Document:

imc_ex102.htm

EXHIBIT 10.2 
  AGREEMENT AND PLAN OF MERGER
   
  This Agreement and Plan of Merger (“Agreement”) is made effective August 8, 2012, between IMC Holdings, LLC a Texas limited liability Company (the “LLC”), and IMC Holdings, Inc., a Nevada corporation (the “Company).
   
  RECITALS
   
  A. The Company is a corporation organized under the laws of the State of Nevada, with an address of 25329 I 45 North, Suite B, The Woodlands, TX 77380, of which the Founders (as defined below) currently hold 25,050,000 shares of common stock.
   
  B. The LLC is a limited liability company organized under the laws of the State of Texas, with an address at 25329 I 45 North, Suite B, The Woodlands, TX 77380.
   
  C. The parties intend the LLC merge with and into the Company on the terms and condition set forth in this Agreement and the applicable provisions of Texas and Nevada laws (the “Merger”).
   
  D. This Agreement is intended to set forth the provisions relating to the consummation of the Merger.
   
  NOW, THEREFORE, the parties agree as follows:
   
  I. DEFINITIONS
   
  1.1 “Articles of Merger” shall mean articles of merger in the form prescribed by the Nevada Secretary of State to be filed with the Nevada Secretary of State pursuant hereto.
   
  1.2 “Certificate of Merger” shall mean a certificate of merger in the form prescribed by the Texas Secretary of State to be filed with the Texas Secretary of State pursuant hereto.
   
  1.3 “Closing” shall mean the closing of the transactions contemplated by this Agreement.
   
  1.4 “Common Stock” shall mean the shares of common stock of the Company to be issued pursuant hereto, 25,050,000 shares of common stock outstanding as of the date hereof held by the Founders, 500,000 shares issued to investors and 1,000,000 shares of common stock to be issued to Robert Zayas Jr. M.D. the Single Member of the LLC upon the consummation of the Merger.
   
  1.5 “Effective Time” shall mean the time when the Certificate of Merger is properly filed with the Texas Secretary of State and the Articles of Merger is properly filed with the Nevada Secretary of State.
   
  	 
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  1.6 “Founders” shall mean Robert Zayas Family Trust, Robert Zayas Jr. M.D, General Pacific Partners, LLC, TVP Investments LLC , Jeffrey Zwitter, Timothy J. Connoly, and Robert Wilson collectively.
   
  1.7 “LLC Units” shall mean units of memberships interests in the LLC issued under the LLC’s Operating Agreement currently in effect, consisting of Common Unites Held by Robert Zayas Jr.
   
  1.8 “Members” shall mean the holders of LLC Units.
   
  1.9 “Surviving Entity” shall mean the Company.
   
  II THE MERGER
   
  1. Closing. The Closing shall be held on such date as the LLC and the Company shall agree, but in no event more than five business days following satisfaction of all conditions precedent to the Merger specified in this Agreement. The closing shall be held at the offices of the Bingham Law Group APC, located at 2173 Salk Avenue, suite 250, Carlsbad, CA 92008 at 10:00 am on such date, or at such other time and place as the parties may agree to in writing.
   
  2. Certificate of Merger: Articles of Merger. Subject to the terms and conditions of this Agreement, at or before the Closing, the Company and the LLC shall, to the extent required, execute and deliver the Certificate or Merger and Articles of Merger. Within two (2) days after the Closing, the parties shall deliver the Certificate or Merger and the Articles of Merger, together with the filing fees, to the Texas Secretary of State and the Nevada Secretary of State, respectively, for filing.
   
  3. Consequences of the Merger. At the Effective Time:
   
  (a) The Merger shall become effective:
   
  (b) The separate existence of the LLC shall cease, and the LLC shall be merged with and into the Company as the Surviving Entity;
   
  (c) The Member of the LLC shall become a shareholder of the Company, with the Single Member to receive 1,000,000 shares of the Company’s common stock for his Membership Unit outstanding at the Effective Time and the Founders shall be entitled to retain their shares of Common Stock held by them as of the date hereof.
   
  (d) The board of directors of the Company shall consist of the following persons: Robert Zayas Jr, who shall serve as director until his successors are elected.
   
  (e) The Merger shall have all the effects provided by applicable law, including without limitation Chapter 10 of the Texas Corporations Code and Section 92A.250 of the Nevada Revised Statutes, each of which provide in pertinent part that: (i) the Company shall succeed to all the rights and property of the LLC, without other transfer, act, or deed, and shall be subjected to all the debts and liabilities of the LLC in the same manner as if the Company incurred them; and (ii) all rights of creditors and all liens on the property of the LLC shall be preserved unimpaired, provided that such liens shall be limited to the property affected immediately before the Effective Time.
   
  	 
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  2.4 Further Acts After Effective Time. If at any time after the Effective Time, the LLC considers or is advised that any other actions or things are necessary or desirable (a) to vest, perfect or confirm of record or otherwise in the Company its right, title, or interest in, to, or, under any of the rights, properties, or assets of the LLC is authorized, in the name and on behalf of the LLC, to execute and deliver all such things and to take and do all such actions as may be necessary or desirable to vest, perfect, or confirm in the Company all rights, title and interests in, to, and under such rights, properties, or assets or to otherwise carry out this Agreement.
   
  III ORGANIZATIONAL DOCUMENTS
   
  3.1 The Articles of Incorporation of the Company currently in effect are attached hereto as Exhibit A (the “Articles”). The Articles shall continue in full force and effect immediately prior to the Effective Time.
   
  3.2 The bylaws of the Company currently in effect are attached hereto as Exhibit B (the “Bylaws). The Bylaws shall continue in full force and effect immediately prior to the Effective Time. Thereafter, the Bylaws may be amended in accordance with the Bylaws and Nevada Law.
   
  3.3 At the Effective Time, the Company’s Articles of Organization filed with the Nevada Secretary of State on August 26, 2011, and the IMC Holdings, LLC Operating Agreement shall each be deemed canceled.
   
  IV MANNER OF CONVERSION
   
  4.1 Manner of Converting LLC Units into Common Stock. The outstanding LLC Unite shall be converted in Common Stock of the Company (“Common Stock”) as follows: each Common Unit shall be converted into 1,000,000 shares of Common Stock. At the Effective Time: each Common Unit outstanding immediately prior to the Effective Time shall no longer be outstanding and shall automatically be converted into 1,000,000 shares of Common Stock, and any certificate or document previously representing any such Common Unit shall automatically be canceled. Within twenty (20) days after the Effective Time, the Stockholder shall receive certificates of the Company in the Stockholder’s name representing such number of shares of Common Stock that such Stockholder is entitled to receive pursuant to this conversion. The Single Member shall, within five (5) business days after the Effective Time, deliver to the Company for cancellation any certificate(s) or documents in the possession of the Member representing the LLC Units owned by the Single Member.
   
  4.2 Common Stock Outstanding. Each share of Common Stock held by the Founders as of the date hereof shall remain outstanding as of the Effective Time.
   
  	 
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  V. CONDITIONS TO LLC’S OBLIGATIONS
   
  All obligations of the LLC under this Agreement are subject to the satisfaction, at or before the Closing, of the following conditions:
   
  5.1 Agreement. The Company shall have delivered to the LLC duly executed copies of this Agreement, the Certificate of Merger and the Articles of Merger.
   
  5.2 Consents and Approvals. The Company and the LLC shall have obtained all consents and approvals of third parties (including governmental authorities) required for Company and the LLC to consummate the transactions contemplated by this Agreement, and no third party shall have withdrawn from or suspended any material license, permit, or contractual right of the Company.
   
  5.3 Other Legal Requirements. All statutory and the real requirements for the valid consummation of the Merger shall have been fulfilled.
   
  5.4 Shareholder Approval. This Agreement and the transactions contemplated by this Agreement shall have been approved by at least a majority of the holders of Common Stock entitled to vote on or consent in writing to the Merger.
   
  VI CONDITIONS TO COMPANYS OBLIGATIONS 
   
  The obligations of the Company under this Agreement are subject to the satisfaction, at or before the Closing, of the following conditions:
   
  6.1 Agreement. The Company shall have delivered to the LLC duly executed copies of this Agreement, the Certificate of Merger and the Articles of Merger.
   
  6.2 Member Approval. This Agreement and the transaction contemplated by this Agreement shall have been approved by the Single Member
   
  6.3 Consents and Approvals. The Company and the LLC shall have obtained all consents and approvals of third parties (include governmental authorities) required for Company and the LLC to consummate the transactions contemplated by this Agreement, and no third party shall have withdrawn from or suspended any material license, permit, or contractual right of the Company.
   
  6.4 Other Legal Requirements. All statutory and other legal requirements for the valid consummation of the Merger shall have been fulfilled.
   
  	 
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  VII. TERMINATION AND ABANDONMENT OF MERGER
   
  7.1 Termination by Mutual Consent. This Agreement may be terminated at any time before the Closing by the mutual written consent of the Company and the LLC.
   
  7.2 Termination by LCC. The LLC may terminate this Agreement at any time before the Closing by delivery of written notice to the Company if the Company has violated this Agreement in any material respect or the Closing has not occurred by December 31, 2012.  
   
  7.3 Termination by Company. The Company may terminate this Agreement at any time before the Closing by delivery of written notice to the LLC if the LLC has violated this Agreement in any material respect or if the Closing has not yet occurred by December 31, 2012.
   
  7.4 Effect of Termination. If this Agreement is terminated under this Article VII:
   
  (a) This Agreement shall become void and of no further force of effect, with no liability or obligation on the part of the LLC or the Company, expect that nothing in this provision shall receive any party of any liability for willful breach of this Agreement.
   
  (b) The Merger may be abandoned; and
   
  (c) The LLC shall bear the costs associated with this Agreement and all transactions contemplated by this Agreement.
   
  VIII. MISCELLANEOUS 
   
  8.1 Headings. The headings in this Agreement are included for convenience only and shall affect neither the construction or interpretation of any provision in this Agreement nor any of the rights or obligations of the parties to this Agreement.
   
  8.2 Binding Nature. This Agreement shall be binding on and inure to the benefit of the parties hereto.
   
  8.3 Applicable Law. This Agreement shall be governed by Nevada Law, excluding any laws that direct the application of another jurisdiction’s laws. The parties shall submit any dispute to the jurisdiction of the federal and state courts of Nevada.
   
  8.4 Exhibits. The exhibits attached to this Agreement by this reference are incorporated into and constitute a part of this Agreement.
   
  8.5 Further Assurances. Each party to this Agreement shall execute and deliver all instruments and documents and take all actions as may be reasonably required or appropriate to carry out the purposes of this Agreement.
   
  	 
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  IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first set forth above.
   
   
  	  IMC Holdings, LLC,
a Texas limited liability company
	 
	 	 	 
	By:	/s/ Roberto Zayas Jr. MD.	 
	Name:	Roberto Zayas Jr. MD.	 
	Title:	Managing Member	 
		 	
	  IMC Holdings Inc.,
a Nevada Corporation
	
		 	
	By:	/s/ Roberto Zayas Jr. MD.	
	Name:	Roberto Zayas Jr. MD.	
	Title:	President	

   
   
  6ex10-1.htm

Exhibit 10.1

 

 

	
 
	
September 10, 2015

 

Mr. Daniel Ogbonna

4116 Judson Avenue

West University Place

Houston, TX 77005

 

Re: Offer of Employment as Senior Vice President and Chief Financial Officer

 

Dear Mr. Ogbonna:

 

It is our pleasure to extend to you on behalf of Erin Energy Corporation (the “Company”), an offer of employment as the Company’s Senior Vice President and Chief Financial Officer commencing as of September 10, 2015, in accordance with the terms and conditions contained in this letter agreement (the “Agreement”), the adequacy and sufficiency of which are hereby acknowledged: 

 

1.     DUTIES.  The Company requires that you be available to perform the duties of Senior Vice President and Chief Financial Officer customarily related to these functions as may be determined and assigned by your supervisor and the Board of Directors of the Company (the “Board”) and as may be required by the Company’s constituent instruments, including its certificate or articles of incorporation, bylaws and its corporate governance, each as amended or modified from time to time, and by applicable law, including the Delaware General Corporation Law. Subject to the terms of this Agreement, the Company shall have the right, to the extent the Company from time to time reasonably deems necessary or appropriate, to change your position or reporting relationship, and to expand or reduce your duties and responsibilities. You will report to the Chief Executive Officer and you agree to devote as much time as is necessary to discharge and perform completely the duties described in this Section 1, and perform such other duties as your supervisor and the Board may from time to time assign to you. The location of your employment shall be the Company’s office in Houston, Texas. The Company will, at the discretion of your supervisor, require you to travel frequently. 

 

2.     TERM.  The term of this Agreement shall commence on September 10, 2015, and shall continue until your employment is terminated by the Company or by you. 

 

3.    COMPENSATION.  For all services to be rendered by you to the Company in any capacity hereunder, the Company agrees to pay you the following compensation:

 

	 	
a.
	
During the term of your employment with the Company you will receive a base salary of US$295,000.00 per annum (the “Base Salary”), paid in arrears and in equal installments in accordance with the customary payroll practices of the Company. 

 

	 	
b.
	
The Company will recommend that the Board approve for you to receive an option to purchase for you to receive an option to purchase 133,334 shares of the Company’s common stock (the “Option”) under the Company’s 2009 Equity Incentive Plan (the “Plan”). The Option will be evidenced by an Option Agreement as contemplated by the Plan, which will govern the Option, notwithstanding any other provision in this Agreement. The exercise price of the Option will be the closing price of the Company’s common stock on your date of hire. The Option will vest in equal 1/3 annual installments on first three anniversary dates of your date of hire, subject to your continued service with the Company on such anniversary dates.

 

 

 

 

 

 

Mr. Daniel Ogbonna

Page 2 of 8

 

	 	
c.
	
The Company will recommend that the Board approve for you to receive 29,167 restricted shares of the Company’s common stock (the “Stock”) under the Plan. The Stock will be issued pursuant to a Restricted Stock Award Agreement as contemplated by the Plan, which will govern the Stock and your rights to the Stock, notwithstanding any other provision in this Agreement. The Stock shall be restricted and subject to forfeiture to the Company if your rights to the restricted Stock do not vest under the award agreement. Your rights to the Stock will vest with respect to 50% of the Stock on the one-year anniversary of your date of hire, and will vest with respect to the balance on the two-year anniversary of your date of hire, subject in both cases to your continued service with the Company on such anniversary date.

 

	 	
d.
	
You will be reviewed by your supervisor and the Board, not less than annually, and in connection with such review, will be eligible for a discretionary cash performance bonus each year targeted at between 0% to 100% of your then-current annual base salary, based on defined targets determined by your supervisor and the Board. You shall also be considered for additional grants of restricted stock and options in the Board’s sole discretion. You acknowledge that the Company is not obligated to award you any cash or equity bonus in any year.

 

You agree that if any payment of compensation paid to you by the Company or any affiliate, whether under this Agreement or otherwise, results in income or wages to you for federal, state, local or foreign income, employment or other tax purposes with respect to which the Company or any affiliate has a withholding obligation, the Company and its affiliates are authorized to withhold from such payment and any other cash, stock, property or other remuneration then or thereafter payable to you in any capacity any tax required to be withheld by reason of such income or wages.

 

4.     EMPLOYEE BENEFITS

 

	 	
a.
	
You shall be eligible to participate in the employee benefit plans, programs and policies maintained by the Company for similarly situated employees in accordance with the terms and conditions of such plans, programs, and policies as in effect from time to time.

 

	 	
b.
	
In accordance with and subject to the terms of the Company’s expense reimbursement policy, the Company shall pay or reimburse you for reasonable expenses actually incurred or paid by you in the performance of your services hereunder upon the presentation of expense statements or vouchers or such other appropriate supporting information as the Company may reasonably require of you. To the extent that a reimbursement amount is subject to section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the rules and regulations issued thereunder by the Department of Treasury and the Internal Revenue Service (“Section 409A”) the Company will pay you the reimbursement amount due, if any, in any event before the last day of your taxable year following the taxable year in which the expense was incurred. Your rights to any reimbursements are not subject to liquidation or exchange for another benefit. The amount of expense reimbursements for which you are eligible during any taxable year will not affect the amount of any expense reimbursements for which you are eligible in any other taxable year.

 

 

 

 

 

 

Mr. Daniel Ogbonna

Page 3 of 8

 

	 	
c.
	
You will be entitled to up to 28 days of paid time off per annum (pro-rated for partial years of service) in addition to the normal statutory holidays, provided, however, that vacation is to be taken at such times and intervals as may be agreed by the Company having regard to your workload and needs of the Company.

 

	 	
d.
	
You shall be entitled to the benefit of the indemnification provisions contained in the bylaws of the Company, as the same may be amended.

 

5.     CONFIDENTIALITY.  You acknowledge that, in order for the intents and purposes of this Agreement to be accomplished, you will necessarily be obtaining access to certain confidential information concerning the Company and its affairs, including, but not limited to business methods, information systems, financial data and strategic plans which are unique assets of the Company (“Confidential Information”). In accepting this offer, you covenant not to, either directly or indirectly, in any manner, utilize or disclose to any person, firm, corporation, association or other entity any Confidential Information. The obligations set forth in this paragraph shall survive any termination of this Agreement and your employment relationship with the Company.

 

6.     NON-COMPETE; NON-SOLICIT.  During the period of your employment with the Company and thereafter during the one-year period which starts on the date of the termination of your employment with the Company (the “Restricted Period”), you covenant and agree that, in connection with the business operations and prospective interests of the Company on the date of your termination as an employee of the Company, you shall not, directly or indirectly, own any interest in, manage, control, participate in, consult with, render services for, or in any manner engage in any businesses in competition with the Company or materially adverse to the Company (unless the Board shall have authorized such activity and the Company shall have consented thereto in writing). Investments in less than 5% of the outstanding securities of any class of the Company subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, shall not be prohibited by this section. For purposes of this Section 6, the term “Company” shall include the Company and any of its affiliates or subsidiaries or any company in which it is a minority shareholder or a joint venture partner. For purposes of this Section, the term “businesses” shall mean any enterprise, commercial venture, or project involving petroleum exploration, development, or production activities in the same geographic areas as the Company’s activities during the period of your employment. Further, during the period of your employment with the Company and thereafter during the Restricted Period, you covenant and agree that you will not directly or indirectly through another entity induce or otherwise attempt to influence any employee of the Company to leave the Company’s employment or in any way interfere with the relationship between the Company and any employee thereof. Further, you will not induce or attempt to induce any customer, supplier, licensee, joint venture partner, shareholder, licensor or other business relation of the Company to cease doing business with the Company or in any way interfere with the relationship between any such customer, supplier, licensee, joint venture partner, shareholder, licensor or business relation of the Company. 

 

If (i) pursuant to the arbitration process described in Section 14 of this Agreement (or such other process as to which the Company and you may agree upon in writing), it is determined that you have violated the provisions of this Section, and (ii) you have received a payment and/or entitled to future payments from the Company pursuant to Section 9 of this Agreement (the aggregate amount paid and payable to you thereunder is referred to as the “Aggregate Severance Amount”), then, in addition to any other remedies that the Company may have, you shall be obligated, and hereby agree, to pay the Company, as liquidated damages, all or such other portion of the Aggregate Severance Amount as the Board, in its sole discretion, shall determine.

 

 

 

 

 

Mr. Daniel Ogbonna

Page 4 of 8

 

7.     CONFLICTS OF INTEREST; COMPLIANCE WITH LAW.  You covenant and agree that you will not receive and have not received any payments, gifts or promises and you will not engage in any employment or business enterprises that in any way conflict with your service and the interests of the Company or its affiliates. In addition, you agree to comply with the laws or regulations of any country, including, without limitation, the United States of America, having jurisdiction over you, the Company or any of the Company’s subsidiaries. Further, you 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 or to any other person if you know, or have 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 you, the Company or any of the Company’s subsidiaries. By signing this Agreement, you acknowledge that you have 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 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 you, the Company or any of the Company’s subsidiaries. 

 

8.     AT-WILL EMPLOYMENT.  You should understand that your employment with the Company may be terminated by you or the Company at any time and for any reason. No provision of this Agreement or any other agreement with the Company shall be construed to create a promise of employment for any specific period of time. This Agreement supersedes in its entirety any and all prior agreements and understandings concerning your employment relationship with the Company, whether written or oral. 

 

9.     TERMINATION.

 

	 	
a.
	
With or without cause, you and the Company may each terminate this Agreement at any time after thirty (30) days advance written notice, and the Company will be obligated to pay you the compensation and expenses due up to the date of your Separation from Service. Notwithstanding the foregoing sentence, the Company will pay to you an amount equal to the Base Salary plus target annual bonus as determined by the Board for the year in which Separation from Service occurs (the “Separation Payment”) if you incur a Separation from Service due to your termination by the Company without “Cause” and shall also provide the benefits described in Section 9.b. below, and immediately accelerate by twelve (12) months the vesting of all outstanding Company restricted stock and options exercisable for Company Stock then held by you, with all vested Company options held by you (including accelerated options) remaining exercisable for a period of twelve (12) months following your date of Separation from Service, in exchange for a full and complete release of claims against the Company, its affiliates, officers and directors in a form reasonably acceptable to the Company (the “Release”), which Release has become irrevocable. For purposes of this provision, “Cause” means your (i) conviction of, or plea of nolo contendere to, a felony or any other crime involving moral turpitude; (ii) fraud on or misappropriation of any funds or property of the Company or any of its affiliates, customers or vendors; (iii)  willful violation of any applicable law, rule or regulation (other than minor traffic violations or similar offenses), or breach of fiduciary duty; (iv) willful failure to perform your responsibilities in the best interests of the Company or any of its affiliates; (v) illegal use or distribution of drugs; (vi) material violation of any rule, regulation, procedure or policy of the Company or any of its affiliates; or (vii) material breach of any provision of this Agreement or any other employment, non-disclosure, non-competition, non-solicitation or other similar agreement executed by you for the benefit of the Company or any of its affiliates, all as determined by the Board or the Company’s affiliate (as the case may be), which determination will be conclusive. The Separation Payment is intended to qualify as separation pay due to involuntary Separation from Service under Treasury Regulation §1.409A-1(b)(9)(iii). To the extent the Separation Payment, or any portion thereof, so qualifies or is otherwise exempt from the requirements of Section 409A, such amount shall be paid in 12 equal monthly installments on the last day of each of the first 12 months following the month of your Separation from Service, subject to the Release becoming irrevocable. If all or any portion of the Separation Payment does not qualify as separation pay due to involuntary Separation from Service under Treasury Regulation §1.409A-1(b)(9)(iii) and is not otherwise exempt from the requirements of Section 409A such amount shall be paid as follows: (a) if you are not a Specified Employee, such amount shall be paid in 12 equal monthly installments on the last day of each of the first 12 months following the month of your Separation from Service or (b) if you are a Specified Employee, such amount shall be paid in 6 monthly installments beginning the date that is six months following the date of your Separation from Service (and the first payment shall include all amounts that would have been paid to you earlier under this section had you not been a Specified Employee). For purposes of this Agreement, the terms “Separation from Service” and “Specified Employee” have the meanings ascribed to those terms in Section 409A.

 

 

 

 

 

Mr. Daniel Ogbonna

Page 5 of 8

 

	 	
b.
	
If (i) your employment with the Company is terminated by the Company without “Cause” as described in Section 9(a), (ii) you are an active participant in the Company’s group medical plan (the “Group Medical Plan”) on the date of your employment terminates, (iii) you timely elect to continue that Group Medical Plan coverage under section 4980B of the Code (“COBRA Continuation Coverage”), and (iv) you execute and do not revoke the Release, the Company will reimburse you, the excess, if any, of the amount you pay to the Company for such COBRA Continuation Coverage for up to the first 12 months you maintain such COBRA Continuation Coverage, above the amount of the applicable premium that you would have paid for comparable coverage during such 12 month period if you had remained an employee of the Company during such 12 month period. Any reimbursements by the Company to you required under this Section 9.b shall be made on the last day of each month you pay the amount required by this Section 9.b to the Company for such COBRA Continuation Coverage, for up to the first 12 months of COBRA Continuation Coverage. If you are a Specified Employee and the benefits specified in this Section 9.b are taxable to you and not otherwise exempt from Section 409A, the following provisions shall apply to the reimbursement or provision of such benefits. Any amounts to which you would otherwise be entitled under this Section 9.b during the first six months following the date of your Separation from Service shall be accumulated and paid to you on the date that is six months following the date of your Separation from Service. Except for any reimbursements under the applicable group health plan that are subject to a limitation on reimbursements during a specified period, the amount of expenses eligible for reimbursement under this Section 9.b, or in-kind benefits provided, during your taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year of yours. Any reimbursement of an expense described in this Section 9.b shall be made on or before the last day of your taxable year following your taxable year in which the expense was incurred. Your right to reimbursement or in-kind benefits pursuant to this Section 9.b shall not be subject to liquidation or exchange for another benefit. Subject to your Group Medical Plan COBRA Coverage Continuation rights under section 4980B of the Code, the benefits listed in this Section 9.b shall be reduced to the extent benefits of the same type are received by you, your spouse or any eligible dependent from any other person during such period, and provided, further, that you shall have the obligation to notify the Company that you or they are receiving such benefits.

 

 

 

 

 

Mr. Daniel Ogbonna

Page 6 of 8

 

	 	
c.
	
Notwithstanding any provision in this Agreement to the contrary, if you have not delivered to the Company an executed Release, which Release has become irrevocable, on or before the sixtieth (60th) day after the date of your Separation from Service, you shall forfeit all of the payments and benefits described in this Section 9 and shall be obligated to repay any such amounts (or the value thereof) that were provided prior to such time.

 

10.     EFFECT OF WAIVER.  The waiver by either party of the breach of any provision of this Agreement shall not operate as or be construed as a waiver of any subsequent breach thereof. 

 

11.     NOTICE.  Any and all notices referred to herein will be sufficient if furnished in writing at the addresses specified on the signature page hereto or, if to the Company, to the Company’s address as specified in filings made by the Company with the U.S. Securities and Exchange Commission. 

 

12.     GOVERNING LAW.  This Agreement will be interpreted in accordance with, and the rights of the parties hereto will be determined by, the laws of the State of Texas without reference to that state’s conflicts of laws principles. 

 

13.     ASSIGNMENT.  The rights and benefits of the Company under this Agreement will be transferable, and all the covenants and agreements hereunder shall inure to the benefit of, and be enforceable by or against, its successors and assigns. Your duties and obligations under this Agreement are personal and therefore you may not assign any right or duty under this Agreement without the prior written consent of the Company. 

 

14.     ARBITRATION AND GOVERNING LAW.   ANY UNRESOLVED DISPUTE OR CONTROVERSY BETWEEN YOU AND THE COMPANY ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT SHALL BE SETTLED EXCLUSIVELY BY ARBITRATION, CONDUCTED IN ACCORDANCE WITH THE RULES OF THE AMERICAN ARBITRATION ASSOCIATION THEN IN EFFECT. THE PARTIES SHALL EQUALLY DIVIDE AND PAY THE ADMINISTRATIVE COSTS OF ANY ARBITRATION UNDER THIS AGREEMENT, INCLUDING THE ARBITRATOR’S FEES. THE ARBITRATOR SHALL NOT HAVE THE AUTHORITY TO ADD TO, DETRACT FROM, OR MODIFY ANY PROVISION HEREOF. THE ARBITRATOR SHALL HAVE THE AUTHORITY TO ORDER REMEDIES WHICH YOU COULD OBTAIN IN A COURT OF COMPETENT JURISDICTION. 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, UNITED STATES OF AMERICA. NOTWITHSTANDING THE FOREGOING, THE COMPANY SHALL BE ENTITLED TO SEEK INJUNCTIVE OR OTHER EQUITABLE RELIEF FROM ANY COURT OF COMPETENT JURISDICTION, WITHOUT THE NEED TO RESORT TO ARBITRATION IN THE EVENT THAT YOU VIOLATE SECTIONS 5, 6 OR 7 OF THIS AGREEMENT. THIS AGREEMENT SHALL IN ALL RESPECTS BE CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF TEXAS. 

 

 

 

 

 

Mr. Daniel Ogbonna
Page 7 of 8
 

15.     MISCELLANEOUS.  If any provision of this Agreement will be declared invalid or illegal, for any reason whatsoever, then, notwithstanding such invalidity or illegality, the remaining terms and provisions of the this Agreement shall remain in full force and effect in the same manner as if the invalid or illegal provision had not been contained herein. 

 

16.     ARTICLE HEADINGS.  The article headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

 

17.     COUNTERPARTS.  This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one instrument. Facsimile execution and delivery of this Agreement is legal, valid and binding for all purposes. 

 

18.     ENTIRE AGREEMENT.  Except as provided elsewhere herein, this Agreement sets forth the entire agreement of the parties with respect to its subject matter and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party to this Agreement with respect to such subject matter. 

 

 

[Remainder of Page Left Blank Intentionally]

 

 

 

 

 

Mr. Daniel Ogbonna

Page 8 of 8

 

 

If you are in agreement with the terms set forth herein, please sign below. The offer set forth herein is in effect until the close of business at our Houston, Texas office on September 10, 2015.

 

 

	
 
	
Yours truly,
	
 

	 	 	 
	 	ERIN ENERGY CORPORATION	 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
       /s/ Kase Lukman Lawal
	
 

	
 
	
 
	
Dr. Kase Lukman Lawal
	
 

	
 
	
 
	
Chief Executive Officer
	
 

 

 

  

	
Agreed and Accepted this
	
 10th
	 	
day of September, 2015

	 	 	 	 

 

 

	
  /s/ Daniel Ogbonna
	
 

	
(Signature)
	
 

	
 
	
 

	
   Daniel Ogbonna 
	
 

	
(Print Name)
	
 

 

 

Signature Page to Offer Letter

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