Document:

Exhibit 10.3 

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

 REVOLVING CREDIT PROMlSSORY NOTE $(US) 1,000,000.00
July ...2fL, 2022 Por value received, after date, witbotLt grace a.ud in the maimer, on the dates and in the amounts herein stipulated,
the undersigned, VALUE EXCHANGE INTERNATIONAL; INC. ("Maker"), promises to pay to AMERJCAN PAClF[C BANCORP, fNC. ("Payee"),
a Tex.as banking corporation, or order1 in lawful mouey of the United States of America, al 1400 Broad field Blvd., Suite J 00, Houston,
Harris County, Texas, or at such other pJace designated u1 wtiting by Payee, or other holder hereof: (a) The cumulative Advances advanced
hereunder with a maximum outstanding principal balauce 11t any Otle time not to exceed tl1e principal sum of (US) ONE MILLION AND NO/100
DOLLARS ($(US) 1,000,000.00), as said Advances at·e reflected by uotations on the schedule herefor, in lawful money of the Un.ited
States of America, which shall be due and payable in full on July 26 , 2024 (the "Maturity Date"); ulong with (b) Tntereslon
fueunpaidprincipal balaucc attheta!tiofElGHT ANDNO/100(8.00%) percent per an1lt1m, and, interest shal I be due and payable quarterly
as il accrues 011 the outstallding balance of principal from time to time, with the first installment of accrued interest to be due and
payable on September 30, 2022, and like installments of interest shall become due and payable on the last day of' each consecutive third
(3rd) calendar month the!'eaftcr \JDlil the Maturity Date, at which time all accrued and w1paid luterest sllall be due and payable i.u
full; Lnt·erest shall accrue on a basis of 1;1ctual days over a 360 day year unless such, calculation would result in a usurious
rate, in which case interest will be calcuiated 011 the basis of actual days over a year of 365 or 366 days, as the case may be. All
past due principal and Ol' interest shall, at the option. of Payee, bear interest from maturity until paid at the lesser of (a) tbe maximum
lawfol rale of interest permitted by applicable usury laws (the 11MaximumRate"), (b) eighteen percent ( I 8%)per annum. All scheduled
payments as made shall be applied first to the interest then accrued, and the balance, ifauy, to the principal. The unpaid principal
balance owing on this Note at any lime may be evidenced by endorsements OJI this Note or by Payee's internal records, iucluding daily
computer system output or reports. This Note may be pi-epaid at auy t•ime, and from lime to time, in whole or in pa1·t, without
penally Ot' premium. Any prepayment shall be applied in any order at Payee's discretion as among any tben w1paid collections costs or
charges for which Maker is liable ( either hereunder or under the terms of any document securing the payment hereof), accrued but unpaid
interest hereof, or the principal hereof. !'7OTWITHSTANDINGTHEPAYMENTSCIIEDOLESPECIF1ED ABOVE,PAYEEMAY, ONDEMAND,ACCELERATETHEUNPAIDBALANCEDUEANDOWING
ONTHISNOTE,AT PAYEE'S SOLE DISCRETION, BY THE GIVING OF WRJTTEN NOTlCE TO MAimR, WITH SUCH NOTICE BEING DEEMED TO HA VE BEEN GIVEN WHEN
SAME IS DEPOSITED 1N A REGULARLY MAINTAINED RECEPTACLE OF THE ONlTED STATES POSTAL SERVICE, POSTAGE PREPAID, CERTIFfED OR REGISTERED
lVIAlL, RETURN'RECEIPTREQUESTED, .11'1022\AMERP ACIFTC\V ALUEEXCHANGE.\g22308Note.wpd INITI/\LfOR IOl!lftlflC,\1lON NOTll ADDRESSED TO
MAICER AT THE LAST ADDlmSS SllOWN. lJY THE RECORDS OF PA YEE:. MAl.CElt lJNDERS'fANDS THAT PAYEE'S RIGHT TO ACCELERATE THIS NOTE MAY
DE, EXERCISED FOR.PAYEE'S OWN COMMERCIAL PURPOSES UNRELATED TO MAlillR'S ABILITY 'I'O PAY 1'1::1.E D,\LANCE OFTlUS Norn OR FUTURE ABILITY
TO PERFORM UNDERTHISNOTE, UPONSAIDDEM'..AND► NIAKERSSHA.LLlIAVENORIGliTTOREQUEST FUTURE ADVANCll:S UNDER TllIS NOTE REGARDLESS
OF ANY AVAlLABLE OR UNFUNDED DA LANCE UNDER TlilS NOTE, THIS NOTE SHALL BE PAYABLE IN FULL ON THE MATURITY DAT~. ON 'fHB MATURITYDATB1MAJ(BRMUSTRBPAYTHEENTlREU1'1PAlDPRJNCIPALBALANCBANDALL
ACCRUED INTEREST ON THIS NOTE THEN DUB AND P'A YA BLE, PAY BE SHALL BE UNDBRNO OBLIGATION TO lIBFINhtfCB THIS NOTE AT THAT TIME. MAKER
Sl!ALL THEREFORE.BE RBQUJRED TO MAI<E_FAYMENT OUT Ol1 OT.!IB.R ASSETS MAKER MAY OWN, OR, MAl<BR y SHALL HAVE 1'0 FIND A LBNDER
WILLING TO LEND MAKER SUCH AMOUNTS -,lc'p, ~ Ptl!BV/tftwitm1!nRIHJ1.'tl;;'tt'!8,Wfite!lt!IL'e\'OO@@Ht:!t!5'.fffl:s\l!lbi meitl"fl:1tthllTH811t'fMJ!8f/.\
ltil}llij OU JIIHO HOH: 7w Subject to all tho ten\1s mid conditions he1·eof, nnd so long as Make1• is not in defa11lt ltel'eunder
or under the Loan Agreement of even date by and ~et\vee11 Maker 1111d Pnyee, or under a11y agi·eciuci1t or other .security doc11me1ils
glven as security for the J)ayme11t of this Note, Maker shnlI bave the right lo bo1TOW, l'O.P!IY and 1•ebo1·1·ow,
at any time e1td :from litne to ti Ille (l>1fo1· to the mahnily date of or !he acceleretloLt of the mntudfy of tbis Nole, regardless
of how said llllllol'ity occurs), any amount so long as the pl'inclpaJ halnuce of the Note does uot. by tllat Advance, exceed the pl'iucipalsum
of$(US) ! ,000,000,00, ot a1cy one fonc outsta11dii% such loans to he cvide11ccd by this Revolviug Credit P1·01uisso1•y Note,
Requ~ts for one 01· mo1•eadva11ces hereu11der (tbe "Advm1ces") shall be 11111de by wl'lttet1 req_uesl sig11e4 by
Maker 01'Maker's nuthorized .rep1·esent11tive, Bnch bofrowlng shall be made mi a busi.11ess dny of the Payee, All payments of
pdnclpal with respect to such loans sl111ll be-evide1wcd by notations mude by P11yee on a solledu le fox this Revolving CreditPromissory
Note, and replacements therefor, sucJ1 scl1cdule lo set forth !he date and aulount of each of the Advances nnd payments ofprinclpol on
thisRevolvi11gC1·edlt Pl'ol\li~o1yNote. The aggt'Cgate nu paid amount of !01111s set forth on the schedule and retllncements therefor,
shatl be rebuttably presumptive evidence of l11e prlnclpnl 1111\0\lUt owing 1111d ,11.1paid on this llcvolvlug Cre4Jt Promi:isory Note,
and u_o separate 1.1romisso1·y tlote or other wrlti 11g need be execmted by M11ker to evcde11co the obligations of Maker lo ))II)'
the AdvnilCCS., From time to fhne, Maker wlll 1nnke payments 011 the principal of this Note so that 1.10 1\lore tl\au $(US)! 1000,000,00
of principal shall eve1· be oulslanditlg 111 a11y one time. Makel' oovennnts ond ogrees to nss11me liabiliLy to1· and to
vroteet, indemnify mld save t:he Paye<> harmless fi·om,al\y and all liobillties, oblig111ions, damnge..~, pe11oltics, clalills,
ca11ses of 11ctlo11, costs, charges and expe11ses, iuclu<ling attorneys'. fees and exl)enses of employees, whioh mny be impose<l1
li1c111·red by or asserted against lhe Payee by reasoo of any loss, da.muge 01· chum howsoever arishig or l11cllt1-ed because
of or out of or Lil co1mection with (i) ally 11cllo11 of the Payee 1;>11rs11a11t to requests for advances ,mdel' this Revolving Q·edit
Prom.issmy Note, (ii) the trnnsfer of l\mds l)lll'Sllant to such, or (Iii) the P11yee\s ho1101•iog Ol' failhtg 1o hono1·
any requests fo1• any 1-easOJl or 110 reason wh~lsoevel'. Payee ls entitled lo toly upon aud act upo11 l'eqnests made or purportedly
mnde by any oflhe officers ot employees ofMakei·, ~ud Makel' shnll be unconditlonally and absolt1tely estop1ied frolll denying
(i) the authen!leily and validity of ar1y such (ransnction so noted upon 'by Payee O1tee tho :Payee hus nclva11ced fouds uJ1del' this
Revolving C1-edit Pro1nlsso1y Note at1cl has deposited or 1r1111sf~Ted such fimds I\S requested in a11y such req\lest, iind (li) Makei"s
liability and responsibility the1-cfor. JNoii\AMJ.llU'AClJIIC\VALU81!:XC!IANGB\g'22308Notc.wp,I 2 lloltrlAt.FOll .lDllNTl~ICA'lic\N IIOTII
If payment of pl'incipal 01· interest ou this Note shat I become due on a Saturday, Sunday or public holiday as defined under
the laws oftbe State of Texas, such payment shall be made on tbe next succeeding business day and such extension of time shall in such
case be included in computing intel'est ill coimection with such payment. A11y check, draft, money orderorother instrnment given in payment
of all oraoy portion hereof may be accepted by the holder hereof and handled in collection in the customary manner, but Lhesame shall
not constitute payment hereunder or djminjsh auy l'ights of the holder hereof except to the extent that actual cash pl'oceeds of such
iustn1111ent are unconditionally received by the holder and applied to this Note in the manner herein provided. Maker agrees not to send
Payee _payments marked 11paid in foll", "wilbo'ut recourse", or similar language. If Maker sends such a payment, Payee
may accept lt without losing any of Payee's rights under tbis Note, and Maker shall remain obligated to pay a11y furthe1· a111ou11t
owed to Payee. All written communications concerning disputed amounts from Maker, i nduding a11y check or other payment instrument that
iud.icates that the payment constitutes "payment in fi.11111 of the amount owed or that is tendered with other conditions or limitations
or as fuU satisfaction of a disputed amount shall be mailed or deHvered to Payee at the following address: 1400 Broad field Blvd., Suite
J 00, Houston, Texas 77084, h1 the eveat any check used to make a payment to Payee is dishono1,ed for any reason, Maker shall pay lo
Payee, in addition to an.y otl1er amounts to which Payee may be entitled heret111der, a reasonable processing fee of $30.00 (or the maximum
amount provided from time to time in Section 3.506.(b) of the Texas Business and Commerce Code as it may be amended). This processing
fee should be paid once with respect to each disho11or of a check. It is furtber agreed that the imposition of any such processing fee
shall in no way prejudice or limit Payee's rights or remedies agai.J.lst Maker uuder this Note 01· auy of the loao documents or
any other instrument securing or executed in connection with this Note. Payments received by Payee iu Payee's banking offices afte1·
2:00 p.m. local time fol' ptu·poses of posting of payments sball be considered as received on the next succeeding business day
of Payee (excluding Saturdays, Sundays, and public holidays as defined under the laws of the State ofTexas). Payme11ts (and any applicable
monthly interest rate adjustments) which are otherwise scl.teduled for tl1e 29'\ 30d1 or 31" day of any parti.culaJ' mo11th that
does not have the t'egulatly scheduled day (e.g. - Febrnary, Apdl, June, September or November) shall instead be due and payable (and
a11y applicable moutWy i11tcrest rate shall be adjusted) on the last day of that particular month. As ao alternative lo matured unpaid
amounts accruing interest at the maximum legal rnte (or such lesser default rate as may be specified herein), in the event any installmeot
shall become overdue for a period in excess of ten ( I 0) calendar doys, a late payment charge equal to a reasonable amount not to exceed
five percent (5%) of the amount of each installment may be charged by the holder hereof for the purpose of defraying the expense incident
to ha11dJiug such delinquent payments. This late charge sh011ld be paid only once, but promplly, as to each respective late payment.
The provisions of this paragraph shall not limit Payee's right to compel prompt performance under this Note, or grant an option to Maker
to make late payments and the charging of such late fee shall not waive any default under Lhis Note. Jt is especially agreed that if
default be made in any oft11e payments of principaJ and/or interest due hereon 01· if there is a default in any of the covenants
01· provisions set fortl1 in the Lo1111 Agreement of even date by and between Maker and Payee, or in any Security Agreement, Secw·ity
Agreement or olher security document given to secure the payment hereof, or should any maker, endorser or guarantor hereof die or become
incompetent, or J'evoke, or dispute the validity of, or liability under this Note or any gu11ranty of the indebtedness evidenced by this
Note, or become insolvent or commit any act of bankruptcy or make au assignment for the benefit of creditors or enter into ally type
of creditor wol'kout, 01· authorize the filing or JN022\AMERP ACIFICW ALUEEXCHANGE\g22308Notc. wpd 3 ll'llTIJ\J, FOi\ IDBNl'lflJCATION
NOT£ file a voluntai-y Petition in Bankruptcy or should a receiver of any of their properly be appointed, or should invohmtary
bankruptcy proceedings be .filed or tlu·eatened against any of said parties, or should there occur commencement of foreclosm·e
01· forfeiture proceedings, wh.ethe1• by judicial proceeding, self~help, repossession or any other method, by any cl'editor
of Maker or by any governmental agency against any collateral securing this Note, including a gam ishmentof auyofMaker's accounts, iuclt1ding
depositaccounts, wit!J. Payee, theJ1, in any such event, at the option of the holde1· hereof, at any time thereafter, without
notice, the unpaid principal of this Note and all acemed iute.l'estsball at once become due and payable and, atPayee's option, sbal I
beat interest at the rate aforesaid from the date of sucl1 default or event Failure to exercise any Qf said options sh.all uot co11stitute
a waiver on tl1e pllrt. oftbe holder hereof ofthe Jight to exercise tbe same at any other tiiue. It is further agreed tl1at if Payee
seeks to enforce collection 011 this NoteoJ' to realiz.e 011-auy col lateral securing Ibis Note, including Payee's hiring an attorney,
for the purposes ofbdngingsuit upon or establishing this debt in any 1i1a11J1er in any court, or fol' judicial or non-judicial foreclosure,
then in auy of said events, Maker, any endorsers and guarantot·s hereof, promise to pay Payee's or other holdet''s reaso11able
attorney's fees and costs of collection, including, but not limited to, pre-foreclosure expenses, environmental report fees, unpaid ad
valorem lax.es, insurance premiums and appraisal fees, al.l ofwhicb sum.s shall become a part of the principal l1ereof. It is tho intention
of the parties hereto to comply with applicable usury laws; accordingly, notwithstanding any provision to the contrary in thls Note,
or in any of tbe documents secu1'ing the payment hereof or otherwise Jelaling hereto, in no event shall this Note or such documents require
the payment or permit the collection of interest iu excess of the maximum amount pe11nitted l>y such laws. Jf any such excess of interest
is contracted fol', charged or received under this Note or uuder the terms of the documents securing the payme11t hel'eof, or othenvtse
relating hereto, or in the event the matut'ity of the indebtedness evidenced by this Note is accelerated in whole or in part, or in the
event that all or any part of the principal ot i.ntere$t of U1i~ Note shall be prepaid, so tbat under any such c.ircumstances the amount
of interest contracted fol', charged ot received under this Note or under any of the instruments securing the payment hereof or otherwise
relating hereto, on the amm1nt of principal actua lly ontstanding from time to time under this.Note shall exceed tbe maxinmm amount of
interest permitted by applicable usm·y laws, then in any such event, (a) the provisions of th.is paragraph shall go:vern and control,
(b) any such excess which may have been collected shall, at final maturity of said indebtedness, either be applied as a credit against
the then 1mpaid principal amount hereof or refunded to Maker, at _payee's option, and (c) upon sucl1 final maturity, the effective rate
ofintetest shall automatically be reduced to the maxi.\num lawfol contract rate allowed under the a_ppticable usury laws. Witbout limiting
tJ1eforegoiug, all calculations as to tbe rate of interest conlt'acted for, charged or received under this Note or under such other documents
wWcb are made for the purposes of detennining wnether such rare exceeds the maxinnun lawful contract rate shall be made, to the extent
permitted by applicable usury laws, by amortiziug, prorating, allocating and spreading, in equal parts, during the period of the full
stated term of the loan evidenced hereby, all interest at any Lime COl1tracledfo1•, charged or received from Maker or otherwise
by Payee in com1ectio11 with such indebtedness. NOTWlTHST ANDING any tenn or provision of this Note to the contrary, Maker confirms to
Payee that neithel' Maket· nor its legal counsel, ifmly, is aware that this Note, ol' the transaction in conuectiou with which
the Note was issued, fa or may beusu.rious in any respect. To induce Payee to make the loan evideu.ced by this Note, Maker agrees with
and covenants to Payee that !fat any time Maker believes or discovers that any te11n or provision of this Note or any action taken by
Payee in COllllection with this Note is or may 6e in violalion .of lhe usm-y laws or any other applicable law, Make1· will ium1edlately
give notice to Payee specifying with p1mtcul·arity the nature and extent of any such potential violation of the nsury laws or
any JNG22WvffiRPACJFIC\VALUEEXCHANGE\g22308Note.wpd 4 INITIAl. FOl\ lDl!Nl'lflCA'r(ON NOTB othel' appl icablc law, a11d afford to Payee
a reasonable period (ofnot less than 60 days) within which to cure same. Maker agrees wlth and covenants to Payee that in uo iustauce
will Maker make any claim, bi'ing any suit, _prosecute OI' otherwise asset't any cause of action, cla.im, co'\Jnterclairn, or defe11sc
in respect of any violation of the usury laws or any other applicable law, u11less1 as a condition precedent theJ'eto, Maker has given
to Payee such uolice and afforded to Payee such opportunity to cure as provided in this paragraph, This Note and the Maximum Rate ofnonusurious
interest applicable to the loan evidenced hereby shall be governed by the laws of ,the Uni red States of America and the State of Texas
in effect on the date of the loan evidenced hereby, and, lo the extent allowed by law, as now or as n1ay hereafter be in effecl. Unless
changed in accordance with law, the applicable method of calculatiug the osury ceiliug rnte under Texas law shall be the weekly ceiliilgt'ate
from time to time in effect, as prnvided for in Texas Fi11ance Code Sections 303.002, 303.003 and 303.009; provided however, !bat the
ceiling rate provided for iu Texas Finance Code subsection 303.009(d) (which regulates certain open-end account credilagreemeuts) shaH
not apply to the loan evidenced hereby. As further security for this Note, Maker grants to J>ayee a fast lien and contractual right
of set~off in. and to all money and property of Maker now or at any time hereafter comfag within the custody or control of the Payee,
including (without liruitatiou) al1 certificates of deposit and other accounts, whether .such certificates of dcposil and/or accounts
have n1atw·ed or not, and whether the exetcise of s\1ch right of set-off results in loss ofinterest or otl1er penalty under the
tcllllS of the certificate of deposit or account agreement. lt is farther agreed tllat the Payee shali have a first lieu on all deposits
110.d other sums al any time credited by or due from the Payee to Maker or a11y guarantor, as security for the payment of this Note,
and Payee, at its option and whether before, upon or after acceleration ofthen.1a.la1'ity of this Note (howevef said maturity may be
brought about) maywitboutnoticea11d without any liability, hold all or any part of auy sucb deposits or other Sllll1S until all amounts
owing 011 this Note have been paid in full, and/or Payee may apply or set-off all or any part of any such deposits or other sums credited
by or due from Payee to or against any sums due on this Note in any mallller and in any ordeJ 0fpreference which the PayeeJ in its sole
discl'etion, choosei;, This includes all accounts Maker holds jointly with someone else and all accounts Maker may open in the n1ture.
Tlte Maker, endorse1·s and guarantors hereof and all other· pe1·sons who are or may become liable for all or imy
part of the obligations repr6$ented by this Note shall be considered ns pdllcipals as to the making of tli.is Note and shall have joint
and several liability and the Maker, endorsers and guarantors hereof severally waive presentment for payment, protest, notice of protest,
and of nonpayment, notices ofintention to accelerate the maturiLy and notice of acceleration, as to this Note and as lo each, every and
all i11slalh11enls hereof, and consent to the 1'euewal or extension of the time of payment hereof and to the release of allot any part
of the security described herein or auy person Jjable hereon upon the ,te1-n,s deemed by the holder hereof, in the holder's sole discretion,
to be adequate. Any renewal or extension or release of any of such security or person may be made without notice to any of said parties
and without affecting their liability. To the maximu1n extent permitted by applicable law, Maker hereby waives all l'ig11ts, l'etnedies,
claims and defcuses based upou or related to Sections 51.003 and 51.-004 of the Texas Prnperty Code, to the extent the same pert.ail)s
or may pertain to any enfol'cement of tl1is Note. Maker understands and agrees tha\ (i) Payee's document retention policy may involve
the imaging of ex.ecuted loan documents aud other miscellaneous documents, papers, repo11s aud other correspondence, and the destruction
ofthe paper originals, and (ii) the Maker hereby waives any right that Maker may have JNG22\AMERPACIVIC\VALUE8XCHANOE\g22308N6!e.wpd
5 lNITl/\1..fOI); IDBNl'IPICATlON NOTll to cJai111 that tlte imaged copies of the loan documents including this Note and other nti~cellatwous
documents, papers and other correspo11dence related thereto are not originals. The payme11t of this Note is secured by a Security Agreement,
covering ALL BUSll'fESS ASSETS OF V .ALUE EXCHANGE INTERNATlONAL, JNC. JNG22\AMERPACIF1CIV i\LUEE,'CCHANGE\g22308Note. \VJ)d 6 RNATIONAL,
INC.Document

Exhibit 10.1

RETENTION AGREEMENT 
    
        THIS RETENTION AGREEMENT (“Agreement”), is made and entered into by and between Chart Energy & Chemicals, Inc. (the "Company"), and Douglas Ducote, Jr. ("Employee") with an effective date of December 23, 2019 (the “Effective Date”).

W I T N E S S E T H:

        WHEREAS, Employee has been employed by the Company in the position of Vice President Process Plant Technology; and

        WHEREAS, the Company desires to retain the services of Employee, and Employee desires to remain employed by the Company until no later than the second anniversary of the Effective Date (the “Retention Period”); and

        WHEREAS, the Company and Employee wish to terminate and replace that certain Retention Agreement dated as of March 28, 2017 with this Agreement; and

          WHEREAS, the Company and Employee wish to resolve all matters and issues between them arising from or relating to Employee's employment by the Company. 

        NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, Employee and the Company hereby agree as follows:

ARTICLE I -- CONSIDERATION

Section 1.1.Retention Period.  To ensure continuity in the Company’s business utilizing the Company’s IPSMR® processes, and to incentivize Employee to remain employed with the Company, during the Retention Period, the Company will employ Employee in the capacity of Vice President Process Plant Technology or such other role as the Company’s President shall determine. Employee agrees to continue to work during the Retention Period in a manner consistent with his schedule and duties prior to the Effective Date. The Retention Period will be two years from date of execution of the Retention Agreement.  During the Retention Period, the Company will employ Employee on a full time or part time basis (work hours and terms to be negotiated but not expected to be less than 20 hours per week with commensurate prorated salary).   The retention period will automatically renew as long as the employee is either a full time, part time, or contract employee. Any revisions to the Retention Period can be made upon renewal by mutual agreement between the Company and the Employee.
Section 1.2.Consideration.  Conditioned on Employee’s continued employment with the Company, , beginning on the Effective Date, Employee will be paid sales commissions calculated in accordance with Exhibit B attached hereto. In the event of Employee’s death or disability, all compensation due to Employee under this Agreement (for orders received and under binding contract under this Agreement while Employee was alive that have not been paid at the time of Employee’s death but are thereafter paid) will be paid to Employee’s estate.   Other than the terms of this Agreement, the other terms of Employee’s employment shall remain the same as applicable to his employment prior to the Effective Date of this Agreement, including but not limited to salary, benefits, salary increases, short term incentive and long term incentive compensation (all incentive compensation subject to the terms and conditions of the Company incentive or equity plan under which such incentives are awarded).   
    

Section 1.3.Adequacy of Consideration.  Employee hereby agrees and acknowledges that the payments and benefits described in Article 1.2 of this Agreement are over and above any entitlements or benefits that he may have by reason of his continued employment, and that such payments and amounts constitute adequate consideration for all of Employee’s covenants and obligations set forth herein, including, but not limited to, the Restrictive Covenants set forth in Article II of this Agreement.

ARTICLE II -- OBLIGATIONS OF EMPLOYEE

Section 2.1    Reserved.    
Section 2.2    Non-Competition.  Employee acknowledges and recognizes the highly competitive nature of the businesses of the Company and its affiliates and accordingly agrees as follows:
(A)During the Retention Period and for a period of three years after the expiration of the Retention Period (the “Restricted Period”), Employee will not, whether on Employee’s own behalf or on behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever (“Person”), directly or indirectly solicit or assist in soliciting in competition with the Company, the business of any client or customer or prospective client or customer:
(1)with whom Employee had personal contact or dealings on behalf of the Company during the two year period preceding the earlier of the Employee’s termination of employment or such solicitation; 
(2)with whom employees reporting to Employee have had personal contact or dealings on behalf of the Company during the two year period immediately preceding the Employee’s termination of employment and such contactor dealings were coordinated or supervised by Employee; 
(3)about whom Employee obtained confidential information in the ordinary course of business as a result of Employee’s employment with the Company; or
(4)who receives products or services from the Company and for which Employee received compensation, commissions, or earnings during the two year period immediately preceding Employee’s termination of employment. 
(B)During the Restricted Period, Employee will not directly or indirectly, in the territory where Employee was working at the time of termination:
(1)engage in (1) the business of manufacturing equipment used in (x) the production, storage and end-use of hydrocarbon or (y) low temperature or cryogenic applications, including liquefaction process technology, (2) any other businesses which the Company or its subsidiaries engage in as of the date of Employee’s 
    2

termination and (3) any businesses which, as of the date of Employee’s termination, the Company or its subsidiaries both (x) have specific plans to conduct in the future (and as to which Employee is aware of such planning) and (y) have allocated or invested capital as of the date of Employee’s termination (a “Competitive Business”);
(2)reserved;
(3)acquire a financial interest in, or otherwise become actively involved with, any Person engaged in any Competitive Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant to assist with such Competitive Business; or
(4)interfere with, or attempt to interfere with, business relationships (whether formed before, on or after the date of this Agreement) between the Company or any of its affiliates and customers, clients, suppliers, partners, members or investors of the Company or its affiliates.
Notwithstanding anything to the contrary in this Agreement, Employee may, directly or indirectly own, solely as an investment, securities of any Person engaged in the business of the Company or its affiliates which are publicly traded on a national or regional stock exchange or quotation system or on the over-the-counter market if Employee (i) is not a controlling person of, or a member of a group which controls, such person and (ii) does not, directly or indirectly, own 3% or more of any class of securities of such Person. 
Notwithstanding the above, it is agreed that the Company’s customers for the IPSMR process will not be considered competitors for the purposes of this Agreement.
(C)During the Restricted Period, Employee will not, whether on Employee’s own behalf or on behalf of or in conjunction with any Person, directly or indirectly:
(5)solicit or encourage any employee of the Company or its affiliates to leave the employment of the Company or its affiliates; or
(6)hire any such employee so solicited or encouraged who was employed by the Company or its affiliates as of the date of Employee’s termination of Employment with the Company or who left the employment of the Company or its affiliates voluntarily coincident with, or within  three months prior to or after the date of Employee’s termination of Employment.
(D)During the Restricted Period, Employee will not, directly or indirectly, solicit or encourage to cease to work with the Company or its affiliates any consultant then under contract with the Company or its affiliates.
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(E)During the Restricted Period, Employee may be retained as a consultant by the Company.
It is expressly understood and agreed that although Employee and the Company consider the restrictions contained in this Section 2.2 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction against Employee, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable.  Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein  
Section 2.3    Confidentiality.  
(A)    For so long as information constitutes a trade secret under applicable law  and during the Restricted Period, Confidential Information as defined below, Employee will not (whether during or after Employee’s employment with the Company) (x) retain or use for the benefit, purposes or account of Employee or any other Person other than the Company; or (y) disclose, divulge, reveal, communicate, share, transfer or provide access to any Person outside the Company (other than its professional advisers who are bound by confidentiality obligations or other than in performing his or her duties on behalf of the Company consistent with Company policies), any non-public, proprietary or confidential information--including without limitation trade secrets, know-how, research and development, software, databases, inventions, processes, formulae, technology, designs and other intellectual property, information concerning finances, investments, profits, pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approvals -- concerning the past, current or future business, activities and operations of the Company, its subsidiaries or affiliates and/or any third party that has disclosed or provided any of same to the Company on a confidential basis (“Confidential Information”).
(B)    “Confidential Information” shall not include any information that is (a) generally known to the industry or the public other than as a result of Employee’s breach of this covenant or any breach of other confidentiality obligations by third parties; (b) made legitimately available to Employee by a third party without breach of any confidentiality obligation; or (c) required by law to be disclosed; provided that Employee shall give prompt written notice to the Company of such requirement, disclose no more information than is so required, and cooperate with any attempts by the Company to obtain a protective order or similar treatment.
(C)Immediately after the date of Employee’s termination of employment with the Company, or at such earlier time as requested by the Company in writing, Employee shall (x) cease and not thereafter commence use of any 
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Confidential Information or intellectual property (including without limitation, any patent, invention, copyright, trade secret, trademark, trade name, logo, domain name or other source indicator) owned or used by the Company, its subsidiaries or affiliates; (y) immediately destroy, delete, or return to the Company, at the Company’s option, all originals and copies in any form or medium (including memoranda, books, papers, plans, computer files, letters and other data) in Employee’s possession or control (including any of the foregoing stored or located in Employee’s office, home, laptop or other computer, whether or not Company property) that contain Confidential Information or otherwise relate to the business of the Company, its affiliates and subsidiaries, except that Employee may retain only those portions of any personal notes, notebooks and diaries that do not contain any Confidential Information; and (z) notify and fully cooperate with the Company regarding the delivery or destruction of any other Confidential Information of which Employee is or becomes aware.   
Section 2.4    Intellectual Property.    
(A)    If Employee has created, invented, designed, developed, contributed to or improved any works of authorship, inventions, intellectual property, materials, documents or other work product (including without limitation, research, reports, software, databases, systems, applications, presentations, textual works, content, or audiovisual materials) (“Works”), either alone or with third parties, at any time during the Restricted Period, or during Employee’s employment by the Company and within the scope of such employment and/or with the use of any of the Company’s resources (“Company Works”), Employee shall promptly and fully disclose same, to the best of his or her knowledge, to the Company and hereby irrevocably assigns, transfers and conveys, to the maximum extent permitted by applicable law, all rights and intellectual property rights therein (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition and related laws) to the Company to the extent ownership of any such rights does not vest originally in the Company.  
(B)    Employee shall take all reasonably requested actions and execute all reasonably requested documents (including any licenses or assignments required by a government contract) at the Company’s expense (but without further remuneration) to assist the Company in validating, maintaining, protecting, enforcing, perfecting, recording, patenting or registering any of the Company’s rights in the Company Works.  
(C)    Employee shall not improperly use for the benefit of, bring to any premises of, divulge, disclose, communicate, reveal, transfer or provide access to, or share with the Company any confidential, proprietary or non-public information or intellectual property relating to a former employer or other third party without the prior written permission of such third party.  Employee hereby indemnifies, holds harmless and agrees to defend the Company and its officers, directors, partners, employees, agents and representatives from any breach of the foregoing covenant.  Employee shall comply with all relevant policies and guidelines of the Company, including regarding the protection of confidential information and intellectual property and potential conflicts of interest. 
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Section 2.5    Specific Performance.  Employee acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of the provisions of this Section 2 would be inadequate and the Company would suffer irreparable damages as a result of such breach or threatened breach.  In recognition of this fact, Employee agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to cease making any payments or providing any benefit otherwise required by this Agreement and obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available.  
Section 2.6    Change in Control.  In the event of a Change in Control, which is defined below, the Company will pay commissions for all projects “commenced” at the time of the Change in Control in full in accordance with the commission schedule on Exhibit B.   A project is commenced if it is under binding contract under this Agreement at the time of a Change in Control.  In the event of a Change in Control, it is agreed that Employee is completely released from the non-competition and non-solicitation obligations as of the effective date of the Change in Control.  For purposes of this Agreement, a Change in Control is defined as: 
												
	 	•	 	a change in ownership of Chart Industries, Inc. (the Company’s parent company) by which any person, or more than one person acting as a group, acquires ownership of stock of the Chart Industries, Inc. constituting more than 50% of the total fair market value or total voting power of the Chart Industries, Inc.’s outstanding Common Stock;

 
												
	 	•	 	or

 
												
	 	•	 	a change in the ownership of a substantial portion of the assets of Chart Industries, Inc. by which any one person, or more than one person acting as a group, acquires assets from Chart Industries, Inc. that have a gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of Chart Industries, Inc. prior to such acquisition. 

a Change in Control also occurs if the IPSMR technology is sold to a third party during the Term of the Agreement and the Company no longer has any ownership interest or rights in the IPSMR technology. The Term will be as long as a commission obligation exists as defined in Applicable Projects Exhibit B.

 
ARTICLE III -- MISCELLANEOUS PROVISIONS

Section 3.1    Entire Agreement.  This Agreement contains the entire agreement between the parties hereto and replaces any prior agreements, contracts and/or promises, whether written or oral, with respect to the subject matter included herein.  This Agreement may not be changed or waived orally, but only in writing, signed by each of the parties hereto.

Section 3.2    Warranty/Representation.  Employee and the Company each warrant and represent that, prior to and including the effective date of this Agreement, no claim, demand, cause of action, or obligation which is subject to this Agreement has been assigned or transferred to any other person or entity, and no other person or entity has or has had any interest in any such claims, demands, causes of action or obligations, and that each has the sole right to execute this Agreement.
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Section 3.3    Invalidity.  The parties to this Agreement agree that the invalidity or unenforceability of any one provision or part of this Agreement shall not render any other provision(s) or part(s) hereof invalid or unenforceable and that such other provision(s) or part(s) shall remain in full force and effect.

Section 3.4    No Assignment.  This Agreement is personal in nature and shall not be assigned by Employee.  All payments due and all benefits to be provided Employee under this Agreement shall be made to his estate in the event of his death or disability.  The Company will require any person or entity which is an affiliate or a successor in interest to substantially all of the business operations of the Company or as a result of a Change in Control to assume all obligations of the Company under this Agreement.
  Section 3.5    Originals.  Two copies of this Agreement shall be executed as “originals” so that both Employee and the Company may possess an “original” fully executed document.  The parties hereto expressly agree and recognize that each of these fully executed “originals”, which may be signed in counterpart, shall be binding and enforceable as an original document representing the agreements set forth herein.  This Agreement may be executed in counterpart.

Section 3.6    Governing Law.  This Agreement shall be governed under the laws of the State of Texas without regard to the conflict of laws principles thereof. It is agreed that venue for any dispute arising or related to this Agreement shall be in the courts of Montgomery County, Texas 

Section 3.7    Compliance with Section 409A.  Notwithstanding anything herein to the contrary, (i) if on the date of Employee’s termination of employment Employee is a “specified employee” as defined in Section 409A of the Code, and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent the imposition of any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Employee) until the date that is six months following the date of Employee’s termination of employment (or the earliest date as is permitted under Section 409A of the Code), (ii) any reimbursements provided under the Agreement shall be made no later than the end of Employee’s taxable year following Employee’s taxable year in which such expense was incurred; in addition, the amounts eligible for reimbursement, or in-kind benefits to be provided, during any one taxable year under this Agreement may not affect the expenses eligible for reimbursement in any other taxable year under this Agreement, and (iii) if any other payments of money or other benefits due to Employee hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Company, that does not cause such an accelerated or additional tax or result in an additional cost to the Company.  The Company shall consult with Employee in good faith regarding the implementation of the provisions of this Section 3.7; provided that neither the Company nor any of its employees or representatives shall have any liability to Employee with respect thereto. 
Section 3.8    Acknowledgments.  Employee acknowledges that Employee has carefully read and fully understands all of the provisions of this Agreement, that Employee has 
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not relied on any representations of the Company or any of its representatives, directors, officers, employees and/or agents to induce Employee to enter into this Agreement, other than as specifically set forth in this Agreement and that Employee is fully competent to enter into this Agreement and has not been pressured, coerced or otherwise unduly influenced to enter into this Agreement and that Employee has voluntarily entered into this Agreement of Employee's own free will.
        
IN WITNESS WHEREOF, Employee and the Company agree as set forth above:
DATE OF EXECUTION BY EMPLOYEE:        AGREED TO AND ACCEPTED BY:

December 29, 2019                    /s/ Douglas Ducote, Jr.        
                            DOUGLAS DUCOTE, JR. 

                            EXECUTION WITNESSED BY:
                             /s/ Jonathan Barrows         

DATE OF EXECUTION BY COMPANY:        AGREED TO AND ACCEPTED BY
                            CHART ENERGY & CHEMICALS, INC.
                            
December 23, 2019                    BY:  /s/ Joe Belling        
                            TITLE:  President         

                            EXECUTION WITNESSED BY:
                            Katrina Volkert         
                            
                            

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Exhibit B – Commission Schedule Rev 01 (October 1, 2019)
Commission Rate for LNG Plants with Capacity Less than .25 MTPA
Commissions will be the greater of 5% of the “Technology Fee” or .7% of the contract price for projects utilizing any combination of Chart’s Mixed Refrigerant Technology, including Chart’s proprietary Heavy Hydrocarbon Removal Process, IPSMR® process in all variations, IPSMR®+ in all variations and Nitrogen Removal Process for LNG plants.  The “Technology Fee”, if applicable, must be clearly agreed by the customer and designated in the contract as the fee paid for licensing Chart’s Proprietary technology. The contract price, if applicable, shall be adjusted to subtract the cost plus margin/markup of any non-Chart manufactured “pass through” systems or equipment, including but not limited to compressors, pretreatment equipment, and other non-Chart manufactured systems/equipment that may be included on the project contract. 
 
Commission Rate for LNG Plants with Capacity Greater than or Equal to .25 MTPA and All Other Projects utilizing Chart’s Mixed Refrigerant Technology
Commissions will be the greater of 5% of the “Technology Fee” or 1.40% of the contract price for projects utilizing any combination of Chart’s Mixed Refrigerant Technology, including Chart’s proprietary Heavy Hydrocarbon Removal Process, IPSMR® process in all variations, IPSMR®+ in all variations and Nitrogen Removal Process for LNG plants.  The “Technology Fee”, if applicable, must be clearly agreed by the customer and designated in the contract as the fee paid for licensing Chart’s Proprietary technology. 

MTPA means the plant capacity measured in millions of metric tonnes per annum.  The capacity of each plant will be as calculated using Chart’s simulation software based on the  project specifications supplied by the customer for the Design Case, before reductions for guarantee, or availability, etc.

Payment Terms 
If a Technology Fee is applicable to a project, the 5% Commission will be paid net 30 days on the portion of the contract price agreed by the customer for licensing Chart’s Proprietary technology and the balance of Commission, if applicable, will be paid net 30 days in accordance with the Chart contract(s).  The payment terms for all other commissions will be net 30 days after Chart is paid with partial payments in accordance with the Chart contract(s).  No payment will be made on projects for which the Company has not been paid.  

Applicable Projects
Upon receiving payment from the customer, commission will be applicable to any project utilizing Chart’s Mixed Refrigerant Technology and commenced while Employee is employed by the Company or any project for a customer utilizing Chart’s Mixed Refrigerant Technology for multiple projects that commences work on any of the projects, including projects that start front end engineering and design (FEED) before the Retention Period ends, but reach binding contract at a later date.  If Employee is engaged as a consultant after the Retention Period, commission will also be applicable to any project utilizing Chart’s Mixed Refrigerant Technology on which Employee contributed as a consultant.  

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