Document:

ex10_1.htm

Exhibit 10.1

 

Addendum to Harris Furlong III

This addendum (the “Addendum”) is made and entered into as of the 15th day of March, 2011 (the “Effective Date”) by and between Twin City Technical, LLC, a North Dakota limited liability company, and Irish Oil and Gas, Inc., a Nevada corporation (collectively, the “Sellers”), and Ante5, Inc., a Delaware corporation (“Buyer”), with respect to the following facts:

R E C I T A L S

	
  

	
A.

	
Sellers and Buyer entered into an Amended and Restated Asset Purchase Agreement on the 2nd day of March, 2011 (“Harris Furlong III”), wherein Buyer agreed to purchase from Sellers certain interests in mineral leases as described in Appendix B of Harris Furlong III (the “Acquired Assets”).

	
  

	
B.

	
Buyer is a Delaware corporation that files public reports with the Securities and Exchange Commission.

	
  

	
C.

	
Sellers and Buyer desire to modify certain Acquired Assets as described in Appendix B of Harris Furlong III.

NOW, THEREFORE, for good and valuable consideration the receipt and sufficiency of which are hereby acknowledged by the parties to this Addendum, and in light of the above recitals to this Addendum, the parties to this Addendum hereby agree as follows:

	
  

	
1.

	
Acreage to Retract:  Mineral Leases listed in Appendix A to this Addendum.

	
  

	
2.

	
Acreage to Add: Mineral Leases listed in Appendix B to this Addendum.

	
  

	
3.

	
Producing Acreage:  all of the mineral interests added to Appendix B of Harris Furlong III by way of this Addendum (New Acreage) are producing.

	
  

	
a.

	
Sellers:  Sellers have the right to collect mineral revenues generated prior to January 1, 2011, by wells currently in production on the New Acreage.  Sellers have the obligation to pay for all costs incurred prior to January 1, 2011, by wells currently in production on the New Acreage.  Sellers have no rights to mineral revenues generated on or after January 1, 2011, by way of the New Acreage.  Sellers have no obligation to pay for operational costs incurred on or after to January 1, 2011, by way of the New Acreage.

	
  

	
b.

	
Buyer:  Buyer has the right to collect mineral revenues generated on or after January 1, 2011, by way of the New Acreage.  Buyer has no rights to mineral revenues generated prior to January 1, 2011, by way of the New Acreage.  Buyer has no obligation to pay for costs incurred prior to January 1, 2011, by way of the New Acreage.

	
  

	
4.

	
Buyer NRI%:  Sellers warrant that [a] Buyer’s Net Revenue Interest in the New Acreage is no less than 80% and [b] Sellers are not retaining or acquiring an overriding interest in New Acreage.

 

 

Except for the changes set forth herein, the parties hereby acknowledge that all other terms set forth in Harris Furlong III are not changed by this Addendum and are thereby in full force and effect.

IN WITNESS WHEREOF, this Agreement has been entered into as of the date first above written.

 

	 
SELLERS:

	TWIN CITY TECHNICAL LLC, 
a North Dakota Limited Liability Company

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Terry L. Harris, President	 

 

  

Page 1 of 4

  

 

	 	IRISH OIL AND GAS, INC., a Nevada corporation	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Timothy P. Furlong, Vice-President	 

                                             

 

	 
BUYER:

	 
ANTE5, INC., a Delaware corporation

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Bradley Berman, Chief Executive Officer	 
	 	 	 	 
	 	 	 	 

 

 

 

 

 

 

      

  

Page 2 of 4

  

 

Appendix A to the Addendum of Harris Furlong III – Mineral Leases Retracted

 

 

 

 

 

 

 

  

Page 3 of 4

  

 

Appendix B to the Addendum of Harris Furlong III – Mineral Leases Added

 

 

 

 

 

 

Page 4 of 4EX-10.1

SENIOR MANAGEMENT AGREEMENT

BY AND BETWEEN

HURON CONSULTING GROUP INC.

AND

DIANE E. RATEKIN

1

SENIOR MANAGEMENT AGREEMENT

SENIOR MANAGEMENT AGREEMENT (the"Agreement”), effective as of February 22, 2011 (the
“Effective Date”), by and between Huron Consulting Group Inc., a Delaware corporation (“Huron”),
and Diane E. Ratekin (“Executive”).

PRELIMINARY RECITALS

A. WHEREAS, Huron and its affiliates are engaged in the business of providing

diversified business consulting services (the “Business”). For purposes of this Agreement

(except where the context contemplates otherwise), the term the “Company” shall include

Huron, its subsidiaries and assignees and any successors in interest of the Company and its

subsidiaries;

B. WHEREAS, the Company currently employs Executive and desires to continue to

employ Executive from and after the Effective Date, and Executive desires to continue to be so
employed by the Company, as set forth herein;

NOW, THEREFORE, in consideration of the premises, the mutual covenants of the

parties hereinafter set forth and other good and valuable consideration, the receipt and

sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1. Employment.

1.1 Title and Duties. The Company agrees to continue to employ Executive,

and Executive agrees to accept such continuing employment with the Company, as managing director
and General Counsel for the Employment Period, in accordance with the terms and conditions of this
Agreement. During the Employment Period, Executive shall have such responsibilities, duties and
authorities as are customarily assigned to such position and shall render such services or act in
such capacity for the Company and its affiliates, as Huron’s Chief Executive Officer (the “CEO”)
shall from time to time direct. Executive shall perform the duties and carry out the
responsibilities assigned to Executive, to the best of Executive’s ability, in a trustworthy and
businesslike manner for the purpose of advancing the business of the Company and its affiliates.
Executive shall engage in travel as reasonably required in the performance of Executive’s duties.
Executive acknowledges that Executive’s duties and responsibilities hereunder will require
Executive’s full business time and effort and agrees that, during the Employment Period, Executive
will not engage in any other business activity or have any business pursuits or interests which
materially interfere or conflict with the performance of Executive’s duties hereunder; provided
that Executive may, with the approval of the CEO or his designee, serve on the board of other
corporations or charitable organizations and engage in charitable activities, community affairs,
and teaching.

1.2 Employment Period. The employment of Executive under this Agreement

shall continue from and after the Effective Date and shall continue through December 31, 2011 (the
"Initial Period”). Commencing on January 1, 2012 and on each anniversary thereafter, the employment
of Executive under this Agreement shall automatically renew and extend for an additional year,
unless one of the parties shall deliver to the other sixty (60) days’ advance written notice of the
cessation of such automatic renewal. “Employment Period” shall mean the Initial Period and any
automatic extensions of Executive’s employment under this Agreement. Notwithstanding anything to
the contrary contained herein, the Employment Period is subject to termination prior to the date of
expiration thereof pursuant to this Section 1.2 and Sections 1.3, 1.4 and 1.5.

1.3 Termination Upon Death. If Executive dies during the Employment

Period, Executive’s employment shall automatically terminate on the date of Executive’s death.

1.4 Termination by the Company.

(a) The Company may terminate Executive’s employment hereunder upon

written notice to Executive as described in Section 10.5. Such termination shall be
effective upon the date notice of such termination is given pursuant to Section 10.5 unless
such notice shall otherwise provide.

(b) For purpose of this Agreement, “Cause” means the occurrence of any of

the following events, as determined in the reasonable good faith judgment of the CEO:

(i) the failure of Executive to perform Executive’s material duties

(unless such failure relates to any disability, sickness or injury of Executive)
which failure continues for twenty (20) days after the Company has given written
notice to Executive specifying in reasonable detail the manner in which Executive
has failed to perform such duties and affording opportunity to cure;

(ii) commission by Executive of an act or omission (A) constituting

(x) a felony, (y) dishonesty with respect to the Company or (z) fraud, or (B) that
(x) could reasonably be expected to adversely and materially affect the Company’s
business or reputation, or (y) involves moral turpitude;

(iii) the breach, non-performance or non-observance of any of the

material terms of this Agreement (other than a breach, non-performance or
nonobservance described in clause (i) of this Section 1.4(b)), or any other
agreement to which Executive and the Company are parties, by Executive, if such
breach, non-performance or non-observance shall continue beyond a period of twenty
(20) days immediately after written notice thereof given by the Company to
Executive; or

(iv) any breach, non-performance or non-observance of any of

Sections 6.3, 6.4, or 6.5 of this Agreement; provided that if such conduct occurs
while Executive is employed hereunder, the Company shall allow Executive an
opportunity for a hearing before Huron’s Board of Directors (the “Board”) prior to
any termination of Executive for Cause.

(c) Executive shall be deemed to have a “Permanent Disability” for purposes

of this Agreement if Executive is eligible to receive benefits under the Company’s long-term
disability plan then covering Executive.

1.5 Termination by Executive. Except as otherwise provided herein,

Executive shall give sixty (60) days’ notice to the Company prior to the effectiveness of any
resignation of Executive’s employment with the Company. If the Company gives notice to Executive
that, during the Employment Period, Executive’s primary location of employment with the Company
will change to a location that is more than seventy-five (75) miles from Executive’s primary
location of employment with the Company in Chicago, IL, if the Company does not rescind (or
otherwise cure) such requirement within the sixty (60) day period following such notice, and if
Executive resigns her employment within thirty (30) days after the end of such sixty (60) day cure
period, then Executive’s resignation shall be deemed for “Good Reason.” The Company and Executive
agree that a relocation of more than seventy-five (75) miles from Executive’s primary location of
employment in Chicago, IL would be a material adverse change in Executive’s employment with the
Company.

2. Compensation.

2.1 Base Salary. As consideration for the services of Executive hereunder, the

Company shall pay Executive an annual base salary (the “Base Salary”), payable in accordance with
the Company’s customary payroll practices as in effect from time to time. The CEO shall perform an
annual review of Executive’s compensation based on Executive’s performance of Executive’s duties
and the Company’s other compensation policies, provided that Executive’s Base Salary shall not be
reduced without Executive’s consent unless such reduction is part of a comparable overall reduction
for members of senior management. The term Base Salary shall include any changes to the Base Salary
from time to time.

2.2 Bonus Programs. For each calendar year, Executive shall be eligible for

an annual bonus in an amount determined by the Compensation Committee of the Board (the

“Compensation Committee”) based on Executive’s performance of Executive’s duties and the

Company’s other compensation policies (the “Annual Bonus”). The actual Annual Bonus paid will be
based on Company and Executive performance. Executive’s right to any bonus payable pursuant to this
Section 2.2 shall be contingent upon Executive being employed by the Company on the date the Annual
Bonus is generally paid to executives of the Company.

3. Equity Awards. Executive shall generally be eligible to participate in Huron’s

equity plans from time to time, with the amount of any equity awards, and the terms and conditions
under which they are granted being in the sole discretion of the Compensation

Committee based on Executive’s performance of Executive’s duties and the Company’s other
compensation policies. Such equity awards shall be subject to the terms of the applicable equity
incentive plan of the Company and granting agreement.

4. Benefits and Expenses.

4.1 Benefits. During the Employment Period, Executive shall be eligible to

participate in the various health and welfare benefit plans maintained by the Company for its
similarly-situated key management employees from time to time, including but not limited to paid
vacation, medical and dental insurance, and disability and life insurance at levels as are provided
from time to time to similarly-situated executives of the Company.

4.2 Business Expenses. During the Employment Period, the Company shall

reimburse Executive for all ordinary, necessary and reasonable travel and other business expenses
incurred by Executive in connection with the performance of Executive’s duties hereunder, in
accordance with the Company policy. Such reimbursement shall be made upon presentation of itemized
expense statements and such other supporting documentation as the

Company may reasonably require. To the extent that any such reimbursements are taxable to

Executive (“Taxable Reimbursements”), such reimbursements shall be paid to Executive only if (a)
the expenses are incurred and reimbursable pursuant to a reimbursement plan that provides an
objectively determinable nondiscretionary definition of the expenses that are eligible for
reimbursement and (b) the expenses are incurred during the Employment Period. With respect to any
Taxable Reimbursements, the amount of the expenses that are eligible for reimbursement during one
calendar year may not affect the amount of reimbursements to be provided in any subsequent calendar
year, the reimbursement of an eligible expense shall be made on or before the last day of the
calendar year following the calendar year in which the expense was incurred, and the right to
reimbursement of the expenses shall not be subject to liquidation or exchange for any other
benefit.

5. Compensation After Termination.

5.1 Termination For Cause; Resignation Without Good Reason. If,

Executive’s employment is terminated by the Company for Cause or if Executive resigns her
employment other than for Good Reason during the Employment Period then, except as required by law,
the Company shall have no further obligations to Executive (except payment of the Base Salary
accrued through the date of said termination), and the Company shall continue to have all other
rights available hereunder (including, without limitation, all rights under the Restrictive
Covenants at law or in equity).

5.2 Termination Without Cause; Resignation For Good Reason.

(a) If, Executive’s employment is terminated by the Company without

Cause or Executive resigns for Good Reason, then, subject to the terms and conditions of
this Agreement, Executive shall be entitled to receive the following amounts and benefits:

(i) Severance pay (“Severance Pay”) in an amount equal six (6)

months Base Salary, which Severance Pay shall be payable to Executive in a lump sum
within sixty (60) days following Executive’s termination of employment;

(ii) Pro rata vesting of any outstanding equity awards granted to

Executive prior to 2010, notwithstanding anything to the contrary that may be
delineated in any equity plan or equity award agreement; and

(iii) Continuation of medical benefits for six (6) months upon the same

terms as exist from time to time for active similarly-situated executives of the
Company, which benefits shall be considered part of, and not in addition to, any
coverage required under COBRA.

(b) The Company shall have no other obligations under this Agreement or

otherwise for periods from and after Executive’s employment termination date (except payment
of the Base Salary accrued through the date of said termination), and the Company shall
continue to have all other rights available hereunder (including, without limitation, all
rights under the Restrictive Covenants at law or in equity).

5.3 Termination Due To Death, Permanent Disability. If Executive’s

employment is terminated due to Executive’s Permanent Disability or if Executive dies during the
Employment Period, then subject to the terms and conditions of this Agreement, (a) Executive or
Executive’s estate, as the case may be, shall be entitled to receive, in addition to any amounts
Executive may be entitled to receive under the Company’s long-term disability plan or other benefit
plans, payment of Base Salary through the date of termination, and (b) Executive and/or Executive’s
eligible dependents shall receive continuation of medical benefits upon the same terms as exist
immediately prior to the termination of employment for similarly-situated active executives of the
Company for the three (3)-month period immediately following the termination of employment (which
benefits shall be considered part of, and not in addition to, any coverage required under COBRA).
The Company shall have no other obligations under this Section 5.3 or otherwise with respect to
Executive’s employment from and after the termination date, and the Company shall continue to have
all other rights available hereunder (including, without limitation, all rights under the
Restrictive Covenants at law or in equity).

5.4 This Section Intentionally Left Blank

5.5 Change of Control.

(a) The provisions of Sections 5.2 and 5.3 hereof to the contrary notwithstanding but
subject to the other terms and conditions of this Agreement, if

(i) Executive is terminated by the Company without Cause or Executive resigns her employment
for CoC Good Reason (defined below) in either case during the period commencing on a Change
of Control (defined below) and ending on the second anniversary of the Change of Control
(such two year period being the “Protection Period” hereunder), or (ii) Executive reasonably
demonstrates that the Company’s termination of Executive’s employment (or an event which,
had it occurred following a Change of Control, would have constituted CoC Good Reason) prior
to a Change of Control was attributable to or intended to facilitate a Change of Control or
was at the request of or instigation of a third party who was taking steps reasonably
calculated to effect a Change of Control (or otherwise in contemplation of a Change of
Control) and a Change of Control actually occurs within twelve (12) months of such
termination or resignation of Executive (a “Qualifying Termination”), then, subject to the
terms and conditions of this Agreement, Executive shall be entitled to receive the following
payments and benefits:

(i) an amount in cash equal to the then-prevailing target amount of

Executive’s Annual Bonus (“Target Bonus”) for the year of termination or resignation
multiplied by a fraction, the numerator of which is the number of completed days of
employment by Executive (including the date of termination or resignation) during
the year of termination or resignation and the denominator of which is 365;

(ii) an amount in cash equal to the sum of Executive’s annual Base

Salary and Target Bonus, if any, for the year of termination or resignation; and

(iii) continuation of medical benefits until the one year anniversary of the
date of such termination or resignation upon the same terms as exist for Executive
immediately prior to the termination or resignation date (which benefits shall be
considered part of, and not in addition to, any coverage required under COBRA).

Following any termination or resignation of Executive’s employment pursuant to this Section
5.5, the Company shall continue to have all other rights available hereunder (including,
without limitation, all rights under the Restrictive Covenants and any restrictive covenants
set forth in any plan, award and agreement applicable to Executive, at law or in equity).
Subject to Executive’s execution of the Release described in Section 5.6, the payments
described in clauses (i) and (ii) (“Change of Control Severance Pay”) shall be paid in a
lump sum within sixty (60) days following Executive’s termination or resignation of
employment (or, in the case of a Qualifying Termination that occurs prior to the Change of
Control, within sixty (60) days following the Change of Control). If the Qualifying
Termination occurs prior to a Change of Control, in addition to the benefits described in
clause (iii) of this Section 5.5(a), Executive shall be paid a lump sum cash payment equal
to the difference between (I) the applicable premium paid by Executive for continuation of
medical benefits under COBRA from the date of the Qualifying Termination through the date of
the Change of Control (the “Pre-CIC Coverage

Period”) and (II) the amount of the applicable premium that would have been paid by
Executive for continuation of medical benefits during the Pre-CIC Coverage Period had the
provisions of Section 5.5(a)(iii) been given effect from the date of the Qualifying
Termination, which payment shall be made in a lump sum within sixty (60) days following the
Change of Control. If (and to the extent) that the benefits provided pursuant to Section
5.5(a)(iii) are taxable to Executive and are subject to Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”), the amount of the expenses that are eligible for
reimbursement during one calendar year may not affect the amount of reimbursements to be
provided in any subsequent calendar year, the reimbursement of an eligible expense shall be
made on or before the last day of the calendar year following the calendar year in which the
expense was incurred, and the right to reimbursement of the expenses shall not be subject to
liquidation or exchange for any other benefit.

(b) Payments and benefits under Section 5.5(a) shall not be subject to mitigation or
offset, except that medical benefits may be offset by comparable benefits obtained by
Executive in connection with subsequent employment. Nothing in this Section 5.5 is intended
to result in duplication of benefits provided by other provisions of this Agreement.

(c) Anything set forth in any equity plan, equity award or any other provision

of this Agreement between the Company and Executive to the contrary notwithstanding, all of
Executive’s outstanding equity grants that were awarded at or prior to the time of the
Change of Control shall fully vest upon the occurrence of a Qualifying Termination.

(d) The Change of Control Severance Pay shall be in lieu of the Severance

Pay otherwise for a termination under Section 5.2 of this Agreement and any other plan or
agreement of the Company, whether adopted before or after the date hereof, which provides
severance payments or benefits. For the avoidance of doubt, Executive shall not be entitled
to payments and benefits under both this Section 5.5 and any other provision of this Section
5 as the result of her termination of employment.

(e) If it is determined that any amount, right or benefit paid or payable (or

otherwise provided or to be provided) to Executive by the Company or any of its affiliates
under this Agreement or any other plan, program or arrangement under which Executive
participates or is a party (collectively, the “Payments”), would constitute an “excess
parachute payment” within the meaning of Section 280G of the Code, subject to the excise tax
imposed by Section 4999 of the Code, as amended from time to time (the “Excise Tax”), then
the amount of the Payments payable to Executive under this Agreement shall be reduced (a
“Reduction”) to the extent necessary so that no portion of such Payments payable to
Executive is subject to the Excise Tax.

All determinations required to be made under this Section 5.5(e) and the assumptions to
be utilized in arriving at such determination, shall be made by an independent, nationally
recognized accounting firm mutually acceptable to the Company and Executive (the “Auditor”);
provided that in the event a Reduction is required, Executive may determine which Payments
shall be reduced in order to comply with the provisions of Section 5.5(e); provided, however
that Executive may not determine such order with respect to any payments that are subject to
Section 409A of the Code. The Auditor shall promptly provide detailed supporting
calculations to both the Company and Executive following any determination that a Reduction
is necessary. All fees and expenses of the Auditor shall be paid by the Company. All
determinations made by the Auditor shall be binding upon the Company and Executive.

(f) For purposes of this Agreement, the term “Change of Control” shall be deemed to
have occurred upon the first to occur of the following events:

(i) any Person becomes the Beneficial Owner, directly or indirectly,

of common stock or voting securities of Huron (not including in the amounts
beneficially owned by such Person any common stock or voting securities acquired
directly from Huron or its Affiliates) representing 40% or more of the combined
voting power of Huron’s then outstanding securities; or

(ii) there is consummated a merger or consolidation of Huron or any

direct or indirect subsidiary of Huron with any Person, other than (A) a merger or
consolidation which would result in the voting securities of Huron outstanding
immediately prior to such merger or consolidation continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving
entity or any parent thereof) at least 50% of the combined voting power of the
securities of Huron or such surviving entity or any parent thereof outstanding
immediately after such merger or consolidation, (B) a merger or consolidation
effected to implement a recapitalization of Huron (or similar transaction) after
which no Person other than existing security holders is or becomes the Beneficial
Owner, directly or indirectly, of securities of Huron (not including in the amount
Beneficially Owned by such Person any common stock or voting securities acquired
directly from Huron or its Affiliates) representing 50% or more of the combined
voting power of Huron’s then outstanding securities, or (C) a merger or
consolidation of a subsidiary of Huron that does not represent a sale of all or
substantially all of the assets of Huron; or

(iii) the shareholders of Huron approve a plan of complete liquidation

or dissolution of Huron (except for a plan of liquidation or dissolution effected to
implement a recapitalization of Huron addressed in (ii) above); or

(iv) there is consummated an agreement for the sale or disposition of

all or substantially all of the assets of Huron to a Person, other than a sale or
disposition by Huron of all or substantially all of the assets of Huron to an entity
at least 50% of the combined voting power of the voting securities of which are
owned by shareholders of Huron.

Notwithstanding the foregoing, a “Change of Control” shall not be deemed to have occurred by
virtue of the consummation of any transaction or series of integrated transactions immediately
following which the record holders of the common stock of Huron immediately prior to such
transaction or series of transactions continue to have substantially the same proportionate
ownership in an entity which owns all or substantially all of the assets of Huron immediately
following such transaction or series of transactions.

For purposes of this Change of Control definition, (I) “Beneficial Owner” shall have the
meaning set forth in Rule 13d-3 under the Exchange Act, (II) “Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended from time to time, (III) “Person” shall have the
meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and
14(d) thereof, except that such term shall not include (w)Huron or any of Huron’s direct or
indirect subsidiaries, (x) a trustee or other fiduciary holding securities under an employee
benefit plan of Huron or any of its Affiliates, (y) an underwriter temporarily holding securities
pursuant to an offering of such securities, or (z) a corporation owned, directly or indirectly, by
the stockholders of Huron in substantially the same proportions as their ownership of stock of
Huron and (IV) “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section
12 of the Exchange Act.

(g) For purposes of this Section 5.5 (and distinguished from “Good Reason”

provided under certain other circumstances under this Agreement), the term “CoC Good Reason”
means the occurrence of any of the following within the twenty-four (24) month period
following a Change of Control (or prior to a Change of Control in connection with a
Qualifying Termination) without the express written consent of Executive:

(i) any material breach by the Company of this Agreement;

(ii) any material adverse change in the status, responsibilities or position of
Executive;

(iii) any material reduction in Base Salary or Target Bonus, other than in
connection with an across-the-board reduction in Base Salaries applicable in like
proportions to all similarly-situated executives of the Company and any direct or
indirect parent of the Company;

(iv) assignment of duties to Executive that are materially inconsistent with
Executive’s position and responsibilities described in this Agreement; and

(v) requiring Executive to be principally based at any office or location more
than seventy five (75) miles from the current offices of the Company in Chicago, IL.

The foregoing to the contrary notwithstanding, if Huron is acquired as a subsidiary or
division of a reporting company pursuant to Section 13 and Section 15(d) of the Securities
Exchange Act of 1934, the fact that Executive is not named as General Counsel of the
reporting company following the Change of Control shall not constitute CoC Good Reason.

Notwithstanding the foregoing provisions of this paragraph (g), Executive’s

termination of employment shall be considered to be on account of CoC Good Reason only if
(A) an event or condition occurs which satisfies the foregoing provisions of this Section
5.5(g), (B) Executive provides the Company with written notice pursuant to Section 10.5 that
she intends to resign for CoC Good Reason and such written notice includes (I) a designation
of at least one of Section 5.5(g)(i)-(v) (the “Designated Sections”) which Executive
believes is the basis for CoC Good Reason and (II) specifically describes the events or
conditions Executive is relying upon to satisfy the requirements of the Designated Sections,
(C) as of the thirtieth (30th) day following the Company’s receipt of such notice from
Executive, such events or conditions have not been corrected in all material respects, and
(D) Executive resigns her employment within sixty (60) days after the date on which
Executive first has actual knowledge of the occurrence of the events or conditions upon
which Executive relies upon to satisfy any of the Designated Sections.

5.6 General Release. Executive acknowledges and agrees that Executive’s

right to receive severance pay and other benefits (including post-termination equity vesting)
pursuant to Section 5.2 and 5.5 of this Agreement (collectively, the “Severance Benefits”) is
contingent upon Executive’s compliance with the covenants, representations, warranties and

agreements set forth in Section 6 of this Agreement and, except for those payments and benefits
required to be made or provided by law or pursuant to the express terms of a benefit plan (and
other than those benefits to be provided upon death), such Severance Benefits shall be conditioned
upon Executive’s execution and acceptance of the terms and conditions of, and the effectiveness of,
a general release in the standard form used by the Company at the time of Executive’s termination
of employment. (the “Release”); provided, however, that such Release shall not require Executive to
relinquish any rights or claims that (a) arise after her execution of the Release, (b) relate to
indemnification or liability insurance pursuant to the Company’s insurance plans, bylaws or
applicable law, or (c) cannot be waived by law. If Executive fails to comply with the covenants set
forth in Section 6 or if Executive fails to execute the Release or revokes the Release during the
seven (7)-day period following her execution of the Release, then

Executive shall not be entitled to any Severance Benefits. The Company shall provide Executive with
the Release within five (5) days following her termination of employment (or, in the case of any
benefits relating to a Qualifying Termination occurring prior to a Change of Control, within five
(5) days following the Change of Control). Executive shall be entitled to any such Severance
Benefits only if the Release has been executed, is effective and the applicable revocation period
has expired no later than the date as of which such Severance Benefits are to be paid (or provided)
pursuant to this Agreement and if such requirements are not satisfied, Executive shall not be
entitled to any such Severance Benefits.

6. Restrictive Covenants and Agreements.

6.1 Executive’s Acknowledgment. Executive agrees and acknowledges that

in order to assure the Company that it will retain its value and that of the Business as a going
concern, it is necessary that Executive not utilize special knowledge of the Business and its
relationships with customers to compete with the Company. Executive further acknowledges that:

(a) the Company is and will be engaged in the Business during the Employment Period and
thereafter;

(b) Executive will occupy a position of trust and confidence with the Company, and
during the Employment Period, Executive will become familiar with the Company’s trade
secrets and with other proprietary and Confidential Information concerning the Company and
the Business;

(c) the agreements and covenants contained in this Section 6 and Sections 7,

8 and 9 are essential to protect the Company and the confidentiality of its Confidential
Information (defined below) and near permanent client relationships as well as goodwill of
the Business and compliance with such agreements and covenants will not impair Executive’s
ability to procure subsequent and comparable employment; and

(d) Executive’s employment with the Company has special, unique and extraordinary value
to the Company and the Company would be irreparably damaged if Executive were to provide
services to any person or entity in violation of the provisions of this Agreement.

6.2 Confidential Information. As used in this Section 6, “Confidential

Information” shall mean the Company’s trade secrets and other non-public information relating to
the Company or the Business, including, without limitation, information relating to financial
statements, customer identities, potential customers, employees, suppliers, acquisition targets,
servicing methods, equipment, programs, strategies and information, analyses, marketing plans and
strategies, profit margins and other information developed or used by the Company in connection
with the Business that is not known generally to the public or the industry and that gives the
Company an advantage in the marketplace. Confidential Information shall not include any information
that is in the public domain or becomes known in the public domain through no wrongful act on the
part of Executive. Executive agrees to deliver to the Company at the termination of Executive’s
employment, or at any other time the Company may request, all memoranda, notes, plans, records,
reports and other documents (and copies thereof) relating to the Business or the Company or other
forms of Confidential Information which Executive may then possess or have under Executive’s
control.

6.3 Non-Disclosure. Executive agrees that during employment with the

Company and thereafter, Executive shall not reveal to any competitor or other person or entity
(other than current employees of the Company) any Confidential Information regarding Clients (as
defined herein) that Executive obtains while performing services for the Company. Executive further
agrees that Executive will not use or disclose any Confidential Information of the Company, other
than in connection with Executive’s work for the Company, until such information becomes generally
known in the industry through no fault of Executive.

6.4 Non-Solicitation of Clients. Executive acknowledges that Executive will

learn and develop Confidential Information relating to the Company’s Clients and relating to the
Company’s servicing of those Clients. Executive recognizes that the Company’s relationships with
its Clients are extremely valuable to it and that the protection of the Company’s relationships
with its Clients is essential.

Accordingly, and in consideration of the Company’s employment of Executive and the various
benefits and payments provided in conjunction therewith, Executive agrees that during the
Employment Period and for the longer period (“Restricted Period”) thereafter of (i) the period for
which Executive is entitled to receive severance payments under Section 5.2(a)(i) or, if
applicable, Section 5.5(a)(ii), or (ii) twelve (12) months following termination of Executive’s
employment with the Company for any reason, Executive will not, whether or not Executive is then
self-employed or employed by another, directly or through another, provide services that are the
same or similar to those services offered for sale and/or under any stage of development by the
Company at the time of Executive’s termination, to any Client of the Company whom Executive:

(a) obtained as a Client for the Company; or

(b) consulted with, provided services for, or supervised the provision of

services for during the twelve (12) month period immediately preceding termination of

Executive’s employment; or

(c) submitted or assisted in the submission of a proposal for the provision of

services during the six (6) month period immediately preceding termination of

Executive’s employment.

“Client” shall mean those persons or firms for whom the Company has either directly or
indirectly provided services within the twenty-four (24)-month period immediately preceding
termination of Executive’s employment and therefore includes both the referral source or entity
that consults with the Company and the entity to which the consultation related. “Client” also
includes those persons or firms to whom Executive has submitted a proposal (or assisted in the
submission of a proposal) to perform services during the six (6) month period immediately preceding
termination of Executive’s employment. For the avoidance of doubt, for purposes of determining the
Restricted Period, the period for which Executive is entitled to receive severance payments shall
be determined based on the period of Base Salary that is to be paid to Executive as severance
payments, regardless of the period over which the severance pay is actually paid.

6.5 Non-Interference with Relationships. Executive shall not at any time

during the Restricted Period directly or indirectly solicit, induce or encourage (a) any executive
or employee or other personnel (including contractors) of the Company, or (b) any customer, Client,
supplier, lender, professional advisor or other business relation of the Company to leave, alter or
cease his/her/its relationship with the Company, for any reason whatsoever. Executive shall not
hire or assist in the hiring of any executive or employee or other personnel (including
contractors) of the Company for that same time period, whether or not Executive is then
self-employed or employed by another business. Executive shall not at any time directly or
indirectly

make disparaging remarks about the Company.

6.6 Modification. If any court of competent jurisdiction shall at any time

deem that the term of any Restrictive Covenant is too lengthy, or the scope or subject matter of
any Restrictive Covenant exceeds the limitations imposed by applicable law, the parties agree that
provisions of Sections 6.3, 6.4 and 6.5 shall be amended to the minimum extent necessary such that
the provision is enforceable or permissible by such applicable law and be enforced as amended.

6.7 Representations and Warranties. Executive has made full disclosure to the

Company concerning the existence of, and delivered copies of any documents relating to, any
contractual arrangement (including, but not limited to, any non-compete or non-solicitation
agreement) that Executive has with any current or former employer which agreement purports to be in
effect as of the Effective Date or the dates of Executive’s intended employment with the Company
(other than the Prior Agreement). Executive represents, warrants and covenants to the Company that
(a) Executive is not a party to or bound by any employment agreement, noncompete, nonsolicitation
(of customers or employees), nondisturbance (of customers, employees or vendors), or
confidentiality agreement with any previous employer or any other person or entity that would be
violated by Executive’s acceptance of this position or which would interfere in any material
respect with the performance of Executive’s duties with the Company, (b) that Executive will not
use any confidential information or trade secrets of any person or party other than the Company in
connection with the performance of Executive’s duties with the Company, (c) that Executive will not
at any time breach (or threaten to breach) any such agreement with any such previous employer or
any other person or entity during Executive’s employment with the Company and (d) Executive shall
not at any time enter into any modification of any forgoing such agreement or any new agreement
with, waive any rights of Executive under any agreement with, or acknowledge any amounts due from
Executive to, Executive’s previous employer without first obtaining the prior written consent of
the Company in its sole discretion. Executive shall hereafter immediately disclose to the Company
any knowledge of Executive of a possible or potential violation of any forgoing such agreement
occurring at any time.

7. Ownership of Intellectual Property. All intellectual property, ideas, inventions,

writings, software and Confidential Information created or conceived by Executive alone or with
others while employed with the Company that relate to the Company’s business or clients or work
assigned to Executive by the Company (collectively, “Materials”) constitute “work made for hire”
and are the exclusive property of the Company. If for any reason any Materials cannot legally
constitute a “work made for hire,” then this Agreement shall operate as an irrevocable assignment
and agreement to assign to the Company all right, title and interest in such Materials. Executive
will promptly disclose to the Company in writing all Materials developed during her employment with
the Company, and Executive will execute such documents as may be necessary to evidence her
assignment(s) of all right, title and interest in Materials to the Company. If Executive claims
ownership in any intellectual property, ideas or inventions that predate her employment with the
Company, then Executive will disclose such claims in writing to the Company’s Human Resources
Department before commencing any work for the Company.

8. Effect on Termination. If, for any reason, this Agreement shall terminate or

Executive’s employment with the Company shall terminate, then, notwithstanding such termination,
those provisions contained in this Section 8 and Sections 6, 7, 9 and 10 hereof shall survive and
thereafter remain in full force and effect.

9. Remedies.

9.1 Non-Exclusive Remedy for Restrictive Covenants. Executive

acknowledges and agrees that the covenants set forth in Sections 6.3, 6.4, and 6.5 of this
Agreement (collectively, the “Restrictive Covenants”) are reasonable and necessary for the
protection of the Company’s business interests, that irreparable injury will result to the Company
if Executive breaches any of the terms of the Restrictive Covenants, and that in the event of
Executive’s actual or threatened breach of any such Restrictive Covenants, the Company will have no
adequate remedy at law. Executive accordingly agrees that in the event of any actual or threatened
breach by Executive of any of the Restrictive Covenants, the Company shall be entitled to immediate
temporary injunctive and other equitable relief, without the necessity of showing actual monetary
damages or the posting of bond. Nothing contained herein shall be construed as prohibiting the
Company from pursuing any other remedies available to it for such breach or threatened breach,
including the recovery of damages.

9.2 Arbitration. Except as set forth in Section 9.1, any controversy or claim

arising out of or related to (i) this Agreement, (ii) the breach thereof, (iii) Executive’s
employment with the Company or the termination of such employment, or (iv) Employment
Discrimination, shall be settled by arbitration in Chicago, Illinois before a single arbitrator
administered by the American Arbitration Association (“AAA”) under its National Rules for the
Resolution of Employment Disputes, amended and restated effective as of January 1, 2004 (the
"Employment Rules”), and judgment on the award rendered by the arbitrator may be entered in any
court having jurisdiction thereof. Notwithstanding the foregoing, Rule R-34 of the AAA’s Commercial
Arbitration Rules amended and restated effective as of September 1, 2007 (instead of Rule 27 of the
Employment Rules) shall apply to interim measures. References herein to any arbitration rule(s)
shall be construed as referring to such rule(s) as amended or renumbered from time to time and to
any successor rules. References to the AAA include any successor organization. “Employment
Discrimination” means any discrimination against or harassment of Executive in connection with
Executive’s employment with the Company or the termination of such employment, including any
discrimination or harassment prohibited under federal, state or local statute or other applicable
law, including the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964,
the Americans with Disability Act, or any similar federal, state or local statute.

9.3 Prevailing Party. In any lawsuit, arbitration or other proceeding arising

from this Agreement, the non-prevailing party shall pay the reasonable attorneys’ fees, expert fees
and other reasonable costs and expenses of the prevailing party.

10. Miscellaneous.

10.1 Assignment. Executive may not assign any of Executive’s rights or

obligations hereunder without the written consent of the Company. The Company may assign this
Agreement without the consent of Executive. Except as otherwise expressly provided herein, all
covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto
shall bind and inure to the benefit of the respective successors and assigns of the parties hereto
whether so expressed or not. In connection with a Change of Control, the Company shall cause a
successor to the Company to explicitly assume and agree to be bound by this Agreement and any such
successor shall explicitly assume and agree to be bound by this Agreement.

10.2 Severability. Whenever possible, each provision of this Agreement shall

be interpreted in such manner as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be prohibited by or invalid under applicable law, such
provision shall be ineffective only to the extent of such prohibition or invalidity and without
invalidating the remainder of this Agreement.

10.3 Counterparts. This Agreement may be executed in multiple counterparts,

each of which shall be deemed an original, but all of which taken together shall constitute one and
the same Agreement.

10.4 Descriptive Headings; Interpretation. The descriptive headings in this

Agreement are inserted for convenience of reference only and are not intended to be part of or to
affect the meaning or interpretation of this Agreement. The use of the word “including” in this
Agreement shall be by way of example rather than by limitation.

10.5 Notices. All notices, demands or other communications to be given under

or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have
been duly given if (a) delivered personally to the recipient, (b) sent to the recipient by
reputable express courier service (charges prepaid) or mailed to the recipient by certified or
registered mail, return receipt requested and postage prepaid, or (c) transmitted by telecopy to
the recipient with a confirmation copy to follow the next day to be delivered by overnight carrier.
Such notices, demands and other communications shall be sent to the addresses indicated below:

	 	 	 
	To the Company:
	 	Huron Consulting Group Inc.

550 West Van Buren Street

Chicago, IL 60607

Attention: Patricia Olsen

Facsimile: (312) 583-8701

	To Executive:
	 	Diane E. Ratekin

611 N Taylor Avenue

Oak Park, IL 60302

or to such other address or to the attention of such other person as the recipient party shall have
specified by prior written notice to the sending party. The date in which such notice shall be
deemed given shall be (w) the date of receipt if personally delivered, (x) three (3) business days
after the date of mailing if sent by certified or registered mail, (y) one business day after the
date of delivery to the overnight courier if sent by overnight courier or (z) the next business day
after the date of transmittal by telecopy.

10.6 Preamble; Preliminary Recitals. The Preliminary Recitals set forth in the

Preamble hereto are hereby incorporated and made part of this Agreement.

10.7 Taxes. All compensation payable to Executive from the Company shall be

subject to all applicable withholding taxes, normal payroll withholding and any other amounts
required by law to be withheld.

10.8 Entire Agreement. Except as otherwise expressly set forth herein, this

Agreement sets forth the entire understanding of the parties, and supersedes and preempts all prior
oral or written understandings and agreements with respect to the subject matter hereof, including
the Prior Agreement, as amended.

10.9 Governing Law. This Agreement shall be construed and enforced in

accordance with, and all questions concerning the construction, validity, interpretation and
performance of this Agreement shall be governed by, the laws of the State of Illinois without
giving effect to provisions thereof regarding conflict of laws.

10.10 No Strict Construction. The language used in this Agreement will be

deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule
of strict construction will be applied against any party hereto.

10.11 Amendment and Waivers. Any provisions of this Agreement may be

amended or waived only with the prior written consent of the Company and Executive.

10.12 Additional Section 409A Provisions. Notwithstanding any provision

contained in this Agreement to the contrary, if (a) any payment hereunder is subject to Section
409A of the Code, (b) such payment is to be paid on account of Executive’s separation from service
(within the meaning of Section 409A of the Code) and (c) Executive is a “specified employee”
(within the meaning of Section 409A(a)(2)(B) of the Code), then such payment shall be delayed, if
necessary, until the first day of the seventh month following Executive’s separation from service
(or, if later, the date on which such payment is otherwise to be paid under this Agreement). With
respect to any payments hereunder that are subject to Section 409A of the Code and that are payable
on account of a separation from service, the determination of whether Executive has had a
separation from service shall be determined in accordance with Section 409A of the Code. It is the
intention of both the Company and Executive that the benefits and rights to which Executive could
be entitled in connection with termination of employment comply with Section 409A of the Code and
the Treasury Regulations and other guidance promulgated or issued thereunder, and the provisions of
this Agreement shall be construed in a manner consistent with that intention. If Executive or the
Company believes, at any time, that any such benefit or right does not so comply, it shall promptly
advise the other and shall negotiate reasonably and in good faith to amend the terms of such
benefits and rights such that they comply with Section 409A of the Code (with the most limited
possible economic effect on Executive and on the Company). Neither the Company nor Executive,
individually or in combination, may accelerate any payment or benefit that is subject to Section
409A of the Code, except in compliance with Section 409A and the provisions of this Agreement, and
no amount that is subject to Section 409A shall be paid prior to the earliest date on which it may
be paid without violating Section 409A.

2

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the

dates written below.

COMPANY:

HURON CONSULTING GROUP INC.

By: /s/ James H. Roth

Its: CEO

Date: March 17, 2011

Diane E. Ratekin

/s/ Diane E. Ratekin

Diane E. Ratekin

(print name)

March 17, 2011

Date

3

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