Document:

EX-10.9

 Exhibit 10.9 
 Property Name: Spring Creek Apartments 
 GUARANTY 

THIS GUARANTY (“Guaranty”) is entered into effective as of March 9, 2012, by STEADFAST IMCOME REIT OPERATING PARTNERSHIP, LP, a
Delaware limited partnership (“OP”) and STEADFAST INCOME REIT, INC., a Maryland corporation (“SIR” and, together with OP, jointly and severally, “Guarantor”), for the benefit of U.S. BANK NATIONAL
ASSOCIATION, as Trustee for the registered holders of J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP., MULTIFAMILY MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2011-K702 (“Noteholder”). 

RECITALS 
  

	A.	WC/TP SPRING CREEK, LLC, a Delaware limited liability company (“Original Borrower”) previously obtained a loan from HOLLIDAY FENOGLIO FOWLER, L.P., a
Texas limited partnership (“Original Lender”) in the amount of $14,100,000.00 (“Loan”). The Loan was evidenced by a Multifamily Note in favor of Original Lender dated as of January 31, 2011
(“Note”). The Note was secured by a Multifamily Mortgage, Deed of Trust, or Deed to Secure Debt dated the same date as the Note (“Security Instrument”), encumbering the real property described in the Security
Instrument (“Mortgaged Property”). Original Lender sold the Note, assigned its rights in the Security Instrument, and transferred the Loan to the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Freddie Mac
endorsed the Note to the order of Noteholder and sold, assigned and transferred all right, title and interest of Freddie Mac in and to the Security Instrument and Loan Documents to Noteholder. Noteholder is now the holder of the Note and the owner
of the Loan. 

  

	B.	As a condition to allowing Original Borrower to transfer the Property to SIR SPRING CREEK, LLC, a Delaware limited liability company (“Borrower”) and
allowing Borrower to assume the Loan (“Transfer”), Noteholder has required that Guarantor execute this Guaranty. 

 AGREEMENT 
 NOW, THEREFORE, to induce Noteholder to consent to the Transfer, and in consideration
thereof and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor agrees as follows: 
  

	1.	Defined Terms. “Indebtedness,” “Loan Documents” and “Property Jurisdiction” and other capitalized terms used
but not defined in this Guaranty will have the meanings assigned to them in the Security Instrument. As used hereinafter, Noteholder shall be referred to as “Lender”. 

 

	2.	Scope of Guaranty. 

  

	 	(a)	Guarantor hereby absolutely, unconditionally, and irrevocably guarantees to Lender each of the following: 

  
 1 

	 	(i)	Guarantor guarantees the full and prompt payment when due, whether at the Maturity Date or earlier, by reason of acceleration or otherwise, and at all times thereafter,
of each of the following: 

  

	 	(A)	Guarantor guarantees a portion of the Indebtedness equal to zero percent (0%) of the original principal balance of the Note (“Base Guaranty”).

  

	 	(B)	In addition to the Base Guaranty, Guarantor guarantees all other amounts for which Borrower is personally liable under Sections 9(c), 9(d), and 9(f) of the Note
(provided, however, that Guarantor will have no liability for failure of Borrower or SPE Equity Owner to comply with (I) Section 33(b)(xviii) of the Security Instrument, and (II) the requirement in Section 33(b)(x)(B) of the Security
Instrument as to payment of trade payables within 60 days of the date incurred). 

  

	 	(C)	Guarantor guarantees all costs and expenses, including reasonable Attorneys’ Fees and Costs incurred by Lender in enforcing its rights under this Guaranty.

  

	 	(ii)	Guarantor guarantees the full and prompt payment and performance when due of all of Borrower’s obligations under Section 18 of the Security Instrument.

  

	 	(b)    (i)	If the Base Guaranty stated in Section 2(a)(i)(A) is 100% of the original principal balance of the Note, then each of the following will apply:

  

	 	(A)	The Base Guaranty will mean and include, and Guarantor hereby absolutely, unconditionally, and irrevocably guarantees to Lender the full and complete prompt payment of
the entire Indebtedness and the performance of all Borrower’s obligations under the Loan Documents. 

  

	 	(B)	For so long as the Base Guaranty remains in effect (there being no limit to the duration of the Base Guaranty unless otherwise expressly provided in this Guaranty), the
obligations guaranteed pursuant to Sections 2(a)(i)(B), 2(a)(i)(C) and Section 3 will be part of, and not in addition to or in limitation of, the Base Guaranty. 

 

	 	(ii)	If the Base Guaranty stated in Section 2(a)(i)(A) is less than 100% of the original principal balance of the Note, then this Section 2(b) will be completely
inapplicable. 

  

	 	(c)	If Guarantor is not liable for the entire Indebtedness, then all payments made by Borrower with respect to the Indebtedness and all amounts received by Lender from the
enforcement of its rights under the Security Instrument and the other Loan Documents (except this Guaranty) will be applied first to the portion of the Indebtedness for which neither Borrower nor Guarantor has personal liability.

  

	3.	 Net Worth Covenant. SIR hereby represents, warrants and covenants that its net worth (“Net Worth”) is, as of the date hereof,
not less than Fourteen Million One 

  
 2 

	 	
Hundred Thousand and No/100 Dollars ($14,100,000.00), and that, from and after December 31, 2012, and until such date as the Indebtedness is paid in full, SIR shall maintain a Net Worth of
at least one hundred fifty percent (150%) of the then-current principal balance of the Loan (“Net Worth Covenant”). For the purposes herein, Net Worth shall be calculated in accordance with generally accepted accounting
principles, and without marking up the value of cash investments to reflect appraisals, evidence of comparable sales or similar reports. 

  

	4.	Guarantor’s Obligations Survive Foreclosure. The obligations of Guarantor under this Guaranty will survive any foreclosure proceeding, any foreclosure sale,
any delivery of any deed in lieu of foreclosure, and any release of record of the Security Instrument, and, in addition, the obligations of Guarantor relating to Borrower’s obligations under Section 18 of the Security Instrument will
survive any repayment or discharge of the Indebtedness. Notwithstanding the foregoing, if Lender has never been a mortgagee-in-possession of or held title to the Mortgaged Property, Guarantor will have no obligation under this Guaranty relating to
Borrower’s obligations under Section 18 of the Security Instrument after the date of the release of record of the lien of the Security Instrument as a result of the payment in full of the Indebtedness on the Maturity Date or by voluntary
prepayment in full. 

  

	5.	Guaranty of Payment and Performance. Guarantor’s obligations under this Guaranty constitute an unconditional guaranty of payment and performance and not
merely a guaranty of collection. 

  

	6.	No Demand by Lender Necessary; Waivers by Guarantor. The obligations of Guarantor under this Guaranty will be performed without demand by Lender and will be
unconditional regardless of the genuineness, validity, regularity, or enforceability of the Note, the Security Instrument, or any other Loan Document, and without regard to any other circumstance which might otherwise constitute a legal or equitable
discharge of a surety, a guarantor, a borrower or a mortgagor. Guarantor hereby waives, each of the following, to the fullest extent permitted by applicable law: 

 

	 	(a)	The benefit of all principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this Guaranty and agrees that
Guarantor’s obligations will not be affected by any circumstances, whether or not referred to in this Guaranty, which might otherwise constitute a legal or equitable discharge of a surety, a guarantor, a borrower, or a mortgagor.

  

	 	(b)	The benefits of any right of discharge under any and all statutes or other laws relating to a guarantor, a surety, a borrower, or a mortgagor, and any other rights of a
surety, a guarantor, a borrower, or a mortgagor under such statutes or laws. 

  

	 	(c)	Diligence in collecting the Indebtedness, presentment, demand for payment, protest, all notices with respect to the Note and this Guaranty which may be required by
statute, rule of law, or otherwise to preserve Lender’s rights against Guarantor under this Guaranty, including notice of acceptance, notice of any amendment of the Loan Documents, notice of the occurrence of any default or Event of
Default, notice of intent to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice of protest, and notice of the incurring by Borrower of any obligation or indebtedness. 

 

	 	(d)	All rights to cause a marshalling of Borrower’s assets or to require Lender to take any of the following actions: 

 

	 	(i)	Proceed against Borrower or any other guarantor of Borrower’s payment or performance under the Loan Documents (“Other Guarantor”).

  
 3 

	 	(ii)	Proceed against any general partner of Borrower or any Other Guarantor if Borrower or any Other Guarantor is a partnership. 

 

	 	(iii)	Proceed against or exhaust any collateral held by Lender to secure the repayment of the Indebtedness. 

 

	 	(iv)	Pursue any other remedy it may now or hereafter have against Borrower, or, if Borrower is a partnership, any general partner of Borrower. 

 

	 	(e)	Any right to object to the timing, manner or conduct of Lender’s enforcement of its rights under any of the Loan Documents. 

 

	 	(f)	Any right to revoke this Guaranty as to any future advances by Lender under the terms of the Security Instrument to protect Lender’s interest in the Mortgaged
Property. 

  

	7.	Modification of Loan Documents. At any time or from time to time and any number of times, without notice to Guarantor and without affecting the liability of
Guarantor, Lender may take any of the following actions: 

  

	 	(a)	Extend the time for payment of the principal of or interest on the Indebtedness or renew the Indebtedness in whole or in part. 

 

	 	(b)	Extend the time for Borrower’s performance of or compliance with any covenant or agreement contained in the Note, the Security Instrument or any other Loan
Document, whether presently existing or hereinafter entered into, or waive such performance or compliance. 

  

	 	(c)	Accelerate the Maturity Date of the Indebtedness as provided in the Note, the Security Instrument, or any other Loan Document. 

 

	 	(d)	With Borrower, modify or amend the Note, the Security Instrument, or any other Loan Document in any respect, including an increase in the principal amount.

  

	 	(e)	Modify, exchange, surrender or otherwise deal with any security for the Indebtedness or accept additional security that is pledged or mortgaged for the Indebtedness.

  

	8.	Joint and Several Liability. The obligations of Guarantor (and each party named as a Guarantor in this Guaranty) and any Other Guarantor will be joint and
several. Lender, in its sole and absolute discretion, may take any of the following actions: 

  

	 	(a)	Bring suit against Guarantor, or any one or more of the parties named as a Guarantor in this Guaranty, and any Other Guarantor, jointly and severally, or against any
one or more of them. 

  

	 	(b)	Compromise or settle with Guarantor, any one or more of the parties named as a Guarantor in this Guaranty, or any Other Guarantor, for such consideration as Lender may
deem proper. 

  
 4 

	 	(c)	Release one or more of the parties named as a Guarantor in this Guaranty, or any Other Guarantor, from liability. 

 

	 	(d)	Otherwise deal with Guarantor and any Other Guarantor, or any one or more of them, in any manner, and no such action will impair the rights of Lender to collect from
Guarantor any amount guaranteed by Guarantor under this Guaranty. 

  

	9.	Subordination of Borrower’s Indebtedness to Guarantor. Any indebtedness of Borrower held by Guarantor now or in the future is and will be subordinated to
the Indebtedness and Guarantor will collect, enforce and receive any such indebtedness of Borrower as trustee for Lender, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty.

  

	10.	Waiver of Subrogation. Guarantor will have no right of, and hereby waives any claim for, subrogation or reimbursement against Borrower or any general partner of
Borrower by reason of any payment by Guarantor under this Guaranty, whether such right or claim arises at law or in equity or under any contract or statute, until the Indebtedness has been paid in full and there has expired the maximum possible
period thereafter during which any payment made by Borrower to Lender with respect to the Indebtedness could be deemed a preference under the United States Bankruptcy Code. 

 

	11.	Preference. If any payment by Borrower is held to constitute a preference under any applicable bankruptcy, insolvency, or similar laws, or if for any other
reason Lender is required to refund any sums to Borrower, such refund will not constitute a release of any liability of Guarantor under this Guaranty. It is the intention of Lender and Guarantor that Guarantor’s obligations under this Guaranty
will not be discharged except by Guarantor’s performance of such obligations and then only to the extent of such performance. 

  

	12.	Financial Information. No later than one hundred twenty (120) days after the end of each calendar year, Guarantor shall furnish to Lender audited annual
financial statements detailing the assets and liabilities of Guarantor, certified by Guarantor, in the form provided to Lender in connection with its review of Borrower’s application to assume the Loan, or otherwise in form and substance
reasonably acceptable to Lender (each an “Annual Financial Statement”). If an Event of Default has occurred and is continuing under the Note, the Security Instrument, or any other Loan Document, then Guarantor will additionally
deliver to Lender upon written request copies of its state and federal tax returns. If an Annual Financial Statement delivered to Lender discloses that SIR does not satisfy the Net Worth Covenant, it shall constitute an immediate and automatic
default hereunder, without any further notice to any Guarantor, Borrower or any other party, such default commencing on the date the Annual Financial Statement was delivered to Lender. If such default is not cured (in the manner hereafter provided)
within ninety (90) days after the default commenced, it shall then constitute an Event of Default under the Security Instrument. A breach of the Net Worth Covenant shall be deemed cured upon Lender’s receipt of evidence satisfactory to
Lender showing that (A) an additional capital contribution has been made to SIR, and/or (B) SIR has identified replacement assets (and entered into purchase agreement(s) for the same either directly or indirectly) during the ninety
(90) day cure period, provided that the closing of such purchase transaction(s) occurs within ninety (90) days after the execution of such purchase agreement(s), which capital contribution and/or acquisition(s) cause or would (upon timely
closing) cause SIR to satisfy the Net Worth Covenant. 

  

	13.	 Assignment. Lender may assign its rights under this Guaranty in whole or in part and upon any such assignment, all the terms and provisions of
this Guaranty will inure to the 

  
 5 

	 	
benefit of such assignee to the extent so assigned. The terms used to designate any of the parties in this Guaranty will be deemed to include the heirs, legal representatives, successors and
assigns of such parties, and the term “Lender” will also include any lawful owner, holder or pledgee of the Note. Reference in this Guaranty to “person” or “persons” will be deemed to include individuals and entities.

  

	14.	Complete and Final Agreement. This Guaranty and the other Loan Documents represent the final agreement between the parties and may not be contradicted by
evidence of prior, contemporaneous or subsequent oral agreements. There are no unwritten oral agreements between the parties. All prior or contemporaneous agreements, understandings, representations, and statements, oral or written, are merged into
this Guaranty and the other Loan Documents. Guarantor acknowledges that Guarantor has received a copy of the Note and all other Loan Documents. Neither this Guaranty nor any of its provisions may be waived, modified, amended, discharged, or
terminated except pursuant to a written agreement signed by the party against which the enforcement of the waiver, modification, amendment, discharge, or termination is sought, and then only to the extent set forth in that agreement.

  

	15.	Governing Law. This Guaranty will be governed by and enforced in accordance with the laws of the Property Jurisdiction, without giving effect to the choice of
law principles of the Property Jurisdiction that would require the application of the laws of a jurisdiction other than the Property Jurisdiction. 

  

	16.	Jurisdiction; Venue. Guarantor agrees that any controversy arising under or in relation to this Guaranty may be litigated in the Property Jurisdiction, and that
the state and federal courts and authorities with jurisdiction in the Property Jurisdiction will have jurisdiction over all controversies which may arise under or in relation to this Guaranty. Guarantor irrevocably consents to service, jurisdiction
and venue of such courts for any such litigation and waives any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise. However, nothing in this Guaranty is intended to limit Lender’s right to bring any
suit, action or proceeding relating to matters arising under this Guaranty against Guarantor or any of Guarantor’s assets in any court of any other jurisdiction. 

 

	17.	Guarantor’s Interest in Borrower. Guarantor represents to Lender that Guarantor has a direct or indirect ownership or other financial interest in Borrower
and/or will otherwise derive a material financial benefit from the Transfer. 

  

	18.	STATE-SPECIFIC PROVISIONS: If Lender elects to enforce this Guaranty before, or without, enforcing the Security Instrument, Guarantor waives any right, whether
pursuant to 12 Okla. Stat. 686 or otherwise, to require Lender to set off the value of the Mortgaged Property against the Indebtedness. 

  

	19.	Residence; Community Property Provision. INTENTIONALLY DELETED 

  

	20.	Waiver of Jury Trial. GUARANTOR AND LENDER EACH (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS GUARANTY OR THE
RELATIONSHIP BETWEEN THE PARTIES AS GUARANTOR AND LENDER THAT IS TRIABLE OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT
TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL. 

  
 6 

	21.	Attached Riders. The following Riders, if marked with an “X” in the space provided, are attached to this Guaranty: 

 

	 	x	None 

  

	 	 ̈	Material Adverse Change Rider 

  

	 	 ̈	Minimum Net Worth/Liquidity Requirements Rider 

  

	22.	Attached Exhibit. The following Exhibit, if marked with an “X” in the space provided, is attached to this Guaranty: 

 

	 	 ̈	Exhibit A         Modifications to Guaranty 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 7 

 IN WITNESS WHEREOF, Guarantor has signed and delivered this Guaranty under seal or has
caused this Guaranty to be signed and delivered under seal by its duly authorized representative. 
  

					
	GUARANTOR:
	
	STEADFAST INCOME REIT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
		
	By:	 	STEADFAST INCOME REIT, INC., a Maryland corporation, its General Partner
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	STEADFAST INCOME REIT, INC., a Maryland corporation
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Address(es) of Guarantor(s): 
 STEADFAST INCOME REIT OPERATING 
 PARTNERSHIP, LP 

and 
 STEADFAST INCOME REIT, INC. 

c/o Steadfast Asset Holdings, Inc. 
 18100 Von
Karman Ave., Suite 500 
 Irvine, California 92612 

  
 Signature page
to Guaranty 

 ACKNOWLEDGMENT OF GUARANTOR 

 

											
	
STATE OF                      
           
	  	 	)	  	  				  	
		  	 	)	  	  	 	ss	  	  	
	
COUNTY OF                     
        
	  	 	)	  	  				  	

 On this the      day of March, 2012 before me, the undersigned Notary Public, personally
appeared                     , proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within
instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person or the entity upon behalf of which the person acted, executed the instrument. 

IN WITNESS WHEREOF, I hereunto set my hand and official seal. 

 

					
		 	  
	 	
		 	 Notary Public
	 	

  

			
	My Commission Expires:	 	
		
	  
	 	

 ACKNOWLEDGMENT OF GUARANTOR 

 

											
	
STATE OF                      
           
	  	 	)	  	  				  	
		  	 	)	  	  	 	ss	  	  	
	
COUNTY OF                     
        
	  	 	)	  	  				  	

 On this the      day of March, 2012 before me, the undersigned Notary Public, personally
appeared                     , proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within
instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person or the entity upon behalf of which the person acted, executed the instrument. 

IN WITNESS WHEREOF, I hereunto set my hand and official seal. 

 

					
		 	  
	 	
		 	 Notary Public
	 	

  

			
	My Commission Expires:	 	
		
	  
	 	

  
 Signature page
to GuarantyEX-10.30

 Exhibit 10.30 
 EMPLOYMENT AGREEMENT 
 This Agreement, effective January 1, 2009, is
between Harvest Natural Resources, Inc. (the “Company”) and Karl L. Nesselrode, a resident of Texas (“Employee”), the terms and conditions of which are as follows: 

W I T N E S S E T H : 
 WHEREAS, the Company and Employee previously entered into an Amended and Restated Employment Agreement dated September 12, 2005 (the “Original Employment Agreement”); and 

WHEREAS, Employee and the Company wish to enter into this Agreement in order to bring Employee’s employment agreement into
documentary compliance with section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the rules and regulations issued thereunder by the Internal Revenue Service and of Treasury; 

NOW THEREFORE, for good and valuable consideration, the sufficiency and receipt of which are acknowledged, the Company and Employee agree
as follows effective January 1, 2009: 
  

	1.	TERM OF EMPLOYMENT. 

Subject to the terms and conditions set forth in this Agreement, the Company agrees to employ Employee and Employee agrees to be employed
by the Company for the term which started on November 17, 2003, and ended on May 31, 2006. On May 31, 2006, and on each anniversary thereafter (an “Extension Date”) the term of this Agreement shall automatically be
extended for a one-year period unless and until either party has given written notice to the other at least one year before any Extension Date that it or he wishes to terminate this Agreement as of such Extension Date. 

 

	2.	POSITION AND DUTIES. 

 (a)
Position. Subject to annual election by the Company’s Board of Directors, Employee’s position shall be Vice President- Engineering and Business Development of Harvest Natural Resources, Inc. 

(b) Duties and Responsibilities. Employee’s duties and responsibilities initially shall be those normally associated with
Employee’s position, plus any additional duties and responsibilities the Company initially may assign orally or in writing to Employee. Employee shall undertake to perform all Employee’s duties and responsibilities for the Company and its
affiliates in good faith and on a full-time basis and shall at all times act in the course of Employee’s employment under this Agreement in the best interest of the Company and the Company’s affiliates. 

(c) The Company’s Right to Change Position or Duties. 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 Employee’s position, or to expand or reduce Employee’s duties and responsibilities. 

  
 1 

	3.	COMPENSATION AND BENEFITS. 

(a) Base Salary. During the term of this Agreement, Employee’s yearly base salary shall be not less than $170,000 US, which
yearly base salary shall be payable from the Company’s Houston offices to Employee in accordance with the Company’s standard payroll practices and policies, and shall be subject to such withholdings as required by U.S. Federal law and the
State of Texas or as otherwise permissible under such practices or policies. The Company shall annually review Employee’s base salary. 
 (b) Annual Bonus. Employee shall be eligible for such annual bonus as may be determined by the Human Resources Committee of the Company’s Board of Directors and the Company’s Board of
Directors, which bonus shall be based on Employee’s performance under the guidelines adopted by the Company, the Company’s overall performance and any special circumstances the Human Resources Committee and the Company’s Board of
Directors deem appropriate. Any such bonus is to be determined at the discretion of the Company’s Human Resources Committee and the Company’s Board of Directors. Employee acknowledges that the Company is not obligated to award him any
bonus in any year. 
 (c) Employee Benefit Plans. Employee 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 to participate in such plans, programs, and policies as in effect from time to time. 

(d) Stock Options and Restricted Stock. Employee has been granted certain stock options and restricted stock and is eligible for
future equity based compensation awards. Except as provided in Section 4(a), this Agreement neither increases nor decreases the number of stock options and shares of restricted stock previously granted, nor does it change the terms under which
they were granted. 
 (e) Vacation. Employee shall be entitled to four (4) weeks annual vacation. 

(f) Expenses. In accordance with and subject to the terms of the Company’s business expense reimbursement policy, the Company
shall pay or reimburse Employee for all reasonable expenses actually incurred or paid by Employee in the performance of his services hereunder upon the presentation of expense statements or vouchers or such other supporting information as the
Company may reasonably require of Employee. 
 (g) Office Facilities and Services. Employee shall be accorded such
benefits and support services, including without limitation, office facilities, administrative assistant, communications, and such other perquisites as would normally be accorded by a corporation of the size and at the stage of development in the
industry in which the Company is, to its Vice President, Engineering and Business Development. 
 (h) Indemnification.
Employee shall be entitled to the benefit of the indemnification provisions contained in the bylaws of the Company, as the same may be amended. 

  
 2 

	4.	TERMINATION OF EMPLOYMENT. 

(a) Termination By The Company Other Than For Cause Or By Employee For Good Reason. 

(1) The Company shall have the right to terminate Employee’s employment other than for Cause at any time and Employee
shall have the right to quit or resign for Good Reason at any time. 
 (2) If (a) the Company or its
successors terminate Employee’s employment with the Company other than (i) for Cause or (ii) pursuant to a notice of termination delivered in accordance with Section 4(j) of this Agreement or (b) Employee resigns for Good
Reason, then (v) the Company shall pay to Employee an amount equal to twenty-four (24) months of Employee’s base salary as in effect immediately before Employee’s termination of employment, (w) the Company shall pay to
Employee an amount equal to twenty-four (24) months of the maximum contribution the Company may make for Employee under the Company’s 401(k) profit sharing plan as in effect immediately before Employee’s termination of employment,
(x) any outstanding stock option(s) granted by the Company to Employee shall become fully vested and shall remain exercisable for twelve (12) months following Employee’s termination pursuant to this Section 4(a)(2), or the
expiration of the general term(s) of the option(s) specified in the relevant option agreement(s), whichever is the shorter period, (y) the restriction period on restricted shares of stock granted by the Company to Employee will lapse upon the
date of Employee’s termination of employment and a certificate(s) representing such shares will be delivered to Employee within thirty (30) days after the date of Employee’s termination of employment, and (z) Employee shall be
reimbursed for up to $20,000 of outplacement services with an outplacement service approved by the Company provided that the expenses for the outplacement services are reasonable and are incurred no later than the last day of the second taxable year
of Employee in which Employee’s Separation From Service (as defined below) occurs. The Company shall make such outplacement services expense reimbursement payments no later than the close of the third taxable year of Employee following the
taxable year of Employee in which Employee’s Separation From Service occurs. The Company shall make the lump sum cash payments described in clauses (v) and (w) on the date that is six months following the date of the Employee’s
Separation From Service. For purposes of this Agreement “Separation From Service” has the meaning ascribed to that term in section 409A of the Code and the rules and regulations issued thereunder by the Department of Treasury and
the Internal Revenue Service (“Section 409A”). 
 (3) If the termination or resignation
described in Section 4(a)(2) occurs within 730 days after or 240 days before a Change of Control, or if the Company or its successors terminate Employee’s employment with the Company pursuant to a notice of termination delivered in
accordance with Section 4(j) of this Agreement within 730 days after or 240 days before a Change of Control, then (s) the Company shall pay to Employee an amount equal to twenty-four months of Employee’s base salary as in effect
immediately before Employee’s termination of employment, (t) the Company shall pay to Employee the Bonus Amount (as defined in Section 4(d)), (u) the Company shall pay to Employee an amount equal to twenty-four (24) months
of the maximum contribution the Company may make for Employee under the Company’s 401(k) profit sharing plan as in effect immediately before Employee’s termination of 

  
 3 

 
employment, (v) any outstanding stock option(s) granted by the Company to Employee shall become fully vested and shall remain exercisable for twelve (12) months following
Employee’s termination of employment, or the expiration of the general term(s) of the option(s) specified in the relevant original option agreement(s), whichever is the shorter period, (w) the restriction period on any outstanding
restricted shares of stock granted by the Company to Employee will lapse upon the date of Employee’s termination of employment and a certificate(s) representing such shares will be delivered to Employee within thirty (30) days after the
date of Employee’s termination of employment, (x) Employee shall be reimbursed for up to $20,000 of outplacement services with an outplacement service approved by the Company, provided that the expenses for the outplacement services are
reasonable and are incurred no later than the last day of the second taxable year of Employee in which Employee’s Separation From Service occurs, (y) for a period of twenty-four (24) months following the later to occur of the date of
Employee’s termination of employment or the date of the Change of Control, the Company shall continue to provide Employee and Employee’s dependents with the same level of life, disability, accident, dental and health insurance benefit
coverages Employee and Employee’s dependents were receiving immediately before Employee’s termination of employment, and (z) the Company shall pay to Employee an additional amount such that the net amount retained by Employee pursuant
to the benefits described in this Section 4(a)(3) after any excise tax imposed under section 4999 of the Code shall be equal to the amount that Employee would have received pursuant to such benefits before payment of any such excise tax. The
Company shall make the lump sum cash payments described in clauses (s),(t) and (u) on the later to occur of (1) the date that is six months following Employee’s Separation From Service or (2) the date of the Change of Control.
The Company shall make outplacement services reimbursement payments specified in this Section 4(a)(3) no later than the close of the third taxable year of Employee following the taxable year of Employee in which Employee’s Separation From
Service occurs. If the dental, accident or health insurance benefits specified in this Section 4(a)(3) are taxable to the Employee and are not otherwise exempt from Section 409A the following provisions shall apply to the reimbursement of
such benefits. The benefits eligible for reimbursement shall be the benefits that were available to the Employee and his dependents under the provisions of the Company’s group medical, accident and dental benefits plans as in effect immediately
prior to the earlier of Employee’s Separation From Service or the date on which the Change of Control occurs. Employee shall be eligible for reimbursement for covered dental, accident or health insurance expenses incurred during the period
commencing on the later to occur of the termination, resignation or Change of Control and ending on the date that is 24 months later. The amount of dental, accident and health insurance expenses eligible for reimbursement during Employee’s
taxable year will not affect the expenses eligible for reimbursement in any other taxable year (with the exception of applicable lifetime maximums specified in the plans). The Company shall reimburse an eligible dental, accident and health insurance
expense on or before the last day of Employee’s taxable year following the taxable year in which the expense was incurred. To the extent that the dental, accident or health insurance benefits provided to the Employee pursuant to this
Section 4(a)(3) are taxable to the Employee and are not otherwise exempt from Section 409A, any amounts to which the Employee would otherwise be entitled under this Section 4(a)(3) during the first six months following the date of the
Employee’s Separation From Service shall be accumulated and paid to the Employee on the date that is six months following the date of his Separation From Service. The Employee’s right to reimbursement is not subject to liquidation or
exchange for another benefit. Any tax gross-up payment made pursuant to clause (z) of this Section 4(a)(3) 

  
 4 

 
shall be made by the Company by the end of the Employee’s taxable year next following the Employee’s taxable year in which Employee remits the related taxes to the Internal Revenue
Service. Notwithstanding any provision of this Agreement to the contrary, any amounts to which the Employee would otherwise be entitled under clause (z) of this Section 4(a)(3) during the first six months following the date of the
Employee’s Separation From Service shall be accumulated and paid to the Employee on the date that is six months following the date of his Separation From Service. 

(4) Employee shall not be entitled to payments and benefits under Section 4(a)(2) if he is entitled to payments and
benefits under Section 4(a)(3). 
 (b) Termination By The Company For Cause Or By Employee Other Than For Good
Reason. 
 (1) The Company shall have the right to terminate Employee’s employment at any time for
Cause, and Employee shall have the right to quit or resign at any time other than for Good Reason. 
 (2) If the
Company terminates Employee’s employment for Cause or pursuant to a notice of termination delivered in accordance with Section 4(j) of this Agreement that is not delivered within 730 days after or 240 days before a Change of Control, or
Employee quits or resigns other than for Good Reason, the Company’s only obligation to Employee under this Agreement shall be to pay Employee’s base salary (including accrued vacation) actually earned up to the date Employee’s
employment terminates. 
 (c) Termination for Disability or Death. 

(1) The Company shall have the right to terminate Employee’s employment on or after the date Employee has a
Disability, and Employee’s employment shall terminate at Employee’s death. 
 (2) If Employee’s
employment terminates under this Section 4(c), the Company shall pay Employee or, if Employee dies, Employee’s estate the amount provided for under Section 4(a)(2)(v) and, in addition, Employee or, if Employee dies, Employee’s
estate shall be entitled to the provisions of Sections 4(a)(2)(w), (x) and (y) with respect to the Company’s 401(k) profit sharing plan, Employee’s stock options and Employee’s restricted stock. In the event of the
termination of Employee’s employment due to the death of Employee the cash payments described in Sections 4(a)(2)(v) and 4(a)(2)(w) shall be made within 30 days after the date of Employee’s death. In the event of the termination of
Employee’s employment due to the Disability of Employee the cash payments described in Sections 4(a)(2)(v) and 4(a)(2)(w) shall be made on the date that is six months following the date of Employee’s Separation From Service. 

(d) Bonus Amount. The term “Bonus Amount” means twice the amount of the higher of (i) the highest annual
bonus earned by Employee for the last three fiscal years ending prior to the termination date, and (ii) (A) the target bonus percentage as established by the Company’s Board of Directors for the fiscal year in which the Change of
Control occurs, multiplied by (B) Employee’s annual base salary for that fiscal year (whether or not paid or accrued for the full year at the time of Employee’s termination or resignation). 

  
 5 

 (e) Cause. The term “Cause” shall mean (1) Employee’s
final conviction of a felony by a trial court, (2) Employee’s material breach of this Agreement or (3) Employee’s material violation of any policy or code of conduct of the Company, all as reasonably determined by the Company.

 (f) Good Reason. The term “Good Reason” shall mean any of the following, unless Employee shall have
given his express written consent thereto: (1) a material breach of the terms and conditions of this Agreement by the Company which remains uncorrected for thirty (30) days after Employee delivers written notice of such breach to the
Company; (2) failure to maintain or reelect Employee to the position described in Section 2(a); (3) a significant reduction of Employee’s duties, position or responsibilities relative to Employee’s duties, position or
responsibilities in effect immediately prior to such reduction, unless Employee is provided with comparable duties and responsibilities; (4) a substantial reduction, without good business reasons, of the facilities and perquisites available to
Employee immediately prior to such reduction; (5) a reduction by the Company of Employee’s monthly base salary in effect immediately prior to such reduction; (6) the Company fails to continue Employee’s participation in any
bonus, incentive, profit sharing, performance, savings, retirement or pension policy, plan, program or arrangement on substantially the same or better basis, both in terms of the amount of benefits provided to Employee and the level of
Employee’s participation, relative to other participants; (7) the relocation of Employee more than fifty (50) miles from the location of the Company’s principal office on the date hereof; or (8) the failure of the Company to
obtain a satisfactory agreement from a successor to assume and agree to perform this Agreement as contemplated by Section 6(d). 
 (g) Disability. Employee shall have a “Disability” under this Agreement on the date the Company receives written notice from a physician selected by the Company that Employee no
longer can perform one or more of the essential functions of Employee’s job even with reasonable accommodation. 
 (h)
Change of Control. A “Change of Control” means the occurrence of any of the following: 

(1) the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934) (a “Covered Person”) of beneficial ownership (within the meaning of rule 13d-3 promulgated under the Securities Exchange Act of 1934) of 50 percent or more of the combined voting power of the then
outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Voting Securities”); provided, however, that for purposes of this subsection (1) of this Section 4(h) the following
acquisitions shall not constitute a Change of Control: (i) any acquisition by the Company, (ii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company,
or (iii) any acquisition by any entity pursuant to a transaction which complied with clauses (i), (ii) and (iii) of subsection (3) of this Section 4(h); or 

  
 6 

 (2) individuals who, as of the date of this Agreement, constitute the board
of directors of the Company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the board of directors of the Company; provided, however, that any individual becoming a director after the date of this
Agreement whose election, or nomination for election, by the Company’s stockholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member
of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors; or 

(3) the consummation of a reorganization, merger or consolidation or sale of the Company, or a disposition of at least 50
percent of the assets of the Company, together with its subsidiaries, including goodwill (a “Business Combination”), provided, however, that for purposes of this subsection (3), a Business Combination will not constitute a change of
control if the following three requirements are satisfied: 
 following such Business Combination, (i) all or substantially
all of the individuals and entities who were the beneficial owners, respectively, of the Company’s voting securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50 percent of the ownership
interests of the entity resulting from such Business Combination (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the assets of the Company, together with its
subsidiaries, either directly or through one or more subsidiaries or other affiliated entities) in substantially the same proportions as their ownership immediately prior to such Business Combination, (ii) no Covered Person (excluding any
employee benefit plan (or related trust) of the Company or its subsidiaries or such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 50 percent or more of, respectively, the ownership interests in the
entity resulting from such Business Combination, except to the extent that such ownership existed prior to the Business Combination, and (iii) at least a majority of the members of the board of directors of the entity resulting from such
Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the board of directors of the Company, providing for such Business Combination. For this purpose any individual who
becomes a director after the date of this Agreement, and whose election, or nomination for election, by the Company’s stockholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be
considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the
election or removal of directors. 

  
 7 

 (i) Benefits. Employee shall have the right to receive any benefits payable under the
Company’s employee benefits plans, programs and policies (other than the Company’s Policy for Termination and Separation of Employment (the “Severance Plan”)) which Employee otherwise has a non-forfeitable right to receive
under the terms of such plans, programs and policies (other than severance benefits) independent of Employee’s rights under this Agreement upon a termination of employment in addition to any other benefits under this Section 4 without
regard to the reason for such termination of employment. Employee acknowledges and agrees that until the termination of this Agreement, he shall not be entitled to participate in the Severance Plan. 

(j) Notice of Termination. Any termination by the Company or by Employee for any reason shall be communicated by a notice of
termination to the other party hereto and shall be given in accordance with Section 6(a). Such notice shall state the specific termination provision in this Agreement relied upon, and shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination under the provision so indicated. 
 (k) No Mitigation. Employee
shall not be required to mitigate the amount of any severance payment contemplated by this Agreement, nor shall any such payment be reduced by any earnings that Employee may receive from any other source. 

(l) Stock Award Agreements. In the event of a conflict adverse to Employee between the terms of this Agreement and the terms of
any agreement granting Employee stock options or restricted stock, the terms of this Agreement shall govern. 
  

	5.	COVENANTS BY EMPLOYEE. 

(a) Property of the Company. 
 (1) Employee covenants and agrees that upon the termination of Employee’s employment for any reason or, if earlier, upon the Company’s request Employee shall promptly return all Property which
had been entrusted or made available to Employee by the Company or any of its subsidiaries. 
 (2) The term
“Property” shall mean all records, files, memoranda, reports, price lists, drawing, plans, sketches, keys, codes, computer hardware and software and other property of any kind or description prepared, used or possessed by Employee
during Employee’s employment by the Company (and any duplicates of any such property) together with any and all information, ideas, concepts, discoveries, and inventions and the like conceived, made, developed or acquired at any time by
Employee individually or with others during Employee’s employment which relate to the business, products or services of the Company or any of its subsidiaries. 

  
 8 

 (b) Trade Secrets. 

(1) In consideration for the promises made in Section 5(d) of this Agreement, the Company promises that it shall
provide and make available to Employee certain confidential, proprietary information and trade secrets. 
 (2)
Employee covenants and agrees that Employee shall hold in a fiduciary capacity for the benefit of the Company and each of its affiliates, and shall not directly or indirectly use or disclose, any Trade Secret that Employee may have acquired pursuant
to Section 5(b)(1) above during the term of Employee’s employment by the Company for so long as such information remains a trade secret. 
 (3) The term “Trade Secret” shall mean information, including, but not limited to, technical or non-technical data, a formula, a patent, a compilation, a program, a device, a method, a
technique, a drawing, a process, financial data, financial plans, product plans, or that (a) derives economic value, actual or potential, from not being generally known to, and not being generally readily ascertainable by proper means by other
persons who can obtain economic value from its disclosures or use and (b) is the subject of reasonable efforts by the Company and its affiliates to maintain its secrecy. 

(4) This Section 5(b) is intended to provide rights to the Company and its subsidiaries which are in addition to
those rights the Company and its subsidiaries have under the common law or applicable statutes for the protection of trade secrets. 
 (c) Confidential Information. 
 (1) Employee covenants and
agrees while employed under this Agreement and thereafter during the Restricted Period he shall hold in a fiduciary capacity for the benefit of the Company and each of its affiliates, and shall not directly or indirectly use or disclose, any of the
Company’s or the Company’s affiliates’ Confidential or Proprietary Information that Employee may have acquired (whether or not developed or compiled by Employee and whether or not Employee is authorized to have access to such
information) during the term of, and in the course of, or as a result of Employee’s employment by the Company or its affiliates. 
 (2) The term “Confidential or Proprietary Information” shall mean any secret, confidential or proprietary information of the Company or an affiliate (not otherwise included in the
definition of a Trade Secret under this Agreement) that has not become generally available to the public by the act of one who has the right to disclose such information without violation of any right of the Company or its affiliates. 

(d) Non-Competition. During the period of Employee’s employment with the Company and thereafter during the Restricted Period,
Employee covenants and agrees that, in connection with the business operations and prospective interests of the Company on the date of Employee’s termination of employment, which prospective interests are disclosed to Employee prior to or on
the date of Employee’s termination of employment, he 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 Company’s Board of Directors shall have authorized such 

  
 9 

 
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 5(d), the term “Company” shall include Harvest Natural Resources,
Inc. 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 5(d), the term “businesses” shall mean any enterprise, commercial venture, or
project involving oil and gas exploration or production activities in the same geographic areas as the Company’s activities during the period of Employee’s employment. 

Further, during the period of Employee’s employment with the Company and thereafter during the Restricted Period, Employee covenants
and agrees that he 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, Employee 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 6(c) of this Agreement (or such other process as to which the Company and Employee may agree upon in writing), it is determined
that Employee has violated the provisions of this Section 5(d), and (ii) Employee has received a payment from the Company pursuant to Section 4(a)(2)(v), Section 4(a)(2)(w), Section 4(a)(3)(s), Section 4(a)(3)(t) or
Section 4(a)(3)(u) of this Agreement (the “Lump Sum Severance Amount”), then, in addition to any other remedies that the Company may have, Employee shall be obligated, and hereby agrees, to pay the Company, as liquidated
damages, an amount (but not less than zero) equal to the product of (x) the Lump Sum Severance Amount and (y) a fraction whose numerator is the excess of twenty-four (24) over the number of calendar months that have elapsed since the
last day of Employee’s termination of employment under Section 4 of this Agreement and whose denominator is twenty-four (24). 
 (e) Employment Restriction – Conflict of Interest. Employee covenants and agrees that he will not receive and has not received any payments, gifts or promises and Employee will not engage in
any employment or business enterprises that in any way conflict with his service and the interests of the Company or its affiliates. In addition, Employee agrees to comply with the laws or regulations of any country, including, without limitation,
the United States of America, having jurisdiction over Employee, the Company or any of the Company’s subsidiaries. 

Employee 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 Employee knows, or has 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 Employee, the Company or any of the Company’s subsidiaries. 

  
 10 

 By signing this Agreement, Employee acknowledges that he has 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 Employee, the Company or any of the Company’s subsidiaries. 
 (f)
Restricted Period. The term “Restricted Period” shall mean the two-year period which starts on the date Employee’s employment terminates with the Company without regard to whether such termination comes before or after
the end of the term of this Agreement. 
 (g) Reasonable and Continuing Obligations. Employee agrees that Employee’s
obligations under this Section 5 are obligations which will continue beyond the date Employee’s employment terminates and that such obligations are reasonable and necessary to protect the Company’s legitimate business interests. The
Company additionally shall have the right to take such other action as the Company deems necessary or appropriate to compel compliance with the provisions of this Section 5. 

 

	6.	MISCELLANEOUS. 

 (a)
Notices. Notices and all other communications shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by United States registered or certified mail. Notices to the Company shall be sent to 1177
Enclave Parkway, Suite 300, Houston, Texas 77077. Notices and communications to Employee shall be sent to Employee’s home address, as indicated by the records of the Company. 

(b) No Waiver. Except for the notice described in Section 4(f), no failure by either the Company or Employee at any time to
give notice of any breach by the other of, or to require compliance with, any condition or provision of this Agreement shall be deemed a waiver of any provisions or condition of this Agreement. 

(c) Arbitration and Governing Law. ANY UNRESOLVED DISPUTE OR CONTROVERSY BETWEEN EMPLOYEE AND THE COMPANY ARISING UNDER OR IN
CONNECTION WITH THIS EMPLOYMENT AGREEMENT SHALL BE SETTLED EXCLUSIVELY BY ARBITRATION, CONDUCTED IN ACCORDANCE WITH THE RULES OF THE AMERICAN ARBITRATION ASSOCIATION THEN IN EFFECT. THE COMPANY WILL BEAR THE ADMINISTRATIVE COSTS OF ANY ARBITRATION
UNDER THIS EMPLOYMENT 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 EMPLOYEE
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

  
 11 

 
ARBITRATION IN THE EVENT THAT EMPLOYEE VIOLATES SECTIONS 5(b), 5(c), 5(d) OR 5(e) OF THIS EMPLOYMENT AGREEMENT. THIS EMPLOYMENT AGREEMENT SHALL IN ALL RESPECTS BE CONSTRUED ACCORDING TO THE LAWS
OF THE STATE OF TEXAS. 
 (d) Assignment by the Company; Meaning of “Company”. This Agreement shall be binding
upon and inure to the benefit of the Company and any successor to all or substantially all of the business or assets of the Company. The Company may assign this Agreement to any affiliate or successor, and no such assignment shall be treated as a
termination of Employee’s employment under this Agreement; provided, however, that in the case of an assignment to an affiliate, the Company shall not be relieved of its obligations under this Agreement. The Company will require any successor
corporation (whether direct or indirect, and whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company to expressly assume and to agree to perform this Agreement in the same manner
and to the same extent as the Company, as if no such succession had taken place. Failure of the Company to obtain such assumption and agreement prior to the effectiveness of any such succession shall be a material breach of this Agreement. As used
in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise. 

(e) Assignment by Employee. Employee’s rights and obligations under this Agreement are personal, and they shall not be
assigned or transferred without the Company’s prior written consent. 
 (f) Other Agreements. With the exception of
the Company’s stock option plans (and related agreements), restricted stock plan (and related agreements) and incentive plans, and the guidelines referred to in Section 3(b), this Agreement replaces and merges any and all previous
agreements and understandings regarding all the terms and conditions of Employee’s employment relationship with the Company, and this Agreement constitutes the entire agreement of the Company and Employee with respect to such terms and
conditions. 
 (g) Amendment. No amendment to this Agreement shall be effective unless it is in writing and signed by the
Company and by Employee. 
 (h) Invalidity. If any provision of this Agreement is held to be invalid, illegal or
otherwise unenforceable, the remaining provisions shall be unaffected and shall continue in full force and effect, and there shall be deemed substituted for the provision at issue a valid, legal and enforceable provision as similar as possible to
the provision at issue. 
 (i) Enforceability by Beneficiaries. This Agreement shall inure to the benefit of and be
enforceable by the parties hereto and their respective heirs, legal or personal representatives and successors and if Employee should die while any amount would still be payable to him hereunder if he had continued to live, all such amounts shall be
paid in accordance with the terms of this Agreement to Employee’s devisee, legatee or other designee or, if there is no such designee, to his estate. 

  
 12 

 (j) Reimbursement of Certain Expenses. To the extent Employee shall prevail in any
arbitration proceeding pursuant to Section 6(c) to resolve any dispute or controversy between Employee and the Company arising under or in connection with this Agreement, then the Company shall reimburse Employee, or pay on Employee’s
behalf, all of Employee’s reasonable expenses, including without limitation attorneys’ fees, incurred by Employee in connection with the arbitration. The amount of such expenses eligible for reimbursement during Employee’s taxable
year will not affect the expenses eligible for reimbursement in any other taxable year. The Company shall reimburse an eligible expense pursuant to this Section 6(j) on or before the last day of Employee’s taxable year following the
taxable year in which the expense was incurred. Employee’s right to reimbursement under this Section 6(j) is not subject to liquidation or exchange for another benefit. Notwithstanding any provision of this Agreement to the contrary, any
amounts to which the Employee would otherwise be entitled under this Section 6(j) during the first six months following the date of the Employee’s Separation From Service shall be accumulated and paid to the Employee on the date that is
six months following the date of his Separation From Service. 
  

	7.	NOVATION. 

 This Agreement
is a novation to the Original Employment Agreement between the Company and Employee effective September 12, 2005 which is hereby extinguished. As consideration for this novation, Employee acknowledges the value of the matters described in the
recitals to this Agreement and the other terms of this Agreement and agrees that they are adequate to make the novation binding in all respects. 

  
 13 

 IN WITNESS WHEREOF, the Company and Employee have executed this Agreement in multiple
originals to be effective as set out above. 
  

									
	HARVEST NATURAL RESOURCES, INC.	 		 	KARL L. NESSELRODE
				
	By:	 	 	 		 	 
		 	James A. Edmiston	 		 		 	
		 	President and Chief Executive Officer	 		 		 	
					
	Date:	 	 	 		 	Date:	 	 

  
 14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]