Document:

dynamic_ex101.htm

EXHIBIT 10.1

 

DYNAMIC ENERGY ALLIANCE’S DEVELOPMENT UNIT SIGNS DEFINITIVE AGREEMENT

TO ACQUIRE GREEN ENERGY CAMPUS SITE NEAR DALLAS, TEXAS

MEMPHIS, TENNESSEE — MARCH 21, 2012 — Dynamic Energy Alliance Corporation (OTCQB: DEAC), today announced that its wholly owned development subsidiary, Dynamic Energy Development Corp., has entered into a definitive agreement to acquire all of the outstanding common stock of C.C. Crawford Retreading Co., Inc., a collector and recycler of approximately four million pounds of waste tires annually, and owner of a 10-acre site in Ennis, Texas on which management plans to base its future fully-equipped and operational Pyrol Black Energy Campus.

 

The Ennis energy campus, once completed, is anticipated to have the capacity to convert an estimated 100 million pounds of waste tires per year (subject to market conditions) into oil, high-BTU gas, carbon black and recovered steel using a proprietary pyrolysis process derived from proven technologies.

 

Charles R. Cronin, Jr., Chairman of Dynamic Energy Alliance Corporation, stated, “The Ennis site delivers many advantages to our company including existing permits, proximity to abundant tire feedstock, and strategic infrastructure and logistics resources for the collection and distribution of products across the country. As DEAC’s first energy campus, the production facility will serve as a model for prospective future locations. We’re pleased that Dirk Crawford will be working with us to grow the OTR (off the road) tire operations, and we look forward to becoming members of the Ennis community.”

 

The property is permitted by the Texas Commission on Environmental Quality (TCEQ) as a scrap tire collection/processing operation. TCEQ has further confirmed a 45-day “Permit By Rule” capability for establishment of the relocated DEAC operations and planned capacity expansion. DEAC’s due diligence and project planning were assisted by Jacobs Engineering, Tulsa OK, and the Phase One environmental study was completed by EcoSystems Environmental, Inc., Carrollton TX. In addition, DEAC retained Ventech Engineers Inc., Pasadena TX and TechNip USA, Houston, TX for feasibility and cost estimates for the future pyrolysis facility. The property and real estate appraisal was completed by The Gerald A. Teel Co., Houston TX.

 

The purchase price of approximately $1,000,000 will consist of $600,000 in cash and the assumption and subsequent settlement of approximately $350,000 in existing Crawford liabilities, and other related closing expenses. Completion of the transaction, anticipated to occur on April 20, 2012.

 

The Company filed a Current Report on Form 8-k with the Securities and Exchange Commission on March 21, 2012 to disclose, among other things, the Company’s entrance into the agreement described herein and the terms and conditions required for closing the contemplated transaction.

 

About Dynamic Energy Alliance Corporation

Dynamic Energy Alliance Corporation (DEAC), www.dynamicenergyalliance.com, is an energy and recycling company focused on identifying, combining and enhancing existing technologies with proprietary recoverable production and finishing processes to produce synthetic oil, carbon black, gas, and carbon steel from waste feedstock. This process will be accomplished with limited residual waste product and significant reductions in greenhouse gases compared to traditional processing. To maximize this opportunity, the Company has developed a scalable, commercial development strategy to build “Energy Campuses” with low operational costs and long-term, recurring revenues. The Company’s management anticipates breaking ground on its next generation plant in summer 2012.

 

  

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Forward-Looking Safe Harbor Statement:

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. Forward-looking statements speak only as of the date they are made, are based on various underlying assumptions and current expectations about the future. We caution readers that any forward-looking statements are not guarantees of future performance and that actual results could differ materially from those contained or implied in the forward-looking statements. Such forward-looking statements include, but are not limited to, statements about the transactions described herein, future financial and operating results, the combined company's plans, objectives, expectations and intentions and other statements that are not historical facts. In some cases, you may identify forward-looking statements by words such as "may," "should," "plan," "intend," "potential," "continue," "believe," "expect," "predict," "anticipate" and "estimate," the negative of these words or other comparable words. These statements are only predictions. One should not place undue reliance on these forward-looking statements. The forward-looking statements are qualified by their terms and/or important factors, many of which are outside the Company's control, involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially from the statements made. The forward-looking statements are based on the Management's beliefs, assumptions and expectations about the Company's future performance and the future performance of its subsidiaries, taking into account information currently available to the Company. These beliefs, assumptions and expectations can change as a result of many possible events or factors not all of which are known to the Company. The Company will update this forward-looking information only to the extent required under applicable securities laws. Neither the Company nor any other person assumes responsibility for the accuracy or completeness of these forward-looking statements.

For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the Commission are available from commercial document retrieval services and at the website maintained by the Commission at http://www.sec.gov.

 

 

###

 

Contact:

Robert Bleckman

Dynamic Energy Alliance Corporation

(901) 414-0003, extension 2006

robert@dynamicpetro.com

 

 2ex10_8.htm

Exhibit 10.8

Summary Description of the Compensation of

Non-Employee Directors of Compressco Partners GP Inc.

As of June 20, 2011, each director who is not an officer or employee of Compressco Partners GP Inc. or TETRA Technologies, Inc. (Non-Employee Directors) receives annual compensation of $60,000 for attending regularly scheduled meetings of the Compressco Partners GP Inc. Board of Directors (the Board of Directors). This compensation is paid for the upcoming service year in the form of restricted unit awards granted under the Compressco Partners, L.P. Long Term Incentive Plan that have a value of $60,000, prorated for such Non-Employee Directors’ respective dates of election. Non-Employee Directors who are elected to service as the chairman of the Audit Committee of the Board of Directors receive additional annual compensation of $10,000, prorated from their date of election, also paid in the form of restricted unit awards granted under the Compressco Partners, L.P. Long Term Incentive Plan.

Directors who are also officers or employees of Compressco Partners GP Inc. or TETRA Technologies, Inc. do not receive any compensation for duties performed as directors.

All Non-Employee Directors are reimbursed for out-of-pocket travel expenses incurred in attending meetings of the Board of Directors and committees.ex10_9.htm

Exhibit 10.9

Summary Description of

Named Executive Officer Compensation

On December 14, 2011, the Management and Compensation Committee of the Board of Directors of TETRA Technologies, Inc., which is responsible for compensation decisions relating to named executive officers of Compressco Partners GP Inc., approved the following increases in annual base salary levels for certain of the officers who are identified as named executive officers in this Annual Report on Form 10-K:

	

Named Executive Officer

	

Title

	

Prior Base Salary

	

Increased Base Salary

	

Increase Effective Date

	
Ronald J. Foster

	
President

	
$250,000

	
$275,000

	
1/2/2012

	
Kevin W. Book

	
Vice President of International Operations

	
$200,550

	
$205,000

	
1/28/2012

	
Larry W. Brickman

	
Vice President of Field Services

	
$150,000

	
$163,000

	
1/2/2012

Each of the above named executive officers has entered into an employment agreement in a form substantially identical to the form of agreement executed by all employees of Compressco Partners GP Inc. Each agreement evidences the at-will nature of employment and does not set forth or guarantee the term of employment, salary, or other incentives, all of which are entirely at the discretion of the Board of Directors of Compressco Partners GP Inc. or the Management and Compensation Committee of the Board of Directors of TETRA Technologies, Inc. Each named executive officer is eligible to participate in incentive programs generally available to salaried employees of Compressco Partners GP Inc., including health, life, disability and other insurance and benefits, 401(k) Plan, Nonqualified Deferred Compensation Plan, and vacation, paid sick leave, and other employee benefits.cryolife8k31612ex10.htm

EXHIBIT 10.1

 

 

	  	
Your Name:

	 
	  	
Number of Target Shares:

	 

CRYOLIFE PERFORMANCE SHARE AGREEMENT

CRYOLIFE, INC. (“CryoLife”) is pleased to grant you the right to receive CryoLife common stock, as described below.  This grant is made subject to the further terms and conditions set forth in this Agreement and the terms of the CryoLife, Inc. _________ Stock Incentive Plan (the “Plan”).

	
Grant Date:

	
 

	 
	
Target Number of Performance Shares:

	
 

	 

Vesting:

The performance shares will vest, and common stock will be issued, based on a combination of attaining specified levels of ______________ and the passage of time, as more specifically described on Exhibit “A”.  We calculate ___________ as _____________.

The following documents accompany this Agreement:

Additional Terms and Conditions describes transferability, what happens if you cease to be an employee of CryoLife, Inc., CryoLife International, Inc. or another eligible employer approved by the Compensation Committee (the Committee”) of the Board of Directors of CryoLife, Inc. (each, an “Eligible Employer”) before all or a portion of your performance shares vest and are issued, where to send notices and other matters.

The Plan contains the detailed terms that govern this Agreement.  If anything in this Agreement or the other attachments is inconsistent with the Plan, the terms of the Plan, as amended from time to time, will control.

The Plan Prospectus Document covering this Agreement and the common stock that may be issued hereunder contains important information, including federal income tax consequences.

Most Recent Annual Report of CryoLife (not attached if you previously received the most recent Annual Report).

Please sign below to show that you accept this Agreement after review of the above documents.  Keep a copy and return both originals to Suzanne K. Gabbert, CryoLife, Inc., 1655 Roberts Blvd., NW, Kennesaw, GA 30144.

 

 

  

  

  

 

 

	
CRYOLIFE, INC.

	  	
GRANTEE:

	  	  	
 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
By: 

	  	
 

	
Name:  Steven G. Anderson

	  	
Print Your Name:

	
Its:        President and CEO

	  	
Date:

	
Date:

	  	  
	  	  	  

  

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ADDITIONAL TERMS AND CONDITIONS

EFFECT OF TERMINATION OF SERVICE.  You must be an employee of CryoLife, Inc. or another Eligible Employer on the applicable vesting date to be entitled to the vesting of performance shares and the issuance of common stock as a result of such vesting.  If you cease to be an employee for any reason, and any performance shares have not vested as of the date of termination of your employment, your performance shares shall automatically be forfeited, no related common stock will be issued, and this Agreement shall be cancelled as of the date of such termination of employment.

CRYOLIFE’S ’s OBLIGATION TO PAY.  Each performance share represents the right to receive one (1) share of CryoLife, Inc. common stock (“Stock”) at the target level, and subject to adjustment up or down based upon CryoLife’s ________ performance for ____, as further described on Exhibit “A”, on the date it vests in accordance with the vesting schedule on Exhibit “A” (or at such later time as indicated in this Agreement or the Plan).  Unless and until the performance shares shall have vested, you will have no right to payment of shares of Stock with respect to any such performance shares.  Prior to actual payment of any shares of Stock with respect to any performance shares, such performance shares will represent an unfunded, unsecured obligation of CryoLife, payable (if at all) only from the general assets of the Company.  The number of shares of Stock subject to this Agreement, ie, the relevant percentage of target shares that will be issued if time vesting requirements are satisfied, will be determined on and as of the date of filing of CryoLife’s Form 10-K for fiscal ____ with the Securities and Exchange Commission.  Shares will be rounded down to the nearest whole number of shares of Stock.  No fractional shares will be issued.  Notwithstanding anything to the contrary contained herein, at any time prior to the first anniversary of this Agreement, the Compensation Committee, in its sole discretion, may reduce the number of shares to be issued hereunder, but in no event may the number of shares to be issued be reduced below the target number of shares.  You will receive written notice of any such reduction.

VESTING.  Subject to the provisions of this Agreement and the Plan, the performance shares will vest and Stock will be issued according to the vesting schedule set forth on Exhibit “A”.

TIME OF PAYMENT.

(a)           Payment after Vesting. Except as otherwise provided in the Plan, any performance shares that vest in accordance with this Agreement shall be paid to you (or in the event of your death, to your estate), in whole shares of Stock within thirty (30) days after the date on which such performance shares vest or as soon as administratively practicable thereafter, but in no event later than the date that is two and one-half months following the later of (i) the end of CryoLife’s taxable year; or (ii) the end of your taxable year that includes the vesting date.  Notwithstanding anything in the Plan or this Agreement to the contrary, payment to you of Stock upon the vesting of a performance share shall be delayed to the extent required by Section 409A of the Internal Revenue of 1986, as amended (the “Code”).

 

 

  

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(b)           Accelerated Vesting Upon a Change of Control of CryoLife.  If the vesting of the balance, or some lesser portion of the balance, of the performance shares subject to this Agreement is accelerated upon a Change of Control, as such term is defined in the Plan, of CryoLife, and such Change of Control is not a “change in the ownership or effective control” or “change in the ownership of a substantial portion of the assets” of CryoLife within the meaning of Section 1.409A-3(i)(5) of the United States Treasury Regulations, then such accelerated performance shares shall not be paid until the applicable vesting date of such performance shares, as set forth on the first page of this Agreement, or if earlier, the date of your death, disability or “separation from service” within the meaning of Section 409A of the Code from CryoLife (a “Separation from Service”); provided however, that if the payment pursuant to this Section (b) is to be made upon your Separation from Service and as of the date of your Separation from Service you are a “specified employee” within the meaning of Section 409A of the Code then payment of the shares of Stock with respect to the performance shares subject to this Section (b) shall not be made until the date that is six (6) months and one day following the date of your Separation from Service if earlier payment would result in the imposition of the additional tax under Section 409A of the Code.

RIGHTS WITH RESPECT TO PERFORMANCE SHARES PRIOR TO VESTING.  You may not transfer or otherwise assign your performance share Agreement or the Stock to be issued hereunder prior to vesting and the issuance of the Stock.  As this Performance Share Agreement vests, you may receive certificates representing the vested portion or the shares of Stock to be issued to you may be issued in uncertificated form.  Prior to issuance of shares of Stock, you are not entitled to any rights as a shareholder with respect to the shares underlying this performance share Agreement.  As a result, subject to the provisions of the Plan, you will have no rights to vote such shares or to receive dividends or other distributions, if any, payable with respect to such shares after the date of this Agreement but prior to the issuance of the shares subsequent to vesting.

WITHHOLDING OF TAXES.  Notwithstanding any contrary provision of this Agreement, no certificate representing shares of Stock will be issued to you unless and until satisfactory arrangements (as determined by the Committee) have been made by you with respect to the payment of Federal, state, local or foreign income, employment and other taxes which the Committee determines must be withheld (“Tax Related Items”) with respect to the shares of Stock so issuable. The Committee hereby allows you, pursuant to such procedures as the Committee may specify from time to time, to satisfy such Tax Related Items, in whole or in part (without limitation) by one or more of the following:  (a) paying cash; (b) electing to have CryoLife or an Eligible Employer withhold otherwise deliverable shares of Stock having a Fair Market Value, as defined in the Plan, equal to the amount of the Tax Related Items required to be withheld; or (c) electing to have CryoLife or an Eligible Employer withhold any amount of Tax Related Items from any wages or other cash compensation payable to you by CryoLife or the Eligible Employer, as the case may be. If the obligation for Tax Related Items is satisfied by withholding a number of shares of Stock as described above, you will be deemed to have been issued the full number of shares of Stock subject to the vested performance shares, notwithstanding that a number of the shares of Stock are held back solely for the purpose of paying the Tax Related Items due as a result of any aspect of the performance shares. If you fail to make satisfactory arrangements for the payment of the Tax Related Items at the time any applicable performance shares are scheduled to vest, you will permanently forfeit such performance shares and no shares of Stock will be issued to you pursuant to them.

 

 

  

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NOTICES.  All notices delivered pursuant to this Agreement shall be in writing and shall be (i) delivered by hand, (ii) mailed by United States certified mail, return receipt requested, postage prepaid, (iii) sent by an internationally recognized courier which maintains evidence of delivery and receipt, (iv) sent by fax to ____________, or (v) sent by email to _____________.  All notices or other communications shall be directed to the following addresses (or to such other addresses as such parties may designate by notice to the other parties):

	 	
To CryoLife:

	
CryoLife, Inc.

	 	  	
1655 Roberts Blvd., NW

	 	  	
Kennesaw, GA 30144

	 	  	
Attention:  Secretary

	 	  	  
	 	
To you:

	
The address set forth in the

	 	  	
Agreement

MISCELLANEOUS.  Failure by you or CryoLife at any time or times to require performance by the other of any provisions in this Agreement will not affect the right to enforce those provisions.  Any waiver by you or CryoLife of any condition or of any breach of any term or provision in this Agreement, whether by conduct or otherwise, in any one or more instances, shall apply only to that instance and will not be deemed to waive conditions or breaches in the future.  If any court of competent jurisdiction holds that any term or provision of this Agreement is invalid or unenforceable, the remaining terms and provisions will continue in full force and effect, and thus Agreement shall be deemed to be amended automatically to exclude the offending provision.  This Agreement may be executed in multiple copies and each executed copy shall be an original of this Agreement.  This Agreement shall be subject to and governed by the laws of the State of Georgia.  No change or modification of this Agreement shall be valid unless it is in writing and signed by the party against which enforcement is sought, except where specifically provided to the contrary herein.  This Agreement shall be binding upon, and inure to the benefit of, the permitted successors, assigns, heirs, executors and legal representatives of the parties hereto.  The headings of each section of this Agreement are for convenience only.  This Agreement, together with the Plan, contains the entire Agreement of the parties hereto, and no representation, inducement, promise, or agreement or other similar understanding between the parties not embodied herein shall be of any force or effect, and no party will be liable or bound in any manner for any warranty, representation, or covenant except as specifically set forth herein or in the Plan.

 

 

  

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SECTION 409A. This Agreement and the performance shares granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A of the Code.  This Agreement and the performance shares shall be administered, interpreted and construed in a manner consistent with such Code section.  Should any provision of this Agreement or the performance shares be found not to comply with, or otherwise be exempt from, the provisions of Section 409A of the Code, it shall be modified and given effect, in the sole discretion of the Committee and without requiring your consent (notwithstanding any other provisions hereof), in such manner as the Committee determines to be necessary or appropriate to comply with, or effectuate an exemption from, Section 409A of the Code.  Each amount payable under this Agreement as a payment upon vesting of a performance share is designated as a separate identified payment for purposes of Section 409A of the Code.

  

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Exhibit “A”

Vesting Schedule

	
·  

	
If  __________ of at least $______ but less than $_______ is achieved, we will fix the number of shares that may be issued pursuant to the Agreement at 50% of the target number of shares; 50% of the fixed shares will vest on the anniversary date of the Agreement, 25% of the fixed shares will vest on the second anniversary date of the Agreement, and the final 25% will vest on the third anniversary of  date of the Agreement;

	
·  

	
If  __________ of at least $________  but less than $________ is achieved, we will fix the number of shares that may be issued pursuant to the Agreement at 75% of the target number of shares; 50% of the fixed shares will vest on the anniversary date of the Agreement, 25% of the fixed shares will vest on the second anniversary date of the Agreement, and the final 25% will vest on the third anniversary of  date of the Agreement;

	
·  

	
If  __________ of at least $_________ but less than $________ is achieved, we will fix the number of shares that may be issued pursuant to the Agreement at 100% of the target number of shares; 50% of the fixed shares will vest on the anniversary date of the Agreement, 25% of the fixed shares will vest on the second anniversary date of the Agreement, and the final 25% will vest on the third anniversary of  date of the Agreement; and

	
·  

	
If ___________ of $_________ or more is achieved the fixed number of shares earned will be calculated on a sliding scale; the scale will begin with __________ of $_________ (or 107% of the __________ of $___________), resulting in 110% of the target number of shares being fixed, and the scale will end with ___________ of $_________ (or 115% of the __________ of $_________), resulting in 150% of the target number of shares being fixed; accordingly, we fix the number of shares subject to the Agreement as follows:

	
o  

	
actual ___________ divided by target _________ of $___________,

	
o  

	
minus 1.07,

	
o  

	
times 5,

	
o  

	
plus 1.10,

	
o  

	
times the target number of shares,

up to a maximum number of shares equal to 150% of the target number of shares.  50% of the fixed shares will vest on the anniversary date of the Agreement, 25% of the fixed shares will vest on the second anniversary date of the Agreement, and the final 25% will vest on the third anniversary of date of the Agreement.

  

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