Document:

ex1016.htm

    Exhibit
10.16

    Amended
and Restated

    Agreement

    for

    Exploration,
Production and Strategic Services

    between

    Index
Oil and Gas Inc.

    and

    ConRon
Consulting Inc.

    

    

    This
Amended and Restated Agreement for Exploration, Production and Strategic
Services between Index Oil and Gas Inc. and ConRon Consulting Inc. (the “Agreement”) is effective as of October
1, 2008 (the “Effective
Date”) by and
between Index Oil and Gas Inc., a Nevada corporation (the “Company”), and ConRon Consulting
Inc., a Texas corporation (the “Contractor”).

     

    RECITALS

    

    WHEREAS,
the parties entered into the Agreement for Exploration, Production and Strategic
Services between Index Oil and Gas Inc. and ConRon Consulting Inc. as of
February 1, 2008 (the “Original
Agreement”);
and

     

    WHEREAS,
the parties entered into Addendum #1 to the Original Agreement as of June 1,
2008; and

     

    WHEREAS,
the parties entered into Addendum #2 to the Original Agreement as of July 1,
2008; and

     

    WHEREAS,
the parties now desire to amend and restate the Original Agreement, as amended
by Addendum #1 and Addendum #2 (collectively the “Prior
Agreements”), for
compliance with Section 409A of the Internal Revenue Code and the Treasury
Regulations thereunder, and to make certain other changes;

     

    NOW,
THEREFORE, in consideration of the mutual promises and covenants contained in
this Agreement and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree to the following
terms:

     

    TERMS

    

    1. Impact on Prior
Agreements.  The Prior Agreements are hereby amended and
restated as of the Effective Date.  As of the Effective Date, the
Company shall have no further liabilities, obligations, or duties to the
Contractor, and the Contractor shall forfeit all remaining rights and benefits,
under the Prior Agreements.  Notwithstanding the previous sentence,
any obligations of the Contractor under any Prior Agreements relating to
confidential information shall survive and remain effective; provided, however,
that if any such obligations conflict with any obligations of the Contractor
under this Agreement relating to confidential information the terms of this
Agreement shall control.

     

    2. Services and
Performance.  The Company hereby engages the Contractor to
supply such exploration, production and strategic business services (the “Services”) as may be requested by the
Company.  Services shall include, but not be limited to, the
following:

     

    a. Managing
the agreement between the Company and Moyes & Co., Inc. dated February 1,
2008, and any successor agreement (the “Moyes
Contract”);

     

    b. Advising
the Company on merger and acquisition opportunities presented by either Moyes
& Co., Inc., the Company or the Contractor;

     

    c. Preparing
presentation materials, including technical and financial
information;

     

    d. Advising
the Board of Directors of the Company on the operations of the
Company;

     

    
      
        
        

      

      
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    e. Undertaking
technical and commercial reviews of forward opportunities as requested by the
Company;

     

    f. Providing
an individual to act as Chief Operating Officer, both internally within the
Company and for the external community.

     

    The
Contractor represents and warrants to the Company that it has the experience,
expertise, ability, and resources to provide the Services.  The
Contractor shall be solely responsible for all costs incurred in performing the
Services to the extent such costs are not paid for by the Company in accordance
with Section 9.  The Contractor shall be solely responsible for
supervising, controlling, and directing the details and manner of the
Services.  Nothing in this Agreement shall give the Company the right
to hire, supervise, control, or direct the details and manner of the Services by
the Contractor.  The Contractor’s Services must meet the Company’s
final approval and shall be subject to the Company’s general right of inspection
to secure successful and timely Services.

     

    3. Service
Fees.  In consideration of successful and timely Services
rendered, the Company shall pay to the Contractor the service fees and Company
equity described below (collectively the “Service
Fees”):

     

    a. The
Contractor shall be paid $2,000 for each of the first ten working days during a
calendar month and $1,500 for each additional working day during such calendar
month.  Amounts due to Contractor under this Section 3.a. shall be
paid on a monthly basis.

     

    b. The
Contractor shall be eligible to receive a bonus to be paid in shares of common
stock of the Company for each working day during any calendar quarter that the
Contractor provides Services.  The bonus, if declared by the Board of
Directors of the Company, shall be paid within 15 days of the end of each
calendar quarter in which such working days occurred.  The number of
shares to be paid to the Contractor as a quarterly bonus shall be determined by
the Company by dividing an amount equal to the sum of $250 for each working day
paid to the Contractor at the rate of $2,000 per day pursuant to Section 3.a.
and $450 for each working day paid to the Contractor at the rate of $1,500 per
day pursuant to Section 3.a. by the closing price for a share of the Company’s
common stock on the day the Board declares the bonus.  The “closing
price” to be used in the calculation of the above bonus shall be either (i) the
closing price of the Company’s common stock as reported by an exchange on which
the Company’s common stock is listed or (ii) the last reported sales price
during normal trading hours if the Company’s common stock is not listed on an
exchange.

     

    
      
        
        

      

      
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    c. In
addition to the above, for Services provided to the Company prior to the
Effective Date, the Contractor is hereby awarded an aggregate of 98,152 shares
of the Company’s common stock to be issued within 10 days of the execution of
this Agreement.

     

    For
purposes of this Section 3, a “working day” shall mean any day on which the
Contractor performs Services for at least 8 hours.

    

    4. Success
Fees.  Upon the occurrence of certain events described below,
the Company shall provide to the Contractor the following success fees (the
“Success
Fees”):

     

    a. In the
event the Company acquires a working interest or other beneficial ownership
interest in an asset or entity, the opportunity to acquire such an interest was
identified by or evaluated by the Contractor on behalf of the Company during the
term of this Agreement or a Prior Agreement, and such opportunity was a result
of the Moyes Contract, then within 10 days following the consummation of such
transaction the Company shall grant to the Contractor a warrant to purchase
200,000 shares of common stock of the Company (or its successor).  The
Company shall use its best endeavors to seek the approval of the warrant by its
Board of Directors and, if required, its shareholders prior to the consummation
of such transaction.  The warrant shall be fully vested when issued
and shall have a strike price set at 110% of the fair market value of the
underlying shares of common stock on the date of grant.

     

    b. In the
event the Company acquires a working interest or other beneficial ownership
interest in an asset or entity, and the opportunity to acquire such an interest
was identified or evaluated solely by the Contractor on behalf of the Company
during the term of this Agreement or a Prior Agreement, then within 10 days
following the consummation of such transaction the Company shall grant to the
Contractor a warrant to purchase a number of shares of common stock of the
Company (or its successor) equal in amount to the product of 3.5% times the
gross purchase price of the entity or asset acquired by the Company divided by
110% of the fair market value of a share of common stock of the Company on the
date of grant.  An opportunity described in this Section 4.b. shall
not include an opportunity related to the entities listed on Exhibit A or any
opportunity that appears on the Moyes Twice Monthly Progress Report (as such
term is defined in the Moyes Contract).  The Company shall use its
best endeavors to seek the approval of the warrant by its Board of Directors
and, if required, its shareholders prior to the consummation of such
transaction.  The warrant shall be fully vested when issued and shall
have a strike price set at 110% of the fair market value of the underlying
shares of common stock on the date of grant.

     

    c. For
purposes of this Section 4, the term “fair market value” shall mean (a) if the
common stock is listed on any established stock exchange or a national market
system, including without limitation Nasdaq Global Select Market, Nasdaq Global
Market, Nasdaq Capital Market, the American Stock Exchange and the New York
Stock Exchange, the closing sales price for such stock (or the closing bid, if
no sales were reported) as quoted on such exchange or system for the date of the
determination (or if there was no quoted price for such date, then for the last
preceding business day on which there was a quoted price), as reported in The Wall Street Journal or
such other source as the Company deems reliable; (b) if the common stock is
regularly quoted by a recognized securities dealer but selling prices are not
reported, the mean between the high bid and low asked prices for the common
stock for the date of the determination, as reported in The Wall Street Journal or
such other source as the Company deems reliable; or (c) if the common stock is
not reported or quoted by any such organization, the fair market value of the
common stock as determined in good faith by the Company using a “reasonable
application of a reasonable valuation method” within the meaning of Treasury
Regulation Section 1.409A-1(b)(5)(iv)(B).

     

    
      
        
        

      

      
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    Notwithstanding
any provision herein to the contrary, the Contractor shall only be entitled to a
Success Fee with respect to any transaction described in this Section 4 which is
consummated during the term of this Agreement or within eighteen months
following the termination of this Agreement.  Any warrant issued in
accordance with this Section 4 shall be structured, to the sole satisfaction of
the Company, in a manner which is either exempt from or in compliance with the
requirements of Code Section 409A and the Treasury Regulations
thereunder.

    

    5. Relationship of the
Parties.  Nothing in this Agreement creates or shall be deemed
to create a partnership, joint venture, agency, employer-employee relationship,
or guarantee of future engagement between the Company and the
Contractor.  In addition, the Contractor agrees and understands that
it is not an agent of the Company and neither has nor shall have any right or
authority to bind, commit, or otherwise obligate the Company to any terms,
conditions, or contractual obligations with any other party.

     

    6. Independent Contractor
Status.  For all purposes, including without limitation any
laws concerning Social Security, disability insurance, workers’ compensation,
unemployment compensation, income-tax withholding, and all other federal, state,
and local laws, rules, and regulations relating to employees, the Contractor
shall be treated as an independent contractor of the
Company.  Accordingly, the Contractor shall discharge all obligations
imposed upon it as an independent contractor by all applicable federal, state,
or local laws, rules, and regulations, including without limitation those
relating to income taxes, the filing of all returns and reports, and the payment
of all assessments, taxes, and other sums required by applicable law with
respect to any Service Fees or Success Fees paid by the
Company.   The Contractor shall not be covered by the Company’s
insurance policies nor shall any of its employees be eligible for employee
benefits provided by the Company to its employees.  The only
compensation, benefits, and consideration that the Contractor or any of its
employees shall be entitled to receive from the Company during the term of this
Agreement are those items specifically set forth in this
Agreement.  The Contractor acknowledges that it is solely responsible
for the payment of its own income, employment, Social Security, and other
applicable taxes and insurance premiums.

     

    7. Payment of
Taxes.  The Company shall provide a Form 1099 to the Contractor
for all gross income with respect to any Service Fees and Success
Fees.  The Contractor shall be solely responsible for paying when due
all income taxes, including estimated taxes, incurred as a result of any Service
Fees or Success Fees.  The Contractor shall be solely responsible for
filing all tax returns, tax declarations, and tax schedules with respect to any
and all Service Fees and Success Fees.  The Company shall not withhold
any employment taxes from any Service Fees and Success Fees.

     

    8. Use of Employees or Other
Contractors.  With the prior written consent of the Company,
the Contractor may, at its own expense, engage any employees, independent
contractors, or subcontractors as it deems necessary to perform Services under
this Agreement.  All persons engaged by the Contractor to assist it in
performing Services under this Agreement shall be deemed to be employees or
contractors of the Contractor and the Contractor shall be solely responsible for
their work, supervision, direction, control, compensation, benefits, and
insurance.  Nothing in this Agreement shall be construed to impose any
liability or duties on the Company for the performance of any Services by any
third party engaged, hired, or retained by the Contractor.

     

    
      
        
        

      

      
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    9. Business
Expenses.  To the extent not authorized for reimbursement by
the Company in writing or by written policy of the Company, the Contractor shall
be solely responsible for paying all business costs and expenses incurred in
performing Services under this Agreement.

     

    10. Confidentiality
Agreement.  Upon execution of this Agreement, the parties shall
enter into the Confidentiality Agreement attached hereto as Exhibit B, the terms
of which are incorporated herein by reference.

     

    11. Legal
Compliance.  The Contractor shall comply with all applicable
federal, state, county, municipal and other applicable laws, rules, ordinances,
and regulations in connection with its performance of Services under this
Agreement, including without limitation all applicable occupational safety and
health laws, regulations, ordinances, directives, and rules.

     

    12. Securities
Representations.  With respect to the transfer of any warrants
or shares of common stock of the Company to the Contractor under this Agreement
or a Prior Agreement, the Contractor makes the following
representations.

     

    a. The
Contractor is acquiring the shares and warrants for its own account and not with
a view to offer for resale in connection with a distribution thereof, within the
meaning of the Securities Act of 1933, as amended (the “Securities
Act”).  The Contractor is an “accredited investor” as such term
is defined under Regulation D promulgated under the Securities Act.

     

    b. The
Contractor understands that the shares and warrants will not have been
registered pursuant to the Securities Act or any applicable state securities
laws, that the shares and warrants, when issued, will be characterized as
“restricted securities” under federal securities laws, and that under such laws
and applicable regulations the shares and warrants cannot be sold or otherwise
disposed of without registration under the Securities Act or an exemption
therefrom.  The Contractor represents that it is familiar with Rule
144 promulgated under the Securities Act, as currently in effect, and
understands the resale limitations imposed thereby and by the Securities
Act.  The Contractor understands that each certificate representing
the shares and warrants shall conspicuously set forth on the face or back
thereof, in addition to any legends required by applicable law, a restrictive
legend referencing restrictions under the Securities Act.

     

    c. The
Contractor represents and acknowledges that the Company will be issuing the
shares and warrants pursuant to an exemption from the registration requirements
of the Securities Act based on the representations provided by the Contractor
hereunder.

     

    13. Exclusivity of
Services.  The Services performed by the Contractor under this
Agreement are exclusive to the Company and the Contractor therefore understands
and agrees that it shall not perform any similar services for any third party in
violation of this Agreement.

     

    
      
        
        

      

      
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    14. Risk of
Loss.  The risk of loss in the Contractor’s business shall be
borne entirely by the Contractor.  The Company shall have no right or
duty to inquire as to the profit generated by the Contractor in the performance
of its business.

     

    15. Term of
Agreement.  This Agreement shall be for a period of eight
months from the Effective Date.  Either party may earlier terminate
this Agreement, with or without cause, upon ten days prior written
notice.

     

    16. Payments Due Upon
Termination of Agreement.  Upon the termination of this
Agreement, the Company shall have no further obligation to the Contractor under
this Agreement, except for (a) payment to the Contractor of all accrued but
unpaid Service Fees through the date of termination, (b) payment to the
Contractor of any approved but un-reimbursed business expenses incurred in
accordance with applicable Company policy, and (c) payment to the Contractor of
all Success Fees due the Contractor in accordance with Section 4.

     

    17. Indemnification of
Company.  The Contractor shall indemnify the Company and hold
the Company harmless from any liability, loss, cost, claim, or damage, including
legal and other expenses and reasonable attorneys’ fees, the Company incurs
arising out of the Contractor’s (a) negligence, fraud, misconduct, or other
wrongful conduct; (b) breach of its representations or warranties in this
Agreement; or (c) breach of any of its obligations in this Agreement,
including its obligation to pay taxes under Section 7.

     

    18. Indemnification of
Contractor.  The Company shall indemnify the Contractor in
accordance with the following terms:

     

    a. The
Company indemnifies the Contractor and its officers, directors, employees
and principals (“Indemnified Persons”) against any claim, action, damage, loss,
liability, cost, charge, expense, or payment (including, but not limited to,
legal costs and expenses and professional consultant’s fees on a full indemnity
basis) which the Indemnified Person may pay, suffer, incur or become liable for
to any third party arising out of or as a consequence, whether directly or
indirectly, of (i) the use and disclosure of information provided by the Company
as specifically authorized by the Company; or (ii) the performance of the
obligations of the Contractor under this Agreement other than as a result
of the negligence, fraud, misconduct or other wrongful conduct of an Indemnified
Person, or the breach of any of the Contractor’s representations, warranties or
obligations in this Agreement by an Indemnified Person.

     

    b. The
Company must pay all costs and expenses of the Indemnified Persons in relation
to the enforcement, protection or exercise of any rights under the indemnity
under subsection a. to which they are entitled, including, but not limited to,
the legal costs and expenses and professional consultant’s fees for any of the
above on a full indemnity basis.

     

    c. The
Company agrees that in the settlement of any claim, lawsuit, action or other
proceedings against the Company in respect of which an Indemnified Person also
has joint or several liability or potential liability, the Company will use all
reasonable endeavors to ensure that any settlement of such claim includes a
release of the corresponding liability of the Indemnified Person in respect of
that claim.

     

    
      
        
        

      

      
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    19. Survival.  The
termination of this Agreement for any reason shall not impair the rights or
obligations of either party that shall have accrued before such
termination.

     

    20. Waiver.  The
waiver by either party of a breach of any term of this Agreement shall not
operate or be construed as a waiver of a subsequent breach of the same provision
by either party or of the breach of any other term or provision of this
Agreement.

     

    21. Severability.  If
any provision of this Agreement is held to be illegal, invalid, or
unenforceable, (a) this Agreement shall be considered divisible,
(b) such provision shall be deemed inoperative to the extent it is deemed
illegal, invalid, or unenforceable, and (c) in all other respects this
Agreement shall remain in full force and effect; provided, however,
that if any such provision may be made enforceable by limitation, then such
provision shall be deemed to be so limited and shall be enforceable to the
maximum extent permitted by applicable law.

     

    22. Attorneys’ Fees and Other
Costs.  If either party breaches this Agreement, or if a
dispute arises between the parties based on or involving this Agreement, the
party that enforces its rights under this Agreement against the breaching party,
or that prevails in the resolution of such dispute, is entitled to recover from
the other party its reasonable attorneys’ fees, court costs, and expenses
incurred in enforcing such rights or resolving such dispute.

     

    23. No
Conflicts.  The Contractor represents and warrants to the
Company that its execution, delivery, and performance of this Agreement, and its
relationship with and the Services reasonably expected to be rendered for the
Company, do not and shall not conflict with or result in a violation of any
provision of, or constitute a default under, any contract, agreement,
instrument, or obligation to which the Contractor is a party or by which it is
bound, including without limit agreements regarding confidentiality and
non-competition.  The Contractor further represents and warrants that
it has entered into this Agreement pursuant to its own initiative and that the
Company did not induce it to execute this Agreement in contravention of any
existing commitments.  The Contractor further acknowledges that the
Company has entered into this Agreement in reliance upon the foregoing
representations.

     

    24. Offsets.  The
Company shall be entitled to set off against, and the Contractor authorizes the
Company to deduct from, any Services Fees due to the Contractor from the
Company, any amounts which may be due and owing to the Company by the
Contractor, whether arising under this Agreement or otherwise.

     

    25. Waiver of Right to Jury
Trial.  NOTWITHSTANDING ANY OTHER PROVISION IN THIS AGREEMENT,
THE CONTRACTOR SHALL, AND HEREBY DOES, IRREVOCABLY WAIVE THE RIGHT TO TRIAL BY
JURY WITH RESPECT TO ANY DISPUTE, CONTROVERSY, CLAIM, OR CAUSE OF ACTION AGAINST
THE COMPANY, INCLUDING ANY ARISING OUT OF OR RELATING TO THE CONTRACTOR’S
ENGAGEMENT BY THE COMPANY, THE TERMINATION OF THAT ENGAGEMENT, OR THIS AGREEMENT
(EITHER ALLEGED BREACH OR ENFORCEMENT).

     

    26. Entire
Agreement.  This Agreement and any continuing obligations under
the Prior Agreements described in paragraph 1 constitute the entire agreement
between the parties concerning their subject matters and shall supersede all
prior and contemporaneous agreements and understandings, both written and oral,
between the parties with respect to their subject matters.

     

    
      
        
        

      

      
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    27. Assignment of Agreement;
Successors and Assigns.  The Contractor’s Services, Service
Fees, Successor Fees and other duties under this Agreement are personal to the
Contractor and shall not be assigned to any person or entity without written
consent from the Company.  The Company may assign this Agreement
without the Contractor’s consent.  This Agreement shall be binding
upon and inure to the benefit of the parties and their respective heirs, legal
representatives, successors, and permitted assigns.

     

    28. Amendment.  This
Agreement shall not be amended except by an instrument in writing signed by the
party against whom such amendment is sought to be enforced.

     

    29. Governing Law;
Venue.  This Agreement shall be governed by the laws of the
State of Texas, without regard to its conflict-of-laws
principles.  The Contractor hereby irrevocably consents to the binding
and exclusive venue for any dispute, controversy, claim, or cause of action
between the parties arising out of or related to this Agreement being in the
state or federal courts of competent jurisdiction that regularly conduct
proceedings in Harris County, Texas.  Nothing in this Agreement,
however, precludes the Company from seeking to remove a civil action from any
state court to federal court.

     

    30. Compliance with Section
409A.  This Agreement is intended to satisfy Code Section 409A
and any ambiguous provisions shall be construed in a manner that is either
exempt from or compliant with the requirements of Code Section
409A.

     

    

    

    [Signature Page to Immediately
Follow]

     

     

     

    
 

    
      
        
        

      

      
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    IN
WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of
the 8th day of December 2008.

    

    
      
        	 	CONRON CONSULTING
      INC.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Ron
      Bain  	 
	 	 	By: Ron
      Bain	 
	 	 	Its: President	 
	 	 	 	 

      

    

     

    
      
        	 	INDEX OIL AND GAS
      INC.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Lyndon
      West      	 
	 	 	By: Lyndon
      West	 
	 	 	Its:
      Chief Executive Officer	 
	 	 	 	 

      

    

     

    

     

     

     

     

     

    
 

    
      
        
        

      

      
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    EXHIBIT
A

    

    

    Century
Petroleum

    

    GB
Petroleum Ltd.

    

    Unicorp
Inc.

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
B

    

    

    CONFIDENTIALITY
AGREEMENT

    

    THIS
AGREEMENT (hereinafter referred to as the “Agreement”), is made effective the
First day of October, 2008 (“Effective Date”), by and between Index Oil and Gas
Inc., (hereinafter referred to as the “Disclosing Party”) a corporation
existing under the laws of Nevada with its registered office at 711 S. Carson
Street, Carson City, Nevada, U.S.A. 89701 (“IOGI”) and ConRon Consulting Inc.,
(hereinafter referred to as the “Receiving Party”) a corporation existing under
the laws of Texas with its registered office at 9406 Fenchurch Drive., Spring,
Texas 77379 (“Contractor”).  IOGI and Consultant may also be referred
to herein individually as a “Party” and together as the “Parties.”

    

    1. In
connection with the evaluation and preparation of a report based on certain
confidential plans and documents held by the Disclosing Party relating to the
acquisition of oil and gas assets/corporations in the USA, (hereinafter referred to as the
“Plans”), the Disclosing Party is willing, in accordance with the terms and
conditions of this Agreement, to disclose (either through itself or its
representatives) to the Receiving Party (or its representatives) certain
confidential information,  on a nonexclusive basis, relating to the
Plans which includes, but is not necessarily limited to, geological and
geophysical data, maps, models and interpretations and commercial, contractual
and financial information, as more fully described in Schedule A attached
hereto and made a part hereof (hereinafter referred to as the “Confidential
Information”).

     

    2. In
consideration of the disclosure referred
to in Paragraph 1 hereof, the Receiving Party agrees that the Confidential
Information shall be kept strictly
confidential and shall not be sold, traded, published or otherwise disclosed to
anyone in any manner whatsoever, including by means of photocopy, reproduction
or electronic media, without the Disclosing Party’s prior written consent,
except as provided in this Agreement.

     

    3. The
Receiving Party may disclose the Confidential Information without the Disclosing
Party’s prior written consent only to the extent such information:

     

    a. is
already known to the Receiving Party as of the date of disclosure by the
Disclosing Party;

     

    b. is
already in possession of the public or becomes available to the public other
than through the act or omission of the Receiving Party or of any other person
to whom Confidential Information is disclosed pursuant to this
Agreement;

     

    c. is
required to be disclosed under applicable law, stock exchange regulations or by
a governmental order, decree, regulation or rule (provided that the Receiving
Party shall make all reasonable efforts to give prompt written notice to the
Disclosing Party prior to such disclosure);

     

    d. is
acquired independently from a third party that represents that it has the
right to
disseminate such information at the time it is acquired by the Receiving Party;
or

     

    
      
        
        

      

      
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    e. is
developed by the Receiving Party independently of the Confidential Information
received from the Disclosing Party.

     

    4. The
Receiving Party may disclose the Confidential Information without the Disclosing
Party’s prior written consent to an Affiliated Company (as hereinafter defined),
provided that the Receiving Party guarantees the adherence of such Affiliated
Company to the terms of this Agreement.  “Affiliated Company” shall
mean any company or legal entity which controls, or is controlled by, or which
is controlled by an entity which controls, a Party.  “Control” means
the ownership directly or indirectly of more than fifty (50) percent of the
voting rights in a company or other legal entity.

     

    5. The
Receiving Party shall be entitled to disclose
the Confidential Information without the Disclosing Party’s prior written
consent to such of the following persons to the extent that they have a clear
need to know in order to evaluate the Area:

     

    a. employees,
officers and directors of the Receiving Party;

     

    b. employees,
officers and directors of an Affiliated Company;

     

    c. any
consultant or agent retained by the Receiving Party or its Affiliated Company;
or

     

    d. any bank
or other financial institution  or entity funding or proposing to fund
the Receiving Party’s participation in the Area, including
any  consultant retained by such bank or other financial institution
or entity.

     

    Prior to
making any such disclosures to persons under subparagraphs (c) and (d) above, however, the Receiving Party
shall obtain an undertaking of confidentiality, enforceable by both the
Disclosing Party and the Receiving Party, substantially in the same form and
content as this Agreement, from each such person; provided, however, that in the
case of outside legal counsel, the Receiving Party shall only be required to
procure that such legal counsel is bound by an obligation of
confidentiality.

    

    6. The
Receiving Party and its Affiliated Companies, if any, shall only use or permit
the use of the Confidential Information disclosed under this Agreement to
evaluate the Plans in connection with the acquisition advice to
Client.

     

    
      
        
        

      

      
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    7. The
Receiving Party shall be responsible for ensuring that all persons to whom the
Confidential Information is disclosed under this Agreement shall keep such
information confidential and shall not disclose or divulge the same to any
unauthorized person. Neither Party shall be liable in an action initiated by one
against the other for special, indirect or consequential damages resulting from
or arising out of this Agreement, including, without limitation, loss of profit
or business interruptions, however same may be caused.

     

    8. The
Receiving Party shall acquire no proprietary interest in or right to the
Confidential Information, and the Disclosing Party may demand the return thereof
at any time upon giving written notice to the Receiving Party.  Within
thirty (30) days of receipt of such notice, the Receiving Party shall return all
of the original Confidential Information and shall destroy or cause to be
destroyed all copies and reproductions (in whatever form, including but not
limited to, electronic media) in its possession and in the possession of persons
to whom it was disclosed pursuant to this Agreement.

     

    9. Unless
earlier terminated the confidentiality obligations and limitations on use set
forth in this Agreement shall terminate on the later of one year after the date
of this Agreement or the date on which disclosure is no longer restricted either
under the law applicable in the Area or under the terms of the concession,
license, contract or permit currently covering the Area.

     

    10. The
Disclosing Party hereby represents and warrants that it has the right and
authority to disclose the Confidential Information to the Receiving Party (or
its representatives). THE
DISCLOSING PARTY, HOWEVER, MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR
IMPLIED, AS TO THE QUALITY, ACCURACY AND COMPLETENESS OF THE CONFIDENTIAL
INFORMATION DISCLOSED HEREUNDER, AND THE RECEIVING PARTY (ON BEHALF OF ITSELF
AND ITS REPRESENTATIVES) EXPRESSLY ACKNOWLEDGES THE INHERENT RISK OF ERROR IN
THE ACQUISITION, PROCESSING AND INTERPRETATION OF GEOLOGICAL AND GEOPHYSICAL
DATA.  THE DISCLOSING PARTY, ITS AFFILIATED COMPANIES, THEIR OFFICERS,
DIRECTORS AND EMPLOYEES SHALL HAVE NO LIABILITY WHATSOEVER WITH RESPECT TO THE
USE OF OR RELIANCE UPON THE CONFIDENTIAL INFORMATION BY THE RECEIVING PARTY (OR
ITS REPRESENTATIVES).

     

    11. 

     

    a. This
Agreement shall be governed by and interpreted in accordance with the
substantive law of  the State of Texas.

     

    b. Any
dispute arising out of or relating to this Agreement, including any question
regarding its existence, validity or termination, which cannot be amicably
resolved by the Parties, shall be settled before a sole arbitrator in accordance
with the Arbitration Rules of the American Arbitration Association in Dallas,
Texas.  The resulting arbitral award shall be final and binding
without right of appeal, and judgment upon such award may be entered in any
court having jurisdiction thereof.  A dispute shall be deemed to have
arisen when either Party notifies the other Party in writing to that
effect.

     

    12. Unless
otherwise expressly stated in writing, any prior or future proposals or offers
made in the course of the Parties’ discussions are implicitly subject to all
necessary management and government approvals and may be withdrawn by either for
any reason or for no reason at any time.  Nothing contained herein is
intended to confer upon the Receiving Party any right whatsoever to the
Disclosing Party's interest in the Area.

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

     

    13. The
Disclosing Party agrees that the Receiving Party has the right to describe its
services provided to the Disclosing Party in materials that it provides to
clients and prospective clients and in advertisements in financial and other
newspapers and journals at its own expense, provided that the Receiving Party
will submit a copy of such materials or advertisements to the Disclosing Party
and its counsel and any use of such materials or advertisements will be subject
to the prior approval of the form and substance of the materials or
advertisements by the Disclosing Party and its counsel.

     

    14. No
amendments, changes or modifications to this Agreement shall be valid except if
the same are in writing and signed by a duly authorized representative of each
of the Parties hereto.

     

    15. This
Agreement comprises the full and complete agreement of the Parties hereto with
respect to the disclosure of the Confidential Information and supersedes and
cancels all prior communications, understandings and agreements between the
Parties hereto relating to the Confidential Information, whether written or
oral, expressed or implied; provided, however, that this Agreement shall only
supplement and not supersede or otherwise cancel the Confidentiality Agreement
between the Parties effective as of February 1, 2008.

     

    16. The
Receiving Party may only assign this Agreement to an Affiliated Company;
provided, however, the Receiving Party shall remain liable for all obligations,
whether expressed or implied, under this Agreement.  Without limiting
the foregoing, this Agreement shall bind and inure to the benefit of the Parties
and their respective successors and assigns.

     

    IN
WITNESS WHEREOF,
the duly authorized representatives of the Parties have caused this Agreement to
be executed as of the 8th day of December, 2008.

     

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	DISCLOSING
      PARTY     	 	RECEIVING
      PARTY	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	 	 	By:	 	 
	 	 	 	 	 	 
	Printed
      Name	 	 	Printed
      Name:	
                                                     

                                                  	 
	 	 	 	 	 	 
	Title:	 	 	Title:	 	 

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

     

    B-4ex101.htm

    Exhibit
10.1

     

    RESCISSION
AGREEMENT

    

    This
Rescission Agreement (the "Agreement") is made and entered into as of November
25, 2008, and effective as of April 1, 2008, by and among Global Roaming
Distribution, Inc., a Florida corporation (the "Company"), Global Roaming Inc.
(“GRI”), a Nevada corporation, and the Holders named below.  The
Company and GRI may be referred to herein individually as a "party" and together
as the "parties."

    

    WITNESSETH
THAT:

    

    WHEREAS,
on January 29, 2008, the Company and GRI entered into a share exchange agreement
(“Exchange Agreement”), pursuant to which the Company issued and sold to GRI
8,000,000 shares of the Company’s Series A Preferred Stock (“Preferred Shares”)
as consideration for the transfer to the Company of 2,000,000 common shares
(“Cubic Shares”) of Cubic Telecom Limited (“Cubic”) held by GRI.

    

    WHEREAS,
the 8,000,000 Preferred Shares are currently held by Michael Thaler, Yakov
Sarousi, and Jenny Callicott, in the amount of 2,666,667 Preferred Shares,
4,000,000 Preferred Shares, and 1,333,333 Preferred Shares,
respectively;

    

    WHEREAS,
a dispute has arisen between the Company, GRI and Cubic with regard to the
Exchange Agreement and the parties’ ongoing relationships.

    

    WHEREAS,
the Boards of Directors of GRI and the Company have determined that it is in the
best interests of the Company and its stockholders to rescind the Exchange
Agreement.

    

    WHEREAS,
the parties desire to: (i) rescind the Exchange Agreement; (ii) return to the
Company for cancellation the certificates representing the Preferred Shares; and
(iii) return to GRI the certificate representing the Cubic Shares.

    

    

    NOW, THEREFORE, in
consideration of the foregoing and mutual covenants set forth below, the parties
hereto agree as follows:

    

    1.           RESCISSION
OF AGREEMENT AND DELIVERY OF SECURITIES

    

    1.1           Closing.  The
closing (the “Closing”
or “Closing Date”) shall take place on or before November 25, 2008, at the
offices of Sichenzia Ross Friedman Ference LLP, 61 Broadway, 32nd Fl. New
York, NY 10006, or as counsel for the parties otherwise may agree, subject
to the satisfaction of the Closing Conditions (hereinafter defined) having been
satisfied or waived by Parties. At the Closing, upon the terms and subject to
the conditions set forth herein, substantially concurrent with the execution and
delivery of this Agreement by the parties hereto, the Company and GRI agree to
rescind the Exchange Agreement, and such Exchange Agreement shall be of no
further force or effect as between the Company and GRI.  Each party
shall deliver to the other agreements and other items set forth in Section 1.2
of this Agreement.

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

     

    1.2           Deliveries.

     

    (a)           On
or prior to the Closing Date, the Company shall deliver or cause to be delivered
to GRI the following:

     

    (i)           this
Agreement duly executed by the Company;  and

     

    (ii)           a
certificate evidencing the Cubic Shares together with a stock power duly
endorsed to GRI;

     

    (b)           On
or prior to the Closing Date, GRI shall deliver or cause to be delivered to the
Company the following:

     

    (i)           this
Agreement duly executed by GRI; and

     

    (ii)           a
certificate evidencing 8,000,000 Preferred Shares, together with a stock power
duly endorsed to the Company.

     

    1.3           Closing
Conditions.

     

    (a)           The
obligations of the Company hereunder in connection with the Closing are subject
to the following conditions being met:

     

    (i)           the
accuracy in all material respects on the Closing Date of the representations and
warranties of GRI contained herein;

     

    (ii)           all
obligations, covenants and agreements of GRI required to be performed at or
prior to the Closing Date shall have been performed; and

     

    (iii)           the
delivery by GRI of the items set forth in Section 1.2(b) of this
Agreement.

     

    (b)           The
obligations of GRI hereunder in connection with the Closing are subject to the
following conditions being met:

     

    (i)           the
accuracy in all material respects on the Closing Date of the representations and
warranties of the Company contained herein;

     

    (ii)           all
obligations, covenants and agreements of the Company required to be performed at
or prior to the Closing Date shall have been performed; and

     

    (iii)           the
delivery by the Company of the items set forth in Section 1.2(a) of this
Agreement.

     

    

    2.           REPRESENTATIONS
AND WARRANTIES

    

    2.1           The
Company hereby represents and warrants to GRI as follows:

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
 

               (a)           Organization and
Qualification.  The Company is an entity duly incorporated or
otherwise organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation or organization.  The Company is not
in violation nor default of any of the provisions of its certificate or articles
of incorporation, bylaws or other organizational or charter
documents.  The Company is duly qualified to conduct business and is
in good standing as a foreign corporation or other entity in each jurisdiction
in which the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good
standing, as the case may be, could not have or reasonably be expected to result
in: (i) a material adverse effect on the legality, validity or enforceability of
this Agreement, (ii) or (ii) a material adverse effect on the Company’s ability
to perform in any material respect on a timely basis its obligations under this
Agreement (any of (i), or (ii), a “Material Adverse
Effect”) and no Proceeding has been instituted in any such jurisdiction
revoking, limiting or curtailing or seeking to revoke, limit or curtail such
power and authority or qualification.

     

    (b)           Authorization;
Enforcement.  The Company has the requisite corporate power and
authority to enter into and to consummate the transactions contemplated the
Agreement and otherwise to carry out its obligations hereunder.  The
execution and delivery this Agreement by the Company and the consummation by it
of the transaction contemplated hereby have been duly authorized by all
necessary action on the part of the Company and no further action is required by
the Company, the Board of Directors or the Company’s stockholders in connection
therewith.  This Agreement has been duly executed by the Company and,
when delivered in accordance with the terms hereof and thereof, will constitute
the valid and binding obligation of the Company enforceable against the Company
in accordance with its terms, except: (i) as limited by general equitable
principles and applicable bankruptcy, insolvency, reorganization, moratorium and
other laws of general application affecting enforcement of creditors’ rights
generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies and (iii) insofar as
indemnification and contribution provisions may be limited by applicable
law.

     

    (c)           No
Conflicts.  The execution, delivery and performance of this
Agreement by the Company and the consummation by the Company of the transactions
contemplated hereby do not and will not (i) conflict with or violate any
provision of the Company’s certificate of incorporation, bylaws, articles of
organization, operating agreement or other organizational documents, if any, or
(ii) conflict with, or constitute a default (or an event that with notice or
lapse of time or both would become a default) under, or give to others any
rights of termination, amendment, acceleration or cancellation (with or without
notice, lapse of time or both) of, any agreement, credit facility, debt or other
instrument to which the Company is a party, or (iii) result in a violation by
the Company of any law, rule, regulation, order, judgment, injunction or decree
of any court or governmental authority to which the Company is
subject.

     

    (d)           Filings, Consents and
Approvals.  The Company is not required to obtain any consent,
waiver, authorization or order of, give any notice to, or make any filing or
registration with, any court or other federal, state, local or other
governmental authority or other person in connection with the execution,
delivery and performance by the Company of this Agreement.

     

    (e)           Transfer of the
Shares.  The Company is the record and beneficial owner of the
Cubic Shares set forth below the Company’s signature block on the signature page
to this Agreement.  The Company has good title to such securities free
and clear of any tax, lien, charge, mortgage, pledge, right (including any
rights of first offer and tag-along rights) or encumbrances of any kind and such
securities are not subject to any pre-emptive, participation or similar right
(“Liens”).  Delivery
of the securities to GRI will pass good and valid title to the securities, free
and clear of any Liens.

     

     (g)           No
Reliance.  The Company has made its own independent decision to
enter into this Agreement and whether this Agreement is appropriate or proper
for the Company based upon the Company’s own judgment and upon advice of such
advisors as the Company deems necessary.  The Company acknowledges and
agrees that it is not relying, and has not relied, upon any communication
(written or oral) of GRI or Cubic or any affiliate, employee, director or agent
of the them, other than as specifically stated in this Agreement, with respect
to the legal, accounting, tax or other implications of this Agreement, and that
the Company has conducted its own analyses of the legal, accounting, tax and
other implications hereof and thereof; it being understood that information and
explanations related to the terms and conditions of this Agreement shall not be
considered investment advice or a recommendation to enter into this
Agreement.

     

    (h)           Material, Non-Public
Information.   The Company acknowledges that GRI currently
may have, and later may come into possession of, information with respect to
Cubic, the Company and/or GRI that may or may not be known to the Company and
that may be material to a decision to transfer the Cubic Shares (“Cubic Excluded
Information”), and the Company has determined to transfer the Cubic
Shares notwithstanding its lack of knowledge of the Cubic Excluded
Information.

     

    2.2                      GRI
represents and warrants to the Company as follows:

     

               (a)           Organization and
Qualification.  GRI is an entity duly incorporated or otherwise
organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation or organization.  GRI is not in
violation nor default of any of the provisions of its certificate or articles of
incorporation, bylaws or other organizational or charter
documents.  GRI is duly qualified to conduct business and is in good
standing as a foreign corporation or other entity in each jurisdiction in which
the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good
standing, as the case may be, could not have or reasonably be expected to result
in: (i) a material adverse effect on the legality, validity or enforceability of
this Agreement, or (ii)  a material adverse effect on GRI’s ability to
perform in any material respect on a timely basis its obligations under this
Agreement (any of (i), or (ii), a “Material Adverse
Effect”) and no Proceeding has been instituted in any such jurisdiction
revoking, limiting or curtailing or seeking to revoke, limit or curtail such
power and authority or qualification.

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

    (b)           Authorization;
Enforcement.  GRI has the requisite corporate power and
authority to enter into and to consummate the transactions contemplated the
Agreement and otherwise to carry out its obligations hereunder.  The
execution and delivery this Agreement by GRI and the consummation by it of the
transaction contemplated hereby have been duly authorized by all necessary
action on the part of GRI and no further action is required by GRI, the Board of
Directors or GRI’s stockholders in connection therewith.  This
Agreement has been duly executed by GRI and, when delivered in accordance with
the terms hereof and thereof, will constitute the valid and binding obligation
of GRI enforceable against the Company in accordance with its terms, except: (i)
as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws
relating to the availability of specific performance, injunctive relief or other
equitable remedies and (iii) insofar as indemnification and contribution
provisions may be limited by applicable law.

     

    (c)           No
Conflicts.  The execution, delivery and performance of this
Agreement by GRI and the consummation by GRI of the transactions contemplated
hereby do not and will not (i) conflict with or violate any provision of GRI’s
certificate of incorporation, bylaws, articles of organization, operating
agreement or other organizational documents, if any, or (ii) conflict with, or
constitute a default (or an event that with notice or lapse of time or both
would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation (with or without notice, lapse of time
or both) of, any agreement, credit facility, debt or other instrument to which
GRI is a party, or (iii) result in a violation by GRI of any law, rule,
regulation, order, judgment, injunction or decree of any court or governmental
authority to which GRI is subject.

     

    (d)           Filings, Consents and
Approvals.  GRI is not required to obtain any consent, waiver,
authorization or order of, give any notice to, or make any filing or
registration with, any court or other federal, state, local or other
governmental authority or other person in connection with the execution,
delivery and performance by GRI of this Agreement.

     

    (e)           Transfer of the
Shares.  Michael Thaler, Yakov Sarousi and Jenny Callicott (the
“Holders”) are the record and beneficial owner of the Preferred
Shares.  The Holders have good title to such securities free and clear
of any tax, lien, charge, mortgage, pledge, right (including any rights of first
offer and tag-along rights) or encumbrances of any kind and such securities are
not subject to any pre-emptive, participation or similar right (“Liens”).  Delivery
of the securities to the Company will pass good and valid title to the
securities, free and clear of any Liens.

     

     (g)           No
Reliance.  GRI has made its own independent decision to enter
into this Agreement and whether this Agreement is appropriate or proper for GRI
based upon its own judgment and upon advice of such advisors as GRI deems
necessary.  GRI acknowledges and agrees that it is not relying, and
has not relied, upon any communication (written or oral) of the Company or any
affiliate, employee, director or agent of the them, other than as specifically
stated in this Agreement, with respect to the legal, accounting, tax or other
implications of this Agreement, and that GRI has conducted its own analyses of
the legal, accounting, tax and other implications hereof and thereof; it being
understood that information and explanations related to the terms and conditions
of this Agreement shall not be considered investment advice or a recommendation
to enter into this Agreement.

     

    (h)           Material, Non-Public
Information.   GRI acknowledges that the Company currently
may have, and later may come into possession of, information with respect to
Cubic and/or the Company’s operations that may or may not be known to the
Company and that may be material to a decision to transfer the Preferred Shares
(“Excluded
Information”), and GRI has determined to transfer the Preferred Shares
notwithstanding its lack of knowledge of the Excluded Information.

     

    2.3                      The
Holders represent and warrant to the Company as follows:

    

    (a)(a)                      Transfer of the
Shares.  Each Holder is the record and beneficial owner of the
Preferred Shares as set forth above.  Each Holder has good title to
such securities free and clear of any tax, lien, charge, mortgage, pledge, right
(including any rights of first offer and tag-along rights) or encumbrances of
any kind and such securities are not subject to any pre-emptive, participation
or similar right (“Liens”).  Delivery
of the securities to the Company will pass good and valid title to the
securities, free and clear of any Liens.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     (b)           No
Reliance.  Each Holder has made its own independent decision to
enter into this Agreement and whether this Agreement is appropriate or proper
for such Holder based upon its own judgment and upon advice of such advisors as
such Holder deems necessary.  The Holders acknowledge and agree that
they are  not relying, and has not relied, upon any communication
(written or oral) of the Company or any affiliate, employee, director or agent
of the them, other than as specifically stated in this Agreement, with respect
to the legal, accounting, tax or other implications of this Agreement, and that
such Holders have conducted their own analyses of the legal, accounting, tax and
other implications hereof and thereof; it being understood that information and
explanations related to the terms and conditions of this Agreement shall not be
considered investment advice or a recommendation to enter into this
Agreement.

     

    (c)           Material, Non-Public
Information. Each Holder acknowledges that the Company currently may
have, and later may come into possession of, information with respect to the
Company’s operations that may or may not be known to the Company and that may be
material to a decision to transfer the Preferred Shares (“Excluded
Information”), and such Holder has determined to transfer the Preferred
Shares notwithstanding its lack of knowledge of the Excluded
Information.

    

     

    3.           SURVIVAL
OF REPRESENTATIONS

    

               3.           Survival of
Representations.  Regardless of any investigation at any time
made by or on behalf of any party hereto or of any information any party may
have in respect thereof, all covenants, agreements, representations and
warranties made hereunder or pursuant hereto or in connection with the
transaction contemplated hereby shall survive the execution and delivery of this
Agreement and continue in effect for 12 months after the execution and delivery
of this Agreement (the “Survival Period”), except that: (i) Company’s title
representations in Section 2.1(e); and (ii) GRI’s title representations in
Section 2.2(e), shall survive for the period that is permitted for third-party
claims by the applicable statute of limitations.

    

    4.           MISCELLANEOUS

     

    4.1                      Expenses.  All
fees and expenses incurred by the parties in connection with the transactions
contemplated by this Agreement shall be borne by the respective parties
hereto.

    

               4.2           Further
Assurances.  From time to time, at a party’s request and
without further consideration, the other party, at the requesting party’s
expense, will execute and transfer such documents and will take such action as
may reasonably be requested in order to effectively consummate the transactions
contemplated herein.

    

               4.3           Parties in
Interest.  All the terms and provisions of this Agreement shall
be binding upon, shall inure to the benefit of, and shall be enforceable by the
prospective heirs, beneficiaries, representatives, successors and assigns of the
parties hereto.

    

    4.5                      Entire Agreement. This
Agreement supersedes all prior agreements and understandings between the parties
with respect to the subject matter hereof.  This Agreement shall not
be amended except by a writing signed by both parties or their respective
successors or assigns.

     

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
 

    4.6                      Headings.  The
section and paragraph headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretations of
this Agreement.

    

    4.7                      Governing
Law.  For all purposes this Agreement will be governed
exclusively by and construed and enforced in accordance with the laws of the
State of New York and the Courts prevailing in the State of New
York.

    

    4.8                      Notices.  All
notices, requests, demands, and other communication hereunder shall be in
writing and shall be deemed to have been duly given if delivered or mailed
(registered or certified mail, postage prepaid, return receipt requested) as
follows:

    

    If to the
Company:

    

    __________________

    

    With a
copy to:

    

    Sichenzia
Ross Friedman Ference LLP

    61
Broadway, 32nd
Floor

    New York,
New York 10006

    Attn:
Richard A. Friedman, Esq.

    

    

    If to
GRI:

    

    Global
Roaming Inc.,

    20801
Biscayne Blvd.

    Suite
101

    Miami,
Florida 33180

    

    If to the
Holders:

    

    20801
Biscayne Blvd.

    Suite
101

    Miami,
Florida 33180

    

    If to GRI
or any Holder, with a copy to:

    

    Becker
& Poliakoff, LLP

    45
Broadway

    New York,
NY 10006

    Attn.
Victor J. DiGioia

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
 

    4.9                      Effect.  In
the event any portion of this Agreement is deemed to be null and void under any
state, provincial, or federal law, all other portions and provisions not deemed
void or voidable shall be given full force and effect.

    

    4.10                      Counterparts.  This
Agreement may be executed in one or more counterparts and by transmission of a
facsimile or digital image containing the signature of an authorized person,
each of which shall be deemed and accepted as an original, and all of which
together shall constitute a single instrument.  Each party represents
and warrants that the person executing on behalf of such party has been duly
authorized to execute this Agreement.

    

    4.11                      Transfer.                                This
Agreement will constitute, and may be presented to the appropriate parties
transfer agent as the transferring parties irrevocable authorization to transfer
the record ownership of the Cubic Shares and Preferred Shares to the respective
parties.

    

    IN
WITNESS WHEREOF, this Agreement has been duly executed and delivered by the
Company, GRI and the Holders on the date first written above.

    

    

    *************

    (signature
page follows)

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

               IN
WITNESS WHEREOF, the parties have executed this Agreement as of the day and year
first written above.

    

    THE
COMPANY:

    

    

    By:  _/s/ Yakov
Sarousi_____________

    Name:
Yakov Sarousi

    Title:
Chief Executive Officer

    

    

    GRI:

    

    By:  _/s/ Yakov
Sarousi_____________

    Name:
Yakov Sarousi

    Title:
Chief Executive Officer

    

    THE
HOLDERS:

    

    

    _/s/ Michael
Thaler_________________

    Michael
Thaler

     

    _/s/ Yakov
Sarousi_________________

    Yakov
Sarousi

     

    _/s/ Jenny
Callicott_________________

    Jenny
Callicott

     

     

     

    8

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