Document:

Exhibit 10.1

 

 

PARTNERSHIP INCENTIVE AND RETENTION BONUS PROGRAM

 

Azure Midstream Partners, LP (the “Partnership”) has adopted this Incentive and Retention Bonus Program (this “Program”) to reward employees and agents of the Partnership’s general partner who provide services to the Partnership and to provide additional incentive to retain their services.

 

Accordingly, Azure Midstream Partners GP, LLC, the Partnership’s general partner (the “General Partner”), acting through its president or any person or persons to whom the president may delegate his authority, is authorized to grant bonuses to its employees, consultants, and other persons providing services to the Partnership, in such amounts and, subject to the next succeeding paragraph, on such terms, as the General Partner, acting by its president or such other person or persons, may determine.

 

Awards may be of two types: (1) awards payable in three installments, with the first two of such installments to be in the amount of 25% of the total award, which installments are to be paid as of November 1, 2016 and February 1, 2017, and with the third such installment to be in the amount of 50% of the total award, which installment is to be paid as of August 1, 2017; and (2) awards payable 100% in one payment to be paid as of December 1, 2016. Subject to the exceptions in the following sentence, employees or agents must be employed or engaged by the General Partner as of the date of the payment. Bonuses shall, however, be payable on an earlier date in the event of any change in control of the Partnership, or if the General Partner terminates the employee or consultant prior to the scheduled payment date without cause.

 

As such terms are used in this Program, (a) “change in control” shall be deemed to take place on the earlier to occur of the date as of which (i) a party other than the General Partner or its affiliates acquires ownership or control of a majority of general partner interests in the Partnership, or (ii) Azure Midstream Holdings, LLC (“Holdings”) ceases to own, directly or indirectly, and control at least 50% of the voting securities of the General Partner; and (b) a termination for “cause” means termination by the General Partner as a result of the employee’s (i) conviction of a

 

12377 Merit Drive, Suite 300 · Dallas, Texas 75251 · Tel: 972-674-5200 Fax: 972-385-8775 
 www.azuremidstream.com

 

 

crime involving moral turpitude; (ii) failure, after notice from the General Partner, to follow policies or directives applicable to such employee, or such employee’s consistent failure to perform his or her duties as an employee; (iii) gross negligence or willful misconduct that has an adverse effect on the General Partner and its affiliates; or (iv) material breach of such person’s fiduciary duty to the General Partner or its affiliates.

 

Concurrently with the grant or award of bonuses by the Partnership hereunder, the General Partner may grant or award bonuses to employees or consultants for their services to Holdings and its subsidiaries and affiliates other than the Partnership and its subsidiaries. In such event, the General Partner shall designate the amount of the award to each participant that is allocable to the Partnership.

 

The amount of bonuses authorized on behalf of the Partnership under this Program and allocable to the Partnership, excluding employer burden, shall not exceed $1,000,000 in the aggregate.

 

This Partnership Incentive and Retention Program is authorized and confirmed on behalf of the Partnership by the Compensation Committee of the General Partner effective September 21, 2016.EXHIBIT 10.12

ADVANCE SCHEDULE 

No. 03

 

ONE UP INNOVATIONS, INC. 

FOAM LABS, INC. 

 

Funding Date:    February
22, 2016

 

This Advance Schedule (the “Schedule”)
is issued pursuant to and is subject to all terms and conditions of the Credit Card Receivables Advance Agreement, dated on or
about April 21, 2015 (as amended from time to time in accordance with its terms, the “Master Agreement”), between
POWER UP LENDING GROUP, LTD. (the “Lender”) and ONE UP INNOVATIONS, INC. and FOAM LABS, INC., (individually
and collectively, the “Merchant”).  Capitalized terms used and not defined in this Schedule have the
meanings given to them in the Master Agreement.

 

The Merchant has requested that the Lender
make an Advance to the Merchant, and the Lender is willing to make such Advance, in each case subject to the following terms and
conditions:

 

	1. 	The Advance Amount is: 	 	$ 	400,000.00 	 
	 	 	 	 	 	 
	2. 	The fee is: 	 	$ 	48,000.00 	 
	 	 	 	 	 	 
	3. 	The Collection Amount is: 	 	$ 	448,000.00 	 
	 	 	 	 	 	 
	4. 	The Fixed Daily payment is: 	 	$	  2,133.33	 

 

	5. 	The Collection Date is December 12, 2016 
	 	 	 	 	 	 
	6. 	The Collection Account Bank and Collection Account are as follows: 	 	 	 	 

 

	Bank name: 	Signature Bank 
	 	26 Court St. 
	 	Brooklyn, NY 11242
	Routing/ABA Number:	026XXXXX
	Account Name to credit:	One Up Innovations
	Account Number to credit:	15XXXXXXX

 

	 	7. 	The Merchant agrees to repay the Collection Amount (plus all Reimbursable Expenses) by remitting (or causing to be remitted) to the Lender, on or before the Collection Date, the Collection Amount, by authorizing Lender to retain the Fixed Daily Payment from the Collection Account as provided in the Master Agreement.  If the Collection Amount is remitted to the Lender before the Collection Date, the Merchant shall not be entitled to any refund or other compensation.  If the Collection Amount is not remitted to the Lender by the Collection Date, Merchant may be subject to extension fees as set forth in the Master Agreement. 

 

	 	8. 	The Merchant grants to the Lender a security interest in the Collateral to secure the Merchant’s obligation to pay the Collection Amount and to secure all other existing and future obligations of the Merchant to the Lender. 

 

	 	9. 	The Merchant understands and agrees that all Advances by Lender to Merchant under the Master Agreement, this Advance Schedule, and under any other Related Agreements constitute one loan, and all indebtedness and obligations of Merchant to Lender under the Master Agreement, this Advance Schedule and the Related Agreements, present and future, constitute one general obligation secured by the Collateral. 

 

	 	10. 	The Merchant reaffirms all terms, conditions and agreements set forth in the Master Agreement and any Related Agreements and further represents and warrants to the Lender that all representations and warranties made by the Merchant in the Master Agreement and any Related Agreements entered into on or before the date hereof are true and correct on the date hereof as if made on the date hereof. 

 

This Schedule may be executed in counterparts.  Each
counterpart shall be deemed an original but all of which together shall constitute one and the same instrument.  An executed
facsimile of this Schedule shall be deemed to be a valid and binding agreement between the parties hereto.

 

Agreed to:

 

	 	 	ONE UP INNOVATIONS, INC. 
	POWER UP LENDING GROUP, LTD. 	 	for itself and as Disbursing Agent 
	 	 	 	 	 
	By:	 /s/ Curt Kramer	 	By: 	/s/ Louis S. Friedman
	Name: 	Curt Kramer	 	Name:  	Louis Friedman 
	Title:	President	 	Title: 	President & CEO 

 

	STATE OF GEORGIA 	) 	 
	 	)ss.: 	 
	COUNTY OF 	) 	 

 

On this _____ day of February,
2016 before me personally appeared Louis S. Friedman , personally known to me or proved to me on the basis of satisfactory
evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she is the President
of ONE UP INNOVATIONS, INC. and FOAM LABS, INC., the corporations herein described and that he/she executed the same in his/her
capacity as an officer of said corporations, and that he/she signed the instrument by order of the board of directors of said respective
corporations.

 

	 	 
	 	Notary PublicEXHIBIT 10.13

ADVANCE SCHEDULE 

No. 04

 

ONE UP INNOVATIONS, INC. 

FOAM LABS, INC. 

 

Funding Date:   August 3, 2016

 

This Advance Schedule (the “Schedule”)
is issued pursuant to and is subject to all terms and conditions of the Credit Card Receivables Advance Agreement, dated on or
about October 1, 2015 (as amended from time to time in accordance with its terms, the “Master Agreement”), between
POWER UP LENDING GROUP, LTD. (the “Lender”) and ONE UP INNOVATIONS, INC. and FOAM LABS, INC., (individually
and collectively, the “Merchant”).  Capitalized terms used and not defined in this Schedule have the
meanings given to them in the Master Agreement.

 

The Merchant has requested that the Lender
make an Advance to the Merchant, and the Lender is willing to make such Advance, in each case subject to the following terms and
conditions:

 

	1. 	The Advance Amount is: 	 	$ 	150,000.00 	 
	 	 	 	 	 	 
	2. 	The fee is: 	 	$ 	18,000.00 	 
	 	 	 	 	 	 
	3. 	The Collection Amount is: 	 	$ 	168,000.00 	 
	 	 	 	 	 	 
	4. 	The Fixed Daily payment is: 	 	$	     800.00	 

 

	5. 	The Collection Date is May 31, 2017 
	 	 	 	 	 	 
	6. 	The Collection Account Bank and Collection Account are as follows: 	 	 	 	 

 

	Bank name: 	Signature Bank 
	 	26 Court St. 
	 	Brooklyn, NY 11242
	Routing/ABA Number:	0260XXXXX
	Account Name to credit:	One Up Innovations
	Account Number to credit:	15XXXXXXXX

 

	 	7. 	The Merchant agrees to repay the Collection Amount (plus all Reimbursable Expenses) by remitting (or causing to be remitted) to the Lender, on or before the Collection Date, the Collection Amount, by authorizing Lender to retain the Fixed Daily Payment from the Collection Account as provided in the Master Agreement.  If the Collection Amount is remitted to the Lender before the Collection Date, the Merchant shall not be entitled to any refund or other compensation.  If the Collection Amount is not remitted to the Lender by the Collection Date, Merchant may be subject to extension fees as set forth in the Master Agreement. 

 

	 	8. 	The Merchant grants to the Lender a security interest in the Collateral to secure the Merchant’s obligation to pay the Collection Amount and to secure all other existing and future obligations of the Merchant to the Lender. 

 

	 	9. 	The Merchant understands and agrees that all Advances by Lender to Merchant under the Master Agreement, this Advance Schedule, and under any other Related Agreements constitute one loan, and all indebtedness and obligations of Merchant to Lender under the Master Agreement, this Advance Schedule and the Related Agreements, present and future, constitute one general obligation secured by the Collateral. 

 

	 	10. 	The Merchant reaffirms all terms, conditions and agreements set forth in the Master Agreement and any Related Agreements and further represents and warrants to the Lender that all representations and warranties made by the Merchant in the Master Agreement and any Related Agreements entered into on or before the date hereof are true and correct on the date hereof as if made on the date hereof. 

 

This Schedule may be executed in counterparts.  Each
counterpart shall be deemed an original but all of which together shall constitute one and the same instrument.  An executed
facsimile of this Schedule shall be deemed to be a valid and binding agreement between the parties hereto.

 

Agreed to:

 

	 	 	ONE UP INNOVATIONS, INC. 
	POWER UP LENDING GROUP, LTD. 	 	for itself and as Disbursing Agent 
	 	 	 	 	 
	By:	 /s/Curt Kramer	 	By: 	/s/ Louis Friedman
	Name: 	Curt Kramer	 	Name:  	Louis Friedman 
	Title:	President	 	Title: 	President & CEO 

 

	STATE OF GEORGIA 	) 	 
	 	)ss.: 	 
	COUNTY OF 	) 	 

 

On this _____ day of August,
2016 before me personally appeared Louis S. Friedman , personally known to me or proved to me on the basis of satisfactory
evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she is the President
of ONE UP INNOVATIONS, INC. and FOAM LABS, INC., the corporations herein described and that he/she executed the same in his/her
capacity as an officer of said corporations, and that he/she signed the instrument by order of the board of directors of said respective
corporations.

 

	 	/ s/ 
	 	Notary Public

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