<SEC-DOCUMENT>0000894627-15-000060.txt : 20151118
<SEC-HEADER>0000894627-15-000060.hdr.sgml : 20151118
<ACCEPTANCE-DATETIME>20151118165353
ACCESSION NUMBER:		0000894627-15-000060
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20151118
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20151118
DATE AS OF CHANGE:		20151118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VAALCO ENERGY INC /DE/
		CENTRAL INDEX KEY:			0000894627
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				760274813
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32167
		FILM NUMBER:		151241338

	BUSINESS ADDRESS:	
		STREET 1:		9800 RICHMOND AVE.
		STREET 2:		SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		713-499-1465

	MAIL ADDRESS:	
		STREET 1:		9800 RICHMOND AVE.
		STREET 2:		SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>egy-20151118x8k.htm
<DESCRIPTION>8-K
<TEXT>
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			8-K
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			<font style="display: inline;font-weight:bold;font-size:18pt;">UNITED STATES </font>
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			<font style="display: inline;font-weight:bold;font-size:18pt;">SECURITIES AND EXCHANGE COMMISSION </font>
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			<font style="display: inline;font-weight:bold;">Washington, D.C. 20549 </font>
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			<font style="display: inline;font-weight:bold;font-size:18pt;">FORM 8-K </font><font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;font-weight:bold;">CURRENT REPORT </font>
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			<font style="display: inline;font-weight:bold;">Pursuant to Section&nbsp;13 or 15(d) </font>
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			<font style="display: inline;font-weight:bold;">of the Securities Exchange Act of 1934 </font>
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			<font style="display: inline;font-weight:bold;">Date of Report (Date of earliest event reported): </font><font style="display: inline;font-weight:bold;">November 17</font><font style="display: inline;font-weight:bold;">, 2015</font>
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			<font style="display: inline;font-weight:bold;font-size:24pt;">VAALCO Energy, Inc. </font>
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			<font style="display: inline;font-weight:bold;font-size:10pt;">(Exact name of registrant as specified in its charter) </font>
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						<font style="display: inline;font-weight:bold;font-size:8pt;">001-32167</font></p>
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						<font style="display: inline;font-weight:bold;font-size:8pt;">76-0274813</font></p>
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						<font style="display: inline;font-weight:bold;font-size:8pt;">(Commission</font></p>
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						<font style="display: inline;font-weight:bold;font-size:8pt;">Identification No.)</font></p>
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						&nbsp;</p>
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						<font style="display: inline;font-weight:bold;font-size:10pt;">9800 Richmond Avenue, Suite 700</font></p>
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						<font style="display: inline;font-weight:bold;font-size:10pt;">Houston, Texas</font></p>
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						<font style="display: inline;font-weight:bold;font-size:8pt;">(Zip Code)</font></p>
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			<font style="display: inline;font-weight:bold;font-size:10pt;">Registrant&#x2019;s telephone number, including area code: (713)&nbsp;623-0801 </font>
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			<font style="display: inline;font-weight:bold;font-size:10pt;">Not Applicable </font>
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			<font style="display: inline;font-weight:bold;font-size:8pt;">(Former Name or former address if changed since last report.) </font>
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			<font style="display: inline;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </font>
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						<font style="display: inline;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </font></p>
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						<font style="display: inline;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font></p>
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						<font style="display: inline;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </font></p>
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						<font style="display: inline;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </font></p>
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		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Item 5.02</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font><font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">&nbsp;</font>
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			<font style="display: inline;font-size:10pt;">As previously reported by VAALCO Energy, Inc.</font><font style="display: inline;font-size:10pt;"> (the &#x201C;Company&#x201D;)</font><font style="display: inline;font-size:10pt;"> on its Current Report on Form 8-K filed on October 29, 2015, Gregory Hullinger, the Company&#x2019;s</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">former Chief Financial </font><font style="display: inline;font-size:10pt;">Officer,</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">gave</font><font style="display: inline;font-size:10pt;"> the Company notice </font><font style="display: inline;font-size:10pt;">of </font><font style="display: inline;font-size:10pt;">his</font><font style="display: inline;font-size:10pt;"> retirement</font><font style="display: inline;font-size:10pt;"> on October 26, 2015, which will be effective March 15, 2016.&nbsp; </font><font style="display: inline;font-size:10pt;">On</font><font style="display: inline;font-size:10pt;"> November 9, 2015, </font><font style="display: inline;font-size:10pt;">Mr. Hullinger </font><font style="display: inline;font-size:10pt;">ceased being the Company&#x2019;s</font><font style="display: inline;font-size:10pt;"> Chief Financial Officer and </font><font style="display: inline;font-size:10pt;">now serves as the Company&#x2019;</font><font style="display: inline;font-size:10pt;">s Finance</font><font style="display: inline;font-size:10pt;"> and Accounting Senior Advisor </font><font style="display: inline;font-size:10pt;">and will continue in that role </font><font style="display: inline;font-size:10pt;">until March 15, 2016</font><font style="display: inline;font-size:10pt;">. Until his retirement in March 2016, Mr. Hullinger</font><font style="display: inline;font-size:10pt;"> will transition his duties to his successor and also assist in the preparation of the Company&#x2019;s financial statements for the year ending December 31, 2015</font><font style="display: inline;font-size:10pt;">. &nbsp;</font><font style="display: inline;font-size:10pt;">On November 17, 2015, the Company entered into an employment agreement with Mr. Hullinger (the &#x201C;Employment Agreement&#x201D;) that governs the employment relationship during this transition</font><font style="display: inline;font-size:10pt;">.&nbsp; </font>
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		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Under the terms of the Employment Agreement, </font><font style="display: inline;font-size:10pt;">Mr. Hullinger</font><font style="display: inline;font-size:10pt;"> will continue to earn </font><font style="display: inline;font-size:10pt;">his</font><font style="display: inline;font-size:10pt;"> current base salary through the date of </font><font style="display: inline;font-size:10pt;">his</font><font style="display: inline;font-size:10pt;"> retirement and will be guaranteed a minimum bonus under the Company&#x2019;s 2015 Annual Bonus Plan equal to </font><font style="display: inline;font-size:10pt;">50</font><font style="display: inline;font-size:10pt;">% of the target bonus previously established by the Company&#x2019;s Board of Directors. M</font><font style="display: inline;font-size:10pt;">r.</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">Hullinger</font><font style="display: inline;font-size:10pt;"> will also be entitled to a cash payment of $9,538, which represents the amount of </font><font style="display: inline;font-size:10pt;">expected</font><font style="display: inline;font-size:10pt;"> payments</font><font style="display: inline;font-size:10pt;"> for the continuation of health insurance</font><font style="display: inline;font-size:10pt;"> for a period of four months following </font><font style="display: inline;font-size:10pt;">his</font><font style="display: inline;font-size:10pt;"> retirement. The Employment Agreement </font><font style="display: inline;font-size:10pt;">also</font><font style="display: inline;font-size:10pt;"> provide</font><font style="display: inline;font-size:10pt;">s that</font><font style="display: inline;font-size:10pt;"> the vesting of </font><font style="display: inline;font-size:10pt;">23,140</font><font style="display: inline;font-size:10pt;"> shares of unvested restricted stock previously awarded </font><font style="display: inline;font-size:10pt;">to </font><font style="display: inline;font-size:10pt;">Mr. Hullinger</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">under the Compa</font><font style="display: inline;font-size:10pt;">ny&#x2019;s long-term incentive plans</font><font style="display: inline;font-size:10pt;"> be accelerated on the effective date of Mr. Hullinger&#x2019;s retirement</font><font style="display: inline;font-size:10pt;">.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The </font><font style="display: inline;font-size:10pt;">Employment</font><font style="display: inline;font-size:10pt;"> Agreement </font><font style="display: inline;font-size:10pt;">also </font><font style="display: inline;font-size:10pt;">contains releases of claims, indemnification and other provisions customary in agreements for retiring executive officers.</font><font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The Employment Agreement is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The description of the Employment Agreement herein does not purport to be complete and is qualified in its entiret</font><font style="display: inline;font-size:10pt;">y by reference to Exhibit&nbsp;10.1.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="font-weight:bold;display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="font-weight:bold;display: inline;font-size:10pt;">Item 9.01</font><font style="font-weight:bold;display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="font-weight:bold;display: inline;font-size:10pt;">Financial Statements and Exhibits.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">(d)</font><font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">Exhibits.</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:122.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:356.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:122.40pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">Exhibit Number</font></p>
				</td>
				<td valign="top" style="width:356.40pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">Description</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:122.40pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">10</font><font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">.1</font></p>
				</td>
				<td valign="top" style="width:356.40pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Employment Agreement, effective </font><font style="display: inline;font-size:10pt;">November 17</font><font style="display: inline;font-size:10pt;">, 2015, between VAALCO Energy, Inc. and </font><font style="display: inline;font-size:10pt;">Gregory Hullinger</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;;font-size: 10pt"><font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">SIGNATURE</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
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					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;height:4.00pt;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="width:03.70%;height:4.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:4.00pt;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:24.14%;height:4.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:4.00pt;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:23.08%;height:4.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:4.00pt;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.08%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:50.92%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">VAALCO Energy, Inc.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.08%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:50.92%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">(Registrant)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.08%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:50.92%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.08%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:50.92%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.08%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:50.92%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.08%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp;Date: </font><font style="display: inline;font-size:10pt;">November 1</font><font style="display: inline;font-size:10pt;">8</font><font style="display: inline;font-size:10pt;">, 2015</font></p>
				</td>
				<td valign="top" style="width:03.70%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">By:</font></p>
				</td>
				<td valign="top" style="width:24.14%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">/s/ Eric J. Christ</font></p>
				</td>
				<td valign="top" style="width:23.08%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.08%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:50.92%;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 17.8pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Eric J. Christ</font></p>
					<p style="margin:0pt 0pt 0pt 17.8pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Vice President, General Counsel and Corporate Secretary </font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.08%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:50.92%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.08%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="top" style="width:50.92%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;"></font><font style="display: inline;font-size:10pt;">Exhibit Index</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:117.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">4</font></p>
				</td>
				<td valign="top" style="width:360.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:117.90pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">Exhibit Number</font></p>
				</td>
				<td valign="top" style="width:360.90pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">Description</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:117.90pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">10</font><font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">.1</font></p>
				</td>
				<td valign="top" style="width:360.90pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Employment Agreement, effective November 17, 2015, between VAALCO Energy, Inc. and Gregory Hullinger</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>egy-20151118ex1011088d8.htm
<DESCRIPTION>EX-10.1
<TEXT>
<!--HTML document created with Certent Powered by Crossfire 5.15.2.21-->
<!--Created on: 11/18/2015 3:51:53 PM-->
<html>
	<head>
		<title>
			Exhibit 101
		</title>
	</head>
	<body><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:0pt 0pt 14pt;text-align:center;font-weight:bold;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 14pt">
			<a name="_GoBack"></a><font style="display: inline;">EMPLOYMENT AGREEMENT</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">THIS EMPLOYMENT AGREEMENT (the &#x201C;</font><font style="display: inline;font-weight:bold;">Agreement</font><font style="display: inline;">&#x201D;), effective as of</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">November 17</font><font style="display: inline;">, 201</font><font style="display: inline;">5</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">(the &#x201C;</font><font style="display: inline;font-weight:bold;">Effective Date</font><font style="display: inline;">&#x201D;), </font><font style="display: inline;">is made and entered into </font><font style="display: inline;">by and between VAALCO Energy, Inc., a Delaware corporation (hereafter &#x201C;</font><font style="display: inline;font-weight:bold;">Company</font><font style="display: inline;">&#x201D;) and</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Gregory Hullinger</font><font style="display: inline;"> (hereafter &#x201C;</font><font style="display: inline;font-weight:bold;">Executive</font><font style="display: inline;">&#x201D;).&nbsp;&nbsp;The Company and Executive may sometimes hereafter be referred to singularly as a &#x201C;</font><font style="display: inline;font-weight:bold;">Party</font><font style="display: inline;">&#x201D; or collectively as the &#x201C;</font><font style="display: inline;font-weight:bold;">Parties</font><font style="display: inline;">.&#x201D;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;font-weight:bold;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;">W</font><font style="display: inline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">I</font><font style="display: inline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">T</font><font style="display: inline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">N</font><font style="display: inline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">E</font><font style="display: inline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">S</font><font style="display: inline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">S</font><font style="display: inline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">E</font><font style="display: inline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">T</font><font style="display: inline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">H</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">WHEREAS, the Company desires to </font><font style="display: inline;">continue to </font><font style="display: inline;">secure the employment services of Executive subject to the terms and conditions hereafter set forth; and</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">WHEREAS, Executive is willing to enter into this Agreement upon the terms and conditions hereafter set forth;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">NOW, THEREFORE, in consideration of Executive&#x2019;s employment with the Company, and the mutual promises, covenants and obligations contained herein, the Parties hereby agree as follows:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-align:center;font-weight:bold;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Toc431228251"></a><font style="display: inline;font-weight:bold;font-family:Times New Roman;text-transform:none;color:#000000;">ARTICLE 1</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-align:center;font-weight:bold;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">EMPLOYMENT AND DUTIES</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<a name="_Toc431228252"></a><font style="display: inline;text-decoration:none;color:#000000;">1.1</font><font style="display: inline;text-decoration:none;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;text-decoration:none;color:#000000;"></font><font style="display: inline;text-decoration:none;color:#000000;">Definitions</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">.&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">In addition to the terms defined in the text hereof, terms with initial capital letters as used herein have the meanings assigned to them, for all purposes of this Agreement, in the Definitions Appendix hereto, unless the context reasonably requires a broader, narrower or different meaning.&nbsp;&nbsp;The Definitions Appendix</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">, as attached hereto,</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> is part of this Agreement and incorporated herein.</font><a name="_Toc431228253"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:none;color:#000000;">1.2</font><font style="display: inline;text-decoration:none;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;text-decoration:none;color:#000000;"></font><font style="display: inline;text-decoration:none;color:#000000;">Employment; Effective Date</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">.&nbsp;&nbsp;Effective as of the Effective Date and continuing for the Employment Period (as defined in Section</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> 2.1</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">), the Executive&#x2019;s employment by the Company shall be subject to the terms and conditions of this Agreement.</font><a name="_Ref365455140"></a><a name="_Toc431228254"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:none;color:#000000;">1.3</font><font style="display: inline;text-decoration:none;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;text-decoration:none;color:#000000;"></font><font style="display: inline;text-decoration:none;color:#000000;">Positions</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">.&nbsp;&nbsp;As</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">of the filing with the Securities and Exchange Commission of the Company&#x2019;s Quarterly Report on Form 10-Q for the quarter ending September 30, 2015, the Executive will serve as the Company&#x2019;s Finance and Accounting Senior Advisor. Executive shall be subject to direction, oversight and supervision provided by the CEO or the Board</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Beginning </font><font style="display: inline;color:#000000;">on January 1, 2016 </font><font style="display: inline;color:#000000;">(the &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;color:#000000;">Status Change Date</font><font style="display: inline;color:#000000;">&#x201D;) through the Termination Date </font><font style="display: inline;color:#000000;">as defined in </font><font style="display: inline;text-decoration:underline;color:#000000;">Section</font><font style="display: inline;text-decoration:underline;color:#000000;"> 2.1</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">(the &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;color:#000000;">Transition Period</font><font style="display: inline;color:#000000;">&#x201D;), Employee shall be considered a full-time employee of the Company but is only required to work </font><font style="display: inline;color:#000000;">in the Company&#x2019;s offices </font><font style="display: inline;color:#000000;">at least twenty percent (20%) of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">previous </font><font style="display: inline;color:#000000;">normal work schedule for the Company</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">as </font><font style="display: inline;color:#000000;">such schedule was </font><font style="display: inline;color:#000000;">effect</font><font style="display: inline;color:#000000;">ive</font><font style="display: inline;color:#000000;"> immediately prior to the Status Change Date</font><font style="display: inline;color:#000000;"> (unless otherwise mutually agreed between the Employee and Company)</font><font style="display: inline;color:#000000;">, and be available on request by </font><font style="display: inline;color:#000000;">telephone for the remainder of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> previous normal work schedule</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;During the Transition Period</font><font style="display: inline;color:#000000;"> while </font><font style="display: inline;color:#000000;">still </font><font style="display: inline;color:#000000;">employed by the Company</font><font style="display: inline;color:#000000;">, Employee shall</font><font style="display: inline;color:#000000;">, unless otherwise provided by this Agreement,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">(a) </font><font style="display: inline;color:#000000;">be entitled to receive </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> salary and benefits as in effect </font><font style="display: inline;color:#000000;">immediately </font><font style="display: inline;color:#000000;">prior to the Status Change </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 14pt">

			<font style="text-indent:0pt;margin-left:0pt; padding-right:394pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-size:14pt;"></font></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">Date, and </font><font style="display: inline;">(b)&nbsp;</font><font style="display: inline;">perform </font><font style="display: inline;">such </font><font style="display: inline;">job duties as </font><font style="display: inline;">are </font><font style="display: inline;">directed by the </font><font style="display: inline;">CEO or the Board</font><font style="display: inline;">, including, without </font><font style="display: inline;">limitation, providing</font><font style="display: inline;"> training and other assistance to any Person who is assuming any of </font><font style="display: inline;">his</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">job </font><font style="display: inline;">duties for the Com</font><font style="display: inline;">pany or any of its Affiliates after the Transition Period.</font><a name="_Toc431228255"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">1.4</font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">Duties and Services</font><font style="display: inline;">.&nbsp;&nbsp;The</font><font style="display: inline;"> Executive agrees to serve in the position referred to in </font><font style="display: inline;text-decoration:underline;">Section</font><font style="display: inline;text-decoration:underline;"> 1.3</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">and to perform diligently and to the best of</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">his</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">abilities the duties and services appertaining to such</font><font style="display: inline;"> position</font><font style="display: inline;">, as well as such additional duties and services that are assigned to</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">him</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">by the </font><font style="display: inline;">CEO and/or </font><font style="display: inline;">Board.&nbsp;&nbsp;The Executive&#x2019;s employment shall also be subject to the policies maintained and established by the Company from time to time, as the same may be amended or otherwise modified</font><font style="display: inline;"> by the Company in its discretion</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Executive shall at all times use</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">his</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">best efforts to in good faith comply with United States and foreign laws applicable to Executive&#x2019;s actions on behalf of the Company and its Affiliates.&nbsp;&nbsp;Executive understands and agrees that</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">he </font><font style="display: inline;">may be required to travel at times for purposes of the Company&#x2019;s business.</font><a name="_Toc431228256"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">1.5</font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">Other Interests</font><font style="display: inline;">.&nbsp;&nbsp;The Executive agrees that, during the Employment Period,</font><font style="display: inline;"> he </font><font style="display: inline;">will devote</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">his</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">primary business time, energy and best efforts to the business and affairs of the Company and its Affiliates, and not to engage, directly or indirectly, in any other business or businesses, whether or not similar to that of the Company or an Affiliate, except with the consent of the </font><font style="display: inline;">CEO or the </font><font style="display: inline;">Board.</font><a name="_Toc431228257"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">1.6</font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">Duty of Loyalty</font><font style="display: inline;">.&nbsp;&nbsp;The Executive acknowledges and agrees that </font><font style="display: inline;">he </font><font style="display: inline;">owes a fiduciary duty of loyalty, fidelity, and allegiance</font><font style="display: inline;"> to use</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">his</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">best efforts to act at all times in the best interests of the Company</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">and its Affiliates.&nbsp;&nbsp;In keeping with these duties, the Executive shall make full disclosure to the Company of all business opportunities pertaining to the Company&#x2019;s business, and</font><font style="display: inline;"> he </font><font style="display: inline;">shall not appropriate for</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">his</font><font style="display: inline;"> own benefit any business opportunity concerning the subject matter of such fiduciary relationship.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-align:center;font-weight:bold;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref365455025"></a><a name="_Ref365455030"></a><a name="_Ref365455901"></a><a name="_Toc431228258"></a><font style="display: inline;font-weight:bold;font-family:Times New Roman;text-transform:none;color:#000000;">ARTICLE 2</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-align:center;font-weight:bold;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">TERM AND TERMINATION OF EMPLOYMENT</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref365456126"></a><a name="_Ref365456243"></a><a name="_Toc431228259"></a><font style="display: inline;text-decoration:none;color:#000000;">2.1</font><font style="display: inline;text-decoration:none;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;text-decoration:none;color:#000000;"></font><font style="display: inline;text-decoration:none;color:#000000;">Term of Employment</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">.&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">Unless sooner terminated </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">by either Party, </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">the Company agrees to </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">continue to </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">employ the Executive for</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> the period beginning on the Effective Date and ending on</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">March 15</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">, 201</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">6</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> (the &#x201C;Term of Employment&#x201D;).</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> &nbsp;T</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">he Company and Executive shall each have the right to give </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">a n</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">otice of </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">t</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">ermination at will, with or without cause, at any time, subject</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">The entire period from the Effective Date through the date of Executive&#x2019;s termination of employment with the Company for whatever reason</font><font style="display: inline;color:#000000;"> (the &#x201C;</font><font style="display: inline;font-weight:bold;color:#000000;">Termination Date</font><font style="display: inline;color:#000000;">&#x201D;)</font><font style="display: inline;color:#000000;">, shall be referred to herein as the &#x201C;</font><font style="display: inline;font-weight:bold;color:#000000;">Employment Period</font><font style="display: inline;color:#000000;">.&#x201D;</font><a name="_Ref365455942"></a><a name="_Toc431228260"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">2.2</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;font-weight:bold;color:#000000;">Notice of Termination</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;If the Company or the Executive desires to terminate the Executive&#x2019;s employment hereunder at any time</font><font style="display: inline;color:#000000;"> for</font><font style="display: inline;color:#000000;"> any reason</font><font style="display: inline;color:#000000;">, such Party shall do so by giving written </font><font style="display: inline;color:#000000;">n</font><font style="display: inline;color:#000000;">otice of </font><font style="display: inline;color:#000000;">termination to the other Party;</font><font style="display: inline;color:#000000;"> provided</font><font style="display: inline;color:#000000;">, however,</font><font style="display: inline;color:#000000;"> that no such action shall amend any provision</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">of this Agreement </font><font style="display: inline;color:#000000;">without the consent of each Party</font><font style="display: inline;color:#000000;">.</font><a name="_Toc431228261"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-weight:bold;">2.3</font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">Resignations</font><font style="display: inline;">.&nbsp; </font><font style="display: inline;">Upon</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">the termination of the Executive&#x2019;s employment hereunder for any reason, unless otherwise requested by the </font><font style="display: inline;">CEO</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">or </font><font style="display: inline;">the Board</font><font style="display: inline;">, Executive shall immediately resign</font><font style="display: inline;"> from all officer positions and all boards of directors </font><font style="display: inline;">or committees </font><font style="display: inline;">of </font><font style="display: inline;">the Company or </font><font style="display: inline;">any Affiliates of which</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">he </font><font style="display: inline;">is </font><font style="display: inline;">a member.&nbsp;&nbsp;The Executive hereby agrees to execute any and all documentation of such resignations upon request by the Company, but</font><font style="display: inline;"> he </font><font style="display: inline;">shall be treated for all purposes as having so resigned upon termination of</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">his</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">employment, regardless of when or whether</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">he </font><font style="display: inline;">executes any such documentation.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-align:center;font-weight:bold;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Toc431228262"></a><font style="display: inline;font-weight:bold;font-family:Times New Roman;text-transform:none;color:#000000;">ARTICLE 3</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-align:center;font-weight:bold;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">COMPENSATION AND BENEFITS</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<a name="_Toc431228263"></a><font style="display: inline;text-decoration:none;color:#000000;">3.1</font><font style="display: inline;text-decoration:none;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;text-decoration:none;color:#000000;"></font><font style="display: inline;text-decoration:none;color:#000000;">Base Salary</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">.&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">During the Employment Period, the Executive shall receive a base salary of $</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">27,897.40</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">per month</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">, which shall be prorated for any period of less than </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">one </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">month (the &#x201C;Base Salary&#x201D;).&nbsp;&nbsp;The Base Salary shall be paid in installments in accordance with the Company&#x2019;s standard </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">payroll </font><a name="_Toc431228264"></a><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">policy.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:none;color:#000000;">3.2</font><font style="display: inline;text-decoration:none;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;text-decoration:none;color:#000000;"></font><font style="display: inline;text-decoration:none;color:#000000;">Annual Bonuses</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">.&nbsp;&nbsp;For the 201</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">5</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> calendar year during the Employment Period, the Executive shall be eligible to receive an</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> annual cash bonus (the &#x201C;</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">2015 </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">Annual Bonus&#x201D;) under the Company&#x2019;s annual incentive cash bonus plan for executives (the &#x201C;</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">2015 </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">Bonus Plan&#x201D;), in an amount </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">and at a time </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">to be determined by the Compensation Committee</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">,</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> based on </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">the corporate </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">performance goals established by the Compensatio</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">n Committee, in its discretion, at the start of the year </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">pursuant to the terms of the </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">2015 </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">Bonus Plan</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">.&nbsp;&nbsp;Under the 2015 Bonus Plan, Executive</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">&#x2019;s 2015 Annual Bonus shall equal </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">sixty-eight</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> percent (</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">68</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">%) of the Executive&#x2019;s 2015 annual base salary multiplied by the greater of (a) </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">fifty</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> percent (</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">50</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">%) and (b) the percentage established by the Compensation Committee as the Company&#x2019;s corporate performance under the 2015 Bonus Plan.</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">In the event that the Employment Period ends before </font><font style="display: inline;color:#000000;">December 31, </font><font style="display: inline;color:#000000;">2015</font><font style="display: inline;color:#000000;">, Executive shall be entitled to a prorata portion of the </font><font style="display: inline;color:#000000;">2015 </font><font style="display: inline;color:#000000;">Annual Bonus</font><font style="display: inline;color:#000000;">, as calculated in the prior paragraph</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;"> Executive shall not be entitled to any bonus for the 2016 calendar year.</font><font style="display: inline;color:#000000;">&nbsp;</font><a name="_Toc431228265"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">3.3</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;font-weight:bold;color:#000000;">Equity Awards after the Effective Date</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;During the Employment Period</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">on and </font><font style="display: inline;color:#000000;">after the Effective Date</font><font style="display: inline;color:#000000;">, the Executive shall </font><font style="display: inline;color:#000000;">not be eligible for any new grants of restricted stock awards, restricted stock units, </font><font style="display: inline;color:#000000;">stock options or other</font><font style="display: inline;color:#000000;"> equity</font><font style="display: inline;color:#000000;"> &nbsp;i</font><font style="display: inline;color:#000000;">ncentive </font><font style="display: inline;color:#000000;">a</font><font style="display: inline;color:#000000;">ward</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;"> from the Company</font><font style="display: inline;color:#000000;">.</font><a name="_Toc431228266"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">3.4</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;font-weight:bold;color:#000000;">Business and Entertainment Expenses</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;Subject</font><font style="display: inline;color:#000000;"> to the Company&#x2019;s standard policies and procedures with respect to expense reimbursement as applied to its executives generally, the Company shall reimburse the Executive for, or pay on behalf of the Executive, the reasonable and appropriate expenses </font><font style="display: inline;color:#000000;">that are </font><font style="display: inline;color:#000000;">incurred by the Executive </font><font style="display: inline;color:#000000;">in furtherance of the Company&#x2019;s business.</font><a name="_Toc431228267"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">3.5</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;font-weight:bold;color:#000000;">Vacation</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;During the Term of Employment, the Executive shall be entitled to </font><font style="display: inline;color:#000000;">use her remaining accrued but unused</font><font style="display: inline;color:#000000;"> days </font><font style="display: inline;color:#000000;">of paid vacation </font><font style="display: inline;color:#000000;">for the </font><font style="display: inline;color:#000000;">remainder of the </font><font style="display: inline;color:#000000;">2015 calendar year, </font><font style="display: inline;color:#000000;">in accordance with the Company&#x2019;s vacation polic</font><font style="display: inline;color:#000000;">y</font><font style="display: inline;color:#000000;">, and any accrued but unused days of paid vacation remaining at December 31, 2015 shall be handled in accordance with the Company&#x2019;s vacation policy</font><font style="display: inline;color:#000000;"> and practices</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;"> &nbsp;Executive shall not be entitled to any paid vacation days for the 2016 calendar year.</font><a name="_Toc431228268"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-weight:bold;">3.6</font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">Employee and Executive Benefits Generally</font><font style="display: inline;">.&nbsp; </font><font style="display: inline;">During the Employment Period, t</font><font style="display: inline;">he Executive shall be eligible for participation in </font><font style="display: inline;">the </font><font style="display: inline;">employee and</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">fringe </font><font style="display: inline;">benefits</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">plans and programs </font><font style="display: inline;">that Company provides generally to its employees</font><font style="display: inline;">, including without limitation, retirement, medical</font><font style="display: inline;">, dental, disability</font><font style="display: inline;"> and life insurance plans, as in effect from time to time; provided, however, that the Executive acknowledges and agrees that</font><font style="display: inline;"> he </font><font style="display: inline;">shall not be a participant in, and</font><font style="display: inline;"> he </font><font style="display: inline;">hereby waives any right to participate in, any severance plan (as the same may be amended from time to time) that generally covers the employees of the Company or its Affiliates.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-align:center;font-weight:bold;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref365539746"></a><a name="_Ref365540354"></a><a name="_Ref365540478"></a><a name="_Toc431228269"></a><font style="display: inline;font-weight:bold;font-family:Times New Roman;text-transform:none;color:#000000;">ARTICLE 4</font>
		</p><font style="display: inline;color:#000000;">RIGHTS AND PAYMENTS UPON TERMINATION</font>
		<p style="margin:0pt 0pt 12pt;text-align:center;text-indent:36pt;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref365540453"></a><a name="_Toc431228270"></a><font style="display: inline;text-decoration:none;color:#000000;">4.1</font><font style="display: inline;text-decoration:none;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;text-decoration:none;color:#000000;"></font><font style="display: inline;text-decoration:none;color:#000000;">Rights and Payments upon Termination</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">.&nbsp;&nbsp;Executive&#x2019;s right to compensation and benefits for periods after the date on which</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">his</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">employment terminates with the Company and all Affiliates (the &#x201C;Termination Date&#x201D;) shall be determined in accordance with </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">the Confidential Separation and Release Agreement (the &#x201C;Separation Agreement&#x201D;), as set out in Appendix B hereto.</font><a name="_Ref365540174"></a><a name="_Ref365540293"></a><a name="_Toc431228271"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">4.2</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;font-weight:bold;color:#000000;">No Duplication of Seve</font><font style="display: inline;font-weight:bold;color:#000000;">rance Benefits</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font><a name="_Ref365540229"></a><font style="display: inline;color:#000000;">Notwithstanding </font><font style="display: inline;text-decoration:underline;color:#000000;">Section</font><font style="display: inline;text-decoration:underline;color:#000000;"> 4.1</font><font style="display: inline;color:#000000;">, if Executive receives or is entitled to receive any severance benefit under any change of control </font><font style="display: inline;color:#000000;">or severance benefits plan, policy, or </font><font style="display: inline;color:#000000;">agreement of the Company or any Affiliate, the amount payable under</font><font style="display: inline;color:#000000;"> the Separation Agreement </font><font style="display: inline;color:#000000;">to or on behalf of Executive shall be offset by such other severance benefits </font><font style="display: inline;color:#000000;">payable to or on behalf of </font><font style="display: inline;color:#000000;">Executive.</font><a name="_Ref365540050"></a><a name="_Toc431228272"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">4.3</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;font-weight:bold;color:#000000;">Separation </font><font style="display: inline;font-weight:bold;color:#000000;">Agreement</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">I</font><font style="display: inline;color:#000000;">n order to receive</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">the termination </font><font style="display: inline;color:#000000;">benefits </font><font style="display: inline;color:#000000;">described in the Separation Agreement following the Termination Date</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;">Executive must first execute the </font><font style="display: inline;color:#000000;">Separation Agreement </font><font style="display: inline;color:#000000;">in substantially the same form as attached hereto as</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Appendix</font><font style="display: inline;text-decoration:underline;color:#000000;"> &nbsp;B</font><font style="display: inline;color:#000000;">, together with any changes thereto that the Company </font><font style="display: inline;color:#000000;">and Executive mutually deem </font><font style="display: inline;color:#000000;">to be necessary or appropriate to </font><font style="display: inline;color:#000000;">satisfy any </font><font style="display: inline;color:#000000;">applicable law or regulation.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">No </font><font style="display: inline;color:#000000;">termination </font><font style="display: inline;color:#000000;">b</font><font style="display: inline;color:#000000;">enefits shall be payable or provided by the Company </font><font style="display: inline;color:#000000;">under the Separation Agreement </font><font style="display: inline;color:#000000;">unless and until the </font><font style="display: inline;color:#000000;">Separation Agreement </font><font style="display: inline;color:#000000;">has been executed by Executive, has not been revoked, and is no longer subject to revocation by Executive.&nbsp; </font><font style="display: inline;color:#000000;">In addition, Executive shall not be entitled to receive any termination benefits as provided und</font><font style="display: inline;color:#000000;">er the Separation Agreement if </font><font style="display: inline;color:#000000;">he is terminated fo</font><font style="display: inline;color:#000000;">r theft, intentional misconduct</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> or</font><font style="display: inline;color:#000000;"> gross negligence in the performance of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> duties f</font><font style="display: inline;color:#000000;">or the Company or its Affiliate</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-align:center;font-weight:bold;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref365560131"></a><a name="_Toc431228273"></a><font style="display: inline;font-weight:bold;font-family:Times New Roman;text-transform:none;color:#000000;">ARTICLE 5</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-align:center;font-weight:bold;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;font-family:Times New Roman;color:#000000;">CONFIDENTIAL INFORMATION AND RESTRICTIVE COVENANTS</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref365553503"></a><a name="_Toc431228274"></a><font style="display: inline;text-decoration:none;color:#000000;">5.1</font><font style="display: inline;text-decoration:none;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;text-decoration:none;color:#000000;"></font><font style="display: inline;text-decoration:none;color:#000000;">Access to Confidential Information</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">.&nbsp;&nbsp;In connection</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> with</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">his</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">employment and continuing on an ongoing basis during the Employment Period, the Company and its Affiliates will give Executive access to Confidential Information, which Executive did not have access to or knowledge of before the </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">E</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">xecution </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">Date.</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> &nbsp;Executive acknowledges and agrees that all Confidential Information is confidential and a valuable, special and unique asset of the Company that gives the Company an advantage over its actual and potential, current and future </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">competitors.&nbsp;&nbsp;Executive further acknowledges and agrees that Executive owes the Company a fiduciary duty to preserve and protect all Confidential Information from unauthorized disclosure or unauthorized use, that certain Confidential Information constitutes &#x201C;trade secrets&#x201D; under applicable laws, and that unauthorized disclosure or unauthorized use of </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">any </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">Confidential Information would irreparably injure the Company or </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">its </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">Affiliate.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<a name="_Toc431228275"></a><font style="display: inline;text-decoration:none;color:#000000;">5.2</font><font style="display: inline;text-decoration:none;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;text-decoration:none;color:#000000;"></font><font style="display: inline;text-decoration:none;color:#000000;">Agreement Not to Use or Disclose Confidential Information</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">.&nbsp;&nbsp;Both during the term of Executive&#x2019;s employment and after</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">his</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">termination of employment for any reason (including wrongful termination), Executive shall hold all Confidential Inform</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">ation in strict confidence, and shall not use any Confidential Information except for the benefit of the Company or its Affiliates, in accordance with the duties assigned to Executive.&nbsp;&nbsp;Executive shall not, at any time (either during or after the term of Executive&#x2019;s employment), disclose any Confidential Information to any Person (except other Persons who have a need to know the information in connection with the performance of services for the Company or an Affiliate), or copy, reproduce, modify, decompile or reverse engineer any Confidential Information, or remove any Confidential Information from the Company&#x2019;s premises, without the prior written consent of the </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">CEO or </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">the </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">Board, or their delegates, </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">or permit any other Person to do so.&nbsp;&nbsp;Executive shall take reasonable precautions to protect the physical security of all documents and other material containing Confidential Information (regardless of the medium on which the Confidential Information is stored).&nbsp;&nbsp;This agreement and covenant applies to all Confidential Information, whether now known or later to become known to Executive.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">The Executive shall hold in a fiduciary capacity for the benefit of the Company </font><font style="display: inline;color:#000000;">and its Affiliates, </font><font style="display: inline;color:#000000;">all Confidential Information that has been obtained by the Executive during </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">employment</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;">and which is not public knowledge (other than by acts of the Executive or </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">representatives in violation of this Agreement).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Following the termination of the Executive&#x2019;s employment with the Company for any reason, the Executive shall not, without the prior written consent of the Company or as may otherwise be required by </font><font style="display: inline;color:#000000;">compulsion of </font><font style="display: inline;color:#000000;">law or </font><font style="display: inline;color:#000000;">other </font><font style="display: inline;color:#000000;">legal process, communicate or divulge any Confidential Information to any Person other than </font><font style="display: inline;color:#000000;">to </font><font style="display: inline;color:#000000;">the Company and those designated by it.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">The Company has and will disclose to the Executive, or place the Executive in a position to have access to or develop, trade secrets and </font><font style="display: inline;color:#000000;">other </font><font style="display: inline;color:#000000;">Confidential Information of the Company or its Affiliates.&nbsp;&nbsp;As part of the consideration for</font><font style="display: inline;color:#000000;"> this Agreement</font><font style="display: inline;color:#000000;">, and</font><font style="display: inline;color:#000000;"> to protect </font><font style="display: inline;color:#000000;">the </font><font style="display: inline;color:#000000;">Confidential Information that ha</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;"> been and will in the future be disclosed or entrusted to Executive, the Company and the Executive </font><font style="display: inline;color:#000000;">have </font><font style="display: inline;color:#000000;">agree</font><font style="display: inline;color:#000000;">d</font><font style="display: inline;color:#000000;"> to </font><font style="display: inline;color:#000000;">the confidentiality </font><font style="display: inline;color:#000000;">obligations </font><font style="display: inline;color:#000000;">set forth in this Agreement</font><font style="display: inline;color:#000000;"> and </font><font style="display: inline;color:#000000;">they </font><font style="display: inline;color:#000000;">also </font><font style="display: inline;color:#000000;">hereby </font><font style="display: inline;color:#000000;">ratify </font><font style="display: inline;color:#000000;">and confirm </font><font style="display: inline;color:#000000;">any </font><font style="display: inline;color:#000000;">other </font><font style="display: inline;color:#000000;">confidentiality policy of the Company that covers Executive</font><font style="display: inline;color:#000000;">.</font><a name="_Toc431228276"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">5.3</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;font-weight:bold;color:#000000;">Duty to Return Company Documents and Property</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;Upon the termination of Executive&#x2019;s employment with the Company and its Affiliates for whatever</font><font style="display: inline;color:#000000;"> reason, Executive shall immediately return and deliver to the Company any and all papers, books, records, documents, memoranda and manuals, e-mail, electronic or magnetic recordings or data, including all copies thereof, belonging to the Company or an Affiliate or relating to their businesses, in Executive&#x2019;s possession or under</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">control, and regardless of</font><font style="display: inline;color:#000000;"> whether prepared by Executive or others.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">Within one (1) </font><font style="display: inline;">Business D</font><font style="display: inline;">ay after the end of the Employment Period for </font><font style="display: inline;">whatever </font><font style="display: inline;">reason, the Executive shall return to Company all Confidential Information which is in</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">his</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">possession, custody or control.</font><font style="display: inline;"> &nbsp;If at any time after the Employment Period, Executive determines that he has any Confidential Information in </font><font style="display: inline;">his</font><font style="display: inline;"> possession or under </font><font style="display: inline;">his</font><font style="display: inline;"> control, </font><font style="display: inline;">he </font><font style="display: inline;">shall immediately return </font><font style="display: inline;">it </font><font style="display: inline;">to the Company, including all copies (including electronic versions) and portions thereof.</font><a name="_Toc431228277"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">5.4</font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">Further Disclosure</font><font style="display: inline;">.</font><font style="display: inline;"> &nbsp; &nbsp;</font><font style="display: inline;">Executive shall promptly disclose to the Company all ideas, inventions, computer programs, and discoveries,</font><font style="display: inline;"> whether or not patentable or copyrightable, which</font><font style="display: inline;"> he </font><font style="display: inline;">may conceive or make, alone or with others, during the Employment Period, whether or not during working hours, and which directly or indirectly:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-weight:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(a)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">relate to matters within the scope, field, duties or responsibility of Executive&#x2019;s employment with the Company; or</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-weight:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(b)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">are based on any knowledge of the actual or anticipated business or interest of the Company; or</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-weight:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(c)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">are aided by the use of time, materials, facilities or information of the Company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Executive assigns to the Company, without further compensation, all rights, titles and interest in all such ideas, inventions, computer programs and discoveries in all countries of the world.&nbsp;&nbsp;Executive recognizes that all ideas, inventions, computer programs and discoveries of the type described above, conceived or made by Executive alone or with others within six (6) months after termination of employment (voluntary or otherwise), are likely to have been conceived in significant part either while employed by the Company or as a direct result of knowledge Executive had of Confidential Information.&nbsp;&nbsp;Accordingly, Executive agrees that such ideas, inventions or discoveries shall be presumed to have been conceived during</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">employment with the Company, unless and until the contrary is clearly established by Executive.</font><a name="_Toc431228278"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">5.5</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;font-weight:bold;color:#000000;">Non-Solicitation Restriction</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;To protect the Confidential Information, and in the event of Executive&#x2019;s termination of employment for </font><font style="display: inline;color:#000000;">whatever </font><font style="display: inline;color:#000000;">reason, it is necessary to enter into the following restrictive covenants which are ancillary to the enforceable promises between the Company and Executive in this Agreement.&nbsp;&nbsp;Executive hereby</font><font style="display: inline;color:#000000;"> covenants and agrees that</font><font style="display: inline;color:#000000;"> he </font><font style="display: inline;color:#000000;">will not, directly or indirectly, either individually or </font><font style="display: inline;color:#000000;">on behalf of any other Person</font><font style="display: inline;color:#000000;">, or in any other manner or capacity whatsoever, except on behalf of the Company or an Affiliate, solicit business, or attempt to solicit business, in products or services competitive with any products or services provided by the Company or any Affiliate, from the Company&#x2019;s or Affiliate&#x2019;s partners or clients (or any prospective partner or client) as of the Termination Date, or any other Person with whom the Company or Affiliate did business, or had a business relationship with, within the one (1) year period immediately preceding the Termination Date.</font><a name="_Ref365544231"></a><a name="_Toc431228279"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">5.6</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;font-weight:bold;color:#000000;">No-Recruitment Restriction</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Executive shall not, directly or indirectly, for </font><font style="display: inline;color:#000000;">himself</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">or any other Person, induce any employee of the Company</font><font style="display: inline;color:#000000;"> of any of its Affiliates to terminate</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">his </font><font style="display: inline;color:#000000;">or her employment with the Company or such Affiliates, or hire or assist in the hiring of any such employee by any Person not affiliated with the Company, unless such </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">employee has terminated employment with the Company and </font><font style="display: inline;">its Affiliates for at least six</font><font style="display: inline;">ty (</font><font style="display: inline;">6</font><font style="display: inline;">0) days before such initial solicitation.&nbsp;&nbsp;These </font><font style="display: inline;">nonsolicitation</font><font style="display: inline;"> obligations shall apply during the period that the Executive is employed b</font><font style="display: inline;">y the Company and during the one</font><font style="display: inline;">-year period commencing on the Termination Date.&nbsp;&nbsp;Notwithstanding the foregoing, the provisions of this </font><font style="display: inline;text-decoration:underline;">Section</font><font style="display: inline;text-decoration:underline;"> 5.6</font><font style="display: inline;"> shall not restrict the ability of the Company or its Affiliates to take any action with respect to the employment or the termination of employment of any of its employees, or for the Executive to participate in</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">his</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">capacity as an officer of the Company.</font><a name="_Toc431228280"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">5.7</font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">R</font><font style="display: inline;font-weight:bold;">eserved</font><a name="_Toc431228281"></a><font style="display: inline;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">5.8</font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">Reformation</font><font style="display: inline;">.&nbsp;&nbsp;It is expressly understood and agreed that the Company and the Executive consider the restrictions contained in this </font><font style="display: inline;text-decoration:underline;">Article 5</font><font style="display: inline;"> to be reasonable and necessary to protect the Confidential Information and </font><font style="display: inline;">the </font><font style="display: inline;">reasonable business interests of the Company or its Affiliates.&nbsp;&nbsp;Nevertheless, if any of the aforesaid restrictions are found by a court having jurisdiction to be unreasonable, or overly broad as to geographic area or time, or otherwise unenforceable, the Parties intend for the restrictions therein set forth to be modified by such court so as to be reasonable and enforceable and, as so modified, to be fully enforced</font><font style="display: inline;"> in the geographic area and for the time period to the full extent permitted by law</font><font style="display: inline;">.</font><a name="_Toc431228282"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">5.9</font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">Conflicts of Interest</font><font style="display: inline;font-weight:bold;">.</font><font style="display: inline;"> &nbsp;In keeping with</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">his</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">fiduciary duties to Company, Executive hereby agrees that</font><font style="display: inline;"> he </font><font style="display: inline;">shall not become involved in a conflict of interest, or upon discovery thereof, allow such a conflict to continue</font><font style="display: inline;"> at any time during the Employment Period.&nbsp;&nbsp;Moreover, Executive agrees that</font><font style="display: inline;"> he </font><font style="display: inline;">shall abide by the Company&#x2019;s Code of Conduct, as it may be amended from time to time, and immediately disclose to the </font><font style="display: inline;">CEO or </font><font style="display: inline;">Board any known facts which might involve a conflict of interest of which the </font><font style="display: inline;">CEO or </font><font style="display: inline;">Board was not aware.</font><a name="_Ref365560205"></a><a name="_Toc431228283"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">5.10</font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">Remedies</font><font style="display: inline;">.&nbsp;&nbsp;Executive acknowledges that the restrictions contained in this</font><font style="display: inline;"> Article 5</font><font style="display: inline;">, in view of the nature of</font><font style="display: inline;"> the Company&#x2019;s business, are reasonable and necessary to protect the Company&#x2019;s legitimate business interests, and that any violation of this Agreement </font><font style="display: inline;">c</font><font style="display: inline;">ould result in irreparable injury to the Company.&nbsp;&nbsp;In the event of a breach or a threatened breach by Executive of any provision of</font><font style="display: inline;"> Article 5</font><font style="display: inline;">, the Company shall be entitled to a temporary restraining order and injunctive relief restraining Executive from the commission of any breach, and to recover the Company&#x2019;s attorneys&#x2019; fees, costs and expenses related to the breach or threatened breach.&nbsp;&nbsp;Nothing contained in this Agreement shall be construed as prohibiting the Company from pursuing any other remedies available to it for any such breach or threatened breach, including, without limitation, the recovery of money damages, attorneys&#x2019; fees, and costs.&nbsp;&nbsp;These covenants and disclosures shall each be construed as independent of any other provisions in this Agreement, and the existence of any claim or cause of action by Executive against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of such covenants and agreements.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">The Executive acknowledges that money damages </font><font style="display: inline;">may</font><font style="display: inline;"> not be sufficient remedy for any breach of </font><font style="display: inline;text-decoration:underline;">Article 5</font><font style="display: inline;"> by the Executive, and the Company shall </font><font style="display: inline;">also </font><font style="display: inline;">be entitled to specific performance as </font><font style="display: inline;">an available remedy</font><font style="display: inline;"> for </font><font style="display: inline;">any </font><font style="display: inline;">such breach or any threatened breach.&nbsp; </font><font style="display: inline;">The </font><font style="display: inline;">remedies </font><font style="display: inline;">provided in this </font><font style="display: inline;text-decoration:underline;">Section</font><font style="display: inline;text-decoration:underline;"> 5.10</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">shall not be deemed the exclusive remedies for a breach of</font><font style="display: inline;"> Article 5</font><font style="display: inline;">, but shall be in addition to all remedies available at law or in equity.</font><a name="_Toc431228284"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-weight:bold;">5.11</font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">No Disparaging Comments</font><font style="display: inline;">.&nbsp;&nbsp;Executive and the Company shall refrain from any criticisms or disparaging comments about each</font><font style="display: inline;"> other or in any way relating to Executive&#x2019;s employment or separation from employment; provided, however, that nothing in this Agreement shall apply to or restrict in any way the communication of information by the Company or any of its Affiliates</font><font style="display: inline;">,</font><font style="display: inline;"> or by the Executive</font><font style="display: inline;">,</font><font style="display: inline;"> to any state or federal law enforcement agency.&nbsp;&nbsp;The Company and Executive will not be in breach of this covenant solely by reason of testimony or disclosure that is required for compliance with applicable law or regulation or by compulsion of law.&nbsp;&nbsp;A violation or threatened violation of this prohibition may be enjoined by a court of competent jurisdiction.&nbsp;&nbsp;The rights under this provision are in addition to any and all rights and remedies otherwise afforded by law to the Parties.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Executive acknowledges that in executing this Agreement,</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">he </font><font style="display: inline;">has knowingly, voluntarily, and intelligently waived any free speech, free association, free press or First Amendment to the United States Constitution (including, without limitation, any counterpart or similar provision or right under the Texas Constitution or any other state constitution which may be deemed to apply) rights to disclose, communicate, or publish disparaging information or comments concerning or related to the Company</font><font style="display: inline;"> or its Affiliate</font><font style="display: inline;">; provided, however, nothing in this Agreement shall be deemed to prevent Executive from testifying fully and truthfully in response to a subpoena from any court or from responding to an investigative inquiry from any governmental agency.</font>
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		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-align:center;font-weight:bold;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref365554187"></a><a name="_Toc431228285"></a><font style="display: inline;font-weight:bold;font-family:Times New Roman;text-transform:none;color:#000000;">ARTICLE 6</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-align:center;font-weight:bold;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">GENERAL PROVISIONS</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref365558222"></a><a name="_Toc431228286"></a><font style="display: inline;text-decoration:none;color:#000000;">6.1</font><font style="display: inline;text-decoration:none;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;text-decoration:none;color:#000000;"></font><font style="display: inline;text-decoration:none;color:#000000;">Matters Relating to Section 409A of the Code</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">.&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">I</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">f the payment of any compensation or </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">other </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">benefit provided under </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">this Agreement or the Separation Agreement </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">would be subject to additional taxes and interest under Section</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> 409A of the Code (&#x201C;Section 409A&#x201D;), then </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">such provision </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">is intended to be written, administered, interpreted and construed in a manner such that no </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">such benefit </font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">becomes subject to (</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">a</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">)&nbsp;the gross income in</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">clusion under Section 409A or (b</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">)</font><font style="display: inline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">the interest and additional tax under Section 409A (collectively, &#x201C;Section 409A Penalties&#x201D;), including, where appropriate, the construction of defined terms to have meanings that would not cause the imposition of the Section 409A Penalties.&nbsp;&nbsp;If any provision of this Agreement would cause Executive to incur the Section 409A Penalties, the Company may, after consulting with Executive, reform such provision to comply with Section&nbsp;409A or to preclude</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> imposition of the Section 409A Penalties</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">, to the full exte</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">nt permitted under Section 409A as determined by the Company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<a name="_Toc431228287"></a><font style="display: inline;text-decoration:none;color:#000000;">6.2</font><font style="display: inline;text-decoration:none;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;text-decoration:none;color:#000000;"></font><font style="display: inline;text-decoration:none;color:#000000;">Withholdings; Right of Offset</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">.&nbsp;&nbsp;The</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> Company may withhold and deduct from any benefits and payments made or to be made pursuant to this Agreement (a) all federal, state, local, foreign, and other taxes as may be required pursuant to any law or governmental regulation or ruling, (b) all other normal employee deductions made with respect to Company&#x2019;s employees generally, and (c) any advances made to Executive and owed to Company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<a name="_Toc431228288"></a><font style="display: inline;text-decoration:none;color:#000000;">6.3</font><font style="display: inline;text-decoration:none;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;text-decoration:none;color:#000000;"></font><font style="display: inline;text-decoration:none;color:#000000;">Nonalienation</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">.&nbsp;&nbsp;The right to receive payments under this Agreement shall not be subject in any manner to anticipation,</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> alienation, sale, transfer, assignment, pledge or encumbrance by Executive,</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">his</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">dependents or beneficiaries, or to any other Person who is or may become entitled to receive such payments hereunder.&nbsp;&nbsp;The right to receive payments hereunder </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">shall not be subject to or liable for the debts, contracts, liabilities, engagements or torts of any Person who is or may become entitled to receive such payments, nor may the same be subject to attachment or seizure by any creditor of such Person under any circumstances, and any such attempted attachment or seizure shall be void and of no force and effect.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<a name="_Toc431228289"></a><font style="display: inline;text-decoration:none;color:#000000;">6.4</font><font style="display: inline;text-decoration:none;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;text-decoration:none;color:#000000;"></font><font style="display: inline;text-decoration:none;color:#000000;">Incompetent or Minor Payees</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">.&nbsp;&nbsp;Should the Compensation Committee determine, in its discretion, that any Person to whom any payment is payable under this Agreement has been determined to be legally incompetent or is a minor</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">, any payment due hereunder, notwithstanding any other provision of this Agreement to the contrary, may be made in any one or more of the following ways:&nbsp;&nbsp;(a) directly to such Person; (b) to the legal guardian or other duly appointed personal representative of the individual or the estate of such Person; or (c) to such adult or adults as have, in the good faith knowledge of the Compensation Committee, assumed custody and support of such Person; and any payment so made shall constitute full and complete discharge of any liability under this Agreement in respect to the amount paid.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref365558305"></a><a name="_Toc431228290"></a><font style="display: inline;text-decoration:none;color:#000000;">6.5</font><font style="display: inline;text-decoration:none;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;text-decoration:none;color:#000000;"></font><font style="display: inline;text-decoration:none;color:#000000;">Successors and Assigns</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">.&nbsp;&nbsp;This Agreement shall be binding upon and inure to the benefit of the Company and any successor</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> of the Company (whether direct or indirect, by purchase, merger, consolidation or otherwise), and this Agreement shall inure to the benefit of and be enforceable by Executive&#x2019;s legal representatives.&nbsp;&nbsp;As used in this Agreement, &#x201C;Company&#x201D; shall mean the Company as previously defined and any successor by operation of law or otherwise, as well as any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement.&nbsp;&nbsp;Except as provided in the preceding provisions of this Section</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> 6.5</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">, this Agreement, and the rights and obligations of the Parties hereunder, are personal in nature and neither this Agreement, nor any right, benefit, or obligation of either Party hereto, shall be subject to voluntary or involuntary assignment, alienation or transfer, whether by operation of law or otherwise, without the written consent of the other Party.</font><a name="_Ref408497093"></a><a name="_Toc431228291"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:none;color:#000000;">6.6</font><font style="display: inline;text-decoration:none;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;text-decoration:none;color:#000000;"></font><font style="display: inline;text-decoration:none;color:#000000;">Notice</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;">.&nbsp;&nbsp;Each Notice or other communication required or permitted under this Agreement shall be in writing</font><font style="display: inline;font-family:Times New Roman;font-weight:normal;text-decoration:none;color:#000000;"> and transmitted, delivered, or sent by personal delivery, prepaid courier or messenger service (whether overnight or same-day), or prepaid certified United States mail (with return receipt requested), addressed (in any case) to the other Party at the address for that Party set forth below or under that Party&#x2019;s signature on this Agreement, or at such other address as the recipient has designated by Notice to the other Party.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:37pt;"><font style="display: inline;color:#000000;">To the Company:</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;color:#000000;">VAALCO Energy, Inc.</font></font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:108pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">9800 Richmond Avenue, Suite 700</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:108pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Houston, Texas&nbsp;&nbsp;770</font><font style="display: inline;color:#000000;">4</font><font style="display: inline;color:#000000;">2</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:108pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Attention:&nbsp; </font><font style="display: inline;color:#000000;">Eric J. Christ </font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:108pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Vice President, General Counsel &amp; Corporate Secretary</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:51pt;"><font style="display: inline;color:#000000;">To Executive:</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">Gregory Hullinger</font><font style="display: inline;color:#000000;">&nbsp;</font></font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:108pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(as set forth below </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> signature)</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Each Notice or communication so transmitted, delivered, or sent (a) in person, by courier or messenger service, or by certified United States mail (return receipt requested) shall be deemed given, received, and effective on the date delivered to or refused by the intended </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">recipient (with the return receipt, or the equivalent record of the courier or messenger, being deemed conclusive evidence of delivery or refusal), or (b) by telecopy or facsimile shall be deemed given, received, and effective on the date of actual receipt (with the confirmation of transmission being deemed conclusive evidence of receipt, except where the intended recipient has promptly Notified the other Party that the transmission is illegible). Nevertheless, if the date of delivery or transmission is not a Business Day, or if the delivery or transmission is after 4:00</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">p.m. (local time at the recipient) on a Business Day, the Notice or other communication shall be deemed given, received, and effective on the next Business Day.</font><a name="_Toc431228292"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">6.7</font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">Severability</font><font style="display: inline;">.&nbsp;&nbsp;It is the desire of the Parties hereto that this Agreement be enforced to the maximum extent permitted by</font><font style="display: inline;"> law, and should any provision contained herein be held unenforceable by a court of competent jurisdiction, the Parties hereby agree and consent that such provision shall be reformed to create a valid and enforceable provision to the maximum extent permitted by law; provided, however, if such provision cannot be reformed, it shall be deemed ineffective and deleted herefrom without affecting any other provision of this Agreement.&nbsp;&nbsp;This Agreement should be construed by limiting and reducing it only to the minimum extent necessary to be enforceable under then applicable law.</font><a name="_Toc431228293"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">6.8</font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">No Third</font><font style="display: inline;font-weight:bold;">-</font><font style="display: inline;font-weight:bold;">Party Beneficiaries</font><font style="display: inline;">.&nbsp;&nbsp;This Agreement shall be binding upon and inure to the benefit of the Parties hereto, and to their respective</font><font style="display: inline;"> successors and permitted assigns </font><font style="display: inline;">as provided </font><font style="display: inline;">hereunder, but otherwise this Agreement shall not be for the benefit of any </font><font style="display: inline;">Persons who are </font><font style="display: inline;">third parties.</font><a name="_Toc431228294"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">6.9</font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">Waiver of Breach</font><font style="display: inline;">.&nbsp;&nbsp;No waiver</font><font style="display: inline;"> by either Party of a breach of any provision of this Agreement by the other Party, or of compliance with any condition or provision of this Agreement to be performed by the other Party, will operate or be construed as a waiver of any subsequent breach by the other Party or any similar or dissimilar provision or condition at the same or any subsequent time.&nbsp;&nbsp;The failure of either Party to take any action by reason of any breach will not deprive such Party of the right to take action at any time while such breach continues.</font><a name="_Toc431228295"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">6.10</font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">Survival of Certain Provisions</font><font style="display: inline;">.&nbsp;&nbsp;Wherever appropriate to the intention of the Parties, the respective rights and obligations of the Parties hereunder shall survive any termination or</font><font style="display: inline;"> expiration of this Agreement and</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">following the Termination Date</font><font style="display: inline;">.</font><a name="_Toc431228296"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">6.11</font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">Entire Agreement; Amendment and Termination</font><font style="display: inline;">.&nbsp;&nbsp;This Agreement contains the entire agreement of the Parties with respect to the matters covered herein; moreover, this Agreement supersedes all prior and contemporaneous agreements and</font><font style="display: inline;"> understandings, oral or written, between the Parties concerning the subject matter hereof.&nbsp;&nbsp;This Agreement may be amended, waived or terminated only by a written instrument that is identified as an amendment, waiver or termination hereto and that is executed by or on behalf of each Party.</font><a name="_Toc431228297"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">6.12</font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">Interpretive Matters</font><font style="display: inline;">.&nbsp;&nbsp;In the interpretation of the Agreement, except where the context otherwise requires:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-weight:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(a)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;font-weight:bold;color:#000000;">Headings.</font><font style="display: inline;color:#000000;"> &nbsp;The Agreement headings are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement.</font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-weight:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(b)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">The terms </font><font style="display: inline;color:#000000;">&#x201C;</font><font style="display: inline;font-weight:bold;color:#000000;">including</font><font style="display: inline;color:#000000;">&#x201D;</font><font style="display: inline;color:#000000;"> and </font><font style="display: inline;color:#000000;">&#x201C;</font><font style="display: inline;font-weight:bold;color:#000000;">include</font><font style="display: inline;color:#000000;">&#x201D;</font><font style="display: inline;color:#000000;"> do not denote or imply any limitation.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-weight:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(c)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">The conjunction </font><font style="display: inline;color:#000000;">&#x201C;</font><font style="display: inline;font-weight:bold;color:#000000;">or</font><font style="display: inline;color:#000000;">&#x201D;</font><font style="display: inline;color:#000000;"> has the inclusive meaning </font><font style="display: inline;color:#000000;">&#x201C;</font><font style="display: inline;font-weight:bold;color:#000000;">and/or</font><font style="display: inline;color:#000000;">&#x201D;</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-weight:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(d)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">The singular includes the plural, and vice versa, and each gender includes each of the others.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-weight:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(e)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">The term </font><font style="display: inline;color:#000000;">&#x201C;</font><font style="display: inline;font-weight:bold;color:#000000;">month</font><font style="display: inline;color:#000000;">&#x201D;</font><font style="display: inline;color:#000000;"> refers to a calendar month.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-weight:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(f)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">R</font><font style="display: inline;color:#000000;">eference to any statute, rule, or regulation includes any amendment thereto or any statute, rule, or regulation enacted or promulgated in replacement thereof.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-weight:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(g)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">The words </font><font style="display: inline;color:#000000;">&#x201C;</font><font style="display: inline;font-weight:bold;color:#000000;">herein</font><font style="display: inline;color:#000000;">&#x201D;</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;">&#x201C;</font><font style="display: inline;font-weight:bold;color:#000000;">hereof</font><font style="display: inline;color:#000000;">&#x201D;</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;">&#x201C;</font><font style="display: inline;font-weight:bold;color:#000000;">hereunder</font><font style="display: inline;color:#000000;">&#x201D;</font><font style="display: inline;color:#000000;"> and other compounds of the word </font><font style="display: inline;color:#000000;">&#x201C;</font><font style="display: inline;font-weight:bold;color:#000000;">here</font><font style="display: inline;color:#000000;">&#x201D;</font><font style="display: inline;color:#000000;"> shall refer to the entire Agreement and not to any particular provision;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-weight:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(h)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">All </font><font style="display: inline;color:#000000;">amounts referenced herein are in U.S. dollars.</font><a name="_Ref365455710"></a><a name="_Toc431228298"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-weight:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">6.13</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;font-weight:bold;color:#000000;">Governing Law; Jurisdiction</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;All matters or issues relating to the interpretation, construction, validity, and enforcement of this Agreement shall be governed by the laws of the State of Texas, without giving effect to any choice-of-law principle that would cause the application of the laws of any jurisdiction other than Texas.&nbsp;&nbsp;Jurisdiction and venue of any action or proceeding relating to this Agreement shall be exclusively in the federal and state courts of competent jurisdiction in Houston, Texas</font><font style="display: inline;color:#000000;">, and the Parties </font><font style="display: inline;color:#000000;">hereby </font><font style="display: inline;color:#000000;">waive any objection to such venue including, without limitation, that it is inconvenient</font><font style="display: inline;color:#000000;">.</font><a name="_Toc431228299"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-weight:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">6.14</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;font-weight:bold;color:#000000;">Executive Acknowledgment</font><font style="display: inline;font-weight:bold;color:#000000;">.</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font><font style="display: inline;color:#000000;">Executive acknowledges that (a) he is knowledgeable and sophisticated as to business matters, including the subject matter of this Agreement, (b) he has read this Agreement and understands its terms and conditions, (c) he has had ample opportunity to discuss this Agreement with his legal counsel prior to execution, and (d) no strict rules of construction shall apply for or against the drafter or any other Party.&nbsp;&nbsp;Executive represents that he is free to enter into this Agreement including, without limitation, that he is not subject to any covenant not to compete or other restrictive covenant that would conflict with his employment duties and covenants under this Agreement</font><font style="display: inline;color:#000000;">.</font><a name="_Toc431228300"></a>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-weight:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">6.15</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;font-weight:bold;color:#000000;">Counterparts</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;This Agreement may be executed in any number of counterparts, each of which when so executed and delivered</font><font style="display: inline;color:#000000;"> shall be an original, but all such counterparts shall together constitute one and the same instrument.&nbsp;&nbsp;Each counterpart may consist of a copy hereof containing multiple signature pages, each signed by one Party hereto, but together signed by both Parties.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 36pt;text-align:center;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:italic;color:#000000;">[Signature page follows.]</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			&nbsp;
		</p></div><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">IN WITNESS WHEREOF, Executive has hereunto set</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">his</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">hand and Company has caused this Agreement to be executed in its name and on its behalf by its duly authorized officer, to be effective as of the Effective Date.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 252pt;text-indent: -252pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">WITNESS</font><font style="display: inline;">:</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 226.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;">EXECUTIVE</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Signature:</font><font style="display: inline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">/s/ Eric J. Christ</font><font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;"></font><font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;"></font><font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;"></font><font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Signature:</font><font style="display: inline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">/s/ Gregory Hullinger</font><font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;"></font><font style="display: inline;text-decoration:underline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Name:</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Eric J. Christ</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">Name:</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Gregory Hullinger</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Date:</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">November 17, 2015</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">Date:</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">November 17, 2015</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 256.5pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:italic;">Executive&#x2019;s </font><font style="display: inline;font-style:italic;">Address for Notices:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 256.5pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Mr. Gregory Hullinger</font>
		</p>
		<p style="margin:0pt 0pt 0pt 256.5pt;line-height:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 256.5pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 256.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 252pt;text-indent: -252pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">ATTEST</font><font style="display: inline;">:</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 230.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;">COMPANY</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:252pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">VAALCO </font><font style="display: inline;font-weight:bold;">ENERGY, INC.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">By: </font><font style="display: inline;text-decoration:underline;">/s/ Eric J. Christ</font><font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;"></font><font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;"></font><font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;"></font><font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;"></font><font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">By:</font><font style="display: inline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">/s/ Steven P. Guidry</font><font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;"></font><font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;text-decoration:underline;"></font><font style="display: inline;text-decoration:underline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Name:</font><font style="display: inline;">&nbsp;</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Eric J. Christ</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Name:</font><font style="display: inline;">&nbsp;</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Steven P. Guidry</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Date:</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">November 17, 2015</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">Title: </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Chief Executive Officer</font>
		</p>
		<p style="margin:0pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">Date: </font><font style="display: inline;">&nbsp;</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">November 17, 2015</font>
		</p>
		<p style="margin:0pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:left;border-top:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			&nbsp;
		</p></div><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:0pt 0pt 12pt 72pt;text-align:center;border-bottom:1pt none #D9D9D9 ;text-indent:-36pt;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt 72pt;text-align:center;border-bottom:1pt none #D9D9D9 ;text-indent:-36pt;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-weight:bold;">APPENDIX A</font>
		</p>
		<p style="margin:0pt 0pt 12pt 72pt;text-align:center;border-top:1pt none #D9D9D9 ;text-indent:-36pt;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;text-decoration:underline;">Definitions Appendix</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:normal;color:#000000;">1.</font><font style="display: inline;font-weight:normal;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;font-weight:normal;color:#000000;"></font><font style="display: inline;font-weight:normal;color:#000000;">&#x201C;Affiliate&#x201D;</font><font style="display: inline;font-weight:normal;color:#000000;">&nbsp;</font><font style="display: inline;font-weight:normal;color:#000000;">has the same meaning ascribed to such term in Rule&nbsp;12b-2 under the Securities Exchange Act of 1934, as amended from time to time.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:normal;color:#000000;">2.</font><font style="display: inline;font-weight:normal;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;font-weight:normal;color:#000000;">&nbsp;</font><font style="display: inline;font-weight:normal;color:#000000;">&#x201C;Board&#x201D; means the then-current Board of Directors of the Company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:normal;color:#000000;">3.</font><font style="display: inline;font-weight:normal;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;font-weight:normal;color:#000000;">&nbsp;</font><font style="display: inline;font-weight:normal;color:#000000;">&#x201C;Business Day&#x201D;</font><font style="display: inline;font-weight:normal;color:#000000;">&nbsp;</font><font style="display: inline;font-weight:normal;color:#000000;">means any Monday through Friday, excluding any such day on which banks are authorized to be closed in Texas.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:normal;color:#000000;">4.</font><font style="display: inline;font-weight:normal;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;font-weight:normal;color:#000000;">&nbsp;</font><font style="display: inline;font-weight:normal;color:#000000;">&#x201C;CEO&#x201D; means the then-current Chief Executive Officer of the Company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:normal;color:#000000;">5.</font><font style="display: inline;font-weight:normal;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;font-weight:normal;color:#000000;">&nbsp;</font><font style="display: inline;font-weight:normal;color:#000000;">&#x201C;Code&#x201D; means the Internal Revenue Code of 1986, as amended.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:normal;color:#000000;">6.</font><font style="display: inline;font-weight:normal;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;font-weight:normal;color:#000000;">&nbsp;</font><font style="display: inline;font-weight:normal;color:#000000;">&#x201C;Compensation Committee&#x201D; means the then-current Compensation Committee of the Board.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:normal;color:#000000;">7.</font><font style="display: inline;font-weight:normal;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;font-weight:normal;color:#000000;">&nbsp;</font><font style="display: inline;font-weight:normal;color:#000000;">&#x201C;Confidential Information&#x201D;</font><font style="display: inline;font-weight:normal;color:#000000;">&nbsp;</font><font style="display: inline;font-weight:normal;color:#000000;">means any information or material known to, or used by or for, the Company or an Affiliate (whether or not owned or developed by the Company or an Affiliate and whether or not developed by Executive) that is not generally known by other Persons in the </font><font style="display: inline;font-weight:normal;color:#000000;">same b</font><font style="display: inline;font-weight:normal;color:#000000;">usiness</font><font style="display: inline;font-weight:normal;color:#000000;"> as the Company or any of its Affiliates</font><font style="display: inline;font-weight:normal;color:#000000;">.&nbsp;&nbsp;For all purposes of the Agreement, Confidential Information includes, but is not limited to, the following: all trade secrets of the Company or an Affiliate; all non-public information that the Company or an Affiliate has marked as confidential or has otherwise described to Executive (either in writing or orally) as confidential; all non-public information concerning the Company&#x2019;s or Affiliate&#x2019;s products, services, prospective products or services, research, prospects, leases, surveys, seismic data, drilling data, designs, prices, costs, marketing plans, marketing techniques, studies, test data, leasehold and royalty owners, investors, suppliers and contracts; all business records and plans; all personnel files; all financial information of or concerning the Company or an Affiliate; all information relating to the Company&#x2019;s operating system software, application software, software and system methodology, hardware platforms, technical information, inventions, computer programs and listings, source codes, object codes, copyrights and other intellectual property; all technical specifications; any proprietary information belonging to the Company or an Affiliate; all computer hardware or software manuals of the Company or an Affiliate; all Company or Affiliate training or instruction manuals; all Company or Affiliate electronic data; and all computer system passwords and user codes.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:normal;color:#000000;">8.</font><font style="display: inline;font-weight:normal;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;font-weight:normal;color:#000000;">&nbsp;</font><font style="display: inline;font-weight:normal;color:#000000;">&#x201C;Person&#x201D;&nbsp;&nbsp;means any individual, firm, corporation, partnership, company, joint venture, association, joint-stock company, limited liability company, trust, unincorporated organization committee, or other entity.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:normal;color:#000000;">9.</font><font style="display: inline;font-weight:normal;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;font-weight:normal;color:#000000;">&nbsp;</font><font style="display: inline;font-weight:normal;color:#000000;">&#x201C;Termination Date&#x201D;</font><font style="display: inline;font-weight:normal;color:#000000;">&nbsp;</font><font style="display: inline;font-weight:normal;color:#000000;">means the date on which Executive&#x2019;s employment terminates with the Company and all </font><font style="display: inline;font-weight:normal;color:#000000;">of its </font><font style="display: inline;font-weight:normal;color:#000000;">Affiliates.</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;"></font><font style="display: inline;font-weight:bold;">APPENDIX B</font>
		</p>
		<p style="margin:0pt;text-indent:0pt;text-align:center;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">TO</font>
		</p>
		<p style="margin:0pt;text-indent:0pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">EMPLOYMENT AGREEMENT</font>
		</p>
		<p style="margin:0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:6pt 0pt 18pt;text-align:center;font-weight:bold;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 14pt">
			<font style="display: inline;font-style:italic;text-decoration:underline;">CONFIDENTIAL </font><font style="display: inline;font-style:italic;text-decoration:underline;">SEPARATION and Release AGREEMENT</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">This </font><font style="display: inline;font-weight:bold;">SEPARATION AND RELEASE</font><font style="display: inline;">&nbsp;</font><font style="display: inline;font-weight:bold;">AGREEMENT </font><font style="display: inline;">(the &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;">Agreement</font><font style="display: inline;">&#x201D;) is made and entered into by and between </font><font style="display: inline;">VAALCO Energy, Inc.</font><font style="display: inline;"> (the &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;">Company</font><font style="display: inline;">&#x201D;) and </font><font style="display: inline;">Gregory Hullinger</font><font style="display: inline;">, an employee and officer of the Company (&#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;">Employee</font><font style="display: inline;">&#x201D;).&nbsp;&nbsp;The Company and Employee may sometimes hereafter be referred to singularly as a &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;">Party</font><font style="display: inline;">&#x201D; or collectively as the &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;">Parties</font><font style="display: inline;">.&#x201D;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;font-weight:bold;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:italic;">RECITALS</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">WHEREAS</font><font style="display: inline;">,</font><font style="display: inline;"> the Parties are subject to an employment agreement dated </font><font style="display: inline;">effective </font><font style="display: inline;">November 17</font><font style="display: inline;">, 2015 (the &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;">Employment Agreement</font><font style="display: inline;">&#x201D;); and</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">WHEREAS</font><font style="display: inline;">, the Parties agree that the employment of Employee with the</font><font style="display: inline;"> Company</font><font style="display: inline;"> (and all of its Affiliates) shall terminate</font><font style="display: inline;"> on the Termination Date specified below, subject to terms and conditions of this Agreement</font><font style="display: inline;">; and</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">WHEREAS</font><font style="display: inline;">, the Parties desire to completely resolve any and all disputes or potential disputes that may exist between them concerning Employee&#x2019;s employment, separation from employment, </font><font style="display: inline;">and </font><font style="display: inline;">otherwise; and</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">WHEREAS</font><font style="display: inline;">, the </font><font style="display: inline;">Company </font><font style="display: inline;">desires to provide </font><font style="display: inline;">consideration to Employee in the form of Separation B</font><font style="display: inline;">enefits </font><font style="display: inline;">(as defined in</font><font style="display: inline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">Section</font><font style="display: inline;text-decoration:underline;"> &nbsp;1</font><font style="display: inline;">)</font><font style="display: inline;">;</font><font style="display: inline;"> and</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">WHEREAS,</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Employee is eligible to receive the </font><font style="display: inline;">Separation</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Benefits, </font><font style="display: inline;">the receipt of which is </font><font style="display: inline;">conditioned upon Employee</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">releasing the Company and the </font><font style="display: inline;">other </font><font style="display: inline;">Released Parties (as defined in </font><font style="display: inline;text-decoration:underline;">Section</font><font style="display: inline;text-decoration:underline;"> &nbsp;3</font><font style="display: inline;">) from </font><font style="display: inline;">all specified </font><font style="display: inline;">claims</font><font style="display: inline;"> or causes of action that Employee may have against them through the date that Employee executes this Agreement as set forth on the signature page below (the &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;">Release Effective Date</font><font style="display: inline;">&#x201D;); </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;font-weight:bold;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:italic;">AGREEMENT</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">NOW, THEREFORE</font><font style="display: inline;">, in consideration of the mutual representations contained herein, and such other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties hereby covenant and agree, with the intent to be legally bound, as follows:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref402345668"></a><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">1.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="font-weight:bold;font-size:12pt;display: inline;color:#000000;">Payment Acknowledged.&nbsp;&nbsp;In consideration for entering into this Agreement, the Company will provide to Employee the separation benefits specified in </font><font style="font-weight:bold;font-size:12pt;display: inline;text-decoration:underline;color:#000000;">Exhibit I</font><font style="font-weight:bold;font-size:12pt;display: inline;color:#000000;"> to this Agreement (the &#x201C;</font><font style="font-weight:bold;font-size:12pt;display: inline;font-style:italic;color:#000000;">Separation Benefits</font><font style="font-weight:bold;font-size:12pt;display: inline;color:#000000;">&#x201D;)</font><font style="font-weight:bold;font-size:12pt;display: inline;color:#000000;">. &nbsp;</font><font style="font-weight:bold;font-size:12pt;display: inline;color:#000000;">The Lump Sum Severance Payment, as described in Exhibit I, will be made in a single cash payment within ten (10) business days after the </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt 36pt;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="font-weight:bold;font-size:12pt;display: inline;color:#000000;">end of the revocation period specified in Section 17 following the Termination Date (as defined in Section 2).</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">The </font><font style="display: inline;color:#000000;">Separation </font><font style="display: inline;color:#000000;">Benefit</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;"> will be net of </font><font style="display: inline;color:#000000;">all </font><font style="display: inline;color:#000000;">applicable federal, state and local taxes as required by law and any other required withholdings. In </font><font style="display: inline;color:#000000;">addition</font><font style="display: inline;color:#000000;">, by entering into this Agreement, Employee agrees that the Separation Benefit</font><font style="display: inline;color:#000000;">s will be reduced by any</font><font style="display: inline;color:#000000;"> amount</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">that Employee owes the Company as of the Termination Date.&nbsp;&nbsp;All other benefits provided by the Company </font><font style="display: inline;color:#000000;">or its Affiliates to Employee </font><font style="display: inline;color:#000000;">shall cease upon the Termination Date, unless otherwise expressly provided by the </font><font style="display: inline;color:#000000;">express </font><font style="display: inline;color:#000000;">terms of such </font><font style="display: inline;color:#000000;">benefits</font><font style="display: inline;color:#000000;"> &nbsp;p</font><font style="display: inline;color:#000000;">lan</font><font style="display: inline;color:#000000;">s or programs.</font><font style="display: inline;color:#000000;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref384036291"></a><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">2.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Termination of Employment</font><font style="display: inline;font-weight:normal;color:#000000;">.&nbsp;&nbsp;Effective as of 5:00 p.m. (Central Time) on </font><font style="display: inline;font-weight:normal;color:#000000;">March 15, 2016</font><font style="display: inline;font-weight:normal;color:#000000;"> (&#x201C;</font><font style="display: inline;font-weight:normal;font-style:italic;color:#000000;">Termination Date</font><font style="display: inline;font-weight:normal;color:#000000;">&#x201D;), Employee&#x2019;s employment with the Company and all of its Affiliates shall terminate</font><font style="display: inline;font-weight:normal;color:#000000;">.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">The term &#x201C;</font><font style="display: inline;font-weight:normal;font-style:italic;color:#000000;">Affiliate</font><font style="display: inline;font-weight:normal;color:#000000;">&#x201D; means any Person, controlling, controlled by, or under common control with the Company.&nbsp;&nbsp;For purposes of this definition, the terms &#x201C;controlling, controlled by, or under common control&#x201D; means the possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or any partnership or other ownership interest, by contract or otherwise) of another person or entity.&nbsp;&nbsp;Whether any Person is an Affiliate will be determined by the Company.&nbsp;&nbsp;For purposes of the Agreement, the term &#x201C;</font><font style="display: inline;font-weight:normal;font-style:italic;color:#000000;">Person</font><font style="display: inline;font-weight:normal;color:#000000;">&#x201D; means any individual, firm, corporation, partnership, company, joint venture, association, joint-stock company, limited liability company, trust, unincorporated organization committee, or other entity.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref384036300"></a><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">3.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Purpose.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">The purpose of this Agreement is to provide for the orderly termination of the employment relationship between the Parties, and to voluntarily resolve any actual or potential disputes, claims or causes of action that Employee has or might have, whether known or unknown, as of the Release Effective Date (as defined above), against (a)&nbsp;the Company and its Affiliates, and its and their owners, partners, parents, directors, officers, employees, agents, attorneys, representatives, employee benefits plans, plan fiduciaries, insurers, predecessors, successors, and assigns, and (b)&nbsp;all compensation and benefit plans and programs sponsored or maintained by the Company and the administrators, trustees, insurers, and fiduciaries of such plans and programs (hereinafter, all the Persons in clauses (a) and (b)&nbsp;being individually and collectively referred to as the &#x201C;</font><font style="display: inline;font-weight:normal;font-style:italic;color:#000000;">Released Parties</font><font style="display: inline;font-weight:normal;color:#000000;">&#x201D;).&nbsp;&nbsp;Neither the fact that this Agreement has been proposed or executed, nor the terms of this Agreement, are intended to suggest, or should be construed as suggesting, that the Released Parties have acted unlawfully or violated any federal, state or local law or regulation, or any other duty, policy or contract.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref402169264"></a><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">4.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">No Other Payments</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">Employee understands and agrees that the Company shall make no other payments hereunder to Employee, other than the Separation Benefits, and shall have no other obligations to Employee except as described in this Agreement.&nbsp;&nbsp;Employee acknowledges that Employee has no right to seek, and will not seek, any additional or different compensation or consideration for executing or performing under this Agreement.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">Employee acknowledges that the Separation Benefits are in addition to </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:6pt 0pt 6pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;font-weight:normal;color:#000000;">anything of value to which Employee would otherwise be entitled to receive by virtue of Employee&#x2019;s employment or separation from employment, excepting any benefits that Employee is entitled to receive under the Company&#x2019;s employee benefit plans or programs following termination of employment, as provided under the express terms and conditions of such plans or programs, and without regard to the Separation Benefits described in this Agreement.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">5.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Neutral Employment Reference.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">The Company shall provide a neutral employment reference to any potential employers that consider the employment of Employee and that seek information concerning the reasons for the departure of Employee.&nbsp;&nbsp;A &#x201C;neutral employment reference&#x201D; means that the Company will provide to any such potential employers the identity of the positions held by Employee, the dates of Employee&#x2019;s employment with the Company, and the Employee&#x2019;s last rate of compensation.&nbsp;&nbsp;Employee should direct any potential employers to the Company&#x2019;s Human Resources Department in Houston, Texas, for employment references.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:normal;color:#000000;">6.</font><font style="display: inline;font-weight:normal;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;font-weight:normal;color:#000000;"></font><font style="display: inline;color:#000000;">No Admission of Liability</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">Employee understands and agrees that this Agreement shall not in any way be construed as an admission by the Company, or by any of the other Released Parties, of any unlawful or wrongful acts whatsoever against Employee or any other Person.&nbsp;&nbsp;The Released Parties specifically disclaim any liability to, or wrongful acts against, Employee or any other Person.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">7.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Tax Consequences.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">The Company has made no representations to Employee regarding the tax consequences of the Separation Benefits or any other benefit under this Agreement.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">Employee understands, acknowledges, and agrees that Company cannot, and does not, provide tax advice to Employee.&nbsp;&nbsp;Any tax-related information that has been provided, or will be provided, to Employee is solely for informational purposes and should not be relied upon by Employee.&nbsp;&nbsp;Employee is advised to retain a competent and qualified tax adviser to advise Employee on the tax consequences associated with Employee&#x2019;s termination of employment and receipt of Separation Benefits from the Company.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref402169281"></a><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">8.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Non-Disclosure Obligations.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">Employee shall not, without first obtaining the express written consent of the Chief Executive Officer of the Company (&#x201C;</font><font style="display: inline;font-weight:normal;font-style:italic;color:#000000;">CEO</font><font style="display: inline;font-weight:normal;color:#000000;">&#x201D;) or the Board of Directors of the Company (&#x201C;</font><font style="display: inline;font-weight:normal;font-style:italic;color:#000000;">Board</font><font style="display: inline;font-weight:normal;color:#000000;">&#x201D;), or being compelled to do so by a court of competent jurisdiction or a government entity under compulsion of law, disclose the existence or terms of this Agreement, nor the substance of the negotiations leading to this Agreement, to any other Person; save and except to Employee&#x2019;s spouse, personal attorney, personal accountants, personal tax preparer, and/or the appropriate taxing authorities (each of whom will then be deemed governed by the non-disclosure agreement herein to the extent permitted by applicable law, and Employee will be responsible for any such improper disclosure by such Persons).</font><font style="display: inline;font-weight:normal;color:#000000;"> &nbsp; &nbsp;</font>
		</p>
		<p style="margin:6pt 0pt 12pt 36pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Employee acknowledges and agrees that Employee (a)&nbsp;was exposed to and received valuable and proprietary Confidential Information (as defined in the Employment Agreement) and (b)&nbsp;agreed to preserve and protect the confidential nature of the Confidential Information.&nbsp; </font><font style="display: inline;color:#000000;">Employee also agrees to continue to abide by the Company&#x2019;s </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:6pt 0pt 12pt 36pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">confidentiality policies and any agreement regarding confidentiality that Employee has with the Company including, without limitation, Employee&#x2019;s </font><font style="display: inline;">continuing obligations under the </font><font style="display: inline;">Employment Agreement and the </font><font style="display: inline;">Company&#x2019;s </font><font style="display: inline;">Code of </font><font style="display: inline;">Business Conduct</font><font style="display: inline;"> and Ethics</font><font style="display: inline;">.&nbsp; </font><font style="display: inline;">Employee shall take all reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of the Confidential Information</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:6pt 0pt 12pt 36pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Employee expressly acknowledges</font><font style="display: inline;"> that Employee&#x2019;s breach of the obligations contained in this </font><font style="display: inline;text-decoration:underline;">Section</font><font style="display: inline;text-decoration:underline;"> &nbsp;8</font><font style="display: inline;"> will likely cause irreparable and substantial harm to the Company and, therefore, such obligations may be enforced by injunctive relief or monetary damages, if available, or any other remedy available at law or equity.&nbsp;&nbsp;In the event of any uncertainty regarding Employee&#x2019;s obligations contained in this </font><font style="display: inline;text-decoration:underline;">Section</font><font style="display: inline;text-decoration:underline;"> &nbsp;8</font><font style="display: inline;">, Employee agrees to contact the CEO, in writing, regarding such uncertainty and to seek a good faith clarification and/or resolution of Employee&#x2019;s obligations under this </font><font style="display: inline;text-decoration:underline;">Section</font><font style="display: inline;text-decoration:underline;"> &nbsp;8</font><font style="display: inline;">.&nbsp;&nbsp;In the event Employee becomes reemployed following Employee&#x2019;s termination of employment, Employee agrees to promptly and effectively disclose such confidentiality provisions</font><font style="display: inline;">,</font><font style="display: inline;"> but not the Agreement itself, to Employee&#x2019;s new employer(s).</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref402169423"></a><a name="_Ref402345613"></a><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">9.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Non-Disparagement.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">As provided in the Employment Agreement, </font><font style="display: inline;font-weight:normal;color:#000000;">Employee has agreed not to disclose, communicate, or publish any disparaging or negative information, writings, electronic communications, comments, opinions, facts, or remarks, of any kind, about the Company and/or any of the other Released Parties following the Termination Date.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref402345704"></a><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">10.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Non-Solicitation</font><font style="display: inline;color:#000000;"> and Non-Recruitment</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">Employee acknowledges and agrees that the position Employee held with the Company was a position of trust which allowed Employee to develop relationships with employees of the Company and its Affiliates, and to have insight into such work relationships.&nbsp;&nbsp;As such, </font><font style="display: inline;font-weight:normal;color:#000000;">Employee has agreed to the non-solicitation and non-recruitment covenants as set out in the Employment Agreement.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Should Employee violate any of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> non-solicitation or non-recruitment obligations or covenants, then Employee&#x2019;s entitlement to the payment of any monies under this Agreement will cease, the Company may recover from Employee all monies previously paid to Employee under this Agreement, with the exception of one hundred dollars ($100.00), which amount shall constitute an irrevocable amount of consideration supporting this Agreement and, moreover, the Company or an Affiliate may seek any further relief, legal or equitable, that might be&nbsp;&nbsp;available to it under any applicable law.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref402169331"></a><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">11.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Duty to Return Company Documents and Property</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">As provided in the Employment Agreement, Employee agrees that Employee shall:&nbsp;&nbsp;(a) not take, retain, copy, alter, destroy, or delete any files, documents or other materials whether or not embodying or recording any Confidential Information, including copies, without obtaining the advance written consent of an authorized Company representative; (b)&nbsp;promptly return to the Company all Confidential Information, documents, files, records and tapes (written or electronically stored) that are in Employee&#x2019;s possession or control regarding the Company and its Affiliates; and (c) not use or disclose such materials in any way or in any format, including written information in any form, including information stored by </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:6pt 0pt 6pt 36pt;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;font-weight:normal;color:#000000;">electronic means, and any copies of these materials.&nbsp;&nbsp;Employee further agrees that, following the Termination Date and as provided in the Employment Agreement, Employee will immediately return to the Company all property of the Company or its Affiliates</font><font style="display: inline;font-weight:normal;color:#000000;">.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">12.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Remedies</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">Employee acknowledges that (a) the restrictions contained in this Agreement, in view of the nature of the Company&#x2019;s business, are reasonable and necessary to protect the Company&#x2019;s legitimate business interests, and (b) any violation of this Agreement could result in irreparable injury to the Company or an Affiliate.&nbsp;&nbsp;In the event of a breach or a threatened breach by Employee of any provision of </font><font style="display: inline;font-weight:normal;text-decoration:underline;color:#000000;">Sections</font><font style="display: inline;font-weight:normal;text-decoration:underline;color:#000000;"> &nbsp;8</font><font style="display: inline;font-weight:normal;text-decoration:underline;color:#000000;"> through</font><font style="display: inline;font-weight:normal;text-decoration:underline;color:#000000;"> 11</font><font style="display: inline;font-weight:normal;color:#000000;">, the Company will be entitled to a temporary restraining order and injunctive relief restraining Employee from the commission of any breach.&nbsp;&nbsp;Nothing contained in this Agreement should be construed as prohibiting the Company from pursuing any other remedies available to it for any such breach or threatened breach.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Employee further understands and agrees that if Employee, or someone acting on </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> behalf, should file, or cause to be filed, any claim, charge, complaint, or action against the Company and/or any other Released Parties subject to the release of claims in </font><font style="display: inline;text-decoration:underline;color:#000000;">Section</font><font style="display: inline;text-decoration:underline;color:#000000;"> 15</font><font style="display: inline;color:#000000;">, Employee expressly waives any and all rights to recover any damages or other relief from the Company and/or any other Released Parties including, without limitation, costs and attorneys&#x2019; fees.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref402345598"></a><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">13.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Participation in EEOC </font><font style="display: inline;color:#000000;">Investigations.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">Notwithstanding any other provision of this Agreement to the contrary, this Agreement is not intended to prevent or otherwise interfere with the Employee&#x2019;s rights to file a charge with the EEOC or </font><font style="display: inline;font-weight:normal;color:#000000;">any similar </font><font style="display: inline;font-weight:normal;color:#000000;">federal, state or local </font><font style="display: inline;font-weight:normal;color:#000000;">agency </font><font style="display: inline;font-weight:normal;color:#000000;">in connection with an</font><font style="display: inline;font-weight:normal;color:#000000;">y claim that Employee believes </font><font style="display: inline;font-weight:normal;color:#000000;">he may have against the Company or its Affiliates, or to cooperate or provide truthful testimony to the EEOC </font><font style="display: inline;font-weight:normal;color:#000000;">or any similar </font><font style="display: inline;font-weight:normal;color:#000000;">federal, state or local </font><font style="display: inline;font-weight:normal;color:#000000;">agency </font><font style="display: inline;font-weight:normal;color:#000000;">with respect to any investigation.</font><font style="display: inline;font-weight:normal;color:#000000;"> &nbsp; &nbsp;</font><font style="display: inline;font-weight:normal;color:#000000;">However, </font><a name="El2a8O"></a><font style="display: inline;font-weight:normal;color:#000000;">under this Agreement, </font><font style="display: inline;font-weight:normal;color:#000000;">Employee </font><font style="display: inline;font-weight:normal;color:#000000;">does hereby </font><font style="display: inline;font-weight:normal;color:#000000;">waive </font><font style="display: inline;font-weight:normal;color:#000000;">his</font><font style="display: inline;font-weight:normal;color:#000000;"> right to monetary or any other recovery in the event that any charge </font><a name="El2c8O"></a><font style="display: inline;font-weight:normal;color:#000000;">Employee </font><font style="display: inline;font-weight:normal;color:#000000;">files is pursued by the </font><a name="El2d8O"></a><font style="display: inline;font-weight:normal;color:#000000;">EEOC </font><font style="display: inline;font-weight:normal;color:#000000;">or any similar </font><a name="El9i8O"></a><font style="display: inline;font-weight:normal;color:#000000;">federal, state or local </font><font style="display: inline;font-weight:normal;color:#000000;">agency on </font><a name="El2e8O"></a><font style="display: inline;font-weight:normal;color:#000000;">Employee</font><font style="display: inline;font-weight:normal;color:#000000;">&#x2019;s behalf arising out of or related to </font><font style="display: inline;font-weight:normal;color:#000000;">his</font><font style="display: inline;font-weight:normal;color:#000000;"> employment or the termination of such employment, unless otherwise required under applicable law.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">The EEOC and any similar, federal, state or local agency has the authority to carry out their statutory duties and may investigate a charge, issue a determination, file a lawsuit in federal or state court in their own name or take other action authorized under applicable statutes.&nbsp;&nbsp;Employee retains the right to participate in such an </font><font style="display: inline;color:#000000;">action and</font><font style="display: inline;color:#000000;"> communicate with the EEOC and any comparable state or local agency</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and such communication may be initiated by Employee or by the government agency and</font><font style="display: inline;color:#000000;">, in addition, </font><font style="display: inline;color:#000000;">the non-disparagement clause in </font><font style="display: inline;text-decoration:underline;color:#000000;">Section</font><font style="display: inline;text-decoration:underline;color:#000000;"> &nbsp;9</font><font style="display: inline;color:#000000;"> hereof and in the Employment Agreement does not limit those rights.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">14.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Employee Representations</font><font style="display: inline;font-weight:normal;color:#000000;">.&nbsp;&nbsp;Employee expressly agrees to and acknowledges, confirms and represents to the following, and intends for the Company to rely upon the following in entering this Agreement:</font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:6pt 0pt 6pt 72pt;text-indent: -36pt;border-bottom:1pt none #D9D9D9 ;font-weight:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(a)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">As of the Release Effective Date, Employee has not filed any complaints, charges, claims or actions against the Company or any of the other Released Parties with any court, agency, or commission regarding the matters encompassed by this Agreement. </font>
		</p>
		<p style="margin:6pt 0pt 6pt 72pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(b)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">Employee, by entering </font><font style="display: inline;color:#000000;">into this Agreement, is releasing the Released Parties from any and all claims that Employee may have against them under federal, state, or local laws, which have arisen on or before the Release Effective Date.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 72pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(c)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">Employee, by entering into this Agreement, is waiving all claims that Employee may have against the Released Parties under the federal Age Discrimination in Employment Act of 1967, as amended (</font><font style="display: inline;font-style:italic;color:#000000;">i.e</font><font style="display: inline;color:#000000;">., 29 USC &#xA7; 621 et seq.), which have arisen on or before the date of execution of this Agreement.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 72pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(d)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">Employee has reviewed all aspects of this Agreement, and has carefully read</font><font style="display: inline;color:#000000;"> and fully understands this Agreement. </font>
		</p>
		<p style="margin:6pt 0pt 6pt 72pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">(e)</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;font-weight:bold;color:#000000;">Employee has been hereby advised to consult with an attorney before signing this Agreement.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 72pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(f)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">Employee is knowingly and voluntarily entering into this Agreement, and has relied solely and completely upon Employee&#x2019;s own judgment and, if applicable, the advice of Employee&#x2019;s attorney before entering into this Agreement.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 72pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(g)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">Employee is not relying upon any representations, promises, predictions, projections, or statements made by or on behalf of the Company or any of the other Released Parties, other than those that are specifically stated in this Agreement.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 72pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(h)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">Employee acknowledges that this Agreement shall be binding on Employee, and on Employee&#x2019;s spouse, heirs, administrators, representatives, executors, successors and assigns.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 72pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(i)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">Employee agrees that this Agreement shall, in all cases, be construed as a whole, according to its fair meaning, and not strictly for or against, any of the Parties.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 72pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(j)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">Employee does not waive rights or claims that may arise after the Release Effective Date.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 72pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;font-weight:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(k)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">Employee will receive payment of consideration under this Agreement that is beyond what Employee was entitled to receive before entering into this Agreement.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref384036323"></a><a name="_Ref402169391"></a><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">15.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Release</font><font style="display: inline;font-weight:normal;color:#000000;">.&nbsp;&nbsp;Employee, on behalf of herself, and </font><font style="display: inline;font-weight:normal;color:#000000;">his</font><font style="display: inline;font-weight:normal;color:#000000;"> heirs, executors, administrators, dependents, spouse, beneficiaries, successors and assigns (individually and collectively, the &#x201C;</font><font style="display: inline;font-weight:normal;font-style:italic;color:#000000;">Releasing Parties</font><font style="display: inline;font-weight:normal;color:#000000;">&#x201D;), hereby fully, unconditionally and forever release, acquit and discharge the Released Parties, jointly and severally, from and against any and all claims, demands, actions, lawsuits, grievances, liabilities, and obligations of any nature whatsoever that the Releasing Parties had, have or may ever have against the Released Parties, or that might be assigned by the Releasing Parties, whether known or unknown, </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:6pt 0pt 6pt 36pt;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;font-weight:normal;color:#000000;">fixed or contingent, as of the Release Effective Date.&nbsp;&nbsp;Employee acknowledges, understands and agrees that this Agreement specifically includes, </font><font style="display: inline;font-weight:normal;color:#000000;">without limitation, (a) law or equity claims; (b)&nbsp;contract (express or implied) or tort claims; (c) claims arising under any federal, state or local laws of any jurisdiction that prohibit age, sex, race, national origin, color, disability, religion, veteran, military status, sexual orientation or any other form of discrimination, harassment, hostile work environment or retaliation (including, without limitation, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Americans with Disabilities Act of 1990, the Americans with Disabilities Act Amendments Act of 2008, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Civil Rights Acts of 1866 and/or 1871, 42 U.S.C. Section 1981, the Rehabilitation Act, the Family and Medical Leave Act, the Sarbanes-Oxley Act, the Employee Polygraph Protection Act, the Worker Adjustment and Retraining Notification Act, the Equal Pay Act of 1963, the Lilly Ledbetter Fair Pay Act, the Uniformed Services Employment and Reemployment Rights Act of 1994, the Genetic Information and Nondiscrimination Act of 2008, the Patient Protection and Affordable Care Act of 2010, the Consolidated Omnibus Budget Reconciliation Act of 1985, all amendments to any of these above-referenced laws, and any other federal, state or local laws of any jurisdiction; (d) claims under any other federal, state, local, municipal or common law whistleblower protection, discrimination, wrongful discharge, anti-harassment or anti-retaliation statute or ordinance; (e) claims arising under ERISA; or (f) any other statutory or common law claims related to Employee&#x2019;s employment or separation from employment with the Company and its Affiliates.&nbsp;&nbsp;Employee further represents that, as </font><font style="display: inline;font-weight:normal;color:#000000;">of the Release Effective Date, </font><font style="display: inline;font-weight:normal;color:#000000;">he has not been the victim of any illegal or wrongful acts by any of the Released Parties, including, without limitation, discrimination, retaliation, harassment or any other wrongful act based on sex, age, race, religion, or any other legally protected characteristic.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">The release contained in this </font><font style="display: inline;text-decoration:underline;color:#000000;">Section</font><font style="display: inline;text-decoration:underline;color:#000000;"> 15</font><font style="display: inline;color:#000000;"> does not include the following:&nbsp;&nbsp;(a) a claim for which the facts giving rise to such claim first occurred </font><font style="display: inline;font-style:italic;color:#000000;">after</font><font style="display: inline;color:#000000;"> the </font><font style="display: inline;color:#000000;">Release Effective Date</font><font style="display: inline;color:#000000;">; (b)&nbsp;any eligibility to </font><font style="display: inline;color:#000000;">receive continuation of health care coverage to the extent required under COBRA; (c) any vested benefit under a qualified retirement </font><font style="display: inline;color:#000000;">p</font><font style="display: inline;color:#000000;">lan</font><font style="display: inline;color:#000000;"> or long term incentive </font><font style="display: inline;color:#000000;">p</font><font style="display: inline;color:#000000;">lan</font><font style="display: inline;color:#000000;"> of the Company or an Affiliate; (d) any claim for worker&#x2019;s compensation benefits that is currently pending as of the date of this Agreement; (e) any accrued and unused vacation benefits; (f)&nbsp; any salary or wages earned up to and through the Termination Date; (g)&nbsp;a right, if any, to be indemnified by the Company or any Affiliate in </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> capacity as a director, officer or employee of the Company or any Affiliate to the extent provided under the terms and conditions of any corporate procedure or policy, or insured under any applicable liability policy, as each may be amended from time to time, in the event that</font><font style="display: inline;color:#000000;"> a third party brings a clai</font><font style="display: inline;color:#000000;">m of liability against Employee; and (h) any claim challenging the validity of this release under the federal Older Workers Benefit Protection Act. </font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref384036334"></a><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">16.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Twenty-one Days to Consider Offer of Termination Benefits.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">Employee shall have a period of twenty-one (21) days to consider whether to sign this Agreement.&nbsp; </font><font style="display: inline;font-weight:normal;font-style:italic;color:#000000;">Although Employee may sign this Agreement prior to the end of the 21-day period, he may not sign </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:6pt 0pt 6pt 36pt;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;font-weight:normal;font-style:italic;color:#000000;">this Agreement on or before the Termination Date.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">In addition, if Employee signs this Agreement prior to</font><font style="display: inline;font-weight:normal;color:#000000;"> the end of the 21-day period, </font><font style="display: inline;font-weight:normal;color:#000000;">he shall be deemed, by doing so, to have certified and agreed that the decision to make such election prior to the expiration of such 21-day period is knowing and voluntary and was not induced by the Company through:&nbsp;&nbsp;(a) fraud, misrepresentation, or a threat to withdraw or alter the offer prior to the end of the 21-day period, or (b) an offer to provide different terms or benefits in exchange for signing this Agreement prior to the expiration of the 21-day period.&nbsp;&nbsp;The procedure for Employee to accept this Agreement is to return a fully executed, dated, and witnessed Agreement to the CEO (or his delegate) prior to the deadline.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref384036279"></a><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">17.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Seven Day Revocation Period.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">Employee may revoke this Agreement at any time within seven (7) days after Employee returns a signed copy pursuant to </font><font style="display: inline;font-weight:normal;text-decoration:underline;color:#000000;">Section</font><font style="display: inline;font-weight:normal;text-decoration:underline;color:#000000;"> 16</font><font style="display: inline;font-weight:normal;color:#000000;">.&nbsp;&nbsp;To revoke the Agreement, Employee must deliver written notification of such revocation to the attention of the CEO (or his delegate) within seven (7) days after the date that Employee signs this Agreement.&nbsp;&nbsp;Employee further understands that if Employee does not revoke the Agreement within seven (7) days following execution (excluding the date of execution), the Agreement will become effective and binding on the Parties, and fully enforceable by the Parties, as of the date of execution.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref402169444"></a><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">18.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Agreement not to Sue.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">Except as required by law that cannot be waived, including but not limited to the rights afforded to Employee under </font><font style="display: inline;font-weight:normal;text-decoration:underline;color:#000000;">Section</font><font style="display: inline;font-weight:normal;text-decoration:underline;color:#000000;"> 13</font><font style="display: inline;font-weight:normal;color:#000000;">, Employee agrees that </font><font style="display: inline;font-weight:normal;color:#000000;">he</font><font style="display: inline;font-weight:normal;color:#000000;"> will not commence, maintain, initiate, or prosecute, or cause, encourage, assist, volunteer, advise or cooperate with </font><font style="display: inline;font-weight:normal;color:#000000;">any</font><font style="display: inline;font-weight:normal;color:#000000;"> other Person to commence, maintain, initiate or prosecute, any action, lawsuit, proceeding, charge, petition, complaint or claim before any court, agency or tribunal against the Company or any Affiliate arising from, concerned with, or otherwise relating to, in whole or in part, Employee&#x2019;s employment or separation from employment with the Company, or any of the matters discharged and released in this Agreement.</font><font style="display: inline;font-weight:normal;color:#000000;"> &nbsp; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref402169454"></a><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">19.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Breach by </font><font style="display: inline;color:#000000;">Employee</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">In the event that Employee breaches this Agreement, the Released Parties may seek all remedies specifically identified in this Agreement or otherwise available at law and equity including, without limitation, specific performance of the Agreement.&nbsp;&nbsp;In the event that Employee breaches or repudiates this Agreement, Employee may be required, at the Company&#x2019;s option, either to compensate the Company for all damages incurred as a result, or to return a sum of money representing the Separation Benefits, with the exception of one hundred dollars ($100.00), which amount shall constitute an irrevocable amount of consideration supporting this Agreement.&nbsp;&nbsp;This option of the Company, however, does not apply to any claims made by or on behalf of Employee under the federal Age Discrimination in Employment Act or the federal Older Workers&#x2019; Benefit Protection Act.&nbsp;&nbsp;In the case of any such claims under those statutes, the Company and other Released Parties may receive only those remedies specifically allowed under such statutes.</font><font style="display: inline;font-weight:normal;color:#000000;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">20.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Severability.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">The Parties fully intend that this Agreement comply with all applicable laws and legal requirements.&nbsp;&nbsp;Should any provision of this Agreement be declared or be determined by any court of competent jurisdiction to be illegal, invalid or otherwise </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;font-weight:normal;color:#000000;">unenforceable, the Agreement shall first be reformed to make the provision at issue enforceable and effective to the full extent permitted by law.&nbsp;&nbsp;Further, if a court should determine that any portion of this Agreement is unenforceable, such provision shall be given effect to the maximum extent possible by narrowing or enforcing in part that aspect of the provision found to be unenforceable.&nbsp;&nbsp;If such reformation is not possible, all remaining provisions of this Agreement shall otherwise remain in full force and effect and shall be construed as if such illegal, invalid, or unenforceable provision had not been included herein.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">21.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Binding Effect</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">This Agreement shall be binding upon and inure to the benefit of the Parties, and their respective heirs, executors, beneficiaries, personal representatives, successors and permitted assigns hereunder, but otherwise this Agreement shall not be for the benefit of any third parties.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">22.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Entire Agreement; Amendment.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">This Agreement sets forth the entire agreement of the Parties and fully supersedes and replaces any and all prior agreements, promises, representations, or understandings, written or oral, between the Company (and any other Released Party) and the Employee that relates to the subject matter of this Agreement, unless referenced in this Agreement and, therefore, incorporated into this Agreement by reference.&nbsp;&nbsp;Employee acknowledges that in executing this Agreement, (a)&nbsp;Employee does not rely, and has not relied, upon any oral or written representation, promise or inducement by the Company and/or any of the other Released Parties, except as expressly contained in this Agreement, and (b) there is no presumption regarding the interpretation or construction of this Agreement against its drafter.&nbsp;&nbsp;Employee understands and agrees that he is precluded from bringing any fraud or similar claim against the Company or any of the other Released Parties associated with any such communications, representations, promises or inducements.&nbsp;&nbsp;This Agreement may be amended or modified only by a written instrument identified as an amendment hereto that is executed by both Parties.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">23.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Survival of Certain Provisions</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">Wherever appropriate to the intention of the Parties, the respective rights and obligations of the Parties hereunder shall survive any termination or expiration of this Agreement.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<a name="_Ref404257435"></a><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">24.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Choice of Law and Forum.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of Texas, but without regard to principles of conflict of laws that might direct the application of the law of another forum.&nbsp;&nbsp;Any action to enforce the provisions of this Agreement, or otherwise relating to this Agreement, must be brought in any court of competent jurisdiction in Houston, Texas, and the Parties hereby waive any objection to such venue including, without limitation, that it is inconvenient.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">25.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Waiver of Jury Trial.&nbsp; </font><font style="display: inline;color:#000000;">THE PARTIES HERETO WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATING TO THE AGREEMENT OR ANY CLAIM HEREUNDER, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.&nbsp;&nbsp;THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:6pt 0pt 6pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;color:#000000;">EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES TO IRREVOCABLY WAIVE TRIAL BY JURY, AND THAT ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THE AGREEMENT OR ANY CLAIM HEREUNDER SHALL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION PURSUANT TO </font><font style="display: inline;text-decoration:underline;color:#000000;">SECTION</font><font style="display: inline;text-decoration:underline;color:#000000;"> 24</font><font style="display: inline;color:#000000;"> BY A JUDGE SITTING WITHOUT A JURY.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">26.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Relief</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">The Parties understand and agree that if a violation of any term of this Agreement is asserted, the Party who asserts such violation shall have the right to seek specific performance of that term and/or any other necessary and proper relief as permitted by law or equity, including but not limited to, damages awarded by any court of competent jurisdiction, and the prevailing Party shall be entitled to recover its reasonable costs and attorneys&#x2019; fees.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">27.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Waiver</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font><font style="display: inline;font-weight:normal;color:#000000;">A Party&#x2019;s waiver of any </font><font style="display: inline;font-weight:normal;color:#000000;">breach</font><font style="display: inline;font-weight:normal;color:#000000;"> or violation of any provision of this Agreement shall not operate as, or be construed to be, a waiver of any later breach of the same or other provision by such Party.</font>
		</p>
		<p style="margin:6pt 0pt 6pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;">28.</font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="font-weight:bold;font-size:12pt;display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;">Counterparts</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;font-weight:normal;color:#000000;">The Parties agree that the Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall be deemed one and the same instrument.</font>
		</p>
		<p style="margin:6pt 0pt;text-align:center;text-indent:36pt;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">PLEASE READ CAREFULLY BEFORE SIGNING</font>
		</p>
		<p style="margin:6pt 0pt 12pt 72pt;border-bottom:1pt none #D9D9D9 ;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:29pt;"><font style="display: inline;color:#000000;">&#x2022;</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:num"><font style="display: inline;color:#000000;">Employee acknowledges </font><font style="display: inline;color:#000000;">that he has carefully read and understands the terms of this Agreement and </font><font style="display: inline;color:#000000;">all of Employee&#x2019;s promises and </font><font style="display: inline;color:#000000;">obligations hereunder</font><font style="display: inline;color:#000000;">.</font></font>
		</p>
		<p style="margin:6pt 0pt 12pt 72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:29pt;"><font style="display: inline;color:#000000;">&#x2022;</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:num"><font style="display: inline;color:#000000;">Employee </font><font style="display: inline;color:#000000;">acknowledges that he has been advised to review this Agreement with an attorney</font><font style="display: inline;color:#000000;"> before signing it</font><font style="display: inline;color:#000000;">.</font></font>
		</p>
		<p style="margin:6pt 0pt 12pt 72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:29pt;"><font style="display: inline;color:#000000;">&#x2022;</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:num"><font style="display: inline;color:#000000;">Employee acknowledges that he has been given at least 21 days to consider whether to sign this Agreement.&nbsp;&nbsp;Employee acknowledges that if he signs this Agreement before the end of the 21-day period, it will be </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">own </font><font style="display: inline;color:#000000;">personal</font><font style="display: inline;color:#000000;"> and voluntary decision to do so.</font></font>
		</p>
		<p style="margin:6pt 0pt 12pt 72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:29pt;"><font style="display: inline;color:#000000;">&#x2022;</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:num"><font style="display: inline;color:#000000;">Employee understands that this Agreement will not become effective or enforceable until after the 7-day revocation period has expired.&nbsp;&nbsp;The Company will have no obligations to Employee under this Agreement if he revokes the Agreement during such 7-day period.</font></font>
		</p>
		<p style="margin:6pt 0pt 12pt 72pt;border-top:1pt none #D9D9D9 ;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:6pt 0pt 12pt;text-align:center;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:italic;color:#000000;">[Signature page follows.]</font>
		</p>
		<p style="margin:6pt 0pt 12pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			&nbsp;
		</p></div><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:6pt 0pt 12pt;text-align:center;border-top:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:6pt 0pt 12pt;text-align:center;border-top:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-weight:bold;font-style:italic;">Please review this document carefully as it includes a release of claims.</font>
		</p>
		<p style="margin:6pt 0pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">IN WITNESS WHEREOF, the Employee has entered into this Agreement, and the Company has caused this Agreement to be executed in its name and on its behalf by its duly authorized officer, to be effective as of the Release Effective Date that this Agreement is executed by Employee as set forth beneath </font><font style="display: inline;">his</font><font style="display: inline;"> signature below.</font>
		</p>
		<p style="margin:6pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">This document was presented to Employee on </font><font style="display: inline;">_______</font><font style="display: inline;">____</font><font style="display: inline;">, 201</font><font style="display: inline;">6</font><font style="display: inline;">.</font><font style="display: inline;"> &nbsp; &nbsp;</font>
		</p>
		<p style="margin:6pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">Although Employee may sign this Agreement prior to the end of </font><font style="display: inline;font-weight:bold;font-style:italic;">the 21-day period, Employee may not sign this Agreement on or before </font><font style="display: inline;font-weight:bold;font-style:italic;">the </font><font style="display: inline;font-weight:bold;font-style:italic;">Termination Date</font><font style="display: inline;font-weight:bold;font-style:italic;">.</font>
		</p>
		<p style="margin:6pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:6pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:194pt;"><font style="display: inline;font-weight:bold;">EMPLOYEE</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-weight:bold;">WITNESS</font></font>
		</p>
		<p style="margin:6pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:6pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:214pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:34pt;text-align:right"><font style="display: inline;text-decoration:underline;"></font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:212pt;text-align:left"><font style="display: inline;"></font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:right"><font style="display: inline;text-decoration:underline;"></font></font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:136pt;"><font style="display: inline;">Employee Signature</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:34pt;text-align:right"><font style="display: inline;"></font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;">Witness Signature</font></font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:6pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:214pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:34pt;text-align:right"><font style="display: inline;"></font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:195pt;text-align:left"><font style="display: inline;">Title:</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:right"><font style="display: inline;text-decoration:underline;"></font></font>
		</p>
		<p style="margin:6pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:153pt;"><font style="display: inline;">Printed Name: </font><font style="display: inline;text-decoration:underline;">Gregory Hullinger</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:34pt;text-align:right"><font style="display: inline;text-decoration:underline;"></font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:153pt;text-align:left"><font style="display: inline;">Printed Name:</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:right"><font style="display: inline;text-decoration:underline;"></font></font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:194pt;"><font style="display: inline;">Date:</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:34pt;text-align:right"><font style="display: inline;text-decoration:underline;"></font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:192pt;text-align:left"><font style="display: inline;">Date:</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:right"><font style="display: inline;text-decoration:underline;"></font></font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:9.5pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;">(the &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;">Release Effective Date</font><font style="display: inline;">&#x201D;)</font></font>
		</p>
		<p style="margin:6pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:12pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">COMPANY*</font>
		</p>
		<p style="margin:12pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:12pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:274pt;"><font style="display: inline;">By:</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:right"><font style="display: inline;text-decoration:underline;"></font></font>
		</p>
		<p style="margin:6pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:6pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:227pt;"><font style="display: inline;">Printed Name:</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:right"><font style="display: inline;text-decoration:underline;"></font></font>
		</p>
		<p style="margin:6pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:269pt;"><font style="display: inline;">Title:</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:right"><font style="display: inline;text-decoration:underline;"></font></font>
		</p>
		<p style="margin:6pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:266pt;"><font style="display: inline;">Date:</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:right"><font style="display: inline;text-decoration:underline;"></font></font>
		</p>
		<p style="margin:6pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:6pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-style:italic;">Address for notices:</font>
		</p>
		<p style="margin:0pt;text-align:left;border-top:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">VAALCO Energy, Inc.</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">9800 Richmond Avenue</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Suite </font><font style="display: inline;">700</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Houston, TX&nbsp;&nbsp;770</font><font style="display: inline;">42</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Attn:</font><font style="display: inline;"> General Counsel</font>
		</p>
		<p style="margin:0pt;text-align:left;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">*</font><font style="display: inline;text-decoration:underline;">Note</font><font style="display: inline;">:&nbsp;&nbsp;The Company officer should sign after the Employee has signed this Agreement.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;font-weight:bold;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;font-weight:bold;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;"></font><font style="display: inline;">Exhibit I</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;text-decoration:underline;">Consideration for Release Agreement</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">In consideration for entering into this Agreement, the Company will provide the Employee with the Separation Benefits specified below in accordance with the terms and conditions of this Agreement: </font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(1)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;text-decoration:underline;color:#000000;">Cash Payment for COBRA Premium</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;Employee will receive a cash payment of in the aggregate amount of $9,538.12, representing an estimate of the Employee&#x2019;s payment of COBRA continuation payments for a period of four (4) months.&nbsp;&nbsp;This payment shall be paid in a single cash amount, less applicable withholdings, on </font><font style="display: inline;color:#000000;">March 15</font><font style="display: inline;color:#000000;">, 2016, provided that Employee executes this Agreement in the 21-day consideration period, this Agreement has not been revoked, and is no longer subject to revocation by Employee.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(2</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;text-decoration:underline;color:#000000;">Eligibility for 2015 Annual Bonus</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;Employee will be eligible to receive a cash bonus under the terms and conditions of the Company&#x2019;s 2015 Bonus Plan, as provided pursuant to Section 3.2 of the Employment Agreement.&nbsp;&nbsp;The amount of any cash bonus that is awarded to Employee for the 2015 calendar year shall be determined by the Compensation Committee.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(3</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;text-decoration:underline;color:#000000;">Vesting of Incentive Outstanding Awards</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;All unvested shares of restricted stock under the Company&#x2019;s long-term incentive plans previously awarded to Employee shall vest on </font><font style="display: inline;color:#000000;">March 15</font><font style="display: inline;color:#000000;">, 2016, provided that Employee executes this Agreement in the 21-day consideration period, this Agreement has not been revoked, and is no longer subject to revocation by Employee. For the avoidance of doubt, Employee has previously been awarded the following unvested shares of restricted stock:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Grant Date: March 4, 2014</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Unvested Shares of Restricted Stock: </font><font style="display: inline;font-weight:bold;color:#000000;">4,340</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Grant Date: March 3, 2015:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Unvested Shares of Restricted Stock: </font><font style="display: inline;font-weight:bold;color:#000000;">18,800</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">If any award agreements governing any unvested stock option awards under the Company&#x2019;s long-term incentive plans call for the acceleration of such unvested stock options upon Employee&#x2019;s retirement, such unvested stock options shall vest on Employee&#x2019;s Termination Date. Any unexercised stock options shall continue to be exercisable for the periods as set forth in the applicable stock option award agreement.</font>
		</p>
		<p style="margin:0pt;text-indent:0pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(4)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">With respect to any of Employee&#x2019;s vacation benefits accrued for 2015 that were unused at January 1, 2016, Employee shall receive a cash payment, less applicable withholdings, for any such unused vacation benefits carried over to 2016 in accordance with the Company&#x2019;s standard vacation policies and practices. Such payment will be made on March 15, 2016, provided that Employee executes this Agreement in the 21-day consideration period, this Agreement has not been revoked, and is no longer subject to revocation by Employee.</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

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