Document:

Unassociated Document

    
      	To:	
              Terrapin
                Enterprises, Inc. 
                17
                  Carlton Road

                Monsey,
                  NY 10952

              

            

    

    

    TERRAPIN
      ENTERPRISES, INC.

    INVESTMENT
      CONFIRMATION

    

    The
      undersigned, intending to be legally bound, hereby irrevocably subscribes for
      and agrees to purchase ________ shares of the common stock of Terrapin
      Enterprises, a Nevada corporation (the "Company"), for a purchase price of
      $__________, or $0.025 per share. Simultaneous with the execution and delivery
      of this confirmation to the Company, the undersigned is either delivering a
      check made payable to “Terrapin Enterprises, Inc.” or sending a wire transfer
      payment to the company’s escrow at:

    

    Bank:
      

    Phone:

    ABA:  SWIFT:
       ACH:

    Master
      Escrow Account: 

    Account
      Name: 

     

    The
      undersigned acknowledges that he has received a copy of the prospectus of the
      Company dated ________, 2006 filed with the Securities and Exchange Commission
      (“Prospectus”) with respect to the offer and sale of the shares of stock being
      purchased. The undersigned is not relying on the Company or its affiliates
      with
      respect to economic considerations involved in this investment, but has relied
      solely on its own advisors.

    

    The
      undersigned further acknowledges that although the shares of common stock being
      purchased from the Company are registered securities under the U.S. Securities
      Act of 1933, as amended, there may be restrictions on the resale of the shares
      imposed by the particular state law where the undersigned resides or in a
      jurisdiction outside of the United States. Accordingly, the undersigned will
      not
      offer to sell or sell the Shares in any jurisdiction unless the undersigned
      obtains all required consents, if any.

    

    The
      undersigned understands that an investment in the shares is a speculative
      investment which involves a high degree of risk and the potential loss of his
      entire investment. The undersigned is further aware that no federal or state
      agency has (i) made any finding or determination as to the fairness of this
      investment, (ii) made any recommendation or endorsement of the shares or the
      Company, or (iii) guaranteed or insured any investment in the Shares or any
      investment made by the Company. The undersigned understands that the price
      of
      the stock purchased hereby bears no relation to the assets, book value or net
      worth of the Company and was determined arbitrarily by the Company. The
      undersigned agrees and acknowledges that it has read all the information
      contained in the Prospectus, including without limitation, the Risk Factors
      contained therein.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Date:
      ______

     

    

    
      	Amount
              of
              Investment: $_______	
              Number
                of Shares: _______

            
	 	 	 
	
              1.

            	
              Print
                Full Name of Investor:

            	
              Individual:

            
	 	 	
               

            
	 	 	
              First,
                Middle, Last

            
	 	 	 
	 	 	
              Partnership,
                Corporation, Trust, Custodial Account, Other:

            
	 	 	 
	 	 	
               

            
	 	 	
              Name
                of Entity

            
	 	 	 
	
              2.

            	
              Permanent
                Address of Investor:

            	
               

            
	 	 	
               

            
	 	 	 
	
              3.

            	
              Name
                of Primary Contact Person:

            	
               

            
	 	
              Title:

            	 
	 	 	 
	
              4.

            	
              Telephone
                Number:

            	
               

            
	 	 	 
	
              5.

            	
              E-Mail
                Address: 

            	
               

            
	 	 	 
	
              6.

            	
              Facsimile
                Number:

            	
               

            
	 	 	 
	
              7.

            	
              Social
                Security or EIN of Investor:

              (attach
                an executed Form W-8)

            	
               

               

            

    

    

    
      	
              8.

            	
              Authorized
                Signatory:

            	
               

            
	 	
              Title:

            	 

    

    

    

    If
      Investor is an entity, provide copy of Articles of Incorporation, Certificate
      of
      Formation or other evidence of existence, as well as a copy of board resolution
      or other evidence of authorization to purchase the shares of the
      Company.Exhibit
      10.1

    

    Lothian
      Oil Inc.

    500
      Fifth Avenue, Suite 2600

    New
      York, New York 10110

     

    
      	 	 	September 15,
              2006

    

    
United
      Heritage Corporation

    405
      North
      Marienfeld, Suite 200

    Midland,
      Texas 79701

    

    Ladies
      and Gentlemen:

    

    Reference
      is made to that certain Merger Agreement and Plan of Reorganization (as amended,
      the “Agreement”)
      made
      and entered into as of February 22, 2006, by and among United Heritage
      Corporation, a Utah corporation (“United”)
      and
      Lothian Oil Inc., a Delaware corporation (“Lothian”).
      Capitalized terms used but not defined herein have the respective meanings
      ascribed to them in the Agreement.

    

    Lothian
      and United hereby agree that the Agreement is hereby amended as
      follows:

    

    1. Section
      1.6(e) of the Agreement is deleted in its entirety and replaced with the
      following:

     

    “(e)
       Exchange
      Ratio.  The
      “Exchange
      Ratio”
shall
      be .80. The Exchange Ratio shall be equitably adjusted to reflect fully the
      effect of any stock split, reverse split, stock combination, stock dividend
      (including any dividend or distribution of securities convertible into United
      Common Stock or Lothian Capital Stock), reorganization, reclassification,
      recapitalization or other like change with respect to United Common Stock or
      Lothian Capital Stock occurring after the date hereof and prior to the Effective
      Time. No adjustment shall be made to the Exchange Ratio as a result of any
      cancellation of any Lothian Equity Security or any consideration (in any form
      whatsoever) received by Lothian as a result of any exercise, conversion or
      exchange of Lothian Equity Securities, after the Effective Time.”

     

    2. Section
      1.6(g) of the Agreement is deleted in its entirety and replaced with the
      following:

     

    “(g)
       United
      Warrants. At the Effective Time, each holder of United Common Stock as of April
      26, 2006 (with the exception of Lothian) will receive a stock purchase warrant
      to purchase one share of United Common Stock for each share of United Common
      Stock held by such United shareholder. Each such warrant issued pursuant to
      this
      Section 1.6(g) will have a term of five years and an exercise price of $3.00
      per
      share, and will provide for early termination on 30 days written notice if
      the
      Market Price of United’s Common Stock closes above $4.50 per share for ten
      consecutive trading days. The exercise price and number of shares obtainable
      upon exercise of each such warrant shall be equitably adjusted to reflect fully
      the effect of any stock split, reverse split, stock combination, stock dividend
      (including any dividend or distribution of securities convertible into United
      Common Stock or Lothian Capital Stock), reorganization, reclassification,
      recapitalization or other like change with respect to United Common Stock
      occurring after the date hereof.” 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3. Section
      8.1(b)(vi) of the Agreement is deleted in its entirety and replaced with the
      following:

     

    “(vi)
       the
      Effective Time has not occurred before 5 p.m. (Eastern Time) on April 30, 2007,
      provided, however, that the right to terminate this Agreement under this Section
      8.1(b)(vi) shall not be available to any party whose willful failure to fulfill
      any obligation hereunder has been the cause of, or resulted in, the failure
      of
      the Effective Time to occur on or before such date.” 

    

    4. Exhibit
      D
      to the Agreement, consisting of the Form of Certificate of Designation of
      Preferences and Rights of Series A Convertible Preferred Stock of United
      Heritage Corporation is amended as follows:

    

    (a)  The
      second introductory paragraph thereof is deleted in its entirety and replaced
      with the following:

    

    “RESOLVED,
      that, pursuant to authority vested in the Board of Directors of the Corporation
      by Article IV of the Corporation’s amended Articles of Incorporation, of the
      total authorized number of 5,000,000 shares of Preferred Stock of the
      Corporation, there shall be designated a series of 176,000 shares which shall
      be
      issued in and constitute a single series to be known as “Series A Convertible
      Preferred Stock”, par value $0.0001 per share (hereinafter called the “Series A
      Preferred”). The shares of Series A Preferred shall have the voting powers,
      designations, preferences and other special rights, and qualifications,
      limitations and restrictions thereof set forth below:”

    

    (b)  The
      first
      sentence of Section 1(a) thereof is deleted in its entirely and replaced with
      the following:

    

    “The
      holders of Series A Preferred shall be entitled to receive dividends at a rate
      of eight percent (8%) of the liquidation preference of $125.00 per share per
      annum, which shall be fully cumulative, prior and in preference to any
      declaration or payment of any dividend (payable other than in shares of common
      stock, $0.001 par value per share, of the Corporation (the “Common Stock”) or
      other distribution on the Common Stock of the Corporation.”

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (c)  The
      last
      sentence of Section 3 thereof is deleted in its entirety and replaced with
      the
      following:

    

    “For
      the
      purposes hereof, the term “Liquidation Preference(s)” shall mean $125.00 per
      share with respect to each of the Series A Preferred, plus any and all accrued
      unpaid dividends thereon.”

    

    (d)  Section
      4(a) thereof is deleted in its entirety and replaced with the
      following:

    

    “All,
      but
      not less than all, of the Series A Preferred may be redeemed upon payment of
      $125.00 per Series A Share, plus accrued and unpaid dividends thereon (the
      “Redemption Price”), at any time by the Corporation at its sole discretion upon
      thirty (30) days’ written notice to the holders of the Series A Preferred;
provided,
      however,
      the
      Company shall not redeem the Series A Preferred unless, at the time of such
      redemption, (i) the Company is a reporting company under Section 12 of the
      Securities Exchange Act of 1934, as amended, and (ii) the Common Stock is traded
      on the NASDAQ System or in the domestic over-the-counter market as reported
      by
      the National Quotation Bureau, Incorporated, or the American Stock Exchange,
      (iii) a registration statement under the Securities Act of 1933, as amended
      has
      been filed and is effective and covers the Common Stock issuable upon conversion
      of the Series A Preferred; and (iv) the Market Price as of the date of any
      Redemption Notice hereunder is no less than two hundred percent (200%) of the
      Conversion Ratio.”

    

    (e)  
      Section
      5(a) thereof is deleted in its entirety and replaced with the
      following:

    

    “Right
      to Convert:
      Subject
      to the provisions for adjustment hereinafter set forth, each share of Series
      A
      Preferred shall be convertible in the manner hereinafter set forth into fully
      paid and nonassessable shares of Common Stock. Commencing upon issuance, the
      Liquidation Preference of each share of Series A Preferred (a “Series A
      Share”) may, at the option of the holder thereof, be converted into such number
      of fully paid and nonassessable whole shares of Common Stock as determined
      by
      dividing the Liquidation Preference by $1.25 (the “Conversion Ratio”). Such
      rights of conversion shall be exercised by the holder thereof by giving written
      notice that the holder elects to convert a stated number of shares of Series
      A
      Preferred into Common Stock and by surrender of a certificate or certificates
      for the shares to be so converted to the Corporation at its principal office
      (or
      such other office or agency of the Corporation as the Corporation may designate
      by notice in writing to the holder or holders of the Series A Preferred) at
      any
      time during its usual business hours on the date set forth in such notice,
      together with a statement of the name or names (with address), subject to
      compliance with applicable laws to the extent such designation shall involve
      a
      transfer, in which the certificate or certificates for shares of Common
      Stock.”

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    5. Exhibit
      E
      to the Agreement, consisting of the Form of Certificate of Designation of
      Preferences and Rights of Series B Convertible Preferred Stock of United
      Heritage Corporation is amended as follows:

    

    (a) The
      second and third introductory paragraphs thereof are deleted in their entirety
      and replaced with the following:

    

    “RESOLVED,
      that, it is in the best interest of this Corporation, that in addition to the
      176,000 shares of Series A Convertible Preferred Stock, par value $0.0001 per
      share (hereinafter call the “Series A Preferred”), to create a new series of its
      Preferred Stock.

    

    RESOLVED
      FURTHER, that, pursuant to authority vested in the Board of Directors of the
      Corporation by Article IV of the Corporation’s amended Articles of
      Incorporation, of the total authorized number of 5,000,000 shares of Preferred
      Stock of the Corporation, there shall be designated a series of 40,000 shares
      which shall be issued in and constitute a single series to be known as “Series
      B-1 Convertible Preferred Stock”, par value $0.0001 per share (hereinafter
      called the “Series B-1 Preferred”) and there shall be designated a series of
      60,000 shares which shall be issued in and constitute a single series to be
      known as “Series B-2 Convertible Preferred Stock”, par value $0.0001 per share
      (hereinafter called the “Series B-2 Preferred, and collectively with the Series
      B-1 Preferred, the “Series B Preferred”). The shares of Series B Preferred shall
      have the voting powers, designations, preferences and other special rights,
      and
      qualifications, limitations and restrictions thereof set forth
      below:”

    

    (b)  The
      penultimate sentence of Section 3 thereof is deleted in its entirely and
      replaced with the following:

    

    “For
      the
      purposes hereof, the term “Liquidation Preference(s)” for the Series A Preferred
      shall have the meaning provided in the Certificate of Designation, Preferences
      and Rights of Series A Preferred Stock filed by the Corporation with the Utah
      Secretary of State simultaneously with the filing of this Certificate of
      Designation, and for the Series B Preferred shall mean $125.00 per share with
      respect to each of the Series B-1 Preferred, and $156.25 per share with respect
      to each of the Series B-2 Preferred, in all cases plus any and all accrued
      unpaid dividends thereon.”

    

    (c)  Section
      4(a) thereof is deleted in its entirety and replaced with the
      following:

    

    “All,
      but
      not less than all, of the Series B-1 Preferred may be redeemed upon payment
      of
      $125.00 per share of Series B-1 Preferred and all, but not less than all, of
      the
      Series B-2 Preferred may be redeemed upon payment of $156.25 per share, in
      all
      cases plus accrued and unpaid dividends thereon (the “Redemption Price”), at any
      time by the Corporation at its sole discretion upon thirty (30) days’ written
      notice to the holders of the applicable Series B Preferred; provided,
      however,
      the
      Company shall not redeem any Series B Preferred unless, at the time of such
      redemption, (i) the Company is a reporting company under Section 12 of the
      Securities Exchange Act of 1934, as amended, and (ii) the Common Stock is traded
      on the NASDAQ System or in the domestic over-the-counter market as reported
      by
      the National Quotation Bureau, Incorporated, or the American Stock Exchange,
      and
      (iii) a registration statement under the Securities Act of 1933, as amended
      has
      been filed and is effective and covers the Common Stock issuable upon conversion
      of the Series B Preferred; and (iv) the Market Price as of the date of any
      Redemption Notice hereunder is no less than two hundred percent (200%) of the
      Conversion Ratio.”

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    (d)  Section
      5(a) thereof is deleted in its entirety and replaced with the
      following:

    

    “Right
      to Convert:
      Subject
      to the provisions for adjustment hereinafter set forth, each share of Series
      B
      Preferred shall be convertible in the manner hereinafter set forth into fully
      paid and nonassessable shares of Common Stock. Commencing upon issuance, each
      share of Series B-1 Preferred may, at the option of the holder thereof, be
      converted into such number of fully paid and nonassessable whole shares of
      Common Stock as determined by dividing the Liquidation Preference by $1.25,
      and
      each share of Series B-2 Preferred may, at the option of the holder thereof,
      be
      converted into such number of fully paid and nonassessable whole shares of
      Common Stock as determined by dividing the Liquidation Preference by $1.5625
      (the “Conversion Ratio”). Such rights of conversion shall be exercised by the
      holder thereof by giving written notice to the Corporation that the holder
      elects to convert a stated number of shares of the applicable Series B Preferred
      into Common Stock and by surrender of a certificate or certificates for the
      shares to be so converted to the Corporation at its principal office (or such
      other office or agency of the Corporation as the Corporation may designate
      by
      notice in writing to the holder or holders of the Series B Preferred) at any
      time during its usual business hours on the date set forth in such notice,
      together with a statement of the name or names, subject to compliance with
      applicable laws to the extent such designation shall involve a transfer, in
      which the certificate or certificates for shares of Common Stock are to be
      issued. The Corporation shall, as soon as possible thereafter and in no case
      more than three (3) business days, issue and deliver at such office to such
      holder of Series B Preferred, or to the nominee or nominees of such holder,
      a
      certificate or certificates for the number of shares of Common Stock to which
      such holder shall be entitled as aforesaid. Such conversion shall be deemed
      to
      have been made immediately prior to the close of business on the date of such
      surrender of the shares of the applicable Series B Preferred to be converted,
      and the person or persons entitled to receive the shares of Common Stock
      issuable upon such conversion shall be treated for all purposes as the record
      holder or holders of such shares of Common Stock as of such date.”

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    Except
      as
      specifically amended hereby, the terms of the Agreement shall remain in full
      force and effect. This letter agreement shall be governed by and construed
      in
      accordance with the Laws of the State of Delaware, without giving effect to
      any
      choice of law or conflict of law provision or rule that would cause the
      application of the Laws of any jurisdiction other than the State of Delaware.
      

    

    Please
      indicate your acceptance of and agreement to the foregoing by signing and
      returning to me a copy of this letter, which may be signed in
      counterparts.

     

    
      	 	 	 
	 	Very
              truly yours,
              
	 	 
	 	Lothian Oil Inc.
	 
 	 
 	 
 
	 	By:  	/s/ Bruce
              Ransom
	 	
              
Name: Bruce
              Ransom
	 	Title: Chief
              Executive Officer

    

    Accepted
      and Agreed:

    

    United
      Heritage Corporation 

    

    

    By:
       /s/
      C.
      Scott Wilson  

    Name: C.
      Scott
      Wilson

    Title: Chief
      Executive Officer

    

    
      
         

      

      
        6

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