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                                                                    EXHIBIT 10.2

                            CENTURY ALUMINUM COMPANY

          AMENDED AND RESTATED NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN

      I.    PURPOSES

      Under this Non-Employee Directors' Stock Option Plan (the "Plan") of
Century Aluminum Company (the "Company"), options ("Options") shall be granted
to directors who are not employees of the Company or any of its subsidiaries
("Non-employee Directors") to purchase shares of the Company's capital stock.
The Plan is designed to enable the Company to attract and retain outside
directors of the highest caliber and experience and to provide an incentive for
such directors to increase their proprietary interest in the Company's long-term
success. Options are not intended to qualify as incentive stock options under
Section 422 of the Internal Revenue Code of 1986, as amended (the "Code").

      II.      AMOUNT OF STOCK SUBJECT TO THE PLAN

      The total number of shares of common stock, $0.01 par value per share, of
the Company, or any other security into which such shares of common stock may be
changed by reason of any transaction or event of the type referred to below in
Article XII (the "Shares") which may be purchased pursuant to the exercise of
Options granted under the Plan shall not exceed, in the aggregate, 200,000. The
number of shares available for grant under this Plan will be increased by shares
that are not issued upon the exercise of an Option for any reason, including in
connection with a net exercise to pay the exercise price (to the extent
permitted by the Board)or applicable withholding taxes.

      Shares which may be acquired under the Plan may be either Shares of
original issuance or treasury shares of issued stock held in the Company's
treasury, or both, at the discretion of the Company. If and to the extent that
Options granted under the Plan expire or terminate without having been
exercised, new Options may be granted with respect to the Shares covered by such
expired or terminated Option, provided that the grant and the terms of such new
Options shall in all respects comply with the provisions of the Plan.

      III.     ADMINISTRATION

      The Plan shall be administered by the Board of Directors of the Company
(the "Board"). The Board shall have the authority to adopt, alter and repeal
such administrative rules, guidelines and practices governing the Plan as it
shall, from time to time, deem advisable; to interpret the terms and provisions
of the Plan and any Option granted and any agreements, notifications or other
documents relating thereto; and to otherwise supervise the administration of the
Plan. No member of the Board shall participate in any vote by the Board on any
matter materially affecting the right of any such member under the Plan.

      IV.      ELIGIBILITY

      Options may be granted only to Non-employee Directors.

      V.       OPTION AGREEMENT

      Each Option granted under the Plan shall be evidenced by an agreement duly
executed on behalf of the Company. Each such agreement shall comply with and be
subject to the terms and conditions of the Plan. Any such agreement may contain
such other terms and conditions not inconsistent with the Plan as may be
determined by the Board.

      VI.      GRANTS OF OPTIONS

      Options shall be granted to Non-employee Directors as follows:

      a. Each newly-elected Non-employee Director elected to the Board shall be
granted Options to purchase 10,000 Shares. The Vice Chairman of the Board, if
any, shall be granted Options to purchase 25,000 Shares. The Options referred to
in this paragraph (a) are collectively referred to herein as the "Initial
Grant"; and

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      b. On the first business day immediately following the date of each annual
meeting of the stockholders of the Company at which directors are elected in
each year commencing after 1996, each Non-employee Director shall be granted (an
"Annual Grant") Options to purchase 3,000 Shares.

      VII.     OPTION PRICE AND PAYMENT

      The price per Share under any Option granted hereunder shall be equal to
100% of the fair market value of the Shares subject to such Option, on the date
the Option is granted.

      If the Shares are listed on a national securities exchange in the United
States on the date any Option is granted, the fair market value per Share shall
be deemed to be the average of the high and low sale price on such national
securities exchange in the United States on the date upon which the Option is
granted, but if the Shares are not traded on such date, or such national
securities exchange is not open for business on such date, the fair market value
per Share shall be the average of the high and low sale price determined as of
the closest preceding date on which such exchange shall have been open for
business and the Shares were traded. If the Shares are listed on more than one
national securities exchange in the United States on the date any such Option is
granted, the Board shall determine which national securities exchange shall be
used for the purpose of determining the fair market value per Share. If the
Shares are not listed on a national securities exchange but are quoted on the
NASDAQ National Market ("NASDAQ"), the fair market value per share shall be
deemed to be the average of the high and low sale price on the date upon which
the Option is granted as reported by NASDAQ or, if the Shares are not quoted on
such date or NASDAQ is not open for business on such date, the fair market value
per Share shall be the average of the high and low sale price determined as of
the closest preceding date on which NASDAQ shall have reported the Shares. If
the Shares are not traded publicly, the fair market value of the Shares shall be
determined in good faith by the Board.

      For purposes of this Plan, the determination by the Board of the fair
market value of a Share shall be conclusive.

      VIII.    LIMITATIONS ON THE RIGHT OF EXERCISE

      Options granted pursuant to Initial Grants for the purchase of Shares
shall vest and become exercisable in three equal installments on each of (i) the
date of grant; (ii) the first anniversary of the date of grant and (iii) the
second anniversary of the date of grant. Options granted pursuant to Annual
Grants for the purchase of Shares shall vest and become exercisable in four
equal installments on each of (i) the date three months following the date of
grant; (ii) the date six months following the date of grant; (iii) the date nine
months following the date of grant; and (iv) the first anniversary of the date
of grant.

      To the extent not exercised, installments shall accumulate and be
exercisable, in whole or in part, at any time after becoming exercisable, but
not later than the date the Option expires.

      IX.      EXERCISE OF OPTIONS

      Options granted under the Plan shall be exercised by the optionee as to
all or part of the Shares covered thereby by the giving of written notice of the
exercise thereof to the Secretary of the Company at the principal business
office of the Company, specifying the number of Shares to be purchased,
accompanied by payment therefore made to the Company for the full purchase price
of such Shares.

      Upon the exercise of an Option granted hereunder, the Company shall cause
the purchased Shares to be issued only when it shall have received the full
purchase price for the Shares in cash; provided, however, that in lieu of cash,
the Board, in its discretion, may permit the holder of an Option, to the extent
permitted by applicable law, to exercise an Option in whole or in part, by any
means the Board determines appropriate.

      Notwithstanding the foregoing, the Company, in its sole discretion, may
establish cashless exercise procedures whereby an Option holder, subject to the
requirements of Rule 16b-3 ("Rule l6b-3"), promulgated pursuant to Section 16(b)
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
Regulation T, federal income tax laws, and other federal, state and local tax
and securities laws, can exercise an Option or a portion thereof without making
a direct payment of the option price to the Company, including a program whereby
Option shares would be sold on behalf of and at the request of an Option holder
by a designated broker and the exercise price would be satisfied out of the sale
proceeds and delivered to the Company. If the Company so elects to

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establish a cashless exercise program, the Company shall determine, in its sole
discretion, and from time to time, such administrative procedures and policies
as it deems appropriate and such procedures and policies shall be binding on any
Option holder wishing to utilize the cashless exercise program.

      If an Option granted hereunder shall be exercised by legal representative
of a deceased Non-employee Director or former Non-employee Director, or by a
person who acquired an Option granted hereunder by bequest or inheritance or by
reason of the death of any Non-employee Director or former Non-employee
Director, written notice of such exercise shall be accompanied by a certified
copy of letters testamentary or equivalent proof of the right of such legal
representative or other person to exercise such Option.

      X.       NONTRANSFERABILITY OF OPTIONS

      An Option granted hereunder shall not be transferable, whether by
operation of law or otherwise, other than by will or the laws of descent and
distribution, and any Option granted hereunder shall be exercisable, during the
lifetime of the holder, only by such holder.

      XI.      TERM OF OPTION

      The Options shall terminate on the earliest to occur of the following:

      (a) Subject to Article XIII, three years after the date on which the
optionee ceases to be a director of the Company (during which period the Option
shall be exercisable only to the extent exercisable on the date of such
cessation); and

      (b) 10 years after the date on which the Option was granted.

      In no event, however, shall any person be entitled to exercise any Option
after the expiration of the period of exercisability of such Option as specified
therein.

      Notwithstanding the above, all Options outstanding on or after December
31, 2004, shall continue to vest for up to one full year after the option holder
retires or otherwise terminates his or her service as a director if such
retirement or termination occurs on or after the date the option holder attains
"normal retirement age" under the Company's Employee Retirement Plan (for this
purpose, service on the Company's Board shall be deemed service under the
Company's Retirement Plan).

      XII.     ADJUSTMENT OF SHARES; EFFECT OF CERTAIN TRANSACTIONS

      Upon any stock dividend, sale of all or a substantial portion of the
Company's assets, rights offering, stock split, combination or exchange of
Shares, recapitalization or other change in the capital structure of the
Company, corporate separation or division (including, but not limited to,
split-up, spin-off or distribution to Company shareholders other than a normal
cash dividend), sale by the Company of all or a substantial portion of its
assets, rights offering, merger, consolidation, reorganization or partial or
complete liquidation, or any other corporate transaction or event having an
effect similar to any of the foregoing, the Board shall make any adjustment as
may be appropriate to the maximum number of Shares subject to the Plan, the
number of Shares and price per Share subject to outstanding Options and such
other adjustments as shall be equitable to prevent dilution or enlargement of
rights under such Options, and the determination of the Board as to these
matters shall be conclusive.

      XIII.    CHANGE OF CONTROL

      Notwithstanding anything contained herein to the contrary, in the event of
a Change in Control (as hereinafter defined) all Options shall immediately vest
and become exercisable in full during the remaining term thereof, and shall
remain so, whether or not the Option holder to whom such Options have been
granted remains a Non-employee Director of the Company.

      In the event of certain transactions such as those involving a change in
the composition of the Board of Directors, sale of the Company's shares of
capital stock or assets, reorganization, merger, liquidation, etc., the Board of
Directors, in its sole discretion, may, but is not required to, deem such event
to be a "Change of Control." Notwithstanding the foregoing, a Change of Control
shall be deemed to have occurred upon the occurrence of any of the following
events:

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      (a) any person (which shall mean and include an individual, corporation,
partnership, group, association or other "person", as such term is used in
Sections 13 and 14 of the Exchange Act) which theretofore beneficially owned
less than 20% of the Shares then outstanding, acquires Shares in a transaction
or series of transactions, not previously approved by the Board of Directors,
that results in such person directly or indirectly owning at least 20% of the
Shares then outstanding; or

      (b) the election or appointment, within a 12 month period, of persons to
the Board who were not directors at the beginning of such 12 month period, whose
election or appointment was not approved by a majority of those persons who were
Board members at the beginning of such period, and which newly elected or
appointed Board members shall constitute a majority of the Board.

      XIV.     WITHHOLDING TAXES

      The Company may require a Non-employee Director exercising an Option to
reimburse the Company for any taxes required by any government to be withheld or
otherwise deducted and paid by the Company in respect of the issuance or
disposition of Shares. In lieu thereof, the Company shall have the right to
withhold the amount of such taxes from any other sums due or to become due from
the Company to the Non- employee Director upon such terms and conditions as the
Board shall prescribe. Notwithstanding the foregoing, the Board, by the adoption
of rules or otherwise, may modify the provisions of this Article XIV or impose
such other restrictions or limitations as may be necessary to ensure that the
withholding transactions described above will be exempt transactions under
Section 16(b) of the Securities Exchange Act of 1934 (the "Exchange Act").

      XV.      PURCHASE FOR INVESTMENT

      The Board may require the holder of an Option granted hereunder, upon any
exercise thereof, to execute and deliver to the Company a written statement, in
form satisfactory to the Company, in which such holder represents and warrants
that such holder is purchasing or acquiring the Shares acquired thereunder for
such holder's own account, for investment only and not with a view to the resale
or distribution thereof.

      XVI.     ISSUANCE OF SHARES; LEGENDS; PAYMENT OF EXPENSES

      Upon any exercise of an Option which may be granted hereunder and payment
of the purchase price, the Shares as to which the Option has been exercised
shall be issued by the Company in the name of the person exercising the Option
and shall be delivered to or upon the order of such person or persons.

      The Company may endorse such legend or legends upon certificates for
Shares issued upon exercise of an Option granted hereunder and may issue such
"stop transfer" instructions to its transfer agent in respect of such Shares as,
in its discretion, it determines to be necessary or appropriate to (i) prevent a
violation of, or to perfect an exemption from, the registration requirements of
the Securities Act or (ii) implement the provisions of the Plan and any
agreement between the Company and the optionee or grantee with respect to such
Shares.

      XVII.    LISTING OF SHARES AND RELATED MATTERS

      If at any time the Board shall determine in its discretion that the
listing, registration or qualification of the Shares covered by the Plan upon
any national securities exchange or under any state or federal law or the
consent or approval of any governmental regulatory body, is necessary or
desirable as a condition of, or in connection with, the sale or purchase of
Shares under the Plan, no Shares shall be issued unless and until such listing,
registration, qualification, consent or approval shall have been effected or
obtained, or otherwise provided for, free of any conditions not acceptable to
the Board.

      XVIII.   AMENDMENT OF THE PLAN

      The Board may, from time to time, amend the Plan, provided, however, that
to the extent required pursuant to Rule 16b-3 under the Exchange Act no
amendment shall be made, without the approval of the stockholders of the
Company, that will (i) increase the total number of Shares reserved for Options
under the Plan (other than an increase resulting from an adjustment provided for
in Article XII), (ii) modify the provisions of the Plan relating to eligibility,
or (iii) materially increase the benefits accruing to participants under the
Plan.

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      XIX.     TERMINATION OR SUSPENSION OF THE PLAN

      The Board may at any time suspend or terminate the Plan. The Plan, unless
sooner terminated by action of the Board, shall terminate at the close of
business on the Termination Date (as hereinafter defined). An Option may not be
granted while the Plan is suspended or after it is terminated. Rights and
obligations under any Option granted while the Plan is in effect shall not be
altered or impaired by suspension or termination of the Plan, except upon, the
consent of the person to whom the Option was granted. The power of the Board to
construe and administer any Options granted prior to the termination or
suspension of the Plan under Article III nevertheless shall continue after such
termination or during such suspension.

      XX.      GOVERNING LAW

      The Plan, such Options as may be granted thereunder and all related
matters shall be governed by, and construed and enforced in accordance with, the
laws of the State of Delaware.

      XXI.     PARTIAL INVALIDITY

      The invalidity or illegality of any provision herein shall not be deemed
to affect the validity of any other provision.

      XXII.    GENERAL

      1. Participant's or Successor's Rights as Stockholder

      Neither the recipient of an Option under the Plan nor the optionee's
successor(s) in interest shall have any rights as a stockholder of the Company
with respect to any Shares subject to an Option granted to such person until
such person becomes a holder of record of such Shares.

      2. Limitation as to Directorship

      Neither the Plan nor the granting of an Option nor any other action taken
pursuant to the Plan shall constitute or be evidence of any agreement or
understanding, express or implied, that an optionee has a right to continue as a
director for any period of time or at any particular rate of compensation.

      XXIII.   EFFECTIVE DATE; DURATION OF THE PLAN

      The Plan shall become effective on the date on which it is approved by the
Company's stockholders and shall remain in effect, subject to the provisions of
Article XVIII, until terminated by the Board of Directors. In no event may any
Options be granted under the Plan on or after the tenth anniversary of the date
the Plan is approved by the Company's stockholders, provided, however, that
previously granted Options may extend beyond that date.

      XXIV.    COMPLIANCE WITH RULE 16B-3

      It is the intention of the Company that the Plan comply in all respects
with Rule l6b-3 and that Plan participants remain disinterested persons
("disinterested persons") for purposes of administering other employee benefit
plans of the Company and having such other plans be exempt from Section 16(b) of
the Exchange Act. Therefore, if any Plan provision is later found not to be in
compliance with Rule 16b-3 or if any Plan provision would disqualify Plan
participants from remaining disinterested persons, that provision shall be
deemed null and void, and in all events the Plan shall be construed in favor of
its meeting the requirements of Rule 16b-3.

                                      -5-exv10w1

 

Exhibit 10.1

BUSINESS RELATIONSHIP TERMINATION AGREEMENT

     This Business Relationship Restructuring Agreement (this “Agreement”) is made and entered into
as of August 9, 2005, by and among Dirt Motor Sports, Inc., a Delaware corporation (successor to
Boundless Motor Sports Racing, Inc., a Colorado corporation) (the “Company”), Bobby P. Hartslief
(“Hartslief”), Renee Hartslief (“R. Hartslief”), Cale Henry Hartslief (“C. Hartslief”), Tess Jordan
Hartslief (“T. Hartslief”) and Paul A. Kruger (“Kruger”). Hartslief, R. Hartslief, C. Hartslief
and T. Hartslief are sometimes referred to herein as the “Hartslief Family”, and each of the above
persons and entities are sometimes each referred to herein as a “Party” and collectively, as the
“Parties”.

WITNESSETH:

     WHEREAS, the Company and Kruger, on the one hand, and the Hartslief Family, on the other hand,
have determined that it is in their mutual best interests to terminate their business relationship;

     NOW, THEREFORE, in consideration of the covenants and mutual promises contained herein, the
Parties hereby agree as follows:

     1. Severance Pay. The Company shall pay to Hartslief $180,000 as severance pay, which
amount shall be payable as follows: (i) $15,000 on August 9, 2005; (ii) $15,000 on September 1,
2005; and (iii) the remaining $150,000 on September 30, 2005.

     2. Cancellation of Stock Options and Restricted Stock Awards. All stock options
granted to Hartslief (the “Granted Stock Options”), and all restricted stock awarded to Hartslief
(the “Granted Restricted Shares”) (including, without limitation, the options to purchase 50,000
shares of the Company’s common stock and the restricted stock award to purchase 50,000 shares of
the Company’s common stock granted/awarded to Hartslief on or about October 8, 2004) are hereby
canceled in their entirety and of no further force or effect. Hartslief hereby represents and
warrants that he has not heretofore: (i) exercised any of the Granted Stock Options; or (ii) been
issued any of the Granted Restricted Shares.

     3. Cancellation of Shares. Hartslief has previously transferred 700,000 shares of the
Company’s common stock (collectively, the “Hartslief Shares”) to the other members of the Hartslief
Family, as follows: (i) 500,000 shares to R. Hartslief; (ii) 100,000 shares to C. Hartslief; and
(iii) 100,000 shares to T. Hartslief. Kruger has claimed a right to repurchase the Hartslief
Shares pursuant to a letter agreement, dated July 31, 2003, by and among Kruger, Hartslief and
other current and former stockholders of the Company (the “Letter Agreement”), which repurchase
right has heretofore been challenged by Hartslief. In settlement of this dispute, the Parties
agree that: (i) 250,000 shares of the Company common stock held by R. Hartslief will
contemporaneously herewith be returned to the Company for cancellation, and shall be accompanied by
a stock power executed in blank; (ii) all 100,000 of the shares of the Company common stock owned
by C. Hartslief will contemporaneously herewith be returned to the Company for cancellation, and
shall be accompanied by a stock power executed in blank; and (iii) all 100,000 of the shares of the
Company common stock owned by T. Hartslief will contemporaneously herewith be returned to the
Company for cancellation, and shall be

 

 

accompanied by a stock power executed in blank. The above referenced stock powers shall be in
substantially the form of Exhibit A attached hereto. Promptly following its receipt of the
foregoing, the Company shall cause the transfer agent to deliver to Mr. Richard F. Dahlson, solely
in his capacity as the Secretary of the Company (the “Secretary”), a certificate evidencing the
250,000 shares being retained by R. Hartslief (the “Retained Shares”), and Secretary shall hold the
Retained Shares in escrow pursuant to the rights of the Parties set forth in Section 4 below. In
addition, contemporaneously with her execution of this Agreement, R. Hartslief will deliver to
Secretary five (5) stock powers, executed in blank, which shall be held together with the Retained
Shares.

     4. Purchase Option.

          (a) R. Hartslief hereby grants to the Company, or any designee(s) of the Company (each, a
“Designee”) the right to purchase, at any time and from time to time on or prior to September 30,
2005 (the “Option Period”) any or all of the Retained Shares at a purchase price of $2.00 per share
(the “Per Share Option Price”).The above right may be exercised by the Company and/or any of its
Designees, by delivery of written notice to R. Hartslief and Secretary (the “Exercise Notice”),
together with the delivery of a wire transfer, to the account of R. Hartslief as set forth in
Exhibit B attached hereto, in immediately available funds, in the amount of the aggregate
Per Share Option Price for the rights being so exercised (the “Aggregate Option Price”). Upon
receipt of any Exercise Notice and the Aggregate Option Price, R. Hartslief shall instruct
Secretary to deliver to the Company the stock certificate for the Retained Shares, together with
appropriate stock powers. The Company shall then deliver the Retained Shares and stock powers to
its transfer agent with instructions to deliver certificates for the purchased Retained Shares to
the applicable purchaser, and deliver a certificate for any non-purchased Retained Shares to
Secretary to be held by Secretary pursuant to the terms and conditions of this Section 4 until the
expiration of the Option Period, at which time any Retained Shares not purchased by the Company or
its Designees pursuant to this Section 4 (the “Unsold Shares”) shall be returned to R. Hartslief.
In the event that the stock powers executed by R. Hartslief are not sufficient because of the
number of purchasers of Retained Shares, R. Hartslief agrees to deliver to Secretary additional
stock powers, executed by R. Hartslief in blank. In the event that there are Unsold Shares
following the expiration of the Option Period, the Company will provide reasonable assistance to R.
Hartslief from time to time with respect to administrative and ministerial actions necessary for
her to sell or transfer any or all of such Unsold Shares, including, when appropriate under
applicable law, (i) by causing counsel to the Company to issue the opinion referenced in the legend
included on the share certificate that represents the Retained Shares or (ii) causing a new
certificate without such a legend to be issued to her

          (b) The Company may assign/transfer any or all of its purchase rights under subsection 4(a) of
this Agreement, by written agreement with any person or entity, a copy of which shall be delivered
to R. Hartslief and Secretary.

     5. Cancellation of Rights under the Letter Agreement. Kruger hereby agrees that all
rights he may have under the Letter Agreement to purchase from the Hartslief Family any of the
Hartslief Shares is hereby terminated in its entirety and of no further force or effect.

 

 

     6. Confidentiality. Hartslief acknowledges and agrees that the Company and its
subsidiaries are entitled to prevent the disclosure of Trade Secrets (as defined below). As a
material inducement for the Company entering into this Agreement, Hartslief agrees at all times
after the date of this Agreement to hold in strict confidence and not to disclose or allow to be
disclosed to any person, firm or corporation, and not to use, the Trade Secrets, without the prior
written consent of the Company. As used herein, “Trade Secrets” means all confidential and
proprietary information of the Company and its affiliates, including, without limitation,
information derived from reports, investigations, experiments, research, work in progress,
drawings, designs, plans, proposals, codes, marketing and sales programs, client lists, sponsorship
information, client mailing lists, financial projections, cost summaries, pricing formula, and all
other concepts, ideas, materials, or information prepared or performed for or by the Company or its
subsidiaries and information related to the business, products or sales of Employer or its
subsidiaries, or any of their respective customers, vendors and sponsors, other than information
which is otherwise publicly available.

     7. Non-Competition. As a material inducement for the Company entering into this
Agreement, Hartslief agrees that for a period of one-year after the date of this Agreement, neither
Hartslief, nor any of his affiliates, will directly or indirectly: (i) compete with the Company or
its affiliates in the Business (as hereinafter defined) in the United States of America or in
Australia; (ii) act as an officer, director, employee, consultant, equityholder, lender, advisor or
agent of any person or entity which is in competition with the Company; or (iii) undertake or plan
for the organization of any business activity in competition with the Company, and Hartslief will
not combine or conspire with any other person or entity for the purpose of the organization of any
such competitive business activity; provided, however, that this Section 7 shall not prohibit
Hartslief or any of his affiliates from purchasing or holding an aggregate equity interest of up to
3% in any publicly-traded company which is in competition with the Company. As used herein,
“Business” means dirt track car racing or the promotion and/or sanctioning of dirt track car
racing.

     8. Hartslief Family Release.

          (a) As a material inducement to the Company and Kruger to enter into this Agreement, and
except for the covenants and agreements provided for in this Agreement, the Hartslief Family hereby
irrevocably and unconditionally releases, acquits and forever discharge the Company, Kruger and
each of the Company’s successors, assigns, agents, stockholders, directors, officers, employees,
representatives, attorneys and affiliates and all persons acting by, through, under or in concert
with any of them (collectively, the “Company Releasees”), or any of them, from any and all charges,
complaints, claims, liabilities, obligations, promises, agreements, controversies, damages,
actions, causes of action, suits, rights, demands, costs, losses, debts and expenses (including
attorneys’ fees and costs actually incurred), of any nature whatsoever, known or unknown (“Claim”
or “Claims”) which the Hartslief Family now has, owns, holds, or which the Hartslief Family at any
time heretofore had, owned or held against each of the Company Releasees, including, but not
limited to, (i) all Claims under the Age Discrimination in Employment Act of 1967, as amended; (ii)
all Claims under the Americans With Disabilities Act; (iii) all Claims under the Family Medical
Leave Act of 1933; (iv) all Claims under the Employee Retirement Income Security Act of 1974, as
amended; (v) all Claims related to Hartslief’s employment with the Company; (vi) all Claims of
unlawful discrimination based on

 

 

age, sex, race, religion, national origin, handicap, disability, equal pay or otherwise; (vii)
all Claims of wrongful discharge, breach of any implied or express employment contract, negligent
or intentional infliction of emotional distress, libel, defamation, breach of privacy, fraud, and
breach of any implied covenant of good faith and fair dealing; and (viii) all Claims related to
unpaid wages, salary, overtime compensation, bonuses, severance pay, vacation pay, grants of stock
options, awards of restricted stock or other compensation or benefits arising out of Hartslief’s
employment with the Company.

          (b) Each member of the Hartslief Family represents that he/she has not heretofore assigned or
transferred, or purported to assign or transfer, to any person or entity, any Claim or any portion
thereof or interest therein. The Hartslief Family represents and agrees that: (i) they have
consulted or have had sufficient opportunity to discuss with any person, including an attorney of
their choice; (ii) the have carefully read and fully understand all the provisions of this
Agreement; (iii) that they are competent to execute this Agreement; and (iv) they are voluntarily
entering into this Agreement on their own free will and accord, without reliance upon any statement
or representation of any person or parties released, or their representatives, concerning the
nature and extent of the damages and/or legal liability therefor.

          (c) Hartslief has had twenty-one (21) days in which to consider the Agreement, and, if he
executes this agreement within less than twenty-one (21) days from the date of receipt, it is with
the express understanding that he had the full twenty-one (21) days available if so desired and
that he was not pressured by the Company or any of its representatives or agents to take less time
to consider the Agreement. Further, Employee waives any and all rights to a twenty-one (21) day
period to consider the terms of her release of claims under the Age Discrimination in Employment
Act (“ADEA”) if he signs this Agreement prior to the expiration of the twenty-one (21) day period.

     9. The Company’s Release. As a material inducement to the Hartslief Family to enter
into this Agreement, the Company and Kruger hereby irrevocably and unconditionally release, acquit
and forever discharge the Hartslief Family, and their heirs, dependents, successors and assigns, or
any of them (the “Hartslief Releasees”) from any Claims which the Company or Kruger now has, owns,
holds, or to which the Company or Kruger at any time heretofore had, owned or held against each of
the Hartslief Releasees. The Company and Kruger represent that neither of them has heretofore
assigned or transferred, or purported to assign or transfer, to any person or entity, any Claim or
any portion thereof or interest therein.

     10. Nondisparaging Remarks. Hartslief will not make any disparaging or negative
statements, written or verbal, regarding any of the Company Releasees at any time in the future,
whether such statement is true or false, except as required by law or in defense of any legal
action brought by the Company against any Hartslief Releasee in violation of this Agreement.
Neither the Company nor any of its officers or directors will make any disparaging or negative
statements, written or verbal, regarding any of the Hartslief Releasees at any time in the future,
whether such statement be true or false, except as required by law or in defense of any legal
action brought by the Hartslief Family against any Company Releasee in violation of this Agreement.

 

 

     11. Acknowledgments. Hartslief acknowledges and recognizes that the enforcement of any
of the provisions set forth in Section 7 above by the Company and its subsidiaries will not
interfere with Hartslief’s ability to pursue a proper livelihood. Hartslief recognizes and agrees
that the enforcement of this Agreement is necessary to ensure the preservation and continuity of
the business and good will of Employer and its affiliates.

     12. Remedies. The Parties specifically acknowledged and agree that the remedy at law
for any breach of either Party’s obligations with respect to the provisions set forth in Sections
6, 7 or 10 above will be inadequate and that the Company and/or its subsidiaries, in addition to
any other relief that may be available to it, shall be entitled to temporary and permanent
injunctive relief or other equitable remedies as may be available to such party without the
necessity of proving actual damage.

     13. Indemnification. The Parties, jointly and severally, hereby agree to indemnify
Secretary against and hold Secretary harmless from, any costs, damages, judgments, attorneys’ fees,
expenses, obligations and liabilities of any kind or nature that may be suffered or incurred by
Secretary as a result of, in connection with or arising out of the acts or omissions of Secretary
in the performance of, or pursuant to, this Agreement (collectively, “Damages,”), except where such
Damages are incurred as a result of Secretary’s gross negligence or willful conduct in bad faith.
If any controversy arises between the Parties or with any other person with respect to the subject
matter of this Agreement, Secretary shall not be required to determine the same or to take any
action thereupon, but may await the settlement of any such controversy, or may interplead the
Retained Shares and related stock powers in the state district courts in Dallas, Texas. In such
event, Secretary shall not be liable for interest or damages, except to the extent such action
shall be proved to constitute gross negligence or willful conduct in bad faith on the part of
Secretary. The Parties acknowledge and agree that in performing his duties hereunder, Secretary is
acting solely in his capacity as the secretary of the Company; it being expressly agreed and
understood that Mr. Dahlson is not acting in his capacity as legal counsel to the Company.

     14. Notices. Any notice or communication hereunder must be in writing and given by
depositing the same in the United States mail, addressed to the Party to be notified, postage
prepaid and registered or certified with return receipt requested, or by delivering the same in
person. Such notice shall be deemed received on the date on which it is hand-delivered, or
delivered by Federal Express or on the third business day following the date on which it is so
mailed. For purposes of notice, the addresses of the Parties shall be: if to any member of the
Hartslief Family: 550 Bear Paw Lane N, Colorado Springs, Colorado 80906, Attn: Bobby Hartslief,
with a copy to David Graham & Stubbs LLP, 1550 Seventeenth Street, Suite 500, Denver, Colorado
80202, Attn: John Elofson, Esq.; if to the Company or Kruger: c/o Dirt Motor Sports, Inc., 2500
McGee Drive, Suite 147, Norman, Oklahoma 73072, Attn: Paul A. Kruger. Any Party may change its
address for notice by written notice given to the other party in accordance with this Section, and
if to Secretary: c/o Jackson Walker L.L.P., 2435 N. Central Expressway, Suite 600, Richardson,
Texas 75080, Attn: Richard F. Dahlson.

     15. Severability. It is the Parties’ intention that all provisions of this Agreement
be enforced to the fullest extent permitted by law. If, however, any provision of this
Agreement is held to be illegal or unenforceable, such provision shall be severable and the
remaining provisions of the Agreement shall remain in full force and effect.

 

 

     16. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware.

     17. Binding Nature. This Agreement shall be binding upon and inure to the benefit of
the Company Releasees, the Hartslief Releasees and the Parties hereto and their respective heirs,
administrators, representatives, executors, trustees, successors and assigns.

     18. Entire Agreement. This Agreement contains the entire understanding and agreement
between and among the Parties with respect to the subject matter herein, and supersedes all prior
oral or written agreements between the Parties with respect to that subject matter.

     19. Revocation. It is expressly agreed that for seven (7) days following execution of
this Agreement by Hartslief, Hartslief may revoke this Agreement; it is further expressly agreed by
the Parties that this Agreement shall not become effective or enforceable until the seven (7) day
revocation period described above has expired, after which there this Agreement shall be deemed
effective and enforceable as of the date first above written.

     20. Arbitration. Each Party consents to resolve by final and binding arbitration any
and all claims or controversies that may arise out of this Agreement, including those relating to
the interpretation or application of this Agreement. Each Party further agrees that the procedures
for any arbitration resulting from this Agreement shall be in accordance with the then current
Labor Arbitration Rules of the American Arbitration Association (“AAA”). Arbitration under this
Section 19 must be initiated within one year of the action, inaction, or occurrence about which the
Party initiating the arbitration is complaining. This Section 20 is expressly made pursuant to and
shall be governed by the Federal Arbitration Act, 9 U.S.C. Sections 1-14.

     PLEASE READ CAREFULLY. THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

 

     IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written
above.

DIRT MOTOR SPORTS, INC.

By:/s/ Paul A. Kruger

Name: Paul A. Kruger

Title: Chief Executive Officer

 

/s/ Bobby P. Hartslief

          Bobby P. Hartslief

 

/s/ Renee Hartslief

          Renee Hartslief

 

/s/ Bobby Philip Hartslief

          Bobby Philip Hartslief, as guardian of

          Cale Henry Hartslief, a minor

 

/s/ Bobby Philip Hartslief

          Bobby Philip Hartslief, as guardian of

          Tess Jordan Hartslief, a minor

 

/s/ Paul A. Kruger

          Paul A. Kruger

     The undersigned hereby executes this Agreement to be subject to and bound by the provisions of
Sections 3 and 4 of the Agreement.

/s/ Richard F. Dahlson

          Richard F. Dahlson, Secretary

          Dirt Motor Sports, Inc.

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