SEC Contract Filing

Filing Date: 2015-01-22

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>f8k011515ex10i_stratexoil.htm
<DESCRIPTION>AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT, EFFECTIVE AS OF JANUARY 1, 2015, BETWEEN STRATEX OIL & GAS COMPANY AND ALAN GAINES.
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<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><B>Exhibit 10.1</B></P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>EMPLOYMENT
AGREEMENT</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>AMENDMENT</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AMENDMENT
TO EMPLOYMENT AGREEMENT</B> (this &ldquo;Amendment&rdquo;) dated as of January 1, 2015 (the &quot;Effective Date&quot;) between
Stratex Oil &amp; Gas Holdings, Inc., a Colorado corporation having its principal place of business at 30 Echo Lake Road, Watertown,
CT 06795 (the &quot;Company&quot;), and Alan Gaines, an individual residing in the State of California (&quot;Executive&quot;)
hereby amends the Employment Agreement dated May 5, 2014.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHEREAS,
</B>the oil &amp; gas industry is currently experiencing a reduction in the pricing for oil causing the cash flow of the Company
to be reduced;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHEREAS,
</B>the Board of Directors of the Company (the &ldquo;Board&rdquo;) has determined that it is essential and in the best interest
of the Company and its stockholders to reduce the Executives&rsquo; compensation during this period of reduced Company cash flow;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHEREAS,
</B>the Executive is willing to reduce his compensation to assist the Company agrees to reduce his compensation subject to the
terms and conditions hereinafter set forth.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOW,
THEREFORE</B>, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration,
the parties agree to amend the following paragraphs of the Employment Agreement of the Executive dated May 5, 2014 as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Paragraph
4 <B>Base Salary </B>shall be amended to read:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 45pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>4.
<B>Base Salary</B></U><B>:</B> Beginning January 1, 2015, the the Company shall pay to Executive an initial base salary to be
determined by the Board of Directors. Executive&rsquo;s base salary may be reviewed and further adjusted from time to time by
the Board in its discretion, subject to Executive&rsquo;s rights under Section 15 of this Agreement. The base salary shall be
paid in equal monthly installments on the first day of each month and shall be subject to such deductions by the Company as are
required to be made pursuant to law, government regulations or order. Executive understands and agrees that Executive is an exempt
Executive as that term is applied for purposes of Federal or state wage and hour laws, and further understands that Executive
shall not be entitled to any compensatory time off or other compensation for overtime.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Paragraph
15 Resignation for Good R