FIRST AMENDMENT TO THE CONSULTING AGREEMENT
FIRST AMENDMENT TO THE
CONSULTING AGREEMENT
This FIRST AMENDMENT TO THE CONSULTING
AGREEMENT (“Amendment”) is made and entered into on September 23, 2010 between
Hyperdynamics Corporation (the “Company”) and Xxxxxxx X. Xxxxx (“Xx.
Xxxxx”). The Company and Xx. Xxxxx may be referred to herein
collectively as “Parties” and singularly as “Party”.
WHEREAS,
the Company and Xx. Xxxxx executed an Employment Agreement dated November 24,
2009 (“Employment Agreement”);
WHEREAS,
the Company and Xx. Xxxxx executed a Consulting Agreement (“Consulting
Agreement”) dated August 10, 2010; and
WHEREAS,
the Company and Xx. Xxxxx desire to amend certain provisions of the Consulting
Agreement;
NOW,
THERFORE, in consideration of the mutual promises, warranties and
representations hereinafter set forth, the Parties agree as
follows:
The
following specific revisions shall be made to the Consulting Agreement and shall
be effective as from the date hereof:
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1.
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Waiver of
Notice. The Parties agree to waive the notice provisions contained
in Article 5 of the Employment
Agreement.
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2.
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Termination of
Employment. The Parties agree that Xx. Xxxxx’x role as
Executive Vice President of Commercial Affairs and an officer of
Hyperdynamics Corporation shall terminate at 11:59PM (Central Daylight
Time) on October 8, 2010 (unless terminated by either Party prior to such
time pursuant to the terms of the Employment Agreement). The
Employment Agreement and Consulting Agreement shall terminate at such time
and there will be no conversion to a consultancy role as described in
Article 1 of the Consulting
Agreement.
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3.
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Entirety of
Agreement. This Amendment, together with those protions of the
Employment Agreement and Consulting Agreement which are not in conflict
and have not been amended, constitutes the entire agreement and
understanding between the Parties with respect to the subject matter
hereof. This Amendment supersedes all prior oral and written
discussions, agreements and understandings relating to such subject
matter.
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[Signature Page Follows]
The
Parties have executed this Amendment to be effective as of the day and year
first above written.
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HYPERDYNAMICS
CORPORATION
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EXECUTIVE
VICE PRESIDENT OF COMMERCIAL
AFFAIRS
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By:
/s/ Xxx Xxxxxxx
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/s/ Xxxxxxx X. Xxxxx
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Xxx
Xxxxxxx
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Xxxxxxx
X. Xxxxx
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Chief
Executive Officer
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