Document:

EX-10.1

 Exhibit 10.1 

CONSULTING AGREEMENT 
 This Consulting
Agreement (this “Agreement”) is between Harvest Natural Resources, Inc., a Delaware corporation (the “Company”), and James A. Edmiston III, with a mailing address of P.O. Box 162, Columbus, TX 78934
(“Consultant”), and is effective as of the latest date set forth beside the signatures of the parties on the signature page of this Agreement (the “Effective Date”). 

RECITALS: 
 WHEREAS, Consultant was
employed by the Company as President and Chief Executive Officer and was responsible for providing strategic leadership for the Company and its affiliates by working with the Board of Directors of the Company and other management to establish
long-range goals, strategies, plans and policies; 
 WHEREAS, the Company will delist from the New York Stock Exchange and dissolve
as a corporation under Delaware law on or about May 5, 2017; 
 WHEREAS, the Company is currently in the process of liquidating
and as part of the liquidation process the Company terminated Consultant’s employment with the Company effective April 13, 2017 because the Company no longer needed the services of Consultant on a full time basis; 

WHEREAS, the Company anticipates that the Company may need the services of Consultant on a limited basis during 2017 to respond to
questions and resolve issues that the Company may have regarding operations, management and oversight of the Company, and the Company desires to have Consultant available to assist the Company with any such matters that may arise; and 

WHEREAS, the Company and Consultant have agreed to memorialize the terms and conditions upon which Consultant will provide services to
the Company. 
 NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows: 

 

	1.	SERVICES AND NATURE OF RELATIONSHIP 

 1.1    Engagement. The
Company hereby retains Consultant to consult with and assist the Company during the Service Term (as that term is defined in Section 2.1) with respect to matters and issues designated by the Company concerning the
management and oversight of the Company. Consultant hereby accepts such appointment and agrees to perform all services under this Agreement timely, diligently, in a good and workmanlike manner, and to the satisfaction of Company. 

1.2    Reporting Relationship and Assignment. Consultant shall report to the Chairman of the Board of
Directors of the Company or to such other person or persons as the Company may designate in writing to Consultant from time to time. 

  
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 1.3    Method of Performing Services. Consultant, as an independent
contractor, shall determine the method, details, and means of performing any services furnished pursuant to this Agreement, but the results of the services provided must meet the approval and requirements of the Company. Consultant will devote
sufficient time, attention and energies to the services to be provided to the Company and diligently perform such duties. Subject to the provisions of this Agreement, during the Service Term Consultant may be employed by, perform services for, or be
retained by such other persons or entities as Consultant determines. 
 1.4    Compliance with Law and Company
Policy. Consultant acknowledges that he previously has been provided a copy of, and has read and understands, the Company’s Code of Business Conduct and Ethics (the “Code”) and the Company’s Compliance Manual (the
“Compliance Manual”), and Consultant agrees throughout the Service Term: 
 (a)    to comply with all
policies of the Company and its subsidiaries and affiliates, including, without limitation, the Code and the Compliance Manual; 

(b)    to comply with all applicable laws and regulations, including, without limitation, such laws and regulations of the
United States; and 
 (c)    to promptly report, as provided in the Code, any violation or suspected violation of any
law, regulation or Company policy. 
 This provision does not obligate the Company to police Consultant’s compliance with the Code,
laws, regulations or Company policies and does not impose any obligation on the part of the Company or its affiliates under such laws, regulations or Company policies. Nothing contained in this provision shall be interpreted as enlarging the legal
duty of the Company or its affiliates to Consultant or any other person or alter the status of Consultant as an independent contractor as set forth in this Agreement. 

The preceding paragraphs of this provision are agreed to by both the Company and Consultant to be of the highest importance. A breach or
violation of any of the terms of this provision by Consultant will be a material breach of this Agreement. 

1.5    No Authority to Bind. Consultant shall have no authority to obligate the Company in any manner whatsoever
without the express and specific prior written consent of the Chairman of the Board of Directors of the Company permitting Consultant to do so, including, without limitation, incurring any expenses or entering into contracts for the benefit of or on
behalf of the Company. 
 1.6    Status as Independent Consultant. Consultant acknowledges and agrees that, in
performing services pursuant to this Agreement, Consultant shall be serving as an independent contractor. Consultant agrees that Consultant is not and will not become an employee of the Company or any of its subsidiaries while this Agreement is in
effect. Consultant agrees that the provision of services pursuant to this Agreement will not entitle Consultant to any rights or benefits afforded to the employees of the Company and its subsidiaries, including such benefits as coverage under
worker’s compensation insurance, health insurance, sick leave, retirement benefits or any other employment benefit. 

  
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 1.7    Payment of Taxes. Consultant acknowledges that Consultant is
solely responsible for paying when due all self-employment, income and other taxes imposed as a result of or in connection with the compensation paid by the Company to Consultant for the services rendered under this Agreement and the Company shall
report the compensation paid pursuant to this Agreement on Form 1099-Misc. Consultant hereby indemnifies, and undertakes to defend the Company and hold it free and harmless from and against any demands or claims for any taxes, interest or
penalties assessed by any taxing authority with respect to amounts paid to Consultant pursuant to this Agreement. 
  

	2.	TERM AND TERMINATION 

 2.1    Term. Consultant shall
provide services under this Agreement during the period beginning on April 14, 2017 through June 30, 2017 or such earlier date elected by the Company pursuant to Section 2.2 (the “Service Term”).

 2.2    Termination. The Company may elect to end the Service Term: 

(a)    as of the last day of any calendar month occurring prior to June 2017 by providing to Consultant notice of the
Company’s election no less than five (5) days prior to the end of such month; 
 (b)    as of the date
Consultant dies; or 
 (c)    at the time Consultant materially breaches the terms of this Agreement or otherwise
materially fails to provide the services contemplated by this Agreement. 
  

	3.	FEES AND EXPENSES 

 The Company shall compensate Consultant for services rendered
pursuant to this Agreement during the Service Term as follows: 
 3.1    Rates. 

(a)    For each calendar month that begins and ends during the Service Term, the Company will pay Consultant a base
retainer fee of $20,000 (the “Retainer Fee”), irrespective of the number of hours Consultant provides services to the Company under this Agreement during such month. If the Service Term begins after the first day of a calendar month
or ends before the last day of a calendar month, the Retainer Fee will be prorated by multiplying the Retainer Fee amount by the quotient of (i) the number of days in such month that are included in the Service Term divided by (ii) the
total number of days in such month; provided, however, if the Service Term is terminated by the Company pursuant to Section 2.2(c) no Retainer Fee will be payable for the month in which the Service Term so ends. 

(b)    If during a calendar month during the Service Term Consultant provides more than 40 hours of services during such
month: 
 (i)    the Company will pay Consultant an additional hourly fee of $562.50 for each hour worked during such
month in excess of 40 hours; and 

  
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 (ii)    Consultant will provide the Company, within 10 days after the end of
that calendar month, a timesheet describing the services Consultant provided during such month including the dates and number of hours of service Consultant provided under this Agreement. 

3.2    Timing of Payments. The Company will pay to Consultant the Retainer Fee earned for a month during the
Service Term on the last day of such month. The Company will pay to Consultant the amount payable under Section 3.1(b)(i) for a month during the Service Term no later than the last day of the following month. 

3.3    Expense Reimbursements. As provided in Section 1.5, Consultant is not authorize to
incur expenses on behalf of the Company. If Consultant is expressly authorized, as described in Section 1.5, to incur expenses such authorization will include any basis for reimbursing Consultant for such amounts incurred.

  

	4.	ADDITIONAL COVENANTS BY CONSULTANT 

 4.1    Property of the
Company. Consultant covenants and agrees that upon the termination of the Service Term for any reason or, if earlier, upon the Company’s request, Consultant shall promptly return all Property which had been entrusted or made available to
Consultant by the Company or its affiliates. The term “Property” shall mean all records, files, memoranda, reports, price lists, drawing, plans, sketches, keys, codes, computer hardware and software and other property of any kind or
description prepared, used or possessed by Consultant during the Service Term (and any duplicates of any such property) which relate to the former or current business, products or services of the Company or its affiliates. 

4.2    Confidential Information. Consultant covenants and agrees that during the Service Term and thereafter he
shall hold in a fiduciary capacity for the benefit of the Company and each of its affiliates, and shall not directly or indirectly use or disclose, any of the former or current Confidential or Proprietary Information of the Company or its affiliates
that Consultant may have acquired (whether or not developed or compiled by Consultant and whether or not Consultant is authorized to have access to such information) prior to or during the Service Term. The term “Confidential or Proprietary
Information” shall mean any secret, confidential or proprietary information of the Company or an affiliate that has not become generally available to the public by the act of one who has the right to disclose such information without
violation of any right of the Company or its affiliates or other owner thereof. 
 4.3    Conflict of Interest and
FCPA. Consultant covenants and agrees that Consultant will not receive during the Service Term and represents that Consultant has not received prior to the Service Term any payments, gifts or promises with respect to the current or former
business of the Company and its affiliates. Consultant shall not make any payments, loans, gifts or promises or offers of payments, loans or gifts, directly or indirectly, to or for the use or benefit of any official or employee of any government,
political party or candidate for political office or to any other person if Consultant knows, or has reason to believe, that any part of such payments, loans or gifts, or promise or offer, would violate the laws or regulations of any country,
including, without limitation, the United States of America, having jurisdiction over Consultant, the Company or any of the Company’s affiliates. By signing this Agreement, Consultant 

  
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acknowledges that he has not made and will not make any payments, loans, gifts, promises of payments, loans or gifts to or for the use or benefit of any official or employee of any government,
political party or candidate for political office or to any other person which would violate the laws or regulations of any country, including, without limitation, the United States of America, having jurisdiction over Consultant, the Company or any
of the Company’s affiliates. 
 4.4    Reasonable and Continuing Obligations. Consultant agrees that
Consultant’s obligations under Section 4 are obligations which will continue beyond the date the Service Term terminates and that such obligations are reasonable and necessary to protect the Company’s legitimate
business interests. The Company additionally shall have the right to take such other action as the Company deems necessary or appropriate to compel compliance with the provisions of this Section 4 (including, without
limitation, seeking a court order for specific performance). 
  

	5.	GENERAL PROVISIONS 

 5.1    Notice. Notices and all other
communications shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by United States registered or certified mail. Notices to the Company shall be sent to the Vice President and General Counsel
of the Company at khead@harvestnr.com or 1177 Enclave Parkway Suite 300, Houston, Texas 77077. Notices and communications to Consultant shall be sent to the Consultant’s address provided above or at maudigi@hotmail.com.
Either party may change its/his address by providing notice to the other party consistent with the terms of this section. 

5.2    Assignment/Subcontracting. This Agreement, and all duties and obligations hereunder are personal in nature,
and Consultant shall not assign this Agreement, or any portion hereof, voluntarily or involuntarily by operation of law, or enter into any subcontract for the performance of any services under this Agreement, or any portion thereof. The Company may
assign this Agreement to any affiliate or successor of the Company. 
 5.3    Governing Law. This Agreement and
all matters relating to the meaning, validity or enforceability thereof and the performance of the services hereunder shall be governed by the laws of the State of Texas, exclusive of its conflict of laws rule. 

5.4    Arbitration. SUBJECT TO THE PROVISIONS OF SECTION 4.4 OF THIS AGREEMENT, ANY
UNRESOLVED DISPUTE OR CONTROVERSY BETWEEN CONSULTANT AND THE COMPANY ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT SHALL BE SETTLED EXCLUSIVELY BY ARBITRATION, CONDUCTED BEFORE A SINGLE ARBITRATOR IN ACCORDANCE WITH THE RULES OF THE AMERICAN
ARBITRATION ASSOCIATION THEN IN EFFECT. THE ARBITRATOR SHALL NOT HAVE THE AUTHORITY TO ADD TO, DETRACT FROM, OR MODIFY ANY PROVISION HEREOF. A DECISION BY THE ARBITRATOR SHALL BE IN WRITING AND WILL BE FINAL AND BINDING. JUDGMENT MAY BE ENTERED ON
THE ARBITRATOR’S AWARD IN ANY COURT HAVING JURISDICTION. THE ARBITRATION PROCEEDING SHALL BE HELD IN HOUSTON, TEXAS. 

  
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 5.5    Entire Agreement and Modification. This Agreement supersedes
any and all agreements, either oral or written, between the parties with respect to the rendering of consulting services by Consultant for the Company, and contains all representations, covenants and agreements between the parties with respect to
the rendering of such services by Consultant. Any modification of this Agreement will be effective only if it is in writing and signed by the party to be charged. 

5.6    Severability. If any term, provision, covenant or condition of this Agreement shall be or become illegal,
null, void or against public policy, or shall be held by an arbitrator to be illegal, null or void or against public policy, the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected, impaired or
invalidated thereby. The term, provision, covenant or condition that is so invalidated, voided or held to be unenforceable shall be modified or changed by the parties to the extent possible to carry out the intentions and directives set forth in
this Agreement. 
 5.7    Successors and Assigns. Except as restricted herein, this Agreement shall be binding on
and shall inure to the benefit of the parties and their respective heirs, legal representatives, successors and permitted assigns. 

5.8    Waiver. No waiver of any provision or consent to any action shall constitute a waiver of any other provision
or consent to any other action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent or commit a party to provide a waiver in the future except to the extent specifically set forth in writing. Any waiver given
by a party shall be null and void if the party requesting such waiver has not provided a full and complete disclosure of all material facts relevant to the waiver requested. No waiver shall be binding unless executed in writing by the party making
the waiver. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date(s) set
forth below. 
  

							
		 		 	HARVEST NATURAL RESOURCES, INC.
				
	Date: April 13, 2017	 		 	By:	 	       /s/ Keith L. Head

		 		 	Title:	 	      Vice President and General Counsel
			
	Date: April 13, 2017	 		 	                /s/
James A. Edmiston III

		 		 		 	           James A. Edmiston IIIEX-10.2

 Exhibit 10.2 

SEPARATION AND RELEASE AGREEMENT 

THIS SEPARATION AND RELEASE AGREEMENT (this “Agreement”) is made by and between James A. Edmiston III (the
“Employee”) and Harvest Natural Resources, Inc. (the “Company”) as of the date this Agreement is executed by the Employee, which date is set forth on the signature page hereof. 

WHEREAS, the Company and the Employee entered into that Amended and Restated Employment Agreement dated effective January 1, 2009 (the
“Employment Agreement”); 
 WHEREAS, Section 4(a)(3) of the Employment Agreement provides that if the Employee’s
employment is terminated by the Company as provided in Section 4(a)(2) of the Employment Agreement and such termination occurs within 730 days after a “Change of Control” (as that term is defined in the Employment Agreement) then
the Company will pay or provide the Employee the amounts and benefits described in Section 4(a)(3) of the Employment Agreement, subject to the terms and provisions of the Employment Agreement; 

WHEREAS, under the Employment Agreement, a “Change of Control” occurred on October 7, 2016; 

WHEREAS, the Employee’s employment was terminated by the Company as provided in Section 4(a)(2) of the Employment Agreement on
April 13, 2017 (the “Termination Date”); 
 WHEREAS, the Company is in the process of liquidating and dissolving and
will not be able to continue to provide to the Employee certain dental and health insurance benefits after December 31, 2017, or disability insurance benefits after the Termination Date that the Company promised to provide to the Employee in
Section 4(a)(3)(y) of the Employment Agreement and the parties have agreed to a settlement and termination of the Employee’s rights to, and the Company’s obligations to provide, such benefits; and 

WHEREAS, this Agreement was provided to the Employee on April 11, 2017, and the Employee and the Company are executing this Agreement to
evidence the termination of the Employee’s employment with the Company and all affiliates, the payments and other obligations of the Company in connection with the termination of the Employee’s employment and execution of this Agreement
and the Employee’s obligations in connection with the termination of the Employee’s employment and the Employee’s receipt of benefits under the Employment Agreement and this Agreement. 

NOW THEREFORE, in consideration of the premises and the mutual promises contained herein, and intending to be legally bound hereby, the
parties agree as follows: 
 1.    Termination Payments. 

1.1    The Employee and the Company acknowledge and agree that the Employee incurred a termination of employment with the
Company and a “Separation From Service”, as that term is defined in Section 4(a)(2) of the Employment Agreement, on the Termination Date. While the Employee and the Company intend to enter into a Consulting Agreement shortly after the
Termination Date under which the Employee may be requested to provide services to the 

  
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Company for a limited period of time, the parties agree that such agreement will not alter the parties’ determination that the Employee incurred a “Separation From Service” on the
Termination Date because the Company and the Employee do not reasonably anticipate, as of the date or dates this Agreement is executed, that the Employee will be required to provide services to the Company under the Consulting Agreement that will
exceed 20 percent of the average level of bona fide services provided by the Employee to the Company and its affiliates during the immediately preceding 36-month period. 

1.2    The Employee acknowledges that: (i) the payments and other benefits set forth in Section 4(a)(3) of the
Employment Agreement, as modified by the terms of this Agreement (and which are described below and further summarized and calculated on Appendix 1 hereto) constitute all severance payments and benefits the Company is required to pay or
provide to the Employee under the Employment Agreement, (ii) the Employee has no entitlement under any other severance or similar arrangement maintained by the Company, including the Company’s Policy for Termination and Separation of
Employment and (iii) except as otherwise provided specifically in this Agreement, the Company does not and will not have any other liability or obligation to the Employee. 

(a)    Pursuant to Section 4(a)(3)(r) of the Employment Agreement, the Company will pay to the Employee an amount
equal to thirty-six (36) months of Employee’s base salary as in effect immediately before the Employee’s termination of employment, as set forth on Appendix 1 attached hereto. 

(b)    Pursuant to Section 4(a)(3)(s) of the Employment Agreement, the Company will pay to the Employee an amount
equal to three times the amount of the annual bonus earned by the Employee for the 2016 fiscal year (which is the highest annual bonus earned by the Employee for the last three fiscal years ending prior to the Employee’s termination date), as
set forth on Appendix 1 attached hereto. 
 (c)    Pursuant to Section 4(a)(3)(t) of the Employment
Agreement, the Company will pay to the Employee an amount equal to the maximum contribution the Company may make for the Employee for thirty-six (36) months under the Company’s 401(k) profit sharing
plan as in effect immediately before the Employee’s termination of employment, as set forth on Appendix 1 attached hereto. 

(d)    Pursuant to Section 4(a)(3)(u) of the Employment Agreement, as modified by the terms of this Agreement, the
parties agree that any outstanding stock option(s) and stock appreciation right(s) granted by the Company to the Employee will remain exercisable until the earlier of (i) twelve (12) months following the Employee’s termination,
(ii) the expiration of the general term(s) of the award specified in the relevant award agreement(s), or (iii) the date the Company is dissolved, whichever is the shorter period. 

(e)    Pursuant to Section 4(a)(3)(x) of the Employment Agreement, as modified by the terms of this Agreement, the
Company will provide to the Employee outplacement services with Lee Hecht and Harrison, an outplacement services company, during the period set forth on Appendix 1 attached hereto. 

  
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 (f)    Pursuant to Section 4(a)(3)(y) of the Employment Agreement, the
Company will provide, for a period of thirty-six (36) months following the Employee’s termination of employment, to the Employee the same level of life and accident insurance benefits the Employee
and the Employee’s dependents were receiving from the Company immediately before the Employee’s termination of employment, as set forth on Appendix 1 attached hereto. Pursuant to Section 4(a)(3)(y) of the Employment Agreement,
as modified by the terms of this Agreement, the parties agree that the Company will provide through December 31, 2017, to the Employee and the Employee’s dependents the same level of dental and health insurance benefits the Employee and
the Employee’s dependents were receiving from the Company immediately before the Employee’s termination of employment, as set forth on Appendix 1 attached hereto, and, as a result of the Company not being able to provide dental and
health insurance benefits after December 31, 2017, due to the liquidation and dissolution of the Company, the parties have agreed to a termination and settlement of the Employee’s rights to, and the Company’s obligations to provide,
such benefits and the parties have agreed that the Company will pay to the Employee lump sum cash payments in the amounts of $23,255.81 and $153,998.80, which are the respective amounts the Employee and the Company have agreed upon as the agreed
value of the dental and health insurance benefits that the Company would have otherwise been required to provide to the Employee and the Employee’s dependents after December 31, 2017, pursuant to Section 4(a)(3)(y) of the Employment
Agreement, as set forth on Appendix 1 attached hereto. In addition, the parties acknowledge that the Company is not able to provide Unum disability insurance benefits required under Section 4(a)(3)(y) of the Employment Agreement due to
the liquidation and dissolution of the Company, and the parties have agreed to a termination and settlement of the Employee’s rights to, and the Company’s obligations to provide, such benefits and the parties have agreed that the Company
will pay to the Employee a lump sum cash payment in the amount of $8,299.00, which is the amount the Employee and the Company have agreed upon as the agreed value of the Unum disability insurance benefits that the Company would have otherwise been
required to provide to the Employee pursuant to Section 4(a)(3)(y) of the Employment Agreement, as set forth on Appendix 1 attached hereto. 

(g)    Pursuant to Section 4(a)(3)(z) of the Employment Agreement, the Company will pay to the Internal Revenue
Service on behalf of the Employee an additional amount such that the net amount retained by the Employee pursuant to the benefits described in this Section 1.2 after any excise tax imposed under Section 4999 of the Internal Revenue Code of
1986 shall be equal to the amount that the Employee would have received pursuant to those provisions before payment of any such excise tax, as set forth on Appendix 1 and attached hereto. 

(h)    The Company will pay to the Employee the lump sum cash payments described in Section 1.2(a), (b) and
(c) on the date set forth on Appendix 1 attached hereto by deposit to the Employee’s account number                      at
                     Bank (using routing number
                    ). The Company will pay to the Employee the reimbursement of the premiums for the coverage described in Section 1.2(f) as
set forth on Appendix 1 attached hereto by deposit to the Employee’s account number                      at
                     Bank (using routing
number                    ). The Employee agrees to provide to the Company such documentation as the Company reasonably requests regarding such
coverage including, without limitation, the information needed to verify the amount of the premiums paid and the 

  
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date of payment. The Company will pay to the Employee the lump sum cash payment described in Section 1.2(f) on October 13, 2017 by deposit to the Employee’s account number
                     at                      Bank
(using routing number                     ). 

(i)    In addition to the payments and benefits described above that are payable or provided pursuant to
Section 4(a)(3) of the Employment Agreement, the Company will pay to the Employee an amount equal to the value of the Employee’s earned and unused vacation time through the Termination Date, the amount of which is set forth on Appendix
1 attached hereto. Such amount will be paid on the date set forth on Appendix 1 attached hereto. 

1.3    All benefits provided to the Employee under this Agreement shall be subject to such withholdings as may be required
by any applicable laws, including, without limitation, U.S. Federal law and the laws of the State of Texas, or as requested in writing by the Employee in accordance with applicable law or as provided in Section 1.2(g) of this Agreement. 

2.    Release and Covenant Not to Sue. 

2.1    The Employee and the Employee’s heirs and representatives release, waive and forever discharge the Company, its
predecessors and successors, assigns, stockholders, subsidiaries, parents, affiliates, officers, directors, trustees, current and former employees, agents and attorneys, past and present and in their respective capacities as such (the Company and
each such person or entity is each referred to as a “Released Person”) from all pending or potential claims, counts, causes of action and demands of any kind whatsoever or nature for money or anything else, whether such claims are
known or unknown, that arose prior to the Employee’s signing this Agreement or that relate in any way to the Employee’s employment or termination of employment with the Company. This release includes, but is not limited to, any and all
claims of race discrimination, sexual discrimination, national origin discrimination, religious discrimination, disability discrimination, age discrimination and unlawful retaliation and any and all claims under the following: Title VII of the Civil
Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq.; Civil Rights Act of 1866, 42 U.S.C. § 1981 et seq.; the Family and Medical Leave Act, as amended, 29 U.S.C. § 2601, et seq.; the Worker Adjustment and Retraining Notification
Act, 29 U.S.C. 2010, et seq.; the Americans with Disabilities Act, as amended, 42 U.S.C. § 12101, et seq.; the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act, 29 U.S.C. § 621, et seq.; Employee
Retirement Income Security Act of 1974, as amended, 29 U.S.C. § 1001, et seq.; Rehabilitation Act of 1973, 29 U.S.C. § 706, et seq.; any state, municipal and other local anti-discrimination statutes; any and all claims for alleged breach
of an express or implied contract; any and all tort claims including, but not limited to, alleged retaliation for assertion of workers’ compensation rights; any and all claims under workers’ compensation law; and any and all claims for
attorney’s fees. 
 2.2    The Employee acknowledges that, while pursuant to Section 4(a)(3) of the Employment
Agreement any outstanding stock options and stock appreciation rights granted by the Company to the Employee are to remain exercisable for twelve (12) months following the Employee’s termination of employment, or the expiration of the
general term of the award specified in the relevant original award agreements, whichever is the shorter period, the Company is in the process of liquidating and dissolving and that the Company will likely cease to exist on or about April 15,
2017, and the Employee waives any right to exercise the stock options and stock appreciation rights after the date the Company is dissolved. 

  
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 2.3    The Employee acknowledges that, while pursuant to
Section 4(a)(3)(y) of the Employment Agreement the Company is required to provide disability insurance benefits to the Employee after the Termination Date and dental and health insurance benefits to the Employee and the Employee’s
dependents after December 31, 2017, the Company is in the process of liquidating and dissolving and will not be able to continue to provide those disability insurance benefits to the Employee after the Termination Date or those dental and
health insurance benefits after December 31, 2017, and, in consideration for the lump sum cash payments described in Section 1.2(f) and set forth on Appendix 1 the Employee waives and relinquishes all rights to receive
(a) after the Termination Date, the Unum disability insurance benefits described in Section 4(a)(3)(y) of the Employment Agreement and (b) after December 31, 2017, any dental and health insurance benefits described in
Section 4(a)(3)(y) of the Employment Agreement. 
 2.4    The Employee expressly represents that the Employee has
not filed a lawsuit or initiated any other administrative proceeding against a Released Person and that the Employee has not assigned any claim against a Released Person. The Employee further promises not to initiate a lawsuit or to bring any other
claim against any Released Person arising out of or in any way related to the Employee’s employment by the Company or the termination of that employment. 

2.5    Notwithstanding anything to the contrary in this Agreement, this release does not constitute a release or waiver of
any claim by the Employee (i) solely to enforce this Agreement, (ii) to continue group health plan coverage under Texas law and the terms of the applicable group health plan or for unemployment or workers’ compensation, (iii) for
rights vested on the date the Employee signs this Agreement under the Company’s 401(k) plan or other employee benefit plan subject to ERISA, or (iv) that may arise after the Employee signs this Agreement. Further, and notwithstanding
anything to the contrary in this Agreement, this release does not constitute a release or waiver of the Employee’s right to file a charge or participate in an investigation or proceeding conducted by the Equal Employment Opportunity Commission
(“EEOC”) or any other state or federal governmental entity with jurisdiction to regulate employment conditions or relations; however, the Employee does release and relinquish any right to receive any money, property, or any other thing of
value, or any other financial benefit or award from any Released Person as a result of any proceeding of any kind or character initiated by the EEOC or any other state or federal governmental entity with jurisdiction to regulate employment
conditions or relations. In addition, this release shall not affect the Employee’s rights under the Older Workers Benefit Protection Act (“OWBPA”) to have a judicial determination of the validity of this release and waiver.

 3.    Restrictive Covenants. 

3.1    The Employee acknowledges that the restrictive covenants contained in Section 5 of the Employment Agreement,
other than certain provisions in Section 5(d) of the Employment Agreements described in Section 3.2 below (the “Restrictive Covenants”) will survive the termination of the Employee’s employment. The Employee affirms
that the Restrictive Covenants are reasonable and necessary to protect the legitimate interests of the Company and its 

  
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successors, that the Employee received adequate consideration in exchange for agreeing to those restrictions and that the Employee will abide by those restrictions and all provisions of
Section 5 of the Employment Agreement other than the provisions in Section 5(d) of the Employment Agreements described in Section 3.2 below. 

3.2    The Company hereby waives those restrictions in the first paragraph of Section 5(d) of the Employment
Agreement that would preclude or otherwise prohibit the Employee, prior to April 13, 2019, from owning any interest in, managing, controlling, participating in, consulting with, rendering services for, or in any manner engaging in, any business
in competition with the Company or materially adverse to the Company; provided, however, the Company does not waive any of the other restrictions in the first paragraph of Section 5(d) of the Employment Agreement and the Employee acknowledges
that all of the other restrictions included in the first paragraph of Section 5(d) of the Employment Agreement survive the termination of the Employee’s employment as provided in the Employment Agreement. 

4.    Return of Company Property. The Employee represents and warrants that the Employee has returned all property
belonging to the Company, including, but not limited to, all keys, access cards, office equipment, computers, cellular telephones, notebooks, documents, records, files, written materials, electronic information, credit cards bearing the
Company’s name, and other Company property (originals or copies in whatever form) in the Employee’s possession or under the Employee’s control. 

5.    Cooperation. The Employee further agrees that, subject to reimbursement of the Employee’s reasonable
expenses, the Employee will cooperate fully with the Company, its successors and assigns, and their counsel with respect to any matter (including litigation, investigations, or governmental proceedings) in which the Employee was in any way involved
during the Employee’s employment with the Company; provided that such cooperation shall not unreasonably interfere with Employee’s employment with another employer or search for such employment after termination of the Employee’s
employment with the Company. The Employee shall render such cooperation in a timely manner on reasonable notice from the Company. 

6.    OWBPA Representations and Acknowledgements; Period to Consider and Rescission Right. The Employee expressly
acknowledges and recites that the Employee: (a) has read and understands the terms of this Agreement in its entirety; (b) acknowledges and understands that this Agreement constitutes a complete release and discharge of claims arising under
the Age Discrimination in Employment Act, 29 U.S.C. §§621-634, including the OWBPA; (c) has entered into this Agreement knowingly and voluntarily, without any duress or coercion, and knowingly
and voluntarily intends to be legally bound by the terms of this Agreement; (d) has been advised orally and is hereby advised in writing to consult with an attorney with respect to this Agreement before signing it; (e) acknowledges and
understands that rights or claims that may arise after the date this Agreement is executed are not waived; (f) has been provided a period of at least forty-five (45) days after receipt of this Agreement to consider this Agreement
(including the disclosures set forth in Appendix 2 attached hereto describing the Decisional Unit, eligibility factors, applicable time limits, job titles and ages of all persons who will be terminated in connection with
the liquidation and dissolution of the Company) and has voluntarily waived the forty-five (45) day review period in which to consider this Agreement; and (g) will be provided seven (7) calendar days from the date of signing of this
Agreement by 

  
 - 6 - 

 
the Employee to terminate and revoke this Agreement, in which case this Agreement shall be unenforceable, null and void. The Employee may revoke this Agreement during those seven (7) days by
providing written notice of revocation to the Vice President and General Counsel of the Company at khead@harvestnr.com or 1177 Enclave Parkway Suite 300, Houston, TX 77077. 

7.    Tax Consequences. The Employee acknowledges and agrees that the Company will characterize the benefits
payable under Section 1.2 as “wages” for applicable income and employment tax withholding and all such payments and benefits shall be subject to applicable income and employment tax withholding and other
deductions as shall be required of the Company under any applicable local, state or federal law. The Employee shall be solely responsible for the payment of all taxes imposed on the Employee relating to such payments and benefits, except for those
described in section 1.2(g) of this agreement. 
 8.    Miscellaneous. 

8.1    No Admission of Liability. This Agreement is not to be construed as an admission of any violation of any
federal, state or local statute, ordinance or regulation or of any duty owed by the Company to the Employee. The Employee acknowledges that the Employee is unaware of any such violations, and the Company specifically denies any such violations. 

8.2    Arbitration. The parties agree that Section 6(c) of the Employment Agreement shall survive and be applicable
to this Agreement. 
 8.3    Successors and Assigns. This Agreement shall inure to the benefit of and be binding
upon the Company and the Employee and their respective successors, permitted assigns, executors, administrators and heirs. The Employee may not make any assignment of this Agreement or any interest herein, by operation of law or otherwise. The
Company may assign this Agreement to any successor to all or substantially all of its assets and business by means of liquidation, dissolution, merger, consolidation, transfer of assets, or otherwise. 

8.4    Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to
be effective and valid under applicable law. However, if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provision, and this
Agreement will be reformed, construed and enforced as though the invalid, illegal or unenforceable provision had never been herein contained. 

8.5    Entire Agreement; Amendments. Except as otherwise provided herein, this Agreement contains the entire
agreement and understanding of the parties hereto relating to the subject matter hereof, and merges and supersedes all prior and contemporaneous discussions, agreements and understandings of every nature relating to the subject matter hereof. This
Agreement may not be changed or modified, except by an agreement in writing signed by each of the parties hereto. 

8.6    Governing Law. This Agreement shall be governed by, and enforced in accordance with, the laws of the State
of Texas, without regard to the application of the principles of conflicts of laws. 

  
 - 7 - 

 8.7    Counterparts and Facsimiles. This Agreement may be executed,
including execution by facsimile signature, in multiple counterparts, each of which shall be deemed an original, and all of which together shall be deemed to be one and the same instrument. 

8.8    Confidentiality. Unless otherwise required by applicable law, neither party to this Agreement shall disclose
any of the terms of this Agreement and each shall maintain as confidential the terms of this Agreement. 
 IN WITNESS WHEREOF, the Company
has caused this Agreement to be executed by its duly authorized officer, and the Employee has executed this Agreement, in each case on the date indicated below to be effective the date this Agreement is executed by the Employee. 

 

			
	EMPLOYEE:
	
	 /s/ James A. Edmiston III

	James A. Edmiston III
	
	Address: P.O. Box 162
	               Columbus, TX 98934
	
	Date: April 13, 2017
	
	COMPANY:
	
	HARVEST NATURAL RESOURCES, INC.
		
	By:	 	 /s/ Keith L. Head

	Name:	 	Keith L. Head
	Title:	 	Vice President and General Counsel
	
	Date: April 13, 2017

  
 - 8 - 

 APPENDIX 1 TO 

SEPARATION AND RELEASE AGREEMENT 
  

					
	 Severance Payments
	  	 Amount of Payment
	  	 Date Amount to be

Paid

	 An amount equal to 36 months of the Employee’s $49,000.00 monthly base salary, which shall be
paid on the first business day following six months after the Termination Date
	  	$1,764,000.00	  	October 13, 2017
			
	 An amount equal to three times the amount of the annual bonus earned by the Employee for the 2016
fiscal year (which is the highest annual bonus earned by the Employee for the last three fiscal years ending prior to the Employee’s termination date), which shall be paid on the first business day following six months after the Termination
Date
	  	$2,116,800.00	  	October 13, 2017
			
	 An amount equal to 36 months of the maximum contribution the Company may make for the Employee
under the Company’s 401(k) profit sharing plan, which shall be paid on the first business day following six months after the Termination Date
	  	$32,400.00	  	October 13, 2017
			
	 Outplacement Services
	  	 Value of

Services
	  	 
	 The Company will provide nine (9) months of Signature ICEO Outplacement Services to start no
later than May 1, 2017
	  	$20,000.00	  	
			
	 Continued Life, Disability, Accident, Dental and

Health Benefits
	  	 Amount of

Payment by

Company
	  	 Date Amount to be Paid

	 Continuation of Blue Cross Blue Shield of Texas Insurance Coverage for 2017 – Employee
and his qualifying dependents will be provided the same level of health insurance benefit under a continued Company plan with Blue Cross Blue Shield of Texas, through December 31, 2017

 
 Health Benefits after 2017 – The
Company will pay Employee an amount equal to the agreed value of the health insurance benefits that the Company would have otherwise been required to provide after December 31, 2017, pursuant to Section 4(a)(3)(y) of the Employment
Agreement
	  	$153,998.80	  	October 13, 2017

  
 Appendix 1 – Page 1

					
			
	 Continued Life, Disability, Accident, Dental and

Health Benefits
	  	 Amount of

Payment by

Company
	  	 Date Amount to be Paid

	 Continuation of United Concordia Dental Benefits for 2017 – Employee and his qualifying
dependents will be provided the same level of dental insurance benefit under a continued Company plan with United Concordia Dental, through December 31, 2017
  

Dental Benefits after 2017 – The Company will pay Employee an amount equal to the agreed value of the
dental insurance benefits that the Company would have otherwise been required to provide after December 31, 2017, pursuant to Section 4(a)(3)(y) of the Employment Agreement
	  	$23,255.81	  	October 13, 2017
			
	 Continuation of Life Insurance – Employee will be reimbursed, on a monthly basis, upon
submission of paid invoice, for premium for ported life insurance coverage for Employee, for a period of thirty-six (36) months
	  	$4,032 per year for 2017 (subject to annual premium adjustment)	  	Within ten (10) days of invoice submission evidencing payment of premiums by Employee
			
	 Continuation of Unum AD&D – Employee will be reimbursed, on an annual or monthly
basis, upon submission of paid invoice, for premium for ported coverage for Employee, for a period of thirty-six (36) months
	  	$100.80 per year for 2017 (subject to annual premium adjustments)	  	Within ten (10) days of invoice submission evidencing payment of premiums by Employee
			
	 Disability – The Company will pay Employee an amount equal to the agreed value of the
Unum Disability insurance benefits that the Company would have otherwise been required to provide pursuant to Section 4(a)(3)(y) of the Employment Agreement
	  	$8,299.00	  	October 13, 2017
			
	 Continuation of New York Life Executive Supplemental Life – Employee will be
reimbursed, on an annual basis, upon submission of paid invoice, for premium for coverage, for a period of thirty-six (36) months, for Employee under a ten-year
term life policy. If during the thirty-six month reimbursement period the term of the current term life policy expires and Employee obtains coverage under a new ten-year
term life policy, the Company’s reimbursement will be limited to the amount of premium that would be payable if annual escalating premium payments were payable under the policy. If Employee chooses to convert the policy to a universal life
policy, the Company will reimburse only the equivalent of the term plan premium, and the Employee will be responsible for paying the difference in the premiums.
	  	$1,114.54 per month for the period April 1, 2017 through March 31, 2018; $1,300.58 per month for the period April 1, 2018 through March 31, 2019; and $1,486.33 per month for the period
April 1, 2019 through March 31, 2020	  	Within ten (10) days of invoice submission evidencing payment of premiums by Employee

  
 Appendix 1 – Page 2

					
	 Earned and Unused Vacation Time Payment
	  	 Amount of

Payment
	  	 Date Amount to be Paid

	 Earned and unused vacation days (45 days) multiplied by daily base salary rate
($2,261.54),
	  	$101,769.26	  	April 21, 2017

  
 Appendix 1 – Page 3

 APPENDIX 2 TO 

SEPARATION AND RELEASE AGREEMENT  

OWBPA DISCLOSURE 

[Attached] 

  
 Appendix 2 – Page 2

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