Document:

Unassociated Document

    
      
        
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    Equity
Transfer Agreement

    

    The
Agreement is jointly signed on April 2, 2010 in Shanghai by the Parties
hereunder:

    

    Transferor:
Goldenway Nanjing Garments Co., Ltd. (Party A)

    Address:
509 Chengxin Thoroughfare, Jiangning Development Zone, Nanjing

    Transferee:
Shanghai Hexia Investment Co., Ltd. (Party B)

    Address:
Room 304, Building 2, No.26, Lane 258, Caoxi Road, Shanghai

    

    Shanghai
La Chapelle Garment and Accessories Company Limited (Subject Company) has 7.5
million of RMB Yuan as registered capital, 10% of the total registered capital
were invested by Party A. In the light of governing laws and regulations,
through friendly negotiations by the Parties, the following articles are agreed
upon:

    

    Article
I  The Equity Transferred and Transferring Price

    1. Party
A transfers 5% of Subject Company’s total equity to Party B at the price of 6.18
million of RMB Yuan.

    2. All
and any rights and interests affiliated to the transferred are transferred along
with it.

    3. The
Transferee is obliged to complete the payment for the transferred equity within
30 days after the signing of this Agreement.

    

    Article
II  Covenants and Warranties

    Party A
warrants that Party A legally owns the equity transferred to Party B as
stipulated in Article I, and Party A has a full and effective disposition of the
transferred. Party A warrants no mortgate or security right is attached to the
transferred, and no claim is and will be made by any third party on the
transferred.

    

    Article
III  Agreement Breach Liabilities

    Nil

    

    Article
IV  Dispute Resolution

    The
Agreement abides by the laws of People’s Republic of China and only explanations
by which are applicable.

    Any
dispute arisen with or related to the Agreement shall be resolved through
friendly negotiations. In the case of a failed negotiation, the issue shall be
submitted to Shanghai Arbitration Commission or sued at The People’s
Court.

    

    Article
V  Others

    1. The
Agreement is made in 4 duplicates, 1 is held by each Party, 1 by the Subject
Company, and 1 is used in the Business Administration formalities.

    2. The
Agreement takes effect upon being signed by each and all Parties.

    

    (blank
below)

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        
          
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        	Party A
      (Signature & Stamp)   	Party B
      (Signature & Stamp)AMENDMENT
6 TO JOINT EXPLORATION AGREEMENT

    

    This Amendment 6 (“Sixth
Amendment”) to that certain Joint Exploration Agreement (“JEA”) dated March 30,
2008 by and between MorMeg, LLC, a Kansas limited liability company, referred to
herein as “MorMeg,” and EnerJex Resources, Inc., a Nevada corporation, referred
to herein as ”EnerJex” is effective as of April 1, 2010. MorMeg and EnerJex are
jointly referred to herein as “the parties”.

    

    Recitals

    

    A.           Pursuant
to Section C and D1 of the JEA, EnerJex was to provide $4,000,000 in funding
toward the development of Black Oaks (the “Minimum Funding”);

    

    B.           Pursuant
to Section D.5. of the JEA, following the Minimum Funding, EnerJex was required
to, within a reasonable length of time, secure and contribute additional funding
so as not to cause more than thirty (30) days delay of project activities due to
lack of funding to develop Black Oaks;

    

    C.           On
or about July 3, 2008, EnerJex entered a new three-year $50 million senior
secured credit facility with Texas Capital Bank, N. A. (the “Credit Facility”);
and

    

    D.           MorMeg
and EnerJex desire to amend the JEA pursuant to the terms of this Sixth
Amendment.

    

    NOW, THEREFORE, for and in
consideration of the foregoing, and of the mutual covenants, agreements,
undertakings, representations and warranties contained herein, the parties
hereto agree as follows:

    

    
      	
               
      

            	
              1.

            	
              Section
      D5 of the JEA is hereby amended and restated in its entirety as
      follows:

            

    

    

    5.  Notwithstanding
anything to the contrary herein or elsewhere, EnerJex will have until August 1,
2010 (the “Additional Capital Deadline”) to contribute One Million dollars
($1,000,000) in additional capital towards the development of Black Oaks.
Further, EnerJex shall provide additional One Million dollar ($1,000,000)
capital contributions every sixty (60) days or upon full deployment of the prior
capital contribution, whichever is later, following the Additional Capital
Deadline until the Black Oaks development is completed or the parties agree in
writing otherwise. It is the parties intent that the timing of such additional
capital contributions are required so as not to cause more than sixty (60) days
delay of project activities due to lack of funding to complete the project. In
the event EnerJex is not successful in obtaining additional funding, or all
funding, to complete the Black Oaks development described in Section 6, MorMeg
may cancel and declare the JEA of no force and effect from the point of
cancellation forward. In the event of cancellation of the JEA by MorMeg, the
following procedure and formula will be used to distribute the ownership and pay
the debts of the project.

     

    
      	
               
      

            	
              A.

            	
              The
      project revenues from whatever source will be used to repay all debt
      associated with the project, including without limitation any loan or debt
      incurred by EnerJex to obtain funding for the Black Oaks
      Project.

            

    

     

    
      
         

      

      
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              B.

            	
              When
      the project debt is paid, the working interest of the individual leases
      within the Black Oaks block will be assigned to EnerJex in the undivided
      interest that the total EnerJex investment bears to the total of that
      investment plus the pre-project commencement value stated in paragraph 2
      of the Recitals, with the remaining undivided interest (which shall not be
      a carried interest) being assigned to MorMeg. The parties agree to
      reassign working interest if necessary to redistribute the working
      interest according to the above
formula.

            

    

    

    
      	
               
      

            	
              2.

            	
              In
      the event of a conflict between this Sixth Amendment and the JEA and any
      amendments thereto, this Sixth Amendment shall prevail to the extent of
      such conflict.

            

    

    

    
      	
               
      

            	
              3.

            	
              This
      Sixth Amendment shall be of no force and effect upon a material default by
      EnerJex under the Credit Facility.

            

    

    

    
      	
               
      

            	
              4.

            	
              Other
      than as specifically provided in this Sixth Amendment, all other
      provisions of the JEA shall remain in full force and
      effect.  This Sixth Amendment constituting the sole and entire
      agreement between the parties as to the matters contained herein, and
      supersedes any and all conversations, letters and other communications
      which may have been disseminated by the parties relating to the subject
      matter hereof, all of which are void and of no
  effect.

            

    

    

    
      	
               
      

            	
              5.

            	
              Any
      capitalized terms not defined herein have the meaning set forth in the
      JEA.

            

    

    

    
      	
               
      

            	
              6.

            	
              This
      Sixth Amendment may be executed in any number of counterparts, all of
      which taken together shall constitute one and the same instrument, and the
      parties hereto may execute this Sixth Amendment by signing any such
      counterpart.

            

    

    

    
      	
               
      

            	
              7.

            	
              The
      parties hereby agree to take or cause to be taken such action, and to do
      and perform all such other acts and things as are necessary, advisable or
      appropriate to carry out the intent and terms of this Sixth
      Amendment

            

    

    

    IN
WITNESS WHEREOF, the parties have executed this Sixth Amendment as of the 1st day of
April, 2009.

     

    
      
        	
                MorMeg:

              
	 
      	 
      
	 
      	
                MORMEG,
      LLC, a Kansas limited liability company

              
	 
      	 
      
	 
      	
                By: 

              	
                /s/ Mark Haas

              	 
      
	 
      	
                Name:
      Mark Haas

              
	 
      	
                Title:
      Managing Member

              
	 
      	 
      
	
                EnerJex:

              
	 
      	 
      
	 
      	
                EnerJex
      Resources, Inc., a Nevada corporation

              
	 
      	 
      
	 
      	
                By: 

              	
                /s/ C. Stephen Cochennet

              	 
      
	 
      	
                Name:
      C. Stephen Cochennet

              
	 
      	
                Title:
      Chief Executive Officer

              

      

    

     

    
      
         

      

      
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