Document:

DocuSign Envelope ID: CDF7B8CB-9FA9-4DC1-8D3E-D13ACF63E8B4

DocuSign Envelope ID: AC4E653E-809B-4237-9764-46E6C75A3DDB

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Exhibit 10.1

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August 15, 2022
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Travis J. Boone
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Subject: Employment Offer Dear Travis,
We are pleased to offer you the position of President & CEO at Orion Group Holdings, Inc. The position will be located at our corporate office in Houston, Texas and you will be responsible for providing strategic leadership for the Company by working with the Board of Directors, Corporate Officers, and other key management to establish long-range goals, strategies, plans, and policies, by always acting in the best interest of the Company’s stockholders.
Major provisions of this offer of employment include:
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Start Date:
Report to the Houston office on Monday, September 12, 2022.
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Starting Salary:
$14,423.07 per week ($750,000 annualized)
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Annual Target Bonus:
You will be eligible for a target bonus of up to 100% of your base salary for achieving target or above, no payment below 80% of target achievement. Bonus achievement is based on the Company’s consolidated financial performance, operational performance, and individual performance.
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Stub Bonus:

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You will receive a $200,000 in stub bonus for the period of October to December 2022 if the Company achieves $25 million in EBITDA during the 2022 fiscal year and substantial progress is made in replacing the current Credit Facility.
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DocuSign Envelope ID: CDF7B8CB-9FA9-4DC1-8D3E-D13ACF63E8B4

DocuSign Envelope ID: AC4E653E-809B-4237-9764-46E6C75A3DDB

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Offer of Employment Travis Boone
August 15, 2022
Page 2
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Equity Awards:

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Long-Term Incentive Awards: currently 60% Restricted Stock, 40% Performance Units
You will receive an equity compensation award valued at $1,200,000 in Restricted Stock value with number of shares based on stock price on the effective date of your CEO employment agreement.
You will receive $650,000 Performance Unit value with the number of performance units based on the stock price on the effective date of CEO employment agreement. Three-year cliff vesting, dependent upon Performance based on 75% Return on Invested Capital and 25% Total Stockholders’ Value, as such values are determined upon approval of the 2023 Budget by the Board of Directors.
You will be eligible for annual equity award consideration, generally consistent with past practices. Such grants for NEO’s are typically granted as a combination of Restricted Stock and Performance Units but may vary at the Company’s sole and absolute discretion. Grants are based on the closing price of the Company’s stock on the date of grant and typically vest over a three-year period. All terms and conditions of Orion’s Long-Term Incentive Plan would apply. Please also note that the Board of Directors otherwise maintains considerable discretion as to all aspects of executive compensation.
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Vehicle:

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A Company vehicle and a company gas card, or at your option, a vehicle allowance of $1250.00 per month plus a company gas card will be provided for your use in accordance with all terms and conditions of Company policies. However, initially and until you have relocated to Houston, you will be provided with the ICEO’s vehicle, plus a gas card.
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Group Healthcare:

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You will be eligible to participate in the Company’s medical, dental, vision, prescription drug, life, accidental death and disability, short term, and long-term disability plans on the first day of the next month following your date of hire. You will also be eligible to participate in the Medical Expense Reimbursement Plan (MERP) which is designed to pay healthcare expenses not paid by the Cigna OAS Plus plan.
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Initial​ ​

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DocuSign Envelope ID: CDF7B8CB-9FA9-4DC1-8D3E-D13ACF63E8B4

DocuSign Envelope ID: AC4E653E-809B-4237-9764-46E6C75A3DDB

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Offer of Employment Travis Boone
August 15, 2022
Page 3
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401(k) Plan:

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You will be eligible to participate in the Orion 401(k) Retirement Plan upon your date of hire. Your entry date into the plan will be the first day of the month following your enrollment. After six (6) months of employment, the Company matches 100% of the first 2% of your eligible contributions and 50% of the next 2% of your eligible contributions.
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Paid Time Off:

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You will earn 3.85 hours of paid time off per week starting on your date of hire. This is equivalent to 5 weeks of paid time off per year, with a maximum earned limit of 6 weeks.
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Mobile Stipend:

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You will receive a mobile phone stipend in the amount of $75.00 per month paid weekly in the amount of $17.30 via the Company’s normal payroll procedures.
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General:

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You will be eligible for 9 Holidays per year in accordance with Company policy.
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You will also be subject to a post-employment non-compete and non- solicitation obligation and the benefit of severance entitlements under certain circumstances, as described in the Company’s SEC filings made in respect of the Company’s former CEO, with the exception that such annual incentive would be restricted to that paid or payable in respect of the Company’s prior fiscal year. Please see the attached Exhibit B.
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The terms and conditions of all benefit plans and programs apply.
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The guiding beliefs and core values of Orion are centered on Quality, Safety and Production (each of equal weight and importance) but, most importantly, with each built upon the all- important foundation of Integrity.
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Initial​ ​

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DocuSign Envelope ID: CDF7B8CB-9FA9-4DC1-8D3E-D13ACF63E8B4

DocuSign Envelope ID: AC4E653E-809B-4237-9764-46E6C75A3DDB

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Offer of Employment Travis Boone
August 15, 2022
Page 4
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Quality
As Employees of Orion:

		●	We take pride in our personal workmanship and that of the entire Orion team;

		●	We are committed to ensuring that each task is properly and correctly performed the first time; and	

		●	We will continually improve upon everything we do, every day.

Safety
As Employees of Orion:

		●	We are responsible and accountable for our own personal safety;

		●	We are equally responsible and accountable for the safety of all our co-workers and any others we come in contact with; and	

		●	We are authorized and obligated to stop work whenever an unsafe condition or situation is anticipated or is observed by us.	

Production
As Employees of Orion:

		●	We are to safely perform assigned tasks in the most efficient, timely and effective manner possible;	

		●	We are expected to safeguard all Company equipment and facilities; and

		●	We must always act in the best interest of the Company.

Integrity

		●	The foundation of Orion’s success and its commitment to Quality, Safety and

Production rests upon Integrity;

		●	We view integrity as our ability to be honest, ethical, sincere, and forthright in our dealings with others;	

		●	We will apply the foundation of integrity in everything we do; and

		●	Whenever we as individuals or the Company makes a commitment, that commitment must be kept.	

Your employment will be on an “at-will” basis, which means that, subject to the terms of your CEO employment agreement’s terms of separation, either you or the Company can terminate the employment relationship at any time with or without reason or prior notice. Your employment is contingent upon satisfactory results of our background check and pre- employment alcohol and drug screen. All employees, current and former, must maintain confidentiality by not disclosing to others any confidential, proprietary or trade secret information belonging to the Company.
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Initial​ ​

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DocuSign Envelope ID: CDF7B8CB-9FA9-4DC1-8D3E-D13ACF63E8B4

DocuSign Envelope ID: AC4E653E-809B-4237-9764-46E6C75A3DDB

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Offer of Employment Travis Boone
August 15, 2022
Page 5
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We look forward to your positive response to our offer of employment and your participation as a member of the Orion team. If I can answer any questions or provide additional information, please do not hesitate to contact me at (941) 416-5365 or Pete Buchler at (504) 913-8487.
Please confirm your acceptance of our job offer and the terms of employment by signing the offer letter below and returning the signed original to me.
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Best regards,
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Austin J. Shanfelter
Interim Chief Executive Officer
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AGREED AND ACCEPTED:
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August 15, 2022
Travis J. Boone
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Attachments:
Exhibit A: Relocation Expense Reimbursement Agreement
Exhibit B: Summary of Benefits Payable to the CEO in Various Termination Scenarios
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Initial​ ​

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DocuSign Envelope ID: CDF7B8CB-9FA9-4DC1-8D3E-D13ACF63E8B4

DocuSign Envelope ID: AC4E653E-809B-4237-9764-46E6C75A3DDB

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Offer of Employment Travis Boone
August 15, 2022
Page 6
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Exhibit A
RELOCATION EXPENSE REIMBURSEMENT AGREEMENT
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This is a Relocation Expense Reimbursement Agreement between Travis Boone (hereinafter “Employee”) and Orion Group Holdings, Inc. (hereinafter referred to as the “Company”) (collectively referred to as the “Parties”).
Initially and until you have relocated to Houston, you will be provided with temporary housing allowance equal to the costs of leasing/maintaining an apartment or house until such time that you have relocated to Houston, which is anticipated to occur in mid- summer of 2023. During this transition period you also will be reimbursed for two “house hunting” trips to Houston. The Company will also provide reimbursement of actual out of pocket expenses for the movement of your household goods and personal effects from Denver, CO to the Houston, TX area (budgeted at $50,000).
We hope and expect that you will have a lengthy career with the Company; however, the following information is for transparency regarding your relocation.

		I.	Employee agrees that if he resigns or is terminated for cause (as determined in management’s discretion) within 12 months from the date of the move to the new work location. Employee will reimburse the Company the full amount of the transition and relocation monies paid to them.	

		II.	If Employee resigns or is terminated for cause (as determined in management’s discretion) between 13 and 24 months following the date of the move to the new work location, Employee agrees to pay the Company half, or 50%, of the transition and relocation monies paid to them.	

		III.	Employee expressly authorizes the Company to deduct the reimbursement owed by Employee from Employee’s final paycheck, and Employee further irrevocably, and unconditionally agrees to repay any remaining balance amount within 30 days following Employee’s employment separation. If Employee fails to repay the remaining balance amount within the time period allowed, and the Company institutes legal action to collect said amount, Employee further irrevocably, and unconditionally agrees to reimburse the Company for its reasonable attorneys’ fees and costs incurred in pursuing said collection.	

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Initial​ ​

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DocuSign Envelope ID: CDF7B8CB-9FA9-4DC1-8D3E-D13ACF63E8B4

DocuSign Envelope ID: AC4E653E-809B-4237-9764-46E6C75A3DDB

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Offer of Employment Travis Boone
August 15, 2022
Page 7
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		IV.	This reimbursement agreement in no way constitutes a contract of employment for any definite term. This agreement in no way alters Employee’s at-will status, nor prohibits either Employee or the Company from ending the employment relationship at any time for any reason, with or without notice. It simply sets forth the Parties’ understanding of Employee’s financial obligations should Employee’s employment terminate within the referenced time periods.	

		V.	Employee agrees to give the Company a full accounting of the relocation expenses paid and how same was utilized. Employee understands and agrees that he is solely responsible for any taxes that may be due for part or all of these relocation monies. Employee further agrees to indemnify, defend, and hold Employer harmless for any and all liability which may be asserted against Employer by the United States of America or the State of Texas for taxes or other withholdings, together with interest and penalties thereon, with respect to the payment herein to Employee.	

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Agreed to this 15th day of August 2022.
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Orion Group Holdings, Inc.
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By: ​ ​
Travis J. BooneName: Austin J. Shanfelter
August 15, 2022Title: Interim CEO
August 15, 2022
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Initial

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DocuSign Envelope ID: CDF7B8CB-9FA9-4DC1-8D3E-D13ACF63E8B4

DocuSign Envelope ID: AC4E653E-809B-4237-9764-46E6C75A3DDB

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Offer of Employment Travis Boone
August 15, 2022
Page 8
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Exhibit B
SUMMARY OF BENEFITS PAYABLE TO THE CEO IN VARIOUS TERMINATION SCENARIOS
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The table below summarizes the benefits payable to the CEO in various termination scenarios. No benefits are payable if the executive voluntarily terminates employment without good reason, or employment is terminated by Company for cause. Equity awards for which vesting has not occurred will be forfeited according to the provisions of the applicable Long-Term Incentive Plan, unless otherwise determined by the Compensation Committee. Protection period means three months before and twelve months after a Change in Control of the Company.
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Death or
Disability

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Involuntary termination without cause or for good reason, not during a protection period.
Paid in weekly installments, except bonus

Involuntary termination without cause or for good reason, and during a protection period (change of control).
Paid as a lump sum
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	Severance
	$-One year’s Base
Pay
	Annual Base Pay x 3

	Lump Sum Annual
	-Previous FY’s
	Previous FY Bonus

	Incentive
	Bonus
	x 3

	Car Allowance
	-One year’s auto
allowance
	Annual auto allowance x 3

	Transitional Health
Care reimbursement
	-$30,000
	$90,000

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End.

Initial​ ​

​Exhibit 10.1

     

   
  
    
      

         

    

    

    
    
      

         

    

    THIRD AMENDMENT TO INDUSTRIAL REAL ESTATE LEASE

    

       

    THIS THIRD AMENDMENT TO
        INDUSTRIAL REAL ESTATE LEASE (the “Third Amendment”) is entered into this 26th day of April, 2022, by and between COLUMBIA NEVADA PARADISE INDUSTRIAL, LLC, a
        Delaware limited liability company (the “Landlord”) and TRANSACT
          TECHNOLOGIES INCORPORATED, a Delaware corporation (“Tenant”).

    

       

    WITNESSETH

    

       

    A.          Landlord (as successor-in-interest to The Realty Associates Fund IX, L.P., in turn successor-in-interest to  CIP Hughes Center LLC, in turn successor-in-interest to Las Vegas Airport Properties LLC)
          and Tenant are parties to that certain Industrial Real Estate Lease dated December 12, 2004, as amended by that First Amendment to Lease dated August 31, 2009, and that Second Amendment to Lease dated June 30, 2015 (collectively, as amended, the
          “Lease”), pursuant to which Tenant leased from Landlord approximately 19,575 rentable square feet known as Suites C and D (the “Premises”) in the building located at 6700 Paradise Road, Las Vegas, Nevada, as more particularly described in the Lease.  Any and all capitalized terms
          not specifically defined in this Third Amendment shall have the definitions set forth in the Lease.

     

    B.          Landlord and Tenant now desire to further amend the Lease in accordance with the terms and conditions set forth below.

     

    NOW, THEREFORE, in consideration of the foregoing recitals, which are true and correct and are incorporated herein by reference, and for the
        mutual terms and conditions set forth herein, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

    

       

    1.          Term.  The Lease Term is hereby extended by thirty-seven (37) months commencing on November 1,
          2022 and expiring on November 30, 2025.  Notwithstanding anything to the contrary contained in the Lease, Tenant shall have no further right to extend the Lease Term.

     

    2.          Base Rent.  Effective as of November 1, 2022, Tenant shall pay to Landlord, at the times and in
          the manner set forth in the Lease, Base Rent in the following amounts:

     

    	
            Period

          	 	
            Monthly Base Rent

          
	
            November 1, 2022 – November 30, 2022

          	 	
            $0.00*

          
	
            December 1, 2022 – October 31, 2023

          	 	
            $24,468.75

          
	
            November 1, 2023 – October 31, 2024

          	 	
            $25,325.16

          
	
            November 1, 2024 – October 31, 2025

          	 	
            $26,211.54

          
	
            November 1, 2025 – November 30, 2025

          	 	
            $27,128.94

          

    

       

     

    * Notwithstanding that Tenant shall not be obligated to pay Base Rent during the period commencing on November 1, 2022 and
      expiring on November 30, 2022 (the “Rent Abatement”), during such period Tenant shall remain obligated to pay all Additional Rent due under the Lease.  In
      the event of any default by Tenant under the Lease after the date hereof (following any required notice to Tenant and following the expiration of any applicable cure period), Tenant shall be obligated to immediately repay the Rent Abatement to
      Landlord, which Rent Abatement equals $24,468.75.

     

    
      
        

        

      

      
        

      
        

        

      

    

    

       

    3.          Tenant’s Work.

     

    (a)          If Tenant desires to perform any work in the Premises, Tenant shall, at Tenant’s sole cost and expense, submit to Landlord for Landlord’s written approval, detailed construction and working drawings
          of the work to be performed by Tenant to the Premises (collectively, the “Tenant’s Work”), which drawings shall be to the extent and nature required by
          the municipality in order to obtain a building permit (or, if no permit is required, such drawings and/or plans shall contain such detail as is reasonably necessary for Landlord’s consent therefor).  Tenant may not commence Tenant’s Work unless
          and until Landlord has approved such plans in writing (which approval shall not be unreasonably withheld, conditioned or delayed), and Tenant obtains all necessary permits and approvals therefor.  Tenant shall perform all of the Tenant’s Work in
          a good and workmanlike manner, employing materials of good quality and in compliance with all applicable permits and authorizations and building and zoning laws and with all other applicable laws, ordinances, orders, rules, regulations and
          requirements of all federal, state, county and municipal governments, departments, commissions, boards and offices, and in compliance with the terms and conditions of the Lease.  Furthermore, Tenant agrees that upon completion of the Tenant’s
          Work, Tenant shall furnish Landlord with releases of lien(s) from all contractors and materialmen having performed work or supplied material within the Premises, in a form reasonably approved by Landlord.  All contractors performing Tenant’s Work
          shall be subject to the prior written approval of Landlord, which approval shall not be unreasonably withheld, conditioned or delayed.

     

    (b)          Provided that Tenant is not in default in the performance of any of its obligations under the Lease (as amended hereby), Landlord shall provide Tenant with a construction allowance (the “Tenant Improvement Allowance”) of up to $156,600.00 (based upon a rate of Eight Dollars ($8.00) per rentable square foot of the Premises), which shall be
          used to reimburse Tenant for Tenant’s Costs (hereinafter defined) for the Tenant’s Work, which work must be actual cosmetic work, remodeling, or improvements to the Premises.  “Tenant’s Costs” shall mean Tenant’s out-of-pocket contract or purchase price(s) for materials, components, labor and services for the Tenant’s Work, including any architectural and engineering fees, but excluding any
          costs for furniture, fixtures, or equipment.  Prior to payment of the Tenant Improvement Allowance, the total amount of Tenant’s Costs shall be subject to examination by Landlord, and Tenant shall provide Landlord with copies of all invoices and
          other backup documentation reasonably requested by Landlord relative thereto.  The Tenant Improvement Allowance shall be payable within thirty (30) days after the latest to occur of the following:  (i) Tenant has completed Tenant’s Work; (ii)
          Tenant has submitted to Landlord paid invoices from the contractors and subcontractors performing the work and such other supporting documentation as Landlord may reasonably require; and (iii) Tenant has delivered to Landlord releases of lien(s),
          in a form reasonably approved by Landlord, from all contractors, subcontractors and materialmen having performed work or supplied material in connection with Tenant’s Work.  If Tenant is in default of any of its obligations under the Lease at the
          time the Tenant Improvement Allowance would otherwise be due to Tenant hereunder, and Tenant subsequently cures such default, then Landlord shall pay to Tenant the portion of the Tenant Improvement Allowance requested by Tenant within thirty (30)
          days after such cure, so long as the same occurs within twelve (12) months after the date hereof as required by this Section.   In the event Tenant fails to utilize the entire Tenant Improvement Allowance, Tenant shall be entitled to credit up to
          Thirty-Nine Thousand One Hundred Fifty Dollars ($39,150.00) (based upon a rate of Two Dollars ($2.00) per rentable square foot of the Premises) of such excess portion of the Tenant Improvement Allowance against the Base Rent due under the Lease. 
          In the event Tenant’s Costs for the Tenant’s Work exceed the amount of the Tenant Improvement Allowance, Tenant shall be solely responsible for such excess costs.  All requests for the Tenant Improvement Allowance (and the satisfaction of the
          foregoing conditions) shall be made no later than the date that is twelve (12) months after the date hereof, or the same shall be forfeited by Tenant.  Lincoln Property Company Commercial, Inc. shall be entitled to receive a construction
          supervision fee equal to Landlord’s out-of-pocket expenses incurred in connection therewith, not to exceed five percent (5%) of Tenant’s Costs, which construction supervision fee shall be paid for from the Tenant Improvement Allowance.

     

    
      
        

        

      

      
        

      
        

        

      

    

    

       

    4.          Brokers.  Landlord and Tenant each represent and warrant that they have had no dealings with any
          agents or brokers in connection with the negotiation or execution of this Third Amendment, except for CBRE, Inc. (whose commission shall be paid by Landlord pursuant to separate agreement), and Landlord and Tenant each agree to indemnify the
          other against all claims, reasonable attorneys’ fees, and other liability for commissions or other compensation arising out of a breach of such representations.

     

    5.          OFAC.  Tenant is not (i) acting, directly or indirectly for, or on behalf of, any person, group,
          entity or nation named by any Executive Order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions With Person s Who Commit, Threaten to Commit, or Support Terrorism) or the United States Treasury
          Department as a terrorist, “Specially Designated National and Blocked Person,” or other banned or blocked person, entity, or nation pursuant to any Law that is enforced or administered by the Office of Foreign Assets Control, and is not engaging
          in this transaction, directly or indirectly, on behalf of, or instigating or facilitating this transaction, directly or indirectly, on behalf of, any such person, group, entity or nation, nor (ii) engaged in any dealings or transactions, directly
          or indirectly, in contravention of any United States, international or other applicable money laundering regulations or conventions, including, without limitation, the United States Bank Secrecy Act, the United States Money Laundering Control Act
          of 1986, the United States International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, Trading with the Enemy Act (50 U.S.C. § 1 et seq., as amended), or any foreign asset control regulations of the United States Treasury
          Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto.  Tenant shall, within five (5) days after Landlord’s request, provide such information as Landlord may require to verify the
          foregoing representations or as may be required in order to enable Landlord to comply with any reporting requirements or applicable laws pertaining to the foregoing representations.

     

    6.          Miscellaneous.  This Third Amendment shall be: (a) governed by the laws of the State of Nevada,
          and (b) binding upon and shall inure to the benefit of the parties and their respective successors and assigns.

     

    7.          Entire Agreement. This Third Amendment represents the entire understanding of the parties with
          respect to the subject matter hereof, and the Lease may not be amended further except in writing executed by the parties to be bound thereby.  Unless expressly modified herein, the terms and conditions of the Lease shall remain in full force and
          effect, and the parties hereby confirm and ratify the same.

     

    -SIGNATURE PAGE TO FOLLOW-

    

       

    
      
        

        

      

      
        

      
        

        

      

    

    IN WITNESS WHEREOF, the parties have executed this Third Amendment on the date first written above.

    

       

    LANDLORD:

    

       

    COLUMBIA NEVADA PARADISE
        INDUSTRIAL, LLC, a Delaware limited liability company

    

       

    By:          Columbia Industrial Properties, LLC,

    its sole member

    

       

    By:          Lincoln Industrial Manager, LLC,

    its manager

    

       

    By:          Lincoln Advisory Group, Ltd.,

    its manager

    

       

    By:          Lincoln GP Advisory Group, Inc.,

    its sole general partner

    

       

    By:    /s/ Gary F. Kobus                        

    Gary F. Kobus, President

    

       

    

       

    TENANT:

    

       

    TRANSACT TECHNOLOGIES

    INCORPORATED, a Delaware corporation

    

       

    

       

    By:    /s/ Bart C. Shuldman                

      

    Name:     Bart C. Shuldman               

    Title:     CEO

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