Document:

Exhibit

       Exhibit 10.45

    
CTI BIOPHARMA CORP.
EXECUTIVE INCENTIVE COMPENSATION PLAN

1.Purposes of the Plan. The Plan is intended to increase stockholder value and the success of the Company by motivating Employees to (i) perform to the best of their abilities and (ii) achieve the Company’s objectives. 

2.Definitions.

(a)“Actual Award” means as to any Performance Period, the actual award (if any) payable to a Participant for the Performance Period, subject to the Committee’s authority under Section 3(d) to modify the award.

(b)“Affiliate” means any corporation or other entity (including, but not limited to, partnerships and joint ventures) controlled by the Company.

(c)“Board” means the Board of Directors of the Company.

(d)“Bonus Pool” means the pool of funds available for distribution to Participants.  Subject to the terms of the Plan, the Committee establishes the Bonus Pool (if any) for each Performance Period.

(e)“Code” means the Internal Revenue Code of 1986, as amended.  Reference to a specific section of the Code or regulation thereunder will include such section or regulation, any valid regulation promulgated thereunder, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.

(f)“Committee” means the committee appointed by the Board (pursuant to Section 5) to administer the Plan.  Unless and until the Board otherwise determines, the Board’s Compensation Committee will administer the Plan and be considered the Committee for purposes of the Plan.

(g)“Company” means CTI BioPharma Corp., a Delaware corporation, or any successor thereto.

(h)“Disability” means a permanent and total disability determined in accordance with uniform and nondiscriminatory standards adopted by the Committee from time to time.

(i)“Employee” means any executive, officer, or key employee of the Company or of an Affiliate, whether such individual is so employed at the time the Plan is adopted or becomes so employed subsequent to the adoption of the Plan.

(j)“Fiscal Year” means the fiscal year of the Company.

(k)“Participant” means as to any Performance Period, an Employee who has been selected by the Committee for participation in the Plan for that Performance Period.

(l)“Performance Period” means the period of time for the measurement of the performance criteria that must be met to receive an Actual Award, as determined by the Committee in its sole discretion.  A Performance Period may be divided into one or more shorter periods if, for example, but not by way of limitation, the Committee desires to measure some performance criteria over 12 months and other criteria over 3 months.

(m)“Plan” means this Executive Incentive Compensation Plan, as set forth in this instrument (including any appendix attached hereto) and as hereafter amended from time to time.

(n)“Target Award” means the target award, at 100% of target level performance achievement, payable under the Plan to a Participant for the Performance Period, as determined by the Committee in accordance with Section 3(b).

3.Selection of Participants and Determination of Awards. 

(a)Selection of Participants.  The Committee, in its sole discretion, will select the Employees who will be Participants for any Performance Period.  Participation in the Plan is in the sole discretion of the Committee, on a Performance Period by Performance Period basis.  Accordingly, an Employee who is a Participant for a given Performance Period in no way is guaranteed or assured of being selected for participation in any subsequent Performance Period or Performance Periods.

(b)Determination of Target Awards.  The Committee, in its sole discretion, will establish a Target Award for each Participant (which may be expressed as a percentage of a Participant’s average annual base salary for the Performance Period or a fixed dollar amount or such other amount or based on such other formula as the Committee determines).

(c)Bonus Pool.  Each Performance Period, the Committee, in its sole discretion, may establish a Bonus Pool, which pool may be established before, during or after the applicable Performance Period.  Actual Awards will be paid from the Bonus Pool. 

(d)Discretion to Modify Awards.  Notwithstanding any contrary provision of the Plan, the Committee may, in its sole discretion and at any time, (i) increase, reduce or eliminate a Participant’s Actual Award, and/or (ii) increase, reduce or eliminate the amount allocated to the Bonus Pool.  The Actual Award may be below, at or above the Target Award, in the Committee’s discretion.  The Committee may determine the amount of any increase, reduction or elimination on the basis of such factors as it deems relevant, and will not be required to establish any allocation or weighting with respect to the factors it considers.  

(e)Discretion to Determine Criteria.  Notwithstanding any contrary provision of the Plan, the Committee, in its sole discretion, will determine the performance goals (if any) applicable to any Target Award (or portion thereof) which may include, without limitation: (i) research and development, (ii) regulatory milestones or regulatory-related goals, (iii) gross margin, (iv) financial milestones, (v) new product or business development, (vi) operating margin, (viii) product release timelines or other product release milestones, (ix) publications, (x) cash flow, (xi) procurement, (xii) savings, (xiii) internal structure, (xiv) leadership development, (xv) project, function or portfolio-specific milestones, (xvi) license or research collaboration agreements, (xvii) capital raising, (xviii) patentability and (xix) individual objectives such as peer reviews or other subjective or objective criteria.  As determined by the Committee, the performance goals may be based on generally accepted accounting principles (“GAAP”) or non-GAAP results and any actual results may be adjusted by the Committee for one-time items or unbudgeted or unexpected items and/or payments of Actual Awards under the Plan when determining whether the performance goals have been met.  The goals may be on the basis of any factors the Committee determines relevant, and may be on an individual, divisional, business unit, segment or Company-wide basis.  Any criteria used may be measured on such basis as the Committee determines, including but not limited to, as applicable, (A) in absolute terms, (B) in combination with another performance goal or goals (for example, but not by way of limitation, as a ratio or matrix), (C) in relative terms (including, but not limited to, results for other periods, passage of time and/or against another company or companies or an index or indices), (D) on a per-share basis, (E) against the performance of the Company as a whole or a segment of the Company and/or (F) on a pre-tax or after-tax basis.  The performance goals may differ from Participant to Participant and from award to award.  Failure to meet the goals will result in a failure to earn the Target Award, except as provided in Section 3(d).  The Committee also may determine that a Target Award (or portion thereof) will not have a performance goal associated with it but instead will be granted (if at all) in the sole discretion of the Committee. 

4.Payment of Awards.

(a)Right to Receive Payment.  Each Actual Award will be paid solely from the general assets of the Company.  Nothing in this Plan will be construed to create a trust or to establish or evidence any Participant’s claim of any right other than as an unsecured general creditor with respect to any payment to which he or she may be entitled.

(b)Timing of Payment.  Payment of each Actual Award shall be made as soon as practicable after the end of the Performance Period to which the Actual Award relates and after the Actual Award is approved by the Committee, but in no event later than the later of (i) the 15th day of the third month of the Fiscal Year immediately following the Fiscal Year in which the Participant’s Actual Award is first no longer subject to a substantial risk of forfeiture, and (ii) March 15 of the calendar year immediately following the calendar year in which the Participant’s Actual Award is first no longer subject to a substantial risk of forfeiture.  Unless otherwise determined by the Committee, to earn an Actual Award a Participant must be employed by the Company or any Affiliate on the date the Actual Award is paid. 
It is the intent that this Plan be exempt from or comply with the requirements of Code Section 409A so that none of the payments to be provided hereunder will be subject to the additional tax imposed under Code Section 409A, and any ambiguities herein will be interpreted to be so exempt or so comply.  Each payment under this Plan is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

(c)Form of Payment.  Each Actual Award generally will be paid in cash (or its equivalent) in a single lump sum.  

(d)Payment in the Event of Death or Disability.  If a Participant dies or is terminated due to his or her Disability prior to the payment of an Actual Award the Committee has determined will be paid for a prior Performance Period, the Actual Award will be paid to his or her estate or to the Participant, as the case may be, subject to the Committee’s discretion to reduce or eliminate any Actual Award otherwise payable.

5.Plan Administration.

(a)Committee is the Administrator.  The Plan will be administered by the Committee.  The Committee will consist of not less than 2 members of the Board.  The members of the Committee will be appointed from time to time by, and serve at the pleasure of, the Board.

(b)Committee Authority.  It will be the duty of the Committee to administer the Plan in accordance with the Plan’s provisions.  The Committee will have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including, but not limited to, the power to (i) determine which Employees will be granted awards, (ii) prescribe the terms and conditions of awards, (iii) interpret the Plan and the awards, (iv) adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees who are foreign nationals or employed outside of the United States, (v) adopt rules for the administration, interpretation and application of the Plan as are consistent therewith, and (vi) interpret, amend or revoke any such rules.

(c)Decisions Binding.  All determinations and decisions made by the Committee, the Board, and/or any delegate of the Committee pursuant to the provisions of the Plan will be final, conclusive, and binding on all persons, and will be given the maximum deference permitted by law.
  
(d)Delegation by Committee.  The Committee, in its sole discretion and on such terms and conditions as it may provide, may delegate all or part of its authority and powers under the Plan to one or more directors and/or officers of the Company.  

(e)Indemnification.  Each person who is or will have been a member of the Committee will be indemnified and held harmless by the Company against and from (i) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or any award, and (ii) from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or she will give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless.

6.General Provisions.

(a)Tax Withholding.  The Company (or the Affiliate employing the applicable Employee) will withhold all applicable taxes from any Actual Award, including any federal, state and local taxes (including, but not limited to, the Participant’s FICA and SDI obligations).  

(b)No Effect on Employment or Service.  Nothing in the Plan will interfere with or limit in any way the right of the Company (or the Affiliate employing the applicable Employee) to terminate any Participant’s employment or service at any time, with or without cause.  For purposes of the Plan, transfer of employment of a Participant between the Company and any one of its Affiliates (or between Affiliates) will not be deemed a termination of employment.  Employment with the Company and its Affiliates is on an at-will basis only.  The Company expressly reserves the right, which may be exercised at any time and without regard to when during a Performance Period such exercise occurs, to terminate any individual’s employment with or without cause, and to treat him or her without regard to the effect that such treatment might have upon him or her as a Participant.  

(c)Participation.  No Employee will have the right to be selected to receive an award under this Plan, or, having been so selected, to be selected to receive a future award.

(d)Successors.  All obligations of the Company under the Plan, with respect to awards granted hereunder, will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business or assets of the Company.
  
(e)Nontransferability of Awards.  No award granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution.  All rights with respect to an award granted to a Participant will be available during his or her lifetime only to the Participant.

7.Amendment, Termination, and Duration.

(a)Amendment, Suspension, or Termination.  The Board or the Committee, in its sole discretion, may amend or terminate the Plan, or any part thereof, at any time and for any reason. The amendment, suspension or termination of the Plan will not, without the consent of the Participant, alter or impair any rights or obligations under any Actual Award theretofore earned by such Participant.  No award may be granted during any period of suspension or after termination of the Plan.

(b)Duration of Plan.  The Plan will commence on the date first adopted by the Board or the Committee, and subject to Section 7(a) (regarding the Board’s and/or the Committee’s right to amend or terminate the Plan), will remain in effect thereafter until terminated.

8.Legal Construction.  

(a)Gender and Number.  Except where otherwise indicated by the context, any masculine term used herein also will include the feminine and any feminine term used herein also will include the masculine; the plural will include the singular and the singular will include the plural.  

(b)Severability.  In the event any provision of the Plan will be held illegal or invalid for any reason, the illegality or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provision had not been included.  

(c)Requirements of Law.  The granting of awards under the Plan will be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

(d)Governing Law.  The Plan and all awards will be construed in accordance with and governed by the laws of the State of Washington, but without regard to its conflict of law provisions.  

(e)Bonus Plan.  The Plan is intended to be a “bonus program” as defined under U.S. Department of Labor regulation 2510.3-2(c) and will be construed and administered in accordance with such intention.  

(f)Captions.  Captions are provided herein for convenience only, and will not serve as a basis for interpretation or construction of the Plan.

*         *         *talo-ex1034_421.htm

Exhibit 10.34

FIRST AMENDMENT AGREEMENT TO THE
CONTRACT FOR THE EXPLORATION AND
EXTRACTION AND HYDROCARBONS IN
THE FORM OF SHARED PRODUCTION

BETWEEN

THE NATIONAL HYDROCARBONS COMMISSION

AND

SIERRA BLANCA P&D, S. DE R.L. DE C.V.,

TALOS ENERGY OFFSHORE MÉXICO 2, S. DE R.L. DE
C.V.

AND

PREMIER OIL EXPLORATION AND PRODUCTION
MEXICO, S.A. DE C.V.

AUGUST 8, 2018

CONTRACTUAL AREA 2

 

 

 

 

This first Amendment Agreement to the Contract for the Exploration and Extraction of Hydrocarbons in the Form of Shared Production CNH-R01-L01-A2/2015 (hereinafter "Amendment Agreement") is entered into on August 8, 2018, at 5:00 PM, between, on the one hand, the NATIONAL HYDROCARBONS COMMISSION (hereinafter the "CNH"), represented by Juan Carlos Zepeda Molina, in his capacity as Commissioner-President; Martín Álvarez Magaña, Director of the Unit of Procurement of Exploration and Extraction Activities; Fausto Álvarez Hernández, Director of the Technical Administration of Allocations and Contracts; and the Ramón Antonio Massieu Arrojo, Director of the Legal Unit; and, on the other hand, Talos Energy Offshore Mexico 2, S. de R.L. de C.V., (hereinafter referred to as "Talos Energy Offshore Mexico 2"), represented by Carlos Jiménez Cantú, in his capacity as legal representative, Premier Oil Exploration and Production México, S.A. de C.V., (hereinafter referred to as the "Premier Oil Exploration and Production Mexico"), represented by John Gerard Tominey in his capacity as legal representative, and Sierra Blanca P&D, S. de R.L. de C.V., (hereinafter referred to as "Sierra Blanca P&D"), represented by Alejandro Vázquez Morales, in his capacity as legal representative, in accordance with the following Recitals, Statements, and Clauses:

RECITALS

1.On July 22, 2015, the Official Gazette of the Federation published the Decision of International Competitive Bidding CNH-R01-L01/2014, where it was stated that Oil & Gas, S. de R.L. de C.V., in consortium with Talos Energy, LLC, and Premier Oil, PLC, was the winning bidder of Contractual Area 2.

2.Whereas, under the terms of section III of the Bidding Rules, under item 22.3, Sierra Oil & Gas, S. de R.L. de C.V., in consortium with Talos Energy, LLC and Premier Oil, PLC, opted to establish specific-purpose companies called Sierra O&G Exploración y Producción, S. de R.L. de C.V. (hereinafter "Sierra O&G"), Premier Oil Exploration and Production Mexico, and Talos Energy Offshore Mexico 2.

3.On September 4, 2015, the CNH, Sierra O&G, Talos Energy Offshore Mexico 2, and Premier Oil Exploration and Production Mexico signed contract CNH-R01-L01-A2/2015 for the Exploration and Extraction of Hydrocarbons under the Form of Shared Production (hereinafter, the "Contract"),  establishing Sierra Oil & Gas, S. de R.L. de C.V., Talos Energy, LLC, and Premier Oil, PLC as joint and several obligors of the respective Participating Companies.

4.On June 21, 2018, Sierra O&G requested, in accordance with Clauses 24.1, 24.3, 24.4 (a), and 27 of the Contract, the modification of the Contract in order to record the assignment of its full Participating Interest to Sierra Blanca P&D, with Talos Energy Offshore Mexico 2 and Premier Oil Exploration and Production Mexico signing in agreement.

5.On July 31, 2018, the Governing Body of the CNH, through Resolution CNH.E.45.004/18, instructed to enter into the First Amendment Agreement of the Contract in order to record the full assignment of the Participating Interest of Sierra O&G to Sierra Blanca P&D.

STATEMENTS

The National Hydrocarbons Commission states through its representatives that:

I.It is a Coordinated Regulatory Body on Energy Matters of the Centralized Federal Public Administration of the State, with its own legal personality and technical and management autonomy, in accordance with Articles 28, eighth paragraph, of the Political Constitution of the United Mexican States (hereinafter the "Constitution"), 2, Section I, and 3 of the Coordinated Regulatory Bodies on Energy Matters Act; 

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II.Pursuant to Articles 27, seventh paragraph of the Constitution; 15 and 23 of the Hydrocarbons Act and 38, Section II, of the Coordinated Regulatory Bodies on Energy Matters Act, it has the legal capacity to on behalf of the State, enter into contracts with individuals or State-Owned Production Companies, through which the Nation carries out the strategic activities of Exploration and Extraction of Petroleum and other solid, liquid, or gaseous hydrocarbons within Mexican territory;

III.Its representatives are authorized to enter into this First Amendment Agreement in accordance with Article 23, Section III of the Coordinated Bodies on Energy Matters Act; 10, Sections II, IV, and VII, 14, Sections XVI and XXV, 20 and 20 of the Rules of Procedure of the National Hydrocarbons Commission.

Talos Energy Offshore México 2 states through its representative that:

I.It is a commercial company incorporated and with a legal personality in accordance with the laws of Mexico, and in compliance with the stipulations in Section III, item 22.3 of the Terms of Reference for Awarding Shared Production Contracts for the Exploration and Extraction of Hydrocarbons in Shallow Waters, First Call for Tenders, Competitive Bidding CNH-R01-L01/2014, whose sole corporate purpose is the Exploration and Extraction of Hydrocarbons, and that has legal capacity to enter into and comply with this Amendment Agreement;

II.It has its tax residence in Mexico, has a Federal Taxpayer Registration ID (Registro Federal de Contribuyentes) and is not taxed in the optional tax regime for groups of companies referred to in Chapter VI of the Second Part of the Income Tax Act;

III.It is familiar with the laws of Mexico, as well as its regulations, and any other applicable provisions;

IV.It has the organization, experience, and technical, financial, and performance capabilities to fulfill its obligations under this Amendment Agreement;

V.It has carried out corporate transactions, obtained corporate or other authorizations, and complied with the applicable legal requirements to enter into and fulfill this Amendment Agreement, and neither it nor any third party associated with it is found under any of the assumptions of Article 26 of the Hydrocarbons Act, and

VI.The legal capacity of Carlos Jiménez Cantú as legal representative to enter into this Amendment Agreement is authorized by the registered power of attorney in notarial instrument No. 84,138 (eighty-four thousand one-hundred thirty-eight), executed before Notary Public No. 1 of Mexico City, Mr. Roberto Núñez y Bandera, dated August 6, 2018.

Premier Oil Exploration and Production Mexico states through its representative that:

I.It is a commercial company incorporated and with a legal personality in accordance with the laws of Mexico, and in compliance with the stipulations in Section III, item 22.3 of the Terms of Reference for Awarding Shared Production Contracts for the Exploration and Extraction of Hydrocarbons in Shallow Waters, First Call for Tenders, Competitive Bidding CNH-R01-L01/2014, whose sole corporate purpose is the Exploration and Extraction of Hydrocarbons, and that has legal capacity to enter into and comply with this Amendment Agreement;

II.It has its tax residence in Mexico, has a Federal Taxpayer Registration ID (Registro Federal de Contribuyentes) and is not taxed in the optional tax regime for groups of companies referred to in Chapter VI of the Second Part of the Income Tax Act;

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III.It is familiar with the laws of Mexico, as well as its regulations, and any other applicable provisions;

IV.It has the organization, experience, and technical, financial, and performance capabilities to fulfill its obligations under this Amendment Agreement;

V.It has carried out corporate transactions, obtained corporate or other authorizations, and complied with the applicable legal requirements to enter into and fulfill this Amendment Agreement, and neither it nor any third party associated with it is found under any of the assumptions of Article 26 of the Hydrocarbons Act, and

VI.The legal capacity of John Gerard Tominey as legal representative to enter into this Amendment Agreement is authorized by the registered power of attorney in notarial instrument No. 68,015 (sixty-eight thousand fifteen), executed before Notary Public No. 223 of Mexico City, Ms. Rosamaría López Lugo acting as alternate in the notarial record book of Notary Public No. 173 of Mexico City, Mr. Francisco Xavier Arredondo Galván, dated July 16, 2018.

Sierra Blanca P&D states through its representatives that:

I.It is an incorporated commercial company with legal personality in accordance with the laws of Mexico, whose sole corporate purpose is the Exploration and Extraction of Hydrocarbons, and that has the legal capacity to enter into and fulfill this Amendment Agreement;

II.It has its tax residence in Mexico, has a Federal Taxpayer Registration ID (Registro Federal de Contribuyentes) and is not taxed in the optional tax regime for groups of companies referred to in Chapter VI of the Second Part of the Income Tax Act;

III.It is familiar with the laws of Mexico, as well as its regulations, and any other applicable provisions;

IV.It has the organization, experience, and technical, financial, and performance capabilities to fulfill its obligations under this Amendment Agreement;

V.It has carried out corporate transactions, obtained corporate or other authorizations, and complied with the applicable legal requirements to enter into and fulfill this Agreement, and neither it nor any third party associated with it is found under any of the assumptions of Article 26 of the Hydrocarbons Act,

VI.In accordance with Clause 24.4, subsection (a) of the Contract, it shall be jointly responsible for the fulfillment of all Contractor's obligations under the Contract, irrespective of whether such obligations have been incurred or generated prior to the date of entering into the assignment of the Participating Interest of Sierra O&G and,

VII. The legal capacity of Alejandro Vázquez Morales to enter into this Amendment Agreement is authorized by the registered power of attorney in notarial instrument No. 82,418 (eighty-two thousand four-hundred eighteen), executed before Notary Public No. 94 of Mexico City, Mr. Erik Namur Campesino, dated August 2, 2018.

Pursuant to the foregoing, in accordance with Clause 27 of the Contract, the CNH, Premier Oil Exploration and Production Mexico, Talos Energy Offshore México 2, and Sierra Blanca P&D (collectively, the "Parties") agree to the following: 

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CLAUSES

CLAUSE 1
DEFINITIONS

Any term with capital letters not defined in this Amendment Agreement shall have the meaning attributed to it in the Contract.

CLAUSE 2
PURPOSE OF THE AMENDMENT AGREEMENT

The Parties agree, in order to record the full assignments of Participating Interests of Sierra O&G to Sierra Blanca P&D, to amend Clauses 1.1, 2.3, and 30 of the Contract, to be as follows:

"1.1 Definitions. For the purposes of this Contract, the following terms shall have the meanings listed below:

(...)

"Participants" means Sierra Blanca P&D, Talos Energy Offshore Mexico 2, and Premier Oil Exploration and Production Mexico, and their respective successors or authorized assigns in accordance with this Contract. If at any time the Contractor is made up of only one entity, any reference in this Contract to "each of the Participating Companies," "the Participating Companies," or similar references, shall be understood to mean "the Contractor."

(...)

2.3 Participating Interests. The Participating Interests of the Participating Companies are as follows:

 

		
	
Participating Company
	
Participation Interest

	
Sierra Blanca P&D
	
45%

	
Talos Energy Offshore
	
45%

	
         Mexico 2
	
 

	
Premier Oil Exploration
	
10%

	
and Production Mexico
	
 

 

4

 

 

No attempt to give in guarantee, assign or transfer part or all the Participating Interest shall be valid or shall be considered effective except as provided in Clause 24.

(...)

CLAUSE 30
NOTIFICATIONS

All notifications and other communication made under this agreement must be in writing and will be effective from the date the recipient receives them:

 

(...)

To the Contractor:

Sierra Blanca P&D

Avenida Vasco de Quiroga 3000, Piso 8,

Colonia Santa Fe, Delegación Alvaro Obregón,

Ciudad de México, México, C.P. 01210.

(...)

or at any other addresses, as notified by each Party to the other in the manner indicated above. It is understood that any notification made by the CNH to the Operator shall be deemed to be carried out to each of the Participating Companies for all purposes of this agreement."

CLAUSE 3
EFFECTS

3.1Structure of the Contractor. From the date this Amendment Agreement is entered into, Sierra Blanca P&D is responsible for continuing with the inherent obligations in the contract and may enforce its rights as a Participating Company.

3.2Continuation of the joint and several obligations. In accordance with Clause 24.4(a) of the Contract, Sierra O&G remains jointly and severally responsible for compliance with the Contractor's obligations incurred or generated up to the date of the transfer of the Participating Interest to Sierra Blanca P&D, being relieved of any liability with respect to the obligations that are generated after the assignment.

On the other hand, taking into consideration that, once this Amendment Agreement is entered into, Sierra O&G ceases to be a Participating Company, the joint and several obligations of Sierra Oil & Gas, S. de R.L. de C.V., shall remain unaffected.

3.3No effect on rights and obligations. This Amendment Agreement does not imply novation, extension, or modification of any of the other contractual terms provided for in the Contract and, notwithstanding the provisions of Clause 31 of the Contract, is an integral part.

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CLAUSE 4

COUNTERPARTS

This Amendment Agreement is signed in four (4) equal counterparts with the same meaning and effect, and each one will be considered an original.

IN WITNESS WHEREOF, the Parties sign this Amending Agreement on the date mentioned at the beginning.

 

			
	
ON BEHALF OF THE NATIONAL

HYDROCARBONS COMMISSION
	
 
	
ON BEHALF OF THE CONTRACTOR

	
 

 

/s/ Juan Carlos Zepeda Molina
	
 
	
 

 

/s/ Carlos Jimenez Cantú

	
JUAN CARLOS ZEPEDA MOLINA

COMMISSIONER-PRESIDENT
	
 
	
CARLOS JIMENEZ CANTÚ

LEGAL REPRESENTATIVE

TALOS ENERGY OFFSHORE MEXICO 2,

S. de R.L. de C.V.

	
 

 

 

 

 

/s/ Martín Álvarez Magaña
	
 
	
 

 

 

 

 

/s/ John Gerard Tominey

	
MARTÍN ÁLVAREZ MAGAÑA

DIRECTOR OF THE PROCUREMENT

UNIT FOR EXPLORATION AND

EXTRACTION ACTIVITIES
	
 
	
JOHN GERARD TOMINEY

LEGAL REPRESENTATIVE

PREMIER OIL EXPLORATION AND

PRODUCTION MEXICO, S.A. DE C.V.

	
 

 

 

 

 

/s/ Fausto Álvarez Hernández
	
 
	
 

 

 

 

 

/s/ Alejandro Vazquez Morales

	
FAUSTO ÁLVAREZ HERNÁNDEZ

DIRECTOR OF THE TECHNICAL

ADMINISTRATION UNIT OF

ALLOCATIONS AND CONTRACTS
	
 
	
ALEJANDRO VAZQUEZ MORALES

LEGAL REPRESENTATIVE

SIERRA BLANCA P&D,

	
 

 

 

 

 

/s/ Ramón Antonio Massieu Arrojo
	
 
	
 

	
RAMÓN ANTONIO MASSIEU ARROJO

DIRECTOR OF THE LEGAL UNIT

LEGAL VALIDATION

 
	
 
	
 

 

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