Exhibit 10-d
AMENDED AND
RESTATED
EXECUTIVE EMPLOYMENT
AGREEMENT
THIS EXECUTIVE EMPLOYMENT AGREEMENT
(the “ Agreement
”) is made as of September 22, 2010 (the “ Effective
Date ”) and amended on July 15, 2011 by and between Arcis
Energy Inc., a wholly owned subsidiary (the “
Subsidiary ”) of Arcis Resources Corporation (the
“ Company ”) with its principal executive
offices at 777 Harbor Isles Place Palm Beach Gardens Florida
33410 and ROBERT DI MARCO. , an individual
residing at 6247 Indian Forest Road Lake Worth Florida 33463 (the
“ Executive ”).
WHEREAS, the Executive has been offered the position of
President (“ PRES ”) of the Subsidiary and will
begin to serve in such capacities on the Effective Date;
WHEREAS, the Company wishes to assure itself of the
services of the Executive for the period provided for herein and
the Executive is willing to serve in the employ of the Subsidiary
for said period upon the terms and conditions hereinafter provided;
and
WHEREAS, the Company’s Board of Directors has
determined that the best interests of the Company and its
shareholders would be served by providing for the terms and
conditions of the Executive’s employment as set forth
herein.
NOW, THEREFORE, in consideration of the mutual covenants herein
contained and intending to be legally bound hereby, the Company,
the Subsidiary and the Executive hereby agree as
follows:
Section 1. Definitions . As
used herein, the following terms shall have the meanings set forth
below.
“ Closing Date ” shall mean
the Closing Date defined in the Amended and Restated Exchange
Agreement between the Company and the equity holders of American
Plant Services, LLC.
“ Completion of an Secondary
Offering ” shall mean the date upon which the Company
receives the proceeds from a Secondary Offering (as defined
herein).
“ Disability ” of the
Executive means that, as a result of the Executive’s
incapacity due to physical or mental illness, the Executive shall
have been absent from his duties on a full time basis for thirty
(30) days in any three (3) month period. If the
Executive is prevented from performing his duties because of
Disability, upon request by the Company, the Executive shall submit
to an examination by a physician selected by the Company, at the
Company’s expense, and the Executive shall also authorize his
personal physician to disclose to the selected physician all of the
Executive’s medical records.
“ Fiscal Year ” means any
fiscal year of the Company, as applicable.
“ Secondary Offering ” means
a sale by the Company of equity securities for which it receives
gross proceeds in excess of a total of ten million
dollars.
“ Net Income ” means the
Company's net income as reported on the Statements of Operations
filed by the Company with the Securities and Exchange
Commission.
“ Net Income Threshhold ”
means the time when the Company’s aggregate Net Income for a
period of four consecutive quarters equals or exceeds two million
five hundred thousand ($2,500,000) dollars. The Net
Income Threshold shall be deemed to have been achieved upon the
last day of the fourth quarter in the measurement period,
notwithstanding the later filing of the Statement of
Operations.
“ Person ” means any
individual, sole proprietorship, general or limited partnership,
joint venture, trust, unincorporated organization, association,
corporation, institution, entity, party, limited liability company
or government (whether territorial, national, federal, state,
provincial, county, city, municipal or otherwise, including,
without limitation, any instrumentality, division, agency, body or
department thereof).
Section
2.
Employment and Term . The Company hereby employs
the Executive, and the Executive hereby accepts such employment by
the Company, for the purposes and upon the terms and conditions
contained in this Agreement and subject to the approval of the
Company’s Board of Directors. Subject to the terms
and conditions contained herein, the initial term of this Agreement
shall be for a three (3) year period, commencing on Effective
Date. Thereafter, this Agreement shall automatically
renew on its then-current terms and conditions for subsequent
one (1) year periods unless either party elects to not renew
for any subsequent one (1) year period by providing the other party
with written notice at least ninety (90) days prior to the end of
the initial term or any renewal term. The initial term
hereof and any extension term are referred to herein as the “
Employment Period .”
Section
3.
Employment Capacities and Duties . The Executive
shall be employed throughout the Employment Period as President of
the Subsidiary. The Executive shall have the duties and
responsibilities normally associated and incumbent with the
position of President and Director of
Operations. Accordingly, and not by way of limitation,
as PRES of the Company, the Executive shall attend all meetings of
the shareholders of the Subsidiary and of the Board of Directors
and, subject to the direction or approval of the Board of
Directors, the Executive shall supervise and manage the day-to-day
operations and business of the Subsidiary. The
Subsidiary shall cause the Executive to be appointed to the Board
of Directors and the Executive shall serve on the Board of
Directors and any committee thereof to which he is appointed
without further compensation.
Section
4.
Executive Performance Covenants . The Executive
accepts the employment described in Section 3 herein and agrees to
devote his full working time and efforts (except for absences due
to illness and appropriate vacations) to the business and affairs
of the Subsidiary and the performance of the aforesaid duties and
responsibilities set forth in Section 3 hereof.
Section
5.
Salary . The Executive shall be paid a salary
(the “ Salary ”) for the period commencing on
the Closing Date at an annual rate of One Hundred and Eighty
Thousand Dollars ($180,000.00), payable in equal installments in
accordance with the Company’s payroll policies. Upon the
Completion of a Secondary Offering or achievement of the Net Income
Threshold, the Executive’s Salary shall be increased to an
annual rate of Five Hundred Thousand Dollars ($500,000.00) for the
duration of the Employment Period. The Salary shall be
pro-rated for any Fiscal Year hereunder which is less than a full
Fiscal Year. The Salary will be subject to annual rate increases of
5% per year to compensation for inflation and cost of living
expense increases.
Section
6.
Reimbursement of Expenses . The Company shall
reimburse the Executive for expenses incurred in providing services
to the Company, including travel expenses for round-trip coach
airfare and hotel expenses incurred in connection therewith, upon
the Executive’s submission of appropriate documentation
evidencing such expenses in accordance with the Company’s
reimbursement policies as determined from time to time by the Board
of Directors. If there is a dispute as to the
eligibility of an expense for reimbursement in accordance with the
Company’s reimbursement policies, then such expense shall be
determined to be reimbursable if approved by a majority of the
Board of Directors.
Section
7.
Employee Benefits, Vacations . During the
Employment Period, in addition to any and all compensation and
benefits required or permitted to be made by the Company to the
Executive hereunder, the Executive shall receive the benefits and
enjoy the perquisites described below:
a)
Vacation . The Executive
shall be entitled to six (6) weeks paid vacation per annum;
and
b)
Participation in Benefit
Plans . The Executive shall be entitled to
participate in the Company’s auto lease, group
hospitalization, health, life or other insurance or death benefit
plan, travel or accident insurance, restricted or stock purchase
plan, stock option plan, retirement income or pension plan, 401(k)
plan, or other present or future group employee benefit plan or
program of the Company for which executives are or shall become
eligible. Nothing contained in this Agreement shall
prevent the Board from amending or otherwise altering any such
plan, program or arrangement during the Employment
Period. In addition, the Company will pay the premiums
on the Executive’s life and disability insurance policies as
of the Effective Date. The Company shall maintain continuously for
the Employment Period a director and officer insurance policy with
limits of $3,000,000 per occurrence and $10,000,000 in the
aggregate.
c)
Indemnification . The Executive shall be entitled
to indemnification and protection from liability as set forth in
Section 11.
d)
Automobile Allowance. The
Executive shall be entitled to fifteen hundred ($1500) per month
car allowance.
Section
8.
Termination of Employment .
a)
Notice of Termination; Employment
Termination Date .
(1) Any
termination of the Executive’s employment by the Company or
the Executive shall be communicated by written Notice of
Termination to the other party hereto. For purposes of
this Agreement, a “ Notice of Termination ”
shall mean a notice which shall indicate the provision in this
Agreement relied upon.
(2) “
Employment Termination Date ” shall mean the date on
which the Employment Period and the Executive’s right and
obligation to perform employment services for the Company shall
terminate effective upon the first to occur of the
following:
(i) If
the Executive’s employment is terminated for Disability, the
date on which the Notice of Termination is given;
(ii) If
the Executive’s employment is terminated by voluntary action
of the Executive (See Section 8(e)), the date specified in the
Notice of Termination, which date shall be no more than fifteen
(15) days after the date that the Notice of Termination is
given;
(iii) The
death of the Executive;
(iv) The
expiration of the Employment Period;
(v) If
the Executive’s employment is terminated by the Company for
Cause (See Section 8(b)), the date on which a Notice of Termination
is given; and
(vi) If
the Executive’s employment is terminated by the Company other
than for Cause, Disability or death of the Executive, the date
specified in the Notice of Termination which date shall not be more
than thirty (30) days after the date that the Notice of Termination
is given.
b)
Termination for Cause .
(1) The
Company may terminate the Executive’s employment hereunder
and the Employment Period for Cause. For the purposes of
this Agreement, “ Cause ” shall mean termination
because of Executive’s personal dishonesty, incompetence,
willful misconduct, breach of fiduciary duty involving personal
profit, failure to perform stated duties, violation of any law,
rule or regulation (other than traffic violations or similar
offenses) or breach of any provision of this Agreement.
(2) If
the Executive’s employment shall be terminated for Cause, the
Company shall pay the executive (or his successors) his unpaid
Salary through the Employment Termination Date and any Stock
Options (as defined herein) which have not vested as of the
Employment Termination Date shall be terminated.
c)
Termination for Disability
. The Company may terminate the Executive’s
employment because of the Disability of the Executive and
thereafter the Company shall pay to the Executive (or his
successors) his unpaid Salary through the Employment Termination
Date and any Stock Options which have not vested as of the
Employment Termination Date shall be terminated.
d)
Termination Upon Executive’s Death
. In the event of the Executive’s death, the
Company shall pay to the Executive’s estate any unpaid Salary
through the Employment Termination Date and any Stock Options which
have not vested as of the Employment Termination Date shall be
terminated.
e)
Voluntary Termination by Executive
. In the event that Executive voluntarily terminates his
employment with the Company prior to the expiration of the
Employment Period, the Company will pay the executive (or his
successors) his unpaid Salary through the Employment Termination
Date and any Stock Options (as defined herein) which have not
vested as of the Employment Termination Date shall be
terminated.
f)
Compensation Upon Termination other than for
Cause . If the Company shall terminate the
Executive’s employment for any reason other than pursuant to
Sections 8(b), (c) or