Document:

Unassociated Document

    EMPLOYMENT
AGREEMENT

    

    THIS
AGREEMENT is made and entered into this 24th day of November, 2009, by and
between HYPERDYNAMICS CORPORATION, a Delaware corporation (the "Company"), and
William A. Young ("Employee").

    

    WITNESSETH:

    

            WHEREAS,
Employee and the Company deem it to be in their respective best interests to
enter into an agreement providing for the Company's employment of Employee
pursuant to the terms herein stated;

    

    NOW, THEREFORE, in consideration of
the premises and the mutual promises and agreements contained herein, it is
hereby agreed as follows:

    

            1.     Effective
Date. This Agreement shall be effective on the 7th day of
December, 2009, which date shall be referred to herein as the "Effective
Date".

    

            2.     Position
and Duties.

    

                   (a)
Henceforth, the Company hereby employs Employee as its Executive Vice President
Commercial Affairs, pursuant to the terms of this Agreement commencing as of the
Effective Date for the "Term of Employment" (as herein defined below). Employee
shall devote his best efforts and his full business time and attention to the
performance of the services defined by the by-laws of the company, services
customarily incident to such office and position and to such other services of a
senior Employee nature as may be reasonably assigned by the Chief Executive
Officer or requested by the Board of Directors (the "Board") of the Company
which may include services for one or more subsidiaries or affiliates of the
Company. Employee shall in his capacity as an employee of the Company be
responsible to and obey the reasonable and lawful directives of the Chief
Executive Officer and the Board of Directors of Hyperdynamics
Corporation.

    

                   (b)
Employee shall devote his full time (as defined below) and attention to such
duties, except for sick leave, periodic personal trips and vacations as
determined not to conflict with the material operations of the Company, and
excused leaves of absences otherwise. Employee shall use his best efforts during
the Term of Employment to protect, encourage, and promote the interests of the
Company.

    

    Full time
with respect to this agreement is understood to credit the Employee for his
on-call status with regard to managing employees located around the world and
recognizing that the Employee’s hours of specific work for the company are not
limited to any specific range of time during a work day but can be accomplished
around the clock and on weekends and/or holidays if deemed necessary by the
Chief Executive Officer or the  Employee himself, and certain
responsibilities of Employee’s responsibilities, as approved by the Chief
Executive Officer, may be done at any physical location including Employee’s
home.  As approved by the Chief Executive Officer, the company may
establish full home computer system and access communications capabilities for
Employee as deemed necessary by mutual agreement of the Chief Executive Officer
and Employee.  The principal duties of the employee are described in
Attachment A.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

                   (c)
Notwithstanding paragraph 2(b), Employee shall be entitled to sit as a director
on other boards of directors so long as doing so presents no conflicts of
interest with Employee's performance of his duties or his positions at the
Company, as determined and approved by the board of directors.

    

            3.     Compensation.

    

                   (a)
Base Salary. The Company shall pay to Employee during the Term of Employment a
minimum salary at the rate of two hundred thousand US dollars (US$200,000.00)
per year.  Such salary shall be payable Bi-Weekly, Semi-monthly, or
monthly in accordance with the Company's normal payroll procedures (Employee's
annual salary, as set forth above or as increased by action of the Company’s
Board of Directors from time to time, shall be referred to hereinafter as "Base
Salary"). At no time during the Term of Employment shall Employee's Base Salary
be decreased from the amount of Base Salary then in effect.

    

                   (b)
Performance Bonus. In addition to the compensation otherwise payable to Employee
pursuant to this Agreement, Employee shall be eligible to receive performance
bonus(es), as a cash sum in U.S. dollars, as determined and agreed to from time
to time by the Chief Executive Officer and the Board of Directors. The
performance bonus target shall be 50% with a maximum amount of 100%. The
performance targets and weightings are listed in Attachment B.

    

                   (c)
Long-Term Incentive/Stock Options. Effective the Effective Date, Employee will
receive five-year term options to purchase up to 200,000 shares of the common
stock of the Company.  These options are subject to the Company’s
Employee Stock and Stock Option plan.  One-third of such options shall
vest equally on each of the first, second and third anniversaries of the
Effective Date.  Effective the Effective Date, the Employee will also
receive five-year term options to purchase up to 200,000 shares with a 3-year
vesting period beginning if and when the Company’s share price attains a closing
market price of $3/share or more for five consecutive trading days (with vesting
equally on each of the first, second and third anniversaries of such date). The
strike price of both sets of options will be the share price at the close of
business on the trading date immediately preceding the Effective
Date.  A separate stock option agreement will be prepared setting
forth the option grants.

    

    (d) Relocation allowance/bonus:
Following execution of this agreement, the company will provide US$50,000 in
cash which is intended to cover expenses related to his relocation to Houston,
Texas.  Fifty percent (50%) of such relocation allowance/bonus will be
paid as part of the first payroll of January 2010, and the remaining 50% in the
first payroll of February 2010.

    

            4.     Benefits
During the Term of Employment:

    

                   (a)
Employee shall be eligible to participate in any life, health and long-term
disability insurance programs, pension and retirement programs, any 401 (k)
plans which may be put in place by the Company, stock option and other incentive
compensation programs, paid Company holidays and other fringe benefit programs
made available to senior employees of the Company from time to time, and
Employee shall be entitled to receive such other fringe benefits as may be
granted to him from time to time by the Company's Board of
Directors.

    

    
      
        
        

      

      
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                   (b)
Employee shall be allowed four (4) weeks of vacation with pay on the same
basis as other senior employees of the Company. Due to home locations on the
East Coast, USA, he will also be allowed at his discretion six four-day weekends
during a calendar year, notifying the company at least one week in advance of
each such weekend. Employee shall devote his full time and attention to his
duties, except for sick leave, and excused leaves of absences
otherwise.

    

                   (c)
The Company shall reimburse Employee for reasonable business expenses incurred
in performing Employee's duties and promoting the business of the Company,
including, but not limited to, reasonable entertainment expenses, travel and
lodging expenses, following presentation of documentation in accordance with the
Company's business expense reimbursement policies.

    

            5.
Term; Termination of Employment. As used herein, the phrase "Term of Employment"
shall mean the period commencing on the Effective Date and ending on the same
date three (3) years later; provided, however, that as of the expiration date of
each of (i) the initial Term of Employment and (ii) if applicable, any Renewal
Period (as defined below), the Term of Employment shall automatically be
extended for a one (1) year period (each a "Renewal Period") unless either the
Company or Employee provides Two (2) months' notice to the contrary.
Notwithstanding the foregoing, the Term of Employment shall expire on the first
to occur of the following:

    

                   (a)
Termination by the Company. Notwithstanding anything to the contrary in this
Agreement, whether express or implied, the Company may, at any time, terminate
Employee's employment for any reason other than Cause, Death or Disability by
giving Employee at least 60 days' prior written notice of the effective date of
termination. Company may terminate Employee's employment for Cause, Death or
Disability without prior notice, except that Employee may not be terminated for
substantial and willful failure to perform specific and lawful directives of the
Board, unless and until the Board has given him reasonable written notice of its
intended actions and specifically describing the alleged events, activities or
omissions giving rise thereto and with respect to those events, activities or
omissions for which a cure is possible, a reasonable opportunity to cure such
breach; and provided further, however, that for purposes of determining whether
Cause is present, no act or failure to act by Employee shall be considered
"willful" if done or omitted from being done by Employee in good faith and in
the reasonable belief that such act or omission was in the best interest of the
Company and/or required by applicable law.

    

            (b)
Termination by Employee. In the event that Employee's employment with the
Company is voluntarily terminated by Employee, the Company shall have no further
obligation hereunder from and after the effective date of termination. Employee
shall give the Company at least 30 days' advance written notice of his intention
to terminate his employment hereunder.

    

    
      
        
        

      

      
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            (c)
Salary, Benefits, and Severance Pay. Upon Termination. In the event of
termination of employment, Employee shall receive all regular Base Salary due up
to the date of termination, and if it has not previously been paid to Employee,
Employee shall be paid any Bonus to which Employee had become entitled under
Bonus(es) approved for Employee, prior to the effective date of such
termination. The Company shall have no further obligation hereunder from and
after the effective date of termination except as to policies put in place for
severance pay in certain situations where there is a termination not for cause
and the board approves such severance pay.

    

    Employee's
stock options with respect to the Company's stock shall be subject to the terms
of the Hyperdynamics’ Employee Stock and Stock Option Plan or any successor plan
and is a separate stock option agreement. In the event of termination,
Employee's rights to other benefits aside from severance shall be governed by
the terms of the Company's retirement, insurance and other benefit plans and
programs then in effect in accordance with the terms of such plans.

    

            6.     Confidential
Information, Non-Solicitation and Non-Competition.

    

                   (a)
During the Term of Employment and at all times thereafter, Employee shall not,
except as may be required to perform his duties hereunder or as required by
applicable law, disclose to others or use, whether directly or indirectly, any
Confidential Information regarding the Company. "Confidential Information" shall
mean information about the Company, its subsidiaries and affiliates, and their
respective properties that is not available to the general
public.  Employee agrees to sign a confidentiality agreement
reasonably requested by the Company.

    

            7.
Return of Company Documents: In the event Employee leaves the employment of
Company for whatever reason, Employee agrees to deliver to Company any and all
property situated on Company's premises and owned by Company including disks and
other storage media, filing cabinets or other work areas, is subject to
inspection by Company personnel at any time, with or without notice, for the
purpose of protecting Company's rights and interests in its intellectual
property.

    

            8.
Taxes. All payments to be made to Employee under this Agreement will be subject
to any applicable withholding of federal, state and local income and employment
taxes. Any withholding regarding exercise of stock options will be determined by
including an opinion of a third party tax attorney paid by the company as
pertaining to any withholding which may or may not be required.

    

            9.
Miscellaneous. This Agreement shall also be subject to the following
miscellaneous considerations:

    

                   (a)
Employee and the Company each represent and warrant to the other that he or it
has the authorization, power and right to deliver, execute, and fully perform
his or its obligations under this Agreement in accordance with its
terms.

    

                   (b)
This Agreement contains a complete statement of all the arrangements between the
parties with respect to Employee's employment by the Company, this Agreement
supersedes all prior and existing negotiations and agreements between the
parties concerning Employee's employment, and this Agreement can only be changed
or modified pursuant to a written instrument duly executed by each of the
parties hereto.

    

    
      
        
        

      

      
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                   (c)
If any provision of this Agreement or any portion thereof is declared invalid,
illegal, or incapable of being enforced by any court of competent jurisdiction,
the remainder of such provisions and all of the remaining provisions of this
Agreement shall continue in full force and effect.

    

                   (d)
This Agreement shall be governed by and construed in accordance with the
internal, domestic laws of the State of Texas.

    

                   (e)
Any rights of Employee hereunder shall be in addition to any rights Employee may
otherwise have under benefit plans, agreements, or arrangements of the Company
to which he is a party or in which he is a participant, including, but not
limited to, any Company-sponsored employee benefit plans. Provisions of this
Agreement shall not in any way abrogate Employee's rights under such other
plans, agreements, or arrangements.

    

                   (f)
For the purpose of this Agreement, notices and all other communications provided
for in this Agreement shall be in writing and shall be deemed to have been duly
given when delivered or mailed by United States certified or registered mail,
return receipt requested, postage prepaid, addressed to the named Employee at
the address set forth below under his signature; provided that all notices to
the Company shall be directed to the attention of the Board of Directors with a
copy to the Secretary of the Company, or to such other address as either party
may have furnished to the other in writing in accordance herewith, except that
notice of change of address shall be effective only upon receipt.

    

                   (g)
Section headings in this Agreement are included herein for convenience of
reference only and shall not constitute a part of this Agreement for any other
purpose.

    

                   (h)
Failure to insist upon strict compliance with any of the terms, covenants, or
conditions hereof shall not be deemed a waiver of such term, covenant, or
condition, nor shall any waiver or relinquishment of, or failure to insist upon
strict compliance with, any right or power hereunder at any one or more times be
deemed a waiver or relinquishment of such right or power at any other time or
times.

    

                   (i)
This Agreement may be executed in several counterparts, each of which shall be
deemed to be an original but all of which together will constitute one and the
same instrument.

    

    (j) For the avoidance of doubt, the
Employee represents, covenants and warranties that his employment by the
Employer will not breach any confidentiality agreements, non-competition
agreements or non-solicitation agreements that the Executive may entered into
with others.

    

            10.
Survival of Provisions: The executory provisions of this Agreement will survive
the termination of this Agreement.

    

    
      
        
        

      

      
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            IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as

    of the
day and year first above written.

     

    
      
        	EMPLOYEE	 	 	COMPANY	 
	 	 	 	 	 
	 	 	 	HYPERDYNAMICS
      CORPORATION	 
	 	 	 	 	 
	
                BY:
      /s/ William A. Young

              	 	 	
                BY:
      /s/ Ray Leonard

              	 
	
                WILLIAM
      A. YOUNG

              	 	 	
                RAY LEONARD

              	 
	
                TITLE:

              	 	 	
                TITLE:

              	 
	EXECUTIVE
      VICE PRESIDENT	 	 	CHIEF
      EXECUTIVE OFFICER	 
	COMMERCIAL
      AFFAIRS	 	 	 	 
	 	 	 	 	 
	ADDRESS:	 	 	ADDRESS:	 
	 	 	 	One
      Sugar Creek Center Boulevard	 
	 	 	 	Suite
      125	 
	 	 	 	Sugar
      Land, Texas 77478Unassociated Document

    Exhibit
10.3

     

    
      THIS
MANAGEMENT AGREEMENT, (the “Agreement”) dated as
of October 1, 2009 (the “Effective Date”), is
hereby executed by Cyalume Technologies Holdings, Inc., a Delaware corporation
having its principal place of business at 96 Windsor Street, West Springfield,
MA 01089 (the “Company”) and Selway
Capital, LLC, a Delaware limited liability corporation having its principal
place of business at 74 Grand Avenue, 2nd Floor,
Englewood, NJ 07631 (the “Manager”).

       

      W I T N E
S S E T H:

       

      WHEREAS,
the Company desires that the Manager provide certain services as described
herein in order for the Company to conduct its business, as more fully described
in the Company’s filings made with the United States Securities and Exchange
Commission (the “Business”);
and

       

      WHEREAS,
the Manager desires to provide certain other services as described herein to the
Company, subject to the terms and conditions of this Agreement.

       

      NOW,
THEREFORE, in consideration of the mutual covenants herein, the Company and the
Manager agree as follows:

       

      Section
1. Administrative
Services.  In consideration for value received, receipt of
which is hereby acknowledged by the Manager, the Manager hereby agrees to
provide services to the Company including but not limited to those listed below.
It is understood that Yaron Eitan shall be personally available to perform such
services to the Company.  Also, other staff of Selway Management shall
also be available at Mr. Eitan’s request to assist him in performing these
tasks.

       

      1.
Strategic development and implementation as well as consultation to the chief
executive officer of the Company on a regular basis as per his reasonable
requests;

       

      2.
Identifying strategic partners with companies with which the Manager has
relationships and access. In this connection, the Manager will focus on building
partnerships with companies in Israel, Singapore, India and throughout Europe.
The focus will be on the rapid expansion of the Company’s munitions
business;

       

      3. Advise
and support the Company with respect to its investor relations
strategy;

       

      4. Advise
and support the Company on future fund raising, including identifying sources of
capital in the United States; and

       

      5.
Support the Company mergers and acquisitions strategy and play an active role in
due diligence and analysis.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Section
2. Term.  The
term of this Agreement shall commence on the Effective Date and terminate on the
third (3rd) anniversary of the Effective Date.  Either party may
terminate this Agreement at any time upon written notice to the other party
received thirty (30) days prior to the effective time of such termination. This
agreement is terminable for Cyalume’s default in payment or for Selway’s failure
to perform services, each after written notice and a reasonable time to
cure.

       

      Section
3. Manager’s
Compensation and Expenses.

       

      (a) As
compensation for its services in acting as Manager hereunder, the Company shall
pay to the Manager a management fee in the amount of $41,666.67 (the “Management Fee”),
payable monthly in arrears the 15th day of
each month.  If the Company is not able to pay the Management Fee for
a month or months, the Manager may elect to not terminate the agreement and to
continue providing the services as long as the Company accrues the unpaid
Management Fee as a liability to the Manager.  Notwithstanding the
foregoing, (i) the Company shall only pay $11,000 per month between August 1,
2009 and January 31, 2010, with the balance of $31,666.67, accruing as an unpaid
Management Fee to the Manager; (ii) Company shall not pay unpaid Management Fee
until TD Bank provides consent to execute payment.

       

      (b) The
Company’s Board of Directors, at a meeting held after December 31, 2009, will
consider awarding the Manager a bonus of up to $210,000 for services performed
by the Manager in 2009, to be paid in either cash or stock at the discretion of
the Board of Directors.

       

      (c) The
Manager shall bear the following ordinary day-to-day expenses incidental to the
services provided by it hereunder as follows: (i) all costs and expenses of its
office space, facilities, utility service and necessary administrative and
clerical functions connected with the Manager’s operations; and (ii)
compensation of all its employees (collectively, “Manager Expenses”);
provided, however, that any
costs and expenses incurred specifically on behalf of the Company and no other
clients or other business of the Manager shall be paid for by the Company or its
subsidiary.  These expenses, except as defined in Section 3(d) below,
shall be approved in advance by the Company in writing.

       

      (d) Company
Expenses.  Except as provided in Section 3(c) above, the
Company, or its subsidiary, shall bear and be charged with all other reasonable
costs and expenses of the Manager whether incurred before or after the date
hereof, in connection with the services rendered by the Manager to or on behalf
of the Company, or any subsidiary, including, without limitation, any travel,
legal and accounting expenses and other professional fees to third parties and
out of pocket costs related thereto.

       

      Section
4. The Manager’s
Liability.  The Manager and its affiliated persons who provide
services to the Company assume under this Agreement no liability for anything
other than to render or stand ready to render the services specifically called
for herein and neither the Manager nor any of its directors, managers, officers,
employees, subsidiaries or affiliates shall by reason of this Agreement be
responsible for any action of the Company under this Agreement.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Section
5. Indemnity.  (a)
The Company shall indemnify the Manager and its managers, directors, officers,
employees and agents (each such person, an “Indemnified Party”)
against all losses, claims, actions, suits, damages, penalties, judgments,
liabilities and expenses (including, without limitation, reasonable attorneys’
fees but excluding lost profits, consequential damages and other indirect or
special damages and any costs and expenses attributable solely to administrative
overheads) (collectively, “Losses”) which any of
them may pay or incur arising out of or relating this Agreement or the services
called for herein; provided, however, that such
indemnity shall not apply to any such loss, claim, damage, penalty, judgment,
liability or expense attributable to the Manager or any other Indemnified Party
as a result of the Indemnified Party’s gross negligence, willful misconduct or
material breach of its obligations under this Agreement.  If any
action, suit or proceeding arising from any of the foregoing is brought against
any Indemnified Party, the Company will resist and defend such action, suit or
proceeding or cause the same to be resisted and defended by its counsel (which
counsel shall be reasonably satisfactory to the affected Indemnified Party) and
shall pay all costs of defense as incurred; provided, however, that if it
is finally determined by a court of competent jurisdiction that such Indemnified
Party is not entitled to indemnification hereunder, the Indemnified Party shall
immediately reimburse the Company all amounts spent by the Company in defense of
such Indemnified Party.  Each Indemnified Party shall immediately
notify the Company of any damage, loss, liability, cost or expense which the
Indemnified Party has determined has given or would give rise to a right of
indemnification under this Agreement and the Company shall have the exclusive
right to compromise or defend any such liability or claim at its own expense,
which decision shall be binding and conclusive upon the Indemnified
Party.  Failure to give such notice shall not relieve the Company of
its indemnity under this Agreement; provided, that the
Company shall not be held responsible for any damage, loss, liability, cost or
expense resulting from the failure to give such notice or if such failure
results in the forfeiture of substantive rights.  The Company’s
obligations under this Section 5(a) shall survive any termination of this
Agreement.

       

      (b) The
Manager shall indemnify the Company and its directors, officers, employees and
agents (each such person, a “Company Indemnified
Party”) against all Losses which any of them may pay or incur arising out
of or relating to or as a result of the Manager’s gross negligence, willful
misconduct or material breach of its obligations under this Agreement; provided, however, that such
indemnity shall not apply to any such loss, claim, damage, penalty, judgment,
liability or expense attributable to the Company or any other Company
Indemnified Party as a result of the
Company’s gross negligence, willful misconduct or material breach of its
obligations under this Agreement.  If any action, suit or proceeding
arising from any of the foregoing is brought against any Company Indemnified
Party, the Manager will resist and defend such action, suit or proceeding or
cause the same to be resisted and defended by its counsel (which counsel shall
be reasonably satisfactory to the affected Company Indemnified Party) and shall
pay all costs of defense as incurred; provided, however, that if it
is finally determined by a court of competent jurisdiction that such Company
Indemnified Party is not entitled to indemnification hereunder, the Company
Indemnified Party shall immediately reimburse the Manager all amounts spent by
the Manager in defense of such Company Indemnified Party.  Each
Company Indemnified Party shall immediately notify the Manager of any damage,
loss, liability, cost or expense which the Company Indemnified Party has
determined has given or would give rise to a right of indemnification under this
Agreement and the Manager shall have the exclusive right to compromise or defend
any such liability or claim at its own expense, which decision shall be binding
and conclusive upon the Company Indemnified Party.  Failure to give
such notice shall not relieve the Manager of its indemnity under this Agreement;
provided, that
the Manager shall not be held responsible for any damage, loss, liability, cost
or expense resulting from the failure to give such notice or if such failure
results in the forfeiture of substantive rights.  The Manager’s
obligations under this Section 5(b) shall survive any termination of this
Agreement.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Section
6. Notices.  Any
notice or other communication (collectively, “Notice”) to be given
to the Company or the Manager in connection with this Agreement shall be in
writing and will be deemed to have been given and received (a) on the date
delivered if by courier or other means of personal delivery, (b) on the date
sent by telecopy with automatic confirmation by the transmitting machine showing
the proper number of pages were transmitted without error, (c) on the next
business day after being sent by a nationally recognized overnight mail service
in time for and specifying next day or next business day delivery, or (d) on the
fifth (5th) day
after mailing by U.S. Postal Service certified or registered mail, in each case
postage prepaid and with any other costs necessary for delivery paid by the
sender.  Any party may by notice pursuant to this Section 6 designate
another address as the new address to which notice must be given.

       

      Section
7. No
Restrictions.  Nothing in this Agreement shall limit or
restrict the right of any director, officer or employee of the Manager or any
director, officer, employee, member or partner of any of its subsidiaries or its
Affiliates to engage in any other business or to devote his time and attention
to the management or other aspects of any other business, whether of a similar
or dissimilar nature, or limit or restrict the right of the Manager or of any of
its Affiliates to engage in any other business or to render services of any kind
to any other corporation, firm, individual or association.

       

      Section
8. Status of Manager
as Independent Contractor.  The Manager shall for all purposes
herein be deemed to be an independent contractor and shall, unless otherwise
expressly provided herein or authorized by the Company from time to time, have
no authority to act for or represent the Company in any way or otherwise be
deemed an agent of the Company.

       

      Section
9. Arbitration.

       

      (a) General.  Except
as otherwise expressly provided herein, in the event of any dispute, claim or
controversy (collectively “dispute”) among the
parties arising out of or relating to this Agreement, whether in contract, tort,
equity or otherwise, and whether relating to the meaning, interpretation,
effect, validity, performance or enforcement of this Agreement that cannot be
resolved by the parties, such dispute shall be resolved by and through an
arbitration proceeding conducted under the auspices of the commercial
arbitration rules of the American Arbitration Association (or any like
organization successor thereto) in New York, New York.  The
arbitrability of a dispute shall likewise be determined by
arbitration.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (b) Procedure.  The
arbitration proceeding shall be conducted in as expedited a manner as is then
permitted by the commercial arbitration rules (formal or informal) of the
American Arbitration Association.  Both the foregoing agreement of the
parties to arbitrate any and all such disputes, and the results, determinations,
findings, judgments and/or awards rendered through any such arbitration shall be
final and binding on the parties and may be specifically enforced by legal
proceedings in any court of competent jurisdiction.

       

      (c) Costs of
Arbitration.  The cost of the arbitration proceeding and any
proceeding in court to confirm or to vacate any arbitration award, as applicable
(including each party’s attorneys’ fees and costs), shall be borne by the
unsuccessful party or, at the discretion of the arbitrator(s), may be prorated
between the parties in such proportion as the arbitrator(s) determine(s) to be
equitable and shall be awarded as part of the arbitrators’ award.

       

      Section
10. GOVERNING
LAW.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK  (WITHOUT
REGARD TO CHOICE OF LAW PRINCIPLES).

       

      Section
11. Submission to
Jurisdiction.  With respect to any claim or action arising
hereunder, the parties (a) irrevocably submit to the nonexclusive jurisdiction
of the courts of the State of New York and the United States District Court
located in the State of New York and appellate courts from any thereof, and (b)
irrevocably waive any objection which such party may have at any time to the
laying of venue of any suit, action or proceeding arising out of or relating to
this Agreement brought in any such court, and irrevocably waive any claim that
any such suit, action or proceeding brought in any such court has been brought
in an inconvenient forum.  The terms of this Section 11 shall survive
any termination of this Agreement.

       

      Section
12. Waiver of Jury
Trial.  THE PARTIES TO THIS AGREEMENT KNOWINGLY, VOLUNTARILY
AND EXPRESSLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ENFORCING OR DEFENDING ANY RIGHTS ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.  THE PARTIES
THERETO ACKNOWLEDGE THAT THE PROVISIONS OF THIS SECTION 12 HAVE BEEN
BARGAINED FOR AND THAT EACH SUCH PARTY HAS BEEN REPRESENTED BY COUNSEL IN
CONNECTION HEREWITH.  THE TERMS OF THIS SECTION 12 SHALL SURVIVE
ANY TERMINATION OF THIS AGREEMENT.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Section
13. Entire
Agreement.  This Agreement constitutes the entire agreement
among the parties hereto with respect to the matters covered hereby and
supersedes all prior agreements and understandings among the
parties.

       

      Section
14. Counterparts.  This
Agreement may be executed by the parties hereto in separate counterparts, each
of which counterparts, when executed and delivered, shall be deemed to be an
original and all of which counterparts, taken together, shall constitute one and
the same agreement.

       

      Section
15. Amendments.  This
Agreement may be supplemented, modified or amended by written instrument signed
on behalf of each party hereto.

       

      Section
16. Severability of
Provisions.  Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability, without
invalidating the remaining provisions hereof or affecting the validity or
enforceability of such provision in any other jurisdiction.

       

      Section
17. Successors,
Assignment.  This Agreement (a) shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and
permitted assigns, and (b) may not be assigned by any party hereto without the
prior written consent of the other parties hereto.

       

      Section
18. Headings.  The
headings contained in this Agreement are for convenience of reference only and
shall not affect the construction or interpretation of any provision of this
Agreement.

       

      Section
19. Scope of
Performance.  In acting with respect to this Agreement, the
Manager shall be required to perform only such duties as are specifically set
forth in (a) this Agreement and (b) applicable law as in effect from time to
time.  The Manager undertakes to perform only such duties as are
specifically set forth in this Agreement.

       

      Section
20. Additional
Parties.  Schedule A shall be
updated from time to time, as mutually agreed by the parties hereto to add an
additional Company in connection with the Business.  Each such party
added to Schedule A
shall be bound by the terms and conditions hereof and shall execute a
Joinder Agreement in the form reasonably satisfactory to the Manager and the
Company.

      
 

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the day and year first above written.

       

      
        	CYALUME
      TECHNOLOGIES HOLDINGS, INC.
	 
	 	 
	
                By:

              	
                /s/
      Derek Dunaway

              
	
                Name:

              	
                Derek
      Dunaway

              
	
                Title:

              	
                Chief
      Executive Officer

              

      

       

      
        	SELWAY
      CAPITAL, LLC
	 
	 	 
	
                By:

              	
                /s/
      Yaron Eitan

              
	
                Name:

              	
                Yaron
      Eitan

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