Document:

ex_313149.htm

Exhibit 10.1

 

	
			

				
			4832 Grand Avenue

			Duluth, Minnesota 55807 USA

			Phone: (218) 628-2217

			Fax: (218 628-3245

			Email: info@ikonics.com

			Website: www.ikonics.com

			

 

December 1, 2021

 

TO: Restricted Stock Unit Holder

 

RE: Restricted Stock Unit Cancellation and Release Agreement

 

This is an agreement and release (this “Agreement”) that provides for cancellation of your outstanding restricted stock unit award(s) (“RSU Awards”), pursuant to which you could be issued shares of common stock of IKONICS Corporation (the “Company”), in exchange for cash payment equal to $33.82 for each share underlying the unvested portion of your RSU Awards, net of any applicable withholding taxes.

 

As previously communicated to you, the Company is party to an Agreement and Plan of Merger, dated as of June 24, 2021 by and among the Company, Telluride Holdco, Inc. (“Holdco”), Telluride Merger Sub I, Inc., Telluride Merger Sub II, Inc., and TeraWulf Inc., as amended (the “Merger Agreement”). As a result of the transactions contemplated by the Merger Agreement, each share of the Company’s common stock will be converted into and exchanged for the right to receive (collectively, the “Merger Consideration”): (i) one share of Holdco common stock, (ii) one Contingent Value Right (as more fully described in the Merger Agreement), and (iii) $5.00 in cash. Additionally, the legacy stockholders of TeraWulf Inc. will own approximately 98% of the outstanding common stock of Holdco immediately after closing.

 

Pursuant to the terms of the Merger Agreement, your RSU Awards are eligible to vest and settle into shares of Company common stock in advance of the closing, which shares would be eligible to convert into the right to receive the Merger Consideration. Vesting of your RSU Awards is a taxable event subject to immediate tax withholding and, pursuant to the Company’s 2019 Equity Incentive Plan (the “Plan”) and the award agreement(s) issued thereunder governing your RSU Awards, persons receiving shares must pay a cash amount sufficient to cover any required withholding taxes before actual receipt of those Shares.

 

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, by signing below you agree as follows:

 

1.    RSU Awards Held. You acknowledge and agree that (i) Schedule A attached to this Agreement (“Schedule A”) reflects all outstanding RSU Awards held by you and the number of shares subject to such RSU Awards.

 

2.    RSU Award Consideration and Cancellation. You will be entitled to receive in settlement and full satisfaction of your rights under the RSU Awards that are outstanding immediately prior to the effective time of the First Merger (as defined in the Merger Agreement) (the “Effective Time”) a cash payment equal to $33.82 for each share underlying the unvested portion of your RSU Awards, net of any applicable withholding taxes (the “Payment”). In exchange for the Payment, you agree that all of your rights under the RSU Awards will terminate and be cancelled as of immediately prior to the Effective Time and become solely the right to receive the Payment, subject to any applicable withholding tax obligations.

 

3.    Payment. The Payment will be paid by the Company to you as soon as practicable following the Effective Time (but in any event not later than ten business days thereafter), net of any applicable withholding taxes.

 

 

 

 

4.    Tax Withholding. Any amount paid pursuant to this Agreement will be net of all applicable federal, state and local withholding taxes, including the withholding taxes described above. All such withholding taxes shall be withheld and remitted to the appropriate taxing authority and such remittance shall be deemed a payment to you of amounts owed under this Agreement. You acknowledge that the Company is not making any representations or warranties with respect to the tax treatment of any of the amounts paid hereunder and, by entering into this agreement, you agree to accept any and all such tax consequences.

 

5.    Release. In consideration of the Payment, you hereby release and discharge the Company and Holdco, and their affiliates, directors, officers, employees, and agents, and the respective administrators, legal representatives, heirs, successors and assigns of each (collectively, the “Releasees”), of and from any and all actions or causes of actions, suits or claims whatsoever in law and equity against any of the Releasees that you may now have or that may hereafter arise out of or in connection with the RSU Awards, the Plan, and any award agreement under the Plan, including but not limited to the treatment of the RSU Awards as set forth in this Agreement.

 

6.    Condition Precedent. The payment of the consideration described in Section 2 of this Agreement and the release described in Section 5 herein are conditioned upon the occurrence of the Effective Time. If the Merger Agreement is terminated in accordance with its terms, this Agreement, without further action, will be null and void and the RSU Awards held by you shall remain in existence in accordance with their provisions in existence prior to the date hereof.

 

7.    Further Assurances. You agree to execute and/or cause to be delivered to the Company such instruments and other documents, and shall take such other actions, as the Company may reasonably request for the purpose of carrying out or evidencing the provisions of this Agreement.

 

8.    Successors and Heirs. This Agreement shall run to the benefit of the Releasees and shall be binding on the successors and heirs of the parties hereto.

 

9.    RSU Award Holder Acknowledgement. You acknowledge that you have had a reasonable opportunity to review this Agreement and have had a reasonable opportunity to consult with your counsel and accountants with respect to the terms and legal, financial, and tax implications of this Agreement. Without limiting the generality or effect of the foregoing, you understand that the terms of this Agreement and the obligations of the Company included in this Agreement are contingent upon consummation of the First Merger. You acknowledge that you have reviewed the Company’s definitive proxy statement/prospectus contain in the registration statement on Form S-4 originally filed with the U.S. Securities and Exchange Commission on July 30, 2021, as amended (file no. 333-258335), further describing the First Merger and the Merger Agreement. You hereby acknowledge and agree that you shall have no “look back,” appraisal or similar rights and, except as provided herein, will in no event be entitled to additional consideration with respect to the cancellation of the RSU Awards pursuant to this Agreement.

 

10.    RSU Award Holder Representations. You hereby represent that, except for the RSU Awards listed in Schedule A, you do not hold or beneficially own any other rights to acquire, without the payment of additional consideration, shares of Company common stock or cash equal to or based on the value of such shares, whether issued under the 2019 Plan or otherwise, and that the RSU Award grant dates and numbers of shares subject to each RSU Award set forth in Schedule A are correct. You have, and immediately prior to the time the RSU Awards will be cancelled pursuant hereto will have, good title to the RSU Awards, free and clear of any liens, encumbrances, security agreements, equities, options, claims or charges of any kind, and you shall not transfer or attempt to transfer such RSU Award. There is no agreement or understanding between any person and you that would entitle you, after consummation of the First Merger, to acquire any securities of the Company or Holdco. You have full legal right, power and capacity to execute and deliver this Agreement and to perform your obligations hereunder.

 

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11.    Amendments. No amendment or modification of this Agreement will be deemed effective unless made in writing and signed by the parties hereto.

 

12.    Counterparts. This Agreement may be executed by the parties in counterparts, each of which shall be deemed to be an original. This Agreement may be delivered by facsimile or as an e-mail attachment and copies of an original executed signature page will be deemed original signatures for purposes of enforcement and construction of this Agreement.

 

13.    Governing Law. This Agreement will be governed by, and interpreted in accordance with, the laws of the State of Minnesota applicable to contracts made and to be performed entirely within such state.

 

14.    Submission to Jurisdiction. You (a) irrevocably and unconditionally submits to the personal jurisdiction of state courts of State of Minnesota located in Hennepin County, (b) agree that you will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (c) agree that any actions or proceedings arising in connection with this Agreement or the transactions contemplated by this Agreement shall be brought, tried and determined only in the state courts of the State of Minnesota located in Hennepin County, (d) waive any claim of improper venue or any claim that such courts are an inconvenient forum and (e) agree that you will not bring any action relating to this Agreement or the transactions contemplated hereunder in any court other than the aforesaid courts. You agree that mailing of process or other papers in connection with any such action or proceeding to you at the address set forth as your home address in the Company’s employment or in such other manner as may be permitted by applicable Law, shall be valid and sufficient service thereof.

 

15.    WAIVER OF JURY TRIAL. YOUR HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

[Signature Page Follows]

 

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If you agree to the terms and conditions above, please sign both copies of this Agreement in the space provided below for your signature. Keep a copy for your records and return the other signed copy to me at the address reflected in the heading.

 

	
			 

				
			Sincerely,

				
			 

			
	 	IKONICS CORPORATION	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			 

				
			 

			
	
			 

				
			Name: 

				
			Jon Gerlach 

				
			 

			
	
			 

				
			Title: 

				
			Chief Financial Officer 

				
			 

			

 

 

Accepted and Agreed to as of this ____ day of December 2021:

 

	 	 

Signature of RSU Award Holder

 

 

	 	 

Print Name

 

[Signature Page to Restricted Stock Unit Cancellation and Release Agreement]

 

 

Schedule A

to RSU Cancellation and Release Agreement

 

 

	
			 Restricted Stock Unit Award

			Grant Date

				 	
			Number of Unvested Shares 

			Subject to Restricted Stock Unit 

			Award

			
	 	 	 
	 	 	 
	 	 	 

 

[Signature Page to Restricted Stock Unit Cancellation and Release Agreement]Exhibit 10.1
Agreement and General Release
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Agreement and General Release (“Agreement”), by and between Laura W. Doerre (“Executive” and referred to herein as “you”) and Six Flags Entertainment Corporation, a Delaware corporation (the “Company”).
1.(a)Your employment with the Company as Executive Vice President, General Counsel and Chief Administrative Officer will terminate effective as of December 12, 2021 (the “Separation Date”), and as of the Separation Date, you will be deemed to have immediately resigned without the requirement of any additional action, from all other positions you held with the Company and its affiliates.
(b)In exchange for your waiver of claims against the Released Persons (as defined below) and compliance with the other terms and conditions of this Agreement, upon the Second Release Effective Date (as defined below), the Company agrees to provide you with the payments and benefits provided in Section 4(b) of your employment agreement with the Company, dated July 23, 2020 and effective October 1, 2020 (the “Employment Agreement”) in accordance with the terms and conditions of the Employment Agreement, which shall consist of, for the avoidance of doubt, the payments and benefits set forth on Exhibit A attached hereto.
2.(a)In consideration for the payments and benefits to be provided to you pursuant to Section 1(b) above, you, for yourself and for your heirs, executors, administrators, trustees, legal representatives and assigns (hereinafter referred to collectively as “Releasors”), forever release and discharge the Company and its subsidiaries, divisions, affiliates and related business entities, successors and assigns, and any of its or their respective directors, officers, fiduciaries, agents, trustees, administrators, employees and assigns (in each case, in their capacity as such) (collectively the “Released Persons”) from any and all claims, suits, demands, causes of action, covenants, obligations, debts, costs, expenses, fees and liabilities of any kind whatsoever in law or equity, by statute or otherwise, whether known or unknown, vested or contingent, suspected or unsuspected and whether or not concealed or hidden (collectively, the “Claims”), which you have had, now have, or may have against any of the Released Persons by reason of any act, omission, transaction, practice, plan, policy, procedure, conduct, occurrence, or other matter arising up to and including the Separation Date, except as provided in subsection (c) below.
(b)Without limiting the generality of the foregoing, this Agreement is intended to and shall release the Released Persons from any and all such claims, whether known or unknown, which you have had, now have, or may have against the Released Persons arising out of your employment or termination thereof, including, but not limited to: (i) any claim under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Employee Retirement Income Security Act of 1974 (excluding claims for accrued, vested benefits under any employee benefit or pension plan of the Released Persons subject to the terms and conditions of such plan and applicable law), the Family and Medical Leave Act, the Worker Adjustment and Retraining Notification Act of 1988, the Fair Labor Standards Act of 1938, the Texas Labor Code, the Texas Payday Law, the Texas Anti-Retaliation Act, the Texas Commission on Human Rights Act and the Texas Whistleblower Act, in each case as amended; (ii) any other claim whether based on federal, state, or local law (statutory or decisional), rule, regulation or ordinance, including, but not limited to, breach of contract (express or implied), wrongful discharge, detrimental reliance, defamation, emotional distress or compensatory or punitive damages; and (iii) any claim for attorneys’ fees, costs, disbursements and/or the like.

(c)Notwithstanding the foregoing, nothing in this Agreement shall be a waiver of claims: (i) that arise after the Separation Date, including, without limitation, such claims related to any equity award held by you; (ii) for the payments or benefits required to be provided under Section 4(b) of the Employment Agreement; (iii) regarding rights of indemnification and receipt of legal fees and expenses to which you are entitled under the Employment Agreement, the Company’s or a subsidiary of the Company’s Certificate of Incorporation or By-laws (or similar instrument), pursuant to any separate writing between you and the Company or any subsidiary of the Company or pursuant to applicable law; or (iv) relating to any claims for accrued, vested benefits under any employee benefit plan or retirement plan of the Released Persons subject to the terms and conditions of such plan and applicable law (excluding any severance or termination pay plan, program or arrangement, claims to which are specifically waived hereunder.
(d)In signing this Agreement, you acknowledge that you intend that this Agreement shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. You expressly consent that this Agreement shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown, unsuspected or unanticipated Claims, if any, as well as those relating to any other Claims hereinabove mentioned or implied.
3.(a)This Agreement is not intended, and shall not be construed, as an admission that any of the Released Persons has violated any federal, state or local law (statutory or decisional), ordinance or regulation, breached any contract or committed any wrong whatsoever against you.
(b)Should any provision of this Agreement require interpretation or construction, it is agreed by the parties that the entity interpreting or constructing this Agreement shall not apply a presumption against one party by reason of the rule of construction that a document is to be construed more strictly against the party who prepared the document.
(c)You represent and warrant that you have not assigned or transferred to any person or entity any of my rights which are or could be covered by this Agreement, including but not limited to the waivers and releases contained in this Agreement.
(d)You understand that nothing in this Agreement limits your ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”). You further understand this Agreement does not limit your ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. While this Agreement does not limit your right to receive an award for information provided to the Securities and Exchange Commission, you understand and agree that, to maximum extent permitted by law, you are otherwise waiving any and all rights you may have to individual relief based on any claims that you have released and any rights you have waived by signing this Agreement.
4.This Agreement is binding upon, and shall inure to the benefit of, the parties and their respective heirs, executors, administrators, successors and assigns.

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5.This Agreement shall be construed and enforced in accordance with the laws of the State of Texas applicable to agreements made and to be performed entirely within such State.
6.You acknowledge that you: (a) have carefully read this Agreement in its entirety; (b) have had an opportunity to consider for at least twenty-one (21) days the terms of this Agreement; (c) are hereby advised by the Company in writing to consult with an attorney of your choice in connection with this Agreement; (d) fully understand the significance of all of the terms and conditions of this Agreement and have discussed them with your independent legal counsel, or have had a reasonable opportunity to do so; (e) have had answered to your satisfaction by your independent legal counsel any questions you have asked with regard to the meaning and significance of any of the provisions of this Agreement; and (f) are signing this Agreement voluntarily and of your own free will and agree to abide by all the terms and conditions contained herein.
7.You understand that you will have at least twenty-one (21) days from the date of receipt of this Agreement to consider the terms and conditions of this Agreement. You may accept this Agreement by signing it and returning it to the Company’s Corporate Secretary at the address specified pursuant to Section 12 of the Employment Agreement. After executing this Agreement, you shall have seven (7) days (the “Revocation Period”) to revoke this Agreement (other than Section 1(a) above) by indicating your desire to do so in writing delivered to the Corporate Secretary at the address above by no later than 5:00 p.m. Central Standard Time on the seventh (7th) day after the date you sign this Agreement. If the last day of the Revocation Period falls on a Saturday, Sunday or holiday, the last day of the Revocation Period will be deemed to be the next business day. In the event you do not accept this Agreement as set forth above, or in the event you revoke this Agreement during the Revocation Period, this Agreement (other than Section 1(a) above), including but not limited to the obligation of the Company to provide the payments and benefits provided in Section 1(b) above, shall be deemed automatically null and void. You hereby acknowledge and agree that Section 1(a) shall take immediate and irrevocable effect as of the Separation Date, regardless of whether you invoke your right to revoke this Agreement in accordance with this Section 7.
8.The Company’s obligations under Section 1(b) of this Agreement are strictly contingent upon your re-execution and non-revocation of this Agreement within twenty-one (21) days following the Separation Date.  The date of your re-execution of this Agreement is referred to herein as the “Re-Execution Date”.  By re-executing this Agreement, you advance to the Re-Execution Date your general waiver and release of all Claims against the Released Persons and the other covenants set forth in Section 2 of this Agreement.  After re-executing this Agreement on the Re-Execution Date, you shall have seven (7) days (the “Subsequent Revocation Period”) to revoke this Agreement (other than Section 1(a) above) by indicating your desire to do so in writing delivered to the General Counsel at the address above by no later than 5:00 p.m. Central Standard Time on the seventh (7th) day after the Re-Execution Date. Provided that you do not revoke your re-execution of this Agreement within such seven (7)-day period, the “Second Release Effective Date” shall occur on the eighth calendar day following the Re-Execution Date.
9.Any dispute regarding this Agreement shall be subject to Texas law without reference to its choice of law provisions. You agree to reimburse the Company for out-of-pocket costs and expense reasonably incurred by in connection with enforcing this Agreement (including attorney’s fees) with respect to each claim on which the Company substantially prevails.

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10.Capitalized terms in this Agreement (including Exhibit A attached hereto) that are not defined in this Agreement shall have the meaning ascribed to such terms in the Employment Agreement. 
 [Signature Pages Follow]
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IN WITNESS WHEREOF, Executive and the Company have caused this Agreement to be executed as of the date set forth below.
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	EXECUTIVE

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	/s/ Laura W. Doerre                                                             

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	Laura W. Doerre

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	Date:
	December 3, 2021                                                       

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	RE-EXECUTION SIGNATURE

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	(Not to be signed by Executive prior to Separation Date)

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	​
	                                                                                              

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	Laura W. Doerre

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	Date:
	                                                                                    

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	SIX FLAGS ENTERTAINMENT CORPORATION

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	/s/ Selim A. Bassoul                                                             

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	By:
	Selim A. Bassoul

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	Its:
	President and Chief Executive Officer

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	Date:
	December 3, 2021                                                        

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[Signature Page to Agreement and General Release]

Exhibit A
Entitlements under Section 1(b) of the Agreement and General Release
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Subject to (a) your continued compliance with Sections 5, 6, and 7 of the Employment Agreement, (b) your execution (and re-execution in accordance with Section 8 of this Agreement) and delivery of this Agreement, and (c) your nonrevocation of this Agreement prior to the expiration of the Subsequent Revocation Period, you will be entitled to the following payments and benefits, in accordance with the terms set forth in the Employment Agreement:
		1.	Payment of the full amount of the annual bonus that would otherwise have been paid to you if you had remained employed by the Company through December 31, 2021 (the “Annual Bonus”), which Annual Bonus, for the avoidance of doubt,  (w) shall be calculated based on the Company’s performance for the full 2021 calendar year, (x) shall be calculated in the same manner that annual bonuses are calculated for other executives of the Company by the Compensation Committee of the Company’s board of directors (the “Committee”), (y) after giving effect to foregoing provisions set forth in (w) and (x) above, shall not be subject to negative adjustment by the Committee and (z) paid at the time annual bonuses are normally paid to the Company’s executives but in no event later than March 15, 2022, it being understood that the Annual Bonus shall be paid to you at such time set forth in clause (z) (subject to your compliance with this Agreement) notwithstanding the earlier termination of your employment on the Separation Date;

		2.	Payment of an amount equal to the product of one (1) times Base Salary and Target Bonus within sixty (60) days following the Separation Date; 

		3.	Subject to your making a timely election pursuant to COBRA, continued health care coverage for a period of three (3) months commencing on the Separation Date or until you receive comparable coverage from a subsequent employer for you (and your eligible dependents, if any) under the Company’s health plans on the same basis as such coverage is made available to executives employed by the Company (including, without limitation, co-pays, deductibles and other required payments and limitations) with the Company paying the applicable COBRA premium in excess of the amount paid by active employees for such coverage or otherwise providing such coverage to you for the amount paid by active employees for such coverage and your qualifying event for purposes of COBRA shall be treated as occurring at the Separation Date;

		4.	Immediate vesting of then-outstanding unvested equity awards that are scheduled to vest in the twelve (12) month period following your Separation Date (which, for the avoidance of doubt, shall not include any outstanding performance-vesting restricted stock units) as set forth in the table below; 

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	Award Type
	Grant Date
	Total Number of Shares Subject to Award
	Shares Underlying 
Portion of the Award Vested as of the Separation Date
	Shares Underlying Accelerated Portion of Award
	Shares Underlying Forfeited Portion of Award

	RSU
	3/8/2021
	7,993
	0
	2,664
	5,329

	RSU
	5/6/2020
	42,083
	14,027
	14,028
	14,028

	RSU
	3/9/2020
	31,546
	0
	31,546
	0

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	5.	Reimbursement on or before March 15, 2022 for executive outplacement services provided by a firm of your choosing of up to $10,000, subject to your presentation of appropriate invoices or other reasonable documentation no later than March 1, 2022, with it being understood that such outplacement services shall provide all associated administrative support, including, without limitation, résumé editing support; and

	6.	You shall be entitled to retain your cellular telephone (including the associated telephone number) that has been issued to you by the Company; provided, however, that you agree to cooperate with the Company in order to facilitate the removal of materials relating to the Company or its affiliates from such device.

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[Remainder of Page Intentionally Blank]

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