Document:

CAMAC Energy Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1

 

May 31, 2011 

Mr. Edward G. Caminos, CPA 
21118 Kelliwood Park Lane

Katy, Texas 77450 

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

Dear Mr. Caminos: 

It is our pleasure to extend to you on behalf of CAMAC Energy
Inc. (the “Company”), an offer of employment as the Company’s Senior Vice
President and Chief Financial Officer commencing as of July 1, 2011, in
accordance with the terms and conditions contained in this letter agreement (the
“Agreement”), the adequacy and sufficiency of which are hereby acknowledged:

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

2. TERM. The term of this Agreement shall
commence on July 1, 2011, and shall continue until your employment is terminated
by the Company or by you.

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

	 	a. 	
      During the term of your employment with the Company you
      will receive a base salary of US$290,000.00 per annum (the “Base Salary”),
      paid in arrears and in equal installments in accordance with the customary
      payroll practices of the Company.

	 	 	 
	 	b. 	
      The Board has approved for you to receive an option to
      purchase 1,000,000 shares of the Company’s common stock (the “Option”)
      under the Company’s 2009 Equity Incentive Plan (the “Plan”). The Option
      will be evidenced by an Option Agreement as contemplated by the Plan,
      which will govern the Option, notwithstanding any other provision in this
      Agreement. The exercise price of the Option will be the closing price of
      the Company’s common stock on your date of hire. The Option will vest in
      1/3 annual installments on the anniversary date of your date of hire
      subject to your continued service with the Company on such anniversary date, with the first 333,333 shares vesting
on the first year anniversary of your date of hire and the final 333,334 shares
vesting on the third anniversary of your date of hire. 

1330 Post Oak Boulevard, Suite 2575, Houston, Texas 77056;
Telephone (713) 797-2990 

Mr. Edward G. Caminos, CPA 
Page 2 of 8 

	 	c. 	
      The Board has approved for you to receive 200,000
      restricted shares of the Company’s common stock (the “Stock”) under the
      Plan. The Stock will be issued pursuant to a Restricted Stock Award
      Agreement as contemplated by the Plan, which will govern the Stock and
      your rights to the Stock, notwithstanding any other provision in this
      Agreement. The Stock shall be restricted and subject to forfeiture to the
      Company if your rights to the restricted Stock do not vest under the award
      agreement. Your rights to the Stock will vest with respect to 50% of the
      Stock on the one year anniversary of your date of hire, and will vest with
      respect to the balance on the two year anniversary of your date of hire,
      subject in both cases to your continued service with the Company on such
      anniversary date.

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

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

4. EMPLOYEE BENEFITS 

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

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

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

Mr. Edward G. Caminos, CPA 
Page 3 of 8 

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

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

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

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

7. CONFLICTS OF INTEREST; COMPLIANCE WITH LAW. You covenant and agree that you will not receive and have not received any
payments, gifts or promises and you will not engage in any employment or
business enterprises that in any way conflict with your service and the
interests of the Company or its affiliates. In addition, you agree to comply
with the laws or regulations of any country, including, without limitation, the
United States of America, having jurisdiction over you, the Company or any of
the Company’s subsidiaries. Further, you shall not make any payments, loans,
gifts or promises or offers of payments, loans or gifts, directly or indirectly,
to or for the use or benefit of any official or employee of any government or to
any other person if you know, or have reason to believe, that any part of such
payments, loans or gifts, or promise or offer, would violate the laws or
regulations of any country, including, without limitation, the United States of
America, having jurisdiction over you, the Company or any of the Company’s
subsidiaries. By signing this Agreement, you acknowledge that you have not made
and will not make any payments, loans, gifts, promises of payments, loans or
gifts to or for the use or benefit of any official or employee of any government
or to any other person which would violate the laws or regulations of any
country, including, without limitation, the United States of America, having
jurisdiction over you, the Company or any of the Company’s subsidiaries.

Mr. Edward G. Caminos, CPA 
Page 4 of 8 

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

9. TERMINATION. 

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

Mr. Edward G. Caminos, CPA 
Page 5 of 8 

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

	 	 	 
	 	c. 	
      Notwithstanding any provision in this Agreement to the
      contrary, if you have not delivered to the Company an executed Release on
      or before the fiftieth (50th) day after the date of your Separation from
      Service, you shall forfeit all of the payments and benefits described in
      this Section 9.

Mr. Edward G. Caminos, CPA 
Page 6 of 8 

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

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

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

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

14. ARBITRATION AND GOVERNING LAW. ANY
UNRESOLVED DISPUTE OR CONTROVERSY BETWEEN YOU AND THE COMPANY ARISING UNDER OR
IN CONNECTION WITH THIS AGREEMENT SHALL BE SETTLED EXCLUSIVELY BY ARBITRATION,
CONDUCTED IN ACCORDANCE WITH THE RULES OF THE AMERICAN ARBITRATION ASSOCIATION
THEN IN EFFECT. THE PARTIES SHALL EQUALLY DIVIDE AND PAY THE ADMINISTRATIVE
COSTS OF ANY ARBITRATION UNDER THIS AGREEMENT, INCLUDING THE ARBITRATOR’S FEES.
THE ARBITRATOR SHALL NOT HAVE THE AUTHORITY TO ADD TO, DETRACT FROM, OR MODIFY
ANY PROVISION HEREOF. THE ARBITRATOR SHALL HAVE THE AUTHORITY TO ORDER REMEDIES
WHICH YOU COULD OBTAIN IN A COURT OF COMPETENT JURISDICTION. A DECISION BY THE
ARBITRATOR SHALL BE IN WRITING AND WILL BE FINAL AND BINDING. JUDGMENT MAY BE
ENTERED ON THE 

ARBITRATOR’S AWARD IN ANY COURT HAVING JURISDICTION. THE
ARBITRATION PROCEEDING SHALL BE HELD IN HOUSTON, TEXAS, UNITED STATES OF
AMERICA. NOTWITHSTANDING THE FOREGOING, THE COMPANY SHALL BE ENTITLED TO SEEK
INJUNCTIVE OR OTHER EQUITABLE RELIEF FROM ANY COURT OF COMPETENT JURISDICTION,
WITHOUT THE NEED TO RESORT TO ARBITRATION IN THE EVENT THAT YOU VIOLATE SECTIONS
5, 6 OR 7 OF THIS AGREEMENT. THIS AGREEMENT SHALL IN ALL RESPECTS BE CONSTRUED
ACCORDING TO THE LAWS OF THE STATE OF TEXAS. 

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

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

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

Mr. Edward G. Caminos, CPA 
Page 7 of 8 

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

[Remainder of Page Left Blank Intentionally]

Mr. Edward G. Caminos, CPA 
Page 8 of 8 

If you are in agreement with the terms set forth herein, please
sign below. The offer set forth herein is in effect until the close of business
at our Houston, Texas office on June 3, 2011. 

Yours truly, 

CAMAC ENERGY INC. 

By: /s/ Dr. Kase Lukman Lawal

Dr. Kase Lukman Lawal 
Chief Executive Officer 

Agreed and Accepted this 1st day of
June, 2011 

/s/ Edward G.
Caminos           

(Signature) 

Edward G.
Caminos                 

(Print Name) 

Signature Page to Offer LetterCAMAC Energy Inc.: Exhibit 10.2 - Filed by newsfilecorp.com

Exhibit 10.2

 

May 31, 2011 

Mr. Alan W. Halsey 
6222, SW 100 Terrace 

Miami, Florida
33156 

Re: Offer of Employment as Senior
Vice President, Exploration and Production 

Dear Mr. Halsey: 

It is our pleasure to extend to you on behalf of CAMAC Energy
Inc. (the “Company”), an offer of employment as the Company’s Senior Vice
President, Exploration and Production, commencing as of June 6, 2011, in
accordance with the terms and conditions contained in this letter agreement (the
“Agreement”), the adequacy and sufficiency of which are hereby acknowledged:

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

2. TERM. The term of this Agreement shall
commence on June 6, 2011, and shall continue until your employment is terminated
by the Company or by you.

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

	 	a. 	
      During the term of your employment with the Company you
      will receive a base salary of US$290,000.00 per annum (the “Base Salary”),
      paid in arrears and in equal installments in accordance with the customary
      payroll practices of the Company.

	 	 	 
	 	b. 	
      Subject to Board approval, which will not be unreasonably
      withheld, you will receive an option to purchase 1,000,000 shares of the
      Company’s common stock (the “Option”) under the Company’s 2009 Equity
      Incentive Plan (the “Plan”). The Option will be evidenced by an Option
      Agreement as contemplated by the Plan, which will govern the Option,
      notwithstanding any other provision in this Agreement. The exercise price
      of the Option will be the closing price of the Company’s common stock on
      your date of hire if the Option is approved by the Board on or before your
      date of hire (or the exercise price of the Option will be the closing price of the Company’s common stock on such
later date required by the terms of the Plan if the Option is not approved by
the Board on or before your date of hire). The Option will vest in 1/3 annual
installments on the anniversary date of your date of hire subject to your
continued service with the Company on such anniversary date, with the first
333,333 shares vesting on the first year anniversary of your date of hire and
the final 333,334 shares vesting on the third anniversary of your date of hire. 

1330 Post Oak Boulevard, Suite 2575, Houston, Texas 77056;
Telephone (713) 797-2990 

Mr. Alan W. Halsey 
Page 2 of 8 

	 	c. 	
      Subject to Board approval, which will not be unreasonably
      withheld, you will receive 175,000 restricted shares of the Company’s
      common stock (the “Stock”) under the Plan. The Stock will be issued
      pursuant to a Restricted Stock Award Agreement as contemplated by the
      Plan, which will govern the Stock and your rights to the Stock,
      notwithstanding any other provision in this Agreement. The Stock shall be
      restricted and subject to forfeiture to the Company if your rights to the
      restricted Stock do not vest under the award agreement. Your rights to the
      Stock will vest with respect to 50% of the Stock on the one year
      anniversary of your date of hire, and will vest with respect to the
      balance on the two year anniversary of your date of hire, subject in both
      cases to your continued service with the Company on such anniversary
      date.

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

	 	 	 
	 	e. 	
      To assist in your relocation to Houston, Texas, the
      Company shall pay you $12,500 within ten (10) business days of your start
      date, subject to applicable tax withholdings.

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

4. EMPLOYEE BENEFITS 

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

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

Mr. Alan W. Halsey 
Page 3 of 8 

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

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

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

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

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

Mr. Alan W. Halsey 
Page 4 of 8 

7. CONFLICTS OF INTEREST; COMPLIANCE WITH LAW. You covenant and agree that you will not receive and have not received any
payments, gifts or promises and you will not engage in any employment or
business enterprises that in any way conflict with your service and the
interests of the Company or its affiliates. In addition, you agree to comply
with the laws or regulations of any country, including, without limitation, the
United States of America, having jurisdiction over you, the Company or any of
the Company’s subsidiaries. Further, you shall not make any payments, loans,
gifts or promises or offers of payments, loans or gifts, directly or indirectly,
to or for the use or benefit of any official or employee of any government or to
any other person if you know, or have reason to believe, that any part of such
payments, loans or gifts, or promise or offer, would violate the laws or
regulations of any country, including, without limitation, the United States of
America, having jurisdiction over you, the Company or any of the Company’s
subsidiaries. By signing this Agreement, you acknowledge that you have not made
and will not make any payments, loans, gifts, promises of payments, loans or
gifts to or for the use or benefit of any official or employee of any government
or to any other person which would violate the laws or regulations of any
country, including, without limitation, the United States of America, having
jurisdiction over you, the Company or any of the Company’s subsidiaries.

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

9. TERMINATION. 

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

Mr. Alan W. Halsey 
Page 5 of 8 

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

Mr. Alan W. Halsey 
Page 6 of 8 

	 	c. 	
      Notwithstanding any provision in this Agreement to the
      contrary, if you have not delivered to the Company an executed Release on
      or before the fiftieth (50th) day after the date of your Separation from
      Service, you shall forfeit all of the payments and benefits described in
      this Section 9.

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

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

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

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

14. ARBITRATION AND GOVERNING LAW. ANY
UNRESOLVED DISPUTE OR CONTROVERSY BETWEEN YOU AND THE COMPANY ARISING UNDER OR
IN CONNECTION WITH THIS AGREEMENT SHALL BE SETTLED EXCLUSIVELY BY ARBITRATION,
CONDUCTED IN ACCORDANCE WITH THE RULES OF THE AMERICAN ARBITRATION ASSOCIATION
THEN IN EFFECT. THE PARTIES SHALL EQUALLY DIVIDE AND PAY THE ADMINISTRATIVE
COSTS OF ANY ARBITRATION UNDER THIS AGREEMENT, INCLUDING THE ARBITRATOR’S FEES.
THE ARBITRATOR SHALL NOT HAVE THE AUTHORITY TO ADD TO, DETRACT FROM, OR MODIFY
ANY PROVISION HEREOF. THE ARBITRATOR SHALL HAVE THE AUTHORITY TO ORDER REMEDIES
WHICH YOU COULD OBTAIN IN A COURT OF COMPETENT JURISDICTION. A DECISION BY THE
ARBITRATOR SHALL BE IN WRITING AND WILL BE FINAL AND BINDING. JUDGMENT MAY BE
ENTERED ON THE 

ARBITRATOR’S AWARD IN ANY COURT HAVING JURISDICTION. THE
ARBITRATION PROCEEDING SHALL BE HELD IN HOUSTON, TEXAS, UNITED STATES OF
AMERICA. NOTWITHSTANDING THE FOREGOING, THE COMPANY SHALL BE ENTITLED TO SEEK
INJUNCTIVE OR OTHER EQUITABLE RELIEF FROM ANY COURT OF COMPETENT JURISDICTION,
WITHOUT THE NEED TO RESORT TO ARBITRATION IN THE EVENT THAT YOU VIOLATE SECTIONS
5, 6 OR 7 OF THIS AGREEMENT. THIS AGREEMENT SHALL IN ALL RESPECTS BE CONSTRUED
ACCORDING TO THE LAWS OF THE STATE OF TEXAS. 

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

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

Mr. Alan W. Halsey 
Page 7 of 8 

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

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

[Remainder of Page Left Blank Intentionally]

Mr. Alan W. Halsey 
Page 8 of 8 

If you are in agreement with the terms set forth herein, please
sign below. The offer set forth herein is in effect until the close of business
at our Houston, Texas office on June 1, 2011. 

Yours truly, 

CAMAC ENERGY INC. 

By: /s/ Dr. Kase Lukman
Lawal      
Dr. Kase Lukman Lawal 
Chief
Executive Officer 

Agreed and Accepted this 1st day of
June, 2011 

/s/ Alan W.
Halsey                    

(Signature) 

Alan W.
Halsey                         
(Print
Name) 

Signature Page to Offer Letter

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