Document:

Exhibit 10.01

 

THIRD
AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

This
THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), dated as of November 4, 2020, and effective
January 1, 2021, is by and between Genie Energy Ltd., a Delaware corporation (the “Company”) and Avi Goldin,
an individual (the “Employee”). 

  

WHEREAS,
the Employee is currently employed as Chief Financial Officer of the Company pursuant to the terms of that certain Second Amended
and Restated Employment Agreement dated December 28, 2017 (as amended by that c4ertain Amendment No. 1 to Second Amended and Restated
Employment Agreement dated September 29, 2020 and Amendment No. 2 to Second Amended and Restated Employment Agreement dated October
2, 2020), between the Company and the Employee (collectively, the “Existing Agreement”);

 

WHEREAS,
in recognition of the Employee’s experience and abilities, the Company desires to assure itself of the continued employment
of the Employee in accordance with the terms and conditions provided herein; and

 

WHEREAS,
the Employee wishes to continue to perform services for the Company in accordance with the terms and conditions provided herein;
and

 

WHEREAS,
the parties desire to amend and restate the Existing Agreement, with effect as of January 1, 2021 (the “Amendment Effective
Date”), as follows: 

 

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

 

1. 
Existing Agreement. Until 11:59 p.m. on December 31, 2020, the Existing Agreement shall remain in full force and effect
(unless terminated in accordance with its terms), other than the provision of Section 3 thereof providing for automatic renewal
of the terms thereof. From and after 12:00 a.m. on January 1, 2021, the Existing Agreement is hereby amended and restated in its
entirety.

 

2.
Employment.  The Company hereby agrees to continue to employ the Employee, and the Employee hereby agrees to
continue to be employed by the Company and to perform services for the Company or its subsidiaries and affiliates, on the terms
and conditions set forth herein, in each case, with effect as of the Amendment Effective Date.

 

3. Term.  The
term of the Agreement as amended and restated (the “Term”) shall commence on the Amendment Effective Date and
shall terminate on December 31, 2023 (the “Initial Expiration Date”), or upon the Employee’s earlier
death, or other termination of employment pursuant to Section 10 hereof.  The Term shall automatically be renewed or
extended for additional one year periods beyond its otherwise scheduled expiration unless, not later than ninety (90) days prior
to any such expiration, either party hereto shall have notified the other party in writing that such renewal extension shall not
take effect.

 

    1

     

    

 

4. Position.
During the Term, the Employee shall serve as the Chief Financial Officer of the Company (and may also be named as Chief Financial
Officer of one or more of the Company’s subsidiaries) and in such other capacities as shall be designated by the Board of
Directors of the Company (the “Board”) and agreed to by the Employee from time to time.

 

5. Duties
and Reporting Relationship.  During the Term, the Employee shall, on a full-time basis, use his skills and render
services to the best of his abilities on behalf of the Company. The Employee shall report directly to the Chief Executive Officer
of the Company. The Employee shall comply with all policies and procedures of the Company.

 

6. Place
of Performance.  The Employee shall perform his duties and conduct his business on a full-time basis at the Company’s
Headquarters (subject to work at home as mandated to advisable related to public health concerns), except for required travel
on Company business.

 

7. Compensation
and Related Matters.

 

(a)  Annual
Base Salary.  During the Term, the Company shall pay to the Employee an annual base salary (the “Base Salary”)
at a rate of FOUR HUNDRED THOUSAND DOLLARS ($400,000), payable in accordance with the Company’s standard payroll practices,
less applicable taxes and customary withholdings.  

 

(b) Bonus;
Equity.  

 

		(i)	During
                                         the Term, the Employee shall also be entitled to an annual bonus in the gross amount
                                         of ONE HUNDRED FORTY THOUSAND DOLLARS ($140,000), less applicable taxes and customary
                                         withholdings, in respect of any year commencing with 2021 through the Initial Expiration
                                         Date (“Guaranteed Bonus”). Payment of the Guaranteed Bonus shall be
                                         made to the Employee in accordance with Company policy, but in no event later than ninety
                                         (90) days following the end of the fiscal year in respect of which it is payable (each
                                         such payment date, a “Bonus Payment Date”). It is understood and agreed
                                         that the Employee shall be eligible for such a Guaranteed Bonus only if the Employee
                                         has been continuously employed by the Company from the Amendment Effective Date through
                                         end of the applicable fiscal year, and the Employee has not, as of such Bonus Payment
                                         Date, issued notice of his resignation, regardless of the reason for such resignation
                                         or been terminated by the Company for Cause (as defined below).

 

		(ii)	Additionally,
                                         the Employee shall be eligible to participate in any bonus pool established for, or broad-based
                                         equity grant made to, employees or management of the Company, in each case at levels
                                         set in the sole discretion of the Company and upon the approval of the Compensation Committee
                                         of the Company’s Board of Directors. The Employee shall have a target bonus of
                                         ONE HUNDRED THIRTY THOUSAND DOLLARS ($130,000). Any bonus that is awarded under this
                                         provision (a “Discretionary Bonus”) shall be paid to the Employee
                                         on the Bonus Payment Date following the end of the relevant fiscal year. It is understood
                                         and agreed that the Employee shall be eligible for a Discretionary Bonus only if the
                                         Employee has been continuously employed by the Company from the Amendment Effective Date
                                         through end of the applicable fiscal year, and the Employee has not, as of such Bonus
                                         Payment Date, issued notice of his resignation, regardless of the reason for such resignation
                                         or been terminated by the Company for Cause.

 

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(c)  Employee
Benefits.  During the Term, the Employee will be eligible to participate in the Company’s benefit plans, in
each case as available to similarly situated employees (collectively the “Programs”), as such Programs are
adopted by the Company, subject to the terms and conditions of the Programs.  In addition, during the Term, the Employee
will be eligible to participate in the Company’s 401(k) savings plan (the “401(k) Plan”) subject to the
terms and conditions of the 401(k) Plan.

 

(d)  Business
Expenses. The Company shall reimburse the Employee for all ordinary and necessary business expenses incurred by him in connection
with his employment (including without limitation, expenses for travel (with class of travel in accordance with Company policy)
and entertainment incurred in conducting or promoting business for the Company) upon submission by the Employee of receipts and
other documentation in accordance with the Company’s normal business expense reimbursement policies.  The Employee
must use the Company’s travel department (if such a department exists) to arrange for all business related travel.

 

(e)  Paid
Vacation. The Company will provide the Employee with paid vacation in addition to Company Closed Days as outlined in the Company’s
Policy Handbook for Employees as it may be amended from time to time.

 

8. Non-Disclosure
and Non-Competition Agreement. The Employee acknowledges that the Non-Disclosure and Non-Competition Agreement with the Company
that he previously executed (the “NDNC”) remains in full force and effect and binding on him.  Notwithstanding
anything to the contrary contained herein, the remedies provided for in the NDNC are separate and distinct from those provided
for in this Agreement and in no event shall such remedies be superseded by any provision contained herein.

 

9. Representations.
The Employee represents and warrants to the Company that the execution and delivery of this Agreement, and the terms of the NDNC,
do not, and the performance by the Employee of his obligations thereunder shall not, conflict with, result in the breach of any
provisions of or the termination of, or constitute a default under, any agreement, contract, or other obligation to assign inventions
or to keep information confidential, to which the Employee is a party or by which the Employee was, is, or may be bound.

 

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10. Termination.  The
Employee’s employment hereunder may be terminated without breach of this Agreement as follows:

 

(a) Death;
Disability.  The Employee’s employment hereunder shall terminate upon his death or, as permitted by law, Disability
(as hereinafter defined).  Upon any such termination, the Employee (or, in the event of his death, his estate) (i) shall
receive any accrued or vested compensation, including salary and bonus(es), through the “Date of Termination”
(as hereinafter defined), and (ii) shall be reimbursed for unpaid and approved business expenses (in accordance with the Company’s
normal business expense reimbursement procedures) through such Date of Termination.  The Employee (and in the event
of his death, his estate) shall not be entitled to any other amounts or benefits from the Company or otherwise, except payments
pursuant to any Company life insurance program/policy then in effect.  For purposes of this Agreement, “Disability”
shall mean the inability of the Employee to perform his duties on account of a physical or mental illness for a period of sixty
(60) consecutive days or ninety (90) days in any six (6) month period, and the term “Disabled” shall have a
corresponding meaning. Notwithstanding anything contained herein to the contrary, during any period of
Disability, the Company shall not be obligated to pay any compensation or other amounts to the Employee except as expressly provided
by the Programs then in effect.  

 

(b) Cause;
Resignation Without Good Reason.  The Company may terminate the Employee’s employment hereunder for Cause
(as hereinafter defined) or the Employee may resign from his position with the Company without Good Reason (as hereinafter defined).  For
purposes of this Agreement, the Company shall have “Cause” to terminate the Employee’s employment hereunder:
(i) upon the Employee’s indictment or conviction for the commission of an act or acts constituting a felony under the laws
of the United States or any State thereof, (ii) upon the Employee’s commission of fraud, embezzlement or gross negligence,
(iii) upon the Employee’s willful or continued failure to perform an act permitted by the Company’s rules, policies
or procedures, including without limitation, the Company’s  Code of Business Conduct and Ethics that is within
his material duties hereunder (other than by reason of physical or mental illness or disability) or directives of the Board, or
material breach of the terms hereof or of the NDNC, in each case, after written notice has been delivered to the Employee by the
Company, which notice specifically identifies the manner in which the Employee has not substantially performed his duties or has
committed a breach, and the Employee’s failure to substantially perform his duties or breach is not cured within fifteen
(15) business days after such notice has been given to the Employee; (iv) upon any misrepresentation by the Employee of a material
fact to or concealment by the Employee of a material fact from the Board, the Chairman, the Chief Executive Officer and/or
general counsel; or (v) upon any material violation of the Company’s rules, policies or procedures, including without limitation,
the Company’s Code of Business Conduct and Ethics.  For purposes of this Section 10(b), no act or failure to act
on the Employee’s part shall be deemed “willful” unless done or omitted to be done, by the Employee not in good
faith and without reasonable belief that the Employee’s act, or failure to act, was in the best interest of the Company.

 

    4

     

    

 

If
the Company terminates the Employee’s employment for Cause, or if the Employee shall resign from the Company without Good
Reason, the Employee shall not be entitled to any severance payments, any unvested stock options, and other unvested equity incentive
awards shall terminate, and the Employee shall relinquish any and all rights to any amounts payable and to any benefits otherwise
provided for herein, provided that the Employee shall (A) be entitled to receive accrued or vested compensation, including salary
and Guaranteed Bonus (to be paid when paid to other officers of the Company), through the Date of Termination, and (B) have the
right to be reimbursed for unpaid and approved business expenses (in accordance with the Company’s normal business expense
reimbursement procedures) through such Date of Termination.

  

If
the Employee resigns from the Company without Good Reason, or if the Employee does not intend to seek renewal of the Term, the
Employee shall provide written notice to the Company at least ninety (90) days prior to the actual Date of Termination of the
Employee’s employment, which ninety day notice period may be waived by the Company in its sole discretion.

 

(c) Termination
Without Cause; Resignation for Good Reason or following a CEO Change. The Employee’s employment hereunder may also be
terminated by the Company at any time for any reason without Cause or by the Employee for Good Reason or due to a CEO Change.

 

For
purposes of this Agreement, the Employee shall have “Good Reason” to terminate his employment hereunder upon
(i) the Company’s failure to perform its material duties hereunder, which failure has not been cured by the Company within
fifteen (15) days of its receipt of written notice thereof from the Employee; (ii) a reduction by the Company (without the consent
of the Employee, which consent may be revoked at any time) in the Employee’s Base Salary, or substantial reduction in the
other benefits provided to the Employee; (iii) the assignment to the Employee of duties inconsistent with the Employee’s
status as a senior executive officer of the Company, or the designation by the Company of the Employee to any position or capacity
other than (A) Chief Financial Officer of the Company, (B) Chief Financial Officer of one of the Company’s subsidiaries,
or (C) Chief Operating Officer of the Company; (iv) the relocation of the Employee’s principle place of employment to a
location more than thirty-five (35) miles from its current Newark, New Jersey location or outside of the New York City metropolitan
area; (v) the assignment of duties inconsistent with the Company’s rules, policies or procedures, including without limitation,
the Company’s Code of Business Conduct and Ethics; (vi) any purported termination of the Employee’s employment not
in accordance with the terms hereof; or (vii) any Change in Control of the Company.  For purposes of this Agreement,
a “Change in Control” shall mean and shall be deemed to have occurred if (A) any person or group (within
the meaning of Rule 13d-3 of the rules and regulations promulgated under the Securities Exchange Act of 1934, as amended), other
than Howard Jonas, members of his immediate family, his affiliates, trusts or private foundations established by or on his behalf
or for the benefit of members of his immediate family or descendants, and the heirs, executors or administrators of Howard Jonas,
shall acquire in one or a series of transactions, whether through sale of stock or merger, voting securities representing more
than 50% of the voting power of all outstanding voting securities of the Company or any successor entity of the Company, or (B)
the stockholders of the Company shall approve a complete liquidation or dissolution of the Company. As used herein, a “CEO
Change” shall mean the appointment as Chief Executive Officer of the Company any person other than, Michael Stein, Howard
Jonas, the Employee or any person that is affiliated with the holders of the Class B common stock of the Company. The Employee’s
right to terminate the Employee’s employment for Good Reason shall not be affected by the Employee’s incapacity due
to physical or mental illness. The Employee’s continued employment shall not constitute consent to, or a waiver
of rights, with respect to any act or failure to act constituting Good Reason hereunder.  Notwithstanding the foregoing,
a termination shall not be treated as a resignation for Good Reason if the Employee shall have consented in writing to the occurrence
of the event giving rise to the claim of resignation for Good Reason.

 

    5

     

    

 

If
the Employee gives notice of his intent to terminate his employment with Good Reason, the Employee shall first provide written
notice to the Company, which notice specifically identifies the event or circumstances giving rise to the Good Reason for which
the Employee is terminating his employment, within ninety (90) days of when such event or circumstance giving rise to the Good
Reason becomes effective or transpires.  The notice of Good Reason must give the Company the opportunity to cure and
if the Company fails to cure within thirty (30) business days of its receipt of the notice, the Employee’s resignation for
Good Reason shall be deemed effective.

 

If
the Company terminates the Employee’s employment without Cause or the Employee terminates his employment for Good Reason,
(1) the terminating Party shall provide the other Party with at least sixty (60) days’ notice (which time period may be
shortened by mutual agreement of the parties) of its intent to terminate this Agreement, if by the Company without Cause or if
by the Employee for Good Reason; (2) ) the Company shall have the sole right to determine whether or not the Employee shall actively
work for the Company during the notice period; (3) the Company shall pay to the Employee all accrued or vested compensation, including
salary, Guaranteed Bonus and Discretionary Bonus (with bonuses to be paid when paid to other officers of the Company) through
the Date of Termination, (4) the Company shall reimburse the Employee for unpaid and approved business expenses through such Date
of Termination (in accordance with the Company’s normal business expense reimbursement procedures), (5) all awards theretofore
granted to the Employee under the Company’s incentive plans shall continue to vest (and the restrictions thereon lapse)
on their then existing schedule notwithstanding the termination of employment, and (6) the Company shall pay to the Employee a
severance payment equal to his Base Salary plus the greater of (x) the amount he would be entitled to under Company policy in
effect at that time, and (y) his Base Salary plus Guaranteed Bonus plus Discretionary Bonus for the Minimum Severance Period (the
“Non-Cause Severance Payment”).

 

If
the Employee provides written notice to the Company of his resignation due to a CEO Change within thirty (30) days following announcement
of such CEO Change, (AA) the Employee shall provide the Company with at least sixty (60) days’ notice (which time period
may be shortened by the Company) of his intent to terminate this Agreement; and (BB) the Company shall pay to the Employee a severance
payment equal to the greater of (1) the amount he would be entitled to under Company policy in effect at that time, and (2) his
Base Salary plus Guaranteed Bonus for a period of twelve (12) months (the “CEO Change Severance Payment” and
the CEO Change Severance Payment or the Non-Cause Severance Payment, a “Severance Payment”).

 

As
a condition to receiving any Severance Payment, the Employee will be required to execute and deliver the Company’s standard
release agreement (the “Release Agreement”) within 45 days of the Date of Termination. Subject to Section 20
hereof, the Severance Payment will be paid over the period of time covered thereby following the effective date of the Release
Agreement on the Company’s regularly scheduled payroll payment dates, and in accordance with the terms of the Release Agreement.

 

    6

     

    

 

As
used in this Agreement, the term “Minimum Severance Period” shall mean a number of months equal to eighteen
(18) plus two (2) weeks for each full year of employment of the Employee with the Company or its affiliates subsequent to January
1, 2021.

 

(d) Severance
upon expiration of the Term. Upon expiration of the Term, and in the event that the Company does not offer to extend the Term
on terms that, had such term been implemented by the Company during the Term, would not have given the Employee the right to terminate
his employment for Good Reason under clauses (ii), (iii) or (iv) of the definition thereof, and the Company and the Employee do
not agree on terms and conditions for continued employment, the Employee shall also be entitled to receive (1) all accrued or
vested compensation, including salary, commission, Guaranteed Bonus and Discretionary Bonus (with bonuses to be paid when paid
to other officers of the Company) through the Date of Termination, (2) unpaid and approved business expenses through such Date
of Termination (in accordance with the Company’s normal business expense reimbursement procedure), and (3) a severance payment
equal to the greater of (A) the amount he would be entitled to under Company policy in effect at that time, and (B) his Base Salary
plus Guaranteed Bonus plus Discretionary Bonus (at the rates in effect on the Date of Termination) for the Minimum Severance Period,
subject to his execution and delivery of the Release Agreement within 30 days of the Date of Termination. Subject to Section 20
hereof, the severance payment will be paid over the period of time covered thereby following the effective date of the Release
Agreement on the Company’s regularly scheduled payroll payment dates, and in accordance with the terms of the Release Agreement.
Further, upon such non-extension of the Term by the Company, and notwithstanding termination of Employee’s employment, all
awards theretofore granted to the Employee under the Company’s incentive plans shall continue to vest (and the restrictions
thereon lapse) on their then existing schedule through the end of the Minimum Severance Period following the Date of Termination.

 

(e) Notice
of Termination. Any termination of the Employee’s employment by the Company (other than termination upon the death of
the Employee) or by the Employee shall be communicated by written Notice of Termination by such party to the other in accordance
with Section 11 hereof.  For purposes of this Agreement, a “Notice of Termination” shall mean a notice
that shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail
the facts and circumstances claimed to provide a basis for termination of the Employee’s employment under the provision
so indicated (as applicable).

 

(f) Date
of Termination. “Date of Termination” shall mean (i) if the Employee’s employment is terminated by
his death, the date of his death, (ii) the date of expiration of the Term if either party elects not to renew the Term for an
additional year or (iii) if the Employee’s employment is terminated pursuant to any of the other terms set forth above,
the date specified in the Notice of Termination.

   

    7

     

    

 

11. Notices.  For
the purposes of this Agreement, notices, demands and all other communications provided for in this Agreement shall be in writing
and shall be deemed to have been duly given when delivered or (unless otherwise specified) mailed by United States certified or
registered mail, return receipt requested, postage prepaid, or by an overnight courier (signature required) or by electronic mail
(return receipt requested) in each case addressed as follows:

 

If
to the Company:

 

Genie
Energy Ltd.

520
Broad Street

Newark,
New Jersey 07102

Attn:   Chief
Executive Officer

 

with
a copy to:

 

Genie
Energy Ltd.

520
Broad Street

Newark,
New Jersey 07102

Attn:    General
Counsel

 

If
to the Employee:

 

Avi
Goldin

499
Emerson Avenue

Teaneck,
NJ 07666

 

or
to such other address, facsimile number or email address as either party may have furnished to the other in accordance herewith,
except that notices of change of address shall be effective only upon receipt.

 

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 the Employee and such officer of the Company as may be specifically designated by the Board.  No waiver
by either party hereto at any time of any breach by the other 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 similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time.  No agreements or representations, oral or otherwise, express or implied,
with respect to the subject matter hereof have been made by either party, which are not set forth expressly in this Agreement.  The
validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of New Jersey
without regard to its conflicts of law principles.  By executing this Agreement, the Employee consents to the personal
jurisdiction of all state and federal courts and arbitration forums located in the State of New Jersey.  This Agreement
shall be binding upon and inure to the benefit of the Company, and its successors and assigns, and upon the Employee.  The
obligations of the Employee shall not be assignable or otherwise transferable.

 

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13. Validity.  The
invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, which shall remain in full force and effect.

  

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

 

15. Entire
Agreement.  Other than the NDNC, this Agreement sets forth the entire agreement of the parties hereto in respect
of the subject matter contained herein and supersedes any and all other prior agreements, promises, covenants, arrangements, communications,
representations or warranties, whether oral or written, by any officer, employee or representative of any party hereof; and any
prior agreement, including but not limited to the Existing Agreement, of the parties hereto in respect of the subject matter contained
herein is hereby terminated and canceled.

 

16. Arbitration.  Except
as set forth in Section 8 and Section 18 and claims that pursuant to applicable law a party is prohibited from requiring another
party to agree to submit to arbitration, the Employee and the Company agree that any claim, controversy or dispute between the
Employee and the Company (including, without limitation, its affiliates, officers, representative or agents) arising out of or
relating to this Agreement, the employment of the Employee, the cessation of employment of the Employee, or any matter relating
to the foregoing shall be submitted to and settled by arbitration pursuant to the Federal Arbitration Act in a forum of the American
Arbitration Association (“AAA”) located in the State of New Jersey and conducted in accordance with the AAA’s
Employment Arbitration Rules.   In such arbitration: (i) the arbitrator shall agree to treat all evidence and other
information presented by the parties to the same extent as Confidential Information under the NDNC must be held confidential by
the Employee, (ii) the arbitrator shall have no authority to amend or modify any of the terms of this Agreement, and (iii) the
arbitrator shall have ten business days from the closing statements or submission of post-hearing briefs by the parties to render
his or her decision.  Any arbitration award shall be final and binding upon the parties, and any court, state or federal,
having jurisdiction may enter a judgment on the award.  The foregoing requirement to arbitrate claims, controversies,
and disputes applies to all claims or demands arising out of or related to the Employee’s employment at the Company, including,
without limitation any rights or claims the Employee may have under the Age Discrimination in Employment Act of 1967 (which prohibits
age discrimination in employment), Title VII of the Civil Rights Act of 1964 (which prohibits discrimination in employment based
on race, color, national origin, religion, sex, or pregnancy), the Americans with Disabilities Act of 1991 (which prohibits discrimination
in employment against qualified persons with a disability), the Equal Pay Act (which prohibits paying men and women unequal pay
for equal work), ERISA, the New Jersey Law Against Discrimination, the New Jersey Conscientious Employee Protection Act (or other
federal or state whistleblower laws), or any other federal, state, or local laws or regulations pertaining to the Employee’s
employment or the termination of the Employee’s employment (except as set forth in Section 8 and Section 18 and claims that
pursuant to applicable law a party is prohibited from requiring another party to agree to submit to arbitration). The parties
hereby confirm their understanding that by signing this Agreement they are waiving any right to a trial by jury, and are forfeiting
any right to bring claims arising out of or related to the Employee’s employment at the Company in a court of law (except
as set forth in Section 8 and Section 18 and claims that pursuant to applicable law a party is prohibited from requiring another
party to agree to submit to arbitration), regardless of whether such claims would be based on federal, state or local law or regulations.
For the avoidance of doubt, the parties acknowledge and agree that the existence of a claim by a party that is not subject to
arbitration pursuant to this paragraph shall not impair the enforceability of this paragraph with respect to any other claim brought
by that party. Notwithstanding the foregoing, nothing in this paragraph shall be interpreted to mean that the Employee cannot
file a charge with the Equal Employment Opportunity Commission and/or the National Labor Relations Board.

 

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17. Choice
of Law.  This Agreement shall be interpreted and enforced in accordance with the laws of the State of New Jersey
without regard to conflicts of law principles.

 

18. Remedies
of the Company.  Notwithstanding the arbitration provisions of Section 16, upon any termination for Cause that may
cause irreparable harm to the Company or upon the violation of the NDNC, the Company shall be entitled, if it so elects, to institute
and prosecute proceedings to obtain injunctive relief and damages, costs and expenses, including, without limitation, reasonable
attorneys’ fees and expenses, with respect to such termination.

 

19. Representations.  The
Employee has been advised to obtain independent counsel to evaluate the terms, conditions, and covenants set forth herein and
he has been afforded ample opportunity to obtain such independent advice and evaluation.  The Employee warrants to the
Company that he has relied upon such independent counsel and not upon any representation (legal or otherwise), statement, or advice
said or offered by the Company or the Company’s counsel in connection herewith.

 

20.
Compliance with Section 409A. All provisions of this Agreement shall be construed and interpreted in a manner consistent
with the requirements for avoiding taxes or penalties under the Internal Revenue Code of 1986 (“Code”) Section
409A (“Section 409A”). By way of example, and not limitation, it is the intent of the parties that the Severance
Payment, including each payment in a series of installment payments, is intended to be a separate payment for purposes of Treas.
Reg. §1.409A-2(b), and is intended to be either: (i) exempt from Section 409A, including, but not limited to, by compliance
with the short-term deferral exemption as specified in Treas. Reg. § 1.409A-1(b)(4) and the involuntary separation pay exception
within the meaning of Treas. Reg. § 1.409A-1(b)(9)(iii), or (ii) in compliance with Section 409A, including, but not limited
to, being paid pursuant to a fixed schedule or specified date pursuant to Treas. Reg. §1.409A-3(a) and the provisions of
this Agreement will be administered, interpreted and construed accordingly. Notwithstanding the foregoing, if any payment would
be subject to additional taxes and interest under Section 409A because the timing of such payment is not delayed as provided in
Code Section 409A(a)(2)(B)(i), and Employee constitutes a “specified employee” within the meaning of Code Section
409A(a)(2)(B)(i), then any such payments that Employee would otherwise be entitled to during the first six months following Employee’s
“separation from service” within the meaning of Code Section 409A(a)(2)(A)(i) shall be accumulated and paid on the
date that is six months after Employee’s separation from service (or if such payment date does not fall on a business day
of the Company, the next following business day of the Company), or such earlier date upon which such amount can be paid under
Section 409A without being subject to such additional taxes and interest. In no event shall the Company be liable to Employee
for any tax, penalty, or interest levied on Employee as a result of the application of Code Section 409A to any payments or benefits
provided to Employee by the Company.

 

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IN
WITNESS WHEREOF, the parties have executed this Third Amended and Restated Employment Agreement as of the date and year first
written above.

 

	 	GENIE ENERGY LTD.
	 	 	 
	 	By:	/s/ Michael Stein               
	 	 	Michael Stein
	 	 	Chief Executive Officer
	 	 	 
	 	EMPLOYEE:
	 	 
	 	/s/ Avi Goldin
	 	Avi Goldin

 

 

11sxcex10210-q2020q3

                                                                    Exhibit 10.2                             THIRD AMENDMENT TO COKE PURCHASE AGREEMENT                       THIS THIRD AMENDMENT (this “Third Amendment”), dated as of October 8, 2020, is   made by and between AK Steel Corporation, a Delaware corporation, with a principal office and   place of business located at 9227 Centre Pointe Drive, West Chester, OH 45069 (“Purchaser”)   and Haverhill Coke Company, LLC (f/k/a Haverhill North Coke Company), a Delaware limited   liability  company,  with  a  principal  office  and  place  of  business  located  at  1011  Warrenville   Road, Suite 600, Lisle, IL 60532 (“Seller”). The foregoing named entities are sometimes referred   to in this Agreement each as a “Party” and collectively as the “Parties.”                                      RECITALS:           WHEREAS,  Purchaser  and  Seller  have  entered  into  that  certain  Coke  Purchase   Agreement, dated as of August 31, 2009, as amended by a First Amendment, dated as of May 8,   2012, and as further amended by a Second Amendment, dated as of July 7, 2020 (the “Second   Amendment”)  (as  amended,  modified  or  otherwise  supplemented,  the “Coke Purchase   Agreement”); and           WHEREAS, Purchaser and Seller desire to amend the Coke Purchase Agreement as set   forth in this Third Amendment to extend the term by twenty-four (24) months from July 1, 2023   to  June  30,  2025  (“Second  Extension  Period”),  such that  the  Coke  Purchase  Agreement  will   expire on June 30, 2025 .         NOW THEREFORE, in consideration of the promises and the mutual agreements herein   contained and for other good and valuable consideration, the receipt and sufficiency of which are   hereby acknowledged, the Patties, intending to be legally bound, hereby agree as follows:     1.  Definitions.  Except  as  otherwise  provided  herein,  capitalized  terms  used  in  this  Third   Amendment but not otherwise defined herein shall have the respective meanings assigned to such   terms in the Coke Purchase Agreement.     2.   Third Amendment Effective Date. This Third Amendment shall be effective as of the date   first set forth above (the "Third Amendment Effective Date").     3.   Prorations. Section 3(a)(ii) of the Second Amendment provided for certain prorations with   respect to partial calendar years occurring during the Extension Period (as defined in the Second   Amendment) or during any Renewal Term (as defined in the Second Amendment) and Section   3(a)(iii) of the Second Amendment provided for ce1tain prorations for partial calendar years in   any Contract Year before the end of the Term or Renewal Term (as each of such terms is defined   in the Second Amendment). For the avoidance of doubt, such proration provisions shall continue   to  apply  with  respect  to  partial  calendar  years  occurring  during  the  Extension  Period,  Second   Extension Period, or Renewal Term, as the case may be.    4.    Amendments.                 

 

         (a)  Effective  on  and  as  of  the  Third  Amendment  Effective  Date,  Section  2.1(a)  of  the  Coke Purchase Agreement shall be deleted in its entirety and replaced with the following:           “Subject to Section 2.1(b), the term of this Agreement (“Term”) shall commence on the         Effective  Date  and  shall  continue  in  effect  through  June  30,  2025  (including  both  the         Extension Period and the Second Extension Period, as defined in the Second Amendment        and  this  Third  Amendment).  Upon  the  conclusion  of  the  Term,  this  Agreement  shall        automatically  renew  for  two  (2)  consecutive  five  (5)  year  terms  (each  such  term,  a        “Renewal Term”) unless notice of termination is given by either Party at least one (1) year        prior to the end of the Term.”          (b)  Effective on and  as  of the  Amendment Effective Date, Section 3(d) of the Second  Amendment  is  deleted  and  the  following  shall  instead  apply.  For  purposes  of  determining  the  Production Turndown Adjustment Fee under Section 3.4 of the Coke Purchase Agreement during  the  period  from  January  1,  2022  through  June  30,  2025,  if  Purchaser  validly  nominates  a  Production  Turndown  under  Section  6.6  of  the  Coke  Purchase  Agreement,  “Monthly  Coke  Purchase Shortfall”, as set forth in Appendix A of the Coke Purchase Agreement, shall be defined  as follows:           “Monthly  Coke  Purchase  Shortfall”  means,  for  any  Month  during  any  Production        Turndown Period, the difference between (a) the result of 105% of the Purchaser's Targeted        Coke Production divided by three hundred sixty five (365) and multiplied by the number of        days  in  the  Month  in  which  the  shortfall  occurs,  and  (b)  the  actual  amount  of  Coke        purchased by Purchaser during such Month.”    5.    Miscellaneous.         (a)  Counterparts. This Third Amendment may be executed in counterparts, each of which  shall constitute an original, but all of which when taken together shall constitute a single contract.         (b)  Mutuality in Drafting. The Parties hereby stipulate and agree that each of them fully  participated and was adequately represented by counsel in the negotiation and preparation of this   Third Amendment and the Parties further stipulate and agree that in the event of any ambiguity or   other necessity for the interpretation to be made of the context of this Third Amendment, this Third   Amendment shall not be construed in favor of or against Seller or Purchaser as a consequence of   one  Party  having  had  a  greater  role  in  the  preparation  of  this  Third  Amendment,  but  shall  be   construed as if the Language were mutually drafted by both parties with full assistance of counsel.          (c)  Governing Law. This Third Amendment shall be construed in accordance with and  governed by the law of the State of Ohio without regard to its conflicts of law provisions and the  rights and remedies of the Parties will be determined in accordance with such laws.          (d)  Captions. The captions and heading in this Third Amendment are for convenience of  reference  only  and  have  no  legal  force  or  effect.  Such  captions  and  headings  shall  not  be  considered a part of this Third Amendment for purposes of interpreting, construing or applying this  Third Amendment and will not define, limit, extend, explain or describe the scope or extent of this  Third Amendment or any of its terms and conditions.     

 

         (e)  Terms  and  Conditions  of  the  Agreement.  Except  as  expressly  modified  hereby,  all  terms and condition of the Coke Purchase Agreement remain in full force and effect and are hereby  in all respects ratified and confirmed.          IN  WITNESS  WHEREOF,  the  Parties  have  executed  this Third  Amendment  on,  and  effective as of, the Amendment Effective Date.                                        AK STEEL CORPORATION                                                       By:  /s/ R. Christopher Cebula                                                   Name:  R. Christopher Cebula                                              Title:   VP, Chief Administrative Officer-                                                    Steel Mills                                               HAVERHILL COKE COMPANY LLC                                        By:  /s/ Michael G. Rippey                                                 Name:  Michael G. Rippey                                                   Title:    Authorized Representative

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