Document:

Unassociated Document

    Exhibit
10.1

    LEASE
AGREEMENT

    

    This Lease Agreement (“Lease”), is entered into as of
December 29, 2009 (the “Effective Date”), by and
between Parkway Properties
LP, a Delaware limited partnership (“Landlord”), and Hyperdynamics Corporation
(“Tenant”).  In
consideration of the mutual covenants set forth herein, Landlord and Tenant
agree as follows:

    

    1.  Terms and
Definitions. The
following definitions and terms apply to this Lease (other words are defined
elsewhere in the text of this Lease):

    

    
      	
               
      

            	
              (a)

            	
              “Tenant’s Current
      Address”:

            

    

    
      
        	  	
                (b)

              	
                “Premises”: Suite 475 on
      the fourth floor in the Woodbranch Building located at 12012 Wickchester,
      Houston, Harris County, Texas 77079  (the “Building”)

              

      

    

    
      	
               
      

            	
              (c)

            	
              “Rentable Area of
      Premises”: 11,648  rentable square feet (“RSF”)

            

    

    
      	
               
      

            	
              (d)

            	
              “Rentable Area of
      Building”: 109.224
      RSF

            

    

    
      	
               
      

            	
              (e)

            	
              “Pro-rata
      Share”:  Tenant’s pro-rata share is 10.664%, which
      is determined by dividing the Rentable Area of Premises by the Rentable
      Area of Building.

            

    

    
      	
               
      

            	
              (f)

            	
              “Term”: a period of Sixty (60)
      months beginning on the Commencement Date and expiring at 6 o’clock PM
      Eastern time on the Expiration
Date.

            

    

    
      	
               
      

            	
              (g)

            	
              “Commencement Date”:
      Subject to and upon the terms and conditions set forth herein, the
      Commencement Date of this Lease shall be the later of (i) February 1, 2010,
      (ii) the date Tenant takes possession of all or any portion of the
      Premises, or (iii) Substantial Completion (defined in the Work Letter
      Agreement attached hereto and incorporated herein as Exhibit
      D).

            

    

    
      	
               
      

            	
              (h)

            	
              “Expiration Date”: 6
      o’clock PM local time on the last day of the full sixtieth (60th) month of
      the Term.

            

    

    
      	
               
      

            	
              (i)

            	
              “Base Rent”: amount of
      monthly installments payable by Tenant according to the provisions
      hereof:

            

    

    

    Month
1 – 9:  $0.00 per Rentable Square foot payable in monthly installments
of $0.00

    Month
10 - 12:   $18.00 per Rentable Square foot payable in monthly
installments of $17,472.00

    Month
13 – 24:  $18.50 per Rentable Square foot payable in monthly
installments of $17,957.33

    Month
25 – 36:  $20.00 per Rentable Square foot payable in monthly
installments of $19,413.33

    Month
37 – 48:  $22.00 per Rentable Square foot payable in monthly
installments of $21,354.67

    Month
49 – 60:  $25.00 per Rentable Square foot payable in monthly
installments of $24,266.67

    

    
      	
               
      

            	
              (j)

            	
              “Base Year”: Calendar
      year 2010.

            

    

    
      	
               
      

            	
              (k)

            	
              “Improvement Allowance”:
      none provided.

            

    

    
      	
               
      

            	
              (l)

            	
              “Security Deposit”:
      Tenant shall deliver to Landlord a security deposit equal to $50,000 at
      time of lease execution.   Landlord will refund $35,000 of
      the security deposit to Tenant at the end of the 25th
      month of payment as long as Tenant has not been in default and has had no
      interruptions in payment of rent under the terms of this
      Lease.  The remaining $15,000 will remain on account with
      Landlord throughout the term of the
Lease.

            

    

    
      	
               
      

            	
              (m)

            	
              “Guarantor”:   N/A.

            

    

    
      	
               
      

            	
              (n)

            	
              “Parking Spaces”: Up to forty-one (41) spaces in
      the attached parking garage at the following charges: twenty (20)
      Unreserved upper level parking spaces - $.00/space/month fourteen (14)
      lower level Unreserved parking spaces $.00/space/month, and Seven (7)
      Reserved parking spaces at $40.00/space/month plus sales
      tax.

            

    

    
      	
               
      

            	
              (o)

            	
              “Tenant’s Authorized
      Broker” is:  N/A

            

    

    
      	
               
      

            	
              (p)

            	
              “Landlord’s Authorized
      Broker” is: Parkway Realty
      Services, LLC, which is an affiliate of
  Landlord.

            

    

    
      	
               
      

            	
              (q)

            	
              “Laws” shall mean any and
      all laws, ordinances, rules, regulations and codes of any governmental or
      quasi-governmental entity applicable to the subject matter hereof,
      including, without limitation, all Laws relating to disabilities, health,
      safety or the environment.

            

    

    
      	
               
      

            	
              (r)

            	
              “Project”: shall include
      the Building, land, any parking facilities, plaza and common areas, and
      related equipment, fixtures and
improvements.

            

    

    

    2. Premises.  Subject
to and in accordance with the provisions hereof, Landlord leases to Tenant and
Tenant leases from Landlord the Premises as designated on Exhibit A. The Rentable Area
of the Premises and Building for all purposes shall be as set forth in Section
1(c) and 1(d), respectively.  The Rentable Area of the Premises
includes a pro rata portion of all Building common areas.  Tenant
agrees that, except as expressly stated herein, no representations or warranties
relating to the condition of the Premises and no promises to alter, repair or
improve the Premises have been made by Landlord.  Except as otherwise
expressly provided in this Lease or any Work Letter Agreement executed by
Landlord and Tenant, Tenant agrees to accept the Premises in its current “AS IS, WHERE IS” condition and
acknowledges that LANDLORD
MAKES NO WARRANTIES, EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO,
IMPLIED WARRANTIES OF MERCHANTABILITY, HABITIBILITY AND/OR FITNESS FOR A
PARTICULAR PURPOSE, IN CONNECTION WITH THE PREMISES OR THE INITIAL
IMPROVEMENTS. Upon Tenant's taking possession for the purposes of
conducting business, the Premises, including all Initial Improvements shall be
deemed accepted by Tenant.

    

    
      
        
           

        

        
          1

          
            

          

        

        
           

        

      

    

    

    3.  Authorized
Use.  Tenant shall use the Premises solely for general business
office purposes, consistent with the uses of office buildings, and for no other
purpose.

    

    4.  Term.  This
Lease shall constitute a legally binding and enforceable agreement between
Landlord and Tenant as of the Effective Date.  Landlord and Tenant
shall confirm the Commencement Date and Expiration Date in writing within thirty
(30) days after the actual Commencement Date pursuant to the form
acknowledgement attached as Exhibit F.

    

    5.  Rental
Payment.  Commencing on the Commencement Date, Tenant agrees to
pay Rent (defined below) in monthly installments on the first day of each
calendar month during the Term, in lawful money of the United States of America
to the following address or to such other address as Landlord may designate from
time to time in writing:  Parkway
Properties LP,
Woodbranch
Building, P.O. Box 676453, Dallas, TX 75267-6453.  Tenant
agrees to timely pay all Base Rent and Additional Rent and all other sums of
money which become due and payable by Tenant to Landlord hereunder (collectively
“Rent”), without
abatement, demand, offset, deduction or counterclaim.  If Tenant fails
to pay part or all of the Rent within five (5) days after it is due, Tenant
shall also pay (i) interest at the Default Rate (defined below) on the unpaid
Rent, plus (ii) a late charge equal to five percent (5%) of the unpaid Rent or
the maximum then allowed by law, whichever is less.  If the Term does
not begin on the first day or end on the last day of a calendar month, the
installment of Rent for that partial month shall be prorated.

    

    6.  Rent.  Tenant
shall pay to Landlord as the base rent for the Premises (the “Base Rent”) the amount set
forth in Section 1, subject to adjustment as hereinafter provided. Nothing
contained herein shall be construed at any time so as to reduce the Base Rent
payable hereunder below the amount set forth above.

    

    Base Rent shall be adjusted in
accordance with the following provisions (any such adjustment hereinafter the
“Base Rent
Adjustment”).  Base Rent includes a component attributable to
Operating Expenses (defined below) per square foot of Rentable Area in the
Premises for the Base Year as specified in Section 1(“Base Operating
Expenses”).  Prior to January 1 of each year in the Term,
Landlord shall provide Tenant with an estimate of Operating Expenses for the
next calendar year in the Term (each, an “Operating
Period”).  If Operating Expenses per square foot of Rentable
Area during any Operating Period, as estimated by Landlord, exceed Base
Operating Expenses, Tenant shall pay Base Rent for such Operating Period equal
to the Base Rent set forth above adjusted upward by an amount equal to the
product of (i) the difference between Operating Expenses for such Operating
Period and the Base Operating Expenses, multiplied by (ii) the Pro-rata
Share.

    

    Landlord shall, within one hundred
twenty (120) days after the end of each Operating Period, furnish Tenant with a
statement of the Operating Expenses during such year and a computation of the
Base Rent Adjustment (“Expense
Statement”). Failure of Landlord to provide such statement within said
time period shall not be a waiver of Landlord's
right to collect any Base Rent Adjustment.  If such statement shows
that the actual amount Tenant owes is more than the estimated Base Rent
Adjustment paid by Tenant, Tenant shall pay the difference within thirty (30)
days after delivery of the Expense Statement.  If the Expense
Statement shows that Tenant paid more than the actual amount owed, Tenant shall
receive a credit therefor.  The credit shall be applied to future
monthly payments attributable to Base Rent Adjustment, or if this Lease has
expired, such amount shall be refunded to Tenant.

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

    7.  Operating
Expenses.

    

    (a)                     Definitions.                                 "Operating Expenses," as used
herein, shall mean all expenses, costs and disbursements of every kind and
nature relating to or incurred or paid during any Operating Period in connection
with the ownership, operation, repair and maintenance of the Building, garage,
land, plaza or greenspace, if any, equipment, fixtures and facilities used in
connection therewith (collectively, the “Project”) including, but not
limited to, wages and salaries of all employees directly engaged in the
operation, maintenance or security of the Project, including taxes, insurance
and benefits relating thereto; the cost of all labor, supplies, equipment,
materials and tools used in the operation and maintenance of the Project;
management fees; the cost of all legal and accounting expenses incurred in
connection with the ownership and operation of the Project; the cost of all
utilities for the Project, including, but not limited to, the cost of water,
sewer, waste disposal, gas, electricity and power for heating, lighting, air
conditioning and ventilating; the cost of all maintenance and service agreements
for the Project, including but not limited to, security service, window
cleaning, elevator maintenance and janitorial service; the cost of all insurance
relating to the Project, including, but not limited to, the cost of fire and
extended coverage, rental loss or abatement and casualty and liability insurance
applicable to the Project and Landlord's personal property used in connection
therewith, plus the cost of all deductible payments made by Landlord in
connection therewith; Taxes (defined below); the cost of all license and permit
fees; the cost of repairs, refurbishing, restoration and general maintenance; a
reasonable amortization charge on account of any capital expenditure incurred in
an effort (i) to comply with any governmental rule, regulation, law or
otherwise, or (ii) to reduce in the Operating Expenses of the Project; and, all
other items constituting operating and maintenance costs in connection with the
Project according to generally accepted accounting principles. Except as
specifically provided in the immediately preceding sentence, Operating Expenses
shall not include the following: (i) depreciation, (ii) leasing commissions,
(iii) repairs and restorations paid for by the proceeds of any insurance policy,
(iv) construction of improvements of a capital nature, (v) income and franchise
taxes other than that portion, if any, of income and franchise taxes which may
hereafter be assessed and paid in lieu of or as a substitute in whole or in part
for Taxes, or (vi) costs of utilities directly charged to and reimbursed by
Tenant or other tenants.  If less than ninety-five percent (95%) of
the Rentable Area of the Building is actually occupied during any Operating
Period, Operating Expenses shall be the amount that such Operating Expenses
would have been for such Operating Period had ninety-five (95%) of the Rentable
Area of the Building been occupied during all such Operating Period, as
determined by Landlord. Tenant, at its cost, shall have the right to inspect, in
Landlord's offices, during Landlord's usual business hours, within the sixty
(60) day period following delivery of the Expense Statement, Landlord's records
of the Operating Expenses referred to in such statement. If within such sixty
(60) day period neither party hereto delivers to the other party a notice
referring in reasonable detail to one or more errors in such statement, it shall
be deemed conclusively that the information set forth in the Expense Statement
is correct.

    

    "Taxes" means all ad valorem
taxes, personal property taxes, and all other taxes, assessments, and all other
similar charges, if any, which are levied, assessed, or imposed upon or become
due and payable in connection with, or a lien upon, the land, the Building or
facilities used in connection therewith, and all taxes of whatsoever nature that
are imposed in substitution for or in lieu of any of the taxes, assessments, or
other charges included in this definition of Taxes; but excluding, however,
taxes and assessments attributable to the personal property of tenants and paid
by such tenants as a separate charge.  If a rental tax, gross receipts
tax or sales tax on rent is imposed on Landlord by any Governmental Authority
(defined below) Tenant shall, as additional rent, reimburse Landlord, at the
same time as each monthly payment of Rent is due, an amount equal to all such
taxes Landlord is required to pay by reason of the Rent paid
hereunder.

    

    (b)           Base Rent
Adjustment. 
Landlord shall, within one hundred twenty (120) days after the end of each
Operating Period, furnish Tenant with a statement of the Operating Expenses
during such year and a computation of the Base Rent Adjustment (“Expense Statement”). Failure
of Landlord to provide such statement within such time period shall not be a waiver of Landlord's
right to collect any Base Rent Adjustment.  If such statement shows that
the actual amount Tenant owes is more than the estimated Base Rent Adjustment
paid by Tenant, Tenant shall pay the difference within fifteen (15) days after
Tenant's receipt of the Expense Statement.  If the Expense Statement shows
that Tenant paid more than the actual amount owed, Tenant shall receive a credit
therefor.  The credit shall be applied to future monthly payments
attributable to the Base Rent Adjustment, or if this Service Agreement has
expired, such amount shall be refunded to Tenant.  Unless adjusted as a
result of an audit by Tenant conducted pursuant to the express terms of this
Service Agreement, the Operating Expenses and Base Rent Adjustment set forth in
the Expense Statement shall be binding upon Tenant.  Provided, however,
that in the event that the Term of this Service Agreement expires, or is
terminated pursuant to the terms of this Service Agreement, on a date other than
December 31, then, at the option of Landlord, Landlord may, either prior to the
date on which the Term expires, or within thirty (30) days thereafter, elect to
provide Tenant with a revised estimate of the Operating Expenses for the
Operating Period in which such expiration or termination date occurs and the
Base Rent Adjustment that will be due from Tenant for such Operating Period,
which estimated Base Rent Adjustment shall be prorated to reflect the portion of
such Operating Period that is contained within the Term of the Service Agreement
(the “Final Estimated Base Rent
Adjustment”).  In the event that Landlord elects to deliver such
Final Estimated Base Rent Adjustment to Tenant, then (i) Tenant shall pay the
prorated Base Rent Adjustment reflected in the Final Estimated Base Rent
Adjustment within fifteen (15) days after Tenant’s receipt of such estimate;
(ii) the estimated amount of the Base Rent Adjustment for the final Operating
Period shall be binding upon Landlord and Tenant; and (iii) Landlord shall not
thereafter seek from Tenant any additional Base Rent Adjustment if the actual
Operating Expenses for such Operating Period are greater than those reflected in
the Final Estimated Base Rent Adjustment, nor shall Landlord have any obligation
to refund to Tenant any excess funds paid by Tenant to Landlord should the
actual Operating Expenses for such Operating Period be less than those reflected
in the Final Estimated Base Rent Adjustment.  In the event that Landlord
elects not to provide Tenant with a Final Estimated Base Rent Adjustment, then
it shall be presumed that Landlord will provide Tenant with an Expense Statement
within one hundred twenty (120) days after the end of the final Operating Period
contained in the Term, as provided above, and the Base Rent Adjustment shown in
such Expense Statement shall be due from Tenant to Landlord within fifteen (15)
days after Tenant’s receipt of such statement.

    

    
      
        
           

        

        
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    (c)           Tenant's
Audit. 
Tenant shall have the right to have Landlord's books and records pertaining to
Operating Expenses for each Operating Period reviewed, copied (provided Landlord
is reimbursed for the cost of such copies) and audited (“Tenant's Audit”), provided
that: (a) such right shall not be exercised more than once during any calendar
year; (b) if Tenant elects to conduct Tenant's Audit, Tenant shall provide
Landlord with written notice thereof (“Tenant's Audit Notice”) no
later than thirty (30) days following Tenant's receipt of the Expense Statement
for the year to which Tenant's Audit will apply; (c) Tenant shall have no right
to conduct Tenant's Audit if an uncured Default by Tenant exists either at the
time of Landlord's receipt of Tenant's Audit Notice or at any time during
Tenant's Audit; (d) no subtenant shall have any right to conduct an audit and no
assignee shall conduct an audit for any period during which such assignee was
not in possession of the Premises; (e) conducting Tenant's Audit shall not
relieve Tenant from the obligation to timely pay Base Rent or the Base Rent
Adjustment, pending the outcome of such audit; (f) Tenant's right to conduct
such audit for any calendar year shall expire thirty (30) days following
Tenant's receipt of the Expense Statement for such year, and if Landlord has not
received Tenant's Audit Notice within such thirty (30) day period, Tenant shall
have waived its right to conduct Tenant's Audit for such calendar year;
provided, however, that with respect to any audit of Operating Expenses for the
Base Year, Tenant’s right to conduct an audit for such year shall expire the
earlier of sixty (60) days following Tenant’s receipt of the Expense Statement
for the Base Year or sixty (60) days following Tenant’s receipt of the first
Expense Statement forwarded by Landlord to Tenant for any Operating Period
during the Term; (g) Tenant's Audit shall be conducted by a Certified Public
Accountant whose compensation is not contingent upon the results of Tenant's
Audit or the amount of any refund received by Tenant, and who is not employed by
or otherwise affiliated with Tenant, except to the extent that such accountant
has been engaged by Tenant to conduct Tenant's Audit; (h) Tenant's Audit shall
be conducted at Landlord's office where the records of the year in question are
maintained by Landlord, during Landlord's normal business hours; (i) Tenant's
Audit shall be completed within thirty (30) days after the date of Tenant's
Audit Notice, and a complete copy of the results thereof shall be delivered to
Landlord within sixty (60) days after the date of Tenant's Audit Notice; and (j)
Tenant's Audit shall be conducted at Tenant's sole cost and expense.  If
Tenant's Audit is completed and submitted to Landlord in accordance with the
requirements of this Section and such audit demonstrates to Landlord's
reasonable satisfaction that Landlord has overstated the Operating Expenses for
the year audited by more than five percent (5%), Landlord shall reimburse Tenant
for any overpayment of Tenant's Pro-Rata Share of such increase in Operating
Expenses, as well as Tenant's actual, reasonable cost incurred in conducting
Tenant's Audit (not to exceed $2,500.00), within thirty (30) days after
Landlord's receipt of documentation reasonably acceptable to Landlord reflecting
the amount of such overpayment and the cost of Tenant's Audit.

    

    (d)           Confidentiality.  Tenant hereby
agrees to keep the results of Tenant's Audit confidential and to require the
auditor conducting Tenant's Audit, including its employees and each of their
respective attorneys and advisors, to keep the results of Tenant's Audit in
strictest confidence.  In particular, but without limitation, Tenant agrees
that: (a) Tenant shall not disclose the results of Tenant's Audit to any past,
current or prospective tenant of the Building; and (b) Tenant shall require that
its auditors, attorneys and anyone associated with such parties shall not
disclose the results of Tenant's Audit to any past, current or prospective
tenant of the Building; provided, however, that Landlord hereby agrees that
nothing in items (a) or (b) of this subparagraph shall preclude Tenant from
disclosing the results of Tenant's Audit in any judicial or quasi-judicial
proceeding, or pursuant to court order or discovery request, or to any current
or prospective assignee or subtenant of Tenant, or to any agent, representative
or employee of Landlord who or which request the same.  If required by
Landlord, Tenant shall execute Landlord's then-current confidentiality agreement
reflecting the terms of this Section as a condition precedent to Tenant's right
to conduct Tenant's Audit.

    

    8.  Security
Deposit.  Upon execution of this Lease, Tenant shall deposit
the amount indicated in Section 1 (“Security Deposit”) with
Landlord to secure Tenant's performance of this Agreement.  If Tenant
defaults hereunder then Landlord may, without prejudice to Landlord's other
remedies, present the Security Deposit for immediate payment and apply part or
all of the Security Deposit to cure Tenant's default. If Landlord so uses part
or all of the Security Deposit, then Tenant shall within ten (10) days after
written demand, provide Landlord with a replacement Security Deposit in an
amount sufficient to restore the Security Deposit to its original
amount.  Any part of the Security Deposit not used by the Landlord as
permitted by this Agreement shall be returned to Tenant after the Termination
Date. If Landlord sells the Building then the Landlord and Tenant shall transfer
the Security Deposit to the new owner and shall be relieved of any liability for
the Security Deposit upon written confirmation of receipt thereof by the new
owner.  Tenant shall not be entitled to any interest on the Security
Deposit, and Landlord may commingle any proceeds of the same with other monies
of Landlord.

    

    9.  Initial
Improvements.  Landlord shall provide an Improvement Allowance
in the amount indicated in Section 1 .  The construction of any
initial improvements to the Premises (“Initial Improvements”) shall
be undertaken in accordance with the terms and conditions of this Lease and if
applicable, the terms set forth in the Work Letter Agreement attached hereto as
Exhibit D and
incorporated herein.  Other than the Improvement Allowance, Tenant
shall be responsible for the entire cost of the Initial
Improvements.  In no event shall Landlord be obligated to expend more
than the Improvement Allowance.

    

    10.  Maintenance
and Repair.  Landlord shall only be required to make such
improvements, repairs or replacements as may be necessary for normal maintenance
of the exterior and the structural portions of the Building and common
areas.  Except to the extent that Landlord is obligated to restore and
repair the Premises pursuant to Section 22, Tenant, at its sole cost, shall
maintain and repair the Premises and otherwise keep the Premises in good order
and repair.  Any repair or maintenance by Tenant shall be undertaken
in accordance with the provisions and requirements of Section 16.  In
addition, Tenant shall pay Landlord ten percent (10%) of the cost and expenses
of any extraordinary maintenance or repairs whether undertaken by Landlord or
Tenant as a construction oversight fee and for administrative cost
recovery.  This fee shall not apply to the Initial
Improvements.  Landlord is not responsible for replacing and/or
repairing Tenant's fixtures or above standard improvements, including but not
limited to, supplemental heating, ventillating and cooling, hot water heaters,
insta-hots, garbage disposals, dishwashers, stoves, micro-waves, refrigerators,
ice machines, coffee machines, washing machines, dryers or other
appliances.  Landlord is not responsible for replacing and/or
repairing above building standard fixtures including but not limited to plumbing
and/or electric such as sinks, sink fixtures, sink drain lines, appliance drain
lines, water source plumbing, GFIs, dedicated outlets or items to those
effect.  Tenant shall accept the Premises including any existing
appliances and above building standard fixtures, including plumbing and
electric, in an "AS IS WHERE IS" condition.

    

    
      
        
           

        

        
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    11. Services.  Landlord
shall furnish Tenant during Tenant’s occupancy of the Premises the following
services: (i) Cleaning and Janitorial Services (defined in Exhibit B), (ii) hot and cold
domestic water at those points of supply provided for general use of other
tenants in the Building, (iii) electricity for normal office uses subject to
Section 12, (iv) elevator service at the times and frequency reasonably required
for normal business use of the Premises, (v) lamp and ballast replacement for
standard 2’x2’ and 2’x4’ fluorescent light fixtures, (vi) heating, ventilating
and air conditioning service between 7:00 o'clock a.m. and 6:00 o'clock p.m. on
Monday through Friday and between 8:00 o'clock a.m. and 12:00 o'clock p.m. on
Saturday (“Building Standard
Hours”), except on New Year's Day, Memorial Day, July 4, Labor Day,
Thanksgiving Day, Christmas Day and other holidays observed by a majority of the
tenants (“Holidays”).  If any
Holiday falls on a weekend, the Building may observe the Holiday on the
preceding Friday or the succeeding Monday.  Tenant may periodically
request, and Landlord shall furnish heating, ventilating and air conditioning
service on days and at times other than those referred to in clause (vi) above
provided Tenant requests such service in writing a reasonable time in advance
and agrees to reimburse Landlord for this service at the then existing rate
being charged in the Building. Landlord shall not be liable for any damages
directly or indirectly resulting from, nor shall any Rent be abated by reason
of, the installation, use or interruption of use of any equipment in connection
with furnishing any of the foregoing services, or failure to furnish or delay in
furnishing any such service when such failure or delay is caused by accident or
any occurrence or condition beyond the reasonable control of Landlord. The
failure to furnish any such services shall not be construed as an eviction of
Tenant or relieve Tenant from the duty of performing any of its obligations
under this Lease unless such failure substantially handicaps
or  impedes the normal use of the Premises by Tenant and unless within
a reasonable time after delivery to Landlord by Tenant of a written notice
setting forth a description of the services not so furnished, Landlord fails to
commence curing any such failure or thereafter fails to continue the curing
thereof with appropriate diligence under the circumstances until
cured.

    

    12.  Electrical
Usage.  Landlord shall supply sufficient electrical capacity to
a panel box located in the core of each floor for lighting and for Tenant’s
office equipment to the extent that the total demand load at 100% capacity of
said lighting and equipment does not exceed six (6) watts per RSF in the
Premises (“Electrical Design
Load”).  If Tenant utilizes any portion of the Premises on a
regular basis beyond Building Standard Hours or in any manner in excess of the
Electrical Design Load, Landlord shall have the right to separately meter such
space and charge Tenant for all excess usage.  If separate metering is
not practical, Landlord may reasonably estimate such excess usage and charge
Tenant a reasonable hourly rate.  Tenant shall pay to Landlord the
cost of all electricity consumed in excess of six (6) watts per RSF in the
Premises for the number of hours in the Building Standard Hours for the relevant
period, plus any actual accounting expenses incurred by Landlord in connection
with the metering or calculation thereof.  Tenant shall pay the cost
of installing, maintaining, repairing and replacing all such
meters.

    

    13.  Communication
Lines.  Subject to Building design limits and its existing, or
then existing, capacity, Tenant may install, maintain, replace, remove or use
communications or computer wires and cables which service the Premises (“Lines”), provided: (a) Tenant
shall obtain Landlord’s prior written consent, and shall use contractors
approved in writing by Landlord, (b) all such Lines shall be plenum rated and
neatly bundled, labeled and attached to beams and not to suspended ceiling
grids, (c) any such installation, maintenance, replacement, removal or use shall
comply with all Laws applicable thereto, and shall not interfere with any then
existing Lines at the Building, and (d) Tenant shall pay all costs in connection
therewith.  Landlord reserves the right to require Tenant to remove
any Lines located in or serving the Premises which violate this Lease or
represent a dangerous or potentially dangerous condition, within three (3)
business days after written notice.  Tenant shall remove all Lines
installed by or on behalf of Tenant upon termination or expiration of this
Lease, unless Landlord expressly permits such Lines to remain.  Any
Lines that Landlord expressly permits to remain at the expiration or termination
of this Lease shall become the property of Landlord without payment of any
type.  Under no circumstances shall any Line problems be deemed an
actual or constructive eviction of Tenant, render Landlord liable to Tenant for
abatement of Rent, or relieve Tenant from performance of Tenant’s obligations
under this Lease.

    

    14.  Prohibited
Use.  Tenant shall not do or permit anything to be done within
the Project nor bring, keep or permit anything to be brought or kept therein,
which is prohibited by any Laws now in force or hereafter enacted or
promulgated, or which is prohibited by any insurance policy or which may
increase the existing rate or otherwise affect any insurance which Landlord
carries on the Project. Tenant shall not do or permit anything to be done in or
about the Premises which will in any way obstruct or interfere with the rights
of other tenants, or injure or annoy them or use or allow the Premises to be
used for any unlawful or objectionable purpose. Tenant shall not commit or
suffer to be committed any waste to, in or about the Premises or
Project.

    

    
      
        
           

        

        
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    15. Legal
Requirements; Project Rules.  Tenant shall comply in all
material respects with, and shall indemnify, defend (with counsel reasonably
acceptable to Landlord) and hold Landlord and its directors, officers, partners,
members, shareholders, employees and agents harmless from any and all
obligations, claims, administrative proceedings, judgments, damages, fines,
penalties, costs, and liabilities, including reasonable attorneys’ fees,
(collectively, “Costs”)
incurred in enforcing this Lease, performance on Tenant’s behalf, or collecting
any sums due hereunder, or for the failure by Tenant, its employees, Outside
Contractors (defined below) or agents to comply with all Laws relating to the
use, condition or occupancy of the Premises now or hereafter enacted other than
as a result of the condition of the Premises on the Commencement
Date.  Tenant shall cause its employees, Outside Contractors and
agents to comply with, and shall use its reasonable efforts to cause its
customers, visitors and invitees to comply in all material respects with all
Laws applicable to Project.  Tenant shall not cause or permit the use,
generation, storage, release or disposal in or about the Premises or the Project
of any substances, materials or wastes subject to regulation under any Laws from
time to time in effect concerning flammable, explosive, hazardous, petroleum,
toxic or radioactive materials, unless such materials are generally used for
general office purposes and in compliance with Applicable Law or Tenant shall
have received Landlord’s prior written consent, which consent Landlord may
withhold or revoke at any time in its sole discretion.  Tenant shall
comply with and cause its employees, Outside Contractors and agents to comply
with, and shall use its reasonable efforts to cause its customers, visitors and
invitees to comply with the rules and regulations of the Project adopted by
Landlord from time to time for the safety, care and cleanliness of the Premises
and the Project (“Project
Rules”).  In the event of any conflict between this Lease and
the Project Rules, the provisions of this Lease shall
control.  Landlord shall not have any liability to Tenant for any
failure of any other tenants to comply with the Project Rules.  The
current Project Rules are attached hereto as Exhibit C.

    

    16. Alterations,
Additions and Improvements.  Tenant shall not permit, make or
allow to be made any construction, alterations, physical additions or
improvements in or to the Premises or placement of any signs in the Premises
which are visible from outside the Premises (collectively, “Tenant Work”), without first
obtaining the prior written consent of Landlord which may be withheld in
Landlord’s sole discretion. Notwithstanding the foregoing, Landlord will not
unreasonably withhold its consent to Tenant Work that: (i) does not adversely
affect the Building structural, mechanical, electrical, plumbing, heating,
ventilating, air conditioning, life safety or other base Building improvements
or systems, (ii) is not visible from the exterior of the Premises or the
Building, (iii) does not affect the exterior of the Building or any public areas
of the Project, (iv) does not violate any provision of this Lease, (v) does not
violate any Laws, and (vi) will not interfere with the use and occupancy of any
other portion of the Project by any other tenant or occupant of the
Project.  Tenant’s plans and specifications and all contractors,
subcontractors, vendors, architects and engineers (collectively, “Outside Contractors”) shall be
subject to Landlord’s prior written approval.  If requested by
Landlord, Tenant shall execute a Work Letter Agreement for any such Tenant Work
substantially in the form attached hereto as Exhibit D.  Tenant shall
pay Landlord ten percent (10%) of the cost and expenses of any Tenant Work
whether undertaken by Landlord or Tenant as a construction oversight fee and for
administrative cost recovery, provided, however, that such fee shall not apply
to construction of any Initial Improvements.  Landlord may hire
outside consultants to review such documents and information furnished to
Landlord, and Tenant shall reimburse Landlord for the reasonable and actual cost
thereof, including reasonable attorneys’ fees, upon demand.  Neither
review nor approval by Landlord of any plans or specifications shall constitute
a representation or warranty by Landlord that such documents either (i) are
complete or suitable for their intended purpose, or (ii) comply with Applicable
Laws, it being expressly agreed by Tenant that Landlord assumes no
responsibility or liability whatsoever to Tenant or any other person or entity
for such completeness, suitability or compliance.  Tenant shall
furnish any documents and information reasonably requested by Landlord,
including “as-built” drawings (both in paper and in electronic format acceptable
to Landlord) after completion of such Tenant Work.  Landlord may
impose such conditions on Tenant Work as are reasonably appropriate, including
without limitation, compliance with any construction rules adopted by Landlord
from time to time, requiring Tenant to furnish Landlord with security for the
payment of all costs to be incurred in connection with such Tenant Work,
insurance covering Landlord against liabilities which may arise out of such
work, plans and specifications, and permits for such Tenant Work.  Any
and all Tenant Work shall become the property of Landlord upon completion and
shall be surrendered to Landlord upon the termination or expiration of this
Lease for any reason, unless Landlord shall require removal or restoration by
Tenant. Tenant shall not allow any liens to be filed against the Premises or the
Project in connection with any Tenant Work.  If any liens are filed,
Tenant shall cause the same to be released within ten (10) business days after
filing by bonding or other method acceptable to Landlord.  All Outside
Contractors shall maintain insurance in amounts and types required by, and in
material compliance with, Section 20.  ACORD 25 (or its equivalent)
certificates of insurance evidencing such coverage shall be provided to Landlord
prior to commencement of any Tenant Work.  All Outside Contractors
shall perform all work in a good and workmanlike manner, in compliance with all
Laws and all applicable Project Rules and Building construction rules. No Tenant
Work shall be unreasonably disruptive to other tenants.  Prior to
final completion of any Tenant Work, Landlord shall prepare and submit to Tenant
a punch list of items to be completed, and Tenant shall diligently complete all
such punch list items.

    

    17. Tenant’s
Equipment.  Except for personal computers, facsimile machines,
copiers and other similar office equipment, Tenant shall not install within the
Premises any fixtures, equipment or other improvements until the plans and
location thereof have been approved by Landlord.  The location, weight
and supporting devices for any libraries, central filing areas, safes and other
heavy equipment shall in all cases be approved by Landlord prior to initial
installation or any relocation.  Landlord may prohibit any article,
equipment or any other item that may exceed the load capacity of the Building
from being brought into the Building.

    

    
      
        
           

        

        
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    18. Taxes on
Tenant’s Property.  Tenant shall pay all ad valorem and similar
taxes or assessments levied upon all equipment, fixtures, furniture and other
property placed by Tenant in the Premises and all license and other fees or
taxes imposed on Tenant’s business.  If any improvements installed or
placed in the Project by, or at the expense of, Tenant result in Landlord being
required to pay higher Taxes with respect to the Project than would have been
payable otherwise, Tenant shall pay to Landlord, within thirty (30) days after
demand, the amount by which such excess Taxes are reasonably attributable to
Tenant.

    

    19. Access.  Landlord
shall have the right to enter the Premises at all reasonable times in order to
inspect the condition, show the Premises, determine if Tenant is performing its
obligations hereunder, perform the services or make the repairs that Landlord is
obligated or elects to perform hereunder, make repairs to adjoining space, cure
any Defaults of Tenant hereunder that Landlord elects to cure, and remove from
the Premises (should Tenant fail to remove such violative property within 2
Business Days after notice to do same) any improvements or property placed
therein in violation of this Lease.  Except in the case of an
emergency or to perform routine services hereunder, Landlord shall use
reasonable efforts to provide Tenant prior notice of such access.

    

    20. Tenant’s
Insurance.  At all times after the execution of this Lease,
Tenant will carry and maintain, at its expense with insurance companies
reasonably acceptable to Landlord: (i) a commercial general liability insurance
policy, including insurance against assumed or contractual liability under this
Lease, for liability arising out of the ownership, use, occupancy or maintenance
of the Premises and all areas appurtenant thereto, to afford protection with
respect to bodily injury, death or property damage (including loss of use) of
not less than One Million Dollars ($1,000,000) each occurrence/Two Million
Dollars ($2,000,000) aggregate; (ii) an all-risks property and casualty
insurance (special form building and personal property coverage) policy,
including theft coverage, written at replacement cost value with replacement
cost endorsements, covering all of the Tenant’s property; (iii) a worker’s
compensation insurance policy with applicable statutory limits, (iv) automobile
liability with single limit coverage of at least $1,000,000 for all owned,
leased/hired or non-owned vehicles, and (v) an excess liability policy
“following form” of not less than Three Million Dollars ($3,000,000), including
a “drop down” feature in case the limits of the primary policy are
exhausted.  Landlord may also require all Outside Contractors to
provide in addition to the insurance coverages referenced above such other
insurance in amounts and types and with such companies as may be reasonably
requested by Landlord, including, without limitation, constructions all
risk/builder’s risks (including loss of revenue), professional errors and
omissions liability and equipment and tools.  Each liability policy
shall include an "Additional Insured Endorsement" in favor of Parkway
Properties, Inc., its subsidiaries and affiliated companies, as well as the
employees, officers, directors and agents of such companies and any other
designees of Landlord and shall be primary.  An ACORD 25 certificate
of such insurance in a form reasonably satisfactory to Landlord, or certified
copies of the policies, shall be furnished to Landlord on or before the earlier
of the Commencement Date or ten (10) days after execution of the Lease,
reflecting the limits and endorsements required herein, and renewal ACORD 25
certificates or certified copies of renewal policies shall be delivered to
Landlord at least thirty (30) days prior to the expiration date of any
policy.  Each policy shall require notice of non-renewal to Landlord
and shall further provide that it may not be altered or canceled without thirty
(30) days prior notice to Landlord.  Landlord agrees to cooperate with
Tenant to the extent reasonably requested by Tenant to enable Tenant to obtain
such insurance.  Landlord shall have the right to require increased
limits if, in Landlord’s reasonable judgment, such increase is
necessary.  All policies required to be maintained hereunder shall
include a waiver of subrogation in favor of Landlord.

    

    21. Landlord’s
Insurance.  Landlord shall maintain, during the term of this
Lease, (i) a commercial general liability insurance policy of not less than One
Million Dollars ($1,000,000) each occurrence/Two Million Dollars ($2,000,000)
aggregate, and (ii) an all-risk property and casualty insurance policy,
including theft coverage, written at full replacement cost value and with
replacement cost endorsement, covering the Project, including the Building and
the Initial Improvements, and all personal property, fixtures and improvements
therein belonging to Landlord, and (iii) an excess liability policy “following
form” of not less than Four Million Dollars ($4,000,000), including a “drop
down” feature in case the limits of the primary policy are
exhausted.  Landlord shall not be obligated to insure any property of
Tenant.

    

    22. Casualty.  If
the Premises or the Building is damaged or destroyed, in whole or in part, by
fire or other casualty at any time during the Term and if, after such damage or
destruction, Tenant is not able to use the portion of the Premises not damaged
or destroyed to substantially the same extent and for substantially the same
purpose as Tenant used the Premises prior thereto, and within forty-five (45)
days after delivery to Landlord by Tenant of a written notice describing such
damage or destruction Landlord advises Tenant that the Premises cannot be
repaired or rebuilt to the condition which existed immediately prior to such
destruction or casualty within one hundred eighty (180) days following the date
of such destruction or casualty, then Landlord or Tenant may by written notice
to the other within thirty (30) days following such notice terminate this
Lease.  Unless such damage or destruction is the result of the gross
negligence or willful misconduct of Tenant or its employees, agents, Outside
Contractors or invitees, the Rent shall be abated for the period and
proportionately to the extent that after such damage or destruction Tenant is
not able to use the portion of the Premises damaged or destroyed to
substantially the same extent and for substantially the same purposes as Tenant
used the Premises prior thereto.  If this Lease is not terminated
pursuant to the foregoing, Landlord shall restore or replace the damaged or
destroyed portions of the Premises or Building, and this Lease shall continue in
full force and effect in accordance with the terms hereof except for the
abatement of Rent referred to above, if applicable, and except that the Term
shall be extended by a length of time equal to the period beginning on the date
of such damage or destruction and ending upon completion of such restoration or
replacement.  Landlord shall restore or replace the damaged or
destroyed portions of the Premises or Building within a reasonable time, subject
to Force Majeure Events and the availability of insurance
proceeds.  If either party elects to terminate this Lease as provided
in this Section, this Lease shall terminate on the date which is thirty (30)
days following the date of the notice of termination.  Landlord shall
not be obligated to repair any damage to Tenant’s inventory, trade fixtures or
other personal property.  Any damage caused by the willful misconduct
of Tenant or any of its employees, agents, Outside Contractors, invitees or
guests shall promptly be repaired by Landlord, at Tenant’s sole cost and
expense.  Notwithstanding anything in this Section to the contrary,
Landlord shall have no obligation to repair or restore the Premises on account
of damage resulting from any casualty which occurs during the last twelve (12)
months of the Term.

    

    
      
        
           

        

        
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    23. Condemnation.  If
more than fifty (50%) of the Premises or if a substantial portion of the
Building is taken by the power of eminent domain, then either Landlord or Tenant
shall have the right to terminate this Lease by written notice to the other
within thirty (30) days after the date of taking; provided, however, that a
condition to the exercise by Tenant of such right to terminate shall be that the
portion of the Premises or Building taken shall be of such extent and nature as
to substantially impair Tenant's use of the Premises or the balance of the
Premises remaining and Landlord is unwilling or unable to provide reasonable
replacement space within the Project. In the event of any taking, Landlord shall
be entitled to any and all compensation and awards with respect thereto, except
for an award, if any, specified by the condemning authority for any claim made
by Tenant for property that Tenant has the right to remove upon termination of
this Lease. Tenant shall have no claim against Landlord for the value of any
unexpired portion of the Term. In the event of a partial taking of the Premises
which does not result in a termination of this Lease, the Rent shall be
equitably reduced as to the square footage so taken.

    

    24. Waiver of
Claims.  Notwithstanding anything herein to the contrary, each
party releases and waives all claims, rights of recovery and causes of action
that either such party or any party claiming by, through or under such party by
subrogation or otherwise may now or hereafter have against the other party or
any of the other party's directors, officers, shareholders, partners, members,
employees or agents for any loss or damage that may occur to the Building,
Premises, Initial Improvements or any of the contents of any of the foregoing by
reason of fire, Act of God, the elements, or any other cause, excluding willful
misconduct BUT INCLUDING NEGLIGENCE OF THE PARTIES HERETO OR THEIR DIRECTORS,
OFFICERS, SHAREHOLDERS, PARTNERS, MEMBERS, EMPLOYEES OR AGENTS. In no event
shall Landlord or its directors, officers, shareholders, partners, members,
employees, or agents be liable in any manner for incidental, consequential or
punitive damages, loss of profits, business interruption, acts of other tenants,
vandalism, loss of trade secrets or other confidential
information.  The waivers in this Section shall survive the expiration
or earlier termination of this Lease.

    

    25. Indemnity.
Except for claims, rights of recovery and causes of action waived in Section 24,
Landlord shall indemnify and hold harmless Tenant and its agents, directors,
officers, shareholders, partners, members, employees and invitees, from all
claims, losses, costs, damages, or expenses (including reasonable attorneys’
fees) in connection with any injury to, including death of, any
person or damage to any property arising,
wholly or in part, out of any action, omission, or neglect of Landlord or its
directors, officers, shareholders, members, partners, employees, agents,
invitees, or guests, or any parties contracting with such party relating to the
Project.  If Tenant shall without fault on its part, be made a party
to any action commenced by or against Landlord, Landlord shall protect and hold
Tenant harmless and shall pay all costs, expenses, including reasonable
attorneys’ fees in connection therewith.

    

    Except
for claims, rights of recovery and causes of action waived in Section 24, Tenant
shall indemnify and hold harmless Landlord and its agents, directors, officers,
shareholders, partners, members, employees and invitees, from all claims,
losses, costs, damages, or expenses (including reasonable attorneys’ fees) in
connection with any injury to,
including death of, any person or damage to any property arising,
wholly or in part, out of any action, omission, or neglect of Tenant or its
Outside Contractors, directors, officers, shareholders, members, partners,
employees, agents, invitees, or guests, or any parties contracting with such
party relating to the Project.  If Landlord shall without fault on its
part, be made a party to any action commenced by or against Tenant, Tenant shall
protect and hold Landlord harmless and shall pay all costs, expenses, including
reasonable attorneys’ fees in connection therewith.

    

    Landlord’s
and Tenant’s obligations under this Section shall not be limited by the amount
or types of insurance maintained or required to be maintained under this
Lease.  The obligations under this Section shall survive the
expiration or earlier termination of this Lease.

    

    
      
        
           

        

        
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    26. Non-Waiver.  No
consent or waiver, express or implied, by Landlord to any breach by Tenant of
any of its obligations under this Lease shall be construed as or constitute a
consent or waiver to any other breach by Tenant. Neither the acceptance by
Landlord of any Rent or other payment, whether or not any Default by Tenant is
then known to Landlord, nor any custom or practice followed in connection with
this Lease shall constitute a waiver of any of Tenant's obligations under this
Lease. Failure by Landlord to complain of any act or omission by Tenant or to
declare Tenant in default irrespective of how long such failure may continue,
shall not be deemed to be a waiver by Landlord of any of its rights hereunder.
Time is of the essence with respect to the performance of every obligation of
Tenant in which time of performance is a factor.  No payment by Tenant
or receipt by Landlord of an amount less than the Rent due shall be deemed to be
other than a partial payment of the Rent, nor shall any endorsement or statement
of any check or any letter accompanying any check or payment as Rent be deemed
an accord and satisfaction.  Landlord may accept such check or payment
without prejudice to its right to recover the balance of such Rent or pursue any
other right or remedy.  Except for the execution and delivery of a
written agreement expressly accepting surrender of the Premises, no act taken or
failed to be taken by Landlord shall be deemed an acceptance of surrender of the
Premises.

    

    27. Quiet
Possession.  Provided Tenant has performed all its obligations,
Tenant shall peaceably and quietly hold and enjoy the Premises for the Term,
subject to the provisions of this Lease.

    

    28. Notices.  Each
notice required or permitted to be given hereunder shall be in writing and may
be personally delivered, sent via nationally recognized overnight courier or
placed in the United States mail, postage prepaid, registered or certified mail,
return receipt requested, addressed in each case at the address
provided.  A notice shall be deemed to be given (a) when delivered
personally, (b) if sent by registered or certified mail or overnight delivery
service, at the time the delivery is indicated on the duly completed United
States Postal Service return receipt, or (c) the time of package pick up as
indicated on the records of or certificates provided by the overnight delivery
service.  Prior to the Commencement Date, the address for notices to
Tenant shall be the address set forth in Section 1; after the Commencement Date,
the address for Tenant shall be the Premises with a copy to:

    

    Robert B.
Bearman

    PATTON
BOGGS LLP

    1801
California Street

    Suite
4900

    Denver,
CO 80218

    Telephone:
+1 303 894 6191

    Facsimile:
+1 303 894 9239

    

    Any
notices to Landlord shall be addressed and given to Landlord at both of the
following addresses:

    

    
      
        	
                Parkway
      Realty Services, LLC

              	
                Parkway
      Properties LP

              
	
                Attn:
      Property Manager

              	
                Attn:  Asset
      Manager

              
	
                12012
      Wickchester, Suite 115

              	
                12012
      Wickchester, Suite 115

              
	
                Houston,
      Texas 77079

              	
                Houston,
      Texas 77079

              

      

    

    

    29. Landlord’s
Failure to Perform.  If Landlord fails to perform any of its
obligations hereunder, Landlord shall not be in default and Tenant shall not
have any rights or remedies growing out of such failure unless Tenant gives
Landlord written notice setting forth in reasonable detail the nature and extent
of such failure and such failure is not cured within thirty (30) days following
delivery of such notice or such longer period as may otherwise be provided
herein. If such failure cannot reasonably be cured within thirty (30) days, the
length for curing shall be extended as reasonably required if Landlord commences
curing such failure within the thirty (30) day period and continues thereafter
with reasonable diligence and continuity.

    

    30. Tenant’s
Failure to Perform.  If Tenant fails to perform any of its
obligations hereunder, in addition to the other rights of Landlord, Landlord
shall have the right, but not the obligation, to perform all or any part of
Tenant’s obligations. Upon receipt of a demand therefor, Tenant shall reimburse
Landlord for the cost of performing such obligations, plus interest thereon at
the Default Rate.

    

    31. Default.  “Default” means the occurrence
of any one or more of the following: (i) failure of Tenant to pay when due any
Rent or other amount required to be paid hereunder; (ii) failure of Tenant,
after fifteen (15) days written notice, to
observe and fully perform all of Tenant’s obligations hereunder, other than
payment of Rent which is covered above; (iii) the adjudication of Tenant to be
bankrupt; (iv) the filing by Tenant of a voluntary petition in bankruptcy or
other similar proceedings; (v) the making by Tenant of a general assignment for
the benefit of its creditors; (vi) the appointment of a receiver of Tenant's
interests in the Premises; (vii) any involuntary proceedings instituted against
Tenant under any bankruptcy or similar laws, unless such is dismissed or stayed
within sixty (60) days thereafter; (viii) if the Tenant is an individual or if
the Tenant is controlled by a single individual, the death or incapacity of such
individual; or (ix) vacancy of the Premises for more than sixty (60) consecutive
days.  Notwithstanding the notice and cure period provided above,
Landlord shall not, with respect to any Default hereunder, be required to
provide notice and an opportunity to cure more than two (2) times during the
Term, and upon a subsequent occurrence of any Default hereunder Tenant shall not
be entitled to notice or an opportunity to cure, and Landlord may, at its
option, immediately declare a Default and exercise its rights and
remedies.

    
      
         

      

      
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    If a
Default occurs, then or at any time thereafter while such Default continues,
Landlord, at its option, may, without waiving any other rights available herein,
at law or in equity, either terminate this Lease or terminate Tenant's right to
possession without terminating this Lease. In either event, Landlord may,
without additional notice and without court proceedings, reenter and repossess
the Premises, and remove all persons and property therefrom using such force as
may be necessary, and Tenant hereby waives any claim arising by reason thereof
or by reason of issuance of any distress warrant and agrees to hold Landlord
harmless from any such claims. If Landlord elects to terminate this Lease, it
may treat the Default as an entire breach of this Lease and Tenant immediately
shall become liable to Landlord for damages for the entire breach in an amount
equal to the total Rent and all other payments due for the balance of the Term
discounted at the rate of six percent (6%) per annum to the then present value,
plus the cost of repossessing, remodeling and re-renting the Premises and all
unpaid Rent through the date of such termination. If Landlord elects to
terminate Tenant's right to possession of the Premises without terminating this
Lease, Landlord may rent the Premises or any part thereof for the account of
Tenant to any person for such rent and for such terms and other conditions as
Landlord deems practical, and Tenant shall be liable to Landlord for the amount,
if any, by which the total Rent and all other payments herein provided for the
unexpired balance of the Term exceed the net amount, if any, received by
Landlord from such re-renting, being the gross amount so received less the cost
of repossession, re-renting, remodeling and other expenses relating thereto.
Such sums shall be immediately due and payable by Tenant upon demand. In no
event shall Tenant be entitled to any rents received by Landlord. If a Default
occurs or in case of any holding over or possession by Tenant of the Premises
after the expiration or termination of this Lease, Tenant shall reimburse
Landlord on demand for all costs incurred by Landlord in connection therewith
including, but not limited to, reasonable attorneys’ fees, court costs and
related costs plus interest thereon at the Default Rate. Actions by Landlord to
collect amounts due from Tenant as provided in this Section may be brought at
any time, and from time to time, on one or more occasions, without the necessity
of Landlord's waiting until the termination of this Lease. The remedies
expressed herein are cumulative and not exclusive, and the election by Landlord
to terminate Tenant's right to possession without terminating this Lease shall
not deprive Landlord of the right, and Landlord shall have the continuing right
to terminate this Lease.

    

    32. Surrender.  On
the last day of the Term, or upon the earlier termination hereof, Tenant shall
peaceably and quietly surrender the Premises to Landlord, in good order, repair
and, excepting only reasonable wear and tear resulting from normal
use.  The Premises shall be surrendered free and clear of any and all
liens or encumbrances of any type.

    

    33. Holding
Over.  If Tenant does not surrender possession of the Premises
at the end of the Term or upon earlier termination of this Lease, at the
election of Landlord, Tenant shall be a tenant-at-sufferance from day to day and
the Rent due during the period of such holdover shall be one hundred fifty (150)
percent the amount which Tenant was obligated to pay for the immediately
preceding month.

    

    34. Removal
of Tenant’s Property.  Tenant shall be responsible for any
damage to the Premises or Project resulting from removal of any personal
property, including Lines (to the extent installed by or on behalf of Tenant),
of Tenant.  If Tenant does not remove its property prior to
termination, then, in addition to its other remedies at law or in equity,
Landlord shall have the right to consider the property abandoned and such
property may be removed by Landlord, at Tenant’s expense, or at Landlord’s
option become its property, and Tenant shall have no further rights relating
thereto or for reimbursement therefore.

    

    35. Landlord’s
Lien.  In addition to and cumulative of Landlord's statutory
lien, Tenant hereby grants to Landlord a security interest in and to all
furniture, furnishings, fixtures, equipment, merchandise and other property
placed in the Premises by Tenant to secure the performance of Tenant's
obligations under this Lease. At Landlord's request, Tenant shall execute and
cause to be filed in the appropriate public records all documents required to
perfect such security interest pursuant to the terms of the Uniform Commercial
Code in effect in the state where the Project is located.

    

    36. Interest.  All
amounts payable by Tenant to Landlord under this Lease, if not paid when due,
shall bear interest from the date due until paid at a rate equal to the lesser
of fifteen (15%) percent or the then maximum lawful rate (“Default Rate”).

    

    37. Assignment
and Subletting.    Landlord shall have the right to
transfer and assign in whole or in part, by operation of law or otherwise, its
rights and obligations hereunder whenever Landlord, in its sole judgment, deems
it appropriate without any liability to Tenant, and Tenant shall attorn to any
party to which Landlord transfers its rights and obligations hereunder or the
Building.  Any sale, conveyance or transfer of the Building or Project
will operate to release Landlord from liability from and after the effective
date of such sale, conveyance, transfer or assignment upon all of the covenants,
terms and conditions of this Lease, express or implied, except for those
liabilities that arose prior to the effective date of such sale, conveyance,
transfer or assignment.  After said effective date, Tenant will look
solely to Landlord’s successor in interest in and to this
Lease.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    Tenant
shall not assign, transfer, mortgage, pledge or otherwise encumber this Lease,
or any interest herein, and shall not sublet the Premises or any part thereof,
or any right or privilege appurtenant thereto, or permit any other party to
occupy or use the Premises, or any portion thereof, without the prior express
written consent of Landlord, which consent shall not be unreasonably
withheld.  The Landlord's consent shall not be considered unreasonably
withheld if: (i) the proposed subtenant's or assignee's financial responsibility
does not meet the same criteria Landlord uses to select comparable Building
tenants; (ii) the proposed subtenant's or assignee's business is not suitable
for the Building considering the business of the other tenants and the
Building's prestige; or (iii) the proposed use is inconsistent with the use
permitted by Section 3.  Tenant shall pay Landlord an administrative
and review fee of $750 simultaneous with each request by Tenant to assign or
sublease any portion of the Premises after the third request.

    

    A “Change
in Control” of Tenant shall be deemed for purposes of this Lease to constitute
an assignment of this Lease by Tenant which shall require the consent of
Landlord and entitle Landlord to exercise it options as provided
hereunder.  As used in this Section, a “Change in Control” shall be
deemed to have occurred when: (x) any person, after the date hereof, acquires
directly or indirectly the Beneficial Ownership (as defined in Section 13(d) of
the Securities Exchange Act of 1934, as amended) of any voting interests or
equity interests of Tenant and immediately after such acquisition such Person
is, directly or indirectly, the Beneficial Owner of voting or equity interests
representing 50% or more of the total voting interest or equity interest of all
of the then-outstanding equity interests or voting interests of Tenant; (y) the
stockholders, partners, members or other equity holders of Tenant shall approve
a merger, consolidation, recapitalization, or reorganization of Tenant, or
consummation of any such transaction if equity holder approval is not sought or
obtained; or (z) the stockholders, partners, members or other equity holders of
Tenant shall approve a plan of complete liquidation of Tenant or an agreement
for the sale or disposition by Tenant of all or a substantial portion of
Tenant’s assets (i.e., 50% or more of the total assets of Tenant).

    

    Notwithstanding
the preceding, Tenant shall be permitted to sublease the Premises or assign its
interest in this Lease subject to the provisions of this Section.  If
Tenant desires to assign this Lease or sublease the Premises, Tenant shall
provide Landlord notice in writing at least thirty (30) days in advance of the
date on which Tenant desires such assignment or sublease to take
effect.  Tenant’s notice shall include (A) the name and address of the
proposed subtenant or assignee; (B) the nature of the proposed subtenant's or
assignee's business it will operate in the Premises; (C) the terms of the
proposed sublease or assignment; and (D) reasonable financial information so
that Landlord can evaluate the proposed subtenant or assignee.

    

    Landlord shall, within ten (10) days
after receiving such information, give notice to the Tenant to (i) permit or
deny the proposed sublease or assignment or (ii) terminate this Lease as to the
space so affected as of the date specified in Tenant’s notice (and as to option
(ii) only, Tenant will be relieved of all further obligations hereunder as to
the terminated space).  If Landlord does not give notice within the
ten (10) day period, then Landlord shall be deemed to have consented to the
sublease or assignment upon the terms provided in Tenant’s notice.

    

    Subleases
and assignments by Tenant shall also be subject to: (i) the terms of this Lease;
(ii)Tenant shall remain liable for all Lease obligations; (iii) consent to one
sublease or assignment does not waive the consent requirement for future
assignments or subleases; and (iv) consideration received by Tenant from an
assignment or sublease that exceeds the amount Tenant must pay Landlord
hereunder, excluding reasonable leasing commissions paid by Tenant, payments
attributable to the amortization of the cost of improvements made to the
Premises at Tenant's cost for the assignee or sublessee, and other reasonable,
out-of-pocket costs paid by Tenant directly related to Tenant's obtaining an
assignee or sublessee, shall also be paid to Landlord.  Tenant shall
pay such amount to Landlord at the beginning of each calendar
month.  Landlord shall have the right to audit Tenant's books and
records to verify the accuracy of the payments under this
Section.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

    If the
proposed sublessee or assignee is approved by Landlord and Tenant fails to enter
into the sublease or assignment with the approved sublessee or assignee within
ninety (90) days after the date Tenant submitted its proposal to Landlord, then
Landlord’s approval shall be deemed null and void and Tenant must comply again
with the conditions of this Section.

    

    Notwithstanding
the giving by Landlord of its consent to any sublease or assignment with respect
to the Premises, no sublessee or assignee may exercise any renewal options,
expansion options, rights of first refusal or similar rights except in
accordance with a separate written agreement entered into directly between the
Landlord and such sublessee or assignee provided Tenant continues to be liable
for the performance of all obligations hereunder, as increased or otherwise
affected by the exercise of such rights. Tenant may not exercise any renewal
options, expansion options, rights of first refusal or similar rights under this
Lease if Tenant has assigned all of its interest in this Lease.

    

    38. Merger of
Estates.  The voluntary or other surrender of this Lease by
Tenant or a mutual cancellation hereof, shall not work a merger, but shall, at
the option of Landlord, terminate all or any existing subleases or subtenancies,
or may, at the option of Landlord, operate as an assignment to Landlord of
Tenant's interest in such subleases or subtenancies.

    

    39. Landlord’s
Liability. Notwithstanding anything herein to the contrary, Tenant’s sole
and exclusive remedy for the failure of Landlord to perform any of its
obligations shall be to proceed against the interests of Landlord in and to the
Building. Therefore, Tenant hereby agrees that no personal or corporate
liability of any kind or character whatsoever now attaches or at any time
hereafter under any condition shall attach to Landlord for payment or
performance of any obligations hereunder, including, without limitation, any
Landlord indemnity obligations under Section 25.  The obligations
under this Section shall survive the expiration or earlier termination of this
Lease.

    

    40. Subordination.  The
rights and interests of Tenant under this Lease and in and to the Premises shall
be subject and subordinate to deeds of trust, mortgages, and other security
instruments and to all renewals, modifications, consolidations, replacements and
extensions thereof (the “Security Documents”)
heretofore or hereafter executed by Landlord covering the Premises, the Building
or any part of the Project, to the same extent as if the Security Documents had
been executed, delivered and recorded prior to the execution of this
Lease.  After the delivery to Tenant of a notice from Landlord that it
has entered into one or more Security Documents, then, during the term of such
Security Documents, Tenant shall upon request deliver to the holder or holders
of all Security Documents a copy of all notices to Landlord and shall grant to
such holder or holders the right to cure all defaults, if any, of Landlord
hereunder within the same time period provided in this Lease for curing such
defaults by Landlord and, except with the prior written consent of the holder or
holders of the Security Documents, shall not surrender or terminate this Lease
except pursuant to a right to terminate expressly set forth in this Lease or under Applicable Law
and shall attorn to any holder of any Security Documents or its successor in
interest by foreclosure or otherwise. The provisions of this subsection shall be
self-operative and shall not require further agreement by Tenant; however, at
the request of Landlord, Tenant shall execute such further documents as may be
reasonably required by the holder of any Security Documents. At any time and
from time to time upon not less than ten (10) days' prior notice by Landlord,
Tenant shall execute, acknowledge and deliver to the Landlord a written estoppel
certificate certifying: (i) the Rentable Area of the Premises, (ii) the
Commencement Date and Expiration Date of this Lease, (iii) the Base Rent, Base
Rent Adjustment and expense stop, (iv) that this Lease is unmodified and in full
force and effect, or if there have been modifications, that the same is in full
force and effect as modified and stating the modifications, (v) whether or not
the Landlord is in default in the keeping, observance or performance of any
covenant, agreement, term, provision or condition contained in this Lease and,
if so, specifying each such default, (vi) that Tenant has unconditionally
accepted and occupied the Premises, (vii) that all requirements of the Lease
have been complied with and no charges, set-offs or other credits exists against
any rentals, (viii) that Tenant has not assigned, pledged, sublet, or otherwise
transferred any interest in this Lease; and (ix) such other matters as Landlord
may reasonably request, it being intended that any such statement may be relied
upon by any prospective purchaser, tenant, mortgagee or assignee of any mortgage
of the Building or the Project or of the Landlord's interest
therein.

    

    41. Legal
Interpretation.  This Lease shall be interpreted and enforced
in accordance with the laws of the state where the Project is
located.  The determination that any provision of this Lease is
invalid, void, illegal or unenforceable shall not affect or invalidate the
remainder.  All obligations of Tenant requiring any performance after
the expiration of the Term shall survive the expiration or earlier termination
of this Lease and shall be fully enforceable in accordance with those provisions
pertaining thereto.  If Tenant consists of two or more parties, then
all such parties shall be jointly and severally liable for all obligations of
Tenant hereunder.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    

    42. Use of
Names and Signage.  Tenant shall not have the right to use the
name of the Project or Building except in connection with Tenant’s address, and
then such terms cannot be emphasized or displayed with more prominence than the
rest of such address. Landlord shall have the right to change the name of the
Building whenever Landlord in its sole judgment deems appropriate without any
consent of or liability to Tenant.  Any signage of Tenant within its
Premises is subject to the prior written approval of Landlord which shall not be
unreasonably withheld, conditioned or delayed; provided in all cases, Tenant
shall be solely responsible for all costs and expenses relating to any such
signage, including, without limitation, design, installation, any operating
costs, maintenance, cleaning, repair and removal.  Tenant shall be
obligated to pay the cost of repairing any damage associated with the removal of
any such signage

    

    43. Brokerage
Fees.  Tenant warrants and represents that it has had no
dealings with any broker in connection with the negotiation or execution of this
Lease other than Tenant’s Authorized Broker.  Tenant’s Authorized
Broker represents Tenant’s interests in connection with this transaction and
shall be paid by Landlord for its services pursuant to a separate, written
agreement fully executed by Tenant’s Authorized Broker and Landlord prior to
full execution of this Lease. Landlord’s Authorized Broker represents Landlord’s
interests in connection with this transaction and shall be paid by Landlord for
its services pursuant to a separate, written agreement fully executed by
Landlord’s Authorized Broker and Landlord prior to full execution of this
Lease.  Except as expressly provided above, Landlord will not be
responsible for, and Tenant will indemnify, defend, and hold Landlord harmless
from and against, any brokerage or leasing commission or finder’s fee claimed by
any party in connection with this Lease.

    

    44. Successors
and Assigns. This Lease shall be binding upon and inure to the benefit of
Landlord and its successors and assigns, and Tenant and its permitted successors
and assigns.

    

    45. Force
Majeure.  Except for the payment of Rent or any other sum due
hereunder, each party hereto shall be excused for the period of any delay and
shall not be deemed in default with respect to the performance of any of its
obligations when prevented from so doing by a cause beyond such party’s
reasonable control, including labor disputes, government regulations, fire or
casualty, inability to obtain any materials or services, or Acts of God
(collectively, “Force Majeure
Events”).

    

    46. Parking.  While
Tenant is occupying the Premises and is not in Default, Tenant shall have the
right in common with other tenants to use the number of Parking Spaces in the
Building’s parking facility indicated in Section 1, subject to any applicable
parking fees and rules and regulations promulgated from time to time. If
requested by Landlord, Tenant shall execute a separate parking license agreement
detailing Landlord’s and Tenant’s rights and obligations with respect to the
Parking Spaces. Tenant shall be entitled to use only the number of spaces so
allocated.  Nothing herein contained shall be construed to grant to
Tenant any estate in real property nor the exclusive right to a particular
parking space, but rather as a license only.

    

    47. Rooftop
Antenna.  Tenant shall have no right to place any microwave,
satellite or other type of antenna on the roof or exterior of the Building
without the prior written consent of Landlord which may be withheld or
conditioned in Landlord’s sole and absolute discretion.  Landlord
expressly reserves the right to charge a fee relating to each such
device.  Tenant acknowledges that Landlord currently is under contract
with Spectrasite Building Group, Inc. for management and leasing of the roof of
the Building.

    

    48. Attorneys
Fees.  If Landlord and Tenant litigate any provision of this
Lease or the subject matter hereof, the unsuccessful party will pay to the
successful party, and the successful party will be awarded all costs and
expenses, including reasonable attorneys’ fees and expenses and court costs,
incurred by the successful party including any appeal.

    

    49.  Exterior
Signage.  Tenant shall be granted the right to place its name
on the existing multi-tenant monument sign located on the south side of the
building.  Signage will be at Tenant’s sole cost and expense to
install and maintain.  The location, size, design, graphics and color
of Tenant’s monument identification shall be consistent with the current
signage.   Throughout the Term of the Lease, Tenant shall lease
from Landlord said signage at a rate of Two Hundred Dollars ($200.00) per month,
or Two Thousand Four Hundred and 00/100 ($2,400.00) Dollars per
year.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

    50. Right
of First Offer.  So long as Tenant is not in default, Tenant
shall have a right of first offer to lease contiguous space on the Fourth floor
of the Building.  The rental rate and improvement allowance, if any,
for this expansion shall be the then market rate for the Building.  At
such time as the space shall become available, Landlord shall provide Tenant
written notice specifying the space available and the terms upon which such
space will be leased.  Tenant shall have ten (10) days to respond to
Landlord, in writing, stating its intent to exercise or waive this
option.  In the event that Tenant's written response is not received
by Landlord within this time frame, Tenant will be deemed to have waived this
right.  If Tenant exercises such option, Landlord and Tenant shall
execute an amendment to this Lease setting forth the space to be added hereto
and the terms of such expansion.  Notwithstanding the preceding, space
shall not be deemed to become available if the space is: (i)  assigned
or subleased by the then current tenant of the space; (ii) subject to a specific
expansion or other right of another tenant existing as of the Commencement Date
unless and until such tenant(s) have failed to timely exercise their option(s);
or (iii) not leased to a tenant as of the date of this Lease (until that space
is leased, an then subsequently “becomes available”).

    

    51. Option
to Renew.  So
long as Tenant is not in default, Tenant shall have the right to renew this
Lease for one (1) Five (5) year period upon written notice of Tenant’s intent to
renew delivered to Landlord not less than twelve (12) months prior to the end of
the Term.  The terms and conditions for this renewal period shall
remain pursuant to the original terms; however, the Rent shall be the then
market rate at the time of renewal and Landlord shall have no obligation to
improve the Premises.

    

    52. Entire
Lease.  No oral
statements or prior written material not specifically incorporated herein shall
be of any force or effect.  Tenant agrees that in entering into this
Lease and accepting the Premises, it relies solely upon the representations and
agreements contained in this Lease, the exhibits attached hereto and the written
agreements executed contemporaneously herewith.  This Lease, including
the Exhibits which are attached hereto and a part hereof, constitutes the entire
Lease of the parties and shall in no way be conditioned, modified or
supplemented except by a written Lease amendment executed by both
parties.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

    WITNESS
WHEREOF, this Lease is executed and, except as otherwise expressly provided
herein, all provisions shall be effective as of the Effective Date.

    

    
      
        
          
            	
                    Landlord:

                  	 
      	
                    Tenant:

                  
	 
      	 
      	 
      
	
                    Parkway
      Properties LP

                  	 
      	
                    Hyperdynamics
      Corporation

                  
	
                    By:
      Parkway Properties General Partners, Inc.,

                  	 
      	 
      	 
      
	
                    its
      general partner

                  	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                    By:

                  	
                      
      /s/ Michael L.
Fransen

                  	 
      	
                    By:

                  	
                           /s/Ray
      Leonard

                  
	 
      	 
      	 
      	 
      	 
      
	
                    Name: 

                  	
                       Michael L.
    Fransen

                  	 
      	
                    Name: 

                  	
                    Ray Leonard

                  
	 
      	 
      	 
      	 
      	 
      
	
                    Its:

                  	
                    Vice President & Asset
      Manager

                  	 
      	
                       

                  	Its: 	
                        Chief Executive Officer
      (title)

                  

          

        

      

    

    

    Attached
Exhibits

    

    
      	
              Exhibit
      A

            	 
      	
              Floor
      Plan

            
	
              Exhibit
      B

            	 
      	
              Cleaning
      and Janitorial Services

            
	
              Exhibit
      C

            	 
      	
              Rules
      and Regulations of the Building

            
	
              Exhibit
      D

            	 
      	
              Workletter
      Agreement

            
	
              Exhibit
      D “A”

            	 
      	
              Construction
      Rules and Regulations

            
	
              Exhibit
      G

            	 
      	
              Certificate
      Confirming Lease Date and Base Rent

            

    

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    

    EXHIBIT
B

    CLEANING
AND JANITORIAL SERVICES

    

    
      
        
          	
                   NIGHTLY

                	 
      	
                  1.

                	 
      	
                  Empty
      all waste receptacles, clean as necessary.

                
	
                  CLEANING

                	 
      	
                  2.

                	 
      	
                  Vacuum
      all carpeted traffic areas and other areas as needed.

                
	 
      	 
      	
                  3.

                	 
      	
                  Dust
      furniture, files, fixtures, etc.

                
	 
      	 
      	
                  4.

                	 
      	
                  Damp
      wipe and polish all glass furniture tops.

                
	 
      	 
      	
                  5.

                	 
      	
                  Remove
      finger marks and smudges from vertical surfaces.

                
	 
      	 
      	
                  6.

                	 
      	
                  Clean
      all water coolers.

                
	 
      	 
      	
                  7.

                	 
      	
                  Sweep
      all private stairways nightly, vacuum if carpeted.

                
	 
      	 
      	
                  8.

                	 
      	
                  Damp
      mop spillage in office and public areas as required.

                
	 
      	 
      	 
      	 
      	 
      
	
                  WEEKLY

                	 
      	
                  1.

                	 
      	
                  Twice
      weekly, detail vacuum all rugs and carpeted areas.

                
	
                  CLEANING

                	 
      	
                  2.

                	 
      	
                  Once
      weekly, dust all cleared surfaces of furniture, files, fixtures,
      etc.

                
	 
      	 
      	 
      	 
      	 
      
	
                  WASH
      ROOMS

                	 
      	
                  1.

                	 
      	
                  Damp
      mop, rinse and dry floors nightly.

                
	
                  (NIGHTLY)

                	 
      	
                  2.

                	 
      	
                  Scrub
      floors as necessary.

                
	 
      	 
      	
                  3.

                	 
      	
                  Clean
      all mirrors, bright work and enameled surfaces nightly.

                
	 
      	 
      	
                  4.

                	 
      	
                  Wash
      and disinfect all fixtures.

                
	 
      	 
      	
                  5.

                	 
      	
                  Damp
      wipe and disinfect all partitions, tile walls, etc.

                
	 
      	 
      	
                  6.

                	 
      	
                  Empty
      and sanitize all receptacles.

                
	 
      	 
      	
                  7.

                	 
      	
                  Fill
      toilet tissue, soap, towel, and sanitary napkin
  dispensers.

                
	 
      	 
      	
                  8.

                	 
      	
                  Clean
      flushometers and other metal work.

                
	 
      	 
      	
                  9.

                	 
      	
                  Wash
      and polish all wall partitions, tile walls and enamel surfaces from
      

                  trim
      to floor monthly.

                
	 
      	 
      	
                  10.

                	 
      	
                  Vacuum
      all louvers, ventilating grilles and dust light fixtures
      monthly.

                
	 
      	 
      	 
      	 
      	 
      
	
                  FLOORS

                	 
      	
                  1.

                	 
      	
                  Ceramic
      tile, marble and terrazzo floors to be swept nightly and washed
      or

                
	 	 	 	 	 
	 
      	 
      	 
      	 
      	
                  scrubbed
      as necessary.

                
	 
      	 
      	
                  2.

                	 
      	
                  Vinyl
      floors and bases to be swept nightly.

                
	 
      	 
      	
                  3.

                	 
      	
                  Tile
      floors to be waxed and buffed monthly.

                
	 
      	 
      	
                  4.

                	 
      	
                  All
      carpeted areas and rugs to be detailed vacuumed twice weekly and all
      carpeted traffic areas and other areas as needed to be vacuumed
      nightly.

                
	 
      	 
      	
                  5.

                	 
      	
                  Carpet
      shampooing will be performed at Tenant's request and billed
    to

                
	 
      	 
      	 
      	 
      	
                  Tenant.

                
	 
      	 
      	 
      	 
      	 
      
	
                  GLASS

                	 
      	
                  1.

                	 
      	
                  Clean
      inside of all perimeter windows twice a year.

                
	 
      	 
      	
                  2.

                	 
      	
                  Clean
      outside of all perimeter windows once a year.

                
	 
      	 
      	
                  3.

                	 
      	
                  Clean
      glass entrance doors and adjacent glass panels nightly.

                
	 
      	 
      	
                  4.

                	 
      	
                  Clean
      partition glass and interior glass doors quarterly.

                
	 
      	 
      	 
      	 
      	 
      
	
                  HIGH
      DUSTING

                	 
      	
                  1.

                	 
      	
                  Dust
      and wipe clean all closet shelving when empty.

                
	
                  (QUARTERLY)

                	 
      	
                  2.

                	 
      	
                  Dust
      all picture frames, charts, graphs, etc.

                
	 
      	 
      	
                  3.

                	 
      	
                  Dust
      clean all vertical surfaces.

                
	 
      	 
      	
                  4.

                	 
      	
                  Damp
      dust all ceiling air conditioning diffusers.

                
	 
      	 
      	
                  5.

                	 
      	
                  Dust
      the exterior surfaces of lighting fixtures.

                
	 
      	 
      	 
      	 
      	 
      
	
                  DAY
      SERVICE

                	 
      	
                  1.

                	 
      	
                  Check
      men's washrooms for toilet tissue replacement.

                
	 
      	 
      	
                  2.

                	 
      	
                  Check
      ladies' washrooms for toilet tissue and sanitary napkin

                
	 
      	 
      	 
      	 
      	
                  replacements.

                
	 
      	 
      	
                  3.

                	 
      	
                  Supply
      toilet tissue, soap and towels in men's and ladies'
    washrooms.

                

        

      

    

    

    Neither
Landlord nor the janitorial company will be responsible for removing items from
surfaces in order to dust them.  It is understood that while dusting
is completed nightly in the common areas, it is only completed in the Premises
once a week and on no particular day.  In addition, neither Landlord
nor the janitorial company will be responsible for moving, dusting or cleaning
any computer, copier, printer or other office
equipment.  Notwithstanding anything herein to the contrary, it is
understood that no services of the character provided for in this Exhibit shall
be performed on Saturdays, Sundays or Holidays.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    EXHIBIT
C

    RULES
AND REGULATIONS OF BUILDING

    

    1.  No
smoking shall be permitted within any portion of the Building or within ten (10)
feet of the Building’s exterior doors, including tenant spaces and common
areas.

    

    2.  Landlord
may provide and maintain a directory for all tenants of the Building. No signs,
advertisements or notices visible to the general public shall be permitted
within the Project without the prior written consent of
Landlord.  Landlord shall have the right to remove any such sign,
placard, picture, advertisement, name or notice placed in violation of this rule
without notice to and at the expense of the applicable tenant.

    

    3.  Sidewalks,
doorways, vestibules, halls, stairways and other similar areas shall not be
obstructed by tenants or used by any tenant for any purpose other than ingress
and egress to and from the leased premises and for going from one to another
part of the Building.    At no time shall any tenant permit
its employees or invitees to loiter in common areas or elsewhere in or about the
Building or Project.

    

    4.  Corridor
doors, when not in use, shall be kept closed.

    

    5.  Plumbing
fixtures and appliances shall be used only for the purposes for which designed,
and no sweepings, rubbish, rags, food or other unsuitable material shall be
thrown or placed therein.

    

    6.  Landlord
shall provide all locks for doors into each tenant's leased area, and no tenant
shall place any additional lock or locks on any door in its leased area without
Landlord's prior written consent. Two keys for each lock on the doors in each
tenant's leased area shall be furnished by Landlord. Additional keys shall be
made available to tenants at tenant's cost. No tenant shall have any duplicate
keys made except by Landlord.  All keys shall be returned to Landlord
at the expiration or earlier termination of the applicable lease.

    

    7. A
tenant may use microwave ovens and coffee brewers in kitchen or break
areas.  Except as expressly authorized by Landlord in writing, no
other appliances or other devices are permitted for cooking or heating of food
or beverages in the Building.  No portable heaters, space heaters or
any other type of supplemental heating device or equipment shall be permitted in
the Building.  All tenants shall notify its employees that such
heaters are not permitted.

    

    8.  All
tenants will refer all contractors, subcontractors, contractors' representatives
and installation technicians who are to perform any work within the Building
to Landlord before
the performance of any work.  This provision shall apply to all work
performed in the Building including, but not limited to installation of
telephone and communication equipment, medical type equipment, electrical
devices and attachments, and any and all installations of every nature affecting
floors, walls, woodwork, trim, windows, ceilings, equipment and any other
physical portion of the Building.

    

    9.  Movement
in or out of the Building of furniture or office equipment, or dispatch or
receipt by a tenant of any heavy equipment, bulky material or merchandise which
require the use of elevators, stairways, lobby areas or loading dock areas,
shall be restricted to hours designated by Landlord.  A tenant must
seek Landlord’s prior approval by providing in writing a detailed listing of any
such activity.  If approved by Landlord, such activity shall be
performed in the manner stated by Landlord.

    

    10.  All
deliveries to or from the Building shall be made only at such times, in the
manner and through the areas, entrances and exits designated by
Landlord.

    

    11.  No
portion of any tenant's leased area shall at any time be used for sleeping or
lodging quarters. No birds, animals or pets of any type, with the exception of
guide dogs accompanying visually handicapped persons, shall be brought into or
kept in, on or about tenant's leased area.

    

    12.  No
tenants shall make or permit any loud or improper noises in the Building or
otherwise interfere in any way with other tenants or persons having business
with them.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    13.  Each
tenant shall endeavor to keep its leased area neat and clean. Nothing shall be
swept or thrown into the corridors, halls, elevator shafts, stairways or other
common areas, nor shall tenants place any trash receptacles in these
areas.

    

    14.  No
tenant shall employ any person for the purpose of cleaning other than the
authorized cleaning and maintenance personnel for the Building unless otherwise
approved in writing by Landlord.  The work of cleaning personnel shall
not be hindered by a tenant after 5:30 PM and such cleaning work may be done at
any time when the offices are vacant.  Exterior windows and common
areas may be cleaned at any time.

    

    15.  To
insure orderly operation of the Building, Landlord reserves the right to approve
all concessionaires, vending machine operators or other distributors of cold
drinks, coffee, food or other concessions, water, towels or
newspapers.

    

    16.  Landlord
shall not be responsible to the tenants, their agents, patients, employees or
invitees for any loss of money, jewelry or other personal property from the
leased premises or public areas or for any damages to any property therein from
any cause whatsoever whether such loss or damage occurs when an area is locked
against entry or not.

    

    17.  All
tenants shall exercise reasonable precautions in protection of their personal
property from loss or damage by keeping doors to unattended areas
locked.   Tenants shall also report any thefts or losses to the
Building Manager and security personnel as soon as reasonably possible after
discovery and shall also notify the Building Manager and security personnel of
the presence of any persons whose conduct is suspicious or causes a
disturbance.  The tenant shall be responsible for notifying
appropriate law enforcement agencies of any theft of or loss to a tenant’s or
its employees’, contractors’, agents’ or invitees’ property.

    

    18.  All
tenants, their employees, guests and invitees may be called upon to show
suitable identification and sign a building register when entering or leaving
the Building at any and all times designated by Landlord form time to time, and
all tenants shall cooperate fully with Building personnel in complying with such
requirements.

    

    19.  No
tenant shall solicit from or circulate advertising material among other tenants
of the Building except through the regular use of the U.S. Postal Service. A
tenant shall notify the Building Manager or the Building personnel promptly if
it comes to its attention that any unauthorized persons are soliciting from or
causing annoyance to tenants, their employees, guests or invitees.

    

    20.  Landlord
reserves the right to deny entrance to the Building or remove any person or
persons from the Building in any case where the conduct of such person or
persons involves a hazard or nuisance to any tenant of the Building or to the
public or in the event or other emergency, riot, civil commotion or similar
disturbance involving risk to the Building, tenants or the general
public.

    

    21.  Unless
expressly authorized by Landlord in writing, no tenant shall tamper with or attempt to
adjust temperature control thermostats in the Building.  Upon request,
Landlord shall adjust thermostats as required to maintain the Building standard
temperature.

    

          22.  All
requests for overtime air conditioning or heating must be submitted in writing
to the Building management office by noon on the day desired for weekday
requests, by noon Friday for weekend requests, and by noon on the preceding
business day for Holiday requests.

    

    23.  Tenants
shall only utilize the termite and pest extermination service designated or
approved by Landlord.

    

    24.  No
tenant shall install, operate or maintain in its leased premises or in any other
area of the Building, any electrical equipment which does not bear the U/L
(Underwriters Laboratories) seal of approval, or which would overload the
electrical system or any part thereof beyond its capacity for proper, efficient
and safe operation as determined by Landlord, taking into consideration the
overall electrical system and the present and future requirements therefor in
the Building.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    25.  Parking
in the parking garage shall be in compliance with all parking rules and
regulations including any sticker or other identification system established by
Landlord.  Failure to observe the rules and regulations shall
terminate an individual’s right to use the parking garage and subject the
vehicle in violation to removal and/or impoundment.  Parking stickers
or other forms of identification supplied by Landlord shall remain the property
of Landlord and not the property of a tenant and are not
transferable.  The owner of the vehicle or its driver assumes all risk
and responsibility for damage, loss or theft to vehicles, personal property or
persons.

    

    26.  Each
tenant shall observe Landlord’s reasonable rules with respect to maintaining
standard window coverings at all windows in its leased premises so that the
Building presents a uniform exterior appearance.  Each tenant shall
ensure that to the extent reasonably practical, window coverings are closed on
all windows in its leased premises while they are exposed to the direct rays of
the sun.

    

    27.  Bicycles
and other vehicles are not permitted inside or on the walkways outside the
Building, except in those areas specifically designated by Landlord for such
purposes and except as may be needed or used by a physically handicapped
person.

    

          28.  Landlord
reserves the right to rescind any of these rules and regulations and to make
such other and further rules and regulations as in its judgment shall from time
to time be needful for the safety, protection, care and cleanliness of the
Building, the operation thereof, the preservation of good order therein and the
protection and comfort of the tenants and their agents, employees and invitees,
which rules and regulations, when made and written notice thereof is given to a
tenant, shall be binding upon it in like manner as if originally herein
prescribed.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
D TO AGREEMENT

    

    WORK
LETTER AGREEMENT

    

    (CONSTRUCTION
BY LANDLORD)

    

    This Work Letter Agreement is entered
into on this ____ day of December, 2009 by and between Parkway Properties LP
(“Landlord”) and
Hyperdynamics Corporation (Tenant”).  All
capitalized terms appearing in this Work Letter Agreement (“Letter”) shall have the same
meaning as those appearing in the attached Lease  between Landlord and
Tenant (“Agreement”),
except as expressly modified herein.  This Letter, when fully executed
by both parties, shall modify, amend, and supplement the Agreement as
follows:

    

    
      	
              1.

            	
                Initial
      Improvements

            

    

    

    
      	
               
      

            	
              a.

            	
              The
      design and construction work with respect to the refurbishment of the
      Premises pursuant to the Agreement shall be referred to as the “Initial Improvements”
      and shall be at the expense of
Tenant.

            

    

    

    
      	
               
      

            	
              b.

            	
              Initial
      Improvements shall consist of “hard” construction costs (e.g., materials)
      and related “soft” costs (e.g., architectural fees,
      construction-management fees).  In connection with the services
      to be provided by Landlord hereunder, Tenant shall pay to Parkway Realty
      Services, LLC (an affiliate of Landlord ) within ten (10) days of invoice
      a construction-management fee equal to zero percent (0%) of the total cost
      of the Initial Improvements.

            

    

    

    
      	
              2.

            	
                Tenant
      Plans

            

    

    

    
      	
            	
              a.

            	
              Tenant
      shall cause to be prepared and delivered to Landlord no later than December 23,
      2009, for Landlord’s approval, the following proposed drawings for
      the Initial Improvements (“Tenant
      Plans”):

            

    

    

    
      	
               
      

            	
              1.

            	
              architectural
      drawings (consisting of floor construction plan, ceiling lighting and
      layout, power and telephone plan);

            

    

    

    
      	
               
      

            	
              2.

            	
              mechanical
      drawings (consisting of HVAC, electrical, telephone, and plumbing);
      and

            

    

    

    
      	
               
      

            	
              3.

            	
              finish
      schedule (consisting of wall finishes, floor finishes, and miscellaneous
      details).

            

    

    

    
      	
               
      

            	
              b.

            	
              Within
      ten (10) business days after Landlord  receives the Tenant
      Plans, Landlord  shall approve the Tenant Plans or provide
      comments regarding any objections to the Tenant Plans.  Tenant
      shall then diligently revise the Tenant Plans to address all of Landlord
      ’s comments.  After such revisions are finalized to Landlord ’s
      satisfaction, Landlord  shall provide Tenant with a cost
      estimate and construction bid for the Initial Improvements, which Tenant
      shall approve or direct Landlord  to make certain changes,
      deletions, or additions and to rebid the
      same.  Landlord  shall cause the rebidding of the
      revised Tenant Plans in accordance with Tenant’s directives and shall
      submit the revised bid information to Tenant for Tenant’s review and
      approval, which shall not be unreasonably withheld, conditioned, or
      delayed.  Within five (5) business days of receipt thereof,
      Tenant shall review such bid information and provide
      Landlord  with Tenant’s approval thereof, including any final
      corrections and amendments (if any).  Thereafter, these
      Landlord-approved and Tenant-approved Tenant Plans shall be known as the
      “Final
      Plans.”

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              c.

            	
              The
      Tenant Plans and Final Plans shall comply with all applicable statutes,
      ordinances, regulations, laws, and codes.  Neither review nor
      approval by Landlord  of the Tenant Plans or Final Plans shall
      constitute a representation or warranty by Landlord  that such
      plans either (1) are complete or suitable for their intended purpose or
      (2) comply with applicable statutes, ordinances, regulations, laws, and
      codes, it being expressly agreed by Tenant that
      Landlord  assumes no responsibility or liability whatsoever to
      Tenant or to any other person or entity for such completeness,
      suitability, or compliance.  Tenant shall not without Landlord
      ’s prior written approval make any changes to the Final Plans, except that
      immaterial changes may be made without Landlord ’s prior approval,
      provided that Tenant provides Landlord with prior written notice of any
      such change.

            

    

    

    
      	
              3.

            	
              Construction
      of Initial Improvements

            

    

    

    
      	
            	
              a.

            	
              The
      Initial Improvements shall be constructed in accordance with the Final
      Plans.

            

    

    

    
      	
               
      

            	
              b.

            	
              If
      Tenant desires to change the Final Plans, Tenant shall, at its expense,
      provide to Landlord plans and specifications for such
      change(s).  All such plans and specifications shall be subject
      to Landlord’s written approval, which will not be unreasonably
      withheld.

            

    

    

    
      	
               
      

            	
              c.

            	
              If
      Tenant requests Landlord to perform additional work to the Premises
      outside the scope of the Final Plans, then such work shall be performed by
      Landlord at Tenant’s expense.  Prior to commencing any such work
      requested by Tenant, Landlord will submit to Tenant written estimates of
      the cost of any such work.  If Tenant fails to approve any such
      estimate within ten (10) days, then the same shall be deemed disapproved
      in all respects by Tenant, and Landlord shall not be authorized to proceed
      thereon.

            

    

    

    
      	
               
      

            	
              d.

            	
              If
      Tenant fails to supply to Landlord any of the above-specified information
      within twenty (20) days after the dates so specified, then Landlord may,
      at its option, declare a default under the Agreement , as amended, and
      exercise any of Landlord’s remedies for default thereunder, including
      terminating the Agreement .  If Landlord so terminates the
      Agreement , Tenant shall pay Landlord for all expenses incurred by
      Landlord in refurbishing the Premises for
  Tenant.

            

    

    

    
      	
               
      

            	
              e.

            	
              Upon
      Substantial Completion (defined below), Landlord will assign to Tenant, on
      a nonexclusive basis, all warranties available from the contractors,
      subcontractors, suppliers, manufacturers, and materialmen for construction
      of the Initial Improvements.  “Substantial Completion”
      shall mean the date the applicable certificate of occupancy is issued with
      respect to the Initial Improvements.  Tenant’s sole and
      exclusive remedy shall be for the repair and replacement of defects of
      material and workmanship under the aforementioned warranties, and Landlord
      shall not be responsible for any defect of any nature in the Initial
      Improvements.  Landlord makes no warranties, expressed or
      implied, including but not limited to implied warranties of
      merchantability and fitness for a particular purpose, in connection with
      the Initial Improvements.  Tenant’s sole remedy for breach of
      any applicable warranty shall be the remedy set forth in this
      paragraph.  Tenant agrees that no other remedy, including
      without limitation incidental or consequential damages for lost profits,
      injury to person or property, or any other incidental or consequential
      loss, shall be available to
Tenant.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              f.

            	
              Prior
      to and during construction of the Initial Improvements, Tenant’s
      architects, vendors, and other duly authorized agents shall have the right
      to enter the Premises for purposes of inspection, making measurements, and
      installing system furniture, phone equipment, and telecommunications
      cabling, provided each such agent presents Landlord with a
      Landlord-approved certificate of insurance naming Landlord as an
      Additional Insured.

            

    

    

    
      	
               
      

            	
              g.

            	
              Upon
      Substantial Completion, Tenant shall provide Landlord with a punch list of
      items requiring completion and/or correction with regard to the Initial
      Improvements to the Premises (“Punch
      List”).  Landlord shall complete the Punch List as soon
      as reasonably practical.

            

    

    

    
      	
              4.

            	
                Selection
      of Contractor

            

    

    

    Landlord,
acting in its sole and absolute discretion, shall have the right to select the
contractor for the Initial Improvements.  The Construction Rules and
Regulations for the Building are attached hereto and incorporated herein as
Exhibit D “A” and must
be followed by all parties.

    

    
      	
              5.

            	
                Improvement
      Allowance

            

    

    

    N/A

    

    
      	
              6.

            	
                Agreement

            

    

    

    Upon full
execution of this Letter and approval of the Final Plans by Landlord and Tenant
as described above, Landlord shall proceed to construct the Initial Improvements
in accordance with the Final Plans.

    

    Except as
expressly modified by this Letter, the Agreement and all the covenants,
agreements, terms, provisions, and conditions thereof shall remain in full force
and effect and are hereby ratified and affirmed by Landlord and
Tenant.

    

    The above
terms and conditions are confirmed and agreed as of the date first written above
by:

    

    Landlord:

    
      
        
          
            
              
                
                  	 
      	
                          a.

                        	
                                                  
      Parkway Properties LP

                        
	 	 	 
	 
      	
                          By:

                        	
                           
      Parkway Properties General Partners, Inc.,

                        
	 
      	 
      	
                           
      its General Partner

                        
	 
      	 
      	 
      
	 
      	 
      	
                           
      By:

                        	
                            

                        	 
      
	 
      	 
      	
                           
      Michael L. Fransen

                        
	 
      	 
      	
                          Vice
      President and Asset
Manager

                        

                

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        
          
            	
                    Tenant:

                  	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                         Hyperdynamics
      Corporation

                  	 
      
	 
      	 
      	 
      	 
      
	 
      	
                    By:

                  	
                      

                  	
                    (signature)

                  
	 
      	 
      	 
      	 
      
	 
      	
                    Name:

                  	
                      

                  	
                    (print)

                  
	 
      	 
      	 
      	 
      
	 
      	
                    Its:

                  	 
      	
                    (title)

                  

          

        

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
D “A”

    

    Construction
Rules and Regulations

     

    
      	
              II.

            	
              INTRODUCTION

            

    

     

    The
intent of these regulations is to establish criteria for all construction or
maintenance activities within the Woodbranch Building.  Parkway
Realty, as managing and leasing representative for the building owner asks for
your cooperation in maintaining these rules and regulations

    

    
      	
              III.

            	
              BUILDING
      ACCESS

            

    

     

    Building
business hours for tenant use are 7:00 a.m. – 6:00 p.m. Monday through Friday
and 8:00 a.m. – 12:00 p.m. on Saturday.

    

    The
Landlord will maintain control of all persons performing a service while on the
premises.  This includes the right to stop work and remove from the
property, any individuals who violate the rules and regulations of the
building.

    

    Companies
who perform work in the building must be approved to access the building by
filling out a Security Clearance Form and submitting it to Building Management
for approval 24 hours in advance.  This approval shall be for a
specified period of time and area.

    

    Under no
circumstances can materials be loaded or unloaded through a pedestrian
entrance.  Because the building has only one elevator available for
freight it is imperative that all deliveries, unloading, etc. be scheduled in
advance via Security Clearance Forms.

    

    
      	
              IV.

            	
              GENERAL
      INFORMATION

            

    

     

    The
property management office will stop or shut down any activity at any time that
is not in compliance with these rules and regulations. Any claims for
compensation due to the delay will not be acknowledged.

    

    Neither
the Landlord nor its employees shall be held responsible for any loss, damage,
or theft of contractor equipment, materials, tool, or any other item belonging
to the contractor.

    

    The
contractor must submit a list of emergency phone numbers or an answering service
number that will provide a thirty (30) minute (maximum) reply time to the
Landlord’s call.

    

    No
alcohol, drugs, or persons under the influence of controlled substances of
controlled substance are permitted on the premises at any time.

    

    No
smoking or chewing of tobacco products in the building or within 100 feet of the
entrances.  This includes all stairwells, elevators, multi-tenant
corridors, restrooms, elevator lobbies and main lobby.  Also included
are all public areas, tenant space, empty spaces and mechanical
rooms.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    Contractor
will take the necessary precautions to protect the existing property when his
work comes in contact with it.  Anything damaged by a contractor will
be repaired to Landlord’s satisfaction at the contractor’s expense.

    

    Contractors
reserving an elevator for construction purposes have exclusive use and the
elevator must be manned at all times by the contractor’s
representative.

    

    Materials
containing asbestos are absolutely forbidden in the
building.  Contractor warrants all materials are free from asbestos
and will comply with “Exhibit A – Contractor Environmental Clause”.

    

    Contractors
who reserve the elevator will sign in with the management office or security
officer.  Any problems relating to the use of the elevator should be
reported to building security.  When the reservation time has expired
or is not required any longer building security must be notified
immediately.

    

    Workers
will not frequent any floor other than the floor (s) related to their work
without prior approval and scheduling through building management.

    

    Contractors
can not lounge or eat in the building’s lobbies, mechanical rooms, hallways, or
stairwells.  This must be done in designated area, or the assigned
work area.  Tenant spaces are off limits and shall not be disturbed
for any reasons.

    

    Any
elevator left unattended for longer than 60 minutes will be considered abandoned
and permission for its use will be immediately revoked.

    

    Loud
noise from radios tools or workers using inappropriate language is
prohibited.

    

    Workers
shall be removed from the premises for objectionable conduct.

    

    Theft of
any kind will be handled by building security.

    

    The
restroom facilities are not to be used for any purpose other than that for which
they were intended, i.e.: tool cleaning, etc. is strictly
forbidden.  Construction personnel will be assigned specific
restrooms.

    

    When work
is completed the contractor will immediately supply to the
Landlord:

    

    
      	
               
      

            	
              ·

            	
              Certificates
      of Occupancy or Compliance

            

    

    
      	
               
      

            	
              ·

            	
              Operations
      & Maintenance manuals, installation instructions that came with the
      purchase, and warranty cards (these must have the serial and model
      numbers, etc. filled in).

            

    

    
      	
               
      

            	
              ·

            	
              As-built
      drawings

            

    

    

    No work
will take place in any public area and no construction related materials or
equipment are allowed in public areas during building business
hours.

     

    
      	
              V.

            	
              TIME
      SCHEDULE SUMMARY

            

    

     

    
      	
              1.

            	
              Building
      hours for Tenant use are from 7:00 a.m. to 6:00 p.m. Monday through Friday
      and 7:00 a.m. to 1:00 p.m. on
Saturday.

            

    

    

    
      	
              2.

            	
              The
      management office schedules construction elevator usage on a first-come
      first-served basis.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              3.

            	
              If
      the MEP sprinkler, fire safety or security systems are tied into or shut
      down, a twenty-four hour notice must be submitted to the building office
      for approval.

            

    

    

    
      	
              4.

            	
              If
      demolition, painting, sweeping, welding, cutting, etc. could possibly
      activate a smoke detector, a twenty-four hour notice must be submitted to
      the building office for approval. This work must be accomplished between
      the hours of 9:00 p.m. and 5:00
a.m.

            

    

    

    
      	
              5.

            	
              The
      management office will accept elevator reservations beginning two weeks
      prior to their use.  All reservations must be requested in
      writing to the management office.  The building management
      reserves the right to revoke elevator usage at any
  time.

            

    

    

    
      	
              VI.

            	
              SAFETY

            

    

     

    Contractor
shall coordinate all fire alarm system and fire sprinkler system related work
with the management office and Security.  No fire alarm or sprinkler
system related work will be performed until proper steps have been taken to
assure that false alarms will not occur, that adequate building protection will
be maintained, and that the proper agencies have been notified of Fire Safety
System downtime.  Contractor will also coordinate with Building
Management and Security for the proper restoration of the fire alarm and
sprinkler systems to normal operation immediately upon completion of the
work.  Under no circumstances shall the Contractor leave the premises
until these systems have been restored to normal operating status.

    

    Contractors
shall take adequate steps to prevent false fire alarms or other unnecessary
alarms that occur as a direct or indirect result of their work on the
premises.  This shall include protection of smoke detection devices
from smoke, dust, and debris during construction, use of sweeping compound when
sweeping floors to avoid dust, and proper precautionary measures taken when
working around other alarm initiating devices, such as pull stations, water flow
detectors, and fire safety related power sources.  All work that, for
any reason, may activate the Fire Alarm System must first be reported to the
management office so that appropriate measures may be taken to prevent a false
alarm.  Such work includes welding, sawing, sweeping, painting,
sanding, soldering, brazing, etc.

    

    Contractors
shall observe the following fire safety precautions at all times:

    

    
      	
              ·

            	
              At
      least one approved fire extinguisher must be within reach of all
      welding/brazing work and other open
flames.

            

    

    
      	
              ·

            	
              Acetylene,
      oxygen, or other types of pressurized gas bottles must be in an upright
      position and strapped to an immovable
object.

            

    

    
      	
              ·

            	
              Only
      electric welding machines will be used inside the
  building.

            

    

    
      	
              ·

            	
              Fire
      blankets shall be used where
appropriate.

            

    

    
      	
              ·

            	
              All
      electric cords and tools must be inspected on a regular basis and must be
      in proper working condition.

            

    

    
      	
              ·

            	
              Hazardous
      Materials may not be brought or stored on the premises without proper
      documentation procedures being
followed.

            

    

    

    Hazardous
materials are defined as:

    

    
      	
              §

            	
              Flammable
      liquids

            

    

    
      	
              §

            	
              Flammable
      solids

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              §

            	
              Pressurized
      gases

            

    

    
      	
              §

            	
              Liquefied
      gases

            

    

    
      	
              §

            	
              Cryogenics

            

    

    
      	
              §

            	
              Combustible
      metals

            

    

    
      	
              §

            	
              Oxidizing
      agents

            

    

    
      	
              §

            	
              Explosives

            

    

    
      	
              §

            	
              Radioactive
      materials

            

    

    

    
      	
              VII.

            	
              CONSTRUCTION
      PRACTICES

            

    

     

    As
professionals, all trades must work together as a team to keep the job on
schedule with quality installations.

    

    All
projects will be swept/vacuumed, trash properly disposed of, and the material
organized on a daily basis.  We’re not requiring a final clean but the
job will be in a manner acceptable to Management.  A floor sweeping
compound must be used.  The final clean up by the General Contractor
will include corridor & lease space light fixtures, walls, floors, windows,
sills, mini blinds, cabinets, counters, HVAC diffusers or grills (painted if
rusty) or blank-off plates, mechanical rooms, restrooms, etc; anything
associated with the project.  If the Landlord is forced to clean the
job site a justified value will be deducted from your contract.

    

    All trash
is to be removed from the premises daily. Contractor will provide his own method
for trash containment. Walk off mats must be placed inside every entrance/exit,
within each construction project for all individuals to wipe their feet on. Mats
must be kept clean and vacuumed. There shall be no signs of construction dust in
public areas at any time.

    

    Vacant
lease spaces, loading docks, mechanical rooms, lobbies, stairwells, maid
closets, elevator lobbies and parking areas are not to be used as work areas or
storage areas for tools, equipment or materials.

    

    Permits,
plans, and certificates of occupancy are to be paid for by the contractor unless
noted otherwise.

    

    Contractor
must ensure all building MEP and safety systems are in service at all times
unless disruptions are scheduled with Building Management.

    

    All phone
and data cables must be securely tagged with the tenant’s name and suite number
at the origin and every place it crosses a corridor wall or any neighboring
tenant wall.

    

    Stairwell
and mechanical room doors must not be manipulated to remain in an unlocked state
or propped open.

    

    Lobbies
are not to be used as staging zones.

    

    Contractors
are responsible for notifying Landlord, in writing of existing facility damages,
before manning or stocking the job. Otherwise, the contractor is liable for any
repairs. This includes lobbies, public corridors, restrooms, doors, stairwells
and elevators.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    No
Company signs, logos, or plans are allowed in public view.

    

    Ladders
shall have rubber, carpet or similar material on the feet to prevent sound
transmission when they are moved.

    

    All gang
boxes, dollies, carts, or other material moving devices shall have rubber
tires.

    

    Material
stacking shall not exceed seventy (70) pounds/square.

    

    All
identified unused and salvageable material or equipment must be relocated to a
floor area designated by Landlord if the Landlord chooses to keep
it.  Otherwise it must be removed from the building.

    

    All work
involving core drilling, spraying or other function that may cause disruptive
noise, fumes, odor, or result in necessary access to any occupied Tenant space
or in any public area, must be approved by Building Management.  All
work of this nature must be performed after building hours unless otherwise
approved prior to work.

    

    Noisy
work shall be defined as any noises distracting to neighboring tenants including
but not limited to the following:

    

    
      	
               
      

            	
              -

            	
              Concrete
      coring, drilling or chipping

            

    

    
      	
               
      

            	
              -

            	
              Installation
      of power actuated fasteners

            

    

    
      	
               
      

            	
              -

            	
              Tack
      strip nailing

            

    

    
      	
               
      

            	
              -

            	
              Chop
      sawing

            

    

    
      	
               
      

            	
              -

            	
              Banging
      on pipes or other equipment

            

    

    
      	
               
      

            	
              -

            	
              Demolition

            

    

    

    All
penetration of piping, duct work, conduits, etc. through walls, partitions, and
floors shall be fire sealed to the Landlord’s satisfaction to maintain the
integrity of the structure’s fire safety rating.

    

    Any
openings in walls and partitions made by the Contractor for access to
construction work shall be patched and/or repaired to the Landlord’s
satisfaction to maintain the integrity of the structure’s fire safety
rating.

     

    Any
openings in walls and partitions made by the Contractor for access to
construction work shall be patched and/or repaired to the Landlord’s
satisfaction.

    

    Before
each job begins the General Contractor must submit a list of subcontractors to
be used and hold a pre-job meeting at the site.

    

    Only
contractor on the approved bidder’s list shall be utilized to do work in this
building.  If any subcontractor intends to utilize the services of
another contractor to create a sub-to-sub relationship, Building Management must
be notified in writing by the general contractor prior to issuance of the
building agreement.

    

    Contractor
parking is located to the east of the building or with prior arrangement, on the
roof of the garage.   Do not park in the visitor, reserved, or
handicapped parking.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              VIII.

            	
              SUMMARY

            

    

     

    These
rules and regulations are to be common knowledge to all
workers.  Please respect our tenants and guests by adhering to the
guidelines listed above.  If you have any questions, comments or
suggestions please call the management office at 281-242-3700.  Your
signature below represents your acceptance of these building rules and agreement
to comply.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
G

    CERTIFICATE
CONFIRMING LEASE DATES & BASE RENT

     

    This Certificate Confirming Lease Dates
and Base Rent is attached to and made a part of the Lease dated December ___,
2009, by and between Parkway Properties LP, as Landlord, and Hyperdynamics
Corporation, as Tenant.

    

    The
undersigned hereby agree and confirm that the Commencement Date, Termination
Date and Base Rent schedule are revised as stated below:

    

    The
Commencement Date as defined in Section 1(g) of the Lease is
_________________________________

    The
Termination Date as defined in Section 1(h) of the Lease is
______________________________________.

    

    The Base
Rent schedule as defined in Section 1(i) of the Lease is as
follows:

    

    Month
1 – 12:  $17.00 per Rentable Square foot payable in monthly
installments of $16,496.67

    Month
13 – 24:  $17.50 per Rentable Square foot payable in monthly
installments of $16,986.67

    Month
25 – 36:  $18.00 per Rentable Square foot payable in monthly
installments of $17,472.00

    Month
37 – 48:  $18.50 per Rentable Square foot payable in monthly
installments of $17,957.33

    Month
49 – 60: $19.00 per Rentable Square foot payable in monthly installments of
$18,442.67

     

    
      
        	
                Landlord:

              	 
      	
                Tenant:

              
	 
      	 
      	 
      
	
                Parkway
      Properties LP

              	 
      	
                Hyperdynamics
      Corporation

              
	 
      	 
      	 
      
	
                By:

              	
                Parkway
      Properties General Partners, Inc.,

              	 
      	 
      
	 
      	
                its
      general partner

              	 
      	 
      
	 
      	 
      	 
      
	
                By:

              	
                   

              	
                (signature)

              	 
      	
                By:

              	
                   

              	
                (signature)

              
	
                Michael
      L. Fransen

              	 
      	 
      
	
                Vice
      President and Asset Manager

              	 
      	
                Name:

              	
                   

              	 
      
	 
      	 
      	 
      
	 
      	 
      	
                Its:

              	
                   

              	
                (title)Unassociated Document

    BOARD DIRECTOR
AGREEMENT

     

    This
Agreement for a Director of the Board of Directors (this “Agreement”) is made
and entered into as of this 17th day of
June 2009, by and between Stratos Renewables Corporation, a Nevada corporation
(the “Company”), and
Leonard Brooks, an individual (“Director”), with
reference to the following facts:

     

    WHEREAS,
the Board of Directors of the Company has elected the Director to a position as
a Member of the Board of Directors of Company;

     

    WHEREAS,
Director has agreed to accept such election on April 17, 2009;

     

    WHEREAS,
the parties hereto desire to enter into an agreement under which Director will
be compensated for the provision of the services to the Company as a Member of
the Board of Directors.

     

    NOW,
THEREFORE, in consideration of the mutual agreements and covenants contained
herein, the parties hereto hereby agree as follows:

     

    1.         Engagement and
Term.  The Board of Directors of the Company elected Director,
and Director accepted such election as a Member of the Board of Directors of the
Company, upon the terms and conditions set forth herein for a One (1) year term
commencing as of April 17, 2009 and terminating on April 17, 2010 unless such
engagement is sooner terminated by either party upon thirty (30) days’ prior
written notice to the other party (the “Director
Term”).  This Agreement is renewable on an annual basis subject
to approval by the Board of Directors of the Company assuming the Director
continues to be elected as a Director of the Company.

     

    2.         Position. The Board of Directors
of the Company elected Director to serve as a Member of the Board of Directors,
and Director accepted that election upon the terms and subject to the conditions
of this Agreement.  Director shall perform such duties as are set
forth in the Bylaws of the Company and as are customary to such position, as
well as such other duties as the Company and Director may mutually agree from
time to time (the “Services”).  Director
shall comply with the statutes, rules, regulations and orders of any
governmental authority, which are applicable to the performance of the Services,
as well as the Company's rules, regulations, written policies, and procedures
and approval practices as they may from time-to-time be adopted or modified and
shall be subject to the Company’s applicable policies, procedures and approval
practices, as are generally in effect from time-to-time.

     

    3.         Compensation.  In
consideration of the performance by Director of his obligations under this
Agreement, the Company shall pay to Director:

     

    (a)           On
the last working day of each quarter during the Director Term, a director’s fee
in the amount of Fifteen Thousand Dollars ($15,000), less any deductions,
withholdings and offsets required by law, rule or regulation;

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    (b)    Six
Hundred Fifty Thousand (650,000) warrants, each of which shall entitle Director
to purchase one (1) share of the Company’s common stock at an exercise price of
Seventy Five Cents ($0.75) per share (the “Warrant Exercise
Price”) which warrants shall vest at Fifty percent (50%) the first year
during the Director Term, Twenty-five percent (25%) the second year and
Twenty-five percent (25%) the third year.  Such warrants are to be
exercisable from the date of vesting until the fifth (5th)
anniversary of the date hereof.  Further, if the Company shall effect
a merger, sale, reorganization, consolidation or transference of all or
substantially all of the Company’s properties or assets, then the vesting of all
unvested warrants will accelerate such that they will be eligible to be
exercised immediately prior to or simultaneously with such event.  If
shares of the Company’s capital stock (other than a result of a conversion or
exercise of a convertible or options/warrants issued prior to the date of this
Agreement (the “Issue Date”) are issued after the Issue Date and prior to
the exercise in full or expiration of the warrant for consideration (as
reasonably determined by the Company’s board of directors) less than the Warrant
Exercise Price then in effect or convertible securities or options are sold or
issued which if converted or exercised would result in the issuance of shares of
the Company’s capital stock for less than the Warrant Exercise Price (based on
the total consideration paid for the options or convertible security, as well as
the exercise price of the options or convertible security, as reasonably
determined by the Company’s board of directors), then the Warrant Exercise
Price will be adjusted to such lower price.  Notwithstanding the
foregoing, (i) in the event that this Agreement is terminated by Director, or by
the Company for Cause (as defined below), prior to the first (1st)
anniversary of the date hereof, Director’s warrants shall cease vesting as of
such date and all unvested warrants shall be cancelled and (ii) in the event
that this Agreement is terminated by the Company without Cause (as defined
below), Director’s warrants shall immediately vest in full.  For the
purposes of this Section 3, “Cause” shall mean (A)
the failure, neglect or refusal by Director to perform duties consistent with
that of an Independent Director (including, without limitation, Director’s
inability to perform his obligations hereunder as a result of chronic alcoholism
or drug addiction and/or as a result of any failure to comply with any laws,
rules or regulations of any governmental entity with respect to the performance
of the consulting services described herein); (B) any willful, intentional or
grossly negligent act by Director having the effect of materially injuring the
reputation or business of the Company or its affiliates; or (C) Director’s
commission of a crime involving, in the Company’s good faith judgment, fraud,
dishonesty or moral turpitude; and

     

            (c)  Six
Hundred Fifty Thousand (650,000) restricted shares (the “Shares”) of the
Company’s common stock valued at par value of $.001 per
share.   The Shares shall vest at Three Hundred Twenty Five
Thousand (325,000) immediately and the remaining Three Hundred Twenty Five
Thousand (325,000) Shares shall vest on a pro-rata monthly basis (i.e.,
1/11th per
month) over the next eleven months during the term of and so long as the
Director’s Board Agreement with the Company does not terminate, in which case
all unvested Shares shall be cancelled.  The Shares shall be deemed
paid for as of the date of this Agreement and shall become eligible for resale
subject to the appropriate provisions of Rule 144.   Further, if
the Company shall effect a merger, sale, reorganization, consolidation or
transference of all or substantially all of the Company’s properties or assets,
then the vesting of all unvested Shares will accelerate such that they will be
eligible to be issued immediately prior to or simultaneously with such
event.

     

    4.         Reimbursement of
Expenses.  During each three (3) month period in the Director
Term, the Company shall reimburse Director for (a) up to Five Thousand Dollars
($5,000) in travel-related expenses incurred solely for Company business
purposes and (b) such other expenses as the Company shall pre-approve and commit
to reimburse in writing, in its sole and absolute discretion. Director shall
have reasonable access to the books and records of the Company (including
reasonable access to the Company’s independent auditors), as necessary to enable
Director to fulfill his obligations as Member of the Board of Directors of the
Company.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    5.         Confidential Information;
Company Property.  During the term of this Agreement and at all
times thereafter, Director shall keep all Company confidential information in
confidence and shall not disclose any of the same to any other person or entity,
except Director’s attorneys and other persons and/or entities designated in
writing and in advance by the Company.  Director shall not cause,
suffer or permit such confidential information to be used for the gain or
benefit of any party outside of the Company or for Director’s personal gain or
benefit outside the scope of Director’s engagement by the Company.

     

    6.         Non Disclosure
Obligations.   Director agrees to use his reasonable best
efforts to provide the Services and to devote the time necessary to faithfully
perform his duties. Director shall maintain in confidence and shall not,
directly or indirectly, disclose or use, either during or after the term of this
Agreement, any Proprietary Information (as defined below), confidential
information, or trade secrets belonging to Company, whether or not it is in
written or permanent form, except to the extent necessary to perform the
Services, as required by a lawful government order or subpoena, or as authorized
in writing by Company.  These nondisclosure obligations also apply to
Proprietary Information belonging to customers and suppliers of Company, and
other third parties, learned by Director as a result of performing the Services.
"Proprietary Information" means all information pertaining in any manner to the
business of Company, unless (i) the information is or becomes publicly known
through lawful means; (ii) the information was part of Director's general
knowledge prior to his relationship with Company; or (iii) the information is
disclosed to Director without restriction by a third party who rightfully
possesses the information and did not learn of it from Company.  If,
at any time, Director is required to make any disclosure or take any action that
may conflict with any of the provisions of this Agreement, Director will
promptly notify the Chairman of the Board of Directors and President of such
obligation, unless making such disclosure or taking such action is required by a
court of legal jurisdiction.

     

    7.         Indemnification.  Company
will indemnify and defend and hold harmless Director against any liability,
costs, or expenses (including legal fees and costs of independent legal counsel)
incurred in the performance of the Services to the fullest extent authorized in
Company’s Certificate of Incorporation, as amended, bylaws, as amended, and
applicable law, except to the extent arising out of or based upon the gross
negligence or willful misconduct of Director.  Company has purchased
Director’s and Officer’s liability insurance (D&O Policy), and Director
shall be entitled to the protection of any insurance policies,
fees  and expenses in connection with any action, suit or proceeding
to which he may be made a party by reason of his affiliation with Company, its
subsidiaries, or affiliates.

     

    8.         General
Provisions.

     

    (a) Notices.  Any
notice or communication that is addressed as provided in this Section will be
deemed given (a) upon delivery, if delivered personally or via certified mail,
postage prepaid, return receipt requested; or (b) on the first business day of
the receiving Party after the transmission if by facsimile or after the timely
delivery to the courier, if delivered by overnight courier.  Other
methods of delivery will be acceptable only upon proof of receipt by the Party
to whom notice is delivered.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    To
Company:

    Stratos
Renewables Corporation

    9440
Santa Monica Blvd., Suite 401

    Beverly
Hills, CA  90210

    Fax No.:
310-919-3044

    Attention: Secretary

     

    To
Director:

    Leonard
Brooks

    119 Noe
Avenue

    Chatham,
NJ 07928

    

    (b) Dispute
Resolution.

    

                                    (i).           
Arbitration.  The
Parties agree that any dispute, claim or Controversy concerning the Director’s
engagement or the termination of that engagement hereunder or any dispute, claim
or controversy arising out of or relating to any interpretation, construction,
performance or breach of this Agreement, shall be settled by arbitration to be
held in Los Angeles, California.  The parties may use the AAA or any
other alternate dispute resolution entity agreed upon for this
purpose.  The decision of the arbitrator shall be final, conclusive
and binding on the parties to the arbitration. Judgment may be entered on the
arbitrator’s decision in any court having jurisdiction.  To the extent
permitted by law, the parties will share equally in the costs of
arbitration.  Each party shall bear its or his own attorneys’ fees and
costs incurred in connection with the arbitration.

    

    (ii).           Jurisdiction
Venue.   The parties agree that any suit, action, or
proceeding between Director (and his attorneys, successors, and assigns) and
Company (and its affiliates, shareholders, directors, officers, employees,
members, agents, successors, attorneys, and assigns) relating to the Services or
the termination of those Services shall be brought in either the United States
District Court for the Central District of California or in a California state
court in the County of Los Angeles and that the parties shall submit to the
jurisdiction of such court. The parties irrevocably waive, to the fullest extent
permitted by law, any objection the party may have to the jurisdiction and venue
for any such suit, action or proceeding brought in such court. If any one or
more provisions of this Section shall for any reason be held invalid or
unenforceable, it is the specific intent of the parties that such provisions
shall be modified to the minimum extent necessary to make it or its application
valid and enforceable.

    

               9.           Entire Agreement;
Severability and Termination.  This Agreement is intended to
embody the final, complete and exclusive agreement among the parties with
respect to the subject matter hereof and is intended to supersede all prior
agreements, understandings and representations written or oral, with respect
thereto.  The provisions of this Agreement are severable, and in the
event that any provision is declared invalid, this Agreement shall be
interpreted as if such invalid provision were not contained herein. In the event
that Director resigns from the Board of Directors during the term of this
Agreement, dies, becomes permanently disabled or is removed as a Director for
Cause (as defined below), this Agreement will terminate, and except as provided
herein, the Company shall pay to Director all compensation and benefits to which
Director is entitled up through the date of termination, and thereafter, all of
the Company's obligations under this Agreement shall cease, except as provided
in Sections 5, 7 and 9.  Notwithstanding the above, if the Director
dies or becomes permanently disabled his estate or legal guardian shall be able
to exercise any vested warrants through the 5th
anniversary of the date hereof.  “Cause” shall include, but not be
limited to Director’s: (a) gross negligence and/or willful misconduct with
respect to Company and its successors; (b) commission of a felony; (c) acts or
omission which constitute theft, fraud or dishonesty; (d) having been repeatedly
or habitually intoxicated or under the influence of drugs while on the premises
of the Company or while performing any of his duties or obligations; or (e)
failure reasonably to provide the Services.  If the Director is
terminated the Director agrees that all property, including, without limitation,
all equipment, tangible proprietary information, documents, records, notes,
contracts, and computer-generated materials provided to or prepared by Director
incident to his Services belong to Company and shall be promptly returned at the
request of Company.  Upon termination of this Agreement, Director
shall be deemed to have resigned from all offices then held with Company by
virtue of his position as Director, except that Director shall continue to serve
as a Director if elected as a Director by the shareholders of Company as
provided in Company's Certificate of Incorporation, as amended, Company's
bylaws, as amended, and applicable law. Director agrees that following any
termination of this Agreement, he shall cooperate with Company in the winding up
or transferring to other Directors of any pending work and shall also cooperate
with Company (to the extent allowed by law, and at Company's expense) in the
defense of any action brought by any third party against Company that relates to
the Services.

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

                 10.     Waiver; Modification;
Assignment.  This Agreement supersedes any and all other
agreements, wither oral or in writing, between the Parties with respect to the
subject of this Agreement and contains all covenants and agreements between the
Parties relating to such engagement in any manner whatsoever.   Each
Party to this Agreement acknowledges that no representations, inducements,
promises, or agreements, oral or written, have been made by any Party, or anyone
acting on behalf of any Party, that are not embodied herein, and that no other
agreement, statement, or promise not contained in this Agreement will be valid
or binding.  Any modification of this Agreement will be effective only
if it is in writing signed by the Party to be charged.  No waiver of
any of the provisions of this Agreement will be deemed, or will constitute, a
waiver of any other provision, whether or not similar, nor will any waiver
constitute a continuing waiver.  No waiver will be binding unless
executed in writing by the Party making the waiver. This Agreement may not be
assigned in whole or in part by Director without the prior written consent of
Company.  Company may assign its rights under this Agreement without
the consent of Director in the event Company shall hereafter effect a
reorganization, consolidation, merger or sale of the Company, or transfer all or
substantially all of Company’s properties or assets.  Subject to the
foregoing limitation, this Agreement will be binding on, and will inure to the
benefit of, the Parties and their respective heirs, legatees, executors,
administrators, legal representatives, successors and assigns.

    

                 11.        Counterparts.  This
Agreement may be executed simultaneously in one or more counterparts, each of
which will be deemed an original, but all of which together will constitute one
instrument.  This Agreement may be executed and delivered by facsimile
and/or PDF signature which will be valid and binding.  This Agreement
may be executed and delivered by facsimile and/or PDF signature.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

     

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day
and year first set forth above.

     

    
      
        
          
            
              	 	DIRECTOR:	 
	 	 	 
	 	Leonard Brooks, an
      individual	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/ Leonard
      Brooks	 
	 	 	 	 
	 	 	 	 

            

          

        

      

    

    
      
        
          
            	 	COMPANY:	 
	 	 	 
	 	STRATOS RENEWABLES
      CORPORATION	 
	 	 	 	 
	 	
                    By:
      

                  	/s/ Valerie
      A. Broadbent	 
	 	 	Name:
      Valerie A. Broadbent	 
	 	 	Title:
      Corporate Secretary	 
	 	 	 	 

          

        

      

    

    

     

     

     

     

     

    6

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