Document:

EXHIBIT 10.04

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (the “Agreement”) is effective as of January 1, 2015, by and between WINDSTREAM
TECHNOLOGIES, INC. (the “Company”), and William Thorpe (“Executive”).

 

WHEREAS,
the Company is engaged in the business of designing, prototyping and manufacturing affordable and scalable renewable energy technologies
for the global marketplace (the “Company Business”);

 

WHEREAS,
the Company desires to employ Executive and Executive desires to be employed by the Company; and

 

WHEREAS,
the Company and Executive desire to enter into this Agreement to set forth the rights, duties, benefits and obligations with respect
to the employment of Executive by the Company under the terms and conditions herein provided.

 

NOW,
THEREFORE, in consideration of Executive’s employment with the Company, and the mutual and respective covenants and
agreements of the parties herein contained, and other good and valuable consideration present but not specifically set forth,
the parties hereto agree as follows:

 

1.
Employment. The Company hereby agrees to employ Executive as Chief Financial Officer, and Executive hereby agrees to be
employed by the Company, on the terms and conditions set forth herein. This Agreement and Executive’s employment hereunder
shall commence on January 1, 2015 (the “Start Date”), and shall continue for a period of three years,
unless sooner terminated in accordance with the provisions of Section 6 hereof (the “Term”). The
Term will thereafter automatically extend for successive one-year periods, but Executive’s employment may at any time be
terminated in accordance with the provisions of Section 6 hereof.

 

2.
Duties and Responsibilities. Executive shall serve as Chief Financial Officer for the Company and shall report to be nominated
to serve as a member of its Board of Directors (the “Board”) and shall report to the Board and its designees.
Executive shall have the duties and responsibilities that are commensurate with that position, as well as such other duties as
may be assigned to Executive by the Board from time to time. Executive shall initially devote approximately seventy-five percent
(75%) of his working time and best efforts to the business and affairs of the Company except for such time as shall reasonably
be required to serve in connection with civic or charitable activities, or manage Executive’s financial matters, provided
that such activities, in the aggregate, do not interfere with Executive’s ability to perform the duties and responsibilities
of his employment hereunder. The Company’s CEO shall determine when/if Executive shall devote all of his working time to
the Company. Executive shall follow the direction of the Board and their designees, and shall perform all duties and responsibilities
of the position that he holds, as those duties and responsibilities may change from time to time. Executive shall comply with
the Company’s standards, policies and procedures in effect on the date of this Agreement and as they may change from time
to time.

 

Executive:_____

Company: _____

 

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3.
Compensation and Related Matters.

 

(a)
Base Salary. Executive shall receive an initial annual base salary of one hundred twelve thousand five hundred dollars
($112,500) less required and authorized withholding and deductions, until such time as the CEO determines that all of Executive’s
working time shall be devoted to the Company, at which time the salary shall increase to one hundred fifty thousand dollars ($150,000)
(“Base Salary”). Executive’s Base Salary shall increase by ten percent (10%) per annum, subject
to board approval, and be paid in accordance with the Company’s regular payroll schedule as it applies to salaried employees.
Notwithstanding the preceding sentence, in no event shall Executive’s Base Salary be reduced by the Company without Executive’s
consent.

 

(b)
Stock. Executive shall be eligible to participate in the Company’s common stock incentive plan as in effect from
time to time. The Compensation Committee of the Board of Directors has granted Executive, effective as of the Effective Date,
Two Hundred Fifty Thousand (250,000) stock options at purchase price of $.15 per share which shall vest immediately upon the Effective
Date. The Company may grant Executive additional stock options, restricted stock units or other awards under the Company’s
common stock incentive plan based on individual and Company performance criteria to be established by the Board.

 

(c)
Benefits. Executive shall be entitled to all rights and benefits for which he is eligible under the terms and conditions
of the Company’s standard benefits and compensation practices that may be in effect from time to time and provided by the
Company to its employees generally. In addition to, and not in limitation of, the foregoing, during the Term, Executive shall
be eligible to accrue up to four weeks (20 business days) of paid time off (PTO) per anniversary year exclusive of any business
day with respect to which the Company is closed for business due to any federal, state or local holiday or any day off generally
granted by the Company to its employees, subject to the Company’s then-current paid time off policy (which shall not have
the effect of reducing said four weeks (20 business days) of paid vacation). In addition to, and not in limitation of the foregoing,
during the Term, Executive shall receive any additional benefits generally provided by the Company to executive employees of the
Company, including group health insurance for Executive and dependents, all in accordance with applicable plan documents.

 

(d)
Expense Reimbursement. The Company will reimburse Executive for reasonable business expenses in accordance with the Company’s
standard expense account and reimbursement policies.

 

4.
Representations and Warranties of Executive. In order to induce the Company to employ Executive, Executive hereby represents
and warrants to the Company as follows:

 

(a)
Binding Agreement. This Agreement has been duly executed and delivered by Executive and constitutes a legal, valid and
binding obligation of Executive and is enforceable against Executive in accordance with its terms.

 

Executive:_____

Company: _____

 

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(b)
No Violations of Law. The execution and delivery of this Agreement and the other agreements contemplated hereby by Executive
do not, and the performance by Executive of his obligations under this Agreement and the other agreements contemplated hereby
will not, violate any term or provision of any law, or any writ, judgment, decree, injunction, or similar order applicable to
Executive.

 

(c)
Litigation. Executive is not involved in any proceeding, claim, lawsuit, or investigation alleging wrongdoing by Executive
before any court or public or private arbitration board or panel or governmental department, commission, board, bureau, agency
or instrumentality.

 

(d)
No Conflicting Obligations. Executive is not under, or bound to be under in the future, any obligation to any person or
entity that is or would be inconsistent or in conflict with this Agreement or would prevent, limit, or impair in any way the performance
by him of his obligations hereunder, including but not limited to any duties owed to any former employers not to compete or use
or disclose confidential information. Executive represents and agrees that he will not disclose to the Company or use on behalf
of the Company any confidential information or trade secrets belonging to a third party, including any former employer. Executive
further represents and agrees that he has returned, or will return before his last day of employment with his current employer,
all property belonging to Executive’s current and previous employers, including but not limited to any and all confidential
information.

 

5.
Restrictive Covenants.

 

(a)
Confidentiality Critical. The parties agree that the business in which the Company is engaged is highly sales-oriented
and the goodwill established between Executive and the Company’s customers and potential customers is a valuable and legitimate
business interest worthy of protection under this Agreement. Executive acknowledges and agrees that developing and maintaining
business relationships is an important and essential business interest of the Company. Executive further recognizes that, by virtue
of his employment by the Company, he will be granted otherwise prohibited access to confidential and proprietary data of the Company
which is not known to its competitors and which has independent economic value to the Company and that he will gain an intimate
knowledge of the Company’s business and its policies, customers, employees and trade secrets, and of other confidential,
proprietary, privileged, or secret information of the Company and its customers (“Customers”) (collectively,
all such nonpublic information is referred to as “Confidential Information”).

 

This
Confidential Information includes, but is not limited to data relating to the Company’s marketing and servicing programs,
procedures and techniques; business, management and personnel strategies; the criteria and formulae used by the Company in pricing
its products, loss control and information management services; the Company’s products and services; the Company’s
computer system and software; lists of prospects; customer lists; the identity, authority and responsibilities of key contacts
at accounts of Customers; and the composition and organization of Customers’ business. Executive recognizes and admits that
this Confidential Information constitutes valuable property of the Company, developed over a long period of time and at substantial
expense, and worthy of protection. Executive acknowledges and agrees that only through his employment with the Company could he
have the opportunity to learn this Confidential Information.

 

Executive:_____

Company: _____

 

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(b)
Confidential Information. Executive shall not at any time (for any reason), directly or indirectly, for himself or on behalf
of any other person or entity, (A) disclose to any person or entity (except to employees or other representatives of the
Company who need to know such Confidential Information to the extent reasonably necessary for Executive to perform his duties
under this Agreement or such employees or representatives to perform their duties on behalf of the Company, and except as required
by law) any Confidential Information, including, without limitation, business or trade secrets of, or products or methods or techniques
used by, the Company, or any Confidential Information whatsoever concerning the Customers, (B) use, directly or indirectly,
for his own benefit or for the benefit of another (other than a Customer) any of such Confidential Information, or (C) assist
any other person or entity in connection with any action described in either of the foregoing clauses (A) and (B).

 

(c)
Noninterference with Employees. Executive further agrees that the Company has expended considerable time, energy and resources
into training its other employees (“Co-Workers”). As a result, during his employment with the Company and for a period
of eighteen (18) months thereafter, Executive shall not, for any reason, directly or indirectly, for himself or on behalf of any
other person or entity, (A) induce or attempt to induce any Co-Worker to terminate employment with the Company, (B) interfere
with or disrupt the Company’s relationship with any of the Co-Workers, (C) solicit, entice, hire, cause to hire, or
take away any person employed by the Company at that time or during the eighteen (18) month period preceding Executive’s
last day of employment with the Company, or (D) assist any other person or entity in connection with any action described
in any of the foregoing clauses (A) through (C).

 

(d)
Non-competition. Executive further agrees with the Company to the following provisions, all of which Executive acknowledges
and agrees are necessary to protect the Company’s legitimate business interests. Executive covenants and agrees with the
Company that:

 

(i)
Unless otherwise agreed between the parties, Executive shall not, during his employment with the Company and for a period of eighteen
(18) months thereafter, either directly or indirectly, engage in, render service or other assistance to, or sell products or services,
or provide resources of any kind, whether as an owner, partner, shareholder, officer, director, employee, consultant or in any
other capacity, whether or not for consideration, to any person, corporation, or any entity, whatsoever, that owns, operates or
conducts a business that competes, in any way, with the Company Business (as defined at the start of this Agreement), other than
the ownership of 5% or less of the shares of a public company where Executive is not active in the day-to-day management of such
company. With respect to the post employment application of this Section 5(d)(i), the restrictions shall extend only to those
specific countries or provinces where the Company conducts business on the day that Executive’s employment with the Company
terminates.

 

Executive:_____

Company: _____

 

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(ii)
Executive shall not, during his employment with the Company and for a period of eighteen (18) months thereafter, either directly
or indirectly, (A) solicit, call on or contact any Customer of the Company with whom Executive has had material contact during
his employment with the Company for the purpose or with the effect of offering any products or services of any kind offered by
the Company at that time or during his employment with the Company, (B) request or advise any present or future vendors or suppliers
to the Company to cancel any contracts, or curtail their dealings, with the Company, or (C) assist any other person or entity
in connection with any action described in any of the foregoing clauses (A) through (B).

 

(iii)
During his employment with the Company, Executive shall not own, or permit ownership by Executive’s spouse or any minor
children under the parental control of Executive, directly or indirectly, an amount in excess of five percent (5%) of the outstanding
shares of stock of a corporation, or five percent (5%) of any business venture of any kind, which operates or conducts a business
that competes, in any way, with the Company.

 

(e)
Non-disparagement. At any time during or after Executive’s employment with the Company, Executive shall not
disparage the Company or any shareholders, directors, officers, employees, or agents of the Company. During and after Executive’s
employment with the Company, neither the Company nor its directors or officers shall disparage Executive to third parties.

 

(f)
Understandings.

 

(i)
The provisions of this Section 5 shall be construed as an agreement independent of any other claim. The existence of any
claim or cause of action of Executive against the Company, whether predicated on Executive’s employment or otherwise, shall
not constitute a defense to the enforcement by the Company of the terms of Section 5 of this Agreement. Executive waives
any right to a jury trial in any litigation relating to or arising from this Section 5.

 

(ii)
Executive acknowledges and agrees that the covenants and agreements contained herein are necessary for the protection of the Company’s
legitimate business interests and are reasonable in scope and content. Executive agrees that the restrictions contained in this
Section 5 are reasonable and will not unduly restrict him in securing other employment or income in the event his employment
with the Company ends. Executive acknowledges and agrees that he executed this Agreement on or before his first day of employment
with the Company.

 

(g)
Injunctive Relief. Executive acknowledges and agrees that any breach by him of any of the covenants or agreements contained
in this Section 5 would give rise to irreparable injury and would not be adequately compensable in damages. Accordingly,
Executive agrees that the Company may seek and obtain injunctive relief against the breach or threatened breach of any of the
provisions of this Agreement in addition to any other legal or equitable remedies available.

 

Executive:_____

Company: _____

 

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(h)
Reformation and Survival. The Company and Executive agree and stipulate that the agreements and covenants contained in
this Agreement and specifically of this Section 5 are fair and reasonable in light of all of the facts and circumstances
of the relationship between them. The Company and Executive agree and stipulate that Executive has hereby agreed to be bound to
the obligations, restrictions and covenants of this Section 5 as a condition to his employment and in consideration of his
compensation, stock option grant, restricted stock unit grant, severance terms, and all other terms and provisions of this Agreement.
The Company and Executive acknowledge their awareness, however, that in certain circumstances courts have refused to enforce certain
agreements not to compete. The Company and Executive agree that, if any term, clause, subpart, or provision of this Agreement
is for any reason adjudged by a Court of competent jurisdiction to be invalid, unreasonable, unenforceable or void, the same will
be treated as severable, and shall be modified to the extent necessary to be legally enforceable to the fullest extent permitted
by applicable law, and that such modification will not impair or invalidate any of the other provisions of this Agreement, all
of which will be performed in accordance with their respective terms. Thus, in furtherance of, and not in derogation of, the provisions
of this Section 5, the Company and Executive agree that in such event, this Section 5 shall be deemed to be modified
or reformed to restrict Executive’s conduct to the maximum extent (in terms of time, geography, and business scope) that
the court shall determine to be enforceable. The provisions of this Section 5 shall survive the termination of this Agreement
and Executive’s resignation or termination of employment, regardless of the reason and whether voluntary or involuntary.

 

6.
Termination.

 

(a)
Termination By The Company With Cause. The Company has the right, in its reasonable determination at any time during the
Term, to terminate Executive’s employment with the Company for Cause (as defined below) by giving written notice to Executive
as described in this Section 6(a). Prior to the effectiveness of termination for Cause under clause (i), (ii), (iii) or
(iv) in the next-following paragraph, Executive shall be given thirty (30) calendar days’ prior written notice from the
Company, specifically identifying the reasons which are alleged to constitute Cause for any termination pursuant to the aforementioned
clauses, and an opportunity to cure in the event Executive disputes such allegations; provided, however, that the
Company shall have no obligation to continue to employ Executive following such thirty (30) calendar day notice period unless
Executive has cured the condition giving rise to the Cause. The Company’s termination of Executive’s employment for
Cause under clause (v) or (vi) of the next-following paragraph shall be effective immediately upon the Company’s
written notice to Executive. If the Company terminates Executive’s employment for Cause, the Company’s obligation
to Executive shall be limited solely to the payment of unpaid Base Salary accrued up to the effective date of termination plus
any accrued but unpaid benefits to the effective date of termination, and any unpaid bonus earned in accordance with the then
applicable bonus plan or program to the effective date of termination.

 

Executive:_____

Company: _____

 

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As
used in this Agreement, the term “Cause” shall mean and include (i) Executive’s abuse of
alcohol that materially affects Executive’s performance of Executive’s duties under this Agreement, or use of any
controlled substance; (ii) a willful act of fraud, dishonesty or breach of fiduciary duty on the part of Executive with respect
to the business or affairs of the Company; (iii) material failure by Executive to comply with applicable laws and regulations
or professional standards relating to the business of the Company; (iv) material failure by Executive to satisfactorily perform
his duties hereunder, a material breach by Executive of this Agreement, or Executive engaging in conduct that materially conflicts
with the best interests of the Company or that may materially harm the Company’s reputation; (v) Executive being subject
to an inquiry or investigation by a governmental authority or self-regulatory organization such that the existence of such inquiry
or investigation is reasonably likely to result in damage to the Company’s business interests, licenses, reputation or prospects;
or (vi) Executive’s being convicted of a felony or a misdemeanor involving moral turpitude.

 

(b)
Termination By The Company Without Cause. The Company shall have the right, at any time during the Term, to terminate Executive’s
employment with the Company without Cause by giving written notice to Executive, which termination shall be effective thirty (30)
calendar days from the date of such written notice. The Company may provide thirty (30) days pay in lieu of notice. If the Company
terminates Executive’s employment without Cause, the Company’s obligation to Executive shall be limited solely to
(i) unpaid Base Salary plus any accrued but unpaid benefits to the effective date of termination, any unpaid bonus earned
in accordance with the then applicable bonus plan or program to the effective date of termination; (ii) if there is no unpaid
bonus earned for the year of termination, an amount equal to the product of 100% of Executive’s Base Salary multiplied by
a fraction, the numerator of which is the number of days he is employed by the Company during the year in which the termination
occurs and the denominator of which is 365 and, if the date of termination occurs prior to the date on which the annual bonus,
if any, for the immediately preceding year would otherwise be paid, an amount equal to the annual bonus that would have been paid
to Executive for such immediately preceding year, based on the actual achievement of applicable performance goals and without
regard to whether Executive is employed on the date the bonus otherwise would have been paid; (iii) severance in an amount
equal to Executive’s then-current Base Salary for a period of eighteen (18) months; and (iv) if Executive is eligible
for and timely elects COBRA coverage for health insurance coverage, payment of Executive’s COBRA premiums for the health
insurance coverage for himself and his eligible dependents for a period of up to eighteen (18) months, payments to be made on
a monthly basis when the premiums are due, and in the event of the death of Executive before the expiration of such eighteen (18)-month
period, the Company shall, for the remainder of such period, continue to pay the COBRA premiums for the Executive’s dependents
(including his spouse, if any) who were receiving COBRA coverage at the time of his death. Executive’s rights with regard
to equity incentive awards, including stock options and restricted stock units, shall be governed by separate applicable agreements
entered into between Executive and the Company; provided, however, any stock options awarded to Executive under this Agreement
shall immediately vest upon termination of Executive by the Company without Cause. As a condition to his receipt of the post-employment
payments and benefits under clauses (ii), (iii) and (iv) of the third sentence of this Section 6(b), Executive
must be in compliance with Section 5 of this Agreement, and must execute, return, not rescind and comply with a general release
of claims agreement in favor of the Company and related entities and individuals, within the timeframe and in a form to be prescribed
by the Company. The amount described in clause (ii) of the third sentence of this paragraph shall be paid on the ninetieth
(90th) calendar day after the date of Executive’s termination of employment, and the severance described in clause (iii) of
the third sentence of this paragraph shall be paid in equal installments according to the normal payroll schedule, the first payment
to Executive to be made on the next scheduled payroll date that occurs on or after the ninetieth (90th) day after the date of
Executive’s termination of employment, provided that, in the case of amounts described in clauses (ii) and (iii) of
the third sentence of this Section 6(b), the Company has received the signed general release of claims agreement and Executive
has not rescinded such agreement within the rescission period set forth in such agreement. Executive shall have no duty to mitigate
damages under this Section 6(b) during the applicable severance period and, in the event Executive shall subsequently
receive income from providing Executive’s services to any person or entity, including self employment income, or otherwise,
then no such income shall in any manner offset or otherwise reduce the payment obligations of the Company hereunder.

 

Executive:_____

Company: _____

 

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Notwithstanding
anything herein to the contrary, this Section 6(b) shall not apply if Executive’s employment is terminated by
the Company or a succeeding entity without Cause upon or within one year of a Change of Control at any time during the Term as
described in Section 7 hereof. In such case, Section 7 of this Agreement shall control.

 

(c)
Termination By Executive for Good Reason. Executive has the right, in his reasonable determination at any time during the
Term, to terminate his employment with the Company for Good Reason (as defined in this Section 6(c) below) by giving
written notice to the Company as described in this Section 6(c) below. Prior to the effectiveness of termination for
Good Reason, within thirty (30) calendar days following the existence of a condition constituting Good Reason, Executive shall
provide written notice to the Company specifically identifying the reason or reasons which are alleged to constitute Good Reason,
and an opportunity to cure within a period of not less than thirty (30) days; provided, however, that Executive
shall have no obligation to continue his employment with the Company following such thirty (30) calendar day notice period unless
the Company cures the event(s) giving rise to Executive’s Good Reason notice. As used in this Section 6(c), the
term “Good Reason “ shall mean (i) a material diminution in Executive’s authority, duties
or responsibilities; (ii) requiring Executive to move his place of employment more than 75 miles from his place of employment
prior to such move; or (iii) a material breach by the Company of this Agreement; provided that in any such case Executive
has not consented thereto. In addition to the foregoing requirements, in no event shall an Executive’s termination of his
employment be considered for Good Reason unless such termination occurs within two (2) years following the initial existence
of one of the conditions specified in clauses (i), (ii) and (iii) of the preceding sentence.

 

Executive:_____

Company: _____

 

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If
Executive terminates his employment for Good Reason, the Company’s obligation to Executive shall be limited solely to (i)
unpaid Base Salary plus any accrued but unpaid benefits to the effective date of termination, any unpaid bonus earned in accordance
with the then applicable bonus plan or program to the effective date of termination; (ii) if there is no unpaid bonus earned
for the year of termination, an amount equal to the product of 100% of Executive’s Base Salary multiplied by a fraction,
the numerator of which is the number of days he is employed by the Company during the year in which the termination occurs and
the denominator of which is 365 and, if the date of termination occurs prior to the date on which the annual bonus, if any, for
the immediately preceding year would otherwise be paid, an amount equal to the annual bonus that would have been paid to Executive
for such immediately preceding year, based on the actual achievement of applicable performance goals and without regard to whether
Executive is employed on the date the bonus otherwise would have been paid; (iii) severance in an amount equal to Executive’s
then-current Base Salary for a period of eighteen (18) months; and (iv) if Executive is eligible for and timely elects COBRA
coverage for health insurance coverage, payment of Executive’s COBRA premiums for the health insurance coverage for himself
and his eligible dependents for a period of up to eighteen (18) months, payments to be made on a monthly basis when the premiums
are due, and in the event of the death of Executive before the expiration of such eighteen (18)-month period, the Company shall,
for the remainder of such period, continue to pay the COBRA premiums for the Executive’s dependents (including his spouse,
if any) who were receiving COBRA coverage at the time of his death. Executive’s rights with regard to equity incentive awards,
including stock options and restricted stock units, shall be governed by separate applicable agreements entered into between Executive
and the Company. As a condition to his receipt of the post-employment payments and benefits under clauses (ii), (iii) and
(iv) of the first sentence of this Section 6(c), Executive must be in compliance with Section 5 of this Agreement, and
must execute, return, not rescind and comply with a general release of claims agreement in favor of the Company and related entities
and individuals, within the timeframe and in a form to be prescribed by the Company. The amount described in clause (ii) of
the first sentence of this paragraph shall be paid on the ninetieth (90th) calendar day after the date of Executive’s termination
of employment, and the severance described in clause (iii) of the first sentence of this paragraph shall be paid in equal
installments according to the normal payroll schedule, the first payment to Executive to be made on the next scheduled payroll
date that occurs on or after the ninetieth (90th) day after the date of Executive’s termination of employment, provided
that, in the case of amounts described in clauses (ii) and (iii) of the first sentence of this Section 6(c), the
Company has received the signed general release of claims agreement and Executive has not rescinded such agreement within the
rescission period set forth in such agreement. Executive shall have no duty to mitigate damages under this Section 6(c) during
the applicable severance period and, in the event Executive shall subsequently receive income from providing Executive’s
services to any person or entity, including self employment income, or otherwise, then no such income shall in any manner offset
or otherwise reduce the payment obligations of the Company hereunder.

 

Notwithstanding
anything herein to the contrary, this Section 6(c) shall not apply if Executive terminates his employment with the Company
or a succeeding entity for Good Reason upon or within one year of a Change of Control at any time during the Term as described
in Section 7 hereof. In such case, Section 7 of this Agreement shall control.

 

Executive
has the right, at any time during the Term, to terminate his employment with the Company without Good Reason (as defined above)
by giving written notice to the Company, which termination shall be effective sixty (60) calendar days from the date of such written
notice. If Executive terminates his employment without Good Reason, the Company’s obligation to Executive shall be limited
solely to the payment of unpaid Base Salary accrued up to the effective date of termination plus any accrued but unpaid bonus
and benefits.

 

Executive:_____

Company: _____

 

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(d)
Termination Upon Disability. The Company shall have the right, at any time during the Term, to terminate Executive’s
employment if, during the term hereof, Executive becomes physically or mentally disabled, whether totally or partially, as evidenced
by the written statement of a competent physician licensed to practice medicine in the United States who is mutually acceptable
to the Company and Executive, so that Executive is unable to perform the essential functions of his job duties hereunder, with
or without reasonable accommodation, for (i) a period of three (3) consecutive months; or (ii) for shorter periods aggregating
ninety (90) calendar days during any twelve-month period. If the Company terminates Executive’s employment under this Section 6(d),
the Company’s obligation to Executive shall be limited solely to the payment of unpaid Base Salary to the effective date
of termination, plus any accrued but unpaid benefits to the effective date of termination, any unpaid bonus earned in accordance
with the then applicable bonus plan or program to the effective date of termination and, if there is no unpaid, earned bonus for
the year in which the termination occurs, an amount equal to the product of 100% of Executive’s Base Salary multiplied by
a fraction, the numerator of which is the number of days he is employed by the Company during the year in which the termination
occurs and the denominator of which is 365.

 

(e)
Termination upon Death. If Executive dies during the Term, this Agreement shall terminate, except that Executive’s
surviving spouse (or if there is no surviving spouse, his estate) shall be entitled to receive the Base Salary and other accrued
benefits earned up to the date of Executive’s death.

 

7.
Change of Control.

 

(a)
Anything in this Agreement to the contrary notwithstanding, if, upon or within one year of a Change of Control (as defined below)
occurring at any time during the Term, the Company or a succeeding entity terminates Executive without Cause (as defined above)
or Executive terminates his employment for Good Reason (as defined in Section 6(c) above), the Company or the succeeding
entity’s obligation to Executive shall be (i) unpaid Base Salary, bonus and benefits accrued up to the effective date
of termination, (ii) if there is no unpaid bonus earned for the year of termination, an amount equal to the product of 100% of
Executive’s Base Salary multiplied by a fraction, the numerator of which is the number of days he is employed by the Company
during the year in which the termination occurs and the denominator of which is 365 and, if the date of termination occurs prior
to the date on which the annual bonus, if any, for the immediately preceding year would otherwise be paid, an amount equal to
the annual bonus that would have been paid to Executive for such immediately preceding year, based on the actual achievement of
applicable performance goals and without regard to whether Executive is employed on the date the bonus otherwise would have been
paid, (iii) a lump sum payment equal to Executive’s then-current Base Salary for a period of thirty-six (36) months,
and (iv) if Executive is eligible for and timely elects COBRA coverage for health insurance coverage, payment of Executive’s
COBRA premiums for health insurance coverage for himself and his eligible dependents for a period of up to eighteen (18) months,
payments to be made on a monthly basis when the premiums are due, and in the event of the death of Executive before the expiration
of such eighteen (18)-month period, the Company shall, for the remainder of such period, continue to pay the COBRA premiums for
the Executive’s dependents (including his spouse, if any) who were receiving COBRA coverage at the time of his death. In
the event of a without Cause Change of Control termination or a without Good Reason Change of Control termination, each as described
herein, the payments in this Section 7(a) shall be in lieu of, and not in addition to, any severance pay or benefits
set forth in Sections 6(b) or 6(c), whichever may apply. Notwithstanding anything to the contrary contained herein or in
any award agreement between Executive and the Company, in the event of a Change of Control (as defined below), (i) all unvested
stock awards held by Executive, including stock options described in Section 3(b) and any other subsequent awards, shall
become fully vested upon the Change of Control and, if applicable, immediately exercisable; (ii) each such award, and each
already vested award described in Section 3(b), which is a stock option shall continue to be exercisable for the remainder
of its term; and (iii) with respect to any award that is subject to the attainment of performance objectives or specified performance
criteria, such performance objectives and criteria shall be deemed satisfied at the target level and any performance period shall
be deemed to end as of the date of the Change of Control. As a condition to his receipt of the post-employment payments and benefits
under this Section 7(a), other than the vesting of awards described in the preceding sentence, Executive must be in compliance
with Section 5 of this Agreement, and must execute, return, not rescind and comply with a release of claims agreement in
favor of the Company, related entities and individuals and the succeeding entity, within the timeframe and in a form to be prescribed
by the Company or a succeeding entity. The severance amount described in clauses (ii) and (iii) of the first sentence
of this paragraph shall be paid in a lump sum on the ninetieth (90th) day after the date of Executive’s termination of employment
(but in any event not later than March 15 of the year following the year in which Executive’s employment terminates),
provided that the Company has received the signed general release of claims agreement and Executive has not rescinded such agreement
within the rescission period set forth in such agreement.

 

Executive:_____

Company: _____

 

    	10

    	 

    

 

(b)
Change of Control Defined. For purposes of this Agreement, a “Change of Control” shall mean the occurrence
of a “change in the ownership,” a “change in the effective control” or a “change in the ownership
of a substantial portion of the assets” of the Company during the Term, as determined in accordance with this Section 7(b).
In determining whether an event shall be considered a “change in the ownership,” a “change in the effective
control” or a “change in the ownership of a substantial portion of the assets” of the Company, the following
provisions shall apply:

 

(i)
A “change in the ownership” of the Company shall occur on the date on which any one person, or more than one person
acting as a group, acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes
more than 50% of the total fair market value or total voting power of the stock of the Company, as determined in accordance with
Treasury Regulation § 1.409A-3(i)(5)(v). If a person or group is considered either to own more than 50% of the total fair
market value or total voting power of the stock of the Company, or to have effective control of the Company within the meaning
of clause (ii) of this Section 7(b), and such person or group acquires additional stock of the Company, the acquisition
of additional stock by such person or group shall not be considered to cause a “change in the ownership” of the Company.

 

Executive:_____

Company: _____

 

    	11

    	 

    

 

(ii)
A “change in the effective control” of the Company shall occur on either of the following dates:

 

(A)
The date on which any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period
ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 40%
or more of the total voting power of the stock of the Company, as determined in accordance with Treasury Regulation § 1.409A-3(i)(5)(vi).
If a person or group is considered to possess 40% or more of the total voting power of the stock of the Company, and such person
or group acquires additional stock of the Company, the acquisition of additional stock by such person or group shall not be considered
to cause a “change in the effective control” of the Company; or

 

(B)
The date on which a majority of the members of the Board is replaced during any 12-month period by directors whose appointment
or election is not endorsed by a majority of the members of the Board before the date of the appointment or election, as determined
in accordance with Treasury Regulation § 1.409A-3(i)(5)(vi).

 

(iii)
A “change in the ownership of a substantial portion of the assets” of the Company shall occur on the date on which
any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the
date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value
equal to or more than 40% of the total gross fair market value of all of the assets of the Company immediately before such acquisition
or acquisitions, as determined in accordance with Treasury Regulation § 1.409A-3(i)(5)(vii). A transfer of assets shall not
be treated as a “change in the ownership of a substantial portion of the assets” when such transfer is made to an
entity that is controlled by the shareholders of the Company, as determined in accordance with Treasury Regulation § 1.409A-3(i)(5)(vii)(B).

 

In
all cases, the determination of whether a Change of Control has occurred shall be made in accordance with Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations, notices and other guidance
of general applicability issued thereunder.

 

8. Code
Section 409A. Notwithstanding anything herein to the contrary, if any payments to be made, or benefits to
be provided, to Executive hereunder are subject to the requirements of Code Section 409A and the Company determines that
Executive is a “specified employee” as defined in Code Section 409A as of the date of the termination, then,
to the extent such payments or benefits do not satisfy the separation pay exemption described in Treasury Regulation §
1.409A-1(b)(9)(iii) or any other exemption available under Section 409A of the Code (the “Non-Exempt
Payments”), the amount of such Non-Exempt Payments shall not be paid or commence earlier than the date that is six
months after the termination. Any Non-Exempt Payment not made during the six-month period shall be paid in a lump sum payment
on the first day of the seventh month following termination. For purposes of Code Section 409A, any reference to
Executive’s termination of employment in this Agreement shall be deemed to be a reference to Executive’s
“separation from service” (within the meaning of Treasury Regulation § 1.409-1(h), applying the default
terms thereof), and any installment payments provided to Executive pursuant to this Agreement shall be treated as a series of
separate payments.

 

Executive:_____

Company: _____

 

    	12

    	 

    

 

9.
Successors; Assignment, Etc.; Third Party Beneficiaries.

 

(a)
Executive consents to and the Company shall have the right to assign this Agreement to its successors or assigns. All covenants
or agreements hereunder shall inure to the benefit of and be enforceable by or against its successors or assigns. The terms “successors”
and “assigns” shall include, but not be limited to, any succeeding entity upon a Change of Control.

 

(b)
Neither this Agreement nor any of the rights or obligations of Executive under this Agreement may be assigned or delegated except
as provided in the last sentence of this Section 9(b). This Agreement and all rights of Executive hereunder shall inure to
the benefit of and be enforceable by, and shall be binding upon, Executive’s personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees, and legatees. If Executive should die while any amounts would still
be payable to him hereunder had he continued to live, then all such amounts (unless otherwise provided herein) shall be paid in
accordance with the terms of this Agreement to his surviving spouse, or if there is no surviving spouse, to Executive’s
estate.

 

10.
Notice. For purposes of this Agreement, all notices and other communications provided for in this Agreement shall be in
writing and shall be deemed to have been duly given when delivered in person or when mailed by United States registered or certified
mail, return receipt requested, first-class postage prepaid, addressed as follows:

 

	If
    to Executive :	If
    to the Company: 
	 	 
	Mr. William
    Thorpe	WindStream
    Technologies, Inc.
	103
    Ravenna Drive, Suite 5	819
    Buckeye Street
	Long Beach,
    CA 90803	North
    Vernon, IN 47265
	 	 
	 	Attn:
    Corporate Secretary

 

or to such
other address as any party may have furnished to the other in writing in accordance with this Section 10, except that notices
of any change of address shall be effective only upon actual receipt.

 

11.
Indemnification. The Company shall indemnify the Executive, to the maximum extent permitted by applicable law and by its
certificate of incorporation, against all costs, charges and expenses incurred or sustained by the Executive in connection with
any action, suit or proceeding to which he may be made a party by reason of being an officer, director or employee of the Company
or of any subsidiary or affiliate of the Company or any other corporation for which the Executive serves [in good faith] as an
officer, director, or employee at the Company’s request. The Executive shall be entitled to the full protection of any insurance
policies, which the Company may elect to maintain generally for the benefit of its officers. The Executive agrees promptly to
notify the Company of any actual or threatened claim arising out of or as a result of the Executive’s employment with the
Company. The Company agrees to maintain Directors and Officers Liability Insurance for the benefit of Executive having coverage
and policy limits no less favorable to directors and officers than those in effect at the Effective Date.

 

Executive:_____

Company: _____

 

    	13

    	 

    

 

12. Miscellaneous.
No provision of this Agreement may be modified, waived, or discharged unless such waiver, modification, or discharge is
agreed to in writing signed by Executive and such officers as may be specifically designated by the Board. No waiver by
either party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of any similar or dissimilar condition or provision at the same or any other time. No agreements or
representations (whether oral or otherwise, express or implied) with respect to the subject matter of this Agreement have
been made by either party which are not set forth expressly in this Agreement or which are not specifically referred to in
this Agreement. If any term, clause, subpart, or provision of this Agreement is for any reason adjudged to be invalid,
unreasonable, unenforceable or void, the same will be treated as severable, shall be modified to the extent necessary to be
legally enforceable to the fullest extent permitted by applicable law, and will not impair or invalidate any of the other
provisions of this Agreement, all of which will be performed in accordance with their respective terms. The validity,
interpretation, construction, and performance of this Agreement shall be governed by the laws of the State of
Indiana.

 

13.
Validity. If any provision of this Agreement is held to be illegal, invalid, or unenforceable under any present or future
law or court decision, and if the rights or obligations of the Company and Executive will not be materially and adversely affected
thereby, (a) such provision shall be fully severable from this Agreement, (b) this Agreement shall be construed and
enforced as if such illegal, invalid, or unenforceable provision had never comprised a part hereof, (c) the remaining provisions
of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision
or by its severance herefrom, and (d) in lieu of such illegal, invalid, or unenforceable provision, there shall be added
automatically as a part of this Agreement a legal, valid, and enforceable provision as similar to the terms and intent of such
illegal, invalid, or unenforceable provision as may be possible.

 

14.
Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but
all of which together shall constitute one and the same instrument.

 

15.
Litigation. The parties agree that the exclusive venue for any litigation commenced by the Company or Executive relating
to this Agreement shall be the state courts located in Jennings County, Indiana or the United States District Court,
Southern District of Indiana. The parties waive any rights to object to venue as set forth herein, including any argument of inconvenience
for any reason.

 

16.
Entire Agreement. This Agreement constitutes (i) the binding agreement between the parties and (ii) represents
the entire agreement between the parties and supersedes all prior agreements relating to the subject matter contained herein.
All prior negotiations concerning Executive’s employment with the Company have been merged into this Agreement and are reflected
in the terms herein.

 

Executive:_____

Company: _____

 

    	14

    	 

    

 

IN WITNESS
WHEREOF, the parties have duly executed and delivered this Agreement as of The Effective Date.

 

	 	EXECUTIVE:
	 	 	 
	 	By:	 
	 	Name:
    	William
    Thorpe
	 	 	 
	 	COMPANY:
	 	 	 
	 	WINDSTREAM TECHNOLOGIES, INC.
	 	 	 
	 	By:	 
	 	Name:	Daniel
    Bates
	 	Title:	Chief
    Executive Officer

 

Executive:_____

Company: _____

 

    	15Exhibit 10.1
    

    
      SECOND AMENDMENT TO LOAN AGREEMENT
    

    
      AND REVOLVING CREDIT NOTE
    

    
      January 26, 2015
    

    

    

    
      This Second Amendment to Loan Agreement and Revolving Credit Note (this “Agreement”)
      is made and entered into as of the date set forth above, by and among
      NTR Metals, LLC (the “Company”) and DGSE Companies, Inc. (“DGSE”).  Capitalized
      terms used but not defined herein have the meaning assigned to them in
      the Loan Agreement and/or Note (as defined below), as applicable.
    

    
      RECITALS
    

    
      WHEREAS, the undersigned entered into that certain Loan
      Agreement, dated as of July 19, 2012, by and between the Company and
      DGSE (the “Loan Agreement”), pursuant to which the Company
      agreed to extend credit to DGSE; and
    

    
      WHEREAS, DGSE executed that certain Revolving Credit Note, dated
      as of July 19, 2012, by and between the Company and DGSE (the “Note”),
      pursuant to which DGSE promised to pay to the Company funds advanced by
      the Company, with interest thereon; and
    

    
      WHEREAS, DGSE executed that certain Amendment to Loan Agreement
      and Revolving Credit Note, dated as of February 25, 2014, by and between
      the Company and DGSE (the “First Amendment”), pursuant to
      which the Company extended the Loan Agreement and Note by one year; and
    

    
      WHEREAS, pursuant to this Agreement, DGSE and the Company are
      further amending the terms of the Loan Agreement and Note.
    

    
      NOW, THEREFORE, in consideration of the foregoing and the mutual
      covenants and agreements herein contained, and intending to be legally
      bound hereby, the parties hereto agree as follows:
    

    
      AGREEMENT
    

    
      1.     Extension of Loan Agreement.  Section
      1.1 of the Loan Agreement is hereby amended so that the reference to
      “August 1, 2015” in the definition of “Termination Date” is changed to
      “August 1, 2017”.
    

    
      2.     Extension of Note.  Subparagraph
      (b) of the Note is hereby amended so that the reference to “August 1,
      2015” in the definition of “Maturity Date” is changed to “August 1,
      2017”.
    

    
      3.     Continuing Guaranties, Security
      Interests and Liens.  DGSE agrees that all of the guaranties,
      security interests and liens granted by DGSE in favor of the Company
      pursuant to the Loan Documents shall remain in full force and effect
      once this Agreement takes effect and extends the Loan Agreement and Note
      as herein stated.
    

    

    

    
      SECOND AMENDMENT TO LOAN AGREEMENT AND REVOLVING CREDIT NOTE
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
      4.     Authority. Each party hereto
      represents and warrants that it had and has all necessary authority and
      legal capacity to enter into the Loan Agreement, the Note and this
      Agreement.
    

    
      5.     Choice of Law.  The Loan
      Agreement, the Note and this Agreement are to be construed according to
      the laws of the State of Texas and the applicable laws of the United
      States of America.
    

    
      6.     Integration of Contract.  The
      Loan Agreement and Note, as amended by this Agreement, constitute the
      full understanding of the parties, and no terms, conditions,
      understandings or agreements purporting to modify or vary the terms of
      the Loan Agreement, the Note or this Agreement shall be binding unless
      hereafter made in writing and signed by the party to be bound.
    

    
      7.     Counterparts.  This Agreement may
      be executed in one or more counterparts, each of which will be deemed an
      original, but all of which together will constitute one and the same
      instrument.
    

    

    

    
      IN WITNESS HEREOF, the undersigned have executed this Agreement
      on the date first appearing above.
    

    

    

    	
           
        	
          
            NTR METALS, LLC
          

        
	

        	

        	
           
        
	

        	

        	
           
        
	

        	
          
            By
          

        	
          
            /s/ JOHN LOFTUS
          

        
	

        	
          
             
          

        	
          
            2/4/15
          

        
	

        	

        	
           
        
	

        	

        	
          
            Name: John Loftus
          

        
	

        	

        	
          
            Title: President
          

        
	

        	

        	
           
        
	

        	

        	
           
        
	

        	

        	
           
        
	

        	

        	
           
        
	

        	
          
            DGSE COMPANIES, INC.
          

        
	

        	

        	
           
        
	

        	

        	
           
        
	

        	
          
            By
          

        	
          
            /s/ DUSTY CLEM
          

        
	

        	

        	
          
            2/4/15
          

        
	

        	

        	
           
        
	

        	

        	
          
            Name: Dusty Clem
          

        
	

        	

        	
          
            Title: CEO
          

        

    

    

    

    	
          SECOND AMENDMENT TO LOAN AGREEMENT AND REVOLVING CREDIT NOTE
        	
          2

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