Document:

Exhibit 10.2

 

REVOLVING LINE OF CREDIT NOTE

 

 

	$65,000,000.00	Davenport, Iowa

January 12, 2015

 

FOR VALUE RECEIVED, the undersigned FLEXSTEEL INDUSTRIES,
INC. ("Borrower") promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank") at its office
at MAC N8236-043, 203 West 3rd Street, 4th Floor, Davenport, Iowa 52801-1901, or at such other place as the
holder hereof may designate, in lawful money of the United States of America and in immediately available funds, the principal
sum of Sixty Five Million Dollars ($65,000,000.00), or so much thereof as may be advanced and be outstanding, with interest thereon,
to be computed on each advance from the date of its disbursement as set forth herein.

 

DEFINITIONS:

 

As used herein, the following terms shall have the meanings
set forth after each, and any other term defined in this Note shall have the meaning set forth at the place defined:

 

(a)          "Daily
One Month LIBOR" means, for any day, the rate of interest equal to LIBOR then in effect for delivery for a one (1) month period.

 

(b)          "LIBOR"
means the rate of interest per annum determined by Bank based on the rate for United States dollar deposits for delivery of funds
for one (1) month as reported on Reuters Screen LIBOR01 page (or any successor page) at approximately 11:00 a.m., London time,
or, for any day not a London Business Day, the immediately preceding London Business Day (or if not so reported, then as determined
by Bank from another recognized source or interbank quotation).

 

(c)          "London
Business Day" means any day that is a day for trading by and between banks in Dollar deposits in the London interbank market.

 

INTEREST:

 

(a)          Interest.  The
outstanding principal balance of this Note shall bear interest (computed on the basis of a 360-day year, actual days elapsed) at
a fluctuating rate per annum determined by Bank to be one percent (1.00%) above Daily One Month LIBOR in effect from time to time.
Bank is hereby authorized to note the date and interest rate applicable to this Note and any payments made thereon on Bank's books
and records (either manually or by electronic entry) and/or on any schedule attached to this Note, which notations shall be prima
facie evidence of the accuracy of the information noted.

 

(b)          Taxes
and Regulatory Costs.  Borrower shall pay to Bank immediately upon demand, in addition to any other amounts due or
to become due hereunder, any and all (i) withholdings, interest equalization taxes, stamp taxes or other taxes (except income and
franchise taxes) imposed by any domestic or foreign governmental authority and related in any manner to LIBOR, and (ii) costs,
expenses and liabilities arising from or in connection with reserve percentages prescribed by the Board of Governors of the Federal
Reserve System (or any successor) for "Eurocurrency Liabilities" (as defined in Regulation D of the Federal Reserve Board,
as amended), assessment rates imposed by the Federal Deposit Insurance Corporation, or similar requirements or costs imposed by
any domestic or foreign governmental authority or resulting from compliance by Bank with any request or directive (whether or not
having the force of law) from any central bank or other governmental authority and related in any manner to LIBOR. In determining
which of the foregoing are attributable to any LIBOR option available to Borrower hereunder, any reasonable allocation made by
Bank among its operations shall be conclusive and binding upon Borrower.

    	- 1 -

    	 

    

 

(c)          Payment
of Interest.  Interest accrued on this Note shall be payable on the last day of each month, commencing January 31,
2015.

 

(d)          Default
Interest.  From and after the maturity date of this Note, or such earlier date as all principal owing hereunder becomes
due and payable by acceleration or otherwise, or at Bank's option upon the occurrence, and during the continuance of an Event of
Default, the outstanding principal balance of this Note shall bear interest at an increased rate per annum (computed on the basis
of a 360-day year, actual days elapsed) equal to four percent (4%) above the rate of interest from time to time applicable to this
Note.

 

BORROWING AND REPAYMENT:

 

(a)          Borrowing
and Repayment.  Borrower may from time to time during the term of this Note borrow, partially or wholly repay its
outstanding borrowings, and reborrow, subject to all of the limitations, terms and conditions of this Note and of any document
executed in connection with or governing this Note; provided however, that the total outstanding borrowings under this Note shall
not at any time exceed the principal amount stated above. The unpaid principal balance of this obligation at any time shall be
the total amounts advanced hereunder by the holder hereof less the amount of principal payments made hereon by or for Borrower,
which balance may be endorsed hereon from time to time by the holder. The outstanding principal balance of this Note shall be due
and payable in full on December 31, 2016.

 

(b)          Advances.  Advances
hereunder, to the total amount of the principal sum stated above, may be made by the holder at the oral or written request of (i)
the BORROWER’S PRESIDENT, CEO, CFO, DIRECTOR OF FINANANCIAL REPORTING AND COMPLIANCE OR THE TREASUREY ADMINISTRATOR, any
one acting alone, who are authorized to request advances and direct the disposition of any advances until written notice of the
revocation of such authority is received by the holder at the office designated above, or (ii) any person, with respect to advances
deposited to the credit of any deposit account of Borrower, which advances, when so deposited, shall be conclusively presumed to
have been made to or for the benefit of Borrower regardless of the fact that persons other than those authorized to request advances
may have authority to draw against such account. The holder shall have no obligation to determine whether any person requesting
an advance is or has been authorized by Borrower.

 

(c)          Application
of Payments.  Each payment made on this Note shall be credited first, to any interest then due and second, to the
outstanding principal balance hereof.

 

EVENTS OF DEFAULT:

 

This Note is made pursuant to and is subject to the terms
and conditions of that certain Credit Agreement between Borrower and Bank dated as of April 14, 2010, as amended from time to time
(the "Credit Agreement"). Any default in the payment or performance of any obligation under this Note, or any defined
event of default under the Credit Agreement, shall constitute an "Event of Default" under this Note.

 

    	- 2 -

    	 

    

 

 

MISCELLANEOUS:

 

(a)          Remedies.  Upon
the occurrence of any Event of Default, the holder of this Note, at the holder's option, may declare all sums of principal and
interest outstanding hereunder to be immediately due and payable without presentment, demand, notice of nonperformance, notice
of protest, protest or notice of dishonor, all of which are expressly waived by Borrower, and the obligation, if any, of the holder
to extend any further credit hereunder shall immediately cease and terminate. Borrower shall pay to the holder immediately upon
demand the full amount of all payments, advances, charges, costs and expenses, including reasonable attorneys' fees (to include
outside counsel fees and all allocated costs of the holder's in-house counsel), expended or incurred by the holder in connection
with the enforcement of the holder's rights and/or the collection of any amounts which become due to the holder under this Note,
and the prosecution or defense of any action in any way related to this Note, including without limitation, any action for declaratory
relief, whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing
incurred in connection with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter
or motion brought by Bank or any other person) relating to Borrower or any other person or entity.

 

(b)          Obligations
Joint and Several.  Should more than one person or entity sign this Note as a Borrower, the obligations of each such
Borrower shall be joint and several.

 

(c)          Governing
Law.  This Note shall be governed by and construed in accordance with the laws of the State of Iowa.

 

(d)          Acknowledgment.  Borrower
acknowledges receipt of a copy of this Note signed by Borrower.

 

IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS AGREEMENT SHOULD BE READ
CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THIS WRITTEN CONTRACT
MAY BE LEGALLY ENFORCED. YOU MAY CHANGE THE TERMS OF THIS AGREEMENT ONLY BY ANOTHER WRITTEN AGREEMENT. THIS NOTICE ALSO APPLIES
TO ANY OTHER CREDIT AGREEMENTS NOW IN EFFECT BETWEEN YOU AND THIS LENDER.

 

IN WITNESS WHEREOF, the undersigned has executed this Note
as of the date first written above.

  

FLEXSTEEL INDUSTRIES, INC.

 

	By:  	 
	 	TIMOTHY E. HALL, 

SR. VP FINANCE, CFO,

SECRETARY, TREASURER

 

 

 

    	- 3 -Exhibit 10.1

 

GLORI ENERGY
INC.

(f/k/a Glori
Acquisition Corp.)

 

DIRECTOR’S
AGREEMENT

 

THIS DIRECTOR’S
AGREEMENT (“Agreement”) is executed on January 12, 2015 (the “Effective Date”), by
and between Glori Energy Inc., a Delaware corporation (“Company”), and Rocky Duckworth (“Director”).

 

WITNESSETH:

 

In consideration of
the mutual covenants set forth herein, the parties do hereby agree as follows:

 

1.           Appointment
as Director. Director has been elected, and hereby accepts his or her election, to the Board of Directors (“Board”)
of the Company. Director will use his or her reasonable efforts to participate fully in all Board activities including Board meetings
and calls, as well as meetings and calls of Board committees of which Director is a member. Director may at any time and for any
reason resign from the Board. This Agreement shall not be deemed an employment contract between the Company and Director.

 

2.            Term.
The term of this Agreement shall be from the effective date of this Agreement through the earlier of (a) Director’s resignation
from the Board, (b) the conclusion of the Director’s term of service, or (c) Director’s removal from the Board. The
Director’s term of service will last until his or her successor is elected, duly qualified and assumes the office of Director.

 

3.           Compensation.
Director shall receive (i) an annual fee of $65,000 for each year (which is inclusive of compensation for Director’s role
as Chairman of the Audit Committee), pro rata for each part of a year, (ii) upon the effectiveness of the Registration Statement
on Form S-8 for the Glori Energy Inc. 2014 Long Term Incentive Plan (the “Plan”), an award equal to $50,000
in Restricted Stock which shall vest as of April 14, 2015 and, thereafter (iii) an annual award equal to $75,000 in Restricted
Stock of the Company’s common stock, $0.0001 par value, pursuant to the Plan, pro rata for each part of a year, in each case,
as adjusted from time to time in accordance with the Company's Bylaws. The annual award shall have a one-year vesting period from
the date of grant. Director shall be entitled to no other compensation in consideration of his or her service as a director, except
as otherwise determined by the Board.

 

4.            Indemnification;
Insurance; and Expenses.

 

(a)          Director
shall be indemnified pursuant to the Indemnification Agreement executed concurrently herewith between the Company and Director
and pursuant to the Company's Certificate of Incorporation and Bylaws.

 

(b)          Reasonable
business expenses, including but not limited to business travel expense (including, without limitation, the cost of attending board
meetings and any meetings of committees of which Director is a member) shall be reimbursed to Director consistent with the Company’s
travel and expense reimbursement policy.

 

    	 

    	 

    

  

(c)          The
Company shall maintain directors and officers liability insurance in such amounts and coverage as shall be approved from time to
time by the Board and agrees to maintain such coverage during the term of Director’s service hereunder.

 

5.           Confidential
Information and Non-Disclosure. Director shall use all reasonable efforts to protect confidential information (“Confidential
Information”) of the Company. Upon completion of Director’s term of service, Director shall use all reasonable
efforts to return to Company or destroy all Confidential Information furnished by Company whether in written or electronic format.

 

6.           Construction.
This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

 

[Signature Page Follows]

 

    	- 2 -

    	 

    

  

The parties hereto
have executed this contract effective the day and year first written above.

 

	 	GLORI ENERGY INC.
	 	 
	 	By:	/s/ Stuart M. Page
	 	Name:  Stuart Page
	 	Title:    Chief Executive Officer
	 	 
	 	DIRECTOR:
	 	 
	 	/s/ Rocky Duckworth
	 	Rocky Duckworth

 

Signature Page to Director’s
Agreement

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