Document:

consulting.htm

CONSULTING AGREEMENT

 

This Consulting Agreement, dated as of March 6, 2014 (“Agreement”), is by and between PTC Inc., a Massachusetts corporation having its principal business address at 140 Kendrick Street, Needham, Massachusetts 02494 (“PTC”), and Marc Diouane, having a home address at 690 Market Street, Apt. 2204, San Francisco, California 94104 (“Consultant”).

 

 

ARTICLE 1

SERVICES TO BE PERFORMED BY CONSULTANT

 

1.1           Services.  Consultant is engaged to provide such services to PTC as PTC may request from time to time with respect to the transition of Consultant’s duties and responsibilities as Executive Vice President, Global Services, of PTC, including being available for meetings with PTC personnel as reasonably requested by PTC.

 

1.2           Oversight.  Consultant will determine the methods and means Consultant will use to perform the services to be carried out for PTC.

 

ARTICLE 2

COMPENSATION AND EXPENSES

 

2.1           Compensation.  For the services described in Section 1.1 above, PTC will pay Consultant a fee of $13,334 per month from April 1, 2014 through October 31, 2014 and of $6,662 for the period November 1, 2014 through November 15, 2014, such amounts to be paid at the end of each month (and, for November, at the end of the service period), and PTC will cause all unvested PTC equity held by Consultant on the date hereof to continue to vest during the term of this Agreement in accordance with its terms.  PTC will also provide expatriate tax services to Consultant for calendar year 2014 in accordance with PTC’s practice.  PTC will reimburse Consultant for his reasonable costs and expenses incurred in connection with the performance of the services hereunder, subject to appropriate documentation and compliance with PTC’s expense policies.

 

2.2           Taxes; No Withholding.  Consultant shall have sole responsibility for payment of all federal, state, local and foreign taxes or contributions imposed or required under unemployment insurance, social security and income tax laws and for filing all required tax forms with respect to any amounts paid by PTC to Consultant hereunder.

 

ARTICLE 3

INDEPENDENT CONTRACTOR STATUS

 

It is the intention of the parties that Consultant be an independent contractor and not an employee, agent, joint venturer, or partner of PTC.  Nothing in this Agreement shall be interpreted or construed as creating or establishing the relationship of employer and employee between PTC and either Consultant or any employee or agent of Consultant.  Consultant shall retain the right to perform work for others during the terms of this Agreement, provided such work does not otherwise violate the provisions of Article 4 of this Agreement.  PTC shall retain the right to cause work of the same or a different kind to be performed by its own personnel or other contractors during the term of this Agreement.

 

ARTICLE 4

CONFIDENTIALITY AND INTELLECTUAL PROPERTY RIGHTS

 

4.1           Confidentiality.  Consultant shall maintain in strict confidence, and shall use and disclose only as authorized by PTC, all information of a competitively sensitive or proprietary nature that he receives in connection with the work performed for PTC hereunder.  Consultant agrees that, by its nature, the services to be performed hereunder, and any information gathered or compiled in connection therewith, is of a competitively sensitive nature which must be maintained in the strictest of confidence.  The restrictions set forth in this Section 4.1 shall not be construed to apply to (1) information generally available to the public; (2) information released by PTC generally without restriction; or (3) information independently developed or acquired by Consultant without reliance in any way on other protected information of PTC.  Notwithstanding the foregoing restrictions, Consultant may use and disclose any information (a) to the extent required by an order of any court or other governmental authority or (b) as necessary for him to protect his interest in this Agreement, but in each case only after PTC has been so notified in advance in writing and has had the opportunity, if possible, to obtain reasonable protection for such information in connection with such disclosure.

 

4.2           Ownership of Work Product.  Consultant hereby assigns to the Company, for no additional consideration, all of Consultant’s rights, including copyrights, in all deliverables and other works prepared by Consultant under this Agreement.  Consultant shall, and shall cause his agents to, promptly sign and deliver any documents and take any actions that the Company reasonably requests to establish and perfect the rights assigned to the Company under this Section 4.2.

 

ARTICLE 5

TERM AND TERMINATION

 

5.1           Term.  This Agreement will remain in full force and effect until the earlier of (a) November 15, 2014 or (b) the date the Agreement is terminated in accordance with the provisions of Section 5.2 hereof.

 

5.2           Termination of Agreement.

 

(a)           By Consultant.  Consultant may terminate this Agreement at any time upon thirty days advance written notice to PTC.

 

(b)           By PTC without Cause.  PTC may terminate this Agreement without Cause (as defined in Section 5.2(c) below) effective immediately at any time upon written notice to Consultant.

 

(c)           By PTC for Cause.  PTC may terminate this Agreement for Cause (as defined below), effective immediately upon written notice to Consultant that, in the good faith judgment of the Chief Executive Officer of PTC, (1) an event constituting Cause has occurred, and (2) either Consultant had a reasonable opportunity to take remedial action but failed or refused to do so, or an opportunity to take remedial action would not have been meaningful or appropriate under the circumstances.  “Cause” means (i) Consultant shall have willfully committed an act of dishonesty or breach of trust, or willfully acted in a manner which is inimical or injurious to the business or interest of PTC, (ii) Consultant shall have willfully violated or breached any of the provisions of this Agreement and such violation or breach resulted in demonstrable injury to PTC and was not remedied within thirty (30) days of receipt of written notice of such violation or breach, if remediable, (iii) Consultant’s act or omission to act has resulted in or was intended to result in gain to or personal enrichment of Consultant at PTC’s expense, or (iv) Consultant shall have been convicted of a felony or any crime involving larceny, embezzlement or moral turpitude.

 

5.3           Effect of Termination.

 

(a)           Services.  Upon termination of this Agreement, Consultant shall be relieved of performing the services.

 

(b)           Compensation.  If this Agreement is terminated by Consultant pursuant to Section 5.2(a) or by PTC pursuant to Section 5.2(c), no further amounts shall be payable hereunder, except for amounts previously earned, all unvested restricted stock units (RSUs) shall be forfeited, and PTC’s obligation to provide the expatriate tax services will cease.  If this Agreement is terminated by PTC pursuant to Section 5.2(b), PTC shall pay all amounts that have not been paid hereunder to Consultant in a lump sum within two weeks of such termination, all unvested RSUs that would have vested on or before November 15, 2014 shall accelerate and vest on the termination date, and PTC shall be obligated to provide the expatriate tax services for calendar year 2014.

 

5.4           Survival.  In the event of any termination of this Agreement, Articles 4 and 6 hereof shall survive and continue in effect.

 

ARTICLE 6

GENERAL PROVISIONS

 

6.1           Notices.  Any notices to be given hereunder by either party to the other shall be delivered to the address set forth in the introductory paragraph of this Agreement (and in the case of notice to the Company, shall be addressed to the General Counsel) and may be effected either by personal delivery in writing or by mail, registered or certified, postage prepaid with return receipt requested.  Notices delivered personally will be deemed communicated as of actual receipt.  Mailed notices will be deemed communicated as of two days after mailing.

 

6.2           Entire Agreement of the Parties; Supersedes All Prior Agreements.  This Agreement supersedes any and all other agreements, either oral or written, between the parties hereto with respect to the rendering of services by Consultant for PTC and contains all the covenants and agreements between the parties with respect to the rendering of such services in any manner whatsoever.

 

6.3           Partial Invalidity.  If any provision in this agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions will nevertheless continue in full force without being impaired or invalidated in any way.

 

6.4           Parties in Interest.  This Agreement is enforceable only by Consultant and PTC.  The terms of this Agreement are not a contract or assurance regarding compensation, continued engagement, or benefit of any kind to Consultant, or any beneficiary of Consultant, and neither Consultant, nor any such beneficiary thereof, shall be a third-party beneficiary under or pursuant to the terms of this Agreement.

 

6.5           Governing Law.  This Agreement will be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts.

 

6.6           Successors.  This Agreement shall inure to the benefit of, and be binding upon, Consultant and PTC, and their permitted successors and assigns.  This Agreement, and the rights and obligations hereunder, may not be assigned, nor may the duties be delegated, by Consultant.  PTC may assign this Agreement, and the rights and obligations hereunder, and may delegate the duties, to any entity that controls, is controlled by, or is under common control with PTC, or to any purchaser or other transferee of all or substantially all of PTC’s assets or business.

 

 

IN WITNESS WHEREOF, the parties have executed this Consulting Agreement as of the date and year first above written.

 

	
CONSULTANT

	  	
PTC INC.

 

	
/s/ Marc Diouane

	  	
By:  /s/ James E. Heppelmann

	
Marc Diouane

	  	
Name:  James E. Heppelmann

	  	  	
Title:  President & Chief Executive OfficerEXHIBIT 10.1

 

CALL OPTION AGREEMENT

This Call
Option Agreement (this “Agreement”), is made and entered as of March 4, 2014
(the “Effective Date”), by and among Empire Petroleum Corporation, a Delaware corporation (the “Company”),
Albert E. Whitehead, an individual (“AEW”), and Sierra Nevada Oil LLC, a Nevada domestic limited-liability company
(“Sierra Nevada”). The Company, AEW and Sierra Nevada are sometimes collectively
referred to herein as the “Parties” and singly as a “Party.”

WHEREAS,
Sierra Nevada desires to have the right to purchase 4,000,000 shares (the “Shares”)
of the Company’s common stock, and the Company desires to grant such right to Sierra Nevada, pursuant to the terms and conditions
set forth herein.

NOW, THEREFORE,
in consideration of the foregoing, and the mutual and dependent covenants hereinafter set forth, the Parties agree as follows:

1.                 
Grant of Call Option.

(a)               
Option Purchase Price. On the Effective Date, Sierra Nevada has paid the Company $50,000 (the “Option Purchase
Price”) for the Call Right (as defined in Section 1(b)). For the avoidance of doubt, the Option Purchase Price
is non-refundable, even in the event Sierra Nevada determines not exercise the Call Right. The Company agrees to use the Option
Purchase Price for general working capital and other legitimate third-party, non-affiliate debts and/or Company operating expenses,
and, prior to the Call End Date (as defined in Section 1(b)), shall not use the Option Purchase Price to pay any indebtedness
owed to any stockholder, officer, or director of the Company.

(b)              
Right to Purchase. Subject to the terms and conditions of this Agreement, at any time from the Effective Date through
ninety days thereafter (the “Call End Date”), Sierra Nevada shall have the
right (the “Call Right”), but not the obligation, to purchase all, but not
less than all, of the Shares at a purchase price of (i) $0.25 per Share or an aggregate of $1,000,000, less (ii) the Option
Purchase Price (as reduced, the “Call Purchase Price”), which Call Right may be exercised by Sierra Nevada and/or
up to three of its designees, provided, however, any such purchasers must be accredited investors as further described in the Securities
Purchase Agreement (as defined in Section 1(d)) (each, a “Purchaser” and, collectively, the “Purchasers”).

(c)               
Procedures.

(i)                
If a Purchaser desires to purchase the Shares, Sierra Nevada shall deliver to the Company a written notice (the “Call
Exercise Notice”) exercising the Call Right on or before the Call End Date. In the event the Call Right is not
exercised on or before the Call End Date, the Call Right shall automatically, without further action, expire and become null and
void.

(ii)              
The closing of any sale of Shares pursuant to this Section 1 shall take place at the Company’s office at a
time mutually agreeable to the Parties but in no event later than five business days following receipt by the Company of the Call
Exercise Notice.

(d)              
Consummation of Sale. The consummation of the sale of the Shares, if any, shall be accomplished using the securities
purchase agreement substantially in the form attached hereto as Exhibit A (the “Securities Purchase Agreement”)
and the Purchaser(s), payment of the Call Purchase Price by certified or official bank check or by wire transfer of immediately
available funds.

2.                 
Post Closing Covenants.

 

(a)The Parties acknowledge and
agree that (i) the Company currently owes AEW, its President, CEO and largest stockholder, $91,580 in outstanding indebtedness,
plus accrued interest of approximately $935 and (ii) the Company shall use proceeds from the Call Purchase Price to pay such indebtedness
and accrued interest in full.

 

(b)Provided the sale of the Shares
is consummated as described in Section 1(d), AEW hereby agrees to take commercially reasonable efforts to cause (i) Sierra
Nevada’s designees to be appointed to fill all seats on the Company’s Board of Directors and (ii) all other members
of the Company’s Board of Directors to resign.

3.                 
Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in
writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received
by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or
e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the
next business day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified
or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the
addresses indicated below (or at such other address for a party as shall be specified in a notice given in accordance with this
Section 3).

 

	
        If to Sierra Nevada:

         

         

         
	
        Sierra Nevada Oil LLC

        P. O. Box 16187

        South Lake Tahoe, CA 96151

        Facsimile: [•]

        E-mail: pafagen@yahoo.com

        Attention: Patrick A. Fagen, Manager

         

	If to the Company or AEW:	
        Empire Petroleum Corporation

        6506 S. Lewis Ave., Suite 112

        Tulsa, OK 74136-1020

        Facsimile: (918) 488-1530

        E-mail: empirepetroleum@aol.com

        Attention: Albert E. Whitehead

4.                 
Entire Agreement. This Agreement constitutes the sole and entire agreement of the parties to this Agreement with
respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings and agreements, both
written and oral, with respect to such subject matter.

5.                 
Successor and Assigns. Except as provided for in Section 1(b), neither this Agreement nor any of the rights of the
parties hereunder may otherwise be transferred or assigned by any Party hereto by operation of law or otherwise. Any attempted
transfer or assignment in violation of this Section 4 shall be void.

6.                 
No Third-Party Beneficiaries. This Agreement is for the sole benefit of the Parties hereto and their respective successors
and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person any legal or
equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement.

7.                 
Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

8.                 
Amendment and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement
in writing signed by each Party. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set
forth in writing and signed by the Party so waiving. Except as otherwise set forth in this Agreement, no failure to exercise, or
delay in exercising, any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver
thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege.

9.                 
Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or
render unenforceable such term or provision in any other jurisdiction.

10.             
Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State
of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other
jurisdiction) that would cause the application of Laws of any jurisdiction other than those of the State of Delaware.

11.             
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all
of which shall together be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail
or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy
of this Agreement.

12.             
No Strict Construction. The Parties have participated jointly in the negotiation and drafting of this Agreement.
In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly
by the Parties, and no presumption or burden of proof will arise favoring or disfavoring any Party by virtue of the authorship
of any of the provisions of this Agreement.

 

IN WITNESS
WHEREOF, the parties hereto have executed this Call Option Agreement on the date first written above.

 

 

	 	 	EMPIRE PETROLEUM CORPORATION
	 	 	 
	 	By:	/s/ Albert E. Whitehead
	 	 	Albert E. Whitehead
	 	 	President and CEO
	 	 	 
	 	 	Sierra Nevada Oil LLC
	 	 	 
	 	By:	/s/ Patrick A. Fagen
	 	 	Patrick A. Fagen
	 	 	Manager
	 	 	 
	Solely for purposes of his obligations set forth in Section 2(b).
	 	 	 
	 	 	/s/ Albert E. Whitehead
	 	 	Albert E. Whitehead

 

	 	 
	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Call Option Agreement]

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