Document:

Exhibit

Exhibit 10.1

March 7, 2016

Daniel K. Schlanger
4807 Valerie
Bellaire, TX 77401

Re:    Separation of Employment

Dear Daniel: 

This letter (this “Letter”) is to set forth our mutual understanding that your employment with Exterran Corporation (the “Company”) and its affiliates (including, without limitation, as Senior Vice President, Global Products) will end effective as of March 31, 2016 (the “Separation Date”).  This Letter sets forth the terms and conditions of the termination of your employment with the Company.  

1.Termination of Employment Arrangements.  Effective as of the Separation Date, the offer of employment letter between you and the Company (the “Employment Letter”) and the Change of Control Agreement between you and the Company, each dated as of November 3, 2015, will terminate and you shall have no further rights or interest thereunder.

2.Accrued Obligations; Severance.  Upon your termination of employment with the Company, you will be eligible to receive the payments and benefits set forth in Section 3 of the Severance Benefit Agreement between you and the Company, dated November 3, 2015 (the “Severance Agreement”), which are described below in this Section 2, subject to the terms and conditions of your Severance Agreement. 

a.Accrued Obligations.  In accordance with Section 3(a) of the Severance Agreement within thirty (30) days of the Separation Date (or such earlier date as may be required by applicable law), the Company shall pay to you your base salary earned but unpaid through the Separation Date, your earned but unused vacation through the Separation Date and any unreimbursed business expenses through the Separation Date.

b.Severance.  In addition, subject to and conditioned upon your compliance with the terms set forth in Section 2(c) below, upon your termination of employment with the Company, you will be eligible to receive the payments and benefits set forth in Section 3(b) of the Severance Agreement, as modified by your Employment Letter (the “Severance Benefits”), which consist of the following:

i.Severance Payment. The Company will pay to you, in a lump sum on the sixtieth (60th) day following the Separation Date, the Severance Payment (as defined in the Severance Agreement), which will consist of the sum of: (x) your annual base salary in effect immediately prior to the Separation Date, plus (y) your target annual incentive award opportunity calculated as a percentage of your annual base salary for 2016, plus (z) a pro-rated target annual incentive award opportunity for 2016, determined by multiplying your target annual incentive opportunity for 2016 by a fraction, the numerator of which equals the number of days elapsed between January 1, 2016 and the Separation Date, and the denominator of which equals 366;

ii.Equity Acceleration. Your outstanding equity, equity-based or cash awards (including, without limitation, any stock options, restricted stock, restricted stock units and performance shares or units) based in the common stock of the Company or the common stock of Archrock, Inc. (“Archrock”), in any case, that would have otherwise vested during the twelve (12)-month period immediately following the Separation Date will vest in full as of the Separation Date and will be paid or delivered in accordance with the terms of the applicable award agreements.  With respect to any performance units or performance shares, if any, that 

1

are outstanding and vested as of the Separation Date (after taking into consideration any accelerated vesting that occurs in accordance with the preceding sentence), (x) if the achievement of the performance goals applicable to such performance units or performance shares, as applicable, has been measured as of the Separation Date, such earned, vested performance units or performance shares, as applicable, shall be paid to you on the sixtieth (60th) day after the Separation Date in a single lump sum cash amount equal to the closing price of a share of the Company’s common stock and/or Archrock’s common stock, as applicable, on the Separation Date multiplied by the number of such earned, vested performance units or performance shares, as applicable;
 
iii.Medical Benefits. During the period commencing as of the Separation Date and ending on the earlier of (x) the first (1st) anniversary of the Separation Date or (y) the date you and your eligible dependents are eligible for coverage under the medical plan of a subsequent employer, you and your eligible dependents will be eligible to continue to be covered under the Company’s medical plan as in effect during such period, subject to your timely payment of the plan premiums at active employee rates as in effect from time to time during such period.  Notwithstanding the foregoing, with regard to such medical continuation coverage, if the Company determines in its sole discretion that it cannot provide the foregoing benefit without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu thereof provide to you a taxable monthly payment in an amount equal to the monthly premium that you would be required to pay to continue your and your covered dependents’ group insurance coverage as in effect on the Separation Date (which amount shall be based on the premiums for the first month of such continued coverage).

c.Terms and Conditions of Severance.  Your eligibility to receive the Severance Benefits is subject in all respects to the terms and conditions of the Severance Agreement, including, without limitation, your timely execution and non-revocation of the Waiver (as defined in the Severance Agreement), your compliance with Sections 4 (“Nondisparagement Covenant”), 5 (“Return of Property”) and 6 (“Post-Separation Date Assistance”) of the Severance Agreement.  In addition, your eligibility to receive the Severance Benefits is contingent upon your employment not being terminated by the Company for Cause (as defined in the Severance Agreement) prior to the Separation Date.

3.Miscellaneous.

a.Six-Month Delay.  Notwithstanding any provision of this Letter to the contrary, the Company and you agree that no benefit or benefits under this Letter, including, without limitation, any severance payments or benefits payable under Section 2 hereof, shall be paid to you during the six (6)-month period following the Separation Date if paying such amounts at the time or times indicated in this Letter would constitute a prohibited distribution under Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the “Code”).  If the payment of any such amounts is delayed as a result of the previous sentence, then on the first (1st) business day next following the earlier of (i) the date that is six (6) months and one day following the date of your termination of employment, (ii) the date of your death or (iii) such earlier date as complies with the requirements of Section 409A of the Code, the Company shall pay you a lump-sum amount equal to the cumulative amount that would have otherwise been payable to you during such period.

b.Certain Incorporations.  Sections 9 (“Arbitration”), 10 (“Notices”), 12 (“Tax Withholding”), 17 (“Venue”) and 18 (“Section 409A”) of the Severance Agreement are hereby incorporated into this Letter as if first set forth herein.  

4.Entire Agreement.  Effective as of the Separation Date, this Letter, together with the Severance Agreement and the Waiver, comprises the entire agreement between you and the Company with respect to the subject matter hereof and supersedes, in their entirety, any other agreements between you and the Company with respect to the subject matter hereof.  Without limiting any other provisions in any applicable Company agreements or arrangements that would survive the termination of your employment, you acknowledge and agree that (i) you remain bound by, and you hereby reaffirm the terms and conditions set forth in, Section XV(j) (“Clawback”) of the Company’s 2015 Stock Incentive Plan, Sections 4 

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(“Nondisparagement Covenant”), 5 (“Return of Property”), 6 (“Post-Separation Date Assistance”), 9 (“Arbitration”) 16 (“Governing Law”) and 17 (“Venue”) of the Severance Agreement, and any confidentiality and non-solicitation provisions set forth in the award agreements between the Company or Archrock, on the one hand, and you, on the other hand, evidencing the equity, equity-based and/or cash awards (including, without limitation, options, restricted stock, restricted stock units and performance shares or units) previously granted to you by the Company or Archrock (as applicable), and (ii) the provisions referenced in the foregoing clause (i) shall survive the termination of your employment with the Company and shall remain in full force and effect in accordance with their respective terms.

Please confirm your acceptance of, and agreement to, this Letter by signing and dating this Letter in the space below and returning it to the Company.  Please retain one fully-executed original for your files.  We thank you for your service to the Company and wish you the best in your future endeavors.

Sincerely,

Exterran Corporation 

	
		
	By:
	/s/ ANDREW J. WAY

	Name:
	Andrew J. Way

	Title:
	President and Chief Executive Officer

Agreed and Accepted,
This 7th day of March, 2016

	
		
	By:
	/s/ DANIEL K. SCHLANGER

	Name:
	Daniel K. Schlanger

3WIZARD
WORLD, INC.

 

March
1, 2016

 

Mr.
Randy Malinoff

25262
Prado De La Puma

Calabasas
California 91302

 

Dear
Randy:

 

Re:
Position of Interim Chief Operating Officer of Wizard World, Inc.

 

This
Letter Agreement (“Agreement”) shall set forth the principal terms of the agreement between you (“You”)
and Wizard World, Inc. (“Company”) under which you shall be employed to perform services on behalf of Company.

 

1.
Agreement to Employ: Commencing on the date of this Agreement, Company hereby employs You, and You hereby agree to be employed
by Company, pursuant to the terms and conditions hereof.

 

2.
Employment Period: Unless your employment shall sooner end, Company shall employ you for a term of 90 days commencing on
the date hereon and ending 90 days thereafter (the “Employment Period”). The Employment Period may be extended by
mutual agreement for successive 90 day periods.

 

3.
Position and Duties:

 

(a)
Title: During the Employment Period, You shall be employed as, and shall have the title of “Interim Chief Operating Officer”.
As Interim Chief Operating Officer, You shall have such duties, responsibilities and authority as are commensurate and consistent
with Your position and as are assigned by the Board of Directors of the Company (the “Board”).

 

(b)
Reporting Official: You shall report directly to and be subject to the supervision and authority of John D. Maatta, Chairman of
the Board (the “Reporting Official”).

 

(c)
You agree to perform such duties and services for Company diligently, competently and in a good-faith manner, devoting your full
time and attention to the Company.

 

4.
Indemnification: Company agrees to indemnify, defend, and hold you harmless to the maximum extent permitted by law against
any and all claims, judgments and settlements incurred in connection with the fact that You were or are an officer of Company.

 

    	 	 	 

    	 	 	

    

 

Mr.
Randy Malinoff

March
1, 2016

 

5.
Compensation:

 

(a)
Base Salary: You will receive a base salary at an annual rate of One Hundred Fifty Thousand Dollars ($150,000.00) payable pursuant
to Company’s customary payroll practices.

 

(b)
Performance Compensation: Provide that the term of this Agreement is ultimately extended so that You have performed one consecutive
year of service, then in that case, You shall be considered as eligible to receive a performance bonus which in all respects shall
be discretionary within the sole authority and the sound discretion and the judgment of the Board.

 

(c)
Benefit Plan: During the Employment Period You shall be entitled to participate in every benefit, savings, welfare, health or
other plans or arrangements that Company may establish for its employees, subject to the terms and conditions of any such plans.

 

6.
Covenant Not to Disclose, Compete or Solicit: Upon execution of this Agreement, You and the Company shall enter into that
certain Non-Disclosure, Non-Competition and Non-Solicitation Agreement in the form attached hereto as Exhibit A.

 

7.
Work Made for Hire: All services of every nature of description which you perform on behalf of Company shall be as a work
made for hire. This means that Company will own the Copyright in all materials created by You while employed under the terms of
this Agreement. Additionally Company shall own the Intellectual property of all materials on which you work while employed by
Company.

 

8.
Governing Law/Arbitration: This Agreement shall be governed by the laws of the State of California. In the event of any
dispute or controversy arising under this Agreement, such shall be adjudicated by Arbitration pursuant to the rules and procedures
of JAMS at their Santa Monica, California Office.

 

    	 	 	2

    	 	 	

    

 Mr.
                                         Randy Malinoff

March
1, 2016

 

	IT
    IS SO AGREED:	 	 	 
	 	 	 	 	 
	WIZARD
    WORLD, INC.	 	RANDY
    MALINOFF
	 	 	 	 	 
	By:	/s/
    John D. Maatta	 	/s/
    Randy Malinoff
	 	John
    D. Maatta 	 	 	 
	 	 	 	 	 
	Its:
    	 Chairman	 	 	 

 

    	 	 	3

    	 	 	

    

 Mr.
                                         Randy Malinoff

March
1, 2016

 

EXHIBIT
A 

 

NON-COMPETE,
NON-SOLICITATION AND NON-DISCLOSURE AGREEMENT

 

(see
attached)

 

    	 	 	4

    	 	 	

    

 

NON-COMPETE,
NON-SOLICITATION AND NON-DISCLOSURE AGREEMENT

 

THIS
NON-COMPETE, NON-SOLICITATION AND NON-DISCLOSURE AGREEMENT (“Agreement”) dated as of March 1, 2016, by and between
Wizard World, Inc., a Delaware corporation with a principal place of business at 2201 Park Place, Suite 101, El Segundo, California
90245 (“Employer”), and Randy Malinoff, an individual with an address at 25262 Prado De la Puma, Calabasas, California
91302 (“Employee” and together with Employer, the “Parties” and each, a “Party”).

 

WITNESSETH:

 

WHEREAS,
Employee is entering into that certain Letter Agreement, dated as of the date hereof, by and between Employee and Employer, wherein
Employee is agreeing to be employed as Interim Chief Operating Officer of the Company.

 

WHEREAS,
in connection with such employment, Employee has been and may be given further access to, generate, or otherwise come into contact
with certain proprietary and/or confidential information of Employer or clients of Employer; and

 

WHEREAS,
Employee and Employer desire to prevent the dissemination, unauthorized disclosure or misuse of such information.

 

NOW
THEREFORE, the parties hereto mutually agree as follows:

 

1.
Covenant Not to Solicit. During the period commencing on the date hereof and ending upon the termination of Employee’s
employment for any reason, Employee shall not, directly or indirectly, for Employee’s benefit or the benefit of a third
party, (i) induce or attempt to induce any employees of Employer to leave the employ of Employer or diminish his or her relationship
or Employer or (ii) solicit the business of any client or customer of Employer, or any client or customer that could reasonably
be expected to be a client or customer of Employer, during Employee’s period of employment with the Company.

 

2.
Covenant Not to Compete. Except as a passive investor in less than five percent (5%) of the equity securities of a publicly
held company, during the period commencing on the date hereof and ending upon the termination of Employee’s employment for
any reason, Employee shall not engage in, own or control an interest in, or act as principal, director or officer of, or consultant
to, any firm or corporation (i) engaged in a venture or business substantially similar to that of Employer or (ii) which is in
direct or indirect competition with Employer within the United States of America, its territories and possessions.

 

    	 	Exhibit
                                         A
	 
	 	A-1	 

    	 	 	

    

 

3.
Proprietary Information.

 

(a)
For purposes of this Agreement, “Proprietary Information” shall mean any information belonging to the business of
Employer that has not previously been publicly released by duly authorized representatives of Employer and shall include (but
shall not be limited to) information encompassed in all proposals, marketing and sales plans, financial information, costs, pricing
information, computer programs (including source code, object code, algorithms and models), customer information, customer lists,
and all methods, concepts, know-how or ideas and confidential information belonging to Employer and Employer’s customers
or clients. Employee agrees to regard and preserve as confidential all Proprietary Information whether Employee has such Proprietary
Information in Employee’s memory or in writing or other physical form.

 

(b)
Notwithstanding the foregoing, “Proprietary Information” shall not include information that (i) is disseminated to
the public at no fault of Employee, (ii) was obtained from a third party that did not have an obligation of confidentiality to
Employer, (iii) is already in the possession of Employee and (iv) constitutes any information proposals, marketing and sales plans,
financial information, costs, pricing information, computer programs (including source code, object code, algorithms and models),
customer information, customer lists, and all methods, concepts, know-how or ideas, created or generated by Employee for which
Employer has not been fully compensated.

 

(c)
Employee will not, without written authority from Employer to do so, directly or indirectly, disclose or use any Proprietary Information
for Employee’s benefit or purposes, nor disclose any Proprietary Information to others, either during the term of Employee’s
employment by Employer or thereafter, except as required by the conditions of Employee’s employment by Employer.

 

(d)
No work or intellectual property created by Employee shall be deemed work for hire and Employer shall only have the rights to
such work or intellectual property after fully compensating Employee for such work or intellectual property.

 

4.
Saving Provision. Employee expressly agrees that the covenants set forth in this Agreement are being given to Employer
in connection with the employment of Employee by Employer and that such covenants are intended to protect Employer against the
competition by Employee, within the terms stated, to the fullest extent deemed reasonable and permitted in law and equity. In
the event that the foregoing limitations upon the conduct of Employee are beyond those permitted by law, such limitations, both
as to time and geographical area, shall be, and be deemed to be, reduced in scope and effect to the maximum extent permitted by
law.

 

5.
Injunctive Relief. Employee acknowledges that (i) disclosure of any Proprietary Information or breach of any of the non-competitive
covenants or agreements contained herein will give rise to irreparable injury to Employer or clients of Employer that would be
inadequately compensable in damages. Accordingly, Employer, or where appropriate a client of Employer, may seek and obtain injunctive
relief against the breach or threatened breach of the foregoing undertakings, in addition to any other legal remedies which may
be available. Employee further acknowledges and agrees that in the event of the termination of employment with Employer, (ii)
Employee’s experience and capabilities are such that Employee can obtain employment in business activities which are of
a different or non-competing nature with his or her activities as an employee of Employer and (iii) the enforcement of a remedy
hereunder by way of injunction shall not prevent Employee from earning a reasonable livelihood. Employee further acknowledges
and agrees that the covenants contained herein are necessary for the protection of the Company’s legitimate business interests
and are reasonable in scope and content, and that Employee will, promptly upon the request of Employer at any time, cause any
subsequent employer to execute and deliver to Employer a confidentiality and non-disclosure agreement in substantially the form
of Section 2 hereof and otherwise satisfactory to Employer.

 

    	 	Exhibit
                                         A
	 
	 	A-2	 

    	 	 	

    

 

6.
Enforceability. The provisions of this Agreement shall be enforceable notwithstanding the existence of any claim or cause
of action of Employee against Employer whether predicated on this Agreement or otherwise.

 

7.
Term. This Agreement shall commence on the date hereof and shall terminate upon the termination of Employee’s employment
for any reason, except that Sections 3, 5, 6 and 8 shall survive the expiration or termination of this Agreement.

 

8.
Governing Law. The Agreement shall be construed in accordance with the laws of the State of California and any dispute
under this Agreement will only be brought in the state and federal courts located in the State of California.

 

9.
General. This Agreement contains the entire agreement of the Parties relating to the subject matter hereof. This Agreement
may be modified only by an instrument in writing signed by both Parties hereto. Any notice to be given under this Agreement shall
be sufficient if it is in writing and is sent by certified or registered mail to Employee at his residence address as the same
appears on the books and records of Employer or to Employer at its principal office, attention of the President, or otherwise
as directed by Employer, from time to time. Non-compliance with any one paragraph of this Agreement shall not have an effect on
the validity of any other part of this Agreement. The provisions of this Agreement relating to confidentiality or non-competition
shall survive the termination of employment, however caused.

 

[-signature
page follows-]

 

    	 	Exhibit
                                         A
	 
	 	A-3	 

    	 	 	

    

 

IN
WITNESS HEREOF, the undersigned execute this Agreement as of the date first set forth above.

 

	 	EMPLOYER
	 	 
	 	WIZARD
    WORLD, INC.
	 	 	 
	 	By:	/s/
    John D. Maatta
	 	Name:
    	John
    D. Maatta
	 	Title:
    	Chairman
    
	 	 	 
	 	EMPLOYEE
	 	 
	 	/s/
    Randy Malinoff
	 	Randy
    Malinoff

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