Document:

EX-10.1

 Exhibit 10.1 
  

 
 11 Greenway Plaza 

Suite 3053 
 Houston, TX 77046

 Mr. Gregory J. Fox 
 11061 North Hidden Oak 

Conroe, TX 77384 
  

	Re:	Offer of Employment. 

 Dear Greg: 

This letter will serve as an offer of employment by Warren Resources, Inc. (the “Company”), with the major terms of the offer described below: 

Start Date: As soon as practicable, but no later than November 1, 2016. 

Job Title: Senior Vice President of Operations, reporting to the President and Chief Executive Officer. 

Job Location: Effective January 1, 2017, Dallas, Texas. Prior to January 1, 2017, you will work from either the Houston office or the
Plano Texas office. 
 Responsibilities: You will be responsible for performing the duties and responsibilities as directed by the Chief
Executive Officer and that are commensurate and consistent with your position as Senior Vice President of Operations. Such duties will involve direct oversight of the producing and drilling operations in the Company’s three main fields in
California, Wyoming and Pennsylvania, along with any other properties the Company currently owns or may acquire in the future. You will interface directly with the other officers reporting to the Chief Executive Officer in order to carry out your
duties. 
 Annual Base Salary: $289,000, payable biweekly in 26 equal installments, less all required or elected taxes and other withholdings.

 Starting Bonus: $25,000, payable simultaneously with first salary installment. 

Annual Bonus: Starting in calendar 2017, you will be eligible to receive a target bonus of 60% of your base salary with specified performance
metrics mutually agreed upon by you and the Chief Executive Officer and approved by the compensation committee of the Company’s board of directors. Depending on the achievement of the performance metrics (as determined by the compensation
committee), the multiplier times the target bonus can be 0 to 2 times the target bonus. For clarity, the maximum target that can be achieved in any calendar year would be 2 times the target bonus. 

Other Long-Term Incentives: You will be eligible to participate in the Company’s equity incentive plan, with any such grant of equity to be
determined by the compensation committee with recommendations from the Chief Executive Officer. 

 Vacation and Benefits: You shall be entitled to take four weeks of paid annual vacation during each
calendar year of employment, plus three personal days and five days of sick leave, all in accordance with the Warren Resources Employee Handbook, which you acknowledge receiving and reviewing. Subject to and in accordance with applicable eligibility
requirements, you will be eligible to participate in such employee benefit plans, policies, programs and arrangements as are generally provided to the Company’s most senior executives from time to time, which benefits currently include health
and dental insurance plans and a 401(k) retirement plan. 
 Relocation and Move Expenses: In connection with establishing the Company’s
new headquarters in Dallas, the Company expects that you will move your principal place of employment from Houston to Dallas, effective January 1, 2017. To help compensate your for such move, the Company will provide you with the following
additional benefits (the “Relocation Benefits”): (i) reimbursement of reasonable relocation expenses you incur to move your residence and family; (ii) reimbursement for the real estate commission you incur on the sale of your
home, not to exceed $50,000.00; (iii) reimbursement for expenses incurred by you relating to airfare and mileage between Dallas and Houston until the expiration of the 180-day period beginning on January 1, 2017; and (iv) a full tax
gross-up payment to reimburse you for the taxes you incur upon your receipt of the benefits under this paragraph. Notwithstanding the foregoing, the Relocation Benefits payable to you under this paragraph (including, for the avoidance of doubt, item
(iv) above) shall not exceed $150,000 in the aggregate. 
 Restrictive Covenants: The offer of employment contained in this letter
agreement is contingent upon your timely executing our standard Restrictive Covenant Agreement attached hereto, which addresses, among other things, non-competition, non-solicitation and confidentiality. 

Entire Agreement: Unless expressly provided herein, this letter agreement and the Exhibits hereto represent the entire agreement between you and
the Company regarding your employment and supersedes all prior communications and agreements, whether written or oral. 
 Employment at Will:
Although the Company hopes for a lasting relationship with you, your employment with the company is and will remain strictly “at will”. This means that both the Company and you have the absolute right to terminate your employment at any
time, with or without notice and with or without cause. 
 Please confirm your acceptance of these terms by signing below and returning a copy of this
letter to me via electronic mail at the following address: jawatt@warrenresources.com. 
 Yours truly, 

 

	
	
	/s/ James A. Watt
	 James A. Watt
 President and
CEO

 Accepted and agreed to this 17th day of October, 2016 

 

	
	
	/s/ Gregory J. Fox
	Gregory J. FoxBlueprint

 

	
 

	

PROMISSORY NOTE

	
 

	
 

	
 

	
 

	

$50,000

	

Lancaster, PA

	

October 20, 2016

 

 

FOR
VALUE RECEIVED, the undersigned, TETRIDYN SOLUTIONS, INC., a Nevada
corporation (“Maker”), whose mailing address and
principal office is 800 South Queen Street, Lancaster, PA 17603,
USA, hereby promises to pay to JPF VENTURE GROUP, INC., a Delaware
corporation (“Payee”), whose mailing address is 800
South Queen Street, Lancaster, PA 17603, up to the principal sum of
FIFTY THOUSAND DOLLARS AND NO CENTS ($50,000), as represented by
advances from time to time, in lawful money of the United States of
America for payment of private debts, together with interest
(calculated on the basis of the actual number of days elapsed but
computed as if each year consisted of 360 days) on the unpaid
principal balance from time to time outstanding at a rate, except
as otherwise provided in this Note, of six percent (6%) per
annum.

 

1.           

Payments. All unpaid principal
and all accrued and unpaid interest shall be due and payable within
90 days after demand.

 

2.           

Time and Place of Payment. If
any payment falls due on a day that is considered a legal holiday
in the state of Delaware, Maker shall be entitled to delay such
payment until the next succeeding regular business day, but
interest shall continue to accrue until the payment is in fact
made. Each payment or prepayment hereon must be paid at the office
of Payee set forth above or at such other place as the Payee or
other holder hereof may, from time to time, designate in
writing.

 

3.           

Prepayment. Maker reserves the
right and privilege of prepaying this Note in whole or in part, at
any time or from time to time, upon 30 days’ written notice,
without premium, charge, or penalty. Prepayments on this Note shall
be applied first to accrued and unpaid interest to the date of such
prepayment, next to expenses for which Payee is due to be
reimbursed under the terms of this Note, and then to the unpaid
principal balance hereof.

 

4.           

Conversion. Subject to and in
compliance with the provisions contained herein, Payee is entitled,
at its option, at any time prior to maturity, or in the case this
Note or some portion hereof shall have been called for prepayment
before such date, then for this Note or such portion hereof, until
and including, but not after, the close of business within 30 days
after the date of notice of prepayment, to convert this Note (or
any portion of the principal amount hereof or accrued and unpaid
interest hereon) into fully paid and nonassessable shares
(calculated as to each conversion to the nearest share) of common
stock, par value $0.001 per share, of Maker (the
“Shares”) at the rate of one share for each $0.03 of
principal amount of this Note, by surrender of this Note, duly
endorsed (if so required by Maker) or assigned to Maker or in
blank, to Maker at its offices, accompanied by written notice to
Maker, in the form attached hereto, that Payee elects to convert
this Note or, if less than the entire principal amount hereof is to
be converted, the portion thereof to be converted. On conversion,
Payee shall be entitled to payment of accrued interest on this Note
through the date of conversion. No fractions of Shares will be
issued on conversion, but instead of any fractional interest, Maker
will pay cash. Payee is entitled, at its option, to require that
the exercise price be appropriately adjusted in the event of any
stock splits, reverse-split, merger, consolidation, conversion, or
any similar change in Maker’s common stock. Payee is also
entitled, at its option, to require that the conversion price and
number of shares issuable on conversion of this Note be
appropriately adjusted in the event of any stock splits,
reverse-split, merger, consolidation, conversion, or similar change
in Maker’s common stock. For the avoidance of doubt, it is
explicitly agreed that if the Payee does not exercise these
options, the exercise price, conversion price, and number of shares
shall remain unchanged after any stock splits, reverse-split,
merger, consolidation, conversion, or any similar change in
Maker’s common stock.

 

 

 

 

5.           

Default.

 

(a)           

Without notice or
demand (which are hereby waived), the entire unpaid principal
balance of, and all accrued interest on, this Note shall
immediately become due and payable at Payee’s option upon the
occurrence of one or more of the following events of default
(“Events of Default”):

 

(i)           

the failure or
refusal of Maker to pay principal or interest on this Note within
10 days of when the same becomes due in accordance with the terms
hereof;

 

(ii)           

the failure or
refusal of Maker punctually and properly to perform, observe, and
comply with any covenant or agreement contained herein, and such
failure or refusal continues for a period of 30 days after Maker
has (or, with the exercise of reasonable investigation, should
have) notice hereof;

 

(iii)           

Maker shall: (1)
voluntarily seek, consent to, or acquiesce in the benefit or
benefits of any Debtor Relief Law (defined hereinafter); or (2)
become a party to (or be made the subject of) any proceeding
provided for by any Debtor Relief Law, other than as a creditor or
claimant, that could suspend or otherwise adversely affect the
Rights (defined hereinafter) of Payee granted herein (unless, in
the event such proceeding is involuntary, the petition instituting
same is dismissed within 60 days of the filing of same).
“Debtor Relief Law” means the Bankruptcy Code of the
United States of America and all other applicable liquidation,
conservatorship, bankruptcy, moratorium, rearrangement,
receivership, insolvency, reorganization, suspension of payments,
or similar Laws from time to time in effect affecting the Rights of
creditors generally. “Rights” means rights, remedies,
powers, and privileges. “Laws” means all applicable
statutes, laws, ordinances, regulations, orders, writs,
injunctions, or decrees of any state, commonwealth, nation,
territory, possession, county, parish, municipality, or Tribunal.
“Tribunal” means any court or governmental department,
commission, board, bureau, agency, or instrumentality of the United
States or of any state, commonwealth, nation, territory,
possession, county, parish, or municipality, whether now or
hereafter constituted and/or existing;

 

(iv)           

the failure to have
discharged within a period of 30 days after the commencement
thereof any attachment, sequestration, or similar proceeding
against any of the assets of Maker, or the loss, theft, or
destruction of, or occurrence of substantial damage to, a material
part of the assets of Maker, except to the extent adequately
covered by insurance; and

 

(v)           

Maker fails to pay
any money judgment against it at least 10 days prior to the date on
which any of Maker’s assets may be lawfully sold to satisfy
such judgment.

 

(b)           

If any one or more
of the Events of Default specified above shall have happened, Payee
may, at its option: (i) declare the entire unpaid balance of
principal and accrued interest on this Note to be immediately due
and payable without notice or demand; (ii) offset against this Note
any sum or sums owed by Payee to Maker; (iii) reduce any claim to
judgment; (iv) foreclose all liens and security interests securing
payment thereof or any part thereof; and (v) proceed to protect and
enforce its rights by suit in equity, action of law, or other
appropriate proceedings, whether for the specific performance of
any covenant or agreement contained in this Note, in aid of the
exercise granted by this Note of any right, or to enforce any other
legal or equitable right or remedy of Payee.

 

 

 

 

6.           

Cumulative Rights. No delay on
Payee’s part in the exercise of any power or right, or single
partial exercise of any such power or right, under this Note or
under any other instrument executed pursuant hereto shall operate
as a waiver thereof. Enforcement by Payee of any security for the
payment hereof shall not constitute any election by it of remedies,
so as to preclude the exercise of any other remedy available to
it.

 

7.           

Collection Costs. If this Note
is placed in the hands of an attorney for collection, or if it is
collected through any legal proceeding at law or in equity or in
bankruptcy, receivership, or other court proceedings, Maker agrees
to pay all costs of collection, including Payee’s court costs
and reasonable attorney’s fees.

 

8.           

Waiver. Maker, and each surety,
endorser, guarantor, and other party liable for the payment of any
sums of money payable on this Note, jointly and severally waive
presentment and demand for payment, protest, and notice of protest
and nonpayment, or other notice of default, except as specified
herein, and agree that their liability on this Note shall not be
affected by any renewal or extension in the time of payment hereof,
indulgences, partial payment, release, or change in any security
for the payment of this Note, before or after maturity, regardless
of the number of such renewals, extensions, indulgences, releases,
or changes.

 

9.           

Notices. Any notice, demand,
request, or other communication permitted or required under this
Note shall be in writing and shall be deemed to have been given as
of the date so delivered, if personally served; as of the date so
sent, if sent by electronic mail and receipt is acknowledged by the
recipient; one day after the date so sent, if delivered by
overnight courier service; or three days after the date so mailed,
if mailed by certified mail, return receipt requested, addressed to
Maker at its address on the first page.

 

10.           

Successor and Assigns. All of
the covenants, stipulations, promises, and agreements in this Note
contained by or on behalf of Maker shall bind its successors and
assigns, whether so expressed or not; provided, however, that neither Maker nor Payee
may, without the prior written consent of the other, assign any
rights, powers, duties, or obligations under this
Note.

 

11.           

Headings. The headings of the
sections of this Note are inserted for convenience only and shall
not be deemed to constitute a part hereof.

 

12.           

Applicable Law. This Note is
being executed and delivered, and is intended to be performed, in
the state of Delaware, and the substantive laws of such state shall
govern the validity, construction, enforcement, and interpretation
of this Note, except insofar as federal laws shall have
application.

 

13.           

Security. This Note is
unsecured.

 

EXECUTED effective
the year and date first above written.

 

	

 

	
TETRIDYN SOLUTIONS,
INC.

	

 

	

 

	

 

	

 

	

 

	
 

	
By:  

	
/s/ 
Peter
Wolfson

	

 

	

 

	

 

	
Peter
Wolfson,
Director

	

 

	

 

	

 

	

 

	

 

 

 

 

 

 

TetriDyn
Solutions, Inc.

800
South Queen Street

Lancaster,
PA 17603, USA

 

Re:           

Conversion of
Note

 

Gentlemen:

 

The
undersigned owner of this Note hereby irrevocably exercises the
option to convert this Note or the portion hereof designated, into
shares of common stock, par value $0.001 per share, of TetriDyn
Solutions, Inc., in accordance with the terms of this Note, and
directs that the shares issuable and deliverable upon the
conversion, together with any check in payment for fractional
shares, be issued in the name of and delivered to the undersigned
unless a different name has been indicated below. If shares are to
be issued in the name of a person other than the undersigned, the
undersigned will pay any transfer taxes payable with respect
thereto.

 

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 (Signature)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 Dated:

	
 

	
 

	

FILL IN FOR REGISTRATION

	
 

	
 

	
 

	
 

	
 

	
 

	

OF SHARES:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

(Printed Name)

	
 

	
 

	

(Social Security or Other Identifying
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(Street Address)

	
 

	
 

	

(City/State/Zip
Code)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

Portion to be converted (if less
than all)

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