Document:

EX-10.1 FORM OF INCENTIVE STOCK OPTION AGREEMENTS

 

Exhibit 10.1

FIDELITY SOUTHERN CORPORATION

FORM OF INCENTIVE STOCK OPTION AGREEMENT

	 	 	 	 	 	 	 	 	 
	 	 	 	 	NUMBER OF	 	 
	 	 	 	 	SHARES	 	VESTING SCHEDULE*
	GRANTED TO:	 	GRANT DATE	 	GRANTED	 	Vesting Date	 	Shares
	 

	 

	 

	 

	 

	 
	 	 

EXPIRATION*

DATE
	 	PRICE PER

SHARE

$	 	 	 	 
		 	 	 	 	 	 	 	 

*     See 3, 5, 6 and 7 below

     THIS INCENTIVE STOCK
OPTION AGREEMENT is made as of the ___ day of ____________,
by and between Fidelity Southern Corporation (the “Company”) and the individual specified above, an
employee of the Company or any parent or subsidiary of the Company (the “Participant”).

     The Company desires to carry out the purposes of its Fidelity Southern Corporation 2006 Equity
Incentive Plan (the “Plan”), which is incorporated herein by reference, by affording the
Participant an opportunity to purchase shares of the Company no par value common stock (the “Common
Stock”), as provided in this Agreement. The option granted hereunder is intended to qualify as an
“Incentive Stock Option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as
amended.

     NOW, THEREFORE, in consideration of the mutual covenants set forth in this Agreement, and for
other good and valuable consideration, the Company and the Participant hereby agree as follows:

     1. Grant of Option. The Company, by this Agreement, irrevocably grants to the
Participant the right and option (the “Option”) to purchase the number of shares of Common Stock
specified above such number being subject to adjustment as provided in Article XII of the Plan, on
the terms and conditions set forth in the Plan.

     2. Purchase Price. The purchase price of the shares of the Common Stock covered by
this Option shall be the price specified above per share, said purchase price not being less than
the fair market value of the Common Stock at the time this Option is granted.

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     3. Term and Vesting of Option.

          (a).
Term. The term of the Option shall be for a period of ____________ (___) years from
the date of this Agreement, subject to earlier termination as provided in paragraphs 5, 6 and 7 of
this Agreement and Article VI of the Plan. Except as otherwise provided in this Agreement, the
Option may be exercised in whole or part at any time during its term to the extent the Option has
vested and the Option has not terminated. Except as provided in paragraphs 5, 6 and 7 of this
Agreement, the Option may not be exercised at any time unless the Participant has maintained a
continuous employment with the Company, Parent and/or any Subsidiary from the date of this
Agreement to the date of the exercise of the Option. The Participant shall not have any of the
rights of a shareholder with respect to the shares of Common Stock covered by the Option until such
shares shall be issued to him or her upon the due exercise of the Option and payment of the
purchase price.

          (b). Vesting. Except as otherwise provided in this Agreement, the Option shall vest
with respect to the number of shares stated above as of each applicable vesting date provided that
the Participant has been in continuous employment with the Company, Parent and/or any Subsidiary as
of such vesting date.

     4. Non-Transferability. The Option shall not be transferable otherwise than by will
or the laws of descent and distribution, and during the lifetime of the Participant, may only be
exercised by the Participant or his or her duly appointed legal representative. More particularly,
but without limiting the generality of the foregoing, the Option may not be assigned, transferred
(except as provided above), pledged, or hypothecated in any way and shall not be subject to
execution, attachment, or similar processes. Any attempted assignment, transfer, pledge,
hypothecation, or other distribution of the Option contrary to the provisions of this Agreement and
the levy of any execution, attachment, or similar process upon the Option shall be null and void
and without effect.

     5. Termination of Employment with the Company. In the event of any termination of the
Participant’s continuous employment with the Company, except as otherwise hereafter provided,
Parent and/or any Subsidiary, the Option shall (except to the extent vested before termination of
the Participant’s employment) cease to vest. The Participant may exercise the Option to the extent
vested before termination of employment for any reason at any time within three (3) months after
such termination of employment, but in no event more than
____________ (___) years after the date of
this Agreement. So long as the Participant shall continue to be an employee of the Company, Parent
and/or any Subsidiary, the Option shall not be affected by any change in the Participants’ duties
or position.

     In the event the Participant’s continuous employment with the Company, Parent and/or any
Subsidiary is terminated by Participant for Good Reason or by Company, Parent or Subsidiary without
Cause within 12 months after a Change in Control (as herein after defined), the Option shall vest
in full upon such termination of employment, including with respect to the portion of the Option
which had not previously vested. The Participant may exercise the Option (to the extent not
previously exercised) at any time within three (3) months after such termination of employment.

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     “Good Reason” will exist with respect to the Participant if, without the Participant’s express
written consent, after a Change of Control:

          (a) there is a reduction in the Participant’s rate of base salary;

          (b) the Company’s requiring the employee to relocate his or her residence or his or her
principal business office to any place outside a fifty (50) mile radius from the Company’s
headquarters or such other work location immediately prior to the Change in Control, except for
reasonably required travel on the Company’s business which is not materially greater than such
travel requirements prior to the Change of Control;

          (c) the Company’s failure to continue in effect any compensation, welfare or benefit plan in
which the Participant is participating at the time of the Change of Control without substituting
plans providing the Participant with substantially similar or greater benefits, or the taking of
any action by the Company which would materially and adversely affect the Participant’s
participation in or materially reduce the Participant’s benefits under any of such plans or deprive
the Participant of any material fringe benefit enjoyed by the Participant at the time of the Change
of Control;

          (d) the Company’s material breach of this Agreement or written employment agreement, if any,
which is not corrected within thirty (30) days of receipt of written notice of such material breach
from Participant.

     The term “Change in Control” shall mean:

          (a) the acquisition (other than from the Company, its Parent or its Subsidiaries) by any
person, entity or “group” within the meaning of Sections 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934 (“34 Act”) (excluding, for this purpose, the Company, its Parent or its
Subsidiaries, or any employee benefit plan of the Company, its Parent or its Subsidiaries) of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the 34 Act) of more than
50% of either the then outstanding shares (i) of Common Stock of the Company or of the combined
voting power of the Company’s then outstanding voting securities entitled to vote generally in the
election of directors, or (ii) of the combined voting power of the outstanding voting securities of
Fidelity Bank (“FB”) entitled to vote generally for the election of directors; or

          (b) individuals who, as of the date hereof, constitute the Board of Directors of the Company
(“Incumbent Board”) cease for any reason to constitute at least a majority of the board of
directors, provided that any individual becoming a director subsequent to the date hereof whose
election, or nomination for election by the Company’s shareholders, was approved by a vote of at
least a majority of the directors then comprising the Incumbent Board shall be considered as though
such individual is a member of the Incumbent Board; or

          (c) approval by the shareholders of the Company of a merger, consolidation or other
reorganization in each case, with respect to which persons who were the shareholders of the Company
and optionees immediately prior to such merger, consolidation or other reorganization,

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immediately thereafter, will not own more than 50% of the combined voting power entitled to
vote generally in the election of directors of the merged, consolidated or reorganized company’s
then outstanding voting securities, or of the sale of all or substantially all of the assets of the
Company or the sale of all or substantially all of the assets or voting securities of FB.

     The term “Cause” shall mean:

          (a) the commission of a felony or any other crime involving moral turpitude or the pleading of
nolo contendere to any such act;

          (b) the commission of any act of dishonesty when such act is intended to result or results,
directly or indirectly, in gain or personal enrichment of Participant or any related persons or
affiliated entity or is intended to cause harm or damage to the Company, Parent or any Subsidiary;

          (c) the illegal use of controlled substances;

          (d) the use of alcohol so as to have a material adverse effect on the performance of the
Participant’s duties;

          (e) the misappropriation or embezzlement of assets of the Company, Parent or any Subsidiary;
or

          (f) the breach of any other material term of Participant’s employment that has not been cured
within 30 days of receipt of written notice of such breach from the Company.

     6. Disability of Participant. In the event of any termination of the Participant’s
employment relationship with the Company by reason of the Participant’s Disability (as determined
by the Committee in its sole discretion), the Participant may exercise the Option at any time
within one (1) year after such termination to the extent of the number of shares vested on the date
of termination, but in no event more than ____________ (___) years after the date of this
Agreement. The term “Disability” shall have the meaning as set forth in Section 22(e)(3)
of the Internal Revenue Code.

     7. Death of Participant. If the Participant shall die while an employee of the
Company, Parent or any Subsidiary or shall die within the three-month period following termination
of his employment (except termination for Cause or voluntary termination by the Participant or
without Good Reason after a Change in Control as provided in paragraph 5) the Option to the extent
vested may be exercised by any legatee of the Option under the Participant’s will, by the
Participant’s estate or personal representative, or by any distributee of the Option at any time
within one (1) year after the Participant’s termination of employment, but in no event more than
____________ (___) years after the date of this Agreement.

     8. Method of Exercising Option. Subject to the terms and conditions of this
Agreement, the Option may be exercised by giving written notice to the Company. Such notice shall
state the

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election to exercise the Option and the number of shares with respect to which it is being
exercised and shall be signed by the person who shall exercise the option. (In the event that the
Option shall be exercised pursuant to paragraph 7 of this Agreement, the notice shall be
accompanied by appropriate proof of the right of such person to exercise the Option). Such notice
shall be accompanied by payment of the full purchase price of such shares. The shares as to which
the Option shall have been so exercised shall be registered in the name of the person who shall
exercise the Option and a certificate evidencing such shares shall be delivered to the person who
shall exercise the Option on his or her written order. All shares that shall be purchased in the
exercise of the Option shall be fully paid and nonassessable.

     As a condition to the issuance of the shares as to which the Option shall be exercised, the
Participant authorizes the Company to withhold from any regular cash compensation payable to the
Participant any taxes required to be withheld by the Company under federal, state, or other local
law as a result of the exercise of the Option; provided, however, if the Company so requests, the
person who shall exercise the Option shall in the alternative remit to the Company at the time of
any exercise of the Option any taxes required to be withheld by the Company under federal, state,
or other local law as a result of the exercise of the Option.

     9. General. The Company shall make available such number of shares of Common Stock as
will be sufficient to satisfy the requirements of this Agreement. The exercise of the Option shall
be subject to the condition that if at any time the Company shall determine in its sole discretion
that (a) the listing upon any securities exchange or stock market or the registration or
qualification under any state or federal law of any shares of Common Stock otherwise deliverable
upon such exercise, or (b) the consent or approval of any regulatory body is necessary or desirable
as a condition of, or in connection with, such exercise or the delivery or purchase of shares of
Common Stock pursuant to such exercise, then in any such event, such exercise shall not be effected
or made subject to conditions established by the Committee.

     10. Severability and Governing Law. If any provision of this Agreement or its
application to any circumstance is deemed invalid or unenforceable, the remainder of this Agreement
and the application of such provision to other circumstances shall not be affected. This Agreement
shall not be effective until executed by a duly authorized representative of the Company, and shall
be governed by and construed in accordance with the laws of the State of Georgia.

     11. Notices. Any notices provided for under this Agreement shall be in writing and
shall be delivered in person to the party to be notified or sent by certified mail. Notices sent
to the Company shall be addressed to Fidelity Southern Corporation, 3490 Piedmont Rd., NW, Suite
1550, Atlanta, Georgia 30305, Attention: Corporate Secretary. Notices sent to the Participant
shall be addressed to the Participant at his address as it appears in the Company’s records.

     12. Plan. This Agreement and the Options granted pursuant hereto are subject to the
terms and conditions of the Plan. In the event of any conflict between the provisions of this
Agreement and the Plan, the terms and conditions of the Plan shall control. It is the intent of
the parties that this Option at all times qualify as an incentive stock option within the meaning
of Section 411 of the Internal Revenue Code. However to the extent the Option does not qualify for
any reason as an

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incentive stock option, it shall be treated as an option which is not an incentive stock
option. Any term not defined herein and defined in the Plan, shall have the meaning set forth in
the Plan.

     13. Entire Agreement. This Agreement and the Plan constitute the entire agreement
between the Company and the Participant with respect to the subject matter of this Agreement. No
waiver, modification, or amendment of any of the terms or conditions of this Agreement shall be
effective unless set forth in writing signed by the Company and the Participant.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer, and the Participant has set his hand and seal to this Agreement, all as of the
day and year first above written.

	 	 	 	 	 
	 

	 	FIDELITY SOUTHERN CORPORATION
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	 	 	Chairman
	 
	 	 	 	 
	 

	 	PARTICIPANT:
	 
	 	 	 	 
	 

	 	 
	 
	 	 	 	 
	 

	 	Address:
	 
	 	 	 	 
	 

	 	 
	 
	 	 	 	 
	 

	 	 
	 
	 	 	 	 
	 

	 	Social Security No. __________________

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FIDELITY SOUTHERN CORPORATION

FORM OF NONQUALIFIED STOCK OPTION AGREEMENT

	 	 	 	 	 	 	 	 	 
	 	 	 	 	NUMBER OF	 	 
	 	 	 	 	SHARES	 	VESTING SCHEDULE*
	GRANTED TO:	 	GRANT DATE	 	GRANTED	 	Vesting Date	 	Shares
	 

	 

	 

	 

	 

	 
	 	 

EXPIRATION*

DATE
	 	PRICE PER

SHARE

$	 	 	 	 
		 	 	 	 	 	 	 	 

*     See 3, 5, 6 and 7 below

     THIS
NONQUALIFIED STOCK OPTION AGREEMENT is made as of the ___ day of ____________, by and between Fidelity Southern Corporation (the “Company”) and the individual specified
above, an employee of the Company or any parent or subsidiary of the Company (the “Participant”).

     The Company desires to carry out the purposes of its Fidelity Southern Corporation 2006 Equity
Incentive Plan (the “Plan”), which is incorporated herein by reference, by affording the
Participant an opportunity to purchase shares of the Company no par value common stock (the “Common
Stock”), as provided in this Agreement.

     NOW, THEREFORE, in consideration of the mutual covenants set forth in this Agreement, and for
other good and valuable consideration, the Company and the Participant hereby agree as follows:

     1. Grant of Option. The Company, by this Agreement, irrevocably grants to the
Participant the right and option (the “Option”) to purchase the number of shares of Common Stock
specified above such number being subject to adjustment as provided in Article XII of the Plan, on
the terms and conditions set forth in the Plan.

     2. Purchase Price. The purchase price of the shares of the Common Stock covered by
this Option shall be the price specified above per share, said purchase price not being less than
the fair market value of the Common Stock at the time this Option is granted.

     3. Term and Vesting of Option.

          (a).
Term. The term of the Option shall be for a period of ____________ (___) years from
the date of this Agreement, subject to earlier termination as provided in paragraphs 5, 6 and 7 of
this Agreement and Article VI of the Plan. Except as otherwise provided in this Agreement, the
Option may be exercised in whole or part at any time during its term to the extent the Option has
vested and the Option has not terminated. Except as provided in paragraphs 5, 6 and 7 of this
Agreement, the Option may not be exercised at any time unless the Participant has maintained a

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continuous employment with the Company, Parent and/or any Subsidiary from the date of this Agreement to
the date of the exercise of the Option. The Participant shall not have any of the rights of a
shareholder with respect to the shares of Common Stock covered by the Option until such shares
shall be issued to him or her upon the due exercise of the Option and payment of the purchase
price.

          (b). Vesting. Except as otherwise provided in this Agreement, the Option shall vest
with respect to the number of shares stated above as of each applicable vesting date provided that
the Participant has been in continuous employment with the Company, Parent and/or any Subsidiary as
of such vesting date.

     4. Non-Transferability. The Option shall not be transferable otherwise than by will
or the laws of descent and distribution, and during the lifetime of the Participant, may only be
exercised by the Participant or his or her duly appointed legal representative. More particularly,
but without limiting the generality of the foregoing, the Option may not be assigned, transferred
(except as provided above), pledged, or hypothecated in any way and shall not be subject to
execution, attachment, or similar processes. Any attempted assignment, transfer, pledge,
hypothecation, or other distribution of the Option contrary to the provisions of this Agreement and
the levy of any execution, attachment, or similar process upon the Option shall be null and void
and without effect.

     5. Termination of Employment with the Company. In the event of any termination of
the Participant’s continuous employment with the Company, except as otherwise hereafter provided,
Parent and/or any Subsidiary, the Option shall (except to the extent vested before termination of
the Participant’s employment) cease to vest. The Participant may exercise the Option to the extent
vested before termination of employment for any reason at any time within three (3) months after
such termination of employment, but in no event more than
____________ (___) years after the date of
this Agreement. So long as the Participant shall continue to be an employee of the Company, Parent
and/or any Subsidiary, the Option shall not be affected by any change in the Participants’ duties
or position.

     In the event the Participant’s continuous employment with the Company, Parent and/or any
Subsidiary is terminated by Participant for Good Reason or by Company, Parent or Subsidiary without
Cause within 12 months after a Change in Control (as herein after defined), the Option shall vest
in full upon such termination of employment, including with respect to the portion of the Option
which had not previously vested. The Participant may exercise the Option (to the extent not
previously exercised) at any time within three (3) months after such termination of employment.

     “Good Reason” will exist with respect to the Participant if, without the Participant’s express
written consent, after a Change of Control:

          (a) there is a reduction in the Participant’s rate of base salary;

          (b) the
Company’s requiring the employee to relocate his or her residence or his or her
principal business office to any place outside a fifty (50) mile radius from the Company’s
headquarters or such other work location immediately prior to the Change in Control, except for

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reasonably required travel on the Company’s business which is not materially greater than such
travel requirements prior to the Change of Control;

          (c) the Company’s failure to continue in effect any compensation, welfare or benefit plan in
which the Participant is participating at the time of the Change of Control without substituting
plans providing the Participant with substantially similar or greater benefits, or the taking of
any action by the Company which would materially and adversely affect the Participant’s
participation in or materially reduce the Participant’s benefits under any of such plans or deprive
the Participant of any material fringe benefit enjoyed by the Participant at the time of the Change
of Control;

          (d) the Company’s material breach of this Agreement or written employment agreement, if any,
which is not corrected within thirty (30) days of receipt of written notice of such material breach
from Participant.

     The term “Change in Control” shall mean:

          (a) the acquisition (other than from the Company, its Parent or its Subsidiaries) by any
person, entity or “group” within the meaning of Sections 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934 (“34 Act”) (excluding, for this purpose, the Company, its Parent or its
Subsidiaries, or any employee benefit plan of the Company, its Parent or its Subsidiaries) of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the 34 Act) of more than
50% of either the then outstanding shares (i) of Common Stock of the Company or of the combined
voting power of the Company’s then outstanding voting securities entitled to vote generally in the
election of directors, or (ii) of the combined voting power of the outstanding voting securities of
Fidelity Bank (“FB”) entitled to vote generally for the election of directors; or

          (b) individuals who, as of the date hereof, constitute the Board of Directors of the Company
(“Incumbent Board”) cease for any reason to constitute at least a majority of the board of
directors, provided that any individual becoming a director subsequent to the date hereof whose
election, or nomination for election by the Company’s shareholders, was approved by a vote of at
least a majority of the directors then comprising the Incumbent Board shall be considered as though
such individual is a member of the Incumbent Board; or

          (c) approval by the shareholders of the Company of a merger, consolidation or other
reorganization in each case, with respect to which persons who were the shareholders of the Company
and optionees immediately prior to such merger, consolidation or other reorganization, immediately
thereafter, will not own more than 50% of the combined voting power entitled to vote generally in
the election of directors of the merged, consolidated or reorganized company’s then outstanding
voting securities, or of the sale of all or substantially all of the assets of the Company or the
sale of all or substantially all of the assets or voting securities of FB.

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     The term “Cause” shall mean:

          (a) the commission of a felony or any other crime involving moral turpitude or the pleading of
nolo contendere to any such act;

          (b) the commission of any act of dishonesty when such act is intended to result or results,
directly or indirectly, in gain or personal enrichment of Participant or any related persons or
affiliated entity or is intended to cause harm or damage to the Company, Parent or any Subsidiary;

          (c) the illegal use of controlled substances;

          (d) the use of alcohol so as to have a material adverse effect on the performance of the
Participant’s duties;

          (e) the misappropriation or embezzlement of assets of the Company, Parent or any Subsidiary;
or

          (f) the breach of any other material term of Participant’s employment that has not been cured
within 30 days of receipt of written notice of such breach from the Company.

     6. Disability of Participant. In the event of any termination of the Participant’s
employment relationship with the Company by reason of the Participant’s Disability (as determined
by the Committee in its sole discretion), the Participant may exercise the Option at any time
within one (1) year after such termination to the extent of the number of shares vested on the date
of termination, but in no event more than ____________ (___) years after the date of this
Agreement. The term “Disability” shall have the meaning as set forth in Section 22(e)(3)
of the Internal Revenue Code.

     7. Death of Participant. If the Participant shall die while an employee of the
Company, Parent or any Subsidiary or shall die within the three-month period following termination
of his employment (except termination for Cause or voluntary termination by the Participant or
without Good Reason after a Change in Control as provided in paragraph 5) the Option to the extent
vested may be exercised by any legatee of the Option under the Participant’s will, by the
Participant’s estate or personal representative, or by any distributee of the Option at any time
within one (1) year after the Participant’s termination of employment, but in no event more than
____________ (___) years after the date of this Agreement.

     8. Method of Exercising Option. Subject to the terms and conditions of this
Agreement, the Option may be exercised by giving written notice to the Company. Such notice shall
state the election to exercise the Option and the number of shares with respect to which it is
being exercised and shall be signed by the person who shall exercise the option. (In the event
that the Option shall be exercised pursuant to paragraph 7 of this Agreement, the notice shall be
accompanied by appropriate proof of the right of such person to exercise the Option). Such notice
shall be accompanied by payment of the full purchase price of such shares. The shares as to which
the Option shall have been so exercised shall be registered in the name of the person who shall
exercise the Option and a certificate evidencing such shares shall be delivered to the person who
shall exercise the Option on

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his or her written order. All shares that shall be purchased in the exercise of the Option
shall be fully paid and nonassessable.

     As a condition to the issuance of the shares as to which the Option shall be exercised, the
Participant authorizes the Company to withhold from any regular cash compensation payable to the
Participant any taxes required to be withheld by the Company under federal, state, or other local
law as a result of the exercise of the Option; provided, however, if the Company so requests, the
person who shall exercise the Option shall in the alternative remit to the Company at the time of
any exercise of the Option any taxes required to be withheld by the Company under federal, state,
or other local law as a result of the exercise of the Option.

     9. General. The Company shall make available such number of shares of Common Stock
as will be sufficient to satisfy the requirements of this Agreement. The exercise of the Option
shall be subject to the condition that if at any time the Company shall determine in its sole
discretion that (a) the listing upon any securities exchange or stock market or the registration or
qualification under any state or federal law of any shares of Common Stock otherwise deliverable
upon such exercise, or (b) the consent or approval of any regulatory body is necessary or desirable
as a condition of, or in connection with, such exercise or the delivery or purchase of shares of
Common Stock pursuant to such exercise, then in any such event, such exercise shall not be effected
or made subject to conditions established by the Committee.

     10. Severability and Governing Law. If any provision of this Agreement or its
application to any circumstance is deemed invalid or unenforceable, the remainder of this Agreement
and the application of such provision to other circumstances shall not be affected. This Agreement
shall not be effective until executed by a duly authorized representative of the Company, and shall
be governed by and construed in accordance with the laws of the State of Georgia.

     11. Notices. Any notices provided for under this Agreement shall be in writing and
shall be delivered in person to the party to be notified or sent by certified mail. Notices sent
to the Company shall be addressed to Fidelity Southern Corporation, 3490 Piedmont Rd., NW, Suite
1550, Atlanta, Georgia 30305, Attention: Corporate Secretary. Notices sent to the Participant
shall be addressed to the Participant at his address as it appears in the Company’s records.

     12. Plan. This Agreement and the Options granted pursuant hereto are subject to the
terms and conditions of the Plan. In the event of any conflict between the provisions of this
Agreement and the Plan, the terms and conditions of the Plan shall control. Any term not defined
herein and defined in the Plan, shall have the meaning set forth in the Plan.

     13. Entire Agreement. This Agreement and the Plan constitute the entire agreement
between the Company and the Participant with respect to the subject matter of this Agreement. No
waiver, modification, or amendment of any of the terms or conditions of this Agreement shall be
effective unless set forth in writing signed by the Company and the Participant.

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     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer, and the Participant has set his hand and seal to this Agreement, all as of the
day and year first above written.

	 	 	 	 	 
	 

	 	FIDELITY SOUTHERN CORPORATION
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	 	 	Chairman
	 
	 	 	 	 
	 

	 	PARTICIPANT:
	 
	 	 	 	 
	 

	 	 
	 
	 	 	 	 
	 

	 	Address:
	 
	 	 	 	 
	 

	 	 
	 
	 	 	 	 
	 

	 	 
	 
	 	 	 	 
	 

	 	Social Security No. __________________

1/2007

6Unassociated Document

    Exhibit
      10.1

    

    Employment
      Agreement

    

    THIS
      EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into as of December
      12, 2006 and shall be effective as of December 12, 2006 (the “Effective Date”)
      by and between Tatonka
      Oil and Gas, Inc., a
      Colorado corporation, with an office located at 1515 Arapahoe Street, Tower
      1,
      10th
      Floor,
      Denver, Colorado 80202 (the “Company”) and Paul
      Stroud,
      an
      individual with an address located at P.O. Box 6565, Sheridan, WY 82801
      (“Stroud”).

    

    WHEREAS,
      the Company desires to retain the services of Stroud as Vice President-
      Engineering and Stroud is willing to be employed by the Company in such
      capacity.

    

    NOW,
      THEREFORE, in consideration of the mutual covenants contained herein, the
      parties agree as follows:

    

    1.
      Employment.
      Stroud
      is hereby employed and engaged to serve the Company as the Company’s Vice
      President- Engineering, or such additional titles as the Company shall specify
      from time to time with the consent of Stroud, and Stroud does hereby accept
      and
      agrees to such engagement and employment. 

    

    2.
      Duties.
      Stroud’s
      duties shall be such duties and responsibilities as the Company shall specify
      from time to time, which shall entail those duties customarily performed by
      the
      Vice President- Engineering of a company with a business commensurate with
      those
      of the Company. Stroud shall have such authority, discretion, power and
      responsibility, and shall be entitled to office, secretarial and other
      facilities and conditions of employment, as are customary or appropriate to
      his
      position. Stroud shall diligently and faithfully execute and perform such duties
      and responsibilities, subject to the general supervision and control of the
      Company’s Chief Executive Officer. Stroud shall be responsible and report to the
      Company’s Chief Executive Officer. Stroud shall devote the majority of his
      attention, energy, and skill to the business and affairs of the Company. Stroud
      shall be permitted to engage in other business activities that do not directly
      compete with the Company. 

    

    Nothing
      in this Agreement shall preclude Stroud from devoting reasonable periods
      required for:

    

    
      	 	
              (a)

            	
              serving
                as a director or member of a committee of any organization or corporation
                involving no conflict of interest with the interests of the
                Company;

            

    

    

    
      	 	
              (b)
                

            	
              serving
                as a consultant in his area of expertise (in areas other than in
                connection with the business of the Company), to government, industrial,
                and academic panels where it does not conflict with the interests
                of the
                Company; and

            

    

    

    
      	
            	(c)	
              managing
                his personal investments or engaging in any other non-competing
                business;

            

    

    

    
      	
            	(d)	
              engaging
                in oil and gas activities outside of North
                America;

            

    

     

    provided
      that such activities do not materially interfere with the regular performance
      of
      his duties and responsibilities under this Agreement as reasonably determined
      in
      good faith by the Company.

    

    3.
      Best Efforts of Stroud.
      During
      his employment hereunder, Stroud shall, subject to the direction and supervision
      of the Company’s Chief Executive Officer, devote the majority of his business
      time, best commercially reasonable efforts, business judgment, skill, and
      knowledge to the advancement of the Company's interests and to the discharge
      of
      his duties and responsibilities hereunder. Notwithstanding the foregoing,
      nothing herein shall be construed as preventing Stroud from investing his assets
      in any business.

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    4.
      Compensation of Stroud. 

    

    	(a)  	
            Base
              Compensation.
              As
              compensation for the services provided by Stroud under this Agreement,
              the
              Company shall pay Stroud an annual salary of One Hundred Fifty Thousand
              Dollars ($150,000). The compensation of Stroud under this Section shall
              be
              paid in accordance with the Company's usual payroll procedures.
              

          

    

    	(b)  	
            Stock
              and Stock Options.
              Upon execution of this Agreement, the Company: shall grant Stroud options
              to purchase 500,000 shares of the Company’s common stock with an exercise
              price equal to ($1.25) one dollar and twenty five cents, which shall
              vest
              in accordance with the Company’s stock option plan. The options shall have
              a term of five (5) years from the date of
              grant.

          

    

    In
      the
      event of a conflict between the above grant and either the shareholder approved
      stock option plan or corresponding board resolution, the covenants of the
      approved plan and board resolution take precedence.

    

    	(c)  	
            Bonus.
              In
              addition to the base compensation in Section 5(a), Stroud shall be
              eligible to receive an annual bonus determined by the Board of Directors
              based on the performance of the Company and Stroud.
              

          

    

    5.
      Benefits. Stroud
      shall also be entitled to participate in any and all Company benefit plans,
      from
      time to time, in effect for employees of the Company, including, but not limited
      to, health, dental and vision insurance plans available to the Company's senior
      management executives and their dependents. Such participation shall be subject
      to the terms of the applicable plan documents and generally applicable Company
      policies.

    

    6.
      Vacation, Sick Leave and Holidays.
      Stroud
      shall be entitled to four (4) weeks of paid vacation, with such vacation to
      be
      scheduled and taken in accordance with the Company's standard vacation policies.
      Two (2) weeks of unused, accrued vacation can be carried into the next year.
      Remaining unused, accrued vacation time will be paid during the first quarter
      of
      the following year. In addition, Stroud shall be entitled to such sick leave
      and
      holidays at full pay in accordance with the Company's policies established
      and
      in effect from time to time.

    

    7.
      Business Expenses.
      The
      Company shall promptly reimburse Stroud for all reasonable out-of-pocket
      business expenses incurred in performing Stroud’s duties and responsibilities
      hereunder in accordance with the Company's policies, provided Stroud promptly
      furnishes to the Company adequate records of each such business expense. Such
      expenses shall be reimbursed in accordance with the Company’s regular
      reimbursement practices.

    

    8.
      Location of Stroud's Activities. Stroud’s
      principal place of business in the performance of his duties and obligations
      under this Agreement shall be at a place to be determined by the Company’s Chief
      Executive Officer in the metro Denver area. Notwithstanding the preceding
      sentence, Stroud will engage in such travel and spend such time in other places
      as may be reasonably necessary or appropriate in discharging of his duties
      hereunder. 

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    9.
      Confidential Information/Inventions. 

    

    (a)
      Confidential
      Information.
      Stroud
      shall not, in any manner, for any reasons, either directly or indirectly,
      divulge or communicate to any person, firm or corporation, any confidential
      information concerning any matters not generally known or otherwise made public
      by Company which affects or relates to the Company’s business, finances,
      marketing and/or operations, research, development, inventions, products,
      designs, plans, procedures, or other data (collectively, “Confidential
      Information”) except in the ordinary course of business, as necessary to joint
      venture partners or as required by applicable law for a period of one year.
      Without regard to whether any item of Confidential Information is deemed or
      considered confidential, material, or important, the parties hereto stipulate
      that as between them, to the extent such item is not generally known in the
      oil
      and gas industry, such item is important, material, and confidential and affects
      the successful conduct of the Company’s business and goodwill, and that any
      breach of the terms of this Section 9 shall be a material and incurable breach
      of this Agreement. Confidential Information shall not include: (i) information
      obtained or which became known to Stroud other than through his employment
      by
      the Company; (ii) information in the public domain at the time of the disclosure
      of such information by Stroud; (iii) information that Stroud can document was
      independently developed by Stroud; (iv) information that is disclosed by Stroud
      with the prior written consent of the Company and (v) information that is
      disclosed by Stroud as required by law, governmental regulation or court
      order.

    

    (b)
      Documents.
      Stroud
      further agrees that all documents and materials furnished to Stroud by the
      Company and relating to the Company’s business or prospective business are and
      shall remain the exclusive property of the Company. Stroud shall deliver all
      such documents and materials, not copied, to the Company upon demand therefore
      and in any event upon expiration or earlier termination of this Agreement.
      Any
      payment of sums due and owing to Stroud by the Company upon such expiration
      or
      earlier termination shall be conditioned upon returning all such documents
      and
      materials, and Stroud expressly authorizes the Company to withhold any payments
      due and owing pending return of such documents and materials.

    

    (c)
      Inventions. All
      ideas, inventions, and other developments or improvements conceived or reduced
      to practice by Stroud, alone or with others, during the Term of this Agreement,
      whether or not during working hours, that are within the scope of the business
      of the Company or that relate to or result from any of Stroud’s work or projects
      or the services provided by Stroud to the Company pursuant to this Agreement,
      shall be the exclusive property of the Company. Stroud agrees to assist the
      Company, at the Company’s expense, to obtain patents and copyrights on any such
      ideas, inventions, writings, and other developments, and agrees to execute
      all
      documents necessary to obtain such patents and copyrights in the name of the
      Company. This clause excludes all intellectual property work initiated prior
      to
      the execution of this agreement.

    

    (d)
      Disclosure. During
      the Term, Stroud will promptly disclose to the Chief Executive Officer full
      information concerning any interest, direct or indirect, of Stroud (as owner,
      shareholder, partner, lender or other investor, director, officer, employee,
      consultant or otherwise) or any member of his immediate family in any business
      that is reasonably known to Employee to purchase or otherwise obtain services
      or
      products from, or to sell or otherwise provide services or products to, the
      Company or to any of its suppliers or customers.

    

    10.
      Non-Compete. Except
      as
      expressly permitted herein, during the Term of this Agreement, Stroud shall
      not
      engage in any of the following competitive activities: (a) engaging directly
      or
      indirectly in any business or activity substantially similar to any business
      or
      activity engaged in (or proposed to be engaged in) by the Company in North
      America; (b) engaging directly or indirectly in any business or activity
      competitive with any business or activity engaged in (or proposed to be engaged
      in) by the Company in North America; (c) soliciting or taking away any employee,
      agent, representative, contractor, supplier, vendor, customer, franchisee,
      lender or investor of the Company, or attempting to so solicit or take away;
      (d)
      interfering with any contractual or other relationship between the Company
      and
      any employee, agent, representative, contractor, supplier, vendor, customer,
      franchisee, lender or investor; or (e) using, for the benefit of any person
      or
      entity other than the Company, any Confidential Information of the Company.
      The
      foregoing covenant prohibiting competitive activities shall survive the
      termination of this Agreement and shall extend, and shall remain enforceable
      against Stroud, for the period of the lesser of (6) six months or the duration
      of termination pay as described in paragraph 13 below, following the date this
      Agreement is terminated In addition, during the one-year period following such
      expiration or earlier termination, neither Stroud nor the Company shall make
      any
      negative statement of any kind concerning the Company or its affiliates, or
      their directors, officers or agents or Stroud.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    11.
      Injunctive Relief. Stroud
      acknowledges and agrees that the covenants and obligations of Stroud set forth
      in Sections 9 and 10 with respect to non-competition, non-solicitation,
      confidentiality and the Company’s property relate to special, unique and
      extraordinary matters and that a violation of any of the terms of such covenants
      and obligations will cause the Company irreparable injury for which adequate
      remedies are not available at law. Therefore, Stroud agrees that the Company
      shall be entitled to an injunction, restraining order or such other equitable
      relief (without the requirement to post bond) as a court of competent
      jurisdiction may deem necessary or appropriate to restrain Stroud from
      committing any violation of the covenants and obligations referred to in this
      Section 11. These injunctive remedies are cumulative and in addition to any
      other rights and remedies the Company may have at law or in equity.

    

    12.
      Survival.
      Stroud
      agrees that the provisions of Sections 9, 10 and 11 shall survive expiration
      or
      earlier termination of this Agreement for any reasons, whether voluntary or
      involuntary, with or without cause, and shall remain in full force and effect
      thereafter. Notwithstanding the foregoing, if this Agreement is terminated
      upon
      the dissolution of the Company, the filing of a petition in bankruptcy by the
      Company or upon an assignment for the benefit of creditors of the assets of
      the
      Company, Sections 9, 10 and 11 shall be of no further force or
      effect.

    

    13.
      Termination.
      Your
      employment with the Company will be “at will”, meaning that either you or the
      Company will be entitled to terminate your employment at any time and for any
      reason, with or without cause, after thirty (30) days written notice is given.
      Notwithstanding any other provisions hereof to the contrary, Stroud’s employment
      hereunder shall terminate under the following circumstances:

    

    	(a)  	
            Voluntary
              Termination by Stroud.
              Stroud shall have the right to voluntarily terminate this Agreement
              and
              his employment hereunder at any time during the Employment Term.
              

          

    

    	(b)  	
            Voluntary
              Termination by the Company. The
              Company shall have the right to voluntarily terminate this Agreement
              and
              Stroud’s employment hereunder at any time. If the Company initiates an “at
              will” termination of your employment as described above the Company agrees
              to pay Stroud a lump-sum separation fee at the time of termination
              equal
              to six (6) months salary plus benefits and be granted immediate vesting
              of
              all unvested stock and options. 

          

    

    	(c)  	
            Termination
              for Cause.
              The Company shall have the right to terminate this Agreement and Stroud’s
              employment hereunder at any time for cause. For purposes of this
              Agreement, the term “cause” for termination by the Company shall be (a) a
              conviction of or plea of guilty or nolo
              contendere by
              Stroud to a felony, or any crime involving fraud or embezzlement; (b)
              the
              refusal by Stroud to perform his material duties and obligations
              hereunder; (c) Stroud’s willful and intentional misconduct in the
              performance of his material duties and obligations; or (d) if Stroud
              or
              any member of his family makes any personal profit arising out of or
              in
              connection with a transaction to which the Company is a party or with
              which it is associated without making disclosure to and obtaining the
              prior written consent of the Board of Directors. The written notice
              given
              hereunder by the Company to Stroud shall specify in reasonable detail
              the
              cause for termination. For purposes of this Agreement, “family” shall mean
              Stroud’s spouse and/or children. In the case of a termination for the
              causes described in (a) and (d) above, such termination shall be effective
              upon receipt of the written notice. In the case of the causes described
              in
              (b) and (c) above, such termination notice shall not be effective until
              ten (10) days after Stroud’s receipt of such notice, during which time
              Stroud shall have the right to respond to the Company’s notice and cure
              the breach or other event giving rise to the
              termination.

          

     

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
 

    	(d)  	
            Event
              of Sale, Merger or Change of Control.
              In
              the event of the sale, merger or change of control of the Company during
              your employment, or in the event of an agreement to sell, merge or
              change
              control of the Company during your employment, the Company or its
              successor(s) agree to immediately vest all unvested stock and options
              and
              offer you employment under the terms given above, for a period of at
              least
              (6) six months after the sale or merger closing date. If this extension
              is
              not given by the Company or its successor(s) and accepted by you, then
              the
              Company or its successor(s) agree to pay to you a lump-sum separation
              fee
              equivalent to (6) six months of salary plus benefits. Employment “at will”
              provisions described above cannot be applied by the Company from 120
              days
              before the date of the agreement to sell or merge the Company to the
              closing date. If an “at will” action to terminate your employment is taken
              by the Company during this time period, or if you are asked to voluntarily
              end your employment by the Company during this time period, you will
              be
              entitled to immediate vesting of all unvested stock and options and
              a
              lump-sum payment of the equivalent of your salary and benefits for
              (6) six
              months, to be paid on or before the sale or merger closing date.
              

          

     

    	(e)  	
            Termination
              Upon Death.
              If
              Stroud dies during the Term of this Agreement, this Agreement shall
              terminate, except that Stroud’s legal representatives shall be entitled to
              receive any earned but unpaid compensation or expense reimbursement
              due
              hereunder through the date of death.

          

    

    	(f)  	
            Termination
              Upon Disability.
              If, during the Term of this Agreement, Stroud suffers and continues
              to
              suffer from a “Disability” (as defined below), then the Company may
              terminate this Agreement by delivering to Stroud thirty (30) calendar
              days’ prior written notice of termination based on such Disability,
              setting forth with specificity the nature of such Disability and the
              determination of Disability by the Company. For the purposes of this
              Agreement, “Disability” means Stroud’s inability, with reasonable
              accommodation, to substantially perform Stroud’s duties, services and
              obligations under this Agreement due to physical or mental illness
              or
              other disability for a continuous, uninterrupted period of one hundred
              and
              eighty (180) calendar days or two hundred and ten (210) days during
              any
              twelve month period. Upon any such termination for Disability, Stroud
              shall be entitled to receive any earned but unpaid compensation or
              expense
              reimbursement due hereunder through the date of
              termination.

          

    

    	(g)  	
            Effect
              of Termination. 

          

    

    (i)
      In
      the event that this Agreement and Stroud’s employment is voluntarily terminated
      by Stroud pursuant to Section 13(a), or in the event the Company terminates
      this
      Agreement for cause pursuant to Section 13(c), all obligations of the Company
      and all duties, responsibilities and obligations of Stroud under this Agreement
      shall cease. Upon such termination, the Company shall (i) pay Stroud a cash
      lump
      sum equal to all accrued base salary through the date of termination plus all
      accrued vacation pay and bonuses, if any; and (ii) any shares of common stock
      or
      options granted to Stroud by the Company which have not vested pursuant to
      Section 4 hereof shall be terminated. 

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    (ii)
      In
      the event that this Agreement and Stroud’s employment is voluntarily terminated
      by the Company pursuant to Section 13(b), all obligations of the Company and
      all
      duties, responsibilities and obligations of Stroud under this Agreement shall
      cease. Upon such termination, the Company shall pay Stroud a cash lump sum
      equal
      to all accrued base salary through the date of termination plus all accrued
      vacation pay and bonuses, if any; (ii) the separation fee; and (iii) any shares
      of common stock or options granted to Stroud by the Company pursuant to Section
      4 hereof shall become immediately vested. 

    

    (iii)
      In
      the event this Agreement is terminated upon the death of Stroud pursuant to
      Sections 11(e), Stroud’s estate shall be entitled to all compensation pursuant
      to Sections 4 and 5 for the period of 6 months after his death. Payment will
      be
      made to Stroud’s estate. In the event of a merger, consolidation, sale, or
      change of control, the Company's rights hereunder shall be assigned to the
      surviving or resulting company, which company shall then honor this Agreement
      with Stroud and his estate.

     

    14.
      Resignation as Officer.
      In the
      event that Stroud’s employment with the Company is terminated for any reason
      whatsoever, Stroud agrees to immediately resign as an Officer and/or Director
      of
      the Company and any related entities. For the purposes of this Section 14,
      the
      term the "Company" shall be deemed to include subsidiaries, parents, and
      affiliates of the Company. 

    

    15.
      Governing Law, Jurisdiction and Venue.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Colorado without giving effect to any applicable conflicts of law
      provisions.

    

    16.
      Independent Legal Advice.
      The
      Company has obtained legal advice concerning this Agreement and has requested
      that Stroud obtain independent legal advice with respect to same before
      executing this Agreement. Stroud, in executing this Agreement, represents and
      warranties to the Company that he has been so advised to obtain independent
      legal advice, and that prior to the execution of this Agreement he has so
      obtained independent legal advice, or has, in his discretion, knowingly and
      willingly elected not to do so.

    

    17.
      Business Opportunities.
      During
      the Employment Term Stroud agrees to bring to the attention of the Company’s
      Chief Executive Officer and the Company’s Board of Directors all written
      business proposals that come to Stroud’s attention and all business or
      investment opportunities of whatever nature that are created or devised by
      Stroud and that relate to areas in which the Company conducts business and
      might
      reasonably be expected to be of interest to the Company or any of its
      subsidiaries.

    

    18.
      Employee’s Representations and Warranties.
      Stroud
      hereby represents and warrants that he is not under any contractual obligation
      to any other company, entity or individual that would prohibit or impede Stroud
      from performing his duties and responsibilities under this Agreement and that
      he
      is free to enter into and perform the duties and responsibilities required
      by
      this Agreement. Stroud has informed the Company of a number business consulting
      relationships, and the Company agrees that this does not constitute an
      impediment as herein described, and that this does not constitute an impediment
      to the performance of his described duties. A written description of the
      relationship will be presented by Stroud for the company’s records within ten
      (10) business days.

    

    19.
      Indemnification.

     

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
 

    	(a)  	
            The
              Company agrees that if Stroud is made a party, or is threatened to
              be made
              a party, to any action, suit or proceeding, whether civil, criminal,
              administrative or investigative (a "Proceeding"), by reason of the
              fact
              that he is or was a director, officer or employee of the Company or
              is or
              was serving at the request of the Company as a director, officer, member,
              employee or agent of another corporation, partnership, joint venture,
              trust or other enterprise, including service with respect to employee
              benefit plans, whether or not the basis of such Proceeding is Stroud’s
              alleged action in an official capacity while serving as a director,
              officer, member, employee or agent, Stroud shall be indemnified and
              held
              harmless by the Company to the fullest extent permitted or authorized
              by
              the Company's certificate of incorporation or bylaws or, if greater,
              by
              the laws of the State of Colorado, against all cost, expense, liability
              and loss (including, without limitation, attorney's fees, judgments,
              fines, ERISA excise taxes or penalties and amounts paid or to be paid
              in
              settlement) reasonably incurred or suffered by Stroud in connection
              therewith, and such indemnification shall continue as to Stroud even
              if he
              has ceased to be a director, member, employee or agent of the Company
              or
              other entity and shall inure to the benefit of Stroud’s heirs, executors
              and administrators. The Company shall advance to Stroud to the extent
              permitted by law all reasonable costs and expenses incurred by his
              in
              connection with a Proceeding within 20 days after receipt by the Company
              of a written request, with appropriate documentation, for such advance.
              Such request shall include an undertaking by Stroud to repay the amount
              of
              such advance if it shall ultimately be determined that he is not entitled
              to be indemnified against such costs and
              expenses.

          

    

    	(b)  	
            Neither
              the failure of the Company (including its Board of Directors, independent
              legal counsel or stockholders) to have made a determination prior to
              the
              commencement of any proceeding concerning payment of amounts claimed
              by
              Stroud that indemnification of Stroud is proper because he has met
              the
              applicable standard of conduct, nor a determination by the Company
              (including its Board of Directors, independent legal counsel or
              stockholders) that Stroud has not met such applicable standard of conduct,
              shall create a presumption that Stroud has not met the applicable standard
              of conduct.

          

    

    	(c)  	
            The
              Company agrees to continue and maintain a liability insurance policy
              covering Stroud to the extent the Company provides such coverage for
              its
              other executives and officers.

          

    

    	(d)  	
            Promptly
              after receipt by Stroud of notice of any claim or the commencement
              of any
              action or proceeding with respect to which Stroud is entitled to indemnity
              hereunder, Stroud shall notify the Company in writing of such claim
              or the
              commencement of such action or proceeding, and the Company shall (i)
              assume the defense of such action or proceeding, (ii) employ counsel
              reasonably satisfactory to Stroud, and (iii) pay the reasonable fees
              and
              expenses of such counsel. Notwithstanding the preceding sentence, Stroud
              shall be entitled to employ counsel separate from counsel for the Company
              and from any other party in such action if Stroud reasonably determines
              that a conflict of interest exists which makes representation by counsel
              chosen by the Company not advisable. In such event, the reasonable
              fees
              and disbursements of such separate counsel for Stroud shall be paid
              by the
              Company to the extent permitted by law.

          

    

    	(e)  	
            After
              the termination of this Agreement and upon the request of Stroud, the
              Company agrees to reimburse Stroud for all reasonable travel, legal
              and
              other out-of-pocket expenses related to assisting the Company to prepare
              for or defend against any action, suit, proceeding or claim brought
              or
              threatened to be brought against the Company or to prepare for or
              institute any action, suit, proceeding or claim to be brought or
              threatened to be brought against a third party arising out of or based
              upon the transactions contemplated herein and in providing evidence,
              producing documents or otherwise participating in any such action,
              suit,
              proceeding or claim. In the event Stroud is required to appear after
              termination of this Agreement at a judicial or regulatory hearing in
              connection with Stroud's employment hereunder, or Stroud's role in
              connection therewith, the Company agrees to pay Stroud a sum, to be
              mutually agreed upon by Stroud and the Company, a daily fee and reasonable
              expenses for each day of his appearance and each day of preparation
              therefor.

          

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    20.
      Notices.
      All
      demands, notices, and other communications to be given hereunder, if any, shall
      be in writing and shall be sufficient for all purposes if personally delivered,
      sent by facsimile or sent by United States mail to the address below or such
      other address or addresses as such party may hereafter designate in writing
      to
      the other party as herein provided.

     

    
 

    
      	Company:	Stroud:
	Tatonka Oil and Gas Company, Inc.	P.O. Box 6565, 
	1515 Arapahoe Street, Tower 1, 10th
              Floor   	Sheridan, WY 82801
	Denver, CO 80202      	 
	Fax # (303) 949-4101      	Fax # (307) 751-5517  

    

             

     

    

    21.
      Entire Agreement.
      This
      Agreement contains the entire agreement of the parties and there are no other
      promises or conditions in any other agreement, whether oral or written. This
      Agreement supersedes any prior written or oral agreements between the parties.
      This Agreement may be modified or amended, if the amendment is made in writing
      and is signed by both parties. This Agreement is for the unique personal
      services of Stroud and is not assignable or delegable, in whole or in part,
      by
      Stroud. This Agreement may be assigned or delegated, in whole or in part, by
      the
      Company and, in such case, shall be assumed by and become binding upon the
      person, firm, company, corporation or business organization or entity to which
      this Agreement is assigned, subject to the provisions of section 13 (d). The
      headings contained in this Agreement are for reference only and shall not in
      any
      way affect the meaning or interpretation of this Agreement. If any provision
      of
      this Agreement shall be held to be invalid or unenforceable for any reason,
      the
      remaining provisions shall continue to be valid and enforceable. The failure
      of
      either party to enforce any provision of this Agreement shall not be construed
      as a waiver or limitation of that party's right to subsequently enforce and
      compel strict compliance with every provision of this Agreement. This Agreement
      may be executed in two or more counterparts, each of which shall be deemed
      an
      original, but all of which together shall constitute one and the same instrument
      and, in pleading or proving any provision of this Agreement, it shall not be
      necessary to produce more than one of such counterparts.

    

    [Remainder
      of page intentionally left blank.]

    

    

    

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

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

     

     

     

    
      	Tatonka Oil and Gas Company,
              Inc.:   	PAUL
              Stroud:
	 	 
	 	 
	
              By: /s/
                BRIAN HUGHES

              
                
Name:
                Brian Hughes        

            	
              /s/ PAUL STROUD

              
                

              

              Paul
                Stroud

            
	Title:
              Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]