Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 WAIVER AND
RELEASE 
 This Waiver and Release (this “Release”) is executed by Tom Musgrave (the “Executive”)
pursuant to Section 7(d) of the Employment Agreement, dated as of January 23, 2018, by and between AMERICOLD LOGISTICS, LLC and the Executive (the “Employment Agreement”). Capitalized terms used but not defined in this
Release have the meanings given to them in the Employment Agreement. 
 1.    Separation Pay. Subject to
Executive’s compliance with the terms and conditions of this Release, the Company will pay Executive the compensation and benefits established in Section 7(b) of the Employment Agreement and the payments and benefits to be provided to the
Executive that are described in Appendix A hereto (together the “Separation Pay”). The Separation Pay encompasses and is in lieu of any other payments and benefits to which Executive may be entitled from the Company upon the
termination of Executive’s employment. Executive will not be entitled to any Separation Pay if Executive fails to sign and return this Release. 

2.    General Release. In consideration of the Separation Pay, the Executive, on behalf of the Executive and anyone
claiming through the Executive, hereby fully and completely releases, acquits and forever discharges the Company, its affiliates and related entities, and each of their respective current and former employees, officers, directors, shareholders,
partners, members, managers, agents, employee benefit plans and fiduciaries, insurers, trustees, attorneys, joint venture partners, transferees, successors and assigns (each a “Released Party” and collectively, the “Released
Parties”), collectively, separately, and severally, of and from any and all claims, demands, damages, causes of action, debts, liabilities, controversies, judgments, and suits of every kind and nature whatsoever, foreseen, unforeseen, known
or unknown, that arise out of or relate to the Executive’s employment or termination of employment with the Company and that the Executive has had, now has, or may have against the Released Parties (or any of them) at any time up to and
including the date the Executive signs this Release, with the exception of the claims set forth in Section 2 below (the claims released in this Release are collectively referred to as the “Released Claims”). The Released Claims
include: (i) all claims arising under any federal, state or local statute or ordinance, constitutional provision, public policy or common law, including all claims under Title VII of the Civil Rights Act of 1964, the Equal Pay Act, the Civil
Rights Act of 1866, the Civil Rights Act of 1871, the Employee Retirement Income Security Act (with respect to unvested benefits), COBRA, the Americans with Disabilities Act, the Family and Medical Leave Act, the Worker Adjustment and Retraining
Notification Act, the Georgia Equal Pay Act, and the Georgia Equal Employment for People with Disabilities Code, all as amended; (ii) all claims arising under discrimination laws, whistleblower laws and laws relating to violation of public
policy, retaliation, or interference with legal rights; (iii) all claims for compensation of any type whatsoever, including but not limited to claims for wages, bonuses, commissions, incentive compensation, equity, vacation, sick leave, PTO and
severance; (iv) all claims arising under tort, contract and/or quasi-contract law, including all claims arising under the Employment Agreement; and (v) all claims for monetary or equitable relief, including but not limited to
attorneys’ fees, back pay, front pay, reinstatement, experts’ fees, medical fees or expenses, costs and disbursements. Executive hereby waives any right to seek or recover any individual relief (including any money damages, reinstatement,
or other relief) in connection with any of the Released Claims through any charge, complaint, lawsuit, or other proceeding, whether commenced or maintained by Executive or by any other person or entity, with the exception of any right to seek an
award pursuant to Section 21F of the Securities Exchange Act of 1934. 

  
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 3.    Excluded Claims. The Released Claims do not include
(a) any claims for vested benefits to which the Executive is entitled upon the termination of the Executive’s employment in accordance with the terms of the applicable benefit plans (for the avoidance of doubt, no term or provision under
the Employment Agreement shall be deemed a benefit plan for purposes of this Release); (b) any claims related to acts, omissions or events occurring after the date this Release is signed by the Executive; (c) any right that the Executive may
have to indemnification or insurance coverage under the Company’s organizational documents or any directors and officers insurance policy; (d) any claims that cannot legally be waived by private agreement. 

4.    Covenant Not to Sue. Except as otherwise provided in Section 6 below, the Executive
promises that the Executive will not file, instigate or participate in any proceeding against any of the Released Parties relating to any of the Released Claims. In the event the Executive breaches the covenant contained in this
Section 4, the Executive agrees to indemnify the Released Parties for all damages and expenses, including attorneys’ fees, incurred by any Released Parties in defending, participating in or investigating any matter or
proceeding covered by this Section 4. 
 5.    Representations. The Executive
represents and warrants that (a) the Executive has been properly paid for all hours worked and has received all wages, bonuses, vacation pay, expense reimbursements and any other sums due from the Company (other than the Separation Pay); (b)
the Executive has returned all Company property in the Executive’s possession or control and has permanently deleted any Confidential Information stored on any electronic device, web-based email or other
storage location not owned by the Company but within the Executive’s possession or control; (c) the Executive has suffered no work-related injury or occupational disease during the course of the Executive’s employment with the Company
that the Executive has not reported in writing to the Company; (d) the Executive is not aware of any activity by the Company or any other Released Party that the Executive believes to be unlawful or potentially unlawful; (e) the Executive
has not filed any complaints, claims or actions against the Company or any other Released Party; and (f) the Executive has not assigned, transferred, conveyed or otherwise disposed of any Released Claims. 

6.    Protected Rights/Permitted Disclosures. Nothing contained in this Release limits Executive’s ability to
file a charge or complaint with the Equal Employment Opportunity Commission or any other federal, state or local governmental agency or commission (collectively, “Government Agencies”), or prevents Executive from providing truthful
testimony in response to a lawfully issued subpoena or court order. Further, this Release does not limit Executive’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be
conducted by any Government Agency, including providing documents or other information, without notice to the Company. Executive is hereby notified that under the Defend Trade Secrets Act: (a) no individual will be held criminally or civilly
liable under federal or state trade secret law for disclosure of a trade secret (as defined in the Economic Espionage Act) that is: (i) made in confidence to a federal, state, or local government official, either directly or indirectly, or to
an attorney, and made solely for the purpose of reporting or investigating a suspected violation of law; or (ii) made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not
made public; and (b) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the
court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order. 

  
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 7.     Effective Date. This Release shall become effective on the
date on which the Executive has signed it (the “Effective Date”). 
 8.    General Provisions. The
Released Parties expressly deny that they have any liability to Executive, and this Release is not to be construed as an admission of any such liability. This Release is governed by the laws of the State of Georgia. This Release constitutes the
entire agreement between Executive and the Company with respect to the issues addressed in this Release. Executive represents that Executive is not relying on any other agreement or oral representations not fully expressed in this Release. This
Release may not be modified, altered, or discharged except in writing signed by Executive and an authorized Company representative. The headings in this Release are for reference only, and do not in any way affect the meaning or interpretation of
this Release. This Release may be used as evidence in a subsequent proceeding in which Executive or the Company allege a breach of this Release or as a complete defense to any lawsuit. Other than this exception, Executive agrees that this Release
will not be introduced as evidence in any administrative proceeding or in any lawsuit. Executive agrees that should any part of this Release be found to be void or unenforceable by a court of competent jurisdiction or Government Agency, that
determination will not affect the remainder of this Release. A facsimile or scanned (e.g., .PDF, .GIF, etc.) signature shall be deemed to be an original. 

ACCEPTED AND AGREED BY: 
 /s/ Tom
Musgrave     
 Tom Musgrave 

February 19, 2019     
 Date 

  
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 Appendix A 

In addition to the compensation and benefits to be provided to the Executive pursuant to Section 7(b) of the Employment Agreement, the
Executive shall be entitled to the following: 
 1.    The annual bonus specified in Section 5(b) of the Employment
Agreement in respect of the calendar year 2018, payable at the time the Company pays bonuses for such calendar year to other senior executives generally as if the Executive were in active working status at such time; and 

2.    Other bonus of Three Hundred Fifty Thousand Dollars ($350,000.00), to be paid over a period of twelve
(12) months in accordance with the Company’s regular payroll practices, commencing as of April 6, 2019 (sixty (60) days after the Executive’s last day of employment of February 5, 2019).Exhibit

Third Amended and Restated Consulting Agreement
Between Homeland Energy Solutions LLC
And Cornerstone Resources LLC.

This Third Amended and Restated Consulting Agreement (the “Agreement”) is entered into effective as of the 1ST day of January, 2019 by and between Cornerstone Resources, LLC, an Iowa limited liability company (“CR”) and Homeland Energy Solutions, LLC (“HES”), an Iowa limited liability company which parties may sometimes be referred to herein individually as a “Party”, or collectively as the “Parties”. 

WHEREAS, CR is in the business of providing consulting services to chemical process and ethanol production companies.  

WHEREAS, HES wishes to retain CR to provide the services of a CEO/President, management development, operations management expertise and ethanol business management for HES.  

NOW THEREFORE, IN CONSIDERATION of the mutual terms and conditions of this Agreement, and other good and valuable consideration receipt of which is hereby acknowledged, CR and HES agree as follows:

1. Retention of Consultant:  HES hereby retains CR, and CR hereby agrees to act and provide the services described in Section 2 below to and for the benefit of HES (the “Services”).  All such Services for which CR is retained during the Term (as defined below) of this Agreement shall be deemed to be performed subject to the terms of this Agreement unless the Parties agree otherwise in writing.  

2.  Statements of Work and Other General Consulting:  
		
	•
	CR will retain James Broghammer (owner of CR) to provide the services of CEO/President for HES.

		
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	James Broghammer will be on-site 2 days per week unless he is traveling on behalf of HES or is otherwise performing services outside of the plant at the direction of the Board.  The one exception is when James Broghammer is taking personal vacation of 3 days or more in a given week.

		
	•
	Reporting directly to the CEO will be the Commodity Risk Manager, CFO, Plant Manager, and the Office and HR manager.

		
	•
	CR will assist all plant management personnel in development of systems and procedures to perform their respective jobs in the most efficient and effective manner possible.

		
	•
	CR will provide any technical assistance to the plant operation as needed.

		
	•
	CR will provide experience and support to the risk management program at HES.

		
	•
	CR will support the CFO and provide guidance for operation reports that can provide useful information for the ongoing operations of HES.

		
	•
	CR shall immediately report to the Board any behavior suspected to be in violation of HES’s policies or workplace rules regarding equal employment opportunity, 

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discrimination, harassment or retaliation. This includes behavior witnessed by CR, reported to CR, or otherwise known to/learned by CR.
		
	•
	CR shall comply with all applicable HES policies relating to office and workplace conduct (including anti-discrimination, anti-harassment, and anti-retaliation policies), health and safety, and use of CR facilities, equipment, and other resources.  CR shall comply with all applicable local, state, and federal laws, statutes, ordinances, and regulations in the performance of the Services under this Agreement. 

3.  Performance of Services:  The HES board of directors (the “Board”) will be the primary and only contact for CR regarding the Services performed under this Agreement.   CR shall be entitled to rely on, and shall proceed according to the direction of the Board.  CR shall provide written and/or oral progress reports to the Board not less frequently than weekly and as needed from time to time when reasonably requested by the Board.  CR shall not use the services of any third party in delivering the Services without the Board’s prior consent.

4.  Other Business Activities.  CR and its representatives who perform the Services may be engaged or employed in any other business, trade, profession, or other activity which does not place CR in a conflict of interest with HES.  
5.  Compensation and Reimbursement for Expenses:
5.1 CR’s Fee:  As full and complete compensation for the Services under this Agreement, HES shall pay CR monthly for the Services at the rate set forth on Exhibit A.  
5.2 Payment Terms:  Payments to CR for the Services shall be made by the 15th day following the end of the month in which the Services are rendered.  CR shall provide an accounting of the actual number of days worked by CR during each month, which accounting shall be delivered within 5 days of the end of each month.  HES shall review this accounting prior to making payment to CR for Services performed during the previous month and shall pay any undisputed amount.
5.3 Reimbursement for Costs:  HES shall reimburse CR for all out-of-pocket expenses incurred by CR in connection with performing the Services or which are incurred with HES’s prior written consent.  HES shall reimburse CR for James Broghammer’s mileage necessary to perform the Services, including mileage between James Broghammer’s residence and HES’s primary business location.  Notwithstanding the foregoing, all expenses in excess of $500 shall be preapproved by HES.  Reimbursement shall be made within fifteen (15) days after HES’s receipt of CR’s invoice therefore, accompanied by reasonable proof of the cost for which such reimbursement is sought.  CR shall not request reimbursement more frequently than once per calendar month.
6.  Confidential Information:  All of the designs, processes, inventions and other technical or business information disclosed by HES to CR in connection with this Agreement or created by CR under this Agreement (collectively referred to herein as the “Confidential 

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Information”) shall be protected by CR as provided under this Section.  CR shall not disclose any part of the Confidential Information to any person or entity other than its employees who need to have access to such data in furtherance of this Agreement. CR shall not disclose any Confidential Information pursuant to court order or other legal process unless it is advised by its legal counsel that it is legally required to do so; it has promptly given HES notice of such order or process so that HES can obtain a secrecy order; and, it uses all other reasonable means to ensure the confidential treatment of such information.  Notwithstanding anything set forth above, however, CR shall have no obligations under this Section with respect to Confidential Information which: (a) it can demonstrate with documentary evidence was in its possession prior to receipt from HES; (b) appears in issued patents or printed publications in integrated form or is in general use in the trade without violation by CR of this Agreement, or violation by any other party of an obligation not to disclose it; or (c) is disclosed to CR by someone other than HES who is under no obligation not to disclose it. 
7.  Intellectual Property.  
7.1    HES is and shall be, the sole and exclusive owner of all right, title, and interest throughout the world in and to all the results and proceeds of the Services performed under this Agreement (collectively, the “Deliverables”), including all patents, copyrights, trademarks, trade secrets, and other intellectual property rights (collectively “Intellectual Property Rights”) therein. CR agrees that the Deliverables are hereby deemed a “work made for hire” as defined in 17 U.S.C. § 101 for HES. If, for any reason, any of the Deliverables do not constitute a “work made for hire,” CR hereby irrevocably assigns to HES, in each case without additional consideration, all right, title, and interest throughout the world in and to the Deliverables, including all Intellectual Property Rights therein.  HES agrees that it makes no right, title or claim in any intellectual property rights which CR or its agents, officers or employees develops in connection with work performed for other entities or employers.
7.2    Any assignment of copyrights under this Agreement includes all rights of paternity, integrity, disclosure, and withdrawal and any other rights that may be known as “moral rights” (collectively, “Moral Rights”). CR hereby irrevocably waives, to the extent permitted by applicable law, any and all claims CR may now or hereafter have in any jurisdiction to any Moral Rights with respect to the Deliverables.  HES agrees that it makes no right, title or claim in any Moral Rights which CR or its agents, officers or employees develops in connection with work performed for other entities or employers.
7.3    CR shall make full and prompt disclosure to HES of any inventions or processes as such terms are defined in 35 U.S.C. § 100 (the “Patent Act”), made or conceived by CR alone or with others during the term related to the services performed for HES herein, whether or not such inventions or processes are patentable or protected as trade secrets and whether or not such inventions or processes are made or conceived during normal working hours or on the premises of HES. HES acknowledges, however, that CR may conceive said inventions or processes in 

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connection with its services for other clients or employers. HES makes no claim as to those inventions or processes. CR shall not disclose to any third party the nature or details of any such covered inventions or processes without the written prior consent of HES. Any patent or copyright applications relating to the services, related to trade secrets of HES or which relate to tasks performed by CR for HES, that CR may file within one year after expiration or termination of this Agreement shall belong to HES and CR hereby assigns same to HES as having been conceived or reduced to practice during the term of this Agreement.
7.4    Upon the request of HES, CR shall promptly take such further actions, including execution and delivery of all appropriate instruments of conveyance, as may be necessary to assist HES to prosecute, register, perfect, record, or enforce its rights in any Deliverables. In the event HES is unable, after reasonable effort, to obtain the signature of an authorized agent of CR on any such documents, CR hereby irrevocably designates and appoints HES as CR’s agent and attorney-in-fact, to act for and on CR’s behalf solely to execute and file any such application or other document and do all other lawfully permitted acts to further the prosecution and issuance of patents, copyrights, or other intellectual property protection related to the Deliverables with the same legal force and effect as if CR had executed them. CR agrees that this power of attorney is coupled with an interest.
7.5    CR retains ownership of any preexisting intellectual property developed by CR prior to this Agreement, however, CR hereby grants to HES an irrevocable, worldwide, unlimited, royalty-free license to use, publish, reproduce, display, distribute copies of, and prepare derivative works based upon, such preexisting materials and derivative works thereof. 
7.6    Except for such pre-existing intellectual property and intellectual property which he has developed independent of the services rendered under this Agreement, CR has no right or license to use, publish, reproduce, prepare derivative works based upon, distribute, perform or display any deliverables. CR has no right or license to use HES’s trademarks, service marks, trade names, logos, symbols, or brand names. CR does have a right or license to use, publish, reproduce, prepare derivative works based upon, distribute, perform or display relating to intellectual property or moral rights developed in connection with its employment for others, contract hire for others, or developed independently of any services performed under this Agreement.
7.7    CR shall require each of its employees and contractors to execute written agreements securing for HES the rights provided for in this Section prior to such employee or contractor providing any Services under this Agreement.
8.  Termination:
8.1 Term.  This Agreement shall commence on the date first above written and shall continue until December 31, 2021 (the “Initial Term”).  Unless notice is given as set forth below, this Agreement shall renew until December 31, 2022 (the “First Renewal 

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Term”).  Thereafter, this Agreement shall continue on a month-to-month basis following the expiration of the First Renewal Term (each a “Renewal Term” and together with the Initial Term and the First Renewal Term the “Term”) unless the Agreement is terminated by either Party by giving notice not less than 15 days prior to the expiration of the Initial Term, the First Renewal Term or any Renewal Term.    
8.2 Termination.  CR or HES may terminate this Agreement, effective immediately upon written notice to the other Party to this Agreement, if the other Party materially breaches this Agreement, and such breach is incapable of cure, or with respect to a material breach capable of cure, the other Party does not cure such breach within 15 days after receipt of written notice of such breach.
9.  Indemnity:  Each Party shall defend, indemnify and hold the other Party harmless from and against any and all third party claims arising from or related to such Party’s respective breach of this Agreement or of any representations or warranties made hereunder.  
10.  Insurance:  HES shall at all times during the Term of this Agreement maintain general liability, property, business interruption, D&O, umbrella and workers comp. insurance coverage with financially responsible insurance carriers in amounts appropriate for HES’s business.  CR shall at all times during the Term of this Agreement maintain workers compensation insurance for all of its employees who provide the Services and CR shall be responsible for all employment related costs and expenses for its employees which shall not be the responsibility of HES. 
11.  Dispute Resolution:  In the event of any dispute arising under or in connection with this Agreement or with the existence, validity, interpretation, breach or enforcement thereof, either before or after the termination or expiration of this Agreement, the Parties shall, upon the written request of either of them, enter into mediation of such dispute pursuant to the rules of mediation and conciliation of the American Arbitration Association, or such other rules or procedures as they may agree.  If they are unable to resolve such dispute within ninety (90) days of commencement of such mediation, then either Party may at any time after giving written notice to the other of its intent to do so, file suit with respect to such dispute in any court of competent jurisdiction subject to the choice of venue provisions of this Agreement. 
12.    Non-solicitation.  Each Party agrees that during the Term of this Agreement and for a period of 12 months following the termination or expiration of this Agreement, it shall not make any solicitation to employ the other Party’s personnel without written consent of the other Party to be given or withheld in its sole discretion.  For the purposes of this clause, a general advertisement or notice of a job listing or opening or other similar general publication of a job search or availability to fill employment positions, including on the internet, shall not be construed as a solicitation or inducement, and the hiring of any such employees or independent contractor who freely responds thereto shall not be a breach of this clause.
13.  General Terms.

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13.1 Waiver.  The failure of either Party to insist on strict performance of any of the provisions of this Agreement or to exercise any right it grants will not be construed as a relinquishment of any right or a waiver of any provision of this Agreement.  No waiver of any provision or right shall be valid unless it is in writing and signed by a duly authorized representative making the waiver.
13.2 No Assignment.  Neither Party may assign or convey this Agreement or its obligations hereunder without the other Party’s prior written consent, except that either Party may assign this Agreement to a purchaser of a controlling interest in its capital stock or of substantially all of its assets.
13.3 Governing Law.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of Iowa without giving effect to any choice or conflict of law provision or rule. Each Party irrevocably submits to the exclusive jurisdiction and venue of the federal and state courts located in the County of Chickasaw, State of Iowa in any legal suit, action, or proceeding arising out of or based upon this Agreement or the Services provided hereunder.
13.4 Notices.  Notices and other communications required or allowed by this Agreement shall be in writing and sent by certified mail (return receipt requested), express carrier or by hand, as follows:

If to CR, to:         4415 Par Circle
Marion, IA  52302
Attn:  Mr. James Broghammer 
            
		
	If to HES:
	2779 Highway 24

Lawler, IA 52154
Attn: Chairman

Or such other addresses as a Party may specify by proper notice.

13.5 Survival: The provisions of Sections 6, 7, 9, 11, 12 and 13 above shall survive termination or expiration of this Agreement. 
13.6 Merger.  This Agreement and its Exhibits, which are incorporated by reference, constitute the entire agreement between the Parties relating to its subject matter.  This Agreement supersedes all prior representations, understandings and agreements, written or oral, express or implied.  The Agreement can be modified upon mutual agreement by authorized representatives of each Party.
13.7    Amendment.  This Agreement may only be amended, modified, or supplemented by an agreement in writing signed by each Party hereto, and any of the terms thereof may be waived, only by a written document signed by each Party to this Agreement or, in the case of waiver, by the Party or Parties waiving compliance.

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13.8  Counterpart and Electronic Signatures.  This Agreement may be executed in multiple counterparts and by electronic signature, each of which shall be deemed an original and all of which together shall constitute one instrument.
In witness whereof the Parties have executed this Agreement on the dates set forth below.
HES                        CR 

Homeland Energy Solutions, LLC        Cornerstone Resources, LLC

By:    /s/ Steven Core            By:    /s/ James Broghammer    
Steven Core, Chairman            James Broghammer, President

Date:    February 7, 2019            Date:    February 7, 2019        

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EXHIBIT A

STATEMENT OF WORK

Services to be provided:

		
	•
	Provide the full services of a Chief Executive Officer “CEO”

		
	•
	Assist the operations team in reaching 200MMGPY production.  

		
	•
	Provide any and all training and guidance for the management team including the Plant Manager, CFO, Commodity Risk Manager and Office and HR manager.

		
	•
	Assist all plant management personnel in development of systems and procedures to perform their respective jobs in the most efficient and effective manner possible.

		
	•
	Assist and collaborate with the HES Board of Directors in the development of the immediate and long-term goals for HES.

		
	•
	Other services as directed from the HES Board of Directors that is customary for the CEO/President role.

		
	•
	The Board may periodically communicate its expectations and priorities, including annual Board expectations.  

Compensation:

		
	•
	Daily fee of $1,350 for the actual days worked either at HES’s location or at an off-site location as directed by the Board for the term of the Agreement

		
	•
	The parties agree to renegotiate the daily fee on an annual basis during the Term.

		
	•
	As a performance based bonus, CR shall receive three-tenths of one percent of HES’s annual net income as reported in HES’s annual audited financial statements for the Performance Period, as the same may be adjusted pursuant to HES’s 2016 Annual Cash Bonus Plan dated January 1, 2016 or any revised, amended or replacement plan (the “Plan”).  The performance bonus is subject to adjustments on the same terms and conditions as set forth in the Plan, which terms are incorporated into this Agreement.  The performance bonus payable to CR is capped at 125% of the total amount of the cumulative daily fees paid by HES to CR for services performed by CR during the calendar year.   

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