Document:

ex10-2.htm

RE-ORGANIZATION AGREEMENT

THIS RE-ORGANIZATION AGREEMENT (the “Agreement”) is effective as of January 12, 2010.

BETWEEN:

Shawn Englmann (“Englmann”)

24442 – 112th Avenue,

Maple Ridge, BC, V3E 1H5

AND

Belvedere Resources Corporation (the “Company”)

24442 – 112th Avenue,

Maple Ridge, BC, V3E 1H5

WHEREAS:

	
A.  
	
Englmann is the sole officer and director and a majority shareholder of the Company;

	
B.  
	
The Company and Englmann are aware of a pending acquisition of 60,000,000 shares of the Company’s common stock by a third party (the “Acquisition”);

	
C.  
	
The Acquisition will result in a change of control of the Company and it is expected that a re-organization, including a 10 for 1 reverse split, will occur shortly after the Acquisition (the “Re-Organization”); and

	
D.  
	
Englmann has agreed to various conditions, including his resignation as a director and officer of the Company, in order to effect the Re-Organization and expected reverse merger transaction.

 

1

 

NOW THEREFORE the parties hereby agree as follows:

1. Reverse Split

1.1 The Company anticipates a consolidation of the Company’s common stock, but will not effect a consolidation, or reverse split, at any ratio in excess of 10 to 1 (the “Consolidation”) for a period
of one year following the Effective Date.

2. Lockup

 

2.1 Englmann hereby agrees that he will not, directly or indirectly for a period of 12 months from the Effective Date (the “Term”), offer or sell more than 10,000 post-split shares of the Company’s
common stock, including shares of the Company’s common stock acquired through exercise of the Option, on any given day through a brokerage on any public market, including the OTC Bulletin Board. The amount of shares available for sale on any given day is not cumulative and under no circumstance may Englmann sell more than 10,000 shares of the Company’s common stock on any given day during the Term through the facilities of a broker.  Further, Englmann will provide the Company at least one
hour of notice prior to placing any offer of shares of the Company’s common stock.

 

2.2 Englmann is allowed to offer or sell or otherwise dispose of or transfer any number of shares of the Company’s common stock in his possession during the Term in a private transaction as long as the transferee provides written agreement that he or she or it will
be bound by the terms of this Agreement.

 

2.3 Englmann agrees to provide, upon request from the Company, online access to the records of any brokerage account through which he holds, has sold or acquired shares of the Company.    Further, Englmann agrees to provide monthly statements to the Company
for all brokerage accounts in which he has deposited stock of the Company.

3. Option

 

3.1 Englmann is granted an option to acquire 450,000 post-split shares of the Company’s common stock, at $0.00001 per share for a period of 6 months from the date of this Agreement (the “Option”) pursuant
to the terms of the Option Agreement attached hereto as Exhibit “A”.

 

4. Registration Rights

4.1 The Company agrees that up to 450,000 post-split shares of the Company’s common stock (or such greater number of shares as may be provided for after giving effect to non-dilution provisions under the terms of the Option) held by Englmann shall be registered for
re-sale with the US Securities and Exchange Commission within 6 months of the date of this Agreement.

4.2 Notwithstanding Section 4.1 herein, a maximum of 450,000 post-split shares of the Company’s common stock (or such greater number of shares as may be provided for after giving effect to non-dilution provisions under the terms of the Option) held by Englmann are entitled
to “piggyback” registration rights on all registration statements filed by the Company.

 

2

 

5. Shareholder Loan

5.1 Englmann represents that the Company owes him no more than $70,000, forwarded as a shareholder loan which bore no interest and had no repayment terms, as of the date of this Agreement (the “Shareholder Loan”).
The Company shall execute and deliver a promissory note in the form attached hereto as Exhibit “B” (the “Promissory Note”) which shall govern such Shareholder Loan.

5.2 The Shareholder Loan shall continue to accrue no interest and shall be repaid no later than June 30, 2010 (the “Due Date”) after which the Shareholder Loan shall be payable upon demand and shall bear interest at the rate of 1% per month, calculated and payable
monthly in advance from the Due Date until the date of actual payment.

 

6. Resignation

6.1 Englmann agrees to resign as the Company’s officer and director after the anticipated Consolidation is effected and before his resignation will approve the appointment of certain directors and officers as recommended by the purchaser in the Acquisition.  Englmann’s
resignation will be subject to suitable agreements being entered into by key management.

IN WITNESS WHEREOF the parties have executed this agreement as of the day and year first written above.

 

Belvedere Resources Corporation

 

/s/ Shawn Englmann

Per: Authorized Signatory

 

Shawn Englmann

/s/ Shawn Englmann

 

 

3

 

EXHIBIT A

 

Option Agreement

 

THIS OPTION AGREEMENT (the "Option Agreement") is entered into on January 12, 2010.

BETWEEN:

Shawn Englmann (“Optionee”)

24442 – 112th Avenue,

Maple Ridge, BC, V3E 1H5

AND

Belvedere Resources Corporation (the “Company”)

24442 – 112th Avenue,

Maple Ridge, BC, V3E 1H5

 

 

WHEREAS:

 

A. The Company anticipates a consolidation, or reverse split, of its common stock on a basis of 10 to 1 (the “Consolidation”);

 

B. The Company has entered in a Re-Organization Agreement dated January 12, 2010 with the Optionee (the "Re-Organization Agreement"); and

 

C. In accordance with the provisions of the Consulting Agreement, the Company has authorized the grant of options to the Optionee based on shares of the Company’s common stock following the Consolidation.

 

THIS AGREEMENT WITNESSES that the parties have agreed that the terms and conditions of the relationship shall be as follows:

 

1. Grant of Option.  The Company will issue to the Optionee the right and option, to purchase a total of 450,000 post-split shares of the Company’s common stock at a price
of US $0.00001 per share immediately upon the signing of this Option Agreement (the “Options”).

 

Non Dilution Clause.  The Company anticipates that it will issue no more than 61,000,000 post-split shares during the term of this Agreement.  If the Company issues more than 61,000,000 post-split shares, then the Company shall grant to the Optionee
the option to purchase up to 2% of any shares issued in excess of 61,000,000 shares at the same price per share that such shares are being issued at (the “Non Dilution Options”).

 

4

 

2. Term.  The Options and the Non Dilution Options are available for exercise for a term of 12 months following the date of this Option Agreement (the “Term”).

3. Non-transferability.  The Options and the Non Dilution Options shall not be transferable except to the Optionee’s estate, and the Options and the Non Dilution Options may
be exercised during the lifetime of the Optionee, only by the Optionee, or thereafter by its estate. More particularly, but without limiting the generality of the foregoing, the Options and the Non Dilution Options may not be assigned, transferred, pledged or hypothecated in any way, shall not be assignable by operation of law, and shall not be subject to execution, attachment or similar process.

Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Options and the Non Dilution Options contrary to these provisions, and the levy of any execution, attachment or similar process on the Options and the Non Dilution Options, shall be null and void.

4. Optionee.  In consideration of the granting of the Options and the Non Dilution Options, and regardless of whether or not the Options and the Non Dilution Options shall be exercised,
the Optionee will devote the agreed upon time, energy and skill to the service of the Company or one or more of its subsidiaries in accordance with the Management Agreement.

 

5.Method of Exercising Option.

 

Subject to the terms and conditions of this Agreement, the Optionee may exercise the Options and the Non Dilution Options by sending a written notice to the Company, mailed or personally delivered to the Company.  Such notice shall state the election to exercise the Options and the Non Dilution Options and the number of shares in respect
of which it is being exercised, and shall be signed by the Optionee. The notice shall be accompanied by payment of the full exercise price of the shares by certified cheque, bank draft or money order unless the Options and the Non Dilution Options are exercised on a cashless basis. The Company shall issue for the Optionee’s collection, a certificate or certificates representing the shares within 14 days after receiving the notice.  Upon exercising the Options and the Non Dilution Options, the
Optionee may be required by the Company to make certain representations so that the issuance of shares pursuant to the Options and the Non Dilution Options will fall within exemptions from securities regulations.

 

The certificate or certificates for the shares as to which the Options and the Non Dilution Options shall have been exercised shall be registered in the name of the Optionee and shall be delivered as provided above to or on the written order of the Optionee.  All shares that shall be purchased on the exercise of the Options and the Non
Dilution Options as provided in this Agreement shall be fully paid and non-assessable.  The certificates representing any shares issued upon exercise of the Options and the Non Dilution Options may contain a restrictive legend.

 

The Options may be exercised at a price of US $0.00001 per share and the Non Dilution Options may be exercised at the price described above (the “Purchase Price”).

 

6.Changes in Capital Structure.  The amount of shares available for exercise pursuant to this Option Agreement shall remain the same regardless of any changes in capital structure,
including the Consolidation.

 

7.Reservation of Shares to Satisfy Option.  The Company shall at all times during the term of the Options and the Non Dilution Options reserve and keep available such number of common
shares as will be sufficient to satisfy the requirements of this Agreement.

 

 

5

 

8.Representations of the Optionee

(a) The Optionee understands and acknowledges that (a) the Options and the Non Dilution Options are being offered without a prospectus pursuant  to the exemptions from registration found in Regulation S of the  Securities  Act of 1993,  as  amended  (the  "Securities  Act"),
(b) the Optionee has reviewed the confidential business plan of the Company or such other  material  documents  of the Company as the  Optionee  has deemed necessary or  appropriate  for purposes of purchasing the Options and the Non Dilution Options, including this subscription agreement (collectively, the "Offering Documents"); and (c) this transaction has not been  reviewed or  approved by the United  States  Securities  and  Exchange
Commission or by any regulatory authority charged with the administration of the securities laws of any state or foreign country.

 

(b) The Optionee either (i) has a preexisting personal or business  relationship with the Company or its controlling  persons, such as would enable a reasonably prudent Optionee to be aware of the character and  general  business  and  financial  circumstances  of  the  Company  or  its
controlling  persons,  or (ii) by reason of the Optionee's business or financial experience,  individually  or in conjunction  with the  Optionee's  unaffiliated professional advisors who are not compensated by the Company or any affiliate or selling agent of the Company,  directly or indirectly,  is capable of evaluating the  merits  and  risks of an  investment  in the  Options
and the Non Dilution Options,  making  an  informed investment  decision and  protecting  the Optionee's own interests in connection with the transactions contemplated hereby.

(c) The Optionee  understands and has fully  considered for purposes of this investment the risks of this  investment and  understands  that (i) this  investment  is suitable  only for an Optionee  who is able to bear the economic  consequences  of
losing the  Optionee's  entire  investment;  (ii) the Company is a start-up  enterprise with no significant  operating history;  (iii) the purchase of the Options and the Non Dilution Options is a  speculative  investment  which  involves a high degree of risk of loss by the Optionee of the Optionee's entire investment,  and (iv) there are substantial restrictions on the  transferability  of,
and there will be no public market for, the Options and the Non Dilution Options, and  accordingly,  it may not be  possible  for the  Optionee to  liquidate  the Optionee's investment in the Options and the Non Dilution Options.

(d) The Optionee is able (i) to bear the economic risk of this investment, (ii) to hold the Options and the Non Dilution Options for an indefinite period of time, and (iii) to afford a complete loss of the Optionee's investment; and represents that the Optionee has sufficient liquid assets
so that the lack of liquidity associated with this investment will not cause any undue financial difficulties or affect the Optionee's ability to provide for the Optionee's current needs and possible financial contingencies.

(e) The Optionee, in making the Optionee's decision to acquire the Options and the Non Dilution Options, has relied solely upon independent  investigations  made by the Optionee and the  representations and warranties of the Company contained
herein and the  Optionee  has been given (i)  access to all  material  books and records of the Company;  (ii) access to all  material  contracts  and  documents relating to this offering;  and (iii) an opportunity to ask questions of, and to receive  answers  from,  the  appropriate  executive  officers and other persons acting  on  behalf  of
the  Company  concerning  the  Company  and the terms and conditions of this offering,  and to obtain any additional  information,  to the extent  such  persons  possess  such  information  or  can  acquire  it  without unreasonable  effort  or  expense,  necessary  to  verify  the  accuracy  of
the information.  The Optionee acknowledges that no valid  request to the Company by the  Optionee  for  information  of any kind about  the  Company  has been  refused  or  denied  by the  Company  or  remains unfulfilled as of the date thereof.

(f) The Optionee has carefully considered this Option Agreement. In evaluating the suitability of an investment in the Company, the Optionee has not relied upon any representations or other information (whether oral or written) other than as set forth in this agreement or as contained in any documents or answers to questions furnished by the Company.

 

6

 

(g) All of the information set forth on the cover page of this Agreement indicated as applicable to the Optionee, is true and correct in all respects.

(h)  The Options and the Non Dilution Options are being acquired by the Optionee solely for the Optionee's own personal  account,  for investment  purposes only, and not with a view to,  or in  connection  with,  any  resale  or  distribution
thereof; the Optionee has no contract, undertaking,  understanding, agreement or arrangement,  formal or informal, with any person to sell, transfer or pledge to any  person the Options and the Non Dilution Options for which the  Optionee  hereby  subscribes,  or any part thereof, any interest  therein or any rights  thereto;  the Optionee has no present  plans to enter into any such contract,  undertaking,  agreement
or  arrangement;  and the Optionee understands the legal consequences of the foregoing representations and warranties  to mean  that  the  Optionee  must  bear  the  economic  risk of the investment  for an  indefinite  period of time  because the Options and the Non Dilution Options have not been registered  under the Securities Act and applicable  state  securities
laws and, therefore,  cannot be sold unless  they are  subsequently  registered  under the Securities Act and applicable  state  securities  laws (which the Company is not obligated, and has no current intention, to do) or unless an exemption from such registration is available.

(i) The Optionee has not engaged any broker, dealer, finder, commission agent or other similar person in connection with the offer, offer for sale, or sale of the Options and the Non Dilution Options and is not under any obligation to pay any broker's fee or commission in
connection with the Optionee's investment.

 

9.Counterparts.  This Agreement may be signed in counterparts, each of which so signed shall be deemed to be an original (and each signed copy sent by electronic facsimile transmission
shall be deemed to be an original), and such counterparts together shall constitute one and the same instrument and notwithstanding the date of execution, shall be deemed to bear the date as set forth above.

 

IN WITNESS WHEREOF this Agreement has been executed by the parties to it, as of the day, month and year first written above:

	
BELVEDERE RESOURCES CORPORATION

 

Per: /s/ Shawn Englmann

Authorized Signatory
	
 

 

/s/ Shawn Englmann

Shawn Englmann

 

 

 

7

 

 

EXHIBIT “B”

PROMISSORY NOTE

$70,000 January 12, 2010

TO: Shawn Englmann

FOR VALUE RECEIVED, the undersigned, Belvedere Resources Corporation (the "Borrower"), of 24442 - 112th Avenue, Maple Ridge, British Columbia, V3E 1H5 HEREBY PROMISES TO PAY ON OR BEFORE JUNE 30, 2010 to the order of Shawn Englmann (the
"Lender") at 24442 - 112TH Avenue, Maple Ridge, British Columbia V3E 1H5, the principal sum of $70,000 OR such other amount as may be specified on Exhibit “I” hereto as the principal amount then due and outstanding after giving effect to further advances to or repayments by the Borrower (the “Principal Amount”).  The Principal Amount shall not accrue any interest until June 30, 2010.  If the Principal Amount is
not repaid by June 30, 2010, it shall accrue interest at the rate of 1% per month calculated and payable monthly in arrears until all amounts due under this Promissory Note have been repaid.  Interest as aforesaid shall accrue and be payable both before and after demand, before and after default and before and after judgment.

Presentment, protest, notice of protest and notice of dishonor are hereby waived.  Defenses based on and all indulgences and forebearances which may be granted by the holder to any party liable hereon are hereby waived.  Interest shall be computed on the basis of a year of 365 days and the actual number of days elapsed.  Should
interest not be paid when due, it shall thereafter bear interest at the same rate as for principal.

The Principal or any portion thereof may be repaid at any time without notice or bonus and the Lender shall cause such repayment to be duly noted on Exhibit “I” hereto.  If the Principal Amount owing pursuant hereto is repaid in part, the Borrower shall, upon delivery to it of this note, or a note substituted for the note, for
cancellation, issue a promissory note in like form representing the amount of principal then outstanding.

 

	
SIGNED, SEALED AND DELIVERED by Belvedere Resources Corporation:

 

/s/ Shawn Englmann                                                      
	
 
	
 

 

Belvedere Resources Corporation

	
in the presence of:
	
Per: /s/ Shawn Englmann

	 	
(Signature)

	
Name of Witness
	 
	 	 
	
Address of Witness
	  
	 	 
	Occupation of Witness	 

 

 

8

 

EXHIBIT “I” TO PROMISSORY NOTE MADE BY 

Belvedere Resources Corporation ("BORROWER") IN FAVOUR OF Shawn Englmann ("LENDER")

AND DATED January 12, 2010

Advances and Repayments of Principal

	
DATE
	
PRINCIPAL  (OPENING)
	
ADVANCES
	
REPAYMENTS
	
PRINCIPAL  (CLOSING)
	
DESCRIPTION
	
AUTHORIZED SIGNATURE OF BORROWER/ LENDER

	
January 12, 2010
	
$
	
$
	
nil
	  	
Initial Principal Amount
	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  

9ex10-1.htm

    Exhibit 10.1

    AMENDED AND RESTATED LOAN
AGREEMENT

    

    

    THIS AGREEMENT made the 18th
day of January, 2010

    

    

    BETWEEN:

    

    JAMES ASKEW, of 6417 Mercer,
Houston, Texas, 77005; and

    

    
      	
               
      

            	
              (the
      “Lender” or “Holder”)

            

    

    

     OF
THE FIRST PART

    

    
      	
              AND:

            

    

    GULF UNITED ENERGY, INC., a
public company incorporated pursuant to the laws of Nevada.

    

    
      	
               
      

            	
              (“Gulf
      United”, “Maker” or “Borrower”)

            

    

    

     OF
THE SECOND PART

    

    WHEREAS:

    

    
      	
              A.

            	
              The
      Maker issued that certain Loan Agreement, dated April 10th
      2007 in favor of Lender for a total of US$1,388,985.00 (the “Original
      Loan”) pursuant to that certain letter of intent dated March 22, 2006 by
      and between Gulf United and Cia. Mexicana de Gas Natural, S.A. de C.V.
      (the “Letter of Intent”) and subsequently pursuant to the related Joint
      Venture Agreement dated July 15,
2007;

            

    

    

    
      	
              B.

            	
              The
      Lender and Maker wish to amend the Original Loan on the certain terms and
      conditions contained herein;

            

    

    

    NOW THEREFORE THIS AGREEMENT
WITNESSETH that for and in consideration of the set forth herein, and
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

    

    1.           The
Original Loan is hereby amended and restated in it entirety.

    

    2.           The
Lender has advanced/loaned as of November 30, 2009 total principal and interest
of $2,207,729 to Gulf United (the “Loan”).  In addition, the Loan
shall include any additional funds that the Lender has advanced, or may advance
to Gulf United, or on its behalf, in the future, subject to Gulf United’s
consent.

    

    3.           The
Loan shall bear simple interest at a rate of 10% per annum, calculated in
arrears on a monthly basis commencing as of September 1, 2007 and for each
additional advance on the date that such advance is made to Gulf United and
continuing until the entire Loan amount is paid in full.  The Loan
shall be secured by Gulf United’s equity interest in the Project Companies, as
defined in the Joint Venture Agreement. In the event of a default hereunder by
Gulf United, such equity interest held by Gulf United in the Project Companies,
as defined in the Joint Venture Agreement, shall immediately be assigned to
Lender at Lender’s sole discretion.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4.           The
Loan, as well as all accrued interest, shall be due and payable from Gulf United
to the Lender on January 31, 2010.  Gulf United shall not be penalized
for early repayment.

    

    5.           At
any time, Gulf United may satisfy the repayment of the Loan and all interest
accrued hereunder by transferring by way of bill of sale all of its rights,
title and interest in the joint venture companies to the Lender.

    

    6.           All
funds and dollar amounts referred to in this Agreement are in the lawful
currency of the United States of America.

    

    7.           Lender
hereby waives any and all breaches or defaults on the Original Loan, including
any late fees.

    

    8.           This
Agreement shall be interpreted in accordance with the laws in effect from time
to time in the State of Texas.

    

    IN WITNESS WHEREOF the parties
hereto have hereunto affixed their respective hands, both as of the day and year
first above written.

    

    
      	 
      	 
      
	 
      	
              GULF
      UNITED ENERGY, INC.

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:  /S/ DON W.WILSON

            
	 
      	 
      
	
              /S/ JAMES
      ASKEW

            	
              Name:  Don Wilson

            
	
              James
      Askew

            	      
              Title:  Chief
      Executive Officer

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