Document:

July 27, 2012 

 

Hilda Kouvelis

1415 East Quail Run Road

Rockwall, TX 75087

 

Re: Amendment to Employment Agreement

 

Dear Ms. Kouvelis:

 

This letter will serve to amend the Employment Agreement ("Employment
Agreement"), dated as of February 7, 2012, between you and Red Mountain Resources, Inc.

 

Section 4 A. of the Employment Agreement establishes the Base
Salary which is currently $170,000 per annum. Section 4 A. is hereby amended to increase the Base Salary to $200,000 per annum
effective August 1, 2012.

 

Except as amended herein, all other provisions of the Employment
Agreement shall remain in full force and effect.

 

Please sign this letter in the place below to confirm your agreement.

 

	 	Sincerely,
	 	 
	 	RED MOUNTAIN RESOURCES, INC.
	 	 	 
	 	By:	/s/ Alan W. Barksdale
	 	 	Alan W. Barksdale
	 	 	Chief Executive Officer

 

	AGREED TO:	 
	 	 
	/s/ Hilda Kouvelis	 
	Hilda Kouvelis	 

 

	Red Mountain Resources, Inc.	 
	 	 
	
        2515
        McKinney Avenue, Suite 900

        Dallas,
        TX 75201
	 
	 	 
	415 West
        Wall Street, Suite 1310 

        Midland,
        TX 79701
	 
	 	 
	1720 Kaliste
        Saloom Road, Suite D1

        Lafayette,
        LA 70508
	 
	 	 
	214.871.0400 Phone

           214.871.0406 Fax

	
	 
	REDMOUNTAINRESOURCES.COMJuly 27, 2012

 

Tommy W. Folsom

2014 Patricia Drive

Carlsbad, NM 88220

 

Re: Amendment to Employment Agreement

 

Dear Mr. Folsom:

 

This letter will serve to amend the Employment
Agreement ("Employment Agreement"), dated as of September 26, 2011, between you and Red Mountain Resources, Inc.

 

1. The introduction of Section 3 of the
Employment Agreement is hereby amended and restated to read as follows:

 

"Duties and Responsibilities Capacity.
During the Term, the Executive shall serve in the capacity of Executive Vice President and Director of Exploration and Production
of the Company's wholly owned subsidiary, RMR Operating, LLC, subject to the supervision of the Company's Chief Executive Officer
and the Board of Directors of the Company (the "Board").

 

Except as amended herein, all other provisions
of the Employment Agreement shall remain in full force and effect.

 

Please sign this letter in the place below to confirm your agreement.

 

	 	Sincerely,
	 	 	 
	 	RED MOUNTAIN RESOURCES, INC.
	 	 	 
	 	By:	/s/ Alan W. Barksdale
	 	 	Alan W. Barksdale
	 	 	Chief Executive Officer

 

	AGREED TO:	 
	 	 
	/s/ Tommy W. Folsom	 
	Tommy W. Folsom	 

 

	Red Mountain Resources,
    Inc.	 
	 	 
	2515 McKinney Avenue, Suite 900	 
	Dallas, TX 75201	 
	 	 
	415 West Wall Street, Suite 1310	 
	Midland, TX 79701	 
	 	 
	1720 Kaliste Saloom Road, Suite D1	 
	Lafayette, LA 70508	 
	 	 
	214.871.0400 Phone	 
	  214.871.0406 Fax	 
	 	 
	REDMOUNTAINRESOURCES.COMFIRST AMENDMENT TO 

EXECUTIVE MANAGEMENT EMPLOYMENT AGREEMENT

 

THIS FIRST AMENDMENT
TO EXECUTIVE MANAGEMENT EMPLOYMENT AGREEMENT (this “Amendment”) is entered into as of September 12, 2012 by
and between Ecotality, Inc., a Nevada corporation (the “Company”),
and H. Ravi Brar (“Brar”). Capitalized terms not defined in this Amendment shall
have the meanings ascribed to such terms in the Employment Agreement (as defined below).

 

Recitals

 

WHEREAS, the
Company and Brar entered into that certain Executive Management Employment Agreement, dated as of November 19, 2010 (the “Employment
Agreement”);

 

WHEREAS, the
Company and Brar now desire to modify the job description contained in the Employment Agreement so that it reflects Brar’s
promotion to President and Chief Executive Officer of the Company; and

 

WHEREAS, the
Company and Brar are entering into this Amendment to document their agreement regarding such modification.

 

NOW THEREFORE,
in consideration of the mutual promises and agreements contained herein, and intending to be legally bound hereby, the undersigned
parties hereby agree as follows:

 

A.         Incorporation of Preliminary Statements.
The Recitals set forth above by this reference hereto are hereby incorporated into this Amendment.

 

		B.	Amendment of Employment Agreement. Section 2 of the Employment Agreement is hereby deleted and replaced in its entirety
with the following:

 

		“2.	POSITION. The company shall employ Employee in the position of President/Chief Executive Officer
(“Position”). Employee will render business and professional services in performance of Employee’s
duties, consistent with Employee’s position within the company, as shall reasonably be assigned to Employee at any time and
from time to time by the Company or its Board of Directors.”

 

		C.	No Further Amendments. Except as set forth above, the Employment Agreement shall remain in full force and effect in
accordance with its terms.

 

    	 

    	 

    

 

		D.	Counterparts. This Amendment may be executed in counterparts and delivered by facsimile and all so executed and delivered
shall constitute a single original.

 

[signature page follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the Company and Brar have duly executed this Amendment as of the date first written above.

 

ECOTALITY, INC., a Nevada corporation

 

	By:	/s/ Susie Herrmann	 
	 	Name: Susie Herrmann	 
	 	Title:   Chief Financial Officer	 

 

	/s/ H. Ravi Brar	 
	H. Ravi BrarSEPARATION AGREEMENT

AND RELEASE OF CLAIMS

 

This Separation Agreement and Release of
Claims (this “Agreement”) is made and entered into as of September 12, 2012 (the “Separation
Date”) by and between Jonathan Read (“Read”) and ECOtality, Inc., a Nevada corporation,
and its affiliated entities, including parent, subsidiary, and sister corporations (collectively “Ecotality”
or the “Company”), with Read and the Company together referred to herein as the “parties”.

 

In consideration of the covenants and promises
contained in this Agreement and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties,
intending to be legally bound, agree as follows:

 

1.           Resignation
and Separation of Employment.

 

(a)         Read
hereby resigns, effective immediately upon the execution of this Agreement, from any officer, director, employee or other legal
position associated with Ecotality including, but not limited to, those positions set forth on Exhibit A attached hereto.
Read further agrees to promptly deliver any additional resignation letters that may be reasonably requested by the Company to evidence
his resignation from any and all of such Ecotality offices or positions.

 

(b)         Read
agrees that, as of the Separation Date, he will cease to be an officer, director or employee of, or have any connection with, or
claims against Ecotality, except for payment of final wages and accrued and unused vacation as set forth in Section 5, below, and
the payments or benefits due hereunder or under the Indemnification Agreements (as defined below).

 

2.           Termination
of Existing Employment Agreement. The parties acknowledge that they are party to that certain Executive Management Employment
Agreement, dated as of November 1, 2011 (the “Employment Agreement”), and mutually agree that, pursuant
to Section 4.1(g) of the Employment Agreement and without further action required by either of the parties, the Employment Agreement
is hereby terminated by mutual agreement of the parties as of the Separation Date. Read acknowledges that he is party to an undertaking
relating to the advancement of certain legal expenses (the “Undertaking”). The parties acknowledge that
they are party to that certain Indemnification Agreement, dated as of January 13, 2011 (together with the Undertaking, the “Indemnification
Agreements”). The parties further agree that this Agreement, the surviving provisions of the Employment Agreement
(as specified in Section 7.8 of the Employment Agreement) and the Indemnification Agreements, govern all future aspects of the
relationship between Read and the Company, commencing as of the Separation Date.

 

3.           Separation
Benefits. If Read signs this Agreement and does not revoke it pursuant to Section 25, below, he will receive the
following separation benefits (the “Separation Benefits”), which are in addition to anything he is otherwise
entitled to or has been paid by Ecotality, including but not limited to, any accrued and unused vacation pay:

 

    	 

    	 

    

 

 

(a)         Separation
Payments. Ecotality will pay to Read (“Separation Payments”) an amount equal to $29,340.50 per month,
subject to all applicable federal and state taxes and withholding, to be paid out on the Company’s regular pay cycle beginning
on the first payroll cycle following the eighth day after the Separation Date (the “Acceptance Date”)
and continuing until October 31, 2013, provided that Read has not revoked this Agreement before such Acceptance Date. If Read dies
before all Separation Payments are made under this Section 3(a), all remaining Separation Payments will be made to Read’s
estate in a lump-sum on the sixtieth (60th) day after Read’s death; provided that the Company may delay such payments
until it is provided with proof of Read’s death but, in the case of amounts subject to Section 409A, only within the time
periods necessary to avoid the imposition of taxes under Section 409A. Read acknowledges that these payments exceed what a departing
employee at his level is entitled to, and that said payments are made in consideration for the promises and obligations contained
herein. Read acknowledges and agrees that the first installment of the Separation Payment shall constitute adequate legal consideration
for his promises in this Agreement, including the Release by Read in Section 6, and therefore if, during the period Read is receiving
the Separation Payments, Read commits any act in contravention of Read’s covenants contained in the surviving provisions
of the Employment Agreement, the Company shall not thereafter be obligated to pay any further Separation Payments (other than the
first installment) to, or on behalf of, Read; provided that prior to any termination of Separation Payments the Company
shall deliver a written notice to Read (the “Company Notice”) which identifies, in reasonable detail,
the basis on which the Company believes it may terminate such Separation Payments and Read shall have a period of thirty (30) days
from the date of the Company Notice to cure any alleged breach or respond in writing to the Company describing, in reasonable detail,
the basis on which Read believes the Company does not have grounds to terminate Separation Payments (the “Employee
Response”); provided further that if after the end of such thirty (30) day period Read has not cured the alleged
breach or the Company determines, in good faith after taking into account the Employee Response, that the basis for termination
described in the Company Notice remains valid, the Company may, in its reasonable discretion, cease making any and all future Separation
Payments.

 

(b)         Incentive
Plan Awards; Vesting and Exercise.

 

(i)         In
accordance with the terms of the Ecotality, Inc. 2007 Equity Incentive Plan (the “EIP”), Read shall retain
any ownership rights he has in and to his vested stock options, restricted stock or other Awards (as defined in the EIP) issued
to him under the EIP prior to the Separation Date, but shall have no right to any new grants under the EIP. As of the Separation
Date, vesting shall cease as to all of Read’s presently issued but unvested Awards in accordance with the terms of the EIP.

 

(ii)         In
accordance with the EIP, to the extent Read held stock option Awards that were exercisable on the Separation Date, Read shall be
entitled to exercise such stock option Awards for a period of ninety (90) days from the Separation Date or, if earlier, until the
expiration of the stated term of the stock option Award.

 

    	2

    	 

    

 

(c)         Medical
Coverage Continuation. During the period Read is receiving Separation Payments, the Company agrees to contribute to his group
health insurance premiums in the same percentage of the monthly cost that it paid immediately prior to the Separation Date, provided
Read timely and properly applies for medical coverage continuation under the Consolidated Budget Reconciliation Act of 1986 (“COBRA”),
and Read is and remains eligible for such COBRA coverage during that time (the “Healthcare Benefit”).
Read will be responsible for payment of the remainder of the cost of COBRA medical coverage, and for the full cost of any dental
or vision coverage he or any member of his family elects. Any failure by Read to pay his portion of coverage will result in termination
of COBRA medical coverage. Nothing in this paragraph or elsewhere in this Agreement waives or otherwise releases Read’s rights
under COBRA or any similar state laws or to receive a certificate of creditable coverage (or such other similarly entitled document)
under the Health Insurance Portability and Accountability Act of 1996, from the plan that Read participates in at the time he elects
to receive COBRA coverage. The parties acknowledge and agree that if, during the period Read is receiving Separation Payments,
Read commits any act in contravention of Read’s covenants contained in the surviving provisions of the Employment Agreement,
or becomes employed by an employer who provides group health benefits, the Company shall not thereafter have any further obligation
to provide the Healthcare Benefit to Read.

 

(d)         Vehicle
Allowance Continuation. During the period Read is receiving Separation Payments, the Company agrees to reimburse Read for the
out-of-pocket cost of the lease, insurance, maintenance and similar expenses incurred by Read with respect to one automobile (specifically
a Nissan LEAF) up to a maximum of one thousand dollars ($1,000) per month for such automobile-related expenses (the “Vehicle
Allowance”). Read shall provide the Company with such itemized account, receipts of documentation for such automobile-related
expenses as are required under the Company’s policy regarding the reimbursement of such expenses. The parties acknowledge
and agree that if, during the period Read is receiving Separation Payments, Read commits any act in contravention of Read’s
covenants contained in the surviving provisions of the Employment Agreement, or becomes employed by an employer who provides a
company vehicle or a vehicle cost reimbursement benefit, the Company shall not thereafter have any further obligation to provide
the Vehicle Allowance to Read.

 

(e)         Relationship
to Other Plans. Read will not receive any benefits pursuant to any other Ecotality plan, or under U.S. law. The benefits provided
to him by this Agreement are in lieu of and exceed any benefits to which he might be eligible under any other Ecotality plan, scheme,
or under U.S. law. Read acknowledges that the payments he will receive under this Agreement exceed what a resigning employee is
entitled to, and that these payments are made in consideration for his promises and obligations herein.

 

4.         Taxes.
All separation payments will be treated as wages and will be subject to withholding of applicable taxes and employee social security
contributions under United States and applicable state law.

 

5.         Payments
on Separation from Employment. Ecotality will pay Read all of his earned wages and any accrued and unused vacation on the
Separation Date. These payments (i.e., earned wages and unused vacation) will be paid to Read regardless of whether Read
signs this Agreement or revokes it, pursuant to Section 25, below.

 

    	3

    	 

    

 

 

6.         Release
by Read. In consideration of the Separation Benefits provided in this Agreement, Read, on behalf of himself, his successors,
heirs, administrators, executors, assigns, attorneys, agents and representatives, and each of them, irrevocably and unconditionally
waives, releases, and promises never to assert against Ecotality or its present and former parent companies, affiliates, subsidiaries,
officers, directors, present and former employees, attorneys, insurers, agents, successors, and assigns, and each of them (collectively,
the “Ecotality Releasees”), any and all debts, claims, liabilities, demands, and causes
of action of every kind, nature and description he may have against Ecotality Releasees to the fullest extent permitted by law,
including all those arising out of or related to Read’s employment with Ecotality, or any affiliate, Read’s resignation
from employment and all other positions with Ecotality or any affiliate, or any other claim of any kind arising from any act that
occurred during Read’s employment with Ecotality including the cessation of employment contemplated by this Agreement; provided,
however, that Read is not waiving any claims or rights that he may have under this Agreement or the Indemnification Agreements.

 

This release is intended to have the broadest
possible application, and includes, but is not limited to, claims arising in any jurisdiction in the world, including any claims
under U.S. federal, state, or local statutory or common law such as alleged violations of Title 23 of the Arizona Revised Statutes,
including the Arizona Treble Damages Wage Statute (A.R.S. § 23-355 et seq.) and the Arizona Employment Protection Act, the
Arizona Civil Rights Act, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with
Disabilities Act, the Employee Retirement Income Security Act, the Family and Medical Leave Act of 1993, the Workers Adjustment
and Retraining Notification Act, the California Fair Employment and Housing Act; the California Civil Code, the California Labor
Code, the California WARN Act (Cal. Labor Code §§1400 et seq.), claims arising under contract or any alleged breach
of tort law; and claims arising out of any law or public policy of the United States of America, the State of California, or any
other governmental entity. Read expressly waives his right to recovery of any type, including damages or reinstatement, in any
administrative or court action, whether state or federal, and whether brought by Read or on his behalf, related in any way to the
matters released herein. However, this general release is not intended to bar any claims that, by statute,
may not be waived, such as Read’s right to file a charge with the National Labor Relations
Board or Equal Employment Opportunity Commission and other similar government agencies, and claims for any challenge to the validity
of Read’s release of claims under the Age Discrimination in Employment Act of 1967, as
amended, as set forth in this Agreement. 

 

Read accepts the amounts to which he is
entitled by virtue of this Agreement as final settlement of accounts between the parties and declares expressly that, subject to
performance of this Agreement and the Indemnification Agreements, neither Ecotality nor any other Ecotality Releasees – wherever
located – will have any further obligations to Read. Read confirms that he has no further rights or claims – and to
the extent relevant he knowingly and expressly waives any and all of such rights and claims – against Ecotality and the Ecotality
Releasees, wherever located and under any applicable laws of any relevant jurisdiction, on the basis of the employment relationship
and/or the termination of the Employment Agreement, including (without limitation) salary, bonuses, commissions, vacation pay,
termination, discrimination, outplacement benefits, relocation benefits, protection indemnities of any nature, any other indemnities
or on any other basis whatsoever. Nothing in this Agreement constitutes waiver or release of Read’s indemnification rights
under the Indemnification Agreements or, if applicable, common or statutory law.

 

Read, moreover, expressly waives the right
to invoke any factual or legal error or any omission whatsoever pertaining to the existence and extent of his rights.

 

    	4

    	 

    

 

7.         Release
by Ecotality. In consideration of the release provided by Read in this Agreement, Ecotality irrevocably and unconditionally
waives, releases, and promises never to assert against Read, his successors, heirs, administrators, executors, assigns, attorneys,
agents and representatives, and each of them (collectively, the “Read Releasees”), any and all debts,
claims, liabilities, demands, and causes of action that it may have that arise out of actions taken by Read in the course and scope
of his performance of his duties as an officer, director or employee of Ecotality; provided, however, that Ecotality is
not waiving or releasing any claims or rights that it may have against Read as a result of Read’s fraudulent or dishonest
conduct, knowing or intentional violation of law, failure to perform an act that he was required or directed by the Company, or
agreed to do, or any claims Ecotality may have under the Indemnification Agreements.

 

8.         Cooperation.
In consideration of this Agreement, Read will fully cooperate with Ecotality and its counsel as it relates, in any way, to the
following: any foreign or domestic dispute (including, but not limited to, litigation, arbitration, and federal, state or local
administrative inquiry) arising out of or related to any services he performed for Ecotality and which occurred during his employment
with or other services to Ecotality. Full cooperation shall include, but not be limited to, review of documents, attendance at
meetings, trial or administrative proceedings, depositions, interviews, or production of documents to Ecotality without the need
of the subpoena process. During the period Read is receiving Separation Payments, such cooperation will be provided by Read without
further compensation, other than reimbursement for reasonable out of pocket business expenses such as transportation, parking and
meals or as specifically agreed in advance and in writing. In addition, as a condition to Ecotality executing this Agreement and
providing the Separation Benefits hereunder, Read agrees to cooperate in all matters relating to the transition of his employment
(including with respect to internal and external communication plans) and other matters reasonably requested by Ecotality after
the Separation Date, without further compensation.

 

9.         No
Existing Claims. Read warrants that neither Read nor any of the Read Releasees has any existing claims against Ecotality,
or any of its present or former employees, and neither Read nor any of the Read Releasees has filed any complaints, charges, grievances,
or lawsuits against any Ecotality Releasees, or any other person or entity which is released by this Agreement, with any federal,
state, or other court or agency in any jurisdiction inside or outside the United States. Ecotality warrants that neither Ecotality
nor any of the Ecotality Releasees has any existing claims against Read, and neither Ecotality nor any of the Ecotality Releasees
has filed any complaints, charges, grievances, or lawsuits against any Read Releasees, or any other person or entity which is released
by this Agreement, with any federal, state, or other court or agency in any jurisdiction inside or outside the United States.

 

10.         Section
1542 Waiver. Read waives all rights under California Civil Code section 1542, if applicable, and any similar statute or
rule of decision in any other jurisdiction. Section 1542 reads as follows:

 

“A general release does not extend to claims which
the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known to him
or her must have materially affected his or her settlement with the debtor.”

 

    	5

    	 

    

 

By waiving all rights under section 1542,
Read acknowledges that this release includes all claims, demands, or causes of action, attorneys’ fees and costs that Read
may have against Ecotality Releasees. It is understood and agreed by Read that this Agreement waives all right, if any, under California
Civil Code section 1542, and any similar statute or rule of decision in any other jurisdiction, and is a full and final release,
and that it will extinguish claims, demands and causes of action that are known or unknown, foreseen, or unforeseen, anticipated
or unanticipated, of every kind, nature and character Read may have against Ecotality as of the date Read executes this Agreement.

 

11.         No
Admission of Liability. This Agreement is not an admission of liability on the part of Ecotality Releasees, or any of their
present or former directors, officers, employees, shareholders, or agents. This Agreement is not an admission, directly or by implication,
that Ecotality Releasees, or any of them, has violated any law, regulation, rule, or contractual right, or any other duty or obligation
of any kind, including any duty or obligation owed to or allegedly owed to Read.

 

12.         Section
409A.

 

(a)         Notwithstanding
anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Read, if any, pursuant to this
Agreement that, when considered together with any other severance payments or separation benefits, are considered deferred compensation
not exempt under Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided
until Read has a “separation from service” within the meaning of Section 409A. And for purposes of this Agreement,
any reference to “termination of employment,” “termination” or any similar term shall be construed to mean
a “separation from service” within the meaning of Section 409A. Similarly, no separation payable to Read, if any, pursuant
to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will
be payable until Read has a “separation from service” within the meaning of Section 409A. For purposes of this Agreement,
“Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended, and the final regulations
and any guidance promulgated thereunder or any state law equivalent.

 

(b)         Notwithstanding
anything to the contrary in this Agreement, if Read is a “specified employee” within the meaning of Section 409A at
the time of Read’s termination of employment (other than due to death), then the Deferred Payments, if any, that are payable
within the first six months following Read’s separation from service, will become payable on the first payroll date that
occurs on or after the date six months and one day following the date of Read’s separation from service. All subsequent Deferred
Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit without regard
to such delay. Notwithstanding anything herein to the contrary, if Read dies following Read’s separation from service, but
prior to the six month anniversary of the separation from service, then any payments delayed in accordance with this paragraph
will be payable in a lump sum as soon as administratively practicable after the date of Read’s death and all other Deferred
Payments will be payable in accordance with the payment schedule applicable to each payment or benefit without regard to such delay.
Each payment, installment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of
Section 1.409A-2(b)(2) of the Treasury Regulations to the extent permissible thereunder.

 

    	6

    	 

    

 

(c)         Notwithstanding
any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified
deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted
by Code Section 409A.

 

(d)         The
foregoing provisions are intended to be exempt from or comply with the requirements of Section 409A so that none of the severance
payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities
or ambiguous terms herein will be interpreted to be exempt or so comply. Read agrees to amend this Agreement and to take such reasonable
actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition to Read under
Section 409A, so long as such amendment or action does not reduce Read’s benefits hereunder. Read has had an opportunity
to review this Agreement with his own legal and tax advisors and understands that Ecotality does not guarantee any particular
tax effect for income provided to Read pursuant to this Agreement. In any event, except for Ecotality’s responsibility
to withhold applicable income and employment taxes from compensation paid or provided to Read, Ecotality shall not be responsible
for the payment of any applicable taxes, penalties or interest on compensation paid or provided to Read pursuant to this Agreement.
In no event will the Company reimburse Read for any penalties, taxes or interest that may be imposed on Read as a result of Section
409A.

 

13.         Future
Employment. Read acknowledges that any employment relationship he has had with Ecotality terminates irrevocably in accordance
with this Agreement on the Separation Date, and that Read has no further relationship in the future with Ecotality. Read agrees
to waive any claim for reinstatement or rehire.

 

14.         Attorneys’
Fees and Costs. The parties will bear their own fees and costs incurred in connection with negotiating and drafting this
Agreement.

 

15.         Non-Assignment
of Claims. Read represents and warrants that he has not assigned or otherwise transferred any interest in any claim that
is the subject of this Agreement.

 

16.         Advice
of Counsel.  In executing this Agreement, Read acknowledges that he has had the opportunity to consult with, and be advised
by, an independent lawyer of his choice, and that he has executed this Agreement voluntarily after independent investigation, and
without fraud, duress, or undue influence.

 

17.         Ambiguities.
Read has reviewed this Agreement, and has had a full opportunity to negotiate its contents. Read expressly waives any common law
or statutory rule of construction that ambiguities are to be construed against the drafter of the Agreement, and Read agrees that
the language of this Agreement will be in all cases construed as a whole, according to its fair meaning.

 

    	7

    	 

    

 

 

18.         Integration.
This Agreement, including the surviving provisions of the Employment Agreement as specified in Section 7.8 of that agreement and
the Indemnification Agreements referenced above, constitutes a single, integrated written contract expressing the entire agreement
of the parties. It supersedes all prior understandings and agreements, both oral and written. Other than this Agreement, there
are no other agreement, written or oral, express or implied, between the parties with respect to the subject matter of the Agreement.
The parties agree that this Agreement, including the surviving provisions of the Employment Agreement as specified in Section 7.8
of that agreement and the Indemnification Agreements referenced above, may be modified only in a writing that is signed by both
an authorized representative of Ecotality and Read.

 

19.         Choice
of Law. The parties agree that the formation, terms, and construction of this Agreement are governed by the laws of the
State of Arizona, and where applicable, of the United States.

 

20.         Severability.
If any provision of this Agreement is determined by any court of competent jurisdiction or arbitrator to be illegal, invalid, or
unenforceable, such provision shall be deemed modified to the extent necessary to allow enforceability of the provision as so limited,
it being intended that the parties shall receive the benefits contemplated herein to the fullest extent permitted by law. If a
deemed modification is not satisfactory in the judgment of such court or arbitrator, the unenforceable provision shall be deemed
deleted, and the validity and enforceability of the remaining provisions shall not be affected thereby

 

21.         Clarification
Requests. If at any time Read desires to participate in an activity that he believes might be prohibited by the surviving
provisions of the Employment Agreement, he may request in writing a determination by the Company as to whether such proposed activity
would violate any surviving provision of the Employment Agreement. Such written request (a “Clarification Request”)
shall be sent to the Company and shall provide reasonably sufficient written information to allow the Company to evaluate the proposed
activity. The Company shall respond in writing (a “Clarification Response”) to any Clarification Request
that complies with this Section 21 within ten (10) business days of receipt thereof from Read. In any Clarification Response as
to the proposed activity described in a Clarification Request, the Company may not unreasonably conclude that such proposed activity
violates any surviving provision of the Employment Agreement. In the event that the Company does not deliver a Clarification Response
to Read within such ten (10) business day period, the Company shall be deemed to have (a) irrevocably consented to the activity
proposed in the Clarification Request and (b) irrevocably determined that such activity as described in the Clarification Request
does not violate any surviving provision of the Employment Agreement. Any Clarification Request or Response shall be in writing
and delivered with notice in accordance with the provisions of Section 26 of this Agreement.

 

22.         Disputes.
The parties agree that, in the event of any dispute between or among them or claim for relief by either party against the other
or any agency, successor, or assignee of the other, other than claims for injunctive relief requiring immediate intervention to
prevent irreparable harm or damage, no claim for relief shall be filed until the claimant party has notified the other party in
writing of the claim and the parties have submitted the matter to the National Arbitration Forum for mediation, under the Rules
of Mediation of the Forum. The parties agree to participate, in good faith, in the mediation process, with the purpose to resolve
any and all such claims and disputes without the necessity of litigation and agree that with regard to such claims, no claim shall
be filed unless and until the parties agree or the mediator declares that an impasse exists.

 

    	8

    	 

    

 

23.         Prevailing
Party. If any dispute arises between the parties hereto concerning this Agreement or their respective rights, duties and
obligations hereunder, the party prevailing in such proceeding, as determined by the arbitrator or court, shall be entitled to
reasonable attorneys’ fees and costs in addition to any other relief that may be granted.

 

24.         Binding
Effect. This Agreement will be binding upon, and will inure to the benefit of, Read’s heirs, executors, and administrators,
if any, and will be binding upon and will inure to the benefit of the individual or collective successors and assigns of Ecotality,
and all of its present and former directors, officers, employees, shareholders, agents, and all persons acting by, through, or
in concert with any of them.

 

25.         Notification
of Rights Under the Older Workers Benefit Protection Act. The following notification is contemplated by the Older Workers
Benefit Protection Act.

 

Read will have 21 days starting from the
date he received this Agreement in which to accept the terms of the Agreement, although he may accept this Agreement at any time
within those 21 days. Read is advised to and has consulted with an attorney about this Agreement. By signing this Agreement, Read
understands that he is knowingly and voluntarily releasing his rights to pursue any claim under the Age Discrimination in Employment
Act, as well as other types of claims. Read acknowledges that this Agreement does not apply to any new claims that may arise after
the date Read signs this Agreement.

 

To accept the Agreement, Read must sign
and date the Agreement and return it to H. Ravi Brar at Ecotality. Read will have seven (7) days after he signs this Agreement
in which to revoke his acceptance. To revoke, Read must send to H. Ravi Brar at Ecotality a written statement of revocation by
fax or overnight mail. If Read does not revoke his acceptance within the seven day revocation period, this Agreement shall become
effective and enforceable on the Acceptance Date, and the Separation Benefits shall become payable as set forth above in Section
3 and subparts. If Read does not sign and return this Agreement by October 4, 2012, the offer of Severance Benefits will be automatically
withdrawn and this Agreement will be of no force or effect.

 

By signing this Agreement, Read agrees that
he will not pursue any claim covered by it. If he breaks this promise, he agrees to pay Ecotality’s costs and expenses (including
reasonable attorneys’ fees) related to the defense of any claims, other than claims to challenge the validity of this Agreement
under the Older Workers Benefit Protection Act (the “OWBPA”) and the Age Discrimination in Employment
Act (the “ADEA”). In spite of this Agreement, Read retains the right to challenge the knowing and voluntary
nature of this Agreement under the OWBPA and the ADEA before a court, the Equal Employment Opportunity Commission (the “EEOC”),
or any state or local agency permitted to enforce those laws, and this release does not impose any penalty or condition for doing
so. Read understands that nothing in this Agreement prevents him from filing a charge or complaint with, or from participating
in an investigation or proceeding conducted by the EEOC or any state or local agency which can act as a referral agency for the
EEOC. Read understands, however, that if he successfully pursues a claim against Ecotality under the OWBPA or the ADEA, Ecotality
may seek to set off the amount of the Separation Payments and Health Benefits that were paid to him for signing this Agreement
against any award he obtains. If he unsuccessfully pursues a claim against Ecotality under the OWBPA or the ADEA, then Ecotality
may be entitled to recover its costs and attorneys’ fees to the extent specifically authorized by federal law.

 

    	9

    	 

    

 

26.         Notices.
Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given
when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage pre-paid. In
case of the Company, mailed notices shall be addressed to its corporate headquarters as set forth in its most recent filing with
the United States Securities and Exchange Commission, and all notices shall be directed to the attention of its Chief Executive
Officer. In case of Read, mailed notices shall be addressed to Read at the home address that Read most recently communicated to
the Company in writing.

 

27.         Scope
of Business. The parties acknowledge and agree that, for purposes of Section 5 of the Employment Agreement, the business
of the Company Group (as defined in the Employment Agreement) as of the Separation Date is the design, production, networking and
deployment of charging systems for electric vehicles anywhere in Arizona, each of the other United States, Canada and Mexico.

 

[signature page follows]

    	10

    	 

    

 

IN WITNESS WHEREOF, the undersigned have
read the foregoing Agreement, and accept and agree to the provisions contained therein and hereby execute it voluntarily, and with
full understanding of its consequences as of the Separation Date.

 

	/s/ Jonathan Read	 
	Jonathan Read	 
	 	 
	ECOTALITY, INC.	 
	 	 
	/s/ H. Ravi Brar	 
	By:    H. Ravi Brar	 
	Title: Chief Executive Officer	 

    	11

    	 

    

Exhibit A

 

List of Officer, Director
and Employee Positions Held by Read

 

		·	ECOtality, Inc.: CEO, President and Director

 

		·	Electric Transportation Energy Corporation: President and Director

 

		·	ECOtality Australia Pty Ltd: Director

 

		·	ECOtality Stores Inc.: President and Director

 

		·	ECOtality Asia Pacific Ltd: Director

 

		·	Portable Energy de Mexico, SA.DEC.V: Director

 

		·	GHV Refrigeration Inc.: President and Director

 

		·	The Clarity Group Inc.: CEO and Director

 

		·	ETEC North LLC: President and Director

 

    	12

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