Document:

Blueprint

 

Exhibit
10.1

 

SEPARATION
AND GENERAL RELEASE AGREEMENT

 

The
following Separation Agreement and General Release
(“Agreement” or
“Release
Agreement”) between Gregory Overholtzer
(“I” or
“Employee”), Pacific
Energy Development Corp. (“PEDEVCO” or the
“Company”) is entered into
with the following terms:

 

I agree
and acknowledge that effective as of 5:00 PM (Pacific) on December
31, 2018 (the “Separation Date”), my
employment with the Company shall be considered mutually terminated
by the parties. This Release Agreement is given in consideration of
the Severance Benefits described below. I understand the Severance
Benefits are additional benefits for which I am not eligible unless
I elect to sign this Agreement. I agree that this Agreement is not
given in return for the payment of any wages undisputedly due or
owing. I also understand and agree that I will not be entitled to
such consideration if I accept an offer with PEDEVCO or with an
affiliated or related Company or a successor to PEDEVCO or any of
its affiliated or related Companies prior to the payment of such
Severance Benefits.

 

CONSIDERATION

 

In
accordance with the terms of this Agreement, and provided that I
sign and do not revoke this Agreement within the deadlines set
forth herein, I will be entitled to receipt of a cash payment of
$15,833.33 (the “Cash Severance”), paid on
the Company’s regular payroll schedule after the Company
receives the executed release and the revocation period provided
for below has expired and subject to applicable
deductions.

 

In
addition, as of the Separation Date, I agree to enter into a
Consulting Agreement with the Company, in a form mutually
acceptable to me and the Company, pursuant to which I will provide
transitional consulting services to the Company (the
“Consulting
Agreement”).

 

In
addition, I agree and acknowledge that, as of the Separation Date,
I hold the following options to purchase common stock of the
Company (the “Stock
Options”):

 

	

Grant Date

	
 

	

Exercise Price

	
 

	

# Option Shares Vested

	
 

	

# Option Shares Unvested

	

February
9, 2012

	
 

	

$3.00

	
 

	

1,100

	
 

	

0

	

June
18, 2012

	
 

	

$5.10

	
 

	

11,667

	
 

	

0

	

January
7, 2015

	
 

	

$3.70

	
 

	

5,000

	
 

	

0

	

January
7, 2016

	
 

	

$2.20

	
 

	

15,000

	
 

	

0

	

December
28, 2016

	
 

	

$1.10

	
 

	

60,000

	
 

	

0

	

December
28, 2017

	
 

	

$0.3088

	
 

	

45,000

	
 

	

30,000
(vesting 6/28/19)

 

 

1

 

 

In
accordance with the terms of my applicable stock option agreements
issued to me, all unvested Stock Options would be forfeited on the
Separation Date, absent the execution and effectiveness of this
Agreement and entry into, and performance in accordance with, the
Consulting Agreement. I agree and acknowledge that, during the term
of my Consulting Agreement, my unvested Stock Options shall
continue to vest and be exercisable in accordance with their terms,
and that, in accordance with the terms of my Consulting Agreement,
effective immediately upon the Termination Date under the
Consulting Agreement, provided such Consulting Agreement was not
terminated by the Company prior to the end of the stated term due
to my breach thereof, all of my unvested Stock Options shall fully
vest, and all of my Stock Options will be exercisable for a period
of three (3) years following the Separation Date (the
“Option Vesting
Acceleration and Extended Exercise”).

 

In
addition, in accordance with the stock purchase agreements entered
into between me and the Company governing the vesting terms of my
20,000 shares of restricted common stock of the Company currently
vesting on April 7, 2019, subject to the terms and conditions of
the Consulting Agreement (“Unvested Stock”), all
Unvested Stock would be forfeited on the Separation Date, absent
the execution and effectiveness of this Agreement and entry into,
and performance in accordance with, the Consulting Agreement. I
agree and acknowledge that, during the term of my Consulting
Agreement, my Unvested Stock shall continue to vest in accordance
with the terms of the applicable stock purchase agreement, and
that, in accordance with the terms of my Consulting Agreement,
effective immediately upon the Termination Date under the
Consulting Agreement, provided such Consulting Agreement was not
terminated by the Company prior to the end of the stated term due
to my breach thereof, all of my Unvested Stock shall fully vest
(the “Stock
Vesting”).

 

I
acknowledge and agree that I have no other options, unvested stock
or other rights to purchase stock in the Company other than the
rights to purchase shares subject to the Stock Options and the
Unvested Stock detailed above.

 

In
addition, subject to the effectiveness of this Agreement, I shall
be entitled to retain ownership and possession of one (1) Lenovo
Thinkpad laptop issued to me by the Company (the
“Laptop
Benefit”).

 

The
Cash Severance, entry into the Consulting Agreement, the potential
Option Vesting Acceleration and Extended Exercise, the potential
Stock Vesting, and the Laptop Benefit shall collectively be
referred to as the “Severance Benefits.” I
agree that the Severance Benefits are something of value and that I
am not already entitled to these additional benefits and
compensation. I understand and agree that the Severance Benefits to
be paid under this Agreement are due solely from the Company and
that Insperity PEO Services, L.P. (“Insperity”) has no
obligation to pay the Severance Benefits even though payment may be
processed through Insperity.

 

RELEASE

 

Released Claims

 

In
consideration of being provided the Severance Benefits, I, on
behalf of my heirs, spouse and assigns, hereby completely release
and forever discharge PEDEVCO and Insperity, their past and present
parent companies, subsidiaries, affiliates, related entities, and
each of their past and present principals, partners, agents,
officers, directors, plan fiduciaries, employees, attorneys,
insurers, successors, shareholders and assigns (collectively,
“Released
Parties”) from any and all claims, of any and every
kind, nature and character, known or unknown, foreseen or
unforeseen, based on any act or omission occurring prior to the
date of my signing this Release Agreement to the fullest extent
allowed by law, including but not limited to any claims arising out
of my offer of employment, my employment letter agreement, dated
June 16, 2012, as amended April 25, 2016, my employment, or
termination of my employment with the Company and Insperity; and
any disputed wages, commissions, and bonuses. This release of
claims includes, without limitation, claims at law or equity or
sounding in contract (express or implied) or tort, claims arising
under any federal, state, or local laws, of any jurisdiction,
including, without limitation, those that prohibit age, sex, race,
national origin, color, sexual orientation, pregnancy, disability,
religion, veteran status, gender identity or gender expression, or
any other form of discrimination, harassment, or retaliation. The
matters released include, but are not limited to, any claims under
federal, state, or local laws, including claims arising under the
Age Discrimination in Employment Act of 1967 (“ADEA”) as amended by the
Older Workers’ Benefit Protection Act (“OWBPA”), Title VII of the
Civil Rights Act of 1964; the Equal Pay Act of 1963; the Americans
with Disabilities Act of 1990; the Civil Rights Act of 1866, 42
U.S.C. §1981; the Employee Retirement Income Security Act of
1974; the Civil Rights Act of 1991; the Family and Medical Leave
Act of 1993; the California Family Rights Act, the California Fair
Employment and Housing Act, the California Labor Code, and any
other state or federal law, common law tort, contract, or statutory
claims, and any claims for attorneys’ fees and
costs.

 

 

2

 

 

I
understand and agree that, with the exception of excluded
claims, this Release Agreement extinguishes all claims, whether
known or unknown, foreseen or unforeseen. I expressly waive any
rights or benefits under Section 1542 of the California Civil Code,
or any equivalent statute. California Civil Code Section 1542
provides as follows:

 

“A general release does not extend to claims which the
creditor does not know or suspect to exist in his or her favor at
the time of executing the release, which if known by him or her
must have materially affected his or her settlement with the
debtor.”

 

I fully
understand that, if any fact with respect to any matter covered by
this Release Agreement is found hereafter to be other than or
different from the facts now believed by me to be true, I expressly
accept and assume that this Release Agreement shall be and remain
effective, notwithstanding such difference in the
facts.

 

Claims Excluded from Release

 

Notwithstanding the
foregoing, claims challenging the validity of this Release
Agreement under the ADEA as amended by the OWBPA, and any claims
that cannot be released as a matter of law as set forth under the
Protected Rights section below, are not released (collectively,
“Excluded
Claims”).

 

Enforcement of This Release Agreement

 

I also
understand and agree that, if any suit, affirmative defense, or
counterclaim is brought to enforce the provisions of this Release
Agreement, with the exception of Excluded Claims, the prevailing
party shall be entitled to its costs, expenses, and
attorneys’ fees as well as any and all other remedies
specifically authorized under the law.

 

In the
event that I breach any of my obligations under this Release
Agreement, the Company and Insperity will be entitled to recover
all relief provided by law or equity.

 

Covenant Not to Sue

 

I agree
not to pursue any action nor seek damages or any other remedies for
any released claims. I agree to execute any and all documents
necessary to request dismissal or withdrawal, or to opt-out, of
such claims with prejudice.

 

Confidentiality

 

I
further acknowledge that during my employment, I may have obtained
confidential, proprietary, and trade secret information, including
information relating to the Company’s products, plans,
designs and other valuable confidential information. Except as
provided under the Protected Rights section below, I agree not to
use or disclose any such confidential information unless required
by subpoena or court order and that I will first give the Company
written notice of such subpoena or court order with reasonable
advance notice to permit the Company to oppose such subpoena or
court order if it chooses to do so. I will further agree that,
except as provided under the Protected Rights section below or
unless required to do so by law, I will not disclose voluntarily or
allow anyone else to disclose either the existence, reason for, or
contents of this Release Agreement without PEDEVCO’s prior
written consent.

 

 

3

 

 

Notwithstanding
this provision, I am authorized to disclose this Release Agreement
to my spouse, attorneys and tax advisors on a “need to
know” basis, on the condition that they agree to hold the
terms of the Release Agreement, including the severance payment(s),
in strictest confidence. I am further authorized to make
appropriate disclosures in response to a subpoena, provided that I
notify PEDEVCO in
writing of such legal obligations to disclose at least five (5)
business days in advance of disclosure. No such notice, however, is
required if I make disclosure of confidential information of this
Release Agreement in the process of exercising my right or ability
to file a charge or claim or communicate or cooperate with any
federal, state or local agency, including providing documents or
other information as set forth under the Protected Rights section
below.

 

If I
do, however, make an unauthorized disclosure, I agree to pay the
Company $1,000 per occurrence and to indemnify and hold harmless
the Company for and against any and all costs, losses or liability,
whatsoever, including reasonable attorney’s fees, caused by
my breach of the non-disclosure provisions.

 

Miscellaneous

 

I
understand that the Company has not made any promises and has no
obligation to re-hire or employ me.

 

I will
not make disparaging comments about the Company or its principals,
partners, employees, officers, directors, or its affiliates at any
time.

 

I
further agree to indemnify the Released Parties and hold the
Released Parties harmless from any and all claims made by any
entity, governmental or otherwise, on account of an alleged failure
by me or the Released Parties to satisfy any taxes associated with
this Agreement including, but not limited to, applicable federal,
state, and local income taxes, unemployment insurance,
workers’ compensation insurance, disability insurance, Social
Security taxes, and other charges or obligations.

 

I also
agree that for a period of one (1) year after the termination of my
employment with the Company and Insperity, I shall not induce or
attempt to induce any employee, agent, or consultant of the Company
to terminate his or her association with the Company. The Company
and I agree that the provisions of this paragraph contain
restrictions that are not greater than necessary to protect the
interests of the Company. In the event of the breach or threatened
breach by me of this paragraph, the Company, in addition to all
other remedies available to it at law or in equity, will be
entitled to seek injunctive relief and/or specific performance to
enforce this paragraph.

 

This
Release Agreement constitutes the entire agreement between myself
and the Company - with respect to any matters referred to in this
Release Agreement. This Release Agreement supersedes any and all of
the other agreements between me and the Company -, except for any
restrictive covenants, which remain in full force and effect,
including but not limited to, the Employment, Confidential
Information, Invention Assignment and Arbitration Agreement, and/or
the Proprietary Information and Inventions Agreement. No other
consideration, agreements, representations, oral statements,
understandings or course of conduct which are not expressly set
forth in this Release Agreement should be implied or are binding. I
am not relying upon any other agreement, representation, statement,
omission, understanding, or course of conduct, which is not
expressly set forth in this Release Agreement. I understand and
agree that this Release Agreement shall not be deemed or construed
at any time or for any purposes as an admission of any liability or
wrongdoing by either myself or the Company or
Insperity.

 

Except
to the extent that ERISA or any other federal law applies to the
Release Agreement and preempts state law, the terms and conditions
of this Release Agreement will be interpreted and construed in
accordance with the laws of California, excluding any
conflict-of-law rule or principle that might refer to the laws of
another state. I also agree that if any provision of this Release
Agreement is deemed invalid, the remaining provisions will still be
given full force and effect.

 

 

4

 

 

Agreement Knowingly and Voluntarily Executed; Waiting and
Revocation Periods, ADEA Waiver

 

I
expressly acknowledge that this Agreement contains a waiver of
claims under the ADEA as amended by the OWBPA and I have been
advised and instructed that I have the right to consult with an
attorney of my own choice and that I should review the terms of
this Agreement with counsel of my own selection. I further confirm,
warrant and represent:

 

●

I have carefully
read the terms of this Agreement, and I am fully aware of the
Agreement’s contents and legal effects;

 

●

I was given a copy
of this Agreement on December 31, 2018. I have had an opportunity
to consult an attorney of my own choice before signing it and was
given a period of at least 21 days, or until January 21, 2019, to
consider this Agreement.

 

●

I understand that
once signed, I may revoke this Agreement by notifying Clark R.
Moore in writing via hand delivery or email (cmoore@pedevco.com) no
later than seven (7) days following my execution of this Agreement,
and that this Agreement shall not become effective or enforceable
until such revocation period has expired;

 

●

PEDEVCO and I agree
that any later agreed-upon changes to this Release Agreement,
whether material or immaterial, do not restart the running of the
21-day period.

 

●

Further, I
understand that claims challenging the validity of this Release
Agreement under the ADEA as amended by the OWBPA are not
released.

 

●

I execute this
Agreement voluntarily, knowingly, and willingly. I have read this
Release Agreement and understand all of its terms. Prior to
execution of this Release Agreement, I have apprised myself of
sufficient relevant information in order that I might intelligently
exercise my own judgment.

 

Protected Rights

 

I
understand that nothing contained in this Release Agreement limits
my rights to file a charge or complaint with the Equal Employment
Opportunity Commission, Department of Labor, National Labor
Relations Board, California Department of Fair Employment and
Housing, or any other federal, state, or local governmental agency
or commission. I further understand that this Release Agreement
does not limit my ability to communicate with any such agencies or
otherwise participate in any investigation or proceeding that may
be conducted by such agencies, including providing documents or
other information, without notice to the Company. Nonetheless, I
release any right to recover monetary damages from any of the
Released Parties through any charge or claim I file or that an
agency or anyone else files on my behalf.

 

Pursuant to the
Defend Trade Secrets Act of 2016 (18 U.S.C. §1833(b)), I shall
not be held criminally or civilly liable under any Federal or State
trade secret law for the disclosure of a trade secret that is made
in confidence either directly or indirectly to a Federal, State, or
local government official, or to an attorney, solely for the
purpose of reporting or investigating, a violation of law. I shall
not be held criminally or civilly liable under any Federal or State
trade secret law for the disclosure of a trade secret made in a
complaint, or other document filed in a lawsuit or other
proceeding, if such filing is made under seal. If I file a lawsuit
alleging retaliation by the Employer for reporting a suspected
violation of the law, I may disclose the trade secret to my
attorney and use the trade secret in the court proceeding, so long
as any document containing the trade secret is filed under seal and
does not disclose the trade secret, except pursuant to court order.
This paragraph will govern to the extent it may conflict with any
other provision of this Agreement.

 

 

5

 

 

ACCEPTANCE OF RELEASE AGREEMENT

 

I
ACKNOWLEDGE AND AGREE THAT I HAVE FULLY READ, UNDERSTAND, AND
VOLUNTARILY ENTER INTO THIS AGREEMENT AND AGREE TO ALL THE TERMS OF
THE RELEASE. I ACKNOWLEDGE AND AGREE THAT I HAD AN OPPORTUNITY TO
ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF MY CHOICE BEFORE
SIGNING THIS AGREEMENT. I FURTHER ACKNOWLEDGE THAT MY SIGNATURE
BELOW IS AN AGREEMENT TO RELEASE EMPLOYER FROM ANY AND ALL CLAIMS
THAT CAN BE RELEASED AS A MATTER OF LAW.

 

NOTICE: Sign below on or after your Separation Date:

 

	

EMPLOYEE

	

PACIFIC ENERGY DEVELOPMENT CORP.

	
 

	
 

	

Signature:
/s/ Gregory
Overholtzer

	

By:
/s/ Clark R.
Moore                                                      

	

Print
Name: Gregory
Overholtzer

	

Name: Clark R.
Moore

	
 

	

Title:
EVP, Pacific Energy
Development Corp.

	

Date:
December 31,
2018

	
 

	
 

	
 

 

 

 

 

6Blueprint

 

Exhibit 10.2

 

CONSULTING AGREEMENT

 

This
Agreement is made and entered into, as of January 1, 2019
(“Effective
Date”), by and between PEDEVCO Corp., a Texas
corporation (“Company”), having a principal
place of business at 1250 Wood Branch Park Dr., Suite 400, Houston,
Texas 77079 and Gregory Overholtzer, a(n) X individual,
 partnership,  limited liability partnership,
 corporation,  limited liability company (check the
appropriate box) of the State of California, having a principal
place of business at 562 Karina Court, San Ramon, CA 94582
(“Consultant”).

 

1. Engagement
of Services. Company engages
Consultant to provide the services set forth on Schedule A attached
hereto. Schedule A can be amended
from time to time should the scope of services change at any
time.

 

2. Compensation;
Timing. Company will pay
Consultant the fee set forth on Schedule A. Company will
reimburse Consultant’s expenses which have been approved
beforehand in writing by Company (email acceptable) no later than
thirty (30) days after Company’s receipt of
Consultant’s invoice, provided that reimbursement for
expenses may be delayed until such time as Consultant has furnished
reasonable documentation for authorized expenses as Company may
reasonably request. Upon termination of this Agreement for any
reason, Consultant will be (a) paid fees on the basis stated on
Schedule A and
(b) reimbursed only for expenses that are incurred pursuant to this
Section 2 prior to termination of this
Agreement.

 

3. Independent
Contractor Relationship.

 

(a) Consultant’s
relationship with Company is that of an independent contractor, and
nothing in this Agreement is intended to, or shall be construed to,
create a partnership, agency, joint venture, employment or similar
relationship. Consultant will not be entitled to any of the
benefits that Company may make available to its employees,
including, but not limited to, group health or life insurance,
profit-sharing or retirement benefits, vacation days, sick days, or
holidays. Consultant is not authorized to make any representation,
contract or commitment on behalf of Company unless specifically
requested or authorized in writing to do so by a Company manager.
Consultant is solely responsible for, and will file, on a timely
basis, all tax returns and payments required to be filed with, or
made to, any federal, state or local tax authority with respect to
the performance of services and receipt of fees under this
Agreement. Consultant is solely responsible for, and must maintain
adequate records of, expenses incurred in the course of performing
services under this Agreement. No part of Consultant’s
compensation will be subject to withholding by Company for the
payment of any social security, federal, state or any other
employee payroll taxes. Consultant is solely responsible for and
assumes full responsibility for (as applicable) the payment of
FICA, FUTA and income taxes and compliance with any other
international, federal, state, or local laws, rules and
regulations. Company will regularly report amounts paid to
Consultant by filing Form 1099-MISC with the Internal Revenue
Service as required by law.

 

(b) Company understands
and agrees that Consultant shall render services in whatever manner
deemed appropriate by Consultant. During the term of this
Agreement, Consultant agrees to perform the services on a
professional best-efforts basis, in accordance with all applicable
laws and regulations and in accordance with the highest applicable
industry standards.

 

(c) Company shall not
control or direct, nor shall the Company have any right to control
or direct, the result of or the details, methods, manner or means
by which Consultant performs his or her business or services,
except that Consultant shall coordinate services with the Company,
shall provide services in accordance with generally accepted
industry standards and in compliance with all international,
federal, state, and local laws.

 

 

 

1

 

 

(d) Consultant has and
will at all times retain the exclusive right to control and direct
the method, details, and means of performing the services under
this Agreement. Company shall not specify the amount of time
required to perform individual aspects of the services.
Consultant’s services are not exclusive to the Company, and
Consultant may render services for other business
entities.

 

4. Disclosure and Assignment of Work
Resulting from this Agreement.

 

(a) Definitions.
“Innovations”
means all discoveries, designs, developments, improvements,
inventions (whether or not protectable under patent laws), works of
authorship, information fixed in any tangible medium of expression
(whether or not protectable under copyright laws), trade secrets,
know-how, ideas (whether or not protectable under trade secret
laws), mask works, trademarks, service marks, trade names and trade
dress. “Company
Innovations” means Innovations that Consultant, solely
or jointly with others, conceives, develops or reduces to practice
related to this Agreement.

 

(b) Disclosure
and Assignment of Company Innovations. Consultant agrees
that all Company Innovations belong to and shall remain the sole
and exclusive property of the Company forever. Consultant agrees to
maintain adequate and current records of all Company Innovations,
which records shall be and remain the property of Company.
Consultant agrees to promptly disclose and describe to Company all
Company Innovations. Consultant hereby does and will assign to
Company or Company’s designee all of Consultant’s
right, title and interest in and to any and all Company Innovations
and all associated records. To the extent any of the rights, title
and interest in and to Company Innovations cannot be assigned by
Consultant to Company, Consultant hereby grants to Company an
exclusive, royalty-free, transferable, irrevocable, worldwide
license (with rights to sublicense through multiple tiers of
sublicensees) to practice such non-assignable rights, title and
interest. To the extent any of the rights, title and interest in
and to the Company Innovations can neither be assigned nor licensed
by Consultant to Company, Consultant hereby irrevocably waives and
agrees never to assert such non-assignable and non-licensable
rights, title and interest against Company or any of
Company’s successors in interest.

 

(c) Assistance.
Consultant agrees to perform, during and after the term of this
Agreement, all acts that Company deems necessary or desirable to
permit and assist Company, at its expense, in obtaining, perfecting
and enforcing the full benefits, enjoyment, rights and title
throughout the world in the Company Innovations as provided to
Company under this Agreement. If Company is unable for any reason
to secure Consultant’s signature to any document required to
file, prosecute, register or memorialize the assignment of any
rights under any Company Innovations as provided under this
Agreement, Consultant hereby irrevocably designates and appoints
Company and Company’s duly authorized officers and agents as
Consultant’s agents and attorneys-in-fact to act for and on
Consultant’s behalf and instead of Consultant to take all
lawfully permitted acts to further the filing, prosecution,
registration, memorialization of assignment, issuance and
enforcement of rights under such Company Innovations, all with the
same legal force and effect as if executed by Consultant. The
foregoing is deemed a power coupled with an interest and is
irrevocable.

 

(d) Out-of-Scope Innovations. If
Consultant incorporates or permits to be incorporated any
Innovations relating in any way, at the time of conception,
reduction to practice, creation, derivation, development or making
of such Innovation, to Company’s business or actual or
demonstrably anticipated research or development but which were
conceived, reduced to practice, created, derived, developed or made
by Consultant (solely or jointly) either unrelated to
Consultant’s work for Company under this Agreement or prior
to the Effective Date (collectively, the “Out-of-Scope Innovations”) into
any of the Company Innovations, then Consultant hereby grants to
Company and Company’s designees a non-exclusive,
royalty-free, irrevocable, worldwide, fully paid-up license (with
rights to sublicense through multiple tiers of sublicensees) to
practice all patent, copyright, moral right, mask work, trade
secret and other intellectual property rights relating to such
Out-of-Scope Innovations. Notwithstanding the foregoing, Consultant
agrees that Consultant will not incorporate, or permit to be
incorporated, any Innovations conceived, reduced to practice,
created, derived, developed or made by others or any Out-of-Scope
Innovations into any Company Innovations without Company’s
prior written consent.

 

 

2

 

 

(e) Assignment
by Employees of Consultant. Consultant
covenants, represents and warrants that each of Consultant’s
employees who perform services under this Agreement has or will
have a written agreement with Consultant that provides Consultant
with all necessary rights to fulfill its obligations under this
Agreement, including but not limited to the obligations of this
Section 4.

 

5. 
Confidentiality.

 

(a) Definition
of Confidential Information.
“Confidential
Information” means (a) any technical and non-technical
information related to Company’s business and current, future
and proposed products and services of Company, including for
example and without limitation, Company Innovations, Company
Property (as defined in Section 5(d)), and Company’s
information concerning research, development, design details and
specifications, financial information, procurement requirements,
engineering and manufacturing information, customer lists, business
forecasts, sales information and marketing plans and (b) any
information that may be made known to Consultant and that Company
has received from others that Company is obligated to treat as
confidential or proprietary.

 

(b) Non-Disclosure and Nonuse
Obligations. During
Consultant's independent contractor relationship under this
Agreement, Company shall provide to Consultant Confidential
Information. In exchange for the Company's promise to provide
Consultant with Confidential Information, and except as permitted
in this Section 5(b), Consultant shall not use,
disseminate or in any way disclose the Confidential Information.
Consultant may use the Confidential Information solely to perform
services pursuant to this Agreement for the benefit of Company.
Consultant shall treat all Confidential Information with the same
degree of care as Consultant accords to Consultant’s own
confidential information, but in no case shall Consultant use less
than reasonable care. If Consultant is not an individual,
Consultant shall disclose Confidential Information only to those of
Consultant’s employees who have a need to know such
information. Consultant certifies that each such employee will have
agreed, either as a condition of employment or in order to obtain
the Confidential Information, to be bound by terms and conditions
at least as protective as those terms and conditions applicable to
Consultant under this Agreement. Consultant shall immediately give
notice to Company of any unauthorized use or disclosure of the
Confidential Information. Consultant shall assist Company in
remedying any such unauthorized use or disclosure of the
Confidential Information. Consultant agrees not to communicate any
information to Company in violation of the proprietary rights of
any third party.

 

(c) Exclusions
from Non-Disclosure and Nonuse Obligations.
Consultant’s obligations under Section (b) shall not apply to any
Confidential Information that Consultant can demonstrate
(a) was in the public domain at or subsequent to the time such
Confidential Information was communicated to Consultant by Company
through no fault of Consultant; (b) was rightfully in
Consultant’s possession free of any obligation of confidence
at or subsequent to the time such Confidential Information was
communicated to Consultant by Company; or (c) was developed by
employees of Consultant independently of and without reference to
any Confidential Information communicated to Consultant by Company.
A disclosure of any Confidential Information by Consultant
(a) in response to a valid order by a court or other
governmental body or (b) as otherwise required by law shall
not be considered to be a breach of this Agreement or a waiver of
confidentiality for other purposes; provided, however, that
Consultant shall provide prompt prior written notice thereof to
Company to enable Company to seek a protective order or otherwise
prevent such disclosure.

 

 

3

 

 

(d) Ownership and Return of Confidential
Information and Company Property. All Confidential
Information and any materials (including, without limitation,
documents, drawings, papers, diskettes, tapes, models, apparatus,
sketches, designs and lists) furnished to Consultant by Company,
whether delivered to Consultant by Company or made by Consultant in
the performance of services under this Agreement and whether or not
they contain or disclose Confidential Information (collectively,
the “Company
Property”), are the sole and exclusive property of
Company or Company’s suppliers or customers. Consultant
agrees to keep all Company Property at Consultant’s premises
unless otherwise permitted in writing by Company. Within five (5)
days after any request by Company, Consultant shall destroy or
deliver to Company, at Company’s option, (a) all Company
Property and (b) all materials in Consultant’s
possession or control that contain or disclose any Confidential
Information. Consultant will provide Company a written
certification of Consultant’s compliance with
Consultant’s obligations under this Section 5(d).

 

6. Indemnification.
Consultant will indemnify and hold harmless Company from and
against any and all third party claims, suits, actions, demands and
proceedings against Company and all losses, costs and liabilities
related thereto arising out of or related to (i) an allegation
that any item, material and other deliverable delivered by
Consultant under this Agreement infringes any intellectual property
rights or publicity rights of a third party or (ii) any
negligence by Consultant or any other act or omission of
Consultant, including without limitation any breach of this
Agreement by Consultant.

 

7. Observance
of Company Rules. At all times
while on Company’s premises, Consultant will observe
Company’s rules and regulations with respect to conduct,
health, safety and protection of persons and property.

 

8. No
Conflict of Interest. During the term
of this Agreement, Consultant will not accept work, enter into a
contract or accept an obligation inconsistent or incompatible with
Consultant’s obligations, or the scope of services to be
rendered for Company, under this Agreement. Consultant warrants
that, to the best of Consultant’s knowledge, there is no
other existing contract or duty on Consultant’s part that
conflicts with or is inconsistent with this Agreement. Consultant
agrees to indemnify Company from any and all loss or liability
incurred by reason of the alleged breach by Consultant of any
services agreement with any third party.

 

9. Defend
Trade Secrets Act. Pursuant to the
Defend Trade Secrets Act of 2016, if Consultant is an individual,
Consultant acknowledges that he/she shall not have criminal or
civil liability under any federal or state trade secret law for the
disclosure of a trade secret that (a) is made (i) in confidence to
a federal, state or local government official, either directly or
indirectly, or to an attorney; and (ii) solely for the purpose of
reporting or investigating a suspected violation of law; or (b) is
made in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal. In addition, if
Consultant files a lawsuit for retaliation by Company for reporting
a suspected violation of law, Consultant may disclose the trade
secret to Consultant’s attorney and may use the trade secret
information in the court proceeding, if Consultant (x) files any
document containing the trade secret under seal; and (y) does not
disclose the trade secret, except pursuant to court
order.

 

10. Term
and Termination.

 

(a) Term.
This Agreement is effective as of the Effective Date set forth
above and will terminate on April 7, 2019 unless terminated earlier
as set forth below.

 

 

4

 

 

(b) Termination
by Company. Company may
terminate this Agreement (a) immediately upon
Consultant’s breach of Sections 4, 5 or 11 or (b) immediately for
a material breach by Consultant if Consultant’s material
breach of any other provision under this Agreement is not cured
within ten (10) days after the date of Company’s written
notice of breach (email acceptable), or (c) immediately upon
Consultant’s revocation of that certain Separation and
General Release Agreement, dated December 31, 2018, entered into by
and between the Company and Consultant.

 

(c) Termination
by Consultant. Consultant may
terminate this Agreement without cause at any time, with
termination effective fifteen (15) days after Consultant’s
delivery to Company of written notice of termination (email
acceptable). Consultant also may terminate this Agreement
immediately for a material breach by Company if Company’s
material breach of any provision of this Agreement is not cured
within ten (10) days after the date of Consultant’s written
notice of breach (email acceptable).

 

(d) Effect of Expiration or
Termination. Upon expiration
or termination of this Agreement, Company shall pay Consultant for
services performed under this Agreement as set forth on
Schedule A.
The definitions contained in this Agreement and the rights and
obligations contained in this Section 10(d) and Sections 4, 5, 11 and 12 will survive any termination
or expiration of this Agreement.

 

11. 
Non-Solicitation. During this Agreement, and for a
period of one (1) year after the termination of this Agreement, in
any State in the United States in which the Company does business,
or equivalent geographical subdivision in any foreign jurisdiction
in which the Company does business, Consultant will not solicit or
induce employees of the Company to terminate their employment with
the Company. In addition, Consultant will not ay any time solicit
customers of the Company based upon or using any of the
Company’s trade secrets within the meaning of Texas or
federal law.

 

12. General
Provisions.

 

(a) Successors
and Assigns. Consultant may
not subcontract or otherwise delegate Consultant’s
obligations under this Agreement without Company’s prior
written consent. Subject to the foregoing, this Agreement will be
for the benefit of Company’s successors and assigns, and will
be binding on Consultant’s assignees.

 

(b) Injunctive
Relief.
Consultant’s obligations under this Agreement are of a unique
character that gives them particular value; Consultant’s
breach of any of such obligations will result in irreparable and
continuing damage to Company for which money damages are
insufficient, and Company shall be entitled to injunctive relief
and/or a decree for specific performance, and such other relief as
may be proper (including money damages if
appropriate).

 

(c) Notices.
Any and all notices, requests, demands, or other communications
provided for hereunder, shall be given in writing by personal
service, by registered or certified mail, postage prepaid,
overnight delivery service, delivery charges prepaid, or by email,
facsimile or other electronic means addressed to the intended
recipients. A notice shall be deemed to have been received when
personally served or delivered or five (5) days after being mailed,
or one (1) day after being sent by overnight delivery service or by
email, facsimile or other electronic means.

 

 

5

 

 

(d) Governing
Law; Forum. This Agreement
shall be governed in all respects by the laws of the United States
of America and by the laws of the State of Texas, as such laws are
applied to agreements entered into and to be performed entirely
within Texas between Texas residents. Each of the parties
irrevocably consents to the exclusive personal jurisdiction of the
federal and state courts located in Texas, as applicable, for any
matter arising out of or relating to this Agreement, except that in
actions seeking to enforce any order or any judgment of such
federal or state courts located in Texas, such personal
jurisdiction shall be nonexclusive. Additionally, notwithstanding
anything in the foregoing to the contrary, a claim for equitable
relief arising out of or related to this Agreement may be brought
in any court of competent jurisdiction.

 

(e) Severability.
If a court of law holds any provision of this Agreement to be
illegal, invalid or unenforceable, (a) that provision shall be
deemed amended to achieve an economic effect that is as near as
possible to that provided by the original provision and
(b) the legality, validity and enforceability of the remaining
provisions of this Agreement shall not be affected
thereby.

 

(f) Waiver;
Modification. If Company waives
any term, provision or Consultant’s breach of this Agreement,
such waiver shall not be effective unless it is in writing and
signed by Company. No waiver by a party of a breach of this
Agreement shall constitute a waiver of any other or subsequent
breach by Consultant. This Agreement may be modified only by mutual
written agreement of authorized representatives of the
parties.

 

(g) Entire
Agreement. This Agreement
constitutes the entire agreement between the parties relating to
this subject matter and supersedes all prior or contemporaneous
agreements concerning such subject matter, written or
oral.

 

[SIGNATURE PAGE FOLLOWS]

 

 

6

 

 

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

 

	

COMPANY

PEDEVCO CORP.

By: /s/
Clark R. Moore

Name:
Clark R. Moore

Title:
EVP and General Counsel

	

CONSULTANT

GREGORY OVERHOLTZER

/s/
Gregory Overholtzer

 

	
 

	
 

 

 

 

7

 

 

SCHEDULE A

 

SERVICES

 

Accounting
and financial reporting services and support in connection with
transition of duties and records to Company personnel as requested
from time to time by the officers of the Company.

 

Consultant
shall be available to provide services and support to the Company
for an average of up to six (6) hours per week during the term of
this Agreement.

 

During
the term of this Agreement, Consultant shall continue to have
access to, and be permitted to work from, the Company’s
current offices (as of the Effective Date) located in Danville, CA,
in Consultant’s sole discretion; provided, however, if the
Company closes, relocates or downsizes its current Danville, CA
office, Consultant’s continued access and use of the
Company’s offices shall be in the Company’s sole
discretion.

 

FEES

 

The
Company shall provide the following compensation to Consultant
under this Agreement:

 

(i)           Cash
Compensation: (i) $15,000.00 per month for each of January
2019 and February 2019, payable monthly in arrears on or about the
1st of
every month, and (ii) $15,000.00 for the period of March 2019
through April 7, 2019, payable in arrears on or about April 7,
2019.

 

(ii)           COBRA:
During the period commencing on the Effective Date and ending on
the earlier of (x) the Termination Date, (y) the Expiration Date,
or (z) the date on which Consultant becomes eligible for coverage
under the group health plan of a subsequent employer (of which
eligibility the Consultant hereby agrees to give prompt notice to
the Company) (in any case, the "COBRA Period"), subject to the
Executive's valid election to continue healthcare coverage under
Section 4980B of the Internal Revenue Code and the regulations
thereunder (together, the "Code"), the Company shall
continue to provide Consultant and Consultant's eligible dependents
with Company paid coverage under its group health plans at the same
levels as would have applied if Consultant's employment had not
been terminated, based on Consultant's elections in effect on the
Effective Date, provided, however, that (A) if any plan pursuant to
which such benefits are provided is not, or ceases prior to the
expiration of the period of continuation coverage to be, exempt
from the application of Section 409A under Treasury Regulation
Section 1.409A-1(a)(5), or (B) the Company is otherwise unable to
continue to cover Consultant under its group health plans without
incurring penalties (including without limitation, pursuant to
Section 2716 of the Public Health Service Act), then, in either
case, an amount equal to each remaining Company subsidy shall
thereafter be paid to Consultant in substantially equal monthly
installments over the continuation coverage period (or the
remaining portion thereof).

 

 

8

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