Document:

EX-10.24

 EXPLANATORY NOTE: [*] INDICATES THE PORTION OF THIS EXHIBIT THAT HAS BEEN OMITTED AND
SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. 
 Exhibit 10.24 

SERVICES AGREEMENT 
 This
SERVICES AGREEMENT (this “Agreement”) is made and entered into as of December 19,2014, by and between TEREX CORPORATION, a Delaware corporation (“Terex”), and A.S.V., INC. a Minnesota
corporation (“A.S.V.”). Terex and A.S.V. are each referred to individually as “Party” and collectively as the “Parties.” Capitalized terms not otherwise defined herein are used as defined in
Section 9. 
 BACKGROUND 

WHEREAS, pursuant to that certain Stock Purchase Agreement, dated as of October 29, 2014, by and between Terex, Manitex International,
Inc. (“Manitex”) and A.S.V. (the “Purchase Agreement”), Manitex has acquired on the date hereof 51% of the outstanding stock of A.S.V. (the “Acquisition”) from Terex (the “Acquisition”). 

WHEREAS, in connection with the Acquisition, and subject to the terms and conditions of this Agreement, A.S.V. desires to obtain from
Terex and its Affiliates, and Terex is willing to provide, and cause its Affiliates to provide, certain services and support for A.S.V. and in relation to the Business (as defined in the Stock Purchase Agreement). 

NOW, THEREFORE, in consideration of the mutual covenants herein and for good and valuable consideration, receipt of which is hereby
acknowledged, the Parties agree as follows. 
 AGREEMENT 

1. Service Provider’s Obligations. 

1.1 Services Generally. Subject to the terms and conditions of this Agreement, during the applicable term set forth in the applicable
Service Schedule, Terex or its Affiliates as a Service Provider will provide the Services to A.S.V. as the Service Recipient. The Services shall be of a scope and delivered in a manner consistent with past practice of the Service Provider on an
internal or, where applicable, intra-company basis. Without limitation, the Services listed on a Service Schedule include the specific activities, tasks, and responsibilities that have been provided by that party internally on a customary and
regular basis prior to the Closing Date for the proper performance of the Services, even if not specified on a Service Schedule. 
 1.2
Subcontracting. The Service Recipient understands that before and after the Closing Date, the Service Provider may have contracted, and may in the future contract, with third parties to provide services in connection with all or any portion
of the Services to be provided under this Agreement. Upon notice to the Service Recipient, the Service Provider may contract with third parties to provide the Services or to enter into new arrangements for any of the Services; provided that
notwithstanding anything in the foregoing to the contrary (i) third parties must be bound by confidentiality terms with respect to the Service Recipient’s confidential and nonpublic information that are no less restrictive than
Section 5.1, (ii) the Service Provider shall remain fully responsible for the 

 
performance of the Services in accordance with this Agreement and (iii) the Service Provider shall make commercially reasonable efforts to cause the third party service provider to enter
into a direct contractual relationship with the Service Recipient for the provision of the relevant Services, on such terms and conditions as reasonably agreed upon by the Service Recipient, in which case Service Provider shall no longer be
obligated to deliver such services under the Agreement. 
 1.3 Certain Limitations. Unless expressly provided herein and/or in any
Service Schedule, the Service Provider is not required to hire any additional employees or maintain the employment of any specific employee, modify any existing systems, equipment or software or acquire additional systems, equipment or software.

 1.4 Compliance with Laws. The Service Provider shall provide the Services in accordance in all material respects with all
applicable Laws. The Service Provider shall not be obligated to provide, or cause to be provided, any Service if the provision of such Service would require it or any of its employees, agents or representatives to violate any applicable Law. 

1.5 Service Data. The Service Recipient is responsible, from and after the date of this Agreement, for (i) the accuracy and
completeness of all data submitted by the Service Recipient to the Service Provider for processing or transmission in connection with the Services, and (ii) any errors in and with respect to data or information obtained from the Service
Provider to the extent caused by inaccurate or incomplete data submitted by the Service Recipient. 
 1.6 Additional Services. Should
a Party, in its reasonable judgment, after the Closing Date identify a particular service that had been provided prior to the Closing Date and that should be provided under this Agreement, then that Party may, at any time after the Closing Date,
request that such transitional service be provided under this Agreement. Following that request, the Parties shall negotiate in good faith with respect to any such requested additional services (each such mutually agreed additional service, a
“Subsequently Identified Additional Service”). The parties shall amend the existing Service Schedules for any such requested additional services that Service Recipient and Service Provider mutually agree to add to the Service
Schedule. 
 1.7 Treatment of Employees. All employees and representatives of a Service Provider are considered, for purposes of all
compensation and employee benefits matters to be employees or representatives of that Service Provider, as applicable, and not employees or representatives of the Service Recipient. 

1.8 Mandatory Changes. If a change in the Services is required by applicable Law, then the Service Recipient may, by written notice,
require the Service Provider to commence to provide such change in the Services to the extent required by applicable Law. The Service Recipient shall pay the Service Provider for the Services performed as changed or as ultimately agreed to in
writing by the Parties. 

  
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 1.9 Audit Rights. Each Party shall cooperate with the other in connection with any
financial audits the Service Recipient may conduct, including by providing access for the Service Recipient, its auditors, and designees to the Service Provider and its Affiliates computer systems and records. 

2. Service Recipient’s Obligations. 

2.1 Compliance with Laws and Policies. Each Party agrees to comply with all applicable laws in the provision of the Services. The
Service Recipient agrees to (i) comply with any policies and reasonable instructions provided by the Service Provider that are necessary or desirable for the Service Provider to provide the Services in accordance with this Agreement, and
(ii) make available to the Service Provider the books and records of Service Recipient solely to the extent necessary for the Service Provider to perform its obligations under this Agreement. 

2.2 Cooperation. In order to enable the Service Provider to provide the Services, the Service Recipient will provide the Service
Provider with cooperation and assistance as the Service Provider reasonably requests as required to facilitate provision of the Services. 

2.3 Non-Exclusive. Nothing in this Agreement will preclude a Party from obtaining from its own
employees or from providers other than the other Party, in whole or in part, services of any nature. 
 3. Compensation. 

3.1 Compensation of Service Provider. As compensation for the Services provided under the terms of this Agreement, each Party, as the
Service Recipient, shall pay the Service Provider a fee equal to the fees set forth on the applicable Schedule. 
 3.2 Invoice.
Services shall be invoiced by the Service Provider on a monthly basis. On or prior to the 15th day of each month, the Service Provider shall provide the Service Recipient with an invoice setting forth the estimated Costs that the Service Provider
has incurred for the prior month. Any differences between the invoiced estimated Costs and the actual Costs incurred by the Service Provider shall be reflected in the invoice of the following month. 

3.3 Disputes. The Service Recipient shall be entitled to dispute, in good faith and in writing, any invoice. Any such notice of dispute
shall provide reasonable detail for the basis of disputing any such amount. The Service Provider and the Service Recipient shall, within five business days following the receipt of such dispute in writing, discuss such disputes. Notwithstanding the
foregoing, the Service Provider shall provide the Service Recipient with an invoice setting forth the estimated amounts required for payroll related to the payroll services provided on Schedule 1 five business days prior to the funding of such
payroll amounts and the Service Recipient shall fund the respective account(s) from which payroll is made with the invoiced amount not later than two (2) business days prior to the pay date for such payroll. 

  
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 3.4 Payment. Service Recipient shall pay the fees then payable under this
Section 3 within 30 days following the date of the receipt of each invoice, except for the portions of any invoices that are disputed in good faith by the Service Recipient pursuant to Section 3.3 may be withheld pending
resolution of such dispute; provided that the Service Recipient shall be diligently pursuing resolution of the dispute. To the extent any such dispute is determined in favor of a Service Provider, Service Recipient shall pay to such Service Provider
promptly (and in any event within 3 days of such determination) the disputed amount together with interest thereon from the date of such invoice through the date of payment at a rate of 1% per month. Payment shall be made by Service Recipient in the
form of a bank draft, wire transfer or other form of payment as may be determined by mutual agreement of the Parties. 
 3.5
Currency. All prices will be calculated and paid in local currencies or any other currency agreed to from time to time by the Parties. 

3.6 Taxes. The fees and charges of Service Provider under this Agreement do not include any taxes, including, without limitation, any
VAT or sales taxes (“Taxes”). Service Recipient is responsible for payment of all Taxes, other than Taxes based on Service Provider’s net income. 

3.7 Expenses. Except as otherwise expressly provided in this Agreement, each Party will bear its own costs and expenses incurred in the
performance of this Agreement (it being understood that expenses shall not include expenses for the provision of services that are payable under this Agreement). 

4. [Reserved]. 
 5. Confidentiality. 

5.1 Confidentiality Obligations. During the term of this Agreement, a Party (“Recipient”) may be provided with, have
access to, or otherwise learn confidential and/or proprietary information of another Party (“Discloser”) (including, with respect to Discloser, certain information and materials concerning Discloser’s business, plans,
customers, technology, and products) that is of substantial value to Discloser, which is identified as confidential at the time of disclosure or which should reasonably be considered, under the circumstances of its disclosure, to be confidential to
Discloser (“Confidential Information”). All Confidential Information remains the property of Discloser. Recipient may disclose the Confidential Information of Discloser only to Recipient’s employees and contractors who need to
know the Confidential Information for purposes of performing under this Agreement and who are bound by confidentiality obligations that are at least as protective as this Section 5. Recipient will not use the Confidential Information
without Discloser’s prior written consent except in performance under this Agreement. Recipient shall take measures to maintain the confidentiality of the Confidential Information equivalent to those measures Recipient uses to maintain the
confidentiality of its own confidential information of like importance but in no event less than reasonable measures. Recipient shall give prompt notice to Discloser of any unauthorized use or disclosure of the Confidential Information that comes to
the attention 

  
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of the Recipient and agrees to assist Discloser in remedying such unauthorized use or disclosure. Upon termination or expiration of this Agreement, Recipient shall return to Discloser all
tangible copies of Confidential Information of Discloser in Recipient’s possession or control and shall erase from their computer systems all electronic copies thereof. 

5.2 Exceptions. The confidentiality obligations do not extend to Confidential Information which (i) becomes part of the public
domain without the fault of Recipient; (ii) is rightfully obtained by Recipient from a third party who Recipient reasonably believes has the right to transfer such information without obligation of confidentiality; (iii) is independently
developed by Recipient without reference to or use of Discloser’s Confidential Information; or (iv) was lawfully in the possession of Recipient at the time of disclosure, without restriction on disclosure. In addition, Recipient may
disclose Confidential Information of Discloser as may be required by law, a court order, or a governmental agency with jurisdiction, on condition that before making that disclosure Recipient first notifies Discloser to give Discloser an opportunity
to seek confidential treatment or seek a protective order or otherwise limit the disclosure, and cooperates with Discloser if Discloser as reasonably requested. If any portion of the Confidential Information falls within any of the above exceptions,
the exception will apply only to that specific portion and the remainder of Discloser’s Confidential Information will continue to be subject to the confidentiality requirements of this Agreement. 

5.3 Access to Computer Systems. If a Party is given access to any equipment, computer, software, network, electronic files, or
electronic data storage system owned or controlled by the other Party, such accessing Party will limit such access and use solely to provide or receive Services under this Agreement and shall not access or attempt to access any equipment, computer,
software, network, electronic files, or electronic data storage system, other than those specifically required to provide or receive the Services. Each Party will limit its access to those employees with a requirement to have that access in
connection with this Agreement, will advise the other Party in writing of the name of each person who will be granted access if requested to do so, and will strictly follow all security rules and procedures for use of electronic resources. All user
identification numbers and passwords disclosed to a Party and any Confidential Information obtained by a Party as a result of their access to and use of any equipment, computers, software, networks, clean-rooms electronic files, and electronic data
storage systems owned or controlled by the other Party, is deemed to be, and will be treated as, Confidential Information under applicable provisions of this Agreement. The Parties agree to cooperate in the investigation of any apparent unauthorized
access to any equipment, computer, software, network, clean-room, electronic file, or electronic data storage systems owned or controlled by the other Party, or any apparent unauthorized release of Confidential Information. 

5.4 Injunctive Relief. The Parties hereto acknowledge and agree that a Party would suffer irreparable harm for which monetary damages would be an inadequate remedy if there were a breach by the other Party of its
obligations under this Section 5. The Parties hereto further acknowledge and agree that equitable relief, including 

  
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injunctive relief, is appropriate to protect a Party’s rights and interests if a breach were to arise, be threatened, or be asserted, and such Party is entitled to the entry of an order for
immediate injunctive relief. 
 6. Limitations of Liability. 

6.1 Consequential Damages Waiver. IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY LOSS OF PROFIT, INDIRECT, INCIDENTAL, SPECIAL,
PUNITIVE, OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 6.2 Limitation of Liability. Each Party’s
liability under this Agreement (for its own conduct and the conduct of its Subsidiary(ies) in performing the Services) shall be limited to willful misconduct or gross negligence of such Party and its Subsidiaries. 

6.3 Basis of the Bargain. EACH PARTY ACKNOWLEDGES THAT THE MUTUAL LIMITATIONS OF LIABILITY CONTAINED IN THIS SECTION 6 REFLECT
THE ALLOCATION OF RISK SET FORTH IN THIS AGREEMENT AND THAT NO PARTY WOULD ENTER INTO THIS AGREEMENT WITHOUT THESE LIMITATIONS ON LIABILITY. 
 7.
Disclaimer. OTHER THAN AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR A SERVICE SCHEDULE, THE SERVICES, AND ALL OTHER FACILITIES, EQUIPMENT, SOFTWARE, AND SERVICES PROVIDED UNDER THIS AGREEMENT ARE PROVIDED “AS IS” AND THE SERVICE
PROVIDER MAKES NO OTHER REPRESENTATIONS OR WARRANTIES UNDER THIS AGREEMENT, AND DISCLAIMS ANY AND ALL OTHER REPRESENTATIONS OR WARRANTIES, STATUTORY, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, AND NON -INFRINGEMENT. 
 8. Term and Termination. 

8.1 Term of Agreement. 

(a) The term of this Agreement begins on the Closing Date and, unless earlier terminated as provided herein, will continue
until the termination or expiration of each of the Service-specific terms set forth in the Service Schedules. 
 (b) The
provision of the Services hereunder may be extended to the extent mutually agreed in writing between the Parties. 
 8.2 Termination.
A Party may terminate this Agreement or any one or more of the Service Schedules immediately, upon written notice, a copy of which shall also be provided to the appropriate Executives, as follows: (i) if the other Party materially

  
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breaches any material term of this Agreement and fails to cure such breach within 45 days after receipt by the breaching party of written notice from the
non-breaching Party describing in reasonable detail such breach; (ii) upon the institution by or against the other Party of insolvency, receivership or bankruptcy proceedings or any other proceedings for
the settlement of the other Party’s debts, which case is not dismissed within 60 days of filing; (iii) except as specifically provided for herein, upon the other Party’s making an assignment for the benefit of creditors; (iv) or
upon the other Party’s dissolution or ceasing to conduct business in the normal course, or the other Party’s failure to pay its debts as they mature in the ordinary course of business. 

8.3 Effect of Termination. Upon termination or expiration of this Agreement for any reason, (a) the Service Provider will
cooperate with the Service Recipient in completing all work in progress and such other matters which may require the Service Provider’s assistance; (b) within five business days of any termination or expiration of this Agreement or any
Service Schedule, the Service Provider will deliver to the Service Recipient all deliverables, whether completed or in progress, as well as all materials which were furnished to the Service Provider by the Service Recipient or which were prepared or
procured by the Service Provider as a part of the Services, and will disclose to the Service Recipient all of the Service Provider’s work product related to the provision of the Services; (d) the Service Provider will cooperate with the
Service Recipient in transitioning all work in progress to the Service Recipient, or the Service Recipient’s designee, and will otherwise cooperate with the Service Recipient as reasonably requested to prevent disruption to the Service
Recipient’s business and operations; and (e) each Party shall return to the other Party or certify in writing to the other Party that it has destroyed all documents and other tangible items that it or its employees, contractors and agents
have received or created pertaining, referring or relating to the Confidential Information of the other Party furnished under this Agreement, and erase or destroy all electronic or magnetic records in computer memory, tape or other media containing
any Confidential Information, provided however a party may retain on a confidential basis copies of documents required to comply with legal obligations. Termination of this Agreement shall not limit either Party from pursuing any other remedies
available to it at law or in equity. Neither the Service Recipient, on the one hand, nor the Service Provider, on the other hand, will be liable to the other because of any proper termination of this Agreement for compensation, reimbursement, or
damages for the loss of prospective profits, anticipated sales or goodwill. The provisions of this Agreement that by their nature continue and survive will survive any termination or expiration. In the event of any termination with respect to one or
more, but less than all, of the Service Schedules, this Agreement will continue in full force and effect with respect to any Service Schedules not so terminated. 

8.4 Further Assurances. During the term of this Agreement and following the expiration of the term a Service Schedule or following any
termination of this Agreement, the Service Provider shall cooperate in good faith with the Service Recipient and shall transfer the records necessary and take all other necessary actions reasonably requested by the Service Recipient to reasonably
enable the Service Recipient to make alternative arrangements for the provision of Services. 

  
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 9. Definitions. Certain terms, when used in this Agreement with initial capital letters, have the meanings
given to such terms below. Capitalized terms used but not expressly defined in this Agreement have the meanings given such terms in the Purchase Agreement. 

“Closing Date” means the date of this Agreement. 

“Costs” means the sum of Direct Costs and Indirect Costs, plus the mark up agreed to by the Parties. 

“Direct Costs” means all of the Service Provider’s actual costs of labor (including, but not limited to, wages, bonuses,
equity compensation, fringe benefits and employer taxes and contributions), and equipment and materials that are specifically attributable to the Services provided by the Service Provider under this Agreement (including allowances for the
depreciation of equipment and other capital assets used in the performance of the Services, as reported in the Service Provider’s local records of account), but does not include extraordinary expenses or financing expenses (which means interest
income or expense, but may include, if any, all exchange gains or losses and other financial costs). 
 “Indirect Costs”
means that portion of the Service Provider’s general and administrative expenses that are specifically allocated to the Services under this Agreement under any reasonable method agreed to by the Parties. 

“Services” means the following services and support to be provided to A.S.V. as set forth in Schedules 1 through 4 hereof.

 “Service Provider” means the entity providing the relevant Services. 

“Service Recipient” means the entity receiving the relevant Services. 

“Service Schedule” means each of the Schedules attached to this Agreement, as Schedule 1, Schedule 2, etc. that set forth the
Services to be provided by the Service Provider to the Service Recipient and any future schedules setting forth services as agreed upon between the Parties. 

10. General. 
 10.1 Notices. All
notices or other communications hereunder shall be given in accordance with Section 10.7 of the Purchase Agreement. 
 10.2
Choice of Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof) as to all
matters, including, but not limited to, matters of validity, construction, effect, performance and remedies. 

  
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 10.3 Assignment. Neither this Agreement nor the rights, duties and obligations of either
Party under this Agreement may be assigned, delegated or otherwise transferred by a Party, in whole or in part, by operation of law or otherwise, without the prior written consent of the other Party and any purported assignment in violation of the
foregoing is void; except that either Party may assign or otherwise transfer its rights and/or obligations under this Agreement without the other Party’s consent in the event of a merger, change of control or sale of all or substantially all of
the assets of such Party to which this Agreement relates. In addition, either Party may assign or otherwise transfer its rights, duties and/or obligations to a Subsidiary, provided that any such assignment shall not relieve the assignor from any
liability or obligations hereunder. Notwithstanding the foregoing, A.S.V. may assign any or all of its rights and obligations hereunder to any provider (or agent therefore) of debt financing to it or any of its Affiliates. 

10.4 Jurisdiction. Each of the parties irrevocably submits to the exclusive jurisdiction of the United States District Court for the
Southern District of New York located in the borough of Manhattan in the City of New York, or if such court does not have jurisdiction, the Supreme Court of the State of New York, New York County, for the purposes of any suit, action or other
proceeding arising out of this Agreement or any transaction contemplated hereby. Each of the parties further agrees that service of any process, summons, notice or document to such party’s respective address listed above in one of the manners
set forth in Section 10.7 of the Purchase Agreement shall be deemed in every respect effective service of process in any such suit, action or proceeding. Nothing herein shall affect the right of any Person to serve process in any other
manner permitted by Law. Each of the parties hereto irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby in (a) the
United States District Court for the Southern District of New York or (b) the Supreme Court of the State of New York, New York County, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court
that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. The parties hereto hereby irrevocably and unconditionally waive trial by jury in any legal action or proceeding relating to this Agreement
or any other agreement entered into in connection therewith and for any counterclaim with respect thereto. 
 10.5 Entire Agreement;
Amendment; Waivers. This Agreement, together with all Exhibits hereto, constitute the entire agreement between the Parties pertaining to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions,
whether oral or written, of the Parties. The only representations and warranties made by the parties hereto with respect to the subject matter hereof are the representations and warranties contained in or made pursuant to this Agreement. This
Agreement, and the terms and provisions hereof, may not be modified, waived or amended except by an instrument or instruments in writing signed by the Party against whom enforcement of any such modification or amendment is sought (or, in the case of
a waiver, by the intended beneficiary of the waived term or provision). No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof
preclude any other or 

  
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further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided
by law. 
 10.6 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by
any rule of law, or public policy, all other conditions and provision of this Agreement shall nevertheless remain in full force and effect. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the
Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible. 

10.7 Construction. The headings of the Sections herein are inserted for convenience of reference only and are not intended to be a part
of or to affect the meaning or interpretation of this Agreement. When a reference is made to a Section, Schedule or Exhibit such reference shall be to a Section, Schedule or Exhibit of or to this Agreement unless otherwise indicated. The definitions
in this Agreement shall apply equally to both the singular and plural forms of the terms defined. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed
by the words “without limitation.” In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties hereto and no presumption or burden of proof shall arise
favoring or disfavoring any Party hereto by virtue of the authorship of any provisions of this Agreement. 
 10.8 Parties Obligated and
Benefited. This Agreement is binding upon the Parties hereto and their respective permitted assigns and successors in interest and will inure solely to the benefit of such Parties and their respective permitted assigns and successors in
interest, and no other Person. 
 10.9 Relationship. Nothing in this Agreement will be deemed or construed as creating a joint
venture or partnership between the Parties or is intended or shall be construed to create any third party beneficiaries. Neither Party is by virtue of this Agreement authorized as an agent, employee, or legal representative of the other Party, and
the relationship of the Parties is, and at all times will continue to be, that of independent contractors. 
 10.10 Counterparts.
This Agreement may be signed in any number of counterparts, each of which shall be deemed an original, with the same effect as if the signatures were upon the same instrument. 

10.11 Execution. This Agreement may be executed by facsimile signatures and such signature will be deemed binding for all purposes of
this Agreement, without delivery of an original signature being thereafter required. 
 10.12 Attorneys Fees. The prevailing party is
entitled to recover from the losing party the prevailing party’s attorneys’ fees and costs incurred in any arbitration, lawsuit or other action with respect to any claim arising out or relating to this Agreement. 

  
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 10.13 Disputes. In the case of any disputes under this Agreement, the Parties hereto shall
first attempt in good faith to resolve such dispute informally; provided, however, that this Section 10.13 shall not be construed to alter or delay either Parties right to avail itself of the remedies and dispute resolution mechanisms
available to the Parties under this Agreement. 

  
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 The Parties have executed this Agreement as of the date first above written. 

 

									
	A.S.V., INC.	 		 	TEREX CORPORATION
					
	By:	 	 /s/ ERIC I COHEN
  

 
	 		 	By:	 	 /s/ ERIC I COHEN
  

 

					
	Name:	 	 ERIC I COHEN
	 		 	Name:	 	 ERIC I COHEN

					
	Title:	 	 Vice President
	 		 	Title:	 	 Senior Vice President

 Signature Page to Services Agreement 

 AGREED TERMS 
  

 SCHEDULE 1 

HUMAN RESOURCES MANAGEMENT 
  

									
	 Service
	  	 Service Provider
	  	 Term
	  	 Specification
	  	 Cost

	Payroll staff and administration transition services	  	Terex	  	Terex will transmit payment instructions for the period ending December 19, 2014 on December 22, 2014. Payment to employees will occur on December 26, 2014.	  		  	Not applicable.
					
	Benefit Plan Transition Services	  	Terex	  	Employees will remain on health, dental and vision benefits only through December 31, 2014.	  		  	Terex’s cost for the period commencing as of Closing, as apportioned to A.S.V. according to Terex policy currently in place.
					
	Australian A.S.V. Employee Payroll and Benefits	  	Terex or Affiliate	  	The earlier of 120 days or such time as the employees transition to A.S.V.’s payroll and benefits.	  		  	Terex’s actual cost during the transition period.

 NOTES TO ANNEX 1 TO SCHEDULE 1 

SERVICES 
 The following additional services
shall be included in the service specifications set out above: 
  

	 	(a)	Provision of employee cellular phones as provided in Schedule 4. Limited period access to I-expense as provided in Schedule 4. 

[*] 
 [* Indicates portions of this
exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.] 

  
 Page 1 of 12Richard A. Boone

Amended and Restated

Employment Agreement

 

 

THIS
AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into effective as of the 30th day
of December, 2016 (the “Effective Date”), by and between Rhino GP LLC, a Delaware limited liability
company (the “Employer”) and Richard A. Boone (“Executive”).

 

Recitals:

 

Executive
is currently employed by Employer pursuant to an Employment Agreement, originally dated May 31, 2011, as amended (the “Prior
Agreement”). The Employer is the general partner of Rhino Resource Partners L.P. (the “Partnership”) and seeks
to continue the Executive’s employment with the Employer.

 

The
Employer and Executive desire to enter into this Agreement in order to further amend and restate the terms of Executive’s
employment. Executive desires to enter into this Agreement, and to accept employment by Employer on the terms hereinafter set
forth in this Agreement. This Agreement amends, restates and supercedes the Prior Agreement.

 

Agreement:

 

NOW,
THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration the receipt
and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

 

1. Term
of Employment. Unless terminated earlier in accordance with the provisions of Section 7, Executive’s employment
under this Agreement shall be effective for a term commencing on the Effective Date and ending on December 31, 2018 (the
“Employment Term”).

 

2. Position
and Duties. As of the Effective Date, Executive shall serve as the President and Chief Executive Officer. In such
positions, Executive shall report directly to the Executive Chairman and, in his or her absence, directly to the Board of
Directors of Employer. Executive shall have the customary authority, responsibilities and duties of such position(s), subject
to the direction and definition of such authority, responsibilities, and duties from time to time by Employer. During the
Employment Term, Executive will devote all of his business time and efforts to the performance of his duties hereunder.
Executive shall be subject to all of the employment and personnel policies and procedures in effect from time to time and
applicable to executive employees of Employer. Executive’s regular place of employment during the Employment Term shall
be at Employer’s executive offices in Lexington, Fayette County, Kentucky, and Executive shall engage in such travel as
may be reasonably required in connection with the performance of his duties hereunder.

 

    	1

    	 

    

 

3. Base
Salary. The Employer shall pay Executive a base salary (the “Base Salary”) at the initial annual rate
of $300,000 per year, which Base Salary shall be evaluated annually for potential increase, payable in regular installments
in accordance with the usual executive payroll practices of Employer.

 

4. Incentive
Compensation. During the Employment Term, Executive shall participate in any annual or long-term cash or equity based
incentive plans or other similar arrangements of the Employer on a comparable basis as Employer’s other executives, in
each case, in accordance with the terms of such plans, provided that the specific grant to Executive under any such plan or
arrangement shall be in Employer’s sole discretion.

 

5. Discretionary
Bonus The Employer may consider and approve in its sole discretion a performance-based annual discretionary bonus
(“Discretionary Bonus”) for Executive of up to one hundred percent (100%) of Executive’s Base Salary. The
Employer hereby approves, to the extent Executive remains employed by Employer, an annual mandatory bonus (“Mandatory
Bonus”) for Executive of ten percent (10%) of Executive’s Base Salary.

 

6.       Other
Benefits.

 

(a) Retirement
Benefits. During the Employment Term, Executive shall be provided with the opportunity to participate in the
Employer’s qualified 401(k) plan and profit sharing and non-qualified deferred compensation plans (if any), as they may
exist from time to time, in each case, in accordance with the terms of such plans.

 

(b) Welfare
Benefits; Vacation. During the Employment Term, Executive shall be provided with the opportunity to participate in the
Employer’s medical plan and other employee welfare benefits on a comparable basis as such benefits are generally
provided by the Employer from time to time to Employer’s other executives, in each case, in accordance with the terms
of such plans. Executive shall be entitled to three (3) weeks of paid vacation each year during the Employment
Term.

 

(c) Indemnification. Employer
shall indemnify and hold harmless Executive from and against any loss, cost, damage, expense, or liability incurred by
Executive for any action taken by Executive in the scope of Executive’s employment for the Employer, provided such
action (i) is within the scope, duties, and authority of Executive, (ii) is not in willful violation of any law, regulation,
or code of conduct adopted by the Employer, and (iii) does not constitute gross negligence or intentional misconduct by
Executive. The obligations of Employer under this Section 6(c) shall survive the termination of this Agreement.

 

(d) Reimbursement
of Business Expenses. During the Employment Term, all reasonable business expenses incurred by Executive in the
performance of his duties hereunder shall be reimbursed by the Employer upon receipt of documentation of such expenses in a
form reasonably acceptable to the Employer, and otherwise in accordance with the Employer’s expense reimbursement
policies.

 

(e)
Vehicle. Employer shall provide Executive with the use of a vehicle suitable for the intended duties of the Executive.

 

    	2

    	 

    

 

7. Termination. Notwithstanding
any other provision of this Agreement:

 

(a) For
Cause by the Employer or Voluntary Resignation by Executive Without Good Reason. If Executive is terminated by Employer
for Cause (as defined in Section 12(d)) or if the Executive voluntarily resigns without Good Reason (as defined in Section
12(j), Executive shall be entitled to receive as soon as reasonably practicable after his date of termination or such earlier
time as may be required by applicable statute or regulation: (i) any earned but unpaid Base Salary through the date of
termination; (ii) payment in respect of any vacation days accrued but unused through the date of termination; and (iii)
reimbursement for all business expenses properly incurred in accordance with Employer’s policy prior to the date of
termination and not yet reimbursed by the Employer (the aggregate benefits payable pursuant to clauses (i), (ii), and (iii)
hereafter referred to as the “Accrued Obligations”); and except as provided herein Executive shall have no
further rights to any compensation (including any Base Salary or bonus, if any) or any other benefits under this
Agreement.

 

(b) Without
Cause by the Employer or Voluntary Resignation by Executive for Good Reason. If Executive is terminated by the Employer
other than for Cause, Disability (as defined in Section 12(g)) or death, or if the Executive voluntarily resigns for Good
Reason, Executive shall receive: (i) the Accrued Obligations; and (ii) subject to Section 7(f), Base Salary for the
period from termination through the expiration of the Employment Term herein, specifically December 31, 2018, payable in a
lump sum within thirty (30) days of the date of termination. Except as provided herein, Executive shall have no further
rights to any compensation (including any Base Salary or bonus, if any) or any other benefits under this
Agreement.

 

(c) Death. Following
termination of employment for death, Executive’s estate shall be entitled to receive the Accrued Obligations as well a
pro-rated annual discretionary bonus as awarded by Employer as well as any other compensation Executive’s estate or
beneficiary(ies) are entitled to receive under Employer’s workmen’s compensation insurance program and (if any)
other death benefits payable to Executive’s estate or beneficiary(ies) under Employer’s benefits plans according
to their terms if Executive has elected to participate in any such plans, as they may be amended from time to time. Except as
provided herein, Executive’s estate shall have no further rights to any other compensation or any other benefits under
this Agreement.

 

(d) Disability. Following
termination of employment for Disability, Executive shall be entitled to receive the Accrued Obligations. Except as provided
herein, Executive shall have no further rights to any compensation (including any Base Salary) or any other benefits under
this Agreement.

 

(e) Accrued
& Vested Benefits. Upon any termination of Executive’s employment, whether by Executive or Employer, Executive
shall be entitled, in addition to any other benefits that may be payable hereunder, to all benefits accrued and vested as of
the date of such termination, due to Executive under any plan, policy or practice of Employer (such as, for example, accrued
health benefits or reimbursements) (collectively, “Accrued and Vested Benefits”).

 

    	3

    	 

    

 

(f) Release
Etc. Notwithstanding any other provision of this Agreement to the contrary, Executive acknowledges and agrees that any
and all payments to which Executive is entitled under this Section 7 which are described as being subject to this Section
7(f) are conditioned upon and subject to (i) Executive’s execution of an agreement in such reasonable and customary
form as shall be prepared by the Employer reaffirming Executive’s obligations under Section 8 hereof, and (ii)
Executive’s execution of, and not having revoked within any applicable revocation period, a general release and waiver,
in such reasonable and customary form as shall be prepared by the Employer, of all claims Executive may have against the
Employer and its directors, officers, subsidiaries and affiliates, except as to (x) matters covered by provisions of this
Agreement that expressly survive the termination of this Agreement or are covered by the grant referred to in Section 9
hereof, and (y) any Accrued and Vested Benefits to which Executive may be entitled.

 

(g) Resignation. Upon
Executive’s termination of employment for any reason, Executive shall be deemed to have immediately resigned from all
offices with the Employer and any of the Employer’s subsidiaries or affiliates and shall, immediately upon the request
of the Employer, confirm such resignations in writing.

 

8. Covenants.

 

(a) Confidentiality. Executive
agrees that Executive will not at any time during Executive’s employment with the Employer or thereafter, except in
performance of Executive’s duties for and obligations to the Employer hereunder, use or disclose, either directly or
indirectly, any Confidential Information (as hereinafter defined) of the Employer or its subsidiaries or affiliates that
Executive may learn by reason of his association with the Employer. The term “Confidential Information” shall
mean any past, present, or future confidential or sensitive plans, programs, documents, agreements, internal management
reports, financial information, or other material relating to the business, strategies, services, or activities of the
Employer, including, without limitation, information with respect to the Employer’s operations, processes, products,
inventions, business practices, finances, principals, vendors, suppliers, customers, potential customers, marketing methods,
costs, prices, contractual relationships, including leases, regulatory status, compensation paid to employees, or other terms
of employment, and trade secrets, market reports, customer investigations, customer lists, and other similar information that
is proprietary information of the Employer or its subsidiaries or affiliates; provided, however, the term “Confidential
Information” shall not include any of the above forms of information which has become public knowledge, unless such
Confidential Information became public knowledge due to an act or acts by Executive or his representative(s) in violation of
this Agreement. Notwithstanding the foregoing, Executive may disclose such Confidential Information when required to do so by
a court of competent jurisdiction, by any governmental agency having supervisory authority over the business of the Employer
or its subsidiaries or affiliates, as the case may be, or by any administrative body or legislative body (including a
committee thereof) with jurisdiction to order Executive to divulge, disclose or make accessible such information; provided,
further, that in the event that Executive is ordered by any such court or other government agency, administrative body, or
legislative body to disclose any Confidential Information, Executive shall (i) promptly notify the Employer of such
order, (ii) at the reasonable written request of the Employer, diligently contest such order at the sole expense of the
Employer as expenses occur or at the election of Employer, cooperate with Employer’s effort to contest such order, and
(iii) at the reasonable written request of the Employer, seek to obtain, at the sole expense of the Employer, such
confidential treatment as may be available under applicable laws for any information disclosed under such order or at the
election of Employer, cooperate with Employer’s effort to obtain such confidential treatment.

 

    	4

    	 

    

 

(b) Non-Compete. During
the Employment Term and for one (1) year immediately following a termination of employment for any reason, Executive shall
not, without the prior written consent of the Employer, participate or engage in, directly or indirectly (as an owner,
partner, employee, officer, director, independent contractor, consultant, advisor or in any other capacity calling for the
rendition of services, advice, or acts of management, operation or control) any business for an individual or entity whose
principal business involves coal mining or coal marketing in the following regions: Central Appalachia, Northern Appalachia,
Illinois Basin, Western Bituminous and any other region in which the Employer or any of the Employer’s subsidiaries
conduct business.

 

(c) Non-Solicitation. During
the Employment Term and for two (2) years immediately following a termination of Employment for any reason, Executive shall
not, without the prior written consent of the Employer, solicit or induce any then-existing employee of the Employer or any
of its subsidiaries or affiliates to leave employment with the Employer or any of its subsidiaries or affiliates, or contact
any then-existing customer or vendor under contract with the Employer or any of its affiliates or subsidiaries for the
purpose of obtaining business similar to that engaged in, or received (as appropriate), by the Employer or any of its
affiliates or subsidiaries.

 

(d) Cooperation. Executive
agrees that during the Employment Term or following a termination of employment for any reason, Executive shall, upon
reasonable advance notice, assist and cooperate with the Employer with regard to any investigation or litigation related to a
matter or project in which Executive was involved during Executive’s employment. The Employer shall reimburse Executive
for all reasonable and necessary expenses related to Executive’s services under this Section 8(d) (i.e., consulting,
travel, lodging, meals, telephone, overnight courier) within ten (10) business days of Executive submitting to the Employer
appropriate receipts and expense statements.

 

(e) Survivability. The
duties and obligations of Executive pursuant to this Section 8 shall survive the termination of this Agreement and
Executive’s termination of employment for any reason.

 

(f) Remedies. Executive
acknowledges that the protections of the Employer set forth in this Section 8 are fair and reasonable, and that any
violation of such protections would cause serious and irreparable harm and damage to the Employer and its subsidiaries and
affiliates. Executive agrees that remedies at law for a breach or threatened breach of the provisions of this Section 8 would
be inadequate and, therefore, the Employer shall be entitled, in addition to any other available remedies (including money
damages), without posting a bond, to equitable relief in the form of specific performance, temporary restraining order,
temporary or permanent injunction, or any other equitable remedy that may be then available.

 

    	5

    	 

    

 

(g) Limitation. The
terms of this Section 8 are intended to limit disclosure and competition by the Executive to the maximum extent permitted by
law. If the duration, scope, or nature of any limitation or restriction imposed by any provision of this Section 8 is finally
determined by any court or tribunal of competent jurisdiction to be in excess of what is valid and enforceable under
applicable law, such provision shall be construed to cover only that duration, scope or activity that is valid and
enforceable. Executive hereby acknowledges that this Section 8 shall be given the construction which renders its provisions
valid and enforceable to the maximum extent, not exceeding its express terms, possible under applicable law

 

9. [Intentionally
Omitted] 

 

10. Representations
of Executive. Executive hereby represents to the Employer that Executive has full lawful right to enter into this
Agreement and carry out Executive’s duties hereunder, and that performance of Executive’s obligations hereunder
will not constitute a breach of or default under any employment, confidentiality, non-competition or other agreement.
Executive further represents to the Employer that Executive is not listed in the Office of Surface Mining’s Applicant
Violator System database. Executive shall provide prompt notice to the Employer of Executive’s first employment
subsequent to a termination of employment.

 

11. Miscellaneous.

 

(a) Satisfaction
of Obligations Under Prior Agreement. Employer, Rhino and Executive hereby acknowledge that this Agreement amends,
restates and supersedes the Prior Agreement.

 

(b) [Intentionally
Omitted] 

 

(c) Governing
Law. This Agreement will be governed by, and interpreted in accordance with, the laws of the Commonwealth of Kentucky
applicable to agreements made and to be wholly performed within the Commonwealth of Kentucky, without regard to the conflict
of laws provisions of any jurisdiction which would cause the application of any law other than that of the Commonwealth of
Kentucky. Executive hereby consents to the jurisdiction of the state and federal courts of the Commonwealth of Kentucky,
including the Fayette Circuit Court, and hereby waives any objection to venue of any action brought in such
courts.

 

(d) Entire
Agreement; Amendments. This Agreement contains the entire understanding of the parties with respect to the employment of
Executive by the Employer. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the
parties with respect to the subject matter herein other than those expressly set forth or referred to herein. This Agreement
may not be altered, modified, or amended, nor may any of its provisions be waived, except by written instrument signed by the
parties hereto which states that it is intended to alter, modify or amend this agreement or waive a right hereunder. Sections
7 and 8 hereof shall survive the termination of Executive’s employment with the Employer, except as otherwise
specifically stated therein.

 

    	6

    	 

    

 

(e) Neutral
Interpretation. This Agreement constitutes the product of the negotiation of the parties hereto and the enforcement of
this Agreement shall be interpreted in a neutral manner, and not more strongly for or against any party based upon the source
of the draftsmanship of the Agreement. Each party has been provided ample time and opportunity to review and negotiate the
terms of this Agreement and consult with legal counsel regarding the Agreement.

 

(f) No
Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be
considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict
adherence to that term or any other term of this Agreement.

 

(g) Severability. In
the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in
any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected
thereby.

 

(h) Successors.

 

(i)       This
Agreement is personal to Executive and shall not be assignable by Executive otherwise than by will or the laws of descent and
distribution. This Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives.

 

(ii)       This
Agreement shall inure to the benefit of and be binding upon the Employer and its successors and assigns. The Employer shall require
any successor (whether direct or indirect, by purchase, merger, reorganization, consolidation, acquisition of property or stock,
liquidation, or otherwise) to all or a substantial portion of its business and/or assets, by agreement in form and substance reasonably
satisfactory to Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that
the Employer would be required to perform this Agreement if no such succession had taken place. Regardless of whether such an
agreement is executed, this Agreement shall be binding upon any successor of the Employer and such successor shall be deemed the
“Employer” for purposes of this Agreement. Notwithstanding anything to the contrary contained herein, the Executive
shall have the right to terminate this Agreement if Employer’s assets or membership units are sold to an entity that is
not a subsidiary or an affiliate of the Employer. Such a sale shall include a merger, consolidation, sale of assets or membership
units or other corporate reorganization; however it shall not include a change in ownership as a result of a public offering.
Such a termination by Executive shall not be deemed a termination for “Good Reason” as herein defined, under which
Executive would be entitled to the severance payment set out in Section 7 (b) (ii) above.

 

(i) Notice. For
the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and
shall be deemed to have been duly given if delivered personally, if delivered by overnight courier service, if sent by
facsimile transmission or if mailed by United States registered mail, return receipt requested, postage prepaid, addressed to
the respective addresses or sent via facsimile to the respective facsimile numbers, as the case may be, as set forth below,
or to such other address as either party may have furnished to the other in writing in accordance herewith, except that
notice of change of address shall be effective only upon receipt; provided, however, that (i) notices sent by personal
delivery or overnight courier shall be deemed given when delivered; (ii) notices sent by facsimile transmission shall be
deemed given upon the sender’s receipt of confirmation of complete transmission, and (iii) notices sent by United
States registered mail shall be deemed given two days after the date of deposit in the United States mail.

 

    	7

    	 

    

 

If
to the Employer, to:

 

Rhino
GP LLC

424
Lewis Hargett Circle

Suite
250

Lexington,
Kentucky 40503

Attn:
CEO

 

cc:

 

Rhino
GP LLC

56
Broad Street, Suite 2

Charleston,
South Carolina 29401

Attn:
CEO

 

If
to Executive, to such address as shall most currently appear on the records of the Employer.

 

(j) Withholding. The
Employer may withhold from any amounts payable under this Agreement such Taxes (as defined in Section 12(k)) as may be
required to be withheld pursuant to any applicable law or regulation.

 

(k) Counterparts. This
Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument.

 

(l) Code
Section 409A. It is intended that any amounts payable under this Agreement and the Employer’s and Executive’s
exercise of authority or discretion hereunder shall comply with Code Section 409A (including the Treasury regulations and
other published guidance relating thereto) so as not to subject Executive to the payment of any interest or additional tax
imposed under Code Section 409A. To the extent any amount payable under this Agreement would trigger the additional tax
imposed by Code Section 409A, the Agreement shall be modified to avoid such additional tax.

 

(m) Confidential
Terms. Executive agrees to maintain as confidential the terms and conditions of this Agreement, provided however
Executive may disclose the terms of this Agreement to his legal counsel, and accountant or tax preparer, or as may be
otherwise required by law.

 

(n) Waiver
of Jury Trial. The parties hereby voluntarily and irrevocably waive the right to a trial by jury with regard to any
action arising under or in connection with this agreement or the employment of the Executive by the Employer.

 

12. Definitions.

 

(a) Accrued
Obligations. “Accrued Obligations” has the meaning set forth in Section 7(a).

 

    	8

    	 

    

 

(b) Base
Salary. “Base Salary” has the meaning set forth in Section 3.

 

(c) Board. “Board”
means the Board of Directors of the Employer.

 

(d) Cause. “Cause”
for termination by the Employer of Executive’s employment with the Employer means any of the following:

 

(i)       the
failure of Executive to perform substantially his duties (other than any such failure resulting from incapacity due to disability),
within ten days after written notice from the Employer;

 

(ii)       Executive’s
conviction of, or plea of guilty or no contest to (A) a felony or (B) a misdemeanor involving dishonesty or moral turpitude; or

 

(iii)       Executive
engaging in any illegal conduct, gross misconduct, or other material breach of this Agreement which is materially and demonstrably
injurious to the business or reputation of the Employer; or

 

(iv)       Executive
engaging in any act of dishonesty or fraud involving Employer or any subsidiary or affiliate of Employer.

 

(e) Code. “Code”
means the Internal Revenue Code of 1986, as amended from time to time.

 

(f) Employer. “Employer”
means Rhino GP LLC, a Delaware limited liability company.

 

(g) Disability. “Disability”
means the inability of Executive to perform his normal duties as a result of any physical or mental injury or ailment for
(i) any consecutive forty five (45) day period or (ii) any ninety (90) days (whether or not consecutive) during any three
hundred sixty five (365) calendar day period.

 

(h) Employment
Term. “Employment Term” has the meaning set forth in Section 1.

 

(i) Executive. “Execut
ive” means Richard A. Boone.

 

(j) Good
Reason. “Good Reason” for termination by Executive of Executive’s employment means the occurrence
(without Executive’s express written consent) of any one of the following acts by the Employer or failures by Employer
to act:

 

(i)       the
assignment to Executive of any duties inconsistent in any material respect with those of the office to which Executive is assigned
pursuant to Section 2 hereof (including status, office, title and reporting requirements), or any other diminution in any material
respect in such position, authority, duties or responsibilities unless agreed to by Executive;

 

(ii)       a
reduction in Base Salary;

 

    	9

    	 

    

 

(iii)       a
reduction in Executive’s welfare benefits plans, qualified retirement plan, or paid time off benefit, other than a reduction
as a result of a general change in any such plan; or

 

(iv)       any
purported termination of Executive’s employment under this Agreement by the Employer other than for Cause, death or Disability.

 

Prior
to Executive’s right to terminate this Agreement, he shall give written notice to the Employer of his intention to terminate
his employment on account of Good Reason. Such notice shall state in detail the particular act or acts of the failure or failures
to act that constitute the grounds on which Executive’s Good Reason termination is based and such notice shall be given
within six (6) months of the occurrence of the act or acts or the failure or failures to act which constitute the grounds for
Good Reason. The Employer shall have thirty (30) days upon receipt of the notice in which to cure such conduct, to the extent
such cure is possible and reasonable.

 

(k) Taxes. “Taxes”
mean the incremental United States federal, state and local income, excise and other taxes payable by Executive with respect
to any applicable item of income.

 

    	10

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the dates written below.

 

	EXECUTIVE:	 
	 	 
	/s/
    Richard A. Boone	 
	Richard
    A. Boone	 
	 	 
	Date
    signed: December 30, 2016

 

	Rhino
    GP LLC	 
	 	 	 
	By:	/s/
    William L. Tuorto	 
	Name:	William
    L. Tuorto	 
	Title:	Executive
    Chairman	 
	 	 	 
	Date signed: December 30, 2016

 

    	11

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