Contract
10.6 Employment
Agreement of Famourou Kourouma
Hyperdynamics
Corporation
Whereas
Hyperdynamics Corporation (herein referred to as “Employer”), has a wholly owned
subsidiary know as SCS Corporation and SCS Corporation (herein referred to
as
“SCS”) is in the business of exploring and exploiting oil and gas off the coast
of the
Republic of Guinea (herein referred to as “Guinea”);
and
Whereas,
Mr. Famourou Kourouma (herein referred to as “Employee”) has been working with
Xxxx X. Xxxxx, CEO for Employer and SCS, on rectifying the situation regarding
SCS’s rights to explore and exploit the hydrocarbon reserves offshore the
Republic of Guinea (herein referred to as “Guinea”); and
Whereas,
Employee and SCS believe that the credentials of Employee regarding his in-depth
knowledge of Guinea (having grown up there and with extend family living there)
; together with higher education and written and verbal bi-lingual communication
skills; well qualify Employee to serve the Vice President for Guinea Affairs;
and
Whereas,
Employee and Employer are on a fast track with a plan to set up a meeting with
appropriate authorities in Guinea; to establish SCS Corporation's corporate
authority as a foreign corporation operating in Guinea, to set up in-country
offices and required business relationships to allow SCS to obtain a new
Royalties and Production Sharing Agreement or to reinstate the Royalties and
Production Sharing Agreement between USOil and Guinea ; and
Now
therefore the parties agree as follows:
| 1. |
The
Employer’s CEO, Xxxx Xxxxx, as evidenced by his signature hereunder hereby
appoints Famourou Kourouma as both Hyperdynamics Corporation's Vice
President of Guinea Affairs and SCS Corporation’s Vice President of Guinea
affairs and adds Employee to the payroll of Hyperdynamics Corporation
at a
initial rate of $2,000 per month. This shall be the monthly salary
of
Employee up until the time that a new PSA acceptable to CEO or other
arrangement is made acceptable to CEO to reinstate SCS’s rights to explore
and exploit the offshore territory of Guinea for hydrocarbon discovery.
|
| 2. |
As
the main priority of the Employee is to help Hyperdynamics subsidiary,
SCS
Corporation obtain a new royalties and production sharing agreement
and
such accomplishment would be a significant material event to Employer;
Employer further agrees to grant securities based compensation to employee
based on the following table of events:
|
.Upon
signing of a new Royalties and Production Sharing Agreement or reinstatement
of
SCS’s rights to a point where they are at least as favorable as they were before
the termination letter of dated June 30, 2005 and signed by Tambio Millimono;
Employee will earn 200,000 warrants to purchase 200,000 shares of Hyperdynamics
Corporation's restricted common stock at a strike price equal to the closing
price of the same day of the new agreement or reinstatement as the case may
be.
These warrants will carry a cashless exercise and be valid for two (2) years.
Should
the new royalties and production sharing agreement or reinstatement be executed
between the Republic of Guinea and SCS Corporation prior to September 24, 2005;
the number of warrants shall be 400,000 instead of 200,000.
| 3. |
Employee
agrees to uphold, defend, and protect the interests and ownership rights
of Employer as a priority and to have professional conduct and ethics
in
all facets of the performance of Employees duties under this agreement.
|
As
it is
anticipated that initializing operations in Guinea will require estimated funds
in the range of $25,000 and $30,000; Employee, as officer for Hyperdynamics/SCS
agrees to keep complete records of expenditures and obtain supporting invoice
documentation of all consulting fees, permit fees, office rent and other
expenses as the case may be and to fully account for all proceeds advanced
for
this purpose.
| 4. |
Employee
agrees to maintain strict confidentiality and adhere to Hyperdynamics
Corporation’s and SCS’s confidentiality policies and procedures when
talking with 3rd parties in general including but not limited to oil
exploration and production companies and to only disclose information
regarding to SCS’s exploration work and exploration results except as he
is directed by management and/or the board of directors of SCS. All
progress with regard to obtaining the new agreement or reinstatement
with
Guinea shall be kept highly confidential until such time as it is publicly
announced. No work product will ever be taken out of the offices of
Employer unless approval from management has been obtained.
|
| 5. |
Employer
may terminate Employee at any time for any reason by giving Employee
a 60
day notice of termination with or without cause, or in the case of
a
serious breach of ethics or negligence in performance of duties, an
immediate termination can be consummated by written notice to Employee.
|
| 6. |
In
the case of a termination with a 60-day notice, Employee will be
compensated for the 60-day notice period. In the case of an immediate
termination, compensation will end with the date of such notice.
|
The
parties hereby agree to the forgoing as evidenced by their signatures hereunder.
Agreement:
Employer Employee
Hyperdynamics
Corporation Famourou
Kourouma
___/s____________________ _______/s_________________
Xxxx
X.
Xxxxx, President/CEO Vice
President of Guinea Affairs
Date:
/
/ Date:
/
/
