Document:

Exhibit 10.6

 

 

	 	 
	Mr. Brian S. Block	August 13, 2012
	EVP & Chief Financial Officer	 
	American Realty Capital Global Trust, Inc.	 
	405 Park Ave - 15th Floor	 
	New York, NY 10022	 

 

Re: Engagement Letter for Duff
& Phelps’ Professional Services

 

Dear Mr. Block

 

This Letter of
Engagement confirms that we, Duff & Phelps, LLC (“D&P”), have been retained by you, American Realty
Capital Global Trust, Inc. (the “Company”) to provide the services (the
“Services”) set out below in connection with the valuation of real property (hereafter referred to as the
“Subject Properties”) on a quarterly basis (the “Valuation Dates”) commencing the first quarter
following the Company’s acquisition of at least $1.2 billion in total portfolio assets. Collectively, this arrangement
is referenced to as our “Engagement.” The Subject Properties are future acquisitions of net leased real estate
located across the United States and Europe. This Letter of Engagement replaces in its entirety that certain Letter of
Engagement between the Company and D&P, dated as of January 17, 2012.
 

 

It is understood that the purpose
of the Services will be to estimate the “as is” market value of the leased fee interest of the real property. The intended
use by the Company for the valuation is to provide a basis for valuation of net asset value as described in the Company’s
registration statement on Form S-11, as amended from time to time (the “Registration Statement”). We understand that
the Services will be to estimate the Fair Market Value of the real estate properties in a newly created fund.

 

Valuation Approaches/Premises

 

We will utilize standard and
accepted appraisal methodology in arriving at our opinions of value. This would include the cost, sales comparison and income approaches
to value. All inquiries, visits to or contact with any persons or facilities of the Company regarding the Services shall be conducted
by D&P in a manner that will assure the confidentiality of the purpose of the Services to be provided. D&P recognizes and
agrees that maintaining the confidentiality of this project is of importance to Company.

 

It is likely that the most appropriate
approach to value the subject properties will be the Income Capitalization approach to value. The Income Capitalization approach
simulates the reasoning of an investor who views the cash flows that would result from the anticipated revenue and expense on a
property throughout its lifetime. The net income figure developed in our analysis is the balance of potential income remaining
after vacancy and collection allowances and operating expenses. This net income is then capitalized at an appropriate rate to derive
an estimate of value using the Direct Capitalization method or discounted in a Discounted Cash Flow methodology. We may use the
Sales Comparison and Cost Approach methodologies as appropriate as well.

 

	 	 	 	 	 
	Duff & Phelps. LLC	 	T +1 312 697 4600	 	www.duffandphelps com
	311 South Wacker Drive	 	F +1 312 697 0112	 	 
	Suite 4200	 	 	 	 
	Chicago, IL 60606	 	 	 	 

    	 

    	 

    

Procedures

 

	 	•	We will complete a desktop valuation of a sampling (25 percent) of the owned property contained within the fund as of the end of each quarter (March 31, June 30, September 31, December 31) updating the values previously concluded upon for the assets which have been held since our previous valuation. We will rely upon the contractual rental stream provided for these assets on an individual or master lease level to provide our value conclusion.

 

	 	•	We will incorporate any additional assets which have been acquired since this time period into our overall analysis and will complete desktop valuations on these assets using the same methodology.

 

	 	•	We will provide a brief discussion of notable economic and market dynamics which have affected capitalization rates and will complete an analysis of current capitalization rates to be applied to the properties on an individual or master lease level for our Direct Capitalization or Discounted Cash Flow approach.

 

Form of Report and Timetable

 

At the conclusion of our analysis,
we will provide you with a narrative report (the “Report”) with supporting exhibits containing calculations leading
to our value conclusions. The report will be prepared in accordance with the Code of Professional Ethics and Standards of Professional
Practice set for the by the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice (USPAP) as adopted
by the Appraisal Foundation.

 

We are ready to begin our work
immediately upon our receipt of this signed Engagement and upon receipt of information provided in conjunction with an agreed upon
timetable considering the various valuation dates. Once you have read the draft Report, we will issue our final Report bearing
the firm’s signature.

 

We will work with the Company
to arrive at a workable timetable for delivery of the valuation conclusions and quarterly Report.

 

Staffing and Fees

 

Ross Prindle, CRE, MAI will
be the Managing Director in charge of the Services on behalf of D&P. Ross is the Managing Director in charge of the global
Real Estate Services Group at Duff & Phelps. Ross will call upon additional experienced staff when required.

 

Our fees for the Services
to be provided reflect the complexity of the Engagement, the time scale for its completion, the caliber of staff engaged, and the
value of the Services provided. Our estimated fees will depend on the product type but will generally be in the range of $1,500
to $7,500 for the first time with annual update fees being approximately 75 percent (75%) of the initial fee for the first appraisal.
This fee range is intended to serve as a guide as the actual properties have not been acquired as of the writing of this engagement
letter. These fees do not include valuation of debt, contingent consideration or partial interest valuations. These are also associated
with single tenant assets only. These fees consider the valuation of these assets on a desktop basis and assume that information
on the properties themselves will be provided by the Company that will be sufficient enough to complete the desktop valuations.

    	 

    	 

    

 

Expenses are not included
in the fees and any expenses associated with necessary property inspections and/or meetings with the Company will be billed in
addition to these fees,

 

Acknowledgement and Acceptance

 

In accordance with D&P
policy, it is necessary that we receive an executed copy of this Engagement Letter and the attached Terms and Conditions (to which
this Engagement is subject) prior to commencement of the Services. If the scope and terms of the Engagement Letter and the attached
Terms and Conditions are acceptable, please acknowledge your acceptance by signing the confirmation below and returning this Letter
to us at the above address and emailing ross.prindle@duffandphelps.com or by fax at 312-265-3581.

 

Please do not hesitate to contact
me if you have any questions or amendments.

 

Yours sincerely,

 

	/s/ Ross Prindle	 
	 	 
	Duff & Phelps, LLC	 
	 	 	 
	By: 	Ross Prindle, MAI, CRE	 
	 	Managing Director	 

 

Confirmation of Terms of
Engagement

 

Having read this Engagement
Letter from Duff & Phelps, LLC and the attached Terms and Conditions, the Company acknowledges acceptance of and agree to engage
Duff & Phelps, LLC in accordance with the terms and provisions of this Engagement Letter and the attached Terms and Conditions.

 

	Brian S. Block, EVP & CFO 	 	Date:	August 13, 2012

 

	Signed:	Brian S Block	 
	On behalf of:	American Realty Capital Global Trust, Inc.	 

    	 

    	 

    

 

Attachment to the Engagement
Letter

 

Terms and Conditions

 

The following are the Terms
and Conditions on which Duff & Phelps will provide the Services set forth in the attached Engagement Letter. Together, the
Terms and Conditions and the Engagement Letter are referred to as the “Contract,” which forms the entire agreement
between Duff & Phelps and the Company relating to the Services.

  

Fees

 

	 	1.	Duff & Phelps’ invoices are payable upon receipt. If we do not receive payment of any invoice within forty-five (45) days of the invoice date, we shall be entitled, without prejudice to any other rights that we may have, to suspend provision of the Services until all sums due are paid in full. Under no circumstances can Duff & Phelps issue its final Report with any billings that remain outstanding.

 

	 	2.	If any amounts payable hereunder are not paid within thirty (30) days when due, such amounts shall accrue interest at a rate equal to the lesser of two percent (2%) per month or the highest interest rate allowed under the law of New York. In the event that we are required to initiate a lawsuit or hire attorneys to collect any past due amounts, in addition to any other rights and remedies available to us, Duff & Phelps shall be entitled to reimbursement of its attorneys fees and other costs of collection.

 

	 	3.	Other than as set forth in the Company’s Registration Statement we have no responsibility to update any opinion, report, analysis or any other document relating to this Engagement for any events or circumstances occurring subsequent to the date of such opinion, report, analysis or other document. Any such subsequent consultations or work shall be subject to arrangements at Duff & Phelps’ then standard fees plus expenses.

 

	 	4.	Either party may request changes to the Services. We shall work with you to consider and, if appropriate, to vary any aspect of the Engagement, subject to payment of reasonable additional fees and a reasonable additional period to provide any additional services. Any variation to this Contract, including any variation to fees, services, or time for performance of the Services, shall be set forth in a separate engagement letter executed by both parties which shall form part of this Contract.

 

	 	5.	Duff & Phelps’ performance of the Services is dependent upon you providing us with accurate and timely information and assistance as we may reasonably require from time to time. You shall use reasonable skill, care and attention to ensure that all information we may reasonably require is provided on a timely basis and is accurate and complete. You shall notify us if you subsequently learn that the information provided is inaccurate or otherwise should not be relied upon. The inability to supply Duff & Phelps with the agreed upon information in a useable form within the amount of time reasonably required by Duff & Phelps may increase fees and delay completion. Additionally, in the event unforeseen complications are encountered which would significantly increase fees; we would discuss these with you and await your approval before proceeding,

    	 

    	 

    

 

Termination

 

	 	6.	The initial term of this Contract shall be for one year, which shall be deemed to be automatically renewed unless either Duff & Phelps or the Company provides prior written notice of no less than ninety (90) days of such party’s election to terminate this Contract. In addition, either party may terminate this Contract in the event that the other party has breached any material provision of this Contract and such breach has not been cured within ten (10) days after receipt of written notice from the then non-breaching party.

 

	 	7.	Upon termination of this Contract, each party shall, upon written request from the other, return to the other all property and documentation of the other that is in its possession, except that we shall be entitled to retain one copy of such documents in order to maintain a professional record of Duff & Phelps’ involvement in the Engagement, subject to Duff & Phelps’ continuing confidentiality obligations hereunder.

 

	 	8.	The provisions included within “Fees”, “Preservation of Confidential Information” and “Other Terms and Provisions” shall survive the termination or expiration of this Contract.

 

Valuation Work Products and
Report

 

	 	9.	You acknowledge that Duff & Phelps will use and rely upon the financial and other information, including prospective financial information, provided by the Company. Duff & Phelps’ conclusion is dependent on such information being complete and accurate in all material respects. We assume no responsibility and make no representations as to the accuracy and completeness of such provided information. In addition, we will not independently verify any information that we obtain from public or other sources. There will usually be differences between estimated and actual results because events and circumstances frequently do not occur as expected, and those differences may be material. You acknowledge that no reliance shall be placed on draft Reports, conclusions or advice, whether oral or written, issued by us since the same may be subject to further work, revision and other factors which may mean that such drafts are substantially different from any final Report or advice issued.

 

	 	10.	Any advice given or Report issued by us is provided solely for your use and benefit and only in connection with the Services that are provided hereunder. You agree to obtain Duff & Phelps’ written consent which Duff & Phelps may at its discretion grant, withhold, or grant subject to conditions, before disclosing any of Duff & Phelps’s advice, analysis or Report to anyone else, or otherwise making reference to its role, whether orally or in writing; provided, however, that no prior written consent shall be required in connection with any federal or state regulatory or governmental inquiry or proceeding, pursuant to applicable law or in connection with any request by a third party due diligence firm (subject to such due diligence firm entering into a customary release letter in form and substance satisfactory to Duff & Phelps). When Duff & Phelps gives such consent, it is subject to the prior approval of Duff & Phelps of such disclosure. Further, you shall not provide such Report to any third party without the third party first executing a standard Duff & Phelps Release Letter. In no event, regardless of whether consent or pre-approval has been provided, shall we assume any responsibility to any third party to which any advice or Report is disclosed or otherwise made available.

    	 

    	 

    

 

	 	11.	It is understood and agreed that the final Report resulting from this Engagement shall remain your property. To the extent that Duff & Phelps utilizes any of its property (including, without limitation, any hardware or software) in connection with this Engagement, such property shall remain the property of Duff & Phelps, and you shall not acquire any right or interest in such property or in any partially completed Report. We shall have ownership (including, without limitation, copyright ownership) and all rights to use and disclose Duff & Phelps’ ideas, concepts, know-how, methods, techniques, processes and skills, and adaptations thereof in conducting its business (collectively, “Know-How”) regardless of whether such Know-How is incorporated in any way in the final Report.

 

	 	12.	The scope of the final Report we will provide pursuant to the terms of this Contract will be limited to the scope as described in the Scope of Services section. One or more additional issues may exist that could affect the Federal tax treatment of the subject matter of Duff & Phelps’ final Report. Duff & Phelps’ final Report will not consider or provide a conclusion with respect to any of those issues. With respect to any significant Federal tax issue outside the scope of the final Report, the final Report will not be written, and cannot be used, by anyone for the purpose of avoiding Federal tax penalties.

 

	 	13.	The Report or any results of Duff & Phelps’ Services shall not constitute a Solvency Opinion or a Fairness Opinion and may not be relied upon by you or any other party as such. Furthermore, any analyses we perform should not be taken to supplant any procedures that you should undertake in your consideration of any transaction or investment, and you acknowledge and agree that any decision relating to, or whether or not to enter into, any transaction or make any investment decision is solely the responsibility of Company management.

 

	 	14.	By its very nature, valuation work cannot be regarded as an exact science and the conclusions arrived at in many cases will of necessity be subjective and dependent on the exercise of individual judgment.

 

Preservation of Confidential
Information

 

	 	15.	Neither Duff & Phelps nor the Company will disclose to any third party without the prior written consent of the other party any confidential information which is received from the other party for the purposes of providing or receiving the Services which if disclosed in tangible form is marked confidential or if disclosed otherwise is confirmed in writing as being confidential or, if disclosed in tangible form or otherwise, is manifestly confidential; it being understood that the reports prepared by Duff & Phelps for the Company shall not be considered confidential information for purposes herein. Duff & Phelps and the Company agree that any confidential information received from the other party shall only be used for the purposes of providing or receiving the Services under this or any other contract between Duff & Phelps and the Company.

    	 

    	 

    

 

	 	16.	These restrictions will not apply to any information which: (a) is or becomes generally available to the public other than as a result of a breach of an obligation by the receiving party; (b) is acquired from a third party who owes no obligation of confidence with respect to the information; or (c) is or has been independently developed by the recipient.

 

	 	17.	Notwithstanding the foregoing, either party will be entitled to disclose confidential information of the other (i) to Duff & Phelps’ or the Company’s respective insurers or legal advisors, or (ii) to a third party to the extent that this is required, by any court of competent jurisdiction, or by a governmental or regulatory authority or where there is a legal right, duty or requirement to disclose, provided that (and without breaching any legal or regulatory requirement) where reasonably practicable not less than two (2) business days notice in writing is first given to the other party.

 

Other Terms and Provisions

 

	 	18.	Except in the event of Duff & Phelps’ willful misconduct or fraud, in no event shall we be liable to you (or any person claiming through you) under this Contract, under any legal theory, for any amount in excess of the total professional fees paid by you to us under this Contract or any addendum to which the claim relates. In no event shall we be liable to you under this Contract under any legal theory for any consequential, indirect, lost profit or similar damages relating to or arising from Duff & Phelps’ Services provided under this Contract.

 

	 	19.	You accept and acknowledge that any legal proceedings arising from or in connection with this Contract (or any variation or addition thereto) must be commenced within one (1) year from the date when you become aware of or ought reasonably to have become aware of the facts, which give rise to Duff & Phelps’ alleged liability. You also agree that no action or claims will be brought against any Duff & Phelps employees personally.

 

	 	20.	You agree to indemnify and hold harmless Duff & Phelps, its affiliates and their respective employees from and against any and all third party claims, liabilities, losses, costs, demands and reasonable expenses, including but not limited to reasonable legal fees and expenses, internal management time and administrative costs, relating to Services we render under this Contract or otherwise arising under this Contract. The foregoing indemnification obligations shall not apply in the event that a court of competent jurisdiction finally determines that such claims resulted directly from the gross negligence, willful misconduct or fraudulent acts of Duff & Phelps.

 

	 	21.	You accept and acknowledge that we have not made any warranties or guarantees, whether express or implied, with respect to the Services or the results that you may obtain as a result of the provision of the Services.

    	 

    	 

    

	 	22.	Except for the Company’s payment obligations, neither Duff & Phelps nor the Company will be liable to the other for any delay or failure to fulfill obligations caused by circumstances outside our reasonable control.

 

	 	23.	This Contract constitutes the entire agreement between the parties hereto regarding the subject matter hereof and supersedes any prior agreements (whether written or oral) between the parties regarding the subject matter hereof. This Contract may be executed in any number of counterparts each of which shall be an original, but all of which together shall constitute one and the same instrument.

 

	 	24.	Duff & Phelps reserves the right to use your name and a description of the nature of the Engagement in general marketing materials.

 

	 	25.	This Contract shall be governed by and interpreted in accordance with the internal laws of the State of New York and the courts of the State of New York shall have exclusive jurisdiction in relation to any claim arising out of this Contract.

 

	 	26.	Duff & Phelps acknowledges that (A) its valuations will be used or incorporated into the Company’s Registration Statement and periodic filings; (B) Duff & Phelps will be named as an expert in the Registration Statement; (C) Duff & Phelps will provide a consent of independent valuer in form satisfactory to the Company and Duff & Phelps to be attached as an exhibit to the Registration Statement under Exhibit 99; and (D) Duff & Phelps’ provision of the aforementioned consent is subject to the Company providing Duff & Phelps a commercially reasonable opportunity to review and consent to references to Duff & Phelps in any regulatory filings which require Duff & Phelps to be named as an expert.MEMBERSHIP INTEREST PURCHASE AND SALE
AGREEMENT

 

This MEMBERSHIP INTEREST
PURCHASE AND SALE AGREEMENT (this "Agreement") dated February 7, 2012, is by and between Adino Energy Corporation, a
Montana corporation (“AEC” or "Seller”) and Pomisu XXI S.L., company organized under the laws of Spain ("Purchaser").

 

RECITALS:

 

A.           AEC
is the record and beneficial owner of all of the issued and outstanding equity securities, including any outstanding warrants,
options or other instruments of agreements entitling any party to acquire equity securities ("IFL Equity") of Intercontinental
Fuels LLC, a Texas limited liability company ("IFL" or the “Company”).

 

B.           Seller
desires to assign and to transfer to Purchaser all shares of the IFL Equity owned by such Seller and Purchaser desires to accept
such IFL Equity.

 

NOW, THEREFORE, in consideration
of the foregoing premises and the mutual covenants contained in this Agreement, Seller and Purchaser agree as follows:

 

ARTICLE 1

DEFINITIONS

 

Section 1.1.       Certain
Defined Terms. As used in this Agreement, the following terms will have the following meanings (such meanings to be equally
applicable to both the singular and plural forms of such terms):

 

"Agreement"
has the meaning assigned to such term in the recital of parties to this Agreement.

 

"IFL Equity"
has the meaning assigned to such term in the recitals.

 

"Closing"
has the meaning assigned to such term in Section 2.3.

 

"Closing Date"
has the meaning assigned to such term in Section 2.3.

 

"Company"
has the meaning assigned to such term in the recital of parties to this Agreement.

 

“GJ Capital
Judgment” means that certain judgment entered on December 5, 2011 in cause number 2010 - 16875 in the 129th
District Court, of Harris County Texas, inter alia against IFL and AEC in favor of GJ Capital Ltd.

 

“GJ Garnishment”
means that certain garnishment effected by GJ Capital Ltd. against the assets of IFL deposited with Regions Bank, which was stamped
as delivered January 25, 2012 and against the assets of AEC deposited with JP Morgan Chase and Regions Bank.

 

    	1

    	 

    

 

“GJ Garnishment
Adjustment” means the amount, if any, of cash held by Regions Bank for the benefit of IFL of by JP Morgan Chase for the
benefit of AEC to the extent such funds are either (i) released to IFL for use by IFL after the Closing or (ii) are retained by
GJ in partial satisfaction of the GJ Judgment.

 

“IFL Liabilities”
means the actual liabilities of IFL accrued and determined as of the Closing Date, including the full amount of the GJ Capital
Judgment, and any liabilities incurred as of the Closing Date, whether known or unknown as of the Closing Date but discovered prior
to May 7, 2012. AEC and IFL have provided an unaudited balance sheet of IFL as of the Closing Date, which is attached as Exhibit
“A” to this Agreement. AEC and IFL have represented to Purchaser that the amount of IFL Liabilities, as of February
1, 2012 is presented as $655,175.03 and presented in detail on Exhibit “B”. Purchaser
acknowledges that the IFL has additional liabilities that accrued after February 1, 2012 and such liabilities as of February 6,
2012 are presented on Exhibit “B” and shall remain the obligation of IFL.

 

"Losses"
means any losses, claims, damages, liabilities, costs, expenses, interest, awards, judgments, and penalties (including, without
limitation, fees and disbursements of counsel).

 

"Purchaser"
has the meaning assigned to such term in the recital of parties to this Agreement.

 

"Purchase Price"
is Nine Hundred Thousand Dollars ($900,000), as further adjusted and as further described in Section 2.2.

 

"Sale"
means any sale, assignment, transfer, distribution or other disposition of shares of IFL Equity or of a participation or other
right therein, whether voluntarily or by operation of law.

 

"Securities
Act" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

ARTICLE 2

PURCHASE AND SALE

 

Section 2.1.       Agreement
to Sell and to Purchase IFL Equity.   In reliance upon the representations and warranties made herein and subject
to the satisfaction or waiver of the conditions set forth herein, the Seller shall sell and deliver to Purchaser, and Purchaser
shall purchase and accept from Seller, the IFL Equity, all of which have been, and are hereby, represented by Seller to be owned
by Seller free and clear of all liens, mortgages and encumbrances and to represent all of the equity interests and rights to acquire
equity interests in the Company.

 

Section 2.2.       Purchase
Price and Payment. The Purchase Price shall be nine hundred thousand dollars ($900,000). Purchaser shall pay to Seller
the Purchase Price in two installments, the first of which shall be two hundred forty four thousand eight hundred twenty four and
97/100ths dollars ($244,824.97) (“Initial Installment”) which shall be paid by wire transfer to Seller, upon execution
and delivery by the parties of this Agreement. The balance of the Purchase Price shall be paid by Purchaser to Seller on a date
selected by Purchaser but no later than May 7, 2012. The balance of the purchase price shall be computed as follows:

 

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Balance of
Purchase Price =        Purchase Price minus Initial Installment minus IFL Liabilities plus any GJ Garnishment Adjustment

 

For the avoidance of doubt, the Purchase
Price shall not exceed $900,000 less actual liabilities of IFL as of the Closing Date (including liabilities accrued but not disclosed
as of the Closing Date but discovered before May 7, 2012), which computation will take into account the amount of cash held in
Regions Bank or JP Morgan Chase subject to the GJ Garnishment and whether such cash is released to IFL or used to reduce part of
the liability of IFL with respect to the GJ Judgment. Accordingly, if the IFL Liabilities are determined to be $655,000 and if
none of the Regions Bank cash becomes available to IFL or is used to offset any of the GJ Judgment, the amount of the Balance of
the Purchase Price shall be $-0- (i.e. $ 900,000 minus $245,000 minus $655,000 plus zero). If the IFL Liabilities are determined
to be $655,000 and if $200,000 of cash held by Regions Bank or JP Morgan Chase is either released to IFL or used by IFL to satisfy
$200,000 of the GJ Judgment, the Balance of the Purchase Price shall be $200,000 (i.e. $900,000 minus $245,000 minus $655,000 plus
$200,000).

 

Section 2.3.       Closing.  
The closing (the "Closing") shall take place at the offices of IFL in Houston, Texas (or at such other place or
such other time as shall be agreed upon by Sellers and Purchaser) on a date and at a time mutually agreed to by the parties hereto.
The parties hereto agree that the execution of this Agreement and the closing date shall occur simultaneously and be effective
as of the date of execution of this Agreement ("Closing Date").

 

ARTICLE 3

CONDITIONS

 

Section 3.1.       Conditions
Precedent to the Obligations of Purchaser.   The obligation of Purchaser to purchase the equity from Sellers
shall be subject to the satisfaction or waiver by Purchaser of the following conditions on or before the Closing Date:

 

(a)        Representations
and Warranties.   The representations and warranties of the Seller contained herein shall be true and correct
in all material respects on and as of the Closing Date.

 

(b)        Compliance
with this Agreement.  Seller shall have performed and complied in all material respects with all agreements,
covenants and conditions contained herein which are required to be performed or complied with by it on or before the Closing Date.

 

Section 3.2.       Conditions
Precedent to the Obligations of Sellers. Each Seller's obligation to sell the IFL Equity to Purchaser shall be subject
to the satisfaction or waiver by such Seller of the following conditions on or before the Closing Date:

 

(a)        Representations
and Warranties.  Purchaser's representations and warranties contained herein shall be true and correct in all
material respects on and as of the Closing Date.

 

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(b)        Compliance
with this Agreement.  Purchaser shall have performed and complied in all material respects with all agreements,
covenants and conditions contained herein which are required to be performed or complied with by it on or before the Closing Date.

 

(c)        Compliance
with Securities Act.  Seller shall be reasonably satisfied that the sale of the equity hereunder is exempt from
the registration requirements of the Securities Act.

 

ARTICLE 4

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Representations
and Warranties of Sellers.  Seller represents and warrants to Purchaser as follows:

 

Section 4.1.       Title.  Such
Seller is the owner, beneficially and of record, of the outstanding equity securities and rights to acquire equity securities in
the Company, which are being sold by such Seller and has not granted any option involving the purchase of the IFL Equity and does
not know of any option granted by the Company to purchase such IFL Equity.

 

Section 4.2.       Valid
Issuance of Securities.  The equity interests being sold by such Seller are duly and validly authorized and issued,
fully paid and nonassessable and are owned by such Seller free and clear of any liens, restrictions, or encumbrances, including
any pledges or security interests.

 

Section 4.3.       Brokers.  (a)
Neither such Seller nor any other person on behalf of such Seller has employed any broker, finder, commission agent or other person
in connection with the sale of the equity being sold by such Seller, and (b) neither such Seller nor any other person on behalf
of such Seller is under any obligation to pay any broker's fee or commission in connection with such transaction.

 

Section 4.4.       Authority
to Sell.  Such Seller has full authority to sell and transfer the equity being sold by such Seller to Purchaser
without need for further consents or permits from any third party as of the Closing Date. The sale and transfer of the equity being
sold by such Seller in no way violates any agreement or contract that such Seller has entered into with any party other than Purchaser.

 

Section 4.5.       No
Fraud or Misrepresentation.  Such Seller, in connection with this sale of the equity being sold by such Seller
(i) has not employed any device, scheme, or artifice to defraud Purchaser, (ii) has not made any untrue statement of a material
fact or omitted any material fact necessary in order to make the statements made, in the light of the circumstances under which
they were made, not misleading, or (iii) has not engaged in any act, practice, or course of business which operates or would operate
as a fraud or deceit upon any person.

 

Section 4.6.       Fully
Informed Decision to Sell.  Such Seller represents and warrants that such Seller is familiar with the business
and financial aspects of the Company, has had full access to all Company financial and business records, and is entering into this
Agreement freely and fully informed on the past performance of the Company and the potential performance of the Company in the
future.

 

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Section 4.7        IFL
Financial Condition and Liabilities.     All information regarding the
IFL Liabilities are true and correct and complete, including the balance sheet provided by IFL to Purchaser, the description of
the GJ Judgment, etc. Seller has disclosed to Purchaser all contingent liabilities contractual claims and on-going obligations
of IFL and has included such matters on Exhibit “B”.

 

ARTICLE 5

REPRESENTATIONS AND WARRANTIES OF PURCHASER

 

Representations
and Warranties of Purchaser.  Purchaser represents and warrants to Seller as follows:

 

Section 5.1.       No
Registration.  Purchaser understands that the equity is being offered and sold without registration under the
Securities Act in reliance upon an exemption pursuant to Section 4 of the Securities Act. Purchaser further understands that such
exemption depends in part upon, and the equity is being sold in reliance on, the representations and warranties set forth in Section
4 and this Section 5.

 

Section 5.2.       Purchase
for Investment.  Purchaser (i) either independently and/or in conjunction with his advisors and representatives,
has such knowledge, sophistication and experience in the Company's business and financial matters that he is capable of evaluating
the merits and risks of an investment in the equity, (ii) is aware of the economic risks of an investment in the equity and can
bear the economic risk of an investment in the equity, (iii) is acquiring the equity for investment for Purchaser's own accounts,
not as a nominee or agent, and not with a view to the resale or distribution of any part thereof (except in conjunction with a
sale of the entire Company), subject to the disposition of his property remaining at all times within his control, (iv) has no
present intention of selling, granting any participation in, or otherwise distributing such equity (except in conjunction with
a sale of the entire Company), and (v) does not presently have any contract, undertaking, agreement or arrangement with any person
to sell, transfer or grant participations to such person or to any third person, with respect to any of the equity, (except in
conjunction with a sale of the entire Company).

 

ARTICLE 6

MISCELLANEOUS

 

Section 6.1.       Expenses.  Purchaser,
on the one hand, and Seller, on the other hand, shall each pay their respective costs and expenses incurred or to be incurred by
it in negotiation and preparation of this Agreement and in closing and carrying out the transactions contemplated by this Agreement.

 

Section 6.2.       Indemnification.  

 

(a)          Seller
shall and hereby do indemnify and hold harmless Purchaser for any Losses arising out of or based upon: (i) the breach of any representation
or warranty made by such Seller contained in this Agreement, or (ii) the breach of any covenant or agreement by such Seller contained
in this Agreement.

 

(b)          Purchaser
shall and hereby does indemnify and hold harmless Seller for any Losses arising out of or based upon: (i) the breach of any representation
or warranty made by Purchaser contained in this Agreement, or (ii) the breach of any covenant or agreement by Purchaser contained
in this Agreement.

 

    	5

    	 

    

 

(c)          Furthermore,
Purchaser and Fuel Streamers Inc., a Louisiana corporation (“FSI”) shall and hereby does indemnify and hold harmless
Seller from any Losses arising from the GJ Judgment; provided that the absolute amount of this indemnity from Purchaser to Seller
shall not exceed $437,000 and provided further that IFL shall have the exclusive authority to pay, settle, compromise, negotiate,
appeal or respond to the GJ Judgment.

 

Section 6.3.       Parties
in Interest.  All representations, covenants and agreements contained in this Agreement by or on behalf of any
of the parties hereto shall be binding upon, and inure to the benefit of, the respective successors and assigns of the parties
hereto whether so expressed or not. Without limiting the generality of the foregoing, all representations, covenants and agreements
benefiting Purchaser shall inure to the benefit of any and all subsequent Purchasers from time to time of any or all of the equity

 

Section 6.4.       Severability.   If
any term or provision contained in this Agreement is or is hereafter found to be inconsistent with, contrary to or invalid or
unenforceable under any law or official rule, regulation or order, this Agreement shall be deemed to be modified accordingly and
the remaining terms and provisions of this Agreement shall not be affected thereby and shall continue in full force and effect.

 

Section 6.5.       Notices.
All notices, requests, demands and other communications required or permitted to be given hereunder shall be by hand-delivery,
certified or registered mail, return receipt requested, facsimile, or air courier to the parties set forth below. Such notices
shall be deemed given (i) at the time personally delivered, if delivered by hand or by courier; (ii) at the time received if sent
certified or registered mail; (iii) the next Business Day after receipt is acknowledged by facsimile equipment, if sent by facsimile,
and, (iv) if notice sent by email, when a reply is sent by the recipient.

 

If to the
Seller, to:

 

Adino Energy
Corporation

2500 City
West Boulevard

Suite 300

Houston,
Texas

 

If to the
Purchaser to:

 

Pomisu XXI S.L.

c/o    José Luis Gaudier

CUATRECASAS, GONÇALVES PEREIRA

Paseo de Gracia 111

08008 Barcelona, Spain

 

Any party hereto may
designate a different address by notice to the other parties sent as provided under this Agreement.

 

    	6

    	 

    

 

Section 6.6.       Governing
Law. It is mutually understood and agreed that this Agreement shall be construed and the relations between the Parties
determined in accordance with the substantive law of the State of Texas, except for any conflict of law provisions in the laws
of the State of Texas that might otherwise require the application of the laws of the jurisdiction other than the laws of the State
of Texas.         

 

Section 6.7.       Execution
in Counterparts.  This Agreement may be executed in any number of counterparts and by different parties hereto
in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or
electronic delivery shall be as effective as delivery of a manually executed counterpart of this Agreement.

 

Section 6.8.       Amendments.  This
Agreement may not be amended or modified, and no provisions hereof may be waived, without the written consent of Seller and Purchaser.

 

Section 6.9.       No
Waiver; Remedies.  No failure on the part of Seller or Purchaser to exercise, and no delay in exercising, any
right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other
or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of
any remedies provided by law.

 

[The remainder of this page was left blank
intentionally]

 

    	7

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first above written, to be effective as of February 1, 2012.

 

SELLER:

 

Adino Energy Corporation

 

By:_ __Sonny Wooley (signed
electronically)__________________________

Name: ___G.C. “Sonny” Wooley_______________________

Title: ____Chairman of the Board_______________________

 

PURCHASER:

 

Pomisu XXI S.L.

 

	 	 
	Huu-Nghia VUONG	 
	Authorized Signatory	 

 

FSI

 

Executed solely with respect to Section 6.2 (c). 

 

Fuel Steamers Inc.

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	8

    	 

    

Exhibit “A”

Balance Sheet of IFL

Intercontinental Fuels, LLC

Balance Sheet

As of January 31, 2012 

 

	 	 	Total	 
	ASSETS	 	 	 	 
	Current Assets	 	 	 	 
	Bank Accounts	 	 	 	 
	B of A Checking	 	 	0.00	 
	BOT	 	 	0.00	 
	Capital One	 	 	0.00	 
	Petty Cash	 	 	0.00	 
	Prosperity Bank	 	 	0.00	 
	Prosperity-Money Market	 	 	0.00	 
	Regions Operating Acct	 	 	-24,845.60	 
	Regions Savings	 	 	79,241.46	 
	Total Bank Accounts	 	$	54,395.86	 
	Accounts Receivable	 	 	 	 
	Accounts Receivable	 	 	0.00	 
	Total Accounts Receivable	 	$	0.00	 
	Other Current Assets	 	 	 	 
	Advances	 	 	0.00	 
	Due from Adino	 	 	0.00	 
	Due From Adino Exploration, LLC	 	 	0.00	 
	Due from IFL, Inc.	 	 	0.00	 
	Escrow - Smith	 	 	0.00	 
	Inventory - Additives	 	 	0.00	 
	Prepaid assets	 	 	0.00	 
	Undeposited Funds	 	 	0.00	 
	Total Other Current Assets	 	$	0.00	 
	Total Current Assets	 	$	54,395.86	 
	Fixed Assets	 	 	 	 
	Land	 	 	0.00	 
	Leasehold Improvements	 	 	23,788.80	 
	Depreciation	 	 	-8,716.52	 
	Total Leasehold Improvements	 	 	15,072.28	 
	Office Equipment	 	 	3,334.00	 
	Depreciation	 	 	-3,334.00	 
	Total Office Equipment	 	 	0.00	 
	Terminal - Capital Lease	 	 	0.00	 
	Depreciation	 	 	0.00	 
	Total Terminal - Capital Lease	 	 	0.00	 
	Terminal Equipment	 	 	0.00	 
	Depreciation	 	 	0.00	 
	Total Terminal Equipment	 	 	0.00	 
	Vehicles	 	 	0.00	 
	Depreciation	 	 	0.00	 
	Total Vehicles	 	 	0.00	 
	Total Fixed Assets	 	$	15,072.28	 
	Other Assets	 	 	 	 
	Intangible Assets	 	 	0.00	 
	Accum Amortization Intangibles	 	 	0.00	 
	Total Intangible Assets	 	 	0.00	 
	Total Other Assets	 	$	0.00	 
	TOTAL ASSETS	 	$	69,468.14	 
	LIABILITIES AND EQUITY	 	 	 	 
	Liabilities	 	 	 	 
	Current Liabilities	 	 	 	 
	Accounts Payable	 	 	 	 
	Accounts Payable	 	 	106,520.43	 
	Total Accounts Payable	 	$	106,520.43	 
	Credit Cards	 	 	 	 
	Mariott Visa IFL	 	 	0.00	 
	Total Credit Cards	 	$	0.00	 
	Other Current Liabilities	 	 	 	 
	Accrued Interest Payable	 	 	0.00	 
	Accrued Liabilities	 	 	228,709.93	 
	Deferred Gain on Sale/Leaseback	 	 	171,293.20	 
	Due to Adino	 	 	0.00	 
	Due to Byrd	 	 	0.00	 
	Due to Capnet Risk	 	 	0.00	 
	Due to Gulf Coast Fuels	 	 	435,580.07	 
	Due to Wooley	 	 	1,500.00	 
	Interest Payable - Adino	 	 	0.00	 
	Lease Obligation	 	 	0.00	 
	Note Payable	 	 	0.00	 
	Note Payable - Adino	 	 	0.00	 
	Note Payable - Auto	 	 	0.00	 
	Note payable - Bossart	 	 	0.00	 
	Note payable - NARC	 	 	0.00	 
	Note Payable Greenway	 	 	0.00	 
	Trust Accounts - Liabilities	 	 	0.00	 
	Total Other Current Liabilities	 	$	837,083.20	 
	Total Current Liabilities	 	$	943,603.63	 
	Total Liabilities	 	$	943,603.63	 
	Equity	 	 	 	 
	Additional Paid-In-Capital	 	 	1,870,100.00	 
	Distributions	 	 	-663,475.80	 
	Retained Earnings	 	 	-2,141,159.59	 
	Net Income	 	 	60,399.90	 
	Total Equity	 	$	-874,135.49	 
	TOTAL LIABILITIES AND EQUITY	 	$	69,468.14	 

 

Monday,
Feb 06, 2012 02:25:57 PM GMT-6 - Accrual Basis

 

    	 

    	 

    
 

Exhibit “B”

Liabilities of IFL

 

Intercontinental Fuels, LLC

Payables as of

1/31/2012

 

	Vendor	 	Amount	 
	 	 	 	 
	Home Depot Credit Card	 	$	21,629.24	 
	Liquifiles	 	$	6,800.00	 
	Summit Terminaling	 	$	10,065.00	 
	TLC Engineering	 	$	9,983.50	 
	Whitley LLP	 	$	58,042.69	 
	G J Capital	 	$	437,154.60	 
	Due to Wooley	 	$	1,500.00	 
	Prepaid Rent Deposit	 	$	110,000.00	 
	Total	 	$	655,175.03

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