Document:

Undetermined
Time Employment Contract

       

      Preamble

       

      

      If before
the starting date of the contract the Employee has not undergone a
pre-employment medical examination, as stipulated by the article L.326-1 of the
Labor Code, the Employee is required to complete the aforementioned examination
within two months of the employment. The continuation of the present contract is
subject to the confirmation of the Employee's physical aptitude for the position
defined under Article 1 below, by a competent physician.

      

      

      

      The
present employment contract has been concluded for an undetermined time period
between:

      

      The
Company PolyOne Luxembourg s. à r.l. being located 6 Giällewee, L-9749
Fischbach, represented by Ken Smith, senior VP of PolyOne Corporation, and Guy
Katsers, Director Human Resources International

      

      hereinafter
referred to as "the Employer" or “PolyOne”

      

      and:

      

      Bernard
Baert, born on December 18th 1949,
at Mouscron (Belgium), having the Belgian Nationality, and having his domicile
137 B, avenue de Ningloheid, 4802 Heusy (Belgium)

      

      hereinafter
referred to as "the Employee"

      

      

      

      Article
1

      

      The
Employee is hired by the Employer as “Senior Vice President and General Manager,
Color and Engineered Materials – Europe and Asia” as of September 1st 2009,
without prejudice to any future assignment based upon the Employee's
professional and personal aptitudes or upon the Employer's
requirement.

      

      His
duties will notably include, but will not be limited to the performance of the
following tasks:

      

      The
Employee will be a Senior Vice-President and officer of the PolyOne Corporation
where he has Profit & Loss responsibility for PolyOne’s business interest in
Europe and in Asia.

      

      The
Employee acknowledges that he is an executive (“cadre supérieur”) in the meaning
of article L.162-8 of the Labor Code.

      

      Article
2

      

      The
present contract is concluded for undetermined time duration, and has no
probation period.

       

      The
Employee being transferred from the Belgian Entity of the PolyOne Corporation,
his seniority at PolyOne Belgium S.A. is recognized as from February 19,
1996.

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
         

        

         

      

       

      Article
3

      

      The place
of work will be located at Fischbach, at PolyOne’s Luxembourg office. The
Employer reserves the right to modify this location according to the
requirements of the Employer; this type of modification does not constitute a
fundamental change to the employment contract.

      

      The
function mentioned in article 1 implies for the Employee to travel outside
Luxembourg, visiting different PolyOne sites abroad.  These visits
abroad are not to be considered as changes in the work place, but as business
trips. It is specified that the Employee is not allowed to work from home,
unless the Employee’s official domicile would be located in
Luxembourg.

      

      

      Article
4

      

      The
weekly working time is 40 hours, from Monday to Friday between 8h30 to 17h30.
Depending on the Employer’s needs and the Employee’s function, the working time
could be modified.

       

      Any
overtime accrued is covered by the payment defined in article 5.

      

       

      Article
5

       

      

      The
Employee's monthly gross salary is EUR 24.708,- gross (Twenty four thousand
seven hundred and eight €) based on the legal cost of living index valid at the
date of signature of the contract, paid over twelve months. The remuneration is
payable on the last day of each calendar month, after deduction of social
security contributions and withholding tax in accordance with Luxembourg
law.

      

      Any net
deduction other than the ones listed by law cannot be withheld without the
Employee’s agreement. The Employee will however refund to the Employer any undue
payment received in excess.

      

      Article
6

      

      The
Employee will be granted meal vouchers, with a face value of 8,4 € per worked
day, with a maximum of 216 vouchers per civil year. The Employee will contribute
2,8 € per voucher, which will be deducted from the net monthly pay.

      

      Article
7

      

      Notwithstanding
the immediate termination of the contract for gross misconduct (“motifs
graves”), the present contract can only be terminated under consideration of the
legal notice period as laid out in the articles L.124-3 and L.124-4 of the Labor
Code and following the procedures specified by this Code.

      

      Any party
who wishes to terminate this contract has to notify the termination to the other
party by registered mail or by signing for acknowledgment of receipt a copy of
the notice of termination.

      

      

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

      
        

         

         

      

      Article
8

      

      The
Employee shall inform the Employer immediately in case he is unable to work and
indicate the reasons for his absence the same day. In case of illness, the
Employee is required to provide the Employer with a medical certificate at the
latest on the 3rd day of his absence.

      

      

      Article
9

      

      The
Employee is entitled to 26 vacation days per full civil year, and 10 Luxembourg
legal holidays (January 1st,
Eastern Monday, May 1st,
Ascension Day, Whit Monday, June 23rd
National Day, August 15th,
November 1st,
December 25 and 26).

      

      The
Employee’s entitlement to paid leave is governed by the following legal
texts:

      

      
        	
                 
      

              	
                v

              	
                Chapter
      III, title III, of the Book II of the Labor Code ruling the paid annual
      leave of the Employees.

              

      

      
        	
                 
      

              	
                v

              	
                The
      internal company regulations: the day off requests need to be approved
      upfront by the direct supervisor.

              

      

      

      

      Article
10

      

      The
Employee is bound by professional and contractual confidentiality and shall not
disclose to any person (except to these authorized by the Employer), either
during his employment or thereafter, and this for a period of 25 years as of the
termination of this contract, any information on the Employer, trade secrets or
other internal or business related information that is or may be confidential or
important to the Employer. In addition, the Employee shall not use, directly or
indirectly, such confidential or important information to his own advantage or
the advantage of a third party.

      

      Disloyal
competition

      

      Both
during this contract and after its termination, and this for a period of 25
years as of the termination of this contract, the Employee shall regard as
strictly confidential and not to be divulged to a competitor or third party the
methods, procedures and manufacturing secrets, inventions and patentable
discoveries, experiments and research of the Employer, its subsidiaries,
branches and/or associates. He shall, in brief, abstain in all circumstances and
at all times from any act or cooperation with any act which constitutes disloyal
competition.

      

      The
Employee undertakes to advise the Employer of any work which may be protected by
copyright, improvement, discovery or invention he may make or of which he has
control and which has any direct or indirect relationship with the activities of
the Employer, its subsidiaries, branches and/or associates and which were made
by the Employee in the course of his employment by the Employer upon instruction
of the Employer. To the fullest extent authorised by law, all intellectual
property rights in relation with such work which may be protected by copyright,
improvements, discoveries or inventions shall automatically become the property
of the Employer which may dispose of them as it wishes without being required in
principle to pay the Employee any indemnity other than the salary due to the
Employee under article 5. The Employer alone shall be the only judge of whether
the discovery, invention or improvement is of sufficient importance to merit
additional pay over and above the regular salary due to the Employee under
article 5 and shall solely determine any such amount. If the Employer considers
it appropriate to patent, register or protect in any part of the world and in
any fashion the work which may be protected by copyright, improvement, invention
or discovery concerned, the Employee agrees to offer the Employer all aid and
assistance to that end. The Employee shall in particular sign any necessary
documents in order to allow the Employer to patent, register or protect any work
which may be protected by copyright, improvement, discovery or invention, upon
first demand of the Employer.

      

      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

      
        

         

      

       

      In the
event where the above-mentioned intellectual property rights are not
automatically vested in the Employer, then to the fullest extent authorised by
law, the Employee hereby assigns such rights, on a worldwide basis, exclusively
to the Employer. The assignment of rights to the Employer will in particular,
but not only, include the right to sell, to reproduce, communicate, translate,
adapt, modify and in a general way put on the market. No remuneration other than
the salary due to the Employee under article 5 shall be due for any such
assignment, except if otherwise required by law.

      

      Any
violation of the foregoing obligation shall be considered as serious
transgression of contractual good faith, and shall entitle the Employer to
rescind the employment contract, for disciplinary reason. Any such violation
shall oblige the Employee to indemnify the Employer for any damage which such
violation had caused to the latter.

      

      

      Non compete clause
(international):

      

      Considering
the nature of the Employee’s function, being in direct contacts with customers
in Europe and in Asia, and having access to a very large number of confidential
information related to the Employer, the Employee will commit himself to refrain
from:

      

      
        	
                -

              	
                to
      join a company (as Employee or as consultant or as agent) producing or
      selling products which could compete with the ones sold by PolyOne
      Luxembourg or by any PolyOne entity in the
  world;

              

      

      

      
        	
                -

              	
                to
      create his own business, selling products which could be in competition
      with the ones of PolyOne;

              

      

      

      
        	
                -

              	
                to
      have interests, directly or indirectly, under any ways, in a company
      competing with PolyOne Luxembourg or any PolyOne entity in the world;
      or

              

      

      

      
        	
                -

              	
                to
      acquire more than 5% ownership in a company competing with PolyOne
      Luxembourg or with any PolyOne entity in the
  world.

              

      

      

      In case
of doubts in the interpretation of these restrictions during the application of
the non compete clause, the Employee may obtain from the Employer, a specific
written document clarifying the Employer’s position.

      

      The non
compete clause applies for a period of 12 months from the termination date of
the employment contract, and is covering the following countries: France, Spain,
Germany, UK, Benelux, Scandinavia, Hungary, Poland, Turkey, Italy, Switzerland,
China, Thailand, Singapore, Hong Kong, Taiwan and India.

      

      Balancing
the Employee’s obligations described above, the Employer will pay, during the
non compete clause period, a monthly compensation of 25% of the average monthly
base salary (gross) of the last 3 months of the employment contract. The amount
of the incentive paid in the course of the last 12 months before the termination
date, will be divided by 12, and added to the monthly average base salary. These
payments will be submitted to the tax legislation and the social security
legislation applicable in Luxembourg.

      

      
        
           

        

        
          -4-

          
            

          

        

        
           

        

      

      
        

         

      

       

      In case
of any violation of the clause described above, PolyOne will stop the payment of
the compensation described above, and the Employee will have to reimburse the
Employer for the non compete compensation made till then.  Moreover,
the Employer will have the right to pursue the amount of actual damages, if it
can supply proof of the existence and the extent of the damages.

      

      The
Employer may decide to waive the application of the non compete clause at its
sole discretion, at the condition to send the decision by registered letter to
the Employee during the course of the contract or within the eight days
following the termination date of the contract. In this situation, the
interdiction will be lifted, and the Employer will not pay the compensation
related to the non compete clause.

      

      Non compete clause
(Luxembourg):

      

      
        	
                1.

              	
                The
      Employee undertakes not to enter in his own name and on his own behalf in
      any business which is in direct or indirect competition with the
      Employer’s business for a period of 12 months following the termination of
      this contract.

              

      

      

      
        	
                2.

              	
                The
      Employee undertakes not to solicit or induce or endeavour to solicit or
      induce any person who, on the date of termination of this contract, is
      employed by the Employer to cease working for or providing services to the
      Employer.

              

      

      

      
        	
                3.

              	
                The
      Employee undertakes not to solicit or induce or endeavour to solicit or
      induce any consultant, supplier or service provider to cease to deal with
      the Employer and shall not interfere in any way with any relationship
      between a consultant, a supplier or a service provider and the
      Employer.

              

      

      

      
        	
                4.

              	
                The
      undertakings set out in sub-paragraphs 2 and 3 above shall survive during
      a period of 5 years from the term of this
  contract.

              

      

      

      

      If one or
more items or parts of items of the present Article 10 would be considered as
non valid or void, the remaining items or part of items would remain unchanged
and applicable.

      

       

      Article
11

       

      The
personal data related to the Employee and communicated to the Employer for the
sake of his employment contract may be processed on a computer support or any
other support in accordance with the amended law of 2nd August
2002 on the protection of persons with regard to the processing of personal
data.

      

      The
Employee authorises the Employer to process such data for the purpose of the
administration of this employment contract and to allow the Employer to comply
with its contractual, legal or regulatory obligations. In particular as regards
pay roll administration and social security deductions, the Employee authorizes
the Employer to transfer any such nominal data to its duly appointed pay roll
administrator. The Employee has a right of access and rectification of his
personal data. Such right may be exercised by contacting the person in charge of
human resources.

      

      The
Employer is the data controller. Upon written request, the Employee will be
given the right to access his personal data stored by the Employer and to update
and correct any data which is inaccurate.

      

      
        
           

        

        
          -5-

          
            

          

        

        
           

        

      

      
        

      

       

       

      The
Employee acknowledges that the Employer cannot use nor transfer to third parties
other than those indicated in sub-paragraphs above any personal data of the
Employee for purposes other than those mentioned in the sub-paragraphs above and
in particular for marketing purposes.

      

      The
Employee acknowledges and agrees that this contract and its contents will be
filed with and described in filings that PolyOne Corporation is required to make
pursuant to Section 13 of 15(d) of the U.S. Securities Exchange Act of 1934
(“Exchange Act”) and expressly consents to any publication or divulgation of his
personal data in such filings.  In particular, but without limitation,
the Employee acknowledges and agrees that (a) this contract and its contents
will be required to be described in a Current Report on Form 8-K to be filed by
PolyOne Corporation with the U.S. Securities and Exchange Commission (“SEC”)
pursuant to the requirements of Form 8-K, (b) this contract will be required to
be filed as an exhibit to either a Quarterly Report on Form 10-Q or an Annual
Report on Form 10-K to be filed by PolyOne Corporation with the SEC pursuant to
the requirements of either Form 10-Q or Form 10-K, as applicable, and Item 601
of Regulation S-K promulgated under the Exchange Act and (c) this contract and
its contents will be required to be described in certain proxy statements to be
filed by PolyOne Corporation with the SEC pursuant to the requirements of
Schedule 14A and Item 601 of Regulation S-K promulgated under the Exchange
Act.

      

      The
Employee acknowledges and agrees that his personal data may, for the purposes
and under the conditions described above, be transferred to the United States, a
country which does not provide a level of data protection that is equivalent to
the level in Luxembourg.

      

       

      Article
12

       

      

      The
Employee commits:

      

      
        	
                a)

              	
                To
      dedicate all his professional activities exclusively to the Employer, and
      to refrain from any other professional activity, remunerated or not, which
      could be in conflict with the Employee’s activities by the Employer, or
      which could harm the Employer.

              

      

      

      
        	
                 
      

              	
                However,
      all other professional activities, not detrimental to the Employer’s
      company, may be exercised by the Employee, at the condition the Employer
      gives its specific prior approval by
writing.

              

      

      

      
        	
                b)

              	
                To
      respect all the rules, directives, guidelines or instructions coming from
      the Employer, or from PolyOne
Corporation.

              

      

      

      
        	
                c)

              	
                To
      return to the Employer, at its first request, and certainly at the end of
      the employment contract, all PolyOne’s items and belongings: keys, credit
      cards, company car, printer, computer, mobile phone, files, and
      documents.

              

      

      

      
        	
                d)

              	
                To
      inform, as soon as possible, the Employer when he should be prevented from
      work.

              

      

      

      
        	
                e)

              	
                To
      communicate to the Employer as soon as possible changes of “domicile”, or
      changes in the family situation.

              

      

      

      
        	
                f)

              	
                Not
      to respond to press interviews, or publish in the press, or talk at the
      radio, or at the TV, about PolyOne’s activities without the upfront prior
      written approval of PolyOne.

              

      

      

      

      
        
           

        

        
          -6-

          
            

          

        

        
           

        

      

      
        

         

         

      

      Article
13

      

      Without
prejudice of the competent labor court decision, the parties specifically agree
that the following non exhaustive list of misconducts will be considered as
gross misconduct (“motifs graves”):

      

      Misrepresentation,
unjustified absences from work, public declaration which could harm the
reputation or the image of PolyOne, repetitive errors due to negligence,
briberies, etc.

      

      

      Article
14

      

      The
Employee received a hard copy of the Code of Conduct of PolyOne, and got the
appropriate training. The acknowledgement of the Code of Conduct is part of the
employment conditions.

      

      

      Article
15

      

      Following
conditions decided unilaterally by the Employer, the Employee may receive
incentives, bonus or other rewards, on top of the base salary described in
article 5 of this contract.

      

      All
bonus, incentives or special benefits granted at some occasions, regularly or
not, by the Employer are to be considered as a liberality, not being a part of
the remuneration. Those grants are not generating a right for the future, and
could not generate the right to a payment pro rata, in case of termination of
the employment contract before the normal set date for
distribution.

      

      The
Employee may be eligible to participate in the PolyOne Corporation Senior
Executive Annual Incentive Plan (AIP), which will be payable by the
Employer.  Information about the AIP will be provided by Human
Resources.

      

      Article
16

      

      There is
an appendix to the present contract, describing some specific terms and
conditions applicable to the Employee.

      

      This
employment contract is governed by the legal regulations as laid out in the
following legal texts:

      

      
        	
                 
      

              	
                v

              	
                The
      Labor Code of Luxembourg

              

      

      
        	
                 
      

              	
                v

              	
                The
      internal company regulations if more favorable than law or collective
      agreement

              

      

      

      Any
dispute arising from the present contract shall be submitted exclusively to the
courts of the Grand-Duchy of Luxembourg.

      

      If any
provision of this contract of employment is held to be invalid or unenforceable
in whole or in part, such invalidity or unenforceability shall apply only to
such provision or part thereof and the remaining part of such provision and all
other provisions hereof shall continue in full force or effect.

      

      

      

      
        
           

        

        
          -7-

          
            

          

        

        
           

        

      

      
        

         

         

      

      Article
17

      

      Each
party acknowledges having received a copy of the present contract and confirms
understanding the language in which it has been written.

      

      This
contract of employment and its appendix set out the entire agreement between the
Parties and supersedes all prior discussions between them or their advisers and
all statements, representations, terms and conditions, warranties, guarantees,
proposals, communications, and understandings whenever given and whether orally
or in writing.

      

      

      

      

      

      Signed in
duplicate in Assesse on August 31st
2009

      

      
        

        
          	
                  /s/
      Bernard Baert

                	
                  /s/
      Ken Smith

                
	 
      	 
      
	
                  Bernard
      Baert

                	
                  Ken
      Smith

                
	 
      	 
      
	
                  The
      Employee

                	 
      
	
                   

                	
                  /s/
      Guy Katsers

                
	 
      	 
      
	
                   

                	
                  Guy
      Katsers

                
	 
      	 
      
	
                   

                	
                  The
      Employer representatives

                

        

                                                                                   

         

         

         

      

      
        
           

        

        
          -8-

          
            

          

        

        
           

        

      

      

    

     

    
      

      Appendix
to the Employment Contract between

      PolyOne
Luxembourg and Bernard Baert.

      

      

      

      

      The
Company, PolyOne Luxembourg s.à r.l., being located 6 Giällewee, L-9749
Fischbach, represented by Guy Katsers, Director Human Resources
International

      

      hereinafter
referred to as "the Employer"

      

      and

      

      Bernard
Baert, born on December 18th 1949,
at Mouscron (Belgium), having the Belgian Nationality, and having his domicile
137 B, avenue de Ningloheid, 4802 Heusy (Belgium)

      

      hereinafter
referred to as "the Employee"

      

      agree on
the following:

      

      
        	
                1.

              	
                The
      Employee will be granted a company car, following the rules of the Company
      Car Policy. The rules will be handed over to the Employee who will have to
      accept the terms before driving the company car. The private usage of the
      company car will be considered as a taxable “income”, and will follow the
      income tax law applicable in Luxembourg. Presently the advantage in kind
      represents 1.5% of the selling price of the car, VAT included. The
      advantage in kind is added to the taxable monthly pay, in order to
      calculate the income tax
withholdings.

              

      

      

      
        	
                2.

              	
                The
      Employee will be submitted to the Luxembourg social security: he will
      enjoy the legal coverage provided (health insurance, family allowances,
      retirement).

              

      

      

      
        	
                3.

              	
                A
      defined contribution benefits cafeteria plan, additional to the legal
      system, covering retirement, disability and death will be established at
      PolyOne Luxembourg. The Employer contributions to the insurance company
      will amount to 5% of the Employee’s annual base salary up to the maximum
      social security contributions ceiling, and 15% of the part of the annual
      base salary above the maximum social security contributions
      ceiling.

              

      

      

      
        	
                4.

              	
                In
      case of termination of the contract by the Employee (voluntary termination
      or resignation), the Employer could request a worked notice period of 3
      months, including the number of months requested by the Luxembourg labor
      law.

              

      

      

      
        	
                 
      

              	
                In
      case of termination of the employment contract by the Employer
      (involuntary termination), except in case of termination for gross
      misconduct (“motifs graves”), the Employee will be entitled to a notice
      period and to a severance payment as provided for in articles L.124-3 and
      L.124-7 of the Labor Code.

              

      

      

      
        
           

        

        
          -9-

          
            

          

        

        
           

        

      

      
        

      

      

      
        	
                 
      

              	
                However,
      the total indemnity that the Employee would eventually receive under
      Luxembourg Labor law may not be lower than the total indemnity he would
      have received under his former Belgian Employment contract with PolyOne
      Belgium S.A. This means that the Claeys formula will be calculated
      offsetting the Luxemburg termination package (notice and severance
      payment).

              

      

      

      
        	
                 
      

              	
                Today,
      with the actual remuneration of the Employee, his seniority and his age,
      the termination package calculated with the Claeys formula would result in
      a total severance of 28 months of remuneration. The remuneration includes
      base salary, incentives & bonuses averagely paid in the last 36
      months, the value of the advantage in kind of the car, the meal vouchers,
      the Employer’s contribution to the group insurance (cafeteria pension
      plan), and all other regular payments or benefits granted by the
      Employer.

              

      

      

      
        	
                5.

              	
                The
      Employee acknowledges that he will not be entitled to any further
      severance benefits than those provided by law and provided by this
      employment contract. More specifically, the Employee acknowledges that the
      PolyOne Corporation Executive Severance Plan is not applicable to
      him.

              

      

      

      

      

      

      Each
party acknowledges having received an original of the present contract and
confirms understanding the language in which it has been written.

      

      Signed in
duplicate in Assesse on August 31st
2009

      

       

      
        

        
          	
                  /s/
      Bernard Baert

                	
                  /s/
      Kenneth M. Smith

                
	 
      	 
      
	
                  Bernard
      Baert

                	
                  Ken
      Smith

                
	 
      	 
      
	
                  The
      Employee

                	 
      
	
                   

                	
                  /s/
      Guy Katsers

                
	 
      	 
      
	
                   

                	
                  Guy
      Katsers

                
	 
      	 
      
	
                   

                	
                  The
      Employer representatives

                

        

                                                                                   

         

      

       

      

      

      
        
           

        

        
          -10-EXECUTIVE EMPLOYMENT AGREEMENT

 

This EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement ”) is made and entered into as of the 24th day of August 2009, by and between IX ENERGY HOLDINGS, INC., a Delaware corporation with offices at 711 Third Avenue, 12th Floor, New York, New York 10017 (the “Corporation”), and Michael W. Weinstein, an individual residing at 41 Butler Road, Scarsdale, New York 10583 (“Executive”). 

 

WITNESSETH:

 

WHEREAS, the Executive desires to be employed by the Company as its Chief Financial Officer (“CFO”) and the Company wishes to employ Executive in such capacity; 

 

NOW, THEREFORE, in consideration of the foregoing recitals and the respective covenants and agreements of the parties contained in this document, the Company and Executive hereby agree as follows: 

 

1.   Employment and Duties.

 

1.1.       The Company shall employ and Executive agrees to serve as the Company's Chief Financial Officer. The duties and responsibilities of Executive shall include the duties and responsibilities as the Board of Directors (The “Board”) may from time to time reasonably assign to Executive and shall include, but not be limited to, the responsibilities set forth in Appendix A attached to this Agreement.

 

1.2.       Executive shall devote substantially all of his working time and efforts during the Company's normal business hours to the business and affairs of the Company and its subsidiaries and to the diligent and faithful performance of the duties and responsibilities duly assigned to him pursuant to this Agreement. The Executive will not, without the Company’s prior written consent, engage in profession or occupation except as specifically set forth in the Agreement. The Company consents to the Executive serving as a member of the board of directors or advisory board member for other companies, non-profits or other enterprises so long as a) the engagement is not in conflict with the Company’s business plan or other initiatives and b) does not compete or detract from the responsibilities of Executive as is agreed to between the Company and Executive.

 

2.   Term. The term of this Agreement shall commence on the Effective Date and shall continue for a period of ninety (90) days. The “Employment Period” shall mean this ninety (90) day term. The Effective Date shall be that date on which Executive actually starts working full time under this Agreement for the Company which the parties expect shall be August 27, 2009 but in no event later than August 31, 2009. 

 

3.   Place of Employment. Executive's services shall be performed at the Company's current headquarters in New York, New York or any other Company office in the New York metropolitan area The parties acknowledge and agree that in the course of fulfilling his role and responsibilities of CFO that the that Executive shall be required to travel in connection with the performance of him duties hereunder.

 

4.   Base Salary.

 

4.1.       For all services to be rendered by Executive pursuant to this Agreement, the Company shall pay Executive during the Employment Period $8,500 per month in cash compensation plus $7,666 per month in IX Energy Holdings, Inc. restricted stock of the same type and class currently offered to the Company’s management employees (the “Base Salary”).  The valuation of the stock shall be determined by the average of the last 3 days closing price of the stock for the month prior. Upon the closing a bridge financing round within the term of this Agreement, Executive’s $7,666 per month in stock compensation shall immediately convert to the same amount per month in cash compensation so that
the entire amount of the Base Salary shall be paid in cash. 

 

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4.2.       The Employee shall be paid the cash compensation on a W-2 basis and shall be paid in bi-weekly installments paid on Company’s normal pay schedule disbursed as a direct deposit, or Company check, beginning on the Company’s first pay period following the Effective Date, in accordance with the Company's regular payroll practices. The Employee shall be paid the stock compensation in three installment, each installment being at the end of each month of the Employment Period.

 

5.   Executive Bonuses and Company Equity:

 

5.1.       Sign-on Bonus.  Executive is entitled to a signing bonus of a grant of 55,000 shares of IX Energy Holdings, Inc. restricted stock of the same type and class currently offered to the Company’s management employees to be paid on the Effective Date of this Agreement.  Upon the closing a bridge financing round within the term of this Agreement, Executive shall also be entitled to a sign-on bonus of $7,500 in cash payable within two weeks after the closing of the bridge financing.

 

6.   Expenses. Executive shall be entitled to reimbursement by the Company for all reasonable ordinary and necessary travel and entertainment, plus other related expenses incurred by Executive while employed (in accordance with the policies and procedures established by the Company for its senior executive officers) and performance of his duties and responsibilities under this Agreement; provided, that Executive shall properly account for such expenses in accordance with such policies and procedures. Any expenses over $500 will require prior approval of the Company. 

 

7.   Termination of Employment

 

7.1.       Death. If Executive dies during the Employment Period, this Agreement and Executive’s employment with the Company shall automatically terminate and the Company shall have no further obligations to Executive or his heirs, administrators or executors with respect to compensation and benefits accruing thereafter, except for the obligation to pay to the Executive’s heirs, administrators or executors any earned but unpaid Base Salary and all reasonable expenses paid or incurred by Executive in connection with and related to the performance of him duties and responsibilities for the Company during the period ending on the termination date. The Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions. 

 

7.2.       Disability. In the event that, during the term of this Agreement Executive shall be prevented from performing him duties and responsibilities hereunder to the full extent required by the Company by reason of Disability (as defined below), this Agreement and Executive’s employment with the Company shall automatically terminate and the Company shall have no further obligations or liability to Executive or him heirs, administrators or executors with respect to compensation and benefits accruing thereafter, except for the obligation to pay Executive or him heirs, administrators or executors any earned but unpaid Base Salary and reimbursement of any and all reasonable expenses paid or incurred by Executive in connection with and related to the performance of his duties and responsibilities for the
Company during the period ending on the termination date. The Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions through the last date of Executive’s employment with the Company. For purposes of this Agreement, “Disability” shall mean a physical or mental disability that prevents the performance by Executive, with reasonable accommodation, of his duties and responsibilities hereunder for a period of not less than an aggregate of three months during any twelve consecutive months. 

 

7.3.       With Cause by Company

 

7.3.(a)         At any time during the Employment Period, the Company may terminate this Agreement and Executive’s employment hereunder for Cause. For purposes of this Agreement, “Cause” shall mean: (a) the willful and continued failure of Executive to perform substantially his duties and responsibilities for the Company (other than any such failure resulting from Executive’s death or Disability) after a written demand by the Board for substantial performance is delivered to Executive by the Company, which specifically identifies the manner in which the Board believes that Executive has not substantially performed his duties and responsibilities, which 

 

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willful and continued failure is not cured by Executive within fifteen (15) days of his receipt of such written demand or if such failure is not capable of being cured within said fifteen days, then actions to cure the failure are commenced with the said fifteen days and if so commenced the failure is not cured within a reasonable time thereafter to be determined solely by the Board; (b) the conviction of, or plea of guilty or nolo contendere to, a felony, (c), violation of Sections 8 or 9 of this Agreement, (d) fraud, dishonesty or gross misconduct which is materially and demonstratively injurious to the Company, (e) disloyalty, in subordination or absenteeism, which in the sole judgment of the Board is detrimental to the Company’s best interest or (f) serious substance abuse, whether due to drugs or alcohol.  Termination under clauses (b), (c), (d), (e)
or (f) of this Section 7.3.(a) shall not be subject to cure. 

 

7.3.(b)         Upon termination of this Agreement for Cause, the Company shall have no further obligations or liability to Executive or him heirs, administrators or executors with respect to compensation and benefits accruing thereafter, except for the obligation to pay Executive or him heirs, administrators or executors any earned but unpaid Base Salary and reimbursement of any and all reasonable expenses paid or incurred by Executive in connection with and related to the performance of his duties and responsibilities for the Company during the period ending on the termination date.  The Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions. 

 

7.4.       With Good Reason by Executive

 

7.4.(a)         At any time during the term of this Agreement, subject to the conditions set forth in Section 7.4.(b) below, Executive may terminate this Agreement and Executive’s employment with the Company for “Good Reason.” For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following events: (A) the assignment, without Executive’s consent, to the Executive of duties that are significantly different from, and that result in a substantial diminution of, the duties that he assumed on the Effective Date; (B) the assignment, without Executive’s consent, to Executive of a title that is different from and subordinate to the title of Chief Financial Officer; or (C) material breach by the Company of this Agreement. 

 

7.4.(b)         Executive shall not be entitled to terminate this Agreement for Good Reason unless and until he shall have delivered written notice to the Company of his intention to terminate this Agreement and his employment with the Company for Good Reason, which notice specifies in reasonable detail the circumstances claimed to provide the basis for such termination for Good Reason, and the Company shall not have eliminated the circumstances constituting Good Reason within fifteen (15) days of its receipt from the Executive of such written notice. 

 

7.4.(c)         In the event that Executive terminates this Agreement and his employment with the Company for Good Reason, the Company shall pay or provide to Executive (or, following his death, to the Executive’s heirs, administrators or executors) any earned but unpaid Base Salary and reimbursement of any and all reasonable expenses paid or incurred by Executive in connection with and related to the performance of his duties and responsibilities for the Company during the period ending on the termination date. All payments due hereunder shall be payable according to the Company’s standard payroll procedures. The Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions. 

 

7.5.       Without “Good Reason” by Executive or Without “Cause” by the Company.

 

7.5.(a)         By the Executive. At any time during the term of this Agreement, Executive shall be entitled to terminate this Agreement and Executive’s employment with the Company without Good Reason by providing prior written notice of at least thirty (30) days to the Company. Upon termination by the Executive of this Agreement and Executive’s employment with the Company without Good Reason, the Company shall have no further obligations or liability to Executive or his heirs, administrators or executors with respect to compensation and benefits thereafter, except for the obligation to pay Executive any earned but unpaid Base Salary and reimbursement of any and all reasonable expenses paid or incurred by Executive in connection with and related to the performance of his duties and
responsibilities for the Company during the period ending on the termination date. 

 

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The Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions. 

 

7.5.(b)         By the Company. At any time during the term of this Agreement, the Company shall be entitled to terminate this Agreement and Executive’s employment with the Company without Cause by providing prior written notice of at least fifteen (15) days to Executive. Upon termination by the Company of this Agreement and the Executive’s employment with the Company without Cause, the Company shall pay or provide to Executive (or, following his death, to the Executive’s heirs, administrators or executors) the balance of the Base Salary due the Executive as if the Executive had completed the full term of the this Agreement. All payments due hereunder shall be payable according to the Company’s standard payroll procedures. The Company shall deduct, from all payments made
hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions.  

 

8.   Confidential Information.

 

8.1.       Disclosure of Confidential Information. Executive recognizes, acknowledges and agrees that he has had and will continue to have access to secret and confidential information regarding the Company, its subsidiaries and their respective businesses (“Confidential Information”), including but not limited to, its products, formulae, patents, sources of supply, customer dealings, data, know-how and business plans, provided such information is not in or does not hereafter become part of the public domain, or become known to others through no fault of Executive. Executive acknowledges that such information is of great value to the Company, is the sole property of the Company, and has been and will be acquired by him in confidence. In consideration
of the obligations undertaken by the Company herein, Executive will not, at any time, during or after him employment hereunder, reveal, divulge or make known to any person, any information acquired by Executive during the course of his employment, which is treated as confidential by the Company, and not otherwise in the public domain. The provisions of this Section 8 shall survive the termination of Executive’s employment hereunder. 

 

8.2.       Executive affirms that he does not possess and will not rely upon the protected trade secrets or confidential or proprietary information of any prior employer(s) in providing services to the Company. 

 

8.3.       In the event that Executive’s employment with the Company terminates for any reason, Executive shall deliver forthwith to the Company any and all originals and copies, including those in electronic or digital formats, of Confidential Information. 

 

9.   Non-Competition and Non-Solicitation.

 

9.1.       Executive agrees and acknowledges that the Confidential Information that Executive has already received and will receive is valuable to the Company and that its protection and maintenance constitutes a legitimate business interest of the Company, to be protected by the non-competition restrictions set forth herein. Executive agrees and acknowledges that the non-competition restrictions set forth herein are reasonable and necessary and do not impose undue hardship or burdens on Executive. Executive also acknowledges that the products and services developed or provided by the Company, its affiliates and/or its clients or customers are or are intended to be sold, provided, licensed and/or distributed to customers and clients in and throughout the United States (the “Territory”) (to the
extent the Company comes to operate, either directly or through the engagement of a distributor or joint or co-venture, or sell a significant amount of its products and services to customers located, in areas other than the United States during the term of the Employment Period, the definition of Territory shall be automatically expanded to cover such other areas), and that the Territory, scope of prohibited competition, and time duration set forth in the non-competition restrictions set forth below are reasonable and necessary to maintain the value of the Confidential Information of, and to protect the goodwill and other legitimate business interests of, the Company, its affiliates and/or its clients or customers. 

 

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9.2.       Executive hereby agrees and covenants that he shall not, without the prior written consent of the Company, directly or indirectly, in any capacity whatsoever, including, without limitation, as an employee, employer, consultant, principal, partner, shareholder, officer, director or any other individual or representative capacity (other than a holder of less than two percent (2%) of the outstanding voting shares of any publicly held company), or whether on Executive's own behalf or on behalf of any other person or entity or otherwise howsoever, during the Employment Period and thereafter to the extent described below, within the Territory: 

 

9.2.(a)         Engage, own, manage, operate, control, be employed by, consult for, participate in, or be connected in any manner with the ownership, management, operation or control of any business in direct competition with the business of the Company, which may include renewable energy or energy generation companies or renewable energy finance companies during the term of this Agreement.

 

9.2.(b)         Recruit, solicit or hire, or attempt to recruit, solicit or hire, any employee, or independent contractor of the Company to leave the employment (or independent contractor relationship) thereof, whether or not any such employee or independent contractor is party to an employment agreement; 

 

9.2.(c)         Attempt in any manner to solicit or accept from any customer of the Company, with whom the Company had significant contact during Executive’s employment by the Company (whether under this Agreement or otherwise), business of the kind or competitive with the business done by the Company with such customer or to persuade or attempt to persuade any such customer to cease to do business or to reduce the amount of business which such customer has customarily done or might do with the Company, or if any such customer elects to transfer its business to a person other than the Company, provide any services (of the kind or competitive with the Business of the Company) for such customer, or have any discussions regarding any such service with such customer, on behalf of such other person; or 

 

9.2.(d)         Interfere with any relationship, contractual or otherwise, between the Company and any other party, including, without limitation, any supplier, distributor, co-venturer or joint venturer of the Company to discontinue or reduce its business with the Company or otherwise interfere in any way with the business of the Company. 

 

9.2.(e)         With respect to the activities described in paragraphs 9.2.(b) and 9.2.(c) and 9.2.(d) above, the restrictions of this Section 9.2 shall continue beyond the Employment Period until one year following the termination of this Agreement or of the Executive’s employment with the Company, whichever occurs later.  

 

10.   Miscellaneous.

 

10.1.     Executive acknowledges that the services to be rendered by him under the provisions of this Agreement are of a special, unique and extraordinary character and that it would be difficult or impossible to replace such services. Furthermore, the parties acknowledge that monetary damages alone would not be an adequate remedy for any breach by Executive of  Section 8 or Section 9 of this Agreement. Accordingly, Executive agrees that any breach or threatened breach by him of Section 8 or Section 9 of this Agreement shall entitle the Company, in addition to all other legal remedies available to it, to apply to any court of competent jurisdiction to seek to enjoin such breach or threatened breach. The parties understand and intend that each restriction agreed to by Executive hereinabove shall be construed as separable and divisible from every other restriction,
that the unenforceability of any restriction shall not limit the enforceability, in whole or in part, of any other restriction, and that one or more or all of such restrictions may be enforced, in whole or in part, as the circumstances warrant. In the event that any restriction in this Agreement is more restrictive than permitted by law in the jurisdiction in which the Company seeks enforcement thereof, such restriction shall be limited to the extent permitted by law. The remedy of injunctive relief herein set forth shall be in addition to, and not in lieu of, any other rights or remedies that the Company may have at law or in equity. 

 

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10.2.     Neither Executive nor the Company may assign or delegate any of their rights or duties under this Agreement without the express written consent of the other; provided, however, that the Company shall have the right to delegate its obligation of payment of all sums due to Executive hereunder, without relieving the Company of any of its obligations hereunder. 

 

10.3.     This Agreement constitutes and embodies the full and complete understanding and agreement of the parties with respect to Executive’s employment by the Company, supersedes all prior understandings and agreements, whether oral or written, between Executive and the Company, and shall not be amended, modified or changed except by an instrument in writing executed by the party to be charged. The invalidity or partial invalidity of one or more provisions of this Agreement shall not invalidate any other provision of this Agreement. No waiver by either party of any provision or condition to be performed shall be deemed a waiver of similar or dissimilar provisions or conditions at the same time or any prior or subsequent time. 

 

10.4.     This Agreement shall inure to the benefit of, be binding upon and enforceable against, the parties hereto and their respective successors, heirs, beneficiaries and permitted assigns. 

 

10.5.     The headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. 

 

10.6.     All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given when personally delivered, sent by registered or certified mail, return receipt requested, postage prepaid, or by reputable national overnight delivery service (e.g. Federal Express) for overnight delivery to the party at the address set forth in the preamble to this Agreement, or to such other address as either party may hereafter give the other party notice of in accordance with the provisions hereof. Notices shall be deemed given on the sooner of the date actually received or the third business day after deposited in the mail or one business day after deposited with an overnight delivery service for overnight delivery.

 

10.7.     This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without reference to principles of conflicts of laws and each of the parties hereto irrevocably consents to the exclusive jurisdiction and venue of the federal and state courts located in the County and State of New York. 

 

10.8.     This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one of the same instrument. The parties hereto have executed this Agreement as of the date set forth above. 

 

10.9.     In any suit, action, or proceeding between the parties arising from, concerning, or related to this Agreement, neither party shall be entitled to an award of attorney’s fees from the other party.

 

10.10.   Executive represents and warrants to the Company, that he has the full power and authority to enter into this Agreement and to perform him obligations hereunder and that the execution and delivery of this Agreement and the performance of his obligations hereunder will not conflict with any agreement to which Executive is a party. 

 

IX Energy Holdings, Inc.

 

	
            _/s/ Steven Hoffman________________.
 	
            _/s/ Michael W. Weinstein___________.
 

	
            By:
 	
            Steven Hoffman
Chief Executive Officer
 	
            Michael W. Weinstein
 

 

 

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APPENDIX A

 

The Chief Financial Officer (“CFO”) shall be responsible for all financial matters of the Company and its affiliate organizations. The CFO will report directly to and work closely with the Chief Executive Officer. In addition, the CFO will partner with the senior management and the board of directors to develop and implement strategies across the organization. The CFO will oversee all compliance and recognition for government (federal and state) contracts and private grants. CFO must be able to adapt to a continually evolving environment and thrive in an autonomous and deadline-oriented workplace while managing a finance staff of at least four individuals.

 

Specific responsibilities include but are not limited to:

 

General

 

	
             
 	
            •
 	
            Oversee cash flow planning and ensure availability of funds as needed
 

	
             
 	
            •
 	
            Assist in solicitation of bridge financing
 

	
             
 	
            •
 	
            Coordinate with the Company’s investment bank for follow on financing round
 

	
             
 	
            •
 	
            Strategize on various opportunities for restructuring
 

	
             
 	
            •
 	
            Participate in potential acquisition or merger discussion
 

 

Finance

	
             
 	
            •
 	
            Oversee cash flow planning and ensure availability of funds as needed
 

	
             
 	
            •
 	
            Oversee cash, investment, and asset management
 

	
             
 	
            •
 	
            Oversee financing strategies and activities, as well as banking relationships.
 

	
             
 	
            •
 	
            Develop and utilize forward-looking, predictive models and activity-based financial analysis to provide insight into the organization’s operations and business plans
 

 

Planning, Policy, and Investor Relations

 

	
             
 	
            •
 	
            Coordinate the development and monitoring of budgets
 

	
             
 	
            •
 	
            Develop financial business plans and forecasts
 

	
             
 	
            •
 	
            Participate in corporate policy development as a member of the senior management team.
 

	
             
 	
            •
 	
            Represent the company to financial partners, including financial institutions, investors, foundation executives, auditors, and public officials
 

	
             
 	
            •
 	
            Remain up to date on audit best practices and state and federal law regarding corporate operations.
 

 

Accounting and Administration

 

	
             
 	
            •
 	
            Oversee the accounting department to ensure proper maintenance of all accounting systems and function 
 

	
             
 	
            •
 	
            Ensure maintenance of appropriate internal controls and financial procedures
 

	
             
 	
            •
 	
            Ensure timeliness, accuracy, and usefulness of financial and management reporting for federal and state funders, foundations; oversee the preparation and communication of monthly and annual financial statements
 

	
             
 	
            •
 	
            Coordinate audits and proper filing of tax returns
 

	
             
 	
            •
 	
            Ensure legal and regulatory compliance regarding all financial functions
 

	
             
 	
            •
 	
            Manage and supervise internal administrative, marketing, and financial departments; oversee day to company operations
 

 

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Primary Responsibilities

 

	
             
 	
            •
 	
            Create, coordinate, and evaluate the financial programs and supporting information systems of the company to include budgeting, tax planning, real estate, and conservation of assets
 

	
             
 	
            •
 	
            Approve and coordinate changes and improvements in automated financial and management information systems for the company
 

	
             
 	
            •
 	
            Ensure compliance with local, state, and federal budgetary reporting requirements
 

	
             
 	
            •
 	
            Oversee the approval and processing of revenue, expenditure, and position control documents, department budgets, mass salary updates, ledger, and account maintenance and data entry
 

	
             
 	
            •
 	
            Coordinate the preparation of financial statements, financial reports, special analyses, and information reports
 

	
             
 	
            •
 	
            Develop and implement finance, accounting, billing, and auditing procedures
 

	
             
 	
            •
 	
            Establish and maintain appropriate internal control safeguards
 

	
             
 	
            •
 	
            Interact with other managers to provide consultative support to planning initiatives through financial and management information analyses, reports, and recommendations
 

	
             
 	
            •
 	
            Ensure records systems are maintained in accordance with generally accepted auditing standards
 

	
             
 	
            •
 	
            Develop and direct the implementation of strategic business and/or operational plans, projects, programs, and systems
 

	
             
 	
            •
 	
            Establish and implement short and long range departmental goals, objectives, policies, and operating procedures
 

	
             
 	
            •
 	
            Serve on planning and policy-making committees
 

	
             
 	
            •
 	
            Oversee financial management of foreign operations to include developing financial and budget policies and procedures
 

	
             
 	
            •
 	
            Other duties as assigned
 

 

ADDITIONAL RESPONSIBILITIES

 

Represent the company externally to media, government agencies, funding agencies, and the general public.

Recruit, train, supervise, and evaluate department staff.

 

WORKING CONDITIONS

 

Working conditions are normal for an office environment. Work may require weekend and/or evening work.

 

 

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