Document:

Exhibit 10.2

 

ADVISOR
AGREEMENT

(BUSINESS
ADVISOR) 

 

THIS ADVISOR AGREEMENT
(this “Agreement”), dated June 8, 2016 (the “Effective Date”), is by and between Glori Energy,
Inc., a Delaware corporation (the “Company”), and Stuart Page (“Advisor”).

 

Article
1

Services

 

Advisor shall provide
advisory services to the Company from time to time at the Company’s request, which advisory services shall include but not
be limited to the following: transition services to enable the interim chief executive officer to discharge his duties, consulting
with the Company’s management regarding projects and potential transactions; attending business meetings with the Company’s
management, other meetings and telephone conferences relevant to Advisor’s area of expertise and prior service as the Company’s
chief executive officer (the “Services”) provided, that no Services shall be provided or communications initiated
with any officer or employee of the Company with respect to Services without the prior approval of the Company’s interim
chief executive officer.  

 

Article
2

Consideration

 

2.1Consideration.
In consideration of the entry into that certain Separation Agreement entered into between Company and Advisor on the date of this
Agreement, Advisor agrees to provide the Services.

 

2.2Expenses.
The Company shall reimburse Advisor for reasonable travel and other business expenses that are incurred by Advisor in the performance
of the Services and are approved in advance by the Company, in accordance with the Company’s general policies, as may be
amended from time to time. Advisor shall provide the Company with an itemized list of all such expenses and supporting receipts
with each invoice therefor.

 

Article
3

Term
and Termination

 

3.1Term.
 This Agreement shall commence on the Effective Date and remain in full force and effect until April 1, 2017.

 

3.2Termination.
 Either party may terminate this Agreement at any time upon thirty (30) days’ prior written notice.

 

3.3Effect
of Termination.  Upon termination of this Agreement, Advisor shall immediately cease performing the Services.  This
Section 3 and the relevant portions of Section 4 shall survive any termination of this Agreement.  Any termination of this
Agreement shall be deemed a Termination of Service under the Plan and for purposes of the Award Agreement.

 

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3.4Delivery
of the Company Property.  Upon termination of this Agreement, or at any time the Company so requests, Advisor shall deliver
immediately to the Company or destroy all property belonging to the Company, whether given to Advisor by the Company or prepared
by Advisor in the course of rendering the Services, including all material in Advisor’s possession containing proprietary
information and any copies thereof, whether prepared by Advisor or others. Following termination, Advisor shall not retain any
written or other tangible (including machine-readable) material containing any Company proprietary information.

 

Article
4

Miscellaneous

 

4.1Assignment.
 Neither party shall assign, sell, transfer, delegate or otherwise dispose of, whether voluntarily or involuntarily, by operation
of law or otherwise, this Agreement or any or its rights or obligations under this Agreement; provided, however,
the Company may assign, sell, transfer, delegate or otherwise dispose of this Agreement or any of its rights and obligations hereunder
as part of a merger, consolidation, corporate reorganization, sale of all or substantially all of the Company’s assets of
the business to which Advisor’s services relate, sale of stock, change of name or like event.  Any purported assignment,
sale, transfer, delegation or other disposition, except as permitted herein, shall be null and void.  Subject to the foregoing,
this Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors and permitted
assigns.

 

4.2Notices.
 Any notice, request, demand or other communication required or permitted hereunder shall be in writing, shall reference this
Agreement and shall be deemed to be properly given: (a) when delivered personally; (b) when sent by facsimile, with written
confirmation of receipt by the sending facsimile machine; (c) five (5) business days after having been sent by registered
or certified mail, return receipt requested, postage prepaid; or (d) upon receipt for an express courier, with written confirmation
of receipt.  All notices shall be sent to the address set forth on the signature page of this Agreement and to the notice
of the person executing this Agreement (or to such other address or person as may be designated by a party by giving written notice
to the other party pursuant to this Section).

 

4.3Severability.
 If any provision of this Agreement, or the application thereof to any person, place or circumstance, shall be held by a court
of competent jurisdiction to be invalid, void or otherwise unenforceable, such provision shall be enforced to the maximum extent
possible so as to effect the intent of the parties, or, if incapable of such enforcement, shall be deemed to be deleted from this
Agreement, and the remainder of this Agreement and such provisions as applied to other persons, places and circumstances shall
remain in full force and effect.  Company and Advisor have entered into the Separation Agreement as of the date of this Agreement.
In the event of any conflict the terms of the Separation Agreement shall control.

 

4.4Governing
Law.  This Agreement is to be construed in accordance with and governed by the internal laws of the State of Texas without
giving effect to any choice of law rule.

 

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4.5Relationship
of Parties.  This Agreement shall not be construed as creating an agency, partnership, joint venture or any other form
of association, for tax purposes or otherwise, between the parties; and the parties shall at all times be and remain independent
contractors; provided, that for the avoidance of doubt, the parties agree that severance payments received by the Advisor pursuant
to the Separation Agreement shall be taxed as employment compensation. Advisor shall not be entitled to any of the benefits that
the Company may make available to its employees, such as group health, life, disability or worker’s compensation insurance,
profit-sharing or retirement benefits, and the Company shall not withhold or make payments or contributions therefor or obtain
such protection for Advisor or his employees, contractors or agents.  Advisor shall be solely responsible for all tax returns
and payments required to be filed with or made to any federal, state or local tax authority with respect to Advisor’s performance
of services and receipt of fees under this Agreement.

 

Advisor’s responsibility
hereunder shall be limited to advising the Company on matters specifically request by the Company.

 

4.6Headings.
The headings used in this Agreement are for convenience only and shall not be considered in construing or interpreting this Agreement.

 

4.7Entire
Agreement. Except for the Separation Agreement which shall control in all respects, this Agreement is the final, complete and
exclusive agreement of the parties with respect to the subject matter hereof

 

4.8Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall be considered
one and the same agreement.

 

 

[Signature page to
follow]

  

    	 	- 3 -	 

     

    

IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered
as of the Effective Date.

 

	 	GLORI ENERGY INC.
	 	 
	 	 
	 	Kevin Guilbeau 
	 	Executive Chairman
	 	 
	 	 
	 	ADVISOR
	 	 
	 	 
	 	Stuart Page 

  

 

 

Advisory Board AgreementExhibit 10.3

 

AMENDMENT
TO

INCENTIVE STOCK OPTION AGREEMENTS

 

THIS
AMENDMENT is made by Glori Energy Inc. (the “Company”) and Stuart Page (the “Optionee”),

 

WITNESSETH:

 

WHEREAS,
the Company and the Optionee entered into Incentive Stock Option Agreements under the Glori Energy Inc. 2006 Stock Option and Grant
Plan (formerly known as the Glori Oil Limited 2006 Stock Option and Grant Plan (the “Plan”) on March 27, 2007,
October 15, 2009, October 15, 2010, December 26, 2011, June 4, 2013, June 4, 2013 and December 16, 2013 (collectively, the “Agreements”);

 

WHEREAS,
the Optionee will incur a termination of employment with the Company on June 8, 2016;

 

WHEREAS,
the Agreements generally provide that a Stock Option must be exercised by no later than three months after the date
of termination or the Expiration Date (as defined in the Agreements), if earlier; and

 

WHEREAS,
the Company and the Optionee have determined to amend the Agreements to provide that the Optionee may exercise the Stock
Options by no later than April 1, 2017 or until the Expiration Date, if earlier; and

 

NOW,
THEREFORE, the Agreements are amended as follows:

1.Notwithstanding anything contained
in the Agreements to the contrary, the Stock Options provided for under the Agreements may be exercised by the Optionee until the
earlier of (a) April 1, 2017 or (b) the Expiration Date (set forth in the Agreement). Therefore, the Stock Option provided for
under the Incentive Stock Option Agreement between the Company and the Optionee that was entered into on March 27, 2007, relating
to 99,944 shares (as adjusted), may not be exercised after March 27, 2017. All other Stock Options provided for under the Agreements
may not be exercised after April 1, 2017.

 

2.The Company and the Optionee
agree that the Stock Options provided for under the Agreements will not qualify as “incentive stock options” as defined
in Section 422 of the Internal Revenue Code of 1986, as amended.

  

    

    

    

  

IN
WITNESS WHEREOF, the Company and the Optionee have entered into this Amendment on this 8th day of June 2016. 

 

 

	 	GLORI ENERGY INC.
	 	 	 
	 	By:	 
	 	 	 
	 	 	 
	 	OPTIONEE
	 	 	 
	 	 
	 	Stuart Page

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