Document:

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

 

EMPLOYMENT AGREEMENT
(the “Agreement”), dated as of July 29, 2016, between Black Diamond, Inc., a Delaware corporation (the “Company”),
and Mark Ritchie (the “Employee”).

 

W I T N E S S E T H :

 

WHEREAS, the
Employee has been employed by the Company or one of its subsidiaries for over 20 years and is currently employed as the Chief Operating
Officer (“COO”) of the Company; and

 

WHEREAS, the
Company now desires to continue to employ the Employee as the COO of the Company and to employ him as the President of its wholly-owned
subsidiary Black Diamond Equipment, Ltd., a Delaware corporation (“BDEL”), and the Employee is willing to be so employed
in such capacities subject to the terms and conditions of this Agreement.

 

NOW THEREFORE,
in consideration of the mutual covenants and agreements set forth in this Agreement, the Company and the Employee hereby agree
as follows:

 

 

		1.	Employment and Term.

 

 The Company hereby employs the
Employee as the COO of the Company and as the President of BDEL, and the Employee accepts such employment, upon the terms and subject
to the conditions set forth in this Agreement. The term of this Agreement (the “Term”) shall commence on the date hereof
(the “Commencement Date”) and shall terminate on December 31, 2017, subject to earlier termination as provided herein.
The Employee acknowledges that the benefits described herein to the Employee include consideration for his service on behalf of
BDEL as well as to the Company.

 

		2.	Duties.

 

(a) During the Term of this Agreement, the Employee shall serve as the COO of the Company and the President of BDEL and shall
perform all duties commensurate with his positions and as may be assigned to him by the Executive Chairman or the Executive Vice
Chairman of the Board or their designees. The Employee shall devote his full business time and energies to the business and affairs
of the Company and BDEL and shall use his best efforts, skills and abilities to promote the interests of the Company and BDEL,
and to diligently and competently perform the duties of his positions.

 

(b) The Employee shall report to the Board, and shall communicate regularly with the Executive Chairman of the Board, the Executive
Vice Chairman of the Board or their designees.

 

    	 	 	 

     

    

		3.	Compensation, Bonus, Benefits, etc.

 

(a) Salary. Effective as of June 7, 2016, and for the duration of the Term of this Agreement, the Company shall
pay to the Employee, and the Employee shall accept from the Company, as compensation for the performance of services under this
Agreement and the Employee’s observance and performance of all of the provisions hereof, an annual salary at the rate of
$265,000 (the “Base Compensation”). The Base Compensation shall be payable in accordance with the normal payroll practices
of the Company.

 

(b) Benefits. During the Term of this Agreement, the Employee shall be entitled to participate in or benefit from,
in accordance with the eligibility and other provisions thereof, the Company’s medical insurance and other fringe benefit
plans or policies as the Company may make available to, or have in effect for, its senior executive officers from time to time.
The Company and its affiliates retain the right to terminate or alter any such plans or policies from time to time. The Employee
shall also be entitled to four weeks paid vacation each year, pro-rated for any partial periods, sick leave and other similar benefits
in accordance with policies of the Company from time to time in effect for its senior executive officers. The Company shall pay
the Employee for all accrued but unused vacation days as of the termination of the Employee’s employment, except in the case
of a termination for Cause, and in the event that the Term continues past December 31, 2016, the Employee shall be entitled to
carryover into 2017 any accrued but unused vacation days as of December 31, 2016.

 

(c) Reimbursement of Business Expenses. During the Term of this Agreement, upon submission of proper invoices,
receipts or other supporting documentation reasonably satisfactory to the Company and in accordance with and subject to the Company’s
expense reimbursement policies, the Employee shall be reimbursed by the Company for all reasonable business expenses actually and
necessarily incurred by the Employee on behalf of the Company in connection with the performance of services under this Agreement.

 

(d) Taxes. The Base Compensation and any other compensation paid to Employee, including, without limitation, any
bonus, shall be subject to withholding for applicable taxes and other amounts.

 

(e) Expenses. Each party shall bear its own expenses in connection with the negotiation of this Agreement, except
that the Company shall reimburse the Employee up to $5,000 for legal expenses incurred by the Employee upon the submission by the
Employee to the Company of invoices evidencing such expenditures.

 

		4.	Representations of Employee.

 

(a) The Employee represents and warrants that he is not party to, or bound by, any agreement or commitment, or subject to any
restriction, including but not limited to agreements related to previous employment containing confidentiality or noncompetition
covenants, which limit the ability of the Employee to perform his duties under this Agreement.

    
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(b) The Employee represents and warrants that he has complied in all material respects with all applicable laws and Company
policies in connection with his employment by the Company and covenants that he will continue to so comply with applicable laws
and Company policies in respect of his employment during the Term.

 

		5.	Confidentiality, Noncompetition, Nonsolicitation
and Non-Disparagement.

 

For purposes of this
Section 5, all references to the Company shall be deemed to include the Company’s affiliates and subsidiaries and their respective
subsidiaries, whether now existing or hereafter established or acquired. In consideration for the compensation and benefits provided
to the Employee pursuant to this Agreement, the Employee agrees with the provisions of this Section 5.

 

(a) Confidential Information.

 

(i) The Employee acknowledges that as a result of his retention by the Company, the Employee has and will continue to have knowledge
of, and access to, proprietary and confidential information of the Company including, without limitation, research and development
plans and results, software, databases, technology, inventions, trade secrets, technical information, know-how, plans, specifications,
methods of operations, product and service information, product and service availability, pricing information (including pricing
strategies), financial, business and marketing information and plans, and the identity of customers, clients and suppliers (collectively,
the “Confidential Information”), and that the Confidential Information, even though it may be contributed, developed
or acquired by the Employee, constitutes valuable, special and unique assets of the Company developed at great expense which are
the exclusive property of the Company. Accordingly, the Employee shall not, at any time, either during or subsequent to the Term
of this Agreement, use, reveal, report, publish, transfer or otherwise disclose to any person, corporation, or other entity, any
of the Confidential Information without the prior written consent of the Company, except to responsible officers and employees
of the Company and other responsible persons who are in a contractual or fiduciary relationship with the Company and who have a
need for such Confidential Information for purposes in the best interests of the Company, and except for such Confidential Information
which is or becomes of general public knowledge from authorized sources other than by or through the Employee.

 

(ii) The Employee acknowledges that the Company would not enter into this Agreement without the assurance that all the Confidential
Information will be used for the exclusive benefit of the Company.

 

(b) Return of Confidential Information. Upon the termination of this Agreement or upon the request of the Company,
the Employee shall promptly return to the Company all Confidential Information in his possession or control, including but not
limited to all drawings, manuals, computer printouts, computer databases, disks, data, files, lists, memoranda, letters, notes,
notebooks, reports and other writings and copies thereof and all other materials relating to the Company’s business, including,
without limitation, any materials incorporating Confidential Information.

    
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(c) Inventions, etc. During the Term and for a period of one year thereafter, the Employee will promptly disclose
to the Company all designs, processes, inventions, improvements, developments, discoveries, processes, techniques, and other information
related to the business of the Company conceived, developed, acquired, or reduced to practice by him alone or with others during
the Term of this Agreement, whether or not conceived during regular working hours, through the use of Company time, material or
facilities or otherwise (“Inventions”).

 

The Employee agrees
that all copyrights created in conjunction with his service to the Company and other Inventions, are “works made for hire”
(as that term is defined under the Copyright Act of 1976, as amended). All such copyrights, trademarks, and other Inventions shall
be the sole and exclusive property of the Company, and the Company shall be the sole owner of all patents, copyrights, trademarks,
trade secrets, and other rights and protection in connection therewith. To the extent any such copyright and other Inventions may
not be works for hire, the Employee hereby assigns to the Company any and all rights he now has or may hereafter acquire in such
copyrights and any other Inventions. Upon request the Employee shall deliver to the Company all drawings, models and other data
and records relating to such copyrights, trademarks and Inventions. The Employee further agrees as to all such Inventions, to assist
the Company in every proper way (but at the Company’s expense) to obtain, register, and from time to time enforce patents,
copyrights, trademarks, trade secrets, and other rights and protection relating to said Inventions in any and all countries, and
to that end the Employee shall execute all documents for use in applying for and obtaining such patents, copyrights, trademarks,
trade secrets and other rights and protection on and enforcing such Inventions, as the Company may reasonably request, together
with any assignments thereof to the Company or persons designated by it. Such obligation to assist the Company shall continue beyond
the termination of the Employee’s service to the Company, but the Company shall compensate the Employee at a reasonable rate
after termination of service for time actually spent by the Employee at the Company’s request for such assistance. In the
event the Company is unable, after reasonable effort, to secure the Employee’s signature on any document or documents needed
to apply for or prosecute any patent, copyright, trademark, trade secret, or other right or protection relating to an Invention,
whether because of the Employee’s physical or mental incapacity or for any other reason whatsoever, the Employee hereby irrevocably
designates and appoints the Company and its duly authorized officers and agents, during the Term of this Agreement and for a period
of two years after termination of this Agreement, as his agent coupled with an interest and attorney-in-fact, to act for and in
his behalf and stead to execute and file any such application or applications and to do all other lawfully permitted acts to further
the prosecution and issuance of patents, copyrights, trademarks, trade secrets, or similar rights or protection thereon with the
same legal force and effect as if executed by the Employee.

 

    
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(d) Non-Competition.The
Employee agrees not to utilize his special knowledge of the Business and his relationships with customers, prospective
customers, suppliers and others or otherwise to compete with the Company in the Business during the Restricted Period. During
the Restricted Period, the Employee shall not, and shall not permit any of his respective employees, agents or others under
his control, directly or indirectly, on behalf of the Employee or any other Person, to engage or have an interest, anywhere
in the world in which the Company conducts business or markets or sells its products, alone or in association with others, as
principal, officer, agent, employee, director, partner or stockholder (except as an owner of two percent or less of the
stock of any company listed on a national securities exchange or traded in the over-the-counter market), whether through the
investment of capital, lending of money or property, rendering of services or capital, or otherwise, in any Competitive
Business. During the Restricted Period, the Employee shall not, and shall not permit any of his respective employees, agents
or others under his control, directly or indirectly, on behalf of the Employee or any other Person, to accept Competitive
Business from, or solicit the Competitive Business of any Person who is a customer of the Business conducted by the Company,
or, to the Employee’s knowledge, is a customer of the Business conducted by the Company at any time during the
Restricted Period.  

 

(e) Non-Disparagement and Non-Interference. The Employee shall not, either directly or indirectly, (i) during
the Restricted Period, make or cause to be made, any statements that are disparaging or derogatory concerning the Company or its
business, reputation or prospects; (ii) during the Restricted Period, request, suggest, influence or cause any party, directly
or indirectly, to cease doing business with or to reduce its business with the Company or do or say anything which could reasonably
be expected to damage the business relationships of the Company; or (iii) at any time during or after the Restricted Period, use
or purport to authorize any Person to use any intellectual property owned by the Company or exclusively licensed to the Company
or to otherwise infringe on the intellectual property rights of the Company.

 

(f) Non-Solicitation. During the Restricted Period, the Employee shall not recruit or otherwise solicit
or induce any Person who is an employee or consultant of, or otherwise engaged by Company, to terminate his or her employment or
other relationship with the Company, or such successor, or hire any person who has left the employ of the Company during the preceding
one year.

 

(g) Certain Definitions. For purposes of this Agreement: (i) the term “Business” shall mean
the business of designing, manufacturing, assembling, licensing, distributing, marketing and selling active outdoor performance
products and apparel for climbing, mountaineering, backpacking, skiing, cycling and other outdoor recreation activities, avalanche
transceiver technology, alpine safety products, and any other business that the Company or its subsidiaries may be engaged in during
the Term of this Agreement; (ii) the term “Competitive Business” shall mean any business competitive with the Business;
and (iii) the term “Restricted Period” shall mean the Term of this Agreement and a period of one year after termination
of this Agreement; provided, that, if Employee breaches the covenants set forth in this Section 5, the Restricted Period shall
be extended for a period equal to the period that a court having jurisdiction has determined that such covenant has been breached.
“Person” shall mean an individual, a partnership, a joint venture, a corporation, a limited liability company, a trust,
an unincorporated organization or other entity and a government or any department or agency thereof.

 

    
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6. Remedies. The restrictions set forth in Section 5 are considered by the parties to be fair and reasonable.
The Employee acknowledges that the restrictions contained in Section 5 will not prevent him from earning a livelihood. The Employee
further acknowledges that the Company would be irreparably harmed and that monetary damages would not provide an adequate remedy
in the event of a breach of the provisions of Section 5. Accordingly, the Employee agrees that, in addition to any other remedies
available to the Company, the Company shall be entitled to injunctive and other equitable relief to secure the enforcement of these
provisions. In connection with seeking any such equitable remedy, including, but not limited to, an injunction or specific performance,
the Company shall not be required to post a bond as a condition to obtaining such remedy. In any such litigation, the prevailing
party shall be entitled to receive an award of reasonable attorneys’ fees and costs. If any provisions of Sections 5 or 6
relating to the time period, scope of activities or geographic area of restrictions is declared by a court of competent jurisdiction
to exceed the maximum permissible time period, scope of activities or geographic area, the maximum time period, scope of activities
or geographic area, as the case may be, shall be reduced to the maximum which such court deems enforceable. If any provisions of
Sections 5 or 6 other than those described in the preceding sentence are adjudicated to be invalid or unenforceable, the invalid
or unenforceable provisions shall be deemed amended (with respect only to the jurisdiction in which such adjudication is made)
in such manner as to render them enforceable and to effectuate as nearly as possible the original intentions and agreement of the
parties. For purposes of this Section 6, all references to the Company shall be deemed to include the Company's affiliates and
subsidiaries, whether now existing or hereafter established or acquired.

 

7. Termination. This Agreement shall terminate at the end of the Term set forth in Section 1. In addition, this
Agreement may be terminated prior to the end of the Term set forth in Section 1 upon the occurrence of any of the events set forth
in, and subject to the terms of, this Section 7.

 

(a) Death or Permanent Disability. If the Employee dies or becomes permanently disabled, this Agreement shall
terminate effective upon the Employee’s death or when his disability is deemed to have become permanent. If the Employee
is unable to perform his normal duties for the Company because of illness or incapacity (whether physical or mental) for 45 consecutive
days during the Term of this Agreement, or for 60 days (whether or not consecutive) out of any calendar year during the Term of
this Agreement, his disability shall be deemed to have become permanent. If this Agreement is terminated on account of the death
or permanent disability of the Employee, then the Employee or his estate shall be entitled to receive accrued Base Compensation
through the date of such termination, all granted but unvested stock options and unvested restricted stock held by the Employee
shall be forfeited and be null and void and the Employee or the Employee’s estate, as applicable, shall have no further entitlement
to Base Compensation, bonus, stock options, Severance Amount or benefits from the Company following the effective date of such
termination.

 

    
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(b) Cause.
This Agreement may be terminated at the Company’s option, immediately upon notice to the Employee, upon the occurrence
of any of the following (“Cause”): (i) breach by the Employee of any material provision of this Agreement and the
expiration of a 10-business day cure period for such breach after written notice thereof has been given to the Employee
(which cure period shall not be applicable to clauses (ii) through (v) of this Section 7(b)); (ii) gross negligence or
willful misconduct of the Employee in connection with the performance of his duties under this Agreement; (iii)
Employee’s failure to perform any reasonable directive of the Board; (iv) fraud, criminal conduct, dishonesty or
embezzlement by the Employee; or (v) Employee’s misappropriation for personal use of any assets (having in excess of
nominal value) or business opportunities of the Company. If this Agreement is terminated by the Company for Cause, then the
Employee shall be entitled to receive accrued Base Compensation through the date of such termination, all stock options,
whether vested or unvested, held by the Employee shall be forfeited and be null and void, all granted but unvested restricted
stock held by the Employee shall be forfeited and be null and void and the Employee shall have no further entitlement to Base
Compensation, bonus, stock options, Severance Amount or benefits from the Company following the effective date of such
termination.

 

(c) Without Cause; Expiration of the Term. This Agreement may be terminated, at any time by the Company without
Cause upon giving 30 days’ advance written notice to the Employee of such termination. In recognition of the Employee’s
more than 20 years of service to the Company and its subsidiaries, and in consideration of the Employee’s entering into this
Agreement and performing his obligations hereunder, upon the termination of this Agreement by the Company without Cause, or if
the Term expires in accordance with the terms hereof, the Employee shall be entitled to receive one year of Base Compensation (the
“Severance Amount”), and for a one-year period the Employee shall be entitled to continue in the Company’s group
health benefit plans in which the Employee currently participates at the Company’s sole expense or, if such continued participation
is not permitted under applicable law, the Company shall reimburse any COBRA premium payments made by the Employee during such
one-year period upon receipt of a COBRA billing statement, in each case subject to withholding for applicable taxes and other amounts.
If the Employee’s employment terminates as described in this Section 7(c), the Employee shall receive the entire Severance
Amount in one lump sum within five days of the termination date of the Employee’s employment with the Company, less withholdings
for applicable taxes and other amounts, all granted but unvested stock options held by the Employee and all granted but unvested
restricted stock held by the Employee shall be forfeited and be null and void.

 

(d) By Employee. The Employee may terminate this Agreement at anytime upon providing the Company with 90 days’
prior written notice. If this Agreement is terminated by the Employee pursuant to this Section 7(d), then the Employee shall be
entitled to receive his accrued Base Compensation and benefits through the effective date of such termination, all granted but
unvested stock options and unvested restricted stock shall be forfeited and be null and void and the Employee shall have no further
entitlement to Base Compensation, bonus, stock options, Severance Amount or benefits from the Company following the effective date
of such termination.

 

    
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(e) Change
in Control. Upon the occurrence of a Change in Control (as hereinafter defined), the Employee shall have the right to
terminate this Agreement within 30 days of the occurrence of such Change in Control; provided, however, that if
requested to do so by the Company or the acquiror of the business of the Company in such Change of Control, the Employee
shall provide consulting services to the Company or such acquiror, as applicable, for transition purposes for a period of six
months following the effective date of such Change in Control and his termination of this Agreement, and the Company or such
acquiror shall pay consulting fees to the Employee for such six month period in an amount equal to the compensation he would
have otherwise received under this Agreement had it been in effect for such six month period. Upon the termination of this
Agreement by either party within 30 days of the occurrence of a Change in Control (other than a termination by the Company
for Cause during such period, in which event the provisions of Section 7(b) shall apply), the Employee shall be entitled to
receive the Severance Amount in one lump sum within five days of the effective date of such termination and reimbursement of
any COBRA premium payments made by the Employee during such one-year period upon receipt of a COBRA billing statement,
subject to withholding for applicable taxes and other amounts, and all granted but unvested stock options and unvested
restricted stock held by the Employee shall be forfeited and be null and void; provided, however, that if the
Company or the acquiror described above requests Employee to provide the consulting services described above, then the
Severance Amount that is payable in one lump sum shall become due and payable in one lump sum upon the expiration of such
consulting period, and shall not be payable if the Employee does not render such consulting services. For purposes of this
Agreement, a “Change in Control” of the Company shall be deemed to have occurred in the event that: (i)
individuals who, as of the date hereof, constitute the Board cease for any reason to constitute at least a majority of the
Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election,
or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the
directors then comprising the Board shall be considered as though such individual was a member of the Board as of the date
hereof; (ii) the Company shall have been sold by either (A) a sale of all or substantially all its assets, or (B) a merger or
consolidation, other than any merger or consolidation pursuant to which the Company acquires another entity, or (C) a tender
offer, whether solicited or unsolicited; or (iii) any party, other than the Company, is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of
voting securities of the Company representing 50% or more of the total voting power of all the then-outstanding voting
securities of the Company.

 

(f) Return of Payments and Cancellation of Benefits. In the event that the Employee fails to comply with any of
his obligations under this Agreement, including, without limitation, the covenants contained in Section 5 hereof and the consulting
obligations under Section 7(e), the Employee shall repay to the Company any payments received by the Company in respect of the
Severance Amount required to be paid pursuant to Section 7(c) or Section 7(e) hereof as of the date of such failure to comply,
the Company’s obligation to provide the remainder, if any, of such Severance Amount shall terminate and be null and void
as of such date, and the Employee will have no further rights in or to such amounts and benefits.

 

(g) Other Effects of Termination. Other than in the event of a termination for Cause in accordance with Section
7(b) or a termination by the Employee pursuant to Section 7(d), following the termination of the Employee’s employment, to
the extent and for so long as deemed appropriate by the Board:

    
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(i)
the Employee shall be entitled to continue to participate in any employee discount purchase program in respect of the Company’s
products in which he was eligible to participate as of the date of termination to the extent that such programs are then in effect
and maintained by the Company for its employees; and

 

 (ii) the Company shall forward periodically from time to time emails addressed to the Employee that the Company deems appropriate
for such forwarding.

 

		8.	Miscellaneous.

 

(a) Survival. The provisions of Sections 4, 5, 6, 7 and 8 shall survive the termination of this Agreement.

 

(b) Entire Agreement. This Agreement sets forth the entire understanding of the parties and, except as specifically
set forth herein, merges and supersedes any prior or contemporaneous agreements between the parties pertaining to the subject matter
hereof.

 

(c) Modification. This Agreement may not be modified or terminated orally, and no modification, termination or
attempted waiver of any of the provisions hereof shall be binding unless in writing and signed by the party against whom the same
is sought to be enforced.

 

(d) Waiver. Failure of a party to enforce one or more of the provisions of this Agreement or to require at any
time performance of any of the obligations hereof shall not be construed to be a waiver of such provisions by such party nor to
in any way affect the validity of this Agreement or such party’s right thereafter to enforce any provision of this Agreement,
nor to preclude such party from taking any other action at any time which it would legally be entitled to take.

 

(e) Successors and Assigns. Neither party shall have the right to assign this Agreement, or any rights or obligations
hereunder, without the consent of the other party; provided, however, that upon the sale of all or substantially
all of the assets, business and goodwill of the Company to another company, or upon the merger or consolidation of the Company
with another company, this Agreement shall inure to the benefit of, and be binding upon, both Employee and the company purchasing
such assets, business and goodwill, or surviving such merger or consolidation, as the case may be, in the same manner and to the
same extent as though such other company were the Company; and provided, further, that the Company shall have the
right to assign this Agreement to any affiliate or subsidiary of the Company. Subject to the foregoing, this Agreement shall inure
to the benefit of, and be binding upon, the parties hereto and their legal representatives, heirs, successors and assigns.

 

    
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(f) Communications.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have
been given at the time personally delivered or when mailed in any United States post office enclosed in a registered or
certified postage prepaid envelope and addressed to the addresses set forth below, or to such other address as any party may
specify by notice to the other party; provided, however, that any notice of change of address shall be
effective only upon receipt.

 

	
        If to the Company:

         

        Black Diamond, Inc.

        2084 East 3900 South

        Salt Lake City, Utah 84124

        Facsimile: (801) 278-5544

        Attention: Warren B. Kanders
	
        With a copy to:

         

        Kane Kessler, P.C.

        1350 Avenue of the Americas

        New York, New York 10019

        Facsimile: (212) 245-3009

        Attention: Robert L. Lawrence, Esq.

         

	
        If to the Employee:

         

        Mark Ritchie

        [Address]

         

         

         
	
         

         

(g) Severability. If any provision of this Agreement is held to be invalid or unenforceable by a court of competent
jurisdiction, such invalidity or unenforceability shall not affect the validity and enforceability of the other provisions of this
Agreement and the provisions held to be invalid or unenforceable shall be enforced as nearly as possible according to its original
terms and intent to eliminate such invalidity or unenforceability.

 

(h) Jurisdiction; Venue. This Agreement shall be subject to the non-exclusive jurisdiction of the federal courts
or state courts of the State of Delaware, County of New Castle, for the purpose of resolving any disputes among them relating to
this Agreement or the transactions contemplated by this Agreement and waive any objections on the grounds of forum non conveniens
or otherwise. The parties hereto agree to service of process by certified or registered United States mail, postage prepaid, addressed
to the party in question.

 

(i) Governing Law. This Agreement is made and executed and shall be governed by the laws of the State of Delaware,
without regard to the conflicts of law principles thereof.

 

(j) Counterparts. This Agreement may be executed in any number of counterparts (and by facsimile or other electronic
signature), but all counterparts will together constitute but one agreement.

 

(k) 
Third Party Beneficiaries. This Agreement is for the sole and exclusive benefit of the parties hereto and,
except as provided herein, shall not be deemed for the benefit of any other person or entity.

 

    
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(l)   
Headings and References. The headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation of this Agreement. References in this Agreement
to any section refer to such section of this Agreement unless the context otherwise requires.

 

(m) IRC Section 409A. The parties to this Agreement intend that the Agreement complies with Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”), where applicable, and this Agreement shall be interpreted in
a manner consistent with that intention. To the extent not otherwise provided by this Agreement, and solely to the extent required
by Section 409A of the Code, no payment or other distribution required to be made to the Employee hereunder (including any payment
of cash, any transfer of property and any provision of taxable benefits) as a result of his termination of employment with the
Company shall be made earlier than the date that is six (6) months and one day following the date on which the Employee separates
from service with the Company and its affiliates (within the meaning of Section 409A of the Code).

 

(n) Recovery of Compensation. All payments and benefits provided under this Agreement shall be subject to any
compensation recovery or clawback policy as required under applicable law, rule or regulation or otherwise adopted by the Company
from time to time.

 

(o) Participation of the Parties. The parties hereto acknowledge and agree that (i) this Agreement and all matters
contemplated herein have been negotiated among all parties hereto and their respective legal counsel, if any, (ii) each party has
had, or has been afforded the opportunity to have, this Agreement and the transactions contemplated hereby reviewed by independent
counsel of its own choosing, (iii) all such parties have participated in the drafting and preparation of this Agreement from the
commencement of negotiations at all times through the execution hereof, and (iv) any ambiguities contained in this Agreement shall
not be construed against any party hereto.

 

 

[SIGNATURE PAGE FOLLOWS]

    
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IN WITNESS WHEREOF, each of the parties
hereto has duly executed this Employment Agreement as of the date set forth above.

 

	
        Black Diamond, Inc.

         

         

        By: /s/ Aaron Kuehne

       Name: Aaron Kuehne

               Title:
        Chief Administrative Officer & Chief Financial Officer
	
        Employee

         

         

        /s/ Mark Ritchie

        Mark Ritchie

 

 

 

 

(Signature Page to Employment Agreement
of Mark Ritchie)Exhibit 10.1

 

Demand Note and Loan Agreement

 

 

Boca Raton, Florida

July 27,
2016

$250,000

 

For
Value Received, Banyan Rail Services Inc., a Delaware Corporation (“Company”), promises to pay to Boca Equity
Partners LLC, a Delaware limited liability company, its successors and assigns (“Holder”), the principal advanced by
Holder to the Company hereunder as reflected on the attached loan schedule (each an “Advance”), plus interest on the
aggregate unpaid principal balance from time to time outstanding at the rate of 10.0% per annum from the date advanced, in accordance
with the terms set forth below. The attached loan schedule shall be updated to reflect each Advance as and when it is made.

 

Until the Maturity Date (as defined below),
and subject to the terms of this Demand Note and Loan Agreement (this “Note”), provided that there has been
no Event of Default (as defined below) which Event of Default is continuing, Holder agrees to lend to the Company such amounts
as the Company may from time to time request in writing, up to an aggregate principal amount equal to $250,000. Any borrowings
made by the Company pursuant to the Note shall be in a minimum amount of at least $25,000.

 

		1.	Maturity Date. The Holder may call for payments of outstanding principal and interest under
this Note at any time or from time to time by giving notice in writing to the Company at least five business days before the date
payment is due (the “Maturity Date”). This Note may be prepaid in whole or in part at any time without penalty.

 

		2.	Events of Default. The occurrence of any of the following constitutes an “Event of
Default:”

 

		a)	the Company fails to make full and timely payments when due under this Note;

 

		b)	the Company breaches any material representation or warranty made herein;

 

		c)	the Company fails to comply with any covenant set forth herein and such failure is not cured within
five business days after Holder has notified the Company of the failure; or

 

		d)	the Company files or consents to a filing against it of bankruptcy or a bankruptcy proceeding is
begun against it and not dismissed or stayed within thirty (30) days or it consents to the appointment of a receiver, custodian
or trustee.

 

     

     

    

 

		3.	Remedies. If an Event of Default occurs and continues to exist, then the Company will pay
to Holder, in addition to all amounts due under this Note, all costs of collection, including reasonable attorneys’ fees.

 

		4.	Miscellaneous.

 

		a)	The Company hereby waives presentment, demand, protest and notice of dishonor or non-payment, and
hereby waives, to the extent permitted by law, any right to have a jury participate in resolving or determining any dispute, whether
sounding in contract, tort or otherwise, between Company and the Holder arising out of or in any way relating to this Note.

 

		b)	Holder’s failure to exercise any right or remedy available to it hereunder or at law or in
equity, or any delay in exercising any such right or remedy, shall not operate as a waiver of any of Holder’s rights.

 

		c)	This Note shall be governed and construed in accordance with the laws of the State of Florida.
Any action arising out of or relating to this Note must be brought, if at all, in the courts of the State of Florida. The parties
hereby waive any objections they might otherwise have to such venue and forum, whether on the basis of inconvenience, lack of personal
jurisdiction or otherwise and hereby irrevocably consent to personal jurisdiction in such forum and venue.

 

		d)	The provisions hereof shall inure to the benefit of, and shall be binding upon, the Company, Holder
and their respective, successors and permitted assigns.

 

Banyan
Rail Services Inc.

 

 

/s/ Jon Ryan

 

By Jon Ryan, President and CEO

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