Document:

EX-10.1

 

EXHIBIT 10.1

EXECUTIVE EMPLOYMENT AGREEMENT

     This Agreement is made as of the latest date indicated below between The National Bank of
North East, a national banking association, (hereinafter called the “Company”) and the undersigned
employee, David B. Hartman (hereinafter called the “Executive”).

     WHEREAS, this Agreement is a term and condition of Executive’s employment and is made in
consideration for employment, wages and benefits offered to Executive contemporaneously with this
Agreement; and

     WHEREAS, this Agreement is necessary for the protection of Company’s legitimate and
protectible business interests in its customers, prospective customers, accounts and confidential,
proprietary and trade secret information.

     NOW THEREFORE, for the consideration set forth herein, the receipt and sufficiency of which
are acknowledged by the parties, and intending to be legally bound hereby, Company and Executive
agree as follows:

     1. DEFINITIONS. As used herein:

          (a) “Company” shall mean The National Bank of North East and any affiliate or joint venture of
The National Bank of North East, including any direct or indirect parent or subsidiary of The
National Bank of North East, as well as any of their respective operating divisions.

          (b) “Confidential Information” shall include, but is not limited to, any information which may
include, in whole or part, information concerning the Company’s accounts, sales, sales volume,
sales methods, sales proposals, customers or prospective customers, prospect lists, Company
manuals, formulae, products, processes, methods, financial information or data, compositions,
ideas, improvements, inventions, research, computer programs, computer related information or data,
system documentation, software products, patented products, copyrighted information, know how and
operating methods and any other trade secret or proprietary information belonging to the Company or
relating to the Company’s affairs that is not public information.

          (c) “Customer(s)” shall mean any individual, corporation, partnership, business or other
entity, whether for-profit or not-for-profit (i) whose existence and business is known to Executive
as a result of Executive’s access to the Company’s business information, Confidential Information,
customer lists or customer account information; (ii) that is a business entity or individual with
whom the Company has contracted or negotiated during the one (1) year period preceding the
termination of Executive’s employment; or (iii) who is or becomes a prospective client, customer or
acquisition candidate of the Company during the period of Executive’s employment.

 

 

          (d) “Competing Business” shall mean any individual, corporation, partnership, business or
other entity that operates or attempts to operate a business that provides financial or banking
services similar to those provided by the Company.

     2. DUTIES. Executive, who is employed as an at-will employee in the position set forth
on Attachment A hereof as of the date of this Agreement, agrees to be responsible for such duties
as are commensurate with and required by such position and any other duties as may be assigned to
Executive by Company from time to time. Executive further agrees to perform Executive’s duties in
a diligent, trustworthy, loyal, businesslike, productive, and efficient manner and to use
Executive’s best efforts to advance the business and goodwill of Company. Executive further agrees
to devote all of Executive’s business time, skill, energy and attention exclusively to the business
of the Company and to comply with all rules, regulations and procedures of the Company. During the
term of this Agreement, Executive will not engage in any other business for Executive’s own account
or accept any employment from any other business entity, or render any services, give any advice or
serve in a consulting capacity, whether gratuitously or otherwise, to or for any other person, firm
or corporation, other than as a volunteer for charitable organizations, without the prior written
approval of the Company, which shall not be unreasonably withheld.

     3. COMPENSATION. Executive’s annual base salary and other compensation as of the date
of this Agreement are as set forth on Attachment A hereto. Said wages and compensation are subject
to being reviewed and modified annually by the Company. The Company shall be entitled to withhold
from any payments to Executive pursuant to the provisions of this Agreement any amounts required by
any applicable taxing or other authority, or any amounts loaned to Executive by the Company.

     4. BENEFITS. Executive is eligible for the Standard Employee Package benefits, which
may be modified by the Company from time to time, and for the purposes of benefits shall be treated
as having over ten years of service as described on Attachment B.

     5. POLICIES AND PRACTICES. Executive agrees to abide by all Company rules,
regulations, policies, practices and procedures which the Company may amend from time to time.

     6. AGREEMENT NOT TO COMPETE. In order to protect the business interest and good will
of the Company with respect to Customers and accounts, and to protect Confidential Information,
Executive covenants and agrees that for the entire period of time that this Agreement remains in
effect, and for a period of one (1) year after termination of Executive’s employment for any
reason, Executive will not:

          (a) directly or indirectly contact any Customer of the Company for the purpose of soliciting
such Customer to use banking or financial services;

          (b) directly or indirectly employ, or knowingly permit any company or business directly or
indirectly controlled by Executive to employ any person who is employed by

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the Company at any time during the term of this Agreement, or in any manner facilitate the
leaving of any such person from his or her employment with the Company;

          (c) directly or indirectly interfere with or attempt to disrupt the relationship, contractual
or otherwise, between the Company and any of its employees or solicit, induce, or attempt to induce
employees of the Company to terminate employment with the Company and become self-employed or
employed with others in the same or similar business or any product line or service provided by
Company; or

          (d) directly or indirectly engage in any activity or business as a consultant, independent
contractor, agent, employee, officer, partner, director or otherwise, alone or in association with
any other person, corporation or other entity, in any Competing Business operating within the Erie
Area (as defined below) within the one (1) year period prior to the termination of Executive’s
employment.

     Executive acknowledges that the Company is engaged in business in Erie, Crawford, Warren, and
Mercer Counties in the Commonwealth of Pennsylvania, Chautauqua County in the State of New York and
Ashtabula County in the State of Ohio (together, the “Erie Area”). Executive further covenants and
agrees that the geographic, length of term and types of activities restrictions (non-competition
restrictions) contained in this Agreement are reasonable and necessary to protect the legitimate
business interests of the Company because of the scope of the Company’s business.

     In the event that a court of competent jurisdiction shall determine that one or more of the
provisions of this Paragraph 6 is so broad as to be unenforceable, then such provision shall be
deemed to be reduced in scope or length, as the case may be, to the extent required to make this
Paragraph enforceable. If the Executive violates the provisions of this Paragraph 6, the periods
described therein shall be extended by that number of days which equals the aggregate of all days
during which at any time any such violations occurred. Executive acknowledges that the offer of
employment by the Company, or any other consideration offered for signing this agreement, is
sufficient consideration for Executive’s agreement to the restrictive covenants set forth in this
Paragraph 6. Executive agrees that Executive’s signing of an Employment Agreement containing the
restrictive covenants set forth herein was a condition precedent to Executive’s employment with the
Company.

     7. NONDISCLOSURE AND NONUSE OF CONFIDENTIAL INFORMATION. The Executive covenants and
agrees during Executive’s employment or any time after the termination of such employment, not to
communicate or divulge to any person, firm, corporation or business entity, either directly or
indirectly, and to hold in strict confidence for the benefit of the Company, all Confidential
Information except that Executive may disclose such Confidential Information to persons, firms or
corporations who need to know such Confidential Information during the course and within the scope
of Executive’s employment. Executive will not use any Confidential Information for any purpose or
for Executive’s personal benefit other than in the course and within the scope of Executive’s
employment.

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     8. TERMINATION. This Agreement may be terminated by either party with or without
cause under the following conditions:

          (a) Probationary Period. For a period commencing on April 19, 2004 (the “Employment
Date”) and continuing through the first regularly scheduled meeting of the Board of Directors of
the Company, occurring not less than ninety days thereafter, either party may terminate this
Agreement without cause. Executive will receive no severance for a termination under this
subsection. Executive acknowledges Executive’s continuing obligations under this Agreement
including, but not limited to Paragraphs 6, 7 and 8, in the event that Executive is terminated
during the probationary period.

          (b) With Cause Termination. Executive may be terminated from employment with “cause.”
“Cause” shall mean (i) the commission of a crime involving moral turpitude, theft, fraud or
deceit; (ii) conduct which brings the Company or any of its related entities into public disgrace
or disrepute, (iii) substantial or continued unwillingness to perform duties as reasonably directed
by Executive’s supervisors or the Board of Directors; (iv) gross negligence or deliberate
misconduct; (v) any material breach of paragraphs 6 or 7 of this Agreement; (vi) inadequate
financial performance by the Company as reasonably determined by the Board of Directors; or (vii)
Executive’s own voluntary separation from employment. In the event that Executive is terminated
with “cause,” the Company may immediately cease payment of any further wages, benefits or other
compensation hereunder. Executive acknowledges that Executive has continuing obligations under
this Agreement including, but not limited to Paragraphs 6, 7 and 8, in the event that Executive is
terminated with cause. Executive agrees to provide Company with thirty (30) days notice should
Executive voluntarily decide to separate from Executive’s employment.

          (c) Without Cause. Subject to the provisions of Paragraph 8(d) following, in the
event that Executive’s employment is terminated without cause (which shall be any termination of
employment that is not for cause as defined in Paragraph 8(b) above) subsequent to the probationary
period described in (a) above, Executive will be paid one (1) year severance at Executive’s base
salary for the preceding twelve (12) months. All payments referenced in this Paragraph 8(c), less
appropriate deductions, will be paid as salary continuation pursuant to the Company’s regular
schedule and payroll practices. Executive shall also be entitled to continue in the Company’s
health insurance plans at the same benefit level existing at the time of employment termination for
a period of one (1) year. Executive shall not be entitled to any salary or benefits other than
those stated herein. Executive acknowledges Executive’s continuing obligations under this
Agreement including, but not limited to Paragraphs 6, 7 and 8, in the event that Executive is
terminated without cause. Executive further acknowledges that the payment of any severance under
this Agreement is conditioned upon Executive first signing an agreement and release of all claims
against the Company in a form required by the Company.

          (d) Change in Control. Upon a Change in Control as defined in Section 11, Executive
may, at his option, resign. Such resignation will be treated as a termination without cause
pursuant to Paragraph 8(c) above, except that in such event Executive shall be entitled to be paid
two (2) years severance at Executive’s base salary for the preceding twelve (12) months. At the
option of the acquirer or surviving company in the Change of Control, all payments

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referenced in this Paragraph 8(d), less appropriate deductions, will be paid either in a lump
sum at the time of termination or as salary continuation pursuant to the Company’s regular schedule
and payroll practices. Executive shall also be entitled to continue in the Company’s health
insurance plans at the same benefit level existing at the time of employment termination for a
period of two (2) years.

     9. TERM. The term of Executive’s employment shall be five (5) years from the
Employment Date unless earlier terminated in accordance with the provisions of Paragraph 9.

     10. EQUITABLE RELIEF; FEES AND EXPENSES. Executive stipulates and agrees that any
breach of this Agreement by Executive will result in immediate and irreparable harm to the Company,
the amount of which will be extremely difficult to ascertain, and that the Company could not be
reasonably or adequately compensated by damages in an action at law. For these reasons, the
Company shall have the right, without objection from Executive, to obtain such preliminary,
temporary or permanent injunctions or restraining orders or decrees as may be necessary to protect
the Company against, or on account of, any breach by Executive of the provisions of this Agreement
without the need to post bond. Such right to equitable relief is in addition to all other legal
remedies the Company may have to protect its rights. In the event the Company obtains any such
injunction, order, decree or other relief, in law or in equity, Executive shall be responsible for
reimbursing the Company for all costs associated with obtaining the relief, including reasonable
attorneys’ fees, and expenses and costs of suit. Executive further covenants and agrees that any
order of court or judgment obtained by the Company which enforces the Company’s rights under this
Agreement may be transferred, without objection or opposition by Executive, to any court of law or
other appropriate law enforcement body located in any other state in the U.S.A. or any other
country in the world where Company does business, and that said court or body shall give full force
and effect to said order and/or judgment.

     11. CHANGE IN CONTROL. For the purposes of this Agreement, a “Change in Control” of
the Company shall mean a change in control of a nature that would be required to be reported by it
in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Company is then subject
to such reporting requirement; provided, that, without limitation, such a change in control shall
be deemed to have occurred if:

(a) Any person (within the meaning of that term as used in Sections 13(d) and 14(d) of the Exchange
Act (a “Person”) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), 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 voting securities; provided,
however, that for the purposes of this Agreement the term “Person” shall not include (i) the
Company or any of its majority-owned subsidiaries, (ii) a trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any of its subsidiaries, (iii) an
underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a
corporation owned, directly or indirectly, by the stockholders of the Company in substantially the
same proportions as their ownership of stock of the Company; or

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(b) The following individuals cease for any reason to constitute a majority of the number of
directors then serving on the Board of Directors of the Company, individuals who, on the date
hereof, are serving as directors on the Board and any new director (other than a director whose
initial assumption of office is in connection with an actual or threatened election contest,
including but not limited to a consent solicitation, relating to the election of directors of the
Company) whose appointment or election by the Board or nomination for election by the Company’s
stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in
office who either were directors on the date hereof or whose appointment, election or nomination
for election was previously so approved, or

(c) The shareholders of the Company approve a plan of complete liquidation of the Company, or there
is consummated the sale or other disposition of all or substantially all of the Company’s assets,
or

(d) There is consummated a merger or consolidation of the Company with any other corporation, other
than a merger or consolidation which would result in the holders of the voting securities of the
Company outstanding immediately prior thereto holding securities which represent immediately after
such merger or consolidation at least 50% of the combined voting power of the voting securities of
the entity surviving the merger or consolidation (or the parent of such surviving entity); provided
that a merger or consolidation which result in the holders of the voting securities of the Company
outstanding immediately prior thereto holding securities which represent immediately after such
merger or consolidation at least 50% of the combined voting power of the voting securities of the
entity surviving the merger or consolidation (or the parent of such surviving entity) will,
nonetheless be a “Change in Control” for purposes of this agreement if as a direct result of such
merger or consolidation the duties and responsibilities of Executive are materially and permanently
altered from those in place immediately prior to such merger or consolidation.

     12. EMPLOYMENT DISPUTE SETTLEMENT PROCEDURE-WAIVER OF RIGHTS. In consideration of the
Company employing Executive and the wages and benefits provided under this Agreement, Executive and
the Company each agree that, in the event either party (or its representatives, successors or
assigns) brings an action in a court of competent jurisdiction relating to Executive’s recruitment,
employment with, or termination of employment from the Company, the plaintiff in such action agrees
to waive his, her or its right to a trial by jury, and further agrees that no demand, request or
motion will be made for trial by jury.

     In consideration of the Company employing Executive, and the wages and benefits provided under
this Agreement, Executive further agrees that, in the event that Executive seeks relief in a court
of competent jurisdiction for a dispute covered by this Agreement, the Company may, at any time
within 60 days of the service of Executive’s complaint upon the Company, at its option, require all
or part of the dispute to be arbitrated by one arbitrator in accordance with the rules of the
American Arbitration Association. Executive agrees that the option to arbitrate any dispute is
governed by the Federal Arbitration Act, and is fully enforceable. Executive understands and
agrees that, if the Company exercises its option, any dispute arbitrated will be

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heard solely by the arbitrator, and not by a court. The Company agrees to pay the fees and
expenses relating to arbitration, except those related to Executive’s legal fees.

     This pre-dispute resolution agreement will cover all matters directly or indirectly related to
Executive’s recruitment, employment or termination of employment by the Company; including, but not
limited to, claims involving laws against any form of discrimination whether brought under federal
and/or state law, and/or claims involving co-employees, but excluding Worker’s Compensation Claims.

     THE RIGHT TO A TRIAL, AND TO A TRIAL BY JURY, IS OF VALUE. YOU MAY WISH TO CONSULT AN
ATTORNEY PRIOR TO SIGNING THIS AGREEMENT. IF SO, TAKE A COPY OF THIS AGREEMENT WITH YOU. HOWEVER,
YOU WILL NOT BE OFFERED EMPLOYMENT UNDER THIS AGREEMENT UNTIL THIS AGREEMENT IS SIGNED AND RETURNED
BY YOU.

     13. AMENDMENTS. No supplement, modification, amendment or waiver of the terms of this
Agreement shall be binding on the parties hereto unless executed in writing by the party to be
bound thereby. No waiver of any of the provisions of this Agreement shall be deemed to or shall
constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver
constitute a continuing waiver unless otherwise expressly provided. Any failure to insist upon
strict compliance with any of the terms and conditions of this Agreement shall not be deemed a
waiver of any such terms or conditions.

     14. ACKNOWLEDGMENTS OF EXECUTIVE. Executive hereby acknowledges and agrees that: (a)
this Agreement is necessary for the protection of the legitimate business interests of the Company;
(b) the restrictions contained in this Agreement may be enforced in a court of law whether or not
Executive is terminated with or without cause or for performance related reasons; (c) Executive has
no intention of competing with the Company within the limitations set forth above; (d) Executive
has received adequate and valuable consideration for entering into this Agreement; (e) Executive’s
covenants shall be construed as independent of any other provision in this Agreement and the
existence of any claim or cause of action Executive may have against the Company, whether
predicated on this Agreement or not, shall not constitute a defense to the enforcement by Company
of these covenants; and (f) the execution and delivery of this Agreement is a mandatory condition
precedent to the Executive’s receipt of the consideration provided herein.

     15. FULL UNDERSTANDING. Executive acknowledges that Executive has been afforded the
opportunity to seek legal counsel, that Executive has carefully read and fully understands all of
the provisions of this Agreement and that Executive, in consideration for the compensation set
forth herein, is voluntarily entering into this Agreement.

     16. SEVERABILITY. This Agreement supersedes all prior agreements, written or oral,
between the parties hereto concerning the subject matter hereof. Whenever possible, each provision
of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any
respect under any applicable law or rule in any jurisdiction, such invalidity,

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illegality or unenforceability shall not affect any other provision or any other jurisdiction,
but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein. The restrictive
covenants stated herein may be read as if separate and apart from this Agreement and shall survive
the termination of Executive’s employment with the Company for any reason.

     17. OTHER AGREEMENTS. Executive represents and warrants that Executive is not a party
to or otherwise subject to or bound by the terms of any contract, agreements or understandings that
would affect Executive’s right or abilities to perform under this Agreement. Executive
specifically represents that Executive will not use any confidential information obtained from
Executive’s prior employer(s) in the performance of Executive’s duties herein and is not subject to
any other restrictive covenants or non-competition agreements.

     18. CHOICE OF LAW, JURISDICTION AND VENUE. The parties agree that this Agreement
shall be deemed to have been made and entered into in Erie County, Pennsylvania and that the Law of
the Commonwealth of Pennsylvania shall govern this Agreement, without regard to conflict of laws
principles. Jurisdiction and venue is exclusively limited in any proceeding by the Company or
Executive to enforce their rights hereunder to any court or arbitrator geographically located in
Erie County, Pennsylvania. The Executive hereby waives any objections to the jurisdiction and
venue of the courts in or for Erie County, Pennsylvania, including any objection to personal
jurisdiction, venue, and/or forum non-conveniens, in any proceeding by the Company to enforce its
rights hereunder filed in or for Erie County, Pennsylvania. Executive agrees not to object to any
petition filed by the Company to remove an action filed by Executive from a forum or court not
located in Erie County, Pennsylvania.

     19. SUCCESSORS IN INTEREST. This Agreement shall be binding upon and shall inure to
the benefit of the successors, assigns, heirs and legal representatives of the parties hereto. The
Company shall have the right to assign this Agreement in connection with a merger, consolidation or
restructuring involving the Company, or a sale or transfer of the business and/or any assets of the
Company, and Executive agrees to be obligated by this Agreement to any successor, assign or
surviving entity. Any successor to the Company is an intended third party beneficiary of this
Agreement. Executive may not assign this Agreement.

     20. NOTICES. All notices, requests, demands or other communications by the terms
hereof required or permitted to be given by one party to the other shall be given in writing by
personal delivery or by registered mail, postage prepaid, addressed to such other party or
delivered to such other party as follows:

(a)      to the Company at:

National Bank of North East

PO Box 270

5999 Station Road

North East, PA 16429

Attention: Chairman of the Board

(b)      to the Executive at:

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David B. Hartman

_________________________

_________________________

_________________________

or at such other address as may be given by either of them to the other in writing from time to
time, and such notices, requests, demands, acceptances or other communications shall be deemed to
have been received when delivered or, if mailed, three (3) Business Days after the day of mailing
thereof; provided that if any such notice, request, demand or other communication shall have been
mailed and if regular mail service shall be interrupted by strikes or other irregularities, such
notices, requests, demands or other communications shall be deemed to have been received when
delivered or, if mailed, three (3) Business Days from the day of the resumption of normal mail
service.

     21. COUNTERPARTS; TELECOPY. This Agreement may be executed in counterparts, each of
which will be deemed an original, but all of which together will constitute one and the same
instrument. Delivery of executed signature pages by facsimile transmission will constitute
effective and binding execution and delivery of this Agreement.

     22. HEADINGS. The headings used in this Agreement are for convenience only and are
not to be considered in construing or interpreting this Agreement.

     23. SURVIVABILITY. The terms of this Agreement survive the termination of Executive’s
employment with the Company for any reason.

     I ACKNOWLEDGE THAT I HAVE CAREFULLY READ AND FULLY UNDERSTAND ALL OF THE PROVISIONS OF THIS
AGREEMENT AND THAT I AM VOLUNTARILY ENTERING INTO THIS AGREEMENT.

	 	 	 	 	 	 	 	 	 
	NATIONAL BANK OF NORTH EAST	 	 	 	EXECUTIVE:
	 
	 	 	 	 	 	 	 	 
	By:	 	/s/ James Bryan	 	 	 	          /s/ David B. Hartman
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Date:

	 	4-14-04
	 	 	 	Date:
	 	4-14-04
	 
	 	 	 	 	 	 	 	 
	Witness:

	 	/s/ George F. S. Bennett
	 	 	 	Witness:
	 	 /s/ [illegible signature]
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Date:

	 	4/14/04
	 	 	 	Date:
	 	4/14/04

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1. Position: President and Chief Executive Officer

2. Base Salary: $120,000 for the first year of the employment term. Thereafter,
Executive’s base salary shall be determined in good faith by the Company’s Board of Directors.

3. Benefits: Executive is eligible for the Standard Employee Package benefits as described
in Attachment B which may be modified by the Company from time to time. For the purposes of the
Standard Employee Package only, Executive’s years of service will be considered “over ten.”

4. Expenses: The Company will reimburse all properly documented expenses reasonably related
to Executive’s performance of Executive’s duties hereunder.

5. Moving Expenses: Company will pay Executive’s moving expenses in an amount not to exceed
$10,000 upon Executive having relocated his principal residence to within Erie County Pennsylvania;
provided, should Executive’s employment hereunder terminate within twenty-four (24) months of the
payment of such moving expenses for any reason other than a termination “Without Cause” as that
term is used herein, Executive shall, immediately upon such termination, refund to the Company all
such moving expenses paid to Executive.

	 	 	 	 	 	 	 	 	 
	BY:

	 	/s/ James Bryan 4/14/04
	 	 	 	BY:
	 	/s/ David B. Hartman
	 

	 	 
	 	 	 	 	 	 
	 

	 	Company / Date
	 	 	 	 	 	Executive / Date 4-14-04

ATTACHMENT A

 

 

Benefits

(attached)

 

 

EXHIBIT “B”

The National Bank of North East

Full-Time Benefits:

	I.	 	Health Insurance:
	 
	 	 	We are insured with Highmark Blue Cross/Blue Shield. You are eligible for coverage on the
1st of the month following hire date, or on your hire date if hired on the 1st of the month.
You may choose Select Blue (High Option), Community Blue Direct, or you may opt not to have
health insurance on our group plan and receive additional pay of $100.00 per month.
	 
	 	 	At this time the employee costs for health insurance are as follows::

	 	 	 	 	 
	Coverage:	 	Select Blue (High Option):	 	Community Blue Direct:
	Employee only:

	 	13.58 per month
	 	11.70 per month
	 
	 	 	 	 
	Employee & Spouse:

	 	68.93 per month
	 	59.44 per month
	 
	 	 	 	 
	Employee & Children

	 	56.68 per month
	 	49.23 per month
	 
	 	 	 	 
	Full Family Coverage

	 	85.93 per month
	 	73.63 per month

	II.	 	Dental Insurance:
	 
	 	 	We are insured with DentalComp, Inc. DentalComp covers 100% of the first $200.00 of dental
expenses per plan year, then covers 80% of the remaining costs until the beneficiary has
received a maximum total benefit of $1,000.00 per plan year.
	 
	 	 	At this time, the bank pays 100% of the employee premium, and you may add dependents for
$4.63 per month.
	 
	 	 	Our Insurance Plan year is April 1st, through March 31st. Insurance Plans, prices and
funding formulas are subject to change as of April 1st, for the 2004-2005 plan year.
	 
	III.	 	Flexible Spending Accounts:
	 
	 	 	Our Section 125 benefit plan allows employees to set funds aside for medical or dependent
care expenses during the plan year. With these accounts, our staff can use non-taxed
dollars to pay for eligible medical and dependent care expenses.
	 
	IV.	 	Sick Days:
	 
	 	 	Full-time employees are eligible to receive 5 paid sick days per calendar year. If they are
not used, they may be carried into successive years, but they cannot be turned in for cash
upon termination of employment, unless such termination is for retirement.

 

 

	V.	 	Short-Term Disability:
	 
	 	 	The National Bank of North East provides the following salary during periods of short-term
disability (up to 180 days) through a combination of insurance and self-funded options:

	 	 	 	 	 
	Length of Employment:	 	% of Base Salary:	 
	<5 years
	 	 	66 2/3	%
	 
	 	 	 	 
	5 to 7 years
	 	 	75	%
	 
	 	 	 	 
	7 to 10 years
	 	 	85	%
	 
	 	 	 	 
	>10 years
	 	 	100	%

	VI.	 	Long Term Disability:
	 
	 	 	Our Long Term disability Policy generally covers 60% of basic monthly salary up to a maximum
of $2500.00 per month.
	 
	VII.	 	Life Insurance:
	 
	 	 	NBNE provides life insurance at 2 times an employee’s basic annual salary up to a maximum of
$200,000. Benefits decrease by 35% at age 65, and by 50% at age 70.
	 
	VIII.	 	Vacation:
	 
	 	 	Vacation is earned on an accrual basis, at 8.33% of an individual’s annual allotment per
month.

	 	 	 
	Length of Service:	 	Vacation Allotment:
	1-9 years

	 	10 days
	 
	 	 
	10-15 years

	 	15 days
	 
	 	 
	16+ years

	 	20 days

	IX.	 	Personal Time:
	 
	 	 	Each full-time employee is eligible to take up to 16 hours off with pay. These hours are
scheduled in advance, and time off is dependent upon adequate staffing.

 

 

	X.	 	401(K)
	 
	 	 	One is eligible to join the 401(K) on the 1st day of the quarter following (or on) one’s
first year anniversary of employment. Participants are 100% vested in the bank
contributions after 3 years of employment.
	 
	 	 	The bank provides a matching contribution of 25 cents per dollar up to a maximum of 1% of
one’s pay (when the employee is deferring 4% of pay).
	 
	 	 	At its option, the bank may make an annual discretionary contribution to all eligible
individuals’ accounts (regardless of whether or not those eligible employees make monthly
deferrals). The bank has made such a contribution in the past, but it is never guaranteed.EXHIBIT 10.4

                              AMENDED AND RESTATED
                              EMPLOYMENT AGREEMENT

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the "Agreement") is effective as
of the 15th, day of June 2005, by and between John R. McKowen, an individual
("Employee"), and Navidec Financial Services Inc., a Colorado corporation (the
"Company").

WHEREAS, the Company and Employee entered into an Employment Agreement, dated as
of September 9, 2004, relating the terms and conditions of Employee's employment
with the Company (the "Employment Agreement"); and

WHEREAS, the Company and Employee desire to amend and restate the Employment
Agreement; and

WHEREAS, the Company has determined that it is in the best interests of the
Company and its stockholders to enter into this Agreement setting forth the
rights, obligations and duties of both the Company and the Employee; and

WHEREAS, the Company wishes to assure itself of the services of the Employee for
the period hereinafter provided, and the Employee is willing to be employed by
the Company for said period, upon the terms and conditions provided in this
Agreement.

IN CONSIDERATION of the mutual covenants and promises herein contained, and
subject to the terms and conditions herein set forth, Employee and the Company
hereby agree as follows:

     1. Term of Employment; Duties.
        ---------------------------

     (a) The "Term of Employment" shall commence on the effective date of this
Agreement and shall continue for an initial term of two (2) years unless earlier
terminated as provided in this Agreement (the "Initial Term"). After the Initial
Term, the Term of Employment will automatically renew for successive one (1)
year terms unless and until either party delivers notice of termination to the
other within thirty (30) days of the expirations of the then current term.

     (b) During the Term of Employment, the Company shall employ Employee, and
Employee shall work for the Company, as Chief Executive Officer and Chairman of
the Board. In such capacity, Employee shall perform such duties as are
traditional and customary to that position and as may be reasonably directed by
the Board of Directors of the Company (the "Board")

     (c) During the Term of Employment, except as set forth below, Employee
shall devote full time and effort to carrying out Employee's duties for the
Company hereunder, shall not engage in any activity which would be inconsistent
with such duties or with the objectives of the Business (as defined below), and
shall diligently perform Employee's obligations and discharge Employee's duties
hereunder. Provided, however, nothing in this Paragraph shall prevent Employee
from devoting time to managing investments, participating with charitable
organizations and trade groups or other similar activities. The "Business" of
the Company is to investigate, acquire, and manage business opportunities for
the Company.

<PAGE>

     2. Compensation. During the Term of Employment, the following compensation
and benefits shall be payable and provided to Employee:

     (a) Employee shall receive from the Company an annual base salary of
$120,000 ("Base Salary"), which shall be payable in accordance with the standard
practice of the Company in the payment of salaries of its employees. Employee's
Base Salary shall be adjusted in accordance with other executives of the Company
and its Subsidiaries.

No less frequently than monthly, the Base Salary will be reviewed and may be
adjusted upward at the discretion of the Board.

     Employee shall be entitled to all granted options including 1,000,000
options in the parent company at an exercise price of $0.05.

     (b) The Company shall provide Employee with such medical, hospitalization,
insurance, including but not limited to disability insurance, pension plan,
profit sharing and employee benefits and such other similar employment
privileges and benefits ("Benefits") as are afforded generally from time to time
to other executive employees of the Company, and four (4) weeks paid vacation
each year.

     (c) The Company shall provide Employee with a Company car to be leased for
no more than $500 per month at Company expense including insurance.

     (d) Employee shall also be eligible to participate in the Navidec Financial
Services, Inc. Management Incentive Plan.

     (e) At the sole discretion of the Board, Employee shall receive in addition
to his Base Salary annual incentive compensation (an "Annual Bonus") in an
amount and in a form to be determined by the Board upon the advice of the
Compensation Committee.

     (f) Employee shall be entitled to receive prompt reimbursement for all pre-
approved reasonable employment-related expenses incurred by Employee, upon the
receipt by the Company of an accounting in accordance with the practices,
policies and procedures applicable to other executive employees of the Company.

     3. Early Termination: Death. Notwithstanding anything to the contrary in
Paragraph 1 hereof, if Employee dies during the Term of Employment, the Term of
Employment shall terminate. Upon such termination, Employee's estate or
beneficiaries shall be entitled to receive Base Salary and Benefits earned and
accrued but unpaid through the date on which his death occurs. Employee's estate
shall receive Employee's Annual Bonus (if any), prorated for the number of
months during the fiscal year during which Employee was paid his Base Salary
("Prorated Annual Bonus"). The Prorated Annual Bonus shall be calculated and
paid in the ordinary course after completion of the fiscal year. In addition,
Employee's family ("Family") shall continue to receive health insurance coverage
("Family Health Insurance") during such one (1) year period, to the extent

<PAGE>

permitted by the Company's health plan contract(s), or if not permitted, as
purchased by the Company at no cost to the Family. The parties shall have no
further obligation under this Agreement.

     4. Early Termination: Disability. Notwithstanding anything to the contrary
in Paragraph 1 hereof, if Employee has at any time been unable, by virtue of
illness or other physical or mental disability, to perform substantially and
continuously the duties assigned to Employee under this Agreement for a period
of ninety (90) consecutive days or one hundred twenty (120) calendar days out of
any period of one hundred eighty (180) consecutive calendar days during the Term
of Employment and the Board has received a medical opinion from a physician
reasonably acceptable to both the Company and the Employee that Employee remains
disabled after said period ("Disability"), then the Company shall have the right
to terminate the Term of Employment upon notice to Employee. Upon such
termination, Employee shall be entitled to receive any Base Salary and Benefits
earned and accrued but unpaid through the date of termination, including,
without limitation, the additional disability insurance described in Paragraph
2(b) hereof. In addition, the Employee shall have the right to receive a
Prorated Annual Bonus to the date of termination. Employee and Family shall
continue to receive health insurance coverage during a one (1) year period
following termination, to the extent permitted by the Company's health plan
contract(s), or if not permitted, as purchased by the Company at no cost to the
Family. The parties shall have no further obligation under this Agreement except
that Employee shall not be relieved of Employee's obligations under Paragraph 8.

     5. Early Termination: Termination by the Company for Cause. Notwithstanding
anything to the contrary in Paragraph 1 hereof, the Term of Employment may be
terminated by the Company upon notice to Employee for "Cause." The term "Cause"
shall mean Employee's (a) final, unappealable conviction of a felony involving
fraud, dishonesty or moral turpitude; (b) willful or intentional violation of
Paragraph 8 of this Agreement which breach is not cured within thirty (30) days
after Employee's receipt of written notice from the Company; (c) willful or
intentional material breach of this Agreement which breach is not cured within
thirty (30) days after Employee's receipt of written notice from the Company;.
Upon such termination, Employee shall be entitled to receive any Base Salary and
Benefits earned and accrued but unpaid through the date of termination and a
Prorated Annual Bonus. The parties shall have no further obligation under this
Agreement except that Employee shall not be relieved of Employee's obligations
under Paragraph 8.

     6. Early Termination: Termination by the Company. In the event that the
Term of Employment is terminated by the Company without Cause, Employee shall be
entitled to receive (a) Base Salary and Benefits earned and accrued but unpaid
through the date of termination; (b) a lump sum cash payment (or six monthly
payments based on company financial status), net of any applicable withholding
taxes, in an amount equal to six months salary at the highest base salary in
effect during the twelve months prior to termination plus the amount of the
prorated Annual Bonus paid to Employee for the last fiscal year prior to
termination; (c) continuation of Benefits to the extent allowed under Company
plans for one year from the date of termination; and (d) notwithstanding any
provision to the contrary in any plan or agreement relating to stock options for
shares of the Company, immediate vesting of all of Employee's non-vested options
for shares of the Company's capital stock ("Accelerated Option Vesting")
(collectively, the "Severance Payments"). In the event the Company cannot,
pursuant to any of its benefits plans, pay any Benefits under such plan,

<PAGE>

Employee shall be entitled to a lump sum payment equal to the after-tax value of
such Benefits. The parties shall have no further obligation under this
Agreement. Employee acknowledges and agrees that payment of Severance Payments
pursuant to this Agreement shall be conditioned upon the Company's receipt of a
release, in form satisfactory to the Company, of all claims that Employee may
have against the Company, its directors, officers, employees and/or agents and
the Employee's satisfaction of the requirements of Paragraph 8 below.

     7. Early Termination: Resignation by the Employee.
        -----------------------------------------------

     (a) For Good Reason.

     (i) Notwithstanding anything to the contrary in Paragraph 1 hereof, the
Term of Employment may be terminated by Employee upon notice to the Company for
"Good Reason." For purposes of this Agreement, "Good Reason" includes the
occurrence of any of the following circumstances, without Employee's express
consent: (i) a material adverse change or material diminution in Employee's
position, duties, reporting relationships or responsibilities (as reasonably
determined by Employee in his good faith discretion); (ii) a change in the
required location of the performance of Employee's duties; (iii) a reduction in
either Employee's annual rate of Base Salary or level of participation in any
non-discretionary bonus plan for which he is eligible under Paragraph 2(c); (iv)
an elimination or reduction of Employee's participation in any benefit plan
generally available to executive employees of the Company, unless the Company
continues to offer Employee benefits substantially similar to those made
available by such plan; or (v) a breach of this Agreement by the Company which
is not cured within sixty (60) days of written notice to the Company. Employee's
continued employment will not constitute consent to, or a waiver of rights with
respect to, any circumstance constituting Good Reason; provided, however, that
Employee will be deemed to have waived his rights pursuant to the circumstances
constituting Good Reason set forth in clauses (i) through (v) of the preceding
sentence if he has not provided to the Company a notice of termination
(described below) within ninety (90) days following his knowledge of the
circumstances constituting Good Reason.

     (ii) Upon such termination for Good Reason, Employee shall be entitled to
receive the Severance Payments as described in Paragraph 6 of this Agreement. In
the event the Company cannot, pursuant to any of its benefits plans, pay any
Benefits under such plan, Employee shall be entitled to a lump sum payment equal
to the after-tax value of such benefits. The parties shall have no further
obligation under this Agreement except that Employee shall not be relieved of
Employee's obligations under Paragraph 8.

     (iii) Any termination of Employee's employment by Employee must be
communicated by written notice of termination to the Company in accordance with
Paragraph 20 which notice must set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of Employee's
employment under this Paragraph 7.

     (b) Other than for Good Reason. In the event that the Term of Employment is
terminated by Employee other than as set forth in Paragraph 7(a) above, Employee
shall be entitled to receive Base Salary and Benefits earned and accrued but
unpaid through the date of termination. The parties shall have no further
obligation under this Agreement except that Employee shall not be relieved of
Employee's obligations under Paragraph 8.

<PAGE>

     8. Confidentiality and Non-Competition.
        ------------------------------------

     (a) Employee acknowledges that Employee has had or shall have unlimited
access to Confidential Information (as defined below) and business methods
relating to the Company's Business and operations and that the Company would be
injured and the goodwill of the Company would be damaged if Employee were to
breach the covenants set forth in this Paragraph 8. Employee further
acknowledges that the covenants set forth in this Paragraph 8 are reasonable in
scope and duration. "Confidential Information" shall include (i) specific
business strategies relating to the Company's Business, as its Business is being
conducted at the time of any alleged breach of this Section 8; (ii)
methodologies of pricing used by the Business; (iii) customer lists; and (iv)
all other information reasonably deemed by the Company to be confidential and/or
proprietary in nature that Employee knows, or should reasonably know, is
confidential and/or proprietary.

     (b) During the Term of Employment and thereafter, except as may be required
by law or necessary in connection with any dealings with any public agency or
authority, Employee shall not disclose, disseminate, divulge, discuss, copy or
otherwise use or suffer to be used, in competition with, or in a manner harmful
to the interests of, the Company, any written Confidential Information
respecting any material aspect of the Company's Business, excepting only use of
such data or information as is (i) at the time disclosed, through no act or
failure to act on the part of Employee, generally known or available; (ii)
furnished to Employee by a third party as a matter of right and without
restriction on disclosure; or (iii) required to be disclosed by court order.
Upon termination of the Term of Employment, Employee shall return to the Company
or, at the Company's direction destroy, any and all materials in tangible or
electronic form containing confidential information belonging to the Company.

     (c) During the Term of Employment and for a period of one (1) year
thereafter (except in the event this Agreement is terminated by the Company
pursuant to Paragraph 6 or this Agreement is terminated by the Employee pursuant
to Paragraph 7(a) and Employee has waived his right to collect the Severance
Payments), Employee shall not in North America, or in any international market
in which the Company is, as of the date of termination, doing business, conduct
the Business, directly or indirectly, whether as an individual on Employee's own
account, or as a shareholder, partner, joint venturer, director, officer,
employee, consultant, creditor and/or agent, of any person, firm or organization
or otherwise:

<PAGE>

     (i) own, manage, control or participate in the ownership, management or
control of, or be employed or engaged by or otherwise affiliated or associated
as a consultant, independent contractor or otherwise with, any other
corporation, partnership, proprietorship, firm, association or other business
entity or otherwise engage in any business that is engaged in, or otherwise
directly competes with, the Business of the Company or any of the Company's
Subsidiaries (as defined herein), as such Business is conducted on the date
Employee ceases to be employed by the Company, in any capacity, including as a
consultant;

     (ii) solicit any person who, at the time of termination, is an employee or
officer of the Company or any Subsidiary, or a customer of the Business of the
Company or any Subsidiary (in its capacity as a customer of the Business) to
terminate his, her or its relationship with the Company or the Business (in the
case of a customer);

     (iii) solicit any supplier of the Company or any Subsidiary (in its
capacity as a supplier of the Business), to refuse to do business with the
Company or any Subsidiary, or to do business on any less favorable terms than
the Supplier's previous terms with the Company or its Subsidiary, as the case
may be; or

     (iv) engage in disparagement (which shall not include the providing of
accurate information without invidious intent) of the Company or any Subsidiary
by any means to any person.

     (d) Notwithstanding anything herein to the contrary, Employee shall be
permitted to own shares of any class of capital stock of any publicly held
corporation so long as the aggregate holdings of Employee represent less than
two percent (2%) of the outstanding shares of such class of capital stock.

     9. Change in Control.
        ------------------

     (a) If there is a Change in Control (as defined below), Employee shall be
entitled to Accelerated Option Vesting.

     (b) For purposes of this Agreement, a "Change in Control" will occur

     (i) upon the sale or other disposition to a person, entity or group (as
defined for purposes of Section 13(d) of the Securities Exchange Act of 1934, as
amended) (each, a "Person") of 50% or more of the consolidated assets of the
Company taken as a whole, (ii) if any Person becomes the beneficial owner of, or
has the right to acquire (by contract, option, warrant, conversion of
convertible securities or otherwise), 50% or more of the outstanding equity
securities of the Company entitled to vote for the election of directors; and
(iii) upon the merger, consolidation or reorganization with another corporation.
Notwithstanding anything herein to the contrary, a "Change in Control" does not
occur upon an initial public offering of the Company's equity securities
pursuant to an effective registration statement under the Securities Act of
1933, as amended, or upon a transaction, merger, consolidation or reorganization
in which the Company exchanges or offers to exchange newly issued or treasury
shares in an amount less than 50% of the then outstanding equity securities of
the Company entitled to vote for the election of directors, for 51% or more of
the outstanding equity securities entitled to vote for the election of at least
the majority of the directors of a corporation (the "Acquired Corporation"), or
for all or substantially all of the assets of the Acquired Corporation.

     (c) If all or any portion of the amount payable to Employee under this
Agreement, either alone or together with other amounts that Employee is entitled
to receive in connection with a Change in Control constitutes "excess parachute
payments," within the meaning of Section 280G of the Internal Revenue Code of
1986, as amended (the "Code"), or successor provision, that are subject to the
excise tax imposed by Section 4999 of the Code (or any similar tax or
assessment), the amounts payable to Employee under this Agreement will be
increased to the extent necessary to place Employee in the same after-tax
position as Employee would have been in had no such excise tax or assessment

<PAGE>

(including any interest or penalties thereon) been imposed on any such payment
paid or payable to Employee under this Agreement or any other payment that
Employee may receive as a result of such Change in Control. The determination of
the amount of any such tax or assessment and the resulting amount of incremental
payment required by this Paragraph 9(c) will be made by the independent
accounting firm employed by the Company immediately prior to the applicable
Change in Control, within thirty (30) calendar days after the payment of the
amount payable to Employee under this Agreement which triggered an incremental
payment under this Paragraph 9(c), and such incremental payment will be made
within five (5) business days after the determination has been made.

     10. Rights and Remedies Upon Breach.
         --------------------------------

     (a) Employee expressly agrees and understands that the remedy at law for
any breach by Employee of Paragraph 8 may be inadequate and that the damages
flowing from such breach may not be readily susceptible to being measured in
monetary terms. Accordingly, it is acknowledged that upon adequate proof of
Employee's violation of Paragraph 8, the Company may be entitled, among other
remedies, to injunctive relief and may obtain a temporary restraining order
restraining any threatened or further breach. Nothing in this Paragraph 10(a)
shall be deemed to limit the Company's remedies at law or in equity for any
breach by Employee of any of the provisions of this Agreement which may be
pursued or availed of by the Company.

     (b) In the event any court of competent jurisdiction determines that the
specified time period or geographical area set forth in Paragraph 8 is
unreasonable, arbitrary or against public policy, then a lesser time period or
geographical area that is determined by the court to be reasonable,
non-arbitrary and not against public policy may be enforced.

     (c) In the event the Company has asserted in a formal legal action that
Employee is violating any legally enforceable provision of Paragraph 8 as to
which there is a specific time period during which Employee is prohibited from
taking certain actions or engaging in certain activities, then, in such event
the violation shall toll the running of the time period from the date of the
assertion until the violation ceases.

     11. Expenses. Employee is authorized to incur reasonable expenses for
carrying out and promoting the business of the Company, including expenses for
entertainment, travel and similar items, but only in accordance with the
policies of the Company, as from time to time adopted.

     12. Withholding Taxes. All payments to Employee or his beneficiary shall be
subject to withholding on account of federal, state and local taxes as required
by law. If any payment hereunder is insufficient to provide the amount of such
taxes required to be withheld, the Company may withhold such taxes from any
other payment due Employee or his beneficiary. In the event all cash payments
due Employee are insufficient to provide the required amount of such withholding
taxes, Employee or his beneficiary, within five (5) days after written notice
from the Company, shall pay to the Company the amount of such withholding taxes
in excess of all cash payments due Employee or his beneficiary.

<PAGE>

     13. Assignability; Binding Nature. This Agreement shall be binding upon and
inure to the benefit of the parties and their respective successors, heirs (in
the case of Employee) and assigns. No rights or obligations of the Company under
this Agreement may be assigned or transferred by the Company, except in
connection with a Change in Control where the assignee or transferee agrees, in
writing, to assume such rights and obligations of the Company under this
Agreement. No obligations of Employee under this Agreement may be assigned or
transferred by Employee.

     14. Entire Agreement. Except to the extent otherwise provided herein, this
Agreement contains the entire understanding and agreement between the parties
concerning the subject matter hereof and supersedes any prior agreements,
whether written or oral, between the parties concerning the subject matter
hereof.

     15. Amendment or Waiver. No provision in this Agreement may be amended
unless such amendment is agreed to in writing and signed by both Employee and an
authorized officer of the Company. No waiver by either party of any breach by
the other party of any condition or provision contained in this Agreement to be
performed by such other party shall be deemed a waiver of a similar or
dissimilar condition or provision at the same or any prior or subsequent time.
Any waiver must be in writing and signed by the Employee or an authorized
officer of the Company, as the case may be.

     16. Severability. In the event that any provision or portion of this
Agreement shall be determined to be invalid or unenforceable for any reason, in
whole or in part, the remaining provisions of this Agreement shall be unaffected
thereby and shall remain in full force and effect to the fullest extent
permitted by law.

     17. Survivorship. The respective rights and obligations of the parties
hereunder shall survive any termination of Employee's employment with the
Company to the extent necessary to the intended preservation of such rights and
obligations as described in this Agreement.

     18. Governing Law. This Agreement shall be governed by and construed and
interpreted in accordance with the laws of the State of Colorado, without
reference to principles of conflict of laws.

     19. Arbitration. With the sole exception of the injunctive relief
contemplated by Paragraph 10(a), any controversy or claim arising out of any
aspect of the relationship of the parties hereto, will be settled by binding
arbitration in Denver, Colorado by a panel of three arbitrators in accordance
with the Commercial Arbitration Rules of the American Arbitration Association.
Judgment upon any arbitration award may be entered in any court having
jurisdiction thereof and the parties consent to the jurisdiction of the courts
of the State of Colorado for this purpose.

     20. Notices. Any notice given to either party shall be in writing and shall
be effective when given, and shall in any event be deemed to be given upon
receipt, or if earlier, (a) five (5) days after deposit with the U.S. Postal
Service or other applicable postal service, if delivered by first class mail,
postage prepaid, (b) upon delivery, if delivered by hand, (c) one (1) business
day after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid or (d) one (1) business day after the business day of

<PAGE>

facsimile transmission, if delivered by facsimile transmission with copy by
first class mail, postage prepaid, and shall be duly addressed to the party
concerned at the address indicated below or to such changed address as such
party may subsequently give such notice of:

                             If to the Company, to:
                    6399 S. Fiddlers Green Circle, Suite 300
                           Greenwood Village, CO 80111

                               If to Employee, to:
                             ======================

     21. Headings. The headings of the Paragraphs contained in this Agreement
are for convenience only and shall not be deemed to control or affect the
meaning or construction of any provision of this Agreement.

     22. Counterparts; Facsimile Signatures. This Agreement may be executed in
one or more counterparts, each of which shall be deemed an original but all of
which together will constitute one and the same instrument. This Agreement may
be executed by facsimile signature and the facsimile signature of any party
shall constitute and original in all respects.

IN WITNESS WHEREOF, the parties hereto have executed or caused to be executed
this instrument on the date first above written.

================================

/s/  John R. Mckowen
---------------------------------
John R. Mckowen

================================

NAVIDEC FINANCIAL SERVICES, INC.

By: /s/  J. Ralph Armijo
   -----------------------------

Its Director
    ----------------------------

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