Document:

EX-10.39

 Exhibit 10.39 

LANTHEUS HOLDINGS, INC. 

2015 Equity Incentive Plan 

Stock Option Agreement – Time Vesting 

THIS AGREEMENT (the “Agreement”) is made effective as of _________ (the “Date of Grant”) by and between
Lantheus Holdings, Inc., a Delaware corporation (the “Company”), and _________ (the “Participant”). 

RECITALS: 
 WHEREAS, the
Company has adopted the Lantheus Holdings, Inc. 2015 Equity Incentive Plan (as the same may be amended and/or amended and restated from time to time, the “Plan”), which Plan is incorporated herein by reference and made a part of
this Agreement and capitalized terms not otherwise defined herein shall have the same meanings as in the Plan; and 
 WHEREAS, the Committee
has determined that it would be in the best interests of the Company and its shareholders to grant the option to purchase shares of the Company’s Common Stock (“Shares”) provided for herein to the Participant pursuant to the
Plan and the terms set forth herein. 
 NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as
follows: 
  

	1.	Grant of the Option. The Company hereby grants to the Participant the right and option to purchase, on the terms and conditions set forth in the Plan and this Agreement, all or any part of an aggregate of
Shares (the “Option”), subject to adjustment as set forth in the Plan. The Option is intended to be a Nonqualified Stock Option. 

  

	2.	Exercise Price. The “Exercise Price” of the Shares subject to the Option shall be $         per Share. 

 

	3.	Vesting. Subject to the terms set forth in the Plan and this Agreement, the Option shall vest as follows: 

  

	 	(a)	General. The Option shall vest in equal 25% annual installments over a four-year period on each anniversary of the Date of Grant, subject to the Participant’s continued Service through each applicable
vesting date. 

  

	 	(b)	Change in Control. Subject to the Participant’s continued Service through the date of a Change in Control, 

  

	 	(i)	if the consideration paid in connection with such Change in Control for the same class of the Company’s equity securities underlying the then outstanding portion of the Option is all cash, the Option shall become
fully vested upon consummation of the Change in Control; or 

	 	(ii)	if (x) the consideration paid in connection with such Change in Control for the same class of the Company’s equity securities underlying the then outstanding portion of the Option is all stock, or part cash
and part stock, (y) the then outstanding portion of the Option is assumed or substituted by the acquirer in such Change in Control transaction for awards with substantially the same or comparable terms (including, with respect to then current
economic value), and (z) the Participant’s Service is terminated without Cause or, to the extent the Participant is party to an employment letter or agreement that defines “Good Reason” (or any similar term), by the Participant
for Good Reason, in either case, within twelve (12) months following such Change in Control, the Option shall become fully vested upon such termination of Service. 

 

	4.	Forfeiture; Expiration. 

  

	 	(a)	Termination of Service. Any unvested portion of the Option shall be forfeited immediately without consideration upon the termination of the Participant’s Service for any reason. In the event the
Participant’s Service is terminated for Cause, the vested portion of the Option shall also be forfeited immediately without consideration upon such termination. Without limiting the generality of the foregoing, and for the avoidance of doubt,
the Option (and the Shares and any proceeds resulting therefrom) shall be subject to Section 13.2 and Section 13.3 of the Plan. 

  

	 	(b)	Expiration. Any unexercised portion of the Option shall expire on the tenth (10th) anniversary of the Date of Grant (the “Expiration Date”), or earlier as provided in this Agreement
(including, Section 5 of this Agreement) or the Plan. 

  

	5.	Period of Exercise. Subject to the provisions of the Plan and this Agreement, the Participant may exercise all or any part of the vested portion of the Option at any time prior to the earliest to occur of:

  

	 	(a)	the Expiration Date; 

  

	 	(b)	the date that is sixty (60) days following termination of the Participant’s Service without Cause or, to the extent applicable, for Good Reason; 

 

	 	(c)	the date that is one (1) year following termination of the Participant’s Service due to death or Disability; 

  

	 	(d)	the date of termination of the Participant’s Service for Cause; or 

  

	 	(e)	the date that is forty-five (45) days following the termination of the Participant’s Service for any reason other than pursuant to Sections 5(b), 5(c) or 5(d) above. 

  
 2 

	6.	Exercise of Option 

  

	 	(a)	Notice of Exercise. Subject to Section 4 and 5 hereof, the Participant or, in the case of the Participant’s death or disability, the Participant’s representative, may exercise all or
any part of the vested portion of the Option by delivering to the Company at its principal office written notice of intent to so exercise in the form attached hereto as Exhibit A, or such other form as the Committee may permit (such notice, a
“Notice of Exercise”). The Notice of Exercise shall be signed by the person exercising the Option. In the event that the Option is being exercised by the Participant’s representative, the Notice of Exercise shall be accompanied
by proof (satisfactory to the Committee) of the representative’s right to exercise the Option. The Participant or the Participant’s representative shall deliver to the Committee, at the time of giving the Notice of Exercise, payment in a
form permissible under Section 7 of this Agreement for the full amount of the Purchase Price and applicable withholding taxes as provided below. 

  

	 	(b)	Issuance of Common Stock. After satisfying all requirements with respect to the exercise of the Option, the Committee shall cause to be issued the Shares as to which the Option has been exercised (or, in the
Committee’s discretion, in un-certificated form, upon the books of the Company’s transfer agent), registered in the name of the person exercising the Option (or in the names of such person and his or her spouse as community property or as
joint tenants with right of survivorship). Neither the Company nor the Committee shall be liable to the Participant for damages relating to any delays in issuing the Shares to him or any mistakes or errors in the issuance of the Shares.

  

	 	(c)	Withholding Requirements. The Company shall have the power and the right to deduct or withhold automatically from any payment or Shares deliverable under this Agreement, or to require the Participant to remit to
the Company, the minimum statutory amount to satisfy federal, state and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Agreement; provided, that any
applicable withholding obligations may be satisfied in the same manner as the Purchase Price as provided in Section 7 of this Agreement or any other manner permitted by the Plan. 

 

	7.	Payment for Shares 

  

	 	(a)	Purchase Price. The “Purchase Price” shall be the Exercise Price multiplied by the number of Shares with respect to which the Option is being exercised. 

 

	 	(b)	Cash or Check. All or part of the Purchase Price and the minimum amount of any Federal, state, local or foreign withholding taxes may be paid in cash or by bank certified check. 

 

	 	(c)	 Brokered Cashless Exercise. To the extent permitted by applicable law and unless otherwise provided by the Committee, all or part of the
Purchase Price may be 

  
 3 

	 	
paid from the proceeds of a sale through a broker on the date of exercise of some or all of the Shares to which the exercise relates. In such case, the Company shall have received a properly
executed Notice of Exercise, together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale proceeds to pay the aggregate purchase price, and, if requested, the minimum amount of any applicable
Federal, state, local or foreign withholding taxes. To facilitate the foregoing, the Company may, to the extent permitted by applicable law, enter into agreements or coordinate procedures with one or more brokerage firms. 

 

	 	(d)	Net Exercise. By reducing the number of Shares otherwise deliverable upon the exercise of the Option by the number of Shares having a Fair Market Value equal to the amount of the Purchase Price and withholding
requirements permitted to be so paid by the Company. 

  

	 	(e)	Other Methods of Payment for Shares. At the sole discretion of the Committee, all or any part of the Purchase Price and the minimum amount of any applicable Federal, state, local or foreign withholding taxes may
be paid by one or more of the following methods: 

  

	 	(i)	Surrender of Stock. By surrendering, or attesting to the ownership of, Shares that are already owned by the Participant free and clear of any restriction or limitation, unless the Committee specifically agrees to
accept such Shares subject to such restriction or limitation. Such Shares shall be surrendered to the Company in good form for transfer and shall be valued by the Company at their Fair Market Value on the date of the applicable exercise of the
Option, or to the extent applicable, on the date the tax is to be determined. The Participant shall not surrender, or attest to the ownership of, Shares in payment of the Purchase Price (or withholding) if such action would cause the Company to
recognize compensation expense (or additional compensation expense) with respect to this Option for financial reporting purposes that otherwise would not have occurred. 

The Committee shall notify the Participant if and when it shall make such other payment methods available to the Participant. Should the
Committee exercise its discretion to permit the Participant to exercise the Option and/or satisfy any applicable tax withholding requirements in whole or in part in accordance with this Section 7(e), it shall have no obligation to permit
such alternative exercise and/or satisfaction of applicable tax withholding requirements with respect to any remaining portion of the Option or with respect to any other option to purchase Shares held by the Participant. 

 

	8.	Transfer of Option. The Option shall be exercisable during the Participant’s lifetime, only by the Participant or by the Participant’s guardian or legal representative. Subject to the approval of
the Committee, the Option and the rights and privileges conferred hereby shall not be sold, pledged or otherwise transferred (whether by operation of law or otherwise) other than by beneficiary designation, will or the laws of descent and
distribution and shall not be subject to sale under execution, attachment, levy or similar process. 

  
 4 

	9.	Adjustment of Shares. In the event of certain changes with respect to the outstanding shares of Common Stock of the Company, the Option may be adjusted in accordance with Section 4.5 of the
Plan. 

  

	10.	Miscellaneous Provisions 

  

	 	(a)	Securities Laws Requirements. No Shares will be issued or transferred pursuant to this Agreement unless and until all then applicable requirements imposed by Federal and state securities and other laws, rules and
regulations and by any regulatory agencies having jurisdiction, and by any exchanges upon which the Shares may be listed, have been fully met. As a condition precedent to the issuance of Shares pursuant to this Agreement, the Company may require the
Participant to take any reasonable action to meet such requirements. The Committee may impose such conditions on any Shares issuable pursuant to this Agreement as it may deem advisable, including, without limitation, restrictions under the
Securities Act of 1933, as amended, under the requirements of any exchange upon which such shares of the same class are then listed, and under any blue sky or other securities laws applicable to such shares. 

 

	 	(b)	Rights of a Shareholder of the Company. Neither the Participant nor the Participant’s representative shall have any rights as a shareholder of the Company with respect to any Shares subject to the Option
until the Participant or the Participant’s representative becomes entitled to receive such Shares by (i) filing a Notice of Exercise, (ii) paying the Purchase Price and withholding obligation as provided in this Agreement, and the
Company receiving such amounts, (iii) the Company issuing the Shares and entering the name of the Participant in the register of shareholders of the Company as the registered holder of such Shares, and (iv) satisfying such other conditions
as the Board or the Committee shall reasonably require. 

  

	 	(c)	No Right to Continued Service. Nothing in this Agreement or the Plan shall confer upon the Participant any right to continue in Service for any period of specific duration or interfere with or otherwise restrict
in any way the rights of the Company (or any Subsidiary employing or retaining the Participant) or of the Participant, which rights are hereby expressly reserved by each, to terminate his or her Service at any time and for any reason, with or
without Cause. 

  

	 	(d)	 Transfer Restrictions. The Shares purchased by exercise of the Option shall be subject to such stop transfer orders and other restrictions as
the Committee may deem advisable under the Plan or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which such shares are listed, and any applicable Federal or state laws, and any
agreement with, or policy of, the Company or the Committee to which the Participant is a 

  
 5 

	 	
party or subject, and the Committee may cause orders or designations to be placed upon the books and records of the Company’s transfer agent to make appropriate reference to such
restrictions. 

  

	 	(e)	Notification. Any notification required by the terms of this Agreement shall be given by the Participant (i) in a writing addressed to the Company at its principal executive office and shall be deemed
effective upon personal delivery or within three (3) days of deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or (ii) by facsimile or electronic transmission to the
Company’s principal fax number or e-mail address of the Company’s Chief Financial Officer and General Counsel (as applicable) and shall be deemed effective upon confirmation of receipt by the sender of such transmission. Any notification
required by the terms of this Agreement shall be given by the Company (i) in a writing addressed to the address that the Participant most recently provided to the Company and shall be deemed effective upon personal delivery or within three
(3) days of deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or (ii) by facsimile or electronic transmission to the Participant’s primary work fax number or e-mail address
(as applicable) and shall be deemed effective upon confirmation of receipt by the sender of such transmission. 

  

	 	(f)	Entire Agreement. This Agreement and the Plan constitute the entire contract between the parties hereto with regard to the subject matter hereof. They supersede any other agreements, representations or
understandings (whether oral or written and whether express or implied) which relate to the subject matter hereof. 

  

	 	(g)	Waiver. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition whether of like or different nature. 

 

	 	(h)	Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and upon the Participant, the Participant’s assigns and
the legal representatives, heirs and legatees of the Participant’s estate, whether or not any such person shall have become a party to this Agreement and have agreed in writing to be joined herein and be bound by the terms hereof.

  

	 	(i)	Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall
nevertheless be binding and enforceable. 

  

	 	(j)	Amendment. This Agreement shall not be amended unless such amendment is agreed to in writing by both the Participant and the Company. 

  
 6 

	 	(k)	Choice of Law; Jurisdiction; Waiver of Jury Trial. This Agreement and all claims, causes of action or proceedings (whether in contract, in tort, at law or otherwise) that may be based upon, arise out of or relate
to this Agreement shall be governed by the internal laws of the State of Delaware, excluding any conflicts or choice-of-law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of
another jurisdiction. The Participant and each party to this Agreement agrees that it shall bring all claims, causes of action and proceedings (whether in contract, in tort, at law or otherwise) that may be based upon, arise out of or be related to
the Plan and this Agreement exclusively in the Delaware Court of Chancery or, in the event (but only in the event) that such court does not have subject matter jurisdiction over such claim, cause of action or proceeding, exclusively in the United
States District Court for the District of Delaware (the “Chosen Court”), and hereby (i) irrevocably submits to the exclusive jurisdiction of the Chosen Court, (ii) waives any objection to laying venue in any such
proceeding in the Chosen Court, (iii) waives any objection that the Chosen Court is an inconvenient forum or does not have jurisdiction over any party and (iv) agrees that service of process upon such party in any such claim or cause of
action shall be effective if notice is given in accordance with this Agreement.

  

	 	(l)	Signature in Counterparts. This Agreement may be signed in counterparts, manually, or electronically, and each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon
the same instrument. 

  

	 	(m)	Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms and provisions thereof, and accepts the Option subject to all
of the terms and conditions of the Plan and this Agreement. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.

 IN WITNESS WHEREOF, the Company and the Participant have executed this Agreement as of the date first written above. 

 

							
	PARTICIPANT				LANTHEUS HOLDINGS, INC.
				
	  
				By:		  

  
 7 

 EXHIBIT A 

NOTICE OF EXERCISE 
 Lantheus Holdings,
Inc. 
 331 Treble Cove Road 
 North Billerica, Massachusetts
01862 
 Attention: General Counsel 
 Date of
Exercise:                      
 Ladies &
Gentlemen: 
 1. Exercise of Option. This constitutes notice to Lantheus Holdings, Inc. (the “Company”) that
pursuant to my Lantheus Holdings, Inc. 2015 Equity Incentive Plan Stock Option Agreement – Time Vesting, dated             , 20     (the
“Award Agreement”), I elect to purchase the number of Shares set forth below for the price set forth below. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Award
Agreement. By signing and delivering this notice to the Company, I hereby acknowledge that I am the holder of the Option exercised by this notice and have full power and authority to exercise the same. 

 

					
	 Number of Shares as to

which Option is exercised

(“Optioned Shares”):
		  
		
			
	 Shares to be issued in

name of:
		  
		
			
	Date of Grant:		  
		
			
	Total Purchase Price:		  
		

 2. Delivery of Payment. With this notice, I hereby deliver to the Company the full exercise price of
the Optioned Shares and any and all withholding taxes due in connection with the exercise of my Option, subject to satisfaction of the Purchase Price any and all withholding taxes in any other manner consistent with the Award Agreement and the Plan.

 4. Rights as Stockholder. While the Company shall endeavor to process this notice in a timely manner, I acknowledge that until the
issuance of the Optioned Shares (or, in the Committee’s discretion, in un-certificated form, upon the books of the Company’s transfer agent) and my satisfaction of any other conditions imposed by the Committee pursuant to the Plan or as
set forth in the Award Agreement, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to such shares, notwithstanding the exercise of my Option. No adjustment shall be made for a dividend or other
right for which the record date is prior to the date of issuance of the Optioned Shares. 

  
 8 

 4. Interpretation. Any dispute regarding the interpretation of this notice shall be
submitted promptly by me or by the Company to the Committee. The resolution of such a dispute by the Committee shall be final and binding on all parties. 

5. Entire Agreement. The Plan, the Award Agreement under which the Optioned Shares were granted are incorporated herein by reference,
and together with this notice constitute the entire agreement of the parties with respect to the subject matter hereof. 
  

					
			Very truly yours,		
			
	Signature:		  
		
			
	Name:		  
		
			
	Social Security Number:		  
		

  
 9EX-10.1

PROMISSORY NOTE

	 
	$50,000.00	 	Houston, Texas	 	 	June 3, 2015

1. FOR VALUE RECEIVED, the undersigned, Harvest Natural Resources, Inc. a Delaware corporation
(“Maker”), hereby promises to pay to James A. Edmiston, an individual residing in the state of
Texas ( “Payee”), in Houston, Harris County, Texas, at [ADDRESS TO COME], on or before the
Maturity Date, in lawful money of the United States of America, the principal amount of FIFTY
THOUSAND AND NO/100 DOLLARS ($50,000.00), together with interest on the unpaid balance of said
principal amount from time to time remaining outstanding, from the date hereof until maturity
(howsoever such maturity shall occur), in like money, at a rate per annum equal to the Note Rate.

2. All past due principal of and interest on this Note shall bear interest from the due date
thereof (whether by acceleration or otherwise) until paid at a per annum rate equal to the Note
Rate plus 2%.

3. All unpaid accrued interest on this Note, and the outstanding unpaid principal balance
hereof, shall be immediately due and payable in full upon the maturity of the principal of this
Note, whether by acceleration or otherwise.

4. Subject to Section 11 hereof, Maker shall have the right and privilege of prepaying this
Note, in whole or in part, at any time or from time to time without premium or penalty or notice to
the holder hereof. All amounts prepaid shall be applied first to earned, accrued and unpaid
interest and the balance, if any, shall be applied to the payment of the principal installments in
inverse order of maturity.

5. The terms set forth below shall have the meanings assigned to such terms as used in this
Note:

“Affiliate” means, with respect to any Person, another Person owned, controlled
by or under common control with such Person.

“Maturity Date” shall mean the earlier to occur of (a) June 30, 2016, and (b)
the date on which all Petroandina Loan Obligations, excluding any contingent
reimbursement obligations, are paid in full.

“Note Rate” shall mean a per annum rate of interest (computed on the basis of
the actual number of days elapsed (including the first but excluding the last day)
over a year of 365 or 366 days, as the case may be) equal to eleven percent (11%).

“Person” means a person (including an individual), firm, corporation,
partnership (limited or general), limited liability company, trust or other entity
of any kind.

“Petroandina Loan Agreement” means that certain Loan Agreement, dated as of
September 11, 2014, by and among Maker, HNR Energia B.V. and Petroandina Resources
Corporation N.V.

“Petroandina Loan Obligations” means the Loan Obligations (as defined in the
Petroandina Loan Agreement).

6. If any one of the following events shall occur and be continuing (an “Event of
Default”):

(a) Maker shall fail to pay timely when due, the principal of, or accrued unpaid
interest on, this Note or any other of the obligations hereunder; or

(b) Maker shall (i) dissolve or terminate its existence, (ii) discontinue its usual
business, (iii) sell all or substantially all of its business or assets, (iv) apply for or
consent to the appointment of a receiver, trustee, custodian or liquidator of it or of all
or a substantial part of its property, or (v) commence, or file an answer admitting the
material allegations of or consenting to, or default in a petition filed against it in, any
case, proceeding or other action under any existing or future law of any jurisdiction,
domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of
debtors, or seeking to have an order for relief entered with respect to it under the U.S.
federal Bankruptcy Code 11 USC § 101 et. seq., or seeking reorganization, arrangement,
adjustment, winding-up, liquidation, dissolution, composition or the similar relief with
respect to it or its debt; or

(c) A receiver, conservator, liquidator, custodian or trustee of Maker or any of its
property is appointed by the order or decree of any court or agency or supervisory authority
having jurisdiction; or Maker obtains an order for relief under the U.S. federal Bankruptcy
Code 11 USC § 101 et. seq.; or any of the property of Maker is sequestered by court order;
or a petition is filed or a proceeding is commenced against Maker under any bankruptcy,
reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation
law of any jurisdiction, whether now or hereafter in effect;

then, upon the happening of any Event of Default referred to in paragraph (a), Payee, at its
option, may declare the unpaid principal portion of this Note to be forthwith due and payable,
whereupon the said portion of this Note and all accrued, earned and unpaid interest shall become
immediately due and payable by Maker without demand, presentment for payment, notice of
non-payment, protest, notice of protest, notice of intent to accelerate maturity, notice of
acceleration of maturity or any other notice of any kind to Maker, or any other person liable
hereon or with respect hereto, all of which are hereby expressly waived by Maker and each other
person liable hereon or with respect hereto, anything contained herein or in any other documents or
instruments to the contrary notwithstanding; and upon the happening of any Event of Default
referred to in paragraphs (b) or (c), the unpaid principal portion of this Note and all other
interest on this Note then accrued, earned and unpaid shall become automatically due and payable by
Maker without demand, presentment for payment, notice of nonpayment, protest, notice of protest,
notice of intent to accelerate maturity, notice of acceleration of maturity or any other notice of
any kind to Maker or any other person liable hereon or with respect hereto, all of which are
expressly waived by Maker and each other Person liable hereon or with respect hereto, anything
contained herein or in any document or instrument to the contrary notwithstanding. Further, upon
any Event of Default, Payee shall have all other rights and remedies as set forth herein and as
otherwise provided at law or in equity, all such rights and remedies being cumulative, including,
but without limitation, the right, without prior notice to Maker or any other person liable with
respect hereto, to set-off and apply any indebtedness at any time owing by Payee to, or for the
credit or account of, Maker against any indebtedness owed to Payee by Maker, irrespective of
whether or not Payee shall have made demand under this Note or any other instrument securing this
Note, and although this Note may not then be matured; provided, that any exercise of said
set-off by Payee shall be subsequently followed by notice from Payee to Maker of such right
exercised, but the failure to give such notice shall in no manner affect the right of Payee in
respect to set-offs and corresponding applications of funds.

7. Maker shall, upon demand by Payee, promptly pay to Payee any and all costs and expenses,
including legal expenses, collections costs and attorneys’ fees (whether or not legal proceedings
are instituted including, without limitation, legal expenses and reasonable attorneys’ fees in
connection with any bankruptcy proceedings), incurred or paid by Payee in protecting or enforcing
Payee’s rights hereunder. Without limiting the generality of the foregoing, if this Note is
collected by suit or through any bankruptcy court, or any judicial proceeding, or if this Note is
not paid at maturity, however such maturity may be brought about, and it is placed in the hands of
an attorney for collection (whether or not legal proceedings are instituted), then Maker agrees to
pay, in addition to all other amounts owing hereunder, the collection costs and reasonable
attorneys’ fees of the holder hereof.

8. The records of Payee shall constitute rebuttably presumptive evidence of the principal and
earned, accrued and unpaid interest remaining outstanding on this Note.

9. Maker and all sureties, endorsers and guarantors (if any) of this Note waive demand,
presentment for payment, notice of non-payment, protest, notice of protest, notice of intent to
accelerate maturity, notice of acceleration of maturity and all other notice, filing of suit and
diligence in collecting this Note or enforcing any of the security herefor, and agree to any
substitution, exchange or release of any such security, the release of any party primarily or
secondarily liable hereon and further agree that it will not be necessary for any holder hereof, in
order to enforce payment of this Note, to first institute suit or exhaust its remedies against any
security herefor, and consent to any one or more extensions or postponements of time of payment of
this Note on any terms or any other indulgences with respect hereto, without notice thereof to any
of them.

10. This Note shall be governed by and construed in accordance with the internal laws of the
State of Texas and applicable federal laws of the United States of America. This Note has been
delivered and accepted and is payable at Houston, Harris County, Texas. There are no unwritten or
oral agreements between Maker and Payee with respect to the loan evidenced by this Note. Payee has
no commitment to make any additional loans or extend financial accommodations to Maker beyond the
loan evidenced hereby.

11. Anything contained herein to the contrary notwithstanding, the indebtedness evidenced
hereby, and all payments of principal, interest, fees and expenses evidenced hereby, is and shall
be subordinate to, and shall be postponed until, the prior final payment in full of all Petroandina
Loan Obligations. The subordination effected by this Section 11 is for the benefit of and
enforceable by the holders of the Petroandina Loan Obligations, such holders being third party
intended beneficiaries hereof. If Maker shall make any payment to Payee on account of this Note,
or if Payee receives any such payment made on behalf of Maker by any other Person, in each case
prior to the date when the Petroandina Loan Obligations have been finally paid in full, any such
payment shall be held by Payee, in trust for the ratable benefit of, and shall be paid and
delivered to, immediately and without need for demand by, the holders of the Petroandina Loan
Obligations or their representatives under the Petroandina Loan Agreement, ratably as their
interests may appear, for application to the payment of all of the Petroandina Loan Obligations
remaining unpaid to the extent necessary to pay all of the Petroandina Loan Obligations in full in
accordance with their terms, after giving effect to any concurrent payment or distribution to or
for the holders of the Loan Obligations. Payee acknowledges and agrees that all payments under this
Note are subject to the terms of this Section 11.

EXECUTED AND EFFECTIVE as of the day and year first above written.

	 	 	 	 	 
	 	 	MAKER:
	 	 	       
	 	 	HARVEST NATURAL RESOURCES, INC.
	
 
	 	       
	 	

	
 
	 	By:
	 	/s/ Stephen C. Haynes
	
 
	 	 	 	 
	
 
	 	Name:
	 	Stephen C. Haynes
	
 
	 	Title:
	 	Vice President, Chief Financial

Officer and Treasurer
	 	 	 
	Executed below for the

purpose of acknowledgment

of and agreement with the

terms of Section 11 of

this Promissory Note:

	 	

	 	

	       

	 	

	 	

	PAYEE:

	 	

	 	

	       

	 	

	 	

	/s/ James A. Edmiston

	 	

	 	

	 

	 	

	 	

	James A. Edmiston

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}]]