Effective October 15, 2016 (after the expiration of a 7 day revocation period), Glori Energy Inc (NASDAQ:INXBU) amended its employment agreement with Victor M. Perez, Chief Financial Officer of the Company (the “Perez Amendment”) and its employment agreement with Dr. Michael Pavia, Chief Technology Officer of the Company (the “Pavia Amendment” and together with the Perez Amendment, the “Amendments”). Pursuant to the Amendments, the Company agreed to pay Mr. Perez and Dr. Pavia (collectively, the “Executives” or individually, an “Executive”) each an amount equal to one-half of the severance pay that such Executive would have received under their respective employment agreement with the Company had they been terminated (the “Retention Payment”) in exchange for each Executive’s release of all claims to any additional severance payments. Each Executive agreed that, if he separates from employment with the Company under certain circumstances and prior to December 31, 2016, such Executive will repay the full amount of the Retention Payment to the Company.