EX-10.1
from 8-K
27 pages
Whereas, the Company Has Determined That It Is in Its Best Interests and Those of Its Shareholders to Retain the Executive; Whereas, the Company Desires to Employ the Executive on the Terms Set Forth Below to Provide Services to the Company and Its Affiliated Companies, and the Executive Is Willing to Accept Such Employment and Provide Such Services on the Terms Set Forth in This Agreement; Whereas, the Company and the Executive Desire to Enter Into This Agreement, Which Has Been Drafted to Comply With or Be Exempt From Section 409a of the Internal Revenue Code of 1986, as Amended; and Now, Therefore, in Consideration of the Foregoing and for Other Good and Valuable Consideration, the Parties Hereto Do Hereby Agree as Follows: 1. Certain Definitions
12/34/56
EX-10.1
from 8-K
10 pages
Whereas, Smith Desires to Retire as a Full-Time Executive Employee of Deep Down, and Step Down From Deep Down’s Board of Directors; Whereas, Deep Down Desires to Retain the Benefit of Smith’s Experience and Institutional Knowledge as a Consultant on a Continuing Basis; and Whereas, Smith Entered Into an Employment Agreement (The “Employment Agreement”) With Deep Down on May 11, 2016 Retroactively Effective January 1, 2016, Which Smith and Deep Down Desire to Terminate Subject to the Obligations That Survive the Employment Agreement. Now, Therefore, in Consideration of the Foregoing, Which Is Hereby Incorporated Into the Agreement, and for Other Good and Valuable Consideration, the Parties Hereto Do Hereby Agree as Follows: 1 Termination of Employment Agreement
12/34/56
EX-10.1
from 8-K
25 pages
Whereas, the Company Has Determined That It Is in Its Best Interests and Those of Its Shareholders to Retain the Executive; Whereas, the Company Desires to Employ the Executive on the Terms Set Forth Below to Provide Services to the Company and Its Affiliated Companies, and the Executive Is Willing to Accept Such Employment and Provide Such Services on the Terms Set Forth in This Agreement; Whereas, the Company and the Executive Desire to Enter Into This Agreement, Which Has Been Drafted to Comply With or Be Exempt From Section 409a of the Internal Revenue Code of 1986, as Amended; and Now, Therefore, in Consideration of the Foregoing and for Other Good and Valuable Consideration, the Parties Hereto Do Hereby Agree as Follows: 1. Certain Definitions
12/34/56
EX-10.1
from 8-K
9 pages
Whereas, Butler Desires to Retire as a Full-Time Executive Employee of Deep Down, Step Down From Deep Down’s Board of Directors, and Sell All Shares Butler Owns in Deep Down Back to the Company; Whereas, Deep Down Desires to Retain the Benefit of Butler’s Experience and Institutional Knowledge as a Consultant on a Continuing Basis; Whereas, Butler Entered Into an Employment Agreement (The “Employment Agreement”) With Deep Down Effective January 1, 2016, Which Butler and Deep Down Desire to Terminate Subject to the Obligations That Survive the Employment Agreement as Enumerated Herein; Whereas, Butler Entered Into a Deep Down, Inc. Restricted Stock Agreement (The “Restricted Stock Agreement”) Effective December 14, 2015, Which Butler and Deep Down Desire to Continue to Accelerate and Conclude; Now, Therefore, in Consideration of the Foregoing, Which Is Hereby Incorporated Into the Agreement, and for Other Good and Valuable Consideration, the Parties Hereto Do Hereby Agree as Follows: 1 Termination of Employment Agreement. 1.1 Termination. the Parties Hereby Agree That the Employment Agreement Is Hereby Terminated Effective September 30, 2017, Without Further Obligation on the Part of Either Party Except as Stated Herein. 1.2 Retention of Certain Items. Butler Shall Be Entitled to Retain the Company Laptop and Printer Presently in His Possession Without Repayment to Deep Down for Same
12/34/56
