Document:

Exhibit 10.65

 

 

Surepure, Inc.

405 Lexington Avenue, 26th Floor

New York, NY 10174

April 27, 2017

 

VStock Transfer, LLC

71 Spruce Street

Suite 201

Cedarhurst, NY 11516

Re: Irrevocable Transfer Agent Instructions

 

Ladies and Gentlemen:

 

On
April 27, 2017, SUREPURE, Inc., a Nevada corporation (the "Company"), and LG Capital Funding, LLC (the
“Investor”) have entered into 2 4% Convertible Promissory Notes in the principal amounts of $35,000.00 (“Note
1”), and $42,900.00 (“Note 2”, and collectively with Note 1, the “Note”).

 

You are hereby irrevocably authorized and
instructed to reserve seven million one hundred eighty four thousand (7,184,000) shares of common stock (“Common Stock”)
of the Company for issuance upon for conversion of the Note in accordance with the terms thereof (“Reserved Shares”).
The Investor shall have the right to periodically request that the number of Reserved Shares be increased so that the number of
Reserved Shares at least equals 400% of the number of shares of Company common stock issuable upon conversion of the Note.
You shall have no duty to confirm the reserve calculations presented by the Investor and may rely on those calculations without
any liability to the Company, further any increase requests must be made on the basis of available shares of authorized capital
that have not been allocated to another party. You are hereby further irrevocably authorized and directed to issue the shares
of Common Stock so reserved upon your receipt from the Investor of a notice of conversion ("Notice of Conversion") executed
by the Investor in accordance with the terms of the Notice of Conversion. You shall have no duty or obligation to confirm the accuracy
or the information set forth on the Notice of Conversion. Once the Company repays the principal, plus interest, plus default interest
(if any) of any of the Note at the maturity date, upon written (e-mail being acceptable) confirmation by the Investor or Investor
Counsel as well as the Company, Transfer Agent shall have no further obligation to maintain a reserve on behalf of the Investor
or to issue any share of Common Stock to the Investor under the terms of that Note...

 

The Company must be
participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”) program
in order for the shares to be delivered electronically. The shares to be issued are to be registered in the names of the registered
holder of the securities submitted for conversion or exercise.

 

     

     

    

 

The shares will be
issued within three (3) business day upon receipt of the Notice of Conversion. If the Company’s account is at least 30 days
past due, the Investor is responsible for the prepaid Transfer Agent transfer and shipping fees. In no event shall the Transfer
Agent be required to issue and deliver share certificates without the prior payment of its fees for the certificates to be issued.
Transfer Agent shall directly provide the Investor with the number of shares of authorized capital and the outstanding shares of
the Company upon request of the Investor.

 

The Company and the
Investor intend that these instructions require the placement of a restrictive legend on all applicable share certificates unless
the requirements listed below are met and the Investor provides the Transfer agent with an acceptable legal opinion stating that
share certificates can be issued without a legend. So long as you have previously received such legal opinion from the Company
(or Investor counsel) that the shares have been registered under the 1933 Act or otherwise may be sold pursuant to Rule 144 without
any restriction and the number of shares to be issued are less than 9.9% of the total issued and outstanding common stock of the
Company, such shares should be transferred, at the option of the holder of the Notes as specified in the Notice of Conversion,
either (i) electronically by crediting the account of a Prime Broker with the Depository Trust Company through its Deposit Withdrawal
Agent Commission system if the Company is a participant or (ii) in certificated form without any legend which would restrict the
transfer of the shares, and you should remove all stop-transfer instructions relating to such shares. Until such time as you are
advised by Investor counsel that the shares have been registered under the 1933 Act or otherwise may be sold pursuant to Rule 144
without any restriction and the number of shares to be issued are less than 9.9% of the total issued and outstanding common stock
of the Company, you are hereby instructed to place the following legends on the certificates:

 

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED
OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER SAID ACT, OR AN OPINION OF INVESTOR
COUNSEL IN FORM, SUBSTANCE AND SCOPE CUSTOMARY FOR OPINIONS OF COUNSEL IN COMPARABLE TRANSACTIONS, THAT REGISTRATION IS NOT REQUIRED
OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

 

The legend set forth
above shall be removed and you are instructed to issue a certificate without such legend to the holder of any shares upon which
it is stamped, if: (a) such shares are registered for sale under an effective registration statement filed under the 1933 Act or
otherwise may be sold pursuant to Rule 144 without any restriction and the number of shares to be issued is less than 9.9% of the
total issued common stock of the Company, (b) such holder provides the Company and the transfer agent with an opinion of counsel,
in form, substance and scope customary for opinions of counsel in comparable transactions (and satisfactory to the transfer agent),
to the effect that a public sale or transfer of such security may be made without registration under the 1933 Act and such sale
or transfer is effected and (c) such holder provides the Company and the transfer agent with reasonable assurances that such shares
can be sold pursuant to Rule 144. Nothing herein shall be construed to require the Transfer Agent to take any action which would
violate state or federal rules, regulations or law. If an instruction herein would require such a violation, such instructions,
but not any other term herein, shall be void and unenforceable.

 

     

     

    

 

The Company shall indemnify
and defend you and your officers, directors, principals, partners, agents and representatives, and hold each of them harmless from
and against any and all loss, liability, damage, claim or expense (including the reasonable fees and disbursements of its and Transfer
Agent’s attorney) incurred by or asserted against you or any of them arising out of or in connection with the instructions
set forth herein, the performance of your duties hereunder and otherwise in respect hereof, including the costs and expenses of
defending yourself or themselves against any claim or liability hereunder, except that the Company shall not be liable hereunder
as to matters in respect of which it is determined that you have acted with gross negligence or in bad faith (which gross negligence,
bad faith or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent
jurisdiction). You shall have no liability to the Company or the Investor in respect to any action taken or any failure to act
in respect of this if such action was taken or omitted to be taken in good faith, and you shall be entitled to rely in this regard
on the advice of counsel.

 

The Company agrees
that in the event that the Transfer Agent resigns as the Company’s transfer agent, the Company shall engage a suitable replacement
transfer agent that will agree to serve as transfer agent for the Company and be bound by the terms and conditions of these Irrevocable
Instructions within five (5) business days. The Company and the Investor agree that any action which names the Transfer Agent as
a party shall be brought in a court of general jurisdiction in New York, New York and no other court.

 

The Investor is intended
to be a party to these instructions and are third party beneficiaries hereof, and no amendment or modification to the instructions
set forth herein may be made without the consent of the Investor.

Very truly yours,

 

SUREPURE, INC.

 

By: /s/ Stephen
Robinson

Title: Chief Financial Officer

 

Acknowledged and Agreed:

 

VSTOCK TRANSFER, LLC

 

By: /s/ Yoel Goldfeder

Title: Chief Executive OfficerExhibit

EXHIBIT 10.1

Hexion Holdings LLC
2017 INCENTIVE COMPENSATION PLAN (the “Plan”)

Purpose of the Plan
The Plan is sponsored by Hexion Holdings LLC (“Hexion Holdings”) to reward associates of Hexion Inc. (“Hexion”) and its subsidiaries for delivering increased value by profitably growing the business and controlling costs. The Plan is designed to link rewards with critical financial metrics for the purpose of promoting actions which are the most beneficial to Hexion’s short-term and long-term value creation.

Administration

The Plan shall be administered by and awards under the Plan shall be authorized by the Compensation Committee (the “Committee”) of Hexion Holdings’ Board of Managers (the “Board”).  The Committee may delegate some of its authority under the Plan to management or as is otherwise stated in the Plan.  The Committee has the right to amend or terminate this Plan at any time.
Plan Year

January 1, 2017 - December 31, 2017

Eligibility for Participation

Participation is based on each associate's scope of responsibility and contribution to the organization. Each participant is assigned to participate at the Corporate, Division, Business Unit, or Shared Services plan level. Associates who participate at the Shared Services plan level are those associates who provide services to both Hexion and Momentive Performance Materials Inc. and its subsidiaries (“MPM”).

Plan Performance Measures

The Plan performance measures are based on three performance criteria: EBITDA, EH&S and Cash Flow.
EBITDA (sometimes also referred to as Segment EBITDA)
EBITDA refers to Earnings before Interest, Taxes, Depreciation and Amortization, adjusted to exclude (i) certain non-cash items, (ii) certain other income and expenses and (iii) discontinued operations. The achievement of EBITDA targets is a critical measure on which the investment community and future shareholders will evaluate Hexion's performance in 2017. As a result, the participants should be focused and incented to manage the business to achieve EBITDA targets.
Segment EBITDA will be measured for Global Hexion, for each of the Epoxy, Phenolic and Coating Resins and Forest Products Divisions of Hexion (each a “Division”) and for specified Hexion Business Units. Associates participating at the Corporate, Division, or Business Unit plan level have a total of 55 percent of their incentive target based on the achievement of EBITDA targets. EBITDA achievement measured for Global Hexion, each Division, and Business Unit may exclude certain unusual, non-recurring items at the discretion of the Committee.
Environmental Health and Safety (EH&S)
EH&S measures environmental and safety results utilizing both leading and lagging indicators including (i) corrective actions completed on time (a leading indicator), (ii) SIFs - severe incident factors (a lagging indicator), (iii) OIIR - occupational illness and injury rate (a lagging indicator) and total environmental incidents (ERI).  EH&S will be measured for Global Hexion.
Associates participating at the Corporate, Division and Business Unit plan level will have a total of ten (10) percent of their incentive target based on the achievement of EH&S goals - two and one-half (2.5) percent each based on the achievement of established goals for corrective actions completed on time, SIF’s, OIIR and ERI.
Cash Flow

Cash Flow represents the amount of cash generated by business operations. Cash flow is defined as Segment EBITDA, net trading capital improvement and/or usage, capital spending and interest paid along with other operating cash flow items such as income taxes paid and pension contributions. The purpose of this component is to focus on cost control and cost reduction actions to preserve an adequate amount of liquidity to fund operations and capital expenditures, service debt, and ultimately sustain the business through difficult economic cycles.
Cash Flow will be measured for Global Hexion and for each Business Unit, and may exclude certain unusual, non-recurring items at the discretion of the Committee.
Associates participating at the Corporate and Business Unit plan level have a total of 35 percent of their incentive target based on the achievement of the applicable Global Hexion and Business Unit Cash Flow targets.

Target Incentive

Each participant will have a target incentive opportunity expressed as a percent of his or her base salary. Plan assignment levels and targets are determined by the associate's business responsibilities and scope of his or her role and contributions within the organization. Associates who participate at the Shared Services plan level have targets based (i) fifty (50) percent on the Hexion Corporate plan design and (ii) fifty (50) percent on the MPM Corporate plan design as reflected in the MPM Holdings Inc. 2017 Incentive Compensation Plan.

Plan Structure

The following tables depict the structure described above.
	
				
	Plan Level
	Segment EBITDA
	EH&S
	Cash Flow

	Corporate
	27.5% Global Hexion
27.5% Divisions
	10% Global Hexion
	35% Global Hexion

	Shared Services
	50% Hexion Corporate
50% MPM Corporate

	Division
	10% Global Hexion
45% Division
	10% Global Hexion
	35% Global Hexion

	Business Unit
	10% Division
45% Business Unit
	10% Global Hexion
	15% Global Hexion
20% Business Unit

Calculation of Incentive Payments

Payment based on the EBITDA measure will range from a minimum of 50 percent of the EBITDA incentive opportunity to a maximum of 200 percent of the EBITDA incentive opportunity based on applicable EBITDA achievement. Payment based on the Cash Flow measure will range from a minimum of 50 percent of the Cash Flow incentive opportunity to a maximum of 200 percent of the Cash Flow incentive opportunity based on applicable Cash Flow achievement. Payment based on the EH&S measures will range from 100 percent of the applicable EH&S incentive opportunity to a maximum of 200 percent of the applicable EH&S incentive opportunity based on the applicable EH&S achievement. For the SIF component of the EH&S measure, there will be no payout if, during the calendar year, any incident at a Hexion site results in a fatality.
Calculation of EBITDA performance between the minimum and target performance levels, the target and upper-middle performance levels, and the upper middle and maximum performance levels will be linear, rounded to the nearest 1/10th of one percent. There is no additional payment made for performance above the maximum level of performance.
Each of the performance measures is evaluated independently such that a payout for achieving one performance measure is not dependent upon the achievement of any other performance measure.

Basis for Award Payouts
Financial Results
Any Plan payouts require the prior approval of the Chairs of the Audit and Compensation Committees of the Board if they are to be made before audited financial results have been formally approved and publicly announced.
Plan Assignments
Any change in a participant’s plan assignment that is not related to a job transfer must be approved by an appropriate Vice President.
Shared Services Plan Assignment Calculation
Following the final determination of payouts, participants with the Shared Services plan assignment will receive a payout equal to the greater of (i) the payout earned under the Shared Services plan assignment and (ii) the payout earned under the Hexion Corporate plan assignment.
Limitations
The Committee may elect to modify the calculation of the annual targets based on acquisitions, divestitures or other unusual, non-recurring events or transactions that occur during the calendar year. 
Eligibility Requirement
In order to receive an incentive payment, an associate must meet all of the following criteria:
		
	1.
	Employed in an incentive-eligible position for at least three consecutive, full months during the Plan Year.

		
	2.
	The first day of work must begin on or before October 1 of the Plan Year.

		
	3.
	Must be actively employed by Hexion on the incentive payment date unless, following the final day of the Plan Year, one of the following situations arises:

		
	i.
	Participant is involuntarily terminated without cause;

		
	ii.
	Participant dies or is terminated due to disability; or

		
	iii.
	Participant retires having reached age 55 with at least ten years of service.

Payments
Payouts under the Plan are generally made no later than the last payroll period in April, following the end of the Plan Year. Incentive payments are subject to applicable taxes, garnishment, and wage orders.
Proration of Payments
Proration of payments will be made on a whole-month basis. Associate changes on or before the 15th of any month will be applied starting on the 1st of that month. Associate changes after the 15th of any month will be applied starting on the 1st of the following month. A participant's incentive payment will be prorated for any of the following conditions:
		
	a.
	New Hires:  Awards to participants who commenced employment during the Plan Year will be prorated. 

		
	b.
	Salary: Awards will be calculated based on the participant's base salary as of July 1st.  Awards to participants whose base salary changes after July 1 will be prorated.

		
	c.
	Job Changes or Transfers:  Awards to participants who experience a job change or transfer during the Plan Year-which results in a different ICP target or plan assignment-will be prorated.

		
	d.
	Leaves of Absence: For approved leaves of absence that exceed 12 cumulative weeks, the amount of time not worked beyond the 12 weeks will be excluded from the Plan Year and the associate will receive a prorated incentive.

The Plan remains at the total discretion of the Committee. Hexion Holdings retains the right to amend or adapt the design and rules of the Plan. Local laws will prevail where necessary.

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