Document:

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (“Agreement”) is entered into effective as of July 1, 2014 (the “Effective
Date”), by and between Eco-Stim Energy Solutions, Inc., a Nevada corporation (“Eco-Stim”
or “Company”), and Carlos A. Fernandez (“Executive”). Executive and the Company
are collectively referred to in this Agreement as the “Parties” and individually as a “Party.”

 

RECITALS:

 

WHEREAS,
it is the desire of the Company to engage Executive as Executive Vice President of Business Development and General Manager South
America of the Company;

 

WHEREAS,
Executive desires to be employed with the Company on the terms herein provided;

 

and

 

NOW,
THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the Parties agree
as follows:

 

AGREEMENT
TERMS:

 

1.
Term. Beginning on the Effective Date, the Company employs Executive, and Executive accepts such employment, on the
terms and conditions set forth in this Agreement. The Executive’s employment shall be “at will” unless the “Term”
(as defined herein) commences, if ever. The “Term” shall commence on the Effective Date, provided that this Agreement
is approved by the Compensation Committee of the Company’s Board of Directors (the “Board”) at
its next meeting following the Effective Date (currently scheduled for July 9, 2014), and the Term shall expire at the earlier
to occur of (a) 11:59 p.m. on June 30, 2016 (the “Expiration Date”) or (b) the Termination Date (as
defined in Section 4). If the Term commences, then beginning on June 30, 2016, this Agreement shall be automatically
renewed each June 30th for twelve (12) month terms, unless either the Company or Executive provides written notice of election
not to renew, at any time before the applicable renewal date.

 

2.
Duties as Executive of the Company. Subject to this Agreement’s terms, the Company agrees to nominate the Executive
for election by the Board as the Executive Vice President of Business Development and General Manager South America, and if elected
Executive agrees to serve in such capacity, and to act in the ordinary course of its business with all the powers reasonably incident
to the position(s) or other responsibilities or duties that may be from time to time assigned to Executive by the Board, the Company’s
Chief Executive Officer. Executive shall report to the Company’s Chief Executive Officer. The Company and Executive acknowledge
that the Executive is currently a member of the Board and that his duties shall initially also include acting as a member of the
Audit Committee of the Board.

 

3.
Compensation and Related Matters.

 

(a)
Base Salary. Executive shall receive an initial Base Salary (defined below) paid by the Company of $200,000 per year.
Executive’s Base Salary may be increased annually, on January 1 of each year beginning 2015, by an amount (if any) to be
determined by Eco-Stim, within its sole discretion. For purposes of this Agreement, “Base Salary” shall
mean Executive’s initial base salary or, as adjusted from time to time, then the adjusted base salary at the time in question.
The Base Salary shall be paid, subject to all applicable withholdings and deductions, in substantially equal semi-monthly installments.

 

    	 

    	 

    

 

(b)
Stock Option Grant. As an inducement to join EcoStim and as a reward for past achievements on behalf of the Company
in his role as a consultant, within the Executive’s first pay period during the Term, Executive shall receive a grant of
options to purchase Seventy Five Thousand (75,000) shares of EcoStim Common Stock, at an issuance price of $6.00 per share. The
stock options will vest over a two-year period and shall be granted under a form of Incentive Stock Option agreement to be approved
by the Company’s Board of Directors.

 

(c)
Bonus Target. Executive may receive annual bonus payments of an amount, if any, to be determined by the Compensation
Committee of the Board, within its sole discretion, up to a maximum of 50% of the Executive’s base pay. The amount of the
bonus awarded, if any, shall be based on achieving certain goals related to Company performance and objective

 

(d)
Expenses. Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred
by him, in accordance with the policies and procedures established by the Company from time to time, in performing services under
this Agreement and during his employment with the Company, provided that Executive properly accounts for the expenses in accordance
with Company policies. The amount of expenses eligible for reimbursement during a calendar year shall not affect the expenses
eligible for reimbursement in any other calendar year. Reimbursement of eligible expenses shall be made on or before the last
day of the calendar month following the calendar month in which the expenses were incurred, or as otherwise provided in the Company’s
business expense reimbursement policy.

 

(e)
Other Benefits. From time to time, the Company may make available other compensation and employee benefit plans and
arrangements to its senior executives. Executive shall be eligible to participate in such other compensation and employee benefit
plans and arrangements in which the Company’s executives at or above the most senior level participate, subject to and on
a basis consistent with the terms, conditions, and overall administration of such plans and arrangements, as amended from time
to time. Nothing in this Agreement shall be deemed to confer upon Executive or any other person, including any beneficiary, any
rights under or with respect to any such plan or arrangement or to amend any such plan or arrangement, and Executive and each
other person, including any beneficiary, shall be entitled to look only to the express terms of any such plan or arrangement for
his or her rights thereunder. Nothing paid to Executive under any such plan or arrangement presently in effect or made available
in the future shall be deemed to be in lieu of the Base Salary and other benefits payable to Executive pursuant to this Agreement.

 

(f)
Vacation. Executive shall be entitled to twenty (20) days of vacation and six (6) days of paid sick leave during 2014
and each succeeding calendar year of employment, exclusive of holidays. Executive shall insure that the scheduling of his vacation
does not interfere with the Company’s normal business operation. Vacation will accrue and forfeit as provided by the terms
of the Company’s policy governing vacation, as that policy is updated or revised from time to time in the Company’s
sole discretion. For purposes of this Section, weekends shall not count as Vacation days. Executive shall also be entitled to
all paid holidays given by the Company.

 

(g)
Proration. The Base Salary payable to Executive hereunder in respect of any calendar year during which Executive is
employed by the Company for less than the entire year shall be prorated in accordance with the total number of calendar days in
such calendar year during which he is so employed.

 

(h)
Insurance Allowance. In addition to the Base Salary, the Company shall pay the Executive a monthly medical-insurance
allowance of $1000.00, payable concurrently with the Executive’s last Base Salary payment during each calendar month this
Agreement is in effect.

 

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4.
Termination.

 

(a)
Definitions.

 

(1)
“Cause” shall mean:

 

(i)
Executive’s failure or refusal to substantially perform his material duties, responsibilities and obligations, other than
a failure resulting from Executive’s incapacity due to physical or mental illness, which failure continues for a period
of at least thirty (30) days after a reasonably detailed written notice of alleged Cause and a demand for substantial performance
has been delivered to Executive specifying the manner in which Executive has failed substantially to perform;

 

(ii)
any intentional act involving fraud, misrepresentation, theft, embezzlement, or dishonesty on a material matter which actually
results in harm to the Company; or

 

(iii)
conviction of or a plea of nolo contendere to an offense which is a felony or which is a misdemeanor that involves fraud; or

 

(iv)
a material breach of any of Executive’s obligations under Section 7 of this Agreement.

 

Regarding
these Sections 4(a)(1)(i), (ii) and (iii), the Company shall provide written notice to Executive describing the
specific facts of any alleged Cause event within thirty (30) days of any such Cause event and Executive shall thereafter have
thirty (30) calendar days to cure the Cause event to the reasonable satisfaction of the Company.

 

(2)
A “Disability” or “Disabled” shall mean the inability of
Executive to substantially engage in the duties that he is normally expected to perform in his role at the Company by reason of
any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for
a continuous period of not less than three (3) months. Executive shall be considered to have a Disability (i) if he is determined
to be totally disabled by the Social Security Administration or (ii) if he is determined to be disabled under Eco-Stim’s
long-term disability plan in which Executive participates and if such plan defines “disability” in a manner that is
consistent with the immediately preceding sentence.

 

(3)
A “Good Reason” shall mean any of the following (without Executive’s express written
consent):

 

(i)
A diminution in Executive’s Base Salary;

 

(ii)
A change in the location where Executive is expected or required to the majority of Executive’s job duties at the time Executive
executes this Agreement (i.e., the Company’s current executive offices in Houston, Texas) (“Base Location”)
to a location that is more than twenty (20) miles from the Base Location, without Executive’s written consent, except for
travel reasonably required of Executive on the Company’s business;

 

(iii)
A substantial and adverse diminution in Executive’s duties, authority, responsibility or position with the Company; or

 

(iv)
Any breach by the Company of any material provision of this Agreement.

 

Good
Reason shall exist with respect to an above specified matter only if the matter is not corrected, or begun to be corrected, by
the Company within thirty (30) days after the Company’s receipt of written notice of the matter from Executive.

 

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(4)
“Termination Date” shall mean the date Executive’s employment with the Company terminates
or is terminated for any reason under this Agreement, and which constitutes a “separation from service” for purposes
of Section 409A of the Internal Revenue Code of 1986, as amended, or any regulations or Treasury guidance promulgated under Section
409A (the “Code”).

 

(b)
Termination Without Cause or for Good Reason: Benefits. In the event the Company involuntarily terminates Executive’s
employment with the Company without Cause or if Executive terminates employment with the Company for Good Reason (a “Termination
Event”), this Agreement shall terminate, but Executive shall be entitled to the following severance benefits:

 

(1)
Payment of accrued but unpaid Base Salary and unreimbursed business expenses through the Termination Date in accordance with
Sections 3(a) and 3(c). The accrued but unpaid Base Salary shall be paid to Executive in a lump sum in cash within
six (6) days after the Termination Date. Unreimbursed business expenses shall be paid to Executive within the time period required
by the Company’s business expense reimbursement policy;

 

(2)
If the Term commences prior to the Termination Date, an amount equal to the greater of the compensation required for the remaining
Term of this Agreement or one year of Base Salary (as defined in Section 3(a)) (the “Severance Payment”),
at the rate in effect immediately before the Termination Event, payable in a lump sum within thirty (30) days after Executive
executes the Release referenced in Section 6; and

 

(3)
Full vesting of all unvested restricted stock and stock options outstanding on Executive’s Termination Date, after Executive
enters into the Release referenced in Section 6.

 

(c)
Termination In Event of Death: Benefits. If Executive’s employment with the Company is terminated by reason of
Executive’s death, this Agreement shall terminate without further obligation to Executive’s legal representatives
under this Agreement, other than for payment of all accrued Base Salary through the Termination Date, unreimbursed business expenses
through the Termination Date in accordance with Sections 3(a) and 3(c), and the amount of any bonus under Section
3(b) that relates to a prior year and that is unpaid as of the date of death. The accrued but unpaid Base Salary shall
be paid to Executive’s estate in a Iump sum in cash within six (6) days after the Termination Date or by the next regularly
scheduled payday. Unreimbursed business expenses shall be paid to Executive’s estate within the time period required by
the Company’s business expense reimbursement policy. Executive shall be entitled to consideration for the Annual Bonus payment
under Section 3(b) with respect to the calendar year in which Executive dies; provided that the payment of such
bonus, if any, shall be payable within thirty (30) days after the Termination Date (if calculable), but in no event later than
March 15 of the year following the year of death; and further provided, that the amount of the Annual Bonus shall be prorated
in accordance with the number of days in such calendar year during which he is so employed. In addition, Executive or his estate
shall become fully vested in all unvested restricted stock outstanding on Executive’s Termination Date in the event of death.

 

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(d)
Termination In Event of Disability: Benefits. If Executive’s employment with the Company is terminated by reason
of Executive’s Disability, this Agreement shall terminate, but the Company shall pay Executive all accrued Base Salary through
the Termination Date, unreimbursed business expenses through the Termination Date in accordance with Sections 3(a) and 3(c),
and the amount of any bonus under Section 3(b) that relates to a prior year and that is unpaid as of the date of
Disability. The accrued but unpaid Base Salary shall be paid to Executive in a lump sum in cash within six (6) days after the
Termination Date. Unreimbursed business expenses shall be paid to Executive within the time period required by the Company’s
business expense reimbursement policy. Executive shall be entitled to consideration for the Annual Bonus payment under Section
3(b) with respect to the calendar year in which Executive’s employment terminates due to Disability; provided that
the payment of such bonus, if any, shall be payable within thirty (30) days after the Termination Date (if calculable), but in
no event later than March 15 of the year following the year of containing such Termination Date; and further provided, that the
amount of the Annual Bonus shall be prorated in accordance with the number of days in such calendar year during which he is so
employed. In addition, Executive shall become fully vested in all unvested restricted stock outstanding on Executive’s Termination
Date in the event of Disability.

 

(e)
Voluntary Termination by Executive and Termination for Cause: Benefits. Executive may terminate his employment with
the Company by giving written notice of his intent and stating an effective Termination Date at least thirty (30) days after the
date of such notice; provided, however, that the Company may accelerate such effective date by paying Executive through
the proposed Termination Date (but not to exceed thirty (30) days). Upon such a termination by Executive or upon termination of
Executive’s employment with the Company for Cause by the Company, this Agreement shall terminate, but the Company shall
pay to Executive all accrued Base Salary and all unreimbursed business expenses through the Termination Date in accordance with
Sections 3(a) and 3(c). The accrued but unpaid Base Salary shall be paid to Executive in a lump sum in cash within
six (6) days after the Termination Date or by the next regularly scheduled payday. Unreimbursed business expenses shall be paid
to Executive within the time period required by the Company’s business expense reimbursement policy. Executive shall have
no entitlement to any Annual Bonus for the year in which the Termination Date occurs.

 

(f)
No Duty to Mitigate Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by
seeking other employment or otherwise. No such payment shall be offset or reduced by the amount of any compensation or benefits
provided to Executive in any subsequent employment.

 

5.
Non-Renewal of Agreement. If the Term commences and Company or Executive elects not to renew this Agreement under the
terms provided in Section 1, this Agreement shall terminate without further obligation of the Company, but the Company
shall pay Executive all accrued Base Salary through the Termination Date, the compensation and benefits payable in Sections
4(b)(2), 4(b)(3) and 4(b)(4), and unreimbursed business expenses through the Termination Date in accordance with Sections
3(a) and 3(c). The Executive shall not be eligible to receive any unpaid Annual Bonus(es) attributable to
any prior year(s) or for the year in which the non-renewal notice is provided.

 

6.
Release Agreement. Notwithstanding any provision of this Agreement to the contrary, in order to receive the Severance
Payment, the Additional Severance Payment, and the immediate vesting of unvested restricted stock under Section 4(b)(2)-(4),
Executive must first execute, enter into and not revoke a reasonable release and hold harmless agreement (on a form provided by
the Company) (“Release”), within the time period specified under the release and hold harmless agreement,
whereby Executive agrees to release and waive, in return for the Severance Payment and Additional Severance Payment, any claim
or cause of action that Executive may have against the Company and any of its affiliates, including, without limitation, for unlawful
discrimination or retaliation; provided, however, such agreement shall not release any claim by Executive for any payment or benefit
that is due under the express terms of this Agreement at the time the time Executive executes the release agreement.

 

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7.
Non-Competition, Non-Solicitation and Confidentiality. During Executive’s employment with the Company, the Company
shall give Executive access to some or all of its Confidential Information, as defined below, that Executive has not had access
to or knowledge of before the execution of this Agreement.

 

(a)
Non-Competition During Employment. Executive agrees that, in consideration for the Company’s promise to provide
Executive with Confidential Information, during the Term, he will not compete with the Company by engaging in the conception,
design, development, production, marketing, or servicing of any product or service that is substantially similar to the products
or services which the Company provides, and that he will not work for, in any capacity, assist, or become affiliated with as an
owner, partner, etc., either directly or indirectly, any individual or business which offers or performs services, or offers or
provides products substantially similar to the services and products provided by Company; provided, however, Executive
shall not be prevented from owning no more than 2% of any company whose stock is publicly traded.

 

(b)
Conflicts of Interest. Executive agrees that during the Term, he will not engage, either directly or indirectly, in
any activity (a “Conflict of Interest”) that might adversely affect the Company, including ownership
of a material investment in a competitor of the Company, ownership of a material interest in any supplier, contractor, distributor,
subcontractor, customer or other entity with which the Company does business or acceptance of any material payment, service, loan,
gift, trip, entertainment, or other favor from a supplier, contractor, distributor, subcontractor, customer or other entity with
which the Company does business, and that Executive will promptly inform the CEO or the Eco-Stim Board of Directors as to each
offer received by Executive to engage in any such activity. As used in this Section 7(b), “materiality”
shall be viewed from the perspective of Executive. Executive further agrees to disclose to the Company any other facts of which
Executive becomes aware which in Executive’s good faith judgment could reasonably be expected to involve or give rise to
a Conflict of Interest or potential Conflict of Interest.

 

(c)
Non-Competition After Termination from Employment. Executive agrees that, in order to protect the Company’s Confidential
Information, it is necessary to enter into the following restrictive covenant, which is ancillary to the enforceable promises
between the Company and Executive otherwise contained in this Agreement. Executive agrees that Executive shall not, at any time
during the Restricted Period (as hereinafter defined), within any of the markets in which the Company has sold products or services
or formulated a plan to sell products or services into a market during the last twelve (12) months of Executive’s employ,
engage in or contribute Executive’s knowledge to any work which is competitive with or similar to a product, process, apparatus,
service, or development on which Executive worked while employed by the Company. It is understood that the geographical area set
forth in this covenant is divisible so that if this clause is invalid or unenforceable in an included geographic area, that area
is severable and the clause remains in effect for the remaining included geographic areas in which the clause is valid. For the
purpose of this Agreement, “Restricted Period” means a period of six (6) months after termination for any reason whatsoever,
whether by Executive or the Company, of Executive’s employment with the Company. The Restricted Period shall commence at
the time Executive ceases to be a full-time employee of the Company. The parties agree that this agreement of non-competition
is intended to only be enforceable by Company to the extent that Texas law allows a contractual limitation on the practice of
law by any licensed attorney and it shall be void beyond such permitted limitations.

 

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(d)
Confidential Information. Executive agrees that he will not, except as the Company may otherwise consent or direct
in writing, reveal or disclose, sell, use, lecture upon, publish or otherwise disclose to any third party any Confidential Information
or proprietary information of the Company, or authorize anyone else to do these things at any time either during or subsequent
to his employment with the Company. This Paragraph shall continue in full force and effect after termination of Executive’s
employment and after the termination of this Agreement. Executive’s obligations under this Paragraph with respect to any
specific Confidential Information and proprietary information shall cease when that specific portion of the Confidential Information
and proprietary information becomes publicly known, in its entirety and without combining portions of such information obtained
separately. It is understood that such Confidential Information and proprietary information of the Company include matters that
Executive conceives or develops, as well as matters Executive learns from other employees of the Company. “Confidential
Information” is defined to include information: (1) disclosed to or known by Executive as a consequence of or through
his employment with the Company; (2) not generally known outside the Company; and (3) that relates to any aspect of the Company
or its business, finances, operation plans, budgets, research, or strategic development. “Confidential Information”
includes, but is not limited to, the Company’s trade secrets, proprietary information, financial documents, long range plans,
customer or supplier lists, employer compensation, marketing strategy, data bases, costing data, computer software developed by
the Company, investments made by the Company, and any information provided to the Company by a third party under restrictions
against disclosure or use by the Company or others.

 

(e)
Non-Solicitation. To protect the Company’s Confidential Information, and in the event of Executive’s termination
of employment for any reason whatsoever, whether by Executive or the Company, it is necessary to enter into the following restrictive
covenant, which is ancillary to the enforceable promises between the Company and Executive otherwise contained in this Agreement.
Executive covenants and agrees that during Executive’s employment and for a period of six (6) months from the date of termination
of Executive’s employment for any reason whatsoever (the “Non-Solicitation Period”), Executive
will not, directly or indirectly, either individually or as a principal, partner, agent, consultant, contractor, employee or as
a director or officer of any corporation or association, or in any other manner or capacity whatsoever, except on behalf of the
Company, solicit business, or attempt to solicit business, and products or services competitive with products or services sold
by the Company, from the Company’s clients, suppliers or customers, or those individuals or entities with whom the Company
did business during Executive’s employment. Executive further agrees that during Executive’s employment and for the
Non-Solicitation Period, Executive will not, either directly or indirectly, or by acting in concert with others, solicit or influence
any Company employee to leave the Company’s employment.

 

(f)
Return of Documents, Equipment, Etc. All writings, records, and other documents and things comprising, containing,
describing, discussing, explaining, or evidencing any Confidential Information, and all equipment, components, parts, tools, and
the like in Executive’s custody or possession that have been obtained or prepared in the course of Executive’s employment
with the Company shall be the exclusive property of the Company, shall not be copied and/or removed from the premises of the Company,
except in pursuit of the business of the Company, and shall be delivered to the Company, without Executive retaining any copies,
upon notification of the termination of Executive’s employment or at any other time requested by the Company. The Company
shall have the right to retain, access, and inspect all property of Executive of any kind in the office, work area, and on the
premises of the Company upon termination of Executive’s employment and at any time during employment by the Company to ensure
compliance with the terms of this Agreement.

 

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(g)
Reaffirmation of Obligations. Upon termination of Executive’s employment with the Company, Executive, if requested
by Company, shall reaffirm in writing Executive’s recognition of the importance of maintaining the confidentiality of the
Company’s Confidential Information and proprietary information, and reaffirm any other obligations set forth in this Agreement.

 

(h)
Prior Disclosure. Executive represents and warrants that Executive has not used or disclosed any Confidential Information
he may have obtained from the Company prior to signing this Agreement, in any way inconsistent with the provisions of this Agreement.

 

(i)
No Previous Restrictive Agreements. Executive represents that, except as disclosed in writing to the Company, Executive
is not bound by the terms of any agreement with any previous employer or other party to refrain from using or disclosing any trade
secret or confidential or proprietary information in the course of Executive’s employment by the Company or to refrain from
competing, directly or indirectly, with the business of such previous employer or any other party. Executive further represents
that Executive’s performance of all the terms of this Agreement and Executive’s work duties for the Company does not
and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by Executive in confidence
or in trust prior to Executive’s employment with the Company, and Executive will not disclose to the Company or induce the
Company to use any confidential or proprietary information or material belonging to any previous employer or other party.

 

(j)
Breach. Executive agrees that any breach of Sections 7(a) through (f) above cannot be remedied
solely by money damages, and that in addition to any other remedies Company may have, Company is entitled to obtain injunctive
relief against Executive. Nothing herein, however, shall be construed as limiting the Company’s right to pursue any other
available remedy at law or in equity, including recovery of damages and termination of this Agreement and/or any termination or
offset against any payments that may be due pursuant to this Agreement.

 

(k)
Enforceability. The agreements contained in this Section 7 are independent of the other agreements contained
herein. Accordingly, failure of the Company to comply with any of its obligations outside of this Section do not excuse Executive
from complying with the agreements contained herein.

 

(l)
Survivability. The agreements contained in this Section 7 shall survive the termination of this Agreement
for any reason.

 

8.
Reformation. If a court concludes that any time period or the geographic area specified in Sections 7(c) or
(e) of this Agreement are unenforceable, then the time period will be reduced by the number of months, or the geographic
area will be reduced by the elimination of the overbroad portion, or both, so that the restrictions may be enforced in the geographic
area and for the time to the fullest extent permitted by law. Additionally, nothing in this Agreement is intended to conflict
with Rule 5.06 of the Texas Disciplinary Rules of Professional Conduct.

 

9.
Director and Officer Positions. Executive agrees that, upon termination of employment, for any reason, Executive will
immediately tender his resignation from any and all Board or officer positions held with the Company and/or any of its direct
or indirect parents or subsidiaries.

 

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10.
Indemnification & D&O.

 

(a)
Claims. The Company shall, to the maximum extent not prohibited by law, indemnify Executive if Executive is made, or
threatened to be made, a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative
or investigative, including an action by or in the right of the Company to procure a judgment in its favor (collectively, a “Proceeding”),
by reason of the fact that Executive is or was an employee, director or officer of the Company or an affiliate, or is or was serving
in any capacity at the request of the Company for any other corporation, partnership, joint venture, trust, employee benefit plan
or other enterprise, against judgments, fines, penalties, excise taxes, amounts paid in settlement and costs, charges and expenses
(including attorneys’ fees and disbursements) paid or incurred in connection with any such Proceeding.

 

(b)
Non-Exclusivity. The right to indemnification and reimbursement or advancement of expenses provided by, or granted
pursuant to, this Section 10 shall not be deemed exclusive of any other rights which Executive may now or hereafter
have under any law, bylaw, constituency document, agreement, vote of stockholders or disinterested directors or otherwise, both
as to action in Executive’s official capacity and as to action in another capacity while holding such office.

 

(c)
Continuation of Rights. The right to indemnification and reimbursement or advancement of expenses provided by, or granted
pursuant to, this Section 10 shall continue as to Executive after Executive has ceased to be a director, officer,
or employee of the Company and shall inure to the benefit of the heirs, executors and administrators of Executive’s estate,
both with respect to proceedings that are threatened, pending or completed at the date of such termination and with respect to
proceedings that are threatened, pending or completed after the date.

 

(d)
Enforcement. The right to indemnification and reimbursement or advancement of expenses provided by, or granted pursuant
to, this Section 10 shall be enforceable by Executive in any court of competent jurisdiction. The burden of proving
that such indemnification or reimbursement or advancement of expenses is not appropriate shall be on the Company. Neither the
failure of the Company (including its Board of Directors, independent legal counsel, or its stockholders) to have made a determination
prior to the commencement of such action that such indemnification or reimbursement or advancement of expenses is proper in the
circumstances nor an actual determination by the Company (including its board of directors, independent legal counsel, or its
stockholders) that Executive is not entitled to such indemnification or reimbursement or advancement of expenses shall constitute
a defense to the action or create a presumption that Executive is not so entitled. The Executive shall also be indemnified for
any expenses incurred in connection with successfully establishing the Executive’s right to such indemnification or reimbursement
or advancement of expenses, in whole or in part, in any proceeding.

 

(e)
Other Services. If Executive serves (i) an affiliate of the Company, or (ii) any employee benefit plan of the Company
or any corporation referred to in clause (i), in any capacity, then Executive shall be deemed to be doing so at the request of
the Company.

 

11.
Assignment. In entering into this Agreement, the Company is relying on the unique personal services of Executive; services
from another person will not be an acceptable substitute. Except as provided in this Agreement, Executive may not assign this
Agreement or any of the rights or obligations set forth in this Agreement without the written consent of the Company. Any attempted
assignment by Executive in violation of this Section 11 shall be void. This Agreement, and any rights and obligations
hereunder, shall be assigned by the Company to a successor by merger or a purchaser of substantially all of the assets of the
Company.

 

12.
Binding Agreement. Executive understands that his obligations under this Agreement are binding upon Executive’s
heirs, successors, personal representatives, and legal representatives.

 

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13.
Notices. All notices pursuant to this Agreement shall be in writing and sent certified mail, return receipt requested,
addressed as set forth below, or by delivering the same in person to such party, or by transmission by email (which shall not
constitute notice). Notice deposited in the United States Mail, mailed in the manner described hereinabove, shall be effective
upon deposit. Notice given in any other manner shall be effective only if and when received:

 

	 	If
    to Executive:	Carlos
    A. Fernandez
	 	 	***
	 	 	 
	 	If
    to the Company:	Eco-Stim
    Energy Solutions, Inc.
	 	 	2930
    West Sam Houston Pkwy. South, Ste. 275
	 	 	Houston,
    TX 77042
	 	 	Attn:
    Chief Executive Officer

 

14.
Waiver. No waiver by either Party to this Agreement of any right to enforce any term or condition of this Agreement,
or of any breach hereof, shall be deemed a waiver of such right in the future or of any other right or remedy available under
this Agreement.

 

15.
Entire Agreement. Except as may be provided in the Indemnification Agreement dated January 23, 2012 between Executive
and Frac Rock International, Inc., the predecessor of the Company’s subsidiary EcoStim International, Inc., and any stock
option or restricted stock grant agreement(s) with the Company and its subsidiaries and their respective predecessors, the terms
of this Agreement are intended by the Parties to be the final expression of their agreement with respect to the employment of
Executive by the Company and supersede all prior understandings and agreements, whether written or oral. In the event of a conflict
between these agreements, it is intended that Executive shall be granted the greater of rights for his benefit(s). Notwithstanding
the foregoing, this Agreement will not in any way affect the Executive’s stock options which are governed by his option
agreement and the Company’s stock option plan, except to the extent expressly provided for in such agreement or plan. The
Parties further intend that this Agreement shall constitute the complete and exclusive statement of their terms and that no extrinsic
evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary the terms of this Agreement.

 

16.
Modification of Agreement. This Agreement may not be changed or modified or released or discharged or abandoned or
otherwise terminated, in whole or in part, except by an instrument in writing signed by Executive and an officer or other authorized
executive of the Company.

 

17.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas,
without regard to the conflicts of laws principles thereof.

 

18.
Jurisdiction and Venue. With respect to any litigation regarding this Agreement, Executive and the Company agree to
venue in the state or federal courts in Harris County, Texas, and agrees to waive and does hereby waive any defenses and/or arguments
based upon improper venue and/or lack of personal jurisdiction. By entering into this Agreement, Executive and the Company agree
to personal jurisdiction in the state and federal courts in Harris County, Texas.

 

    	10

    	 

    

 

19.
Compliance With Section 409A.

 

(a)
Delay in Payments. Notwithstanding anything to the contrary in this Agreement, if upon the Termination Date, any stock
of the Company is publicly traded on an established securities market within the meaning of Code Section 409A, and in the opinion
of reputable outside counsel engaged by the Company and acceptable to Executive, Executive is a “specified employee”
within the meaning of Code Section 409A and the deferral of any amounts otherwise payable under this Agreement as a result of
Executive’s termination of employment is necessary in order to prevent any accelerated or additional tax to Executive under
Code Section 409A, then the Company will defer the payment of any such amounts hereunder until the earlier of: (i) the date that
is six (6) months following the date of Executive’s termination of employment with the Company, or (ii) the date of Executive’s
death, at which time any such delayed amounts will be paid to Executive in a single lump sum.

 

(b)
Reformation. If any compensation or benefits provided by this Agreement may result in the application of Code Section
409A, the Company shall, in consultation with Executive, modify the Agreement in the least restrictive manner necessary in an
effort to exclude such compensation from the definition of “deferred compensation” within the meaning of such Code
Section 409A or in an effort to comply with the provisions of Code Section 409A, other applicable provision(s) of the Code and/or
any rules, regulations or other regulatory guidance issued under such statutory provisions, without any diminution in the value
of the payments or benefits to Executive. Notwithstanding the foregoing, the Company shall not be required to assume any increased
economic burden.

 

(c)
Overall Compliance. In the event that it is reasonably determined by the Company and Executive that, as a result of
Code Section 409A, any of the payments that Executive is entitled to under the terms of this Agreement or any nonqualified deferred
compensation plan (as defined under Section 409A) may not be made at the time contemplated by the terms hereof or thereof, as
the case may be, without causing Executive to be subject to an income tax penalty and interest, the Company will make such payment
on the first day that would not result in Executive incurring any tax liability under Section 409A.

 

(d)
Consultation with Tax Advisor. Executive is hereby advised to consult immediately with his own tax advisor regarding
the tax consequences of this Agreement, including the consequences of Code Section 409A.

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement in multiple copies, effective as of the date first written above.

 

	EXECUTIVE:	 	COMPANY:
    

    Eco-Stim Energy Solutions, Inc.
	 	 	 	 	 
	/s/
    Carlos A. Fernandez 	 	/s/
    J. Christopher Boswell 
	Carlos
    A. Fernandez	 	J.
    Christopher Boswell
	 	 	 	 	 
	Date:	7/9/14
    	 	Date:	7/9/14
    

 

    	1131
de Julio del 2014

 

Feadar
S.A

Ruta
22 y Luis Toschi

(8324)
Cipolletti

Rio
Negro

Argentina

 

Ref.:
Orden de Compra NY-00001_14

 

De
nuestra consideratión:

 

Me
dirijo a ustedes en mi carácter de representante legal de VIKING ROCK AS, una sociedad registrada bajo las leyes
de Noruega (“Viking”), y que se encuentra en proceso de registro como Sucursal Argentina ante el Registro Público
de Comercio de la Ciudad Autónoma de Buenos Aires, Inspección General de Justica, con domicilio en Uruguay 1134,
1° Piso.

 

Por
media de la presente, solicitamos a Uds. comprar los productos que se detallan en el Anexo I, de acuerdo a los términos
y condiciones que se detallan en el Anexo II, ambos adjuntos a la presente.

 

De
ser aceptada esta orden de compra por ustedes en las condiciones y con el alcance mencionado antefiormente, reflejará el
entendimiento entre Viking y ustedes.

 

Atentamente,

 

	 	VIKING
    ROCK AS, Sucursal Argentina
	 	 
	 	/s/
    Ernesto Sotomayor
	 	Ernesto Sotomayor

 

Brendehaugen
20, 6065 Ulsteinvik 1816 Ulstein, Norway

 

    	 

    	 

    

 

 

 

Anexo
I

 

Orden
de Compra NY-00001_14

 

Productos

 

	Cantidad	 	Descripción	 	Precio	 	Total
	 	 	 	 	 	 	 
	2	 	CHASIS
    CON CABINA MARCA SCANIA, MODEL° P410 CB6X4, 0 KM, AÑO 2014, CABINA CP19, CON UN DORMITORIO, CON MOTOR DIESEL SEIS
    CILINDROS, TURBO INTERCOOLER DE 410 CV, 1NYECCIÓN ELECTRÓNICA, NIVEL DE EMISION EURO 3, DOBLE DIFERENCIAL CON
    TUBOS REDUCTORES, CAPACIDAD DE TRACCION DE HASTA 150 TN, TRABA EN DIFERENCIALES, SUSPENSION DELANTERA PARA 9000 KGS CON ELASTICOS
    TRAPEZOIDALES Y AMORTIGUADORES DE DOBLE EFECTO, SUSPENSION TRASERA A ELAST1COS TRAPEZOIDALES PARA 32000KGS, DISTANCIA ENTRE
    EJES 4900 MM, CAJA DE CAMBIOS GRS905 DE 14 MARCHAS HACIA ADELANTE (12 DE CARRETERA Y 2 SUPERLENTAS)Y 2 MARCHA ATRÁS,
    FRENOS TOTALMENTE NEUMATICOS CON 4 CIRCUITOS INDEPENDIENTES, REFRIGERADOR DE ACEITE DE CAJA DE CAM BIOS, CHASIS CON BASTIDORES
    DOBLES, LIMPIAFAROS DELANTERO, TAPIZADOS EN VINILO, C1ERRE CENTRALIZADO, FRENTE OFF ROAD, DOS TANQUE DE COMBUSTIBLE DE ALUMINIO
    LADO DERECHO 300 LADO IZQUIERDO 150LTRS, CALENTADOR DE COMBUSTIBLE, TOMA DE FUERZA, TACOGRAFO PARA 7 DIAS, LEVANTAVIDRIOS
    ELECTRICOS AMBAS PUERTAS, RADIO AM/FM C/CD MP3 CON COMAN DOS EN VOLANTE, CONTROL DE VELOCIDAD CRUCERO EN VOLANTE, AIRE ACONDICIONADO,
    ASIENTO DEL CONDUCTOR CON SUSPENSION NEUMATICA, ALARMA DE MARCHA ATRÁS, CORTE GENERAL DE CORRIENTE, CONECTORES Y DEMAS
    EQUIPAMIENTO DE FABRICA.	 	USD
    165.450,00 C/U	 	USD
    330.900,00

 

    	 

    	 

    

 

 

	Cantidad	 	Descripción	 	Precio	 	Total
	 	 	 	 	 	 	 
	13	 	CHASIS
    CON CABINA FRONTAL BAJA, CP19 CON DORMITORIO, MARCA SCAN IA, COLOR BLANCO, MODELO P410 CA 6X4, OKM, CON MOTOR DIESEL SEIS
    CILINDROS, TURBO INTERCOOLER DE 410 CV DIN, INYECCION ELECTRÓNICA CON INYECTOR BOMBA, NIVEL DE EMISION EURO 3, DOBLE
    DIFERENCIAL, CON CUBOS REDUCTORES, CAPACIDAD DE TRACCION DE HASTA 150 TN, TRABA DE DIFERENCIALES, SUSPENSION DELANTERA PARA
    9000 KGS CON ELASTICOS TRAPEZOIDALES Y AMORTIGUADORES DE DOBLE EFECTO, SUSPENSION TRASERA A ELASTICOS TRAPEZOIDALES PARA 32000
    KGS., DISTANCIA ENTRE EJES 3100 MM, CAJA DE CAMBIOS GRS900 DE 14 MARCHAS HADA ADELANTE (12 DE CARRETERA Y 2 SUPERLENTAS) Y
    2 MARCHA ATRÁS, FREANOS TOTALmENTE NEUMATICOS CON 4 CIRCUITOS INDEPENDIENTES, REFRIGERADOR DE ACEITE DE CAJA DE CAM
    BIOS, CHASIS CON BASTIDORES DOBLES, DOS TANQUES DE COMBUSTIBLE DE 300 LTS, TACOGRAFO PARA 7 DIAS, LEVANTAVIDRIOS ELECTRICOS
    AMBAS PUERATS, CORTINAS DE PARABRISAS Y PUERTAS, RADIO AM/FM C/CD MP3 CON COMANDO EN EL VOLANTE, CONTROL DE VELOCIDAD CRUCERO
    EN VOLANTE, AIRE ACONDICIONADO, ASIENTO DEL CONDUCTOR CON SUSPENSION NUEUMATICA, CORTE GENERAL DE CORRIENTE, PARAGOLPES DELANTERO
    DE ACERO, PARRILLA OFF ROAD Y GUARDABARROS TRASERO, PLATO DE ENGANCHE PARA PERNO DE 2”, CONECTORES Y DEMAS EQUIPAMIENTO
    ORIGINAL DE FABRICA	 	USD
    159.986,00 C/U	 	USD
    2.079.818,00
	 	 	 	 	 	 	 
	15	 	TOMA
    DE FUERZA EG66F	 	USD
    982,00 C/U	 	USD
    14.730,00
	 	 	 	 	 	 	 
	15	 	SUSPENSION
    NEUMATICA TRASERA	 	USD
    2.550,00 C/U	 	USD
    38.250,00

 

    	 

    	 

    

 

 

	Cantidad	 	Descripción	 	Precio	 	Total
	 	 	 	 	 	 	 
	13	 	POR
    LA PROVISION Y MONTAJE DE 1 ESTRUCTURA ANTIVUELCO EN CAÑO ESTRUCTURAL DE 114 DE DIAMETRO X 4.75MM DE ESPESOR, SOLDADO
    A UNA PLATINA ABULONADA DE CHAPA DE 5/16” DE ESPESOR, UNA PLATAFORMA ANTIDESLIZANTE CON BASTIDOR DE CAÑO ESTRUCTURAL
    40X40X2 Y DESPLEGADO DE 9.5 KG/MT2 Y PORTA AUXILIO CON BULON Y MARIPOSA	 	USD
    3.320,00 C/U	 	USD
    43.160,00
	 	 	 	 	 	 	 
	1	 	CHASIS
    CON CABINA FRONTAL BAJA, CP19 CON DORMITORIO, MARCA SCANIA, COLOR BLANCO, MODELO P410 CA 8X4, OKM, CON MOTOR DIESEL SETS CILINDROS,
    TURBO INTERCOOLER DE 410 CV, INYECCION ELECTRÓNICA. CONTROL CRUISE, COMPRENSOR DE 2 CILINDROS, GESTION ELECTRONICA
    DE COMBUSTIBLE EMISIONES EURO III, FRENO DE MOTOR CONVENCIONAL, ALTERNADOR 28V / 90-100 AMP, ESCAPE Y SILENCIADOR VERTICAL
    DE ACERO INOXIDABLE, BATERIA LIBRE DE MANTENIMIENTO, CORTACORRIENTE LADO CONDUCTOR, TOMA DE AIRE ALTA, PARAGOLPES DE ACERO,
    GUARDABARROS DELANTEROS Y TRASEROS, DISTANCIA ENTRE EJES 5900, CAPACIDAD EJE DELANTERO 7-7.5 TON, SUSPENSION A BALLESTAS PARABOLICAS
    CON AMORTIGUACION, FRENOS DE TAMBOR CON COMPENSADOR DE DESGASTE AUTOMATICO, DIRECCION HIDRAULICA ABS, CAPACIDAD DE EJE TRASERO
    21 TON, SUSPENSION NEUMATICA, DOOBLE DIFERENCIAL CON BLOC:WE° PARCIAL Y TOTAL Y CUBOS REDUCTORES, RELACION DE DIFERENCIAL
    3.67, CONTROL DE TRACCION, CAJA DE CAMBIO DE 12 MARCHAS HACIA ADELANTE, CON OPTICRUISE, TOMA DE FUERZA EG661F, SECADOR DE
    AIRE, TANQUES CON VALVULA DE PURGUE, KIT DE CONEXIÓN A TRAILER DE 8 MTS, RODADO TOTAL RADIALES 295/80/22.5, LLANTAS
    DE ACERO DE 9.00X22.5”. TANQUE DE COMBUSTIBLE LADO IZQUIERDO 330C Y LADO DERECHO 440C, ESPEJO CONVEXO CIRCULAR PUERTA
    DERECHA, AIRBAG CONDUCTOR CON CINTURONES INERCIALES, AIRE ACONDICIONADO Y CALEFACCION, REDIO CD/MP3 CON COMANDO SATELITAL
    EN VOLANTE, VISERA PARASOL, ALARMA DE RETROCESO, SALIDA 12V, KIT BALIZAS TRIANGULARES Y GATO, BOCINA DE AIRE, FAROS ANTINIEBLA
    Y LARGO ALCANCE CON PROTECTOR, COMPUTADORA DE A BORDO, COLOR CABINA BLANCO Y ESPECIFICACIONES TECNICAS SEGÚN SOLICITUD.	 	USD
    201.482,00	 	USD
    201.482,00
	 	 	 	 	 	 	 
	1	 	COLOCACION
    COMPLETA DE EJE DE SUSPENSION NEUMATICA CON LLANTAS Y CUBIERTAS MARCA BOERO, COLOCADO ENTRE EJES	 	USD
    13.750,00	 	USD
    13.750,00
	 	 	 	 	 	 	 
	TOTAL	 	 	 	 	 	USD
    2.722.090,00

 

*          *         *

 

    	 

    	 

    

 

 

Anexa
II

 

Términos
v Condiciones

 

Orden
de Compra NY-00001_14

 

	 	●	Dentro
    de los 20 días de la presente Orden de Compra Viking Rock AS abonará la suma de USD160.000,00 (USD10.000,00
    por unidad) en pesos a la cotización en el Mercado Libre de Cambios del Banco de la Nación Argentina para el
    Tipo Vendedor al cierre del día anterior al de pago.
	 	 	 
	 	●	Los
    camiones serán entregados dentro de los 60 días de la fecha de la presente Orden de Compra en Neuquén.
	 	 	 
	 	●	Los
    Valores indicados en el Anexo 1 no incluyen el IVA de 10.5%,
	 	 	 
	 	●	El
    saldo será pagado contra entrega de los camiones.

 

Nota:
Feadar S.A. y Viking Rock. AS trabajarán en conjunto hasta el momenta de la entrega para intentar obtener una financiación
a 12 meses con un 50% de pago al contado.

 

*          *          *

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