Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(this “Agreement”) is dated December 15, 2017 (the “Effective Date”), by and
between Ecoark Holdings, Inc. (the “Company”) and Jay Puchir (“Executive”).

 

WHEREAS, Executive
wishes to be employed by the Company and the Company desires to employ Executive as its Chief Financial Officer (the “CFO”)
on the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of these premises, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged and intending to be legally bound, the parties hereto hereby agree as follows:

 

1. Employment; Employment
Term. Upon the terms and conditions hereinafter set forth, the Company hereby agrees to retain the services of Executive and
Executive hereby accepts such employment and agrees to faithfully and diligently serve as the Chief Executive Officer of the Company
(the “CFO”) in accordance with this Agreement, commencing on the Effective Date and, unless terminated
earlier pursuant to Section 6 of this Agreement, continuing until the close of business on the one- year anniversary of
the Effective Date (the “Employment Term”).

 

2. Duties.

 

(a) Services.
During the Employment Term, Executive agrees to serve as CFO of the Company and shall render his duties as CFO in a manner that
is consistent with Executive’s position within the Company and as directed by the Chief Executive Officer (the “CFO”).
Executive shall perform duties generally typical for a chief financial officer of a publicly traded company. In addition to his
duties as CFO, if requested by the CEO, Executive agrees to serve as an elected/appointed officer and director of the Company and/or
of any subsidiary of the Company and Executive shall serve in such capacities without additional compensation.

 

(b) Certain Obligations.
During the Employment Term, Executive (i) shall devote sufficient time and attention to achieve, in accordance with the policies
and directives of the CEO, the objectives of the Company, (ii) shall be subject to, and comply with, the rules, practices and policies
applicable to the Company’s executive employees, and (iii) Executive may, and is granted a waiver to, (A) have investments
in other entities and (B) act as a director or officer for other entities that do not directly compete with the Company’s
lines of business. Executive agrees and acknowledges that in the event that Executive’s performance of his services and duties
to the Company presents any conflict of interest with his obligations as CFO, Executive’s primary duty shall be to
the Company.

 

3.Compensation.
For the services rendered herein by Executive, and the promises and covenants made by Executive herein, during the Employment Term
the Company shall pay compensation to Executive as follows.

 

(a) Base Salary. The Company
shall pay to Executive the sum of $160,000 as an annual salary (the “Base Salary”), payable in accordance
with the normal payroll practices of the Company.

 

     

     

    

 

(b) Equity Grants. Upon the
Effective Date, the Company shall exchange the Executive’s current 415,000 unvested restricted stock units with a 150% conversion
rate for 622,500 incentive stock options (the “Options”) at the closing price on the date before the
date of this Agreement. The Options shall be granted pursuant to and governed by the terms of the Company’s incentive plan
(the “Plan”), and evidenced by a separate stock option agreement between Executive and the Company. The
exercise price of the Options shall be the exchange quoted settlement price at the close of the previous business of the Effective
date of employment. Approximately 50% of the Options, or 311,250 will vest on the Effective Date. If the Company is sold, merged
or otherwise acquired, all Options will immediately vest. Subject to the Executive remaining continuously employed by the Company
as its CFO on each vesting date (“Continuous Service Status”), the Options shall vest in installments
of 25,000 Options shares on monthly anniversaries of the Effective Date over the 24 month Employment Term (the first vesting date
being on the one (1) month anniversary of the Effective Date hereof) until the Options are fully vested. Notwithstanding anything
to the contrary set forth in the Plan, the Options shall have the following terms:

 

(i) All
unvested Options will terminate upon the termination of your employment with the Company;

 

(ii)
Unless earlier terminated as set forth above, the Options shall expire on the five-year anniversary of the date of grant; and

 

(iii)
The Executive shall have the ability to initiate a cashless exercise of any vested options within 180 days of the end of the Employment
Tern.

 

(d) No Additional
Compensation. Except for compensation set forth in this Agreement, Executive shall not receive additional compensation in connection
with providing services to or holding executive or directorial office(s) in the Company or any of its subsidiaries unless otherwise
agreed to by Executive and the Company, in the Company’s sole discretion; provided, however, the Company shall pay for health
insurance benefits with the same coverage as the Company’s other executive employees for six months from the Effective Date.

 

4. Benefits.

 

(a) Other Benefits.
During the Employment Term, Executive will be eligible to participate in the Company’s benefit plans that are currently and
hereafter maintained by the Company and for which he is eligible including, without limitation, group medical, 401k, life insurance
and other benefit plans (the “Benefits”). The Company reserves the right to cancel or change at any time
the Benefits that it offers to its employees. The Executive shall not receive any vacation benefits but all accrued vacation owed
to the Executive on the Effective Date shall be paid to the Executive upon the Company’s execution of this Agreement.

 

(b) Expenses.
During the Employment Term, Executive shall be reimbursed for reasonable (travel and other) expenses incurred by Executive in the
furtherance of or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s
expense reimbursement policy as in effect from time to time. Executive agrees to provide detailed backup of any expenses and indicate
on any submission for reimbursement those expenses that relate to meals and entertainment.

 

5. Non-Disclosure
of Information, Assignment of Intellectual Property, and Restrictive Covenants. Executive acknowledges that the Executive has
and will develop and assemble extensive “know-how” and trade secrets relating to the Company’s business. Beginning
from the Effective Date and continuing during Executive’s employment with the Company, Executive will have access to such
trade secrets and relationships and other proprietary information of the Company. Executive agrees to protect the Company’s
Confidential Information as provided in the Company’s policies.

 

6.Termination; Severance
Payments; Etc.

 

(a) At-Will Employment. Executive
and the Company agree that Executive’s employment is at-will and that, either Executive or the Company may terminate Executive’s
employment, at any time, with or without any cause, on thirty days prior notice; provided however that the Company may terminate
the Executive’s employment for cause with no prior notice; provided further however, that each party shall remain
bound by the terms and provisions of this Agreement that survive the termination in accordance with Section 8(i). If the Executive’s
employment with the Company terminates, other than for Cause, or the Company does not renew this Agreement, then the Executive
shall be entitled to any portion of the Base Salary that has accrued but not been paid through the date of such termination plus
three months’ salary upon the date of termination.

 

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(b) Cause. For the purposes of this
Agreement, Cause shall mean (1) a material breach by Executive of Executive’s obligations under this Agreement; (2) commission
by Executive of an act of fraud, embezzlement, misappropriation, willful misconduct or breach of fiduciary duty against the Company
or other conduct harmful or potentially harmful to the Company’s best interest; (3) Executive’s conviction, plea of
guilty, no contest, or nolo contendere, deferred adjudication or unadjudicated probation for any felony or any crime involving
moral turpitude, (4) the failure of Executive to carry out, or comply with, in any material respect, any lawful directive
of the Company; or (5) Executive’s unlawful use (including being under the influence) or possession of illegal drugs.

 

7. Representations.

 

(a) Executive represents that his performance
of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information acquired by him
in confidence or in trust prior to or outside of his employment by the Company. Executive hereby represents and warrants that he
has not entered into, and will not enter into, any oral or written agreement in conflict herewith.

 

(b) Executive hereby represents that
Executive is not subject to any other agreement that Employee will violate by working with the Company or in the position for which
the Company has hired Executive. Further, Executive represents that no conflict of interest or a breach of Executive’s fiduciary
duties will result by working with and performing duties for the Company.

 

(c) Executive further acknowledges
and agrees that he has carefully read this Agreement and that he has asked any questions needed for him to understand the terms,
consequences and binding effect of this Agreement and fully understands it and that he has been provided an opportunity to seek
the advice of legal counsel of his choice before signing this Agreement.

 

8.Miscellaneous.

 

(a)Notices.
All notices, requests, consents and other communications hereunder (i) shall be in writing, (ii) shall be effective upon receipt,
and (iii) shall be sufficient if delivered personally, electronically with receipt confirmation, or by mail

 

(b)Entire Agreement.
This Agreement constitute the entire agreement by and between the parties with respect to the subject matter contained herein and
supersedes all prior agreements or understandings, oral or written, with respect to the subject matter contained herein. Notwithstanding
the foregoing, Executive shall remain subject to and bound by the Employee Confidentiality Agreement and the Company Policies.

 

(c) Amendments;
Waivers; Etc. This Agreement may not be altered, amended or modified in any manner, nor may any of its provisions be waived,
except by written amendment executed by the parties hereto that specifically states that they intended to alter, amend or modify
this Agreement. No provision of this Agreement may be waived by any party hereto except by written waiver executed by the waiving
party that specifically states that it intends to waive a right hereunder. Any such waiver, alteration, amendment or modification
shall be effective only in the specific instance and for the specific purpose for which it was given. No remedy herein conferred
upon or reserved by a party is intended to be exclusive of any other available remedy, but each and every such remedy shall be
cumulative and in addition to every other remedy given under this Agreement or in connection with this Agreement and now or hereafter
existing at law or in equity.

 

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(d) Governing Law
and Jurisdiction. This Agreement shall be construed and enforced in accordance with the laws of the State of Arkansas without
regard to the principle of the conflict of laws. Any dispute arising in connection with this Agreement may be adjudicated by binding
arbitration pursuant to the rules of the American Arbitration Association, before a single arbitrator in Arkansas except that the
foregoing shall not preclude the Company or Executive from enforcing the award of the arbitrators in a state or Federal Court located
in the State of Arkansas, and each of the parties hereto consent to the jurisdiction of such Courts.

 

(e) Successors and
Assigns. Neither this Agreement nor any rights or obligations hereunder are assignable by Executive. The Company shall have
the right to assign its rights and obligations under this Agreement to any affiliate or successor of the Company. This Agreement
will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of Executive upon Executive’s
death and (b) any successor of the Company. Any such successor of the Company (including but not limited to any person or entity
which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets
or business of the Company) will be deemed substituted for the Company under the terms of this Agreement for all purposes.

 

(f) Waiver of Jury
Trial. TO THE FULLEST EXTENT PERMITTED BY LAW, THE PARTIES HERETO HEREBY WAIVE THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS AMONG
THEM RELATING TO THE SUBJECT MATTER OF THE TRANSACTIONS CONTEMPLATED HEREBY. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING
OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT OR WITH ANY ARBITRATOR AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT,
INCLUDING WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.
THE PARTIES HERETO ACKNOWLEDGE THAT (I) THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, (II) EACH HAS
ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND (III) EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED
FUTURE DEALINGS. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL
APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS
RELATING TO THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES AGREES THAT THE PREVAILING PARTY IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE ENTITLED TO RECOVER ITS
REASONABLE FEES AND EXPENSES IN CONNECTION THEREWITH, INCLUDING LEGAL FEES.

 

(g) Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original,
and all of which together shall constitute one and the same instrument.

 

(h) Severability.
In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement will continue in full force and effect without said provision.

 

(i) Survival.
Any termination of Executive’s employment and any expiration or termination of the Employment Term under this Agreement shall
not affect the continuing operation and effect of Sections 4, 5, 6 and 8 hereof, which shall continue
in full force and effect with respect to the Company and its successors and assigns and respect to Executive.

 

(j) Tax Withholding. All payments
made pursuant to this Agreement will be subject to withholding of applicable taxes.or control, own more than seventy-five (75%)
of the voting power of all outstanding stock of the Company.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK;
SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the parties have executed
this Employment Agreement as of the date first set forth above.

 

 

	EXECUTIVE	 
	 	 
	 	 
	Jay Puchir	 
	 	 
	COMPANY	 
	 	 
	Randy May	 
	Chief Executive Officer	 

 

 

5Exhibit 10.1

 

GENERAL RELEASE OF CLAIMS

 

This General Release (this “Release”) is entered into on this 5th day of February, 2018, by and between PDC Energy, Inc. (the “Company”) and David W. Honeyfield, a former employee of the Company (the “Employee” or “Honeyfield”) (collectively, the “Parties”).

 

WHEREAS, the Employee is a participant in the PDC Energy Executive Severance Compensation Plan (the “Plan”), governing the terms and conditions applicable to the Employee’s termination of employment under certain circumstances;

 

WHEREAS, pursuant to the terms of the Plan, the Company has agreed to provide the Employee certain benefits and payments under the terms and conditions specified therein, provided that the Employee has executed and not revoked a general release of claims in favor of the Company;

 

WHEREAS, the Employee’s employment with the Company was terminated effective January 3, 2018, as documented in the letter from Bart Brookman to Honeyfield and the letter from Honeyfield to Bart Brookman, each dated January 3, 2018; and

 

WHEREAS, the Parties wish to terminate their relationship amicably and to resolve, fully and finally, all actual and potential claims and disputes relating to the Employee’s employment with and termination from the Company and all other relationships between the Employee and the Company, up to and including the date of execution of this Release.

 

NOW, THEREFORE, in consideration of these Recitals and the promises and mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are expressly acknowledged, the Parties, intending to be legally bound, agree as follows:

 

1.                                      Termination of Employment. The Employee’s employment with the Company terminated without cause on January 3, 2018 (the “Termination Date”).

 

2.                                      Severance Benefits. In consideration of the Employee’s release of claims and the other covenants and agreements contained herein and therein, and provided that the Employee has signed this Release and delivered it to the Company and has not exercised any revocation rights as provided in Section 6 below, the Company shall provide the following severance benefits (the “Benefits”) to Employee:

 

(i)                                     the cash severance described in Section 5.2(a) of the Plan, to be paid pro rata over 10 months, beginning on March 1, 2018;

 

(ii)                                  reimbursement of unpaid expenses in accordance with Section 5.3(a) of the Plan;

 

(iii)                               payment of $6,363 on the first day of each month for 10 months, beginning on March 1, 2018, it being understood and agreed that such payments shall be in lieu of the continuation coverage set forth in Section 5.3(b) of the Plan,

 

 

and that Employee shall have, and shall make no claim against the Company for, such coverage.  This payment does not constitute a waiver by the employee of his rights to elect COBRA coverage;

 

(iv)                              Additional benefit of 2017 Annual Bonus at 110 percent of target, plus the equivalent value represented by the 2017 profit sharing and effect of 401(k) match that would have been funded from bonus payment, for a total calculated Additional Benefit of $397,039, to be paid pro rata over 10 months, beginning on March 1, 2018;

 

(v)                                 acceleration in full of all unvested shares of restricted stock and all unvested stock appreciation rights held by Employee immediately prior to the Termination Date, with all stock appreciation rights to expire at the end of the relevant post-termination exercise period set forth in the applicable grant document(s).  All such shares of restricted stock shall have Honeyfield’s share of income tax withholdings at a Federal rate of 22%.  The Company agrees to affect the issuance of such net shares in a transfer via DWAC process to Employee’s brokerage account within 5 days of the Effective Date of this agreement (including 7 day waiting period after execution); and

 

provided, however, that the Company’s obligations will be excused if the Employee breaches any of the provisions of the Plan, including, without limitation, Article VIII thereof.

 

The Employee acknowledges and agrees that the Benefits constitute consideration beyond that which, but for the mutual covenants set forth in this Release and the covenants contained in the Plan, the Company otherwise would not be obligated to provide, nor would the Employee otherwise be entitled to receive.

 

3.                                      Effective Date. Provided that it has not been revoked pursuant to Section 6 hereof, this Release will become effective on the eighth (8th) day after the date of its execution by the Employee (the “Effective Date”).

 

4.                                      Effect of Revocation. The Employee acknowledges and agrees that if the Employee revokes this Release pursuant to Section 6 hereof, the Employee will have no right to receive the Benefits.

 

5.                                      General Release. In consideration of the Company’s obligations, the Employee hereby releases, acquits and forever discharges the Company and each of its subsidiaries and affiliates and each of their respective officers, employees, directors, successors and assigns (collectively, the “Released Parties”) from any and all claims, actions or causes of action in any way related to his employment with the Company or the termination thereof, whether arising from tort, statute or contract, including, but not limited to, claims of defamation, claims arising under the Employee Retirement Income Security Act of 1974, as amended, the Age Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit Protection Act of 1990, Title VII of the Civil Rights Act of 1964, as

 

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amended, the Americans with Disabilities Act, the Family and Medical Leave Act, the discrimination and wage payment laws of Colorado and any other federal, state or local statutes or ordinances of the United States, it being the Employee’s intention and the intention of the Company to make this release as broad and as general as the law permits. The Employee understands that this Release does not waive any rights or claims that may arise after his execution of it and does not apply to claims arising under the terms of this Release.

 

6.                                      Review and Revocation Period. The Employee acknowledges that the Company has advised the Employee that the Employee may consult with an attorney of the Employee’s own choosing (and at the Employee’s expense) prior to signing this Release and that the Employee has been given at least forty-five (45) days during which to consider the provisions of this Release, although the Employee may sign and return it sooner. The Employee further acknowledges that the Employee has been advised by the Company that after executing this Release, the Employee will have seven (7) days to revoke this Release, and that this Release shall not become effective or enforceable until such seven (7) day revocation period has expired. The Employee acknowledges and agrees that if the Employee wishes to revoke this Release, the Employee must do so in writing, and that such revocation must be signed by the Employee and received by Daniel Amidon, SVP, General Counsel and Secretary, PDC Energy, Inc., 1775 Sherman St., Suite 3000, Denver, CO  80203, no later than 5:00 p.m. Mountain Time on the seventh (7th) day after the Employee has executed this Release. The Employee further acknowledges and agrees that, in the event that the Employee revokes this Release, the Employee will have no right to receive any benefits hereunder, including the Benefits. The Employee represents that the Employee has read this Release and understands its terms and enters into this Release freely, voluntarily and without coercion.

 

7.                                      Confidentiality, Non-Compete and Non-Solicitation. The Employee reaffirms his/her commitments in Article VIII of the Plan, provided however that Section 8.3 of the Plan is not applicable to  under the terms of this General Release of Claim, given his limited land, technical geological and operational knowledge, therefore such a provision is deemed unnecessary to protect the Company’s interest.

 

8.                                      Cooperation in Litigation. At the Company’s reasonable request, the Employee shall use his/her good faith efforts to cooperate with the Company, its Affiliates (as defined in the Agreement), and each of its and their respective attorneys or other legal representatives (“Attorneys “) in connection with any claim, litigation or judicial or arbitral proceeding which is material to the Company or its Affiliates and is now pending or may hereinafter be brought against the Released Parties by any third party; provided, that, the Employee’s cooperation is essential to the Company’s case. The Employee’s duty of cooperation will include, but not be limited to: (a) meeting with the Company’s and/or its Affiliates’ Attorneys by telephone or in person at mutually convenient times and places in order to state truthfully the Employee’s knowledge of matters at issue and recollection of events; (b) appearing at the Company’s, its Affiliates’ and/or their Attorneys’ request (and, to the extent possible, at a time convenient to the Employee that does not conflict with the needs or requirements of the Employee’s then current employer) as a witness at depositions or

 

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trials, without necessity of a subpoena, in order to state truthfully the Employee’s knowledge of matters at issue; and (c) signing at the Company’s, its Affiliates’ and/or their Attorneys’ request, declarations or affidavits that truthfully state matters of which the Employee has knowledge. The Company shall reimburse the Employee for the reasonable expenses incurred by him in the course of his cooperation hereunder and shall pay to the Employee per diem compensation in an amount equal to the daily prorated portion of $5,000 per day.  The Company will fully indemnify and hold harmless the Employee for any actions associated with any related litigation services, and will provide such protections and indemnification as if the Employee were an officer of the Company, provided that such rights shall not apply in the case of Employee’s gross negligence, willful misconduct or fraud.  The obligations set forth in this Section 8 shall survive any termination or revocation of this Release.

 

9.                                      Non-Admission of Liability. Nothing in this Release will be construed as an admission of liability by the Employee or the Released Parties; rather, the Employee and the Released Parties are resolving all matters arising out of the employer-employee relationship between the Employee and the Company and all other relationships between the Employee and the Released Parties.

 

10.                               Nondisparagement. The Employee agrees not to make negative comments or otherwise disparage the Company or its officers, directors, employees, shareholders or agents, in any manner likely to be harmful to them or their business, business reputation or personal reputation. The Company agrees that the members of the Company’s Board of Directors (the “Board”) and officers of the Company as of the date hereof will not, while employed by the Company or serving as a director of the Company, as the case may be, make negative comments about the Employee or otherwise disparage the Employee in any manner that is likely to be harmful to the Employee’s business or personal reputation. The foregoing shall not be violated by truthful statements in response to legal process or required governmental testimony or filings, and the foregoing limitation on the Company’s directors and officers will not be violated by statements that they in good faith believe are necessary or appropriate to make in connection with performing their duties for or on behalf of the Company.

 

11.                               Binding Effect. This Release will be binding upon the Parties and their respective heirs, administrators, representatives, executors, successors and assigns, and will inure to the benefit of the Parties and their respective heirs, administrators, representatives, executors, successors and assigns.

 

12.                               Governing Law. This Release will be governed by and construed and enforced in accordance with the laws of the State of Colorado applicable to agreements negotiated, entered into and wholly to be performed therein, without regard to its conflicts of law or choice of law provisions which would result in the application of the law of any other jurisdiction.

 

13.                               Severability. Each of the respective rights and obligations of the Parties hereunder will be deemed independent and may be enforced independently irrespective of any of the other

 

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rights and obligations set forth herein. If any provision of this Release should be held illegal or invalid, such illegality or invalidity will not affect in any way other provisions hereof, all of which will continue, nevertheless, in full force and effect.

 

14.                               Counterparts. This Release may be signed in counterparts. Each counterpart will be deemed to be an original, but together all such counterparts will be deemed a single agreement.

 

15.                               Entire Agreement; Modification. This Release constitutes the entire understanding between the Parties with respect to the subject matter hereof and may not be modified without the express written consent of both Parties. This Release supersedes all prior written and/or oral and all contemporaneous oral agreements, understandings and negotiations regarding its subject matter. This Release may not be modified or canceled in any manner except by a writing signed by both Parties.

 

16.                               Acceptance. The Employee may confirm his acceptance of the terms and conditions of this Release by signing and returning two (2) original copies of this Release to Daniel Amidon, SVP, General Counsel and Secretary, PDC Energy, Inc., 1775 Sherman St., Suite 3000, Denver, CO  80203, no later than 5:00 p.m. Mountain Time forty-five (45) days after the Employee’s Termination Date.

 

[Remainder of Page Intentionally Blank]

 

5

 

THE EMPLOYEE ACKNOWLEDGES AND REPRESENTS THAT THE EMPLOYEE HAS FULLY AND CAREFULLY READ THIS RELEASE PRIOR TO SIGNING IT AND UNDERSTANDS ITS TERMS. THE EMPLOYEE FURTHER ACKNOWLEDGES AND AGREES THAT THE EMPLOYEE HAS BEEN, OR HAS HAD THE OPPORTUNITY TO BE, ADVISED BY INDEPENDENT LEGAL COUNSEL OF THE EMPLOYEE’S OWN CHOICE AS TO THE LEGAL EFFECT AND MEANING OF EACH OF THE TERMS AND CONDITIONS OF THIS RELEASE, AND IS ENTERING INTO THIS RELEASE FREELY AND VOLUNTARILY AND NOT IN RELIANCE ON ANY PROMISES OR REPRESENTATIONS OTHER THAN AS SET FORTH IN THIS RELEASE.

 

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

 

	
PDC   ENERGY, INC.
    	
EMPLOYEE
    
	
 
    	
 
    
	
 
    	
 
    
	
By:   
    	
/s/   Daniel W. Amidon
    	
 
    	
By:   
    	
/s/   David W. Honeyfield
    
	
Name:   Daniel W. Amidon
    	
Name:   David W. Honeyfield
    
					

 

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