Document:

Exhibit 10.112

 

CENTRAL ENERGY PARTNERS LP

 

2014 LONG-TERM INCENTIVE PLAN

 

RESTRICTED COMMON UNIT OPTION AGREEMENT

 

FOR

 

OFFICERS

 

This Restricted Common Unit Option Agreement
(this “Agreement”) is made and entered into by and between CENTRAL ENERGY PARTNERS LP, a Delaware limited
partnership (the “Partnership”), and _________________________ (the “Officer”).
This Agreement is entered into as of the ___ day of ______, 2014 (the “Date of Grant”).
Capitalized terms used in this Agreement but not otherwise defined herein shall have the meanings ascribed to such terms in the
Plan (as defined below), unless the context requires otherwise.

 

WITNESSETH:

 

WHEREAS, the Partnership has adopted
the CENTRAL ENERGY PARTNERS LP 2014 LONG-TERM INCENTIVE PLAN (the “Plan”) to attract, retain and motivate
employees, officers, directors and consultants; and

 

WHEREAS, the Board of Directors of Central
Energy GP LLC, the sole general partner of the Partnership (the “Board”), has approved the recommendation
of its Compensation Committee (the “Committee”) to grant employees and officers of Central Energy GP
LLC (the “General Partner”) and any other entity which is an affiliate (within the meaning of such term
under the Exchange Act and the rules promulgated thereunder) of the Partnership and the General Partner (collectively, the “Partnership
Entities”) restricted Common Units of the Partnership as part of their compensation for services performed for the
Partnership Entities ; and

 

WHEREAS, the Board has approved the
recommendation of the Committee to grant to the Officer an option to acquire Common Units of the Partnership on the terms and conditions
set forth in this Agreement (the “Unit Option”)

 

NOW, THEREFORE, in consideration of
the Officer’s agreement to continue providing services to the Partnership Entities, the Partnership and the Officer agree
as follows:

 

SECTION 1. Grant.

 

The Partnership hereby grants to the Officer
an option to purchase up to _____________ Common Units of the Partnership (“Common Unit”) at an exercise
price established by the final trade price of a Common Unit on the Date of Grant or, if no trade occurred on the Date of Grant,
the average bid and asked price on that date as quoted by OTC Pink, expiring on the fifth anniversary of the Date of Grant (the
“Unit Option”), subject to the terms and conditions set forth in the Plan, which is incorporated herein
by reference, and in this Agreement, including, without limitation, those restrictions described in Section 2 (the “Restricted
Units”).

 

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The grant of the Unit Option is
made in consideration of the services to be rendered by the Officer to the Partnership Entities. The Unit Option shall become vested
and exercisable with respect to the Restricted Units in accordance with the vesting schedule set forth in Section 4 until
the Unit Option is 100% vested. The Unit Option will expire on the Expiration Date set forth above, or earlier as provided in this
Agreement or the Plan.

 

SECTION 2. Restricted Units.

 

The Restricted Units are restricted
in that they may be forfeited to the Partnership and in that they may not, except as otherwise provided in Section 5,
be transferred or otherwise disposed of by the Officer until such restrictions are removed or expire as described in Section 4
of this Agreement. The Partnership shall issue in the Officer’s name the Restricted Units and shall retain the Restricted
Units until the restrictions on such Restricted Units expire or until the Restricted Units are forfeited as described in Section 4
of this Agreement. The Officer agrees that the Partnership will hold the Restricted Units pursuant to the terms of this Agreement
until such time as the Restricted Units are either delivered to the Officer or forfeited pursuant to this Agreement.

 

[SECTION 3. Rights of Officer;
Unit Distribution Rights.

 

Effective as of the Date of Grant,
the Officer shall be treated for all purposes as a Unitholder with respect to all of the Restricted Units granted to him pursuant
to Section 1 (except that the Officer shall not be treated as the owner of the Restricted Units for federal income
tax purposes until the Restricted Units vest (unless the Officer makes an election under section 83(b) of the Code, in which case
the Officer shall be treated as the owner of the Restricted Units for all purposes on the Date of Grant)) and shall, except as
provided herein, have all of the rights and obligations of a Unitholder with respect to all such Restricted Units, including any
right to vote with respect to such Restricted Units and to receive any UDRs thereon if, as, and when declared and paid by the Partnership.
Notwithstanding the preceding provisions of this Section 3, the Restricted Units shall be subject to the restrictions
described herein, including, without limitation, those described in Section 2.]

 

SECTION 4. Forfeiture and Expiration
of Restrictions.

 

(a) Vesting Schedule.
Subject to the terms and conditions of this Agreement, the restrictions described in Section 2 shall lapse and the
Restricted Units shall become vested and non-forfeitable (“Vested Units”), provided the Officer has continuously
provided services to the Partnership Entities, without interruption, from the Date of Grant through each applicable vesting date
(each, a “Vesting Date”), in accordance with the following schedule:

 

	Vesting Date	 	Cumulative Vested
 Percentage	 
	 	 	 	 
	On ______________, 2015	 	 	33	%
	On ______________, 2016	 	 	66	%
	On ______________, 2017	 	 	100	%

 

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(b) Termination
of Service.

 

(i) Termination
For Cause or Without Good Reason. If, at any time prior to the final Vesting Date, the Officer ceases providing services to
the Partnership Entities by reason of the Officer’s voluntary termination of service without Good Reason or if the Officer’s
service relationship is terminated by a Partnership Entity for Cause, then all Restricted Units granted pursuant to this Agreement
that have not yet vested as of the date of the Officer’s termination shall become null and void as of the date of such termination,
shall be forfeited to the Partnership and the Officer shall cease to have any rights with respect thereto; provided,
however, that the portion, if any, of the Restricted Units for which forfeiture restrictions have lapsed as of the Officer’s
date of termination shall survive.

 

(ii) Termination
due to Death or Disability. If, at any time prior to the final Vesting Date, the Officer ceases providing services to the Partnership
Entities by reason of the Officer’s death or Disability, then all Restricted Units granted pursuant to this Agreement that
remain unvested as of the date of the Officer’s termination shall immediately become fully vested and non-forfeitable as
of the date of such termination.

 

(iii) Termination
Without Cause or For Good Reason. If, at any time prior to the final Vesting Date, the Officer ceases providing services to
the Partnership Entities by reason of a termination of the Officer’s services by the Officer for Good Reason or by a Partnership
Entity without Cause, then all Restricted Units granted pursuant to this Agreement that remain unvested as of the date of the Officer’s
termination shall immediately become fully vested and non-forfeitable as of the date of such termination.

 

(c) Termination
Following a Change of Control. In the event of termination of the Officer’s service relationship with the Partnership
Entities by the Officer for Good Reason or by a Partnership Entity without Cause, in either case within two (2) years following
a Change of Control and prior to the final Vesting Date, all restrictions described in Section 2 shall lapse and all
Restricted Units granted pursuant to this Agreement shall become immediately vested and non-forfeitable.

 

(d) Definitions.
For purposes of this Agreement, the following terms shall have the meanings set forth below:

 

(i) Cause.
The term “Cause” means (A) a determination made in good faith by two-thirds (2/3) of the Board that the
Officer (1) failed to perform the duties assigned to him by the Chief Executive Officer [the Board] and such failure has continued
for thirty (30) days following delivery by the appropriate Partnership Entity of written notice to the Officer of such failure,
(2) has engaged in acts or omissions against one or more Partnership Entities constituting dishonesty, breach of fiduciary obligation,
or intentional wrongdoing or misfeasance, or (3) has acted intentionally or in bad faith in a manner that results in a material
detriment to the assets, business or prospects of a Partnership Entity; or (B) the Officer has been convicted of a felony or misdemeanor
involving moral turpitude. Notwithstanding anything contained herein or in the Plan to the contrary, no failure to perform by the
Officer after a notice of termination is given shall constitute Cause.

 

(ii) Change
of Control. “Change of Control” means, the occurrence of one of the following:

 

(A) the consummation
of an agreement to acquire or a tender offer for beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act)
by any “person” or “group” (within the meaning of those terms as used in Sections 13(d) and 14(d)(2) of
the Exchange Act) such that afterwards such person or group has 40% or more of either (i) the then outstanding common equity securities
of the Partnership (the “Outstanding Equity”) or (ii) the combined voting power of the then outstanding
voting securities of the Partnership (the “Outstanding Voting Securities”); provided, however,
that for purposes of this subsection (A), the following transactions shall not constitute a Change of Control: (1) any acquisition
directly from the Partnership, (2) any acquisition by the Partnership, (3) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by the Partnership Entities or any of its affiliates, or (4) any acquisition by any entity pursuant
to a transaction that complies with clauses (1), (2) or (3) of subsection (D) below; or

 

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(B) the acquisition
of beneficial ownership by any person or group of 40% or more of the combined voting power of the then outstanding voting securities
of the General Partner (the “GP Outstanding Voting Securities”); provided, however, that for purposes
of this subsection (B), the following transactions shall not constitute a Change of Control: (1) any acquisition by the Partnership
Entities or any of their respective affiliates, (2) any transaction that is subject to subsection (D) below, or (3) any acquisition
of beneficial ownership of GP Outstanding Voting Securities solely by virtue of an acquisition of Outstanding Equity or Outstanding
Voting Securities; or

 

(C) the limited
partners of the Partnership approve, in one or a series of transactions, a plan of complete liquidation of the Partnership; or

 

(D) the consummation
of a reorganization, merger or consolidation involving the Partnership or a sale or other disposition by the Partnership of all
or substantially all of its assets or an acquisition of assets of another entity (a “Business Combination ”),
in each case, unless following such Business Combination: (1) the Outstanding Equity and Outstanding Voting Securities immediately
prior to such Business Combination represent or are converted into or exchanged for securities that represent or are convertible
into more than 50% of, respectively, the then outstanding equity securities and the combined voting power of the then outstanding
voting securities, as the case may be, of the entity resulting from such Business Combination or the resulting public parent thereof
(including, without limitation, any entity that as a result of such transaction owns the Partnership, or all or substantially all
of the assets of the Partnership either directly or through one or more subsidiaries), as the case may be; (2) no Person (excluding
any employee benefit plan (or related trust) of the Partnership or the entity resulting from the Business Combination or the resulting
public parent thereof, as the case may be) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding
equity securities of the entity resulting from such Business Combination or the resulting public parent thereof, as the case may
be, or the combined voting power of the then outstanding voting securities of such entity, except to the extent that such ownership
existed with respect to the Partnership prior to the Business Combination; and (3) at least a majority of the members of the board
of directors or similar governing entity of the entity resulting from such Business Combination or the resulting public parent
thereof, as the case may be, were members of the Incumbent Board at the time of the execution of the initial agreement, or of the
action of the Board, providing for such Business Combination; provided, however, that clauses (1), (2) and (3) of this subsection
(D) shall not apply if the entity resulting from the Business Combination or the resulting public parent thereof, as the case may
be, is a limited partnership unless 100% of the combined voting power of the voting securities of the general partner thereof is
owned, directly or indirectly, by such limited partnership; or

 

(E) individuals
who constitute the Incumbent Board cease for any reason to constitute at least a majority of the Board.

 

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(iii) Disability.
The term “Disability” means (A) that the Officer is entitled to receive long-term disability benefits
under the Partnership’s long-term disability plan, or (B) if there is no such plan, the Officer’s inability, due to
a physical or mental impairment of sufficient severity that, in the opinion of the Board, the Officer is unable to continue performing
the duties and responsibilities assigned to the Officer prior to such impairment.

 

(iv) Good
Reason. The term “Good Reason” means the occurrence of any of the following events or conditions:
(A) a change in the Officer’s status, title, position or responsibilities (including reporting responsibilities) which
represents a substantial reduction of the status, title, position or responsibilities as in effect immediately prior thereto, the
assignment to the Officer of any duties or responsibilities that are inconsistent with such status, title, position or responsibilities,
or any removal of the Officer from or failure to reappoint or re-elect the Officer to any of such positions, except in connection
with the termination of the Officer’s services for Cause, due to the Officer’s Disability or death, or by the Officer
voluntarily without Good Reason, (B) a reduction in the Officer’s annual base salary that is not mutually agreed by
the Officer and a Partnership Entity, (C) the failure by the Partnership Entities to continue in effect any material compensation
or benefit plan in which the Officer was participating as of the Date of Grant or to provide the Officer with compensation and
benefits at least equal (in terms of benefit levels and/or reward opportunities) to those provided for under each employee benefit
plan, program and practice as in effect immediately prior to the Date of Grant (or as in effect following the Date of Grant, if
greater), (D) any material breach by a Partnership Entity of any provision of the Plan or of any provision of the Officer’s
employment agreement, if any, or (E) any purported termination of the Officer’s employment for Cause by a Partnership
Entity that does not otherwise comply with the terms of the Plan, this Agreement or the Officer’s employment agreement, if
any. In the case of the Officer’s allegation of Good Reason. The Officer shall provide notice to the Committee of the event
alleged to constitute Good Reason within 90 days of the occurrence of such event, and the Partnership Entities shall have
the opportunity to remedy the alleged Good Reason event within 30 days from receipt of notice of such allegation from the
Officer.

 

SECTION 5. Limitations on Transfer.

 

The Officer agrees that he shall
not dispose of (meaning, without limitation, sell, transfer, pledge, exchange, hypothecate or otherwise dispose of) any Restricted
Units hereby acquired prior to the applicable Vesting Dates, including pursuant to a domestic relations order issued by a court
of competent jurisdiction, unless such transfer is expressly approved in writing by the Committee. Any attempted disposition of
the Restricted Units in violation of the preceding sentence shall be null and void.

 

SECTION 6. Non-Transferability of Agreement.

 

This Agreement and all rights under
this Agreement shall not be transferable by the Officer other than by will or pursuant to applicable laws of descent and distribution.
Any rights and privileges of the Officer in connection herewith shall not be transferred, assigned, pledged or hypothecated by
the Officer or by any other person or persons, in any way, whether by operation of law, or otherwise, and shall not be subject
to execution, attachment, garnishment or similar process. In the event of any such occurrence, the Restricted Units shall automatically
be forfeited.

 

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SECTION 7. Adjustment of
Restricted Units.

 

(a) In order to prevent
dilution of the purchase rights granted under this Agreement, the Exercise Price and the number of Restricted Units issuable upon
exercise of the Unit Option shall be subject to adjustment from time to time as provided in this subsection. If the Partnership
shall, at any time or from time to time after the Date of Grant, (i) make a distribution upon the Common Units or a dividend upon
any other securities of the Partnership, which distribution or dividend is payable in the form of n Units or in Options or Convertible
Securities, or (ii) subdivide (by any stock split, recapitalization or otherwise) its outstanding Common Units into a greater number
of units, the Exercise Price in effect immediately prior to any such dividend, distribution or subdivision shall be proportionately
reduced and the number of Restricted Units issuable upon exercise of the Unit Option shall be proportionately increased. If the
Partnership at any time combines (by combination, reverse stock split or otherwise) its outstanding Common Units into a smaller
number of units, the Exercise Price in effect immediately prior to such combination shall be proportionately increased and the
number of Restricted Units issuable upon exercise of the Unit Option shall be proportionately decreased. Any adjustment under this
subsection shall become effective at the close of business on the date the dividend, subdivision or combination becomes effective.

 

(b) In the event of any
(i) capital reorganization of the Partnership, (ii) reclassification of the Common Units or other securities of the Partnership
(other than as a result of a unit dividend or subdivision, split-up or combination of units), (iii) consolidation or merger
of the Partnership with or into another Person, (iv) sale of all or substantially all of the Partnership's assets to another Person,
or (v) other similar transaction (other than any such transaction covered by subsection (a) above, in each case which entitles
the holders of Common Units to receive (either directly or upon subsequent liquidation) stock, securities or assets with respect
to or in exchange for Common Units, this Agreement shall, immediately after such reorganization, reclassification, consolidation,
merger, sale or similar transaction, remain outstanding and shall thereafter, in lieu of or in addition to (as the case may be)
the number of Restricted Units then exercisable under this Agreement, be exercisable for the kind and number of units or other
securities or assets of the Partnership or of the successor Person resulting from such transaction to which the Officer would have
been entitled upon such reorganization, reclassification, consolidation, merger, sale or similar transaction as if the Officer
had exercised the Unit Option granted by this Agreement in accordance with its terms immediately prior to the time of such reorganization,
reclassification, consolidation, merger, sale or similar transaction and acquired the applicable number of Restricted Units then
issuable hereunder as a result of such exercise; and, in such case, appropriate adjustment (consistent with adjustments made for
the benefit of holders of the Common Units) shall be made with respect to the Officer's rights under the Unit Option granted by
this Agreement to insure that the provisions of this subsection (b) shall thereafter be applicable, as nearly as possible, to this
Agreement in relation to any units, securities or assets thereafter acquirable upon exercise of the Unit Option set forth in this
Agreement. The provisions of this subsection shall similarly apply to successive reorganizations, reclassifications, consolidations,
mergers, sales or similar transactions. The Partnership shall not effect any such reorganization, reclassification, consolidation,
merger, sale or similar transaction unless, prior to the consummation thereof, the successor Person (if other than the Partnership)
resulting from such reorganization, reclassification, consolidation, merger, sale or similar transaction, shall assume, by written
instrument substantially similar in form and substance to this Agreement and satisfactory to the Officer, the obligation to deliver
to the Officer such shares of stock, securities or assets which, in accordance with the foregoing provisions, such Officer shall
be entitled to receive upon exercise of the Unit Option granted by this Agreement.

 

SECTION 8. Manner of Exercise.

 

(a) To exercise the Unit
Option, the Officer (or in the case of exercise after the Officer's death or incapacity, the Officer's executor, administrator,
heir or legatee, as the case may be) must deliver to the Partnership an executed stock option exercise agreement in such form as
is approved by the Committee from time to time (the "Exercise Agreement"), which shall set forth, inter
alia:

 

(i) the Officer's
election to exercise the vested portion of the Unit Option;

 

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(ii) the number
of shares of Restricted Units being purchased; and

 

(iii) any representations,
warranties and agreements regarding the Officer's investment intent and access to information as may be required by the Partnership
to comply with applicable securities laws.

 

(b) The entire exercise
price of the Unit Option shall be payable in full at the time of exercise in cash by (i) certified or bank check or (ii) wire transfer
of immediately available funds at the time the Unit Option is exercised.

 

(c) Prior to the issuance
of Restricted Units upon the exercise of the Unit Option, the Officer must make arrangements satisfactory to the Partnership to
pay or provide for any applicable federal, state and local withholding obligations of the Partnership. The Officer may satisfy
any federal, state or local tax withholding obligation relating to the exercise of the Option by tendering a cash payment or authorizing
the Partnership to withhold such payment from compensation paid to the Officer.

 

(d) Provided that the Exercise
Agreement and payment are in form and substance satisfactory to the Partnership, the Partnership shall cause to be issued the number
of Restricted Units set forth in the Exercise Agreement registered in the name of the Officer or the Officer's legal representative,
and shall deliver certificates representing the Common Units with the appropriate restrictive legends affixed thereto.

 

SECTION 9. Cash-out.

 

In the event of a Change in Control, the Committee
may, in its discretion and upon at least ten (10) days' advance notice to the Officer, cancel the Unit Option and pay to the Officer
the value of the Unit Option based upon the price per share of Common Units received or to be received by other holders of Common
Units or other securities of the Partnership in the Change of Control event. Notwithstanding the foregoing, if at the time of a
Change in Control the Exercise Price of the Unit Option equals or exceeds the price paid for a Common Unit in connection with the
Change in Control, the Committee may cancel the Unit Option without the payment of consideration therefor.

 

SECTION 10. Registration of Common Units.

 

The Partnership shall register the
Restricted Units with the SEC pursuant to a Form S-8 registration statement to be filed by the Partnership or an amendment
to the current Form S-8 registration statement of the Partnership filed with the SEC if still deemed effective by the SEC.
Until such time as (1) the Partnership determines whether its current Form S-8 is effective or (2) the Partnership
files a Form S-8 registration statement with the SEC that has been declared effective, a legend may be placed on any
certificate(s) or other document(s) delivered to the Officer indicating restrictions on transferability of the Restricted Units
pursuant to this Agreement or any other restrictions that the Committee may deem advisable under the rules, regulations and other
requirements of the SEC, any applicable federal or state securities laws or any stock exchange on which the Common Units are listed
or quoted.

 

SECTION 11. Copy of Plan.

 

By the execution of this Agreement,
the Officer acknowledges receipt of a copy of the Plan. If any provision of this Agreement is held to be illegal, invalid or unenforceable
under any applicable law, then such provision will be deemed to be modified to the minimum extent necessary to render it legal,
valid and enforceable; and if such provision cannot be so modified, then this Agreement will be construed as if not containing
the provision held to be invalid, and the rights and obligations of the parties will be construed and enforced accordingly.

 

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 SECTION 12. Tax Liability and
Withholding.

 

Notwithstanding any action the Partnership
takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("Tax-Related
Items"), the ultimate liability for all Tax-Related Items is and remains the Officer's responsibility, and the Partnership
(a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting,
or exercise of the Unit Option or the subsequent sale of any shares acquired on exercise; and (b) does not commit to structure
the Unit Option to reduce or eliminate the Officer's liability for Tax-Related Items.

 

SECTION 13. Confidential Information.

 

The Officer understands and acknowledges that
during the Employment Term he will have access to and learn about Confidential Information (as defined below).

 

(a) For purposes of this
Agreement, “Confidential Information” includes, but is not limited to, all information not generally known to
the public, in spoken, printed, electronic or any other form or medium, relating directly or indirectly to: business processes,
practices, methods, policies, plans, operations, strategies, agreements, contracts, transactions, potential transactions, manuals,
records, supplier information, vendor information, financial information, accounting information, accounting records, marketing
information, pricing information, staffing and personnel information, employee lists, supplier lists, vendor lists, and security
procedures of the Partnership, the Partnership Entities and their respective affiliates or any existing or prospective customer,
supplier, investor or other associated third party, or of any other Person or entity that has entrusted information to the Partnership
in confidence.

 

(b) The Officer understands
that the above list is not exhaustive, and that Confidential Information also includes other information that is marked or otherwise
identified as confidential or proprietary, or that would otherwise appear to a reasonable Person to be confidential or proprietary
in the context and circumstances in which the information is known or used. The Officer further understands and agrees that Confidential
Information includes information developed by him in the course of his employment by the Partnership as if the Partnership furnished
the same Confidential Information to the Officer in the first instance. Confidential Information shall not include information
that is generally available to and known by the public at the time of disclosure to the Officer; provided, that such disclosure
is through no direct or indirect fault of the Officer or Person(s) acting on the Officer’s behalf.

 

(c) The Officer understands
and acknowledges that the Partnership has invested, and continues to invest, substantial time, money and specialized knowledge
into developing its resources, creating a customer base, generating customer and potential customer lists, training its employees,
and improving its offerings in the field of propane storage and distribution, mid-stream services, and the storage and distribution
of bulk liquids, including hazardous materials and petroleum products. The Officer understands and acknowledges that as a result
of these efforts, the Partnership has created, and continues to use and create Confidential Information. This Confidential Information
provides the Partnership with a competitive advantage over others in the marketplace.

 

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 (d) The Officer
agrees and covenants: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose,
publish, communicate or make available Confidential Information, or allow it to be disclosed, published, communicated or made
available, in whole or part, to any entity or person whatsoever (including other employees of the Partnership) not having a need
to know and authority to know and use the Confidential Information in connection with the business of the Partnership Entities
and, in any event, not to anyone outside of the direct employ of the Partnership Entities except as required in the performance
of the Officer’s authorized employment duties to the Partnership Entities (and then, such disclosure shall be made only
within the limits and to the extent of such duties or consent); and (iii) not to access or use any Confidential Information, and
not to copy any documents, records, files, media or other resources containing any Confidential Information, or remove any such
documents, records, files, media or other resources from the premises or control of Partnership Entities, except as required in
the performance of the Officer’s authorized employment duties to the Partnership Entities (and then, such disclosure shall
be made only within the limits and to the extent of such duties or consent). Nothing herein shall be construed to prevent disclosure
of Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent
jurisdiction or an authorized government agency; provided, that the disclosure does not exceed the extent of disclosure
required by such law, regulation or order. The Officer shall promptly provide written notice of any such order to the Chief Executive
Officer of the General Partner [Board]. The Officer understands and acknowledges that his obligations under this Agreement with
regard to any particular Confidential Information shall commence immediately upon the Officer first having access to such Confidential
Information and shall continue during and after his employment by a Partnership Entity until such time as such Confidential Information
has become public knowledge other than as a result of the Officer’s breach of this Agreement or breach by those acting in
concert with the Officer or on the Officer’s behalf.

 

SECTION 14. Non-Competition and Non-Solicitation.

 

(a) In consideration of
the Option, unless otherwise addressed pursuant to the terms and conditions of an employment agreement between the Officer and
any Partnership Entity, the Officer agrees and covenants not to:

 

(i) contribute
his or her knowledge, directly or indirectly, in whole or in part, as an employee, officer, owner, manager, advisor, consultant,
agent, partner, director, shareholder, volunteer, intern or in any other similar capacity to an entity engaged in the same or similar
business as any of the Partnership Entities for a period of three (3) years following the Officer’s termination of Continuous
Service;

 

(ii) directly
or indirectly, solicit, hire, recruit, attempt to hire or recruit, or induce the termination of employment of any employee of one
or more of the Partnership Entities for three (3) years following the Officer's termination of Continuous Service; or

 

(iii) directly
or indirectly, solicit, contact (including, but not limited to, e-mail, regular mail, express mail, telephone, fax, and instant
message), attempt to contact or meet with the current, former or prospective customers of any of the Partnership Entities for purposes
of offering or accepting goods or services similar to or competitive with those offered by any of the Partnership Entities for
a period of three (3) years following the Officer's termination of Continuous Service.

 

(b) In the event of a breach
or threatened breach of any of the covenants contained in subsection (a) above:

 

(i) notwithstanding
any other provision of this Agreement, any unvested portion of the Unit Option shall be forfeited effective as of the date of such
breach, unless sooner terminated by operation of another term or condition of this Agreement or the Plan; and

 

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(ii) the Officer
hereby consents and agrees that the Partnership shall be entitled to seek, in addition to other available remedies, a temporary
or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction,
without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the
necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal
remedies, monetary damages or other available forms of relief.

 

SECTION 15. Compliance with Laws.

 

The exercise of the Unit Option and the issuance
and transfer of Restricted Units shall be subject to compliance by the Partnership and the Officer with all applicable requirements
of federal and state securities laws and with all applicable requirements of any stock exchange on which the Partnership's Common
Units may be listed. No Restricted Units shall be issued pursuant to this Agreement unless and until any then applicable requirements
of state or federal laws and regulatory agencies have been fully complied with to the satisfaction of the Partnership and its legal
counsel. The Officer understands that the Partnership is under no obligation to register the Restricted Units with the SEC, any
state securities commission, or any stock exchange to effect such compliance.

 

SECTION 16. Notices.

 

Whenever any notice is required
or permitted hereunder, such notice must be in writing and personally delivered or sent by mail. Any such notice required or permitted
to be delivered hereunder shall be deemed to be delivered on the date on which it is personally delivered or, whether actually
received or not, on the third business day (on which banking institutions in the State of Texas are open) after it is deposited
in the United States mail, certified or registered, postage prepaid, addressed to the person who is to receive it at the address
which such person has theretofore specified by written notice delivered in accordance herewith. The Partnership or the Officer
may change at any time and from time to time by written notice to the other, the address which it or he previously specified for
receiving notices. The Partnership and the Officer agree that any notices shall be given to the Partnership or to the Officer at
the following addresses:

 

	Partnership:	 	Central Energy GP LLC
	 	 	Attn: Douglas W. Weir
	 	 	4809 Cole Avenue, Suite 108
	 	 	Dallas, Texas 75205
	 	 	Phone: (214) 526-9700
	 	 	 
	Officer:	 	At the Officer’s current address as shown in the Partnership’s records.

 

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SECTION 17. Discretionary Nature of the
Plan.

 

The Plan is discretionary and may be amended,
cancelled or terminated by the Partnership at any time, in its discretion. The Unit Option does not create any contractual right
or other right to receive any Common Units or other Awards in the future. Future awards, if any, will be at the sole discretion
of the Partnership. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the
terms and conditions of the Grantee’s employment with any Partnership Entity.

 

SECTION 18. General Provisions.

 

(a) Administration.
This Agreement shall at all times be subject to the terms and conditions of the Plan. The Committee shall have sole and complete
discretion with respect to all matters reserved to it by the Plan and decisions of the Committee with respect thereto and with
respect to this Agreement shall be final and binding upon the Officer and the Partnership. In the event of any conflict between
the terms and conditions of this Agreement and the Plan, the provisions of the Plan shall control.

 

(b) Continuation
of Service. This Agreement shall not be construed to confer upon the Officer any right to continue in the service of the Partnership
Entities.

 

(c) Governing Law.
This Agreement shall be interpreted and administered under the laws of the State of Delaware, without giving effect to any conflict
of laws provisions.

 

(d) Amendments.
This Agreement may be amended only by a written agreement executed by the Partnership and the Officer, except that the Committee
may unilaterally waive any conditions or rights under, amend any terms of, or alter this Agreement provided no such change materially
reduces the rights or benefits of the Officer with respect to the Restricted Units without his consent.

 

(e) Binding Effect.
This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Partnership and upon any person
lawfully claiming under the Officer.

 

(f) Interpretation.
Any dispute regarding the interpretation of this Agreement shall be submitted by the Officer or the Partnership to the Committee
for review. The resolution of such dispute by the Committee shall be final and binding on the Officer and the Partnership.

 

(g) Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute
one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic
mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial
appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

 

(h) No Liability
for Good Faith Determinations. Neither the Partnership Entities nor the members of the Committee or the Board shall be
liable for any act, omission or determination taken or made in good faith with respect to this Agreement or the Restricted Units
granted hereunder.

 

(i) No Guarantee
of Interests. Neither the Board nor the Partnership Entities guarantee the Units from loss or depreciation.

 

(j) Insider Trading
Policy. The terms of the Partnership’s Insider Trading Policy with respect to Common Units are incorporated herein by
reference.

 

    	11

    	 

    

  

(k) Acceptance.
The Officer hereby acknowledges receipt of a copy of the Plan and this Agreement. The Officer has read and understands the terms
and provisions thereof, and accepts the Restricted Units subject to the Unit Option and all of the terms and conditions of the
Plan and this Agreement. The Officer acknowledges that there may be adverse tax consequences upon the exercise of the Unit Option
to acquire the Restricted Units, and that the Officer has been advised to consult a tax advisor prior to such grant, vesting or
disposition.

 

IN WITNESS WHEREOF, the Partnership
has caused this Agreement to be executed by its officer thereunto duly authorized, and the Officer has set his hand as to the date
and year first above written.

 

	 	CENTRAL ENERGY GP LLC  
	 	 
	 	By:	 
	 	 	Name:
	 	 	 	 
	 	 	Title:
	 	 	 	 
	 	 	 
	 	 	 
	 	Officer   

 

    	12exh_1003.htm

Exhibit 10.03

 

June 19, 2014

Adam S. Winger, Esq.

3937 Forest Avenue

Birmingham, Alabama 35213

 

Dear Mr. Winger:

 

On behalf of American CareSource Holdings, Inc., I am pleased to present this offer of employment as General Counsel and Vice President of Acquisitions, reporting directly to Richard Turner, Chief Executive Officer.  This is a full-time exempt position, and you will be compensated at an annual rate of $225,000, less applicable legal deductions, payable in accordance with the regular payroll practices of the Company.  I am sure you recognize that the quotation of an annual salary is for purposes of communication and is not intended to imply a specific condition or length of employment.  If you accept this offer, your effective date of hire will be July 1, 2014 (the "Commencement Date").  Thereafter, annual performance and compensation reviews will take place in accordance with Company policy.  This offer is contingent upon successful results of your pre-employment drug screening and satisfactory reference check and background investigation.

 

As a full-time employee, you are eligible to participate in the Company's benefits program as described in the enclosed new employee package.  You will also earn paid time off (PTO) in the amount of 29 days per year, plus 8 paid holidays.  Further, you shall be entitled to such 401 K plan and other retirement plan participation as are made available to the Company's personnel generally, as in effect by the Company from time to time.  You will be provided all applicable office equipment and supplies to facilitate working from mutually agreeable office space in Birmingham, Alabama.  The Company will lease such office space prior to July 31, 2014.  After the closing of the first transaction subsequent to the commencement of your employment, you will be entitled to hire a legal assistant or paralegal, provided that the employment of any such individual shall be subject to the prior approval of the Company.  You will be allowed up to $4,000 annually for professional expenses, including, without limitation, professional license fees, professional association membership fees, publications, and continuing legal education.  The Company will also pay for access to legal research and corporate counsel form database in an amount not to exceed $2,500, per year unless otherwise agreed, in writing, by the Company.  You may engage outside counsel to advise you on day-to-day legal issues relating to the Company's urgent care business, but only after such counsel has been approved by the Company in its reasonable discretion.  Lastly, you will be reimbursed for expenses to travel to and attend one of the annual UCAOA conferences.  You will also be required to make frequent trips to the Atlanta metropolitan area as requested by the Chief Executive Officer.

 

As General Counsel and Vice President of Acquisitions, you will be entitled to participate in the Company's Stock Option Plan (the "Stock Option Plan" and all options granted under the Stock Option Plan, the "Options").  Under the Stock Option Plan, you will receive an initial award of Options entitling you to purchase up to 69,000 shares of common stock, one-cent par value, of the Company.  The Company may grant to you from time to time additional Options.  All initial Options will be granted at an exercise price equal to the prevailing market price of the Company's stock on the date you commence employment with the Company (anticipated to be July 1, 2014).  The initial Options will vest over a period of five years, with the first 20% of such Options to vest on the first anniversary of the Commencement Date, and the remaining options vesting monthly over a period of 48 months.  In addition, you will receive an annual grant of Options equal to 10% of your annual salary based on the prevailing market price of the Company's stock on the date of grant with such Options subject to the same 5 year vesting as the initial Option grant.  You will be considered for participation in the Company's bonus compensation plan as in effect from time to time.  Your participation will be at 25% of your annual salary.  The actual amount of bonus award shall be approved by the Company's Board of Directors or committee thereof and will be based upon the Board's discretion and assessment of your performance, and that of the Company, against goals established annually by the Chairman of the Board and promptly communicated to you.  For the first two years of employment, you will receive a guaranteed bonus in an amount of $25,000, due and payable in 2015 and 2016 at the conclusion of the 2014 and 2015 financial statement audit.  You will also receive a one-time sign-on bonus equal to $9,000.  The sign-on bonus will be grossed up for all applicable taxes.  We will pay Baker Donelson the $9,000, and we will pay you the additional grossed-up amount.

 

  

  

  

You will receive a bonus of $60,000 to be paid within thirty (30) days after the closing of the final transaction that results in our acquisition of at least 5 urgent care sites in or around Birmingham, Alabama.  You will also receive a bonus of 1% of the purchase price for any closed transaction originating from a relationship that you bring to or develop for American CareSource Holdings, Inc., provided that such 1% bonus shall not apply to the transaction referred to in the first sentence of this paragraph.  The 1% bonus will be paid within thirty (30) days after the closing of any such transaction, in cash, stock or a combination thereof, in such proportions as you may direct.  Final investment decisions concerning any transaction, including those that would entitle you to a 1% bonus, will be independently approved by the Company.  Any bonus or incentive compensation paid to you shall be in addition to your annual base salary and will be subject to any applicable legal deductions in accordance with regular practices of the Company.

 

If separation of employment arises due to termination by Company's without "cause" (as defined below), termination by you with "good reason," or if a "change of control" occurs, then (i) the Company shall pay you, commencing immediately upon such termination of employment, monthly (or biweekly at the Company's discretion) amounts equal to your then applicable base salary, excluding bonus, for a period of six months after termination, and (ii) all Options and other equity incentives then granted to you, if any, which are unvested at the date of the Change of Control shall immediately vest and be exercisable.

 

As used herein, "cause" shall mean:

 

	
i.

	
Material breach by you of any material prov1s1on of this Agreement, which breach, if susceptible to cure, shall not have been cured by you within ten (10) days of receipt of written notice of said breach;

 

	
ii.

	
Misconduct as an employee of the Company, including but not limited to: misappropriating any funds or property of the Company; attempting to willfully obtain any personal profit from any transaction in which you have an interest which is adverse to the interests of the Company; or any other act or omission which substantially impairs the Company's ability to conduct its ordinary business in its usual manner;

 

  

2

  

 

	
iii.

	
Unreasonable neglect or refusal to perform the duties assigned to you under or pursuant to this Agreement;

 

	
iv.

	
Conviction of or plea of nolo contendere to a felony;

 

	
v.

	
The possession or use by you of illegal drugs or prohibited substances, the excessive drinking of alcoholic beverages on a recurring basis which impairs your ability to perform your duties under this Agreement, or the appearance during hours of employment on a recurring basis of being under the influence of such drugs, substances or alcohol; or

 

	
vi.

	
Any other act or omission which subjects the Company or any of its subsidiaries to substantial public disrespect, scandal or ridicule.

 

As used herein, a "change of control" of the Company shall mean any of the following: (i) the acquisition by any person (individual, entity or group) of direct or beneficial ownership of more than 50% of the then outstanding shares of the Company and, for this purpose, the terms "person" and "beneficial ownership" shall have the meanings provided in Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended, or related rules promulgated by the Securities and Exchange Commission; (ii) a sale of all or substantially all of the assets of the Company; or (iii) the Board of Directors of the Company, in its sole and absolute discretion, determines that there has been a sufficient change in the stock ownership of the Company to constitute a change in control of the Company.  Notwithstanding the forgoing, the following acquisitions shall not constitute a "change of control": (i) any acquisition by the Company; or (ii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation or other entity controlled by the Company.

 

As used herein, "good reason" shall mean (1) a material default by the Company in the performance of any of its obligations hereunder, which default remains uncured by the Company for a period of thirty (30) days following receipt of written notice thereof to the Company from Employee, (2) the Company's request or demand that you relocate from the Birmingham, AL area, or (3) the occurrence or existence of any other circumstance constituting constructive termination under applicable law.

 

You will be reimbursed for all reasonable expenses, including but not limited to expenses for travel, cell phone, meals and entertainment you incur in connection with and reasonably related to the furtherance of the Company's business.  To obtain such reimbursement, you will need to submit expense reports and receipts documenting the expenses incurred in accordance with Company policy.

 

The Company shall, to the fullest extent permitted by applicable law, defend, indemnify and hold you harmless from and against any and all losses, fees, assessments, damages, liabilities, expenses, judgments, fines, settlements, and other amounts, including, without limitation, attorneys' fees and paralegal charges, reasonably and actually incurred by you in connection with any and all claims, demands, actions, suits or proceedings (civil, criminal, administrative or investigative) in which you are involved, as a party or otherwise, by reason of your work for or on behalf of the Company, or the rendering of advice or consultation with respect thereto, or otherwise by reason of the fact that you are or were an employee of Company.

 

Enclosed is an American CareSource Holdings new employee package which contains the necessary employment forms for your completion and signature.  Our benefit information and enrollment forms are also included.  For your convenience and to expedite processing, you may return all completed forms to me via the reusable Federal Express envelope, label enclosed, containing the above-referenced documents.

 

  

3

  

The Business Conduct Code and Employee Handbook outlines our current employment policies and benefits, including health insurance.  It also describes your responsibilities to American CareSource Holdings as an employee.  All employees are required to read the Business Conduct Code and Employee Handbook for familiarization with American CareSource Holdings' policies, as well as to sign an acknowledgement that they have reviewed each of these documents.

 

This letter is not meant to constitute a contract of employment for a specific term.  Employment with the Company is "at will," which means that both you and the Company will retain the right to terminate your employment at any time, with or without notice or cause.

 

Further, your employment with the Company shall be contingent upon your execution of, and the Company's receipt of, the Non-Competition, Non-Solicitation and Confidentiality Agreement, substantially in the form attached hereto as Exhibit A.

 

The Immigration Reform and Control Act requires employers to verify the employment eligibility and identity of new employees.  Enclosed in the new employee package is a copy of Form 1-9 which you will be required to complete.  Please bring the appropriate documents listed on this form with you when you report for work.  We will not be able to employ you if you fail to comply with this requirement.

 

In accepting this offer, you give us assurance that you have not relied on any agreements or representations, express or implied, with respect to your employment that are not set forth expressly in this letter.

 

Please indicate your acceptance of this employment offer by signing both original copies of the letter, retaining one copy for your records and returning the second copy to me.

 

	 	
Kindest personal regards,

	 	 
	 	/s/ Richard W. Turner
	 	
Richard W. Turner, Ph.D.

Chairman and Chief Executive Officer

 

 

I accept your offer of employment and acknowledge receiving a copy of the current Business Conduct Code and Employee Handbook.  I also acknowledge that the information contained therein is confidential, and I agree not to relinquish this information to other parties.  Violation of this clause shall, without any further action by American CareSource Holdings, Inc., entitle American CareSource Holdings, Inc. to either immediately rescind this offer of employment or terminate your employment.

 

	/s/ Adam S. Winger 	 	June 23, 2014	 
	Adam S. Winger 	 	Date	 
	 	 	 	 

 

By signing this agreement, I acknowledge that I have not entered into any non-compete agreements that would prevent me from working for American CareSource Holdings, Inc.

 

  

4

  

EXHIBIT A

 

NON-COMPETITION, NON-SOLICITATION, AND CONFIDENTIALITY AGREEMENT

 

This NON-COMPETITION, NON-SOLICITATION, AND CONFIDENTIALITY AGREEMENT (this "Agreement") is entered into effective for all purposes as of this 23rd day of June 2014, by Adam Winger ("Employee") in favor of American CareSource Holdings, Inc., a Delaware Corporation, and/or any of its affiliates, parents, subsidiaries, or other related entities (collectively, the "Company").

 

In consideration and as a condition of Employee's employment by the Company, Employee hereby agrees as follows:

 

	
1.

	
Confidentiality.  At all times, Employee shall keep confidential, except as the Company may otherwise consent to in writing, and not disclose, or make any use of except for the benefit of the Company and of services for the Company, any trade secrets, confidential information, knowledge, data or other information of the Company relating to products, processes, know-how, technical data, designs, formulas, test data, customer lists, business plans, marketing plans and strategies, and pricing strategies or other subject matter pertaining to any business of the Company or any of its clients, customers, consultants, licensees or affiliates (collectively, the "Confidential Information"), which Employee may produce, obtain, or otherwise learn of during the course of his/her performance of services and after the cessation of Employee's employment with the Company.  Employee shall not deliver, reproduce, or in any way allow any such Confidential Information to be delivered to or used by any third parties without the specific direction or consent of an authorized representative of the Company.

 

Notwithstanding anything to the contrary contained herein, the term "Confidential Information" shall not include, and this Agreement shall be inoperative as to, information which (a) is or becomes generally available to the public or to a knowledgeable member of the urgent care industry other than as a result of a disclosure by Employee in breach of this Agreement, (b) becomes available to Employee from a source (other than the Company or its agents) which, to Employee's knowledge, is entitled to disclose such information without breach of an obligation of confidentiality owed to the Company, or (c) is independently developed by Employee without use of the Confidential Information.

 

Nothing contained herein shall prohibit Employee from disclosing any of the Confidential Information which Employee becomes legally compelled (by law, regulation, regulatory or self-regulatory authority or otherwise) to disclose.  In the event that Employee becomes legally compelled to disclose any such Confidential Information, Employee shall, to the extent practicable, provide Company with prompt prior notice of such disclosure obligation so that the Company may, at its option and expense, seek a protective order or other appropriate remedy with respect to such disclosure.  In the event that the Company seeks a protective order or other remedy with respect to such proposed disclosure, Employee shall, at the Company's request and expense, use commercially reasonable efforts to cooperate with the Company in attempting to secure the same.

 

  

  

  

As used in this Agreement, the term "cessation of Employee's employment with the Company" shall mean any separation from Employee's employment at the Company, either voluntarily or involuntarily, either with cause or without cause, or whether the separation is at the behest of the Company or Employee.

 

	
2.

	
Return of Confidential Material.  Upon the cessation of Employee's employment with the Company, Employee shall promptly surrender and deliver to the Company all records, materials, equipment, drawings, documents, lab notes, and books and data of any nature pertaining to any Confidential Information of the Company or to the services provided by Employee, and Employee will not take or retain (in any form or format) any description containing or pertaining to any Confidential Information which Employee may produce or obtain during the course of the Employee's association with the Company.

 

	
3.

	
Trade Secrets of Others.  Employee represents that his/her performance of all the terms of this Agreement and as an employee of the Company does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by Employee in confidence or in trust, and Employee will not disclose to the Company, or induce the Company to use, any confidential or proprietary information or material belonging to any other person or entity.  Employee will not enter into any agreement, either written or oral, in conflict herewith.

 

	
4.

	
Non-Competition; Non-Solicitation.  For purposes of this Agreement, the term "Competitive Activity" shall mean engaging in or assisting any business, individual or entity that provides medical healthcare services in an urgent care setting within 25 miles of any urgent care center owned by the Company as of the date Employee ceases to be employed by the Company.  Employee will not knowingly do, or prepare to do, any of the following, either individually or through any entity controlled by Employee, and either on Employee's behalf or on behalf of any other person or entity competing or endeavoring to compete with the Company, directly or indirectly, during Employee's employment with the Company and during the period of two years after the cessation of Employee's employment with the Company, in the states within which the Company conducts its business from the date hereof through the date of cessation of employment:

 

	 	
A.

	
Own, manage, operate, control, consult for, be an officer or director of, work for or be employed in any capacity by any corporation, partnership, limited liability company, educational or not-for-profit institution or any other business, entity, agency, or organization which is in any way involved in the Competitive Activity; or

 

	 	
B.

	
Solicit prior or current customers, collaborators, joint ventures, or other business affiliations of the Company for any purpose associated with a Competitive Activity; or

 

  

2

  

 

	 	
C.

	
Solicit for employment or retention (or, following such solicitation, employ or retain) as an employee, independent contractor or agent, any employees or consultants of the Company to engage in, either with the Employee or in any other capacity, any Competitive Activity.

 

In the event the Employee improperly competes with the Company in any manner set forth above, the period during which Employee engages in such competition shall not be counted in determining the duration of the two-year non-compete restriction.

 

	
5.

	
Injunctive Relief.  Employee acknowledges that any breach or attempted breach of this Agreement or any provision hereof by Employee shall cause the Company irreparable harm for which any adequate monetary remedy does not exist.  Accordingly, in the event of any such breach or threatened breach, the Company shall be entitled to obtain injunctive relief, without the necessity of posting a bond or other surety, restraining such breach or threatened breach. 

 

	
6.

	
Modification.  This Agreement may not be changed, modified, released, discharged, abandoned , or otherwise amended, in whole or in part, except by an instrument in writing, signed by Employee and by the Company.  Any subsequent change or changes in the relationship between the Company and Employee or in Employee's compensation by the Company shall not affect the validity or scope of this Agreement.

 

	
7.

	
Reasonable Terms.  Employee acknowledges and agrees that the restrictive covenants contained in this Agreement have been reviewed by Employee with the benefit of counsel and that such covenants are reasonable in all of the circumstances for the protection of the legitimate interests of the Company.

 

	
8.

	
Entire Agreement.  Employee acknowledges receipt of this Agreement and agrees that with respect to the subject matter thereof , it is Employee's entire agreement with the Company, superseding any previous oral or written communications , representations , understandings , or agreements with the Company or any officer or representative thereof.

 

	
9.

	
Severability.  In the event that any paragraph or provision of this Agreement shall be held to be illegal or unenforceable, the entire Agreement shall not fail on account thereof.  It is further agreed that if any one or more of such paragraphs or provisions shall be judged to be void as going beyond what is reasonable in all of the circumstances for the protection of the interests of the Company, but would be valid if part of the wording thereof were deleted or the period thereof reduced or the range of activities covered thereby reduced in scope, the said reduction shall be deemed to apply with such modifications as may be necessary to make them valid and effective, and any such modification shall not thereby affect the validity of any other paragraph or provisions contained in this Agreement.

 

	
10.

	
Successors and Assigns.  This Agreement shall be binding upon the heirs, executors, administrators, or other legal representatives of Employee and is for the benefit of the Company, its successors and assigns.

 

  

3

  

 

	
11.

	
Governing Law.  This Agreement shall be governed by the laws of the State of Alabama except for any conflicts of law rules thereof which might direct the application of the substantive laws of another state.

 

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first forth above.

 

EMPLOYEE:

 

/s/ Adam S. Winger        

Adam S. Winger

 

	 	AMERICAN CARESOURCE HOLDINGS, INC.
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Richard W. Turner	 
	 	 	Richard W. Turner	 
	 	 	
Chairman and Chief Executive Officer

 

 

 

 

 

4

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