Document:

Exhibit 10.1

 

TRANSITION,
SEPARATION AND GENERAL RELEASE AGREEMENT

 

This Transition, Separation
and General Release Agreement (“Transition Agreement”) is entered into by and between Kristin Savilia (“Ms.
Savilia”) and XO Group Inc. (“Company”) as of the 14th day of September, 2016 (“Agreement
Date”), and hereby supersedes and replaces in its entirety that certain term sheet dated September 8, 2016 between Ms.
Savilia and the Company in the form attached hereto as Exhibit A (the “Term Sheet”). The parties agree
as follows, in exchange for the mutual consideration described herein, the sufficiency of which is mutually acknowledged:

 

1.        The
Company will provide Ms. Savilia with the payments and benefits specified in Section 3 below in consideration for the promises,
commitments, and representations she makes in this Transition Agreement and the performance of its terms and conditions,
so long as she executes this Transition Agreement, does not revoke it, and fulfills
the promises and commitments to which she has agreed herein (provision of certain payments and benefits are also contingent on
her signing and not revoking the Renewal Release (as defined below)).

 

2.       Ms.
Savilia and the Company have agreed that her employment with the Company and its affiliates shall terminate effective December
31, 2016 (or, if earlier, Ms. Savilia’s employment termination date) (such actual date of termination, the “Separation
Date”). The period beginning on the Agreement Date and ending on the Separation Date shall be referred to herein as the
“Transitional Employment Period.” Effective as of September 7, 2016, Ms. Savilia resigned from all offices and
positions held with the Company and all of its affiliates, except for her continued employment as provided in Section 2(a) below.
Ms. Savilia acknowledges and agrees that, since September 7, 2016, she has not been, and after September 7, 2016, she will not
be, authorized to conduct business on behalf of the Company or any of its affiliates, including, but not limited to, entering into
contracts on behalf of such Company or affiliate, or to otherwise incur any liability or obligation in the name or on behalf of
such Company or affiliate. Ms. Savilia agrees that, as requested by the Company from time to time, she will execute such other
documents as may be necessary to evidence her removal from such positions.

 

During the Transitional Employment Period:

 

		(a)	Ms. Savilia will serve, on a regular full-time basis, as
a non-officer employee of the Company and have the title of Senior Advisor, Local Marketplace, and will perform such duties and
services as are requested by the Company (which duties and services will generally include, but not be limited to, the diligent
and cooperative transition of her duties and responsibilities from her prior role as the Company’s President, Local Marketplace);

 

		(b)	Ms. Savilia shall use her best efforts, business judgment,
skills, and knowledge to the advancement of the business and interests of the Company and its affiliates and she will serve the
Company loyally and faithfully and in accordance with all Company policies as may be in effect; 

 

		(c)	Ms. Savilia will receive continuation of her current base salary payments in accordance with the
Company’s standard payroll policies and will continue to participate on an active employee basis in all Company sponsored
welfare and benefit plans;

 

		(d)	Ms. Savilia will be entitled to use personal time and vacation benefits at the same level and in
the same manner that she used such time and benefits immediately prior to the Agreement Date provided that she continues to comply
with her performance obligations hereunder; and

 

     

     

    

 

		(e)	Ms. Savilia will continue to vest in all stock option and restricted stock awards issued to her
by the Company, and outstanding as of the Agreement Date, in accordance with the terms and conditions of the Company’s 2009
Stock Incentive Plan (the “Plan”), notices of grant and option or restricted stock award agreements.

 

3.       Separation
Payments and Benefits. In connection with Ms. Savilia’s separation of employment with the Company, she will receive any
accrued, but unpaid, base salary through the Separation Date and reimbursement for any properly submitted, but unreimbursed, business
expenses incurred on or prior to the Separation Date and in accordance with Company policy. Ms. Savilia will be entitled to receive
vested benefits provided under any employee benefit plans sponsored by or through the Company in which she participates (excluding
any benefit plans providing severance or similar benefits), in each case, in accordance with the terms of such plan and applicable
law. All equity awards granted to Ms. Savilia by the Company under the Plan that are vested and outstanding as of the Separation
Date shall be treated in accordance with the terms and conditions of the
Plan and the applicable award agreement or other document pursuant to which such awards were granted. All unvested equity
awards granted to Ms. Savilia by the Company under the Plan that are outstanding as of the Separation Date shall be immediately
forfeited, terminated and cancelled for no consideration, and shall cease to be outstanding, except as otherwise specifically provided
in clauses (b) and (c) below. As consideration for Ms. Savilia entering into this Transition Agreement, the Company shall provide
Ms. Savilia with the following severance consideration:

 

		(a)	Subject to the terms and conditions of this Transition Agreement, Ms. Savilia shall be entitled
to receive a cash bonus under the Company’s 2016 Executive Bonus Plan in respect of the 2016 performance year, the amount
of which will be determined by the Company based on performance in a manner consistent with the Company’s past practices
for awarding bonuses, except that such 2016 cash bonus award will be paid to Ms. Savilia, less applicable withholdings and deductions,
on or by the next payroll date following the first business day the
Renewal Release has become effective and is no longer subject to revocation under applicable law (but in no event earlier than
January 1, 2017 or later than March 15, 2017, and assuming Ms. Savilia’s execution of the Renewal Release occurs on December
31, 2016 and assuming such release becomes effective without revocation under applicable law on the 8th day following
such execution, then in no event later than January 15, 2017);

 

		(b)	Subject to the terms and conditions of this
Transition Agreement, upon termination of Ms. Savilia’s employment with the Company, the Company will take action to waive
the forfeiture of 24,830 shares of restricted stock granted to her under the Plan and outstanding immediately prior to the
Separation Date, and cause the lapse of restrictions on such shares (which amount represents that portion of the aggregate outstanding
restricted stock awards held by Ms. Savilia as of the Agreement Date that would have vested had her employment with the Company
continued through March 11, 2017). Such lapse of restrictions will occur on the first business day after the date on which the
Renewal Release has become effective and is no longer subject to revocation under applicable law, and will be subject
to compliance with the Company’s insider trading policy and applicable securities laws and stock exchange rules and regulations;

 

		(c)	Subject to the terms and conditions of this
Transition Agreement, upon termination of Ms. Savilia’s employment with the Company, the Company will take action to waive
the forfeiture of 10,964 unvested stock options granted to her under the Plan and outstanding immediately prior to the Separation
Date, and cause the acceleration of vesting of such options (which amount represents that portion of the aggregate outstanding
stock option awards held by Ms. Savilia as of the Agreement Date that would have vested had her employment with the Company continued
through March 11, 2017). Such acceleration of vesting will occur on the first business day after the date on which the Renewal
Release has become effective and is no longer subject to revocation under applicable law;

 

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		(d)	Subject to the terms
                                                                                                 and conditions of this Transition Agreement, if, within the 30-day period following
                                                                                                 September 8, 2016, the Company terminates Ms. Savilia’s employment without Cause (as defined in the 2011 letter
                                                                                                 agreement (as defined below), and excluding any termination due to death or disability), then, Ms. Savilia shall be entitled
                                                                                                 to receive (A) a lump sum payment equal to one year of her annualized base salary, and (B) reimbursement (which shall be
                                                                                                 taxable                                                                                                  to
                                                                                                 Ms. Savilia) of the cost                                                                                                  of
                                                                                                 continuation coverage pursuant to COBRA for twelve (12) months following such termination, to the
                                                                                                 extent Ms. Savilia timely elects such continuation coverage and is eligible, subject to the terms of the applicable Company
                                                                                                 plan(s) and applicable law (for the avoidance of doubt, the “cost of continuation coverage” shall mean any
                                                                                                 additional amount paid by Ms. Savilia to the COBRA provider by such election compared to the amount of premiums paid by her
                                                                                                 before the Separation Date (or as would have been payable by her in the 2017 plan year,
                                                                                                 had she remained employed, as a result of premium increases applicable to Company employees generally)); and

 

		(e)	Subject to the terms and conditions of this
Transition Agreement, if, (1) during the Transitional Employment Period, Ms. Savilia dies or becomes disabled (within the
meaning of Section 409A (as defined below)), or (2) following the 30-day period after September 8, 2016 and prior to December 31,
2016, the Company terminates Ms. Savilia’s employment without Cause (excluding any termination due to death or disability),
then, in case of either clause (1) or (2), Ms. Savilia (or her estate, in the case of death) shall be entitled to receive (A) a
lump sum payment equal to the amount of salary she would have received as if her employment with the Company had continued from
the date of such death, disability or termination (as the case may be) through to and including December 31, 2016 (the “severance
period”), and (B) reimbursement (which shall be taxable to Ms. Savilia) of the cost of continuation coverage pursuant
to COBRA for the severance period, to the extent Ms. Savilia (or any applicable eligible dependent, in the case of death) timely
elects such continuation coverage and is eligible, subject to the terms of the applicable Company plan(s) and applicable law. For
the avoidance of doubt, the “cost of continuation coverage” shall mean any additional amount paid by Ms. Savilia to
the COBRA provider by such election compared to the amount of premiums paid by her before the Separation Date.

 

Notwithstanding anything herein to the
contrary, in no event shall Ms. Savilia be entitled to any payments or benefits under clause (a), (b) or (c) of this Section 3
unless (1) her employment is terminated effective December 31, 2016 (or, if earlier, due to death or disability or if her employment
is terminated by the Company without Cause notwithstanding Ms. Savilia’s continued compliance with her obligations hereunder
to the satisfaction of the Company immediately prior to such death, disability or termination, in which case Ms. Savilia (or her
estate in the case of death) will still be eligible to receive such payments under clauses (a), (b) and (c), subject to clauses
(2) and (3) of this paragraph), (2) Ms. Savilia is in compliance with all of her obligations under this Transition Agreement and
the Employee Agreement (as defined below), and she has not exercised her right to revoke as provided under Section 9(e) hereof,
and (3) not later than 60 days following such termination, the Renewal Release has become effective and is no longer subject to
revocation under applicable law.

 

Notwithstanding anything herein to the
contrary, in no event shall Ms. Savilia (or her estate in the case of death) be entitled to any payments or benefits under clause
(d) or (e) of this Section 3 unless (1) Ms. Savilia is in compliance with all of her obligations under this Transition Agreement
and the Employee Agreement, and has not exercised her right to revoke as provided under Section 9(e) hereof, and (2) not later
than 60 days following her employment termination (or death, if applicable), the Renewal Release has become effective and is no
longer subject to revocation under applicable law. Subject to the foregoing and Section 12 hereof, payments and benefits under
clause (d) or (e) of this Section 3 will be paid (or commence to be paid in the case of the COBRA reimbursement payments) to Ms.
Savilia (or her estate, in the case of death) on the first business day following the sixtieth (60th) day following
her termination of employment (or death, if applicable), and such first payment shall include payment of any amounts that would
otherwise be due prior thereto (except that, in no event will any payment that becomes due (if ever) under clause (d)(A) of this
Section 3 be made earlier than January 1, 2017).

 

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4.       Other
than as expressly set forth in this Transition Agreement, Ms. Savilia will not be eligible for any compensation or benefits from
the Company or any of its affiliates.

 

5.       Ms.
Savilia makes the following promises, commitments, and representations to the Company in consideration for the execution by the
Company of this Transition Agreement and the performance of its terms and conditions:

 

		(a)	Ms. Savilia, for herself and for her heirs, executors, administrators, trustees, legal representatives
and assigns, forever releases and discharges the Company and its affiliates, partnerships, joint ventures, and related business
entities, and with respect to each of them, their predecessors, successors and assigns, employee benefit plans or funds, and with
respect to each such entity, all of its or their past, present and/or future directors, officers, attorneys, fiduciaries, agents,
trustees, administrators, employees and assigns, whether acting on behalf of the Company or in their individual capacities (collectively
the “Company Entities”) from any and all claims, demands, causes of action, fees and liabilities of any kind
whatsoever, whether known or unknown, which Ms. Savilia ever had, now has, or may have against any of the Company Entities by reason
of any act, omission, transaction, practice, plan, policy, procedure, conduct, occurrence, or other matter, up to and including
the date hereof, including but not limited to claims for, under or based on:

 

		(i)	any claims for wrongful termination, retaliation, detrimental reliance, defamation, invasion of
privacy, intentional infliction of emotional distress, or any other common law claims;

 

		(ii)	any claims for the breach of any written, implied or oral contract between Ms. Savilia and the
Company, including, but not limited to, any contract of employment or investment;

 

		(iii)	any claims of discrimination, harassment or retaliation based on such things as age, national origin,
ancestry, race, religion, sex, sexual orientation, marital status, or physical or mental disability or medical condition;

 

		(iv)	any claims for payments of any nature, including but not limited to wages, overtime pay, vacation
pay, severance pay, commissions, bonuses and benefits or the monetary equivalent of benefits, but not including any claims for
unemployment or workers’ compensation benefits (it being understood that the Company shall not contest your application for
unemployment insurance or workers’ compensation benefits to the extent permitted under applicable law), or for the severance
consideration being provided to Ms. Savilia pursuant to clauses (a), (b), (c), (d) and/or (e) of Section 3 above;

 

		(v)	all claims that Ms. Savilia has or that may arise under the common law and all federal, state and
local statutes, ordinances, rules, regulations and orders, including but not limited to any claim or cause of action based on the
Fair Labor Standards Act, the Equal Pay Act, the Sarbanes Oxley Act of 2002, Title VII of the Civil Rights Act of 1964, the
Age Discrimination in Employment Act (ADEA), the Family and Medical Leave Act, the Americans with Disabilities Act, the Civil Rights
Acts of 1866, 1871 and 1991, the Rehabilitation Act of 1973, the National Labor Relations Act, the Employee Retirement Income Security
Act of 1974, the Worker Adjustment and Retraining Notification Act, the Vietnam Era Veterans' Readjustment Assistance Act of 1974,
the Uniformed Services Employment and Reemployment Rights Act, Executive Order 11246, the New York Labor Law, the New York Occupational
Safety and Health Laws, the New York Equal Pay Law, the New York State Human Rights Law, the New York Civil Rights Act, the New
York Worker Adjustment and Retraining Notification Act, the New York Worker’s Compensation Retaliation Law, the New York
City Administrative Code, including the New York City Human Rights Act, any and all New York “Whistleblower” statutes
and laws, and any other state laws governing employee rights, as each of them has been or may be amended; and

 

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		(vi)	any claims for attorneys’ fees, costs, disbursements or the like.

 

Notwithstanding the
foregoing, the release set forth in this Section 5(a) (“Release”) shall not extend to: (i) those rights which
as a matter of law cannot be waived; (ii) claims, causes of action or demands of any kind that may arise after the date hereof
and that are based on acts or omissions occurring after such date; (iii) claims for indemnification under any written agreement
between Ms. Savilia and the Company, or claims for coverage under any directors and officers insurance policy applicable to Ms.
Savilia; (iv) claims under COBRA; (v) claims with respect to accrued and vested benefits or payments under any employee benefit
or equity plan of the Company; and (vi) claims to enforce the terms of this Transition Agreement.

 

		(b)	Ms. Savilia represents and warrants that she has the full power and authority to enter into this
Transition Agreement, she does so knowingly and voluntarily, and has not assigned, pledged, encumbered, or in any manner conveyed
all or any portion of the claims covered by the Release. Ms. Savilia agrees that anyone who succeeds to any rights she may have,
such as representatives, assigns, agents, administrators, heirs, or executors, is bound by the Release.

 

		(c)	Except as otherwise expressly set forth in this Transition Agreement, Ms. Savilia waives any right
she may have to participate in or receive severance pay or benefits under: (i) any program, arrangement, policy, practice, or plan
of any of the Company Entities or (ii) any agreement or understanding with any of the Company Entities (including, but not limited
to, the employment letter agreement dated September 7, 2011 between the Company and Ms. Savilia (the “2011 letter agreement”)
and the Term Sheet).

 

		(d)	In consideration of the mutual promises and undertakings in this Transition Agreement, since the
Release does not apply to any rights or claims that may arise after the date this Transition Agreement is executed, Ms. Savilia
hereby agrees that she (or her estate in the case of her death) will renew and ratify the Release by signing a Renewal and Ratification
of General Release (the “Renewal Release”) in the form attached hereto as Exhibit B. Notwithstanding
anything herein to the contrary, Ms. Savilia (or her estate in the case of her death) must sign such Renewal Release no earlier
than the first day after the Separation Date and no later than the last day of the consideration period specified in Section 2(c)
of the Renewal Release. The parties agree and understand that Ms. Savilia has the right to revoke this Transition Agreement pursuant
to Section 9(e) below and to revoke the Renewal Release pursuant to Section 2(f) of that document. The parties further understand
and agree that if the Renewal Release has not become effective and non-revocable by the 60th day after the Separation
Date, all rights and obligations under this Transition Agreement shall continue to be in effect, except that the Company shall
have no obligation to perform any of its obligations described in Section 3(a), 3(b), 3(c), 3(d) or 3(e) above.

 

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6.       Ms.
Savilia agrees to make herself available to cooperate with the Company and its attorneys in connection with any matter that she
worked on during her employment with the Company or with any investigation of any claims against the Company. Ms. Savilia understands
and agrees that this cooperation includes, but shall not be limited to, making herself available to the Company and its attorneys
upon reasonable notice for interviews and factual investigations; appearing at the Company’s request to give testimony; volunteering
to the Company pertinent information; and turning over all relevant documents to the Company that are or may come into her possession.
The Company will reimburse Ms. Savilia for all reasonable out-of-pocket expenses incurred by her in connection with such cooperation,
including reasonable attorneys’ fees, costs and disbursements. Without limiting the generality of the foregoing, to the extent
that the Company seeks Ms. Savilia’s assistance, the Company will use reasonable efforts, whenever possible, to provide her
with reasonable advance notice of its need for her and will attempt to coordinate with her the time and place at which her assistance
will be provided with the goal of minimizing the impact of such assistance on any other pre-scheduled business commitment that
she may have.

 

7.       Ms.
Savilia agrees, to the maximum extent permitted by law, that she will not, at any time hereafter, commence, maintain, prosecute
in as a party, or permit to be filed by any other person on her behalf, any action or proceeding of any kind (judicial or administrative)
(on her own behalf and/or on behalf of any other person and/or on behalf of or as a member of any alleged class of person) in any
court or agency, or participate in any action, suit or proceeding (unless compelled by legal process or court order), against the
Company Entities with respect to any claim released pursuant to this Transition Agreement. Ms. Savilia also warrants and represents
that as of the date she signs this Transition Agreement, she has not taken or engaged in any of the acts described in the foregoing
sentence. If, notwithstanding the foregoing promises, Ms. Savilia violates this Section 7, she shall be required, to the maximum
extent permitted by law, to indemnify and hold harmless the Company Entities from and against any and all demands, assessments,
judgments, costs, damages, losses and liabilities, and attorneys’ fees and other expenses which result from, or are incident
to, such violation. Nothing in this Transition Agreement shall be construed to prevent Ms. Savilia from responding truthfully to
a valid subpoena, from filing a charge with, or participating in, any investigation conducted by a governmental agency including
the Equal Employment Opportunity Commission, National Labor Relations Board, and/or any local human rights agency, and/or responding
as otherwise required by law. Nevertheless, by virtue of the foregoing, Ms. Savilia has waived any relief available to her under
any of the claims or causes of action waived and released pursuant to this Transition Agreement. Nothing in this Section 7 is intended
or should be construed to apply to any legal action by Ms. Savilia challenging the validity of this Transition Agreement under
the Older Workers Benefit Protection Act with respect to her release of claims under the ADEA. Ms. Savilia affirms that she has
been provided with any and all leave requested under the Family and Medical Leave Act. Ms. Savilia further affirms that she has
disclosed to the Company any information she has concerning any conduct involving the Company, and any of its affiliates or any
of their respective employees that she has any reason to believe may be fraudulent or unlawful.

 

8.       Ms.
Savilia is hereby advised to consult with an attorney prior to executing this Transition Agreement. In that connection, Ms. Savilia
acknowledges that she has had the opportunity to review this Transition Agreement and, specifically, the Release set forth in Section
5(a), with an attorney of her choice prior to signing below. Ms. Savilia also agrees that she is under no obligation to consent
to the Release and that she has entered into this Transition Agreement freely and voluntarily.

 

9.       Ms.
Savilia acknowledges and agrees that:

 

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(a)               
The Release set forth in Section 5(a) above is a part of an agreement between the Company and her that is written in a manner
that she understands. Under this Transition Agreement, the Company is giving her money and other things of value (“Consideration”)
that she would not otherwise be entitled to receive, and Ms. Savilia acknowledges
that such Consideration exceeds any payment, benefit, or thing of value to which she might otherwise be entitled under any policy,
plan, or procedure of the Company.

 

(b)              
She is being given twenty-one (21) days to consider and to sign this Transition Agreement.

 

(c)               
She is hereby advised by the Company to consult with an attorney prior to signing this Transition Agreement. 

 

(d)              
If she should sign this Transition Agreement before the end of the 21-day consideration period, such signing shall be considered
notice to the Company that she has given up her right to consider this Transition Agreement for the full twenty-one (21) days.

 

(e)               
She has seven (7) days following her signing of this Transition Agreement to revoke this Transition Agreement. This Transition
Agreement will not become effective or enforceable until the seven (7) day revocation period has expired. In the event that Ms.
Savilia exercises her right to revoke this Transition Agreement, neither the Company nor Ms. Savilia will have any obligations
under this Transition Agreement. If Ms. Savilia chooses to revoke this Transition Agreement, she must do so in writing addressed
and delivered to the Company’s Chief Executive Officer, at the address of the Company (195 Broadway, 25th Floor,
New York, New York 10007) or by sending an email to the Company’s Chief Executive Officer through the Company’s internal
email system (in either case, with a copy to the Company’s Vice President, Legal and Business Affairs) before the expiration
of the seven (7) day revocation period. If Ms. Savilia delivers the revocation by hand or by electronic mail, the revocation will
be considered timely if it is delivered or e-mailed as provided herein at the above address and/or e-mail addresses within seven
(7) days of Ms. Savilia’s signing of this Transition Agreement. If Ms. Savilia delivers the revocation by mail, the revocation
will be considered timely if it is mailed to the address as provided above and postmarked within seven (7) days of Ms. Savilia’s
signing of this Transition Agreement.

 

(f)               
By signing this Transition Agreement, Ms. Savilia is releasing and waiving all claims against the Company Entities, including,
without limitation, any rights or claims arising under the Age Discrimination in Employment Act (29 U.S.C. § 621, et seq.)
or other similar laws. She is not releasing or waiving any rights or claims that may arise under the Age Discrimination in Employment
Act after the date she signs this Transition Agreement.

 

(g)               
Nothing in this Transition Agreement shall be construed to constitute a waiver of future claims or to prohibit Ms. Savilia
from filing, or participating in the investigation of, a Charge of Discrimination with the Equal Employment Opportunity Commission
or its state or local counterpart (i.e., a state or local fair employment practices agency). However, to the fullest extent
permitted by law, Ms. Savilia is releasing her right to file a court action or to seek or to accept individual remedies or damages,
including monetary damages, in any action filed on her behalf by any such federal, state, or local administrative agency or other
third party against any of the Company Entities, and the Release shall apply with full force and effect to any proceeding arising
from or relating to such recourse including, but not limited to, the right to monetary damages or other individual legal or equitable
relief.

 

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(h)              
Ms. Savilia has had the opportunity to review and reflect on all terms of this Transition Agreement, and she has not been
subject to any duress or other undue or improper influence interfering with the exercise of her free will to sign this Transition
Agreement. She knowingly and voluntarily agrees to all of the terms set forth in this Transition Agreement, and she knowingly and
voluntarily intends to be legally bound by them.

 

(i)                
Ms. Savilia agrees to complete an orderly, satisfactory and thorough turnover of all her files, data and information pertaining
to all deals, business and financial models, data and tools she worked on while employed by the Company through the Separation
Date and to return to the Company all property in any form whatsoever (including but not limited to files, data, discs, drives,
laptops, or any storage device for any data) containing information that pertains in any manner to the Company’s business,
whether stored on Company equipment or otherwise, which is or was under Ms. Savilia’s custody or control. Ms. Savilia also
agrees to provide her personal electronic devices that she used for business purposes to the Company for inspection so that they
may be wiped of all Company data, information and trade secrets.

 

(j)                
Ms. Savilia acknowledges and agrees that she remains subject to and shall continue to comply with all the obligations and
restrictions set forth in the Employee Non-Disclosure, Non-Competition and Invention Assignment between the Company (formerly The
Knot Inc.) and Ms. Savilia dated the 7th day of September of an undated year (the “Employee Agreement”),
which terms are ratified, reaffirmed and incorporated herein by reference. In accordance with the Defend Trade Secrets Act of 2016,
Ms. Savilia is hereby notified that she will not be held criminally or civilly liable under any federal or state trade secret law
for the disclosure of a trade secret that: (A) is made (i) in confidence to a federal, state or local government official, either
directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation
of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

 

10.        Notwithstanding
anything herein to the contrary, nothing in this Transition Agreement, including the terms regarding confidentiality, prohibits
Ms. Savilia from reporting possible violations of federal law or regulation to any governmental agency or entity including but
not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any Inspector General, or making
other disclosures that are protected under the whistleblower provisions of federal law or regulation. Ms. Savilia further acknowledges
and agrees that she does not need the prior authorization of the Company to make any such reports or disclosures and are not required
to notify the Company that she has made such reports or disclosures. In addition, the Release does not limit Ms. Savilia’s
right to contact the Securities and Exchange Commission or receive a monetary award from the Securities and Exchange Commission
as an whistleblower pursuant to the bounty provision under Section 922(a)-(g) of the Securities Exchange Act of 1934, as amended,
or directly from any other federal or state agency pursuant to a similar program, but the parties intend that the Release otherwise
be construed as broadly as lawfully possible.

 

11.Subject to Section 10 above, Ms.
Savilia warrants and agrees that she will not make or induce others to make any written or oral statements that disparage or demean
the Company or any of its affiliates, or the Company’s or any of its affiliates’ officers, directors, employees, stockholders,
managers, members, representatives, products, or services, except if testifying truthfully under oath pursuant to a lawful court
order or subpoena or the equivalent, including arbitral orders. The Company agrees to instruct its officers and directors not to
make any written or oral statements that disparage or demean Ms. Savilia. Nothing herein is intended to prevent Ms. Savilia from
filing a charge with or cooperating in an investigation conducted by any governmental agency. The parties hereto agree that employment
inquiries made on Ms. Savilia’s behalf by prospective employers will include providing only Ms. Savilia’s
dates of employment, job title, and work location, and the Company will provide no further or additional information in response
to inquiries by such prospective employers, except that the Company may refer such prospective employers to the Company’s
public filings with respect to Ms. Savilia (including the Current Report(s) on Form 8-K filed by the Company in September 2016
regarding Ms.Savilia’s departure from the Company).

 

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12.        409A
and Other Tax Matters.

 

(a)               
All payments and benefits payable hereunder shall be subject to applicable federal, state and local withholding requirements.
The intent of the parties is that payments and benefits under this Transition Agreement comply with or be exempt from Section 409A
of the Internal Revenue Code and the regulations and guidance promulgated thereunder (“Section 409A”) and, accordingly,
to the maximum extent permitted, this Transition Agreement shall be interpreted in a manner consistent with such intent.

 

(b)              
A termination of employment shall not be deemed to have occurred for purposes of any provision of this Transition Agreement
providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also
a “separation from service” within the meaning of Section 409A and, for purposes of any such provision of this Transition
Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation
from service.”

 

(c)               
All expenses or other reimbursements paid to Ms. Savilia under this Transition Agreement that are taxable income to Ms.
Savilia shall in no event be paid later than the end of the calendar year next following the calendar year in which Ms. Savilia
incurs such expense or pays such related tax. With regard to any provision herein that provides for reimbursement of costs and
expenses or in-kind benefits, except as permitted by Section 409A, (i) the right to reimbursement or in-kind benefits shall not
be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement of in-kind benefits
provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in
any other taxable year, and (iii) such payments shall be made on or before the last day of Ms. Savilia’s taxable year following
the taxable year in which the expense occurred.

 

(d)              
For purposes of Section 409A, Ms. Savilia’s right to receive any installment payments pursuant to this Transition
Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Transition
Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within 30 days following
the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of
the Company.

 

(e)               
Notwithstanding anything to the contrary in this Transition Agreement, if on the date of Ms. Savilia’s separation
from service (as defined in Treasury Regulation §1.409A-1(h)) with the Company, she is a specified employee (as defined in
Code Section 409A and Treasury Regulation §1.409A-1(i)), no payment constituting the “deferral of compensation”
within the meaning of Treasury Regulation §1.409A-1(b) and after application of the exemptions provided in Treasury Regulation
§§1.409A-1(b)(4) and 1.409A-1(b)(9)(iii) shall be made to her at any time prior to the earlier of (a) the expiration
of the six (6) month period following her separation from service, and (b) her death, and any such amounts deferred during such
period shall instead be paid in a lump sum to Ms. Savilia (or, if applicable, her estate) on the first payroll payment date following
the date of expiration of such six (6) month period or, if applicable, her death.

 

    	 	9	 

     

    

(f)               
Ms. Savilia acknowledges that the Company has advised her to obtain her own tax advice regarding this Transition Agreement.
Notwithstanding anything to the contrary in the 2011 letter agreement, Ms. Savilia further agrees and understands that she shall
be solely liable for any and all taxes, interest and/or penalties imposed by any lawful taxing authority relating to taxes due
as a result of Section 409A on account of any payments made or deemed to be made to her hereunder or pursuant to any Company arrangements
that may be deemed to be deferred compensation under Section 409A, and the Company shall not indemnify her against any and all
taxes, interest and/or penalties that may be imposed by any taxing authority in the event of a determination of non-compliance
with Section 409A.

 

13.       If
any provision of this Transition Agreement is held to be unenforceable, such provision shall be considered to be distinct and severable
from the other provisions of this Transition Agreement, and such unenforceability shall not affect the validity and enforceability
of the remaining provisions.

 

14.       Ms.
Savilia and the Company acknowledge that in executing this Transition Agreement they have not relied on any statements, promises,
or representations made by the other party except as specifically memorialized in this Transition Agreement. This Transition Agreement,
including the terms of the Employee Agreement being incorporated herein pursuant to Section 9(j) of this Agreement, constitutes
the complete agreement of the parties on or in any way related to the subject matter addressed herein, and, except as expressly
set forth herein, this Transition Agreement and the Employee Agreement supersede and cancel all previous agreements or understandings
between Ms. Savilia and the Company (including, without limitation, the 2011 letter agreement and the Term Sheet).

 

15.       The
waiver by any party hereto of a breach of any of the provisions of this Transition Agreement shall not operate or be construed
as a waiver of any other provision of this Transition Agreement or a waiver of any subsequent breach of the same provision.

 

16.       The
parties agree and acknowledge that: (i) this Transition Agreement may not be modified, altered, or changed except upon the express
written consent of both parties hereto; and (ii) this Transition Agreement will be governed by and construed in accordance with
the laws of the State of New York, without regard to conflicts of laws principles thereof.

 

17.       The
parties hereby agree to, and hereby do, submit to personal jurisdiction in the State of New York with respect to any action by
the Company or Ms. Savilia relating to or arising out of this Transition Agreement. Both the Company and Ms. Savilia agree that
any action relating to or arising out of this Transition Agreement shall be instituted and prosecuted exclusively in the state
or federal courts of competent jurisdiction for New York County, New York, and Ms. Savilia and the Company consent to the venue
therein and hereby further waive any right to a change of venue or any defense of inconvenient forum. Nothing in this provision
is intended to operate as a waiver of any right of either party to remove to federal court an action originally filed in state
court. The Company and Ms. Savilia each hereby irrevocably waive any right to a trial by jury in any action, suit or other legal
proceeding arising under or relating to any provision of this Transition Agreement.

 

18.       The
language of all parts of this Transition Agreement shall in all cases be construed as a whole, according to its fair meaning, and
not strictly for or against any of the parties.

 

    	 	10	 

     

    

19.       This
Transition Agreement will bind, inure to the benefit of, and be enforceable by, Ms. Savilia and her heirs, executors, administrators,
and legal representatives, and the Company and its successors and assigns. If the Company is merged into or consolidated with another
entity, the provisions of this Transition Agreement will be binding upon and inure to the benefit of the entity surviving such
merger or resulting from such consolidation. The Company may also assign its rights under this Transition Agreement to any of its
affiliates. In the event the Company sells all, or substantially all, of its assets, it will use its reasonable efforts to require
the purchaser of such assets to assume this Transition Agreement and the Company’s obligations thereunder.

 

20.       The
payments required to be made by the Company to or on behalf of Ms. Savilia pursuant to this Transition Agreement may be made by
the Company or any of its affiliates.

 

21.       Execution
of this Transition Agreement and payment of the consideration set forth herein does not constitute an admission by the Company
or Ms. Savilia of any violation of any civil rights or other employment discrimination statute or any other legal provision, regulation,
ordinance, order or action under statute or common law, including without limitation those laws enumerated herein.

 

22.       The
parties may execute this Transition Agreement in one or more counterparts, all of which together shall constitute a single
instrument.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

 

    	 	11	 

     

    

 

Each of the undersigned
acknowledges that she or it (a) has read and fully understands all the terms and conditions of this Transition Agreement, (b) has
had sufficient time to consider this Transition Agreement and to consult about it with an attorney, and (c) is signing it knowingly,
voluntarily, and willingly.

 

 

	KRISTIN SAVILIA	 
	 	 	 
	By: 	/s/ Kristin Savilia	 
	 	Kristin Savilia	 
	Dated:	September 14, 2016 	 

 

 

	XO GROUP INC. 	 
	 	 
	By:	 /s/ Michael Steib 	 
	 	Michael Steib	 
	Its:	Chief Executive Officer and President	 
	Dated:	 September 14, 2016	 

 

  

 

    	 	12	 

     

    

 

EXHIBIT A

 

TERMS AND CONDITIONS OF TRANSITION, SEPARATION
AND 

GENERAL RELEASE AGREEMENT WITH KRISTIN
SAVILIA

 

 

The following term sheet (this
“Term Sheet”) is between Kristin Savilia (“you”) and XO Group Inc. (“XO Group”
or the “Company”) and sets forth the principal terms and conditions pursuant to which you will continue to provide
services to the Company through a transition period. This term sheet is binding on the parties until such time when a Transition,
Separation and General Release Agreement (“Transition Agreement”), containing the comprehensive terms and conditions
applicable to the arrangements contemplated hereunder, is executed, and once executed, such Transition Agreement will supersede
and replace this Term Sheet in all respects.

 

	Separation from Employment	
        Separation from your employment with the
        Company will be effective December 31, 2016, unless an earlier separation event occurs (such actual date of separation, the “Separation
        Date”). The period of time between the effective date of the Term Sheet and the Separation Date is hereinafter referred
        to as the “Transition Period.” The parties acknowledge and agree that the effectiveness of this Term Sheet is
        (and any and all references to the effective date of this Term Sheet are) conditioned upon your execution and effectiveness of
        the Release (as defined below).

         

        You acknowledge that as of September 7,
        2016, you have resigned from all offices and positions held with the Company, its subsidiaries and affiliates, except for your
        continued employment as Senior Adviser, Local Marketplace as provided below.

         

 

     

     

    

 

	Transition Period Services	
        During the Transition Period, you will
        serve on a regular full-time basis as a non-officer employee of the Company and have the
        title of Senior Advisor, Local Marketplace, and will perform such duties as are requested by the Company (which duties will
        generally include, but not be limited to, the diligent and cooperative transition of your duties and responsibilities from your
        prior role as the Company’s President, Local Marketplace).

         

        In performing your duties, you agree to
        use your best efforts, business judgment, skills, and knowledge to the advancement of the business and interests of the Company
        and its affiliates and you agree to serve the Company loyally and faithfully, and in accordance with all Company policies in effect.
        Any 2016 bonus award and/or option/restricted stock vesting acceleration payable to you under this Term Sheet and Transition Agreement
        are conditioned upon your continued performance of these services through the end of 2016 (unless the cessation of such services
        occurs as a result of the Company terminating your employment without Cause (as Cause is defined in the Letter Agreement (defined
        below)) more than 30 days after the effective date of this Term Sheet, despite your complying with the foregoing and your other
        obligations under this Term Sheet and Transition Agreement, in which case you will still be eligible to receive such award and
        vesting acceleration, as set forth herein and subject to the release requirements described below).

         

	Salary and Benefit Continuation	During the Transition Period, You will receive continuation of your current base salary payments in accordance with the Company’s standard payroll policies and will continue to participate on an active employee basis in all Company sponsored welfare and benefit plans. You will also be entitled to use personal time and vacation benefits during the Transition Period at the same level and in the same manner that You used such time prior to the date of this Term Sheet and Transition Agreement so long as you continue to comply with your performance obligations under this Term Sheet and Transition Agreement.   In the event that the Company terminates Your employment without Cause more than 30 days after the effective date of this Term Sheet, you will still be paid or provided the substantial equivalent of such salary and benefits through December 31, 2016.
	Accrued Wages and Benefits	At the end of the Transition Period, you will receive your accrued and unpaid wages (salary and paid time off, if any) through the Separation Date (in accordance with the Company’s standard payroll policies) as required by applicable law, unreimbursed business expenses (in accordance with usual Company policies and practice), to the extent not theretofore paid, and vested benefits under the Company's 401(k) plan, as applicable.

 

 

    	 	2	 

     

    

 

	2016 Annual Cash Incentive Award	You will continue to be eligible to receive a performance-based bonus award for the Company’s 2016 fiscal year, the amount of which will be determined based on performance in a manner consistent with the Company’s past practices for awarding bonuses and full compliance with the terms of the Transition Agreement, except that the 2016 bonus award will be paid to you, less applicable withholdings and deductions, on or by the next practicable payroll date following the first business day following the effectiveness of the Additional Release (as defined below) (but in no event earlier than January 1, 2017 or later than March 15, 2017, and assuming your execution of the Additional Release occurs on December 31, 2016 and such Additional Release becomes effective without revocation, such bonus award shall be paid no later than January 15, 2017).  The foregoing and the vesting acceleration described below will (i) be subject to your continuing to provide services to the Company’s satisfaction through the end of 2016 (unless the cessation of such services occurs more than 30 days after the effective date of this Term Sheet as a result of the Company terminating your employment without Cause, as provided above, in which case you will still be eligible to receive such award and vesting acceleration on the terms set forth herein) and (ii) be conditioned on the effectiveness of the Additional Release occurring by no later than the first 60 days of 2017. 
	Stock-Based Awards 	
        Subject
        to the conditions above, the Company will take action to cause the vesting of 24,830 unvested shares of restricted stock,
        and unvested options to purchase 10,964 shares of stock, outstanding and held by you that would have vested in March 2017
        had you continued employment through to the applicable vesting date. Such vesting will be effective as of the first
        business day following the effectiveness of the Additional Release. The foregoing will be subject to compliance with the Company’s
        insider trading policy and applicable securities laws and stock exchange rules and regulations.  These shares of restricted
        stock and options were granted to you under the terms of the Company’s 2009 Stock Incentive Plan (the “Plan”).

         

        You hereby acknowledge and agree that all
        other stock-based awards (including options) that have been granted to you under the Plan, which remain outstanding and unvested
        or unexercisable as of the Separation Date, shall be immediately forfeited, terminated and cancelled for no consideration, and
        shall cease to be outstanding.

         

        You also acknowledge and agree that all
        such stock-based awards that are vested and/or exercisable as of the Separation Date shall be subject to the terms and conditions
        of the Plan and the applicable award agreements.

         

 

    	 	3	 

     

    

 

	Special Termination Payment	Notwithstanding the foregoing, in the event the Company terminates your employment without Cause within the 30-day period after the effective date of this Term Sheet, conditioned upon your execution of the Additional Release on such termination date, and such Additional Release becomes effective without revocation, you will be entitled to receive (A) a lump sum payment equal to your annualized base salary, which shall be paid to you as soon as practicable following the effectiveness of the Additional Release, but shall be paid no later than thirty (30) days after the Company’s termination of you without Cause, and (B) reimbursement of the cost of continuation coverage pursuant to COBRA for twelve (12) months following such termination, to the extent you timely elect such continuation coverage and are eligible, subject to the terms of the applicable Company plan(s) and applicable law or rules applicable to such group health insurance plan(s). The COBRA reimbursement payments shall commence to be paid to you as soon as practicable following the effectiveness of the Additional Release.
	Death/Disability Payments	If, during the Transition Period, you die or become disabled (within the meaning of Section 409A of the Internal Revenue Code), provided that you were still in compliance with your obligations under the Transition Agreement immediately prior to such death or disability, you (or, your estate in case of death) will continue to be entitled to the bonus award and the vesting acceleration of options and restricted stock as provided herein.
	No Additional Payments	
        Other than as expressly set forth herein,
        You will not be eligible for any compensation or benefits from the Company or any of its subsidiaries or affiliates.

         

        For the avoidance of doubt, except as specifically
        set forth above, You will not be entitled to any severance or other payments or benefits under your letter agreement with the Company
        dated September 7, 2011 (your “Letter Agreement”) or any prior agreement. You will agree to waive any and all
        rights to payment or benefits under such agreements.

         

	Release of Claims	
        The Transition Agreement will contain a
        customary release of claims in favor of the Company and its affiliates (the “Release”). A Release will be executed
        at the signing of the Transition Agreement and an additional Release (the “Additional Release”) will be executed
        on the Separation Date. The Release and Additional Release will provide that the Company will not contest your application for
        unemployment insurance or workers’ compensation benefits to the extent permitted by applicable law.

         

        All payments and benefits provided under
        this Term Sheet and Transition Agreement will be conditioned on your execution and non-revocation of both the Release and Additional
        Release, except in the case of death or disability rendering You unable to sign the Additional Release, in which case the payments
        and benefits provided under this Term Sheet and Transition Agreement shall still be provided to you or your estate.

         

 

    	 	4	 

     

    

  

	Restrictive Covenants	You will agree that the terms and conditions set forth in that certain Employee Non-Disclosure, Non-Competition and Invention Assignment Agreement executed by you on September 7 of an undated year will remain in full force and effect. Without limiting the generality of the foregoing, during the twelve-month period immediately following the Separation Date (the “Restricted Period”), you will agree not to, directly or indirectly (i) engage in any business activity that competes with any business currently conducted by the Company or any of its subsidiaries, (ii) solicit, recruit or hire any employee of the Company to work for a third party other than the Company or engage in any activity that would cause any employee to violate any agreement with the Company, or (iii) solicit, entice or induce any customer or supplier to become a customer or supplier of any other person or entity engaged in any competitive business or to cease doing business with the Company.  
	Non-Disparagement	You will agree not to make or induce others to make any written or oral statements that disparage or demean the Company or any of its affiliates, or the Company’s or any of its affiliates’ officers, directors, employees, stockholders, managers, members, representatives, products, or services.  The Company will agree to instruct its officers and directors not to make any written or oral statements that disparage or demean You. 
	Indemnification	Nothing in this Term Sheet and Transition Agreement will be construed as waiving or releasing Your right to indemnification to which you are currently entitled pursuant to your indemnification agreement with the Company, dated September 6, 2011.
	Permitted Reporting	Nothing in this Term Sheet or the Transition Agreement, including any terms regarding confidentiality, prohibits or will prohibit the you from reporting possible violations of federal law or regulation to any governmental agency or entity including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation.  You further acknowledge and agree that you do not need the prior authorization of the Company to make any such reports or disclosures and are not required to notify the Company that you have made such reports or disclosures.
	Governing Law	State of New York, without reference to its principles of conflicts of law.
	Miscellaneous	
        This Term Sheet and Transition
Agreement will supersede all rights, benefits and obligations under your current employment letter agreement with the Company
dated September 7, 2011 or any prior agreement. The parties hereto agree that employment inquiries made on your behalf by prospective
employers will include the Company providing only your dates of employment, job title, and
work location, and the Company will provide no further or additional information in response to inquiries by such prospective
employers, except that the Company may refer such prospective employers to the Company’s public filing with respect
to you (including any Form 8-K or Form 8-K/A filed by the Company in September 2016 regarding your transition or departure from
the Company). 

 

*******************

 

 

    	 	5	 

     

    

 

By signing below, the parties agree that
they shall work together in good faith, to promptly complete and execute the Transition Agreement and ancillary documents (if any)
that are consistent in all respects with these terms.

 

	XO GROUP INC.	 
	 	 	 
	 	 	 
	/s/ Michael Steib	 
	By: Michael Steib, CEO and President	 
	Date:	 September 8, 2016	 

 

 

	/s/ Kristin Savilia	 
	Kristin Savilia	 
	 	 	 
	Date:	September 8, 2016	 

 

 

    	 	6	 

     

    

 

EXHIBIT B 

 

 

RENEWAL AND RATIFICATION OF GENERAL
RELEASE1

 

I, Kristin Savilia,
hereby state as follows:

 

1.             In
accordance with the Transition, Separation and General Release Agreement (“Transition Agreement”) between XO
Group Inc. (the “Company”) and me that was entered into as of September 14, 2016, and in consideration of the
mutual promises and undertakings described in the Transition Agreement, I hereby renew and ratify the general release of all claims
against the Company contained in Section 5(a) of the Transition Agreement (the “Transition Agreement Release”).
Accordingly, I make the following promises, commitments, and representations to the Company in consideration for the execution
by the Company of the Transition Agreement and this Renewal and Ratification of General Release (“Renewal Release”),
and the performance of the Transition Agreement’s terms and conditions:

 

		(a)	I, for myself and for my heirs, executors, administrators, trustees, legal representatives and
assigns, forever release and discharge the Company Entities (defined in Section 5(a) of the Transition Agreement) from any and
all claims, demands, causes of action, fees and liabilities of any kind whatsoever, whether known or unknown, which I ever had,
now have, or may have against any of the Company Entities by reason of any act, omission, transaction, practice, plan, policy,
procedure, conduct, occurrence, or other matter, up to and including the date hereof, including but not limited to claims for,
under or based on:

 

		a.	any claims for wrongful termination, retaliation, detrimental reliance, defamation, invasion of
privacy, intentional infliction of emotional distress, or any other common law claims;

 

		b.	any claims for the breach of any written, implied or oral contract between me and the Company,
including, but not limited to, any contract of employment or investment;

 

		c.	any claims of discrimination, harassment or retaliation based on such things as age, national origin,
ancestry, race, religion, sex, sexual orientation, marital status, or physical or mental disability or medical condition;

 

		d.	any claims for payments of any nature, including but not limited
to wages, overtime pay, vacation pay, severance pay, commissions, bonuses and benefits or the monetary equivalent of benefits,
but not including any claims for unemployment or workers’ compensation benefits (it
being understood that the Company shall not contest your application for unemployment insurance or workers’ compensation
benefits to the extent permitted under applicable law), or for the severance consideration being provided to me pursuant to clauses
(a), (b), (c), (d) and/or (e) of Section 3 of the Transition Agreement;

 

		e.	all claims that I have or that may arise under the common law and all federal, state and local
statutes, ordinances, rules, regulations and orders, including but not limited to any claim or cause of action based on the Fair
Labor Standards Act, the Equal Pay Act, the Sarbanes Oxley Act of 2002, Title VII of the Civil Rights Act of 1964, the Age
Discrimination in Employment Act (ADEA), the Family and Medical Leave Act, the Americans with Disabilities Act, the Civil Rights
Acts of 1866, 1871 and 1991, the Rehabilitation Act of 1973, the National Labor Relations Act, the Employee Retirement Income Security
Act of 1974, the Worker Adjustment and Retraining Notification Act, the Vietnam Era Veterans' Readjustment Assistance Act of 1974,
the Uniformed Services Employment and Reemployment Rights Act, Executive Order 11246, the New York Labor Law, the New York Occupational
Safety and Health Laws, the New York Equal Pay Law, the New York State Human Rights Law, the New York Civil Rights Act, the New
York Worker Adjustment and Retraining Notification Act, the New York Worker’s Compensation Retaliation Law, the New York
City Administrative Code, including the New York City Human Rights Act, any and all New York “Whistleblower” statutes
and laws, and any other state laws governing employee rights, as each of them has been or may be amended; and

 

 

1
Subject to non-substantive customization for execution by Ms. Savilia’s estate in the case of her death.

 

 

    	 	1	 

     

    

 

 

		f.	any claims for attorneys’ fees, costs, disbursements or the like.

 

Notwithstanding the
foregoing, the release set forth in this Section 1(a) (“Release”) shall not extend to: (i) those rights which
as a matter of law cannot be waived; (ii) claims, causes of action or demands of any kind that may arise after the date hereof
and that are based on acts or omissions occurring after such date; (iii) claims for indemnification under any written agreement
between me and the Company, or claims for coverage under any directors and officers insurance policy applicable to me; (iv) claims
under COBRA; (v) claims with respect to accrued and vested benefits or payments under any employee benefit or equity plan of the
Company; and (vi) claims to enforce the terms of this Release.

 

(b)       I
represent and warrant that I have the full power and authority to enter into this Renewal Release, I do so knowingly and voluntarily,
and have not assigned, pledged, encumbered, or in any manner conveyed all or any portion of the claims covered by this Renewal
Release. I agree that anyone who succeeds to any rights I may have, such as representatives, assigns, agents, administrators, heirs,
or executors, is bound by this Renewal Release and the Transition Agreement Release.

 

(d)       Except
as otherwise expressly set forth in the Transition Agreement, I waive any right I may have to participate in or receive severance
pay or benefits under: (i) any program, arrangement, policy, practice, or plan of any of the Company Entities or (ii) any agreement
or understanding with any of the Company Entities (including, but not limited to, the employment letter agreement dated September
7, 2011 between the Company and Ms. Savilia).

 

2.       I
further acknowledge and agree that:

 

(a)       The
Transition Agreement Release, which is incorporated by reference herein, is a part of an agreement between me and the Company that
is written in a manner which I understand. Under the Transition Agreement, the Company is giving me money and other things of value
which I would not otherwise be entitled to receive.

 

(b)       The
Release set forth in Section 1(a) of this Renewal Release is a part of an agreement between me and the Company that is written
in a manner that I understand. Under the Transition Agreement, the Company is giving me money and other things of value that I
would not otherwise be entitled to receive.

 

    	 	2	 

     

    

(c)
      I am being given twenty-one (21) days to consider and to sign this Renewal Release.

 

(d)       I
am hereby advised by the Company to consult with an attorney prior to executing this Renewal Release. 

 

(e)       If
I should sign this Renewal Release before the end of the 21-day consideration period, such signing shall be considered notice to
the Company that I have given up my right to consider this Renewal Release for the full twenty-one (21) days.

 

(f)       I
have seven (7) days following my execution of this Renewal Release to revoke this Renewal Release. This Renewal Release will not
become effective or enforceable until the seven (7) day revocation period has expired. In the event that I exercise my right to
revoke this Renewal Release, neither the Company nor I will have any obligations under this Renewal Release. If I choose to revoke
this Renewal Release, I understand that I must do so in writing addressed and delivered to the Company’s Chief Executive
Officer, at the address of the Company (195 Broadway, 25th Floor, New York, New York 10007) or by sending an email to the Company’s
Chief Executive Officer through the Company’s internal email system (in either case, with a copy to the Company’s Vice
President, Legal and Business Affairs) before the expiration of the seven (7) day revocation period. If I deliver the revocation
by hand or by electronic mail, the revocation will be considered timely if it is delivered or e-mailed as provided herein at the
above address and/or e-mail addresses within seven (7) days of my signing of this Renewal Release. If I deliver the revocation
by mail, the revocation will be considered timely if it is mailed to the address as provided above and postmarked within seven
(7) days of my signing of this Renewal Release.

 

(g)       By
signing this Renewal Release, I am releasing and waiving all claims against the Company Entities, including, without limitation,
any rights or claims arising under the Age Discrimination in Employment Act (29 U.S.C. § 621, et seq.) or other similar laws.
I am not releasing or waiving any rights or claims that may arise after the date I execute this Renewal Release.

 

(h)       Nothing
in this Renewal Release or in the Transition Agreement shall be construed to constitute a waiver of future claims or to prohibit
me from filing, or participating in the investigation of, a Charge of Discrimination with the Equal Employment Opportunity Commission
or its state or local counterpart (i.e., a state or local fair employment practices agency). However, by signing this Renewal Release
and the Transition Agreement, I understand and agree that I am waiving any right to recover monetary damages (including, but not
limited to, attorneys’ fees and costs), equitable relief, and/or reinstatement with respect to any claims or causes of action
released and/or waived in this Renewal Release or in the Transition Agreement.

(i)       I
have had the opportunity to review and reflect on all terms of this Renewal Release, and I have not been subject to any duress
or other undue or improper influence interfering with the exercise of my free will to execute this Renewal Release. I knowingly
and voluntarily agree to all of the terms set forth in this Renewal Release, and I knowingly and voluntarily intend to be legally
bound by them.

 

(j)       I
agree to complete an orderly, satisfactory and thorough turnover of all my files, data and information pertaining to all deals,
business and financial models, data and tools I worked on while employed by the Company through my employment termination date
and to return to the Company all property in any form whatsoever (including but not limited to files, data, discs, drives, laptops,
or any storage device for any data) containing information that pertains in any manner to the Company’s business, whether
stored on Company equipment or otherwise, which is or was under my custody or control. I also agree to provide my personal electronic
devices that I used for business purposes to the Company for inspection so that they may be wiped of all Company data, information
and trade secrets.

 

    	 	3	 

     

    

 

(k)       I
acknowledge and agree that I remain subject to and will continue to comply with all the obligations and restrictions set forth
in the Employee Non-Disclosure, Non-Competition and Invention Assignment between me and the Company (formerly The Knot Inc.) dated
the 7th day of September of an undated year, which terms are ratified, reaffirmed and incorporated herein by reference.
In accordance with the Defend Trade Secrets Act of 2016, I have been notified that I will not be held criminally or civilly liable
under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (i) in confidence to a federal,
state or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting
or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal.

 

3.       Permitted
Reporting. I acknowledge and agree that nothing in this Agreement including the terms regarding confidentiality, prohibits
me from reporting possible violations of federal law or regulation to any governmental agency or entity including but not limited
to the Department of Justice, the Securities and Exchange Commission, the Congress, and any Inspector General, or making other
disclosures that are protected under the whistleblower provisions of federal law or regulation. I further acknowledge and agree
that I do not need the prior authorization of the Company to make any such reports or disclosures and am not required to notify
the Company that I have made such reports or disclosures. In addition, this Renewal Release
does not limit my right to contact the Securities and Exchange Commission or receive a monetary award from the Securities and Exchange
Commission as an whistleblower pursuant to the bounty provision under Section 922(a)-(g) of the Securities Exchange Act of 1934,
as amended, or directly from any other federal or state agency pursuant to a similar program, but my intention is that this Renewal
Release otherwise should be construed as broadly as lawfully possible.

 

I acknowledge that
I (a) have read and fully understand all the terms and conditions of this Renewal Release and the Transition Agreement, (b) have
had sufficient time to consider this Renewal Release and the Transition Agreement and to consult about both documents with an attorney,
and (c) am signing this Renewal Release knowingly, voluntarily, and willingly.

 

KRISTIN SAVILIA

 

	 

Signature

 

Date Signed: ______________________

 

 

    	 	4EX-10.1

 Exhibit 10.1 

Execution Copy 

SETTLEMENT AGREEMENT 

This Settlement Agreement, including Annex A and Annex B hereto (the “Settlement Agreement”) is made as of September 8,
2016 between Petroandina Resources Corporation N.V. (“Petroandina”), Harvest Natural Resources, Inc. (“HNR”), HNR Energia B.V. (“HNR Energia” and, together with HNR, “Harvest”) and
CT Energy Holding SRL (“CT Energy” and, together with Petroandina and Harvest, the “Parties,” with each being a “Party”). This Settlement Agreement shall become effective upon execution hereof
by each of the Parties. 
 WHEREAS, Petroandina owns 7,250 Class A shares (the “Petroandina Shares”), and HNR
Energia owns 12,750 Class A shares (the “Harvest Shares”), in Harvest-Vinccler Dutch Holding B.V. (“HVDH” or the “Company”); 

WHEREAS, Petroandina’s and HNR Energia’s respective rights and obligations in connection with their joint investment in the
Company are governed by a shareholders’ agreement between them (the “Shareholders’ Agreement”) dated as of December 16, 2013, and HNR Energia’s obligations under the Shareholders’ Agreement are guaranteed by
HNR pursuant to a parent guarantee (the “Parent Guarantee”); 
 WHEREAS, HNR Energia wishes to sell the Harvest
Shares to CT Energy (the “Proposed Transaction”) pursuant to a Share Purchase Agreement, dated as of June 29, 2016, by and among CT Energy, HNR Energia and HNR (the “Harvest-CT Energy SPA”); 

WHEREAS, on July 12, 2016, Petroandina filed a motion for a preliminary injunction to enjoin the Proposed Transaction in Delaware
Chancery Court (the “Court”), C.A. No. 10584-VCL (the “Motion”); 
 WHEREAS, on
August 16, 2016, the Court granted the Motion and issued an Order, inter alia, enjoining Harvest from effecting the Proposed Transaction; and 

WHEREAS, the Parties wish to resolve their dispute regarding the Proposed Transaction on the terms set forth below. 

NOW, THEREFORE, in consideration of the premises and the respective promises, conditions, terms, and agreements contained
herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows: 

A. Capitalized terms used in this Settlement Agreement and not otherwise defined herein shall have the meaning set forth in the
Shareholders’ Agreement. 
 B. The Parties agree to be bound by, and to comply with, the terms of Annex A annexed
hereto. 
 C. CT Energy, HNR and HNR Energia shall not (and shall not permit their respective Affiliates to) consummate or
effect the Proposed Transaction that is the subject of the Harvest-CT Energy SPA unless the Petroandina Closing (as defined in Annex A) has occurred (or occurs concurrently therewith) and CT Energy, HNR and HNR Energia have otherwise complied in all
material respects with the terms of this Settlement Agreement. 

 D. None of CT Energy, HNR or HNR Energia shall (nor shall they permit their
respective Affiliates to) directly or indirectly, undertake, consummate, commit or agree to (by Contract or otherwise) any transaction for the direct or indirect sale, transfer or other disposition of the Harvest Shares (or other securities or
direct or indirect assets of HVDH) (an “HVDH Transfer”) other than the Proposed Transaction contemplated by and in accordance with the terms of the Harvest-CT Energy SPA undertaken in accordance with this Settlement Agreement,
unless (i) the Harvest-CT Energy SPA has previously been terminated in accordance with Section 8.1(b), 8.1(c) or 8.1(d) of the Harvest-CT Energy SPA and (ii) for so long as the Shareholders’ Agreement is in effect, CT Energy,
HNR, HNR Energia and their respective Affiliates comply strictly with the terms of the Shareholders’ Agreement (including Article III thereof) and the Parent Guarantee applicable to such HVDH Transfer. 

E. Within one (1) Business Day of the execution of this Settlement Agreement, the Parties shall sign and submit the
proposed stipulation and order set forth in Annex B hereto to the Court and request that the Court So-Order that stipulation (the “Stipulation and Order”). 

F. Harvest hereby releases (the “Harvest Release”) Petroandina, its affiliates, parents and subsidiaries, all
of its respective past, present and future officers, directors, managing directors, members, partners, employees and, in their capacities as such, its agents, attorneys, accountants, advisors, and representatives, and each of its predecessors,
successors and assigns (the “Petroandina Releasees”), from, and without limitation, any and all actions, causes of action, proceedings, controversies, liabilities, obligations, rights, suits, damages, judgments and demands of any
kind, assertable directly or derivatively, arising or accruing or based in whole or in part upon any event or circumstance occurring or which should have occurred at any time in the past up to and including the date hereof, whether now known or
unknown, suspected or unsuspected, asserted or unasserted, in law, equity or otherwise, arising out of or in connection with the Shareholders’ Agreement, the Harvest-CT Energy SPA or the Proposed Transaction; provided, however,
that this release shall not affect Petroandina’s obligations under this Settlement Agreement. Harvest shall not, and shall not permit any of its Affiliates to, initiate or pursue any proceeding, arbitration, suit, claim for damages, demand or
action of any kind that is contained within the scope of the Harvest Release. Notwithstanding anything to the contrary herein, the Harvest Release shall not be effective unless and until (i) the Stipulation and Order has been so-ordered by the
Court and (ii) the Petroandina Closing shall have been consummated in accordance with this Settlement Agreement. 
 G.
CT Energy hereby releases (the “CT Energy Release”) the Petroandina Releasees from, and without limitation, any and all actions, causes of action, proceedings, controversies, liabilities, obligations, rights, suits, damages,
judgments and demands of any kind, assertable directly or derivatively, arising or accruing or based in whole or in part upon any event or circumstance occurring or which should have occurred at any time in the past up to and including the date
hereof, whether now known or unknown, suspected or unsuspected, asserted or unasserted, in law, equity or otherwise, arising out of or in connection with the 

  
 2 

 
Shareholders’ Agreement, the Harvest-CT Energy SPA or the Proposed Transaction; provided, however, that this release shall not affect Petroandina’s obligations under this
Settlement Agreement. CT Energy shall not, and shall not permit any of its Affiliates to, initiate or pursue any proceeding, arbitration, suit, claim for damages, demand or action of any kind that is contained within the scope of the CT Energy
Release. Notwithstanding anything to the contrary herein, the CT Energy Release shall not be effective unless and until (i) the Stipulation and Order has been so-ordered by the Court and (ii) the Petroandina Closing shall have been
consummated in accordance with this Settlement Agreement. 
 H. Petroandina hereby releases (the “Petroandina
Release”) Harvest and CT Energy, their affiliates, parents and subsidiaries, all of their respective past, present and future officers, directors, managing directors, members, partners, employees and, in their capacities as such, their
agents, attorneys, accountants, advisors, and representatives, and each of their predecessors, successors and assigns (the “Harvest and CT Energy Releasees”), from, and without limitation, any and all actions, causes of action,
proceedings, controversies, liabilities, obligations, rights, suits, damages, judgments and demands of any kind, assertable directly or derivatively, arising or accruing or based in whole or in part upon any event or circumstance occurring or which
should have occurred at any time in the past up to and including the date hereof, whether now known or unknown, suspected or unsuspected, asserted or unasserted, in law, equity or otherwise, arising out of or in connection with the
Shareholders’ Agreement, the Harvest-CT Energy SPA or the Proposed Transaction; provided, however, that this release shall not affect the obligations of Harvest and CT Energy under this Settlement Agreement. Petroandina shall not,
and shall not permit any of its Affiliates to, initiate or pursue any proceeding, arbitration, suit, claim for damages, demand or action of any kind that is contained within the scope of the Petroandina Release. Notwithstanding anything to the
contrary herein, the Petroandina Release shall not be effective unless and until (i) the Stipulation and Order has been so-ordered by the Court and (ii) the Petroandina Closing shall have been consummated in accordance with this Settlement
Agreement. 
 I. This Settlement Agreement shall be governed by, construed, and enforced under the laws of the State of
Delaware, without giving effect to any choice or conflict of laws provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware;
provided, that (i) the Deed of Transfer (as defined in Annex A), (ii) all other notarial deeds executed by the Closing Notary (as defined in Annex A), and (iii) all shareholders’ resolutions / minutes of duly convened
shareholders’ meetings in relation to such notarial deeds shall be exclusively governed by, and construed in accordance with, the laws of The Netherlands without giving effect to any choice or conflict of laws provision or rule (whether of The
Netherlands or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than The Netherlands. 

J. The Parties irrevocably submit to the exclusive jurisdiction of the Court of Chancery of the State of Delaware, County of
New Castle (or, if (but only if) such court shall be unavailable, any other court of the State of Delaware or any Federal court sitting in the State of Delaware), for the purpose of any action, proceeding or counterclaim (whether based on contract,
tort or otherwise) arising out of or relating to this Settlement Agreement, and irrevocably agree that all claims in respect to such action or proceeding may be heard and determined exclusively in the Court of Chancery of the State of Delaware,
County of New Castle (or, if (but only if) such court shall be unavailable, any other court of the State of Delaware or any Federal court sitting in the State of Delaware). 

  
 3 

 K. The Parties agree that irreparable damage for which monetary damages, even if
available, would not be an adequate remedy, may occur in the event that the Parties hereto do not perform the provisions of this Settlement Agreement in accordance with its specified terms or otherwise breach such provisions. Accordingly, the
Parties acknowledge and agree that the Parties hereto shall be entitled, without posting a bond, security or other indemnity, to an injunction, specific performance and other equitable relief to prevent breaches of this Settlement Agreement and to
enforce specifically the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity. Each Party agrees not to raise any objections to the availability of the equitable remedy of specific performance
to prevent or restrain breaches of this Settlement Agreement by such Party, and to specifically enforce the terms and provisions of this Settlement Agreement to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants
and obligations of such Party under this Settlement Agreement. The Parties further agree that (i) by seeking the remedies provided for in this Paragraph, a Party shall not in any respect waive its right to seek any other form of relief that may
be available to a Party, and (ii) neither the commencement of any legal proceeding pursuant to this Paragraph nor anything set forth in this Paragraph shall restrict or limit any Party’s right to pursue any other remedies that may be
available then or thereafter (it being understood that this sentence shall not limit or otherwise affect the releases set forth in Paragraphs F, G and H). 

L. The Parties each waive, to the fullest extent permitted by applicable law, any right it may have to trial by jury in respect
of any proceedings relating to this Settlement Agreement. 
 M. Any Party that is in breach of this Agreement shall promptly
reimburse each of the other Parties from and against any and all fees, costs or expenses (including legal fees and expenses) incurred by any such other Party and its Affiliates in connection with the enforcement of, and collection of any amounts
owed under, this Settlement Agreement as a result of such breach. 
 N. Each Party represents and warrants that: 

(i) It is a corporation or Society with Restricted Liability duly organized, validly existing and (to the extent applicable) in good standing
under the laws of its jurisdiction of organization and has the requisite corporate or other entity power and authority to conduct its business as it is now being conducted; it is duly qualified or licensed as a foreign entity to do business, and (to
the extent applicable) is in good standing, in each jurisdiction in which the character of the properties owned, leased or operated by it or the nature of its business makes such qualification or licensing necessary; 

  
 4 

 (ii) It has all necessary corporate power and authority to execute and deliver this Settlement
Agreement and to perform its obligations hereunder and to consummate the transactions contemplated hereby; the execution and delivery of this Settlement Agreement and the consummation of the transactions contemplated hereby have been duly and
validly authorized by all necessary corporate or other entity action, and no other corporate or other entity proceedings on the part of it are necessary to authorize the execution and delivery of this Settlement Agreement or to consummate the
transactions contemplated hereby; this Settlement Agreement has been duly and validly executed and delivered by it and, assuming the due authorization, execution and delivery by each other Party, constitutes a legal, valid and binding obligation of
it, enforceable against it in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general applicability relating to or affecting
creditor’s rights, and subject to general equitable principles); 
 (iii) None of the execution and delivery of this Settlement
Agreement by it, the consummation by it of the transactions contemplated hereby or performance of its obligations hereunder will (x) conflict with or violate its organizational documents, (y) conflict with or violate any Law applicable to
it or by which any of its properties or assets are bound or affected or (z) result in any breach of, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any right of
termination, amendment, acceleration or cancellation of, or result in the creation of a Lien on any of its properties or assets pursuant to, any note, bond, mortgage, indenture or credit agreement, or any other Contract or other instrument or
obligation to which it is a party or by which it or any of its properties or assets is bound, other than, in the case of clauses (y) and (z), for any such violation, breach, default, right, termination, amendment, acceleration, or cancellation
that would not reasonably be expected to, individually or in the aggregate, materially impair the ability of it to consummate the transactions contemplated by this Settlement Agreement; 

(iv) None of the execution and delivery of this Settlement Agreement by it, the consummation by it of the transactions contemplated hereby, or
performance of its obligations hereunder will require any consent, approval, authorization, waiver or permit of, or filing with or notification to, any Governmental Authority, except for such consents, approvals, authorizations or permits, filings
or notifications, the failure of which to have, make or obtain, as applicable, would not reasonably be expected to, individually or in the aggregate, materially impair the ability of it to consummate the transactions contemplated by this Settlement
Agreement; and 
 (v) It has made such investigation of the facts pertaining to the litigation that is the subject hereof, this settlement,
and this Settlement Agreement and of all the matters pertaining thereto and hereto as it deems necessary; it has had the opportunity to have counsel of its choosing review this Settlement Agreement prior to signing it and to seek appropriate legal
advice from counsel regarding this Settlement Agreement; and it has read this Settlement Agreement, understands its contents, and has executed it voluntarily and without duress or undue influence from any person or entity. 

Except for the representations and warranties expressly set forth in this Paragraph N and in Article II of Annex A, no Party (and none of any
of its Affiliates or any other Person on behalf of it) makes any express or implied representation or warranty (and there is and 

  
 5 

 
has been no reliance by any other Party or any of its Affiliates on any such representation or warranty) with respect to this Settlement Agreement, the Petroandina Shares or the Acquired
Companies (as defined in the Harvest-CT Energy SPA) or their respective businesses. To the extent that each of the representations and warranties set forth in clauses (ii), (iii) and (iv) of this Paragraph N apply to the transactions
contemplated by the Harvest-CT Energy SPA, such representations and warranties shall be subject to the exceptions included in or disclosed against the representations and warranties set forth in Section 4.3, 4.4 and 5.3 of the Harvest-CT Energy
SPA with respect to the consummation of the transactions contemplated by the Harvest-CT Energy SPA. 
 O. If the Petroandina
Closing occurs, Harvest shall pay or cause to be paid to Petroandina on the Petroandina Closing Date, by wire transfer of immediately available funds, an amount equal to US$1,000,000 (the “Harvest Amount”) to an account designated
by Petroandina, as reimbursement for the expenses incurred by Petroandina and its affiliates in connection with litigation between Petroandina and Harvest under the Shareholders’ Agreement. If made, such payment shall be in full
satisfaction of any claim the Petroandina or any of its affiliates may have against Harvest, HNR Energia or any of their respective affiliates in respect of expenses incurred by Petroandina and its affiliates in respect of such litigation. Harvest
hereby irrevocably assigns, and instructs CT Energy to pay, and CT Energy hereby consents to such assignment and agrees to pay, to Petroandina directly (to an account designated by Petroandina), the Harvest Amount out of any payment that is required
to be made by CT Energy under the Harvest-CT Energy SPA. Except for the payment under the first sentence of this Paragraph O or as otherwise expressly set forth in this Settlement Agreement, all fees and expenses incurred in connection with this
Settlement Agreement and the transactions contemplated by this Settlement Agreement shall be paid by the Party incurring such fees or expenses, whether or not the transactions contemplated by this Settlement Agreement are consummated. 

P. This Settlement Agreement shall not be construed for or against any of the Parties, but rather shall be given a fair and
reasonable interpretation based upon the plain language of this Settlement Agreement and the expressed intent of the Parties, without regard to which of the Parties prepared this Settlement Agreement. Any headings in this Settlement Agreement are
for reference purposes only and shall not affect in any way the meaning or interpretation of this Settlement Agreement. Whenever the words “include,” “includes” or “including” are used in this Settlement Agreement, they
shall be deemed to be followed by the words “without limitation.” The words “hereof,” “herein,” “hereby,” “hereto” and “hereunder” and words of similar import when used in this Settlement
Agreement shall refer to this Settlement Agreement as a whole and not to any particular provision of this Settlement Agreement. Words describing the singular number shall be deemed to include the plural and vice versa, and words denoting any gender
shall be deemed to include all genders. Unless otherwise indicated, (i) when a reference is made in this Settlement Agreement to a Paragraph or Annex, such reference shall be a reference to a Paragraph of or Annex to this Agreement and
(ii) when a reference is made to a Section or Article, such reference shall be a reference to a Section or Article of Annex A to this Settlement Agreement. 

  
 6 

 Q. Neither this Settlement Agreement nor any rights, interests or obligations
hereunder shall be assigned by any of the Parties (whether by operation of law or otherwise) without the prior written consent of the other Parties, except that CT Energy may assign its rights and delegate its obligations to an Affiliate (as defined
in the Harvest-CT Energy SPA) to which it has assigned its rights and delegated its obligations under the Harvest-CT Energy SPA in accordance with the terms thereof; provided that (i) CT Energy shall (A) remain jointly and severally
liable with such Affiliate for all of CT Energy’s obligations hereunder and (B) provide Petroandina with at least two Business Days’ prior written notice of such assignment together with such assignee’s written agreement, in a
form reasonably acceptable to Petroandina, to be bound by the terms of this Settlement Agreement. Subject to the preceding sentence, this Settlement Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the Parties and
their respective permitted successors and permitted assigns. This Settlement Agreement is not intended to and shall not confer any rights or remedies upon any Person other than the Parties and their respective successors and permitted assigns. 

R. This Settlement Agreement may not be altered or modified except by a writing authorized and signed by or on behalf of each
of the Parties. Subject to applicable Law, any Party may, without limiting its rights and remedies under this Settlement Agreement, (i) extend the time for the performance of any obligation or other act of any other Party, (ii) waive any
inaccuracy in the representations and warranties of the other Party contained herein or in any document delivered pursuant hereto, and (iii) waive compliance with any agreement or condition contained herein. Notwithstanding the foregoing, no
failure or delay by any Party in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise of any other right hereunder. Any agreement on the part of a
Party to any extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such Party. 

S. If any term or other provision of this Settlement Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void, illegal or incapable of being enforced under any present or future Law or public policy, (a) such term or other provision shall be fully separable, (b) this Settlement Agreement shall be construed and enforced as if
such invalid, illegal or unenforceable provision had never comprised a part hereof, and (c) all other conditions and provisions of this Settlement Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid
or unenforceable term or other provision or by its severance herefrom so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Settlement Agreement so as to effect the original intent of the Parties as closely as possible to the fullest extent
permitted by applicable Law in a mutually acceptable manner in order that the transactions contemplated hereby are fulfilled as originally contemplated to the fullest extent possible. 

T. This Settlement Agreement may be executed, in whole or in part, in any number of originals or counterparts, each of which
shall be deemed an original, but all of which together shall constitute only one instrument. 

  
 7 

 U. The Parties agree to execute any and all documents and to do and perform any
and all further acts and things reasonably necessary or proper to effectuate or further evidence the terms and provisions of this Settlement Agreement. 

V. The representations and warranties of CT Energy and Harvest set forth in Section 2.3 of Annex A shall survive
the consummation or termination of the transactions contemplated by Annex A until the end of the period contemplated by the applicable statute of limitations. The representations and warranties of the Parties set forth in Paragraph N and in Sections
2.1 and 2.2 of Annex A shall not survive the consummation or termination of the transactions contemplated by Annex A. Each of the covenants or other agreements contained in this Settlement Agreement shall survive the consummation or termination of
the transactions contemplated by Annex A until the later of (i) the end of its term and (ii) the end of the period contemplated by the applicable statute of limitations. 

W. Within three (3) Business Days following the consummation of the Petroandina Closing, Petroandina in accordance with
this Settlement Agreement will dismiss Court action C.A. No. 10584-VCL with prejudice. 
 X. HNR and HNR Energia
shall be jointly and severally liable for performance of their respective obligations hereunder. 
 Y. Each of HNR Energia
and Petroandina shall be deemed to have waived any provision of Article III of the Shareholders’ Agreement to the extent it would be violated by the Harvest-CT Energy SPA or Annex A; provided that, for the avoidance of doubt, such waiver
shall apply solely with respect to actions taken from and after the date of and in accordance with this Settlement Agreement and, with respect to the transactions contemplated by the Harvest-CT Energy SPA and Annex A, only if consummated in
accordance with this Settlement Agreement and only if the Petroandina Closing (as defined in Annex A) shall occur on the Closing Date (as defined in the Harvest-CT Energy SPA) or such earlier date as may be agreed by Petroandina and CT Energy.
Except as provided in the foregoing sentence, this Settlement Agreement and the transactions contemplated hereby shall in each case be without prejudice to any of Petroandina’s rights under the Shareholders’ Agreement and the Parent
Guarantee, including with respect to any transaction that is not contemplated by this Settlement Agreement. 
 Z.
Notwithstanding anything else in this Settlement Agreement, the Shareholders’ Agreement shall remain in full force and effect; provided that upon the occurrence of the Petroandina Closing in accordance with the terms of this Settlement
Agreement, the Shareholders’ Agreement shall be terminated and shall be of no further force and effect. 
 AA. Harvest
agrees to, and shall cause HVDH to, prepare and deliver to Petroandina: (i) as soon as they are approved by HDVH, the unaudited consolidated financial statements of HVDH for fiscal year 2015; and (ii) as promptly as practicable, the
audited consolidated financial statements of HVDH for fiscal year 2015, prepared in accordance with U.S. GAAP. 
 [signature page
follows] 

  
 8 

 IN WITNESS WHEREOF, each of the Parties has caused this Settlement Agreement to be
executed by its duly authorized representative. 
  

			
	 On behalf of Petroandina Resources

Corporation N.V.

		
	By:	 	/s/ Diego P. Roizen
	
	Name: Diego P. Roizen
	
	Title: Authorized Signatory
	
	Date: September 6, 2016
	
	 On behalf of Harvest Natural Resources,

Inc. and HNR Energia B.V.

		
	By:	 	/s/ Keith L. Head
	
	Name: Keith L. Head
	
	Title: Attorney-in-Fact
	
	Date: September 6, 2016
	
	On behalf of CT Energy Holding SRL
		
	By:	 	/s/ Francisco Hung Vaillant
	
	Name: Francisco Hung Vaillant
	
	Title: Director
	
	Date: September 8, 2016

 ANNEX A 

PURCHASE AND SALE OF PETROANDINA SHARES 

This Annex is part of the Settlement Agreement made as of September 8, 2016 between Petroandina Resources Corporation N.V.
(“Petroandina”), Harvest Natural Resources, Inc. (“HNR”) and HNR Energia B.V. (“HNR Energia” and together with HNR, “Harvest”), and CT Energy Holding SRL
(“CT Energy” and together with Petroandina, the “Sale Parties,” with each being a “Sale Party.” Notwithstanding anything in the Harvest-CT Energy SPA to the contrary, each of HNR, HNR Energia,
CT Energy and Petroandina hereby agree as follows: 
 ARTICLE I 

SHARE PURCHASE 

Section 1.1 Purchase and Sale of Petroandina Shares. 

(a) Subject to the terms and conditions specified in this Annex A, as a condition to, and simultaneous with or prior to the Closing (as
defined in the Harvest-CT Energy SPA), Petroandina shall sell, transfer and deliver the Petroandina Shares to CT Energy, with full title and guarantee free from all Liens (other than restrictions under applicable securities Laws and the terms of the
articles of association of HVDH), together with all rights and benefits attached thereto (including in respect of all dividends attached to the Petroandina Shares, regardless of whether declared before, on or after the date hereof and regardless of
the record date therefor), and CT Energy shall purchase and accept such Petroandina Shares from Petroandina. 
 (b) In exchange for the
sale, transfer and delivery of the Petroandina Shares to CT Energy in accordance with Section 1.1(a), CT Energy shall pay aggregate cash consideration of US$ 72,761,823 (the “Petroandina Purchase Price”) by wire transfer
from a Qualified Institution (as defined in the Harvest-CT Energy SPA) of immediately available funds to an account at a Qualified Institution designated by Petroandina at least two (2) Business Days prior to the Petroandina Closing. 

Section 1.2 Petroandina Closing. 

(a) Subject to and in accordance with the provisions of this Annex A, the closing of the purchase and sale of the Petroandina Shares (the
“Petroandina Closing”) will occur at 10:00 a.m. local time at the offices of Cleary Gottlieb Steen & Hamilton, LLP in New York, New York (or such other location agreed to by the Sale Parties) on the Closing Date (as defined
in the Harvest-CT Energy SPA) or such earlier date as may be agreed by the Sale Parties (such date on which the Petroandina Closing occurs, the “Petroandina Closing Date”). Prior to the Petroandina Closing Date, CT Energy and
Petroandina shall execute and deliver to the Closing Notary (as defined below) a notary letter substantially in the form attached hereto as Exhibit II, mutatis mutandis (the “Notary Letter”). As used herein, “Closing
Notary” means any civil law notary (notaris) of Houthoff Buruma Coöperatief U.A. or such other notaris as is mutually agreed by the Sale Parties. 

  
 A-2 

 (b) On the Petroandina Closing Date and prior to the Petroandina Closing, CT Energy shall
deposit the Petroandina Purchase Price into the Notary Account (as defined in the Notary Letter) in accordance with the Notary Letter. 

(c) At the Petroandina Closing: 

(i) Petroandina shall deliver to the Closing Notary: 

(A) if necessary for the purchase and sale of the Petroandina Shares, a written shareholders’ resolution duly executed by
Petroandina, approving the transfer of the Petroandina Shares and that is effective pursuant to the articles of association of HVDH; and 

(B) a duly legalized power-of-attorney with respect to the execution of a notarial deed of transfer (the “Deed of
Transfer”) in respect of the Petroandina Shares; 
 (ii) HNR Energia shall deliver to the Closing Notary a written
shareholders’ resolution duly executed by HNR Energia, approving the transfer of the Petroandina Shares and that is effective pursuant to the articles of association of HVDH; 

(iii) CT Energy shall deliver to the Closing Notary a duly legalized power-of-attorney with respect to the execution of the
Deed of Transfer in respect of the Petroandina Shares; and 
 (iv) CT Energy and, subject to CT Energy’s compliance
with Section 1.2(b), Petroandina shall cause the Petroandina Shares to be transferred to CT Energy by way of execution and delivery to the Closing Notary of an Initial Completion Confirmation (as defined in the Notary Letter); 

(v) Petroandina shall deliver to CT Energy all such other documents and instruments as are required to consummate the purchase
and sale of the Petroandina Shares; and 
 (vi) Petroandina shall deliver to HNR Energia (with a copy to CT Energy) an
agreement, in form and substance reasonable acceptable to HNR Energia and CT Energy, terminating the Shareholders’ Agreement. 
 (d) In
the event that the vote of the shareholders of HVDH is necessary to approve the transfer of Petroandina Shares at the Petroandina Closing, HNR Energia shall take such action as is necessary to, in accordance with the articles of association of HVDH:
(i) call a general meeting of the shareholders of HVDH; (ii) cause the Harvest Shares to present or represented thereat; (iii) vote in favor of the transfer of Petroandina Shares at the Petroandina Closing; and (iv) deliver to
the Closing Notary such evidence of such approval as is required for the Petroandina Shares to be transferred to CT Energy at the Petroandina Closing. 

  
 A-3 

 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.1 Additional Representations and Warranties of Petroandina. Petroandina hereby represents and warrants to CT Energy as
follows: 
 (a) It has good title to the Petroandina Shares free and clear of any Liens (other than restrictions under the Shareholders
Agreement and applicable securities Laws and the terms of the articles of association of HVDH); and 
 (b) No broker, finder or investment
banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Annex A based upon arrangements made by or on behalf of Petroandina. 

Section 2.2 Additional Representations and Warranties of CT Energy. CT Energy hereby represents and warrants to Petroandina as
follows: 
 (a) CT Energy has or will have sufficient funds to consummate the transactions contemplated by this Annex A; 

(b) No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the
transactions contemplated by this Annex A based upon arrangements made by or on behalf of CT Energy; and 
 Section 2.3 Additional
Representations and Warranties of CT Energy and Harvest. Each of CT Energy and Harvest hereby represents and warrants to Petroandina that: the Harvest-CT Energy SPA attached as Exhibit I is a true and complete copy of the Harvest-CT Energy SPA;
the Purchase Consideration (as defined in the Harvest-CT Energy SPA) to be paid by CT Energy to HNR Energia under the Harvest-CT Energy SPA is the sole and exclusive consideration to be paid by CT Energy for the Harvest Shares; there are no
representations, warranties, covenants, agreements or other obligations in respect of the purchase of Harvest Shares other than those set forth in the Harvest-CT Energy SPA; and there has been no amendment, modification or waiver, or consent under,
any provision of the Harvest-CT Energy SPA, except for any such amendments, modifications, waivers or consents made strictly in accordance with Section 5.1 (c) and Section 5.1(d) after the date hereof. 

ARTICLE III 

CONDITIONS TO PETROANDINA CLOSING 

Section 3.1 Conditions to the Obligations of CT Energy. The obligations of CT Energy to consummate the transactions contemplated
by this Annex A to be consummated at the Petroandina Closing are subject to the satisfaction or (to the extent permitted by Law) waiver by CT Energy at or prior to the Petroandina Closing Date of the following conditions: 

(a) there shall be no legal proceeding pending against HNR, HNR Energia, CT Energy or Petroandina seeking to enjoin, and no Governmental
Authority shall have enacted, issued, promulgated, enforced or entered any Law that has the effect of enjoining or otherwise prohibiting, the consummation of the sale of the Petroandina Shares pursuant to the terms of this Annex A (collectively,
“Restraints”); 

  
 A-4 

 (b) each of the representations and warranties of Petroandina set forth in this Settlement
Agreement shall be true and correct in all respects at and as of the date of this Settlement Agreement and the Petroandina Closing Date; and 

(c) Petroandina shall have performed or complied in all material respects with each agreement and covenant required by this Settlement
Agreement to be performed or complied with by it on or prior to the Petroandina Closing Date. 
 Section 3.2 Conditions to the
Obligations of Petroandina. The obligations of Petroandina to consummate the transactions contemplated by this Annex A to be consummated at the Petroandina Closing are subject to the satisfaction or (to the extent permitted by Law) waiver by
Petroandina at or prior to the Petroandina Closing Date of the following conditions: 
 (a) There shall be no Restraints; 

(b) Each of the representations and warranties of CT Energy set forth in this Settlement Agreement shall be true and correct in all respects
at and as of the date of this Settlement Agreement and the Petroandina Closing Date; 
 (c) CT Energy shall have performed or complied in
all material respects with each agreement and covenant required by this Settlement Agreement to be performed or complied with by it on or prior to the Petroandina Closing Date; and 

(d) Prior to or concurrently with the Petroandina Closing, Petroandina shall have received the Harvest Amount in accordance with Paragraph O
of this Settlement Agreement. 
 Section 3.3 Frustration of Closing Conditions. CT Energy may not rely on the failure of any
conditions set forth in Section 3.1 to be satisfied as a basis for not consummating the transactions contemplated hereby or terminating this Annex A if such failure was caused by the failure of CT Energy to perform any of its obligations
under this Settlement Agreement. Petroandina may not rely on the failure of any conditions set forth in Section 3.2 to be satisfied as a basis for not consummating the transactions contemplated hereby or terminating this Annex A if such
failure was caused by the failure of Petroandina to perform any of its obligations under this Settlement Agreement. 
 ARTICLE IV 

TERMINATION 

Section 4.1 Termination. This Annex A may be terminated (to the extent set forth in Section 4.2) at any time prior to
the Petroandina Closing Date as follows: 
 (a) by mutual written consent of each of CT Energy and Petroandina; 

(b) by either CT Energy or Petroandina, if: 

  
 A-5 

 (i) the Harvest-CT Energy SPA is terminated in accordance with its terms; or

 (ii) any Restraint shall be in effect, and such Restraint shall have become final and non-appealable; 

(c) by CT Energy, if Petroandina shall have materially breached or materially failed to perform any of its representations, warranties,
covenants or other agreements set forth in this Settlement Agreement, which breach or failure to perform (x) would give rise to a failure of a condition set forth in Section 3.1(b) or Section 3.1(c) and (y) is not
cured by Petroandina on or before the date that is thirty (30) days following receipt by Petroandina of written notice from CT Energy of such breach or failure; provided, however, that CT Energy shall not have a right to terminate
this Annex A pursuant to this Section 4.1(c) if CT Energy is then in material breach of any of its representations, warranties, covenants or agreements under this Settlement Agreement; 

(d) by Petroandina: 

(i) if CT Energy shall have materially breached or materially failed to perform any of its representations, warranties,
covenants or other agreements set forth in this Settlement Agreement, which breach or failure to perform (x) would give rise to a failure of a condition set forth in Section 3.2(b) or Section 3.2(c) and (y) is not
cured by CT Energy on or before the date that is thirty (30) days following receipt by CT Energy of written notice from Petroandina of such breach or failure; provided, however, that Petroandina shall not have a right to terminate
this Annex A pursuant to this Section 4.1(d)(i) if Petroandina is then in material breach of any of its representations, warranties, covenants or agreements under this Settlement Agreement; or 

(ii) if the Petroandina Closing shall not have occurred on or before December 31, 2016. 

Section 4.2 Effect of Termination. 

(a) In the event that this Annex A is terminated in accordance with Section 4.1, (x) written notice thereof shall be given to
the other Parties, specifying the provisions hereof pursuant to which such termination is made and the basis therefor described in reasonable detail and (y) this Annex A, and the obligations and rights of the Parties in respect hereof, shall
forthwith become null and void and of no effect without liability on the part of any Party (or any of its Representatives), and all rights and obligations of any Party shall cease; provided, however, that termination pursuant to
Section 4.1 shall not relieve any Party from liability for any breach of this Settlement Agreement or the Harvest-CT Energy SPA prior to such termination; provided, further, that the provisions of this Article IV and
Article V (the “Surviving Provisions”) shall survive any termination of this Agreement pursuant to Section 4.1. For the avoidance of doubt, and notwithstanding anything to the contrary in this Settlement
Agreement, each of HNR, HNR Energia and CT Energy hereby acknowledge and agree that in no event shall Petroandina be liable for any Losses of HNR, HNR Energia, CT Energy or any of 

  
 A-6 

 
their respective current or future, direct or indirect equityholders, general or limited partners, stockholders, members, managers, controlling persons, directors, officers, employees, agents
Affliates or Representatives, or any of their respective successors or assigns or other representative of any of the foregoing, relating to, arising out of or in connection with the Harvest-CT Energy SPA as a result of termination of this Annex A
for any reason. 
 (b) In the event that this Annex A is terminated for any reason, (x) each of CT Energy and HNR Energia shall, and
HNR shall cause HNR Energia to, promptly terminate the Harvest-CT Energy SPA and (y) the Shareholders’ Agreement and Parent Guarantee shall remain in full force and effect. 

ARTICLE V 

MISCELLANEOUS 

Section 5.1 Certain Other Undertakings of CT Energy, HNR and HNR Energia. 

(a) CT Energy, HNR and HNR Energia shall not consummate the Proposed Transaction unless the Petroandina Closing has occurred (or occurs
concurrently therewith). 
 (b) Each of CT Energy and HNR Energia hereby agrees that the Stipulation and Order shall not constitute a
Restraint for purposes of Section 7.1(c) or Section 8.1(b)(ii) of the Harvest-CT Energy SPA. 
 (c) CT Energy, HNR and HNR Energia
shall not amend, modify or waive, or consent to any amendment, modification, waiver or other matter in respect of, the Harvest-CT Energy SPA in a manner that (i) changes the consideration for the Proposed Transaction, including any change to
the Purchase Consideration (as defined in the Harvest-CT Energy SPA), in any respect or (ii) could reasonably be expected to adversely affect Petroandina or Petroandina’s interests, rights or obligations under this Settlement Agreement or
the consummation of the transactions contemplated by this Annex A, without the prior written consent of Petroandina, which consent may be withheld in the sole and absolute discretion of Petroandina. 

(d) Each of CT Energy, HNR and HNR Energia shall: (i) give prompt notice (in reasonable detail) to Petroandina of (A) any fact,
event or circumstance that would, or would be reasonably likely to, cause or constitute a breach of any of its representations, warranties, covenants or agreements contained in the Harvest-CT Energy SPA that could permit the termination of the
Harvest-CT Energy SPA pursuant to the terms thereof or result in the failure of any condition in Article VII of the Harvest-CT Energy SPA to be satisfied, (B) any material change, effect or circumstance that would reasonably be expected to give
rise to a failure of any condition in Article VII of the Harvest-CT Energy SPA or (C) its intention to terminate the Harvest-CT Energy SPA: (ii) promptly provide Petroandina with a copy of any notice or other communication, instrument or
other document delivered under or in connection with the Harvest-CT Energy SPA (including in respect of any amendment, modification, waiver or consent) after the date of the Settlement Agreement; (iii) promptly (and in any event no later

  
 A-7 

 
than 10 Business Days prior to the Closing Date under the Harvest-CT Energy SPA) provide notice to Petroandina of the date of the Closing under the Harvest-CT Energy SPA; (iv) promptly (and
in any event no later than five Business Days prior to the execution or effectiveness thereof) provide Petroandina with notice and a copy of any proposed amendment, modification, waiver, consent or other action under the Harvest-CT Energy SPA;
provided, that the failure to provide any notice described in clause (i) of this Section 5.1 shall not, in and of itself, constitute a breach of this Annex A for purposes of Section 3.1(c) or
Section 3.2(c); and (v) promptly (and in any event within two Business Days) notify Petroandina of the satisfaction or waiver of the conditions set forth in Sections 7.1(b) and 7.1(c) of the Harvest-CTA SPA. Harvest shall promptly
provide Petroandina with any other information reasonably requested by Petroandina relating to any matter under the foregoing clauses (i) through (v). No information provided pursuant to this Section 5.1(d) shall, except pursuant to a
request from any stock exchange or regulatory authority or as otherwise required by law, regulation or court order, be disclosed by Petroandina to anyone other than its affiliates and its and its affiliates’ partners, directors, officers,
employees, agents, advisors (including, without limitation, legal, financial and accounting advisors), consultants and other representatives and representatives of the foregoing (“Representatives”) in connection with such
Representatives’ involvement in respect of this Settlement Agreement or Petroandina’s investment in HVDH, it being understood that nothing contained herein shall prevent the disclosure by Petroandina of any such information in connection
with any court proceedings concerning the Shareholders’ Agreement or this Settlement Agreement. The preceding sentence shall not apply to information that (A) can be obtained from publicly available sources (other than as a result of a
breach of the obligations in the preceding sentence by Petroandina or its Representatives), (B) is independently developed by Petroandina or its Representatives without use of or reference to such information, (C) was in Petroandina or its
Representatives’ possession prior to the date of disclosure pursuant to this Section 5.1(d), provided that such information is not known by Petroandina to be subject to another confidentiality agreement with, or other
obligation of secrecy to, Harvest or CTA Energy or (D) that comes into Petroandina or its Representatives’ possession from a third party who is not known by Petroandina to be under a confidentiality or other obligation of secrecy to
Harvest or CT Energy with respect to such information. 
 Section 5.2 Notices. Any notice required to be given hereunder shall
be sufficient if in writing and sent by facsimile transmission (providing confirmation of transmission by the transmitting equipment) or e-mail of a .pdf attachment (with confirmation of receipt by nonautomated reply e-mail from the recipient);
provided, that any notice received by facsimile or email transmission or otherwise at the addressee’s location on any Business Day after 5:00p.m. (New York City time) shall be deemed to have been received at 9:00 a.m. (New York City
time) on the next Business Day, by reliable overnight delivery service (with proof of service), hand delivery or certified or registered mail (return receipt requested and first-class postage prepaid), addressed as follows (or at such other address
for a Party as shall be specified in a notice given in accordance with this Section 5.2): 
 if to CT Energy or Harvest: 

as set forth in Section 10.2 of the Harvest-CT Energy SPA; 

  
 A-8 

 if to Petroandina: 

Petroandina Resources Corporation N.V. 

Muiderstraat 7/A 
 1011PZ
Amsterdam, The Netherlands 
 Phone: +31 20 662 2199 

Fax: +31 20 364 0323 
 e-mail:
mstorni@pluspetrol.net 
 Attention: María Ximena Storni 

with a copy (which shall not constitute notice) to: 

Cleary Gottlieb Steen & Hamilton LLP 

One Liberty Plaza 

New York, NY 10006 

Phone: (212) 225-2000 

Fax: (212) 225-3999 

e-mail: jlewis@cgsh.com; nwhoriskey@cgsh.com 

Attention: Jeffrey S. Lewis 

Neil Q. Whoriskey 

  
 A-9 

 ANNEX B 

IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE 
  

					
	  

PETROANDINA RESOURCES CORPORATION N.V.,
  

Plaintiff,
  

v.
  

HARVEST NATURAL RESOURCES, INC., AND HNR ENERGIA B.V.,
  

Defendants.
	 	 )
 )

)
 )

)
 )

)
 )

)
 )

)
 )

)
	  	C.A. No. 10584-VCL

 STIPULATION AND [PROPOSED] ORDER 

WHEREAS, Plaintiff Petroandina Resources Corporation N.V. (“Petroandina”) owns 7,250 Class A shares (the
“Petroandina Shares”), and HNR Energia B.V. (“Harvest Sub”) owns 12,750 Class A shares (the “Harvest Shares”), in Harvest-Vinccler Dutch Holding B.V. (“HVDH” or the
“Company”); 
 WHEREAS, Petroandina purchased the Petroandina Shares from Harvest in December 2013 pursuant to a
share purchase agreement (the “Harvest-Petroandina SPA”) dated as of December 16, 2013; 

 WHEREAS, Petroandina’s and Harvest Sub’s respective rights and obligations in
connection with their joint investment in the Company are governed by a shareholders’ agreement (the “Shareholders’ Agreement”) dated as of December 16, 2013, and Harvest Sub’s obligations under the
Shareholders’ Agreement are guaranteed by Harvest Natural Resources, Inc. (“Harvest Parent,” and, together with Harvest Sub, “Harvest,” and, together with Petroandina, the “Parties,” with each
being a “Party”) pursuant to a parent guarantee (the “Parent Guarantee”); 
 WHEREAS, Harvest Sub
wishes to sell the Harvest Shares to CT Energy SRL (“CT Energy”) (the “Proposed Transaction”) pursuant to a share purchase agreement entered into by and among CT Energy, HNR Energia and HNR dated as of June 29,
2016 (the “Harvest-CT Energy SPA”); 
 WHEREAS, on July 12, 2016, Petroandina filed a motion for a preliminary
injunction to enjoin the Proposed Transaction in Delaware Chancery Court (the “Court”), C.A. No. 10584-VCL (the “Motion”); 

WHEREAS, on August 16, 2016, the Court granted the Motion and issued an Order, inter alia, enjoining Harvest from effecting
the Proposed Transaction (the “Order”); 
 WHEREAS, the Parties have resolved their dispute regarding the Proposed
Transaction on the terms set forth in a settlement agreement dated as of September 8, 2016 (the “Settlement Agreement”), attached hereto as Exhibit 1, which, following consummation of the transaction set forth therein, will
result in the dismissal of this action; and 

  
 B-2 

 NOW THEREFORE, IT IS HEREBY STIPULATED AND AGREED, by the Parties, through their undersigned
counsel, subject to the approval of the Court: 
  

	 	1.	The Order is hereby amended to permit Harvest Sub, Harvest Parent, and their officers, directors, agents, employees, attorneys, affiliates, subsidiaries, successors, transferees, or assigns, and all persons acting in
concert or participation with any of them, to effect the transactions that are the subject of the Harvest-CT Energy SPA, provided, however, that Harvest Sub, Harvest Party, their officers, directors, agents, employees, attorneys,
affiliates, subsidiaries, successors, transferees, or assigns, and all persons acting in concert or participation with any of them, comply with the terms of the Settlement Agreement, including consummating the transaction with respect to the
Petroandina Shares set forth in Annex A thereto; 

  

	 	2.	In the event Annex A to the Settlement Agreement is terminated without the closing of the transactions contemplated thereunder, then the Court’s August 16, 2016 Order will remain effective and this action will
continue, with each Party reserving all rights, claims and defenses; and 

  

	 	3.	In the event Annex A to the Settlement Agreement is terminated without the closing of the transactions contemplated thereunder, Defendants’ time to respond to the Amended Complaint (Dkt. No. 44) is extended to
the thirtieth day after such date of termination. 

  
 B-3 

			
	 MORRIS, NICHOLS, ARSHT & TUNNELL LLP
  

David J. Teklits (#3221)
 Kevin M. Coen (#4775)

Alexandra M. Cumings (#6146)
 1201 North Market Street
Wilmington,
 Delaware 19801
 (302) 658-9200

 
 Attorneys for Plaintiff Petroandina Resources Corporation N.V.
	  	 ROSS ARONSTAM & MORITZ LLP
  

Garrett B. Moritz (#5646)
 Eric D. Selder (#4911)

Benjamin Z. Grossberg (#5615)
 100 S. West Street, Suite 400

Wilmington, Delaware 19801
 (302) 576-1600

 
 Attorneys for Defendants Harvest Natural Resources, Inc. and HNR Energia
B.V.

		
	September [    ], 2016	  	

 IT IS ORDERED this             day of
            , 2016. 

	
	
	   

	

 Vice Chancellor 

  
 B-4 

 EXHIBIT I 

HARVEST-CT ENERGY SPA 

[Incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Harvest Natural 

Resources, Inc. filed with the Securities and Exchange Commission on June 30, 2016] 

 EXHIBIT II 

FORM OF NOTARY LETTER 

(document is subject to review and comment by the Sale Parties’ Dutch counsel) 

 

			
		  	 P.O. Box 1507, 3000 BM Rotterdam
  

Weena 355, Rotterdam
  

	  
 ADDRESSEES:

 
 Petroandina Resources Corporation N.V. (“Seller”)

 
 CT Energy Holding SRL (“Buyer”)
	  	  

Ph.H.F. König
 civil-law notary

T +31 (0)10-2172519
 F +31 (0)10-2172707

p.konig@houthoff.com
  

 Rotterdam, [•], 2016 
 Re:
NOTARY LETTER RELATING TO SETTLEMENT AGREEMENT 
 Our ref: [•] 

Dear all, 
 I refer to the transfer of 7,250 ordinary
Class A shares in the capital of Harvest-Vinccler Dutch Holding B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), existing under the laws of the Netherlands, with its corporate
seat in Amsterdam (The Netherlands) and its place of business at (1097 JB) Amsterdam (The Netherlands), Prins Bernhardplein 200, registered with the trade register under number 14037775 (the “Company”), by the Seller to the Buyer as
set out in the Settlement Agreement attached hereto as Annex I (the “Settlement Agreement”), entered into on September 8, 2016 by and among the Buyer, the Seller, Harvest Natural Resources, Inc., a Delaware corporation,
and HNR Energia B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) existing under the laws of Curacao, and proposed to be effectuated by execution of the Deed of Transfer (as defined in Annex
A of the Settlement Agreement) on [•], 2016 (the “Closing Date”) or such other date as the parties to the Settlement Agreement may agree upon (the “Transaction”). 

Capitalised terms used but not otherwise defined in this letter shall have the meanings ascribed to them in the Settlement Agreement. 

With reference to the Settlement Agreement and the Deed of Transfer, and the subsequent flow of funds to be deposited with and released by me to parties to
this Transaction, I confirm to the addressees of this letter the following: 

 Pre completion payment 

 

	1.	You have informed me that I may expect to receive from the account of the Buyer (the “Buyer Account”) with the following details: 

 

			
	Account holder                	  	CT Energy Holding SRL
	Bank	  	[•]
	Account No.	  	[•]
	BIC	  	[•]
	IBAN	  	[•]
	
	not later than [13:00 am CET] on [•], 2016, into the third party account (kwaliteitsrekening) of the civil-law notaries of the law firm Houthoff Buruma CoOperatief U.A. (the “Notary Account”),
the amount of seventy-two million, seven hundred and sixty-one thousand, eight hundred and twenty-three United States Dollars (US$ 72,761,823) (the “Petroandina Purchase Price”) from the Buyer as follows:

  

			
	Amount	  	US$ 72,761,823
	Account holder                	  	Derdengelden Notariaat Houthoff Buruma Rotterdam
	Bank	  	ABN AMRO Bank N.V.
	Account No.	  	24.21.20.075
	BIC	  	ABNANL2A
	IBAN	  	NL19ABNA0242120075
	With reference	  	[•] / Petroandina Closing
	
	I will hold the Petroandina Purchase Price as deposited by the Buyer for and on behalf of the Buyer, and I will inform the addressees of this letter about full receipt of the Petroandina Purchase Price, by email
sent to the email addresses set out in Annex II (Correspondence) of this letter.

  

	2.	The execution by the addressees of this letter constitutes, inter alia, an irrevocable instruction by the addressees of this letter to me to transfer from the Notary Account the Petroandina Purchase Price in
accordance with this letter. 

 Completion 
  

	3.	Upon receipt by me of: 

  

	 	a.	a copy of the Settlement Agreement, duly executed by all parties thereto; and 

  

	 	b.	a copy of the written confirmation of the parties to the Settlement Agreement that all pre-completion actions have been performed or waived prior to proceeding to the execution of the Deed of Transfer in the form of
Annex III (the “Initial Completion Confirmation”), 

 I will execute the Deed of Transfer, upon which I will hold the Petroandina Purchase Price for
and on behalf of the Seller, and will order the payment of the Petroandina Purchase Price to the Seller, by wire instruction as soon as possible on the next business day in the Netherlands, in the following bank account: 

 

			
	Amount	  	US$ 72,761,823
	Account holder                	  	Petroandina Resources Corporation N.V.
	Bank	  	[•]
	Account No.	  	[•]
	BIC	  	[•]
	ABA	  	[•]
	With reference	  	Petroandina Purchase Price
	
	and I will inform the addressees of this letter of the payment of the Petroandina Purchase Price, by email sent to the email addresses included in Annex II of this letter.

 Failure to complete 
  

	4.	If by [24:00 p.m. CET] (the “Cut-Off Time”) on the Petroandina Closing Date I have not received copies of all of the documents referred to in Clause 3, I will: 

 

	 	a.	if requested in writing (which may be by email) by Buyer no later than immediately prior to the Cut-Off Time, hold the Petroandina Purchase Price as deposited by the Buyer for and on behalf of the Buyer for up to one
additional business day (being a day other than a Saturday, Sunday or a day on which all banking institutions in New York, New York and Houston, Texas and the Netherlands are authorized or obligated by law or executive order to close
(“Business Day”)), in which case such subsequent Business Day shall be deemed the Petroandina Closing Date hereunder; or 

  

	 	b.	if Buyer has not delivered a request for extension pursuant to sub-clause (a), order the payment of the Petroandina Purchase Price by wire instruction into the Buyer Account on the next Business Day with reference
“Non-Completion Petroandina Closing,” and I will inform the addressees of this letter of the non-completion of the Transaction, by email sent to the email addresses included in Annex II of this letter. 

In the event the Cut-Off Time is extended by one Business Day in accordance with this Clause 4 and I have not received copies of all of the
documents referred to in Clause 3 by the Cut-Off Time on such subsequent Business Day, I will order the payment of the Petroandina Purchase Price by wire instruction into the Buyer Account on the next business day in the Netherlands with reference
Non-Completion Petroandina Closing,” and I will inform the addressees of this letter of the non-completion of the Transaction, by email sent to the email addresses included in Annex II of this letter. 

 

	5.	If, by that time, any step or action has been taken in connection with the Transaction, all of the addressees of this letter will (subject to the provision of appropriate indemnities for costs required in so doing in
order to achieve the desired result) use their commercially reasonable efforts to carry out any remedial step or action (to the extent the same is in their control) required to ensure that the relevant original step or action is reversed or
rectified in any other manner, with a view to putting all of the relevant addressees in the same position as they were in prior to that step or action being taken, to the extent possible. 

 Correspondence 
  

	6.	I will use the email addresses set out in Annex II for email correspondence to the addressees of this letter. 

Interest 
  

	7.	Interest, if any, accrued on the Petroandina Purchase Price from the moment of receipt in the Notary Account until the moment of execution of the Deed of Transfer shall accrue and be held for the benefit and the sole
instruction of the Buyer, and will be paid on its request. Interest accrued on the Petroandina Purchase Price after the execution of the Deed of Transfer, if any, will accrue and be held for the benefit and sole instruction of the Seller, and will
be paid on its request. 

 Miscellaneous 
  

	8.	Each addressee to this letter hereby (by co-signing) expressly waives any right or claim it might have against me to allege that any of the monies referred to in this letter are to be applied in any manner other than
strictly in accordance with the provisions of this letter except for gross negligence or wilful misconduct by me. The amount and purposes of the various payments in and out the Notary Account as set out in this letter have been determined based on
information provided to me by the addressees of this letter and the addressees of this letter agree that I am not responsible for verifying or ascertaining the accuracy or otherwise of that information nor of any confirmation received pursuant to
this letter. 

  

	9.	Each addressee to this letter hereby (by co-signing) expressly and unconditionally agrees with me that I may rely on this letter and any confirmation received pursuant to this letter and, in relation thereto, shall not
be under any duty or obligation to verify (i) the authenticity of the signatures to this letter and/or to any confirmation received pursuant to this letter whether by regular mail or by electronic mail, or (ii) the authority of such
signa-tory/signatories to validly represent the entity they are stating to represent. 

  

	10.	Each addressee to this letter hereby (by co-signing) expressly and unconditionally agrees with me that I shall not be liable to any person for any shortfall in the Petroandina Purchase Price or any portion thereof or
(save as provided herein) any interest thereon, or other loss, cost or liability in respect of the operation of this letter (including without limitation in respect of any loss, cost or liability caused by the act, omission, fraud, delay,
negligence, insolvency or default of any addressee of this letter, bank, financial institution, clearing system or other person or the directors, officers, employees, agents or representatives of any of the foregoing), unless such liability arises
as a result of gross negligence, fraud or wilful misconduct on my part. 

  

	11.	Furthermore, each addressee to this letter hereby (by co-signing) expressly and unconditionally agrees with me, for the avoidance of doubt, severally but not jointly, to indemnify me and hold me harmless from and
against any and all liability, which may arise as a result of the operation of this letter and the actions or omissions in relation thereto by the addressees of this letter, unless such liability arises as a result of gross negligence, fraud or
wilful misconduct on my part. 

	12.	This letter is governed by Dutch law and each of the addressees and signatories hereto irrevocably agrees that the Courts (Rechtbank) of Amsterdam, the Netherlands shall have jurisdiction to hear and determine
any suit, action or proceedings, and to settle any disputes, which may arise out of or in connection with this letter and, for such purposes, irrevocably submits to the jurisdiction of such court. 

 

	13.	The parties hereby acknowledge that I am associated with Houthoff Buruma Cobperatief U.A., a firm of civil-law notaries and lawyers that advises and represents the Seller and its Affiliates in connection with the
Settlement Agreement, the Deed of Transfer and other matters relating to the Transaction. With reference to the Regulation establishing the Professional Rules of Conduct of the Dutch Royal Notarial Society (Koninklijke Notariele
Be-roepsorganisatie), the parties hereby (i) acknowledge and agree that the Buyer and the Seller are being advised and/or represented by civil-law notaries and/or lawyers of Houthoff Buruma Cobperatief U.A. in connection with the Settlement
Agreement, the Deed of Transfer and other matters relating to the Transaction and (ii) agree that the Buyer and the Seller may, but shall not obligated to request lawyers of Houthoff Buruma Cobperatief U.A. to represent the Buyer and the Seller
in any dispute arising out of the Settlement Agreement, the Deed of Transfer and other matters relating to the Transaction. 

  

	14.	The general terms and conditions of Houthoff Buruma Cooperatief U.A. are applicable on this letter and attached hereto as Annex IV. 

 

	15.	In this letter, “I”, “me” and “my” means Philippe Huib Ferdinand KOnig, civil-law notary in Rotterdam, the Netherlands, or his deputy, substitute or successor in office, or any other
civil-law notary associated with Houthoff Buruma CoOperatief U.A. or his deputy, substitute or successor in office. 

  

	16.	This letter may be signed in any number of counterparts, all of which take together shall constitute one and the same letter. 

Please confirm your agreement to and acceptance of this letter by signing this letter below. 

Yours faithfully, 
 Houthoff Buruma Cooperatief U.A. 

	
	
	   

	Ph.H.F. Konig, civil-law notary

 For acceptance and agreement: 

 

			
	PETROANDINA RESOURCES CORPORATION N.V.
	
	By:                                   
                                         
                    
	Name:
	Title:
	
	CT ENERGY HOLDING SRL
	
	By:                                   
                                         
                    
	Name:
	Title:

 ANNEX I — SETTLEMENT AGREEMENT 

[separate document] 

 ANNEX II — EMAIL CORRESPONDENCE 

Buyer: 
 Lawyers for the Buyer: 

Seller: 
 Lawyers for the Seller: 

 ANNEX III — INITIAL COMPLETION CONFIRMATION 

To: 
 Houthoff Buruma 

Attn: mr Ph. Konig & mr P.P. de Vries 
 Weena 355 

3013 AL Rotterdam 
 The Netherlands 

p.konicahouthoff.com p.de.vriesAhouthoff.com 
 Re:
Initial Completion Confirmation 
 Dear Sir, Madam, 
 We
refer to the notary letter relating to the Settlement Agreement, dated September 8, 2016 (the “Notary Letter”), of which each of: 
  

	 	a.	Petroandina Resources Corporation N.V., a company with limited liability (naam-loze vennootschap), existing under the laws of the Netherlands, with its corporate seat in Amsterdam (The
Netherlands) and its place of business at (1011 PZ) Amsterdam (The Netherlands), Muiderstraat 7 A, registered with the trade register under number 50187511 (the “Seller”); and 

 

	 	b.	CT Energy Holding SRL, a Barbados Society with Restricted Liabilty (the “Buyer”); 

is an addressee, and which relates to the transfer of transfer of 7,250 ordinary Class A shares in the capital of Harvest-Vinccler Dutch Holding B.V.,
a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), existing under the laws of the Netherlands, with its corporate seat in Amsterdam (The Netherlands) and its place of business at (1097 JB)
Amsterdam (The Netherlands), Prins Bernhardplein 200, registered with the trade register under number 14037775, by the Seller to the Buyer as set out in the Settlement Agreement, dated September 8, 2016, attached to the Notary Letter as
Annex I (the “Settlement Agreement”), by and among the Buyer, the Seller, and Harvest Natural Resources, Inc., a Delaware corporation, and HNR Energia B.V., a private company with limited liability (besloten vennootschap
met beperkte aansprakelijkheid) existing under the laws of Curacao, and proposed to be effectuated by execution of the Deed of Transfer (as defined in the Settlement Agreement). 

The Notary Letter requires, inter alia, that the Notary will need to receive copies of written confirmations from each of the Seller and the Buyer that
all pre-completion actions have been performed or waived (the “Initial Completion Confirmation”, as defined in the Notary Letter). 
 We
hereby unconditionally and irrevocably confirm that all actions have been performed or waived which were required to be performed prior to proceeding to the execution of the Deed of Transfer, and hereby unconditionally and irrevocably instruct the
Notary to execute the Deed of Transfer and perform the other actions to be performed by the Notary, as referred to and set out in the Notary Letter. 

 This confirmation shall be governed by and construed in accordance with the laws of the Netherlands. 

 

			
	PETROANDINA RESOURCES CORPORATION N.V.
	
	By:                                   
                                         
                    
	Name:
	Title:
	
	CT ENERGY HOLDING SRL
	
	By:                                   
                                         
                    
	Name:
	Title:

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