Document:

EXHIBIT 10.1

 

EMPLOYMENT AGREEMENT

 

 

This
Employment Agreement (“Agreement”) is entered into and made to be effective as of September 1, 2013 (the “Effective
Date”) by and between DGSE Companies, Inc. (formerly Dallas Gold & Silver
Exchange, Inc.), a Nevada corporation (the “Company”), and Christopher Brett Burford, an executive employee of the
Company (“Executive”) (collectively, the “Parties”).

 

Whereas,
the Company desires to employ Executive as its Chief Financial Officer in order to provide the necessary leadership and senior
management skills that are important to the Company, and believes that retaining Executive’s services and business expertise
are of material importance to the Company and its shareholders;

 

Whereas,
Executive is willing to accept such employment with the Company in accordance with the terms and conditions set forth in this Agreement;
and

 

Now,
Therefore, in consideration of the foregoing recitals and the mutual agreements contained herein, the Parties agree as follows:

 

		1.	Definitions.The
                                                                              following capitalized terms shall have the meanings
                                                                              set forth below.

 

1.1  “Board”
shall mean the Board of Directors of the Company.

 

1.2  “Cause”
shall mean any of the following: (i) conviction of a felony involving dishonest acts during the term of this Agreement; (ii)
any willful and material misapplication by Executive of the Company’s funds or any other material act of dishonesty committed
by Executive; (iii) Executive’s willful and material breach of this Agreement or willful and material failure to substantially
perform his duties hereunder (other than any such failure resulting from mental or physical illness) after written demand for substantial
performance is delivered by the Board which specifically identifies the manner in which the Board believes Executive has not substantially
performed his duties and Executive fails to cure his nonperformance. Executive shall not be deemed to have been terminated for
Cause without first having been (i) provided written notice of not less than thirty (30) days setting forth the specific reasons
for the Company’s intention to terminate for Cause, (ii) an opportunity for Executive, together with his counsel, to be heard
before the Board, and (iii) delivery to Executive of a notice of termination from the Board stating that a majority of the Board
of Directors found, in good faith, that Executive had engaged in the willful and material conduct referred to in such notice. For
purposes of this Agreement, no act, or failure to act, on Executive’s part shall be considered “willful” unless
done, or omitted to be done, by Executive in bad faith and without reasonable belief that Executive’s action or omission
was in the best interest of the Company.

 

1.3   “Change
of Control” shall occur if (i) any “person” (as such term is used in Section 13(d) and 14(d)(2) of the Securities
Exchange Act of 1934), other than NTR Metals, LLC, a Texas limited liability company (“NTR”), Ohio Precious Metals, LLC
(“OPM”) and/or Elemetal, LLC (“Elemetal”), becomes the beneficial owner, directly or indirectly, of securities
of the Company representing twenty percent (20%) or more of the combined voting power of the Company's then-outstanding securities,
(ii) starting January 1, 2014, during any period of twelve (12) months, individuals who constitute the Board at the beginning of
such period cease for any reason to constitute a majority of the Board thereof, (iii) NTR, OPM and/or Elemetal, individually or
collectively, become the beneficial owner, in the aggregate, directly or indirectly, of securities of the Company representing
seventy percent (70%) or more of the combined voting power of the Company's then outstanding securities, (iv) a person (as defined
in clause (i) above) acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition
by such person or group of persons) gross assets of the Company that have an aggregate fair market value greater than or equal
to over fifty percent (50%) of the fair market value of all of the gross assets of the Company immediately prior to such acquisition
or acquisitions.

 

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1.4  “COBRA”
shall mean the Consolidated Omnibus Reconciliation Act of 1985.

 

1.5  “Confidential
Information” shall mean trade secrets, confidential or proprietary information, and all other information, documents
or materials, owned, developed or possessed by the Company, or its predecessors and successors, that is not generally known to
the public. Confidential Information includes, but is not limited to, customer lists, financial information, business plans, product
cost or pricing, information regarding future development, locations or acquisitions, personnel records and software programs.
Confidential Information shall not include any information (i) that is or becomes generally publicly available (other than
as a result of violation of this Agreement by Executive), (ii) that Executive receives on a nonconfidential basis from a source
(other than the Company) that is not known by him to be bound by an obligation of secrecy or confidentiality to the Company, or
(iii) that was in the possession of Executive prior to disclosure by the Company.

 

1.6  “Employment
Term” shall mean the period during which Executive is employed by the Company pursuant to this Agreement, including the
Initial Term and any Renewal Terms as defined in Section 2 below.

 

1.7  “Incapacity,”
with respect to Executive, shall mean that Executive (i) is unable to engage in any substantial gainful activity by reason
of any medically-determinable physical or mental impairment which can be expected to result in death or can be expected to last
for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically-determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve
(12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health
plan covering employees of the Company. The determination of the existence of the Executive’s Incapacity shall be made by
the Board in accordance with Section 409A of the Code.

 

1.8  “Termination
Date” shall mean the earlier of (i) the date of expiration of the Initial Term or any Renewal Term, as applicable,
and (ii) if the Executive’s employment is terminated (a) by his death, the date of his death, or (b) by his
Incapacity or otherwise pursuant to the provisions of Section 7.1(b)-(e), as applicable, the date on which the Executive’s
employment with the Company actually terminates.

 

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		2.	Initial
                                                                              Employment Term and Renewal Terms.

 

2.1  Initial
Term. The initial term of this Agreement (“Initial Term”) shall begin immediately upon the Effective Date and shall
continue through the Third (3nd) anniversary thereof, subject to automatic extension as provided below and unless terminated
earlier in accordance with Section 7 below.

 

2.2  Renewal.
 Beginning with the third (3nd) anniversary of the Effective Date and continuing with each anniversary date thereafter,
the Employment Term shall automatically be extended in additional, successive one-year increments (“Renewal Term(s)”),
unless Executive or the Company provide written notice not less than 120 days prior to the expiration of the Initial Term or any
Renewal Term of his/its intention to not renew the Agreement.

 

		3.	Duties.

 

3.1  Executive
agrees to perform the duties of Chief Financial Officer of the Company. Executive shall render such services as are described for
such positions in the Company’s Bylaws, including senior management responsibilities of all public company reporting and
filing matters, all financial and accounting matters, all human resource matters, and other additional duties as may from time
to time be assigned to Executive by the Chief Executive Officer or the Board.

 

3.2  While
employed pursuant to this Agreement, Executive shall obey the lawful directions of the Chief Executive Officer and the Board and
shall use his best efforts to promote the interests of the Company and to maintain and promote the reputation thereof. During the
Employment Term, Executive may from time to time engage in any businesses or activities that do not compete directly and materially
with the Company and any of its subsidiaries, provided that such businesses or activities do not materially interfere with his
performance of the duties assigned to him in compliance with this Agreement by the Board or any duly authorized committee thereof.
Executive is specifically permitted to (i) invest his personal assets as a passive investor in such form or manner as will not
contravene the best interests of the Company and (ii) serve as an officer, director, trustee, or otherwise participate in educational,
welfare, social, charitable, religious, and civic organizations, (iii) serve as a director, for other public or private organizations,
with the knowledge and express written permission of the Chief Executive Officer and the Board, and only to the extent that it
does not interfere with the performance of Executive’s responsibilities to the Company.

 

3.3  The Parties
agree that during the Employment Term, Executive shall be based in Dallas, Texas and may not be assigned to another location outside
the Dallas-Fort Worth metropolitan area. Should the Company elect to relocate or transfer Executive to a location that is outside
the Dallas-Fort Worth metropolitan area and otherwise not acceptable to Executive, Executive shall have the option to terminate
this Agreement with Good Reason as defined in Section 7.3 below.

 

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		4.	Compensation
                                                                                     and Benefits.

 

4.1  Salary.
As compensation for the performance of services to the Company, the Company shall pay Executive an annual salary of at least
Three Hundred Thousand Dollars ($300,000) (said amount, together with any periodic increases, referred to as “Salary”).
The Salary shall be payable in equal bi-weekly installments, subject only to such payroll and withholding deductions as may be
required by law and other deductions applied generally to employees of the Company for employee benefits. The Board shall review
Executive’s overall annual compensation at least annually, and Executive’s Salary may be increased by the Board from
time to time by an amount that, in the opinion of the Board, is justified by Executive’s performance.

 

4.2 
Bonus. Executive shall be entitled to receive
an annual Performance Bonus from the Company upon the conclusion of each calendar year occurring during the Employment Term (each
a "Performance Bonus") in an amount equal to 25% of his then existing Salary paid as a lump-sum on or before March 31st
of each calendar year for the prior calendar. Payment of Performance Bonus will be based upon achievement of performance goals
mutually agreed by the Executive and the Chief Executive Officer, and may be earned and paid on a proportional basis, based on
less than full achievement of agreed upon goals, with agreement of the Chief Executive Officer and the Compensation Committee.

 

4.3  Medical
Insurance Benefits. During
the Employment Term, the Company shall maintain hospitalization and medical insurance coverage on Executive and his immediate
family as may be provided by the Company for its senior executive employees in accordance with the provisions of any such plans.

 

4.4  Other
Employee Benefit Plans. Executive shall be eligible to participate at a level commensurate with
his position in any employee equity purchase plans or programs that may be adopted for the benefit of the Company’s officers
or employees generally and in any employee fringe or other employee benefits and pension and/or profit sharing plans that may be
provided by the Company for its senior executive employees in accordance with the provisions of any such plans, as the same may
be in effect from time to time.

 

4.5  Vacation
and Leave of Absence. Executive shall be entitled
to take a minimum of four (4) weeks paid vacation per calendar year. Executive shall also be entitled to all paid holidays and
personal days given by the Company to its senior executives.

 

4.6  
Sick Leave and Disability. Executive shall be entitled to sick leave,
sick pay and disability benefits in accordance with any Company policy that may be applicable to senior executive employees from
time to time.

 

4.7  Expense
Reimbursement. Upon Executive’s furnishing to the Company customary and reasonable documentary
support evidencing costs and expenses incurred by him in the performance of his services and duties hereunder (including, without
limitation, travel and entertainment expenses), the Company shall reimburse Executive for such costs and expenses in accordance
with its normal expense reimbursement policy.

  

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4.8  Other
Executive Employee Benefits. During the Employment Term, Executive shall be eligible to participate
in any additional incentive compensation benefit, insurance benefit, or other plan or arrangement of the Company now or hereafter
created for the benefit of executive employees of the Company.

 

		5.	Company
Stock Plans. Executive shall be eligible to participate in such equity incentive
compensation plans as shall be established and maintained by the Company from time to time.

 

		6.	Confidential
                                                                                     Information. Executive
                                                                                     hereby covenants, agrees and acknowledges
                                                                                     as follows:

 

6.1  Access
to Confidential Information. During the Term of this Agreement Executive will have access to Confidential Information
of the Company.

 

6.2  Non-Disclosure
and Non-Use. During the Employment Term Executive shall not use or disclose, or make known for another’s
benefit other than for the benefit of the Company, any Confidential Information of the Company.

 

6.3  Return
of Confidential Information. Executive agrees that, upon termination of his employment with the Company for
any reason, Executive shall forthwith return to the Company all Confidential Information in whatever form maintained (including,
without limitation, computer discs and other electronic media).

 

6.4  Survival.
The obligations of Executive under this Section 6 shall, except as otherwise provided herein, survive the termination of the
Employment Term and the expiration or termination of this Agreement.

 

		7.	Termination.

 

7.1  Termination
of Employment. Executive’s employment hereunder shall be terminated upon the occurrence of any of the
following:

 

(a)   Incapacity
or death of Executive;

 

(b)   The
Company giving written notice to Executive that Executive’s employment is being terminated for Cause as defined in Section
1.2 above;

 

(c)   The
Company giving written notice to Executive that his employment is being terminated without Cause or the Agreement is not being
renewed following expiration of the Initial Term or any Renewal Term(s);

 

(d)   Executive
terminating his employment hereunder for Good Reason (as defined in Section 7.3 below); or\

 

(e)   Executive
terminating his employment hereunder for any reason whatsoever (whether by reason of retirement, resignation, or otherwise), other
than for Good Reason, upon sixty (60) days’ written notice to the Company.

 

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7.2  Compensation
following Termination.

 

(a)    Termination
by Reason of Incapacity or Death. If Executive’s employment relationship is terminated pursuant to Section 7.1(a) above
due to Executive’s Incapacity or death, then Executive (or in the event of Executive’s death, Executive’s legal
representative) will be entitled to those benefits that are provided by retirement and benefits plans and programs specifically
adopted and approved by the Company for Executive that are earned and vested at the date of termination due to death or Incapacity.
In the event of Executive's Incapacity or death, Executive (or in the event of Executive's death, Executive's legal representative),
even though no longer employed by the Company, shall continue to receive the Salary in effect at the time of Executive's Incapacity
or death for one (1) year following the date of termination. Conversely, the Company can instead fulfill this obligation through
the purchase of a Company-funded life insurance plan, that provides for life insurance benefits equal to or greater than the Executive’s
annual salary. Executive (or in the event of Executive’s death, Executive’s legal representative), shall be entitled
to receive payment of an amount equal to a pro-rata share of the Annual Bonus paid to Executive for the calendar year immediately
preceding his termination, which amount shall be paid within thirty (30) days from the date of termination. Executive’s immediate
family, to the extent that they are covered by Company sponsored life and health benefits at the time of termination due to Executive’s
Incapacity or death, shall be entitled to continue such coverage, either directly provided by the Company or via reimbursement
of any COBRA payments required to maintain such coverage, for a period not to exceed eighteen (18) months from the date of such
termination. Executive’s right to exercise stock options and Executive’s rights in other stock plans, if any, shall
remain governed by the terms and conditions of the appropriate stock plan.

 

(b)   Termination
by Company for Cause. The Company may terminate Executive for Cause if he engages in any of the acts or omissions listed in
the definition of Cause set forth in Section 1.2 above. If the Company terminates Executive’s employment for Cause pursuant
to Sections 1.2 and 7.1(b) above, then all compensation and benefits shall cease as of the date of termination other than: (i)
such amounts, if any, of Executive’s Salary as shall have accrued and remain unpaid as of the date of such termination for
Cause; and (ii) such other amounts, if any, which may be payable to Executive pursuant to the terms of the Company’s benefits
plans or pursuant to Section 4.7 above. Any amounts payable pursuant to this Section 7.2(b) shall be tendered to Executive within
thirty (30) days from the date of termination.

 

(c)   Termination
by Company Without Cause or by Executive for Good Reason. If the Company terminates Executive’s
employment without Cause pursuant to Section 7.1(c) above, or if Executive terminates his employment for Good Reason pursuant to
Section 7.1(d) above, then Executive, even though no longer employed by the Company, shall be entitled to receive: (i) a lump sum
payment within thirty (30) days after the Termination Date equal to the remainder of Executive’s current year’s Salary;
(ii) a lump sum payment within thirty (30) days after the Termination Date in an amount equal to the maximum amount of Annual Bonus
to which Executive would have been eligible to receive for the calendar year in which he was terminated; (iii) a lump sum payment
within sixty (60) days following termination in an amount equal to two (2) years’ Salary based on the Executive’s Salary
in effect immediately prior to termination of this Agreement; (iv) to the extent that Executive and his immediate family are covered
by Company sponsored life and health benefits at the time of termination, Executive shall be entitled to continue such coverage,
either directly provided by the Company or via reimbursement of any COBRA payments required to maintain such coverage, for a period
not to exceed eighteen (18) months from the date of such termination.

 

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(d)   Termination
by Executive without Good Reason. In the event that Executive terminates this Agreement pursuant
to Section 7.1(e) above, then Executive shall be entitled to receive within thirty (30) days after the Termination Date a lump
sum payment equal to the remainder of Executive’s accrued but unpaid salary. 7.3  Good Reason.
For purposes of this Agreement, Executive shall have a Good Reason for terminating employment with the Company if any one or more
of the following occur without Executive’s written consent: 

 

(a)    a material diminution
in Executive’s authority, duties or responsibilities with the Company;

 

(b)    the assignment
to Executive of any duties or responsibilities that, in Executive’s reasonable judgment, are materially inconsistent with
Executive’s existing duties or responsibilities;

 

(c)    layoff or involuntary
termination of Executive’s employment by the Company, except in connection with the termination of Executive’s employment
for Cause or as a result of Executive’s retirement, Incapacity or death;

 

(d)   a reduction
by the Company in Executive’s Salary;

 

(e)   the failure
by the Company to continue in effect any employee benefit plan in which Executive is participating at the Effective Date other
than as a result of the normal expiration of any such plan in accordance with its terms, except to the extent that the Company
provides Executive with substantially equivalent benefits;

 

(f)    a Change of
Control occurring (A) after January 1, 2014 with respect to any Change of Control described in Section 1.3(i)-(iii) hereof,
and (B) after the date hereof with respect to any Change of Control described in Section 1.3(iv) and (v) hereof;

 

(g)   the imposition
of any requirement that Executive be based outside the Dallas-Fort Worth metropolitan area;

 

(h)   the Company’s
failure to obtain the express assumption of this Agreement by any successor to the Company as provided by Section 8.2 hereof; or

 

(i)    any violation
by the Company of any agreement (including this Agreement) between it and Executive.

 

Any Good Reason shall
not be deemed to be waived by Executive’s continued employment following an act or omission giving rise to such Good Reason;
provided, however, that a condition described in this Section 7.3 shall not constitute Good Reason unless it is communicated
by the Executive to the Company in writing within sixty (60) days of the initial existence of the condition and is not corrected
by the Company within thirty (30) days of the date of the Company’s receipt of such written notice.

 

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7.4  Section 280G
Treatment. Notwithstanding anything in this Agreement to the contrary, in the event it is determined by an accounting firm
chosen by mutual agreement of the Parties that any economic benefit, payment or distribution by the Company to or for the benefit
of the Executive, whether paid, payable, distributed, or distributable pursuant to the terms of this Agreement or otherwise (a
“Payment”), would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended
(the “Code”), (such excise tax referred to in this Agreement as the “Excise Tax”), then the value of any
such Payments payable under this Agreement which constitute “parachute payments” under Section 280G(b)(2) of the Code,
as determined by the accounting firm, will be reduced so that the present value of all Payments (calculated in accordance with
Section 280G of the Code and the regulations thereunder), in the aggregate, equals the Safe Harbor Amount. The “Safe Harbor
Amount” is equal to 2.99 times the Executive’s “base amount,” within the meaning of Section 280G(b)(3)
of the Code.

 

7.5  Mitigation
Not Required. Executive shall not be required to mitigate the amount of any payment(s) provided for in this Agreement either
by seeking employment or otherwise. Furthermore, the Company shall not be entitled to set off or reduce any payments owed to Executive
under this Agreement by the amount of earnings or benefits received by Executive in any future employment.

 

		8.	Assignment
                                                                                     and Succession.

 

8.1
  No Assignment by Executive. This Agreement is personal to Executive and shall not be assignable by Executive
otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable
by Executive’s legal representatives.

 

8.2  Succession.
This Agreement shall inure to the benefit of and
be binding upon the Company and its successors and assigns.
The Company may assign this Agreement only to an assignee that agrees
to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession
had taken place. The failure of any assignee of the Company to expressly assume to perform this Agreement in writing, which is
not remedied within ten (10) business days after receipt of written notice from Executive notifying the Company or the Company’s
assignee of such failure, shall, at the election of Executive, constitute Good Reason for Executive to terminate pursuant to Section
7.1(d).

 

		9.	Restrictive
                                                                                     Covenants.

 

9.1
 Competition. During the Employment Term and in the event Executive’s employment is terminated for any reason
other than pursuant to Section 7.1(d) for Good Reason, for a period of two (2) years from the date of termination, Executive,
in consideration of compensation to be paid to Executive hereunder, will not directly or indirectly (as a director, officer, executive
employee, manager, consultant, independent contractor, advisor, or otherwise) engage in competition with, or own any interest
in, manage, control, perform any services for, participate in or be connected with any business or organization which engages
in direct competition with the Company within the precious metal, bullion, diamond or jewelry industries, within the geographic
borders of each State in which the Company conducts business during the Employment Term; provided, however, that
the provisions of this Section 9.1 shall not be deemed to prohibit (i) Executive’s ownership of not more than 4.9%
of the total shares of all classes of stock outstanding of any publicly held company, whether through direct or indirect stock
holdings so long as Executive has no active participation in such company or (ii) any of the current activities permitted by Section
3.2 above.

  

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9.2   Activities
Excluded. The Parties acknowledge and agree that if Executive shall enter into any license or franchise agreement or comparable
arrangement with the Company or any subsidiary or affiliate of the Company for the operation of a business also conducted by the
Company or such subsidiary or affiliate, Executive shall not be deemed to be “engaged” in any business in competition
with the business conducted by the Company for purposes of Section 9.1, provided Executive has first obtained the approval of the
Board.

 

10.          Indemnification.
The Company hereby agrees to indemnify Executive and hold him harmless to the fullest extent permitted by law against
any and all actions, claims, demands, proceedings, damages, losses or suits, including all costs and expenses of defense (including,
but not limited to, attorneys’ fees) resulting from Executive’s good faith performance of his duties and obligations
with the Company. 

 

11.         Notices.
All notices which are required or may be given pursuant to the terms of this Agreement shall be in writing and shall be sufficient
in all respects if given in writing and (i) delivered personally, (ii) mailed by certified or registered mail, return receipt requested
and postage prepaid, (iii) sent via a nationally recognized overnight courier, or (iv) sent via facsimile confirmed in writing
as follows:

 

If to the Company:

 

DGSE Companies, Inc.

15850 Dallas Parkway Suite 140

Dallas, Texas 75248

Attention: Chief Executive Officer

 

If to Executive:

 

Christopher Brett Burford

4320 Hanover St.

Dallas, Texas 75225

 

or to such other address
or addresses as either Party shall have designated in writing to the other Party hereto; provided, however, that any notice sent
by certified or registered mail shall be deemed delivered on the date of delivery as evidenced by the return receipt.

 

12.         Governing
Law and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas,
without giving effect to any principle of conflict of laws that would require the application of the law of any other jurisdiction.
The venue for any dispute arising out of this Agreement or Executive’s employment with the Company shall be exclusively
in the State District Court of Dallas County, Texas.

  

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13.         Severability.
The Parties agree that, in the event that any court of competent jurisdiction shall hold any provision of this Agreement
to be unenforceable, then such provision shall be deemed to be severed from the remainder of this Agreement for the purpose only
of the particular legal proceedings in question, and all other covenants and provisions of this Agreement shall in every other
respect continue in full force and effect and no covenant or provision shall be deemed dependent upon any other covenant or provision.

 

14.         Waiver.
Failure to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed
a waiver of such term, covenant or condition, nor shall any waiver or relinquishment of any right or power hereunder at any one
or more times be deemed a waiver or relinquishment of such right or power at any other time or times.

 

15.         Entire
Agreement; Modifications. Unless otherwise specified, this Agreement, together with any previous Stock Grant Agreements
or Stock Option Agreements entered into between Executive and the Company, constitute the entire and final expression of the agreement
of the Parties with respect to the subject matters hereof and supersede all prior agreements, oral and written, between the Parties
with respect to the subject matter hereof. This Agreement may be modified or amended only by an instrument in writing signed by
the Company and Executive. The Parties agree that if the terms of this Agreement conflict with any future merger agreements, asset
purchase agreements or other agreements relating to a Change of Control of the Company, then the terms of this Agreement shall
govern with respect to Executive notwithstanding any provision to the contrary in any other agreement.

 

16.         Construction.
This Agreement shall be construed as a whole according to its fair meaning. The headings of paragraphs and sections are for convenience
of reference and are not part of this Agreement and shall not affect the interpretation of any of its terms. The Parties acknowledge
that each of them has reviewed this Agreement and has had the opportunity to have it reviewed by their respective attorneys and
that any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not apply in the
interpretation of this Agreement.

 

17.         Counterparts.
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.

 

18.         Compliance
with Section 409A. The Parties intend that this Agreement complies with Section 409A of the Code, where applicable,
and this Agreement will be interpreted in a manner consistent with that intention. Notwithstanding any other provisions of this
Agreement to the contrary, and solely to the extent necessary for compliance with Section 409A of the Code and not otherwise eligible
for exclusion from the requirements of Section 409A, if as of the date of Executive’s “separation from service”
(within the meaning of Section 409A of the Code and the applicable regulations) from the Company, (a) Executive is deemed to be
a “Specified Employee” and (b) the Company or any member of a controlled group including the Company is publicly traded
on an established securities market or otherwise, no payment or other distribution required to be made to Executive hereunder (including
any payment of cash, any transfer of property, and any provision of taxable benefits) solely as a result of Executive’s separation
from service shall be made earlier than the first day of the seventh (7th) month following the date on which the Executive separates
from service with the Company.

 

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

 

 

	 	DGSE Companies, Inc.	 
	 	 	 	 
	 	By:	/s/ James J. Vierling	 
	 	Title:	CEO	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	/s/ Christopher Brett Burford	 
	 	 	Christopher Brett Burford	 
	 	 	 	 
	 	 	Dated:  October 29, 2013	 

  

    	Page 11Execution Version

 

THIS AMENDMENT TO
THE COFACE FACILITY AGREEMENT (this “Amendment”), dated as of 26 July, 2013 (the “Effective Date”),
is made by and among IRIDIUM COMMUNICATIONS INC., a Delaware corporation (the “Parent”), IRIDIUM SATELLITE
LLC, a Delaware limited liability company, as borrower (the “Borrower”), THE GUARANTORS under
and as defined in the COFACE Facility Agreement referred to below and SOCIÉTÉ GÉNÉRALE
as agent of the other Finance Parties (in this capacity the “COFACE Agent”)
and is made with reference to the COFACE Facility Agreement, dated as of October 4, 2010, by and among the Parent, the Borrower,
the other Obligors party thereto, the Lenders party thereto, the COFACE Agent and Deutsche Bank Trust Company Americas, as Security
Agent and U.S. Collateral Agent, as amended and restated by the Supplemental Agreement dated as of August 1, 2012 (the “COFACE
Facility Agreement”).

 

RECITALS:

 

WHEREAS, pursuant to
that certain amendment request letter dated May 30, 2013 from the Borrower, the Borrower has requested to amend certain provisions
of the COFACE Facility Agreement which the Lenders have agreed and COFACE has approved, in each case as provided for herein;

 

WHEREAS, the COFACE Agent
is authorised to execute this Amendment on behalf of the Finance Parties;

 

NOW, THEREFORE, in consideration
of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

agreement:

 

		1.	Definitions; Interpretation

 

		1.1	Definitions

 

Capitalised terms defined in the COFACE
Facility Agreement have, unless expressly defined in this Amendment, the same meaning in this Amendment.

 

		1.2	Construction

 

The principles of construction set out
in Clause 1.2 (Construction) of the COFACE Facility Agreement will have effect as if set out in this Amendment.

 

		2.	Amendments

 

2.1         Effective
as of the Effective Date, the COFACE Facility Agreement is hereby amended as follows:

 

Amendment to COFACE Facility
Agreement

 

    	 

    	 

    

 

Execution Version

 

		(a)	The definition of “Key Assets” set forth in Section 1.1 (Definitions)
of the COFACE Facility Agreement is hereby amended by adding the word “and limitations” immediately after the word
“restrictions”.

		(b)	The definition of “Material Company” set forth in Section 1.1 (Definitions)
of the COFACE Facility Agreement is hereby amended by:

 

		(i)	replacing the period at the end of paragraph (b) with the following text: “or;”; and

		(ii)	inserting a new paragraph (c) immediately after paragraph (b) and which shall read as follows:

 

“(c) any Foreign
Transferee Subsidiary.”.

 

		(c)	The definition of “Permitted Disposal” set forth in Section 1.1 (Definitions)
of the COFACE Facility Agreement is hereby amended by:

 

		(i)	adding the following text immediately after the words “except in the case of paragraph (b)”
in the beginning of the definition thereof: “and paragraph (m)”;

		(ii)	adding the following text immediately after the word “Obligor” at the end of paragraph
(b)(i) of the definition thereof: “or if the Disposing Company is a Foreign Transferee Subsidiary, the Acquiring Company
must also be a Foreign Transferee Subsidiary or an Obligor”;

		(iii)	deleting the word “and” at the end of paragraph
(j);

		(iv)	adding the text “;” at the end of paragraph
(k);

		(v)	replacing the period at the end of paragraph (l) with the following text: “; and” and

		(vi)	inserting a new paragraph (m) immediately after paragraph (l) and which shall read as follows:

 

“(m)
of any equipment or assets (including, without limitation, any Gateway, upgrades to ground systems or services in connection thereto)
by any Obligor or Foreign Transferee Subsidiary to any Foreign Transferee Subsidiary or an Obligor as a capital contribution, for
cash consideration or otherwise to the extent permitted by the Finance Documents; provided that:

 

(i)           such equipment or assets
(including, without limitation, any Gateway, upgrades to ground systems or services in connection thereto) was developed and/or
acquired for the purposes of, or in connection with, operating and maintaining, upgrading, improving or otherwise enhancing the
Borrower’s global network (including, without limitation, any ground stations, TTACs and other associated ground infrastructure)
and/or in connection with or related to the geographic expansion and growth of the Borrower’s Permitted Business; and

 

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(ii)          with respect to each Financial Year specified in column1 below, the aggregate book value at the time of disposal (as determined
according to the Accounting Principles) of such equipment or assets (including, without limitation, any Gateway, or upgrades to
ground systems or services in connection thereto) sold, leased, licensed, transferred or otherwise disposed of during such Financial
Year pursuant to this paragraph (m) does not exceed the amount specified in column 2 below opposite such Financial Year (in the
aggregate and on a cumulative basis):

 

	Column 1 
Financial Year Ending	 	Column 2 
Permitted Disposal 

Amount	 
	12/31/2013	 	$	50,000,000	 
	12/31/2014	 	$	60,000,000	 
	12/31/2015	 	$	70,000,000	 
	12/31/2016	 	$	80,000,000	 
	12/31/2017	 	$	90,000,000	 
	12/31/2018	 	$	100,000,000.”.	 

 

		(d)	Section 1.1 (Definitions) of the COFACE Facility Agreement is hereby amended by adding the
following new definition in the correct alphabetical order in Section 1.1 (Definitions) of the COFACE Facility Agreement:

 

““Foreign
Transferee Subsidiary” means any direct or indirect wholly owned Subsidiary of the Parent:

 

(i) that is
a member of the NEXT Group and is incorporated or organized (as applicable) under the laws of any jurisdiction other than the United
States or any state or territory thereof and is a “controlled foreign corporation” (within the meaning of Section 957
of the Code); and

 

(ii) where
one or more of its direct shareholders is an Obligor or are Obligors which has or have:

 

(A)      granted Transaction Security
over no less than 65% in aggregate of the outstanding shares or other ownership interests in such wholly owned Subsidiary;

 

(B)      delivered to the COFACE
Agent the Transaction Security Documents duly executed by it and the Security Agent (together with all such notices, documents,
instruments or filings set forth in Part 2 of Schedule 2 (Conditions Precedent) (as if references to an ‘Additional Guarantor’
were references to such direct shareholder(s) and references to ‘Accession Deed’ were references to the Transaction
Security Documents and provided further that, but subject to paragraph (ii)(A) above, the proviso in paragraph 11 shall not apply))
as are required by the COFACE Agent to be given, executed, made or delivered; and

 

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(C)        taken all such action that
is necessary to protect, perfect or give priority to such Transaction Security.

 

For the avoidance
of doubt, such wholly owned Subsidiary will become a Foreign Transferee Subsidiary on the date the COFACE Agent has received all
of the documents and other evidence listed in (ii) (A), (B) and (C) above, in form and substance reasonably satisfactory to it.
The COFACE Agent shall notify the Borrower and the Lenders promptly upon being so satisfied.

 

		3.	Representations

 

		3.1	Representations

 

The representations
set out in this Clause 3 (Representations) are made by each Obligor on the date of this Amendment to each
Finance Party.

 

		3.2	Powers and authority

 

It has the
power to enter into, perform and deliver, and has taken all necessary action to authorise the entry into, performance and delivery
of, this Amendment and the transactions contemplated by this Amendment.

 

		3.3	Legal validity

 

Subject to
the Legal Reservations, the obligations expressed to be assumed by it in this Amendment are legal, valid, binding and enforceable
obligations.

 

		3.4	Non-conflict

 

The entry into
and performance by it of, and the transactions contemplated by, this Amendment do not and will not conflict with:

 

		(a)	any law or regulation applicable to it;

 

		(b)	its constitutional documents; or

 

		(c)	any agreement or instrument binding upon it or any of its assets or constitute a default of termination
event (however described) under any such agreement or instrument where such circumstance has or is reasonably likely to have a
Material Adverse Effect.

 

		3.5	Authorisations

 

All authorisations
required by it in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated
by, this Amendment have been obtained or effected (as appropriate) and are in full force and effect.

 

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		3.6	Governing law and enforcement

 

		(a)	Subject to the Legal Reservations, the choice of governing law of this Amendment will be recognised
and enforced in its Relevant Jurisdictions.

 

		(b)	Subject to the Legal Reservations, any judgment obtained in relation to this Amendment will be
recognised and enforced in its Relevant Jurisdictions.

 

		3.7	Credit Agreement

 

Unless a representation
and warranty set out in clause 20 (Representations) of the COFACE Facility Agreement is expressed to be given at a specific
date, each Obligor makes the representations and warranties set out in clause 20 (Representations) of the COFACE Facility
Agreement (other than the representations and warranties in clauses 20.14(a), (b) and (c) (Original Financial Statements),
20.18 (Taxation) and 20.24 (Shares and Material Companies) of the COFACE Facility Agreement) on the Effective Date,
in each case as if references to the COFACE Facility Agreement are references to the COFACE Facility Agreement, as amended hereby,
with reference to the facts and circumstances then existing, provided that, in the case of those representations and warranties
contained in clause 20.13 (No misleading information) of the COFACE Facility Agreement, such representations and warranties
are made only with respect to any subsequent and new information delivered under the COFACE Facility Agreement since the last period
where such representation and warranty was made or deemed to be made under the COFACE Facility Agreement.

 

		4.	CONDITIONS TO EFFECTIVENESS

 

This Amendment shall
become effective on the Effective Date upon the due execution of a signature page to this Amendment by each of the Parent, the
Borrower, the other Obligors and the COFACE Agent on behalf of the Finance Parties and delivery of each party’s respective
signature pages to each of the other parties hereto.

 

		5.	Governing law; jurisdiction, etc.

 

This Amendment and any
non-contractual obligations arising out of or in connection with it are governed by English law. The provisions of Clause 40 (Enforcement)
of the COFACE Facility Agreement are hereby incorporated by reference, mutatis mutandis, as if set forth in full herein.

 

		6.	Miscellaneous

 

		(a)	This Amendment is a Finance Document.

 

		(b)	Each Obligor:

 

		(i)	agrees to the amendments to the COFACE Facility Agreement as contemplated by this Amendment; and

 

		(ii)	with effect from the Effective Date, confirms that any guarantee or security given by it or created
under a Finance Document will:

 

		(A)	continue in full force and effect; and

 

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		(B)	extend to the liabilities and obligations of the Obligors to the Finance Parties under the Finance
Documents as amended by this Amendment.

 

		(c)	On and after the date hereof, each reference in the COFACE Facility Agreement to “this Agreement”,
“hereunder”, “hereof”, “herein” or words of like import referring to the COFACE Facility Agreement,
and each reference in the other Finance Documents to the “COFACE Facility Agreement”, “thereunder”, “thereof”
or words of like import referring to the COFACE Facility Agreement shall mean and be a reference to the COFACE Facility Agreement
as amended by this Amendment.

 

		(d)	Except as specifically amended by this Amendment, the COFACE Facility Agreement shall remain unchanged
and in full force and effect and is hereby ratified and confirmed.

 

		(e)	Each Finance Party reserves any other right or remedy it may have now or subsequently. The execution,
delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right,
power or remedy of the Finance Parties under the COFACE Facility Agreement.

 

		(f)	Section headings in this Amendment are included herein for convenience of reference only and shall
not constitute a part of this Amendment for any other purpose or be given any substantive effect.

 

		(g)	This Amendment may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together
shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to the same document. Signatures to this Amendment
may be delivered by facsimile or other electronic means of transmission, and any signature so delivered shall be deemed an original
executed counterpart.

 

[Signature Pages to follow]

 

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IN WITNESS WHEREOF,
each of the parties hereto has caused this Amendment to be duly executed and delivered as of the date first above written.

 

Parent

 

	IRIDIUM COMMUNICATIONS INC.	 
	 	 
	By:	 /s/ Thomas J. Fitzpatrick	 
	Name: Thomas J. Fitzpatrick	 
	Title: Chief Financial Officer	 

 

Borrower

 

IRIDIUM SATELLITE
LLC

 

	By:	 /s/ Thomas J. Fitzpatrick	 
	Name: Thomas J. Fitzpatrick	 
	Title: Chief Financial Officer	 

 

Obligors

 

IRIDIUM COMMUNICATIONS
INC.

 

	By:	 /s/ Thomas J. Fitzpatrick	 
	Name: Thomas J. Fitzpatrick	 
	Title: Chief Financial Officer	 

 

IRIDIUM HOLDINGS LLC

 

	By:	 /s/ Thomas J. Fitzpatrick	 
	Name: Thomas J. Fitzpatrick	 
	Title: Chief Financial Officer	 

 

IRIDIUM CARRIER HOLDINGS LLC

 

	By:	 /s/ Thomas J. Fitzpatrick	 
	Name: Thomas J. Fitzpatrick	 
	Title: Chief Financial Officer	 

 

IRIDIUM CARRIER SERVICES LLC

 

	By:	 /s/ Thomas J. Fitzpatrick	 
	Name: Thomas J. Fitzpatrick	 
	Title: Chief Financial Officer	 

 

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IRIDIUM CONSTELLATION LLC

 

	By:	 /s/ Thomas J. Fitzpatrick	 
	Name: Thomas J. Fitzpatrick	 
	Title: Chief Financial Officer	 

 

IRIDIUM GOVERNMENT SERVICES LLC

 

	By:	 /s/ Thomas J. Fitzpatrick	 
	Name: Thomas J. Fitzpatrick	 
	Title: Chief Financial Officer of Iridium Constellation LLC, the Manager	 

 

SYNCOM-IRIDIUM HOLDINGS
CORP.

 

	By:	 /s/ Thomas J. Fitzpatrick	 
	Name: Thomas J. Fitzpatrick	 
	Title: Chief Financial Officer	 

 

IRIDIUM BLOCKER-B
INC.

 

	By:	 /s/ Thomas J. Fitzpatrick	 
	Name: Thomas J. Fitzpatrick	 
	Title: Chief Financial Officer	 

 

Signature Page to Amendment to COFACE Facility Agreement

 

    	 

    	 

    

 

COFACE Agent

 

SOCIÉTÉ
GÉNÉRALE

 

	By:	 /s/ Denis de Pallierets	 
	Name: Denis de Pallierets	 
	Title: Co-Head of TMT Finance	 

 

	By:	 /s/ Frederic Surdon	 
	Name: Frederic Surdon	 
	Title: Global Head of Export Finance	 

 

Signature Page to Amendment to COFACE Facility Agreement

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