Document:

Amendment No. 1 to Employment Agreement, William Lacey

 Exhibit 10.25 
 AMENDMENT NO. 1 
 TO 
 EMPLOYMENT AGREEMENT 
 This AMENDMENT NO. 1 (the “Amendment”) to the Employment Agreement, dated August 15, 2003 (the “Employment
Agreement”), by and between Walco International, Inc. (the “Company”) and William F. Lacey (the “Executive”), is made as of June 30, 2005, by and among the Company and the Executive. Steer Parent Corporation, a Delaware
corporation (“Parent Corp.”), is a party to this Amendment solely for the purposes of Sections 7 and 8 of this Amendment. 
 WHEREAS, on May 26, 2005,
Parent Corp., Steer Intermediate Corporation, a Delaware corporation (“Intermediate Corp.”), Steer Acquisition Corporation, a Delaware corporation (“Acquisition Corp.”), Walco Holdings, Inc., a Delaware corporation
(“Walco”), the parent of the Company, and certain other parties signatory thereto entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Acquisition Corp. is to merge with and into Walco (the
“Merger”) with Walco surviving such Merger and becoming a wholly-owned subsidiary of Intermediate Corp.; and 
 WHEREAS, subject to the closing of the Merger,
the Company and the Executive desire to amend certain terms of the Employment Agreement as set forth herein. 
 NOW THEREFORE, for good and valuable consideration the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows. 
 1. All capitalized terms used but not defined herein shall have the
meanings ascribed thereto in the Employment Agreement. 
 2. Effective as of July 1, 2005, Section 4.1 of the Employment Agreement is hereby deleted and
replaced in its entirety by the following: 
 4.1 Base Salary. During the term hereof, the Company shall pay the Executive a base
salary at the rate of Two Hundred Twenty-Five Thousand Dollars ($225,000) per annum, payable in accordance with the payroll practices of the Company for its executives and subject to increase from time to time by the Board, in its sole discretion.
Such base salary, as from time to time increased, is hereafter referred to as the “Base Salary”. 
 3. Section 4.2 of the Employment Agreement is hereby
deleted and replaced in its entirety by the following: 
 4.2 Bonus Compensation. The Executive shall be eligible each fiscal
year during the term hereof to earn bonus compensation of up to a maximum of One Hundred Seventy-Five Thousand Dollars ($175,000), based on his achievement of performance objectives established annually 

 
by the Board of Directors of the Company (the “Board”) or a committee thereof. The bonus compensation described in this Section 4.2 is hereafter
referred to as the “Bonus.” 
 4. Section 4.3 of the Employment Agreement is hereby deleted and replaced in its entirety by the following: 
 4.3 Restricted Stock. The Executive will be entitled to purchase shares (the “Common Shares”) of the common stock, par value $0.01
per share (“Common Stock”), of Parent Corp. at fair market value representing 2.40% of the aggregate number of shares of capital stock of Parent Corp. outstanding on the Closing Date. Shares of Common Stock issued to the Executive pursuant
to this Section 4.3 will (i) vest (A) with respect to half of such shares, pro rata on an annual basis during the five (5) year period immediately following the date of issue or (B) with respect to the other half of such
shares, based on the achievement of certain performance objectives, in each case as set forth in the applicable restricted stock agreement between Parent Corp. and the Executive, (ii) be subject to Parent Corp.’s 2005 Stock Option and
Grant Plan and the terms of restricted stock issued thereunder and (iii) be subject to the terms of that certain Stockholders Agreement, dated as of June 29, 2005, by and among Parent Corp. and the stockholders of Parent Corp. signatories
thereto (the “Stockholders Agreement”). 
 5. The second sentence of Section 5.5 of the Employment Agreement is hereby deleted and replaced in its
entirety by the following: 
 The following shall constitute Good Reason for termination by the Executive: (i) willful failure of the Company to
provide the Executive the Base Salary and benefits in accordance with the terms of Section 4 hereof; (ii) a material diminution in the nature or scope of the Executive’s powers, duties or responsibilities without the Executive’s
prior consent; provided, however, that any diminution of the business of the Company or any of its Affiliates, including without limitation the sale or transfer of any or all of the assets of the Company or any of its Affiliates, shall not
constitute “Good Reason”; or (iii) a material breach by the Company of any provision of this Agreement that is not cured by the Company within thirty (30) days of the Company’s receipt of written notice of such breach.

 6. Section 5.7 of the Employment Agreement is hereby deleted in its entirety. 
 7. Notwithstanding anything to the contrary contained in Section 4.10 of the Stockholders Agreement or Section 3 of the Restricted Stock Agreements to be entered into by and between Parent Corp. and the Executive on the date of
the closing of the Merger (the “RS Agreements”), upon the Executive no longer being employed by Walco or the Company for any reason: (a) if the Executive’s employment is terminated by Walco or the Company without 

 
Cause, the Executive terminates his employment for Good Reason or the Executive’s employment terminates due to the death or disability of the Executive and Parent
Corp. elects to repurchase any shares (the “Preferred Shares”) of Parent Corp.’s Series A Preferred Stock, par value $0.01 per share, owned by the Executive or any Common Shares owned by the Executive, then Parent Corp. must
repurchase all Preferred Shares and Common Shares owned by the Executive; (b) if the Executive’s employment is terminated by Walco or the Company for Cause or the Executive terminates his employment without Good Reason, the per share
purchase price for any repurchases of any Preferred Shares and/or Common Shares owned by the Executive by Parent Corp. will be equal to the price paid by the Executive to Parent Corp. to purchase such Preferred Shares and Common Shares from Parent
Corp., respectively; (c) if the Executive’s employment is terminated for any reason identified in (a) above, the per share purchase price for any repurchases of any Preferred Shares or Common Shares owned by the Executive by Parent
Corp. will be equal to the greater of (x) the price paid by the Executive to Parent Corp. to purchase such Preferred Shares and Common Shares from Parent Corp., respectively, and (y) the fair market value of such Preferred Shares and
Common Shares as determined pursuant to the Stockholders Agreement and RS Agreements, respectively, (d) in the event that (i) the Executive’s employment is terminated by Walco or the Company without Cause or the Executive terminates
his employment with Good Reason, (ii) Parent Corp. has thereafter repurchased all of the Preferred Shares and Common Shares owned by the Executive pursuant to Section 4.10 of the Stockholders Agreement and Section 3 of the RS
Agreements (a “Repurchase”), and (iii) within twelve (12) months of such date of termination of employment a Sale Event (as defined in the Stockholders Agreement) is consummated, then the Executive will have the right to receive
from Parent Corp. the difference, if any, between the aggregate consideration the Executive would have received in such Sale Event for the Preferred Shares and Common Shares that were Vested Shares (as defined in the RS Agreements, respectively) as
of the date of such termination so repurchased by Parent Corp. minus the aggregate consideration the Executive actually received from Parent Corp. in the Repurchase for such Preferred Shares and Common Shares that were Vested Shares as of the
date of such termination; and (e) if Parent Corp. elects to repurchase any Preferred Shares or any Common Shares owned by the Executive, such repurchase must be within the time period specified in Section 4.10 of the Stockholders
Agreement; provided, however, with respect to clauses (b) and (c) above, if any of the Common Shares are Restricted Shares (as defined in the RS Agreements), the per share purchase price for such Common Shares shall be the
price paid by the Executive to Parent Corp. to purchase such Common Shares from Parent Corp. 
 8. If, during the twelve (12) months immediately following the date
hereof, the Executive’s employment is terminated by Walco or the Company without Cause or the Executive terminates his employment for Good Reason, the Executive may elect to have repurchased all of the Preferred Shares held by the Executive on
the date of such termination. Any such election must be made by written notice (the “Put Notice”) to Parent Corp. within fifteen (15) days of the date the Executive’s employment is so terminated. The per share purchase price for
any repurchases of any Preferred Shares owned by the Executive by Parent Corp. pursuant to this Section 8 will be equal to the price paid by the Executive to Parent Corp. to purchase such Preferred Shares from Parent Corp. (the “Put
Price”). Subject to the receipt by Parent Corp. of all certificates representing the Preferred Shares to be repurchased pursuant to this Section 8, duly endorsed for transfer and free and clear of any liens and encumbrances, 

 
Parent Corp. shall, within fifteen (15) days of its receipt of the Put Notice, pay to the Executive in cash the aggregate Put Price; provided,
however, that in no event shall Parent Corp. or any of its affiliates be required to make any payment pursuant to this Section 8 until such time as such payment is permitted under all agreements related to indebtedness for borrowed money
to which Parent Corp. or any of its Subsidiaries is a party. 
 9. Legal Expenses. The Company agrees to reimburse the Executive, Greg Eveland and Jim Robison
for the reasonable expenses of one attorney to negotiate the terms of this Amendment, the amendments to the employment agreements of Mr. Eveland and Mr. Robison, the Stockholders Agreement and the RS Agreements of the Executive,
Mr. Eveland and Mr. Robison, not to exceed $5,000 in the aggregate. 
 10. Effectiveness. This Amendment shall become effective as of the date of the
closing of the Merger (the “Closing Date”). This Amendment shall terminate, and cease to have any force or effect, in the event that the Merger Agreement is terminated pursuant to Section 10 of the Merger Agreement on or before the
Closing Date. Except as set forth in this Amendment, all terms and provisions of the Employment Agreement, including Sections 7, 8 and 9 thereof, shall survive the Merger and shall remain in full force and effect in accordance with the terms
thereof. 
 11. Governing Law. This Amendment shall be construed and enforced in accordance with the laws of the State of Texas. 
 12. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same
instrument. 
 [SIGNATURE PAGES FOLLOW.] 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first written above. 
  

			
	 WALCO INTERNATIONAL, INC.

		
	By:	 	 /s/ James Robison

	 Name:
	 	 James Robison

	 Title:
	 	 Chief Executive Officer

	
	 /s/ William F. Lacey

	 William F. Lacey

	
	 STEER PARENT CORPORATION,
 solely for the purposes of Sections 7 and 8 hereof

		
	By:	 	 /s/ Mark Rosen

	 Name:
	 	
	 Title:Employment Agreement, Damian Olthoff

 Exhibit 10.26 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT made and entered into by and between Walco
International, Inc. (the “Company”) and Damian Olthoff, Esq. (the “Executive”), effective as of the 1st day of April, 2006. 
 WHEREAS, the Executive is possessed of certain experience and expertise that qualify him to provide services as General Counsel and Corporate Secretary required by the Company and its Affiliates; and 
 WHEREAS, subject to the terms and conditions hereinafter set forth, the Company therefore wishes to continue to employ the Executive as its General
Counsel and Corporate Secretary and the Executive wishes to continue such employment subject to the terms hereof; 
 NOW, THEREFORE, in
consideration of the foregoing premises and the mutual promises, terms, provisions and conditions set forth in this Agreement, the parties hereby agree: 
 1. Employment. Subject to the terms and conditions set forth in this Agreement, the Company hereby offers and the Executive hereby accepts employment. 
 2. Term. The term of this Agreement shall commence on April 1, 2006 (“Effective Date”) and shall continue from month
to month thereafter, subject to termination pursuant to Section 5 hereof. 
 3. Capacity and Performance.

 3.1 During the term hereof, the Executive shall serve the Company as its General Counsel and Corporate Secretary. In
addition, and without further compensation, the Executive shall serve as a director and/or officer of one or more of the Company’s Affiliates if so elected or appointed from time to time. 
 3.2 During the term hereof, the Executive shall be employed by the Company on a full-time basis and shall perform such duties as are
intrinsic to his position and such other duties and responsibilities on behalf of the Company and its Affiliates as may reasonably be designated from time to time by the Chief Executive Officer of the Company (the “CEO”) or by his
designee. 
 3.3 During the term hereof, the Executive shall devote his full business time and his best efforts, business
judgment, skill and knowledge exclusively to the advancement of the business and interests of the Company and its Affiliates and to the discharge of his duties and responsibilities hereunder. 

 4. Compensation and Benefits. As compensation for all services performed by the
Executive under and during the term hereof and subject to performance of the Executive’s duties and of the obligations of the Executive to the Company and its Affiliates, pursuant to this Agreement or otherwise: 
 4.1 Base Salary. During the term hereof, the Company shall pay the Executive a base salary at the rate of One Hundred Ten Thousand
and 00/100 Dollars ($110,000.00) per annum, payable in accordance with the payroll practices of the Company for its executives and subject to increase from time to time by the Company, in its sole discretion. Such base salary, as from time to time
increased, is hereafter referred to as the “Base Salary”. 
 4.2 Bonus Compensation. The Executive shall be
eligible each fiscal year during the term hereof, effective starting in the Company’s 2007 fiscal year, to earn bonus compensation of up to a maximum of Thirty Five Thousand and 00/100 Dollars ($35,000.00), based on his achievement of
performance objectives established annually by the CEO, and subject to increase from time to time by the Company, in its sole discretion. The bonus compensation described in this Section 4.2 is hereafter referred to as the “Bonus.”

 4.3 [INTENTIONALLY DELETED] 
 4.4 Vacations. During the term hereof, the Executive shall be entitled to three (3) weeks of vacation per annum, to be taken at such times and intervals as shall be determined by the Executive, subject to
the reasonable business needs of the Company. 
 4.5 Automobile Allowance. During the term hereof, the Company shall
pay the Executive an automobile allowance in the amount of Five Hundred and 00/100 Dollars ($500.00) per month or provide the Executive a Company-owned or leased vehicle in accordance with Company policy. 
 4.6 [INTENTIONALLY DELETED] 
 4.7 Other Benefits. During the term hereof and subject to any contribution therefor generally required of employees of the Company, the Executive shall be entitled to participate in any and all employee benefit
plans from time to time in effect for employees of the Company generally, excluding only any severance pay plan. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable Company
policies and (iii) the discretion of the Board or any administrative or other committee provided for in or contemplated by such plan. 
 4.8 Business Expenses. The Company shall pay or reimburse the Executive for all reasonable and customary business expenses incurred or paid by the Executive in the performance of his duties and responsibilities
hereunder, subject to any maximum annual limit and other restrictions on such expenses set by the Board and to such reasonable substantiation and documentation as may be specified by the Company from time to time. 

 5. Termination of Employment and Severance Benefits. Notwithstanding the
provisions of Section 2 hereof, the Executive’s employment hereunder shall terminate prior to the expiration of the term under the following circumstances: 
 5.1 Death. In the event of the Executive’s death during the term hereof, the Executive’s employment hereunder shall
immediately and automatically terminate. 
 5.2 Disability. 
 5.2.1. The Company may terminate the Executive’s employment hereunder, upon notice to the Executive, in the event that the Executive
becomes disabled during his employment hereunder through any illness, injury, accident or condition of either a physical or psychological nature and, as a result, is unable to perform substantially all of his duties and responsibilities hereunder
for one hundred and fifty (150) days during any period of three hundred and sixty-five (365) consecutive calendar days. 
 5.2.2. The Board may designate another employee to act in the Executive’s place during any period of the Executive’s disability. Notwithstanding any such designation, the Executive shall continue to receive the Base Salary in
accordance with Section 4.1, the automobile allowance in accordance with Section 4.5 and benefits in accordance with Section 4.7 to the extent permitted by the then-current terms of the applicable benefit plans, until the Executive
becomes eligible for disability income benefits under the Company’s disability income plan or until the termination of his employment, whichever shall first occur. 
 5.2.3. While receiving disability income payments under the Company’s disability income plan, the Executive shall not be entitled to
receive any Base Salary under Section 4.1 hereof, but shall continue to receive the automobile allowance in accordance with Section 4.5 and benefits in accordance with Section 4.7 to the extent permitted by the then-current terms of
the applicable benefit plans, until the termination of his employment. 
 5.2.4. If any question shall arise as to whether
during any period the Executive is disabled through any illness, injury, accident or condition of either a physical or psychological nature so as to be unable to perform substantially all of his duties and responsibilities hereunder, the Executive
may, and at the request of the Company shall, submit to a medical examination by a physician selected by the Company (or selected by the Executive if the Company shall not have selected a physician within thirty (30) days after a request by the
Executive) to whom the Executive or his duly appointed guardian, if any, has no reasonable objection to determine whether the Executive is so disabled and such determination shall for the purposes of this Agreement be conclusive of the issue. If
such question shall arise and the Executive shall fail to submit to such medical examination, the Company’s determination of the issue shall be binding on the Executive. 

 5.3 By the Company for Cause. The Company may terminate the Executive’s
employment hereunder for Cause at any time upon notice to the Executive setting forth in reasonable detail the nature of such Cause. The following, as determined by the CEO in his reasonable judgment, shall constitute Cause for termination:
(i) the Executive’s wrongful refusal or failure to perform (other than by reason of disability), or material negligence in the performance of, his duties and responsibilities to the Company or any of its Affiliates or his wrongful refusal
or failure to follow or carry out any reasonable direction of the Board or the CEO; (ii) material breach by the Executive of any provision of this Agreement or any other agreement between the Executive and the Company or any of its Affiliates;
(iii) the commission of fraud, embezzlement, theft or other dishonesty by the Executive with respect to the Company or any of its Affiliates; (iv) the Executive’s conviction or plea of nolo contendere to any felony or any other crime
involving dishonesty or moral turpitude; or (v) any conduct that involves a breach of fiduciary obligation on the part of the Executive or otherwise could reasonably be expected to have a material adverse effect upon the business, interests or
reputation of the Company or any of its Affiliates. Upon the termination of the Executive’s employment hereunder for Cause, except as provided by law, the Company shall have no further obligation or liability to the Executive, other than for
Base Salary earned and unpaid at the date of termination. 
 5.4 By the Company Other than for Cause. The Company may
terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. In the event of such termination, the Company shall continue to pay the Executive the Base Salary, at the highest rate in effect at
any time during the two (2) year period prior to and including the date of termination, and the automobile allowance at the rate provided in Section 4.5, in each case for a period of six (6) months from the date of termination (the
“Severance Pay Period”) and, subject to any employee contribution applicable to active employees generally, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and
dental plans during the Severance Pay Period, provided that the Executive is entitled to continue such participation under applicable law and plan terms. The obligations of the Company to Executive hereunder, however, are conditioned upon the
Executive’s signing a release of claims (other than claims relating to the Company’s continuing obligations to the Executive under this Agreement in a form satisfactory to the Company within twenty-one (21) days of the date he
receives notice of termination of his employment or the date he receives said release of claims, whichever is later, and upon his not revoking the release of claims thereafter. All payments under this Section 5.4 will be in the form of salary
continuation, payable in accordance with the normal payroll practices of the Company, and will begin at the Company’s next regular payroll period following the effective date of the release of claims, but shall be retroactive to the date of
termination. 
 5.5 Resignation by the Executive for Good Reason. The Executive may resign his employment hereunder for
Good Reason, upon notice to the Company setting forth in reasonable detail the nature of such Good Reason. The following shall constitute Good Reason for termination by the Executive: (i) willful failure of the Company to provide the Executive
the Base Salary and benefits in accordance with the terms of Section 4 hereof; (ii) a material diminution in 

 
the nature or scope of the Executive’s powers, duties or responsibilities without the Executive’s prior consent; provided, however, that any
diminution of the business of the Company or any of its Affiliates, including without limitation the sale or transfer of any or all of the assets of the Company or any of its Affiliates, shall not constitute “Good Reason”; (iii) a
material breach by the Company of any provision of this Agreement that is not cured by the Company within thirty (30) days of the Company’s receipt of written notice of such breach; or (iv) in the event a “Change of Control”
[defined as any transaction including, without limitation, a merger, consolidation, sale of stock or sale of assets, but excluding any assignment as security for indebtedness, after which any Person(s) other than the current Stockholders and their
Permitted Transferees shall own in excess of fifty percent (50%) of the voting stock of the Company (or the Person into which the Company shall have been merged or consolidated) and have the right to elect a majority of the members of the Board
or shall have acquired all or substantially all of the consolidated assets of the Company and its subsidiaries] results in another entity succeeding the Company’s obligations under this Agreement, if the succeeding entity fails to assume all of
the Company’s obligations hereunder. In the event of termination in accordance with this Section 5.5, then, for a period of six (6) months from the date of termination of the Executive’s employment, the Company shall continue to
pay the Executive the Base Salary at highest rate in effect at any time during the two (2) year prior to and including the date of termination and the automobile allowance, at the rate provided in Section 4.5 hereof and, subject to any
employee contribution applicable to active employees generally, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and dental plans, provided that the Executive is entitled to
continue such participation under applicable law and plan terms. The obligations of the Company to Executive hereunder, however, are conditioned upon the Executive’s signing a release of claims (other than claims relating to the Company’s
continuing obligations to the Executive under this Agreement) in a form satisfactory to the Company within twenty-one (21) days of the date he gives notice of termination of his employment or the date he receives a copy of the release of
claims, whichever is later, and upon his not revoking the release of claims thereafter. All severance payments under this Section 5.5 will be in the form of salary continuation, payable in accordance with the normal payroll practices of the
Company, and will begin at the Company’s next regular payroll period following the effective date of the release of claims, but shall be retroactive to the date of termination. 
 5.6 Resignation by the Executive Other than for Good Reason. The Executive may resign his employment hereunder at any time upon ten
(10) days’ notice to the Company. In the event of termination of the Executive pursuant to this Section 5.6, the Board may elect to waive the period of notice, or any portion thereof, and, if the Board so elects, the Company will pay
the Executive the Base Salary for the notice period (or for any remaining portion of the period). 
 5.7 Change of
Control. Except as provided in the next paragraph of this Section 5.7, in the event of a termination of the Executive’s employment pursuant to Section 5.4 or Section 5.5 that occurs within twelve (12) months of a Change
of Control (as defined in Section 14.3.5 of the Stockholders Agreement), the Company agrees that the “Termination Consideration” paid to the Executive will amount to at least One Hundred Thousand and 00/100 Dollars 

 
($100,000.00). The “Termination Consideration” shall mean all pre-tax income realized by the Executive or his designees (or by any custodian
holding stock for the benefit of the Executive or his designees) at any time following the Effective Date of this Agreement as a result of (a) the sale or transfer of any stock of Walco International Holdings, Inc. or (b) the sale or
transfer of any equity in any successor in interest to the Company to the extent that such equity interest is obtained by the Executive as a direct result of a rollover of the Executive’s stock in Walco International Holdings, Inc. If, after
thirty (30) days following the latter of termination and Change of Control, the “Termination Consideration” does not equal at least $100,000.00, the Company will, within thirty (30) days, pay the Executive an amount equal to the
difference between $100,000.00 and the “Termination Consideration” previously paid by the Company. 
 If a Change of Control occurs
and if the Executive’s employment with the Company is terminated prior to the date upon which the Change of Control occurs, and if it is reasonably demonstrated by the Executive that such termination of employment was (i) at the request of
a third party who has taken steps reasonably calculated to effect a Change of Control or (ii) otherwise arose in connection with or anticipation of a Change of Control, then for all purposes of this Agreement the Change in Control shall be
deemed to have occurred on the date immediately prior to the date of such termination of employment. 
 6. Effect of
Termination. The provisions of this Section 6 shall apply to termination, whether pursuant to Section 5 or otherwise. 
 6.1 Payment by the Company of any Base Salary, automobile allowance and contributions to the cost of the Executive’s continued participation in the Company’s group health and dental plans that are due the Executive in accordance
with the applicable termination provision of Section 5 shall constitute the entire obligation of the Company to the Executive. The Executive shall promptly give the Company notice of all facts necessary for the Company to determine the duration
of its obligation to contribute the cost of the Executive’s health and dental coverage in connection with any termination pursuant to Section 5.4 hereof. 
 6.2 Except for medical and dental coverage continued pursuant to Section 5.4 or 5.5 hereof, benefits shall terminate pursuant to the
terms of the applicable benefit plans and applicable law based on the date of termination of the Executive’s employment without regard to any continuation of Base Salary or other payment to the Executive following such date of termination.

 6.3 Provisions of this Agreement shall survive termination if so provided herein or if necessary or desirable to accomplish
the purposes of other surviving provisions, including without limitation the obligations of the Executive under Sections 7, 8 and 9 hereof. The obligation of the Company to make payments to or on behalf of the Executive under Section 5.4, 5.5
or 5.6 hereof is expressly conditioned upon the Executive’s continued full performance of obligations under Sections 7, 8 and 9 hereof. The Executive recognizes that, except as expressly provided in Section 5.4, 5.5 or 5.6, no compensation
is earned after termination of employment. 

 7. Confidential Information. 
 7.1 The Executive acknowledges that the Company and its Affiliates continually develop Confidential Information, and that the Executive
may develop Confidential Information for the Company or its Affiliates. The Company agrees to provide the Executive with Confidential Information in connection with the Executive’s employment. The Executive will comply with the policies and
procedures of the Company and its Affiliates for protecting Confidential Information and shall never disclose to any Person or to any governmental agency or political subdivision of any government (except as required by applicable law or regulation,
pursuant to an order from a court or administrative agency or for the proper performance of his duties and responsibilities to the Company and its Affiliates), or use for his own benefit or gain, any Confidential Information obtained by the
Executive incident to his employment or other association with the Company or any of its Affiliates. The Executive understands that this restriction shall continue to apply after his employment terminates, regardless of the reason for such
termination. 
 7.2 All documents, records, tapes and other media of every kind and description relating to the business,
present or otherwise, of the Company or its Affiliates and any copies, in whole or in part, thereof (the “Documents”), whether or not prepared by the Executive, shall be the sole and exclusive property of the Company and its Affiliates.
The Executive shall safeguard all Documents and shall surrender to the Company at the time his employment terminates, or at such earlier time or times as the Board or its designee may specify, all Documents then in the Executive’s possession or
control. 
 8. Assignment of Rights to Intellectual Property. The Executive shall promptly and fully disclose all
Intellectual Property to the Company. The Executive hereby assigns and agrees to assign to the Company (or as otherwise directed by the Company) the Executive’s full right, title and interest in and to all Intellectual Property. The Executive
agrees to execute any and all applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation the execution and delivery of instruments of further assurance or
confirmation) requested by the Company to assign the Intellectual Property to the Company and to permit the Company to enforce any patents, copyrights or other proprietary rights to the Intellectual Property. The Executive will not charge the
Company for time spent in complying with these obligations. All copyrightable works that the Executive creates shall be considered “work made for hire”. The Executive’s obligation to assign his rights to Intellectual Property under
this Section 8 shall not apply to any invention (i) that the Executive develops on his own time, without using the Company’s equipment, supplies, facilities or trade secret information, unless such invention relates at the time of
conception or reduction to practice of the invention to the Company’s business or to the actual or demonstrably anticipated research or development of the Company or results from any work performed by the Executive for the Company or
(ii) that, under applicable law, the Executive may not be required to assign to the Company. 

 9. Restricted Activities. The Executive agrees that the following restrictions on
his activities during and after his employment are necessary to protect the goodwill, Confidential Information and other legitimate interests of the Company and its Affiliates: 
 9.1 While the Executive is employed by the Company and for a period of one year after his employment terminates (the “Non-Competition
Period”), the Executive shall not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, compete with the Company or any of its Affiliates within the United States (or within any
county of any of the states thereof), Mexico, Canada or Brazil. Specifically, but without limiting the foregoing, the Executive agrees not to engage in any manner in any activity that is directly or indirectly competitive or potentially competitive
with the business of the Company or any of its Affiliates as conducted or under consideration at any time during the Executive’s employment. Restricted activity includes without limitation accepting employment or a consulting position with any
Person who is, or at any time within twelve (12) months prior to termination of the Executive’s employment has been, a customer or supplier of the Company or any of its Affiliates. For the purposes of this Section 9, the business of
the Company and its Affiliates shall include all of the Products and the Executive’s undertaking shall encompass all items, products and services that may be used in substitution for Products. 
 9.2 The Executive agrees that, during his employment with the Company, he will not undertake any outside activity, whether or not
competitive with the business of the Company or its Affiliates, that could reasonably give rise to a conflict of interest or otherwise interfere with his duties and obligations to the Company or any of its Affiliates. 
 9.3 The Executive further agrees that while he is employed by the Company and for a period of two years thereafter, the Executive will not
hire or attempt to hire any employee of the Company or any of its Affiliates, assist in such hiring by any Person, encourage any such employee to terminate his or her relationship with the Company or any of its Affiliates, or solicit or encourage
any customer, supplier, licensee, franchiser or other entity with a business relationship to the Company or any of its Affiliates to terminate or diminish its relationship with them or, except in the case of a supplier, to conduct with any Person
any business or activity which is conducted or could be conducted with the Company or any of its Affiliates. 
 10.
Enforcement of Covenants. The Executive acknowledges that he has carefully read and considered all the terms and conditions of this Agreement, including the restraints imposed upon him pursuant to Sections 7, 8 and, 9 hereof. The Executive
agrees that said restraints are necessary for the reasonable and proper protection of the Company and its Affiliates and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area. The
Executive further acknowledges that, were he to breach any of the covenants contained in Sections 7, 8 and 9, the damage to the Company would be irreparable. The Executive therefore agrees that the Company, in addition to any other remedies
available to it, shall be entitled to preliminary and permanent injunctive relief against any breach or threatened breach by the Executive of any of said covenants, without having to post bond. The 

 
parties further agree that, in the event that any provision of Section 7, 8 or 9 hereof shall be determined by any court of competent jurisdiction to be
unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, such provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law.

 11. Conflicting Agreements. The Executive hereby represents and warrants that the execution of this Agreement and
the performance of his obligations hereunder will not breach or be in conflict with any other agreement to which the Executive is a party or is bound and that the Executive is not now subject to any covenants against competition or similar covenants
that would affect the performance of his obligations hereunder. The Executive will not disclose to or use on behalf of the Company any proprietary information of a third party without such party’s consent. 
 12. Indemnification. The Company shall indemnify the Executive to the extent provided in its then current Articles or By-Laws. The
Executive agrees to promptly notify the Company of any actual or threatened claim arising out of or as a result of his employment with the Company. 
 13. Definitions. Words or phrases which are initially capitalized or are within quotation marks shall have the meanings provided in this Section 13 and as provided elsewhere herein. For purposes of this
Agreement, the following definitions apply: 
 13.1 “Affiliates” means all persons and entities directly or
indirectly controlling, controlled by or under common control with the Company, where control may be by either management authority or equity interest. 
 13.2 “Confidential Information” means any and all information of the Company and its Affiliates that is not generally known by others with whom they compete or do business, or with whom they plan to compete
or do business and any and all information, publicly known in whole or in part or not, which, if disclosed by the Company or its Affiliates would assist in competition against them. Confidential Information includes without limitation such
information relating to (i) the development, research, testing, manufacturing, marketing and financial activities of the Company and its Affiliates, (ii) the Products, (iii) the costs, sources of supply, financial performance and
strategic plans of the Company and its Affiliates, (iv) the identity and special needs of the customers of the Company and its Affiliates and (v) the people and organizations with whom the Company and its Affiliates have business
relationships and those relationships. Confidential Information also includes comparable information that the Company or any of its Affiliates have received belonging to others or which was received by the Company or any of its Affiliates with any
understanding that it would not be disclosed. The term “Confidential Information” will not, however, include information or data that (1) is or becomes publicly available other than as a result of a wrongful disclosure by the
Executive in violation of this Agreement, (2) is or becomes available to Executive on a nonconfidential basis from a source (other than the Company) not known by the Executive to be prohibited from disclosing such 

 
information by a legal, contractual or fiduciary obligation, (3) is independently developed by the Executive, or (4) is already known to the
Executive. 
 13.3 “Intellectual Property” means inventions, discoveries, developments, methods, processes,
compositions, works, concepts and ideas (whether or not patentable or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to practice by the Executive (whether alone or with others, whether or not during
normal business hours or on or off Company premises) during the Executive’s employment that relate to either the Products or any prospective activity of the Company or any of its Affiliates. 
 13.4 “Person” means an individual, a corporation, an association, a partnership, an estate, a trust and any other entity or
organization, other than the Company or any of its Affiliates. 
 13.5 “Products” mean all products planned,
researched, developed, tested, manufactured, sold, licensed, leased or otherwise distributed or put into use by the Company or any of its Affiliates, together with all services provided or planned by the Company or any of its Affiliates, during the
Executive’s employment. 
 14. Withholding. All payments made by the Company under this Agreement shall be reduced
by any tax or other amounts required to be withheld by the Company under applicable law. 
 15. Assignment. Neither the
Company nor the Executive may make any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may, subject to Section 5.7,
assign its rights and obligations under this Agreement without the consent of the Executive to one of its Affiliates or to a Person with whom the Company shall hereafter affect a reorganization, consolidation or merger or to whom the Company
transfers all or substantially all of its properties or assets. This Agreement shall inure to the benefit of and be binding upon the Company and the Executive, their respective successors, executors, administrators, heirs and permitted assigns.

 16. Severability. If any portion or provision of this Agreement shall to any extent be declared illegal or
unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected
thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
 17. Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of either party to require the performance of any term or obligation of this Agreement, or the
waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 

 18. Notices. Any and all notices, requests, demands and other communications
provided for by this Agreement shall be in writing and shall be effective when delivered in person or deposited in the United States mail, postage prepaid, registered or certified, and addressed to the Executive at his last known address on the
books of the Company or, in the case of the Company, at its principal place of business, attention of the CEO, or to such other address as either party may specify by notice to the other actually received. 
 19. Entire Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior communications,
agreements and understandings, written or oral, with respect to the terms and conditions of the Executive’s employment. 
 20. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a expressly authorized representative of the Company. 
 21. Headings. The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or
content of any provision of this Agreement. 
 22. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument. 
 23. Governing Law. This Agreement shall be construed and enforced under, and be governed in all respects by, the laws of Texas, without regard to the conflict of laws principles thereof. 
 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Company, by its duly authorized representative, and by the Executive,
as of the date first above written. 
  

									
	EXECUTIVE:	 		 	COMPANY:
			
		 		 	WALCO INTERNATIONAL, INC.
		 		 	a California corporation
				
	/s/ Damian Olthoff	 		 	By:	 	/s/ James Robison
	Damian Olthoff, Esq.	 		 	Name:	 	James C. Robison
		 		 	Title:	 	President & C.E.O.

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