SEC Contract Filing

Filing Date: 2015-12-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>ped_ex101.htm
<DESCRIPTION>FORM OF VESTING AGREEMENT
<TEXT>
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<div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">Exhibit 10.1</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">FORM OF VESTING AGREEMENT</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">THIS VESTING AGREEMENT (this &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Agreement</font>&#8221;) is entered into by and between PEDEVCO CORP., a Texas corporation (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>&#8221;), and ____________________, an individual residing in California (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Executive</font>&#8221;), effective as of December __, 2015.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">W I T N E S S E T H</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, in connection with the transactions proposed as set forth in that certain Agreement and Plan of Merger and Reorganization (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Merger Agreement</font>&#8221;) contemplated to be entered into by the Company and GOM HOLDINGS, LLC, a Delaware limited liability company (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">GOM</font>&#8221;), the Company desires that the Company and the Executive enter into this Vesting Agreement to provide for the delay and later acceleration of vesting with respect to certain unvested shares of Company restricted common stock held by the Executive under certain conditions as set forth herein;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, the Company has granted to the Executive shares of restricted common stock of the Company which are unvested as of the date hereof (collectively, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Unvested Stock</font>&#8221;);</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, the Company and Executive desire to delay any further vesting of certain of the Unvested Stock until the Vesting Event (defined below) as set forth herein in order to delay near-term sales of Unvested Stock upon vesting pursuant to existing &#8220;10b5-1&#8221; trading plans (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Trading Plans</font>&#8221;); and</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, this Agreement shall be effective immediately.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NOW THEREFORE, in consideration of the terms set forth herein and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Delay of Vesting of Unvested Stock</font>.&#160;&#160;Immediately upon the effectiveness of this Agreement, the future vesting of Unvested Stock subject to vesting from January 1, 2016 through June 1, 2016 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Delay Period</font>&#8221;) in accordance with such Unvested Stock&#8217;s original vesting schedules (such Unvested Stock, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underlin