Document:

Exhibit 10.1

 

EXECUTION

 

HEALTH INSURANCE AGREEMENT

 

This Agreement (this "Agreement"),
dated as of March 30, 2017, is entered into by and among Nathan Kahn and Sandra Kahn (collectively, the "Kahns"),
Ta Chen Stainless Pipe Co., Ltd., a Taiwan (ROC) corporation ("Parent"), Ta Chen Investment Corporation ("Sub"),
a Delaware corporation and a wholly-owned subsidiary of Parent, and Empire Resources, Inc., a Delaware corporation (the “Company”).

 

WHEREAS, simultaneously
with the execution of this Agreement, the Company, Parent, and Sub are entering into an Agreement and Plan of Merger, dated as
of the date hereof (as the same may be amended or supplemented, the "Merger Agreement"), providing, among other
things, for the commencement by Sub of a tender offer (the “Offer”) for all of the outstanding shares of common
stock, par value $0.01per share (the “Common Stock”), of the Company, to be followed by the merger of Sub with
and into the Company (the "Merger"), all upon the terms and subject to the conditions set forth in the Merger
Agreement; and

 

WHEREAS, the Kahns are
currently executive officers of the Company and Parent has requested that they continue in the employ of the Company following
consummation of the Merger; and

 

WHEREAS, as an inducement
for the Kahns to continue with the Company and in recognition of their past and future contributions to the Company, the Compensation
Committee of the Board of Directors of the Company has (i) approved the provision to the Kahns of the benefits contemplated by
this Agreement as an employee benefit arrangement within the meaning of Rule 14d-10(d)(2) under the Securities Exchange Act of
1934, as amended, as compensation for past services performed and future services to be performed, and (ii) concluded that the
amounts payable hereunder were not calculated based on the number of shares of Common Stock to be tendered by the Kahns pursuant
to the Offer;

 

NOW THEREFORE, in consideration
of the foregoing and the mutual promises, representations, warranties, covenants and agreements contained herein and in the Merger
Agreement, the parties hereto, intending to be legally bound hereby, agree as follows:

 

1.          Health
Insurance.  Regardless of whether Nathan Kahn or Sandra Kahn remain employed by the Surviving Corporation, Parent
and Sub agree that they shall, or shall cause the Surviving Corporation to, provide (at the expense of the Company as the Surviving
Corporation or Parent), and the Company agrees to provide, from and after the Effective Time (as defined in the Merger Agreement)
to each of Nathan Kahn and Sandra Kahn health insurance coverage substantially equivalent to that currently provided to each of
them, with coverage for pre-existing conditions, credit for deductible payments, co-payments and other expenses in determining
whether requirements relating to deductibles, co-insurance and maximum out-of pocket payments are satisfied.  The obligations
under this Section may be satisfied by coverage through the health insurance plan covering employees of the Surviving Corporation
or, if unavailable, by purchasing individual coverage and shall terminate with respect to Nathan Kahn or Sandra Kahn, as the case
may be, at the time such person is eligible to be covered by Medicare.

 

     

     

    

 

2.          Executed
in Counterparts. This Agreement may be executed in counterparts each of which shall be an original with the same effect as
if the signatures hereto and thereto were upon the same instrument.

 

3.          Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without giving
effect to the principles of conflicts of laws thereof.

 

4.          No
Third Party Beneficiaries. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned
by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties,
except that Purchaser may assign, in its sole discretion, any or all of its rights, interests and obligations hereunder to Parent
or to any direct or indirect wholly owned Subsidiary of Parent. Subject to the preceding sentence, this Agreement will be binding
upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns. Nothing in this Agreement
is intended to confer upon any Person other than the parties hereto any rights or remedies hereunder.

 

5.          Jurisdiction.
Each of the parties hereto (a) consents to submit itself to the personal jurisdiction of any Delaware state court in the event
any dispute arises out of this Agreement or any of the transactions contemplated by the Merger Agreement, (b) agrees that it will
not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court and (c) agrees
that it will not bring any action relating to this Agreement or any of the transactions contemplated by the Merger Agreement in
any court other than a state court located in the State of Delaware. Each party hereby irrevocably consents to the service of process
of any of the aforementioned courts in any such suit, action or proceeding by the mailing of copies thereof by registered or certified
mail, post prepaid, to the address set forth in Section 17, such service to become effective ten days after such mailing.

 

6.          Waiver
of Jury Trial. Each of the parties hereto irrevocably waives its right to a trial by jury in any action, proceeding or counterclaim
arising out of or relating to this Agreement or the actions of the Kahns, the Company, Parent, Sub or the Company in the negotiation,
administration, performance and enforcement thereof.

 

7.          Amendments.
This Agreement may not be modified, amended, altered or supplemented, except upon the execution and delivery of a written agreement
executed by the parties hereto.

 

8.          Termination.
This Agreement shall terminate and all rights and obligations of the parties hereunder shall terminate (in each case, without any
further action on the part of any party hereto) the termination of the Merger Agreement in accordance with its terms.

 

Remainder of page intentionally left blank

 

     

     

    

 

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of this 30 day of March, 2017.

 

	 	Nathan Kahn
	 	 
	 	/s/ Nathan Kahn
	 	 
	 	Sandra Kahn
	 	 
	 	/s/ Sandra Kahn
	 	 
	 	Ta Chen Stainless Pipe Co., Ltd.
	 	 	 
	 	By:	/s/ Li-Yun Hsieh
	 	 	Name: Li-Yun Hsieh
	 	 	Title: Chairman
	 	 	 
	 	Ta Chen Investment Corporation
	 	 	 
	 	By:	/s/ Johnny Hsieh
	 	 	Name: Johnny Hsieh
	 	 	Title: President
	 	 	 
	 	Empire Resources, Inc.
	 	 	 
	 	By:	/s/ William Spier
	 	 	Name: William Spier 
	 	 	Title: Chairman of Board of Directors, member of Compensation CommitteeExhibit 10.3

 

OFFICE LEASE AND ADMINISTRATIVE SUPPORT
AGREEMENT

 

THIS OFFICE LEASE AND ADMINISTRATIVE SUPPORT AGREEMENT (this
“Agreement”) is made on February 3, 2017, by and between Banyan Rail Services Inc. (“Banyan”) and
Boca Equity Partners LLC (“BEP”).

 

WHEREAS: The parties desire to provide for a cost-sharing
arrangement relating to Banyan’s use of a portion of BEP’s offices located at 25200 Town Center Circle, Tower 1, Suite
550, Boca Raton, FL 33846 (the “Premises”), and certain overhead items at the Premises such as space, utilities and
other administrative services.

 

NOW THEREFORE, the parties agree as follows:

 

TERMS

 

		1.	Term. The term of this Agreement shall be month-to-month, commencing on October 1, 2016 (the “Effective
Date”).

 

		2.	Shared Costs. BEP shall furnish to Banyan the following:
	 	 	 

		a.	A portion of the Premises, including related janitorial, electrical and other, associated taxes and utility services;

		b.	Certain furniture, furnishings and equipment;

		c.	Telephone service, internet access and postage machine, etc.;

		d.	General office and administrative support.

 

		3.	Reimbursement of Shared Costs. Banyan agrees to reimburse BEP $6,605 per month in advance for the costs of the
services and facilities provided hereunder. In addition, Banyan will reimburse BEP a one-time charge in the amount of $37,122 related
to the costs of the set-up of the new office and the move. If the cost of such services and facilities changes subsequently, the
parties will negotiate changes in good faith.

 

		4.	Notices.  All notices, request, demands and other communications required or permitted under this Agreement shall
be given in writing as follows:

 

	Boca Equity Partners, LLC	Banyan Rail Services Inc.
	5200 Town Center Circle	5200 Town Center Circle
	Tower 1, Suite 550	Tower 1, Suite 550
	Boca Raton, FL 33486	Boca Raton, FL 33486
	Attn:  Gary O. Marino, CEO	Attn: Paul Dennis Interim CFO

 

Agreed upon as of the Effective Date:

 

	Boca Equity Partners, LLC	 	Banyan Rail Services Inc.
	 	 	 
	/s/ Gary O. Marino	 	/s/ Paul Dennis
	By: Gary O. Marino, CEO	 	By: Paul Dennis, Interim CFOExhibit 10.4

 

SUPPORT AGREEMENT 

 

THIS SUPPORT AGREEMENT (this “Agreement”)
is made on February 3, 2017, by and between Banyan Rail Services Inc. (“Banyan”) and Boca Equity Partners,
LLC (“BEP”).

 

WHEREAS: Banyan desires to obtain personnel support from
BEP and BEP desires to provide such support for a contemplated transaction.

 

NOW THEREFORE, the parties agree as follows:

 

TERMS

 

1.        Term. The
term of this Agreement shall be month-to-month, commencing on October 1, 2016 (the “Effective Date”). This Agreement
will terminate upon Banyan’s payment of a Success Fee to BEP as provided for in Section 3.

 

2.        Support Provided.
Banyan desires and BEP agrees to furnish to Banyan with support services as reasonably requested by Banyan in conjunction with
Banyan’s acquisition search activities.

 

3.        Payment of Success
Fee. Banyan agrees to pay BEP a “success fee” for the support services provided by BEP under this Agreement (the “Success
Fee”). If Banyan acquires more than 50% of the assets or capital stock of any company (the “Acquired Company”)
during the term of this Agreement, or within the one-year period following termination of this Agreement, then Banyan will pay
to BEP, within five days of the closing of the acquisition, the Success Fee. The Success Fee will equal 2% of the cash purchase
price paid by Banyan to the seller(s) for the assets or capital stock of the Acquired Company on the closing date. The Success
Fee will not be adjusted by non-cash payments, the assumption of liabilities or post-closing adjustments.

 

4.        Notices. All notices,
request, demands and other communications required or permitted under this Agreement shall be given in writing as follows:

 

	Boca Equity Partners, LLC	Banyan Rail Services Inc.
	5200 Town Center Circle	5200 Town Center Circle
	Tower 1, Suite 550	Tower 1, Suite 550
	Boca Raton, FL 33486	Boca Raton, FL 33486
	Attn:  Gary O. Marino, CEO	Attn: Paul Dennis Interim CFO

 

	Agreed upon as of the Effective Date:
	 
	Boca Equity Partners, LLC	 	Banyan Rail Services Inc.
	 	 	 
	/s/ Gary O. Marino	 	/s/ Paul Dennis
	By: Gary O. Marino, CEO	 	By: Paul Dennis, Interim CFO

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