Document:

bceex41.htm

    Exhibit
4.1

    

    THE
SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, NOR ANY OTHER APPLICABLE SECURITIES ACT (THE “ACTS”), AND MAY
NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR OTHERWISE DISTRIBUTED, UNLESS
THERE IS AN  EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACTS COVERING
SUCH SECURITIES OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF
THESE SECURITIES (CONCURRED ON BY COUNSEL FOR THE COMPANY) STATING THAT SUCH
SALE, TRANSFER, ASSIGNMENT, PLEDGE OR DISTRIBUTION IS EXEMPT FROM OR IN
COMPLIANCE WITH THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH
ACTS.

    

    Exercisable
on or before

    the
Expiration of Warrant Date

    (as
defined in Section 8 below)

    

    

    WARRANT
TO PURCHASE

    COMMON
STOCK

    

    of

    

    BIG
CAT ENERGY CORPORATION

    (a
Nevada Corporation)

    

    WARRANT
NO. 50

    

    THIS
CERTIFIES THAT, for value received, Michael Schaefer (the “Holder”) is entitled
to subscribe for and purchase Five million (5,000,000) shares (as adjusted
pursuant to Section 3 hereof) of the fully paid and non-assessable restricted
Common Stock, $0.0001 par value (the “Shares”) of Big Cat Energy Corp., a Nevada
corporation (the “Company”), at the price of fifty cents ($0.15) per share (the
“Exercise Price”) (as adjusted pursuant to Section 3 hereof), subject to the
provisions and upon the terms and conditions hereinafter set forth.

    

    This
Warrant is issued pursuant to and subject to the provisions of a certain
Subscription Agreement (the “Agreement”), dated as of July 28, 2009, by and
among the Company and the Holder.

    

    1. Method of Exercise;
Payment.

    

    (a) Exercise.  The
purchase rights represented by this Warrant may be exercised by the Holder, in
whole or in part, by the surrender of this Warrant (with the notice of exercise
form attached hereto as Exhibit A duly executed) at the principal office of the
Company, and by the payment to the Company, by cash in the form of certified,
cashier's or other check acceptable to the Company in an amount equal to the
aggregate Exercise Price of the Shares being purchased.

    

    (b) Stock
Certificates.  In the event of any exercise of the rights
represented by this Warrant, certificates for the Shares so purchased shall be
delivered to the Holder within a reasonable time and, unless this Warrant has
been fully exercised or has expired, a new Warrant representing the shares with
respect to which this Warrant shall not have been exercised shall also be issued
to the Holder within such time.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

    

    2. Stock Fully Paid;
Reservation of Shares.  All of the Shares issuable upon the
exercise of the rights represented by this Warrant will, upon issuance and
receipt of the Exercise Price therefor, be fully paid and nonassessable, and
free from all taxes, liens and charges with respect to the issue
thereof.  During the period within which the rights represented by
this Warrant may be exercised, the Company shall at all times have authorized
and reserved for issuance sufficient shares of its undesignated Common
Stock  to provide for the exercise of the rights represented by this
Warrant.

    

    3. Adjustments.  Subject
to the provisions of Section 11 hereof, the number and kind of securities
purchasable upon the exercise of this Warrant and the Exercise Price therefor
shall be subject to adjustment from time to time upon the occurrence of certain
events, as follows:

    

    (a) Reclassification.  In
case of any reclassification or change of the Common Stock (other than a change
in par value, or as a result of a subdivision or combination), the Company shall
execute a new Warrant, providing that the holder of this Warrant shall have the
right to exercise such new Warrant, and procure upon such exercise and payment
of the same aggregate Exercise Price, in lieu of the shares of the Common Stock
theretofore issuable upon exercise of this Warrant, the kind and amount of
shares of stock, other securities, money and property receivable upon such
reclassification or change, by a holder of an equivalent number of shares of
Common Stock.  Such new Warrant shall provide for adjustments which
shall be as nearly equivalent as may be practicable to the adjustments provided
for in this Section 3. The provisions of this subsection (a), subject to Section
11 hereof, shall similarly apply to successive reclassifications or
changes.

    

    (b) Stock Splits, Dividends and
Combinations. In the event that the Company shall at any time subdivide
the outstanding shares of Common Stock or shall issue a stock dividend on its
outstanding shares of Common Stock the number of Shares issuable upon exercise
of this Warrant immediately prior to such subdivision or to the issuance of such
stock dividend shall be proportionately increased, and the Exercise Price shall
be proportionately decreased, and in the event that the Company shall at any
time combine the outstanding shares of Common Stock the number of Shares
issuable upon exercise of this Warrant immediately prior to such combination
shall be proportionately decreased, and the Exercise Price shall be
proportionately increased, effective at the close of business on the date of
such subdivision, stock dividend or combination, as the case may
be.

    

    4. Notice of
Adjustments. Whenever the number of Shares purchasable hereunder or the
Exercise Price thereof shall be adjusted pursuant to Section 3 hereof, the
Company shall provide notice to the Holder setting forth, in reasonable detail,
the event requiring the adjustment, the amount of the adjustment, the method by
which such adjustment was calculated, and the number and class of Shares which
may be purchased and the Exercise Price therefor after giving effect to such
adjustment.

    

    5. Fractional
Shares.  This Warrant may not be exercised for fractional
shares.  In lieu of fractional shares the Company shall make a cash
payment therefor based upon the fair market value of the Shares or may round the
shares to be issued to the nearest whole share.

    

    6. Restrictive Legend;
Restrictions Upon Transfer.  The Shares (unless registered
under the Act) shall be stamped or imprinted with a restrictive legend and will
be subject to restrictions on transfer, in each case as provided herein and in
the Agreement.

     

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    7. Rights of
Shareholders. No holder of this Warrant shall be entitled, as a Warrant
holder, to vote or receive dividends or be deemed the holder of the Shares or
any other securities of the Company which may at any time be issuable on the
exercise hereof for any purpose, nor shall anything contained herein be
construed to confer upon the holder of this Warrant, as such, any of the rights
of a stockholder of the Company or any right to vote for the election of
directors or upon any matter submitted to shareholders at any meeting thereof,
or to give or withhold consent to any corporate action (whether upon any
recapitalization, issuance of stock, reclassification of stock, change of par
value, consolidation, merger, conveyance, or otherwise) or to receive notice of
meetings, or to receive dividends or subscription rights or otherwise until the
Warrant shall have been exercised and the Shares purchasable upon the exercise
hereof shall have become deliverable, as provided herein.

    

    8. Expiration of
Warrant. This Warrant shall expire and shall no longer be exercisable at
5:00 p.m. Mountain Time, on July 28, 2012, a date exactly three (3) years from
the date of the purchase of the Warrant.

    

    9. Assignment.  Neither
this Warrant nor any of the rights, interests or obligations hereunder may be
assigned, by operation of law or otherwise, in whole or in part, by the Company
or the Holder without the prior written consent of the other, except in
connection with an assignment in whole to a successor corporation to the
Company, provided that such successor corporation acquires all or substantially
all of the Company's property and assets and the Holder's rights hereunder are
not impaired.

    

    10. Notices. All notices
and other communications required or permitted hereunder shall be in writing,
shall be effective when given, and shall in any event be deemed to be given upon
receipt or, if earlier, (a) five (5) days after deposit with the U.S. Postal
Service or other applicable postal service, if delivered by first class mail,
postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day
after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid for priority overnight delivery, or (d) one business
day after the business day of facsimile transmission, if delivered by facsimile
transmission with copy by first class mail, postage prepaid, and shall be to the
address set forth for such party in the Agreement or at such other address as a
party may designate by ten days advance written notice to the other party
pursuant to the provisions above.

    

    11. Reorganization,
Reclassification, Consolidation, Merger or Sale.  If any
reorganization of the capital stock of the Company, or any consolidation or
merger of the Company with another corporation, or the sale of all or
substantially all of its assets to another corporation shall be effected in such
a way that holders of Common Stock shall be entitled to receive stock,
securities, or other assets or property, then, as a condition of such
reorganization, reclassification, consolidation, merger or sale, lawful and
adequate provisions shall be made whereby the holder hereof shall thereafter
have the right to purchase and receive (in lieu of the shares of the Common
Stock of the Company immediately theretofore purchasable and receivable upon the
exercise of the rights represented hereby) such shares of stock, securities or
other assets or property as may be issued or payable with respect to or in
exchange for a number of outstanding shares of Common Stock, equal to the number
of shares of such stock immediately theretofore purchasable and receivable upon
the exercise of the rights represented hereby.  In any reorganization
described above, appropriate provision shall be made with respect to the rights
and interests of the Holder of this Warrant that the provisions hereof
(including, without limitation, provisions for adjustments of the Exercise Price
and of the number of shares purchasable and receivable upon the exercise of this
Warrant) shall thereafter be applicable, as nearly as may be, in relation to any
shares of stock, securities or assets thereafter deliverable upon the exercise
hereof.

     

    12. Governing Law. This
Warrant shall be governed by and construed under the laws of the State of
Nevada.

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, the Company has caused this Warrant to be issued as of the date
first written above.

    

    

    BIG CAT
ENERGY CORPORATION

    

    

    

    By:
_________________________

          Richard
G. Stifel

          CFO
and Secretary

    

    

    Attachment

    Exhibit
A - Notice of Exercise

    

    

    

    

    

    

    EXHIBIT
A

    

    NOTICE OF
EXERCISE

    

    

    To:                      Big
Cat Energy Corporation

    Attention:             President

    

    1. The
undersigned hereby elects to purchase __________ shares of Common Stock of Big
Cat Energy Corp. (the “Company”) pursuant to the terms of the attached
Warrant.

    

    2. The
undersigned elects to exercise the attached Warrant by means of a cash payment,
and tenders herewith payment in full for the purchase price of the shares being
purchased.

    

    3. Please
issue a certificate or certificates representing said Warrant Shares in the name
of the undersigned.

    

    

    

    ________________________________

    

    Michael
Schaefer

    Date:exhibit10-1.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    PNG
Ventures, Inc.

    5310
Harvest Hill Road, Suite 229

    Dallas,
Texas 75230

    Telephone:
(214) 666-6250 • Facsimile: (214) 634- 6276

     

    August
21, 2009

    

    Richard
Rychlik

    1520
Calle Artigas

    Thousand Oaks, CA 91360

    

    
      	
               
      

            	
              Re:

            	
              Offer of
      Employment

            

    

     

    Dear Mr.
Rychlik:

     

    We at PNG
Ventures, Inc. (the “Company”) would like to make you a significant member of
our management team by extending to you an offer of employment under the terms
of this Agreement.

    

    1.           Full-time Position and
Title.  You are to become an employee of the Company under the
terms of this Agreement commencing upon the date hereof (the “Commencement
Date”).  You will be employed as our Vice-President; Principal
Accounting Officer, with such duties as may be assigned to you by the Company
from time to time.

    

    Your employment will be full time, to
the exclusion of any other employment which would impede your full-time duties
hereunder, and you further agree during working hours to devote your full and
undivided time, energy, knowledge, skill and ability exclusively to the
operation, transactions, and development of the Company's interests unless
otherwise in writing agreed. You will conscientiously and diligently perform all
required acts and duties to the best of your ability, and in a manner
satisfactory to the Company. You will faithfully discharge all responsibilities
and duties entrusted to you. You will be expected to work out of the Company’s
headquarters, presently located in the Dallas, Texas area, or as it may be
relocated from time-to-time, or as you are otherwise assigned at the discretion
of the Company.

    

    

    2.           Compensation.  As
Vice-President; Principal Accounting Officer, you will be employed at a base
salary of $140,000 per year, payable bi-weekly or otherwise in accordance with
payroll practices adopted by the Company from time to time (your “Base Salary”),
with your Base Salary commencing September 8, 2009.

     

    In
addition to your base salary, you may be entitled to incentive compensation in
the form of an annual discretionary bonus (your “Bonus”) based solely upon
management’s subjective view of your contribution to the Company, in recognition
of the Company’s performance on a variety of matters in which you individually
may have contributed, your particular unit or division was involved, as well as
the Company’s overall financial performance.  Your Bonus will be paid
on an annual basis within seventy five (75) days after each annual anniversary
of the Commencement Date; provided you remain an employee of the Company on the
payment date; however, should your employment be terminated without cause at an
earlier date, your accrued

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Bonus
earned through the date of such termination, if any, shall be paid to you within
thirty (30) days of your termination.

     

    

    As an
employee of the Company, you will also be eligible to participate in the
standard and customary corporate benefits offered by the Company to its rank and
file employees, in general. Details of these benefits will be discussed with you
by the Company's Director of Human Resources and will be provided to you in an
Employee Handbook which also defines corporate policies, and through other
Company literature. You will be expected to read these materials thoroughly, and
sign and return a copy of a receipt and acknowledgment evidencing that you have
read and understood the Company's corporate policies and the contents of its
Employee Handbook and other Company literature.

     

    3.           Term of
Employment.  You will serve as an “at-will” employee of the
Company and your employment by the Company will commence on the Commencement
Date and will terminate as of the date of any termination of you by the Company,
for whatever reason, or upon your voluntary resignation or upon any separation
of your service from the Company (such date, a “Termination Date”).

     

    4.           Vacations and
Holidays. You will be entitled to receive three weeks of accrued paid
vacation in each calendar year, to be taken at times which do not unreasonably
interfere with the performance of your duties thereunder. Vacations of more than
ten (10) consecutive days should not be scheduled during any three-month period
without the prior written consent of the Chief Executive Officer of the
Company.

     

    5.           Business
Expenses.  You will be reimbursed for all reasonable expenses
incurred by you in furtherance of your position with the Company, including
travel and entertainment expense, upon submission of the appropriate
documentation.

     

    6.           Termination.  This
Agreement and your right to compensation hereunder shall terminate upon the
occurrence of any of the following:

     

    
      	
               
      

            	
              i.

            	
              if
      you voluntarily leave the Company;

            

    

     

    
      	
               
      

            	
              ii.

            	
              if
      you die;

            

    

     

    
      	
               
      

            	
              iii.

            	
              if,
      because of illness, disability or other reasons, you cannot carry out the
      duties required of you continuously for two months or intermittently for
      an aggregate of  sixty (60) days during the term
      hereof;

            

    

     

    
      	
               
      

            	
              iv.

            	
              if
      the Company terminates your employment for cause, which shall mean the
      following:  if you are convicted for any felony, fraud,
      embezzlement or crime of moral turpitude, except for such conduct relating
      to corporate activity to the extent that you would be entitled to be
      indemnified by the Company for charges arising from such conduct;
      controlled substance abuse or drug addition; alcoholism which interferes
      with or affects your responsibilities to the Company or which
      reflects

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    negatively
upon the integrity or reputation of the Company; gross negligence which is
materially injurious to the Company; any violation of any express written
directions or any reasonable written rule or regulation established by the
Company's Board of Directors from time to time, regarding the conduct of its
business, which violation has not been cured to the Company's satisfaction
within fifteen (15) calendar days of the dispatch of written notice to you of
the violations; or any violation by you of any material term or condition of
this Agreement; or

     

    v.           for
any reason without cause upon thirty (30) days notice (unless, however, a
material credibility, character, legal or other issue arises during our
background search, in which event, termination may occur
immediately).

     

    Upon
termination of your employment under this Agreement for any reason, the Company
shall be obligated to pay you or your estate, as the case may be, such portion
of your Base Salary as may be accrued but unpaid on the date of termination
within thirty (30) days of such termination.

     

    7.           Confidentiality,
Non-Competition and Non-Solicitation.  In recognition of the
matter of trust and fiduciary capacity in which you will be employed by the
Company, you will be expected, during your term of employment and thereafter,
not to disclose to any third party any “Confidential Information” you receive
relative to the Company. For this purpose, the term Confidential Information
includes information relative to the Company's method of operations, customer
base, strategies and objectives, pricing information, financial information,
identity of vendors utilized by the Company, computer programs, system
documentation, product offerings, software or hardware, manuals, formulae,
processes, methods, inventions or other information or materials relating to the
Company's affairs that are not otherwise publicly available. You also
acknowledge that such Confidential Information constitutes a major asset of the
Company, and that the use, misappropriation or disclosure of Confidential
Information would constitute a breach of trust and could cause irreparable
injury to the Company and that it is essential for the protection of the
Company's goodwill and maintenance of the Company's competitive position that
the Confidential Information be kept secret and that you neither disclose the
Confidential Information to others nor use the Confidential Information to your
own advantage or to the advantage of others.  In addition, although it
may be self evident, you agree that during your employment with the Company, you
will not, directly or indirectly, lend any advice or assistance, or engage in
any activity or act in any manner, for the purpose of establishing, operating,
assisting or managing any business or entity that is engaged in activities
competitive with the business of the Company as it is conducted at any time
during your employment.

     

    You
further agree that during the “Non-solicitation Term” (as defined below), you
will not act in any manner, directly or indirectly (whether as an employee,
director, officer, advisor, shareholder, representative, broker, salesman,
agent, partner or member, among others), to: (i) solicit, counsel or attempt to
induce any person who is then employed by, or an agent of, the Company, or any
“affiliate” of the Company (including all other subsidiaries and affiliates of
the Company) , (collectively defined for the purpose of this Agreement to be the
“Company”) to leave the employment of, or agency with, the Company, or (ii)
solicit, bid for, or perform services for, sell goods or products to, or
otherwise do business with, any of the then current

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    customers
of the Company (defined as a customer who has done business with the Company
within a year).  The Non-solicitation Term” shall mean the period
commencing upon the Effective Date of this Agreement and ending: (i) in the
event you are terminated for cause, one (1) year following such termination; and
(ii) in the event you are terminated without cause, on the later of: (A) three
(3) months following such termination; and (B) such longer period that the
Company elects to continue paying you severance payments as outlined
above.

     

    8.           Representations of
Employee.  In order to induce the Company to enter into this
Agreement, you hereby make the following representations to the
Company:

     

    (i)  You
are not a party to or otherwise subject to or bound by the terms of any
contract, agreement or understanding which in any manner would limit or
otherwise effect your ability to perform your obligations hereunder. You further
represent and warrant that your employment by the Company would not under any
circumstances require you to disclose or use any Confidential Information
belonging to any third parties, or to engage in any conduct which may
potentially interfere with contractual, statutory or common-law rights of third
parties;

     

    (ii)  Because
of your varied skill and abilities, you do not need to compete with the business
of the Company or solicit business from customers of the Company and that this
Agreement will not prevent you from earning a livelihood and you acknowledge
that the restrictions contained in Section 7 constitute reasonable protections
for the Company;

     

    (iii)  With
the recognition that you are a key employee of the Company, you acknowledge that
irreparable injury or damage shall result to the Company in the event of a
breach or threatened breach by you of any of the terms or provisions of Section
7 hereunder, and you therefore agree that the Company shall be entitled to an
injunction restraining you from engaging in any activity constituting such
breach or threatened breach and

     

    (iv)  You recognize and
acknowledge that this agreement restricts certain of your rights following your
employment with the Company. You acknowledge this fact, and further acknowledge
that you have been advised by the Company to read the agreement carefully,
and/or to consult with counsel of your choice concerning the legal effects of
signing the agreement, prior to signing it.

    

    9.  Miscellaneous
Provisions.

     

    (i)  Governing
Law.  This Agreement shall be governed by the laws of the State
of Texas as applied by the courts of Texas which courts (either State or
Federal) shall have exclusive subject matter and in personam jurisdiction over
the parties and any claims or disputes arising from the subject matter contained
herein without regard to any conflict of laws provision and the parties
hereto.

     

    (ii)  Entire
Agreement.  This Agreement contains the entire understanding of
the parties with respect to the matters contained herein and supersedes all
prior and contemporaneously made written or oral agreements between the parties
relating to the subject matter hereof.  There

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    are no
oral understandings, terms, or conditions, and no party has relied upon any
representation, express or implied, not contained in this
Agreement.

     

    (iii)  Injunctive
Relief.  The parties agree that irreparable injury or damage
shall result to the Company in the event of a breach or threatened breach by you
of any of the terms or provisions of Section 7 hereunder, and that the Company
shall be entitled to an injunction restraining you from engaging in any activity
constituting such breach or threatened breach. Nothing contained herein shall be
construed as prohibiting the Company from pursuing any other remedies available
to the Company at law or in equity for breach or threatened breach of this
Agreement, including but not limited to, the recovery of damages from you and,
the termination of your employment with the Company in accordance with the terms
and provisions of this Agreement;

     

    (iv)  Blue Pencil
Rule.  It is essential that the provisions of Section 7 be
enforced to the fullest extent permissible under the laws and public policies
applied in each jurisdiction in which enforcement is sought.  If a
court of competent jurisdiction, however, determines that any restrictions
imposed on you in Section 7 are unreasonable or unenforceable because of
duration, geographic area or otherwise, you and the Company agree and intend
that the court shall enforce Section 7 to the maximum extent the court deems
reasonable and that the court shall have the right to strike or change any
provisions of Section 7 and substitute therefore different provisions to effect
the intent of Section 7 to the maximum extent possible.

    

               (v)  Counterparts.  This
Agreement may be executed in one or more copies, each of which shall be deemed
an original. This Agreement may be executed by facsimile signature and each
party may fully rely upon facsimile execution; this agreement shall be fully
enforceable against a party which has executed the agreement by
facsimile.

     

    If you
agree to accept the terms of this offer of employment, would you kindly sign on
the line provided below. This offer of employment will automatically be deemed
void and no longer of any force or effect if not signed by you and received by
the Company by mail, messenger or telefax on or before 5:00 p.m., Central
Standard Time on August 24, 2009.

     

    We
appreciate you having decided to be part of the PNG Ventures, Inc. team and look
forward to your continued success.

     

    Sincerely,

    

    PNG
Ventures, Inc.

    

    

    

    By:    /s/ Cem Hacioglu                                                          

        Cem
Hacioglu

        Chief
Executive Officer

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Acknowledged
and Accepted By

    

    

    

    /s/ Richard Rychlik                              August 24, 2009                                          

    Employee                                                      Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]