SEC Contract Filing

Filing Date: 2017-06-19

Document Content:
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<TYPE>EX-10.1
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<FILENAME>s106589_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

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<P STYLE="margin: 0"><IMG SRC="img001_v1.jpg" ALT="(GLYECO LOGO)">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">June
9, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; ">Dear Brian:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; ">Congratulations!
We are pleased to extend you an offer as Executive Vice President and Chief Financial Officer with GlyEco, Inc. (the &ldquo;Company&rdquo;).
Your start date will be Wednesday, July 5, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9.15pt; text-align: justify; text-indent: 0in; ">Throughout
your interview process you have demonstrated a fit with our values and the skills and experience to add significant value to GlyEco.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0in; ">Please
keep in mind that this offer is contingent upon you passing the Company&rsquo;s pre-employment background check.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0in; ">We
are pleased to offer you a compensation and benefits package with the following elements:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><B><U>Base
Salary and Employment Status</U></B> <FONT STYLE="font-weight: normal">&ndash; Exempt</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9.15pt; text-align: justify; text-indent: 0in; ">As
an exempt employee, your annual rate of pay will be $150,000, which is $5,769.23 on a bi-weekly basis. The quotation of an annual
salary rate is for purposes of communication and is not intended to imply a specific condition or length of employment. We are
also pleased to offer you a signing bonus of $10,000. This bonus will be paid in one lump sum on the next regularly scheduled date
after your start date. The signing bonus is taxable, and all regular payroll taxes will be withheld. In the event you leave GlyEco
prior to 12/31/2017, you will be responsible for reimbursing the company a pro rata amount of the signing bonus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9.15pt; text-align: justify; text-indent: 0in; "><B><U>Equity</U></B>
- We will also provide you with an initial share grant of 750,000 shares of restricted common stock of GlyEco that vest at a 30
day volume weighted average price (&ldquo;VWAP&rdquo;) of $0.20 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.5pt; text-align: justify; text-indent: 0in; "><B><U>Annual
Cash Incentive Bonus</U></B> - You are eligible to participate in the Company Annual Cash Incentive Bonus Plan; your annual bonus
target will be 35% of base salary. 50% is discretionary based on items to be agreed to such as successful ERP system implementation,
etc. 50% is based on revenue and EBITDA metrics with no maximum. Whether a bonus will be awarded in a particular bonus period,
and in what amount, is within GlyEco&rsquo;s sole discretion. Bonus achievement is currently evaluated and paid annually and you
must remain employed by GlyEco through the payment date in order to be eligible to receive a bonus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11.45pt; text-align: justify; text-indent: 0in; ">You
will begin to participate in the company&rsquo;s annually bonus plan immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0in; "><B><U>Benefits</U></B>&nbsp;- You will be eligible for group benefits
as described in our benefits plan documents. These benefits may end or change from time to time. If there is any conflict between
any information concerning employee benefits contained in this letter, in the Employee Handbook or in the benefit plan documents,
the terms or conditions set forth in the benefit plan documents shall control.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><B><U>Terms
and Conditions</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0in; ">Policies.
You will be expected to comply with all Company policies and procedures, including the Company&rsquo;s Employee Handbook which
will be provided to you upon joining the Company and, as amended, during your employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; "><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">www.glyeco.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 Gill Way, Rock Hill, SC 29730 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866-960-1539</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "></P>

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