Document:

Unassociated Document

     

    As of
October 16, 2009

    

    Teton
Energy Corporation

    600
17th
Street, Suite 1600 North

    Denver,
Colorado  80202

    
      Attention:
Jonathan Bloomfield

    

     

    
      	
              Re:

            	
              Third
      Amendment to Second Amended and Restated Credit Agreement and Forbearance
      Agreement (as amended, the “Third
      Amendment”) dated effective as of August 26, 2009, among Teton
      Energy Corporation, a Delaware corporation (“Borrower”),
      the financial institutions party thereto as lenders (“Lenders”),
      and JPMorgan Chase Bank, N.A., as Administrative Agent (“Administrative
      Agent”).  Unless otherwise defined herein, all terms used
      herein which are defined in the Third Agreement shall have the meaning
      assigned to such terms in the Third
Amendment.

            

    

     

    
      Ladies
and Gentlemen:

    

     

    Borrower
has advised Administrative Agent and Lenders that it desires to amend certain
terms of the Third Amendment.  In consideration of the mutual
covenants and agreements contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged and
confessed, the parties hereto hereby agree as follows:

     

    
      	
              1. 

            	
              Amendments.  In
      reliance on the representations, warranties, covenants and agreements
      contained in this letter agreement, and subject to the satisfaction of the
      conditions precedent set forth in Section 3
      hereof:

            

    

     

    (a)           
Section 2.1 of the Third Amendment is hereby amended effective as of the date
hereof by replacing each reference to “October 16, 2009” with “November 6,
2009”; and

     

    (b)           The
Lenders hereby agree that the Borrower’s financial statements for the quarter
ended September 30, 2009 shall be due to the Administrative Agent and each
Lender not later than November 30, 2009, notwithstanding the terms of Section
8.01(b) of the Credit Agreement.

     

    
      	
              2.

            	
              Representations and
      Warranties.  To induce Lenders and Administrative Agent
      to enter into this letter agreement, Borrower hereby represents and
      warrants to Lenders and Administrative Agent as
  follows:

            

    

     

    (a)           Reaffirm Existing
Representations and Warranties.  Except for the representation
and warranties made in Sections 7.04(b) and 7.22, each representation and
warranty of Borrower and its Subsidiaries contained in the Credit Agreement is
true and correct on the date hereof  and will be true and correct
after giving effect to this letter agreement (other than breaches which result
from the Specified Defaults).

     

    (b)           Due Authorization; No
Conflict.  The execution, delivery and performance by Borrower
of this letter agreement are within Borrower’s corporate powers, have been duly
authorized by all necessary action, require no action by or in respect of, or
filing with, any governmental body, agency or official and do not violate or
constitute a default under any provision of applicable law or any material
agreement binding upon Borrower or any of its Subsidiaries or result in the
creation or imposition of any Lien upon any of the assets of Borrower or any of
its Subsidiaries.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      Teton
Energy Corporation

      As of
October 16, 2009

      Page 2

    

     

     

    (c)           Validity and
Enforceability.  This letter agreement constitutes the valid
and binding obligation of Borrower enforceable in accordance with its terms,
except as (a) the enforceability thereof may be limited by bankruptcy,
insolvency or similar laws affecting creditor’s rights generally, and (b) the
availability of equitable remedies may be limited by equitable principles of
general application.

     

    (d)           No Default or Event of
Default.  No Default or Event of Default has occurred which is
continuing, other than the Specified Defaults.

     

    (e)           No
Defense.  Borrower acknowledges that Borrower has no defense to
(i) Borrower’s obligation to pay any amount payable under any Loan Document when
due, or (ii) the validity, enforceability or binding effect against Borrower of
the Credit Agreement or any of the other Loan Documents or any Liens intended to
be created thereby.

     

    2.           3.           Conditions
Precedent.  The amendments contained in Section 1 hereof
shall be effective as of the date when the following conditions precedent have
been satisfied:

     

    3.                                (a)           No
Default.  No Default or Event of Default shall have occurred
which is continuing, other than the Specified Defaults.

     

    4.                                (b)           Documents.  Administrative
Agent shall have been provided with executed counterparts of this letter
agreement and such other documents, instruments and agreements, and Borrower and
each of its Subsidiaries shall have taken such actions, as the Administrative
Agent may reasonably require in connection with this letter agreement and the
transactions contemplated hereby.

     

    5.           4.           Miscellaneous.  (a)
Borrower hereby agrees to pay on demand all reasonable fees and expenses
incurred by the Administrative Agent (including, without limitation, reasonable
fees and expenses of counsel to the Administrative Agent) in connection with the
preparation, negotiation and execution of this letter agreement and all related
documents, (b) this letter agreement may be executed in counterparts, and all
parties need not execute the same counterpart; however, no party shall be bound
by this letter agreement until a counterpart hereof has been executed by
Borrower and Lenders; facsimiles or other electronic transmission (e.g., pdf) shall be effective
as originals, (c) THIS LETTER AGREEMENT REPRESENTS THE FINAL AGREEMENT AMONG THE
PARTIES REGARDING THE MATTERS SET FORTH HEREIN AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE
PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES,
(d) this letter agreement constitutes a “Loan Document” under and as defined in
Section 1.02 of the Credit Agreement, and (e) this letter agreement shall be
governed by, and construed in accordance with, the laws of the State of
Texas.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      
        Teton
Energy Corporation

        As of
October 16, 2009

        Page 3

      

       

    

     

    Please
evidence your agreement to each of the provisions of this letter agreement by
executing a counterpart hereof where indicated and returning an executed
counterpart to Valinda B. Wolfert, counsel for Administrative Agent, via
facsimile number (214) 999-7843 or via e-mail to vwolfert@velaw.com.

     

     [Signature
Pages Follow]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        	 	 	 
	 	TETON
      ENERGY CORPORATION,
as Borrower
	 	 	 
	 	 	 	 
	
                 

              	
                By:
      

              	  
      	 
	 	 	Dominic
      J. Bazile II,	 
	 	 	President
      and Chief Operating Officer	 
	 	 	 	 

      

    

    

    Each of
the undersigned (i) consent and agree to this letter agreement and each of the
terms and provisions contained herein, and (ii) agree that the Loan Documents to
which it is a party shall remain in full force and effect and shall continue to
be the legal, valid and binding obligation of such Person, enforceable against
it in accordance with its terms.

     

    
      
        	 	ACKNOWLEDGED
      AND AGREED TO BY:
	 	 	 
	 	      
                TETON NORTH AMERICA
      LLC,
as Guarantor

              
	 	 	 
	 	 	 	 
	
                 

              	
                By:
      

              	 
      	 
	 	 	Dominic
      J. Bazile II,	 
	 	 	      
                President
      and Chief Operating Officer

              	 
	 	 	 	 

      

    

    
       

      
        
          	 	 	 
	 	TETON
      PICEANCE LLC,
as Guarantor
	 	 	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 
      	 
	 	 	Dominic
      J. Bazile II,	 
	 	 	President
      and Chief Operating Officer	 
	 	 	 	 

        

      

       

        
          
            	 	 	 
	 	TETON
      DJ LLC,
as Guarantor
	 	 	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	 
      	 
	 	 	Dominic
      J. Bazile II,	 
	 	 	President
      and Chief Operating Officer	 
	 	 	 	 

          

        

         

         

        
          
             

          

          
            
              [Signature
Page to Letter Agreement – Teton Energy Corporation]

            

            
              

            

          

          
             

          

        

      

    

     

    
      
        
          	 	 	 
	 	TETON
      WILLISTON LLC,
as Guarantor
	 	 	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 
      	 
	 	 	Dominic
      J. Bazile II,	 
	 	 	President
      and Chief Operating Officer	 
	 	 	 	 

        

      

      
         

        
          
            	 	 	 
	 	TETON
      BIG HORN LLC,
as Guarantor
	 	 	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	 
      	 
	 	 	Dominic
      J. Bazile II,	 
	 	 	President
      and Chief Operating Officer	 
	 	 	 	 

          

        

        
          
             

            
              
                	 	 	 
	 	TETON
      DJCO LLC,
as Guarantor
	 	 	 
	 	 	 	 
	
                         

                      	
                        By:
      

                      	 
      	 
	 	 	Dominic
      J. Bazile II,	 
	 	 	President
      and Chief Operating Officer	 
	 	 	 	 

              

            

             

            
               

              
                
                   

                

                
                  
                    [Signature
Page to Letter Agreement – Teton Energy Corporation]

                  

                  
                    

                  

                

                
                   

                

              

            

             

          

        

      

    

    
      
        
          	 	 	 
	 	JPMORGAN
      CHASE BANK, N.A.,
as Administrative Agent and a
    Lender
	 	 	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 
      	 
	 	 	John
      Runger,	 
	 	 	      
                  Managing
      Director

                	 
	 	 	 	 

        

      

       

      
         

        
          
             

          

          
            
              [Signature
Page to Letter Agreement – Teton Energy Corporation]

            

            
              

            

          

          
             

          

           

        

      

      
        
          
            
              	 	 	 
	 	ROYAL
      BANK OF CANADA,
as Syndication Agent and a Lender
	 	 	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	 
      	 
	 	Name: 	 
      	 
	 	Title: 	      
                       
      

                    	 
	 	 	 	 

            

          

           

          
             

            
              
                 

              

              
                
                  [Signature
Page to Letter Agreement – Teton Energy Corporation]

                

                
                  

                

              

              
                 

              

            

          

          
            
               

              
                
                  	 	 	 
	 	GUARANTY
      BANK AND TRUST COMPANY,
as a Lender
	 	 	 
	 	 	 	 
	
                           

                        	
                          By:
      

                        	 
      	 
	 	Name: 	 
      	 
	 	Title: 	      
                           
      

                        	 
	 	 	 	 

                

              

               

              
                 

                
                  
                     

                  

                  
                    
                      [Signature
Page to Letter Agreement – Teton Energy Corporation]

                    

                    
                      

                    

                  

                  
                     

                  

                

              

               

              
                
                  
                    
                      	 	 	 
	 	U.S.
      BANK NATIONAL ASSOCIATION,
as a Lender
	 	 	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	 
      	 
	 	Name: 	 
      	 
	 	Title: 	      
                               
      

                            	 
	 	 	 	 

                    

                  

                  
                     

                     

                    
                      
                         

                      

                      
                        
                          [Signature
Page to Letter Agreement – Teton Energy Corporation]Exhibit
10.1

      
        ADVISORY
SERVICES AGREEMENT

         

        This
Advisory Services Agreement (this "Agreement") is entered into effective the 1st
day of October, 2009 by and between Summit Trading Limited ("Advisor") and Neah
Power Systems, Inc. (the "Company").

        

        WHEREAS,
Advisor is engaged in the business of providing various professional and
consulting services for and on behalf of businesses whose equity securities are
publicly traded; and,

        

        WHEREAS,
in accordance with and subject to rules, regulations and policies of the
Securities and Exchange Commission and consistent with federal and state law,
Advisor provides advisory services on behalf of its clients on numerous matters
pertaining to strategic business planning and new business development
(“Services”), which may include Advisor to provide opinions on matters relating
to mergers, acquisition, marketing, and financing transactions;
and,

        

        WHEREAS,
the Company, whose shares are publicly traded under the ticker symbol “NPWZ”,
has recognized the need for assistance from Advisor on its behalf;
and,

        

        WHEREAS,
the Company desires to engage Advisor to assist in its business efforts, and
Advisor desires to provide the above specified Services as agreed to by both
parties and any other matters concerning the public image, marketing,
international market awareness, or business nature of the Company that the
Company and Advisor believe is necessary; and,

        

        NOW,
THEREFORE, for good and valuable consideration, the receipt, adequacy and
sufficiency are acknowledged, the parties agree as follows:

        

        1.      Engagement.  The
Company engages Advisor and Advisor accepts the engagement from the Company to
perform Services upon the terms and conditions of this Agreement, as an
independent Advisor to the Company.  Advisor agrees to devote the
necessary time required to perform the duties and tasks as may be required from
time to time by the Company.  Primarily, Advisor shall identify,
introduce, engage, and compensate Investor Relations and/or Public Relations
firms (“Firms”), approved in writing by the Company, to provide IR and PR
services on behalf of the Company.

        

        2.      Term of
Engagement.  The term will be for up to 12 months from the date
of this Agreement. This Agreement may be terminated by either party for any
reason, and in the event of termination, compensation to Advisor will be
prorated based on expenditures paid by Advisor to compensate Firms.

        

        3.      Compensation. Advisor
shall receive ONE MILLION SIX HUNDRED FIFTY THOUSAND (1,650,000) shares of the
Company’s common stock upon the execution of this Agreement to provided the
Services, of which 95% of the value will represent compensation to be applied
against services to be provided by Firms. Advisor shall not be reimbursed by the
Company for any expenses it incurs in providing the Services.

        

        4.      Independent
Contractor.  Advisor is an independent contractor and not an
employee, partner, joint venture or other representative of the
Company.  Advisor is not under the direct or indirect control of the
Company.  Advisor may assign certain tasks to other affiliated or
non-affiliated third party providers to assist with performing
Services.  Advisor agrees that it shall have no participation in any
employee benefit programs now in effect or hereafter established by the Company
or the Company, and Advisor shall not be entitled to participate in health,
accident, and life insurance programs, vacation benefits, and pension, profit
sharing or other employee benefits.

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

         

        5.      Communications with the
Public.  Advisor recognizes that any information, prior to
publishing or publicly disseminating, either verbally, electronically, or by
mail, and that which references the Company, and/or the Company’s business (the
“Information”) shall be approved by the Company. In all respects, any
Information published or represented by Advisor shall be consistent with any
such materials, press releases, corporate filings, and other such data made
public solely by the Company.

         

        7.    
 Assignment.  This
Agreement may be assigned by the Advisor at any time other than to a competitor
of the Company, with ten (10) business  days notice to the
Company.

         

        8.   
Miscellaneous.

        

        
          
            	
                  	
                    (a)

                  	
                    Notices.  Any
      notice, request, demand or other communication required to be made or
      which may be given to either party hereto shall be delivered by certified
      U.S. mail, postage prepaid, to that party's attention at the address set
      forth below or at such other address as shall be changed from time to time
      by giving notice hereunder.

                  

          

        

        

        Advisor: Summit Trading
Limited

        120
Flagler Avenue

        New
Smyrna Beach, FL 32169

        Telephone:
386-409-0200

        

        Company: Neah Power Systems,
Inc.

        22122 SE
20th Avenue, Suite 142

        Bothel,
WA 98021

        Telephone:
425-424-3324

        

        
          
            	
                  	
                    (b)

                  	
                    Entire
      Agreement.  This document constitutes the complete and entire
      agreement between the parties hereto with reference to the subject matters
      hereof. No statement or agreement, oral or written, made prior to or at
      the signing hereof, and no prior course of dealing or practice by either
      party shall vary or modify the written terms
  hereof.

                  

          

        

        

        
          
            	
                  	
                    (c)

                  	
                    Headings.  The
      headings and captions contained in this Agreement are for ease and
      convenience of reference only and shall not be deemed for any purpose to
      affect the substantive meaning of the rights and duties of the parties
      hereto in any way.

                  

          

        

        

        
          
            	
                  	
                    (d)

                  	
                    Binding
      Effect.  This Agreement shall be binding upon and inure to the
      benefit of the parties hereto and there respective successors and
      assigns.

                  

          

        

        

        
          
            	
                  	
                    (e)

                  	
                    Counterparts.  This
      Agreement may be executed in multiple counterparts, each of which has the
      same text and each of which shall be deemed an original for all purposes,
      but together they constitute one single and the same
      agreement.

                  

          

        

        

        
          
            	
                  	
                    (f)

                  	
                    Amendments.  This
      Agreement may be amended only by a written document signed by the parties
      and stating that the document is intended to amend this
      Agreement.

                  

          

        

        

        
          
            	
                  	
                    (g)

                  	
                    Applicable
      Law.  This Agreement shall be governed by and construed in
      accordance with the laws of the State of California but without regard to
      its conflict of law
principles.

                  

          

        

         

         

        
          
             

          

          
            2

            
              

            

          

          
             

          

        

        
 

        
          
            	
                  	
                    (h)

                  	
                    Resolution
      of Disputes.  The parties agree to resolve all disputes arising
      under or in connection with this Agreement by final and binding
      arbitration, which either party may initiate 60 days after the parties
      have failed to reach a mutually acceptable agreement after negotiating in
      good faith to do so. The arbitration shall be conducted in accordance with
      the Commercial Rules of Arbitration of the American Arbitration
      Association, held in Los Angeles,
California.

                  

          

        

        

        
          
            	
                  	
                    (i)

                  	
                    Severability.  If
      any provision of this Agreement or the application thereof to any person
      or circumstances shall be held invalid or unenforceable to any extent, the
      remainder of this Agreement and the application of such provisions to
      other persons or circumstances shall not be affected thereby and shall be
      enforced to the greatest extent permitted by
  law.

                  

          

        

         

        
          	
                	
                  (l)

                	
                  Waiver.  The
      failure of a party to enforce any provision of this Agreement shall not
      constitute a waiver of such party's right to thereafter enforce such
      provision or to enforce any other provision at any
  time.

                

        

        

        

        IN
WITNESS WHEREOF, the parties hereto have duly caused this Agreement to be
executed as of the date of this Agreement.

        

        

        
          	
                  Advisor
      – Summit Trading Limited

                	Company
      – Neah Power Systems, Inc.
	 
      	 
      	 	 
      	 
      	 
	 
      	 
      	 	 
      	 
      	 
	 
      	 
      	 	 
      	 
      	 
	
                  BY:

                	
                   
      

                	 	
                  BY:

                	
                   
      

                	 
	 
      	 
      	 	 
      	 
      	 
	 
      	 
      	 	 
      	 
      	 
	
                  ITS:

                	
                   
      

                	 	
                  ITS:

                	
                   
      

                	 

        

        

         

        
          
             

          

          
            3

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