Document:

Exhibit 10.1

 

STOCK
OPTION TERMINATION AGREEMENT

 

THIS STOCK OPTION TERMINATION AGREEMENT (this “Agreement”), effective
as of December 31, 2009, is by and between Kodiak Oil & Gas
Corp., a Yukon territory corporation (the “Company”) and the undersigned individual
(“Holder”).

 

WHEREAS, Holder holds option(s) (the “Option”)
to purchase the number of shares of the Company’s Common Stock set forth on Exhibit A
hereto (the “Option  Shares”), at
the exercise price(s) per share set forth on Exhibit A hereto
(together, the “Exercise Price”).

 

WHEREAS, the Option was issued to Holder
pursuant to the terms of the stock option agreement(s) described on Exhibit A
hereto between Holder and the Company (collectively, the “Option Agreement”),
which is subject to the terms of the Kodiak Oil & Gas Corp. 2007 Stock
Incentive Plan  (the “Plan”).

 

WHEREAS, pursuant to the authority granted under Section 3(a) of
the Plan, the administrator of the Plan has agreed to cancel and terminate the
Option.

 

WHEREAS, pursuant to Section 7(b) of the 2007 Stock
Incentive Plan, the Optionee, among other things, wishes to grant its consent
to such cancellation and termination, as herein provided.

 

NOW, THEREFORE, in consideration of the premises and the mutual
covenants and obligations contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.             Notwithstanding
the effect of any term or provision of the Option, the Option Agreement or the
Plan, upon execution hereof and without further action on the part of the
Company or Holder: (a) the Option and Option Agreement shall terminate in
all respects and be cancelled; (b) all of Holder’s rights, interests and
claims in respect of such Option and the Option Agreement shall terminate and
be cancelled in all respects; and (c) other than as expressly set forth in
this Agreement, the Company shall not have any obligations thereunder.

 

2.             Within
ten business days after the date hereof, Holder shall deliver to the Company
the originally executed Option Agreement for cancellation.

 

3.             HOLDER
REPRESENTS TO THE COMPANY AND AGREES THAT HOLDER HAS ENTERED INTO THIS
AGREEMENT BASED UPON HOLDER’S OWN JUDGMENT, FREE WILL AND ACCORD, THAT HOLDER
IS FULLY AWARE OF THE CONTENTS AND LEGAL EFFECT OF THIS AGREEMENT AND THAT, BY
THIS AGREEMENT, THE COMPANY HAS ADVISED HOLDER TO CONSULT WITH AN ATTORNEY
ABOUT ITS TERMS.

 

4.             Any
person other than Holder who is entitled to any payment hereunder shall be
subject to the provisions of this Agreement as if such person were Holder.  The provisions of this Agreement shall inure
to the benefit of, and be binding upon, the Company and its successors and
assigns, and Holder and Holder’s successors and assigns.

 

 

5.             This
Agreement is in full force and effect as of the date hereof.  This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original, but all of
which together shall constitute one and the same instrument.  This Agreement, to the extent signed and
delivered by means of a file delivered by e-mail or a facsimile machine, will
be treated in all manner and respects as an original agreement and will be
considered to have the same binding legal effect as if it were the original
signed version thereof delivered in person. 
This Agreement constitutes the complete, sole and entire agreement and
understanding between the parties hereto with respect to the Options listed on Exhibit A
and supersedes any and all other agreements, negotiations, discussions,
proposals, or understandings, whether oral or written, previously entered,
discussed or considered by the parties relating to the Options listed on Exhibit A.  This Agreement shall be construed in
accordance with, and governed in all respects by, the laws of the State of
Colorado (without giving effect to principles of conflicts of laws).  No addition to or modification of any
provision of this Agreement shall be binding upon either party unless made in writing
and signed by both parties.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement
under seal as of the date first written above.

 

	
   

  	
  KODIAK OIL &
  GAS CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  HOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Name:

  

 

2

 

Exhibit A

Information Regarding Option

 

	
  Name of Holder

  	
   

  	
  Number
  of Shares

  Subject to Option

  	
   

  	
  Exercise
  Price

  Per Share

  	
   

  	
  Name
  and Date of

  Stock Option AgreementEXHIBIT
10.1

 

FORM AGREEMENT

 

AMENDED AND
RESTATED

SEVERANCE
AGREEMENT

 

This SEVERANCE AGREEMENT (the “Agreement”),
made and entered into as of the        day of
            ,
20     (the “Effective Date”),
between Reddy Ice Corporation, a Nevada corporation (the “Company”),
and
                    ,
an individual residing at the address set forth on Exhibit A
attached hereto (the “Executive”).

 

WHEREAS, the Company is a wholly-owned subsidiary of
Reddy Ice Holdings, Inc., a Delaware corporation (the “Parent”); and

 

WHEREAS,
the Company and Executive previously entered into a Severance Agreement dated
as of
                    
(the “Prior Agreement”); and

 

WHEREAS,
the parties acknowledge and agree that this Agreement shall replace and
supersede the Prior Agreement in its entirety; and

 

WHEREAS,
the Company and the Executive desire to enter into this Agreement in order to
continue to provide certain benefits to the Executive in the event of Executive’s
severance from employment.

 

NOW, THEREFORE, in consideration of the foregoing
and the mutual covenants herein contained and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the
parties hereto, intending to be legally bound, agree as follows:

 

1.             Termination of Employment. 
In the event the Executive’s employment terminates for the reasons set
forth in this Section 1, the Executive shall only be entitled to the
payments provided for in Section 2.

 

1.1           Termination upon Death. 
The Executive’s employment shall terminate as of the date of the
Executive’s death.

 

1.2           Termination upon Disability.  If the Executive becomes Disabled, the
Company may terminate the Executive’s employment by written notice to the
Executive, in which event the Executive’s employment shall terminate ten (10) days
after the date upon which the Company has given notice to the Executive of its
intention to terminate the Executive’s employment.

 

1.3           Termination by the Company for
Cause.  The Company may terminate the
Executive’s employment at any time for “Cause” by written notice to the
Executive.  For purposes of this
Agreement, “Cause” shall mean any of the following: if the Executive (i) is
convicted of, or pleads guilty to, a felony or a crime involving moral
turpitude, (ii) engages in independently verified, continuing and
unremedied substance abuse involving drugs or alcohol, (iii) performs an
action or fails to take an action that, in the reasonable judgment of a
majority of the disinterested members of the Board, constitutes willful dishonesty,
larceny, fraud or gross negligence by the Executive in the performance of the
Executive’s duties to the Company, or 

 

 

makes a knowing or reckless
misrepresentation (including by omission of any material adverse information)
to shareholders, directors or officers of the Parent, (iv) willfully and
repeatedly fails, after ten (10) business days notice, to materially
follow the written policies of the Company or instructions of the Board or (v) materially
breaches any agreement to which the Executive and the Company or any of its
Subsidiaries are a party, or materially breaches any written policy, rule or
regulation adopted by the Company or any of its Subsidiaries relating to
compliance with securities laws or other laws, rules or regulations and
such breach is not cured by the Executive or waived in writing by the Company
within thirty (30) days after written notice of such breach to the Executive.

 

1.4           Termination by the Company
without Cause.  The Company
may terminate the Executive’s employment at any time, without Cause, upon
thirty (30) days’ written notice from the Company to the Executive.

 

1.5           Termination by the Executive
without Good Reason.  The
Executive may terminate the Executive’s employment at any time, without Good
Reason (i.e., the Executive’s voluntary
termination), upon thirty (30) days’ written notice from the Executive to the
Company.

 

1.6           Termination by the Executive for
Good Reason.  The
Executive may terminate the Executive’s employment for Good Reason upon thirty
(30) days’ written notice from the Executive to the Company.

 

2.             Severance Payments.

 

2.1           Severance Payments Upon
Termination for Disability, by the Company without Cause or by the Executive
for Good Reason.  If the
Executive’s employment is terminated with the Company pursuant to Sections 1.2,
1.4 or 1.6 hereof prior to a Change in Control, the Executive shall be entitled
to a  severance payment equal to
         of the Executive’s annual Base
Salary then in effect, which shall be paid in a lump sum within 30 days after the
Executive’s termination of employment, without offset for other earnings plus
the Prorated Bonus (as defined below); provided, however, that if such
termination occurs within 24 months after a Change in Control, the Executive shall be entitled to the
following:

 

2.1.1        a severance payment equal to
       times the Executive’s Base Salary then in
effect, which shall be paid in a lump sum
within 30 days after the Executive’s termination of employment;

 

2.1.2        continued participation in the Company’s
health and welfare plans for a period of eighteen (18) months (coincident with
COBRA continuation coverage) for himself and his dependents to the extent such
continued participation is permitted by the terms of such plans provided
that (i) he shall pay the premiums for such benefits at rates assessed for
active employees, (ii) nothing contained herein shall require the Company
to maintain any group benefit plans for its employees or prevent the Company
from modifying its group benefit plans or contribution level for its employees
and (iii) nothing contained herein shall require the Company to secure new
benefit plans to provide any such benefits;

 

2

 

2.1.3        a pro rata portion of the Executive’s
performance bonus for the year in which the Executive’s termination of
employment occurs (prorated for the portion of such year in which Executive was
an active employee of the Company); provided that such prorated bonus
shall only be payable if and to the extent that the performance criteria for
such bonus are satisfied and provided further that such prorated bonus
shall be payable at the time bonuses for active employees in respect of such
year are paid, but, in any event, during the calendar year immediately
following the calendar year to which the bonus relates (the “Prorated Bonus”);
and

 

2.1.4        immediate and full vesting of any
non-performance based options to purchase shares of the Company’s stock,
restricted stock of the Company or equity grants outstanding as of the date of
the Executive’s termination.

 

2.2           Severance Payments Upon
Termination for Cause, Death or by the Executive Without Good Reason.  If the Executive’s employment with the
Company is terminated pursuant to Sections 1.1, 1.3 or 1.5 hereof, the
Executive shall receive only all previously earned, accrued and unpaid Base
Salary and benefits from the Company and its employee benefit plans, including
any such benefits under pension, disability and life insurance plans, policies
(including vacation policies) and programs applicable to the Company.

 

2.3           Section 280G.  The Executive shall bear all expense of, and be
solely responsible for, all federal, state, local or foreign taxes due with
respect to any payment received hereunder, including, without limitation, any excise
tax imposed by Section 4999 of the Internal Revenue Code of 1986, as
amended (the “Code”); provided, however, that any payment or benefit received
or to be received by the Executive in connection with a Change in Control or
the termination of the Executive’s employment (whether payable pursuant to the
terms of this Agreement (“Contract Payments”) or any other plan, arrangements
or agreement with the Company or any affiliate (collectively with the Contract
Payments, the “Total Payments”) shall be reduced to the extent necessary so
that no portion thereof shall be subject to the excise tax imposed by Section 4999
of the Code but only if, by reason of such reduction, the net after-tax benefit
received by the Executive shall exceed the net after-tax benefit that would be
received by the Executive if no such reduction was made.

 

For
purposes of this Section 2.3, “net after-tax benefit” shall mean (i) the
total of all payments and the value of all benefits which the Executive
receives or is then entitled to receive from the Company that would constitute “excess
parachute payments” within the meaning of Section 280G of the Code, less (ii) the
amount of all federal, state and local income taxes payable with respect to the
foregoing calculated at the maximum marginal income tax rate for each year in
which the foregoing shall be paid to the Executive (based on the rate in effect
for such year as set forth in the Code as in effect at the time of the first
payment of the foregoing), less (iii) the amount of excise taxes imposed
with respect to the payments and benefits described in (i) above by Section 4999
of the Code.

 

The
foregoing determination shall be made by a nationally recognized accounting
firm (the “Accounting Firm”) selected by the Company and reasonably acceptable
to the Executive.  The Accounting Firm
shall submit its determination and detailed supporting calculations to both the
Executive and the Company within fifteen (15) days after receipt of a notice
from either the 

 

3

 

Company
or the Executive that the Executive may receive payments which may be “parachute
payments.”  If the Accounting Firm
determines that a reduction is required by this Section 2.3, the cash
portion of the Total Payments shall be reduced to the extent necessary so that
no portion of the Total Payments shall be subject to the excise tax imposed by Section 4999
of the Code, and the Company shall pay such reduced amount to the
Executive.  If the Accounting Firm
determines that none of the Total Payments, after taking into account any
reduction required by this Section 2.3, constitutes a “parachute payment”
within the meaning of Section 280G of the Code, it will, at the same time
as it makes such determination, furnish the Executive and the Company an
opinion that Executive has substantial authority not to report any excise tax
under Section 4999 of the Code on his federal income tax return.

 

The
Executive and the Company shall each provide the Accounting Firm access to and
copies of any books, records, and documents in the possession of the Executive
or the Company, as the case may be, reasonably requested by the Accounting
Firm, and otherwise cooperate with the Accounting Firm in connection with the
preparation and issuance of the determinations and calculations contemplated by
this Section 2.3.  The fees and expenses of the Accounting Firm
for its services in connection with the determinations and calculations
contemplated by this Section 2.3 shall be borne by the Company.

 

2.3           Section 409A Compliance.

 

(i)                2.3.1        General Compliance.  This Agreement is intended
to be exempt from, or otherwise comply with, Section 409A of the Internal
Revenue Code of 1986, as amended, and the regulations and other guidance issued
thereunder (collectively referred to herein as “Code Section 409A”).  The Company shall undertake to administer,
interpret, and construe this Agreement in a manner that does not result in the
imposition on the Executive of any additional tax, penalty, or interest under Section 409A
of the Code.  The Company and Executive
agree that they will execute any and all amendments to this Agreement as they
mutually agree in good faith may be necessary to ensure compliance with the
provisions of Code Section 409A; however, the Company does not guarantee
any particular tax effect to Executive under this Agreement, and shall not be
liable to Executive for any payment made under this Agreement at the direction
or consent of Executive, which is determined to result in an additional tax,
penalty or interest under Code Section 409A, nor for reporting in good
faith any payment made under this Agreement as an amount includible in gross
income under Code Section 409A. 
Notwithstanding anything in this Agreement to the contrary, if a payment
obligation arises on account of Executive’s separation from service while
Executive is a “specified employee,” as described in Code Section 409A,
and as determined by the Company in accordance with its procedures, by which
determination Executive shall be bound, any payment of “deferred compensation”
as defined under Code Section 409A, after giving effect to the exemptions
available under Code Section 409A, shall be made on the first business day
of the seventh month following the date of Executive’s separation from service,
or, if earlier, within fifteen (15) days after the appointment of the personal
representative or executor of Executive’s estate following the Executive’s
death.  With respect to any reimbursement
of expenses of, or any provision of in-kind benefits to, the Executive, as
specified under this Agreement, such reimbursement of expenses or provision of
in-kind benefits shall be subject to the following conditions: (1) the
expenses eligible for reimbursement or the amount of in-kind benefits provided
in one taxable year shall not affect the 

 

4

 

expenses
eligible for reimbursement or the amount of in-kind benefits provided in any
other taxable year, except for any medical reimbursement arrangement providing
for the reimbursement of expenses referred to in Section 105(b) of
the Code; (2) the reimbursement of an eligible expense shall be made no
later than the end of the year after the year in which such expense was
incurred; and (3) the right to reimbursement or in-kind benefits shall not
be subject to liquidation or exchange for another benefit.

 

2.3.2        Separation from Service.  “Termination of employment,”
“resignation,” or words of similar import, as used in this Agreement means, for
purposes of any payments under this Agreement that are payments of deferred
compensation subject to Section 409A of the Code, the Executive’s “separation
from service” as defined in Section 409A of the Code.

 

3.             Non-Solicitation and
Confidentiality Agreement

 

The
Executive hereby confirms and acknowledges that the Executive is subject to the
provisions set forth in the Employee Non-Disclosure, Assignment,
Non-Competition, and Non-Solicitation Agreement attached hereto as Exhibit B
(the “Non-Disclosure Agreement”).  The
provisions of this Agreement shall apply where there is a conflict between this
Agreement and the Non-Disclosure Agreement.

 

4.             Other Provisions.

 

4.1           Notices.  Notice under this Agreement shall be in
writing and shall be deemed given when received by the party to be notified (a) when
given in person, (b) on the first day after delivery to Federal Express or
other overnight courier, postage prepaid and (c) upon transmission by
telecopier with confirmation by United States mail, in each case at the address
for the intended recipient as set forth below:

 

(i)            if to the Company, to:

 

Reddy Ice Corporation

8750 North Central Expressway, Suite 1800

Dallas, Texas 75231

Telecopier:  (214) 528-1532

Attention:  Chairman of the Board

 

with a copy (which shall not
constitute notice) to:

 

DLA Piper LLP (US)

1251 Avenue of the Americas

New York, New York 10020

Attention:              Roger Meltzer, Esq.

 

5

 

(ii)           if to the Executive, to the Executive at the address
set forth on Exhibit A attached hereto or to the telecopier number
set forth below:

 

Telecopier:  (214) 528-1532

 

4.2           Entire Agreement.  This Agreement (and the Exhibits attached
hereto including the Non-Disclosure Agreement) contains the entire agreement
between the parties with respect to the specific subject matter hereof and
replaces and supersedes any and all prior employment contracts and other
related agreements, written or oral, with respect thereto, as well as any and
all entitlements which have accrued as of the date of this Agreement that the
Executive may otherwise have with or derive from the Company.  This Agreement should be read in conjunction
with any agreements providing for compensation to the Executive pursuant to the
Company’s long-term incentive plans and any indemnification agreements between
the Company and the Executive.

 

4.3           Waivers and Amendments.  This Agreement may be amended, modified,
superseded, canceled, renewed or extended, and the terms and conditions hereof
may be waived, only by a written instrument signed by the parties or, in the
case of a waiver, by the party waiving compliance.  No delay on the part of any party in
exercising any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any waiver on the part of any party of any right, power or
privilege hereunder, nor any single or partial exercise of any right, power or
privilege hereunder, preclude any other or further exercise thereof or the
exercise of any other right, power or privilege hereunder.

 

4.4           Governing Law.  This Agreement shall be governed by, and
construed in accordance with and subject to, the laws of the State of Texas,
without giving effect to the principles of conflicts of law.

 

4.5           Arbitration.  Any dispute or controversy arising out of or
in connection with this Agreement or the Executive’s employment or the
termination thereof, including, but not limited to, any claim of discrimination
under federal or state law, shall be subject to and settled exclusively by
binding arbitration in Dallas, Texas, in accordance with the rules of the
American Arbitration Association then in effect.  Judgment may be entered on the arbitrators’
award in any court having jurisdiction and reasonable attorneys’ fees and shall
be awarded to the prevailing party.  The
arbitrators shall determine the allocation of the costs and expenses arising in
connection with any arbitration proceeding pursuant to this Section 4.5
based on the arbitrators’ assessment of the merits of the positions of the
parties.

 

4.6           Binding Effect; Benefit.  This Agreement shall inure to the benefit of
and be binding upon the parties hereto and any heirs, successors and
assigns.  Nothing in this Agreement,
expressed or implied, is intended to confer on any person other than the parties
hereto or such heirs, successors and assigns, any rights, remedies, obligations
or liabilities under or by reason of this Agreement.

 

4.7           Assignment.  This Agreement, and the Executive’s rights
and obligations hereunder, may not be assigned by the Executive; provided, however, that such rights and 

 

6

 

obligations shall be
enforceable by the Executive’s legal representatives, heirs and other
successors in interest.  The Company
shall assign this Agreement and its rights, together with its obligations,
hereunder in connection with any sale, transfer or other disposition of all or
substantially all of its assets or business, whether direct or indirect, by
purchase, merger, consolidation or otherwise.

 

4.8           Number and Gender.  As used herein, the singular shall include
the plural and vice versa and words used in one gender shall include all others
as appropriate.

 

4.9           Withholding of Taxes.  The Company may withhold from any
compensation or benefits payable under this Agreement all federal, state, city and
other taxes as shall be required pursuant to any law or governmental regulation
or ruling.

 

4.10         Definitions.  For purposes of this Agreement:

 

(i)            “Base  Salary” shall mean means Executive’s annual base salary,
which is
$                
as of the date of this Agreement, as such amount may be changed and in effect
from time to time.  Notwithstanding the
foregoing, Base Salary shall be determined without regard to any change that
would constitute Good Reason.

 

(ii)           “Change in Control”
shall mean  the earliest to occur of any of the
following events on or before the third anniversary of the Effective Date:  a (a) Change in Ownership of the
Company, (b) Change in Board Membership, (c) Change in the Ownership
of Assets of the Company, or (d) a Merger, Consolidation, or
Reorganization as described herein:

 

(a)           A Change in Ownership of the
Company shall occur on the date that any one Person or Persons
Acting as a Group acquires ownership of (or has acquired ownership during the
12 month period ending on the date of the most recent acquisition by such
Person) more than 30% of the total voting power of the capital stock of the
Company (except with respect to the occurrence of a Merger, Consolidation, or
Reorganization as provided for in paragraph (d) below).

 

(b)           A
Change in Board Membership shall
occur on the date a majority of members of the Company’s Board is replaced during
any 12-month period by directors whose appointment or election is not endorsed
by a majority of the members of the Company’s Board before the date of the
appointment or election.

 

(c)           A Change in
the Ownership of Assets of the Company shall occur on the date that
any one Person acquires, or Persons Acting as a Group acquire (or has or have
acquired during the 12-month period ending on the date of the most recent
acquisition by such Person or Persons), assets from the Company that have a
total gross fair market value more than 50% of the total gross fair market
value of all of the assets of the Company immediately before such acquisition
or acquisitions.  For this purpose, gross
fair market value means the value of the assets of the Company, or the value of
the assets being disposed of, determined without regard to any liabilities
associated with such assets.

 

(d)           A Merger,
Consolidation, or Reorganization shall occur on the date of any
merger, consolidation or reorganization involving Company 

 

7

 

immediately
after which Persons Acting as a Group who hold more than a majority of the
total voting power of the capital stock represented by outstanding voting
securities of the surviving entity are not Persons who held outstanding voting
securities of Company immediately prior to such transaction.

 

The following rules of
construction apply in interpreting the definition of Change in Control:

 

(A)          A Person
means any individual, entity or group within the meaning of Section 13(d)(3) or
14(d)(2) of the Securities Exchange Act of 1934, as amended, other than
employee benefit plans sponsored or maintained by the Company and by entities
controlled by the Company or an underwriter of the capital stock of the Company
in a registered public offering.

 

(B)           Persons will be considered
to be Persons Acting as a Group (or Group) if they are owners of a corporation
that enters into a merger, consolidation, purchase or acquisition of stock, or
similar business transaction with the corporation.  If a Person owns stock in both corporations
that enter into a merger, consolidation, purchase or acquisition of stock, or
similar transaction, such shareholder is considered to be acting as a Group
with other shareholders only with respect to the ownership in that corporation
before the transaction giving rise to the change and not with respect to the
ownership interest in the other corporation. 
Persons will not be considered to be acting as a Group solely because
they purchase assets of the same corporation at the same time or purchase or
own stock of the same corporation at the same time, or as a result of the same
public offering.

 

(C)           A Change in Control shall not include a transfer to
a related person.

 

(D)          For purposes of this paragraph, Code section 318(a) applies
to determine stock ownership.  Stock
underlying a vested option is considered owned by the individual who holds the vested
option (and the stock underlying an unvested option is not considered owned by
the individual who holds the unvested option). 
For purposes of the preceding sentence, however, if a vested option is
exercisable for stock that is not substantially vested (as defined by Treasury
Regulation §1.83-3(b) and (j)), the stock underlying the option is not
treated as owned by the individual who holds the option.

 

(ii)           “Disabled”
or “Disability” shall mean, with respect to
the Executive, (a) the occurrence of a period of 90 consecutive days or
180 out of 360 consecutive days during which the Executive is unable to perform
the Executive’s duties due to a mental or physical impairment or (b) a
determination of disability due to mental or physical impairment by an agreed
upon medical practitioner selected by the Company and the Executive, that it is
reasonably likely that an impairment exists with respect to the Executive which
will, with the passage of time, satisfy clause (a). If the Company and the
Executive are unable to agree upon a medical practitioner, each shall select a
medical practitioner and such practitioners shall jointly select another
medical 

 

8

 

practitioner who shall
determine whether or not there is a disability. 
If the two practitioners chosen by the Company and the Executive are
unable to agree upon the third practitioner, the American Arbitration
Association in Dallas, Texas shall select a medical practitioner.

 

(iii)          “Good Reason”
shall mean a separation from service (with the meaning of Treasury Regulation Section 1.409A-1(h))
within 1 year following the initial existence of one or more of the following
conditions arising without Executive’s consent: 
(1) a material diminution in Executive’s Base Salary; (2) a
material diminution in Executive’s title, authority, or responsibility; (3) relocation
of Executive to an office more than 50 miles from Executive’s office on the
Employment Date; or (4) a material breach by the Company of this
Agreement.  Before terminating employment
for Good Reason, Executive must provide notice of the existence of the
condition within 90 days following the initial existence of such
condition.  Company shall have a period
of thirty 30 days after receipt of such notice to correct the situation (and
thus prevent Executive’s termination for Good Reason).  Upon the expiration of the thirty (30) day
period without cure by the Company, Executive shall be entitled to terminate
for Good Reason.

 

4.11         Counterparts.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

 

4.12         Headings.  The headings in this Agreement are for
reference purposes only and shall not in any way affect the meaning or
interpretation of this Agreement.

 

[Signature
Page Follows]

 

9

 

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

 

 

	
  The
  Company:

  	
   

  
	
   

  	
  REDDY
  ICE CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executive:

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