Document:

dbrm_ex47-90406.htm

    Exhibit
4.7

     

    DAYBREAK
OIL AND GAS, INC.

    2009
RESTRICTED STOCK AND RESTRICTED UNIT PLAN

    RESTRICTED
STOCK UNIT AWARD AGREEMENT

    

    

    This
Restricted Stock Unit Award Agreement (the “Agreement”) is made,
effective as of the _____ day of _________, 2___ (the “Grant Date”), by and
between Daybreak Oil and Gas, Inc. (the “Company”) and _______________ (the “Grantee”).

    

    RECITALS:

    

    WHEREAS, the Company has
adopted the 2009 Daybreak Oil and Gas, Inc. Restricted Stock and Restricted
Stock Unit Plan (the “Plan”) pursuant to
which restricted stock units may be granted; and

    

    WHEREAS, the Committee has
determined that it is in the best interests of the Company and its stockholders
to grant the award of restricted stock units provided for herein  (the
“Restricted Stock Unit
Award”) to the Grantee in recognition of the Grantee’s services to the
Company, such grant to be subject to the terms set forth herein.

    

    NOW, THEREFORE, in
consideration for the mutual covenants hereinafter set forth, the parties hereto
agree as follows:

    

    
      	
              1.  

            	
              Grant
      of Restricted Stock Unit Award.  Pursuant to
      Section 8 of the Plan, the Company
      hereby grants to the Grantee on the Grant Date, in the aggregate, _____
      Restricted Stock Units on the terms and conditions set forth in this
      Agreement and as otherwise provided in the Plan.  Such
      Restricted Stock Units shall be credited to a separate account maintained
      for the Grantee on the books of the Company (the “Account”).  On
      any given date, the value of each Restricted Stock Unit comprising the
      Restricted Stock Unit Award shall equal the Fair Market Value of one share
      of Common Stock.  The Award shall vest and settle in accordance
      with Section 3 hereof.

            

    

     

    
      	
              2.  

            	
              Incorporation
      by Reference.  The provisions of the Plan are hereby
      incorporated herein by reference.  Except as otherwise expressly
      set forth herein, this Agreement shall be construed in accordance with the
      provisions of the Plan and any capitalized terms not otherwise defined in
      this Agreement shall have the definitions set forth in the
      Plan.  The Committee shall have the authority to interpret and
      construe the Plan and this Agreement and to make any and all
      determinations thereunder, and its decision shall be binding and
      conclusive upon the Grantee and his/her legal representative in respect of
      any questions arising under the Plan or this
  Agreement.

            

    

     

    
      	
              3.  

            	
              Terms
      and Conditions.

            

    

     

    
      	
            	
              (a)  

            	
              Vesting
      and Settlement.  Except as otherwise provided in the Plan
      and this Agreement, and contingent upon the Grantee’s Continuous Service,
      twenty-five percent (25%) of the Restricted Stock Unit Award shall vest
      and become non-forfeitable on each of the first four anniversaries of the
      Grant Date (each such date, a “Vesting
      Date”).  Upon the expiration of the restrictions (and in
      no event later than March 15 of the year following the year in which the
      Restricted Stock Units vest), the Company shall (i) issue and deliver to
      the Grantee one share of Common Stock for each Restricted Stock Unit
      subject to the Restricted Stock Unit Award (the “RSU Shares”)
      (and, upon such settlement, the Restricted Stock Units shall cease to be
      credited to the Account) and (ii) enter the Grantee’s name as a
      stockholder of record with respect to the RSU Shares on the books of the
      Company.

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
            	
              (b)  

            	
              Restrictions.  The
      Restricted Stock Unit Award granted hereunder may not be sold, pledged or
      otherwise transferred (other than by will or the laws of descent and
      distribution) and may not be subject to lien, garnishment, attachment or
      other legal process.  The Grantee acknowledges and agrees that,
      with respect to each Restricted Stock Unit credited to his/her Account,
      he/she has no voting rights with respect to the Company unless and until
      each such Restricted Stock Unit is settled in RSU Shares pursuant to
      Section 3(a) hereof.  If the Grantee’s Continuous Service
      terminates at any time prior to a Vesting Date, the unvested Restricted
      Stock Units shall automatically be forfeited upon such termination of
      Continuous Service, unless otherwise provided
      herein.  Notwithstanding the foregoing, pursuant to Section 4(b)
      of the Plan, the Committee may accelerate the vesting of the Restricted
      Stock Unit Award.

            

    

     

    
      	
              4.  

            	
              Change
      in Control.  At a time determined by the Committee prior
      to a Change in Control, all unvested Restricted Stock Units shall
      automatically become vested and shall be settled in accordance with
      Section 3(a).

            

    

     

    
      	
              5.  

            	
              Tax
      Withholding.  The Grantee shall be required to pay to the
      Company or any Affiliate, and the Company or any Affiliate shall have the
      right and is hereby authorized to withhold, from any cash, shares of
      Common Stock, other securities or other property deliverable under the
      Restricted Stock Unit Award or from any compensation or other amounts
      owing to the Grantee, the amount (in cash, Common Stock, other securities
      or other property) of any required withholding taxes in respect of the
      Restricted Stock Unit Award, or any payment or transfer under this
      Restricted Stock Unit Award or under the Plan and to take such other
      action as may be necessary in the opinion of the Committee or the Company
      to satisfy all obligations for the payment of such withholding and taxes.
      The Grantee may satisfy the withholding liability by: (a) the
      delivery of shares of Common Stock (which are not subject to any pledge or
      other security interest and are Mature Shares) owned by the Grantee having
      a Fair Market Value equal to such withholding liability or (b) having
      the Company withhold from the number of shares of Common Stock otherwise
      issuable or deliverable pursuant to the settlement of the Restricted Stock
      Unit Award a number of shares with a Fair Market Value equal to such
      withholding liability (but no more than the minimum required statutory
      withholding liability).

            

    

     

    
      	
              6.  

            	
              Rights
      as Stockholder.  Upon and following the Vesting Date, the
      Grantee shall be the record owner of the RSU Shares, if any, issued and
      delivered pursuant to such Vesting Date unless and until such shares are
      sold or otherwise disposed of, and as record owner shall be entitled to
      all rights of a common stockholder of the Company including, without
      limitation, voting rights, if any, with respect to the
      shares.  Prior to each Vesting Date, the Grantee shall not be
      deemed for any purpose to be the owner of shares of Common Stock subject
      to the Restricted Stock Unit Award.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              7.  

            	
              Compliance
      with Laws and Regulations. The issuance and
      transfer of shares of Common Stock shall be subject to compliance by the
      Company and the Grantee with all applicable requirements of securities
      laws and with all applicable requirements of any stock exchange on which
      the Company’s shares of Common Stock may be listed at the time of such
      issuance or transfer.

            

    

     

    
      	
              8.  

            	
              No
      Right to Continuous Service.  Nothing in
      this Agreement shall be deemed by implication or otherwise to impose any
      limitation on any right of the Company or any of its Affiliates to
      terminate the Grantee’s Continuous Service at any
  time.

            

    

     

    
      	
              9.  

            	
              General
      Assets.  All amounts credited to the Account under this
      Agreement shall continue for all purposes to be part of the general assets
      of the Company.  The Grantee’s interest in the Account shall
      make the Grantee only a general, unsecured creditor of the
      Company.

            

    

     

    
      	
              10.  

            	
              Notices.  All
      notices, demands and other communications provided for or permitted
      hereunder shall be made in writing and shall be delivered by registered or
      certified first class mail, return receipt requested, telecopier, courier
      service or personal delivery:

            

    

     

    If to the
Company:

     

    Daybreak Oil and Gas, Inc.

    601 West Main Suite 1012

    Spokane, Washington 99201

    Attention: Karol L. Adams

    (509) 232-7674

    

    If to the
Grantee, at the Grantee’s last known address on file with the
Company.

     

    All such
notices, demands and other communications shall be deemed to have been duly
given when delivered by hand, if personally delivered; when delivered by
courier, if delivered by commercial courier service; five (5) business days
after being deposited in the mail, postage prepaid, if mailed; and when receipt
is mechanically acknowledged, if telecopied.

     

    
      	
              11.  

            	
              Bound
      by Plan.  By signing this Agreement, the Grantee
      acknowledges that he/she has received a copy of the Plan and has had an
      opportunity to review the Plan and agrees to be bound by all of the terms
      and provisions of the Plan.

            

    

     

    
      	
              12.  

            	
              Beneficiary.  The
      Grantee may file with the Committee a written designation of a beneficiary
      on such form as may be prescribed by the Committee and may, from time to
      time, amend or revoke such designation.  If no designated
      beneficiary survives the Grantee, the executor or administrator of the
      Grantee’s estate shall be deemed to be the Grantee’s
      beneficiary.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              13.  

            	
              Successors.  The
      terms of this Agreement shall be binding upon and inure to the benefit of
      the Company, its successors and assigns, and on the Grantee and the
      beneficiaries, executors and administrators, heirs and successors of the
      Grantee.

            

    

     

    
      	
              14.  

            	
              Amendment
      of Restricted Stock Unit Award.  Subject to Section 15 of
      this Agreement, the Committee at any time and from time to time may amend
      the terms of this Restricted Stock Unit Award; provided, however, the
      Grantee’s rights under this Restricted Stock Unit Award shall not be
      materially and adversely affected by any such amendment without the
      Grantee’s consent.

            

    

     

    
      	
              15.  

            	
              Adjustments.  This
      Restricted Stock Unit Award is subject to adjustment pursuant to Section
      12 of the Plan.

            

    

     

    
      	
              16.  

            	
              Governing
      Law.  This
      Agreement shall be governed by the laws of the State of Washington without
      regard to conflict of laws
principles.

            

    

     

    
      	
              17.  

            	
              Interpretation.  Any
      dispute regarding the interpretation of this Agreement shall be submitted
      by the Grantee or the Company to the Committee for review.  The
      resolution of such a dispute by the Committee shall be binding on the
      Company and the Grantee.

            

    

     

    
      	
              18.  

            	
              Severability.  Every
      provision of this Agreement is intended to be severable and any illegal or
      invalid term shall not affect the validity or legality of the remaining
      terms.

            

    

     

    
      	
              19.  

            	
              Headings.  The
      headings of the Sections hereof are provided for convenience only and are
      not to serve as a basis for interpretation of construction, and shall not
      constitute a part of this
Agreement.

            

    

     

    
      	
              20.  

            	
              Signature
      in Counterparts.  This Agreement may be signed in
      counterparts, each of which shall be deemed an original, with the same
      effect as if the signatures thereto and hereto were upon the same
      instrument.

            

    

    

    

    

    [SIGNATURE
PAGE FOLLOWS]

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, the parties hereto have signed this Agreement as of the date
set forth below.

     

    
      
        	 	DAYBREAK OIL AND GAS,
      INC.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 	 	 	 

      

      
        	 	GRANTEE	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 	 	 	 

      

    

     

     

    
 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    5f8k040609ex10i_clinictrials.htm

    Exhibit
10.1

    CLINICAL
TRIALS OF THE AMERICAS, INC.

    210
WALFORD WAY

    CARY,
NORTH CAROLINA 27519

    (919)
414-1458

    

    April 6,
2009

    

    Mr. Oren
Rosenfeld, CEO

    Next
Fuel, Inc.

    1055
Westlakes Drive

    Suite
300

    Berwyn,
PA 19312

    

    
      	
               
      

            	
              Re:

            	
              Binding
      Letter of Intent between Clinical Trials of the Americas, Inc. and Next
      Fuel, Inc.

            

    

    

    Dear Mr.
Rosenfeld:

    

    This
letter sets forth our binding letter of intent (“Letter of Intent”) among
Clinical Trials of the Americas, Inc., a Nevada corporation (“Clinical Trials”)
and Next Fuel, Inc., a Delaware corporation (“Next Fuel”) and in connection
therewith, the purchase  of shares of Clinical Trials
by  Next Fuel representing approximately 75% of the outstanding shares
of common stock on a fully diluted basis (the “Transaction”), subject to the
terms of a definitive share purchase agreement to be negotiated and executed by
the parties.

    

    The proposed terms of the Transaction
are as follows:

    

    1.           Definitive
Agreement.  Consummation of the Transaction as contemplated
hereby will be subject to the negotiation and execution of a mutually
satisfactory definitive share purchase agreement (the “Definitive Agreement”),
setting forth the specific terms and conditions of the stock purchase
transaction proposed hereby.  The execution of the Definitive
Agreement by both parties is subject to approval by the Board of Directors of
both parties, approval by the shareholders of Next Fuel, if required, and the
completion by Next Fuel of a satisfactory review of the legal, financial and
business condition and prospects of Clinical Trials.  The parties will
use their reasonable best efforts to negotiate in good faith the Definitive
Agreement, which will contain, among other standard terms and conditions, the
following provisions:

    

    
      	
              (a)  

            	
              In
      consideration for the payment of $300,000, Clinical Trials will issue
      shares of its common stock to Next Fuel in an amount to be agreed upon
      based upon an approximate 75% of Clinical Trials’ issued and outstanding
      shares at the time of the issuance.

            

    

    
      	
              (b)  

            	
              The
      resignation of the officers and directors of Clinical Trials effective
      immediately after the closing of the Transaction, with such vacancies
      filled by the nominees of Next
Fuel.

            

    

    
      	
              (c)  

            	
              Any
      necessary third-party consents shall be obtained prior to Closing,
      including but not limited to any consents required to be obtained from
      Clinical Trials’, Next Fuel’s lenders, creditors, vendors and
      lessors.

            

    

    
      	
              (d)  

            	
              There
      shall be no Clinical Trials Common Stock Equivalents outstanding
      immediately before the Transaction.  For purposes of the
      foregoing, "Clinical Trials Common Stock Equivalents" shall mean any
      subscriptions, warrants, options or other rights or commitments of any
      character to subscribe for or purchase from the Clinical Trials, or
      obligating Clinical Trials to issue, any shares of any class of the
      capital stock of Clinical Trials or any securities convertible into or
      exchangeable for such shares, in each case, other than as required under
      the Definitive Agreement.

            

    

    
      	
              (e)  

            	
              Next
      Fuel shall be reasonably satisfied with the accounting treatment of the
      Transaction for accounting and financial statement
    purposes.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.           Conduct of
Business.  Prior to the execution of a Definitive Agreement and
the closing of the Transaction, Clinical Trials will conduct its operations in
the ordinary course consistent with past practice and will not issue any capital
stock or grant any options with respect to its capital stock, nor will Clinical
Trials make any distributions, dividends or other payments to any affiliate or
shareholders.

    

    3.           Public
Announcements.  Neither party will make any public disclosure
concerning the matters set forth in this letter of intent or the negotiation of
the proposed Transaction without the prior written consent of the other party,
which consent shall not be unreasonably withheld.  If and when either
party desires to make such public disclosure, after receiving such prior written
consent, the disclosing party will give the other party an opportunity to review
and comment on any such disclosure in advance of public
release.  Notwithstanding the above, to the extent that either party
is advised by counsel that disclosure of the matters set forth in this letter of
intent is required by applicable securities laws or to the extent that such
disclosure is ordered by a court of competent jurisdiction or is otherwise
required by law, then such disclosing party will provide the other party, if
reasonably possible under the circumstances, prior notice of such disclosure as
well as an opportunity to review and comment on such disclosure in advance of
the public release.

    

    4.           Due Diligence;
Confidentiality Agreement.  Each party and its representatives,
officers, employees and advisors, including accountants and legal advisors, will
provide the other party and its representatives, officers, employees and
advisors, including accountants and legal advisors, with all information, books,
records and property (collectively, “Transaction Information”) that such other
party reasonably considers necessary or appropriate in connection with its due
diligence inquiry.  Each party agrees to make available to the other
party such officers, employees, consultants, advisors and others as reasonably
requested by the other party for meetings, visits, questions and discussions
concerning each other and the Transaction.  Each of the parties will
use its reasonable best efforts to maintain the confidentiality of the
Transaction Information, unless all or part of the Transaction Information is
required to be disclosed by applicable securities laws or to the extent that
such disclosure is ordered by a court of competent jurisdiction.  Each
party will have until 12:00PM Eastern standard time on September 10, 2008 (the
“Due Diligence Review Period”) to complete their initial due diligence review of
the respective documents, unless the Definitive Agreement specifies a different
deadline for completion of such due diligence review.  Due to the
commercially sensitive nature of the Transaction Information, promptly following
the execution of this Letter of Intent, Clinical Trials shall cause any of its
directors, representatives, officers, employees and advisors, including
accountants and legal advisors, who receive Transaction Information to enter
into a confidentiality agreement in form and substance reasonably satisfactory
to Next Fuel.

    

    5.           Board
Appointment.  In anticipation of the change of control, Peter
Coker shall be appointed to the board of directors of Clinical Trials as of the
date hereof.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    6.           Exclusivity.  In
consideration for the mutual covenants and agreements contained herein, until
the earlier of the closing of the Transaction or termination of this letter of
intent in accordance with its terms, Clinical Trials, its officers, directors,
employees, shareholders and other representatives will not, and will not permit
any of their respective affiliates to, directly or indirectly, solicit, discuss,
accept, approve, respond to or encourage (including by way of furnishing
information) any inquiries or proposals relating to, or engage in any
negotiations with any third party with respect to any transaction similar to the
Transaction or any transaction involving the transfer of a significant or
controlling interest in the assets or capital stock of Clinical Trials,
including, but not limited to, a merger, acquisition, strategic investment or
similar transaction (“Acquisition Proposal”).  The Clinical Trials and
its officers or their respective affiliates will immediately notify Next Fuel in
writing of the receipt of any third party inquiry or proposal relating to an
Acquisition Proposal and will provide Next Fuel with copies of any such notice
inquiry or proposal.  Notwithstanding the foregoing, nothing in this
Section 5 will be construed as prohibiting the board of directors of Clinical
Trials from (a) making any disclosure required by applicable law to its
shareholders; or (b) responding to any unsolicited proposal or inquiry to
Clinical Trials (other than an Acquisition Proposal by a third party) by
advising the person making such proposal or inquiry of the terms of this Section
5.

    

    7.           Termination.  This
letter of intent may be terminated (a) by mutual written consent of the parties
hereto, (b) by either party (i) after 5:00 p.m. Eastern standard time on July
31, 2009 if a Definitive Agreement is not executed and delivered by the parties
prior to such time, (ii) if the Transaction is enjoined by a court or any
governmental body (including if consummation of the Transaction is enjoined
pending approval by the shareholders of Next Fuel), (c) by Next Fuel, if Next
Fuel is not satisfied with the results of its due diligence investigation of the
Clinical Trials in its sole and absolute discretion.

    

    8.           No
Brokers.   Each party represents and warrants to the other
that there are no brokers or finders entitled to any compensation with respect
to the execution of this Letter of Intent, and each agrees to indemnify and hold
the other harmless from and against any expenses or damages incurred as a result
of a breach of this representation and warranty.

    

    9.           Expenses.  Each
of the parties will be responsible for its own expenses in connection with the
Transaction, including fees and expenses of legal, accounting and financial
advisors.

    

    10.           Choice of
Law.  This Letter of Intent shall be governed by and construed
in accordance with the internal substantive laws of the State of
Nevada.

    

    11.           Compliance with the
Securities Laws.  Next Fuel acknowledges that it and its
officers, directors, shareholders and employees and other representatives may,
in connection with their consideration of the proposed Transaction, come into
possession of material non-public information about Clinical
Trials.  Accordingly, Next Fuel will use its best efforts to ensure
that none of its officers, directors, shareholders and employees or other
representatives will trade (or cause or encourage any third party to trade) in
any of the securities which they will receive as a result of the Transaction
while in possession of any such material, non-public
information.  Clinical Trials acknowledges that it and its officers,
directors, shareholders and employees and other representatives may, in
connection with their consideration of the proposed Transaction, come into
possession of material non-public information about NextFuel and its respective
affiliates.  Accordingly, Clinical Trials will use its best efforts to
ensure that none of its officers, directors, shareholders and employees or other
representatives will trade (or cause or encourage any third party to trade) in
any of the securities which they will receive as a result of the Transaction
while in possession of any such material, non-public information.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    12.           Counterparts.  This
letter of intent maybe executed in counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same
instrument.  Fax copies of signatures shall be treated as originals
for all purposes.

    

     

    13.           Effect.  This
letter of intent is a binding contract between the parties, and contains the
entire agreement by and among the parties to date with respect to the subject
matter hereof and supersedes any and all prior agreements and understandings,
oral or written, with respect to such matters.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
 

    This
letter of intent will terminate at 5:00 p.m. Eastern standard time on April 10,
2009 unless it has been duly executed by or on behalf of the Parties prior to
such time.

    

    Very truly yours,

    

    CLINICAL
TRIALS OF THE AMERICAS, INC.

    

    By:                                                                                                                               

    Name:         John
Cline

    Title:           President

     

    Agreed and
Accepted:

    

    NEXT
FUEL, INC.

    

    By: 
/s/  Oren Rosenfeld        

    Name:      Oren
Rosenfeld

    Title:        Chief
Executive Office

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