Document:

EX-10.1

Exhibit 10.1

COMMITMENT INCREASE SUPPLEMENT

     This COMMITMENT INCREASE SUPPLEMENT (the “Commitment Increase Supplement”) is made as
of July 29, 2009 by and among TARGA RESOURCES PARTNERS LP, a Delaware limited partnership (the
“Borrower”), BANK OF AMERICA, N.A., as administrative agent (in such capacity, the
“Administrative Agent”), Collateral Agent, Swing Line Lender and L/C Issuer and the parties
signatory hereto as the Increasing Lenders (hereinafter defined) and the New Lenders (hereinafter
defined).

RECITALS

     Borrower, Administrative Agent, the Swing Line Lender, the L/C Issuer and the Lenders named
therein are parties to that certain Credit Agreement dated as of February 14, 2007 (as otherwise
amended, supplemented, restated, increased, extended, or otherwise modified from time to time, the
“Credit Agreement”). All terms used herein and not otherwise defined shall have the same
meaning given to them in the Credit Agreement.

     Pursuant to Section 2.14 of the Credit Agreement, upon notice to the Administrative
Agent, Borrower has the right to cause from time to time an increase in the Aggregate Commitments
by adding to the Credit Agreement, subject to the approval of the Administrative Agent, the L/C
Issuer, and the Swing Line Lender one or more additional Lenders (referred to in Section
2.14(c) of the Credit Agreement as “additional Eligible Assignees”) and referred to herein as
the “New Lenders”), or by allowing one or more Lenders to increase their respective
Commitment (such Lenders being referred to herein as the “Increasing Lenders”), subject to
the limitations contained in such Section 2.14.

AGREEMENT

     1. The Borrower and the parties signatory hereto as the Increasing Lenders and as the New
Lenders hereby agree that, from and after the date hereof, the Increasing Lenders and the New
Lenders shall have the respective Commitments as set forth on the attached Supplement to
Schedule 2.01. By its execution and delivery of this Commitment Increase Supplement, each New
Lender hereby assumes all of the rights and obligations of a Lender under the Credit Agreement.
Such Commitments of the New Lenders and the increase in the Commitments of the Increasing Lenders
shall represent an increase in the Aggregate Commitments pursuant to Section 2.14 of the
Credit Agreement.

     2. Administrative Agent, Swing Line Lender, L/C Issuer, and Borrower hereby consent to and
approve the Commitment of each New Lender and the increase in the Commitment of each Increasing
Lender, and such resulting increase in the Aggregate Commitments pursuant to Section 2.14
of the Credit Agreement.

     3. Each New Lender and each Increasing Lender hereby represents and warrants to the
Administrative Agent, Swing Line Lender and L/C Issuer as follows: (a) it has full power and
authority, and has taken all action necessary, to execute and deliver this Commitment Increase
Supplement, to consummate the transactions contemplated hereby and to become or to

COMMITMENT INCREASE SUPPLEMENT

 

 

continue to be a Lender under the Credit Agreement, (b) from and after the Increase Effective
Date (hereinafter defined), it shall be bound by the provisions of the Credit Agreement as a Lender
thereunder and, to the extent of its Commitment, shall have the obligations of a Lender thereunder,
and (c) it has received a copy of the Credit Agreement, together with copies of the most recent
financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such
other documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into this Commitment Increase Supplement on the basis of which it has made such
analysis and decision independently and without reliance on the Administrative Agent, Swing Line
Lender, L/C Issuer, or any other Lender; and agrees that (1) it will, independently and without
reliance on the Administrative Agent, Swing Line Lender, L/C Issuer or any other Lender, and based
on such documents and information as it shall deem appropriate at the time, continue to make its
own credit decisions in taking or not taking action under the Loan Documents, and (2) it will
perform in accordance with their terms all of the obligations which by the terms of the Loan
Documents are required to be performed by it as a Lender.

     4. This Commitment Increase Supplement shall be effective on the date (the “Increase
Effective Date”) that (i) the Borrower and each New Lender and each Increasing Lender each
execute a counterpart hereof and deliver the same to the Administrative Agent, (ii) the
Administrative Agent, Swing Line Lender, and L/C Issuer execute and deliver a counterpart hereof,
and (iii) each of the conditions to the increase in the Aggregate Commitments in Section
2.14 of the Credit Agreement shall have occurred. From and after the Increase Effective Date,
each New Lender shall be a “Lender” under the Loan Documents.

     5. Upon any increase in the Aggregate Commitments pursuant Section 2.14, the Lenders
have authorized the Administrative Agent and the Borrower to make non-ratable borrowings and
prepayments of the Committed Loans, and if any such prepayment requires the payment of Eurodollar
Rate Loans other than on the last day of the applicable Interest Period, Borrower shall pay any
required amounts pursuant to Section 3.05, in order to keep the outstanding Committed Loans
ratable with any revised Applicable Percentages arising from any nonratable increase in the
Commitments under this Commitment Increase Supplement. On the Increase Effective Date, each New
Lender and each Increasing Lender shall make a Committed Loan for the account of the Borrower to
implement such provisions of Section 2.14 of the Credit Agreement.

     6. Borrower (a) represents and warrants that, on and as of the Increase Effective Date, before
and after giving effect to the increase in Aggregate Commitments resulting hereunder, (i) the
representations and warranties contained in Article V of the Credit Agreement and the other
Loan Documents are true and correct in all material respects, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they are true
and correct in all material respects as of such earlier date, and except that for purposes of this
Commitment Increase Supplement, the representations and warranties contained in subsection (a) of
Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to
clauses (a) and (b) of Section 6.01, and (ii) no Default exists, (b) ratifies and confirms
each of the Loan Documents, (c) agrees that all Loan Documents shall apply to the Obligations as
they are or may be increased by this Commitment Increase Supplement and (d) agrees that its
obligations and covenants under each Loan Document are otherwise unimpaired hereby and shall remain
in full force and effect.

COMMITMENT INCREASE SUPPLEMENT

2

 

     7. This Commitment Increase Supplement may not be amended, changed, waived or modified, except
by a writing executed by the parties hereto.

     8. This Commitment Increase Supplement embodies the entire agreement among each New Lender,
each Increasing Lender, the Borrower, L/C Issuer, Swing Line Lender and the Administrative Agent
with respect to the subject matter hereof and supersedes all other prior arrangements and
understandings relating to the subject matter hereof.

     9. This Commitment Increase Supplement may be executed in any number of counterparts each of
which shall be deemed to be an original. Each such counterpart shall become effective when
counterparts have been executed by all parties hereto. Delivery of an executed counterpart of this
Commitment Increase Supplement by telecopier shall be effective as delivery of a manually executed
counterpart of this Commitment Increase Supplement.

     10. This Commitment Increase Supplement shall be binding upon and inure to the benefit of each
New Lender and each Increasing Lender and the Borrower and its respective successors and permitted
assigns, except that neither party may assign or transfer any of its rights or obligations
hereunder without the prior written consent of the other party.

     11. This Commitment Increase Supplement is a Loan Document, as defined in the Loan Agreement,
and is subject to the provisions of the Credit Agreement governing Loan Documents.

     12. This Commitment Increase Supplement shall be governed by, and construed in accordance
with, the laws of the State of New York.

     If requested by any New Lender or any Increasing Lender, the Borrower shall execute and
deliver to such New Lender or such Increasing Lender, as of the Increase Effective Date, a Note in
the form attached to the Credit Agreement to evidence the Commitment of such New Lender or such
Increasing Lender. If any Increasing Lender which requests a new Note is in possession of an
existing Note in the amount of its Commitment before giving effect to the increase pursuant to this
Commitment Increase Supplement (each an “Existing Note”), such Increasing Lender shall, promptly
after receipt of its new Note, mark such Existing Note “cancelled” and return such Existing Note to
the Borrower.

[Remainder of page intentionally left blank.]

COMMITMENT INCREASE SUPPLEMENT

3

 

     IN WITNESS WHEREOF, the Administrative Agent, Swing Line Lender, L/C Issuer, Borrower, each
New Lender, and each Increasing Lender have executed this Commitment Increase Supplement as of the
date shown above.

	 	 	 	 	 	 	 	 	 
	 	 	TARGA RESOURCES PARTNERS LP	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Targa Resources GP LLC, its sole general

partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Matthew J. Meloy
 

Matthew J. Meloy

Vice President — Finance and Treasurer
	 	 

Commitment Increase Supplement Signature Page

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as Administrative Agent

 	 
	 	By:  	/s/ Kathleen M. Carry
 	 
	 	 	Name:  	Kathleen M. Carry 	 
	 	 	Title:  	Vice President 	 
	 

Commitment Increase Supplement Signature Page

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as L/C Issuer and

Swing Line Lender

 	 
	 	By:  	/s/ Adam H. Fey
 	 
	 	 	Name:  	Adam H. Fey 	 
	 	 	Title:  	Vice President 	 
	 

Commitment Increase Supplement Signature Page

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as an Increasing 

Lender

 	 
	 	By:  	/s/ Adam H. Fey
 	 
	 	 	Name:  	Adam H. Fey 	 
	 	 	Title:  	Vice President 	 
	 

Commitment Increase Supplement Signature Page

 

 

	 	 	 	 	 
	 	BARCLAYS BANK PLC, as a New Lender

 	 
	 	By:  	/s/ Maria Lund
 	 
	 	 	Name:  	Maria Lund 	 
	 	 	Title:  	Vice President 	 
	 

Commitment Increase Supplement Signature Page

 

 

	 	 	 	 	 
	 	UBS LOAN FINANCE LLC, as

an Increasing Lender

 	 
	 	By:  	/s/ Marie Haddad
 	 
	 	 	Name:  	Marie Haddad 	 
	 	 	Title:  	Associate Director 	 
	 
	 	 	 
	 	By:  	                                              /s/ Irja R. Otsa
 	 
	 	 	Name:  	Irja R. Otsa 	 
	 	 	Title:  	Associate Director 	 
	 

Commitment Increase Supplement Signature Page

 

 

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY 

AMERICAS, as an Increasing Lender

 	 
	 	By:  	/s/ Dusan Lazarov
 	 
	 	 	Name:  	Dusan Lazarov 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	                                              /s/ Michael M. Meagher
 	 
	 	 	Name:  	Michael M. Meagher 	 
	 	 	Title:  	Vice President 	 
	 

Commitment Increase Supplement Signature Page

 

 

	 	 	 	 	 
	 	ROYAL BANK OF CANADA, as an Increasing 

Lender

 	 
	 	By:  	/s/ Jason York
 	 
	 	 	Name:  	Jason York 	 
	 	 	Title:  	Authorized Signatory 	 
	 

Commitment Increase Supplement Signature Page

 

 

	 	 	 	 	 
	 	COMPASS BANK, as an Increasing Lender

 	 
	 	By:  	/s/ Greg Determann
 	 
	 	 	Name:  	Greg Determann 	 
	 	 	Title:  	Vice President 	 
	 

Commitment Increase Supplement Signature Page

 

 

	 	 	 	 	 
	 	CITIBANK, N.A., as 

an Increasing Lender

 	 
	 	By:  	/s/ Todd Mogil
 	 
	 	 	Name:  	Todd Mogil 	 
	 	 	Title:  	Vice President 	 
	 

Commitment Increase Supplement Signature Page

 

 

	 	 	 	 	 
	 	CAPITAL ONE, N.A., as a New Lender

 	 
	 	By:  	/s/ Peter Shen
 	 
	 	 	Name:  	Peter Shen 	 
	 	 	Title:  	Assistant Vice President 	 
	 

Commitment Increase Supplement Signature Page

 

 

SUPPLEMENT TO SCHEDULE 2.01

OF THE CREDIT AGREEMENT

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Existing	 	New	 	Amount of
	 	 	Commitment	 	Commitment	 	Commitment
	Lender	 	Amount	 	Amount	 	Increase
	Bank of America, N.A.
	 	$	54,000,000	 	 	$	57,000,000	 	 	$	3,000,000	 
	Barclays Bank PLC
	 	 	—	 	 	$	55,000,000	 	 	$	55,000,000	 
	UBS Loan Finance LLC
	 	$	25,000,000	 	 	$	31,000,000	 	 	$	6,000,000	 
	Deutsche Bank Trust Company Americas
	 	$	36,500,000	 	 	$	46,500,000	 	 	$	10,000,000	 
	Royal Bank of Canada
	 	$	51,000,000	 	 	$	56,000,000	 	 	$	5,000,000	 
	Compass Bank
	 	$	46,500,000	 	 	$	55,000,000	 	 	$	8,500,000	 
	Citibank, NA
	 	$	35,000,000	 	 	$	45,000,000	 	 	$	10,000,000	 
	Capital One, N.A.
	 	 	—	 	 	$	30,000,000	 	 	$	30,000,000	 
	TOTAL
	 	 	 	 	 	 	 	 	 	$	127,500,000	 

Commitment Increase Supplement  — Supplement to Schedule 2.01

 

 

CONSENT AND AGREEMENT

July 29, 2009

     The undersigned Guarantors each hereby consents to the provisions of this Commitment Increase
Supplement and the transactions contemplated herein and hereby ratifies and confirms each of the
Loan Documents to which it is a party, and, without limiting the foregoing, agree that such Loan
Documents shall apply to the Obligations as they are or may be increased by this Commitment
Increase Supplement and that its obligations and covenants under such Loan Documents are otherwise
unimpaired hereby and shall remain in full force and effect.

	 	 	 	 	 
	 	 	TARGA RESOURCES OPERATING LP
	 
	 	 	 	 
	 

	 	By:
	 	Targa Resources Operating GP LLC,

its sole general partner

	 	 	 	 	 
	 	 	 
	 	By:  	             /s/ Matthew J. Meloy
 	 
	 	 	Matthew J. Meloy 	 
	 	 	Vice President — Finance and Treasurer 	 
	 

	 	 	 	 	 
	 	TARGA RESOURCES OPERATING GP LLC

 	 
	 	By:  	/s/ Matthew J. Meloy
 	 
	 	 	Matthew J. Meloy 	 
	 	 	Vice President — Finance and Treasurer 	 
	 

	 	 	 	 	 
	 	TARGA NORTH TEXAS LP

 
	 
	 

	By:
	 	Targa North Texas GP LLC,

its sole general partner

	 	 	 	 	 
	 	 	 
	 	By:  	               /s/ Matthew J. Meloy
 	 
	 	 	Matthew J. Meloy 	 
	 	 	Vice President — Finance and Treasurer 	 
	 

	 	 	 	 	 
	 	TARGA NORTH TEXAS GP LLC

 	 
	 	By:  	/s/ Matthew J. Meloy
 	 
	 	 	Matthew J. Meloy 	 
	 	 	Vice President — Finance and Treasurer 	 
	 

Commitment Increase Supplement — 
Consent and Agreement Signature Page

 

 

	 	 	 	 	 
	 	TARGA INTRASTATE PIPELINE LLC

 	 
	 	By:  	/s/ Matthew J. Meloy
 	 
	 	 	Matthew J. Meloy 	 
	 	 	Vice President — Finance and Treasurer 	 
	 

	 	 	 	 	 
	 	TARGA RESOURCES TEXAS GP LLC

 	 
	 	By:  	/s/ Matthew J. Meloy
 	 
	 	 	Matthew J. Meloy 	 
	 	 	Vice President — Finance and Treasurer 	 
	 

	 	 	 	 	 
	 	 	TARGA TEXAS FIELD SERVICES LP
	 
	 	 	 	 
	 

	 	By:
	 	Targa Resources Texas GP LLC, its sole general

partner

	 	 	 	 	 
	 	By:  	                /s/ Matthew J. Meloy
 	 
	 	 	Matthew J. Meloy 	 
	 	 	Vice President — Finance and Treasurer 	 
	 

	 	 	 	 	 
	 	TARGA LOUISIANA FIELD SERVICES LLC

 	 
	 	By:  	/s/ Matthew J. Meloy
 	 
	 	 	Matthew J. Meloy 	 
	 	 	Vice President — Finance and Treasurer 	 
	 

	 	 	 	 	 
	 	TARGA LOUISIANA INTRASTATE LLC

 	 
	 	By:  	/s/ Matthew J. Meloy
 	 
	 	 	Matthew J. Meloy 	 
	 	 	Vice President — Finance and Treasurer 	 
	 

Commitment Increase Supplement — 
Consent and Agreement Signature PageExhibit 10.1

Exhibit 10.1

EXECUTIVE EMPLOYMENT AGREEMENT

C. STEPHEN GUYER

This EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of this 1st day of July 2009, by
and between Colorado Goldfields Inc., (“Employer”), and C. Stephen Guyer (“Executive”). This Agreement replaces and
supersedes the all prior Employment Agreements between Colorado Goldfields Inc. (“Employer”) and C. Stephen Guyer
(“Guyer”).

 

WHEREAS, Employer is a corporation organized under the laws of the state of Nevada and with its principal places
of business in Lakewood, Colorado;

WHEREAS, Employer and Executive entered into an Employment Agreement on 14 February 2008 and 1 July 2008;

WHEREAS, Employer desires to employ Executive and Executive desires to accept such employment subject to the terms
and conditions hereinafter set forth.

NOW THEREFORE, and in consideration of the mutual covenants and agreements hereinafter contained, the parties
hereby agree as follows:

1. EMPLOYMENT

Employer hereby employs Executive and Executive hereby accepts employment by Employer, upon all of the terms and
conditions as hereinafter set forth.

2. TERM

The term of this Agreement shall be for twelve (12) months commencing on July 1, 2009, and ending on June 30, 2010
(“the Expiration Date”), unless renewed or extended by written agreement executed on or before the Expiration Date by
Executive and by Employer with the approval of the Board of Directors. As a courtesy to Executive, Employer shall
indicate in writing its intent to renew or extend this Agreement at least thirty (30) days prior to the Expiration
Date.

3. TERMINATION OF AGREEMENT

This Agreement shall terminate upon the occurrence of any of the following events: 

(a) Upon written notice of termination from either party to the other party, which notice may be given at any
time, with or without cause, and shall be effective sixty days (60) days thereafter unless a different effective date
is agreed in writing by the parties;

 

 

6

 

(b) Upon the expiration of this Agreement without renewal or extension as provided in section 2 of this Agreement;
or

(c) Upon Executive’s death.

Upon the termination of this Agreement, Executive shall be entitled to payment of compensation that is earned but
unpaid for services rendered by Executive as of the date of termination of this Agreement. In addition, Executive
shall be entitled to Separation Pay to the extent expressly set forth in Exhibit A to this Agreement, which pay shall
become due and owing according to the schedule set forth in Exhibit A. However, Executive shall not be entitled to any
compensation for services not yet performed, including services, which could have been performed, but for the
termination of this Agreement.

 

At the discretion of Employer, Employer may (a) require that Executive continue to perform his duties during the
period between notice pursuant to Section 3(a) of this Agreement and the resulting termination of this Agreement, or
(b) relieve Executive of his duties during such period (while continuing to provide compensation and benefits in
accordance with this Agreement).

4. DUTIES

Executive is employed by Employer as its Chief Financial Officer, Corporate Secretary, Principal Accounting
Officer, and Principal Financial Officer. The precise nature of Executive’s duties shall be as defined by the Board of
Directors of Employer and may be broadened, curtailed or otherwise modified by the Board of Directors of Employer from
time to time in its sole discretion.

Executive agrees to devote the working time, energy and professional talent as is customarily performed and
required by a Chief Financial Officer, Corporate Secretary, and Principal Accounting Officer, and Principal Financial
Officer of a publicly traded company.

Notwithstanding the foregoing, (i) Executive may serve as a director or trustee of another organization upon the
prior written consent of the Board of Directors, and (ii) Employer acknowledges that Executive has other involvements
which are not part of Colorado Goldfields Inc., and that Executive may devote working time to such activities so long
as Employer’s business is not adversely affected.

The Executive acknowledges that he is a fiduciary of the Employer and he agrees to serve the Employer in a manner
that is consistent with the fiduciary duties owed to the Employer.

Executive reaffirms the duties and responsibilities enumerated in his Employment Agreement of 14 February 2008.

 

7

 

During the term of this Agreement, Employer shall nominate Executive for election to the Board of Directors of
Employer as a member of the management slate at each annual meeting of the stockholders, or at each meeting of the
stockholders at which his class, if such class be designated, comes up for election.

Executive’s primary place of employment shall be Lakewood, Colorado, or other such location as conditions require.

5. COMPENSATION

Executive’s compensation under this Agreement shall be as set forth in Exhibit A, which is attached hereto and
incorporated herein. Such compensation shall be paid in accordance with the payroll policies and procedures of
Employer, as they may be modified from time to time at Employer’s sole discretion.

Upon the termination of this Agreement, Executive shall have no further rights to compensation under this
Agreement except for Separation Pay as provided in Exhibit A.

In all cases in which Executive must obtain the consent of Employer or Management, such consent may be granted or
withheld at the sole discretion of Employer or Management as the case may be,

6. INDEMNIFICATION

Subject to the terms and conditions of the Articles of Incorporation and Bylaws of the Employer (in each case, as
in effect from time to time), the Employer agrees to indemnify and hold Executive harmless to the fullest extent
permitted by the laws of the State of Nevada, as in effect at the time of the subject act or omission. Notwithstanding
the foregoing, Employer shall not be required to indemnify Executive if a court or governmental tribunal of competent
jurisdiction finds that the event triggering the indemnification right was caused by, or due to, the willful misconduct
or gross negligence of Employee. In connection therewith, Executive shall be entitled to the protection of any
insurance policies which Employer elects to maintain generally for the benefit of the Employer’s directors and
officers, against all costs, charges and expenses whatsoever incurred or sustained by Executive in connection with any
action, suit or proceeding to which he may be made a party by reason of his being or having been a director, officer or
employee of the Employer. This provision shall survive any termination of Executive’s employment hereunder. To the
extent that Employer has maintained insurance policies generally for the benefit of the Employer’s directors and
officers, Employer shall such insurance coverage, or use commercially reasonable efforts to obtain tail insurance
coverage for Executive, for a period of three years following termination of employment.

 

8

 

7. SEVERABILITY

In the event that any provision of this Agreement is held to be invalid, void or unenforceable (whether due to
unconscionability or otherwise), the remainder of this Agreement shall not be affected thereby, and all other
provisions of this Agreement shall be valid and enforceable to the fullest extent permitted by the law.

8. AGREEMENT NOT ASSIGNABLE

This Agreement shall be binding upon Employer and its successors and upon the heirs, representatives, executors,
and administrators of Executive. This Agreement is not assignable by

 

either party, except that the rights and obligations of this Agreement shall be assumed by any successor of Employer.
For purposes of this Section 8, the term “successor” shall include any individual or entity which acquires all or
substantially all of the assets of Employer by merger, purchase or otherwise.

9. WAIVER OF BREACH

The waiver by either party of a breach or violation of any provision of this Agreement shall not operate as or be
construed to be a waiver of any subsequent breach hereof.

10. NOTICES

Any written notice to be given to Employer under the terms of this Agreement shall be addressed to Employer as
follows, unless Executive is notified in writing of a change of address:

Colorado Goldfields, Inc.

10920 West Alameda Ave

Suite 207

Lakewood, CO 80226

Any written notice to be given to Executive under the terms of this Agreement shall be addressed to Executive as
follows, unless Management is notified in writing of a change of address:

C. Stephen Guyer

10920 West Alameda Ave

Suite 207

Lakewood, CO 80226

Such notice shall be deemed to have been duly given when enclosed and properly sealed in an addressed envelope
registered or certified mail return receipt requested and deposited, postage and registered or certification fee
prepaid, in a post office or branch post office regularly maintained by the United States Postal Service.

 

9

 

11. TITLE AND HEADINGS

Titles and headings to paragraphs in this Agreement are for the purpose of reference only and in no way shall
limit, define or otherwise affect the provisions of this Agreement.

12. GOVERNING LAW

This Agreement, all interpretation and enforcement of this Agreement, and all disputes arising out of this
Agreement shall be governed solely and exclusively by the laws of the State of Colorado, regardless of the forum in
which such interpretation or enforcement of this Agreement occurs or such disputes are resolved, and without regard to
any principles of conflicts of laws.

13. NO RULE OF CONSTRUCTION

The parties acknowledge that each of them has had ample opportunity for their own counsel to participate in
negotiating and drafting this Agreement. Therefore, no rule of construction shall apply to this Agreement that
construes ambiguous or unclear language in favor of or against any party

14. ENTIRE AGREEMENT

(a) This Agreement, including Exhibit A, represents the entire employment agreement between Employer and Executive
pertaining to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and
discussions, whether oral or written. No supplement, modification or waiver of this Agreement shall be binding unless
executed in writing by Executive and by Employer with the approval of Management.

(b) This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument.

[Signature Page Follows]

 

10

 

  

	 	 	 
	EXECUTIVE:

	 	 
	/s/ C. Stephen Guyer
	 	 
	C. Stephen Guyer, July 28, 2009

	 	 
	 

	 	 
	 

	 	 
	COLORADO GOLDFIELDS INC.

	 	 
	/s/ Lee R. Rice
	 	 
	Lee R. Rice, President & CEO July 28, 2009

	 	 

 

10

 

EXHIBIT A

to

EXECUTIVE EMPLOYMENT AGREEMENT

between

COLORADO GOLDFIELDS, INC. (“Employer”)

and

C. STEPHEN GUYER (“Executive”)

dated

July 1, 2009

During the term of the Agreement, Executive’s compensation shall be as follows:

A-1 SALARY

Employer shall pay to Executive a salary of $20,000 per month. Salary payments shall be subject to applicable
withholdings for taxes, to be paid in the manner specified in paragraph 5 of the Agreement. Executive’s salary may be
increased or reduced from time to time at the sole discretion of the Board of Directors. Executive acknowledges that
salary and/or expenses may, upon consultation with the Chief Executive Officer, be paid in stock pursuant to the
Company’s 2008 Employee and Director Stock Compensation Plan.

A-2 VACATION

Executive shall be eligible for fifteen (15) days of personal time off per year (“Vacation Time”). Upon termination of
this Agreement, Executive shall be paid for earned but unused Vacation Time based upon the Salary in effect at the time
of termination.

A-3 GROUP HEALTH COVERAGE

Executive shall be permitted to participate in such group health insurance plan as Employer may elect to provide for
its other employees, subject to the eligibility and participation requirements of such plan, which plan may be altered
or abolished from time to time at the sole discretion of Employer. However, the level of health insurance coverage for
Executive shall not be reduced below the level in effect upon Executive’s execution of this Agreement, and the cost to
Executive for health insurance coverage shall not be increased above the cost in effect upon Executive’s execution of
this Agreement. Subsequent to the termination or the expiration of the Agreement and at the Executive’s election and
cost, the Company will provide (subject to the eligibility and participation requirements), continued group health
insurance coverage through insurance plans as the Employer may make available for its other employees.

A-4 PENSION/PROFIT-SHARING PARTICIPATION

Executive shall be permitted to participate in such pension or profit-sharing plan as Employer may elect to provide for
its other employees, subject to the eligibility and participation requirements of such plan, which plan may be altered
or abolished from time to time at the sole discretion of Employer.

 

11

 

A-5 AUTOMOBILE ALLOWANCE

Executive shall receive an automobile allowance of $500 per month. In addition, mileage shall be reimbursed at the IRS
standard rate.

A-6 OTHER EMPLOYMENT BENEFITS

Executive shall be permitted to participate in such other benefits of employment as Employer may elect to provide for
its other employees, subject to the terms and conditions established by Employer for those benefits, which benefits may
be altered or abolished from time to time at the sole discretion of Employer. Subsequent to the Executives termination
or the expiration of the Agreement and at the Executive’s election and cost the Company will provide (subject to the
eligibility and participation requirements), continued insurance coverage for life, disability, accidental death, and
other specialty coverages through insurance plans as the Employer may make available for its other employees.

A-7 EXPENSE REIMBURSEMENT

Executive shall receive reimbursement from Employer for all reasonable expenses incurred for the benefit of Employer by
Executive in the performance of his duties under the Agreement. Such expenses may include but are not limited to
reasonable out-of-pocket expenses for travel, lodging, meals, entertainment, and professional dues. Employer shall
have the right to establish guidelines for reimbursement of expenses, including but not limited to guidelines regarding
when prior approval for an expense is required and what documentation must be provided in order to obtain
reimbursement.

A-8 SEPARATION PAY

Upon termination of this Agreement, Executive shall be entitled to Separation Pay in accordance with the following
provisions:

(a) Termination by Employer for Convenience: Executive shall receive six months of Base Compensation. 

(b) Resignation Within Ninety (90) Days Following Change of Control: Executive shall receive six months of
Base Compensation for each year of service as an employee or officer of the Employer.

In addition:

(i) Any stock options shall vest immediately;

(ii) all of Executive’s shares of stock of Employer shall be promptly registered with the Securities and Exchange
Commission if not already freely trade-able without restriction; and

 

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(iii) bonuses, if any, remaining unpaid (or unvested) for the period in which the resignation occurs shall be paid
(or vested) immediately, regardless of Executive’s performance status.

(c) Termination upon Expiration of Agreement Without Renewal or Extension: Executive shall receive six
months of Base Compensation for each year of service as an employee or officer of Employer.

(d) Death of Executive: Executive’s estate shall receive six months of salary for each year of service by
Executive as an employee or officer of Employer.

“Base Compensation” shall consist of: (1) salary at the rate in effect at the time of termination; (2) continued
participation in Employer’s group health insurance plan; (3) continued life insurance coverage; (4) access at the
Executive’s expense (subject to the eligibility and participation requirements) continued insurance coverage for
disability, accidental death, and other specialty coverages through insurance plans as the Employer may make available
for its other employees.

“Change of Control” shall mean:

(a) any change in the ownership or control of common stock of Employer which results in more than 25% of the
issued and outstanding common stock of Employer being owned or controlled by a person or entity, or a group of persons
or entities, who did not own or control more than 25% of the issued and outstanding common stock of Employer as of the
date of this Agreement; provided, however, that it shall not be deemed a “Change of Control” under this subsection (a)
if the change in ownership of more than 25% of the issued and outstanding common stock of the Employer is pursuant to a
public or private offering of common stock by the Employer for capital raising purposes, and such offering was approved
by the Board of Directors of the Employer; or 

(b) the merger or consolidation of Employer with another entity such that more than 25% of the issued and
outstanding voting stock of the surviving entity is owned or controlled by a person or entity, or a group of persons or
entities, who did not own or control more than 25% of the issued and outstanding common stock of Employer as of the
date of this Agreement.

A-9 STOCK

Employer agrees to immediately, as a renewal bonus, issue to Executive 20,000,000 shares of Class A common stock of the
Employer under the 2008 Employee Stock Compensation Plan, which are registered pursuant for Form S-8, accepted by the
S.E.C. on 1/23/2009. Executive acknowledges that these shares are subject to restrictions based upon the affiliate
provisions of Rule 144.

 

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