Document:

Form of Trust Agreement

 EXHIBIT 10.12 
 The following officers are beneficiaries under a Trust Agreement, the form of which follows, executed in connection with related Deferred Compensation Agreements, as of the dates indicated below: 
  

			
	 Officer
	  	 Date Executed

	Michael W. Patrick	  	April 16, 1990
		
	Richard B. Hare	  	August 18, 2006
		
	Martin A. Durant	  	July 16, 1999
		
	Fred W. VanNoy	  	April 16, 1990
		
	Anthony J. Rhead	  	April 16, 1990
		
	Lee Champion	  	June 30, 1998
		
	H. Madison Shirley	  	April 16, 1990

 TRUST AGREEMENT 
 THIS TRUST AGREEMENT, made and entered into as of the      day of
                    , by and between CARMIKE CINEMAS, INC., a Delaware corporation (the “Grantor) and
                    ,
                     and
                    , residents of
                     (the “Trustees” or ‘Trustee”), as follows: 
 WITNESSETH: 
 WHEREAS, Grantor wishes to aid
                     (the “Employee”) in providing for his retirement and to provide benefits upon Employee’s death or
disability; and 
 WHEREAS, Grantor has contemporaneously herewith executed a Deferred Compensation Agreement (the “Agreement”)
with Employee, whereby Grantor has agreed to pay additional compensation to Employee upon certain conditions and in certain forms, and to create this trust to facilitate the payment of a portion thereof; and 

 WHEREAS, the Trustees have agreed to accept the responsibilities of serving as trustee of this Trust and
of holding, managing, investing and distributing the property which the Trustees shall receive pursuant to the Agreement for the benefit and use of Employee, in accordance with the provisions hereinafter set forth; 
 NOW, THEREFORE, in consideration of the premises, the parties hereby agree as follows: 
 I. PURPOSE. 
 The purpose of this Trust is
(a) to hold assets received from Grantor in accordance with the Agreement, and (b) to invest, reinvest, disburse and distribute those assets and the earnings thereon as provided hereunder. 
 II. TRUST PROPERTY. 
 Grantor hereby
assigns, transfers and sets over to the Trustees and their successors and assigns, and the Trustees hereby accept and agree to hold, in trust, the property described in Schedule “A” attached hereto and made a part hereof. The Trustees
shall hold the trust property herein transferred, and such additional property as may be hereafter acquired by the Trustees, under the terms and provisions of this Trust for the use and benefit of Employee as is more specifically set out herein. The
Trustees shall be entitled to receive the proceeds on death, maturity, or surrender of each and all life insurance policies owned by or payable to the Trust. 
 III. EMPLOYEE TREATED AS OWNER. 
 It is intended that this Trust shall be a trust of which the Employee is
treated as the “owner” for federal income tax purposes in accordance with the provisions of Sections 671 through 679 of the Internal Revenue Code of 1986, as amended (the “Code”), with the taxable income earned by this Trust
being taxable to Employee. If the Trustee, in its sole discretion, deems it necessary or advisable for the Grantor or the Trustee to undertake or refrain 

 
from undertaking any actions (including, but not limited to, making or refraining from making any elections or filings) in order to ensure that the Employee
is at all times treated as the owner of the Trust for federal income tax purposes, the Grantor or the Trustee will undertake or refrain from undertaking such actions. The Grantor hereby irrevocably authorizes the Trustee to be its attorney-in-fact
for the purpose of performing any act which the Trustee, in its sole discretion, deems necessary or advisable in order to accomplish the purposes and the intent of this section. The Trustee shall be fully protected in acting or refraining from
acting in accordance with the provisions of this section. 
 IV. INVESTMENT OF TRUST ASSETS. 
 Until the Trustee has distributed all of the assets of the Trust, the Trustee shall invest and reinvest the Trust assets in such securities and other
property as the Trustee deems advisable, considering the probable income (including capital appreciation potential) from any such investment, and the probable safety of such investment. Within the limitations of the foregoing, The Trustee is
specifically authorized to acquire, for cash or on credit, every kind of property, real, personal or mixed, and to make every kind of investment, specifically including, but not limited to, corporate and governmental obligations of every kind,
preferred or common stocks (including the common stock of Grantor), securities of any regulated investment company or trust, interests in common trust funds now or hereafter established by a corporate trustee, and property in which the Trustee owns
an undivided interest in any other trust capacity. The Trustee is expressly authorized and empowered to purchase life insurance on the life of Employee in its own name (and with itself as the beneficiary of the policy) as it shall determine to be
necessary or advisable to advance best the purposes of the Trust and the interests of Employee. 
 V. DISTRIBUTION OF TRUST ASSETS.

 A. All income from the Trust estate shall be accumulated and added to principal. The Trustee shall hold said Trust estate and accumulated
income until the complete distribution of all of the assets of the Trust following the occurrence of the “Distribution Event.” For purposes of this 

 
Trust, the “Distribution Event” is defined as the first date to occur of the following: (1) the date Employee attains age 70; (2) the
date of Employee’s death; (3) the date of Employee’s termination of employment on account of total disability; or (4) a date elected by Employee in his sole discretion on or after the date Employee attains age 60. For purposes of
this Trust, “total disability” is defined as the inability of Employee to adequately perform his regular duties for Employer as a result of sickness or accident. 
 B. Upon the occurrence of the “Distribution Event,” benefits shall be paid, commencing within sixty (60) days after such Event, as
follows: (1) one-half (1/2) of the Trust estate shall be paid in the form of a life annuity with payments guaranteed for five (5) years should Employee not live to receive the annuity payments for at least five (5) years, and any
unpaid guaranteed portion of the annuity, being paid to Employee’s designated beneficiary; and (2) the remaining one-half (1/2) of the Trust estate shall be paid either as an annuity or in a lump sum payment, as may be designated in
writing by Employee by executing a “Designation of Method of Benefit Payment” form which shall be delivered to the Trustees at any time prior to the commencement of benefits from the Trust following the Distribution Event. 
 At any time prior to the commencement of the payment of such remaining one-half (1/2) of the Trust benefits, the “Designation of Method of
Benefit Payment” form may be modified, altered, or revoked. Each “Designation of Method of Benefit Payment” form filed by Employee with the Trustee shall revoke all such designations previously filed and such revocation shall not
require the consent of any of Employee’s designated beneficiaries. If Employee fails to execute a “Designation of Method of Benefit Payment” form and timely deliver it to the Trustee, the Trustee shall pay over and distribute such
one-half (1/2) portion of the Trust in one lump-sum to Employee or his beneficiary, as the case may be. 
 C. Upon making any distribution to
Employee, the Trustee shall withhold from such distribution the amount, if any, required to be withheld for federal, state and local taxes. 

 D. In the event Employee dies before receipt of all of his benefits under this Trust, Employee’s
beneficiary shall be his spouse; provided, however, Employee may, from time to time, designate a beneficiary other than his spouse if Employee’s spouse consents irrevocably, in writing, to such designation of Employee’s beneficiary;
acknowledges the effect of such designation; and such consent and acknowledgment and the spouse’s signature is witnessed by a Notary Public. Each beneficiary designation shall be on a form furnished by the Trustee and will be effective only
when filed with the Trustee during Employee’s lifetime. Each beneficiary designation filed by Employee with the Trustee will revoke all designations previously filed by him and such revocation shall not require the consent of any previously
designated beneficiary. Any beneficiary designation previously made by Employee shall automatically be revoked upon the marriage or remarriage of Employee. A spouse’s consent shall be valid only with respect to the specified beneficiary or
beneficiaries by Employee unless the spouse has consented to expressly permit designations by Employee without the spouse’s further consent as permitted by law. The spouse’s consent to any beneficiary designation made by Employee, once
made, may not be revoked by the spouse. Notwithstanding the foregoing, spousal consent to Employee’s beneficiary designation shall not be required if: (i) the spouse is designated as the sole primary beneficiary, or (ii) it is
established to the satisfaction of the Trustee that spousal consent cannot be obtained because there is no spouse, because the spouse cannot be located or because of such other circumstances as may be prescribed in Regulations issued by the
Secretary of the Treasury. Any consent by a spouse or any determination that the consent is not required above shall be effective only with respect to such spouse. 
 If Employee fails to designate a beneficiary, or if the designated beneficiary dies before Employee or before distribution of all of the benefits and there are no alternate designated beneficiaries, the Trustee shall
distribute such benefits to the following persons in the following order of priority: 
 (1) The spouse of Employee, if then
living, and if not, 

 (2) The estate of the last to die of Employee or any designated beneficiary of Employee.

 If any beneficiary is a minor, the payment of his or her share of said benefits shall be delivered to the person having custody of such
minor, as custodian of the property of such minor under the applicable Uniform Gifts to Minors Act of the state in which the minor shall reside. 
 VI. JOINT AND SURVIVOR ANNUITY REQUIREMENTS. 
 A. Qualified Joint and Survivor Annuity. Unless an optional form of benefit is
selected by Employee pursuant to a qualified election within the 90-day period ending on the annuity starting date, the benefits of Employee under this Trust, if Employee is married, will be paid in the form of a qualified joint and survivor
annuity, and if Employee is unmarried. Employee’s benefits will be paid in the form of a life annuity. 
 B. Qualified Preretirement
Survivor Annuity. If Employee is married and dies before the annuity starting date and has not selected an optional form of benefit within the election period pursuant to a qualified election, then Employee’s full benefit under this Trust shall
be applied toward the purchase of an annuity for the life of Employee’s surviving spouse. The surviving spouse may elect to have such annuity distributed within a reasonable period after Employee’s death. 
 C. Definitions. 
 1. Election
Period: The period which begins on the first day of the calendar year in which Employee attains age 35 and ends on the date of Employee’s death. If Employee separates from service prior to the first day of the calendar year in which age 35 is
attained, with respect to the benefits as of the date of separation, the election period shall begin on the date of separation. 

 Pre-age 35 waiver: If Employee has not yet attained age 35 as of the end of any current calendar year, he
may make a special qualified election to waive the qualified preretirement survivor annuity for the period beginning on the date of such election and ending on the first day of the calendar year in which Employee attains age 35. Such election shall
not be valid unless Employee receives a written explanation of the qualified preretirement survivor annuity in comparable manner to the explanation required under paragraph D.1. of this Article VI. Qualified preretirement survivor annuity coverage
will be automatically reinstated as of the first day of the calendar year in which Employee attains age 35. Any new waiver on or after such date shall be subject to the full requirements of this Article VI. 
 2. Earliest Retirement Age: The earliest date on which Employee can elect to receive retirement benefits under this Trust. 
 3. Qualified Election: A waiver of a qualified joint and survivor annuity or a qualified preretirement survivor annuity. Any such waiver
shall not be effective unless: (a) Employee’s spouse consents in writing to the election; (b) the election designates a specific beneficiary, including any class of beneficiaries or any contingent beneficiaries, which may not be
changed without spousal consent (or the spouse expressly permits designations by Employee without any further spousal consent); (c) the spouse’s consent acknowledges the effect of the election; and (d) the spouse’s consent is
witnessed by a Notary Public. Additionally, Employee’s waiver of the qualified joint and survivor annuity shall not be effective unless the election designates a form of benefit payment which may not be changed without spousal consent (or the
spouse expressly permits designations by Employee without any further spousal consent). If it is established to the satisfaction of the Trustee that there is no spouse or that the spouse cannot be located, a waiver will be deemed a qualified
election. 
 Any consent by a spouse obtained under this provision (or establishment that the consent of a spouse may not be obtained) shall
be effective only with respect to such spouse. A consent that permits designations by Employee without any requirement of further consent by such spouse must acknowledge that the spouse has the right to limit consent to a specific 

 
beneficiary, and a specific form of benefit where applicable, and that the spouse voluntarily elects to relinquish either or both of such rights. A
revocation of a prior waiver may be made by Employee without the consent of his spouse at any time before the commencement of benefits. The number of revocations shall not be limited. No consent obtained under this provision shall be valid unless
Employee has received notice as provided in paragraph D. of this Article. 
 4. Qualified Joint and Survivor Annuity: An
immediate annuity for the life of Employee with a survivor annuity for the life of the spouse which is not less than 50 percent and not more than 100 percent of the amount of the annuity which is payable during the joint lives of Employee and the
spouse and which is the amount of benefit which can be purchased with the Employee’s benefits. The percentage of the survivor annuity shall be 50%. 
 5. Spouse (Surviving Spouse): The spouse or surviving spouse of Employee, provided that a former spouse will be treated as the spouse or surviving spouse and a current spouse will not be treated as the spouse or
surviving spouse to the extent provided under a qualified domestic relations order as described in Section 414(p) of the Code. 
 6. Annuity Starting Date: The first day of the first period for which an amount is paid as an annuity or any other form. 
 D.
Notice Requirements. 
 1. In the case of a qualified joint and survivor annuity, the Trustee shall no less than 30 days and no more than 90
days prior to the annuity starting date provide to Employee a written explanation of: (a) the terms and conditions of a qualified joint and survivor annuity; (b) Employee’s right to make and the effect of an election to waive the
qualified joint and survivor annuity form of benefit; (c) the rights of Employee’s spouse; and (d) the right to make, and the effect of, a revocation of a previous election to waive the qualified joint and survivor annuity. 

 2. In the case of a qualified preretirement survivor annuity, the Trustee shall provide
Employee within the applicable period for such Employee a written explanation of the qualified preretirement survivor annuity in such terms and in such manner as would be comparable to the explanation provided for meeting the requirements of 1.
Above, applicable to a qualified joint and survivor annuity. 
 The “applicable period” for Employee is whichever of the following
periods ends last: (a) the period beginning with the first day of the calendar year in which Employee attains age 32 and ending with the close of the calendar year preceding the calendar year in which Employee attains age 35; or (b) a
reasonable period ending after this Article VI first applies to Employee. Notwithstanding the foregoing, notice must be provided within a reasonable period ending after separation from service if Employee separates from service before attaining age
35. 
 For purposes of applying the preceding paragraph, a reasonable period ending after the enumerated event described in (b) is the
end of the two-year period beginning one year prior to the date the applicable event occurs, and ending one year after that date. If Employee separates from service before the calendar year in which age 35 is attained, notice shall be provided
within the two-year period beginning one year prior to separation and ending one year after separation. If Employee thereafter returns to employment with Employer, the applicable period for Employee shall be redetermined. 
 VII. TERMINATION OF THE TRUST. 
 The Trust
shall terminate upon the payment by the Trustee of all amounts due Employee under this Trust and the receipt by the Trustee of a valid release to that effect from Employee or his beneficiaries with respect to payments made to him or them.

 VIII. TRUSTEE’S POWERS. 
 In addition to the powers conferred upon the Trustee by law, or by other provisions of this Trust, the Trustee shall have the following powers, both as
to principal and income: 
 A. To retain any property at any time forming a part of the Trust estate for such length of time as the Trustee
may deem advisable; and such retention shall not be restricted to property of the character authorized for trust investments by the laws of any state. 
 B. To sell at public or private sale or to exchange, lease, pledge, or mortgage, all or any part of the Trust estate and invest and reinvest the Trust estate or the proceeds from the sale thereof in stocks (common or
preferred), bonds, certificates of deposit (including those issued by the bank herein named as Trustee), common trust funds, mutual funds, annuities, or life insurance contracts on the life of Employee or on the life of any person in whom Employee
has an insurable interest, or in other property of any type, without regard to the proportion that such property may bear to the total corpus of the Trust estate, as the Trustee may deem advisable. To borrow money with or without security for any
purpose and to pledge securities or other properties to secure any such loan; to execute all deeds, assignments, mortgages, leases or other instruments necessary or proper for the foregoing purposes. 
 C. To register any property in the name of any nominee without describing the Trust estate and to retain any property in bearer form. 
 D. To acquire, own, rent, hold, maintain and improve dwellings for the use and benefit of Employee or his beneficiaries. 
 E. To exercise all options and privileges available under life insurance policies which at any time may form a part of the Trust, including but not
limited to the right to receive dividends of distributive shares of surplus, disability benefits, surrender values, or the proceeds of matured endowments; to obtain and receive such advances or loans on account of a policy which may be available; to
exercise any option or privilege granted in a policy or permitted 

 
by an insurer including, but not limited to, the right to direct that dividends be used under any of the options promised in the policy or permitted by the
insurer; to sell, assign, or pledge a policy. These rights shall include the right in the Trustee to use any part or all of the proceeds of any or all of said policies on death or maturity under any or all of the settlement options; provided,
however, that the Trustee shall be the designated recipient of any income or interest payment under an elected settlement, and any life income settlement elected shall be measured only by the life or lives of one or more of the beneficiaries of this
Trust. 
 F. To vote by proxy and consent to, approve, authorize, become a party to and execute any instrument in connection with any
corporate act in which the Trust estate may be interested, including (without limitation) any merger, consolidation, reorganization, capital readjustment, dissolution, liquidation, lease, or sale. 
 G. To keep uninvested such amounts of cash and deposit such monies in such bank account or accounts, including savings accounts, as the Trustee may from
time to time deem advisable. The Trustee may keep on deposit with itself, in either the commercial or savings department, subject to the same rules and regulations as any other deposit, without furnishing bond or security, any cash under its care
and management, whether corpus or income; awaiting investment, reinvestment or distribution; provided, however, there shall be no liability upon the part of the Trustee for the payment of interest or any other charge or claim during the time any
such cash is kept on deposit with itself awaiting investment, reinvestment or distribution, except to the same extent interest shall be payable on deposits in the savings department of a Trustee as to any such cash on deposit in said savings
department. 
 H. To compromise, adjust, settle and compound, or submit to arbitration on such terms as the Trustee may deem advisable any
claims in favor of or against the Trust estate, which shall include any tax payable by the Trust. 

 I. To sell, lease, exchange, and grant options on any property, and to do any of the same at public or
private sale and upon such terms and conditions and at such time and times as the Trustee may deem advisable, and to execute and deliver any and all instruments of any type required in the premises; and no purchaser, lessee, transferee, optionee, or
other party to any such transaction shall be obligated to see to the further application of any monies after the same shall have been paid to the Trustee. 
 J. To employ legal counsel and such other agents and employees as are deemed necessary in the administration of the Trust estate and pay their reasonable compensation and expenses. To pay, compromise or contest any
claim or other matter directly or indirectly affecting this Trust and to employ counsel for any of the above or other purposes, and to determine whether or not to act upon the advice of such counsel; but the Trustee shall not, except at its option,
be required to enter into or defend litigation on behalf the Trust until it shall have been indemnified to its satisfaction against all expenses and liabilities to which it may, in its judgment, be subjected by any such action on its part.

 K. To exercise in respect of all stocks, bonds, or other investments held by the Trustee hereunder, all such rights, options, powers, and
privileges as are or may be lawfully exercised by any person owning similar property in its own right. 
 L. To exercise in respect of all
real estate held by the Trust hereunder, all such rights, powers and privileges as are or may be lawfully exercised by any person owning real estate in its own right. 
 M. To determine in the Trustee’s discretion whether money or property coming into the Trust’s possession shall be treated as income or principal, and charge or apportion expenses or leases either to the
principal or income accounts or partly to each, in such manner as it may in its discretion deem just and proper. 
 N. To make any required
or discretionary distribution in money or in kind, or partially in money and partially in kind. Distribution in kind shall be made at the fair market value of the property distributed, as determined by 

 
the Trustee in its sole discretion, and the Trustee may cause the share to be transferred to any distributes to be composed of property like or different
from that transferred to any other distributee. In making any distribution to the Employee or otherwise under the provisions of this Trust, Trustees shall be entitled to rely on information furnished by Employee. 
 0. To execute and deliver all written instruments for the exercise of any Trustee powers. 
 IX. RESIGNATION OR REMOVAL OF TRUSTEE. 
 Each Trustee reserves the right to resign at any time by giving at least thirty (30) days’ written notice to Grantor or such shorter notice as may be acceptable to Grantor. Grantor reserves the right to remove and replace any
Trustee with a successor Trustee at any time by giving at least thirty (30) days’ written notice to the Trustee or such shorter notice as may be acceptable to the Trustee. On resignation of a Trustee, the remaining Trustee(s) shall continue to
serve as Trustee hereunder. Upon the resignation or death of all of the Trustees then acting, then COLUMBUS BANK AND TRUST COMPANY, Columbus, Georgia, and its successor or successors and assigns, shall serve as successor Trustee hereunder. Upon the
resignation or removal of Columbus Bank and Trust Company, Grantor shall appoint a successor Trustee who shall have the same powers and duties as those conferred upon the Trustee hereunder. Upon acceptance of such appointment by the successor
Trustee, the Trustee shall assign, transfer and pay over to such successor Trustee the funds and properties then constituting the Trust estate and, in that connection, shall cause any part thereof then held in any commingled trust to be withdrawn
therefrom. A successor Trustee may be any qualified person or corporation. 
 The successor Trustee may accept and rely upon any accounting
made by or on behalf of the predecessor Trustee and on any statement or representation made by such fiduciary as to the assets comprising this Trust estate or as to any other fact bearing on the prior administration of this 

 
Trust. A Trustee shall not be liable for having accepted and relied upon such accounting, statement, or representation if it is later proved to be
incomplete, inaccurate, or untrue. A Trustee shall not be liable for any act or omission of any predecessor fiduciary or Co-Trustee, nor for any act or omission done in good faith. 
 No Trustee shall be required to give any bond or other security for the faithful performance of its duties, or, if a bond is required by law, no surety
shall be required thereon. 
 X. TRUSTEE COMPENSATION. 
 An individual Trustee hereunder shall serve without compensation for his services in the administration of this Trust; provided that the compensation of any corporate Trustee shall be in accordance with its standard
schedule of fees at the time. The Trustee shall be reimbursed for the reasonable costs and expenses which it incurs in connection with its duties hereunder. Such compensation, if applicable, and all other proper costs and expenses shall be paid from
the Trust estate, unless Grantor elects to pay such amounts. 
 XI. ANNUAL ACCOUNTING. 
 The Trustee shall keep accurate and detailed accounts of all investments, receipts and disbursements and other transactions hereunder, and, within ninety
(90) days following the close of each calendar year, and within ninety (90) days after the Trustee’s resignation or termination of the Trust as provided herein, the Trustee shall render a written account of its administration of the
Trust to the Grantor by submitting a record of receipts, investments, disbursements, distributions, gains, losses, assets on hand at the end of the accounting period and other pertinent information, including a description of all securities and
investments purchased and sold during such calendar year. Written approval of an account shall, as to all matters shown in the account, be binding upon the Grantor and shall forever release and discharge the Trustee from any liability or
accountability. The Grantor will be deemed to have given its written approval if Grantor does not object in writing to the Trustee within 120 days after the date of receipt of such account from the Trustee. The Trustee shall be entitled at any time
to institute an action in a court of competent jurisdiction for a judicial settlement of its account. 

 XII. COLLECTION OF INSURANCE PROCEEDS. 
 In the event that the Trust property shall include policies of life insurance on the date of the insured’s death, the Trustee shall, as soon as is
practical after that date, furnish proof of death to the insuring companies and shall collect all monies due under all policies, or make other suitable settlement arrangements or agreements with the insuring companies, subject only to this Trust. In
connection with the collection of the proceeds of any such policies, the Trustee shall have full authority to take any action it deems best, and is hereby authorized to execute all necessary receipts and releases to the insuring companies concerned.

 XIII. TRUST IRREVOCABLE. 
 Grantor specifically directs that except as otherwise provided herein, the Trust herein created is irrevocable and that there are no conditions or reservations of power in Grantor to revoke, alter, or amend this Agreement, in whole or in
part; provided, however, that the Trust may be amended as necessary at any time to obtain a favorable ruling from the Internal Revenue Service with respect to the tax consequences of the establishment and settlement of the Trust, and may be amended
by revising or deleting part or all of such terms and provisions of Article VI as may be permitted by the law then applicable to such Article VI subject to the approval of Grantor and Employee. There are no conditions or reservations of power in
Grantor to free any or all of the property constituting said Trust estate from the terms of this Trust. 
 XIV. NOTICES. 
 Any notice or instructions required under any of the provisions of this Trust shall be deemed effectively given only if such notice is in writing and is
delivered personally or by certified or registered mail, return receipt requested and postage prepaid, addressed to the addresses as set forth below of the parties hereto. The addresses of the parties are as follows: 
 (i) Grantor: 
 Carmike Cinemas, Inc.

 1301 First Avenue 
 Post Office
Box 391 
 Columbus, Georgia 31902 

 (ii) Trustees: 
 _______________ 
 1301 First Avenue 
 Post Office Box 391 
 Columbus, Georgia 31902

 _______________ 
 1301 First
Avenue 
 Post Office Box 391 
 Columbus, Georgia 31902 
 _______________ 
 1301 First Avenue 
 Post Office Box 391 
 Columbus, Georgia 31902 
 Or If To:

 Columbus Bank and Trust Company 
 Post Office Box 120 
 Columbus, Georgia 31902 
 The Grantor or Trustees may at any time change the address to which notices are sent to it by giving written notice thereof in the manner provided above. 

 XV. MISCELLANEOUS PROVISIONS. 
 A. All actions by the Trustees shall be made by a majority vote of the Trustees. 
 B. Except as may be otherwise provided herein, in the distribution of the trust herein created, the Trustee, in its discretion, may pay over the assets
to be distributed either in cash or in property, or partly in cash and partly in property, and at such valuations as to it may seem proper, and the determination of the Trustee of the value of any property for the purpose of distributing any asset
hereunder shall be final, conclusive and binding upon all parties interested in such distribution. 
 C. As to all or any portion of the
Trust estate which may be payable to Employee or any beneficiary hereunder, he shall have no right or power, either directly or indirectly, to anticipate, discharge, mortgage, encumber, assign, pledge, hypothecate, sell or otherwise dispose of all
or any part thereof, until the same shall have been actually paid to him by the Trustee. The Trustee shall continue distributing Trust property directly to or for the benefit of Employee or beneficiary as provided for herein notwithstanding any
transfer, assignment or conveyance, or action by creditors. Neither the income, principal or corpus of the Trust estate, nor any part thereof, nor any interest in the same, shall be liable for or subject to any debts, claims or obligations of any
kind or nature whatsoever, or to any legal process in aid thereof, contracted or incurred by or for Grantor, Employee or any beneficiary hereunder. 
 D. No provision of this Trust Agreement shall be construed as giving Employee any right to continued employment with Grantor. 
 E.
Employee and any of his beneficiaries hereunder shall have no right or interest in any portion of the Trust estate at any time prior to its distribution. 

 F. This Trust shall be governed by and construed in accordance with the laws of the State of Georgia
applicable to contracts made and to be performed therein and the Trustee shall not be required to account in any court other than one of the courts of such state. 
 G. All section and paragraph headings herein have been inserted for convenience of reference only and shall in no way modify, restrict or affect the meaning or interpretation of any of the terms or provisions of this
Trust. 
 H. This Trust is intended as a complete and exclusive statement of the agreement of the parties hereto, supersedes all previous
agreements or understandings among them and may not be modified or terminated orally. 
 I. The term “Trustee” shall include any
successor Trustee. 
 J. If the Trustee hereunder is a bank or trust company, any corporation resulting from any merger, consolidation or
conversion to which such bank or trust company may be a party, or any corporation otherwise succeeding generally to all or substantially all of the assets or business of such bank or trust company, shall be the successor to it as Trustee or
custodian hereunder, as the case may be without the execution of any instrument or any further action on the part of any party hereto. 
 K.
If any provision of this Trust shall be invalid and unenforceable, the remaining provisions hereof shall subsist and be carried into effect. 
 L. Any reference hereunder to Grantor shall expressly be deemed to include Grantor’s successor and assigns. 
 M. Whenever used
herein, and to the extent appropriate, the masculine, feminine or neuter gender shall include the other two genders, the singular shall include the plural and the plural shall include the singular. 

 IN WITNESS WHEREOF, Grantor has caused this Trust to be duly executed by and through its duly authorized
corporate officers, with its corporate seal to be hereunto affixed, and Trustees have hereunto set their hands and seals as of the day and year first above written. 
  

			
	GRANTOR:
	
	CARMIKE CINEMAS, INC.
		
	BY:	 	  
		
	Its:	 	  
		
	ATTEST:	 	  
		
	Its:	 	  
	
	(Corporate Seal)
	
	TRUSTEES:

					
			
		 	  	 	(L.S.)
			
		 	  	 	(L.S.)
			
		 	  	 	(L.S.)

 SCHEDULE “A” 
 PROPERTY 
 CASH in the amount of __________________________________ DOLLARS ($________) . 
  

			
	GRANTOR:
	
	CARMIKE CINEMAS, INC.
		
	BY:	 	  
		
	Its:	 	  
		
	ATTEST:	 	  
		
	Its:	 	  
	
	(Corporate Seal)
	
	TRUSTEES:

					
			
		 	  	 	(L.S.)
			
		 	  	 	(L.S.)
			
		 	  	 	(L.S.)Asset Purchase Agreement

 Exhibit 10.21 
 ASSET PURCHASE AGREEMENT 
 THIS ASSET PURCHASE AGREEMENT, dated as of November 17, 2006 (the
“Agreement”), is by and among Turbeco, Inc., a Texas corporation (the “Buyer”), and Teal Supply Co., a Texas corporation d/b/a Triumph Drilling Tools, Inc. (the “Company”) and Michael E. Jensen (the
“Shareholder”). 
 W I T N E S S E T H: 
 WHEREAS, Buyer desires to purchase from the Company, and the Company desires to sell to Buyer, substantially all of the assets of the Company; and 
 WHEREAS, the Shareholder owns all of the issued and outstanding stock of the Company and thus would derive a substantial benefit from the consummation of
the transaction contemplated herein; 
 NOW, THEREFORE, in consideration of the premises and the representations, warranties, covenants and
agreements contained herein, the parties hereto, intending to be legally bound, agree as follows: 
 ARTICLE I 
 THE PURCHASE 
 Section 1.1.
Purchase. On and subject to the terms and conditions of this Agreement, at the Closing, Buyer will purchase from the Company, and the Company will sell to Buyer, the following assets, rights, properties, and interests of the Company
(the “Acquired Assets”): 
 (a) The rental tools, equipment, computers, office supplies, vehicles, and fixtures, and other
items of tangible personal property of the Company, including specifically but not limited to the items described on Schedule 1.1(a) (the “Tangible Personal Property”); 
 (b) The leasehold rights of the Company with respect to the real property described on Schedule 1.1(b) (the “Leased Real Estate”);

 (c) The leasehold rights of the Company with respect to the items of personal property which are described on Schedule 1.1(c) (the
“Leased Personal Property”); 
 (d) The rights of the Company under the agreements, instruments, and documents listed on
Schedule 1.1(d) and all purchase orders, equipment rental agreements and sales orders entered into by the Company in the ordinary course of business subsequent to the execution of this Agreement but prior to the Effective Time (collectively, the
“Assigned Agreements”); 
 (e) All of the files books, and records of the Company; 

 (f) The inventories of finished goods, tooling inventory, parts, work in progress and raw materials of
the Company as of the Effective Time; 
 (g) The accounts receivable of the Company as of the Effective Time (the “Accounts
Receivable”); 
 (h) The cash and other working capital of the Company as of the Effective Time; and 
 (i) All of the goodwill of the Company and all of the rights of the Company to use the tradename “Triumph Drilling Tools, Inc.” or any similar
name (subject to the permitted use provided for in Section 5.7). 
 Section 1.2. Excluded Assets. Notwithstanding the
foregoing, the Acquired Assets shall not include the assets listed on Schedule 1.2. 
 Section 1.3. Purchase Price for Acquired
Assets. As consideration for the sale to it of the Acquired Assets, at Closing, Buyer shall: 
 (a) Pay in cash to Whitney National
Bank the amount necessary to satisfy the loans from Whitney National Bank to the Company secured by the Acquired Assets thereby obtaining a release of lien on the Acquired Assets; 
 (b) Pay in cash to the Company an amount equal to Thirty One Million Dollars and No/100 less the amount paid to Whitney National Bank described in
Section 1.3 (a) hereof; 
 (c) Assume from the Company liability for the accounts payable of the Company set forth on the
December 31, 2006 Financial Statements; and 
 (d) Assume from the Company liability for the accrued liabilities, including but not
limited to sales tax payable, payroll taxes (federal and state withholdings), accrued year end bonuses, and accrued insurance audit of the Company set for on the December 31, 2006 Financial Statements. 
 Section 1.4. Assumption of Liabilities. Except as provided for in Section 1.3, Buyer has not and will not assume from the Company
any liability or obligation. 
 Section 1.5. Allocation. The parties will allocate for all purposes (including, but not
limited to, financial accounting and tax purposes) the purchase price of the Acquired Assets as indicated on Schedule 1.5. 
 Section 1.6. Closing. The closing (the “Closing”) of the transactions contemplated by this Agreement (the “Transaction”) shall take place at the offices of the attorneys for Buyer in

  

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Houston, Texas as promptly as practicable (but in any event within five (5) business days) following the date on which the last of the conditions set
forth in Article VI is fulfilled or waived, or at such other time and place as Buyer and the Company shall agree. The date on which the Closing occurs is referred to in this Agreement as the “Closing Date.” The Closing will be
effective as of January 4, 2007 (the “Effective Time”). At the Closing, each of the parties hereto will perform such acts and deliver such documents as are required pursuant to the terms hereof to be delivered at Closing.

 Section 1.7. Property Taxes. Any general property and/or ad valorem tax assessed against or pertaining to the Acquired
Assets for the taxable period that includes the date of the Closing shall be prorated between Buyer and the Company. 
 ARTICLE II

 REPRESENTATIONS AND WARRANTIES OF BUYER 
 Buyer represents and warrants to the Company and Shareholder as follows: 
 Section 2.1.
Organization and Qualification. Buyer is a corporation duly organized, validly existing and in good standing under the laws of the state of Texas and has the requisite corporate power and authority to own, lease and operate its assets
and properties and to carry on its business as it is now being conducted. 
 Section 2.2. Authority; Non-Contravention;
Approvals. 
 (a) Buyer has full corporate power and authority to execute and deliver this Agreement and to consummate the
Transaction. This Agreement has been approved by the Board of Directors of Buyer and no other corporate proceedings on the part of Buyer are necessary to authorize the execution and delivery of this Agreement or the consummation by Buyer of the
Transaction, including, without limitation, under the applicable requirements of any securities exchange. This Agreement has been duly executed and delivered by Buyer, and, assuming the due authorization, execution and delivery hereof by the
Company, constitutes a valid and legally binding agreement of Buyer enforceable against it in accordance with its terms, except that such enforcement may be subject to (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting or relating to enforcement of creditors’ rights generally and (ii) general equitable principles. 
 (b) The execution and
delivery of this Agreement by Buyer and the consummation by Buyer of the Transaction do not and will not violate or result in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time or both, would
constitute a default) under, or result in the termination of, or accelerate the performance required by, or result in a right of termination or acceleration under, or result in the creation of any lien, security interest, charge or encumbrance upon
any of the properties or assets of Buyer under any of the terms, conditions or provisions of (i) the charter or bylaws of Buyer, (ii) any 

  

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statute, law, ordinance, rule, regulation, judgment, decree, order, injunction, writ, permit or license of any court or governmental authority applicable to
Buyer or any of its respective properties or assets or (iii) any note, bond, mortgage, indenture, deed of trust, license, franchise, permit, concession, contract, lease or other instrument, obligation or agreement of any kind to which Buyer is
now a party or by which Buyer or any of its respective properties or assets may be bound or affected. 
 (c) No declaration, filing or
registration with, or notice to, or authorization, consent or approval of, any governmental or regulatory body or authority is necessary for the execution and delivery of this Agreement by Buyer or the consummation by Buyer of the Transaction.

 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 OF THE COMPANY AND THE SHAREHOLDER 
 The Shareholder and the Company jointly and severally represent and warrant to Buyer that: 
 Section 3.1. Organization and Qualification. The Company is a corporation duly organized, validly existing and in good standing under
the laws of the State of Texas and has the requisite corporate power and authority to own, lease and operate its assets and properties and to carry on its business as it is now being conducted. The Company is duly qualified to do business as a
foreign corporation and is in good standing in each jurisdiction in which the properties owned, leased, or operated by it or the nature of the business conducted by it makes such qualification necessary. True, accurate and complete copies of the
Company’s Articles of Incorporation, as amended, and Bylaws, in each case as in effect on the date hereof, including all amendments thereto, have heretofore been delivered to Buyer. 
 Section 3.2. The Shareholder. The Shareholder owns all of the issued and outstanding stock of the Company. 
 Section 3.3. Authority; Non-Contravention; Approvals. 
 (a) The Company has full corporate power and authority to execute and deliver this Agreement and to consummate the Transaction. This Agreement has been approved by the Board of Directors and the shareholders of the
Company, and no other corporate proceedings on the part of the Company are necessary to authorize the execution and delivery of this Agreement or the consummation by the Company of the Transaction. This Agreement has been duly executed and delivered
by the Company and the Shareholder, and, assuming the due authorization, execution and delivery hereof by Buyer, constitutes a valid and legally binding agreement of the Company and the Shareholder, enforceable against the Company and the
Shareholder in accordance with its terms, except that such enforcement may be subject to (a) bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting or relating to enforcement of creditors’ rights generally and
(b) general equitable principles. 
  

 4 

 (b) Except as set forth in the Disclosure Schedule delivered by Seller to Buyer in connection with this
Agreement (the “Disclosure Schedule”), the execution and delivery of this Agreement by the Company and the Shareholder and the consummation by the Company and the Shareholder of the Transaction do not and will not violate or result
in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, or result in the termination of, or accelerate the performance required by, or result in a right of
termination or acceleration under, or result in the creation of any lien, security interest, charge or encumbrance upon any of the properties or assets of the Company under any of the terms, conditions or provisions of (i) the charter or bylaws
of the Company, (ii) any statute, law, ordinance, rule, regulation, judgment, decree, order, injunction, writ, permit or license of any court or governmental authority applicable to the Company or any of its properties or assets, or
(iii) any note, bond, mortgage, indenture, deed of trust, license, franchise, permit, concession, or any agreement to which the Company is now a party or by which the Company or any of its respective properties or assets may be bound or
affected. 
 Section 3.4. Financial Statements. Company has furnished Buyer with balance sheet, income statement and
statement of cash flow for Company as of December 31, 2005, and Company has furnished Buyer its unaudited balance sheet and income statement for the nine month period ended September 30, 2006 (collectively, the “Financial
Statements”). The Financial Statements have been prepared in accordance with generally accepted accounting principles, consistently applied, and are accurate and complete (except, in the unaudited statements, for the absence of footnote
disclosures and for the absence of normal year-end audit adjustments which are not material in the aggregate) and fairly present the financial condition and result of operations of the Company. 
 Section 3.5. Absence of Undisclosed Liabilities. The Company is not subject to any liabilities or obligations (whether absolute,
accrued, contingent or otherwise) of any nature, except liabilities or obligations (a) which are provided for in the Financial Statements or reflected in the notes thereto, (b) which were incurred after September 30, 2006, and were
incurred in the ordinary course of business and consistent with past practices, or (c) liabilities or obligations under this Agreement. 
 Section 3.6. Absence of Certain Changes or Events. Except as disclosed in the Disclosure Schedule, since September 30, 2006, the business of the Company has been conducted in the ordinary course of business
consistent with past practices, and there has not been any event, occurrence, development or state of circumstances or facts which has had, or could reasonably be anticipated to have, individually or in the aggregate, a material adverse effect with
respect to the Acquired Assets or the business of the Company. 
 Section 3.7. Accounts Receivable. The Accounts
Receivable of the Company are valid, genuine and subsisting, arise out of bona fide sales and delivery of goods, performance of services or other business transactions in the ordinary course of business and are current and 

  

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collectible. Each of such Accounts Receivable will be collected in full, without any set-off and without resort to litigation, within 180 days after the
Closing except for uncollectible invoices which are normally charged off as bad debt expense on the financial statements of the Company in the normal course of business activities. 
 Section 3.8. Inventory. The inventory reflected in the September 30, 2006 Financial Statements (the “Inventory”)
consists of items that are usable and saleable in the ordinary course of business by the Company. Except as disclosed in the Disclosure Schedule, all items included in the Inventory are owned by the Company free and clear of any lien or encumbrance,
and are not missing (except for sales made in the ordinary course of business since September 30, 2006) or obsolete, and are in good condition. 
 Section 3.9. Tangible Assets. The Tangible Personal Property and the Leased Personal Property constitute all of the tangible personal property necessary for the conduct by the Company of its
business as now conducted. The Company has good and indefeasible title to the Tangible Personal Property, free and clear of all mortgages, liens, pledges, charges, or encumbrance of any nature whatsoever. The Tangible Personal Property and Leased
Personal Property are in good, serviceable condition and fit for the particular purposes for which they are used in the business of the Company, subject only to normal maintenance requirements and wear and tear reasonably expected in the ordinary
course of business. Schedule 1.1(d) contains an accurate description of the rental agreements now in force with respect to the rental tools of the Company, and the location of all such rental tools. 
 Section 3.10. Intellectual Property. The Company does not possess, own, or use any patents, trademarks, service marks, trade names,
copyrights, trade secrets and other proprietary rights and processes that are material to the business of the Company as now conducted other the trademark “Triumph Drilling Tools, Inc.” 
 Section 3.11. Employee Benefits. The Disclosure Schedule contains a complete list of employee benefit or welfare plans of the Company.
All such plans have and are in compliance with applicable law, including but not limited to the Employee Retirement Income Security Act of 1974. 
 Section 3.12. Litigation. There are no claims, suits, actions, or proceedings pending or, to the Knowledge of all of the Shareholder, threatened against or relating to the Company, before any court, governmental
department, commission, agency, instrumentality or authority, or any arbitrator. Except as described in the Disclosure Schedule, the Company is not subject to any judgment, decree, injunction, rule or order of any court, governmental department,
commission, agency, instrumentality or authority, or any arbitrator. For purposes hereof, “Knowledge” means actual knowledge after reasonable inquiry 
 Section 3.13. No Violation of Law. The Company is not in violation of or has been given notice or been charged with any violation of, any law, statute, order, rule, regulation, ordinance or judgment
(including, without limitation, any applicable environmental law) of any governmental or regulatory body or authority. No investigation or review by any governmental 

  

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or regulatory body or authority is pending or threatened, nor has any governmental or regulatory body or authority indicated an intention to conduct the
same. The Company has all permits (including without limitation environmental permits, licenses, franchises, variances, exemptions, orders and other governmental authorizations, consents and approvals necessary to conduct their businesses as
presently conducted (collectively, the “Company Permits”). The Company is not in violation of the terms of any Company Permits and is not required to possess any other permit, license, franchise, variance, exemption, order or other
governmental authorization, consent or approval. 
 Section 3.14. Suppliers, Customers, and Distributors. Since
January 1, 2006 there has not been (a) any material adverse change in the business relationship of the Company with any such material suppliers, customers, and distributors of the Company; or (b) any change in any material term
(including credit terms) of the agreements with any such person. 
 Section 3.15. Labor Matters. Except as set
forth in the Disclosure Schedule, (a) there are no material controversies pending or, to the Knowledge of the Company, threatened between the Company on the one hand and any of its employees on the other, (b) the Company is not a party to
a collective bargaining agreement of other labor union contract applicable to persons employed by the Company, nor does the Company have any Knowledge of any activities or proceedings of any labor union to organize any such employees, (c) the
Company is not a party to any written agreement, memorandum, or understanding with respect to the employment of any individual, and (d) neither the Company or the Shareholder are aware of any intention of any employee to terminate his or her
employment with the Company, either as a result of the Transaction or otherwise. 
 Section 3.16. Material Contracts.
Schedule 1.1(d) lists all agreements, leases, commitments, contracts, undertakings or understandings to which the Company is a party, including but not limited to service agreements, manufacturing agreements, purchase or sale agreements, supply
agreements, distribution or distributor agreements, real estate leases, purchase orders, customer orders and equipment rental agreements (the “Listed Agreements”). Each Listed Agreement is a valid, binding and enforceable agreement
of the Company and, to the Knowledge of the Shareholder, the other parties thereto. There has not occurred any breach or default under any Listed Agreement on the part of the Company or, to the Knowledge of all of the Shareholder, any other parties
thereto. No event has occurred which with the giving of notice or the lapse of time, or both, would constitute a default under any Listed Agreement on the part of the Company, or, to the Knowledge of all of the Shareholder, any of the other parties
thereto. There is no dispute between the parties to any Listed Agreement as to the interpretation thereof or as to whether any party is in breach or default thereunder, and no party to any Listed Agreement has indicated its intention to, or
suggested it may evaluate whether to, terminate any Listed Agreement. 
 Section 3.17. Disclosure. No representation or
warranty of the Company or Shareholder set forth hereunder or in the schedules attached hereto or in any certificate delivered pursuant to Section 6.3(a) contains any untrue statement of the material fact or omits to state a material fact
necessary in order to make the statements contained herein or therein not misleading. 
  

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 ARTICLE IV 
 CONDUCT OF BUSINESS PENDING THE CLOSING 
 Section 4.1. Conduct of Business of the
Company. Prior to the Closing, the Company shall operate its business in, and only in, the usual, regular and ordinary course of business in substantially the same manner as operated on the date of this Agreement. Specifically, but not by
way of limitation, except as described in the Disclosure Schedule, the Company shall not make any distribution to the Shareholder, pay any bonus to any of its employees, or increase the compensation of any of its employees. The Shareholder will
assure that the Company complies with the requirements of this Section. 
 Section 4.2. Business Organization. Prior to
the Closing, the Company and Shareholder shall use their best efforts to (a) preserve intact the business organization of the Company, (b) keep available the services of the officers and employees of the Company, (c) preserve the good
will of the Company, (d) maintain and keep the properties and assets of the Company in as good a repair and condition as presently exists, and (e) maintain in full force and effect its insurance coverage of the Company. 
 ARTICLE V 
 ADDITIONAL AGREEMENTS

 Section 5.1. Cooperation. The Company and the Shareholder shall afford to Buyer and its accountants, counsel,
financial advisors and other representatives reasonable access during normal business hours throughout the period prior to and including the Closing to all of the properties, books, and records of the Company (including, but not limited to, tax
returns and any and all records or documents which are within the possession of governmental or regulatory authorities, agencies or bodies, and the disclosure of which the Company or the Shareholder can facilitate or control) and, such parties as
its representatives may reasonably request. The Company and the Shareholder shall cause to be completed prior to Closing such audits, appraisals, and studies of the Company and the Acquired Assets as shall be reasonably required by Buyer. Any
investigation pursuant to this Section shall be conducted in such manner as not to interfere unreasonably with the conduct of the business of the Company or with the performance of any of the employees of the Company. No investigation pursuant to
this Section shall affect any representation or warranty made by any party. 
 Section 5.2. Further Assurances. The
Company and the Shareholder shall execute, acknowledge and deliver or cause to be executed, acknowledged and delivered to Buyer such assignments or other instruments of transfer, assignment and conveyance, in form and substance satisfactory to
counsel of Buyer, as shall be necessary to vest in Buyer all of the right, title and interest in and to the Acquired Assets, free and clear of all liens, charges, encumbrances, rights of others, mortgages, pledges or security interests, and any
other document reasonably requested by Buyer in connection with this Agreement. 
  

 8 

 Section 5.3. Expenses and Fees. Subject to Section 8.3, all costs and expenses
incurred in connection with this Agreement and the Transaction shall be paid by the party incurring such expenses. 
 Section 5.4.
Employee Matters. 
 (a) Effective immediately following the Closing, Buyer shall offer employment to substantially all
of the employees of the Company, terminable at will. In order to facilitate the foregoing, the Company shall, effective immediately following the Closing, terminate the employment of all employees of the Company and take all appropriate steps
necessary to comply with applicable law in connection with the termination of such employees. 
 (b) Notwithstanding anything to the contrary
contained in this Section, the parties acknowledge and agree that they do not intend to create any third-party beneficiary rights respecting any employee of the Company as a result of the provisions hereof and specifically hereby negate any
intention to so create any third-party beneficiary right. 
 ARTICLE VI 
 CONDITIONS TO CLOSING 
 Section 6.1. Conditions to Obligation of the
Shareholder and the Company to Effect the Transaction. Unless waived by the Company, the obligation of the Shareholder and the Company to effect the Transaction shall be subject to the fulfillment on or prior to the Closing Date of the
following additional condition: 
 (a) Buyer shall have performed in all material respects (or in all respects in the case of any agreement
containing any materiality qualification) its agreements contained in this Agreement required to be performed on or prior to the Closing Date and the representations and warranties of Buyer contained in this Agreement shall be true and correct in
all material respects (or in all respects in the case of any representation or warranty containing any materiality qualification) on and as of the date made and on and as of the Closing Date as if made at and as of such date, and the Company and
Shareholder shall have received a certificate executed on behalf of Buyer by the President or a Vice President of Buyer to that effect. 
 Section 6.2. Conditions to Obligations of Buyer to Effect the Transaction. Unless waived by Buyer, the obligations of Buyer to effect the Transaction shall be subject to the fulfillment on or prior to the Closing Date of
the following additional conditions: 
 (a) The Company and the Shareholder shall have performed in all material respects (or in all respects
in the case of any agreement containing any materiality qualification) their agreements contained in this Agreement required to be performed on or prior to the Closing Date and the representations and warranties of the Company and the Shareholder
contained in this Agreement shall be true and correct in all material respects (or in all respects in the case of any representation or warranty containing any materiality qualification) on and as of the date made and on and as of the Closing Date
as if made at and as of such date; 
  

 9 

 (b) since September 30, 2006, there shall have been no changes that constitute, and no event or
events shall have occurred which have resulted in or constitute, a material adverse effect or change with respect to any of the Acquired Assets or the business or results of operation of the Company; and 
 (c) The Company and the Shareholder shall have entered into agreements not to compete in the form attached hereto as Exhibit 6.2(c). 
 ARTICLE VII 
 INDEMNIFICATION

 Section 7.1. Indemnification of Buyer. The Shareholder agrees to jointly and severally indemnify Buyer and
its officers, directors, employees and agents against, and hold each of them harmless from and against, any and all claims, actions, causes of action, arbitrations, proceedings, losses, damages, liabilities, judgments and expenses (including,
without limitation, reasonable attorneys’ fees) (“Indemnified Amounts”) incurred by the indemnified party as a result of (a) any error, inaccuracy, breach or misrepresentation in any of the representations and warranties
made by or on behalf of the Company or the Shareholder in this Agreement, (b) any violation or breach by the Company or the Shareholder of or default by the Company or the Shareholder under the terms of this Agreement, or (c) relating to
or arising from the operation of the Company prior to the Effective Time, or the operation, ownership or use of the Acquired Assets prior to the Effective Time, other than the Assumed Liabilities. The indemnified party shall be entitled to recover
its reasonable and necessary attorneys’ fees and litigation expenses incurred in connection with the successful enforcement of its rights under this Section. 
 Section 7.2. Indemnification of Shareholder and the Company. Buyer agrees to indemnify the Shareholder and Company against, and hold each of them harmless from and against, any and all
Indemnified Amounts incurred by the Shareholder or the Company as a result of (a) any error, inaccuracy, breach or misrepresentation in any of the representations and warranties made by or on behalf of Buyer in this Agreement, (b) any
violation or breach by Buyer of or default by Buyer under the terms of this Agreement or (c) relating to or arising from the operation, ownership or use of the Acquired Assets subsequent to the Effective Time. The Shareholder and the Company
shall be entitled to recover their reasonable and necessary attorney’s fees and litigation expenses incurred in connection with the successful enforcement of their rights under this Section. 
 Section 7.3. Procedure. The defense of any claim, action, suit, proceeding or investigation subject to indemnification under
this Article VII shall be conducted by the indemnifying party. If the indemnifying party fails to conduct such defense, the indemnified parties may retain counsel satisfactory to them and the indemnifying party shall pay all reasonable fees and
expenses of such counsel for the indemnified parties promptly as statements therefor are received. The party not conducting the defense will use reasonable efforts to assist in the vigorous defense of any such matter, provided that such party shall
not be liable for any 

  

 10 

 
settlement of any claim effected without its written consent, which consent, however, shall not be unreasonably withheld. Any indemnified party wishing to
claim indemnification under this Article VII, upon learning of any such claim, action, suit, proceeding or investigation, shall notify the indemnifying party (but the failure so to notify a party shall not relieve such party from any liability which
it may have under this Article VII except to the extent such failure materially prejudices such party). If the indemnifying party is responsible for the attorneys’ fees of the indemnified parties, then the indemnified parties as a group may
retain only one law firm to represent them with respect to each such matter unless there is, under applicable standards of professional conduct, a conflict on any significant issue between the positions of any two or more indemnified parties.

 Section 7.4. Express Negligence Rule. The indemnification obligations under this Article VII shall apply
regardless of whether any suit or action results solely or in part from the active, passive or concurrent negligence of the indemnified party. The rights of the parties to indemnification under this Article VII shall not be limited due to
any investigations heretofore or hereafter made by such parties or their representatives, regardless of negligence in the conduct of any such investigations. 
 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.1. Termination. This Agreement may be terminated at any time prior to the Closing, as follows: 
 (a) The Company shall have the right to terminate this Agreement: 
 (i) if the representations and warranties of Buyer shall fail to be true and correct in all material respects (or in all respects in the case of any representation or warranty containing any materiality qualification)
on and as of the date made or, except in the case of any such representations and warranties made as of a specified date, on and as of any subsequent date as if made at and as of the subsequent date and such failure shall not have been cured in all
material respects (or in all respects in the case of any representation or warranty containing any materiality qualification) within 30 days after written notice of such failure is given to Buyer by the Company; 
 (ii) if the Transaction is not completed by January 31, 2007 (provided that the right to terminate this Agreement under this
Section 8.1(a)(ii) shall not be available to the Company if the failure of the Company to fulfill any obligation to Buyer under or in connection with this Agreement has been the cause of or resulted in the failure of the Transaction to occur on
or before such date); 
 (iii) if Buyer (A) fails to perform in any material respects any of its covenants (or in all respects in the
case of any covenant containing any materiality qualification) in this Agreement and (B) does not cure such default in all material respects (or in all respects in the case of any covenant containing any materiality qualification) within 30
days after written notice of such default is given to Buyer by the Company. 
  

 11 

 (b) Buyer shall have the right to terminate this Agreement: 
 (i) if the representations and warranties of the Shareholder shall fail to be true and correct in all material respects (or in all respects in the case
of any representation or warranty containing any materiality qualification) on and as of the date made or, except in the case of any such representations and warranties made as of a specified date, on and as of any subsequent date as if made at and
as of such subsequent date and such failure shall not have been cured in all material respects (or in all respects in the case of any representation or warranty containing any materiality qualification) within 30 days after written notice of such
failure is given to the Company by Buyer; 
 (ii) if the Transaction is not completed by January 31, 2007 (provided that the right to
terminate this Agreement under this Section 8.1(b)(ii) shall not be available to Buyer if the failure of Buyer to fulfill any obligation to the Company under or in connection with this Agreement has been the cause of or resulted in the failure
of the Transaction to occur on or before such date); or 
 (iii) if the Company (A) fails to perform in any material respect (or in all
respects in the case of any covenant containing any materiality qualification) any of its covenants in this Agreement and (B) does not cure such default in all material respects (or in all respects in the case of any covenant containing any
materiality qualification) within 30 days after notice of such default is given to the Company by Buyer. 
 Section 8.2. Effect of
Termination. In the event of termination of this Agreement by either Buyer or the Company pursuant to the provisions of Section 8.1, this Agreement shall forthwith become void and there shall be no further obligations on the part of the
Company or Buyer or their respective officers or directors, or the Shareholder (except as set forth in this Section 8.2 and in Sections 5.3, 8.9 and 8.10, all of which shall survive the termination). Nothing in this Section 8.2 shall
relieve any party from liability for any breach of this Agreement. 
 Section 8.3. Remedies. If any legal action or
other proceeding is brought for the enforcement of this Agreement, or because of an alleged dispute, breach, default or misrepresentation in connection with any of the provisions of this Agreement, the successful or prevailing party or parties shall
be entitled to recover reasonable attorneys’ fees and other costs incurred in that action or proceeding in addition to any other relief to which it or he may be entitled at law or equity. 
 Section 8.4. Notices. All notices, consents, demands or other communications required or permitted to be given pursuant to this
Agreement shall be deemed sufficiently given: (i) when delivered personally during a business day to the appropriate location described below or telefaxed to the telefax number indicated below, or (ii) five (5) business days after the
posting thereof by United States first class, registered or certified mail, return receipt requested, with postage fee prepaid and addressed: 
  

 12 

			
	 If to Buyer:
	 	7030 Empire Central Drive
		 	Houston, Texas 77040
		 	Telefax No. (713) 466-8386
		
	 With a copy to:
	 	Casey W. Doherty
		 	Doherty & Doherty LLP
		 	1717 St. James Place, Suite 520
		 	Houston, Texas 77056
		 	Telefax No. (713) 572-1001
		
	 If to the Company or the Shareholder:
	 	720 Cantwell Lane
		 	Corpus Christi, Texas 78408
		 	Telefax No. (361) 853-2278
		
	 With a copy to:
	 	Scott J. Duncan
		 	Porter, Rogers, Dahlman & Gordon PC
		 	800 N. Shoreline, Suite 800S
		 	Corpus Christi, Texas 78401
		 	Telefax No. (361) 880-5844

 Section 8.5. Successors. This Agreement shall be binding upon each of
the parties upon their execution, and inure to the benefit of the parties hereto and their successors and assigns. 
 Section 8.6.
Severability. In the event that any one or more of the provisions contained in this Agreement or in any other instrument referred to herein, shall, for any reason, be held to be invalid, illegal, or unenforceable in any respect,
such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement or any such other instrument. 
 Section 8.7. Section Headings. The section headings used herein are descriptive only and shall have no legal force or effect whatsoever. Except to the extent the context specifically indicates otherwise, all
references to articles and sections refer to articles and sections of this Agreement, and all references to the exhibits and schedules refer to exhibits and schedules attached hereto, each of which is made a part hereof for all purposes. 

Section 8.8. Gender. Whenever the context so requires, the masculine shall include the feminine and neuter, and the singular
shall include the plural and conversely. 
 Section 8.9. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Texas, U.S.A., applicable to agreements and contracts executed and to be wholly performed there, without giving effect to the conflicts of law principles thereof. 
  

 13 

 Section 8.10. Multiple Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original. 
 Section 8.11. Waiver. Any waiver by either party to be
enforceable must be in writing and no waiver by either party shall constitute a continuing waiver. 
 Section 8.12. Entire
Agreement. This Agreement and the other agreements referred to herein set forth the entire understanding of the parties hereto relating to the subject matter hereof and thereof and supersede all prior agreements and understandings among or
between any of the parties relating to the subject matter hereof and thereof. 
 IN WITNESS WHEREOF, the parties have executed this Agreement
as of the date and year first set forth above. 
  

			
	COMPANY:
	
	Teal Supply Co., a Texas corporation; dba Triumph Drilling Tools, Inc.
		
	By:	 	 /s/ Michael E. Jensen

		 	Michael E. Jensen, President
	
	BUYER:
	
	TURBECO, INC a Texas Corporation
		
	By:	 	 /s/ Jerry D. Dumas, Sr.

		 	Jerry D. Dumas, Sr. President
	
	SHAREHOLDER:
		
		 	 /s/ Michael E. Jensen

		 	Michael E. Jensen

  

 14

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