Document:

Exhibit 10.1

 

EMPLOYMENT
AGREEMENT

AMENDMENT

 

AMENDMENT
TO EMPLOYMENT AGREEMENT (this “Amendment”) dated as of January 1, 2015 (the "Effective Date") between
Stratex Oil & Gas Holdings, Inc., a Colorado corporation having its principal place of business at 30 Echo Lake Road, Watertown,
CT 06795 (the "Company"), and Alan Gaines, an individual residing in the State of California ("Executive")
hereby amends the Employment Agreement dated May 5, 2014.

 

WHEREAS,
the oil & gas industry is currently experiencing a reduction in the pricing for oil causing the cash flow of the Company
to be reduced;

 

WHEREAS,
the Board of Directors of the Company (the “Board”) has determined that it is essential and in the best interest
of the Company and its stockholders to reduce the Executives’ compensation during this period of reduced Company cash flow;
and

 

WHEREAS,
the Executive is willing to reduce his compensation to assist the Company agrees to reduce his compensation subject to the
terms and conditions hereinafter set forth.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration,
the parties agree to amend the following paragraphs of the Employment Agreement of the Executive dated May 5, 2014 as follows:

 

Paragraph
4 Base Salary shall be amended to read:

 

4.
Base Salary: Beginning January 1, 2015, the the Company shall pay to Executive an initial base salary to be
determined by the Board of Directors. Executive’s base salary may be reviewed and further adjusted from time to time by
the Board in its discretion, subject to Executive’s rights under Section 15 of this Agreement. The base salary shall be
paid in equal monthly installments on the first day of each month and shall be subject to such deductions by the Company as are
required to be made pursuant to law, government regulations or order. Executive understands and agrees that Executive is an exempt
Executive as that term is applied for purposes of Federal or state wage and hour laws, and further understands that Executive
shall not be entitled to any compensatory time off or other compensation for overtime.

 

Paragraph
15 Resignation for Good Reaseon shall be amended to read:

 

15.
Resignation for Good Reason: If Executive resigns for "Good Reason" (as defined below), then such a resignation
(a "Resignation for Good Reason") shall be treated hereunder as if it were a "Termination Without Cause" as
defined in Section 16 below. "Good Reason" means any of the following failures or conditions which shall remain uncured
twenty (20) days after written notice of such failure or condition is received by the Company from Executive: (i) the failure
of the Company to continue Executive in the position of Chairman of the Board of Directors of the Company (or such other senior
Executive position as may be offered by the Company and which Executive in his sole discretion may accept); (ii) material diminution
by the Company of Executive's responsibilities, duties, or authority in comparison with the responsibilities, duties and authority
held during the six month period immediately preceding such diminution, or assignment to Executive of any duties inconsistent
with Executive's position as a senior Executive officer of the Company (or such other senior Executive position as may be offered
by the Company and which Executive in his sole discretion may accept); (iii) failure by the Company to pay and provide to Executive
the compensation and benefits provided for in this Amendment of Employment Agreement to which Executive is entitled; or (iv) the
requirement that Executive relocate his residence outside of the State of California.

 

The remaining
paragraphs of the Employment Agreement dated May 5, 2014 between the Company and the Executive shall remain in full force and
effect.

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have signed this Amendment to Employment Agreement as of the date first above written.

 

	STRATEX
    OIL & GAS HOLDINGS, INC.	 
	 	 
	By:
	Stephen
Funk
	 	Alan
Gaines

	 	Stephen
    Funk	 	Alan
    Gaines
	 	Chief
    Executive OfficerExhibit 10.2

 

EMPLOYMENT
AGREEMENT

SECOND
AMENDMENT

 

SECOND
AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) dated as of January 1, 2015 (the "Effective Date")
between Stratex Oil & Gas Holdings, Inc., a Colorado corporation having its principal place of business at 30 Echo Lake Road,
Watertown, CT 06795 (the "Company"), and Stephen P. Funk , an individual residing in the State of Connecticut ("Executive"),
hereby amends the Employment Agreement dated April 1, 2012 and the First Amendment to the Employment Agreement dated November
26, 2013.

 

WHEREAS,
the oil & gas industry is currently experiencing a reduction in the pricing for oil causing the cash flow of the Company
to be reduced;

 

WHEREAS,
the Board of Directors of the Company (the “Board”) has determined that it is essential and in the best interest
of the Company and its stockholders to reduce the Executives’ compensation during this period of reduced Company cash flow;
and

 

WHEREAS,
the Executive is willing to reduce his compensation to assist the Company and agrees to reduce his compensation subject to
the terms and conditions hereinafter set forth.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration,
the parties agree to amend the following paragraphs of the Employment Agreement dated April 1, 2012 of the Executive as follows:

 

Paragraph
3(a)  Salary shall be amended to read: 

 

3
(a) Salary. The Company shall pay to the Executive for the services to be rendered by the Executive hereunder, a salary
to be determined by the Board of Directors. Executive’s base salary may be reviewed and further adjusted from time to time
by the Board in its discretion The salary shall be payable in accordance with the Company's regular policies, subject to applicable
withholding and other taxes.

 

Paragraph
5 (c) Good Reaseon shall be amended to read:

 

5(c)
Good Reason. For purposes of this Agreement the term “Good Reason,” shall mean any of the following:

 

(i)
a Major Event;

 

(ii)
the assignment to the Executive by the Company of duties in connection with, or a substantial alteration in the nature or status
of, Executive's responsibility on the later of the date of this Agreement or on the last date on which such responsibilities are
increased;

 

(iii)
a reduction by the Company in the Executive's base salary as Amended by this Amendment to Employment Agreement: or

 

(iv)
any breach by the Company of any material provision of this Agreement; provided, however, that the Executive shall give written
notice to the Company which shall indicate those specified provisions in this Agreement relied upon and which shall set forth
in reasonable detail the facts and circumstances claimed to provide a basis for such termination; or

 

The remaining
paragraphs of the Employment Agreement dated April 1, 2012 and the First Amendment to the Employment Agreement dated November
26, 2013 between the Company and the Executive shall remain in full force and effect.

 

    	 

    	 

    

  

IN
WITNESS WHEREOF, the parties have signed this Amendment to Employment Agreement as of the date first above written.

 

	STRATEX
    OIL & GAS HOLDINGS, INC.	 
	 	 	 	 
	By:	Alan
    Gaines	 	Stephen
    P. Funk
	 	Alan
    Gaines	 	Stephen
    P. Funk
	 	Chairman
    of the BoardExhibit 10.3

 

EMPLOYMENT
AGREEMENT

AMENDMENT

 

AMENDMENT
TO EMPLOYMENT AGREEMENT (this “Amendment”) dated as of January 1, 2015 (the "Effective Date") between
Stratex Oil & Gas Holdings, Inc., a Colorado corporation having its principal place of business at 30 Echo Lake Road, Watertown,
CT 06795 (the "Company"), and Matthew S. Cohen, an individual residing in the State of New York ("Executive")
hereby amends the Employment Agreement dated August 8, 2014.

 

WHEREAS,
the oil & gas industry is currently experiencing a reduction in the pricing for oil causing the cash flow of the Company
to be reduced;

 

WHEREAS,
the Board of Directors of the Company (the “Board”) has determined that it is essential and in the best interest
of the Company and its stockholders to reduce the Executives’ compensation during this period of reduced Company cash flow;
and

 

WHEREAS,
the Executive is willing to reduce his compensation to assist the Company agrees to reduce his compensation subject to the
terms and conditions hereinafter set forth.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration,
the parties agree to amend the following paragraphs of the Employment Agreement of the Executive dated August 8, 2014 as follows:

 

Paragraph
4 Base Salary shall be amended to read: 

 

4.
Base Salary: Beginning January 1, 2015, the Company shall pay to Executive a base salary at a rate to be determined
by the Board of Directors. Executive’s base salary may be reviewed and further adjusted from time to time by the Board in
its discretion, subject to Executive’s rights under Section 17 of this Agreement. The base salary shall be paid in equal
installments on the fifteenth and last day of each month and shall be subject to such deductions by the Company as are required
to be made pursuant to law, government regulations or order. Executive understands and agrees that Executive is an exempt Executive
as that term is applied for purposes of Federal or state wage and hour laws, and further understands that Executive shall not
be entitled to any compensatory time off or other compensation for overtime.

 

Paragraph
17 Resignation for Good Reaseon shall be amended to read:

 

17.
Resignation for Good Reason: If Executive resigns for "Good Reason" (as defined below), then such a resignation
(a "Resignation for Good Reason") shall be treated hereunder as if it were a "Termination Without Cause" as
defined in Section 18 below. "Good Reason" means any of the following failures or conditions which shall remain uncured
twenty (20) days after written notice of such failure or condition is received by the Company from Executive: (i) the failure
of the Company to continue Executive in the position of Chief Administrative Officer Executive of the Company (or such other senior
Executive position as may be offered by the Company and which Executive in his sole discretion may accept); (ii) material diminution
by the Company of Executive's responsibilities, duties, or authority in comparison with the responsibilities, duties and authority
held during the six month period immediately preceding such diminution, or assignment to Executive of any duties inconsistent
with Executive's position as a senior Executive officer of the Company (or such other senior Executive position as may be offered
by the Company and which Executive in his sole discretion may accept); (iii) failure by the Company to pay and provide to Executive
the compensation and benefits provided for in this Amended Agreement to which Executive is entitled..

  

The remaining
paragraphs of the Employment Agreement dated August 8, 2014 between the Company and the Executive shall remain in full force and
effect.

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have signed this Amendment to Employment Agreement as of the date first above written.

 

	STRATEX
    OIL & GAS HOLDINGS, INC.	 
	 	 	 	 
	By:
	/s/
Stephen Funk
	 	/s/
Matthew S. Cohen

	 	Stephen
    Funk	 	Matthew
    S. Cohen
	 	Chief
    Executive Officer

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