Document:

Unassociated Document

    AMENDMENT
4 TO JOINT EXPLORATION AGREEMENT

    

    This Fourth Amendment (“Fourth
Amendment”) to that certain Joint Exploration Agreement (“JEA”) dated March 30,
2008 by and between MorMeg, LLC, a Kansas limited liability company, referred to
herein as “MorMeg,” and EnerJex Resources, Inc., a Nevada corporation, referred
to herein as ”EnerJex” is effective as of July 14, 2009. MorMeg and EnerJex are
jointly referred to herein as “the parties”.

    

    Recitals

    

    A.          Pursuant
to Section C and D1 of the JEA, EnerJex was to provide $4,000,000 in funding
toward the development of Black Oaks (the “Minimum Funding”);

    

    B.           Pursuant
to Section D.5. of the JEA, following the Minimum Funding, EnerJex was required
to, within a reasonable length of time, secure and contribute additional funding
so as not to cause more than thirty (30) days delay of project activities due to
lack of funding to develop Black Oaks;

    

    C.           Pursuant
to Section D.6, of the JEA, as amended, EnerJex was granted a nine (9) month
option to elect to participate in the Nickel Town prospect;

    

    D.           On
or about July 3, 2008, EnerJex entered a new three-year $50 million senior
secured credit facility with Texas Capital Bank, N. A. (the “Credit Facility”);
and

    

    E.           MorMeg
and EnerJex desire to amend the JEA.

    

    NOW, THEREFORE, for and in
consideration of the foregoing, and of the mutual covenants, agreements,
undertakings, representations and warranties contained herein, the parties
hereto agree as follows:

    

    
      	
               
      

            	
              1.

            	
              Section
      D5 of the JEA is hereby amended and restated in its entirety as
      follows:

            

    

    

    5.  Notwithstanding
anything to the contrary herein or elsewhere, EnerJex will have until December
31, 2009 (the “Additional Capital Deadline”) to contribute additional capital
towards the development of Black Oaks, and within a reasonable length of time
thereafter, secure and contribute additional funding so as not to cause more
than thirty (30) days delay of project activities due to lack of funding to
complete the project. In the event EnerJex is not successful in obtaining
additional funding, or all funding, to complete the Black Oaks development
described in Section 6, MorMeg may cancel and declare the JEA of no force and
effect from the point of cancellation forward. In the event of cancellation of
the JEA by MorMeg, the following procedure and formula will be used to
distribute the ownership and pay the debts of the project.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              A.

            	
              The
      project revenues from whatever source will be used to repay all debt
      associated with the project, including without limitation any loan or debt
      incurred by EnerJex to obtain funding for the Black Oaks
      Project.

            

    

    

    
      	
               
      

            	
              B.

            	
              When
      the project debt is paid, the working interest of the individual leases
      within the Black Oaks block will be assigned to EnerJex in the undivided
      interest that the total EnerJex investment bears to the total of that
      investment plus the pre-project commencement value stated in paragraph 2
      of the Recitals, with the remaining undivided interest (which shall not be
      a carried interest) being assigned to MorMeg. The parties agree to
      reassign working interest if necessary to redistribute the working
      interest according to the above
formula.

            

    

    

    
      	
               
      

            	
              2.

            	
              Section
      D.6 of the JEA is hereby amended and restated in its entirety as
      follows:

            

    

    

    6. It is
agreed that all the joint exploration activities and resources will be dedicated
to the Black Oaks project until the completion of all activities in Exhibit
“B.”

    

    
      	
               
      

            	
              3.

            	
              Any
      provision of the JEA, or its amendments expressly granting EnerJex an
      option to participate in the Nickel Town prospect is hereby deleted, and
      any reference to any option regarding the Nickel Town leases is of no
      force or effect by mutual agreement of the
  parties.

            

    

    

    
      	
               
      

            	
              4.

            	
              In
      the event of a conflict between this Fourth Amendment and the JEA and any
      amendments thereto, this Fourth Amendment shall prevail to the extent of
      such conflict.

            

    

    

    
      	
               
      

            	
              5.

            	
              This
      Fourth Amendment shall be of no force and effect upon a material default
      by EnerJex under the Credit
Facility.

            

    

     

    
      	
               
      

            	
              6.

            	
              Other
      than as specifically provided in this Fourth Amendment, all other
      provisions of the JEA shall remain in full force and
      effect.  This Fourth Amendment constituting the sole and entire
      agreement between the parties as to the matters contained herein, and
      supersedes any and all conversations, letters and other communications
      which may have been disseminated by the parties relating to the subject
      matter hereof, all of which are void and of no
  effect.

            

    

    

    
      	
               
      

            	
              7.

            	
              Any
      capitalized terms not defined herein have the meaning set forth in the
      JEA.

            

    

    

    
      	
               
      

            	
              8.

            	
              This
      Fourth Amendment may be executed in any number of counterparts, all of
      which taken together shall constitute one and the same instrument, and the
      parties hereto may execute this Fourth Amendment by signing any such
      counterpart.

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              9.

            	
              The
      parties hereby agree to take or cause to be taken such action, and to do
      and perform all such other acts and things as are necessary, advisable or
      appropriate to carry out the intent and terms of this Fourth
      Amendment

            

    

    

    IN
WITNESS WHEREOF, the parties have executed this Fourth Amendment as of the date
first above written.

    

    MorMeg:

    

    
      
        
          
            
              
                	
                        MORMEG,
      LLC, a Kansas limited liability company

                      
	 
      	 
	
                        By:

                      	/s/
      Mark Haas	  
      
	
                        Name:
      Mark Haas

                      	 
	
                        Title:
      Managing Member

                      	 

              

            

          

        

      

    

    

    EnerJex:

    

    EnerJex Resources, Inc., a Nevada
corporation

    

    
      
        
          
            	
                    By:

                  	
                    /s/ C.
      Stephen Cochennet

                  
	
                    Name:
      C. Stephen Cochennet

                  
	
                    Title:
      Chief Executive
Officer

                  

          

        

      

    

     

    
      
         

      

      
        3EXHIBIT
10.1

     

    SIGNPATH
PHARMA INC.

    1375
California Road

    Quakertown,
PA  18951

    (215)
538-9996

    

    July 12,
2010

    

    Jack
Levine

    16855 NE
2nd
Avenue

    North
Miami Beach, FL  33162

    

    Re:        Director Offer
Letter

    

    Dear Mr.
Jack Levine:

    

    SignPath
Pharma Inc., a Delaware corporation (the “Company”), is pleased to offer you an
independent director position on its Board of Directors (the
“Board”).  We are all very impressed with your credentials and we look
forward to your future success in this role.

    

    Should
you choose to accept this position as a member of the Board, this letter
(“Agreement”) shall constitute an agreement between you and the Company and
contains all the terms and conditions relating to the services you are to
provide.

    

    1.           Term.  This agreement
shall be for the ensuing year, effective as of the date of this
Agreement.  Your term as director shall continue subject to the
provisions in Section 8 below or until your successor is duly elected and
qualified.  The position shall be up for re-election each year at the
annual shareholder’s meeting and upon re-election, the terms and provisions of
this Agreement shall remain in full force and effect.

    

    2.           Services.  You shall render
services as a member of the Board, as well as a member of any or all of the
Board’s audit committee, compensation committee and/or nominating committee when
they are formed (hereinafter your “Duties”). During the term of this Agreement,
you shall attend and participate in such number of meetings of the Board and of
the committee(s) of which you are a member as regularly or specially called. You
may attend and participate at each such meeting, via teleconference, video
conference or in person. You shall consult with the other members of the Board
and committee(s) regularly and as necessary via telephone, electronic mail or
other forms of correspondence.

    

    3.           Services
for Others.  You shall be free
to represent or perform services for other persons during the term of this
Agreement.  However, you agree that you do not presently perform and
do not intend to perform, during the term of this Agreement, similar Duties,
consulting or other services for companies whose businesses are or would be, in
any way (directly or indirectly, competitive with the Company (except for
companies previously disclosed by you to the Company in
writing).  Should you propose to perform similar Duties, consulting or
other services for any such company, you agree to notify the Company in writing
in advance (specifying the name of the organization for whom you propose to
perform such services) and to provide information to the Company sufficient to
allow it to determine if the performance of such services would conflict with
areas of interest to the Company.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    4.           Compensation
to Independent Directors.  You shall receive
no cash compensation for your services prior to the Company’s receipt of any
significant revenues from operations.  You shall be reimbursed for
reasonable expenses incurred by you in connection with the performance of your
Duties (including travel expenses for in-person meetings).  Your sole
compensation as an independent director shall be a grant on the date of your
acceptance of this Agreement of a non-qualified stock option to purchase [100,000] shares of Common
Stock of the Company at $0.85 per share under the Company’s 2009 Employee Stock
Incentive Plan (the “2009 Plan”).  This option shall vest in three
equal installments on each of the first three anniversary dates of the date of
grant and shall be exercisable for ten (10) years from the date of
grant.

    

    5.           D&O
Insurance Policy.
During the term under this Agreement, the Company shall include you as an
insured under any officers and directors insurance policy, which the Company
intends to obtain when it has the funds.

    

    6.           No
Assignment.  Because of the
personal nature of the services to be rendered by you, this agreement may not be
assigned by you without the prior written consent of the Company.

     

    7.          
Confidential
Information; Non-Disclosure.  In consideration
of your access to the premises of the Company and/or you access to certain
Confidential Information of the Company, in connection with your business
relationship with the Company, you hereby represent and agree as
follows:

    

    a.           Definition.  For purposes of
this agreement the term “Confidential Information” means:

    

    i.           Any
information which the Company possesses that has been created, discovered or
developed by or for the Company, and which has or could have commercial value or
utility in the business in which the Company is engaged; or

    

    ii.          Any
information which is related to the business of the Company and is generally not
known by non-Company personnel.

    

    iii.         By
way of illustration, but not limitation, Confidential Information includes trade
secrets and any information concerning products, processes, formulas, designs,
inventions (whether or not patentable or registrable under copyright or similar
laws, and whether or not reduced to practice), discoveries, concepts, ideas,
improvements, techniques, methods, research, development and test results,
specifications, data, know-how, software, formats, marketing plans, and
analyses, business plans and analyses, strategies, forecasts, customer and
supplier identities, characteristics and agreements.

    

    b.           Exclusions.  Notwithstanding
the foregoing, the term Confidential Information shall not include:

    

    i.           Any
information which becomes generally available to the public other than as a
result of a breach of the confidentiality portions of this agreement, or any
other agreement requiring confidentiality between the Company and
you;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
ii.           Information
received from a third party in rightful possession of such information who is
not restricted from disclosing such information; and

    

    iii.         Information
known by you prior to receipt of such information from the Company, which prior
knowledge can be documented.

    

    c.           Documents. You agree that, without the
express written consent of the Company, you will not remove from the Company's
premises, any notes, formulas, programs, data, records, machines or any other
documents or items which in any manner contain or constitute Confidential
Information, nor will you make reproductions or copies of same.  In
the event you receive any such documents or items by personal delivery from any
duly designated or authorized personnel of the Company, you shall be deemed to
have received the express written consent of the Company.  In the
event that you receive any such documents or items, other than through personal
delivery as described in the preceding sentence, you agree to inform the Company
promptly of your possession of such documents or items.  You shall
promptly return any such documents or items, along with any reproductions or
copies to the Company upon the Company's demand, upon termination of this
Agreement, or upon your termination or Resignation, as defined in Section 8
herein.

    

    d.           No
Disclosure.  You agree that
you will hold in trust and confidence all Confidential Information and will not
disclose to others, directly or indirectly, any Confidential Information or
anything relating to such information without the prior written consent of the
Company, except as maybe necessary in the course of your business relationship
with the Company.  You further agree that you will not use any
Confidential Information without the prior written consent of the Company,
except as may be necessary in the course of your business relationship with the
Company, and that the provisions of this paragraph (d) shall survive termination
of this Agreement.

     

    8.           Termination
and Resignation.  Your membership
on the Company’s Board may be terminated for any or no reason at a meeting
called for the purpose of the election of directors by a vote of the
stockholders holding at least a majority of the shares of the Company’s issued
and outstanding shares entitled to vote. Your membership on a Board committee
may be terminated for any or no reason at any meeting of the Board by or by
written consent of, a majority of the Board at any time. You may also terminate
your membership on the Board or on a committee for any or no reason by
delivering your written notice of resignation to the Company (“Resignation”),
and such Resignation shall be effective upon the time specified therein or, if
no time is specified, upon receipt of the notice of resignation by the Company.
Upon the effective date of the termination or Resignation, your right to
compensation hereunder will terminate subject to the Company's obligations to
pay you any cash compensation (or equivalent value in Company common stock or
option shares) that you have already earned and to reimburse you for approved
expenses already incurred in connection with your performance of your Duties as
of the effective date of such termination or Resignation.

    

    9.           Governing
Law.  All questions
with respect to the construction and/or enforcement of this agreement, and the
rights and obligations of the parties hereunder, shall be determined in
accordance with the law of the State of Delaware.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    10.        
Entire
Agreement; Amendment; Waiver; Counterparts.  This agreement
expresses the entire understanding with respect to the subject matter hereof and
supersedes and terminates any prior oral or written agreements with respect to
the subject matter hereof.  Any term of this agreement may be amended
and observance of any term of this agreement may be waived only with the written
consent of the parties hereto.  Waiver of any term or condition of
this agreement by any party shall not be construed as a waiver of any subsequent
breach or failure of the same term or condition or waiver of any other term or
condition of this agreement.  The failure of any party at any time to
require performance by any other party of any provision of this agreement shall
not affect the right of any such party to require future performance of such
provision or any other provision of agreement.  This agreement may be
executed in separate counterparts each of which will be an original and all of
which taken together will constitute one and the same agreement, and may be
executed using facsimiles of signatures, and a facsimile of a signature shall be
deemed to be the same, and equally enforceable, as an original of such
signature.

    

    The
Agreement has been executed and delivered by the undersigned and is made
effective as of the date set first set forth above.

    

    

    
      	 	
              Sincerely,

            
	 	 
      
	 	
              SIGNPATH
      PHARMA INC.

            
	 	 
      
	 	 
      
	
              By:   
      

            	
              /s/
      Lawrence
      Helson                     

            
	 	
              Dr.
      Lawrence Helson

            
	 	
              Chief
      Executive Officer

            
	 	 
      
	 	 
      
	 	 
      
	 	
              AGREED
      AND ACCEPTED:

            
	 	 
      
	 	 
      
	 	
              /s/
      Jack
      Levine                               
      

            
	 	
              Jack
      Levine

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