Document:

Option Agreement - Steven James Davis

 Exhibit 10.39 
  
 THIS OPTION AND THE SHARES OF COMMON STOCK ISSUABLE UPON THE EXERCISE HEREOF, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”), OR FILED OR REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR WITH THE SECURITIES REGULATORY AUTHORITY OF ANY STATE, BUT ARE BEING ISSUED PURSUANT TO CERTAIN EXEMPTIONS THEREUNDER. THIS OPTION,
AND SUCH SHARES OF COMMON STOCK, HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR BY THE SECURITIES REGULATORY AUTHORITY OF ANY STATE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. THIS
OPTION, AND SUCH SHARES OF COMMON STOCK, ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE, AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE APPLICABLE STATE SECURITIES LAWS,
PURSUANT TO REGISTRATION THEREUNDER OR EXEMPTION THEREFROM. 
  
 PUBLIC MEDIA WORKS, INC. 
 STOCK OPTION AGREEMENT 
  
 This Stock Option Agreement (this “Agreement”) is made as of October 1, 2005 (the “Grant
Date”) between Public Media Works, Inc., a Delaware corporation (the “Company”), and Steven James Davis, A Professional Corporation (the “Optionee”). 
  
 1. Option Grant; Exercise of
Option. The Company hereby grants to Optionee an option (the “Option”) to purchase up to 500,000 shares of the Company’s common stock, $.0001 par value (the “Shares”), at an exercise
price of $0.25 per share (the “Option Price”), with all such Options to vest as of the date of this Agreement. 
  
 The number of shares of Common Stock to be received upon the exercise of this Option and the price to be paid for a share of Common Stock may be adjusted
from time to time as hereinafter set forth. The shares of the Common Stock deliverable upon such exercise, and as adjusted from time to time, are hereinafter sometimes referred to as “Option Stock,” and the exercise price of a share
of Common Stock in effect at any time and as adjusted from time to time is hereinafter sometimes referred to as the “Exercise Price.” If the date on which the Optionee’s right to purchase Common Stock expires is a day on which
national banks in Van Nuys, California, are authorized by law to close, then that right shall expire on the next succeeding day that is not such a day. The Optionee shall exercise all rights to purchase Common Stock by presenting and surrendering
this Option to the Company or at the office of its stock transfer agent, if any, with the Purchase Form attached hereto duly executed and accompanied by payment of the Exercise Price for the number of shares specified in such form. 
  
 2. Termination Options. The Options
granted hereunder will expire, unless previously exercised in full, on or before October 1, 2008. 
  
 3. Reservation of Shares; Fractional Shares. The Company hereby agrees that at all times there shall be
reserved for issuance and delivery upon exercise of this Option such number of shares of Common Stock as shall be required for issuance or delivery upon exercise of this Option. No fractional shares or script representing fractional shares shall be
issued upon the exercise of this Option. If the Common Stock is listed or 

  

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admitted to unlisted trading privileges, then the current value shall mean the closing price of the Common Stock on the last business day prior to the
exercise if this Warrant. If the Common Stock is not listed or admitted to unlisted trading privileges, then the current value shall be an amount determined in such reasonable manner as may be prescribed by the Company’s board of directors.

  
 4. Transfer, Assignment or Loss of
Option. 
  
 (a) This Option and the
Option Stock have not been filed or registered with the United States Securities and Exchange Commission or with the securities regulatory authority of any state. This Option and the Option Stock are subject to restrictions imposed by federal and
state securities laws and regulations on transferability and resale, and may not be transferred assigned or resold except as permitted under the Securities Act of 1933, as amended (the “Act”), and the applicable state securities
laws, pursuant to registration thereunder or exemption therefrom. This Option may not be transferred or assigned by Optionee. 
  
 (b) Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Option, and in the
case of loss, theft or destruction of reasonably satisfactory indemnification, and upon surrender and cancellation of this Option in the case of mutilation, the Company will execute and deliver a new Option of like tenor and date. Any such new
Option executed and delivered shall constitute an additional contractual obligation on the part of the Company, whether or not this Option so lost, stolen, destroyed or mutilated shall be at any time enforceable by anyone. 
  
 (c) The Company may cause any legend required under the Act
and applicable state securities laws, or advisable in the opinion of its legal counsel, to be set forth on each Option, on each certificate representing Option Stock, and on any other security issued or issuable upon exercise of this Option.

  
 5. Rights of the Optionee. The
Optionee shall not, by virtue hereof, be entitled to any rights of a stockholder in the Company, either at law or equity, and the rights of the Optionee as the holder of this Option are limited to those expressed in this Option. 
  
 6. Anti-Dilution Provisions. If the Company shall
at any time subdivide the outstanding shares of Common Stock, or shall issue a stock dividend on the outstanding Common Stock, then the Exercise Price in effect immediately prior to that subdivision or the issuance of that dividend shall be
proportionately decreased, and if the Company shall at any time combine the outstanding shares of Common Stock, then the Exercise Price in effect immediately prior to that combination shall be proportionately increased, effective at the close of
business on the date of the subdivision, dividend or combination, as the case may be. 
  

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 7. Representations of Optionee. The Company is issuing this Option to
Optionee, and any and all Option Stock to Optionee, in reliance upon the following representations made by Optionee, as of the date of this Option, and the date of each exercise of this Option: 
  
 (a) Optionee (i) has had, and continues to have, access to
detailed information with respect to the business, financial condition, results of operations and prospects of the Company; (ii) has received or has been provided access to all material information concerning the Company; and (iii) has been given
the opportunity to obtain any additional information or documents from, and to ask questions and receive answers of, the officers, directors and representatives of the Company to the extent necessary to evaluate the merits and risks related to
equity in the Company represented by the Option and Option Stock. 
  
 (b) As a result of Optionee’s study of the aforementioned information and his prior overall experience in financial matters, and his familiarity with the nature of businesses such as the Company, Optionee is
properly able to evaluate the capital structure of the Company, the business of the Company, and the risks inherent therein. 
  
 (c) Optionee’s investment in the Company pursuant to this Option and Option Stock is consistent, in both nature and amount, with
his overall investment program and financial condition. 
  
 (d) Optionee’s financial condition is such that he can afford to bear the economic risk of holding the Option and Option tock and to suffer a complete loss of his investment in the Company represented by the
Option Stock. 
  
 (e) Optionee’s business
address is as set forth on the signature page hereto. 
  
 8. Reclassification, Reorganization or Merger. In case of any reclassification, capital reorganization or other change of outstanding shares of Common Stock of the Company (other than a change in par value, or
from par value to no par value, or from no par value to par value, or as a result of an issuance of Common Stock by way of dividend or other distribution or of a subdivision or combination), or in case of any consolidation or merger of the Company
with or into another corporation (other than a merger with a subsidiary in which merger the Company is the continuing corporation and which does not result in any reclassification, capital reorganization or other change of outstanding shares of
Common Stock of the class issuable upon exercise of this Option) or in case of any sale or conveyance to another corporation of the property of the Company as an entirety or substantially as an entirety, the Company shall cause effective provision
to be made so that the Optionee shall have the right thereafter, by exercising this Option, to purchase the kind and amount of shares of stock and other securities and property receivable upon such classification, capital reorganization or other
change, consolidation, merger, sale or conveyance. Any such provision shall include provision for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Option. The foregoing provisions of this
Section 8 similarly apply to successive reclassifications, capital reorganizations and changes of shares of Common Stock and to successive consolidations, mergers, sales or conveyances. In the event that in any such capital reorganization or
reclassification, consolidation, merger, sale or conveyance, additional shares of Common Stock shall be issued in exchange, conversion, substitution or payment, in whole or in part, for or of a security of the Company other than Common 

  

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Stock, any such issue shall be treated as an issue of Common Stock covered by the provisions of Section 8 hereof with the amount of the consideration
received upon the issue thereof being determined by the Company’s board of directors, such determination to be final and binding on the Optionee. 
  
 9. Miscellaneous. 
  
 (a) All notices given under this Option shall be in writing, addressed to the Company at 14759 Oxnard Blvd., Van Nuys, California 91411,
and to the Optionee at the Optionee’s address set forth is the Company’s records, or at such other address as a party may specify by notice given in accordance with this paragraph, and shall be effective on the earliest of (i) the
date received, or (ii) if given by facsimile transmittal with receipt electronically confirmed on the date given if transmitted before 5:00 p.m., the recipient’s time, otherwise it is effective the next day, or (iii) on the second
business day after delivery to a major international air delivery or air courier service (such as Federal Express or Network Couriers). 
  
 (b) This Option is binding on and, except for the limitations on transfer and assignment contained in Section 4, shall inure to the
benefit of the successors in interest of the Company and the Optionee, respectively. 
  
 (c) This Agreement constitutes and contains the entire agreement and understanding concerning the grant of options to Optionee, and
supersedes and replaces all prior negotiations and all agreements proposed or otherwise, whether written or oral, concerning the granting or issuance of any options or equity to Optionee in connection with Optionee’s employment with the
Company. This Agreement may only be modified or amended by a mutually executed written agreement between Optionee and the Company. 
  
 (d) This Option shall be construed and enforced in accordance with the laws of California. 
  
 (e) Any controversy or claim arising out of or relating to
this Agreement (whether in contract or tort, or both) shall be determined by binding arbitration at Van Nuys, California, in accordance with the commercial arbitration rules of the American Arbitration Association, by a panel of three arbitrators,
one chosen by each of the parties and the third by the two so chosen. If the two arbitrators cannot agree on a third, then the third shall be appointed in accordance with such rules. The prevailing party in any arbitration proceeding shall be
awarded reasonable attorneys fees and costs of the proceeding. The arbitration award shall be final, and may be entered in and enforced by any court having jurisdiction. 

 This Option is dated and effective as of October 1, 2005. 
  

									
	COMPANY:	 	 	 	OPTIONEE:
			
	 Public Media Works, Inc.
	 	 	 	 Steven James Davis, A Professional Corporation

				
	By:	 	/s/    GEORGE MAINAS        	 	 	 	/s/    STEVEN J.
DAVIS        
	 	 	George Mainas	 	 	 	Steven J. Davis, President
	 	 	Chief Executive Officer	 	 	 	 
	 	 	 	 	 	 	 Business Address:Services Agreement, dated as of May 16, 2003

 Exhibit 10.8 
  
 SERVICES AGREEMENT 
  
 AGREEMENT dated as of May 16, 2003 by and between Loews Corporation, a Delaware corporation (“Loews”), and Texas Gas
Transmission, LLC, a Delaware limited liability company (formerly Texas Gas Transmission Corporation “Texas Gas”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, Loews is a holding company with various subsidiaries engaged in different lines of business; 
  
 WHEREAS, as of the date hereof, a subsidiary of Loews acquired all of
the outstanding capital stock of Texas Gas (the “Acquisition”) from a subsidiary of The Williams Companies, Inc., following which Texas Gas converted from a corporation to a limited liability company; 
  
 WHEREAS, Loews performs certain administrative, technical and
ministerial services in connection with the operation of its business which it has offered to provide, from time to time, to its subsidiaries; 
  
 WHEREAS, greater efficiency and reduced costs result from the economies of scale associated with the provision of such services by Loews for itself
and its subsidiaries, including Texas Gas; 
  
 WHEREAS,
Loews is experienced in the provision of such services for its subsidiaries and, by virtue of its purchasing power, is able to obtain discounts from certain suppliers of goods and services; 
  
 WHEREAS, Loews desires to make such services, as well as certain
management and professional services (hereinafter referred to collectively as “Staff Services”) available to Texas Gas, and Texas Gas desires to avail itself of such Staff Services; 
  
 WHEREAS, Loews and Texas Gas intend to retain absolute control over
the management of their respective business affairs, including but not limited to all matters relating to their respective governance, asset management, operations, and the establishment of policies and practices; and 
  
 WHEREAS, in light of the foregoing, Loews and Texas Gas desire to
memorialize their agreements with respect to the foregoing as of the date hereof and to formulate agreements for future operations. 

 NOW, THEREFORE, the parties hereto agree as follows: 
  
 SECTION 1. SERVICES PROVIDED BY LOEWS. Loews shall provide or cause to
be provided to Texas Gas, as requested by Texas Gas, the following Staff Services in connection with the operation of Texas Gas, all of which shall be under the control and for the benefit of Texas Gas: 
  

	a.	Human Resources Services. Loews’s Human Resources Department shall, as the parties may from time to time agree, assist Texas Gas with respect to the establishment of
personnel policies and practices, the design and, if requested, administration of employee benefit plans or programs provided by Texas Gas and other related matters. 

  

	b.	Information Technology Services. Loews’s Information Technology Department shall, as the parties may from time to time agree, assist Texas Gas in establishing,
maintaining and developing information technology and telecommunications technology, including software systems, hardware and services, that Texas Gas may utilize for its operations. 

  

	c.	Accounting Services. Loews’s Accounting Department shall, as the parties may from time to time agree, assist Texas Gas’s Accounting Department and provide general
and specific accounting services including services in relation to financial reporting. 

  

	d.	Investment and Treasury Services. Loews’s Investment Department shall, as the parties may from time to time agree, assist Texas Gas with respect to the investment of
cash and other financial assets of Texas Gas, including assisting the Benefits Committee of Texas Gas with the investment of the assets of the Texas Gas Retirement Plan Trust and the Texas Gas Employee Welfare Benefits Trust. In addition,
Loews’s Treasury Department shall, as the parties may from time to time agree, assist Texas Gas with respect to the establishment and maintenance of bank accounts and banking relationships, the collection, holding and disbursement of cash
receipts of Texas Gas as well as the clearing or other back office functions related to any securities trading or investment activity undertaken by or for the benefit of Texas Gas, all of which shall ultimately be under the control and for the
benefit of Texas Gas. To the extent that Texas Gas and Loews may participate in a cash management program as defined in Federal Energy Regulatory Commission (“FERC”) Order No. 634, such cash management program shall be performed under
a separate, mutually agreeable agreement consistent with the requirements of the FERC. 

  

	e.	Tax Preparation. The operations of Texas Gas shall hereafter be consolidated in the federal income tax returns of Loews in accordance with applicable provisions of the
Internal Revenue Code and Texas Gas shall cooperate in assisting Loews as to the determination of the consolidated federal taxable income of Loews. In addition, Loews shall, as the parties may from time to time agree, advise and assist Texas Gas in
preparing and filing federal, state and other tax returns, handling discussions and proceedings with tax authorities, and planning with respect to tax liabilities. 

  

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	f.	Insurance. Loews’s Risk Management Department shall, as the parties may, from time to time, agree, assist Texas Gas with Risk Management and Insurance programs
including, but not limited to, obtaining and maintaining insurance and related products and services and administering claims thereunder. 

  

	g.	Internal Audit. Loews’s Internal Audit Department shall, as the parties may from time to time agree, provide internal audit services to Texas Gas.

  

	h.	Legal. Loews’s Law Department shall, as the parties may from time to time agree, assist Texas Gas’s Legal Department and provide general and specific legal
services, including services in relation to public company reporting and similar matters. 

  

	i.	Strategy and Corporate Development. Loews’s Corporate Development Department and other Loews senior executives shall, as the parties may from time to time agree, provide
assistance to Texas Gas relating to corporate strategy, acquisitions and financing opportunities, and such other similar services as the parties may agree upon. 

  

	j.	Miscellaneous. Loews shall provide such other miscellaneous Staff Services to Texas Gas as the parties may from time to time agree. 

  
 SECTION 2. RELATIONSHIP OF THE PARTIES. 
  

	a.	Each party acknowledges that the services provided hereunder by Loews are intended to be administrative, consultative, technical or ministerial and not to set policy for Texas Gas.
Each party shall continue to set corporate policy independently through its own Board of Directors. 

  

	b.	In all activities under this Agreement, each party shall be an independent contractor, except as may be otherwise specifically provided in writing and authorized by the appropriate
Board of Directors. Nothing in this Agreement shall be deemed to (i) make either party or any employee of such party the agent, employee, joint venturer or partner of the other party, or (ii) create in either party the right or authority
to incur any obligation on behalf of the other party or to bind such other party in any way whatsoever except as may be expressly provided for in this Agreement. 

  

	c.	Neither party shall have any liability for any act or omission in connection with this Agreement other than repeating a service for the purpose of correcting an act or omission
where reasonable and appropriate under the circumstances. Neither party shall be liable to the other party in respect of any act or omission in connection with this Agreement for loss of profits, good will or any other general, direct, special or
consequential damages of any kind. Except as expressly set forth in this Section 2, the parties make no representations or warranties with respect to the services to be provided under this Agreement. 

  

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	d.	Texas Gas hereby agrees to defend, indemnify and hold Loews and its affiliates (other than Texas Gas and its subsidiaries), and their respective officers, directors, employees and
agents harmless from and against any and all loss, claim, damage, liability, cost or expense, including reasonable attorneys’ fees, incurred by Loews or any such affiliates based upon a claim by or liability to a third party arising out of the
Staff Services to be provided by Loews hereunder, unless due to the gross negligence or willful misconduct of Loews or its affiliates. 

  
 SECTION 3. FEES, COSTS AND EXPENSES. Texas Gas shall pay to or reimburse Loews for the direct payroll and benefits costs of Loews employees
providing services to Texas Gas hereunder, the cost of any third party consultants engaged by Loews to provide services to Texas Gas hereunder, and reasonable out-of-pocket costs and disbursements incurred by Loews or its subsidiaries in providing
services to Texas Gas hereunder. All other costs and expenses incurred by Loews (such as general corporate expenses and overhead) shall be apportioned by Loews on a fair and equitable basis to Texas Gas. 
  
 SECTION 4. TERM. This Agreement may be terminated by either party at
any time on not less than sixty (60) days’ prior written notice to the other party. 
  
 SECTION 5. NOTICES. All notices, consents and other communications hereunder shall be in writing and shall be deemed given hereunder when sent by certified mail, return receipt requested, or delivered by hand
to a party at the following addresses, or at any other address as any party may from time to time specify by notice to the other: 
  

			
	 If to Loews:
	  	 Loews Corporation
 667 Madison Avenue
 New York, New York 10021
 Attention: Corporate Secretary

		
	 If to Texas Gas:
	  	 Texas Gas Transmission, LLC
 3800 Frederica
St.
 Owensboro, KY 42301
 Attention: Corporate Secretary

  
 SECTION 6.
MISCELLANEOUS. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of New York. The headings of this Agreement are for ease of reference and do not limit or otherwise affect the meaning hereof.
No party may assign any of its rights or obligations under this Agreement without the express written consent of the other. This Agreement constitutes the sole understanding and agreement of the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements or understandings, written or oral, with respect thereto. 
  
 [signature page follows] 
  

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 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written. 
  
  

			
	LOEWS CORPORATION
		
	By:	 	 
	 	 	 Name:
 Title:

  
  
  

			
	TEXAS GAS TRANSMISSION, LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

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