Document:

amacore_8k-ex1003.htm

    Exhibit
10.3

     

    REGISTRATION
RIGHTS AGREEMENT

     

    REGISTRATION
RIGHTS AGREEMENT made this 2nd day of June, 2008 by and between The Amacore
Group, Inc., a Delaware corporation (the “Company”), and Vicis Capital Master
Fund, a trust formed under the laws of the Cayman Islands (the “Holder”), a
series of the Vicis Capital Master Trust, a trust formed under the laws of the
Cayman Islands.

     

    R E C I T A L
S:

     

    WHEREAS,
simultaneously herewith, the Company and the Holder are entering into a
Preferred Stock Purchase Agreement (the “Purchase Agreement”) pursuant to which
the Company is issuing to the Holder: (1) 400 shares of its Series H Convertible
Preferred Stock, par value $.001 per share (the “Acquired Shares”), which are
convertible into shares of the Company’s Class A Common Stock, par value $.001
per share (“Class A Common Stock”), and (2) a warrant to purchase an aggregate
of 45,000,000 shares of the Company’s Class A Common Stock (the
“Warrant”).

     

    WHEREAS,
the execution and delivery of this Agreement is a condition to the closing of
the Purchase Agreement.

     

    NOW
THEREFORE, in consideration of the agreements set forth herein the parties agree
as follows:

     

    1.   Definitions. As used
in this Agreement, the following terms shall have the following respective
meanings:

              

              (a)  “Common
Stock” means the Class A Common Stock, $.001 par value per share, of the Company
and any equity securities issued or issuable with respect to the Class A Common
Stock in connection with a reclassification, recapitalization, merger,
consolidation or other reorganization.

              

              (b) “Conversion
Shares” means the shares of Common Stock or other equity securities issued or
issuable upon conversion of the Acquired Shares.

     

              (c) “Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any similar
Federal statute, and the rules and regulations of the Commission issued under
such Act, as they each may, from time to time, are in effect.

     

              (d) “Holder”
shall have the meaning set forth in the Preamble and any f such Holder’s
successors or assigns.

     

              (e) “Person”
means any individual, corporation, limited liability company, limited or general
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political
subdivisions thereof.

     

              (f) “Registration
Statement” means a registration statement filed by the Company with the
Commission for a public offering and sale of securities of the Company (other
than a registration statement on Form S-8 or Form S-4, or their
successors, or any other form for

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    a limited
purpose, or any registration statement covering only securities proposed to be
issued in exchange for securities or assets of another
corporation).

        

              (g) “Registration
Expenses” means the expenses described in Section 4.

        

              (h) “Registrable
Securities” means any (i) Conversion Shares, (ii) Warrant Shares, and
(iii) shares of Common Stock issued or issuable, directly or indirectly,
with respect to the Common Stock referenced above.  As to any
particular Registrable Securities, such securities shall cease to be Registrable
Securities when (x) a registration statement with respect to the sale of
such securities shall have been declared effective under the Securities Act and
such securities shall have been disposed of in accordance with such registration
statement, or (y) such securities shall have been sold (other than in a
privately negotiated sale) pursuant to Rule 144 (or any successor provision)
under the Securities Act, or (z) the Acquired Shares have been redeemed in
full.

     

              (i) “SEC”
means the Securities and Exchange Commission.

     

              (j) “Securities
Act” means the Securities Act of 1933, as amended, or any similar Federal
statute, and the rules and regulations of the Commission issued under such Act,
as they each may from time to time, be in effect.

     

              (k) “Warrant
Shares” means the shares of Common Stock or other equity securities issued or
issuable upon exercise of the Warrant.

     

    2.   Piggyback
Registration.  If, at any time, the Company proposes or is
required to register any of its equity securities or securities convertible or
exchangeable for equity securities under the Securities Act (other than pursuant
to (i) registration on such form or similar form(s) solely for registration
of securities in connection with an employee benefit plan or dividend
reinvestment plan, Form S-8 or (ii) a merger, consolidation or
acquisition, Form S-4), whether or not for its own account, the Company
shall give prompt written notice of its intention to do so to each Holder of
record of Registrable Securities.  Upon the written request of any
Holder, made within 10 days following the receipt of any such written notice
(which request shall specify the maximum number of Registrable Securities
intended to be disposed of by such Holder and the intended method of
distribution thereof), the Company shall use its best efforts to cause all such
Registrable Securities, each Holder of which have so requested the registration
thereof, to be registered under the Securities Act (with the securities which
the Company at the time proposes to register) to permit the sale or other
disposition by each Holder (in accordance with the intended method of
distribution thereof) of the Registrable Securities to be so
registered.  There is no limitation on the number of piggyback
registrations pursuant to the preceding sentence which the Company is obligated
to effect.

     

    3.   Registration
Procedures.

     

    (a) If and
whenever the Company is required by the provisions of this Agreement to use its
best efforts to effect the registration of any of the Registrable Securities
under the Securities Act, the Company shall:

     

    
      
        
        

      

      
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                  (i) file with
the Commission a Registration Statement with respect to such Registrable
Securities and use its best efforts to cause that Registration Statement to
become and remain effective;

    

     

                (ii) as
expeditiously as possible prepare and file with the Commission any amendments
and supplements to the Registration Statement and the prospectus included in the
Registration Statement as may be necessary to keep the Registration Statement
effective for a period of not less than nine months from the effective
date;

     

                (iii) as
expeditiously as possible furnish to Holder such reasonable numbers of copies of
the prospectus, including a preliminary prospectus, inconformity with the
requirements of the Securities Act, and such other documents as the selling
Stockholder may reasonably request in order to facilitate the public sale or
other disposition of the Registrable Securities owned by the selling Stockholder
and promptly notify the selling stockholder at any time when a prospectus is
required to be delivered under the Securities Act, of the happening of any event
as a result of which the prospectus would include an untrue statement of
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading in light of the
circumstances then existing; and

     

                (iv) as
expeditiously as possible use its best efforts to register or qualify the
Registrable Securities covered by the Registration Statement under the
securities or Blue Sky laws of such states as the selling stockholders shall
reasonably request, and do any and all other acts and things that may be
necessary or desirable to enable the selling stockholders to consummate the
public sale or other disposition in such states of the Registrable Securities
owned by the selling stockholder; provided, however, that the Company shall no
be required in connection with this Section 3(a) to qualify as a foreign
corporation or execute a general consent to service of process in any
jurisdiction.

     

              (b) If the
Company has delivered preliminary or final prospectuses to the Holder and, after
having done so, the prospectus is amended to comply with the requirements of the
Securities Act, the Company shall promptly notify the Holder and, if requested,
the Holder shall immediately cease making offers of Registrable Securities and
return all prospectuses to the Company.  The Company shall promptly
provide the Holder with revised prospectuses and, following receipt of the
revised prospectuses, the Holder shall be free to resume making offers of the
Registrable Securities.

     

    4.   Allocation of
Expenses.  The Company will pay all Registration Expenses of
all registrations under this Agreement.  For purposes of this Section,
the term “Registration Expenses” shall mean all expenses incurred by the Company
in complying with this Agreement, including, without limitation, all
registration and filing fees, exchange listing fees, printing expenses, fees and
disbursements of counsel for the Company state Blue Sky fees and expenses, and
the expense of any special audits incident to or required by any such
registration, but excluding underwriting discounts, selling commissions and the
fees and expenses of Holder's own counsel.

     

    5.   Indemnification and
Contribution.

     

              (a) In the
event of any registration of any of the Registrable Securities under the
Securities Act pursuant to this Agreement, the Company will indemnify and hold
harmless

     

    
      
        
        

      

      
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    the
seller of such Registrable Securities, and its directors and officers, each
underwriter of such Registrable Securities, and each other person, if any, who
controls such seller or underwriter within the meaning of the Securities Act or
the Exchange Act against any losses, claims, damages or liabilities, joint or
several, to which such seller, underwriter or controlling person may become
subject under the Securities Act, the Exchange Act, state securities or Blue Sky
laws or otherwise, in so far as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon any untrue statement
or alleged untrue statement of any material fact contained in any Registration
Statement under which such Registrable Securities were registered under the
Securities Act, any preliminary prospectus or final prospectus contained in the
Registration Statement, or any amendment or supplement to such Registration
Statement, and any document incorporated therein by reference or arise out of or
are based upon the omission or alleged omission to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading; and the Company will reimburse such seller, underwriter and each
such controlling person for any legal or any other expenses reasonably incurred
by such seller, underwriter or controlling person in connection with
investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the Company will not be liable in any such case to the
extent that any such loss, claim, damage or liability arises out of or is based
upon any untrue statement or omission made in such Registration Statement,
preliminary prospectus or prospectus, or any such amendment or supplement, in
reliance upon and in conformity with information furnished to the Company, in
writing, by or on behalf of such seller, underwriter or controlling person
specifically for use in the preparation thereof.

     

              (b) In the
event of any registration of any of the Registrable Securities under the
Securities Act pursuant to this Agreement, each seller of Registrable
Securities, severally and not jointly, will indemnify and hold harmless the
Company, each of its directors, and officers and each underwriter (if any) and
each person, if any, who controls the Company or any such underwriter within the
meaning of the Securities Act or the Exchange Act, against any losses, claims,
damages or liabilities, joint or several, to which the Company, such directors
and officers, underwriters or controlling person may become subject under the
Securities Act, Exchange Act, state securities or Blue Sky laws or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement under which
such Registrable Securities were registered under the Securities Act, any
preliminary prospectus or final prospectus contained in the Registration
Statement, or any amendment or supplement to the Registration Statement, or
arise out of or are based upon any omission or alleged omission to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading, if the statement or omission was made in reliance upon
and in conformity with information furnished in writing to the Company by or on
behalf of such seller, specifically for use in connection with the preparation
of such Registration Statement, prospectus, amendment or supplement; provided,
however, that the obligations of such seller hereunder shall be limited to an
amount equal to the net proceeds to such seller from Registrable Securities sold
as contemplated herein.

     

              (c) Each
party entitled to Indemnification under this Section 5 (the “Indemnified
Party”) shall give notice to the party required to provide indemnification (the
“Indemnifying Party”) promptly after such Indemnified party has actual knowledge
of any claim as to which indemnity may be sought, and shall permit the
Indemnifying Party to assume the

     

    
      
        
        

      

      
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    defense
of any such claim or any litigation resulting therefrom; providing, that counsel
for the Indemnifying Party, who shall conduct the defense of such claim or
litigation, shall be approved by the Indemnified party (whose approval shall not
be unreasonably withheld); and, provided, further, that the failure of any
Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations under this Agreement.  The
Indemnified party may participate in such defense at such party's expense;
provided, however, that the Indemnifying Party shall pay such expense if
representation of such Indemnified party by the counsel retained by the
Indemnifying Party would be inappropriate due to actual or potential differing
interests between the Indemnified Party and any other party represented by such
counsel in such proceeding.  No Indemnifying Party, in the defense of
any such claim or litigation shall, except with the consent of each Indemnified
party, consent to entry of any judgment or enter into any settlement which does
not include as an unconditional term thereof the giving by the claimant or
plaintiff to such Indemnified Party of a release from all liability in respect
of such claim or litigation, and no Indemnified Party shall consent to entry of
any judgment or settle such claim or litigation without the prior written
consent of the Indemnifying Party.

     

              (d) If the
indemnification provided for herein is unavailable to or insufficient to hold
harmless an Indemnified Party hereunder, then each Indemnifying Party shall
contribute to the amount paid or payable by such Indemnified Party as a result
of the losses, claims, damages or liabilities (or actions or proceedings in
respect thereof) referred to herein in such proportion as is appropriate to
reflect the relative fault of the Indemnifying Party on the one hand and the
Indemnified Party on the other in connection with the statements, omissions,
actions, or inactions which resulted in such losses, claims, damages or
liabilities.  The relative fault of the Indemnifying Party and the
Indemnified Party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by the indemnifying party or the indemnified party, any action or
inaction by any such party, and the parties' relative intent, knowledge, access
to information, and opportunity to correct or prevent such statement, omission,
action, or inaction.  No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.  Promptly after receipt by an Indemnified Party
hereunder of written notice of the commencement of any action, suit, proceeding,
investigation, or threat thereof with respect to which a claim for contribution
may be made against an Indemnifying Party hereunder, such Indemnified Party
shall, if a claim for contribution in respect thereto is to be made against an
Indemnifying Party, give written notice to the Indemnifying Party of the
commencement thereof (if the notice specified herein has not been given with
respect to such action); provided, however, that the
failure to so notify the Indemnifying Party shall not relieve it from any
obligation to provide contribution which it may have to any Indemnified Party
hereunder, except to the extent that the Indemnifying Party is actually
prejudiced by the failure to give notice.  The parties hereto agree
that it would not be just and equitable if contribution pursuant hereto were
determined by pro rata allocation or by any other method of allocation which
does not take account of equitable considerations referred to
herein.

     

              (e) The
parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 5 were determined by pro rata allocation or by any
other method of allocation that does not take into account the equitable
considerations referred to in

     

    
      
        
        

      

      
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    the
immediately preceding paragraph. Notwithstanding the provisions of this Section
5, contribution by any seller of Registrable Securities shall be limited in
amount to the net amount of proceeds received by such seller from the sale of
such Registrable Securities pursuant to such Registration
Statement.

     

              (f) If
indemnification is available hereunder, the Indemnifying Parties shall indemnify
each Indemnified Party to the fullest extent provided herein, without regard to
the relative fault of said Indemnifying Party or Indemnified Party or any other
equitable consideration provided for herein.  The provisions hereof
shall be in addition to any other rights to indemnification or contribution
which any Indemnified Party may have pursuant to law or contract, shall remain
in full force and effect regardless of any investigation made by or on behalf of
any Indemnified Party, and shall survive the transfer of securities by any such
party.

     

    6.   Underwritten
Offering.

     

              (a) In the
case of any registration effected pursuant to this Agreement, the Company shall
have the right to designate the managing underwriter in any underwritten
offering with the consent of the Holder, which shall not be unreasonably
withheld.

     

              (b) In the
event that Registrable Securities are sold pursuant to a Registration Statement
in an underwritten offering, the Company agrees to enter into an underwriting
agreement containing customary representations and warranties with respect to
the business and operations of an issuer of the securities being registered and
customary covenants and agreements to be performed by such issuer, including
without limitation customary provisions with respect to indemnification by the
Company of the underwriters of such offering.

     

    7.   SEC Reports. With a
view to making available to the Holder the benefits of Rule 144 promulgated
under the Securities Act or any other similar rule or regulation of the SEC that
may at any time permit the Holder to sell securities of the Company to the
public without registration ("Rule 144"), the Company agrees to: (a) make and
keep public information available, as those terms are understood and defined in
Rule 144; (b) file with the SEC in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act
so long as the Company remains subject to such requirements and the filing of
such reports and other documents is required for the applicable provisions of
Rule 144; (c) furnish to each Holder so long as such Holder owns Registrable
Securities, promptly upon request, (i) a written statement by the Company, if
true, that it has complied with the reporting requirements of Rule 144, the
Securities Act and the Exchange Act, (ii) a copy of the most recent annual or
quarterly report of the Company and such other reports and documents so filed by
the Company, and (iii) such other information as may be reasonably requested to
permit the Holder to sell such securities pursuant to Rule 144 without
registration; and (d) so long as the Holder owns any Registrable Securities, if
the Company is not required to file reports and other documents under the
Securities Act and the Exchange Act, it will make available other information as
required by, and so long as necessary to permit sales of Registrable Securities
pursuant to, Rule 144.

     

    8.   Governing
Law.  This Agreement and the rights of the parties hereunder
shall be governed in all respects by the laws of the State of New York wherein
the terms of this Agreement were negotiated, without regard to the conflicts of
laws thereof.

     

    
      
        
        

      

      
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    9.   Consent to Jurisdiction;
Waiver of Jury Trial.  EACH OF THE PARTIES TO THIS AGREEMENT
HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF
THE STATE AND FEDERAL COURTS LOCATED THE STATE AND COUNTY OF NEW YORK FOR
PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT
AND THE TRANSACTION DOCUMENTS.  EACH OF THE PARTIES TO THIS AGREEMENT
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH
SUCH PARTY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH
PROCEEDING BROUGHT IN ANY SUCH COURTS AND ANY CLAIM THAT ANY SUCH PROCEEDING
BROUGHT IN ANY SUCH COURTS HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM.  EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY IN ANY SUCH LEGAL
PROCEEDING.  EACH OF THE PARTIES TO THIS AGREEMENT HEREBY CONSENTS TO
SERVICE OF PROCESS BY NOTICE IN THE MANNER SPECIFIED IN SECTION 7.6 OF THE
PURCHASE AGREEMENT AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
LAW, ANY OBJECTION SUCH PARTY MAY NOW OR HEREAFTER HAVE TO SERVICE OF PROCESS IN
SUCH MANNER.

     

         10.   Amendment.  This
Agreement may not be amended, discharged or terminated (or any provision hereof
waived) without the written consent of the Company and the Holder.

         11.   Successors and
Assigns.  Except as otherwise expressly provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon and
enforceable by and against, the successors, assigns, heirs, executors and
administrators of the parties hereto.  The Holder may assign its
rights hereunder, and the Company may not assign its rights or obligations
hereunder without the consent of the Holder or any of its successors, assigns,
heirs, executors and administrators.

     

         12.    Further
Assurances.  The parties agree to execute and deliver all such
further documents, agreements and instruments and take such other and further
action as may be necessary or appropriate to carry out the purposes and intent
of this Agreement.

     

         13.   Counterparts.  This
Agreement may be executed in any number of counterparts, each of which shall be
an original, but all of which together shall constitute one
instrument.

     

         14.   Liquidated
Damages.  The Company agrees that the Holder will suffer
damages if the Registration Statement is not filed and declared effective by the
United States Securities and Exchange Commission (the “Commission”) at least 90
days prior to the July 15, 2011 (the “Maturity Date”) or if the Registration
Statement is not maintained in the manner contemplated herein.  The
Company and the Holder further agree that it would not be feasible to ascertain
the extent of such damages with precision.  Accordingly, if (a) the
Registration Statement is not filed and declared effective by the SEC at least
90 days prior to the Maturity Date, or (b) after being declared effective, the
Registration Statement ceases to be effective at any time prior to the nine
month anniversary of the effectiveness date (any such failure or breach being
referred to as an “Event” and the date on which such Event occurs being referred
to as “Event Date”), the Company shall pay in cash as liquidated damages and not
as a penalty to the Holder an amount equal to two percent (2.0%) of the
aggregate stated value of the Acquired Shares then held by such Holder for each
calendar month or portion thereof thereafter from the Event Date until
the

     

    
      
        
        

      

      
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    applicable
Event is cured.  Liquidated damages payable by the Company pursuant to
this Section shall be payable on the first (1st)
Business Day of each thirty (30) day period following the Event
Date.

     

    

     

    

     

    [SIGNATURE
PAGE FOLLOWS]

     

    
      
        
        

      

      
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    IN
WITNESS WHEREOF, the parties hereto have hereunto set their hands to this
instrument, as of the date first above written.

     

     

    
    

     

    
      	THE AMACORE GROUP,
      INC.
	 
	 
	By:  /s/Giuseppe
      Crisafi
	    Giuseppe
      Crisafi,
	    Chief
      Financial Officer
	 
	HOLDER:
	 
	
              

                VICIS
      CAPITAL MASTER FUND

              

            
	By: Vicis Capital
      LLC
	 
	
              /s/Keith
      Hughes

            
	Name: Keith
      Hughes
	Title: Chief
      Financial Officer

    

     

     

     

     

     9<PAGE>

EXHIBIT 10.1

                                PAYOFF AGREEMENT

This PAYOFF AGREEMENT (the "Agreement") dated June 2, 2008, is made among YA
Global Investors, L.P. (f/k/a Cornell Capital Partners, L.P.) ("YA Global"),
Trey Resources, Inc. ("Trey"), THI, Inc. ("THI"), and Voyager Petroleum, Inc.
(the "Company").

      WHEREAS, the Company originally issued those certain 5% Secured
Convertible Debentures set forth on Schedule I attached hereto (collectively,
the "Debentures") pursuant to a Securities Purchase Agreement, as amended, dated
as of May 14, 2004 (the "Securities Purchase Agreement");

      WHEREAS, the Company's obligations under the Debentures were secured by
(a) the Security Agreement, dated May 14, 2004, between the Company and YA
Global ("Security Agreement #1") and the UCC-1s filed on July 20, 2004 in Nevada
(with file number 2004022756-7), as amended and on July 23, 2004 in Illinois
(with file number 8921687), filed thereunder, and (b) the Security Agreement
dated May 14, 2004, between the YA Global and Silicon Film Technologies, Inc.
("Security Agreement #2" together with Security Agreement #1, the "Security
Agreement") and the UCC-1 filed on July 23, 2004 in Illinois (with file number
8923205) filed thereunder.

      WHEREAS, pursuant to the Purchase and Assignment Agreement dated May 15,
2007, YA Global and Trey sold and assigned their interests in (a) the Securities
Purchase Agreement, (b) the Debentures (c) the Investor Registration Rights
Agreement, dated May 14, 2004, between the Company and YA Global (the
"Registration Rights Agreement"), (c) the Security Agreement, (e) all related
documents under which YA Global and Trey has rights or interests in the
Debentures, and (f) all amendments to the documents referred to in (a) through
(e) in this paragraph (collectively, the "Transaction Documents") to THI in
exchange for promissory notes from THI to YA Global and Trey, dated May 15, 2007
(the "THI Notes"), which were secured by a collateral assignment of the
Transaction Documents from THI to YA Global and Trey (the "Collateral
Assignment").

      WHEREAS, the Company, THI, YA Global and Trey hereby agree that as of May
31, 2008, the outstanding principal balance, and interest accrued thereon, of
the THI Notes is equal to $181,231.79 ("Balance").

      WHEREAS, THI desires to repay the THI Notes and the Company desires to
repay the Balance and all parties agree to compromise and settle all outstanding
obligations under the THI Notes, the Collateral Assignment and the Transaction
Documents in accordance with the terms herein.

      NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the adequacy of which is hereby acknowledged, the
parties hereto agree as follows:

<PAGE>

1.    CONTRIBUTION BY THE COMPANY. The Company shall wire to Sichenzia Ross
Friedman Ference LLP, as escrow agent (the "Escrow Agent") pursuant to the wire
instructions included in the Escrow Agreement dated on even date herewith, the
sum of $89,231.79 as part of the Balance. In addition, the Company shall issue
an aggregate amount of 4,000,000 shares of common stock of the Company, in the
names and in the amounts as set forth on Exhibit B annexed hereto pursuant to
the terms of a Notice of Conversion dated June 2, 2008. The delivery of said
shares shall be made within two business days after the date of this Agreement.

2.    CONTRIBUTION BY THI. THI shall wire to the Escrow Agent pursuant to the
wire instructions included in the Escrow Agreement dated on even date herewith,
the sum of $92,000 as part of the Balance.

3.    REPAYMENT OF INDEBTEDNESS. The closing date shall be on June 3, 2008 or as
soon as practicable thereafter (the "Closing Date"). On the Closing Date, the
Company and THI shall direct the Escrow Agent (a) to wire to YA Global the sum
of $147,857 (if received after June 2, 2008, then $20 per day interest per diem
shall be assessed for each day thereafter and paid by the Company) and (b) to
wire to Trey the sum of $33,374.79 (if received after June 2, 2008, then
$3.98per day interest per diem shall be assessed for each day thereafter and
paid by the Company) in each case in full satisfaction and repayment of all
obligations owed to YA Global and Trey under the THI Notes and Collateral
Assignment as well as all obligations owed to THI, Inc., YA Global and Trey
Resources by the Company under the Transaction Documents and the Collateral
Assignment. All such monetary payments shall be made by wire transfer pursuant
to the wire instructions attached hereto as Exhibit A. The parties further agree
that THI, YA Global, and Trey shall accept the monetary and non-monetary payoff
amounts set forth herein at any time between the Closing Date and June 5, 2008,
unless extended by mutual agreement of all of the parties.

4.    DISCHARGE. The parties hereby (i) acknowledge and agree that payment of
the amounts set forth in paragraph 3 above will constitute payment in full of
all of the obligations of each party under the Transaction Documents, the THI
Notes and the Collateral Assignment, (ii) release, effective upon the receipt of
the payment of the amounts set forth in paragraph 3 above, all security
interests and liens which the Company has granted pursuant to the Transaction
Documents, including Security Agreements and the UCC's filed thereunder pursuant
to the Transaction Documents.

5.    UCC TERMINATIONS. THI, YA Global, and Trey, upon receipt of the payment of
the amounts set forth in paragraph 3 above, hereby authorize the Company to file
a UCC-3 termination statement effecting the releases, discharges and
terminations of the UCC filings set forth in paragraph 1 above.

6.    PRIOR AGREEMENTS. This Payoff Agreement supersedes any previous written or
oral agreements between the parties and to the extent that any terms herein
change or contradict the terms of the THI Notes, the Collateral Assignment, and
the Transaction Documents which includes the Debentures or any oral discussions
or agreements, the terms herein control.

                                       2
<PAGE>

7.    ACTIONS NECESSARY TO COMPLETE TRANSACTION. Each party hereby agrees to
execute and deliver all such other documents or instruments and to take any
action as may be reasonably required in order to effectuate the transactions
contemplated by this Payoff Agreement.

8.    EXECUTION. This Agreement may be executed in two or more counterparts, all
of which when taken together shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and
delivered to the other party, it being understood that both parties need not
sign the same counterpart. In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a ".pdf" format data file, such
signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if
such facsimile or ".pdf" signature page were an original thereof.

9.    GOVERNING LAW; SUBMISSION TO JURISDICTION. THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES. EACH PARTY AGREES THAT ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE
BROUGHT IN A U.S. FEDERAL OR STATE COURT OF COMPETENT JURISDICTION SITTING IN
THE NEW YORK COUNTY, IN THE STATE OF NEW YORK. EACH PARTY HEREBY IRREVOCABLY AND
UNCONDITIONALLY CONSENTS TO THE JURISDICTION OF SUCH COURT AND HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY DEFENSE OF AN INCONVENIENT FORUM OR A
LACK OF PERSONAL JURISDICTION TO THE MAINTENANCE OF ANY ACTION OR PROCEEDING AND
ANY RIGHT OF JURISDICTION OR VENUE ON ACCOUNT OF THE PLACE OF RESIDENCE OR
DOMICILE OF ANY PARTY HERETO. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT
MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY
TRANSACTION CONTEMPLATED HEREBY.

10.   AMENDMENTS. No provision hereof may be waived or modified other than by an
instrument in writing signed by the party against whom enforcement is sought.

11.   SEVERABILITY. If any provision of this Agreement shall be invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall not
affect the validity or enforceability of the remainder of this Agreement in that
jurisdiction or the validity or enforceability of any provision of this
Agreement in any other jurisdiction.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       3
<PAGE>

IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and
year first above written.

                                             YA GLOBAL INVESTMENTS, L.P.
                                             By: Yorkville Advisors, LLC
                                             Its: Investment Manager

                                             By: /s/ Mark Angelo
                                                 -------------------------------
                                                 Name: Mark Angelo
                                                 Title: Portfolio Manager

                                             TREY RESOURCES, INC.

                                             By: /s/ Mark Meller
                                                 -------------------------------
                                                 Name: Mark Meller
                                                 Title: CEO

                                             THI, INC.

                                             By: /s/ Andrew I. Telsey
                                                 -------------------------------
                                                 Name: Andrew I. Telsey
                                                 Title: President

                                             VOYAGER PETROLEUM, INC.

                                             By: /s/ Sebastien C. DuFort
                                                 -------------------------------
                                                 Name: Sebastien C. DuFort
                                                 Title: CEO

                                       4
<PAGE>

                                    EXHIBIT A
                                    ---------

                       WIRING INSTRUCTIONS AND NET PAYOUTS
                       -----------------------------------

1. Wire Instructions For YA Global Investments, L.P.

Total: $147,857 (plus any per diem)

RECEIVING BANK:
Bank Name:       Wachovia Bank, N.A.
                 ----------------------------------------
Address:         101 Hudson Street, Jersey City, NJ
                 ----------------------------------------
Routing Number:  031 201 467
                 ----------------------------------------

BENEFICIARY INFO:
Name of Account: YA Global Investments, L.P.
                 ----------------------------------------
Account Number:  2000018639380
                 ----------------------------------------

2. Wire Instructions For Trey Resources, Inc.

Total:  $33,374.79 (plus any per diem)

RECEIVING BANK:
Bank Name:       Fleet Bank (BofA)
                 ----------------------------------------
Address:
                 ----------------------------------------
Routing Number:  026 009 593
                 ----------------------------------------

BENEFICIARY INFO:
Name of Account: Trey Resources, Inc.
                 ----------------------------------------
Account Number:  009421262704
                 ----------------------------------------

<PAGE>

                                    EXHIBIT B

                                 SHARE ISSUANCE

                   SHARES TO BE ISSUED PURSUANT TO THI, INC.'S
                     NOTICE OF CONVERSION DATED MAY 30, 2008

3,100,000 SHARES TO BE ISSUED TO:            RENEE HOLDINGS CORP.
                                             2162 Acorn Ct
                                             Wheaton, IL   60187

900,000 SHARES TO BE ISSUED TO:              THI, Inc.
                                             12835 E. Arapahoe Road
                                             Tower One, Penthouse #803
                                             Englewood, CO  80112

<PAGE>

                                   SCHEDULE I
                                   ----------

         DEBENTURES AS OF 6/2/08 PRIOR TO CONVERSION IN PAYOFF AGREEMENT
         ---------------------------------------------------------------

                    INITIAL     OUTSTANDING       OUTSTANDING
                                 PRINCIPAL         INTEREST
CORNELL            PRINCIPAL      6/2/08            6/2/08             TOTALS
                   ---------      ------            ------             ------
   #6-3/8/05       $150,000           $0.00        $9,682.76        $9,682.76
   #7-3/8/05     $50,000.00           $0.00        $4,858.50        $4,858.50
   #5-3/8/05     $62,500.00           $0.00        $6,909.25        $6,909.25
   #4-3/8/05     $62,500.00           $0.00        $7,194.47        $7,194.47
   #8-3/8/05     $17,386.98           $0.00        $2,031.66        $2,031.66
  #9-5/25/05    $350,000.00           $0.00       $41,044.48       $41,044.48
#10-10/11/05    $100,000.00       $5,556.22       $12,587.59       $18,143.81
      TOTALS    $792,386.98       $5,556.22       $84,308.69       $89,864.91

                    INITIAL     OUTSTANDING       OUTSTANDING
                                 PRINCIPAL         INTEREST
TREY               PRINCIPAL      6/2/08            6/2/08             TOTALS
                   ---------      ------            ------             ------
   #3-3/8/05    $150,000.00           $0.00       $10,661.96       $10,661.96
   #4-3/8/05     $50,000.00           $0.00        $5,211.14        $5,211.14
   #2-3/8/05     $62,500.00           $0.00        $7,420.63        $7,420.63
   #1-3/8/05     $62,500.00       $6,757.35        $8,685.23       $15,442.58
   #5-3/8/05      $3,695.21       $3,695.21          $597.31        $4,292.52
      TOTALS    $328,695.21      $10,452.56       $32,576.26       $43,028.82

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}]]