Document:

Exhibit 10.2

    
      

    

    LIFECELL
      CORPORATION

    One
      Millenium Way

    Branchburg,
      New Jersey 08876

    

    August
      17, 2006

    

    Young
      C.
      McGuinn, Vice President, Manufacturing Operations

    LifeCell
      Corporation

    One
      Millenium Way

    Branchburg,
      New Jersey 08876

    

    
      	 	
              Re:

            	
              Change
                in Control Agreement

            

    

    

    Dear
      Ms.
      McGuinn,

    

    This
      letter sets forth certain protections with respect to your employment with
      LifeCell Corporation (“LifeCell” or the “Company”) being afforded to you in
      connection with your employment. We believe that it is imperative that the
      Company be able to rely upon you to continue in your position in the event
      the
      Company receives any proposal from a third party concerning a possible business
      combination with, or acquisition of equity securities of, the Company, and
      for
      the Company to be able to receive and rely upon your advice as to the best
      interests of the Company and its shareholders without concern that you might
      be
      distracted by the personal uncertainties and risks created by such a proposal.
      Accordingly, we wish to provide you with certain benefits following your loss
      of
      employment after or by reason of a Change in Control.

    

    Change
      in Control.
      (a)
      Upon the occurrence of a “Trigger Event” (as defined below), you shall be
      entitled to receive payments in an aggregate amount equal to the “Twelve Month
      Amount” (as defined below). Payment of the Twelve Month
      Amount shall be conditioned upon your execution, delivery, and non-revocation
      of
      a general release agreement in a form satisfactory to LifeCell (the “Release”).
      Among other things, the Release shall include a general release of LifeCell,
      its
      affiliates and their respective officers, directors, managers, members,
      shareholders, partners, employees and agents from all liability and such other
      terms deemed necessary by LifeCell for its protection. The Twelve Month
      Amount shall be payable in equal installments over a twelve (12) month period,
      in accordance with LifeCell’s customary payroll practices, commencing on the
      next regular paydate following the 8th
      day
      after your execution and delivery of the Release to LifeCell; provided, however,
      if necessary to comply with the restriction in Section 409(A)(a)(2)(B) of the
      Internal Revenue Code of 1986, as amended (the “Code”) concerning payments to
“specified employees,” the installment payments of the Twelve Month Amount will
      commence on the first regular paydate of the seventh month following the date
      of
      the Trigger Event. 

    

    (b)      
         “Trigger Event” shall mean either (i) termination of your
      employment with the Company or any successor at any time during the period
      beginning (3) three months prior to the effective date of a Change in Control
      and ending twelve (12) months after the Change in Control, other than a
“Termination for Cause” by the Company or termination of your employment by you
      without “Good Reason” during such period, or (ii) termination of employment by
      you after failure of the Company or such successor to acknowledge or assume
      in
      writing the obligations to you set forth in your severance arrangement and
      this
      letter agreement after request by you. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)      
         The “Twelve Month
      Amount” shall mean one (1) times the Base Amount (less applicable withholdings
      and customary payroll deductions). The “Base Amount” shall mean the annualized
      base salary that you are earning immediately prior to the Change in Control.
      

    

    (d)     
         Upon
      a
      Change in Control, all stock options shall immediately become vested and
      exercisable by you for a period of the longer of the exercise period in effect
      immediately prior to the Change in Control or the period ending (90) days after
      the effective date of the Change in Control.

    

    (e)          Subject
      to your execution, delivery, and non-revocation of the Release, if you timely
      elect COBRA coverage and provided that you continue to make contributions to
      such continuation coverage equal to your employee contribution amount to medical
      insurance in effect immediately preceding the Trigger Event, LifeCell or its
      successor shall waive the remaining portion of your healthcare continuation
      payments under COBRA during the twelve (12) month period following the Trigger
      Event, unless you become eligible to obtain alternate healthcare coverage from
      a
      new employer before the twelve (12) month anniversary of the Trigger Event,
      in
      which case LifeCell’s or its successor’s obligation under this subsection (e)
      shall cease. You understand and affirm that you are obligated to inform LifeCell
      (or its successor) if you become eligible to obtain alternate healthcare
      coverage from a new employer before the twelve (12) month
      anniversary of the Trigger Event. 

    

    (f)     
          Notwithstanding
      the foregoing, if the independent certified accountants of the Company notify
      you in writing within 15 days of a Trigger Event that payment of the Twelve
      Month Amount and the other benefits hereunder would cause such payments to
      be
      nondeductible by the Company because of Section 280G of the Internal Revenue
      Code, the benefits and payments hereunder shall be reduced to the minimum extent
      necessary so that all benefits and payments payable hereunder are deductible
      under Section 280G of the Code (with you having the election, in your sole
      discretion, as to which and how much of the payments and benefits hereunder
      shall be reduced (or, with respect to the Twelve Month Amount,
      returned)).

    

    (g)      
         A “Change in Control" shall be deemed to have occurred
      if:

    

    (i)
      Any
      person, firm or corporation acquires directly or indirectly the Beneficial
      Ownership (as defined in Section 13(d) of the Securities Exchange Act of 1934,
      as amended) of any voting security of the Company and immediately after such
      acquisition, the acquirer has Beneficial Ownership of voting securities
      representing 50% or more of the total voting power of all the then-outstanding
      voting securities of the Company; or

    

    (ii)
      the
      individuals (A) who, as of the date hereof constitute the Board of Directors
      of
      the Company (the "Original Directors") or (B) who thereafter are elected to
      the
      Board of Directors of the Company (the "Company Board") and whose election,
      or
      nomination for election, to the Company Board was approved by a vote of at
      least
      2/3 of the Original Directors then still in office (such Directors being called
      "Additional Original Directors") or (C) who are elected to the Company Board
      and
      whose election or nomination for election to the Company Board was approved
      by a
      vote of at least 2/3 of the Original Directors and Additional Original Directors
      then still in office, cease for any reason to constitute a majority of the
      members of the Company Board; or

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    (iii)
      The
      stockholders of the Company shall approve a merger, consolidation,
      recapitalization or reorganization (or consummation of any such transaction
      if
      stockholder approval is not sought or obtained), other than any such transaction
      which would result in more than 66% of the total voting power represented by
      the
      voting securities of the surviving entity outstanding immediately after such
      transaction being Beneficially Owned by holders of outstanding voting securities
      of the Company immediately prior to the transaction, with the voting power
      of
      each such continuing holder relative to such other continuing holders being
      not
      altered substantially in the transaction; or

    

    (iv)
      The
      stockholders of the Company shall approve a plan of complete liquidation of
      the
      Company or an agreement for the sale, lease or disposition by the Company of
      all
      or a substantial portion of the Company's assets (i.e.,
      50% or
      more in value of the total assets of the Company) other than to a subsidiary
      or
      affiliate.

    

    (h)     
          “Good
      Reason” means (i) a failure of the Company or its successors without your prior
      consent to pay you any amounts due to you or to fulfill any other material
      obligations to you (after 30 days written notice to cure), (ii) action by the
      Company or its successor that results in a material diminution without your
      prior consent in your duties and responsibilities (other than isolated actions
      not taken in bad faith and that are remedied by LifeCell or its successor within
      30 days after receipt of written notice thereof given by you), as determined
      by
      balancing (A) any increase or decrease in the scope of your duties and
      responsibilities against (B) any increase or decrease in the relative sizes
      of
      the business, activities or functions (or portions thereof) for which you have
      responsibility, provided, however, that none of (I) a change in your title,
      or
      (II) a change in the hierarchy, either individually or in the aggregate shall
      be
      considered Good Reason, (iii) any material decrease in your Base Amount, or
      (iv)
      any move of the offices of the Company or its successor without your consent
      such that you would be required to commute more than 50 miles more each way
      than
      you currently commute.

    

    (i)       
         “Termination
      for Cause” means a termination of your employment by the Company or its
      successor for “cause”. For purposes of this letter, “cause” means your (i)
      conviction of, guilty plea to or confession of guilt of any crime that
      constitutes a felony or a criminal act involving moral turpitude, (ii)
      commission of a fraudulent, illegal, or dishonest act in respect of LifeCell,
      (iii) willful misconduct or gross negligence that reasonably could be expected
      to be injurious in the reasonable discretion of LifeCell or its successor to
      the
      business, operations, or reputation of LifeCell or its successor (monetarily
      or
      otherwise), (iv) material violation of LifeCell’s policies or procedures in
      effect from time to time; provided, however, to the extent such violation is
      subject to cure, such violation shall not constitute “cause” unless you fail to
      cure such violation within a reasonable time after written notice thereof,
      (v)
      material failure to perform your duties as assigned to you from time to time;
      provided, however, to the extent such failure is subject to cure, you will
      have
      a reasonable opportunity to cure such non-performance after written notice
      thereof, (vi) a material violation of the terms of the Confidentiality,
      Inventions and Discoveries and Non-Competition Agreement dated June __, 2006
      or
      any other agreement (now or hereafter in effect) pertaining to confidential
      information, developments, inventions, discoveries, non-solicitation, or
      non-competition, (vii) physical or mental disability that prevents your from
      performing your duties to LifeCell or its successor for a period of at least
      90
      consecutive day an any 12-month period or 120 non-consecutive days in any
      12-month period, or (viii) death. 

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    (j)   
             The
      Company shall notify you after the Company becomes aware or anticipates that
      a
      Change in Control is likely to take place.

    

    (k)    
           This
      Agreement is binding on the Company and its successors and assigns (including
      but not limited to any purchaser of all or substantially all of the assets
      of
      the Company as defined in (g)(iv) above). If the Company or its successors
      do
      not timely make all payments owed to you, whether due hereunder or otherwise
      due
      to you, and you retain counsel to enforce your rights to payment, the Company
      and its successors or assigns shall also be obligated to reimburse you for
      all
      reasonable attorneys fees incurred in collecting amounts due to you.

    

    (l)       
         This
      Agreement shall not affect any rights of the Company or you prior to a Change
      in
      Control or any of your rights granted in any other agreement, plan or
      arrangements, except that if you receive all payments hereunder, you shall
      not
      be entitled to receive any payments or benefits under your severance arrangement
      with the Company, if any. The rights, duties and benefits provided hereunder
      shall only become effective upon a Change in Control. Nothing in this Agreement
      shall alter your status as an “at-will” employee. If your employment by the
      Company is terminated for any reason prior to the date three months prior to
      the
      effective date of a Change in Control, this Agreement shall thereafter be of
      no
      further force and effect. 

    

    Kindly
      sign your name at the end of this letter to signify your understanding and
      acceptance of these terms.

    

    

    
      	 	
              Sincerely,

            
	 	 
	 	
              /s/
                James G. Foster

            
	 	
              James
                G. Foster, Chair

            
	 	
              Compensation
                Committee

            

    

    

    Accepted:

    

    

    /s/
      Young C. McGuinn

    Young
      C.
      McGuinn

     

     

     -4-Exhibit 10.1

    
      

    

    
      10.1
        ---
        Employment Agreement

      
 

      CHIEF
        EXECUTIVE EMPLOYMENT AGREEMENT

      

      

      THIS
        AGREEMENT is made and entered into this 14th
        day of
        August, 2006, by and between HYPERDYNAMICS CORPORATION, a Delaware corporation
        (the "Company"), and KENT P. WATTS ("Executive").

      

      W
        I T N E
        S S E T H:

      

      WHEREAS,
        Executive and the Company deem it to be in their respective best interests
        to
        enter into an agreement providing for the Company's employment of Executive
        pursuant to the terms herein stated;

      

      NOW,
        THEREFORE, in consideration of the premises and the mutual promises and
        agreements contained herein, it is hereby agreed as follows:

      

      1.    
Effective
        Date. This Agreement shall be effective as of the 1st
        day of
        July, 2006, which date shall be referred to herein as the "Effective
        Date".

      

      2.    
Position
        and
        Duties.

      

      (a)
        Heretofore, Executive has served since 1997 as the Company’s Chairman of the
        Board of Directors, President and Chief Executive Officer. In February of
        2006,
        the board of directors elected Executive as its President and Chief Executive
        Officer (also referred to as the “Chief Executive”) once again. The Executive
        has been employed under a prior agreement up until the effective date of
        this
        Agreement. Henceforth, the Company hereby employs Executive as its President
        and
        Chief Executive Officer pursuant to the terms of this Agreement commencing
        as of
        the Effective Date for the "Term of Employment" (as herein defined below).
        In
        this capacity, Executive shall devote his best efforts and his full business
        time and attention to the performance of the services customarily incident
        to
        such offices and position and to such other services of a senior executive
        nature as may be reasonably requested by the Board of Directors (the "Board")
        of
        the Company which may include services for one or more subsidiaries or
        affiliates of the Company. Executive shall in his capacity as an employee
        and
        officer of the Company be responsible to and obey the reasonable and lawful
        directives of the Board. 

      

      (b)
        Executive shall devote his full time (as defined below) and attention to
        such
        duties, except for sick leave, periodic personal trips and vacations as
        determined not to conflict with the material operations of the Company, and
        excused leaves of absences otherwise. Executive shall use his best efforts
        during the Term of Employment to protect, encourage, and promote the interests
        of the Company. Full time with respect to this agreement is understood to
        credit
        the Executive for his on-call status with regard to managing employees located
        around the world and recognizing that the Executive’s hours of specific work for
        the company are not limited to any specific range of time during a work day
        but
        can be accomplished around the clock and on weekends and/or holidays if deemed
        necessary by the Executive, and may be done at any physical location including
        Executive’s home which Company agrees to establish full computer, system and
        access communications capabilities for Executive as deemed necessary by
        Executive and at the cost of the Company through either direct equipment
        and
        service purchases or reimbursement to Executive for such purchases.

      

      (c)
        Notwithstanding paragraph 2(b), and with Company consent, Executive shall
        be
        entitled to sit as a director on other boards of directors so long as doing
        so
        presents no conflict of interest with Executive's performance of his duties
        or
        his positions at the Company. Specifically, it is known and understood by
        the
        Company that Executive is the founder of the non-profit organization, American
        Friends of Guinea, which is a non-profit with an exempt purpose to provide
        medical infrastructure and aide to the people of the Republic of Guinea.
        This
        activity is explicitly and implicitly understood not to be a conflict of
        interest. 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      3.     Compensation.

      

      (a)
        Base
        Salary. The Company shall pay to Executive during the Term of Employment
        a
        minimum salary at the rate of Two Hundred Fifty Thousand dollars ($250,000.00)
        per year and agrees that such salary shall be reviewed at least semi-annually
        by
        the independent compensation committee to insure that the Executive’s
        compensation package remains reasonably competitive to the market top executives
        in similar companies. 

      

      Such
        salary shall be payable Bi-Weekly, Semi-monthly, or monthly in accordance
        with
        the Company's normal payroll procedures. (Executive's annual salary, as set
        forth above or as it may be increased from time to time as set forth herein,
        shall be referred to hereinafter as "Base Salary"). At no time during the
        Term
        of Employment shall Executive's Base Salary be decreased from the amount
        of Base
        Salary then in effect.

      

      (b)
        Performance Bonus. In addition to the compensation otherwise payable to
        Executive pursuant to this Agreement, Executive shall be eligible to receive
        an
        annual bonus equal to 1% of the Company’s net income before interest, taxes, and
        Executives Performance Bonus, as determined by generally accepted accounting
        principles (GAAP). If there is no net income, the Performance Bonus is zero
        (0).

      

      (c)
        Long
        Term Incentive/Stock Options. Upon execution of this Agreement which was
        approved by the Compensation Committee and recommended to the board of directors
        and then approved by the board of directors, the board of directors will
        take
        action to grant Executive 40,000 S8 registered stock options to purchase
        the
        common stock of the Company, every quarter during the term of this Agreement,
        beginning the date that this Agreement is signed, and then on the first day
        of
        every quarter thereafter. Thus, the total options to be granted to Executive
        under this Agreement shall be 480,000 (12 quarters x 40,000). These options
        are
        subject to the Company’s Employee Stock and Stock Option plan and shall be three
        (3) year options with a strike price equal to the greater of $2 or the closing
        last trade price on the date of each grant by the board of directors. All
        quarterly grants are limited in quantity to insure that the covenant of the
        Company with Cornell Capital, not to issue more than 300,000 shares of equity
        securities in any one quarter. The number of options not granted for any
        one
        quarter pursuant to this limitation will be carried forward and granted the
        next
        quarter if the limitation is not exceeded including such carried forward
        shares.
        Any of these 480,000 options not granted by the beginning of the 12th
        quarter
        or the end of this agreement shall be granted in future quarters to the extent
        such grants do not exceed the Cornell limitation. 

      

      4.     Benefits
        During the Term of Employment:

      

      (a)
        Executive shall be eligible to participate in any life, health and long-term
        disability insurance programs, pension and retirement programs, stock option
        and
        other incentive compensation programs, and other fringe benefit programs
        made
        available to senior executive employees of the Company from time to time,
        and
        Executive shall be entitled to receive such other fringe benefits as may
        be
        granted to him from time to time by the Company's Board of Directors including
        but not necessarily limited to a corporate lease vehicle of Executive’s choosing
        and a membership in a country club of the Executives Choosing to be used
        for
        entertainment of potential investors, partners, and customers.

      

      (b)
        Executive shall be allowed four (4) weeks of vacation with pay and leaves
        of
        absence with pay on the same basis as other senior executive employees of
        the
        Company. Executive shall devote his full time and attention to such duties,
        except for sick leave, periodic personal trips and vacations as determined
        not
        to conflict with the material operations of the Company, and excused leaves
        of
        absences otherwise.

      

      (c)
        The
        Company shall reimburse Executive for reasonable business expenses incurred
        in
        performing Executive's duties and promoting the business of the Company,
        including, but not limited to, reasonable entertainment expenses, travel
        and
        lodging expenses, following presentation of documentation in accordance with
        the
        Company's business expense reimbursement policies. Executive shall use his
        best
        efforts during the Term of Employment to protect, encourage, and promote
        the
        interests of the Company. Full time with respect to this agreement is understood
        to credit the Executive for his on-call status with regard to managing employees
        located around the world and recognizing that the Executive’s hours of specific
        work for the company are not limited to any specific range of time during
        a work
        day but can be accomplished around the clock and on weekends and/or holidays
        if
        deemed necessary by the Executive, and may be done at any physical location
        including Executive’s home which Company agrees to establish full computer,
        system and access communications capabilities for Executive as deemed necessary
        by Executive and at the cost of the Company through either direct equipment
        and
        service purchases or reimbursement to Executive for such purchases.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (d)
        Executive shall be added as an additional named insured under all liability
        insurance policies now in force or hereafter obtained covering any officer
        or
        director of the Company in his or her capacity as an officer or director.
        Company shall indemnify Executive in his capacity as an officer or director
        and
        hold him harmless from any cost, expense or liability arising out of or relating
        to any acts or decisions made by him on behalf of or in the course of performing
        services for the Company.

      

      5.     Term;
        Termination of Employment. As used herein, the phrase "Term of Employment"
        shall
        mean the period commencing on the Effective Date and ending on the same date
        three (3) years later; provided, however, that as of the expiration date
        of each
        of (i) the initial Term of Employment and (ii) if applicable, any Renewal
        Period
        (as defined below), the Term of Employment shall automatically be extended
        for a
        two (2) year period (each a "Renewal Period") unless either the Company or
        Executive provides Two (2) months' notice to the contrary. Notwithstanding
        the
        foregoing, the Term of Employment shall expire on the first to occur of the
        following:

      

      (a)
        Termination by the Company. Notwithstanding anything to the contrary in this
        Agreement, whether express or implied, the Company may, at any time, terminate
        Executive's employment for any reason other than Cause, Death or Disability
        by
        giving Executive at least 60 days' prior written notice of the effective
        date of
        termination. Company may terminate Employee's employment for Cause, Death
        or
        Disability without prior notice, except that Executive may not be terminated
        for
        substantial and willful failure to perform specific and lawful directives
        of the
        Board, unless and until the Board has given him reasonable written notice
        of its
        intended actions and specifically describing the alleged events, activities
        or
        omissions giving rise thereto and with respect to those events, activities
        or
        omissions for which a cure is possible, a reasonable opportunity to cure
        such
        breach; and provided further, however, that for purposes of determining whether
        Cause is present, no act or failure to act by Executive shall be considered
        "willful" if done or omitted to be done by Executive in good faith and in
        the
        reasonable belief that such act or omission was in the best interest of the
        Company and/or required by applicable law. The terms "Cause" and "Disability"
        shall have the meaning given them under the Separation and Severance
        Agreement.

      

      (b)
        Termination by Executive. In the event that Executive's employment with the
        Company is voluntarily terminated by Executive, the Company shall have no
        further obligation hereunder from and after the effective date of termination
        except as may be provided in the Separation and Severance Agreement and the
        Company shall have all other rights and remedies available under this Agreement
        or any other agreement and at law or in equity. Executive shall give the
        Company
        at least 30 days' advance written notice of his intention to terminate his
        employment hereunder.

      

      (c)
        Salary, Benefits, and Severance Pay Upon Termination. In the event of
        termination of employment, Executive shall receive all regular Base Salary
        due
        up to the date of termination, and if it has not previously been paid to
        Executive, Executive shall be paid any Bonus to which Executive had become
        entitled under the Bonus Plan prior to the effective date of such termination
        and the Company shall have no further obligation hereunder from and after
        the
        effective date of termination except as may be provided in the Separation
        and
        Severance Agreement and the Company shall have all other rights and remedies
        available under this Agreement or any other agreement and at law or in equity.
        Executive's stock options with respect to the Company's stock shall be subject
        to the terms of the Hyperdynamics’ Employee Stock and Stock Option Plan or any
        successor plan, which is a separate agreement. In the event of termination,
        Executive's rights to benefits other than severance shall be governed by
        the
        terms of the Company's retirement, insurance and other benefit plans and
        programs then in effect in accordance with the terms of such plans. Executive's
        right to severance benefits, if any, shall be governed by the terms of the
        Separation and Severance Agreement attached hereto as Exhibit A (the "Severance
        Agreement"); provided, however, the Executive, as the Chief Executive, shall
        be
        entitled to de novo review of any material violation of this Severance
        Agreement, or denial of any claim, or eligibility for any claim thereunder
        exclusively as provided in the Resolution of Dispute provisions of section
        12 of
        this Employment Agreement. The Severance Agreement is incorporated in this
        Agreement by reference and is hereby made a part of this Agreement as if
        fully
        set forth herein.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      6.     Confidential
        Information, Non-Solicitation and Non-Competition.

      

      (a)
        During the Term of Employment and at all times thereafter, Executive shall
        not,
        except as may be required to perform his duties hereunder or as required
        by
        applicable law, disclose to others or use, whether directly or indirectly,
        any
        Confidential Information regarding the Company. "Confidential Information"
        shall
        mean information about the Company, its subsidiaries and affiliates, and
        their
        respective clients and customers that is not available to the general public.
        

      

      7.    
Return
        of
        Company Documents: In the event Executive leaves the employment of Company
        for
        whatever reason, Executive agrees to deliver to Company any and all property
        situated on Company's premises and owned by Company including disks and other
        storage media, filing cabinets or other work areas, is subject to inspection
        by
        Company personnel at any time, with or without notice, for the purpose of
        protecting Company's rights and interests in its intellectual
        property.

      

      8.    
Taxes.
        All
        payments to be made to Executive under this Agreement will be subject to
        any
        applicable withholding of federal, state and local income and employment
        taxes.
        Any withholding regarding exercise of stock options will be determined by
        including an opinion of a third party tax attorney paid by the company as
        pertaining to any withholding that may be required or not required.

      

      9.    
        Miscellaneous. This Agreement shall also be subject to the following
        miscellaneous considerations:

      

      (a)
        Executive and the Company each represent and warrant to the other that he
        or it
        has the authorization, power and right to deliver, execute, and fully perform
        his or its obligations under this Agreement in accordance with its
        terms.

      

      (b)
        This
        Agreement (including attached Exhibit A) contains a complete statement of
        all
        the arrangements between the parties with respect to Executive's employment
        by
        the Company, this Agreement supersedes all prior and existing negotiations
        and
        agreements between the parties concerning Executive's employment, and this
        Agreement can only be changed or modified pursuant to a written instrument
        duly
        executed by each of the parties hereto.

      

      (c)
        If
        any provision of this Agreement or any portion thereof is declared invalid,
        illegal, or incapable of being enforced by any court of competent jurisdiction,
        the remainder of such provisions and all of the remaining provisions of this
        Agreement shall continue in full force and effect.

      

      (d)
        This
        Agreement shall be governed by and construed in accordance with the internal,
        domestic laws of the State of Texas.

      

      (e)
        Any
        rights of Executive hereunder shall be in addition to any rights Executive
        may
        otherwise have under benefit plans, agreements, or arrangements of the Company
        to which he is a party or in which he is a participant, including, but not
        limited to, any Company-sponsored employee benefit plans. Provisions of this
        Agreement shall not in any way abrogate Executive's rights under such other
        plans, agreements, or arrangements.

      

      (f)
        For
        the purpose of this Agreement, notices and all other communications provided
        for
        in this Agreement shall be in writing and shall be deemed to have been duly
        given when delivered or mailed by United States certified or registered mail,
        return receipt requested, postage prepaid, addressed to the named Executive
        at
        the address set forth below under his signature; provided that all notices
        to
        the Company shall be directed to the attention of the Board with a copy to
        the
        Secretary of the Company, or to such other address as either party may have
        furnished to the other in writing in accordance herewith, except that notice
        of
        change of address shall be effective only upon receipt.

      

      (g)
        Section headings in this Agreement are included herein for convenience of
        reference only and shall not constitute a part of this Agreement for any
        other
        purpose.

      

      (h)
        Failure to insist upon strict compliance with any of the terms, covenants,
        or
        conditions hereof shall not be deemed a waiver of such term, covenant, or
        condition, nor shall any waiver or relinquishment of, or failure to insist
        upon
        strict compliance with, any right or power hereunder at any one or more times
        be
        deemed a waiver or relinquishment of such right or power at any other time
        or
        times.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (i)
        This
        Agreement may be executed in several counterparts, each of which shall be
        deemed
        to be an original but all of which together will constitute one and the same
        instrument.

      

      10.    Survival
        of
        Provisions: The executory provisions of this Agreement will survive the
        termination of this Agreement.

       

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
        day
        and year first above written.

    

     

    
      	
              EXECUTIVE

            	 	
              COMPANY

            
	 	 	 
	 	 	
              HYPERDYNAMICS
                CORPORATION

            
	 	 	 
	 	 	 
	
              BY:

            	 	
              BY:
                

            
	 	 	 
	
              KENT
                P. WATTS

            	 	
              HARRY
                J. BRIERS

            
	
              TITLE:

            	 	
              TITLE:

            
	
              CHIEF
                EXECUTIVE OFFICER

            	 	
              EXECUTIVE
                VICE PRESIDENT

            
	 	 	 
	 	 	 
	
              ADDRESS:

            	 	
              ADDRESS:

            
	
              3803
                Pine Branch Drive

            	 	
              One
                Sugar Creek Center Boulevard

            
	 	 	
              Suite
                125

            
	
              Pearland,
                Texas 77581

            	 	
              Sugar
                Land, Texas 77478

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