EMPLOYMENT, CONFIDENTIALITY,
NON-SOLICITATION,NON-COMPETITION, AND NON-RECRUITMENT
AGREEMENT
This Employment, Confidentiality,
Non-Solicitation, Non-Competition, and Non-Recruitment Agreement
(the "Agreement") is made and entered into on this l
st day of May, 2009 between MAXIM TEP, INC., a
Texas corporation, its subsidiaries, affiliates, successors and
assigns (collectively referred to as the "Company"), and ROBERT C.
JOHNSON ("Executive"). In consideration of the mutual promises and
covenants contained in this Agreement, the parties agree as
follows:
1.
Agreement to Employ. The Company desires to secure the services of
Executive as Chief Financial Officer, or such other title or titles
which may be mutually acceptable to Company and Executive. The
Company and Executive desire to enter into this Agreement to, among
other things, set forth the terms of Executive's employment with
the Company.
2.
Term of Agreement. This Agreement shall be binding upon and
enforceable against the Company and Executive immediately when both
parties execute the Agreement. The Agreement's stated term and the
employment relationship created under it will begin on May 1, 2009,
and will remain in effect for a term of three (3) years, unless
earlier terminated in accordance with Agreement Section 9 (the
"Initial Employment Term"). This Agreement shall be automatically
renewed for successive thirty (30) day periods after the Initial
Employment Term (each a "Renewal Term"), unless
terminated by either party upon written notice ("Non-Renewal
Notice") given at least ten (10) days before the end of
the Initial Employment Term or any Renewal Term, or unless earlier
terminated in accordance with the above or Agreement Section 9. The
date Executive commences employment under this Agreement will be
referred to as the "Commencement Date" and the period
during which Executive is employed under this Agreement (including
any Renewal Term) will be referred to as the "Employment
Period."
3.
Surviving Agreement Provisions.
Notwithstanding any provision of
this Agreement to the contrary, the parties' respective rights and
obligations under Agreement Sections 6 and 7 shall survive any
termination or expiration of this Agreement or the termination of
Executive's employment for any reason whatsoever.
4.
Services to be Provided by Executive.
(a) Position and Responsibilities.
Subject to the Agreement's terms, Executive agrees to serve as
Chief financial Officer and Executive shall be assigned
responsibilities by the Company's CEO and/or Board of Directors
consistent with such position. The Company, in its sole discretion,
will determine whether Executive has satisfactorily performed his
employment duties during the Initial Employment Term, any Renewal
Term, or the Employment Period. During the Employment Period,
Executive will devote his undivided loyalty to the Company and
devote all of his skill, knowledge and working time (except for
vacation time as provided for in this Agreement and
reasonable absences for sickness or disability in accordance with
policies established from time-to-time by the Company) such
reasonable time as may be necessary from time to time for personal
and financial matters to the
extent they do not interfere with the
conscientious performance of his duties and responsibilities under
the Agreement. Executive's duties shall be performed at the
Company's offices in Spring, Texas and Denver, Colorado.
(b) Executive's Employment Representations.
Executive represents to the Company that he (i) will not serve
as a member of any board of directors, or as a trustee of, or in
any manner be affiliated with, any present or future agency or
organization (except for civic and not-for-profit organizations)
without the consent of the Company; (ii) will not, directly or
indirectly, have any interest in, or perform any services for, any
business competing with or similar in nature to the Company's
business. Executive further represents to the Company that (i) he
is not violating and will not violate any contractual, legal, or
fiduciary obligations or burdens to which Executive is subject to
by entering into this Agreement or providing services under the
Agreement's terms; and (ii) Executive is under no contractual,
legal, or fiduciary obligation or burden that reasonably may be
expected to interfere with Executive's ability to perform services
under the Agreement's terms.
5.
Compensation for Services. As compensation for the services Executive will
perform under this Agreement during the Employment Period, the
Company will pay Executive, and Executive shall accept as full
compensation, the following:
(a) Base Salary. Executive will receive a
base salary of $240,000 per year, less applicable payroll
deductions and tax withholdings ("Base Salary"), for all
services rendered by Executive under this Agreement. The Company
shall pay the Base Salary in accordance with the normal payroll
policies of the Company and subject to the applicable federal and
state laws concerning payment of wages. The payment of the Base
Salary shall be made only during the Employment Period, except as
set forth herein. The designation of Executive's compensation does
not constitute a guarantee of employment for any specific period of
time. Notwithstanding anything in this Section 5(a) or otherwise in
this Agreement to the contrary, Company shall have the option to
defer payment of all or some portion of Executive's Base Salary and
at the option of the Executive the Company shall either (i) pay
such accrued salary when and to the extent the Company has
available resources to do so or (ii) covert such accrued salary
into common stock of the Company at a conversion rate of $0.75 per
share.
(b) Initial Grant of Stock / Options.
Contemporaneously with the execution hereof, as a sign-on bonus
Executive shall be granted shares of the Company's common stock and
options as follows:
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Executive shall be granted 1,500,000 restricted
shares of the Company's common stock and all such shares shall be
fully vested as of the date granted.
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The Agreement between Company and Executive
dated October 31, 2008 will remain in full force and effect until
terminated by either party.
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(c) Benefits and Expenses.
Executive shall be entitled to participate in the Company's benefit
plans for all employees generally, and for the Company's
executive
employees, subject to the third-party benefit
provider's determination that Executive is eligible to participate
in such plans. The Company shall be entitled to change or terminate
these plans in its sole discretion. Executive acknowledges that an
additional cost may, if so determined by the Company, will be
incurred by Executive for adding a spouse and/or children to
Executive's benefit plan. Executive will comply with the Company's
policies regarding these benefits, including all Internal Revenue
Service rules and requirements. Subject to the requirements of the
business expense reimbursement policies and procedures of the
Company as in effect from time to time, the Company will reimburse
Executive for authorized, reasonable and authorized out-of-pocket
business expenses upon presentation of an itemized account and
appropriate supporting documentation, with the Company being the
sole decision-maker as to what constitutes a reasonable
out-of-pocket business expense.
(d) Vacations. During each calendar year of
the Employment Period, Executive shall be entitled to five (5)
weeks of vacation, during which his compensation hereunder shall be
paid in full. Such vacation shall be taken at times consistent with
the effective discharge of Executive's duties and the reasonable
business needs of the Company, and in accordance with the Company's
policies then in effect. Unless specifically stated to the contrary
in writing by the Company, unused vacations in any year shall lapse
and may not be carried forward and no cash amount shall be paid for
any unused vacation.
(e) Bonus. Executive shall be entitled to annual
or more frequent consideration for performance bonuses under any
plan of the Company currently in effect or may come to be in
effect.
6.
Confidential Information.
(a) The Company's Promise to Provide
Confidential Information. The Company agrees to
provide