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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Harvest Natural Resources Inc.

Date:

2005

Size:

Preview shows 6KB of 42KB total

Price:

$35

ID:

#865447

 

 


► Energy ► Oil & Gas Operations

 

 

Start of Preview


                              EMPLOYMENT AGREEMENT


This Employment Agreement ("Employment Agreement"), effective September 12,
2005, is between Harvest Natural Resources, Inc. (the "Company") and Kerry R.
Brittain, a resident of Texas, ("Employee"), the terms and conditions of which
are as follows:

WHEREAS, the Company and Employee entered into an amended and restated
employment agreement effective February 20, 2003 (the "Amended Employment
Agreement");

WHEREAS, the Company wishes to provide Employee with certain additional
benefits and the Company and Employee wish to change the benefits described in
the Amended Employment Agreement provided to Employee in the event of a Change
of Control;

WHEREAS, the Company and Employee acknowledge that if Employee's employment
with the Company terminates for any reason, Employee may inevitably disclose
trade secrets of, and other proprietary and confidential information about, the
Company's business, operations and prospects; and

WHEREAS, Employee wishes to enter into this Employment Agreement to receive
the benefit of the provisions contained in it.

NOW THEREFORE, for good and valuable consideration, the sufficiency and
receipt of which are acknowledged, the Company and Employee agree as follows:

1. TERM OF EMPLOYMENT.

Subject to the terms and conditions set forth in this Employment Agreement,
the Company agrees to employ Employee and Employee agrees to be employed by the
Company for the term which started on July 15, 2002, and ends on May 31, 2006.
On May 31, 2006, and on each anniversary thereafter (an "Extension Date") the
term of this Employment Agreement shall automatically be extended for a one-year
period unless and until either party has given written notice to the other at
least one year before any Extension Date that it or he wishes to terminate this
Employment Agreement as of such Extension Date.

2. POSITION AND DUTIES.

(a) Position. Subject to annual election by the Company's Board of
Directors, Employee's position shall be Senior Vice President, General Counsel
and Corporate Secretary of Harvest Natural Resources, Inc.

(b) Duties and Responsibilities. Employee's duties and responsibilities
initially shall be those normally associated with Employee's position, plus any
additional duties and responsibilities the Company initially may assign orally
or in writing to Employee. Employee shall undertake to perform all Employee's
duties and responsibilities for the Company and its affiliates in good faith and
on a full-time basis and shall at all times act in the course of Employee's
employment under this Employment Agreement in the best interest of the Company
and the Company's affiliates.


-1-
<PAGE>
(c) The Company's Right to Change Position or Duties. Subject to the terms
of this Employment Agreement, the Company shall have the right, to the extent
the Company from time to time reasonably deems necessary or appropriate, to
change Employee's position, or to expand or reduce Employee's duties and
responsibilities.

3. COMPENSATION AND BENEFITS.

(a) Base Salary. During the term of this Employment Agreement, Employee's
yearly base salary shall be not less than $245,000 US, which yearly base salary
shall be payable from the Company's Houston offices to Employee in accordance
with the Company's standard payroll practices and policies, and shall be subject
to such withholdings as required by U.S. Federal law and the State of Texas or
as otherwise permissible under such practices or policies. The Company shall
annually review Employee's base salary.

(b) Annual Bonus. Employee shall be eligible for such annual bonus as may
be determined by the Human Resources Committee of the Company's Board of
Directors and the Company's Board of Directors, which bonus shall be based on
Employee's performance under the guidelines adopted by the Company, the
Company's overall performance and any special circumstances the Human Resources
Committee and the Company's Board of Directors deem appropriate. Any such bonus
is to be determined at the discretion of the Company's Human Resources Committee
and the Company's Board of Directors. Employee acknowledges that the Company is
not obligated to award him any bonus in any year.

(c) Special Bonus. Concurrently with the execution and delivery of this
Employment Agreement by the Company, the Company is paying Employee a special
bonus of $25,000.

(d) Employee Benefit Plans. Employee shall be eligible to participate in
the employee benefit plans, programs and policies maintained by the Company for
similarly situated employees in accordance with the terms and conditions to
participate in such plans, programs, and policies as in effect from time to
time.

(e) Stock Options and Restricted Stock. Previously Employee has been
granted certain stock options and restricted stock pursuant to the Company's
long-term incentive plans. Except as provided in Section 4(a), this Employment
Agreement neither increases nor decreases the number of stock options and shares
of restricted stock previously granted, nor does it change the terms under which
they were granted.

 

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