Document:

Employment Agreement between UK Energy Systems, Ltd and Joseph P. Reynolds

 Exhibit 10.52 
 EMPLOYMENT AGREEMENT 
 This is an Employment Agreement, dated as of 1 September, 2006, by and
between UK Energy Systems Ltd. (“UKESL”), a subsidiary of US Energy Systems, Inc. (“USEY”) and Joseph P. Reynolds (“Reynolds”), a United States citizen, of 14203 Ragus Lake Drive, Sugarland TX 77478. 
 WITNESSETH: 
 WHEREAS, UKESL has
engaged Reynolds for hire; and 
 WHEREAS, UKESL and Reynolds desire to state the terms and conditions of Reynolds’ employment with
UKESL., including his secondment to UKESL’s affiliate in the United Kingdom, Viking UK Gas Limited (“VUKGL 
 NOW, THEREFORE, in
consideration of the covenants and agreements herein contained, the parties agree as follows: 
  

	1.	Employment and Duties 

  

	 	(a)	Position 

 UKESL and Reynolds agree that Reynolds
will become employed by UKESL as of the date of this Agreement as the Programme Director of the natural gas exploration, development and production and electric generation project being developed and operated by VUKGL in the vicinity of Knapton,
North Yorkshire, England (the “Knapton Project”). 
  

	 	(b)	Duties and Reporting 

 Reynolds shall become part of
the senior management team of UKESL and shall report directly to the Chief Executive Officer of UKESL. In his position as Programme Director of VUKGL, Reynolds shall manage the capital program, construction and expansion of the Knapton Project, as
well as perform such additional or modified duties as he may be assigned from time to time by the Chief Executive Officer of UKESL. Reynolds’ employment will be subject to the employment policies and disciplinary rules of UKESL, which are
accessible to Reynolds in UKESL’s employee handbook. 
  

	 	(c)	Location of Services 

 For so long as Reynolds is
employed by UKESL, the principal location for the provision of his services will be Knapton, North Yorkshire, but he will be required to provide services in London and at other UKESL locations and in the United States periodically at the request of
UKESL. 

	2.	Term of Employment 

 Reynolds’
employment under this Agreement will commence on the date hereof and will terminate without the need for any written or verbal notice two (2) years from the date hereof (the “Original Term”), subject to earlier termination in
accordance with the provisions hereinafter set forth in Section 4 hereof (the period from the date hereof until the actual date of termination is hereinafter referred to as the “Term”). 
 The termination of this Agreement due to the expiration of the Original Term does not, per se, necessitate the termination of the employment relationship
between Reynolds and UKESL. Upon the expiration of this Agreement, Reynolds and UKESL, at their discretion, may elect in writing to continue the employment relationship and execute another separate Employment Agreement. 
  

	3.	Compensation and Benefits 

  

	 	(a)	Salary 

 UKESL shall pay to Reynolds an annual base
salary (the “Salary”) of GBP 120,000. All payments shall be subject to tax and any other withholdings required by law. The salary shall be paid monthly directly to Reynolds’s account in the UK. 
 Reynolds’s basic salary shall be reviewed by the Compensation Committee annually in January of each year and the rate of basic salary may be
increased by the Company with effect from that date by such amount if any as it shall think fit. Any increase awarded will be entirely a matter for the discretion of the Board and no increase is implied or guaranteed by this clause. 
  

	 	(b)	Bonus 

 If Reynolds is employed by UKESL on
December 31, 2006, UKESL shall pay to Reynolds in respect of the year ending 31 December 2006 a bonus consisting of the pro rata portion of 25 percent of his gross annual salary as of the date of his employment with UKESL. Such
bonus to be paid no later than 28 February 2007. Future bonuses of a minimum of 25 percent of his gross annual salary will be wholly discretionary and will be dependent upon Reynolds and the Company meeting certain agreed key performance
indicators relating to his own and the Company’s performance in respect of each calendar year to which such bonus relates. Such indicators are to be determined by the Compensation Committee at the commencement of each bonus year. If a bonus
becomes payable in respect of a calendar year it will be paid by 28 February in the following year. 
 If the performance test for phase
1, as stipulated in the financing agreements entered into by the Company on or around the date of this Agreement, is satisfied the Company shall pay to Reynolds within 30 days of such satisfaction a one-off payment of US$50,000 (gross). 

 

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 Any award or bonus as described above will not be made unless Reynolds is still in employment with the
Company or a Group Company on the date when such award or payment would otherwise fall to be made and the Company has not received from Reynolds notice of termination of his employment. 
  

	 	(c)	Stock 

 If and when UKESL is admitted to the
Alternative Investment Market or other public stock exchange, and if Reynolds is employed by UKESL on the date of admission, UKESL will award Reynolds a one-time allocation of UKESL stock. The amount of this stock allocation will be determined by
the Board of Directors of UKESL but will be in an amount equal to the stock allocation for the other members of the UKESL senior management team at his level. 
 UKESL, and its parent company, USEY, undertake that they will within one year from the date of this Agreement introduce an incentive plan for the senior management of the UKESL the form, substance and implementation
of which shall be determined by the Board in its absolute discretion. 
  

	 	(d)	Reimbursed Business Expenses 

 UKESL will reimburse
Reynolds for all reasonable business-related expenses incurred by him in the performance of his duties for UKESL and/or VUKGL during the Term. 
  

	 	(e)	Healthcare Costs 

 During this Agreement Reynolds
will be entitled to participate at UKESL’s expense in UKESL’s private medical expenses insurance scheme. In addition, Reynolds shall receive an allowance of USD 270 per month for payment of his US medical insurance premium.

  

	 	(f)	Holiday and Leave 

 In addition to public holidays
in the UK, Reynolds is entitled to five weeks paid holiday and leave in each year of service to be taken at such time or times as are agreed with the CEO of UKESL, provided that Reynolds may not carry forward any unused part of his holiday
entitlement beyond 31 March of the next holiday year. No more than 10 days holiday may be taken at any time unless permission is given by the CEO of UKESL. The holiday shall accrue on a basis of 1 days per 10 working days throughout each year
of service. Such holidays or leave are to be taken only at such time or times as may be appropriate to the business. UKESL will reimburse Reynolds for roundtrip airfare for him and his spouse to the United States (from England) up to three times in
each year of employment. 
  

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	 	(g)	Moving Expenses 

 Reynolds shall be entitled to a
fixed tax-protected allowance payable in local currency to cover all moving expenses. Any expenses in excess are to Reynolds’s account. A fixed one-time allowance of £3,000 (three thousand) will be paid for relocation to the UK. This
amount shall cover all costs associated with moving into accommodation including deposits, fees, appliances and other household effects. A one-time fixed allowance of £3,000 (three thousand) will be paid for repatriation. Receipts for expenses
related to relocation will be provided by Reynolds to UKESL for the purposed of tax relief for the company’s account. 
 In addition the
company shall reimburse Reynolds for the airfreight shipment of up to 300 Lbs of personal goods. 
  

	 	(h)	Housing Allowance 

 UKESL shall pay a housing
allowance to Reynolds a housing allowance of £5,000 per month gross. 
  

	 	(i)	Car 

 UKESL shall provide Reynolds with a car in
accordance with the terms of the UKESL car policy from time to time. 
  

	4.	Termination of Employment Before the Expiration of the Original Term 

 Subject to the provisions of this Section 4, UKESL shall have the right to terminate Reynolds’ employment with UKESL, and Reynolds shall have the right to resign therefrom, at any time, for any reason or for
no reason. 
  

	 	(a)	Termination by UKESL (Excluding for “Cause” Termination), or Resignation by Reynolds for Good Reason 

 (i) If (A) Reynolds’ employment is terminated by UKESL for a reason other than those hereinafter defined as for Cause or (B) Reynolds
resigns for Good Reason (as hereinafter defined) before the expiration of the Original Term, then Reynolds shall be entitled to payment of the following as soon as practicable after the date of such termination or resignation: 
  

	 	(A)	any unpaid Salary earned or accrued (subject to applicable taxes), through and including the date of such termination or resignation; and 

  

	 	(B)	the total of Reynolds’ remaining Salary payments that would have been payable until the end of the Original Term (subject to applicable taxes), assuming his salary rate
remained at the level in effect at the date of such termination. 

  

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	 	(C)	if Reynolds would have been due a bonus for the year of termination/resignation had he remained employed at the end of the year, he shall receive, for his time worked in the year of
termination/resignation, a pro rata portion of the bonus amount. 

  

	 	(D)	For any amounts payable to Reynolds under Section 4(a)(i)(A), (B), or (C) above, to the extent allowable by law UKESL will gross up the amounts to reflect the applicable
taxes and other amounts that must be withheld as required by law. 

 (ii) Reynolds acknowledges and agrees that the payments
provided for by this Section 4(a) represent the full and complete benefits in the nature of severance pay to which he will be entitled from UKESL and all affiliated companies, and owners thereof, in the event his employment with the UKESL
terminates under the circumstances contemplated by this Section 4(a), and that such benefits will be paid on behalf of UKESL. 
  

	 	(b)	Termination of Employment by the Company for Cause, or Resignation by Reynolds (Excluding Good Reason Resignation) 

 If Reynolds’ employment is terminated by UKESL for Cause hereinafter defined, or if Reynolds should resign for a reason other than for Good Reason
hereinafter defined, Reynolds shall be entitled only to payment of any unpaid Salary earned or accrued (subject to applicable taxes), through and including the date of such termination or resignation. He shall not be entitled to any other severance
payment. Such payment shall be made as soon as practicable following the termination of Reynolds’ employment with UKESL. 
  

	 	(c)	Death or Permanent Disability 

 Upon Reynolds’
death or termination of employment due to permanent disability, Reynolds (or in the event of his death, Reynolds’ beneficiary) shall be entitled as severance only to payment of any unpaid Salary earned or accrued (subject to applicable taxes),
through and including the date of such death or termination of employment, and to any pro rata bonus, if applicable, as described in Section 4(a)(i)(C). UKESL shall make such payments as soon as practicable following such death or
termination of employment. 
  

	 	(d)	Expiration of Term 

 No termination of employment
shall be deemed to occur for purposes of the special payments provided under Section 4(a) as a result of the expiration of the Original Term and the cessation of Reynolds’ employment on or after the date of such expiration. 
  

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	5.	Income Tax Equalization 

  

	 	(a)	Tax Equalization 

 UKESL will practice “Tax
Equalization” for Reynolds. The intent of tax equalization is to avoid any positive or negative effects on income tax due by Reynolds, by equalizing Reynolds’ personal income tax costs to what he would pay in the United States if he were
not on international assignment. This is done to facilitate mobility between countries, regardless of country of origin or country of international assignment, and to prevent inequities in total compensation that local taxes may cause. 

 

	 	(b)	Hypothetical Tax 

 UKESL will withhold from
Reynolds’ wages in England taxes as if Reynolds was a resident of England. a hypothetical tax amount instead of the normal withholding of the United States tax. After the tax return is filed, another calculation (typically referred to as an
equalization) is done to compare the hypothetical tax amount withheld from Reynolds’ wages to a revised hypothetical amount based on source income and calculated using final numbers from the tax return. Any difference between the numbers is
equalized, i.e., any excess hypothetical withholding is refunded to Reynolds, and any shortage is due to UKESL. These are typically treated as W-2 wages, or a reduction in such wages, in the year of such payments. In the final year of coverage for
Reynolds, any payment due to Reynolds will be grossed up for the associated taxes (including FICA) since Reynolds will not be covered by the tax equalization policy in the year of such payment. UKESL will include in annual compensation GBP 10,000.00
to cover anticipated tax equalization (the “Tax Equalization Add-On”). This Tax Equalization Add-On will be adjusted when a final tax calculation is computed as discussed above. 
  

	 	(c)	Calculation of Hypothetical Tax 

 The hypothetical
tax deduction is based on Reynolds’ United States base salary and number of legal dependents. The tax will be deducted from each regular paycheck. Social Security tax will be withheld and remitted on applicable compensation. 
  

	 	(d)	Foreign Income Taxes 

 UKESL will withhold all
foreign taxes, including income, local, and social taxes, related to compensation from UKESL as it would with any resident of the foreign country, in this case, the United Kingdom. Any foreign tax paid by Reynold, for income earned from UKESL, which
is subsequently refunded to Reynolds by the foreign government, shall be factored into the over tax equalization program. 
  

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	 	(e)	Reynolds’ Responsibilities 

 Reynolds must: 1)
maintain adequate personal records of data required for preparation and examination of income tax returns and for income tax equalization computation; 2) file all required United States and foreign income tax returns; 3) cooperate with the
designated CPA firm to take advantage of available tax credits; and 4) make any related payment of taxes in the required amounts and within the required deadlines. Reynolds’ share of the overall income tax for a period of international
assignment is the tax he would have paid had he been on assignment in the United States. This tax is the final (equalized) hypothetical tax plus (or minus) the tax cost (or benefit) on his net outside income (income from any source other than UKESL
compensation). Reynolds is responsible for making estimated tax payments on non-UKESL income and any interest or penalties imposed by any governmental tax service relative to unequalized items and non-UKESL income. Reynolds will return any refunds
obtained from carryovers relative to UKESL source income, e.g., excess foreign tax credits, promptly to UKESL. In the event of a refund, UKESL has the right to have Reynolds file an amended tax return or the right to bill Reynolds for the amount of
the refund if Reynolds refuses to file an amended return. 
  

	 	(f)	UKESL’s Responsibilities 

 UKESL will select a
reputable CPA firm with international experience to do the tax equalization for United States federal and state income taxes for Reynolds. As an additional benefit, UKESL will prepare a simple tax return for Reynolds, free of charge and in
confidence. If the return involves Schedule C, D, E, or other comparable forms, there will be a charge to Reynolds. UKESL will not provide tax equalization for city and local taxes. The final tax return for Reynolds must be done two years after the
end of his employment with UKESL. Tax planning and/or advice on outside income (income on which UKESL is not responsible for tax) is not part of the benefits of the tax equalization for Reynolds. Reynolds’ share of tax is determined using the
best computational method (e.g., alternative tax, income averaging, etc.) and is reduced by any tax credits (e.g., foreign earned income exclusion, housing exclusion, income tax credit, etc.) attributable to Reynolds’ behalf to cover the tax
liability on the actual return and will take responsibility for any interest or penalties imposed by the governmental tax service for equalized terms on UKESL source income. 
  

	6.	Confidentiality 

 Reynolds agrees that during
his employment with UKESL and at any time after the termination of his employment with UKESL for any reason, he will not use for his own benefit or the benefit of others, or divulge or convey to others, any Trade Secret information, knowledge or
data (as defined by the law in England and Wales) of UKESL or its affiliates, including USEY, or that of third parties obtained by Reynolds in the course of his employment with the UKESL. This promise of confidentiality is in addition to any common
law or statutory rights of UKESL to prevent disclosure of its Trade Secrets. 
  

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 Reynolds agrees that during his employment with UKESL after the termination of his employment with UKESL
for any reason, he will not publish or disclose any Confidential Information of UKESL or its affiliates, including USEY “Confidential Information” means any and all proprietary business information that is treated as confidential or secret
by UKESL or any of its affiliates, but does not constitute a Trade Secret. This promise of confidentiality is in addition to any common law or statutory rights of UKESL to prevent disclosure of Confidential Information. 
 Upon termination of Reynolds’ employment with UKESL or at any other time at the UKESL’s request, Reynolds agrees to deliver promptly to UKESL
all drawings, blueprints, manuals, letters, notes, notebooks, reports, sketches, formulae, source codes, computer programs, and similar items, memoranda, customer lists, and all other materials and all copies thereof relating in any way to
UKESL’s business and in any way obtained by Reynolds during the period of his employment with UKESL which are in his possession or control. Reynolds further agrees not to make or retain any copies of any of the foregoing and will so represent
to UKESL upon termination of employment. 
  

	7.	Employment Rights Act 1996 

 The following
information is given to supplement the previous information in this Agreement in order to comply with the requirements of Part I of the Employment Rights Act 1996: 
 (a) Reynolds’ employment with UKESL commenced as of the date of this Agreement. 
 (b) For so long as
Reynolds is employed by UKESL, the principal location for the provision of his services will be Knapton, North Yorkshire, but he will be required to provide services in London and at other UKESL locations and in the United States periodically at the
request of UKESL senior management. 
 (c) Reynolds’ hours of work are the normal hours of UKESL from 9 a.m. to 5 p.m., London time,
Monday to Friday of each week together with such reasonable additional hours as may be necessary so as properly to fulfill his duties. For the avoidance of doubt, Reynolds shall not be entitled to any overtime pay. 
 (d) No Contracting-Out Certificate pursuant to the provisions of the Social Security Pensions Act 1975 is held by UKESL in respect to Reynolds’
employment. 
 (e) All matters of discipline arising in respect to Reynolds’ employment will be decided and implemented by the Chief
Executive Officer of UKESL. If Reynolds is dissatisfied with the decision, or if he has any grievance arising from his employment hereunder, Reynolds may refer the matter in writing within 10 days to the CEO of USEY, and that individual will
confirm, amend, or reject such decision/grievance as he sees fit, and his decision in such circumstances will be final and binding. For the avoidance of doubt, Reynolds has no contractual right to a disciplinary or grievance hearing or appeal.

  

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 (f) Reynolds’ job title is Programme Director, and his normal duties are as set forth previously in
this Agreement. 
 (g) There are no collective agreements with trade unions that affect the terms and conditions of Reynolds’
employment. 
  

	8.	Working Time 

 For the purpose of Regulation
20 of the Working Time Regulations 1998 (“WTR”), it is agreed that Reynolds is a person with autonomous decision-making powers. Nevertheless, for the avoidance of doubt, Reynolds hereby agrees that the 48-hour weekly working time limit
under the WTR does not apply to him and that this Agreement pursuant to Regulation 5 of the WTR shall apply indefinitely, terminable by Reynolds only if he gives three months’ notice in writing to UKESL. 
  

	9.	Incapacity and Sickness 

 (a) If Reynolds
shall be prevented by illness (including mental disorder), injury, or other incapacity from properly performing his duties hereunder, he shall report this fact immediately to UKESL and shall be required to furnish to UKESL satisfactory evidence of
his incapacity. If Reynolds is so prevented for seven or more consecutive days, he shall provide a doctor’s certificate on the eighth day and weekly thereafter so that the whole period of incapacity is certified by such statements. Immediately
following his return to work after a period of absence due to incapacity, Reynolds shall complete a Self-Certification form available from UKESL detailing the reason for his absence. 
 (b) If Reynolds shall be absent from his duties hereunder due to illness (including mental disorder), accident, or other incapacity duly certified in
accordance with the provisions of Paragraph 9(a) hereof, he shall continue to receive his salary for that period of absence unless he accumulates more than 30 days’ absence for sickness and/or incapacity in any 12-month period, at which point
each additional day of absence will be subject, in UKESL’s discretion, to a pro rata deduction from Reynolds’ salary. 
 (c)
All payments (i.e., continuation of salary without deduction) under this Paragraph 9 shall be subject to, unless otherwise waived by UKESL, Reynolds providing to UKESL satisfactory notification of such absence on the first day of absence and to him
complying with the following requirements, namely: (i) if sickness is for less than 7 days, evidence of incapacity must be produced to UKESL upon Reynolds’ return to work by way of self certificate, and (ii) if sickness is for 7 days
or more, evidence of incapacity must be produced by UKESL by way of a doctor’s certificate as soon as it becomes evident that such sickness will exceed 7 days. 
 (d) All such remuneration payable under this paragraph shall be inclusive of any Statutory Sick Pay to which Reynolds is entitled (under the provisions of the Social Security and Housing Benefits Act 1982). Any Social
Security Sickness Benefit or other benefits recoverable by Reynolds (whether or not recovered) may be deducted therefrom. 
  

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 (e) The provisions of this Paragraph are without prejudice to UKESL’s right to deal with
Reynolds’ incapacity absence by a means similar or better. However, nothing in this Paragraph shall in any way restrict UKESL’s right to terminate this Agreement. 
 (f) For Statutory Sick Pay purposes, Reynolds’ qualifying days shall be his normal working days. 
 (g) At any time during the period of this Agreement, Reynolds shall, upon reasonable request by UKESL and at UKESL’s expense, permit himself to be
examined by a registered medical practitioner to be selected by UKESL, and Reynolds shall authorize such medical practitioner to disclose to and discuss with UKESL’s medical adviser the results of such examination and any matters which arise
from it in order that UKESL’s medical adviser can notify UKESL of any matters which, in the adviser’s reasonable opinion, might hinder or prevent Reynolds (if during a period of incapacity) from returning to work for any period or (in
other circumstances) from properly performing any duties of his employment at any time. 
 (h) If the incapacity shall be or appear to be
occasioned by actionable negligence of a third party in respect of which damages are or may be recoverable, Reynolds shall forthwith notify UKESL of that fact and of any claim, compromise, settlement, or judgment made or awarded in connection
therewith and shall give to UKESL all such particulars of such matters as UKESL may reasonably require and shall if so required by UKESL refund to UKESL such damages net of any taxes and costs as have actually been received by Reynolds but only
insofar as and to the extent that those damages relate to loss of earnings for the period of the incapacity for which Reynolds has received an allowance. 
 (i) In the event that UKESL reasonably considers that, by reason of physical or mental ill health, Reynolds is unfit properly to carry out his duties under this Agreement, Reynolds may be suspended from carrying out
those duties for so long as UKESL in its discretion reasonably considers such ill health to continue, subject to the remuneration provisions in Paragraph 9(b) above. 
  

	10.	Deductions from Wages 

 UKESL has the right
at any time during employment (and in any event on termination no matter how such termination arises) if necessary to make deductions from any element of Reynolds’ Salary, bonus, and/or severance payment for reasons including: 
 (a) any unauthorized absence from work; 
 (b)
any unauthorized expenses incurred by Reynolds; 
 (c) damage to UKESL property (whether by negligence, carelessness, recklessness or
dishonesty) or misappropriation of UKESL property; 
  

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 (d) any sums with Reynolds may owe to UKESL, including an overpayment made of Salary, bonus, or expenses.
For this purpose, Reynolds will be deemed to have checked each and every payment made to him and to be aware of any overpayment; 
 (e)
loans, advances, or other payments made to Reynolds by UKESL; 
 (f) excess vacation taken; 
 (g) any other amount for the time being due and owing by Reynolds to UKESL. 
 Where UKESL intends to make deductions, Reynolds will be notified in advance and invited to make any representations concerning the proposed deductions.

  

	11.	Assignment and Delegation 

 Neither this
Agreement nor any right, duty, or obligation hereunder shall be assignable or delegable by Reynolds. This Agreement and all of UKESL’s rights and obligations hereunder may be assigned, delegated, or transferred by it to any business entity
which at any time by merger, consolidation, or other business combination acquires, directly or indirectly, all or substantially all of the stock or assets of UKESL or to which UKESL transfers all or substantially all of its assets. Upon any such
assignment, delegation, or transfer, any such successor shall be deemed to be substituted for all purposes as UKESL hereunder and this Agreement shall be binding upon any such successor. 
  

	12.	Governing Law 

 This Agreement shall be
governed by, construed, and interpreted in accordance with, the laws of England and Wales, without giving effect to the principles of conflicts of laws. UKESL and Reynolds agree that the courts of England and Wales shall have exclusive jurisdiction
over any disputes arising under this agreement or involving the terms and conditions of Reynolds’ employment with UKESL. 
  

	13.	Work Permit 

 UKESL will take all reasonable
steps in assisting Reynolds to obtain any work permit necessary to become employed in the United Kingdom. UKESL will pay all reasonable expenses associated with obtaining and retaining the work permit. 
  

	14.	Definitions 

 For purposes of this Agreement,
the following terms shall have the meanings set forth below: 
 (a) “Cause” means Reynolds, as determined in the Company’s
discretion, engages in any of the following: 
  

	 	(ii)	A material and willful breach by Reynolds of any of his obligations hereunder; 

  

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	 	(iii)	Serious and willful misconduct or gross negligence by Reynolds with respect to any of his obligations hereunder; 

  

	 	(iv)	Willful failure by Reynolds to comply with the reasonable directions or policies of the Chief Executive Officer (or other executive-level management) of UKESL in achieving the
objectives of the UKESL and/or USEY; 

  

	 	(v)	Commission by Reynolds of any act or omission that would constitute a felony or other crime involving moral turpitude under the law of the United States or the United Kingdom; or

  

	 	(vi)	Reynolds’ commission of a theft, fraud or defalcation against UKESL or any of its affiliates. 

 (a) “Good Reason” means: 
  

	 	(i)	A willful breach by UKESL of this Agreement; or 

  

	 	(ii)	An unreasonable and willful delay in payment of any kind to Reynolds which is due and owing, including, but not limited to, the payment of Salary; or 

  

	 	(iii)	A change in control, defined as a change during the first eighteen (24) months of the Original Term in the identity of the Chief Executive Officer of UKESL or a replacement of
a majority of the Board of Directors of UKESL; provided, however, that unless Reynolds elects to resign within thirty (30) days of their effective date, these change of control events shall not be considered “Good Reason.”

  

	15.	Notice 

 Any notice required by this
Agreement or appropriate to be given under it shall be given in writing addressed to the appropriate party as follows: 
 Joseph P. Reynolds 
 14203 Ragus Lake Drive 
 Sugarland, TX 77478 
 USA 
 UKESL 
 Brookfield House 
 44 Davies Street 
 London W1K 5JA 
 United Kingdom 
  

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	16.	Dispute Resolution 

 Any dispute arising out
of the interpretation or application of this Agreement with the exception of those pertaining to discipline, which shall be resolved pursuant to Paragraph 7(e), shall be resolved exclusively through final and binding arbitration conducted in London,
England. 
  

	17.	Entire Agreement 

 This Agreement contains
the entire understanding between Reynolds and UKESL with respect to the matters covered and supersedes any and all prior understandings, written or oral. This Agreement may not be amended, waived, discharged or terminated orally, but only by an
instrument in writing, specifically identified as an amendment to this Agreement, and signed by all parties. 
  

	18.	Severability 

 Any provision of this
Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be deemed severable from the remainder of this Agreement, and the remaining provisions contained in this Agreement shall be construed to preserve to
the maximum permissible extent the intent and purposes of this Agreement. Any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement this     
day of September, 2006. 
  

			
	UK ENERGY SYSTEMS LTD
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	  

	Joseph P. Reynolds

  

 14EXHIBIT 10.14 - FORM OF NOTES PAYABLE TO MAGNA ACQUISITION, LLC.

                                 PROMISSORY NOTE

$25,000.00                                                   Septermber 29, 2006

      FOR VALUE RECEIVED, the undersigned, Magna-Lab Inc., a New York
corporation ("Borrower"), HEREBY PROMISES TO PAY to the order of Magna
Acquisition LLC or its registered assigns ( "Lender"), in lawful money of the
United States of America, in the manner and at the times provided hereinafter,
the principal sum of AMOUNT Dollars (US$25,000.00), together with Interest (as
hereinafter defined) and Default Interest (as hereinafter defined) and all other
amounts due and payable pursuant to and in accordance with terms of this Note.

      Interest shall accrue on the unpaid principal amount of this Note from the
date hereof until such principal amount is paid in full. "Interest" shall mean
twelve percent (12%) per annum. Interest shall be computed on the actual number
of days elapsed, predicated on a year consisting of three hundred and sixty
(360) days.

      Default Interest, if any, shall be payable on demand. "Default Interest"
shall mean interest computed at fifteen percent (15%) per annum, on (i) the
entire principal balance of this Note from time to time unpaid from and after
such amounts becomes due and payable (whether upon maturity, by acceleration or
otherwise), and (ii) any and all other unpaid amounts due pursuant to the terms
and provisions of this Note (including, but not limited to, accrued and unpaid
Interest) from and after the respective date(s) on which those amounts become
due and payable, whether upon maturity, by acceleration or otherwise; in each
case from and after the expiration of any applicable grace period. Default
Interest shall be computed on the actual number of days elapsed, predicated on a
year consisting of three hundred and sixty (360) days. Notwithstanding anything
to the contrary contained herein, for any period in which Default Interest is
accruing on the entire unpaid principal balance hereunder, Interest shall not
accrue. Default Interest shall compound on an annual basis.

      Unless otherwise accelerated pursuant to the terms hereof, this Note shall
mature and all outstanding and unpaid principal and Interest shall be due and
payable on the date that is 120 days from and after the date hereof.

      This Note may be prepaid, in whole or in part, at any time by Borrower
without premium or penalty. Any prepayment of this Note shall be accompanied by
payment of any Interest accrued and unpaid through the date of such prepayment,
and all Default Interest, if any, accrued and unpaid through the date of such
prepayment.

      Notwithstanding anything to the contrary contained herein, upon the
occurrence of any one or more of: (i) a default in the payment of any amounts
due hereunder and a failure to cure such default within five (5) business days,
or (ii) a default hereunder, and the expiration of any grace period applicable
to any default as set forth herein, then at the sole option and discretion of
Lender, and without further demand or notice of any kind, the following shall
become immediately due and payable:

      1.    the aggregate principal amount of this Note outstanding and
            remaining unpaid hereunder;

      2.    unpaid Interest;

      3.    Default Interest; and

      4.    all other indebtedness evidence by this Note.

                                       29
<PAGE>

The following shall constitute events of default hereunder: (i) the assignment
for the benefit of creditors by Borrower; (ii) the application for the
appointment of a receiver for Borrower or for the property of Borrower; (iii)
the filing of a petition in bankruptcy by or against Borrower; (iv) the issuance
of an attachment or the entry of a judgment against Borrower; (v) a default by
Borrower with respect to any other indebtedness due to Lender; (vi) the making
or sending of a notice of an intended bulk sale by Borrower; (vii) the merger,
consolidation, termination of existence, dissolution or insolvency of Borrower;
(viii) the good faith determination by Lender that it deems itself insecure or
that a material adverse change in the financial condition of Borrower has
occurred since the date hereof and that Lender's prospect of payment hereunder
has been impaired; or (ix) any breach or default under any indebtedness of
Borrower to any banking or financial institution, and the expiration of any
grace period applicable to such breach or default.

      If Borrower fails to pay any amounts when due hereunder, whether at
maturity, by acceleration or otherwise, or if there occurs any event which
entitles Lender to accelerate the indebtedness due under this Note and any grace
period applicable to any such failure to pay or event as set forth herein
expires, then Lender shall have all of the rights and remedies provided to it
hereunder, and at law or in equity. The remedies of Lender, as provided herein,
shall be cumulative and concurrent, and may be pursued singularly, successively,
or otherwise, at the sole discretion of Lender, and may be exercised as often as
occasion therefor shall arise. Lender may resort for payment hereunder to any of
security for, or any guaranty of, this Note whether or not Lender shall have
resorted for payment hereunder to any other security for or guaranty of this
Note. No act or omission of Lender, including specifically any failure to
exercise any right, remedy or recourse, shall be deemed to be a waiver or
release of the same, such waiver or release to be effected only through a
written document executed by Lender and then only to the extent specifically
recited therein. A waiver or release with reference to any one event shall not
be construed as continuing, as a bar to, or as a waiver or release of, any
subsequent right, remedy, or recourse as to a subsequent event. If this Note is
placed in the hands of an attorney for collection or is collected on advice of
counsel or through any legal proceeding, Borrower promises to pay, to the extent
permitted by law, court costs and reasonable attorneys' fees incurred by Lender.
Borrower hereby waives presentment, demand, notice of dishonor or nonpayment,
protest and notice of protest in connection therewith.

      If any provision of this Note is unenforceable, invalid or contrary to
law, or its inclusion herein would affect the validity, legality or enforcement
of this Note, such provision shall be limited to the extent necessary to render
the same valid or shall be excised from this Note, as the circumstances require,
and this Note shall be construed as if said provision had been incorporated
herein as so limited or as if said provision had not been included herein, as
the case may be.

      Time is of the essence of this Note.

      Upon maturity or following the occurrence of any event which entitles
Lender to accelerate the indebtedness evidenced hereby, all payments received on
account of the indebtedness evidenced hereby shall be applied, in whatever
order, combination and amounts as Lender, in its sole and absolute discretion,
decides, to all costs, expenses and other indebtedness, if any, owing to Lender
by reason of this Note; Default Interest, Interest; and principal.

      This Note, and the terms and provisions hereof, shall be binding upon
Borrower and its successors, administrators, and assigns, and shall inure to the
benefit of any holder hereof.

                                       30
<PAGE>

      All amounts due hereunder shall be paid without deduction, set-off or
counterclaim, Borrower expressly waiving any such rights to deduction, set-off
or counterclaim.

      Notwithstanding any provisions to the contrary contained in this Note or
in any of the other documents or instruments referred to in this Note, if at any
time or times the interest and any sums considered for such purposes to be
interest, payable under or by reason of this Note or any such other documents or
instruments, should exceed the maximum which, by the laws of the State having
jurisdiction, may be charged with respect to the loan evidenced hereby, given
the nature and all of the pertinent circumstances of such loan, than all such
sums in excess of such maximum shall be deemed not to be interest, but rather to
be payments on account of principal, and without further agreement of the
parties shall be so applied without regard to any other provision of this Note,
provided that Lender may elect instead that no sums shall be payable in excess
of such maximum, whereupon this Note, and such other documents and instruments
hall be deemed amended accordingly without further action by any party.

      This Note shall inure to the benefit of Lender and its successors and
assigns and shall be governed by, and construed in accordance with, the laws of
the State of Delaware.

                                          MAGNA-LAB INC., a New York corporation

                                          By /s/ Lawrence A Minkoff
                                             -----------------------------------
                                             Name:
                                                    ----------------------------
                                             Title: Chairman and President
                                                    ----------------------------

                                       31

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