Document:

aec_ex101.htm

EXHIBIT 10.1

 

AMENDMENT NO. 1

TO

PROMISSSORY NOTE

 

From:  AMERICAN EXPLORATION CORPORATION

 

To:  MAINLAND RESOURCES INC.

 

THIS AMENDMENT NO. 1 TO PROMISSORY NOTE (the “Amendment”) is made as of December 23, 2010

 

BETWEEN:  MAINLAND RESOURCES INC., a company existing under the laws of the State of Nevada, USA

 

    (“Mainland”)

 

AND:  AMERICAN EXPLORATION CORPORATION, a company existing under the laws of the State of Nevada, USA

 

    (“American Exploration”)

 

WHEREAS:

 

(A)   American Exploration (as Borrower) and Mainland (as Lender), entered into that certain Promissory Note (the “Promissory Note”) dated September 27, 2010, whereby American Exploration promised to pay Mainland, or the holder of the Promissory Note, in accordance with the terms and conditions referenced therein, the aggregate Principal Sum of U.S.$60,000, together with Interest payable thereon commencing on the Effective Date of September 27, 2010 at the rate of twelve percent (12%) per annum, calculated daily and payable in full monthly during the continuance of any portion of the Principal Sum being outstanding thereunder prior to maturity, in the manner as set forth in such Promissory Note;

 

(B)   The Promissory Note provides that the Principal Sum, together with all outstanding Interest thereon, is due and payable by American Exploration to Mainland on or before 5:00 p.m. (Vancouver, British Columbia, time) on the “Final Principal Sum Payment Date”, which is defined in the Promissory Note to mean December 31, 2010;

 

(C)   American Exploration and Mainland wish to amend the terms of the Promissory Note to extend the Final Principal Sum Payment Date to March 31, 2011;

 

THIS AMENDMENT WITNESSES that in consideration of the respective covenants and agreements herein contained, American Exploration and Mainland covenant and agree as follows:

 

  

1

  

 

Certain Definitions

 

1.   Capitalized terms not otherwise herein defined shall have the meaning ascribed to them in the Promissory Note.

 

Termination Date

 

2.   The Promissory Note is hereby amended to replace “December 31, 2010” with “March 31, 2011” in the definition of “Final Principal Sum Payment Date”.

 

Amendment

 

3.   Except as expressly amended hereby, the Promissory Note is in all respects ratified and confirmed and all the terms, conditions, and provisions thereof shall remain in full force and effect as of the date hereof.

 

Effect of Amendment

 

4.   This Amendment shall form a part of the Promissory Note for all purposes, and each of American Exploration and Mainland shall be bound hereby. From and after the execution of this Amendment by the parties hereto, any reference to the Promissory Note shall be deemed a reference to the Promissory Note as amended hereby.

 

Entire Agreement

 

5.    This Amendment constitutes the entire agreement between the parties hereto, and supersedes every previous agreement, communication, expectation, negotiation, representation or understanding, whether oral or written, express or implied, statutory or otherwise between the parties hereto, with respect to the subject matter of this Amendment.  Nothing in this Section 5 will limit or restrict the effectiveness and validity of any document with respect to the subject matter of this Amendment that is executed and delivered contemporaneously with or pursuant to this Amendment.

 

  

2

  

 

Governing Laws

 

6.    This Amendment shall be governed by and construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein and shall be treated in all respects as a British Columbia contract.

 

Counterparts

 

7.    This Amendment may be executed in any number of counterparts, in original form or by facsimile, each of which will together, for all purposes, constitute one and the same instrument, binding on the parties hereto, and each of which will together be deemed to be an original, notwithstanding that each party hereto is not a signatory to the same counterpart.

 

Headings

 

8.    The descriptive headings of the several Sections of this Amendment were formulated, used and inserted in this Amendment for convenience only and shall not be deemed to affect the meaning or construction of any of the provisions hereof.

 

THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK

 

  

3

  

 

IN WITNESS WHEREOF this Amendment has been executed by the parties hereto effective as of the day and year first above written.

 

	MAINLAND RESOURCES INC.	 	AMERICAN EXPLORATION CORPORATION	 
	 	 	 	 
	 /s/	 	
/s/

	 
	Name:	 	
Name:

	 
	
Title:

	 	
Title:

	 

 

 

 

 

 

 

 

4ex10_1.htm

SEPARATION AGREEMENT

This Separation Agreement (“Agreement”) is entered into as of this 31st day of December, 2010, among Force Energy Corp. (the “Company”) and Michael Mathot (the “Executive”).

WHEREAS, Executive and Company, without any admission of liability, desire to settle with finality, compromise, dispose of, and release all claims, demands and causes of action Executive has or could assert against Company, whether arising out of Executive’s Employment Agreement with the Company dated July 23, 2010, (the “Employment Agreement”) or the termination of the Employment Agreement, including the right to any notice thereof, or any condition or benefit of employment or otherwise. This Agreement is not and shall not be construed as an admission by Company of any liability, an admission against Company’s interest or any violation of Company's policies or procedures.

NOW, THEREFORE, in exchange for consideration, the adequacy of which is hereby acknowledged, the Executive and the Company agree as follows:

	
1.  

	
Separation. The employment relationship between the Executive and the Company will terminate on December 31, 2010 (the “Termination Date”). Effective as of the Termination Date, the Executive’s employment will terminate as (a) Secretary, Treasurer, Commodity-Industry Analyst to the Board of Advisors and Director (b) all other officer, director, committee member and employee positions with the Company and its subsidiaries. Executive shall not be required to report for service after the date of this Agreement, and he shall vacate the Company’s premises and return Company property by such date.

	
2.  

	
Payments. The Company and the Executive hereby agree that the Company shall pay Executive a $5,000 lump sum payment, less applicable taxes and withholdings, payable to Executive on the Termination Date.

	
3.  

	
Release. In consideration of the above, the sufficiency of which the Executive hereby acknowledges, the Executive, on behalf of the Executive and the Executive’s heirs, executors and assigns hereby releases and forever discharges the Company and its members, shareholders, parents, affiliates, subsidiaries, divisions, any and all current and former directors, officers, employees, agents, and contractors and their heirs and assigns, and any and all employee pension benefit or welfare benefit plans of the Company, including current and former trustees and administrators of such employee pension benefit and welfare benefit plans, from all claims, charges, or demands, in law or in equity, whether known or unknown, which may have existed or which may now exist from the beginning of time to the date of this Agreement, including, without limitation, any claims the Executive may have arising from or relating to the Employment Agreement, any stock option, deferred compensation, or supplemental retirement agreements, Executive’s employment or termination from employment with the Company, including a release of any rights or claims the Executive may have under Title VII of the Civil Rights Act  of 1964, as amended, and the Civil Rights Act of 1991 (which prohibit discrimination in employment based upon race, color, sex, religion and national origin); the Americans with Disabilities Act of 1990, as amended, and the Rehabilitation Act of 1973 (which prohibit discrimination based upon disability); the Family and Medical Leave Act of 1993 (which prohibits discrimination based on requesting or taking a family or medical leave); Section 1981 of the Civil Rights Act of 1866 (which prohibits discrimination based upon race); Section 1985(3) of the Civil Rights Act of 1871 (which prohibits conspiracies to discriminate); the Employee Retirement Income Security Act of 1974,as amended; any other federal, state or local laws against discrimination; or any other federal, state, or local statute, or common law relating to employment, wages, hours, or any other terms and conditions of employment. This includes a release by the Executive of any claims for wrongful discharge, breach of contract, torts or any other claims in any way related to the Executive's employment with or resignation or termination from the Company, including any claim under any written or oral understandings relating to employment.

  

 

  

 

The Company releases Executive and his assigns, agents, and heirs from further obligation under the Employment Agreement and shall indemnify executive against liability for acts or omissions taken in good faith in the course of his employment to the extent permitted by law and under the Company’s bylaws. This release does not release either the Executive or the Company from any obligations due to the Company or the Executive under this Agreement. This Agreement is not an admission by either the Executive or the Company of any wrongdoing or liability.

	
4.  

	
Non-Disparagement. The Executive agrees not to make any oral or written statements or otherwise take any action that is intended or may reasonably be expected to disparage the reputation, business, prospects or operations of the Company, its affiliates, officers, directors, stockholders or employees or any persons related to the fore going and the Company agrees that it will not, and will use all reasonable efforts to cause its affiliates, officers directors, stockholders and employees not to, make any oral or written statements or otherwise take any action that is intended or may reasonably be expected to disparage the reputation of Executive.

	
5.  

	
Confidentiality. The Executive agrees that the Executive will keep confidential all information and trade secrets of the Company or any of its subsidiaries or affiliates and will not disclose such information to any person without prior approval of the Board of Directors of the Company or use such information for any purpose. It is understood that for purposes of this Agreement the term “confidential information” is to be construed broadly to include all material nonpublic or proprietary information. The Executive shall promptly return any documents, records, data, books or materials of the Company or its subsidiaries or affiliates in his possession or control and any of his work papers containing confidential information or trade secrets of the Company or its subsidiaries or affiliates.

	
6.  

	
Cooperation; Reimbursement. The Executive shall, at the request of the Company, reasonably assist and cooperate with the Company in the defense and/or investigation of any third party claim or any investigation or proceeding, whether actual or threatened, including, without limitation, participating as a witness in any litigation, arbitration, hearing or other proceeding between the Company and a third party or any government body. The Company shall reimburse the Executive for all reasonable expenses incurred by him in connection with such assistance including, without limitation, travel expenses.

	
7.  

	
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, without reference to the principles of conflict of laws.

 

	
8.  

	
Complete Agreement. This Agreement represents the complete agreement among the parties concerning the subject matter in this Agreement and supersedes all prior agreements or understandings, written or oral, including the Employment Agreement. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.

 

	
9.  

	
Voluntary Agreement. This Agreement has been entered into voluntarily and not as a result of coercion, duress, or undue influence. The Executive acknowledges that the Executive has read and fully understands the terms of this Agreement and has been advised to consult with an attorney before executing this Agreement.

 

  

2

  

 

	
10.  

	
Successors and Assigns. The Company will require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, of all, or substantially all, of the business and/or assets of the Company to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if such succession or assignment had not taken place. This Agreement shall inure to the benefit of and be binding on the Executive’s personal and legal representatives, executors, administrators, successors, heirs, distribute devisees and legatees.

The parties to this Agreement have executed this Agreement as of the day and year first written above.

	
FORCE ENERGY CORP.

 

 

By: /s/ Tim DeHerrera

Name: Tim DeHerrera

Title:

 

	
EXECUTIVE

 

 

/s/ Michael Mathot

Name: Michael Mathot

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