SEC Contract Filing

Filing Date: 2015-07-31

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10_1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Summit Financial Printing
 Document created using EDGARfilings PROfile 3.5.0.0
 Copyright 1995 - 2015 Summit Financial Printing, LLC. All rights reserved.-->
</head>
<body style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" bgcolor="#ffffff" text="#000000">
<div>
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 4px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
<div style="TEXT-ALIGN: right; FONT-WEIGHT: bold">Exhibit 10.1</div>

<div>&#160;</div>

<div><img src="image00001.jpg"><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: -4.5pt; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: -4.5pt; FONT-SIZE: 10pt">Employment Agreement</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">THIS AGREEMENT (the &#8220;Agreement&#8221;) is made effective as of 12th day of June 2014, by and between Hydrocarb Energy Corporation (HECC), a Nevada corporation with corporate office located at 800 Gessner, Suite 375, Houston, Texas 77024 (the &#8220;Company&#8221;), and Christine P. Spencer, a Texas resident (the &#8220;Employee&#8221;), together referred to hereafter as the &#8220;Parties&#8221;.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div>
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.</font><font style="FONT-SIZE: 5.79pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Employment</u></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">When effective, this agreement replaces any other prior agreements. The Company shall employ Employee, and Employee hereby accepts employment with the Company, upon the terms and conditions set forth in the Agreement for the period beginning on the effective date and ending on the Termination Date, as defined in Section 4 hereof (the "Employment Period").</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2.</font><font style="FONT-SIZE: 5.04pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Position and Duties</u></font></div>

<div><br>
</div>

<div>
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">During the Employment Period, Employee shall serve as the Company&#8217;s (and its subsidiaries, where appropriate) Chief Accounting Officer and shall be responsible for such duties normally performed by persons serving in such position in companies similarly situated with Company, as well as any other duties as may be reasonably prescribed by the CEO, management, and the Board of Directors of the Company (the &#8220;Board&#8221;).</div>

<br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.</font><font style="FONT-SIZE: 5.04pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Base Salary, Bonus and Benefits</u></font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="09d27c4225684cc5aacf2bcc1e4339f2" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Employee&#8217;s initial base salary for the term of the Agreement shall be $160,000 per year (the &#8220;Base Salary&#8221;). Base Salary shall be payable in approximately equal installments in accordance with the Company&#8217;s general payroll practices (but at least monthly) and shall be subject to withholding.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="f59b9d42a5544442a6459edbf0c25b75" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="WIDTH: 27pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The Company shall reimburse Employee for all reasonable expenses