Document:

Unassociated Document

     

    
      RAND
LOGISTICS, INC.

      RESTRICTED
SHARE AWARD AGREEMENT

      

      

      

      Participant:                                Scott
Bravener

      

      Grant
Date:                                ______________________

      

      Number
of

      Restricted
Shares granted:  39,660

      

      

      

      THIS AWARD AGREEMENT (this
"Agreement"), dated as of the Grant Date specified above, is entered into by and
between Rand Logistics, Inc., a Delaware corporation (the "Company"), and the
Participant specified above;

      

      WHEREAS the Participant is the
President and Chief Executive Officer of and has a contract of employment with
the Company’s Subsidiary Lower Lakes Towing Ltd. (“Lower Lakes”), a Canadian
Corporation and the Executive is a resident of Canada;

      

      WHEREAS, it has been determined that it
would be in the best interests of the Company to grant the Restricted Shares
provided herein to the Participant; and

      

      NOW, THEREFORE, in consideration of the
mutual covenants and premises hereinafter set forth and for other good and
valuable consideration, the parties hereto hereby mutually covenant and agree as
follows:

      

      1.           Grant of Restricted Share
Award.  The Company hereby grants to the Participant, as of the
Grant Date specified above, an award of the number of shares of the Company’s
Common Stock specified above, subject to the terms and conditions contained in
this Agreement (the “Restricted Shares”).  The Participant agrees and
understands that nothing contained in this Agreement provides, or is intended to
provide, the Participant with any protection against potential future dilution
of the Participant’s stockholder interest in the Company for any
reason.

      

      2.           Vesting.  The
Restricted Shares subject to this grant shall become unrestricted and vested as
follows:

      

      
        	
                 
      

              	
                •

              	
                20%
      on March 31, 2010 (including any amount previously vested), provided the
      Participant is then employed by the Company and/or one of its
      Subsidiaries;

              

      

       

      
        	
                 
      

              	
                •

              	
                40%
      on March 31, 2011 (including any amount previously vested), provided the
      Participant is then employed by the Company and/or one of its
      Subsidiaries;

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                 
      

              	
                •

              	
                60%
      on March 31, 2012 (including any amount previously vested), provided the
      Participant is then employed by the Company and/or one of its
      Subsidiaries;

              

      

       

      
        	
                 
      

              	
                •

              	
                80%
      on March 31, 2013 (including any amount previously vested), provided the
      Participant is then employed by the Company and/or one of its
      Subsidiaries; and

              

      

       

      
        	
                 
      

              	
                •

              	
                100%
      on March 31, 2014, provided the Participant is then employed by the
      Company and/or one of its
Subsidiaries.

              

      

       

      2.2           If
the Participant’s employment with the Company and/or its subsidiaries terminates
as a result of (i) the Company or the Subsidiary, as the case may be,
terminating the Participant’s employment for Cause (as defined below) or (ii)
the Participant terminating his employment without Good Reason (as defined
below) or (iii) the Participant terminating his employment for Good Reason but
without 60 days notice, in each case, prior to the vesting of all or any portion
of the Restricted Shares awarded under this Agreement, then such Restricted
Shares shall immediately be cancelled and the Participant shall forfeit any
rights or interests in and with respect to any such Restricted
Shares.  The Company may, in its sole discretion, determine, prior to
or within ninety (90) days after the date of any such termination, that all or a
portion of any the Participant’s unvested Restricted Shares shall not be so
cancelled and forfeited.

      

      2.3           If
the Participant’s employment with the Company and/or its Subsidiaries terminates
for any reason other than by the Company or the Subsidiary, as the case may be,
for Cause or by the Participant without Good Reason or the Participant without
giving 60 days notice even if terminating for Good Reason, then the Participant
shall become 100% vested in the Restricted Shares awarded under this Agreement
as of the date of any such termination.  For greater certainty, should
the employment of the Executive be terminated by the Executive’s death or
Disability, the Restricted Shares shall be become 100% vested.

      

      2.4           In
the event of a Change of Control (as defined below), all restrictions, terms and
conditions applicable to the Restricted Shares shall be deemed lapsed and
satisfied as of the date of the Change of Control.

      

      2.5           For
purposes of this Agreement:

      

       (a)           “Cause”
shall mean: (i) conviction of the Participant of a criminal offence involving
fraud, larceny, misappropriation of funds, embezzlement or dishonesty; (ii)
receipt by or on behalf of Participant or any member of Participant's immediate
family of any personal profit arising out of in connection with a transaction to
which the Company or a Subsidiary is party without making full prior disclosure
to the Company or such Subsidiary; (iii) any misfeasance, nonfeasance or
malfeasance by Participant which causes material harm to the Company or a
Subsidiary; (iv) breach by the Participant of any material term of his
Employment Agreement with Lower Lakes (or the Company or another Subsidiary if
one should be entered during the term of this Agreement), or failure of the
Participant to follow and carry out the lawful instructions of the Board of
Directors of Lower Lakes (or of a Subsidiary or the Company, as applicable), in
each case after notice and reasonable opportunity for the Participant to cure
such breach or failure; (v) the Participant having been under the influence of
drugs (other than prescription medicine or other medically-related drugs to the
extent that they are taken in accordance with their directions) or alcohol
during the performance of his duties under his Employment Agreement with Lower
Lakes or any other Subsidiary or the Company (it being understood that the
Participant will attend industry functions at which alcohol will be consumed by
the Participant), or while otherwise under the influence of drugs or alcohol,
engages in inappropriate conduct; or (vi) the Participant having engaged in
behavior that would constitute grounds for liability for sexual harassment or
discrimination.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      (b)           “Change
of Control” shall mean: (i) the consummation of a merger, or a sale of voting
stock by the shareholders of the Company, in each case following which the
holders of voting stock of the Company immediately prior to the consummation of
such transaction do not hold at least 50.1% of the voting stock of the surviving
entity, (ii) the sale of all or substantially all the assets of the Company, or
(iii) a series of related transactions which has the effects referred to in
clause (i) or (ii) of this sentence.

      

      (c)           "Good
Reason" shall mean the occurrence of any of the following without the
Participant’s express written consent:

      

      (i)           Lower
Lakes assigning to the Participant duties or responsibilities inconsistent with
or inappropriate for his position as President with Lower Lakes, after notice to
Lower Lakes of, and reasonable opportunity of Lower Lakes to cure, such alleged
Good Reason;

      

      (ii)           failure
by Lower Lakes to permit the Participant to continue to participate in the Bonus
Plan in effect as set out in the Participant’s Employment Agreement with Lower
Lakes or to provide the Participant with benefits and other pension or
retirement plans in accordance with said employment agreement.

      

      (iii)           Lower
Lakes relocating the Participant's principal office outside of Port Dover,
Ontario, but only if Lower Lakes and the Participant cannot agree on terms and
conditions under which the Participant would relocate; or

      

      (iv)           any
breach by Lower Lakes of any material term of the Employment Agreement between
Lower Lakes and the Participant after notice to the Company and Lower Lakes of
such breach and reasonable opportunity to cure such breach.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        3.           Delivery of Restricted
Shares.  There shall be issued a stock certificate (or
certificates) in respect of the Restricted Shares.  Such stock
certificate(s) shall be registered in the name of such Participant, and shall
bear, among other required legends, the following legend:

      

      

      
        	
                "THE
      TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED
      HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING, WITHOUT
      LIMITATION, FORFEITURE EVENTS) CONTAINED IN THE AWARD AGREEMENT ENTERED
      INTO BETWEEN THE REGISTERED OWNER HEREOF AND RAND LOGISTICS,
      INC.  A COPY OF SUCH AWARD AGREEMENT IS ON FILE IN THE OFFICE OF
      THE SECRETARY OF RAND LOGISTICS, INC., 461 FIFTH AVENUE, 25TH
      FLOOR, NEW YORK, NEW YORK 10017.  RAND LOGISTICS, INC. WILL
      FURNISH TO THE RECORDHOLDER OF THE CERTIFICATE, WITHOUT CHARGE AND UPON
      WRITTEN REQUEST AT ITS PRINCIPAL PLACE OF BUSINESS, A COPY OF SUCH AWARD
      AGREEMENT.  RAND LOGISTICS, INC. RESERVES THE RIGHT TO REFUSE TO
      RECORD THE TRANSFER OF THIS CERTIFICATE UNTIL ALL SUCH RESTRICTIONS ARE
      SATISFIED, ALL SUCH TERMS ARE COMPLIED WITH AND ALL SUCH CONDITIONS ARE
      SATISFIED."

              

      

      

      
        	
                Such
      stock certificate evidencing such shares shall, in the sole discretion of
      the Company, be deposited with and held in custody by the Company until
      the restrictions thereon shall have lapsed and all of the terms and
      conditions applicable to such grant shall have been
      satisfied.  After the lapse of the restrictions above in respect
      of the Restricted Shares, a new certificate, without the legend set forth
      above, shall be delivered to the Participant for the number of shares of
      Common Stock which are no longer subject to such restrictions, terms and
      conditions.

              

      

      

      
        4.           Non-transferability.  Prior
to the vesting of the Restricted Shares, no voluntary or involuntary sale,
transfer, pledge, encumbrance or other disposition or hypothecation of
Restricted Shares after issuance thereof to the Participant (or of any shares
subsequently issued in respect of such shares, whether as a stock dividend or
otherwise), shall or may, be made or suffered by the Participant or such
Participant’s estate, designated beneficiary or other legal
representative.  Following the vesting of the Restricted Shares, the
shares may be transferred, sold, pledged, hypothecated or encumbered in
accordance with all applicable federal and state securities laws and the rules
and regulations thereunder.

      

      

      5.           Notices.  Any
notice which may be required or permitted under this Agreement shall be in
writing and shall be delivered in person, or via facsimile transmission,
overnight courier service or certified mail, return receipt requested, postage
prepaid, properly addressed as follows:

      

      5.1  If such notice is to the
Company, to the attention of the Secretary of Rand Logistics, Inc., 461 Fifth
Avenue, 25th
Floor, New York, New York, 10017, or at such other address as the Company, by
notice to the Participant, shall designate in writing from time to
time.

      

      5.2  If such notice is to the
Participant, at his or her address as shown on the Company’s records, or at such
other address as the Participant, by notice to the Company, shall designate in
writing from time to time.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      6.           Governing
Law.  Except as otherwise explicitly noted (and in particular
Section 7, below), this Agreement shall be governed by and construed in
accordance with the laws of Canada and the Province of Ontario (without giving
effect to the principles of conflicts of law). Each party to this Agreement
irrevocably agrees that any action or proceeding concerning or arising out of
the interpretation, enforcement and defense of the transactions contemplated by
this Agreement (whether brought against a party hereto or its respective
affiliates, directors, officers, shareholders, employees or agents) shall be
commenced exclusively in the courts located in the Province of Ontario. Each
party and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or proceeding is improper
or inconvenient venue for such proceeding.  Each party hereby
irrevocably waives personal service of process and consents to process being
served in any such suit, action or proceeding by mailing a copy thereof via
registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of
process and notice thereof. Nothing contained herein shall be deemed to limit in
any way any right to serve process in any manner permitted by law. EACH PARTY
HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY.

      

      

      7.           Compliance with
Laws.  The issuance of the Restricted Shares or Common Stock
pursuant to this Agreement shall be subject to, and shall comply with, any
applicable requirements of any federal and state securities laws, rules and
regulations (including, without limitation, the provisions of the Securities Act
of 1933, the Securities Exchange Act of 1934 and the respective rules and
regulations promulgated thereunder) and any other law or regulation applicable
thereto.  The Company shall not be obligated to issue any of the
Restricted Shares or Common Stock pursuant to this Agreement if such issuance
would violate any such requirements.

      

      8.           Entire Agreement;
Amendment.  This Agreement contains the entire agreement
between the parties hereto with respect to the subject matter contained herein,
and supersedes all prior agreements or prior understandings, whether written or
oral, between the parties relating to such subject matter.  This
Agreement may only be modified or amended by a writing signed by both the
Company and the Participant.

      

      9.           Binding Agreement;
Assignment.  This Agreement shall inure to the benefit of, be
binding upon, and be enforceable by the Company and its successors and
assigns.  The Participant shall not assign any part of this Agreement
without the prior express written consent of the Company.

      

      10.           Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original, but all of which shall constitute one and the same
instrument.

      

      11.           Headings.  The
titles and headings of the various sections of this Agreement have been inserted
for convenience of reference only and shall not be deemed to be a part of this
Agreement.

      

      12.           Further
Assurances.  Each party hereto shall do and perform (or shall
cause to be done and performed) all such further acts and shall execute and
deliver all such other agreements, certificates, instruments and documents as
any party hereto reasonably may request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the
transactions contemplated thereunder.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      13.           Severability.  The
invalidity or unenforceability of any provisions of this Agreement in any
jurisdiction shall not affect the validity, legality or enforceability of the
remainder of this Agreement in such jurisdiction or the validity, legality or
enforceability of any provision of this Agreement in any other jurisdiction, it
being intended that all rights and obligations of the parties hereunder shall be
enforceable to the fullest extent permitted by law.

      

      

      IN WITNESS WHEREOF, the Company has
caused this Agreement to be executed by its duly authorized officer, and the
Participant has hereunto set his hand, all as of the Grant Date specified
above.

      

      RAND LOGISTICS, INC.

      

      

      By:__________________________________

      Name:_____________________________

      Title:
_____________________________

      

      

      

      

      

      _____________________________________

      SCOTT BRAVENER

      

       

      
        
          
          

        

        
          6f8k100509ex10i_magnegas.htm

    Exhibit
10.1

     

    TETRA
TECH, INC.

    TEAMING
AGREEMENT

    RECITALS

     

    
      	
              1.  

            	
              This
      Agreement constitutes an initial understanding between Tetra Tech and
      MagneGas Corporation, both hereinafter designated at times jointly as
      "Participants" or individually as "Participant", in preparing a joint
      marketing and proposal ("Proposal") for the Department of Defense (DOD)
      and Department of Energy (DOE) and local municipalities ("Client") for
      refinery and product use at DOD, DOE, and municipal facilities
      ("Project").

            

    

     

    
      	
              2.  

            	
              Recognizing
      the complementary capabilities of each Participant, this Agreement is
      entered into to establish the Participants' mutual rights and obligations
      during the period of preparing, submitting and negotiating the Proposal,
      so as to result in a team for providing Client with the optimum
      combination of capabilities to achieve its Project
    objectives.

            

    

     

    TERMS
AND CONDITIONS

     

    
      	
              1.  

            	
              Tetra
      Tech shall act as prime contractor and will be the only party to this
      Agreement to submit a proposal to the Client and to negotiate a prime
      contract with the Client for this
Project.

            

    

     

    
      	
              2.  

            	
              MagneGas
      Corporation shall assist in the preparation of the Proposal, as requested
      by Tetra Tech by supplying in a timely manner pertinent data including
      without limitation technical approach, understanding, resumes, facility
      information, company background and experience, necessary cost breakdown
      data, hour availability, required certifications and other special
      requirements of Client's described in the following paragraph. MagneGas
      Corporation shall reasonably support Tetra Tech in any written
      communications or presentations concerning the Proposal and the Scope of
      Work and shall be reasonably available for consultation with Tetra Tech
      during the course of negotiations concerning
  same.

            

    

     

    
      	
              3.

            	
              The
      Scope of Work which Participant shall be responsible for assisting in
      preparation of the
      Proposal is described generally as
  follows:

            

    

     

    · Determine
client base for technology;

    · Support
Tetra Tech initiative meetings;

    · Prepare
briefing materials for DOD, DOE and other client base marketing
efforts.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    Tetra
Tech will exert it best reasonable efforts toward the objective of awarding
subcontracts to Magnegas Corporation the scope of work described above, subject
to the conditions in Section 4 below.

     

    
      	
              4.

            	
              The
      award of a Subcontract to Participant for the above Scope of Work is
      subject to the following
      conditions:

            

    

     

    
      	
              a.  

            	
              Award
      to Tetra Tech of a prime contract by Client for the
    Project.

            

    

     

    
      	
              b.  

            	
              Mutual
      agreement by Participant of the price and terms and conditions of the
      Subcontract.

            

    

     

    
      	
              5.

            	
              The
      Participants shall exert all reasonable and proper efforts to develop and
      submit a competitive
      proposal to the Client including the above Scope of
      Work.

            

    

     

    
      	
              6.  

            	
              The
      Participants shall deal exclusively with each other with the object of
      obtaining award of
      the prime contract by Tetra Tech for this
  Project.

            

    

     

    
      	
              7.  

            	
              Participants
      shall bear all of their own respective costs incurred in preparation of
      the Proposal.

            

    

     

    
      	
              8.

            	
              Each
      Participant shall supply the other throughout the period of preparation of
      the Project proposal with confidential or proprietary information and
      copies of documentation relating to any technology, as required for
      successful completion of the Project, if not prohibited from legally doing
      so. Where such information or technology is considered confidential or
      proprietary by the Participant providing same, and in
      order to protect such information or technology under the terms
      hereof, such Participant shall conspicuously mark such information or
      technology as "CONFIDENTIAL", "PROPRIETARY" or
  similar.

            

    

     

    Each
Participant shall not, without the prior written consent of the disclosing
Participant, use the other's confidential or proprietary information for any
purposes other than the preparation and submission of a Proposal under this
Agreement for a period of five years. The Participant receiving confidential or
proprietary information shall protect such information utilizing the same
controls such Participant employs to avoid disclosure of its own confidential
proprietary information.

     

    Upon any
termination or expiration of this Agreement in accordance with
its terms, each Participant will, within a reasonable period of time thereafter,
return all confidential or proprietary information received from the other
Participant under the other Participant under the terms of this Agreement,
except that each Participant may retain a legal file copy.

     

    Disclosure
of confidential or proprietary information may be made to Client provided such
disclosure is made together with notice of the above restrictions as is
appropriate. Disclosure of confidential or proprietary information hereunder
constitutes a representation by the disclosing Participant that such Participant
has all right, title and interest in such information, and such Participant
hereby agrees to indemnify and defend the other Participant, and hold the other
Participant harmless, against any claims by any other
parties to the contrary. Except as otherwise provided in this paragraph, this
Agreement does not offer or grant to the receiving Participant any rights in or
license to use, any drawings, data, plans, ideas, or methods disclosed pursuant
to this Agreement.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              9.

            	
              This
      Agreement shall terminate on 1 October 2010, or prior thereto, when any of
      the following
      events occur, without further obligation or liability between the
      Participants:

            

    

     

    
      	
              a. 
      

            	
              By
      mutual agreement of the
Participants,

            

    

     

    
      	
              b. 

            	
              Upon
      public disclosure that the requirements for the Project have been canceled
      or that the contract for the Project has been awarded to another
      bidder,

            

    

     

    
      	
               c. 
      

            	
              Upon
      negotiation and signature of a subcontract between Tetra Tech and Participant.

            

    

     

    
      	
              10.

            	
              Nothing
      in this Agreement shall grant to any Participant the right to make
      commitments of any kind for the other Participant without prior written
      consent of the other Participant, nor shall it create a joint venture,
      partnership or other form of business organization between the
      Participants of any kind.

            

    

     

    
      	
              11.  

            	
              This
      Agreement and any proposed Subcontract (and services thereunder) arising
      out of this Agreement shall not be assigned by either of the Participants
      without the prior written approval of the other Participant, except that
      the Participants may assign this Agreement in whole or in part to an
      affiliate. No assignment shall discharge the obligations of the assigning
      Participant.

            

    

     

    
      	
              12.  

            	
              No
      news release, including photographs and films, public announcement, denial
      or confirmation shall be made by a Participant concerning the subject
      matter of this Agreement without first obtaining the consent of the other
      Participant and the Client.

            

    

     

    
      	
              13.  

            	
              Neither
      Participant shall have any liability to the other arising out of this
      Agreement in the event Client does not award a contract to Tetra
      Tech.

            

    

     

    
      	
              14.  

            	
              The
      following key personnel will represent the Participants during proposal
      preparation and negotiations:

            

    

     

    Ms. Nancy A.
Wellhausen      Tetra Tech,
Inc.

    Luisa
Ingargiola          
MagneGas
Corporation

     

    
      	
              15.

            	
              The
      location where each Participant will receive all documents and
      communications will be:

            

    

     

    Tetra Tech,
Inc.

     

    301 Mentor
Drive

     

    Santa Barbara, CA
93111

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      Upon
signature by their duly authorized representatives, this shall become a mutually
binding Agreement by and between the Participants, effective as of the latest
date written below.

       

       

      
        
          	 	MagneGas,
      Corporation	 	TETRA
      TECH, INC.
	 	
                  /s/ Luisa
      Ingargiola

                   

                	 	
                  /s/
      Kevin Mcnamara

                   

                
	
                  By

                	
                  Luisa
      Ingargiola

                	
                  By

                	
                  Kevin
      Mcnamara, P.G.

                
	
                  Title

                	
                  Chief
      Financial Officer

                	
                  Title

                	
                  Vice
      President

                
	
                  Date

                	
                  1
      October 2009

                	
                  Date

                	
                  1
      October 2009

                

        

      

       

       

       

       

      4

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