Document:

EX-10.27

 Exhibit 10.27 
 FireEye, Inc. 
 Change of Control Severance Policy for Officers

 (adopted and effective July 30, 2013) 
 This Change of Control Severance Policy for Officers (the “Policy”) is an “employee welfare benefit plan,” as defined in Section 3(1) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”). This document constitutes both the written instrument under which the Policy is maintained and the required summary plan description for the Policy. 

Eligible Employee: With respect to the Change of Control Severance Benefits described in the following section, you are an eligible employee under
this Policy (an “Eligible Employee”) if, as of immediately prior to the beginning of the Change of Control Period (as defined below) of FireEye, Inc. (the “Company”), (1) you are an employee at the Vice
President or Senior Vice President level at grade 13 or above; and (2) you and the Company have executed a Participation Agreement (as defined below). 
 With respect to Severance Benefits Outside of the Change of Control Period described below, you are an Eligible Employee if, on the date that the Company terminates your employment other than for Cause,
death or disability outside of the Change of Control Period (as defined below), (1) you are an employee at the Vice President or Senior Vice President level at grade 13 or above; and (2) you and the Company have executed a Participation
Agreement. 
 Change of Control Severance Benefits: If you are an Eligible Employee for Change of Control Severance Benefits (as
specified above), you will be eligible for severance benefits under this Policy if: (1) during the Change of Control Period, (2) your employment terminates as a result of an Involuntary Termination (a “COC Qualified
Termination”). If, and only if, you are such an Eligible Employee and your employment terminates as a result of a COC Qualified Termination, you will be eligible to receive the applicable Equity Vesting, Cash Severance and COBRA Benefit
described herein. All severance benefits under this Policy shall be subject to your compliance with the Release Requirement (as defined below). 
 Equity Vesting: Upon a COC Qualified Termination, subject to the Release Requirement, 100% of the then-unvested shares subject to each of your then-outstanding equity awards shall immediately vest
and, in the case of options and stock appreciation rights, shall become exercisable (for avoidance of doubt, no more than 100% of the shares subject to the outstanding portion of an equity award may vest and, with respect to an option or stock
appreciation right, become exercisable pursuant to this provision). For purposes of this paragraph, unvested performance-based awards will vest at the maximum level of achievement. Subject to any payment delay necessary to comply with
Section 409A (as defined below), any restricted stock units, performance shares and/or performance units that vest under this paragraph will be settled on the 61st day following your Qualified Termination. 

Cash Severance: Upon a COC Qualified Termination, subject to the Release Requirement, you will receive a
lump-sum severance payment equal to (A) the pro-rata portion of your target bonus based on the number of days you had been employed with the Company (or its successor) during the fiscal year of the Qualified Termination (the “Pro-Rated
Bonus”), plus (B) an amount of your Base Salary that would be paid for a period of twelve (12) months. Subject to any payment delay necessary to comply with Section 409A (as defined below), your severance payment will be paid
in cash and in full on the 61st day following your
Qualified Termination. If you die before all amounts have been paid, such unpaid amounts will be paid to your designated beneficiary, if living, or otherwise to your personal representative in a lump-sum payment (less any withholding taxes) as soon
as possible following your death. 

 COBRA Benefit: Upon a COC Qualified Termination, subject to the
Release Requirement, if you make a valid election under COBRA (as defined below) to continue your health coverage, the Company will for 12 months pay the cost of such continuation coverage for you and any eligible spouse or dependents that were
covered under the Company’s health care plans immediately prior to the date of your eligible termination (“COBRA Benefit”). Notwithstanding the preceding, if the Company determines in its sole discretion that it cannot provide
COBRA Benefit without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will instead provide you a taxable lump-sum payment in an amount equal to 12 months of the
COBRA Benefit multiplied by the monthly COBRA premium that you would be required to pay to continue your group health coverage in effect on the date of termination of employment (which amount will be based on the premium for the first month
of COBRA coverage). If the Company provides for a taxable cash payment in lieu of the COBRA Benefit, then such cash payment will be made regardless of whether you elect COBRA continuation coverage and such payment shall be made in full on the
61st day following your termination of employment, subject
to the Release Requirement and the Section 409A paragraph. 
 Severance Benefits Outside of the Change of Control Period: If you are
an Eligible Employee for Severance Benefits Outside of the Change of Control Period (as specified above), you will be eligible for severance benefits under this paragraph if (1) outside of the Change of Control Period, (2) the Company
terminates your employment other than Cause, death or disability (a “Non-COC Qualified Termination”). If, and only if, you are such an Eligible Employee and your employment terminates as a result of a Non-COC Qualified Termination,
then (x) for a Section 16 Officer (as defined below), you will be eligible to receive the Cash Severance and COBRA Benefit described above, except that the Cash Severance will not include the Pro-Rated Bonus; and (y) for an Eligible
Employee other than a Section 16 Officer, you will be eligible to receive fifty percent (50%) of the Cash Severance and six (6) months of the COBRA Benefit described above, except that the Cash Severance will not include the Pro-Rated
Bonus. For the avoidance of doubt, there shall be no Equity Vesting as a result of a Non-COC Qualified Termination. All severance benefits under this paragraph shall be subject to your compliance with the Release Requirement. 

Release: The receipt of any severance payments or benefits pursuant to this Policy is subject to your signing and not revoking the Company’s
then-standard separation agreement and release of claims (the “Release” and such requirement, the “Release Requirement”), which must become effective and irrevocable no later than the sixtieth (60th) day
following your Qualified Termination (the “Release Deadline”). If the Release does not become effective and irrevocable by the Release Deadline, you will forfeit any right to severance payments or benefits under this Policy. In no
event will severance payments or benefits be paid or provided until the Policy until the Release actually becomes effective and irrevocable. 

For purposes of this Policy, the following terms shall have the following meanings: 
 “Base Salary” means your annual base salary as in effect immediately prior to your Qualified Termination date or, if greater, at the level in effect immediately prior to the Change of
Control. 
 “Board” means the Board of Directors of the Company. 
 “Cause” means (a) your unauthorized use or disclosure of the Company’s confidential information or trade secrets, which use or disclosure causes material harm to the Company;
(b) your material breach of any material agreement between you and the Company; (c) your material failure to comply with the Company’s material written policies or rules; (d) your conviction of, or plea of “guilty”
or “no contest” to, a felony under the laws of the United States or any state thereof; (e) your gross negligence or willful misconduct in the performance of your duties; (f) your continuing failure to perform assigned duties
after 

 
receiving written notification of the failure from the Chief Executive Officer; or (g) your failure to cooperate in good faith with a governmental or internal investigation of the Company or
its directors, officers or employees, if the Company has requested your cooperation; provided, however, that “Cause” will not be deemed to exist in the event of subsections (b), (c) or (f) above unless you have been
provided with (i) 30 days’ written notice by the Board of the act or omission constituting “Cause” and (ii) 30 days’ opportunity to cure such act or omission, if capable of cure. 

“Change of Control” means the occurrence of any of the following events: 

A. Change in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or
more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the
stock of the Company; provided, however, that the acquisition of additional stock by any one Person who is considered to own more than fifty percent (50%) of the total voting power of the stock of the Company will not be considered a Change of
Control; or 
 B. Change in Effective Control of the Company. If the Company has a class of securities registered
pursuant to Section 12 of the Exchange Act, a change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any 12 month period by directors whose appointment or election is
not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this clause (B), if any Person is considered to be in effective control of the Company, the acquisition of additional
control of the Company by the same Person will not be considered a Change of Control; or 
 C. Change in Ownership of a
Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the 12 month period ending on the date
of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such
acquisition or acquisitions; provided, however, that for purposes of this subsection, the following will not constitute a change in the ownership of a substantial portion of the Company’s assets: (i) a transfer to an entity that is
controlled by the Company’s stockholders immediately after the transfer, or (ii) a transfer of assets by the Company to: (a) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the
Company’s stock, (b) an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (c) a Person, that owns, directly or indirectly, fifty percent
(50%) or more of the total value or voting power of all the outstanding stock of the Company, or (d) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person.

 Notwithstanding the foregoing, a transaction will not be deemed a Change of Control unless the transaction qualifies as a
change in control event within the meaning of Section 409A (as defined below). 
 “Change of Control Period” means the
period three (3) months prior to, and twelve (12) months following, a Change of Control. 
 “COBRA” means the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 
 “Effective Date” means July 30, 2013. 

 “Good Reason” means your resignation after one of the following conditions has come into
existence without your consent: (a) a material reduction in your duties, authority, reporting relationship, or responsibilities (for illustrative purposes, (x) for an Eligible Employee that is or had been the Chief Executive Officer of the
Company, not reporting to the board of directors of the ultimate parent company shall be considered a material reduction in reporting relationship, (y) for Eligible Employees (other than the Chief Executive Officer of the Company) that report
or had reported to the Chief Executive Officer of the Company at any time prior to a Change of Control, your not directly reporting to the Chief Executive Officer of the Company or after a Change in Control your not reporting directly to the
individual who was the Chief Executive Officer of the Company as of immediately prior to the Change of Control, in each case, shall be considered a material reduction in your duties, authority, reporting relationship, or responsibilities for
purposes of sub-section (a)); (b) a material reduction in your annual cash compensation; (c) a requirement that you relocate to a location more than twenty (20) miles from your then-current office location; (d) a material breach
by the Company of your employment agreement or any other agreement between you and the Company; or (e) a failure by any successor entity to assume this Policy. 
 “Involuntary Termination” means either (a) a termination of employment by the Company other than for Cause, death or disability; or (b) your resignation for Good Reason.

 “Participation Agreement” means an agreement in substantially the form attached hereto as Exhibit A. 

“Qualified Termination” means either a COC Qualified Termination or a Non-COC Qualified Termination. 

“Section 16 Officer” means an officer for purposes of Section 16 of the Securities Exchange Act of 1934, as amended. 

Section 409A: The Company intends that all payments and benefits provided under this Policy or otherwise are exempt from, or comply with, the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and any guidance promulgated thereunder (“Section 409A”) so that none of the payments or benefits will be subject to the additional tax imposed
under Section 409A, and any ambiguities herein will be interpreted to so comply. No payment or benefits to be paid to you, if any, pursuant to this Policy or otherwise, when considered together with any other severance payments or separation
benefits that are considered deferred compensation under Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided until you have a “separation from service” within the meaning of
Section 409A. If, at the time of your termination of employment, you are a “specified employee” within the meaning of Section 409A and the payment of the Deferred Payments will be delayed to the extent necessary to avoid the
imposition of the additional tax imposed under Section 409A, which generally means that you will receive payment on the first payroll date that occurs on or after the date that is 6 months and 1 day following your termination of employment. The
Company reserves the right to amend the Policy as it deems necessary or advisable, in its sole discretion and without the consent of any Eligible Employee or any other individual, to comply with Section 409A the Code or to otherwise avoid
income recognition under Section 409A prior to the actual payment of any benefits or imposition of any additional tax. 
 In no event will
the Company reimburse you for any taxes that may be imposed on you as a result of Section 409A. Each payment and benefit payable hereunder is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury
Regulations. 

 Parachute Payments. 
 Reduction of Severance Benefits. Notwithstanding anything set forth herein to the contrary, if any payment or benefit that an Eligible Employee would receive from the Company or any other party
whether in connection with the provisions herein or otherwise (the “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the
“Code”), and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to the Best Results Amount. The “Best
Results Amount” shall be either (x) the full amount of such Payment or (y) such lesser amount as would result in no portion of the Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account
the applicable federal, state and local employment taxes, income taxes and the Excise Tax, results in the Eligible Employee’s receipt, on an after-tax basis, of the greater amount notwithstanding that all or some portion of the Payment may be
subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Best Results Amount, reduction shall occur in the following order: reduction of cash payments;
cancellation of accelerated vesting of stock awards; reduction of employee benefits. In the event that acceleration of vesting of stock award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the
date of grant of the Eligible Employee’s stock awards unless the Eligible Employee elects in writing a different order for cancellation. The Eligible Employee shall be solely responsible for the payment of all personal tax liability that is
incurred as a result of the payments and benefits received under this Policy, and the Eligible Employee will not be reimbursed by the Company for any such payments. 
 Determination of Excise Tax Liability. The Company shall select a professional services firm to make all of the determinations required to be made under these paragraphs relating to “Parachute
Payments”. The Company shall request that firm provide detailed supporting calculations both to the Company and the Eligible Employee prior to the date on which the event that triggers the Payment occurs if administratively feasible, or
subsequent to such date if events occur that result in parachute payments to the Eligible Employee at that time. For purposes of making the calculations required under these paragraphs relating to “Parachute Payments”, the firm may make
reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith determinations concerning the application of the Code. The Company and the Eligible Employee shall furnish to the firm such information and
documents as the firm may reasonably request in order to make a determination under these paragraphs relating to “Parachute Payments”. The Company shall bear all costs the firm may reasonably incur in connection with any calculations
contemplated by these paragraphs relating to “Parachute Payments”. Any such determination by the firm shall be binding upon the Company and the Eligible Employee, and the Company shall have no liability to the Eligible Employee for the
determinations of the firm. 
 Administration: The Policy will be administered by the Compensation Committee of the Board or its delegate
(in each case, an “Administrator”). The Administrator will have full discretion to administer and interpret the Policy. Any decision made or other action taken by the Administrator with respect to the Policy, and any interpretation
by the Administrator of any term or condition of the Policy, or any related document, will be conclusive and binding on all persons and be given the maximum possible deference allowed by law. The Administrator is the “named fiduciary” of
the Policy for purposes of ERISA and will be subject to the fiduciary standards of ERISA when acting in such capacity. 
 Attorneys Fees:
The Company and each Eligible Employee bear their own attorneys’ fees incurred in connection with any disputes between them, except that if an Eligible Employee is successful in any such dispute, the Company agrees to pay Eligible
Employee’s reasonable and documented legal fees associated with the dispute. 

 Exclusive Benefits: Except as may be set forth in your Participation Agreement, this Policy is
intended to be the only agreement between you and the Company regarding any severance payments or benefits to be paid to you on account of a termination of employment whether unrelated to, concurrent with, or following, a Change of Control.
Accordingly, by executing your Participation Agreement, you hereby forfeit and waive any rights to any severance or change of control benefits set forth in any employment agreement, offer letter and/or equity award agreement, except as set forth in
this Policy and/or in your Participation Agreement. 
 Withholding: The Company is authorized to withhold from any payments or benefits
all federal, state, local and taxes required to be withheld therefrom and any other required payroll deductions. 
 Amendment or
Termination: The Company reserves the right to amend or terminate the Policy at any time, without advance notice to any Eligible Employee or other individual and without regard to the effect of the amendment or termination on any Eligible
Employee or on any other individual. Notwithstanding the preceding, (a) any amendment to the Policy that causes an individual or group of individuals to cease to be an Eligible Employee will not be effective unless it is both approved by the
Administrator and communicated to the affected individual(s) in writing at least 6 months prior to the effective date of the amendment or termination, and (b) no amendment or termination of the Policy shall be made within 24 months following a
Change of Control to the extent that such amendment or reduction would reduce the benefits provided hereunder or impair an Eligible Employee’s eligibility under the Policy (unless the affected Eligible Employee consents to such amendment or
termination). Any amendment or termination of the Policy will be in writing. Any action of the Company in amending or terminating the Policy will be taken in a non-fiduciary capacity. 
 Claims Procedure: Any Eligible Employee who believes he or she is entitled to any payment under the Policy may submit a claim in writing to the Administrator. If the claim is denied (in full or in
part), the claimant will be provided a written notice explaining the specific reasons for the denial and referring to the provisions of the Policy on which the denial is based. The notice will also describe any additional information needed to
support the claim and the Policy’s procedures for appealing the denial. The denial notice will be provided within 90 days after the claim is received. If special circumstances require an extension of time (up to 90 days), written
notice of the extension will be given within the initial 90-day period. This notice of extension will indicate the special circumstances requiring the extension of time and the date by which the Administrator expects to render its decision on the
claim. 
 Appeal Procedure: If the claimant’s claim is denied, the claimant (or his or her authorized representative) may apply in
writing to the Administrator for a review of the decision denying the claim. Review must be requested within 60 days following the date the claimant received the written notice of their claim denial or else the claimant loses the right to review.
The claimant (or representative) then has the right to review and obtain copies of all documents and other information relevant to the claim, upon request and at no charge, and to submit issues and comments in writing. The Administrator will provide
written notice of the decision on review within 60 days after it receives a review request. If additional time (up to 60 days) is needed to review the request, the claimant (or representative) will be given written notice of the reason for
the delay. This notice of extension will indicate the special circumstances requiring the extension of time and the date by which the Administrator expects to render its decision. If the claim is denied (in full or in part), the claimant will be
provided a written notice explaining the specific reasons for the denial and referring to the provisions of the Policy on which the denial is based. The notice shall also include a statement that the claimant will be provided, upon request and free
of charge, reasonable access to, and copies of, all documents and other information relevant to the claim and a statement regarding the claimant’s right to bring an action under Section 502(a) of ERISA. 

 Additional Information. 

 

					
		 	Plan Name: 	  	FireEye, Inc. Change of Control Severance Policy for Officers
			
		 	Plan Sponsor: 	  	FireEye, Inc.
			
		 		  	1440 McCarthy Boulevard
		 		  	Milpitas, CA 95035
			
		 	Identification Number:	  	 550

			
		 	Plan Year: 	  	Company’s Fiscal Year
			
		 	Plan Administrator: 	  	FireEye, Inc.
		 		  	 Attention: Administrator of the FireEye, Inc.
 Change of Control Severance Policy for Officers

		 		  	1440 McCarthy Boulevard
		 		  	Milpitas, CA 95035
			
		 	 Agent for Service of

Legal Process: 
	  	FireEye, Inc.
		 		  	 Attention: General Counsel 

		 		  	 1440 McCarthy Boulevard

		 		  	 Milpitas, CA 95035

			
		 		  	 Service of process may also be made upon the Plan Administrator.

			
		 	Type of Plan: 	  	Severance Plan/Employee Welfare Benefit Plan
			
		 	Plan Costs: 	  	The cost of the Policy is paid by the Company.

 Statement of ERISA Rights. 
 Policy Eligible Employees have certain rights and protections under ERISA: 
 They
may examine (without charge) all Policy documents, including any amendments and copies of all documents filed with the U.S. Department of Labor, such as the Policy’s annual report (Internal Revenue Service Form 5500). These documents are
available for review in the Company’s Human Resources Department. 
 They may obtain copies of all Policy documents and
other Policy information upon written request to the Plan Administrator. A reasonable charge may be made for such copies. 
 In
addition to creating rights for Eligible Employees, ERISA imposes duties upon the people who are responsible for the operation of the Policy. The people who operate the Policy (called “fiduciaries”) have a duty to do so prudently and in
the interests of Eligible Employees. No one, including the Company or any other person, may fire or otherwise discriminate against an Eligible Employee in any way to prevent them from obtaining a benefit under the Policy or

 
exercising rights under ERISA. If an Eligible Employee’s claim for a severance benefit is denied, in whole or in part, they must receive a written explanation of the reason for the denial.
An Eligible Employee has the right to have the denial of their claim reviewed. (The claim review procedure is explained above.) 

Under ERISA, there are steps Eligible Employees can take to enforce the above rights. For instance, if an Eligible Employee requests
materials and does not receive them within 30 days, they may file suit in a federal court. In such a case, the court may require the Administrator to provide the materials and to pay the Eligible Employee up to $110 a day until they receive the
materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If an Eligible Employee has a claim which is denied or ignored, in whole or in part, he or she may file suit in a state or federal court.
If it should happen that an Eligible Employee is discriminated against for asserting their rights, he or she may seek assistance from the U.S. Department of Labor, or may file suit in a federal court. 

In any case, the court will decide who will pay court costs and legal fees. If the Eligible Employee is successful, the court may order
the person sued to pay these costs and fees. If the Eligible Employee loses, the court may order the Eligible Employee to pay these costs and fees, for example, if it finds that the claim is frivolous. 

If an Eligible Employee has any questions regarding the Policy, please contact the Plan Administrator. If an Eligible Employee has any
questions about this statement or about their rights under ERISA, they may contact the nearest area office of the Employee Benefits Security Administration (formerly the Pension and Welfare Benefits Administration), U.S. Department of Labor, listed
in the telephone directory, or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W. Washington, D.C. 20210. An Eligible Employee may also obtain
certain publications about their rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration. 

 EXHIBIT A 

Change of Control Severance Policy for Officers 
 Participation Agreement 
 This Participation Agreement
(“Agreement”) is made and entered into by and between [INSERT NAME] on the one hand, and FireEye, Inc. (the “Company”) on the other. 
 RECITALS 
 The Company adopted a Change of Control Severance Policy
for Officers (the “Policy”) to assure that the Company will have the continued dedication and objectivity of the participants in the Policy, notwithstanding the possibility, threat or occurrence of a Change of Control. 

The Company has designated you as eligible for protection under the Policy and this Agreement, subject to your qualifying as an Eligible
Employee under the Policy on the date of a Qualified Termination. 
 Unless otherwise defined herein, the terms defined in the
Policy, which is hereby incorporated by reference, shall have the same defined meanings in this Agreement. 
 AGREEMENT

 NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as
follows: 
 Participation. 
 You
have been designated as an Eligible Employee in the Policy, a copy of which is attached hereto, subject to your satisfying the criteria of being an Eligible Employee on the date of a Qualified Termination. Your participation in the Policy is
contingent upon your agreeing to the terms of this Policy. 
 The terms and conditions of your participation in the Policy are as set forth in
the Policy. 
 Other Provisions. 

You agree that the Policy constitutes the entire agreement of the parties hereto and supersedes in their entirety all prior representations,
understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the parties, and shall specifically supersede any severance payment and/or change of control provisions of any offer letter, employment
agreement, or equity award agreement entered into between the you and Company. 
 This Agreement may be executed in counterparts, each of which
will be deemed an original, but all of which together will constitute one and the same instrument. 
 [Remainder of Page
Intentionally Left Blank] 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the day and year set forth below. 
  

									
	FIREEYE, INC.	 		 	ELIGIBLE EMPLOYEE
					
	By:	 	 	 		 	Signature:	 	 
					
	Date:	 	 	 		 	Date:	 	 

 [Signature Page of the Participation Agreement]f8k081513ex4i_deepwell.htm

 

 EXHIBIT 4.1

 

DEMONSTRATION PROJECT JOINT OPERATING AGREEMENT

 

FOR THE SAWN LAKE AREA, ALBERTA

 

THIS AGREEMENT made as of the 30th day of July, 2013

 

AMONG:

 

ANDORA ENERGY CORPORATION, a body corporate, incorporated pursuant to the laws of the Province of Alberta (hereinafter referred to as “Andora”)

 

- and -

 

NORTHERN ALBERTA OIL LTD., a body corporate, incorporated pursuant to the laws of the Province of Alberta (hereinafter referred to as “NAOL”)

 

 - and -

 

DEEP WELL OIL & GAS (ALBERTA) LTD., a body corporate, incorporated pursuant to the laws of the Province of Alberta (hereinafter referred to as “Deep Well”)

 

WHEREAS:

 

(A)         Andora, NAOL and Deep Well are parties to the Prior Agreement, which governs the operation of a number of lands, including the Project Joint Lands;

 

(B)         The Parties wish to enter into three new joint operating agreements, as follows:

 

(i) one to replace the Prior Agreement, insofar as it governs operations on the Andora Operated Prior Agreement Lands;

 

(ii) one to replace the Prior Agreement, insofar as it governs operations on the NAOL Operated Prior Agreement Lands; and

 

(iii) one to replace the Joint Operating Agreement dated December 9, 2004, originally between Deep Well Oil & Gas, Inc. and 1132559 Alberta Ltd, with respect to all of the lands which are subject to it;

 

  

 

  

 

(C)           Andora, NAOL and Deep Well own the interests in the Project Joint Lands which are set out in Schedule “A” hereto;

 

(D)           The interests of NAOL in the lands on which operations are governed by the Prior Agreement are also subject to the Nearshore GOR;

 

(E)           Andora has proposed that the Steam Assisted Gravity Drainage (“SAGD”) Demonstration Project be carried out on the Project Joint Lands, and that the related SAGD Water Facilities be constructed on nearby lands which are currently owned 100% by Andora;

 

(F)           Andora has issued two Independent Operation Notices dated June 19, 2013 related to drilling of the 16-30 Production Well and the construction and installation of the Production Facility under the Prior Agreement, and extended them by a letter of extension agreement dated July 12, 2013 (as extended, the “Prior Agreement IONs”);

 

(G)           The Parties have agreed to approve and support the SAGD Demonstration Project, and wish to supplement and override the Prior Agreement IONs and the Prior Agreement to the extent set out below; and

 

(H)           The Parties have also agreed to the transfer of the Nearshore GOR and of an interest in the SAGD Water Facilities, subject to certain conditions;

 

 NOW THEREFORE in consideration of the mutual covenants and agreements herein contained, the parties hereto agree as follows:

 

	
1.  

	
INTERPRETATION

 

	
(a)  

	
In this Agreement, the definitions contained in Clause 1.01 of the Operating Procedure shall apply, and in addition:

 

	
(i)  

	
“Andora Operated Prior Agreement Lands” means:

 

	
1.  

	
Sections 28-32, Township 91, Range 12, W5M;

 

	
2.  

	
Section 25, Township 91, Range 13 , W5M;

 

	
3.  

	
Section 36, Township 91, Range 13, W5M;

 

	
4.  

	
Sections 1 and 2, Township 92, Range 13 W5M; and

 

	
5.  

	
Sections 11, 12 and 15, Township 92, Range 13 W5M;

 

	
(ii)  

	
“Commercial Production Phase” means that phase of operations at the Production Facility which begins after the completion of the SAGD Demonstration Project and after operations at the Production Facility have first exceeded the water disposal limit of 500,000 cubic meters per year in the absence of recycle as set out by Alberta Energy Regulator Directive 081;

 

  

-2-

  

 

	
(iii)  

	
“Demonstration Project Agreement” means this Demonstration Project Joint Operating Agreement for the Sawn Lake Area of Alberta;

 

	
(iv)  

	
“NAOL Operated Prior Agreement Lands” means all lands on which operations are governed by the Prior Agreement, other than the Andora Operated Prior Agreement Lands;

 

	
(v)  

	
“Nearshore GOR” means the royalty payable to Andora pursuant to the Royalty Agreement (the “Nearshore GOR Agreement”) dated December 12, 2003, originally between Mikwec Energy Canada Ltd. and Nearshore Petroleum Corporation, creating a 6.5% royalty on certain lands, as amended by Minutes of Settlement dated November 26, 2007 among Deep Well Oil & Gas Inc., NAOL, Deep Well, Andora and 1350826 Alberta Ltd., pursuant to which NAOL is obligated to pay to Andora a gross overriding royalty of 3% on 40% of production from specified lands;

 

	
(vi)  

	
“New JOA” means a new Joint Operating Agreement to govern operations on the Andora Operated Prior Agreement Lands so as to provide specifically for the development of all such lands by operations commonly known as “Steam Assisted Gravity Drainage” or “SAGD”;

 

	
(vii)  

	
“Operating Procedure” means the 1990 CAPL Operating Procedure and the 1988 PASC Accounting Procedure, incorporating the elections described in Schedule “B” attached to the Prior Agreement, all as adopted by the Prior Agreement;

 

	
(viii)  

	
“Party” means any party to this Agreement;

 

	
(ix)  

	
“Prior Agreement” means the Joint Operating Agreement dated April 26, 2004 originally between Mikwec Energy Canada Limited and Maxen Petroleum Inc;

 

	
(x)  

	
“Prior Agreement IONs” means the two independent operations notices dated June 19, 2013 related to the SAGD Demonstration Project which were issued by Andora to NAOL and Deep Well pursuant to the Prior Agreement, as they were extended by the letter extension agreement among the Parties dated July 12, 2013;

 

	
(xi)  

	
“Production Well and Production Facility AFEs” means the Authorities for Expenditure for the drilling of the 16-30 Production Well, construction and installation of the Production Facility, and completion of the 16-30 Production Well for circulation and production which are set out in Schedules “B1”, “B2” and “B3” hereto;

 

  

-3-

  

 

	
(xii)  

	
“Production Facility” means:

 

	
1.  

	
a steam generation and injection facility, combined with an oil battery, which Andora proposes to construct at 7-30-91-12 W5M; and

 

	
2.  

	
 the initial 16-30 Steam Injection Well to which such steam generation and injection facility shall be connected; and

 

	
3.  

	
all associated pipelines and connections,

 

which is more particularly described in the AFE attached hereto as Schedule B2, and which Andora proposes for the purposes of serving:

 

1) the proposed 01L/16-30-91-12W5M well; 2) the existing Signet et al Sawn Lake 00/16-30-91-12 W5M well; 3) two SAGD oil wells planned to be drilled and tied into the facility in 2014 as part of the SAGD Demonstration Project; and 4) potentially additional oil wells which may be tied into the facility as part of the Commercial Production Phase following a successful SAGD Demonstration Project;

 

	
(xiii)  

	
“Project Joint Lands” means Twp 91 Rge 12 W5M: Section 30, as to all Oil Sands from the top of the Peace River to the base of the Pekisko;

 

	
(xiv)  

	
“Proprietary Andora Technology” means the proprietary technology owned by 990550 Alberta Ltd., a wholly owned subsidiary of Andora, relating to the use of recycled water in SAGD operations;

 

	
(xv)  

	
“SAGD Demonstration Project” means:

 

	
1.  

	
the development project which Andora proposes to carry out on the Project Joint Lands, as more particularly described in the Production Well and Production Facility AFEs, which Andora intends to carry out during 2013 (the “2013 Phase”); together with

 

	
2.  

	
the potential drilling of a 2nd and 3rd well pair to be tied into the Production Facility, completion of the 00/16-30-91-12 W5M well as an infield SAGD production well and its connection to the Production Facility, expansion of the Production Facilities and SAGD Water Facilities, and use of the Proprietary Andora Technology (the “2014 Phase”);

 

	
(xvi)  

	
“SAGD Water Facilities” means all of the following, as more particularly described in the SAGD Water Facilities AFEs;

 

  

-4-

  

 

	
1.  

	
The well bore for the proposed water source well to be located at 16-20-91-12 W5M (the “Water Source Well”), being lands which are held under lease as to 100% by Andora, and the right to extract water therefrom (but not including any other rights including without limitation any rights in relation to oil sands);

 

	
2.  

	
The well bore for the proposed water disposal well to be located at 15-21-91-12 W5M (the “Water Disposal Well”), being lands which are held under lease as to 100% by Andora, and the right to dispose of water there in (but not including any other rights including without limitation any rights in relation to oil sands); and

 

	
3.  

	
All associated pipelines and connections, including without limitation connections to the Production Facility;

 

	
(xvii)  

	
“SAGD Water Facilities AFEs” means the Authorities for Expenditure which are set out in Schedule “F” hereto relating to the intended Water Source Well and Water Disposal Well;

 

	
(xviii)  

	
“16-30 Production Well” means the proposed production wellbore to be drilled in 2013 at 01L/16-30-91–12 W5M, as described in the Production Well and Production Facility AFEs;

 

	
(xix)  

	
“16-30 Steam Injection Well” means the proposed steam injection well which is intended to have the potential to serve the 16-30 Production Well, other infield wells including the 00/16-30-91-12 W5M well, and additional surrounding wells, and which is intended to be drilled in 2013 at 01U/16-30-91–12 W5M, as described in the Production Well and Production Facility AFEs;

 

	
(xx)  

	
“2013 Cash Call” means all of the cash calls set out in Schedule “B” hereto;

 

	
(b)  

	
With respect to definition 1(a)(iii) above, the Parties agree that nothing in this Agreement shall prejudice the right of any Party to contest the validity of the Nearshore GOR Agreement, provided that this clause 1(b) shall not permit NAOL or Deep Well to make any claim against Andora relating in any manner to the Nearshore GOR after the completion of a sale of the Nearshore GOR as contemplated by clause 8(a) hereof.

 

	
(c)  

	
If any term or condition of the Operating Procedure conflicts with a term or condition of this Agreement, the term or condition of this Agreement shall prevail.

 

	
(d)  

	
The headings of the clauses of this Agreement are included for convenience of reference only and shall not affect the meaning or construction of this Agreement.

 

  

-5-

  

 

	
(e)  

	
Whenever the singular or masculine or neuter is used, the same shall be construed as meaning the plural or feminine or body politic or corporate or vice versa, as the context so permits.

 

	
(f)  

	
The terms and conditions of this Agreement express and constitute the entire agreement among the parties hereto with respect to the operation of the Project Joint Lands and supersede all other agreements, representations, documents, writings and understandings among the parties hereto relating to the operation of the Project Joint Lands.

 

	
2.  

	
EFFECTIVE DATE

 

This Agreement shall be effective on the date indicated on its first page.

 

	
3.  

	
SCHEDULES

 

The following Schedules are attached to and incorporated in this Agreement:

 

	
(a)  

	
Schedule “A” which describes the Project Joint Lands and Working Interests;

 

	
(b)  

	
Schedule “B” which sets out the 1) Production Well Drilling AFE, 2) the Production Facility AFE, and 3) the Production Well Completion AFE for circulation and production, which describe the SAGD Demonstration Project, and the associated 2013 Cash Calls;

 

	
(c)  

	
Schedule “C” which sets out the monthly charges contemplated by this Agreement;

 

	
(d)  

	
Schedule “D”, which sets out the principal terms and conditions for the sale and purchase of the Nearshore GOR;

 

	
(e)  

	
Schedule “E”, which sets out the principal terms and conditions for the sale and purchase of a 50% interest in the SAGD Water Facilities; and

 

	
(f)  

	
Schedule “F” which sets out the SAGD Water Facility AFEs and associated cash calls.

 

  

-6-

  

 

 

OPERATING PROCEDURE

 

	
(g)  

	
From and after the Effective Date, the Operating Procedure shall continue to govern all operations (including without limitation the SAGD Demonstration Project) on or in respect of the lands which are governed by it, including the Project Joint Lands; provided, however that this Agreement shall also apply and shall prevail over the Prior Agreement to any extent that there is any inconsistency, contradiction or conflict whatsoever between the terms of this Agreement and the terms of the Prior Agreement.

 

	
(h)  

	
Andora shall be the Operator of the Project Joint Lands for the purposes of the SAGD Demonstration Project.

 

	
4.  

	
THE SAGD DEMONSTRATION PROJECT – 2013 PHASE

 

	
(a)  

	
The Prior Agreement IONs are terminated and shall be of no further force or effect.

 

	
(b)  

	
Andora has prepared the Production Well and Production Facility AFEs, and by this agreement has issued them to NAOL and Deep Well;

 

	
(c)  

	
Notwithstanding anything to the contrary in the Prior Agreement, each of NAOL and Deep Well irrevocably and unconditionally:

 

	
(i)  

	
approves of the SAGD Demonstration Project as and to the extent that it is described herein, and waives any and all rights which it may have, in contract, common law or equity, to object to the SAGD Demonstration Project or any part of it as so described, or to demand compensation for or participation in it, except to the extent expressly set out herein;

 

	
(ii)  

	
agrees and consents to the form and content of the Production Well and Production Facilities AFEs and 2013 Cash Calls in all respects, including without limitation their form and content as to the following:

 

	
1.  

	
 the various components of the SAGD Demonstration Project;

 

	
2.  

	
separate treatment to drilling and completion costs as opposed to equipping costs;

 

	
3.  

	
historical costs related to permits, site preparation and engineering design;

 

	
4.  

	
 the costs (including without historical limitation engineering and surface land costs) of obtaining regulatory approval of the SAGD Demonstration Project;

 

	
5.  

	
a charge for operator overhead;

 

  

-7-

  

 

	
6.  

	
timing; and

 

	
7.  

	
fees related to the use of the Production Facility and SAGD Water Facilities as set out in Schedule “C”;

 

	
(iii)  

	
agrees that the Production Well and Production Facility AFEs, insofar as they relate to drilling the 16-30 Production Well, will be treated as a valid independent operation notice under the Prior Agreement that was served on it on the date hereof, such that, without limitation, a penalty as contemplated by clause 1007 of the Operating Procedure, with 400% applying under item (iv) thereof, will apply if it does not elect to participate in the SAGD Demonstration Project as contemplated by this Agreement, in the manner set out in clause 7(a)(i) 1 below;

 

	
(iv)  

	
agrees that the Production Well and Production Facility AFEs, insofar as they relate to the Production Facility, will be treated as a valid independent operation notice under the Prior Agreement that was served on it on the date hereof, and that the Production Facility shall be considered to be a “production facility” for all purposes of the Operating Procedure, including without limitation the provisions of Article XIV of the Operating Procedure, such that, without limitation, a penalty as contemplated by clause 1021 of the Operating Procedure will apply in the manner set out in clause 7(a)(i) 2 below if it does not elect to participate in the SAGD Demonstration Project as contemplated by this Agreement (with the penalty to be satisfied from Deep Well’s and NAOL’s respective shares of petroleum substances from wells in which Deep Well and NAOL have participating working interests and which are tied into the Production Facility);

 

	
(v)  

	
accepts and agrees to pay the fees for the use of the Production Facility and the SAGD Water Facilities which are set out in Schedule “C” hereto (such fees to be credited to the Production Facility and the SAGD Water Facilities, and allocated to the parties who own such respective facilities), with respect to both:

 

	
1.  

	
the 16-30 Production Well; and

 

	
2.  

	
any further production wells in which it may participate which are located on lands which are or become subject to the Prior Agreement or the New JOA, to the extent they are tied into the Production Facility and the SAGD Water Facilities or either of them, respectively;

 

	
(d)  

	
Notwithstanding anything to the contrary in the Prior Agreement, NAOL and Deep Well, acting together, shall, on or before Friday, August 30, 2013, elect whether to participate in the SAGD Demonstration Project, by giving written notice to Andora; NAOL and Deep Well shall not be entitled to separate elections, or to elect to participate in part but not all of the 2013 Phase; a failure by both NAOL and Deep Well to give a common notice shall be deemed to be an election by both to not participate;

 

  

-8-

  

 

	
(e)  

	
 If NAOL and Deep Well elect to participate in the SAGD Demonstration Project, then by so doing they shall also be deemed to have irrevocably:

 

	
(i)  

	
Accepted the 2013 Cash Calls as valid cash calls pursuant to clause 503(b) of the Operating Procedure and clause 104 of the 1988 PASC Accounting Procedure which is adopted thereby; and

 

	
(ii)  

	
Without in any way limiting their responsibilities relating to the entire SAGD Demonstration Project, promised to Andora, jointly and severally, to pay to Andora their collective participating interest share of the 2013 Cash Call in full on or before September 16, 2013;

 

	
(f)  

	
For certainty, but not in any way so as to limit the generality of the foregoing, NAOL and Deep Well shall retain the right to audit the costs of the SAGD Demonstration Project in accordance with clause 108 of the 1988 PASC Accounting Procedure which has been adopted as a part of the Operating Procedure.  This audit right will be replaced by the corresponding audit right under the New JOA, if the New JOA is adopted.

 

	
5.  

	
THE SAGD DEMONSTRATION PROJECT – 2014 PHASE

 

	
(a)  

	
Andora is presently considering the 2014 Phase.  Prior to any commencement of the 2014 Phase, Andora shall provide to NAOL and Deep Well an AFE (the “2014 AFE”) and a cash call (the “2014 Cash Call”) for the 2014 Phase.

 

	
(b)  

	
If either NAOL and Deep Well do not execute the 2014 AFE within 30 days after receiving it, or do not pay the 2014 Cash Call on or before the 20th day after its receipt of the 2014 Cash Call, then NAOL and Deep Well shall not be entitled to participate in, or object in any way to, the 2014 Phase; and

 

	
(c)  

	
Andora may use the Proprietary Andora Technology in connection with the SAGD Demonstration Project, and if so, it shall do so at its sole risk and cost insofar as it is so used.  If Andora proposes that the Proprietary Andora Technology be used after the SAGD Demonstration Project, then the parties shall negotiate in good faith with a view to agreeing to a mutually acceptable charge to the joint interest account for such use.  Subject only the foregoing two sentences, neither NAOL nor Deep Well have or shall acquire under this Agreement any rights whatsoever in or in relation to the Proprietary Andora Technology (including without limiting the generality of the foregoing any rights of ownership or use).

 

  

-9-

  

 

	
6.  

	
CONSEQUENCES OF ELECTION TO NOT PARTICIPATE, OR FAILURE TO PAY THE 2013 OR 2014 CASH CALLS BY THE DUE DATE

 

	
(a)  

	
           If both NAOL and Deep Well have not both (A) elected to participate in the SAGD Demonstration Project in accordance with clause 5 (d) above, and (B) paid the 2013 Cash Call in full on or before September 16, 2013, then, notwithstanding anything to the contrary expressed or implied herein:

 

	
(i)  

	
NAOL and Deep Well shall be considered for all purposes to have elected not to participate in the SAGD Demonstration Project, notwithstanding any prior election made pursuant to clause 5(d) above, such that, without limitation:

 

	
1.  

	
Clause 1007 (a) of the Operating Procedure shall apply to the 16-30 Production Well, such that, without limitation, Andora shall be entitled to retain possession of that well and all production from it until the gross proceeds (calculated at the wellhead) from the sale of such production equals the aggregate of: (i) 100% of the royalties and other encumbrances as set out in paragraph 1007(a)(i); (ii)100% of the operating costs applicable to the well as set out in paragraph 1007 (a)(ii); (iii) 200% of the equipping costs of the well as set out in paragraph 1007(a)(iii); and (iv) a multiple of the drilling costs and completion costs of the well as set out in paragraph 1007(a)(iv), with the multiple under paragraph 1007(a)(iv) being 400%; and

 

	
2.  

	
Clause 1021 of the Operating Procedure shall apply to the Production Facility as set out in clause 5(c) above, such that, without limitation, Andora shall be entitled to retain possession of the Production Facility and all production from all wells which would use such Production Facility, until the gross proceeds (calculated at the wellhead) from the sale of such production equals the aggregate of:  (i) 100% of the royalty and any overriding royalties or other encumbrances as set out in paragraph 1021(a)(i); (ii) 100% of the operating costs incurred with respect to such Production Facility and its utilization as set out in paragraph 1021(a)(ii); and (iii) 200% of the cost of the acquisition, construction and installation of such Production Facility, as set out in paragraph 1021(a)(iii);

 

and in each case the costs which Andora is entitled to include in the calculation contemplated thereby shall include all of the charges, costs and fees of whatsoever nature which are described in Schedule “C” hereto; and

 

	
(ii)  

	
NAOL and Deep Well shall not be entitled to purchase the Nearshore GOR or an interest in SAGD Water Facilities;

 

	
(iii)  

	
For certainly, but not in limitation, Article X of the Operating Procedure shall be inapplicable to the SAGD Demonstration Project to any extent that it conflicts with or is inconsistent with the foregoing.

 

  

-10-

  

 

	
(b)  

	
           If both NAOL and Deep Well have both (A) elected to participate in the SAGD Demonstration Project in accordance with clause 5 (d) above, and (B) paid the 2013 Cash Call in full on or before September 16, 2013, but, upon receiving one or more Authorizations for Expenditure relating to the 2014 Phase as contemplated by this Agreement, do not both (C) elect to participate in any part of the 2014 Phase, and (B) make full and timely payment of any cash call issued by Andora in respect of the 2014 Phase, then, notwithstanding anything to the contrary expressed or implied herein:

 

	
(i)  

	
Clause 1007 (a) of the Operating Procedure shall apply to the drilling of any and all production wells which are to be drilled or completed as part of the 2014 Phase, in the manner set out in clause 7(a)(i)1 above, with the multiple under paragraph 1007(a)(iv) being 400%; and

 

	
(ii)  

	
Clauses 1021 and 1022 of the Operating Procedure shall apply to any expansion of the Production Facility and/or SAGD Water Facilities which is conducted as part of the 2014 Phase, in the manner set out in clause 7(a)(i)2 above;

 

and in each case the costs which Andora is entitled to include in the calculation contemplated thereby shall include all of the charges, costs and fees of whatsoever nature which are described in Schedule “C” hereto.

 

	
7.  

	
SALE OF NEARSHORE GOR AND SAGD WATER FACILITIES

 

	
(a)  

	
Subject to clause 7(a)(ii) and clause 9(c) of this Agreement, Andora agrees to sell to NAOL and Deep Well, and NAOL and Deep Well agree to purchase from Andora, the Nearshore GOR, on the terms and conditions set out in Schedule “D” hereto.  Immediately upon receiving payment in full of the 2013 Cash Call, Andora shall prepare and present to NAOL and Deep Well a Purchase and Sale Agreement consistent with all of the terms and conditions of this Agreement, and the parties hereto shall negotiate in good faith with a view to agreeing to such an Agreement, which may include such other terms and conditions, including without limitation representations, warranties, indemnities and conditions to close, as are consistent herewith and are customary in Alberta for a transaction of that nature and value.

 

  

-11-

  

 

	
(b)  

	
Subject to clause 7(a)(ii) and clause 9(c) f this Agreement, Andora agrees to sell to NAOL and Deep Well, and NAOL and Deep Well agree to purchase from Andora, a 50% Interest in the SAGD Water Facilities, on the terms and conditions set out in Schedule “E” hereto, which for certainty include the requirement that effective as of closing NAOL and Deep Well agree to, participate in and pay any and all cash calls related to, the SAGD Water Facilities AFEs.  Immediately upon receiving payment in full of the 2013 Cash Call, Andora shall prepare and present to NAOL and Deep Well a Purchase and Sale Agreement consistent with all of the terms and conditions of this Agreement and the parties hereto shall negotiate in good faith with a view to agreeing to such an Agreement, which may include such other terms and conditions, including without limitation representations, warranties, indemnities and conditions to close, as are consistent herewith and are customary in Alberta for a transaction of that nature and value.  With reference to Schedule “E:

 

	
(i)  

	
 the maximum historic cost that Andora shall be entitled to employ in respect of the water disposal well at 15-21 is $500,000 (on a 100% basis, such that the maximum share allocated to Deep Well and NAOL would be $250,000 for a 50% share); and

 

	
(ii)  

	
the maximum historic cost that Andora shall be entitled to employ in respect of the water source well at 16-20 is $1,200,000 (on a 100% basis, such that the maximum share allocated to Deep Well and NAOL would be $600,000 for a 50% share);

 

	
8.  

	
NEW JOA

 

	
(a)  

	
The Parties agree to negotiate in good faith towards the execution and delivery on or before August 16, 2013 of:

 

	
(i)  

	
the New JOA, which shall terminate and replace the Prior Agreement insofar as it governs operations on the Andora Operated Prior Agreement Lands, for all operations which are conducted after the effective date of the New JOA on or in respect of such lands, provided that this Demonstration Project Agreement shall continue to prevail with respect to the SAGD Demonstration Project on the basis and to the extent set out herein; and

 

	
(ii)  

	
a corresponding agreement, which shall terminate and replace the Prior Agreement insofar as it governs operations on the NAOL Operated Prior Agreement Lands, for all operations which are conducted after the effective date of such new agreement on or in respect of such lands; and

 

	
(iii)  

	
a corresponding agreement to replace the Joint Operating Agreement dated December 9, 2004, originally between Deep Well Oil & Gas, Inc. and 1132559 Alberta Ltd (the “December 9 Agreement”) for all operations which are conducted after the effective date of such corresponding agreement on or in respect of the lands which are currently governed by the December 9 Agreement (the “December 9 Lands”).

 

  

-12-

  

 

	
(b)  

	
To the extent that any joint operating agreement or an additional operating procedure other than the Prior Agreement and the December 9 Agreement may continue to apply as among the Parties and with respect to any of the lands the operation of which is currently governed by either the Prior Agreement or the December 9 Agreement, it is terminated and all claims which any Party may have under or pursuant to it are released.

 

	
(c)  

	
The Parties presently intend that the New JOA will adopt the 2007 CAPL Operating Procedure and the 2011 PASC Accounting Procedure, subject to a number of elections and revisions so as to specifically provide for SAGD operations.

 

	
(d)  

	
If the New JOA has not been executed and delivered by all Parties on or before August 16 , 2013, then:

 

	
(i)  

	
NAOL and Deep Well shall not be entitled hereunder to purchase the Nearshore GOR; and

 

	
(ii)  

	
NAOL and Deep Well shall not be entitled hereunder to purchase the SAGD Water Facilities.

 

	
9.  

	
COVENANTS RUNNING WITH THE LAND

 

The terms, covenants and conditions of this Agreement shall be covenants running with the Project Joint Lands for so long as this Agreement is in force and effect.

 

	
10.  

	
FURTHER ASSURANCES

 

The parties hereto shall from time to time and at all times do all such further acts and execute and deliver all such further deeds and documents as shall be reasonably required in order to fully perform and carry out the terms of this Agreement.

 

	
11.  

	
CONFIDENTIALITY

 

Reference is made to Article XVIII of the Operating Procedure (“Article XVIII”).  NAOL and Deep Well have advised Andora that they have entered into an agreement with MP West Canada SAS (the “Investor”) to fund certain of their obligations with respect to the SAGD Demonstration Project and will be required to provide to the Investor the information and documents received from Andora with respect to the SAGD Demonstration Project.  Andora consents to the provision of such information and documents by NAOL and Deep Well to the Investor provided that prior to such provision the Investor agrees in writing with Andora to hold all such information and documents confidentially in accordance with Article XVIII.  NAOL and Deep Well shall be responsible to Andora jointly and severally with the Investor for any breach of such agreement by the Investor or any other misuse whatsoever by the Investor of the information and documents so disclosed, provided that NAOL and Deep Well shall not be liable for consequential damages (which may include loss of profit and punitive damages).  NAOL and Deep Well acknowledge that damages will be an inadequate remedy for any such breach or misuse.

 

  

-13-

  

 

	
12.  

	
INCORPORATION OF OTHER PROVISIONS OF THE PRIOR AGREEMENT

 

	
(a)  

	
The following clauses of the Prior Agreement Operating Procedure are incorporated herein:

 

Clauses XV (Relationship of Parties); XVI (Force Majeure); XX (Waiver); XXII (Notice); and XXVIII (Miscellaneous).

 

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

 

	NORTHERN ALBERTA OIL LTD. 	 	ANDORA ENERGY CORPORATION
	 	 	 	 	 
	Per: 	
 

	 	Per:  	
 

	 	
Curtis Sparrow, President 

	 	 	
William Ostlund, President

	 	
 

	 	 	
 

	 	 	 	 	 
	Per:   	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	DEEP WELL OIL & GAS (ALBERTA) LTD.,	 	 	 
	 	 	 	 	 
	Per:	 	 	 	 
	 	Curtis Sparrow, President	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Per:	 	 	 	 
	 	 	 	 	 

 

 

  

-14-

  

 

                                                              

THIS IS SCHEDULE “A” ATTACHED TO AND FORMING PART OF THE DEMONSTRATION PROJECT JOINT OPERATING AGREEMENT MADE AS OF JULY 30, 2013 AMONG NORTHERN ALBERTA OIL LTD., ANDORA ENERGY CORPORATION AND DEEP WELL OIL & GAS (ALBERTA) LTD.

 

 

 

PROJECT JOINT LANDS AND WORKING INTERESTS

	
Lands

	
Lease Number

	
Andora

	
NAOL

	
Deep Well

	
Total

	
Encumbrances

	  	  	  	  	  	  	  
	
Twp 91 Rge 12 W5M : Section 30, All Oil Sands from top Peace River to Base Pekisko

	
Portion of Alberta Crown Oil Sands Lease 740307A365

	
50%

	
40%

	
10%

	
100%

	
(i) Crown Royalty

 

(ii) GOR of 3% on 40% of production payable by NAOL to Andora

 

 

 

  

-15-

  

 

 

THIS IS SCHEDULE “B” ATTACHED TO AND FORMING PART OF THE DEMONSTRATION PROJECT JOINT OPERATING AGREEMENT MADE AS OF JULY 30, 2013 AMONG NORTHERN ALBERTA OIL LTD., ANDORA ENERGY CORPORATION AND DEEP WELL OIL & GAS (ALBERTA) LTD.

 

PRODUCTION WELL AND PRODUCTION FACILITY AFES AND THE 2013 CASH CALLS

 

 

	
2013 AFEs - Production Well and Production Facility AFEs and the 2013 Cash Calls

	
Schedule B1

	  	
Operation:

	
Drill SAGD producing well 01L/16-30-91-12W5M

	  	
Location:

	
Sawn Lake 01L/16-30-91-12W5M well

	  	
Operator:

	
Andora Energy Corporation

	  	
Classification of Operation:

	
Development Well

 

	
AFE Cost Estimate (attached)

	 	$	2,547,357	 	 	 	 	 	 	 	  
	
Participants

	 	
Working Interest

	 	 	
Net Cost

	 	 	
Cash Call

	 	
Due

	
Andora Energy Corporation

	 	 	50%	 	 	$	1,273,678	 	 	 	 	  
	
Northern Alberta Oil Ltd.

	 	 	40%	 	 	 	1,018,943	 	 	$	1,018,943	 	
16-Sept.-13

	
Deep Well Oil & Gas (Alberta) Ltd.

	 	 	10%	 	 	 	254,736	 	 	$	254,734	 	
16-Sept.-13

	  	 	 	 	 	 	$	2,547,357	 	 	 	 	 	  

  

-16-

  

 

	
Schedule B2

	 	 	 
	
Operation:

	 	
Construct and install Sawn Lake Production Facility

	 
	  	 	
Construct and install Sawn Lake Production Facility serving the 1) the 01L/16-30-91-12W5M well, 2) the existing Signet et al Sawn Lake 00/16-30-91-12 well, 3) potential additional one or two oil wells planned to be tied into the facility as part of the SAGD Demonstration Project, and 4) potential additional oil wells planned to be tied into the facility as part of the commercial production phase at Sawn Lake following a successful demonstration project consisting of the SAGD facility combining steam generation, oil battery and water disposal facility, and connected to the steam injection well.

	 
	
Location:

	 	
Sawn Lake Production Facility at 7-30-91-12W5M including connected steam injection well at 01U/16-30-91-12W5M

	 
	
Operator:

	 	
Andora Energy Corporation

	 
	
Classification of Operation:

	 	
Construction Project

	 
	  	 	 	 	 	 	 	 	 	 	 	 	 
	  	 	 	 	 	 	 	 	 	 	 	 	 
	
AFE Cost Estimate (attached):

	 	
Part 1 - SAGD Facility at 7-30-91-12W5M

	 	 	$	15,346,556	 
	  	 	
Part 2 - Drill 01U/16-30-91-12W5M

	 	 	 	2,376,707	 
	  	 	
Part 3 - Injector completion 01U/16-30-91-12W5M

	 	 	 	468,287	 
	  	 	 	 	 	 	 	 	 	 	 	$	18,191,550	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Participants

	 	
Working Interest

	 	 	
Net Cost

	 	 	
Cash Call

	 	 	
Due

	 
	
Andora Energy Corporation

	 	 $	50%	 	 	$	9,095,775	 	 	 	 	 	 	 	 
	
Northern Alberta Oil Ltd.

	 	 	40%	 	 	 	7,276,620	 	 	$	7,276,620	 	 	
16-Sept.-13

	 
	
Deep Well Oil & Gas (Alberta) Ltd.

	 	 	10%	 	 	 	1,819,155	 	 	$	1,819,155	 	 	
16-Sept.-13

	 
	  	 	 	 	 	 	$	18,191,550	 	 	 	 	 	 	 	 	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

-17-

  

 

	
Schedule B3 - 1

	 	 	 
	 	B3-1	 	
Operation:

	 	
Complete 01L/16-30-91-12W5M for Steam Circulation

	 
	 	 	 	
Location:

	 	
Sawn Lake 01L/16-30-91-12W5M well

	 
	 	 	 	
Operator:

	 	
Andora Energy Corporation

	 
	 	 	 	
Classification of Operation:

	 	
Construction Project

	 
	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	
AFE Cost Estimate (attached)

	 	$	408,404	 	 	 	 	 	 	 	 	 	 
	 	 	 	
Participants

	 	
Working Interest

	 	 	
Net Cost

	 	 	
Cash Call

	 	 	
Due

	 
	 	 	 	
Andora Energy Corporation

	 	 	50%	 	 	$	204,202	 	 	 	 	 	 	 	 
	 	 	 	
Northern Alberta Oil Ltd.

	 	 	40%	 	 	 	163,362	 	 	$	163,362	 	 	

Sept. 16/13

	 
	 	 	 	
Deep Well Oil & Gas (Alberta) Ltd.

	 	 	10%	 	 	 	40,840	 	 	$	40,840	 	 	
Sept. 16/13

	 
	 	 	 	  	 	 	 	 	 	$	408,404	 	 	 	 	 	 	 	 	 
	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Schedule B3 - 2

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	
Operation:

	 	
Complete 01L/16-30-91-12W5M for Production

	 
	 	 	 	
Location:

	 	
Sawn Lake 01L/16-30-91-12W5M well

	 
	 	 	 	
Operator:

	 	
Andora Energy Corporation

	 
	 	 	 	
Classification of Operation:

	 	
Construction Project

	 
	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	
AFE Cost Estimate (attached)

	 	$	882,579	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	
Participants

	 	
Working Interest

	 	 	
Net Cost

	 	 	
Cash Call

	 	 	
Due

	 
	 	 	 	
Andora Energy Corporation

	 	 	50%	 	 	$	441,290	 	 	 	 	 	 	 	 	 
	 	 	 	
Northern Alberta Oil Ltd.

	 	 	40%	 	 	 	353,032	 	 	$	353,032	 	 	
Sept. 16/13

	 
	 	 	 	
Deep Well Oil & Gas (Alberta) Ltd.

	 	 	10%	 	 	 	88,258	 	 	$	88,258	 	 	
Sept. 16/13

	 
	 	 	 	  	 	 	 	 	 	$	882,580	 	 	 	 	 	 	 	 	 
	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	
Total Production Well and Production Facility AFEs

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	
Participants

	 	
Working Interest

	 	 	
Net Cost

	 	 	
Cash Call

	 	 	
Due

	 
	 	 	 	
Andora Energy Corporation

	 	 	50%	 	 	$	11,014,945	 	 	 	 	 	 	 	 	 
	 	 	 	
Northern Alberta Oil Ltd.

	 	 	40%	 	 	 	8,811,956	 	 	$	8,811,976	 	 	
Sept. 16/13

	 
	 	 	 	
Deep Well Oil & Gas (Alberta) Ltd.

	 	 	10%	 	 	 	2,202,989	 	 	$	2,202,989	 	 	
Sept. 16/13

	 
	 	 	 	  	 	 	 	 	 	$	22,029,890	 	 	 	 	 	 	 	 	 

 

 

  

-18-

  

 

THIS IS SCHEDULE “C” ATTACHED TO AND FORMING PART OF THE DEMONSTRATION PROJECT JOINT OPERATING AGREEMENT MADE AS OF JULY 30, 2013 AMONG NORTHERN ALBERTA OIL LTD., ANDORA ENERGY CORPORATION AND DEEP WELL OIL & GAS (ALBERTA) LTD.

 

 

MONTHLY CHARGES RELATED TO THE SAGD DEMONSTRATION

 PROJECT AND THE SAGD WATER FACILITIES

	
A.  

	
Charges for the Production Facility

 

	
·  

	
Charges to each producing well served by the Production Facility

 

	
·  

	
Monthly Fee consisting of:

 

	
i.  

	
Operating cost component for Production Facility (SAGD Facility & injection wells); including cost of TCPL service and natural gas, water source and water disposal.

 

	
ii.  

	
Capital recovery component for Production Facility (SAGD Facility and injection wells) based on amortization over 4 years during Demonstration Project Phase and over 10 years when in Commercial Production Phase.

 

	
iii.  

	
Overhead recovery by Operator at 10% of operating expenses (excluding Crown royalties, lease rentals, cost of natural gas, operator overhead and charges for SAGD Water Facilities).

 

	
B.  

	
Charges for the SAGD Water Facilities

 

	
·  

	
Charges to Production Facility served by the SAGD Water Facilities

 

	
·  

	
Monthly Fee consisting of:

 

	
i.  

	
Operating cost component for water source well, a water disposal well, pipeline and facilities.

 

	
ii.  

	
Capital recovery component for water source well, a water disposal well, pipeline and facilities based on amortization over 4 years during Demonstration Project Phase and over 10 years when in Commercial Production Phase.

 

	
iii.  

	
Overhead recovery by Operator at 10% of operating expenses (excluding lease rentals and operator overhead).

 

  

-19-

  

 

THIS IS SCHEDULE “D” ATTACHED TO AND FORMING PART OF THE DEMONSTRATION PROJECT JOINT OPERATING AGREEMENT MADE AS OF JULY 30, 2013 AMONG NORTHERN ALBERTA OIL LTD., ANDORA ENERGY CORPORATION AND DEEP WELL OIL & GAS (ALBERTA) LTD.

 

 

NEARSHORE GOR PURCHASE AND SALE

PRINCIPAL TERMS & CONDITIONS

 

 

	PURCHASE  PRICE: 	The greater of:
	 	 
	 	(1)  CDN $2,697,600 (being the purchase price by Andora in 2007); and 

 

(2)  If NAOL and/or Deep Well (or any affiliate, associate or assignee thereof) purchase any portion of the royalty payable under the Nearshore GOR Agreement that is owned by any party or parties other than Andora in 2013 by December 31, 2013, the value of the Nearshore GOR calculated on a pro-rata basis as determined by the purchase price so paid by NAOL and/or Deep Well.

	 	 
	PAYMENT METHOD:	Certified Check.
	 	 
	EFFECTIVE DATE:  	Date of Closing of the purchase and sale.
	 	 
	ADJUSTMENTS:	None.

 

CONDITIONS PRECEDENT TO CLOSING:

 

- Execution of New JOA by August 16, 2013

 

- Payment of 2013 Cash Call by September 16, 2013

 

- Payment of purchase price for SAGD Water Facilities by September 16, 2013

 

- Concurrent closing of SAGD Water Facilities purchase

 

	CLOSING DELIVERIES:  	Conveyance in form and content satisfactory to NAOL, acting reasonably.
	 	 
	CLOSING DATE: 	by September 16, 2013.
	 	 
	REPRESENTATATIONS AND WARRANTIES: 	Andora has not encumbered or disposed of any interest in the Nearshore GOR

 

  

-20-

  

 

THIS IS SCHEDULE “E” ATTACHED TO AND FORMING PART OF THE DEMONSTRATION PROJECT JOINT OPERATING AGREEMENT MADE AS OF JULY 30, 2013 AMONG NORTHERN ALBERTA OIL LTD., ANDORA ENERGY CORPORATION AND DEEP WELL OIL & GAS (ALBERTA) LTD.

 

 

SAGD WATER FACILITIES PURCHASE AND SALE

PRINCIPAL TERMS AND CONDITIONS

PURCHASE PRICE:

 

	
1.  

	
50% of all costs incurred to date in relation to the SAGD Water Facilities (including but not limited to costs to acquire or drill, regulatory approval, permits, testing and completion and site preparation), it being agreed that:

 

	
i.  

	
the maximum historic cost that  Andora shall be entitled to employ in respect of  the water disposal well at 15-21 is $500,000 (on a 100% basis, such that the maximum share allocated to Deep Well and NAOL would be $250,000 for a 50% share); and

 

	
ii.  

	
the maximum  historic cost that  Andora shall be entitled to employ in respect of  the water source well at 16-20 is $1,200,000 (on a 100% basis, such that the maximum share allocated to Deep Well and NAOL would be $600,000 for a 50% share);

 

plus

 

	
2.  

	
The assumption of 50% of Andora’s liabilities to pay abandonment costs of the SAGD Water Facilities, and

 

	
3.  

	
Agreement by NAOL and Deep Well to participate in the operation set out in the SAGD Water Facilities AFEs and to pay all related cash calls by August 7, 2013.

 

PAYMENT METHOD:                Certified Check

EFFECTIVE DATE:                      Closing

ADJUSTMENTS:                         None.

CONDITIONS PRECEDENT TO CLOSING:

 

- Execution of New JOA by August 16, 2013

 

- Payment of 2013 Cash Call by September 16, 2013

 

- Payment of cash calls related to SAGD Water Facilities AFEs by September 16, 2013

 

- Payment of Nearshore GOR Price by September 16, 2013

 

- Concurrent closing of Nearshore GOR purchase

CLOSING DELIVERIES:              Conveyance in form and content satisfactory to NAOL, acting reasonably.

CLOSING DATE:                          by September 16, 2013.

	
REPRESENTATIONS AND WARRANTIES:

	
Andora has not encumbered or disposed of any interest in the SAGD Water Facilities

 

 

  

-21-

  

 

THIS IS SCHEDULE “F” ATTACHED TO AND FORMING PART OF THE DEMONSTRATION PROJECT JOINT OPERATING AGREEMENT MADE AS OF JULY 30, 2013 AMONG NORTHERN ALBERTA OIL LTD., ANDORA ENERGY CORPORATION AND DEEP WELL OIL & GAS (ALBERTA) LTD.

 

 

SAGD WATER FACILITY AFES

 

	 	1	 	
Operation:

	 	
Water Source Well Completion & Workover

	 	 	 	
Location:

	 	
Andora Sawn Lake 16-20-91-12W5M

	 	 	 	
Operator:

	 	
Andora Energy Corporation

	 	 	 	
Classification of Operation:

	 	
Construction Project

	 	 	 	
Anticipated Commencement:

	 	
September 1, 2013

	 	 	 	 	 	 	 	  
	 	 	 	
Estimated Duration:

	 	
15 days

	 	 	 	 	 	 	 	  
	 	 	 	
AFE Cost Estimate (attached)

	 	$	432,224	 	 	 	 	 	 	 	  
	 	 	 	
Participants

	 	
Working Interest

	 	 	
Net Cost

	 	 	
Cash Call

	 	
Due

	 	 	 	
Andora Energy Corporation

	 	 	50%	 	 	$	216,112	 	 	 	 	  
	 	 	 	
Northern Alberta Oil Ltd.

	 	 	40%	 	 	 	172,890	 	 	$	172,890	 	
16-Sept-13

	 	 	 	
Deep Well Oil & Gas (Alberta) Ltd.

	 	 	10%	 	 	 	43,222	 	 	$	43,222	 	
16-Sept-13

	 	 	 	  	 	 	 	 	 	$	432,224	 	 	 	 	 	  
	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	  
	 	2	 	
Operation:

	 	
Water Disposal Well Completion & Workover

	 	 	 	
Location:

	 	
Andora Sawn Lake 15-21-91-12W5M

	 	 	 	
Operator:

	 	
Andora Energy Corporation

	 	 	 	
Classification of Operation:

	 	
Construction Project

	 	 	 	
Anticipated Commencement:

	 	
September 15, 2013

	 	 	 	 	 	 	 	 	 	  
	 	 	 	
Estimated Duration:

	 	
15 days

	 	 	 	 	 	 	 	 	 	  
	 	 	 	
AFE Cost Estimate (attached)

	 	$	344,046	 	 	 	 	 	 	 	 	 	  
	 	 	 	
Participants

	 	
Working Interest

	 	 	
Net Cost

	 	 	
Cash Call

	 	
Due

	 	 	 	
Andora Energy Corporation

	 	 	50%	 	 	$	172,023	 	 	 	 	 	  
	 	 	 	
Northern Alberta Oil Ltd.

	 	 	40%	 	 	 	137,618	 	 	$	137,618	 	
16-Sept-13

	 	 	 	
Deep Well Oil & Gas (Alberta) Ltd.

	 	 	10%	 	 	 	34,405	 	 	$	34,405	 	
16-Sept-13

	 	 	 	  	 	 	 	 	 	$	344,046	 	 	 	 	 	  
	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	  

  

-22-

  

 

	 	3	 	
Operation:

	 	
Andora Sawn Lake Pipeline to 7-30-91-12W5M SAGD Facility

	 	 	 	
Location:

	 	
Connect Water Source Well 16-20-91-12W5M to SAGD Facility

	 	 	 	  	 	
Connect Water Disposal Well 15-21-91-12W5M to SAGD Facility

	 	 	 	  	 	
Connect natural gas line from TCPL station to SAGD Facility

	 	 	 	
Operator:

	 	
Andora Energy Corporation

	 	 	 	
Classification of Operation:

	 	
Construction Project

	 	 	 	
Anticipated Commencement:

	 	
August 1, 2013

	 	 	 	 	 	 	 	  
	 	 	 	
Estimated Duration:

	 	
60 days

	 	 	 	 	 	 	 	  
	 	 	 	
AFE Cost Estimate (attached)

	 	$	1,340,866	 	 	 	 	 	 	 	  
	 	 	 	
Participants

	 	
Working Interest

	 	 	
Net Cost

	 	 	
Cash Call

	 	
Due

	 	 	 	
Andora Energy Corporation

	 	 	50%	 	 	$	670,433	 	 	 	 	  
	 	 	 	
Northern Alberta Oil Ltd.

	 	 	40%	 	 	 	536,346	 	 	$	536,346	 	
16-Sept-13

	 	 	 	
Deep Well Oil & Gas (Alberta) Ltd.

	 	 	10%	 	 	 	134,087	 	 	$	134,087	 	
16-Sept-13

	 	 	 	  	 	 	 	 	 	$	1,340,866	 	 	 	 	 	  
	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	  
	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	  
	 	 	 	
Total SAGD Water Facilities AFEs

	 	 	 	 	 	 	 	 	 	 	 	 	  
	 	 	 	
Participants

	 	
Working Interest

	 	 	
Net Cost

	 	 	
Cash Call

	 	
Due

	 	 	 	
Andora Energy Corporation

	 	 	50%	 	 	$	1,058,568	 	 	 	 	 	  
	 	 	 	
Northern Alberta Oil Ltd.

	 	 	40%	 	 	 	846,854	 	 	$	846,854	 	
16-Sept-13

	 	 	 	
Deep Well Oil & Gas (Alberta) Ltd.

	 	 	10%	 	 	 	211,714	 	 	$	211,714	 	
16-Sept-13

	 	 	 	  	 	 	 	 	 	$	2,117,136	 	 	 	 	 	  

 

 -23-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}]]