Document:

Converted by EDGARwiz

Exhibit 10.10

AGREEMENT

THIS AGREEMENT (the “Agreement”) is made and entered into this 3rd day of September 2014, by and between Endurance Exploration Group, Inc., a Florida corporation, (“Endurance”) and, Overseas Marine Vessel Corp, LLC, a Florida limited liability company. (“Contractor”) 

WHEREAS, Endurance has located a number lost shipwrecks through the use of side-scan sonar inside its “Sailfish” search area consisting of approximately 700 sq. miles; and,

WHEREAS, Endurance desires the Contractor to provide services, equipment and/or personnel in support of the anticipated Endurance mission(s) to inspect, identify, arrest and recover one or more of the shipwrecks located by Endurance; and, 

WHEREAS, the Contractor desires to supply services equipment and/or personnel in support of Endurance’s anticipated mission(s); and,

WHEREAS, the Parties desire to establish a formal contractual relationship to govern their work together in accordance with the terms and conditions of this Agreement:

NOW THEREFORE, in consideration of the mutual promises, terms and conditions herein contained, as well as other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties do hereby agree as follows:

1.  

SERVICES, EQUIPMENT AND/OR PERSONNEL PROVIDED BY CONTRACTOR 

1.1

The services, equipment and/or personnel to be provided by the Contractor herein are fully described in Schedule “A” attached to this Agreement and incorporated by this reference.

1.2 

Any addendum changes, modifications, additions or deletions from the services, equipment and/or personnel as specified in Schedule “A” must be in the form of a written agreement and signed by both parties and attached to all original copies of this Agreement.

2.

COMPENSATION

2.1

The total amount of compensation to be paid to Contract by Endurance is fully described in Schedule “B” attached to this Agreement and incorporated by this reference.

2.2

Any addendum changes, modifications, additions or deletions from total amount of compensation as specified in Schedule “B” must be in the form of a written agreement and signed by both parties and attached to all original copies of this Agreement

3.  

CONFIDENTIALITY, MUTUAL NON-DISCLOSURE AND NON-COMPETE

3.1

The  Parties, in the ordinary course of their working relationship, will disclose Confidential Information to one another.

3.2

Once disclosed the receiving party shall not disclose such Confidential Information to any contractor or other third party without prior, written approval from the disclosing party and shall protect such Confidential Information from inadvertent disclosure to a third party using the same care and diligence that each party uses to protect its own proprietary and confidential information, but in no case less than reasonable care.

3.3

Once disclosed, the receiving party shall not use said Confidential Information itself or in conjunction with any contractor or other third party in order to compete in the location and salvage of any shipwreck or other target inside the search area represented by the Confidential Information supplied.

3.4

The receiving party shall ensure that each of its employees, officers, directors, or agents who has access to the Confidential Information disclosed under this Agreement, is informed of its proprietary and confidential nature and is required to abide by the terms of this Agreement including the prohibition against competition. Either party shall properly notify the other party of any disclosure of such Confidential Information in violation of this Agreement or of any subpoena or other legal process requiring production or disclosure of said Confidential Information.

3.5

All Confidential Information disclosed under this Agreement shall be and remain the property of the disclosing party and nothing contained in this Agreement shall be construed as granting or conferring any rights to such Confidential Information. The receiving party shall honor any request from the disclosing party to promptly return or destroy all copies of Confidential Information disclosed under this Agreement and all notes related to such Confidential Information. The parties agree that they could suffer irreparable injury if there Confidential Agreement is made public, released to a third party or otherwise disclosed in breach of this Agreement and that the disclosing party shall be entitled to obtain injunctive relief against a threatened breach or continuation of any such breach and, in the event of such breach, an award of actual, punitive and exemplary damages from a court of competent jurisdiction may be justified.

4.  NON-PUBLIC INFORMATION

The parties understand that Endurance is a publicly traded company. Contractor, its owners, agents and employees may, during the course of their working relationship, obtain material, non--public information that could impact the trading price of the Endurance stock in either a positive or negative fashion. Contractor, its owners, agents and employees understand that material non-public information is also Confidential Information and they may not act upon that information in any manner, directly or indirectly, with respect to the publicly traded shares of Endurance. 

5.

PUBLICITY

In addition to the restrictions in the dissemination of Confidential Information and in disclosing material, non-public information contained in paragraphs 3 and 4 above, publicity, advertising or any other form of press release or public announcement relating to this Agreement or the results of the operations anticipated by the working relationship of the parties shall not be made including the name of the other party without the express written approval of the said party except as may be required pursuant to the terms and conditions of paragraph 6 below.

6.

DISCLOSURE OF THE TERMS AND CONDITIONS OF THIS AGREEMENT

As mentioned in paragraph 4 above, and the restrictions of paragraph 5 not withstanding, the parties understand that Endurance is publicly traded company. Endurance and/or its legal counsel may deem this Agreement to be a "Materially Definitive Agreement" as defined by the U.S. Securities and Exchange Commission, ("SEC”). If so, Endurance and/or its legal counsel, may, at their sole discretion, file a Form 8-K attaching this Agreement as an exhibit and thereby disclosing all terms and conditions of this Agreement to the public in compliance with SEC rules.

7. 

TERMINATION 

Either party may terminate this agreement by giving 24-hour, written Notice by any means outlined in paragraph 8 below.  In the case of the Contractor giving notice of termination to Endurance, said termination of use of the Contractor’s services, equipment and personnel shall not jeopardize any scheduled operations.

8. 

NOTICES

All notices or communications required by this Agreement or desired to be given hereunder, shall be in writing and given by electronic mail, certified or registered mail, return receipt requested or courier and shall be deemed to be given when received.  Notices shall be addressed to the individual identified below and at the addresses specified below.  Either Party may change its point of contact by written notice to the other sent pursuant to this paragraph.

To Endurance:

To  Contractor:

c/o Carl Dilley, COO

c/o Ray Darville, Sr.

15500 Roosevelt Blvd.

Island Projects, Marine Building

Suite 303

P.O. Box F - 43968

St. Petersburg, FL  33760

Freeport, Bahamas

US (727) 533-5555 

ray@overseasmarinegroup.com

cdilley@ eexpl.com

9.

JURISDICTION AND VENUE

The parties confer jurisdiction and venue upon the State of Florida in the County of Pinellas to hear any legal matters that may arise between them. The prevailing party, in any such matter, shall be entitled to reasonable costs and attorneys’ fees.

10.  

AMENDMENT

10.1

This Agreement sets forth the full and complete understanding of the parties concerning the subject matter hereof as of the effective date first written above and supersedes any and all negotiations, agreements, proposals, bids, offers and representations made or dated prior thereto.

 

10.2 

This Agreement may be amended or modified only by written documents executed on behalf of the parties hereto. Oral agreements contemporaneous with or subsequent to the date of this Agreement shall not constitute modifications hereof, unless reduced to writing in accordance with the provisions hereof and signed by both Parties.

11.  

INDEMNIFICTION

Each party agrees to indemnify and hold the other harmless, including its officers, directors, shareholders, employees, agents, representatives and controlling persons, from and against any and all damages, including attorneys fees, incurred by other party resulting from the actions performed pursuant to this Agreement, except for damages that result from the gross negligence or willful misconduct of a party. This paragraph shall survive the termination of this Agreement.

12.  

ASSIGNMENT

Endurance may assign this Agreement, or any portion hereof, to any successor in interest to a substantial portion of its business and/or assets at any time.  All assignments by Contractor require the prior written consent of Endurance, in its sole discretion.  Subject to the foregoing limitations, this Agreement shall inure to the benefit of and be binding upon the Parties thereto and their successors and assigns.

13.    

SEVERABILITY

In the event one or more of the provisions contained in this Agreement shall be held, for any reason, to be invalid, void, illegal or unenforceable in any respect, such invalidity, voidness, illegality or unenforceability shall not effect the remaining provisions hereof, and the offending provisions shall be modified so as to be valid, legal, and enforceable to the extent possible while maintaining the intent of the Parties.

14. 

IN WITNESS WHEREOF, the Parties hereto have executed the Agreement effective on the date first set forth above.

Endurance Exploration Group, Inc.;

Contractor: 

By:/s/

Christine Zitman

By:/s/ Micah Eldred

Christine Zitman

Micah Eldred

Its:  CFO

Its: Managerexhibit10_32.htm

Exhibit 10.32

ACQUIRED SALES CORP.

November 28, 2014

Mr. James Thuney

Mr. Joseph Thuney

PPV, Inc.

4927 NW Front Avenue

Portland, Oregon 97210

Re:           Letter of Intent

Dear Jim and Joe,

 

 

Acquired Sales Corp. ("AQSP") is excited to have you and the rest of your talented team become our partners. Under your leadership, we hope that PPV, Inc. ("PPV") and its wholly-owned subsidiary Bravo Environmental NW, Inc. ("Bravo") can successfully orchestrate a major consolidation of companies in your industry.

This Letter of Intent is an agreement among AQSP, James Thuney, Joseph Thuney, and PPV (the "Parties") to pursue the following transaction on the following general terms and conditions:

1.  PPV shall prepare consolidated financial statements for PPV and Bravo including statements of income, balance sheets, and cash flows for 2013 and 2014, in accordance with U.S. generally accepted accounting principles (the "Unaudited Financial Statements").

2.  PPV and AQSP shall engage AQSP's outside auditors, Eide Bailly LLP, to audit the Unaudited Financial Statements in compliance with U.S. generally accepted accounting principles, including but not limited to all opinion letters and other documents as shall be necessary to allow PPV and Bravo to be acquired by AQSP pursuant to all applicable SEC and FASB rules and regulations and to allow AQSP to timely file all necessary securities filings with the SEC (collectively, the “Audit”).

3. The agreed to cost of the Audit shall be paid 50% by PPV and 50% by AQSP, regardless of whether or not any transactions are closed among the Parties.

4.  If, after review, comments, clarifications and revisions, the results of the Audit are not accepted by each of the Parties, then the transaction shall be abandoned. If, after review, comments, clarifications and revisions, the results of the Audit are accepted by each of the Parties, then the Parties shall continue to pursue the following transaction on the following general terms and conditions.

5.  Completion of the proposed merger as described below (the "Merger") would be subject to customary closing conditions, including among other things, to:

  

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        (a) The completion of a mutual due diligence investigation of the Parties, including their respective businesses, permits, leases, contracts, books and records, financials, historical operations, business practices, computer systems, prospects, legal, taxes, and other matters, and the results of such investigation shall be mutually satisfactory to each of the Parties, each in his sole discretion;

(b) The execution and delivery by the Parties of mutually acceptable, legally binding, definitive closing documentation (the "Definitive Documents") including a merger agreement (the "Merger Agreement") and employment agreements described below, containing representations, warranties, covenants, conditions, and indemnifications customary to transactions like the transactions contemplated by this Letter of Intent, and consistent with this Letter of Intent;

(c) The completion of a capital raise of at least $15,000,000 by AQSP;

(d) The receipt of all necessary approvals and consents, including but not limited to approvals and consents from the boards of directors and shareholders of each of the Parties, as necessary; and

(e) The completion of all necessary securities filings and the obtaining of any necessary approvals by the SEC.

6. None of the Parties will be bound by any oral or written statements, proposals, correspondence, emails, or other negotiations, including this Letter of Intent, unless and until the Definitive Documents are executed and delivered by the Parties, except as follows:

(a) Paragraph 3 above shall be legally binding upon PPV and AQSP; and

(b) PPV, Bravo and their directors, officers, employees, shareholders, agents and representatives:

(1) shall not enter into any discussions, negotiations, letters of intent, merger agreements, stock sale agreements, asset sale agreements (other than the sale of assets in the ordinary, normal, customary course of business), or other similar contracts or "change of control" arrangements with any third party, or any other agreement, contract or arrangement outside the ordinary course of PPV's and Bravo's businesses that would or might delay or make more costly the closing of the Merger (other than agreements, contracts and arrangements in the ordinary, normal, customary course of business), during the period between the signing of this Letter of Intent and the execution and delivery of the Definitive Documents; and

(2) shall operate PPV and Bravo solely in the ordinary course thereof consistent with past practices, during the period between the signing of this Letter of Intent and the execution and delivery of the Definitive Documents.

  

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7. The Parties shall use reasonable efforts to cause the closing of the Merger to occur as soon as practicable, subject to the fulfillment of all of the conditions and contingencies described above.

Nevertheless, this Letter of Intent shall terminate, without any payment by or penalty due from any of the Parties, if:

(a) After review, comments, clarifications and revisions, the results of the Audit have not been accepted by each of the Parties by an outside date of March 31, 2015;

(b) AQSP has not received a written commitment, in form and substance mutually acceptable to each of the Parties, for a capital raise of at least $15,000,000 (the "Capital Raise"), by an outside date of April 30, 2015; or

(c) The Definitive Documents have not been signed and the Merger has not been closed by an outside date of June 30, 2015.

8. AQSP shall establish a new wholly-owned subsidiary (the "Merger Sub"). PPV shall merge in the Merger with the Merger Sub. PPV shall be the survivor of the Merger, and a wholly-owned subsidiary of AQSP. Bravo shall at all times remain a wholly-owned subsidiary of PPV.

9. The key executives of PPV and Bravo (the "Key Executives") shall execute multi-year employment contracts with PPV and Bravo, all under terms and conditions mutually acceptable to AQSP and the Key Executives (the "Employment Agreements").

10. The Employment Contracts shall include annual salaries, participation in an aggregate management bonus pool, and warrants to purchase shares of common stock of AQSP ("AQSP Stock"), all as shall be mutually acceptable to AQSP and the Key Executives, for the purpose of incentivizing the Key Executives and attracting and retaining other key employees.

11. PPV and Bravo acknowledge that:

(a) AQSP's Director Vincent J. Mesolella and AQSP intend to use good faith efforts to cause AQSP to acquire, in transactions structured in a mutually acceptable fashion, ownership of the real estate properties and projects listed on Attachment A hereto, for the respective appraised values thereof net of all outstanding debt and other liabilities thereon ("Real Estate Equity"), with 55% of the Real Estate Equity to be paid for with AQSP Stock valued at $1.85 per share, and 45% of the Real Estate Equity to be paid for with AQSP Stock valued at the same price per share of AQSP Stock paid by the investor(s) in the Capital Raise (the "Capital Raise Price Per Share"); and

(b) The board of directors of AQSP may allow certain directors and officers of AQSP, or their designees, to purchase certain warrants to purchase shares of AQSP Stock, as compensation in regard to AQSP's ongoing and future activities, as generally set forth in Attachment B hereto.

12. An amount equal to the Audited consolidated EBITDA of PPV and Bravo for 2014, and then multiplied by 5.5, is referred to as the "Merger Value".

  

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13. The consideration to be paid by AQSP to the shareholders of PPV in the Merger will be equal to the Merger Value.

14. $7,500,000 of the Merger Value will be paid in cash.

15. The remainder of the Merger Value (the "Portion of the Merger Value Paid in AQSP Stock") will be paid in the form of shares of AQSP Stock (the "Merger Stock"), at the following respective valuations per share of the Merger Stock:

(a) 55% of the Portion of the Merger Value Paid in AQSP Stock will be paid in the form of Merger Stock valued at $1.85 per share; and

(b) The other 45% of the Portion of the Merger Value Paid in AQSP Stock will be paid in the form of Merger Stock valued at the Capital Raise Price Per Share.

16. No purchases or sales of common stock of AQSP by any director or officer of AQSP or his affiliates, nor by any of the Key Executives or their affiliates, shall be permitted on any of the trading days referred to above.

17. Immediately following the closing of the Merger, AQSP shall make an equity capital contribution into PPV of at least $6 million, to be used by PPV to pay off liabilities.

18. In regard to future acquisitions by PPV and Bravo:

(a) PPV and AQSP shall agree and acknowledge that it is the intention of the Parties to use PPV as a vehicle for the acquisition of profitable companies in PPV's and Bravo's industry, and to grow and expand PPV and Bravo by pursuing attractive contracts and projects;

(b) AQSP shall agree and covenant to use commercially reasonable efforts to raise and allocate new capital (using some combination of sales of AQSP Stock and/or preferred stock of AQSP, or convertible debt, or straight debt) on terms approved by the board of directors of AQSP, to fund acquisitions, contracts and projects undertaken by PPV and Bravo, provided that the CEOs of the Parties are in mutual agreement that such acquisitions, contracts and projects are in the best interests of the shareholders of AQSP;

(c) The CEOs of the Parties shall work closely and collaboratively, in a spirit of partnership, in regard to the identification, evaluation, negotiation, auditing, securities filings, capital raising, and closing of future acquisitions by PPV and Bravo; and

(d) James Thuney shall agree and covenant to use his best efforts to cause River Country Transport, Inc. to be acquired by PPV, on terms and conditions mutually acceptable to James Thuney and AQSP.

  

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19.  In regard to future acquisitions by AQSP, AQSP shall be free at all times to continue to make such acquisitions as the board of directors of AQSP believes are in the best interests of the shareholders of AQSP.

20.  In the Merger Agreement, in regard to control:

 

(a) Each of the Key Executives shall grant to AQSP's CEO, Gerard M. Jacobs, a proxy coupled with an interest to vote, and grant written consents covering, all of the shares of Merger Stock and any other AQSP Stock now or in the future legally or beneficially owned by such Key Executive or his affiliates, in favor of the election to the board of directors of AQSP of slates of nominees that are nominated or proposed from time to time by a majority of the board of directors of AQSP, that shall include the Thuney Nominee, as defined below, in the circumstances contemplated by Paragraph 20(c), and in favor of equity or debt issuances, other capital raising transactions, warrants and stock option plans and issuances, stock splits, acquisitions or divestitures, and all other lawful corporate transactions and actions that may be approved from time to time by a majority of the board of directors of AQSP;

(b) Each of the Key Executives shall agree and covenant not to sell or transfer any of the Merger Stock as part of a contract, plan or arrangement of any nature that is intended to result in a change of control of AQSP, unless such contract plan or arrangement has been unanimously approved by the board of directors of AQSP; and

(c) Provided that the Key Executives continue to work for PPV and Bravo and continue to own at least 51% of the aggregate number of shares of the Merger Stock, all of the members of the board of directors of AQSP including AQSP's CEO Gerard M. Jacobs shall agree and covenant: (1) to include one person jointly selected by James and Joseph Thuney as part of such board's slates of persons nominated to serve on such board (the "Thuney Nominee"), (2) to vote all of the shares of AQSP Stock that are under their or their affiliates' legal or beneficial ownership or control in favor of such entire slates including the Thuney Nominee, and (3) to urge all other AQSP stockholders to vote the same way, at least until the third anniversary of the closing of the Merger.

21.  In regard to share registration:

(a) The Key Executives shall agree and acknowledge that the Merger Stock will be unregistered AQSP Stock; and

(b) Following the closing of the Merger, the Key Executives shall enjoy so-called "piggyback registration rights" in regard to the Merger Stock.

22. AQSP shall agree and covenant to change its name to Growth Partners Inc., at or about the closing of the Merger, subject to receipt of all necessary approvals.

  

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23. Except as provided in Paragraph 3, each of the Parties shall bear its own fees and expenses in connection with the proposed transactions contemplated by this Letter of Intent. Without limiting the generality of the foregoing, except as provided in Paragraph 3, each Party shall be solely responsible for the fees and expenses owed to any lawyers, accountants, financial advisors, investment bankers, brokers or finders employed by such Party.

24. AQSP shall be permitted to publicly disclose this Letter of Intent, and to share information regarding PPV and Bravo as may be necessary or desirable in connection with AQSP’s efforts to raise capital or to satisfy the conditions to closing the Merger, or otherwise as may be required to comply with applicable securities laws in the opinion of AQSP’s securities counsel. PPV and Bravo acknowledge that AQSP is a publicly traded company and that unauthorized disclosure of any material information regarding AQSP or the transactions contemplated by this Letter of Intent could subject you to liability under applicable laws and regulations.

25.  If any provisions of this Letter of Intent as applied to any part or to any circumstance shall be adjudged by a court to be invalid or unenforceable, the same shall in no way affect any other provision of this Letter of Intent, the application of such provision in any other circumstances, or the validity or enforceability of this Letter of Intent.

We look forward to building a large public company together, for the mutual benefit of our shareholders and employees. If the foregoing terms and conditions are acceptable, please sign below, thanks.

Sincerely,

ACQUIRED SALES CORP.

	
By:      /s/  Gerard M. Jacobs

	
/s/  Gerard M. Jacobs

	
            Gerard M. Jacobs, CEO

	
Gerard M. Jacobs, in his individual capacity

	  	  
	
By:     /s/  Vincent J. Mesolella

	
/s/  Vincent J. Mesolella

	           Vincent J. Mesolella, Lead Director      	
Vincent J. Mesolella, in his individual capacity

Accepted and agreed upon, intending to be legally bound hereby

as provided in Paragraph 6 above:

PPV, INC.

	
By:          /s/ James Thuney

	
/s/  James Thuney

	
James Thuney, CEO

	
James Thuney, in his individual capacity

	  	  
	
By:          /s/  Joseph Thuney

	
/s/ Joseph Thuney

	
Joseph Thuney, President

	
Joseph Thuney, in his individual capacity

 

  

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Attachment A

As referenced in Paragraph 11(a), AQSP's Director Vincent J. Mesolella and AQSP intend to use good faith efforts to cause AQSP to acquire, in transactions structured in a mutually acceptable fashion, ownership of the following real estate properties and projects for the respective appraised values thereof net of all outstanding debt and other liabilities thereon ("Real Estate Equity"), with 55% of the Real Estate Equity to be paid for with AQSP Stock valued at $1.85 per share, and 45% of the Real Estate Equity to be paid for with AQSP Stock valued at the same price per share of AQSP Stock paid by the investor(s) in the Capital Raise (the "Capital Raise Price Per Share"); and

(1) a 12.11 acre property, currently owned by CVDD II, LLC (an affiliate of Vincent J. Mesolella and Derek V. Mesolella), located at 1747 West Main Road, Middletown, Rhode Island (the "Middletown Property"), which includes a 30,000 square foot boat storage building that is under a 15-year lease being used by Hinckley Yachts, and which also includes approximately 6 vacant acres that is in the process of being permitted/entitled for an approximately 71,500 net rentable square feet self-storage development;

(2) two developable commercially zoned parcels abutting the Middletown Property identified as AP 111 Lot 9 and AP 111 Lot 9A of the Town of Middletown's Tax Assessor's Plat, also currently owned by CVDD II, LLC (the "Additional Middletown Property");

(3) a 0.573 acre property, owned by West X Capital, LLC (an affiliate of Vincent J. Mesolella and Derek V. Mesolella), located at 4 Fox Place, Providence, Rhode Island (the "Fox Place Property"), which includes an approximately 50,000 square foot building that is expected to be torn down and replaced with a high-rise apartment building or mixed apartment/hotel development; and

(4) a 0.67918 acre property located at 345 Harris Avenue, Providence, Rhode Island (the "Harris Avenue Property") that is leased with an option to buy in favor of 345 Harris, Inc. (an affiliate of Vincent J. Mesolella, Derek V. Mesolella and AQSP's CEO Gerard M. Jacobs), which property includes an approximately 27,000 square foot vacant building that is expected to be torn down and replaced with a self-storage development;

Each of the Middletown Property, the Additional Middletown Property, the Fox Place Property, and the Harris Avenue Property are referred to as a "Mesolella Property" and collectively as the "Four Mesolella Properties".

 

  

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Attachment B

Subject to the approval of the board of directors of AQSP:

(1) AQSP directors Joshua A. Bloom, James S. Jacobs, Michael D. McCaffrey, and Richard E. Morrissy:

AQSP directors Joshua A. Bloom, James S. Jacobs, Michael D. McCaffrey, and Richard E. Morrissy or such director's respective designee(s), each shall have the right to purchase from AQSP, for an aggregate purchase price of $1.00, the following warrants:

 (a) warrants to purchase an aggregate of 25,000 shares of AQSP Stock, at an exercise price of $0.01 per share, such warrants to be exercisable on or prior to December 31, 2024, provided, however, that such warrants shall not be vested and shall not be exercisable unless and until AQSP Stock shall have closed at not less than $3.50 per share on at least ten consecutive trading days on which shares of AQSP Stock have traded;

 (b) warrants to purchase an aggregate of 25,000 shares of AQSP Stock, at an exercise price of $1.85 per share, such warrants to be exercisable on or prior to December 31, 2024, provided, however, that such warrants shall not be vested and shall not be exercisable unless and until AQSP Stock shall have closed at not less than $3.50 per share on at least ten consecutive trading days on which shares of AQSP Stock have traded; and

 (c) warrants to purchase an aggregate of 25,000 shares of AQSP Stock, at an exercise price equal to the Capital Raise Price Per Share, such warrants to be exercisable on or prior to December 31, 2024.

(2) AQSP director Vincent J. Mesolella:

AQSP director Vincent J. Mesolella or his designee(s), shall have the right to purchase from AQSP, for an aggregate purchase price of $1.00, the following warrants:

 (a) warrants to purchase an aggregate of 500,000 shares of AQSP Stock, at an exercise price of $0.01 per share, such warrants to be exercisable on or prior to December 31, 2024, provided, however, that such warrants shall not be vested and shall not be exercisable unless and until AQSP Stock shall have closed at not less than $3.50 per share on at least ten consecutive trading days on which shares of AQSP Stock have traded;

 (b) warrants to purchase an aggregate of 500,000 shares of AQSP Stock, at an exercise price of $1.85 per share, such warrants to be exercisable on or prior to December 31, 2024, provided, however, that such warrants shall not be vested and shall not be exercisable unless and until (1) AQSP Stock shall have closed at not less than $3.50 per share on at least ten consecutive trading days on which shares of AQSP Stock have traded, and (2) AQSP shall have acquired at least one of the Four Mesolella Properties; and

  

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(c) warrants to purchase an aggregate of 500,000 shares of AQSP Stock, at an exercise price of the Capital Raise Price Per Share, such warrants to be exercisable on or prior to December 31, 2024, provided, however, that such warrants shall not be vested and shall not be exercisable unless and until AQSP shall have acquired all four of the Four Mesolella Properties.

(3) AQSP director and CEO Gerard M. Jacobs:

AQSP director and CEO Gerard M. Jacobs or his designee(s), shall have the right to purchase from AQSP, for an aggregate purchase price of $1.00, the following warrants:

(a) warrants to purchase an aggregate of 750,000 shares of AQSP Stock, at an exercise price of $0.01 per share, such warrants to be exercisable on or prior to December 31, 2024, provided, however, that such warrants shall not be vested and shall not be exercisable unless and until AQSP Stock shall have closed at not less than $3.50 per share on at least ten consecutive trading days on which shares of AQSP Stock have traded;

 (b) warrants to purchase an aggregate of 750,000 shares of AQSP Stock, at an exercise price of $1.85 per share, such warrants to be exercisable on or prior to December 31, 2024, provided, however, that such warrants shall not be vested and shall not be exercisable unless and until (1) AQSP Stock shall have closed at not less than $3.50 per share on at least ten consecutive trading days on which shares of AQSP Stock have traded, and (2) AQSP shall have acquired at least one of the Four Mesolella Properties; and

(c) warrants to purchase an aggregate of 750,000 shares of AQSP Stock, at an exercise price of the Capital Raise Price Per Share, such warrants to be exercisable on or prior to December 31, 2024, provided, however, that such warrants shall not be vested and shall not be exercisable unless and until AQSP shall have acquired all four of the Four Mesolella Properties.

(4) Other AQSP directors, officers and employees:

In the discretion of AQSP's CEO Gerard M. Jacobs, certain other AQSP directors, officers and employees, or their designee(s), shall be awarded the right to purchase from AQSP, for an aggregate purchase price of $1.00, the following warrants:

(a) warrants to purchase an aggregate of 250,000 shares of AQSP Stock, at an exercise price of $0.01 per share, such warrants to be exercisable on or prior to December 31, 2024, provided, however, that such warrants shall not be vested and shall not be exercisable unless and until AQSP Stock shall have closed at not less than $3.50 per share on at least ten consecutive trading days on which shares of AQSP Stock have traded;

 (b) warrants to purchase an aggregate of 250,000 shares of AQSP Stock, at an exercise price of $1.85 per share, such warrants to be exercisable on or prior to December 31, 2024, provided, however, that such warrants shall not be vested and shall not be exercisable unless and

  

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until (1) AQSP Stock shall have closed at not less than $3.50 per share on at least ten consecutive trading days on which shares of AQSP Stock have traded, and (2) AQSP shall have acquired at least one of the Four Mesolella Properties; and

(c) warrants to purchase an aggregate of 250,000 shares of AQSP Stock, at an exercise price of the Capital Raise Price Per Share, such warrants to be exercisable on or prior to December 31, 2024, provided, however, that such warrants shall not be vested and shall not be exercisable unless and until AQSP shall have acquired all four of the Four Mesolella Properties.

 

 

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