT, THE
CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH
AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY
NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN
THE PARTIES. 
  

 Page 4 

 6.6 Governing Law. THIS THIRD AMENDMENT
(INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF TEXAS. 
 6.7 Release of Lenders. IN CONSIDERATION OF THIS THIRD
AMENDMENT AND, SUBJECT TO THE CONDITIONS STATED HEREIN, THE BORROWER HEREBY RELEASES, ACQUITS, FOREVER DISCHARGES, AND COVENANTS NOT TO SUE, THE ADMINISTRATIVE AGENT AND EACH OF THE LENDERS, ALONG WITH ALL OF THEIR BENEFICIARIES, OFFICERS,
DIRECTORS, AGENTS, EMPLOYEES, SERVANTS, ATTORNEYS AND REPRESENTATIVES, AS WELL AS THEIR RESPECTIVE HEIRS, EXECUTORS, LEGAL REPRESENTATIVES, ADMINISTRATORS, PREDECESSORS IN INTEREST, SUCCESSORS AND ASSIGNS (EACH INDIVIDUALLY, A “RELEASED
PARTY” AND COLLECTIVELY, THE “RELEASED PARTIES”) FROM ANY AND ALL CLAIMS, DEMANDS, DEBTS, LIABILITIES, SUITS, OFFSETS AGAINST THE INDEBTEDNESS EVIDENCED BY THE LOAN DOCUMENTS AND ACTIONS, CAUSES OF ACTION OR CLAIMS FOR
RELIEF OF WHATEVER KIND OR NATURE, WHETHER KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED BY BORROWER OR ANY OBLIGOR, WHICH BORROWER, ANY OBLIGOR, OR ANY SUBSIDIARY MAY HAVE OR WHICH MAY HEREAFTER ACCRUE RELATED TO ANY ACTIONS OR FACTS OCCURRING PRIOR
TO THE THIRD AMENDMENT EFFECTIVE DATE AGAINST ANY RELEASED PARTY, FOR OR BY REASON OF ANY MATTER, CAUSE OR THING WHATSOEVER OCCURRING ON OR PRIOR TO THE THIRD AMENDMENT EFFECTIVE DATE, WHICH RELATE TO, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY THE
CREDIT AGREEMENT, ANY HEDGING AGREEMENT, ANY NOTE, ANY SECURITY INSTRUMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS EVIDENCED THEREBY, INCLUDING, WITHOUT LIMITATION, ANY DISBURSEMENTS UNDER THE CREDIT AGREEMENT, ANY HEDGING AGREEMENT, ANY NOTES,
THE NEGOTIATION OF ANY OF THE CREDIT AGREEMENT, THE SWAP AGREEMENTS, THE NOTES, OR THE OTHER LOAN DOCUMENTS, THE TERMS THEREOF, OR THE APPROVAL, ADMINISTRATION, ENFORCEMENT OR SERVICING THEREOF. 
  

 Page 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly executed effective as
of the Third Amendment Effective Date. 
  

					
	BORROWER:	 	REX ENERGY CORPORATION
			
		 	By:	 	 /s/ Benjamin W. Hulburt

		 	Name:	 	Benjamin W. Hulburt
		 	Title:	 	President and Chief Executive Officer
		
	ADMINISTRATIVE AGENT:	 	KEYBANK NATIONAL ASSOCIATION,
		 	as Administrative Agent and Lender
			
		 	By:	 	 /s/ Todd Coker

		 	Name:	 	Todd Coker
		 	Title:	 	Assistant Vice President

  

 Third Amendment 
 Signature Page - 1 

					
	LENDERS:	 	BNP PARIBAS
			
		 	By:	 	 /s/ Betsy Jocher

		 	Name:	 	Betsy Jocher
		 	Title:	 	Director
			
		 	By:	 	 /s/ Polly Schott

		 	Name:	 	Polly Schott
		 	Title:	 	Director

  

 Third Amendment 
 Signature Page - 2 

					
		 	SOVEREIGN BANK
			
		 	By:	 	 /s/ Robert D. Lanigan

		 	Name:	 	Robert D. Lanigan
		 	Title:	 	Senior Vice President

  

 Third Amendment 
 Signature Page - 3 

					
		 	ALLIED IRISH BANK
			
		 	By:	 	 /s/ David O’Driscoll

		 	Name:	 	David O’Driscoll
		 	Title:	 	AVP
			
		 	By:	 	 /s/ Robert Moyle

		 	Name:	 	Rob Moyle
		 	Title:	 	SVP

  

 Third Amendment 
 Signature Page - 4 

					
		 	M&T BANK
			
		 	By:	 	 /s/ David Ladori

		 	Name:	 	David Ladori
		 	Title:	 	Vice President

  

 Third Amendment 
 Signature Page - 5 

					
		 	CAPITAL ONE, N.A.
			
		 	By:	 	 /s/ Peter Shen

		 	Name:	 	Peter Shen
		 	Title:	 	 Assistant Vice President
 Capital One Bank,
N.A.

  

 Third Amendment 
 Signature Page - 6

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