Document:

ex10-12.htm

    Exhibit
10.12

    EXECUTIVE
COMPENSATION AND

    RETENTION
AGREEMENT

    (2009)

    

    THIS
EXECUTIVE COMPENSATION AND RETENTION AGREEMENT (“Agreement”), by and between
COIL TUBING TECHNOLOGY HOLDINGS, INC., a Nevada corporation, (referred to herein
as the “Company”), and JERRY
SWINFORD (referred to herein as “Swinford”) (collectively
“the
Parties”) is
effective on the 1st day of
June, 2009 (the “Effective
Date”).

    

    The
Parties previously entered into an Executive Compensation and Retention
Agreement which was effective July 1, 2007.  Thereafter on or around
September 7, 2007 the Parties entered into an Amended and Restated Executive
Compensation and Retention Agreement (collectively the “Prior
Agreement”).  Swinford
would be constructively terminated under the terms of the Prior Agreement, if
Swinford’s
duties change from President and Chief Executive Officer to a lesser
position.  With an Effective Date of June 1, 2009, the Company entered
into an Executive Compensation and Retention Agreement with Charles Wayne Tynon
(“Tynon” and “Tynon
Agreement”).  Under
the Tynon Agreement, Tynon was named Chief Executive Officer of the
Company.  Swinford has agreed to remain with the Company as its
Chairman of the Board and Vice President on terms similar to, but as modified
herein, the Prior Agreement.  Accordingly, the Prior Agreement is
replaced and superseded in its entirety by this Agreement.

    

    In
consideration of the mutual covenants set forth herein, the Company and Swinford
hereby agree as follows:

    

    1.           APPOINTMENT.  The
Company hereby agrees to appoint and retain Swinford as its Chairman of the
Board and Vice-President, and Swinford agrees to serve the Company, in the
capacities described herein during the Period of Appointment (as defined in
Section 2 of this Agreement), in accordance with the terms and conditions of
this Agreement.

    

    2.           PERIOD
OF APPOINTMENT. The term “Period of Appointment” shall mean the period which
commences on the Effective Date and, unless earlier terminated pursuant to
Section 6, ends on December 31, 2011; provided, however, that the Period of
Appointment may be extended as provided herein.  On January 1 of each
year that Swinford is employed by the Company, the period of appointment will be
extended for an additional year.  Each extension shall
occur automatically unless Swinford provides the Company in writing that he will
not be exercising the extension by December 1 of each year prior to the relevant
January 1.  For example, the Period of  Appointment will
automatically extend to December 31, 2012 unless Swinford provides notice that
he will not be exercising the extension for 2012 on or before December 1,
2009.  As a result, unless Swinford provides notice otherwise, there
will be at least two (2) years remaining on the Period of Appointment at all
times.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.           DUTIES
DURING THE PERIOD OF APPOINTMENT.

    

    
      	
               
      

            	
              a.

            	
              DUTIES.
      During the Period of Appointment, Swinford shall be employed by the
      Company and serve as its “Chairman of the Board and
      Vice-President.”  In such capacities, Swinford will perform such
      services as are customary for a chairman of the board and
      vice-president.  Nothing herein is intended to restrict the
      duties of Swinford or limit him from serving in such other executive
      officer positions as the Board of Directors deems
    appropriate.

            

    

    

    
      	
               
      

            	
              b.

            	
              SCOPE.
      During the Period of Appointment, and excluding any periods of vacation
      and sick leave to which the office of Vice-President is entitled, Swinford
      shall devote full time and attention to the affairs of the
      Company.

            

    

    

    4.           COMPENSATION
AND OTHER PAYMENTS.

    

    
      	
               
      

            	
              a.

            	
              ANNUAL
      SALARY. Annual salary shall be set at $132,000.00 per annum payable in
      regular installments but in no event less often than
    monthly.

            

    

    

    
      	
               
      

            	
              b.

            	
              ANNUAL
      INCREASES.  Swinford’s annual salary will be increased in an
      amount to be determined by the Board of the Company or a Committee of the
      Board of the Company, but in no event shall such increases be in an amount
      less than ten percent (10%).

            

    

    

    
      	
               
      

            	
              c.

            	
              BONUSES.  Swinford
      may participate in any and all bonus plans established by the Board or a
      Committee of the Board.

            

    

    

    5.           OTHER
BENEFITS.

    

    
      	
               
      

            	
              a.

            	
              INCENTIVE
      SHARES.  At the end of each calendar year (December 31) during
      the Period of Appointment and the end of each subsequent year or, at
      Swinford’s option, within thirty (30) days thereafter, the Company will
      issue to Swinford the number of shares necessary to provide to Swinford
      five percent (5%) of the issued and outstanding common stock of the
      Company (excluding any shares of common stock issuable to other executives
      of the Company as a result of incentive share clauses of such executives’
      employment agreements).  As a result, on December 31, 2009 and
      each year thereafter during the Period of Appointment, subject to the
      termination provisions of Section 6 or, at Swinford’s option, within 30
      days thereafter, the Company will issue Swinford shares of common stock
      equal to five percent (5%) of the then total issued and outstanding common
      stock of the Company (excluding any shares of common stock issuable to
      other executives of the Company as a result of incentive share clauses of
      such executives’ employment agreements).  Such shares will be
      subject to any and all restrictions appropriate or necessary to comply
      with state or federal registration
requirements.

            

    

     

    
      	
               
      

            	
              b.

            	
              REGULAR
      REIMBURSED BUSINESS EXPENSES. The Company shall promptly reimburse
      Swinford for all expenses and disbursements reasonably incurred by
      Swinford in the performance of his duties hereunder during the Period of
      Appointment.

            

    

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              c.

            	
              BENEFIT
      PLANS.  Swinford and his eligible family members shall be
      entitled to participate immediately (except for any Company plan which
      includes or requires a waiting period, in which event Swinford shall be
      entitled to participate as soon as he is eligible under the terms of such
      plan), on terms no less favorable to Swinford than the terms offered to
      other employees, in any group and/or executive life, hospitalization or
      disability insurance plan, health program, vacation policy, pension,
      profit sharing, ESOP, 401(k) and similar benefit plans (qualified,
      non-qualified and supplemental) or other fringe benefits that may be
      offered by the Company as approved by the Board of Directors from time to
      time.

            

    

    

    
      	
               
      

            	
              d.

            	
              HEALTH
      INSURANCE.  The Company shall provide Swinford and his wife,
      whether or not he remains employed by the Company, health insurance until
      the end of the Period of Appointment or he is eligible for Medicare
      benefits, whichever is later.

            

    

    

    
      	
               
      

            	
              e.

            	
              PERQUISITES.
      The Company shall provide Swinford at least such perquisites as are
      commonly provided to other executives of the Company and are commiserate
      with his Appointment.

            

    

    

    6.           TERMINATION.

    

    
      	
               
      

            	
              a.

            	
              GENERAL.  Swinford’s
      employment hereunder shall commence on the Effective Date and continue
      until the end of the term specified in section 2 above, except that the
      employment of Swinford hereunder shall terminate prior to such time in
      accordance with the following:

            

    

    

    
      	
               
      

            	
              i.

            	
              DEATH
      OR DISABILITY.  Upon Swinford’s death during the term of his
      employment hereunder or, at the option of the Company, in the event of
      Swinford’s disability, upon thirty (30) days notice to
      Swinford.

            

    

    

    
      	
               
      

            	
              ii.

            	
              FOR
      CAUSE.  For “Cause” immediately upon written notice by the
      Company to Swinford.  A termination for Cause shall
      mean:

            

    

     

    
      	
               
      

            	
              (1)

            	
              the
      commission of an intentional act of dishonesty, fraud, misrepresentation,
      misappropriation, or embezzlement by Swinford which has a material
      detrimental impact on the Company;

            

    

     

    
      	
               
      

            	
              (2)

            	
              Swinford’s
      unauthorized use or disclosure of any Confidential Information or trade
      secrets of the Company which has a material detrimental impact on the
      Company;

            

    

     

    
      	
               
      

            	
              (3)

            	
              a
      significant violation by Swinford of a law or regulation applicable to the
      Company’s business, which has a material detrimental impact on the Company
      and which the Board of the Company reasonably determines does or is
      reasonably likely to cause material injury to the
  Company;

            

    

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              (4)

            	
              Swinford’s
      indictment of, or conviction of, or plea of nolo contendere or
      guilty to a felony or any other crime which involves moral
      turpitude;

            

    

     

    
      
      

    

    
      	
               
      

            	
              (5)

            	
              Swinford’s
      continued failure, in the reasonable discretion of the Board, to perform
      the principal duties, functions and responsibilities of his position
      (other than any such failure resulting from Swinford’s disability) or to
      follow the directives of the Board after written notice from the Company
      identifying the deficiencies in performance and a reasonable cure period
      of not less than thirty (30) days of any breach capable of cure; gross
      negligence or willful misconduct in the performance of Swinford’s duties;
      or

            

    

     

    
      	
               
      

            	
              (6)

            	
              a
      material and willful breach of Swinford’s fiduciary duties to the
      Company.

            

    

    

    
      	
               
      

            	
              iii.

            	
              WITHOUT
      CAUSE.  Without Cause upon thirty (30) days written notice by
      the Board of Directors to Swinford or upon Swinford to the Board of
      Directors.  If Swinford terminates the Agreement for any reason,
      he shall have no liability to the Company or its subsidiaries or
      affiliates as a result thereof.

            

    

    

    
      	
               
      

            	
              iv.

            	
              CONSTRUCTIVE
      TERMINATION.  Upon Swinford’s Constructive
      Termination.  Constructive Termination of Swinford’s employment
      with the Company will be deemed to have occurred if Swinford terminates
      his employment with the Company within six (6) months following the date
      on which:

            

    

     

    
      	
               
      

            	
              (1)

            	
              the
      Company demotes Swinford to a lesser position, either in title or
      responsibility;

            

    

     

    
      	
               
      

            	
              (2)

            	
              the
      Company decreases Swinford’s pay below the highest level in effect at any
      time Swinford’s employment with the Company or reduces Swinford’s benefits
      below the levels in effect during Swinford’s employment with the Company
      (other than as a result of any amendment or termination of any group or
      other executive benefit plan, which amendment or termination is applicable
      to all executives of the Company or any inadvertent reduction in benefits
      that Company cures within thirty (30) days after receiving written notice
      of such reduction);

            

    

     

    
      	
               
      

            	
              (3)

            	
              the
      Company requires Swinford to relocate to a principal place of business
      more than fifty (50) miles from the principal place of business occupied
      by Company as of the date hereof;

            

    

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              (4)

            	
              the
      Company is subject to a Change in Control, unless Swinford accepts an
      appointment or employment with a successor to the Company;
    or

            

    

     

    
      	
               
      

            	
              (5)

            	
              the
      Company breaches any material term of this Agreement which is not cured by
      the Company within ten (10) days after receiving written notice of such
      breach.

            

    

    

    
      	
               
      

            	
              b.

            	
              OBLIGATIONS
      OF THE COMPANY UPON TERMINATION.  The following provisions
      describe the obligations of the Company to Swinford under this Agreement
      upon termination of his Appointment.  However, except as
      explicitly provided in this Agreement, nothing in this Agreement shall
      limit or otherwise adversely affect any rights which Swinford may have
      under applicable law, under any other agreement with the Company, or under
      any compensation or benefit plan, program, policy or practice of the
      Company.

            

    

    

    
      	
               
      

            	
              i.

            	
              TERMINATION
      BY THE COMPANY FOR CAUSE OR RESIGNATION WITHOUT CAUSE.  In the
      event this Agreement terminates by reason of the Company’s termination of
      Swinford’s Appointment for Cause or because of Swinford’s resignation
      Without Cause, the Company shall:

            

    

     

    
      	
               
      

            	
              (1)

            	
              Pay
      to Swinford within ten (10) days any amount of Compensation (as enumerated
      in section 4 above) earned but not yet paid;
and

            

    

     

    
      	
               
      

            	
              (2)

            	
              Provide
      Swinford’s health insurance as obligated in section 5(d)
      above.

            

    

     

    
      	
               
      

            	
              ii.

            	
              TERMINATION
      BY THE COMPANY WITHOUT CAUSE, OR CONSTRUCTIVE TERMINATION.  In
      the event this Agreement terminates by reason of the Company’s termination
      of Swinford’s Appointment Without Cause or Swinford is Constructively
      Terminated, the Company shall:

            

    

     

    
      	
               
      

            	
              (1)

            	
              Pay
      to Swinford in a lump sum within ten (10) days the remaining amount of
      Compensation provided for in section four (4) above through the end of the
      Period of Appointment including any minimum annual increases and bonuses
      and an additional one hundred thousand dollars
  ($100,000);

            

    

     

    
      	
               
      

            	
              (2)

            	
              Provide
      Swinford’s health insurance as obligated in section 5(d) above;
      and

            

    

     

    
      	
               
      

            	
              (3)

            	
              Issue
      to Swinford the Incentive Shares provided for in section 5 above at the
      end of any years which remain of the Period of Appointment (or at
      Swinford’s election, within thirty (30) days thereafter) the appropriate
      number of shares for each year.

            

    

     

    
      	
               
      

            	
              iii.

            	
              TERMINATION
      BY DEATH OR DISABILITY OR SWINFORD’S RESIGNATION FOR CAUSE.  In
      the event this Agreement terminates by reason of Swinford’s Death or
      Disability or because of Swinford’s resignation For Cause, the Company
      shall:

            

    

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              (1)

            	
              Pay
      to Swinford or his estate the remaining amount of Compensation provided
      for in section 4 above through the end of the Period of
      Appointment;

            

    

     

    
      	
               
      

            	
              (2)

            	
              Provide
      Swinford’s health insurance as obligated in section 5(d) above;
      and

            

    

     

    
      
      

    

    
      	
               
      

            	
              (3)

            	
              Issue
      to Swinford the Incentive Shares provided for in section 5 above at the
      end of any years which remain of the Period of Appointment (or at
      Swinford’s election, within thirty (30) days thereafter) the appropriate
      number of shares for each year.

            

    

     

    
      	
               
      

            	
              c.

            	
              MITIGATION.  In
      no event shall Swinford be obligated to seek another appointment or
      employment or take any other action by way of mitigation of the amounts
      payable to the Swinford under any of the provisions of this
      Agreement.  Any severance benefits payable to Swinford shall not
      be subject to reduction for any compensation received from another
      appointment or employment.

            

    

     

    
      	
               
      

            	
              d.

            	
              CHANGE
      OF CONTROL.  For purposes of this Agreement, Change of Control
      shall be deemed to have occurred (i) if more than 33% of the voting shares
      of the Company are acquired by a third party in a plan of reorganization,
      merger and/or consolidation or (ii) if majority voting control of the
      Company is acquired by any person other than Swinford and/or
      Tynon.  For purposes of this Agreement, Change in Control does
      not include the stock distribution as is provided for and described in the
      Registration Statement the Company has on file with the Securities and
      Exchange Commission (and amendments thereto) as of the Effective Date of
      this Agreement.

            

    

     

    7.           INDEMNIFICATION.  To
the extent practical, the Company shall maintain, for the benefit of Swinford
and other executives directors and/or officers liability
insurance.  In addition, Swinford shall be indemnified by the Company
against liability as an officer, Chairman of the Board and Vice-President of the
Company and any subsidiary or affiliate of the Company to the maximum extent
permitted by applicable law.  Swinford’s rights under this Section
shall continue so long as he may be subject to such liability, whether or not
this Agreement may have terminated.

     

    8.           INVENTIONS;
ROYALTY FREE LICENSE.

     

    
      	
               
      

            	
              a.

            	
              INVENTIONS
      DEFINED.  “Inventions” includes all rights to discoveries,
      inventions, improvements, designs and innovations (including all data and
      records pertaining thereto) that relate to the business of the Company,
      whether or not patentable, copyrightable or reduced to writing, that
      Swinford may discover, invent or originate during the term of his
      employment hereunder, either alone or with others and whether or not
      during working hours or by use of the facilities of the
      Company.

            

    

     

    
      	
               
      

            	
              b.

            	
              SWINFORD
      TO RETAIN RIGHTS.  Swinford is to retain or maintain any and all
      rights to Inventions.

            

    

     

    
      	
               
      

            	
              c.

            	
              COMPANY
      TO LICENSE.  In connection with entering into the Prior
      Agreement, Swinford granted to the Company a license to use his
      inventions.  The licensing agreement previously entered will
      continue to be in effect and is attached hereto as Exhibit
    A.

            

    

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              d.

            	
              WAIVER
      OF ROYALTIES.  In connection with entering into the Prior
      Agreement, Swinford agreed to waive any and all royalties due to him by
      the Company throughout his Appointment under the Prior
      Agreement.  Swinford hereby agrees to continue to waive any and
      all royalties due to him by the Company during his term of employment by
      the Company under this Agreement as provided in the Waiver of Royalties
      Agreement entered into in connection with the Prior Agreement and which is
      attached hereto as Exhibit B.

            

    

     

    
      
      

    

    9.           CONFIDENTIAL
INFORMATION.

     

    
      	
               
      

            	
              a.

            	
              ACKNOWLEDGMENT
      OF PROPRIETARY INTEREST.  Swinford agrees that all Confidential
      Information learned by him during his employment with the Company, whether
      developed by Swinford or in conjunction with others or otherwise, is and
      shall remain the exclusive property of the
  Company.

            

    

     

    
      	
               
      

            	
              b.

            	
              CONFIDENTIAL
      INFORMATION DEFINED.  “Confidential Information” means all
      confidential and proprietary information of the Company, to the extent
      such property is the property of the Company and not the property of
      Swinford or another, and that is not otherwise publicly
      available.  “Confidential Information” does not include the
      “Inventions” referenced in section 8.  Without limited the
      foregoing, Confidential Information includes the
  following:

            

    

     

    
      	
               
      

            	
              i.

            	
              Information
      derived from reports, investigations, experiments, research and work in
      progress,

            

    

     

    
      	
               
      

            	
              ii.

            	
              Methods
      of operation,

            

    

     

    
      	
               
      

            	
              iii.

            	
              Marketing
      data,

            

    

     

    
      	
               
      

            	
              iv.

            	
              Proprietary
      computer programs and codes,

            

    

     

    
      	
               
      

            	
              v.

            	
              Drawings
      designs, plans and proposals,

            

    

     

    
      	
               
      

            	
              vi.

            	
              Marketing
      and sales programs,

            

    

     

    
      	
               
      

            	
              vii.

            	
              Client
      lists,

            

    

     

    
      	
               
      

            	
              viii.

            	
              Historical
      financial information and financial
projections,

            

    

     

    
      	
               
      

            	
              ix.

            	
              Pricing
      formulae and policies,

            

    

     

    
      	
               
      

            	
              x.

            	
              All
      other concepts, ideas, materials and information prepared or performed for
      or by the Company, and

            

    

     

    
      	
               
      

            	
              xi.

            	
              All
      information related to the business, products, purchases or sales of the
      Company and any of its suppliers and
customers.

            

    

     

    
      	
               
      

            	
              c.

            	
              COVENANT
      NOT TO DIVULGE CONFIDENTIAL INFORMATION.  The Company is
      entitled to prevent the disclosure of Confidential
      Information.  The Company agrees to and will provide
      Confidential Information to Swinford at the inception of his employment
      and Swinford acknowledges and agrees that, during the course of his
      employment he will be exposed to, have access to, and gain knowledge of
      Confidential Information.  As a portion of the consideration for
      the employment of Swinford and for the compensation being paid to him
      hereunder and thereafter to hold in strict confidence and not to disclose
      or allow to be disclosed or made available to any person, firm or
      corporation, other than to his professional advisors (who have the
      obligation to maintain the confidentiality of such information) and to
      persons engaged by the Company to further the business of the Company, and
      not to use except in the pursuit of the business of the Company, the
      Confidential Information, without the prior written consent of the
      Company.

            

    

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    
      
      

    

     

    
      	
               
      

            	
              d.

            	
              RETURN
      OF MATERIALS.  In the event of any termination or cessation of
      his employment with the Company for any reason, or request by the Company
      at anytime, Swinford shall promptly deliver to the Company all documents,
      data and other information derived from or otherwise pertaining to
      Confidential Information.  Swinford shall not take or retain any
      documents or other information, or any reproduction or excerpt thereof,
      containing or pertaining to any Confidential
  Information.

            

    

     

    10.           GENERAL

     

    
      	
               
      

            	
              a.

            	
              NOTICES.  All
      notices and other communications hereunder shall be in writing or by
      written telecommunication, and shall be deemed to have been duly given
      upon delivery if delivered personally or via written telecommunication, or
      five days after mailing if mailed by certified mail, return receipt
      requested or by written telecommunication, to the relevant address set
      forth below, or to such other address as either of the parties shall have
      furnished to the other in writing in accordance
  herewith:

            

    

     

    
      
      

    

     

    
      
        
          
            
              
                
                  	
                          If to the Company, addressed
      to:

                        	
                          If to the Jerry Swinford addressed
      to:

                        
	
                          Coil
      Tubing Technology Holdings, Inc.

                        	
                          Jerry
      Swinford

                        
	
                          19511
      Wied Road, Suite E

                        	
                          19511
      Wied Road, Suite E

                        
	
                          Spring,
      TX 77388

                        	
                          Spring,
      TX
77388

                        

                

              

            

          

        

      

    

     

    Notice
and communications shall be effective when actually received by the
addressee.

    

    
      	
               
      

            	
              b.

            	
              WITHHOLDING.  All
      payments required to be made to Swinford by the Company under this
      Agreement shall be subject to withholding, at the time payments are
      actually made to Swinford and received by him, of such amounts, if
      any,  relating to federal, state and local taxes as may required
      by law.

            

    

     

    
      	
               
      

            	
              c.

            	
              TAXES.  In
      the event that the aggregate of all payments or benefits made or provided
      to, or that may be made or provided to, Swinford under this Agreement and
      under all other plans, programs and arrangements of the Company (the
      “Aggregate Payment”) are determined to constitute a “parachute payment” or
      some other category of payment which results in special tax treatment,
      Swinford and the Company shall cooperate with each other in connection
      with any proceeding or claim relating to the existence or amount of
      liability for the payment, and all expenses incurred by Swinford in
      connection therewith shall be paid by the Company promptly upon notice of
      demand from Swinford.

            

    

     

    
      	
               
      

            	
              d.

            	
              REIMBURSEMENT
      OF LEGAL EXPENSES.  In the event that Swinford is successful,
      whether in mediation, arbitration or litigation, in pursuing any claim or
      dispute involving Swinford’s Appointment with the Company, including any
      claim or dispute relating to (a) this Agreement, (b) termination of
      Swinford’s Appointment with the Company or (c) the failure or refusal of
      the Company to perform fully in accordance with the terms hereof, the
      Company shall promptly reimburse Swinford for all costs and expenses
      (including, without limitation, attorneys’ fees) relating solely, or
      allocable, to such successful
claim.

            

    

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              e.

            	
              LAW
      GOVERNING.  This Agreement shall be governed under the laws of
      the State of Texas.

            

    

     

    
      
      

    

    
      	
               
      

            	
              f.

            	
              SEVERABILITY.  If
      any provision hereof is held invalid or unenforceable by a court of
      competent jurisdiction, such invalidity shall not affect the validity or
      operation of any other provision and such invalid provision shall be
      deemed to be severed from the
Agreement.

            

    

     

    
      	
               
      

            	
              g.

            	
              WAIVERS.  No
      delay or omission by either party in exercising any right, power or
      privilege hereunder shall impair such right, power or privilege, nor shall
      any single or partial exercise such right, power or privilege preclude any
      further exercise thereof or the exercise of any other right, power or
      privilege.

            

    

     

    
      	
               
      

            	
              h.

            	
              COUNTERPARTS.  This
      Agreement may be executed in multiple counterparts, each of which shall be
      deemed an original, and all of which together shall constitute one and the
      same document.

            

    

     

    
      	
               
      

            	
              i.

            	
              CAPTIONS.  The
      captions in this Agreement are for convenience of reference only and shall
      not limit or otherwise affect any of the terms of provisions
      hereof.

            

    

     

    
      	
               
      

            	
              j.

            	
              REFERENCE
      TO AGREEMENT.  Use of the words “herein, “hereof,” “hereto,”
      “hereunder” and the like in this Agreement refer to this Agreement only as
      a whole and not to any particular section or subsection of this Agreement,
      unless otherwise noted.

            

    

     

    
      	
               
      

            	
              k.

            	
              SUCCESSORS.  This
      Agreement shall be binding on and shall inure to the benefit of the
      parties hereto, their heirs, administrators, successors, and
      assigns.

            

    

     

    
      	
               
      

            	
              l.

            	
              ASSIGNABILITY.  This
      Agreement and the rights and obligations thereunder may not be assigned by
      any act of either party or by operation of law without the prior written
      consent of each party.  However, the Company may fulfill its
      obligation to compensate Swinford through one or more of its wholly owned
      subsidiaries.

            

    

     

    
      	
               
      

            	
              m.

            	
              GENDER
      AND NUMBER.  The masculine gender shall be deemed to denote the
      feminine or neuter genders, the singular to denote the plural, and the
      plural to denote the singular, where the context so
    permits.

            

    

     

    

     

    [Signature
Page Attached]

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement this 16th day
of June, 2009.

     

    

    
      
        
          
            
              
                
                  
                    
                      	
                              COIL
      TUBING TECHNOLOGY HOLDINGS, INC.

                            	
                              JERRY
      SWINFORD

                            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
                              By:
      /s/ Charles Wayne
      Tynon

                            	
                              By:
      /s/ Jerry
      Swinford

                            
	
                              Charles
      Wayne Tynon, President and Chief Executive Officer

                            	
                              
                                JERRY
      SWINFORD

                              

                            
	 
      	 
      
	 
      	 
      

                    

                  

                

              

            

          

        

      

    

    
 

     

     

     

    
      
        
        

      

      
        -10-ex10-13.htm

    Exhibit
10.13

    EXECUTIVE
COMPENSATION AND

    RETENTION
AGREEMENT

    

    THIS
EXECUTIVE COMPENSATION AND RETENTION AGREEMENT (“Agreement”), by and between
COIL TUBING TECHNOLOGY HOLDINGS, INC., a Nevada corporation, (referred to herein
as the “Company”), and CHARLES
WAYNE TYNON (referred to herein as “Tynon”) (collectively
“the
Parties”) is
effective on the 1st day of
June 2009 (the “Effective
Date”).

    

    

    In
consideration of the mutual covenants set forth herein, the Company and Tynon
hereby agree as follows:

    

    1.           APPOINTMENT.  The
Company hereby agrees to appoint and retain Tynon as its President and Chief
Executive Officer, and Tynon agrees to serve the Company, in the capacities
described herein during the Period of Appointment (as defined in Section 2 of
this Agreement), in accordance with the terms and conditions of this
Agreement.

    

    2.           PERIOD
OF APPOINTMENT. The term “Period of Appointment” shall mean the period which
commences on the Effective Date and, unless earlier terminated pursuant to
Section 6, ends on December 31, 2011; provided, however, that the Period of
Appointment may be extended as provided herein.  On January 1 of each
year that Tynon is employed by the Company, the period of appointment will be
extended for an additional year.  Each extension shall
occur automatically unless Tynon provides the Company in writing that he will
not be exercising the extension by December 1 of each year prior to the relevant
January 1.  For example, the Period of  Appointment will
automatically extend to December 31, 2012 unless Tynon provides notice that he
will not be exercising the extension for 2012 on or before December 1,
2009.  As a result, unless Tynon provides notice otherwise, there will
be at least two (2) years remaining on the Period of Appointment at all
times.

    

    3.           DUTIES
DURING THE PERIOD OF APPOINTMENT.

    

    
      	
               
      

            	
              a.

            	
              DUTIES.
      During the Period of Appointment, Tynon shall be employed by the Company
      and serve as its “President and Chief Executive Officer.”  In
      such capacities, Tynon will perform such services as are customary for a
      president and chief executive officer.  Nothing herein is
      intended to restrict the duties of Tynon or limit him from serving in such
      other executive officer positions as the Board of Directors deems
      appropriate.

            

    

    

    
      	
               
      

            	
              b.

            	
              SCOPE.
      During the Period of Appointment, and excluding any periods of vacation
      and sick leave to which the office of President is entitled, Tynon shall
      devote full time and attention to the affairs of the
    Company.

            

    

    

    4.           COMPENSATION
AND OTHER PAYMENTS.

    

    
      	
               
      

            	
              a.

            	
              ANNUAL
      SALARY. Annual salary shall be set at $132,000.00 per annum payable in
      regular installments but in no event less often than
    monthly.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              b.

            	
              ANNUAL
      INCREASES.  Tynon’s annual salary will be increased in an amount
      to be determined by the Board of the Company or a Committee of the Board
      of the Company, but in no event shall such increases be in an amount less
      than ten percent (10%).

            

    

    

    
      	
               
      

            	
              c.

            	
              BONUSES.  Tynon
      may participate in any and all bonus plans established by the Board or a
      Committee of the Board.

            

    

    

    5.           OTHER
BENEFITS.

    

    
      	
               
      

            	
              a.

            	
              INCENTIVE
      & RETENTION SHARES.

            

    

     

    
      	
               
      

            	
              i.

            	
              RETENTION
      SHARES.  The Company will issue to Tynon seven-hundred
      fifty-thousand (750,000) shares of its common stock contemporaneously with
      Tynon entering into this Agreement.

            

    

     

    
      	
               
      

            	
              ii.

            	
              INCENTIVE
      SHARES.  At the end of the initial Period of Appointment and the
      end of each subsequent year or, at Tynon’s option, within thirty (30) days
      thereafter, the Company will issue to Tynon the number of shares necessary
      to provide to Tynon five percent (5%) of the issued and outstanding common
      stock of the Company (excluding any shares of common stock issuable to
      other executives of the Company as a result of incentive share clauses of
      such executives’ employment agreements).  As a result, on
      December 31, 2009 and each year thereafter during the Period of
      Appointment, subject to the Termination Provision of Section six (6) or,
      at Tynon’s option, within 30 days after such year end, the Company will
      issue Tynon shares of common stock equal to five percent (5%) of the then
      total issued and outstanding common stock of the Company (excluding any
      shares of common stock issuable to other executives of the Company as a
      result of incentive share clauses of such executives’ employment
      agreements). Such shares will be subject to any and all restrictions
      appropriate or necessary to comply with state or federal registration
      requirements.

            

    

     

    

    
      	
               
      

            	
              b.

            	
              REGULAR
      REIMBURSED BUSINESS EXPENSES. The Company shall promptly reimburse Tynon
      for all expenses and disbursements reasonably incurred by Tynon in the
      performance of his duties hereunder during the Period of
      Appointment.

            

    

    

    
      	
               
      

            	
              c.

            	
              BENEFIT
      PLANS.  Tynon and his eligible family members shall be entitled
      to participate immediately (except for any Company plan which includes or
      requires a waiting period, in which event Tynon shall be entitled to
      participate as soon as he is eligible under the terms of such plan), on
      terms no less favorable to Tynon than the terms offered to other
      employees, in any group and/or executive life, hospitalization or
      disability insurance plan, health program, vacation policy, pension,
      profit sharing, ESOP, 401(k) and similar benefit plans (qualified,
      non-qualified and supplemental) or other fringe benefits that may be
      offered by the Company as approved by the Board of Directors from time to
      time.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              d.

            	
              HEALTH
      INSURANCE.  The Company shall provide Tynon and his wife, health
      insurance for the time periods set forth in Section 6,
    below.

            

    

    

    
      	
               
      

            	
              e.

            	
              PERQUISITES.
      The Company shall provide Tynon at least such perquisites as are commonly
      provided to other executives of the Company and are commiserate with his
      Appointment.

            

    

    

    6.           TERMINATION.

    

    
      	
               
      

            	
              a.

            	
              GENERAL.  Tynon’s
      employment hereunder shall commence on the Effective Date and continue
      until the end of the term specified in section two (2) above, except that
      the employment of Tynon hereunder shall terminate prior to such time in
      accordance with the following:

            

    

    

    
      	
               
      

            	
              i.

            	
              DEATH
      OR DISABILITY.  Upon Tynon’s death during the term of his
      employment hereunder or, at the option of the Company, in the event of
      Tynon’s disability, upon thirty (30) days notice to
  Tynon.

            

    

    

    
      	
               
      

            	
              ii.

            	
              FOR
      CAUSE.  For “Cause” immediately upon written notice by the
      Company to Tynon.  A termination for Cause shall
      mean:

            

    

     

    
      	
               
      

            	
              (1)

            	
              the
      commission of an intentional act of dishonesty, fraud, misrepresentation,
      misappropriation, or embezzlement by Tynon which has a material
      detrimental impact on the Company;

            

    

     

    
      	
               
      

            	
              (2)

            	
              Tynon’s
      unauthorized use or disclosure of any Confidential Information or trade
      secrets of the Company which has a material detrimental impact on the
      Company;

            

    

     

    
      	
               
      

            	
              (3)

            	
              a
      significant violation by Tynon of a law or regulation applicable to the
      Company’s business, which has a material detrimental impact on the Company
      and which the Board of the Company reasonably determines does or is
      reasonably likely to cause material injury to the
  Company;

            

    

     

    
      	
               
      

            	
              (4)

            	
              Tynon’s
      indictment of, or conviction of, or plea of nolo contendere or
      guilty to a felony or any other crime which involves moral
      turpitude;

            

    

     

    
      	
               
      

            	
              (5)

            	
              Tynon’s
      continued failure, in the reasonable discretion of the Board, to perform
      the principal duties, functions and responsibilities of his position
      (other than any such failure resulting from Tynon’s disability) or to
      follow the directives of the Board after written notice from the Company
      identifying the deficiencies in performance and a reasonable cure period
      of not less than thirty (30) days of any breach capable of cure; gross
      negligence or willful misconduct in the performance of Tynon’s duties;
      or

            

    

     

    
      	
               
      

            	
              (6)

            	
              a
      material and willful breach of Tynon’s fiduciary duties to the
      Company.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              iii.

            	
              WITHOUT
      CAUSE.  Without Cause upon thirty (30) days written notice by
      the Board of Directors to Tynon or upon Tynon to the Board of
      Directors.  If Tynon terminates the Agreement for any reason, he
      shall have no liability to the Company or its subsidiaries or affiliates
      as a result thereof.

            

    

    

    
      	
               
      

            	
              iv.

            	
              CONSTRUCTIVE
      TERMINATION.  Upon Tynon’s Constructive
      Termination.  Constructive Termination of Tynon’s employment
      with the Company will be deemed to have occurred if Tynon terminates his
      employment with the Company within six (6) months following the date on
      which:

            

    

     

    
      	
               
      

            	
              (1)

            	
              the
      Company demotes Tynon to a lesser position, either in title or
      responsibility;

            

    

     

    
      	
               
      

            	
              (2)

            	
              the
      Company decreases Tynon’s pay below the highest level in effect at any
      time during Tynon’s employment with the Company or reduces Tynon’s
      benefits below the levels in effect during Tynon’s employment with the
      Company (other than as a result of any amendment or termination of any
      group or other executive benefit plan, which amendment or termination is
      applicable to all executives of the Company or any inadvertent reduction
      in benefits that Company cures within thirty (30) days after receiving
      written notice of such reduction);

            

    

     

    
      	
               
      

            	
              (3)

            	
              the
      Company requires Tynon to relocate to a principal place of business more
      than fifty (50) miles from the principal place of business occupied by
      Company as of the date hereof (the “Company Location”) or requires Tynon
      to relocate to a principal place of business, other than the Company
      Location, more than fifty (50) miles from 7205 Ellsworth Road, Fort Smith,
      AR 72903;

            

    

     

    
      	
               
      

            	
              (4)

            	
              the
      Company is subject to a Change in Control, unless Tynon accepts an
      appointment or employment with a successor to the Company;
    or

            

    

     

    
      	
               
      

            	
              (5)

            	
              the
      Company breaches any material term of this Agreement which is not cured by
      the Company within ten (10) days after receiving written notice of such
      breach.

            

    

    

    
      	
               
      

            	
              b.

            	
              OBLIGATIONS
      OF THE COMPANY UPON TERMINATION.  The following provisions
      describe the obligations of the Company to Tynon under this Agreement upon
      termination of his Appointment.  However, except as explicitly
      provided in this Agreement, nothing in this Agreement shall limit or
      otherwise adversely affect any rights which Tynon may have under
      applicable law, under any other agreement with the Company, or under any
      compensation or benefit plan, program, policy or practice of the
      Company.

            

    

    

    
      	
               
      

            	
              i.

            	
              TERMINATION
      BY THE COMPANY FOR CAUSE OR RESIGNATION WITHOUT CAUSE.  In the
      event this Agreement terminates by reason of the Company’s termination of
      Tynon’s Appointment as President and Chief Executive Officer of the
      Company for Cause or because of Tynon’s resignation Without Cause, the
      Company shall:

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              (1)

            	
              Pay
      to Tynon within ten (10) days any amount of Compensation (as enumerated in
      section four (4) above) earned but not yet paid;
  and

            

    

     

    
      	
               
      

            	
              (2)

            	
              Provide
      Tynon’s health insurance as obligated in section 5(d) above, until the end
      of the then current calendar month.

            

    

     

    
      	
               
      

            	
              ii.

            	
              TERMINATION
      BY THE COMPANY WITHOUT CAUSE, OR CONSTRUCTIVE TERMINATION.  In
      the event this Agreement terminates by reason of the Company’s termination
      of Tynon’s Appointment as President and Chief Executive Officer of the
      Company Without Cause or Tynon is Constructively Terminated, the Company
      shall:

            

    

     

    
      	
               
      

            	
              (1)

            	
              Pay
      to Tynon in a lump sum within ten (10) days the remaining amount of
      Compensation provided for in section four (4) above through the end of the
      Period of Appointment including any minimum annual increases and bonuses
      and an additional one hundred thousand dollars
  ($100,000);

            

    

     

    
      	
               
      

            	
              (2)

            	
              Provide
      Tynon’s health insurance as obligated in section 5(d) above;
      and

            

    

     

    
      	
               
      

            	
              (3)

            	
              Issue
      to Tynon the Incentive Shares provided for in section five (5) above at
      the end of any years which remain of the Period of Appointment (or at
      Tynon’s election, within thirty (30) days thereafter) the appropriate
      number of shares for such period.

            

    

     

    
      	
               
      

            	
              iii.

            	
              TERMINATION
      BY DEATH OR DISABILITY OR TYNON’S RESIGNATION FOR CAUSE.  In the
      event this Agreement terminates by reason of Tynon’s Death or Disability
      or because of Tynon’s resignation For Cause, the Company
      shall:

            

    

     

    
      	
               
      

            	
              (1)

            	
              Pay
      to Tynon or his estate the remaining amount of Compensation provided for
      in section four (4) above through the end of the Period of
      Appointment;

            

    

     

    
      	
               
      

            	
              (2)

            	
              Provide
      Tynon’s health insurance as obligated in section 5(d) above until the end
      of the Period of Appointment; and

            

    

     

    
      	
               
      

            	
              (3)

            	
              Issue
      to Tynon the Incentive Shares provided for in section five (5) above at
      the end of any years which remain of the Period of Appointment (or at
      Tynon’s election, within thirty (30) days thereafter) the appropriate
      number of shares for each year.

            

    

     

    
      	
               
      

            	
              c.

            	
              MITIGATION.  In
      no event shall Tynon be obligated to seek another appointment or
      employment or take any other action by way of mitigation of the amounts
      payable to Tynon under any of the provisions of this
      Agreement.  Any severance benefits payable to Tynon shall not be
      subject to reduction for any compensation received from another
      appointment or employment.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
      

    

     

    
      	
               
      

            	
              d.

            	
              CHANGE
      OF CONTROL.  For purposes of this Agreement, Change of Control
      shall be deemed to have occurred (i) if more than 33% of the voting shares
      of the Company are acquired by a third party in a plan of reorganization,
      merger and/or consolidation or (ii) if majority voting control of the
      Company is acquired by any person other than Jerry Swinford and/or
      Tynon.  For purposes of this Agreement, Change in Control does
      not include the stock distribution as is provided for and described in the
      Registration Statement the Company has on file with the Securities and
      Exchange Commission (and amendments thereto) as of the Effective Date of
      this Agreement.

            

    

     

    7.           INDEMNIFICATION.  To
the extent practical, the Company shall maintain, for the benefit of Tynon and
other executives directors and/or officers liability insurance.  In
addition, Tynon shall be indemnified by the Company against liability as an
officer and President and Chief Executive Officer of the Company and any
subsidiary or affiliate of the Company to the maximum extent permitted by
applicable law.  Tynon’s rights under this Section shall continue so
long as he may be subject to such liability, whether or not this Agreement may
have terminated.

     

    8.           CONFIDENTIAL
INFORMATION.

     

    
      	
               
      

            	
              a.

            	
              ACKNOWLEDGMENT
      OF PROPRIETARY INTEREST.  Tynon agrees that all Confidential
      Information learned by him during his employment with the Company, whether
      developed by Tynon or in conjunction with others or otherwise, is and
      shall remain the exclusive property of the Company.  Tynon's
      employment shall be considered “work for hire” for all
      purposes.

            

    

     

    
      	
               
      

            	
              b.

            	
              CONFIDENTIAL
      INFORMATION DEFINED.  “Confidential Information” means all
      confidential and proprietary information of the Company, to the extent
      such property is the property of the Company and not the property of Tynon
      or another, and that is not otherwise publicly
      available.  “Confidential Information” does not include the
      “Inventions” referenced in section eight (8).  Without limiting
      the foregoing, Confidential Information includes the
      following:

            

    

     

    
      	
               
      

            	
              i.

            	
              Information
      derived from reports, investigations, experiments, research and work in
      progress,

            

    

     

    
      	
               
      

            	
              ii.

            	
              Methods
      of operation,

            

    

     

    
      	
               
      

            	
              iii.

            	
              Marketing
      data,

            

    

     

    
      	
               
      

            	
              iv.

            	
              Proprietary
      computer programs and codes,

            

    

     

    
      	
               
      

            	
              v.

            	
              Drawings
      designs, plans and proposals,

            

    

     

    
      	
               
      

            	
              vi.

            	
              Marketing
      and sales programs,

            

    

     

    
      	
               
      

            	
              vii.

            	
              Client
      lists,

            

    

     

    
      	
               
      

            	
              viii.

            	
              Historical
      financial information and financial
projections,

            

    

     

    
      	
               
      

            	
              ix.

            	
              Pricing
      formulae and policies,

            

    

     

    
      	
               
      

            	
              x.

            	
              All
      other concepts, ideas, materials and information prepared or performed for
      or by the Company, and

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              xi.

            	
              All
      information related to the business, products, purchases or sales of the
      Company and any of its suppliers and
customers.

            

    

     

    
      
      

    

    
      	
               
      

            	
              c.

            	
              COVENANT
      NOT TO DIVULGE CONFIDENTIAL INFORMATION.  The Company is
      entitled to prevent the disclosure of Confidential
      Information.  The Company agrees to and will provide
      Confidential Information to Tynon at the inception of his employment and
      Tynon acknowledges and agrees that, during the course of his employment he
      will be exposed to, have access to, and gain knowledge of Confidential
      Information.  As a portion of the consideration for the
      employment of Tynon and for the compensation being paid to him hereunder
      and thereafter to hold in strict confidence and not to disclose or allow
      to be disclosed or made available to any person, firm or corporation,
      other than to his professional advisors (who have the obligation to
      maintain the confidentiality of such information) and to persons engaged
      by the Company to further the business of the Company, and not to use
      except in the pursuit of the business of the Company, the Confidential
      Information, without the prior written consent of the
    Company.

            

    

     

    
      	
               
      

            	
              d.

            	
              RETURN
      OF MATERIALS.  In the event of any termination or cessation of
      his employment with the Company for any reason, or request by the Company
      at anytime, Tynon shall promptly deliver to the Company all documents,
      data and other information derived from or otherwise pertaining to
      Confidential Information.  Tynon shall not take or retain any
      documents or other information, or any reproduction or excerpt thereof,
      containing or pertaining to any Confidential
  Information.

            

    

     

    9.           GENERAL

     

    
      	
               
      

            	
              a.

            	
              NOTICES.  All
      notices and other communications hereunder shall be in writing or by
      written telecommunication, and shall be deemed to have been duly given
      upon delivery if delivered personally or via written telecommunication, or
      five days after mailing if mailed by certified mail, return receipt
      requested or by written telecommunication, to the relevant address set
      forth below, or to such other address as either of the parties shall have
      furnished to the other in writing in accordance
  herewith:

            

    

     

    
      	
               
      

            	
              a.

            

    

     

    
      
        
          
            
              
                	
                        If to the Company, addressed
      to:

                      	
                        If to CHARLES WAYNE TYNON addressed
      to:

                      
	
                        Coil
      Tubing Technology Holdings, Inc.

                      	
                        CHARLES
      WAYNE TYNON

                      
	
                        19511
      Wied Road, Suite E

                      	
                        7205
      Ellsworth Road

                      
	
                        Spring,
      TX 77388

                      	
                        Fort
      Smith, AR
72903

                      

              

            

          

        

      

    

     

    Notice
and communications shall be effective when actually received by the
addressee.

    

    
      	
               
      

            	
              b.

            	
              WITHHOLDING.  All
      payments required to be made to Tynon by the Company under this Agreement
      shall be subject to withholding, at the time payments are actually made to
      Tynon and received by him, of such amounts, if any,  relating to
      federal, state and local taxes as may required by
  law.

            

    

     

    
      
      

    

    
      	
               
      

            	
              c.

            	
              TAXES.  In
      the event that the aggregate of all payments or benefits made or provided
      to, or that may be made or provided to, Tynon under this Agreement and
      under all other plans, programs and arrangements of the Company (the
      “Aggregate Payment”) are determined to constitute a “parachute payment” or
      some other category of payment which results in special tax treatment,
      Tynon and the Company shall cooperate with each other in connection with
      any proceeding or claim relating to the existence or amount of liability
      for the payment, and all expenses incurred by Tynon in connection
      therewith shall be paid by the Company promptly upon notice of demand from
      Tynon.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              d.

            	
              REIMBURSEMENT
      OF LEGAL EXPENSES.  In the event that Tynon is successful,
      whether in mediation, arbitration or litigation, in pursuing any claim or
      dispute involving Tynon’s Appointment with the Company, including any
      claim or dispute relating to (a) this Agreement, (b) termination of
      Tynon’s Appointment with the Company or (c) the failure or refusal of the
      Company to perform fully in accordance with the terms hereof, the Company
      shall promptly reimburse Tynon for all costs and expenses (including,
      without limitation, attorneys’ fees) relating solely, or allocable, to
      such successful claim.

            

    

     

    
      	
               
      

            	
              e.

            	
              LAW
      GOVERNING.  This Agreement shall be governed under the laws of
      the State of Texas.

            

    

     

    
      	
               
      

            	
              f.

            	
              SEVERABILITY.  If
      any provision hereof is held invalid or unenforceable by a court of
      competent jurisdiction, such invalidity shall not affect the validity or
      operation of any other provision and such invalid provision shall be
      deemed to be severed from the
Agreement.

            

    

     

    
      	
               
      

            	
              g.

            	
              WAIVERS.  No
      delay or omission by either party in exercising any right, power or
      privilege hereunder shall impair such right, power or privilege, nor shall
      any single or partial exercise such right, power or privilege preclude any
      further exercise thereof or the exercise of any other right, power or
      privilege.

            

    

     

    
      	
               
      

            	
              h.

            	
              COUNTERPARTS.  This
      Agreement may be executed in multiple counterparts, each of which shall be
      deemed an original, and all of which together shall constitute one and the
      same document.

            

    

     

    
      	
               
      

            	
              i.

            	
              CAPTIONS.  The
      captions in this Agreement are for convenience of reference only and shall
      not limit or otherwise affect any of the terms of provisions
      hereof.

            

    

     

    
      	
               
      

            	
              j.

            	
              REFERENCE
      TO AGREEMENT.  Use of the words “herein, “hereof,” “hereto,”
      “hereunder” and the like in this Agreement refer to this Agreement only as
      a whole and not to any particular section or subsection of this Agreement,
      unless otherwise noted.

            

    

     

    
      	
               
      

            	
              k.

            	
              SUCCESSORS.  This
      Agreement shall be binding on and shall inure to the benefit of the
      parties hereto, their heirs, administrators, successors, and
      assigns.

            

    

     

    
      	
               
      

            	
              l.

            	
              ASSIGNABILITY.  This
      Agreement and the rights and obligations thereunder may not be assigned by
      any act of either party or by operation of law without the prior written
      consent of each party.  However, the Company may fulfill its
      obligation to compensate Tynon through one or more of its wholly owned
      subsidiaries.

            

    

     

    
      	
               
      

            	
              m.

            	
              GENDER
      AND NUMBER.  The masculine gender shall be deemed to denote the
      feminine or neuter genders, the singular to denote the plural, and the
      plural to denote the singular, where the context so
    permits.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement this 16th
day of June, 2009.

     

    

    
      
        
          
            
              
                
                  
                    
                      	
                              COIL
      TUBING TECHNOLOGY HOLDINGS, INC.

                            	
                              CHARLES
      WAYNE TYNON

                            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
                              By:
      /s/ Jerry
      Swinford

                            	
                              By:
      /s/ Charles Wayne
      Tynon

                            
	
                              Jerry
      Swinford, President and Chief Executive Officer

                            	
                              CHARLES
      WAYNE TYNON, individually

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]