Document:

Amendment No. 1 to Employment Agreement of Arthur G. Dauber

 Exhibit 10.1 
 AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT OF 
 ARTHUR G. DAUBER

 Arthur G. Dauber and American Electric Technologies, Inc. (“Company”) entered into an Employment Agreement with
a term commencing on January 1, 2010 and ending on December 31, 2011 (the “Agreement”). 
 The parties to
the Agreement desire to amend the Agreement in the following particulars: 
 1. The term of the Agreement will end on
December 31, 2012 (“Expiration Date”). 
 2. Paragraph 2. Nature of Duties of the Agreement is deleted in its
entirety and the following is substituted therefore. 
  

	 	2.	Nature of Duties. 

a. If I am so elected by the Board of Directors of the Company, I will serve as Executive Chairman of the Board of Directors of the
Company for the remainder of calendar year 2009 and calendar year 2010. My responsibilities would include serving as Chairman of the Board of Directors, and focusing on international joint ventures, technical developments, manufacturing and
transformative business development projects. I will also perform special projects and merger and acquisition possibilities as assigned by the CEO of the Company. 
 b. For calendar years 2011 and 2012, I will be a part-time employee of the Company. If so elected, I will continue to serve as Chairman of the Board of Directors of the Company. I will work on
international operations including joint ventures and other specific projects assigned to me by the CEO of the Company including mergers and acquisitions, etc. 
 c. I recognize and agree that the Company may alter my duties from time to time. I shall devote 1,500 hours of my business time in 2010 and 1,000 hours of my business time in 2011 and 2012 to the
performance of my duties for the Company, which I shall perform faithfully and to the best of my ability. I shall be subject to the Company’s policies, procedures and approval practices as generally in effect from time to time. 

 3. Paragraph 4. Compensation and Related Matters of the Agreement is deleted in its entirety
and the following is substituted therefor. 
  

	 	4.	Compensation and Related Matters. 

  

													
	 	  	2010	 	  	2011	 	 	2012	 
	 Base Salary
	  	$	180,000	  	  	$	120,000	  	 	$	120,000	  
	 Expected Bonus
	  	 	0	  	  	 
 
 	1% of Equity in
Income of Joint
Ventures	  
  
  	 	 
 
 	1% of Equity in
Income of Joint
Ventures	  
  
  
	 Total Expected Compensation
	  	$	180,000	  	  	$	120,000 + 1	% 	 	$	120,000 + 1	% 

  

	 	a.	Within sixty (60) days after the end of each fiscal year of Company, I will be paid an amount equal to 1% of the amount reported by the Company on its
“consolidated statement of operations” on the line styled “Equity In Income of Joint Ventures” with respect to the Company’s joint ventures known as MIEFE, Bomay and AAG (Brazil). 

 

	 	b.	Automobile Allowance. The Company shall provide an automobile, or shall provide to me an automobile allowance equal to $600.00 per month in 2010 and $600.00 per
month in 2011 and $600 per month in 2012. 

  

	 	c.	Standard Benefits. During my employment, I shall be entitled to continue to participate in all executive benefit plans and programs, including paid vacations,
and other benefits generally available to other similarly situated Company executives in accordance with the terms of those plans and programs and applicable law. The Company shall have the right to terminate or change any such plan or program at
any time. Provided however that I shall be entitled to take 4 weeks paid vacation in 2010 and 3 weeks in 2011 and 2012. I shall also be entitled to Health and Life insurance benefits not to exceed cost to the Company of $500 per month in 2010 and
$550 per month in 2011 and $600 per month in 2012, plus in each year the cost of my annual physical examinations. 

  

	 	d.	Indemnification. The Company shall extend to me the same indemnification arrangements as are generally provided to other similarly situated Company executives,
including after termination of my employment. 

  

	 	e.	Expenses. I shall be entitled to receive prompt reimbursement for all reasonable and customary travel and business expenses I incur in connection with my
employment, but I must incur and account for those expenses in accordance with the policies and procedures established by the Company. I shall also be entitled to be reimbursed for the additional expenses of having my spouse accompany me on not more
than two (2) business trips out of the United States each year during 2011 and 2012. 

  

	 	f.	Sarbanes-Oxley Act Loan Prohibition. To the extent that any Company benefit, program, practice, arrangement, or this Agreement would or might otherwise result in
my receipt of an illegal loan (“Loan”), the Company shall use reasonable efforts to provide me with a substitute for the Loan that is lawful and of at least equal value to me. If this cannot be done, or if doing so would be
significantly more expensive to the Company than making the Loan, the Company need not make the Loan to me or provide me substitute for it. 

 4. I can terminate the Agreement as to the year 2012 by giving Company notice to that effect not later than September 30, 2011. 

Except as hereby specifically amended, the Agreement shall be and remain in full force and effect. 

Executed at Houston, Texas, this 29 day of November, 2010. 

 

							
	Employee:	 		 	American Electric Technologies, Inc.
				
	 /s/ Arthur G. Dauber
	 		 	By:	 	 /s/ Charles M. Dauber

	Arthur G. Dauber	 		 		 	Charles M. Dauber, PresidentWaiver to Credit Agreement

 Exhibit 10.1 
 WAIVER TO CREDIT AGREEMENT 
 This WAIVER TO CREDIT AGREEMENT (this
“Waiver”) is entered into as of November 22, 2010, by and among (1) DMLP, LTD., a Bahamas international business company (“DMLP”), (2) TRANSATLANTIC EXPLORATION MEDITERRANEAN INTERNATIONAL PTY. LTD.
(ABN 35 121 104 167), an Australian proprietary company (“TEMI”), (3) TALON EXPLORATION, LTD., a corporation duly organized and validly existing under the laws of Bahamas (“Talon”), (4) TRANSATLANTIC
TURKEY, LTD., a corporation duly organized and validly existing under the laws of Bahamas (“TAT”, and together with DMLP, TEMI and Talon, each a “Borrower” and, collectively, the “Borrowers”),
(5) the Guarantors (as defined in the Credit Agreement defined herein), (6) the Lenders (as defined in the Credit Agreement defined herein) and (7) STANDARD BANK PLC, as the administrative agent (in such capacity, the
“Administrative Agent”). 
 W I T N E S S E T H: 

WHEREAS, the Borrowers, the Guarantors, the Lenders and the Administrative Agent are parties to that certain Credit Agreement, dated as
of December 21, 2009 (as may from time to time be amended, supplemented, restated or otherwise modified, the “Credit Agreement”). 
 WHEREAS, the parties hereto wish to waive the requirement under Section 3.2(b) of the Credit Agreement that the Borrowing Base be redetermined (the “Interim Redetermination
Requirement”) based on the Internal Reserves Report previously delivered to the Technical Agent and dated as of June 30, 2010 with respect to the Hydrocarbon Interests included or to be included in the Borrowing Base and otherwise in
accordance with the provisions of Section 3 of the Credit Agreement; provided, however, that such waiver shall in no event apply to Borrowing Base redeterminations based on (x) Internal Reserves Reports to be delivered as of
June 30, 2011 or (y) Internal Reserves Reports to be delivered as of June 30 in subsequent years, in each case (x) and (y) in accordance with the provisions of Section 3.2(b) of the Credit Agreement. 

WHEREAS, the Lenders agree to waive the Interim Redetermination Requirement on the terms and subject to the conditions set forth in this
Waiver. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable
consideration, the receipt and sufficiency of which is acknowledged, the parties hereto agree as follows: 
 SECTION 1.
DEFINITIONS AND INTERPRETATION 
 1.1 Definitions. Unless the context otherwise requires, capitalized terms used but not
defined herein shall have the meanings given to them in the Credit Agreement. 
 1.2 Interpretation. This Waiver shall be
construed and interpreted in accordance with the rules of construction set forth in Section 1.2 and Section 1.3 of the Credit Agreement. 

 SECTION 2. WAIVER. 
 2.1 Waiver. Subject to the conditions precedent set forth in Section 3, the Lenders party hereto agree to waive the Interim Redetermination Requirement provided that (x) no
later than February 28, 2011 the Borrowers shall deliver to the Technical Agent an Independent Reserves Report dated effective as of December 31, 2010 (the “2010 Independent Reserves Report”) and such other information as
may be reasonably requested by the Technical Agent or any Lender with respect to the Hydrocarbon Interests included or to be included in the Borrowing Base and otherwise in accordance with the provisions of Section 3.2(a)(ii) of the Credit
Agreement and (y) effective from and including January 1, 2011 until the effective date of redetermination of the Borrowing Base based on the 2010 Independent Reserves Report and otherwise in accordance with the provisions of
Section 3.2(a)(ii) of the Credit Agreement, the Borrowing Base shall be $37,000,000. For the avoidance of doubt, the aggregate Commitments of all Lenders shall remain $45,000,000 after giving effect to this Waiver. 

It is hereby acknowledged and agreed that the foregoing waivers shall not be deemed to be, or construed as, a waiver of any Default or
Event of Default that may now be in existence or that may hereafter occur. 
 SECTION 3. CONDITIONS PRECEDENT 

3.1 Conditions Precedent. The waivers referred to in Section 2 shall become effective if: 

(a) this Waiver shall have been executed by the Borrowers and the Majority Lenders and counterparts hereof as so executed shall have been
delivered to the Administrative Agent; 
 (b) the Guarantors shall have consented and agreed to and acknowledged the terms of
this Waiver; and 
 (c) the Borrowers shall have paid all outstanding documented costs and expenses (including invoiced legal
fees), invoiced by the Administrative Agent on or prior to the date hereof. 
 SECTION 4. MISCELLANEOUS 

4.1 Representations and Warranties. Each Borrower, by signing below, hereby represents and warrants to the Administrative Agent
and the Lenders as follows: 
 (a) it is duly organized, validly existing and in good standing (if such concept exists under the
laws of its jurisdiction of organization) under the laws of its jurisdiction of organization; 
 (b) the execution, delivery,
and performance of this Waiver and the consummation of the transactions contemplated hereby (i) are within its corporate powers, (ii) have been duly authorized by all necessary corporate action, (iii) do not contravene its
constitutional documents or any Applicable Law or any of its Contractual Obligations, and (iv) will not result in the creation or imposition of any Lien prohibited by the Credit Agreement; 

(c) no consent, order, authorization, or approval or other action by, and no notice to or filing with, any Governmental Authority or any
other Person is required for its due execution and delivery of this Waiver, the performance of its obligations hereunder or the consummation of the transactions contemplated hereby; 

  
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 (d) it has duly executed and delivered this Waiver, and upon satisfaction of the conditions
set forth in Section 3 above, this Waiver constitutes its legal, valid, and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency,
reorganization, moratorium, or similar law affecting creditors’ rights generally and by general principles of equity; 

(e) both before and after giving effect to this Waiver, no Default or Event of Default has occurred and is continuing or would result
from the consummation of the transactions contemplated by this Waiver; and 
 (f) to the extent not already made above, each of
the other representations and warranties set forth in Article 6 of the Credit Agreement is true and correct in all material respects as of the date hereof, (unless stated to relate solely to an earlier date, in which case such representation or
warranty shall be true and correct in all material respects as of such earlier date). 
 4.2 Waiver of Claims. Each
Borrower hereby waives and releases each of the Secured Parties and their respective directors, officers, employees, attorneys, affiliates and subsidiaries from any and all claims, offsets, defenses and counterclaims of which it is aware that
currently exist and can now be asserted to reduce or eliminate all or any part of the obligation of such Borrower to make any payments to the Secured Parties as provided in the Loan Documents, such waiver and release being made with full knowledge
and understanding of the circumstances and effect thereof and after having consulted legal counsel with respect thereto. 
 4.3
Expenses. As provided in the Credit Agreement, but without limiting any terms or provisions thereof, each Borrower agrees to pay on demand, upon presentation of a statement of account, all reasonable costs and expenses incurred by the
Administrative Agent in connection with the preparation, negotiation, and execution of this Waiver, including without limitation the reasonable costs and fees of the Administrative Agent’s legal counsel, regardless of whether this Waiver
becomes effective in accordance with the terms hereof. 
 4.4 Credit Agreement Unaffected. Each reference to the Credit
Agreement herein or in any other Loan Document shall hereafter be construed as a reference to the Credit Agreement as amended hereby. Except as herein otherwise specifically provided, all provisions of the Credit Agreement shall remain in full force
and effect and be unaffected hereby. This Waiver is a Loan Document. 
 4.5 Entire Agreement. This Waiver, together with
the Credit Agreement and the other Loan Documents, integrates all the terms and conditions mentioned herein and supersedes all oral representations and negotiations and prior writings with respect to the subject matter hereof. 

4.6 Counterparts. This Waiver may be executed in any number of counterparts, by different parties hereto in separate counterparts
and by facsimile signature, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. 

  
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 4.7 Governing Law. THIS WAIVER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 4.8
Submission to Jurisdiction. EACH PARTY HEREBY IRREVOCABLY CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, NEW YORK CITY IN ANY LITIGATION OR OTHER PROCEEDING BASED HEREON, OR ARISING
OUT OF, UNDER, OR IN CONNECTION WITH, ANY LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF A SECURED PARTY OR AN OBLIGOR IN CONNECTION HEREWITH OR THEREWITH; PROVIDED, THAT NOTHING
HEREIN SHALL LIMIT THE RIGHT OF A SECURED PARTY TO BRING PROCEEDINGS AGAINST AN OBLIGOR IN THE COURTS OF ANY OTHER JURISDICTION. 
 4.9 Jury Trial Waiver. THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS WAIVER, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH. EACH PARTY ACKNOWLEDGES AND
AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS WAIVER. 
 [Remainder of page left blank intentionally.] 

  
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 IN WITNESS WHEREOF, this Waiver has been duly executed and delivered as of the date first
written above. 
  

			
	DMLP, LTD., as Borrower
		
	By:	 	 /s/ Matthew W. McCann

	Name: Matthew W. McCann
	Title: Chief Executive Officer
	
	TRANSATLANTIC EXPLORATION MEDITERRANEAN INTERNATIONAL PTY. LTD., as Borrower
		
	By:	 	 /s/ Matthew W. McCann

	Name: Matthew W. McCann
	Title: Chief Executive Officer
	
	TALON EXPLORATION, LTD., as Borrower
		
	By:	 	 /s/ Matthew W. McCann

	Name: Matthew W. McCann
	Title: Chief Executive Officer
	
	TRANSATLANTIC TURKEY, LTD., as Borrower
		
	By:	 	 /s/ Matthew W. McCann

	Name: Matthew W. McCann
	Title: Chief Executive Officer

  
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	STANDARD BANK PLC, as Administrative Agent
		
	By:	 	 /s/ Ola Busari

	Name: Ola Busari
	Title:
		
	By:	 	 /s/ Mark Heptinstall

	Name: Mark Heptinstall
	Title:
	
	STANDARD BANK PLC, as a Lender
		
	By:	 	 /s/ Robert Anastasio

	Name: Robert Anastasio
	Title: Senior Vice President
		
	By:	 	 /s/ Javier M. Rocio

	Name: Javier M. Rocio
	Title: Managing Director
	
	BNP PARIBAS, as a Lender
		
	By:	 	 /s/ Stephen Paris

	Name: Stephen Paris
	Title: Authorized Signatory
		
	By:	 	 /s/ Julien Rousseau

	Name: Julien Rousseau
	Title: Executive Officer

  
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 GUARANTOR ACKNOWLEDGMENT AND AGREEMENT 

Each of the undersigned (the “Guarantors”) consents and agrees to and acknowledges the terms of the foregoing Waiver to
Credit Agreement, dated as of November 19, 2010 (the “Waiver”). Each of the Guarantors further agrees that its guarantee obligations under Article 10 of the Credit Agreement shall remain in full force and effect and be
unaffected hereby. Unless otherwise defined herein, each capitalized term used herein and not defined herein shall have such meaning ascribed to it in the Waiver. 
 Each Guarantor, by signing below, hereby waives and releases the Administrative Agent and each of the Secured Parties and their respective directors, officers, employees, attorneys, affiliates and
subsidiaries from any and all claims, offsets, defenses and counterclaims of which such Guarantor is aware that currently exist and can now be asserted to reduce or eliminate all or any part of the obligation of such Guarantor to repay the
Administrative Agent and the Secured Parties as provided in the Credit Agreement executed by such Guarantor, such waiver and release being with full knowledge and understanding of the circumstances and effect thereof and after having consulted legal
counsel with respect thereto. 
 This Guarantor Acknowledgement and Agreement shall be governed by and construed and interpreted
in accordance with, the law of the State of New York. 
 EACH GUARANTOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS ACKNOWLEDGEMENT AND AGREEMENT AND THE WAIVER, OR ANY COURSE OF
CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH. THE GUARANTOR ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND THAT THIS
PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES THERETO TO ENTER INTO THE WAIVER. 

  
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 IN WITNESS WHEREOF, each of the undersigned has executed this Guarantor Acknowledgment and
Agreement as of the date of the Waiver. 
  

			
	TRANSATLANTIC WORLDWIDE, LTD., as Guarantor
		
	By:	 	 /s/ Matthew W. McCann

	Name: Matthew W. McCann
	Title: Chief Executive Officer
	
	TRANSATLANTIC PETROLEUM (USA) CORP., as Guarantor
		
	By:	 	 /s/ Matthew W. McCann

	Name: Matthew W. McCann
	Title: Chief Executive Officer
	
	INCREMENTAL PETROLEUM (SELMO) PTY. LTD., as Guarantor
		
	By:	 	 /s/ Matthew W. McCann

	Name: Matthew W. McCann
	Title: Director
	
	TRANSATLANTIC PETROLEUM LTD., as Guarantor
		
	By:	 	 /s/ Matthew W. McCann

	Name: Matthew W. McCann
	Title: Chief Executive Officer

  
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