Document:

ex10-2.htm

  
Exhibit 10.2

	
 

	
Arotech Corporation   

 

1229 Oak Valley Drive   

Ann Arbor, Michigan 48108   

Tel:  (734) 761-5836   Fax:  (734) 761-5368   

http://www.arotech.com   

Nasdaq Global Market: ARTX   

Writer’s direct dial: +972-2-990-6618   

Writer’s direct fax: +972-2-990-6688   

Writer’s e-mail: esses@arotech.com   

 

November 13, 2013

 

Mr. Steven Esses

c/o Arotech Corporation

1229 Oak Valley Road

Ann Arbor, Michigan 48108

 

Re:           Third Amended and Restated Employment Agreement

 

Dear Steven:

 

In connection with your Third Amended and Restated Employment Agreement with Arotech Corporation and Epsilor-Electric Fuel Ltd. (collectively, the “Company”) effective as of May 1, 2013 (the “Agreement”), we wish to amend the Agreement in certain respects. All capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement.

 

Notwithstanding the terms of Section 3(a) of the Agreement, your monthly base salary will be adjusted to NIS 97,115 per month, retroactive to September 1, 2013.

 

In all other respects, the terms of the Agreement will govern the relationship between us.

 

If the foregoing is acceptable to you, kindly sign this letter in the space provided for your signature below, whereupon this letter will become a binding amendment to the Agree­ment.

 

	 	Sincerely yours,	 
	 	 	 
	 	AROTECH CORPORATION	 
	 	 	 	 
	
 

	
By: 

	/s/Robert S. Ehrlich                                                        	 
	 	 	Robert S. Ehrlich	 
	 	 	Chairman and Chief Executive Officer	 

 

	 	EPSILOR-ELECTRIC FUEL LTD.	 
	 	 	 	 
	
 

	
By: 

	/s/Ronen Badichi                                                            	 
	 	 	Ronen Badichi	 
	 	 	General Manager	 

 

ACCEPTED AND AGREED:

 

 

	                                 /s/Steven Esses                                      	 
	Steven Essesex10-1.htm

EXHIBIT 10.1

 

The F&M Bank & Trust Company

3811 Turtle Creek Blvd., Suite 1700

Dallas, Texas 75219

October 1, 2013

Mesa Energy, Inc.

Attention: Randy M. Griffin, C.E.O.

5220 Spring Valley Road, Ste. 525

Dallas, Texas 75254

Re:           Second Amendment to Loan Agreement

Ladies and Gentlemen:

This letter (this “Amendment”) amends the Loan Agreement dated July 22, 2011, among Mesa Energy, Inc., a Nevada corporation (“Borrower”); Mesa Energy Holdings, Inc., a Delaware corporation, Tchefuncte Natural Resources, LLC, a Louisiana limited liability company, and Mesa Gulf Coast, LLC, a Texas limited liability company (collectively, “Guarantors”); and The F&M Bank & Trust Company (“Lender”), an Oklahoma state bank, as previously amended by a First Amendment to Loan Agreement dated September 21, 2012.  Capitalized terms below have the meanings assigned in the Loan Agreement.

1.           Borrowing Base Decrease and MCR.   Effective as of the date of this Amendment, Lender has reduced the Borrowing Base to $12,700,000.00 and reset the MCR to $50,000.00 per month, commencing on the 22nd day of October, 2013 and continuing on the same day of each month thereafter, until reset by Lender in connection with the next redetermination of the Borrowing Base.  This Amendment evidences the scheduled redetermination of the Borrowing Base to occur on or about October 1, 2013.  The next scheduled redetermination of the Borrowing Base will be on or around April 1, 2014.

2.            Financial Covenants.  Effective as of the date of this Amendment, Subsection (e) of Section 8 of the Loan Agreement is amended to read as follows:

“(e)           Not permit general and administrative expenses to exceed twenty-seven percent (27%) of the revenue from the Properties for any two consecutive fiscal quarters.”

 

3.           Confirmations.  (a)   As security for the Notes, Borrower previously executed the Security Documents.  Borrower ratifies and confirms the Security Documents, acknowledges that they are valid, subsisting, and binding, and agrees that the Security Documents secure payment of the Note and the Loans.

 

  

  

  

 

EXHIBIT 10.1

(b)           Borrower hereby represents to Lender that all representations and warranties set forth in Section 6 of the Loan Agreement are true and correct as of the date of execution of this Amendment, and Borrower is currently in compliance with all covenants set forth in Section 7 of the Loan Agreement and all financial covenants set forth in Section 8 of the Loan Agreement.

4.           Validity and Defaults.  The Loan Agreement, as amended, remains in full force and effect.  Borrower acknowledges that the Loan Agreement, the Revolving Note, the Security Documents, and the other Loan Documents are valid, subsisting, and binding upon Borrower; no uncured breaches or defaults exist under the Loan Agreement, as amended; and no event has occurred or circumstance exists which, with the passing of time or giving of notice, will constitute a default or breach under the Loan Agreement, as amended.  Borrower ratifies the Loan Agreement, as amended.  Guarantors ratify and confirm the Guaranties and acknowledge that they are valid, subsisting, and binding upon Guarantors.

5.           Fax and Email Provision.  This Amendment may be executed in counterparts, and Lender is authorized to attach the signature pages from the counterparts to copies for Lender and Borrower.  At Lender’s option, this Amendment and the related Loan Documents may also be executed by Borrower and Guarantors in remote locations with signature pages faxed or scanned and emailed to Lender.  Borrower and Guarantors agree that the faxed or scanned and emailed signatures are binding upon Borrower and Guarantors, and Borrower and Guarantors agree to promptly deliver the original signatures for this Amendment and the related Loan Documents by overnight mail or expedited delivery.  It will be an Event of Default if Borrower and Guarantors fail to promptly deliver all required original signatures.

6.           Captions.  Captions are for convenience only and should not be used in interpreting this Amendment.

7.           Final Agreement.  (a)  In connection with the Loans, Borrower, Guarantors, and Lender have executed and delivered this Amendment, the Loan Agreement, and the Loan Documents (collectively the “Written Loan Agreement”).

(b)           It is the intention of Borrower, Guarantors, and Lender that this paragraph be incorporated by reference into each of the Loan Documents.  Borrower, Guarantors, and Lender each warrant and represent that their entire agreement with respect to the Loans is contained within the Written Loan Agreement, and that no agreements or promises have been made by, or exist by or among, Borrower, Guarantors, and Lender that are not reflected in the Written Loan Agreement.

(c)           THE WRITTEN LOAN AGREEMENT, AS AMENDED, REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.

[Signatures on following page.]

 

  

  

  

 

EXHIBIT 10.1

 

If the foregoing correctly sets forth your understanding of our agreement, please sign and return one copy of this Amendment.  Please call if you have any questions.

Yours very truly,

The F&M Bank & Trust Company

By:     /s/Robert S. Glosson                                       

Robert S. Glosson,

Senior Vice President

Accepted and agreed to effective as of

the 1st day of October, 2013:

BORROWER:

Mesa Energy, Inc.,

a Nevada corporation

By:          /s/Randy M. Griffin                                              

Randy M. Griffin

Chief Executive Officer

GUARANTORS:

Armada Oil, Inc.,

a Nevada corporation

By:          /s/Randy M. Griffin                                              

Name:     Randy M. Griffin                                                  

Title:       Chief Executive Officer                                       

Tchefuncte Natural Resources, LLC,

a Louisiana limited liability company

By:          Mesa Energy, Inc., Sole Member

By:          /s/Randy M. Griffin                              

Randy M. Griffin

Chief Executive Officer

Mesa Gulf Coast, LLC,

a Texas limited liability company

By:          /s/Randy M. Griffin                                              

Randy M. Griffin, Managerex10-2.htm

EXHIBIT 10.2

 

October 1, 2013

To:          Terry Vickery

Managing Member

Energy Management Resources, LLC

445 Inion Blvd

Suite 101

Lakewood, CO 80228

RE:          Offer to sell oil and gas leases, wells, production and equipment located in Young County Texas, sometimes referred as “M.V. Keller - 23 acres lease” field no. 07484 and “M.V. Keller -100 acres lease” field no. 07415

As further described in Exhibit A attached hereto and incorporated herein by reference (collectively, the "Subject Properties").

Mr. Vickery,

Armada Oil, Inc. et al, and/or related entities ("Seller") hereby offers to sell unto Energy Management resources, LLC., et al, ("Buyer") all of the right, title, and interest, including all real and personal property owned by ("Seller") in the property and respective interest shown on the attached Exhibit "A" for the sum of Ten Dollars ($10.00) and other valuable consideration (“Purchase Price”).  Seller shall reserve a 17.5% overriding royalty interest until payout in the Subject Properties.  For purposes of this agreement the term (“Payout”) shall mean that point in time when Seller shall has recovered from it’s overriding royalty interest an amount equal to One Hundred Thirty-one Thousand Two Hundred Fifty Dollars ($131,250.00).

The properties to be purchased shall include Seller's working and revenue interest plus all oil and gas, fee, mineral, royalty, and producing and associated non-producing leasehold estates; franchises, licenses, servitudes, easements, surface leases, rights-of-way, contracts and agreements affecting such estates; production facilities, salt water disposal systems, pipelines, gathering lines and any other personal properties or fixtures used in connection with the operation of such estates for oil and gas production. All of the foregoing shall hereinafter be referred to as the "Property".

TERMS OF PROPOSAL

	
T1.  

	
The Purchase Price of the Property shall be in cash payable at closing.

	
T2.  

	
The closing of the sale shall be October 2, 2013, (“Effective Date”).

 

 

5220 Spring Valley Rd · Suite 615 · Dallas, Texas 75254 · 972.490.9595 · Fax 972.490.9161

www.armadaoil.us

 

  

  

  

 

CONDITIONS OF THE PROPOSAL

	
C1.  

	
Seller shall deliver an assignment of the Property in form and substance satisfactory to counsel to Buyer. Seller will warrant title by, through and under Seller. The conveyance shall be subject to the terms and conditions of the leases and existing contracts.

	
C2.  

	
Buyer and Seller agree to execute all necessary documents to affect the transfer of the Property and the change of operator of the Property to Buyer or Buyer’s representative.

	
C3.  

	
This agreement shall be binding upon our successors and assigns and shall be construed in accordance with Texas Law.

	
C4.  

	
Seller shall indemnify Buyer from all losses, cost, or diminution of value arising from breach of Seller's representations contained herein.

If closing has not occurred on or before 10 days from the date of execution hereof, this agreement shall terminate and the parties shall have no further obligation one to the other.

Should the above offer be acceptable and this letter agreement be satisfactory, please execute and return one copy to me prior to the close of business, on or before 5:00 P.M. Central Standard Time, October 1, 2013.

Sincerely,

/s/J. Clint Unruh

J. Clint Unruh 

Executive Vice President

Of Land & Administration

Armada Oil, Inc.

ACCEPTED AND AGREED to on October 1, 2013

Energy Management Resources, LLC

BY:      /s/Terry Vickery                          

Terry Vickery 

Managing Member 

 

 

5220 Spring Valley Rd · Suite 615 · Dallas, Texas 75254 · 972.490.9595 · Fax 972.490.9161

www.armadaoil.us

  

  

  

Exhibit “A”

SUBJECT PROPERTIES:

Keller Leases and Leasehold, created by the oil and gas lease dated September 25, 1917, from M.V. Keller and wife, Annie May Keller, as Lessors, to N.C. Harlan and Will McMillan, as Lessees, recorded at Volume 67, Page 27, Deed Records, Young County, Texas, insofar as said lease covers the South 153.6 acres of the North 196.38 acres of T.E.&L. Co. Survey No. 1103, Abstract No. 1273, Young County, Texas, limited in depth from the surface of the Earth down to the top of the Caddo formation.

 

 

 

5220 Spring Valley Rd · Suite 615 · Dallas, Texas 75254 · 972.490.9595 · Fax 972.490.9161

www.armadaoil.us

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