Document:

exhibit_10-6.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Exhibit
10.6

     

    Exhibit
10.6: Form of Change In Control Agreement between Hampden Bank, Hampden Bancorp,
Inc. and the individuals listed below

     

    Hampden
Bancorp, Inc. and Hampden Bank extended the term of the change in control
agreements with the individuals listed below, previously entered into on January
16, 2007, for a period of one year as allowed under the agreements. The
agreements are substantially identical in all material respects (except as noted
below) as the attached Form of Change in Control Agreement.

     

    Parties to Change In Control
Agreement:

     

    Hampden
Bancorp, Hampden Bank and Richard L. DeBonis

     

    Hampden
Bancorp, Hampden Bank and William D. Marsh, III

     

    Hampden
Bancorp, Hampden Bank and Robert A. Massey

     

    Hampden
Bancorp, Hampden Bank and Robert J. Michel (1)

     

    Hampden
Bancorp, Hampden Bank and Sheryl L. Shinn

     

    Hampden
Bancorp, Hampden Bank and Craig W. Kaylor

     

    Hampden
Bancorp, Hampden Bank and Lynn Stevens Bunce

     

     

    
      	 
      	
              (1)

            	
              Mr.
      Michel’s Change In Control Agreement is substantially identical to Exhibit
      10.6 except as to the lump-sum cash payment upon termination, which is
      equal to two (2) times the Employee’s average “Annual Compensation” over
      the five most recently completed calendar
years.

            

    

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    CHANGE IN
CONTROL AGREEMENT

     

    This
Change in Control Agreement (the “Agreement”) is made and entered into by and
between               
(the “Employee”), HAMPDEN BANK, a Massachusetts-chartered savings bank, with its
principal administrative office at 19 Harrison Avenue, Springfield, MA 01102
(the “Bank”), and HAMPDEN BANCORP, INC., a corporation organized under the laws
of the State of Delaware, the holding company for the Bank (the “Holding
Company”), effective as of the latest date set forth by the signatures of the
parties hereto below (the “Effective Date”).

     

    WHEREAS,
it is expected that the Bank and/or the Holding Company from time to time will
consider the possibility of an acquisition by another company or other change in
control. The Board of Directors of the Bank (the “Board”) recognizes that such
consideration can be a distraction to the Employee and can cause the Employee to
consider alternative employment opportunities. The Board has determined that it
is in the best interests of the Bank and its shareholders to assure that the
Bank will have the continued dedication and objectivity of the Employee,
notwithstanding the possibility, threat or occurrence of a Change in Control (as
defined below) of the Bank or the Holding Company.

     

    WHEREAS,
the Board believes that it is in the best interests of the Bank and its
shareholders to provide the Employee with an incentive to continue his
employment and to motivate the Employee to maximize the value of the Bank upon a
Change in Control for the benefit of its shareholders.

     

    WHEREAS,
the Board believes that it is imperative to provide the Employee with certain
severance benefits upon Employee’s termination of employment following a Change
in Control that provides the Employee with enhanced financial security and
provides incentive and encouragement to the Employee to remain with the Bank
notwithstanding the possibility of a Change in Control.

     

    NOW,
THEREFORE, in consideration of the mutual promises, terms, provisions, and
conditions contained in this Agreement, the parties hereby agree as
follows:

     

    1.            
TERM OF AGREEMENT. The initial term of this Agreement shall commence as of the
Effective Date and shall continue for two (2) years. The Board may extend the
term of this Agreement for a successive one (1) year term at the end of the
initial term, in its discretion.

     

    2.            
AT-WILL EMPLOYMENT. The Bank and the Employee acknowledge that the Employee’s
employment is and shall continue to be at-will, as defined under Massachusetts
law at the time of the execution of this Agreement. If the Employee’s employment
terminates (a) for any reason before a Change in Control (defined below), (b)
for Cause (defined below) following a Change in Control, (c) without Good Reason
(defined below) following a Change in Control, or (d) as a result of the
Employee’s Death or Disability (defined below), the Employee shall not be
entitled to any payments, benefits, damages, awards or compensation other than
as provided by this Agreement or as may otherwise be available in accordance
with the Bank’s established employee plans and practices or pursuant to other
agreements with the Bank.

     

     

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    3.                                      
PAYMENTS IN CONNECTION WITH A CHANGE IN CONTROL.

     

    (a)                                 
For purposes of this Agreement, a “Change in Control” shall mean any of
the following events:

     

    (1)                                 
MERGER. The Bank or the Holding Company merges into or consolidates with
another entity, or merges another corporation into the Bank or Holding Company,
and as a result, less than a majority of the combined voting power of the
resulting corporation immediately after the merger or consolidation is held by
persons who were stockholders of the Bank or the Holding Company immediately
before the merger or consolidation;

     

    (2)                                 
ACQUISITION OF SIGNIFICANT SHARE OWNERSHIP. There is filed, or is
required to be filed, a report on Schedule 13D or another form or schedule
(other than Schedule 13G) required under Sections 13(d) or 14(d) of the
Securities Exchange Act of 1934, as amended, if the schedule discloses that the
filing person or persons acting in concert has or have become the beneficial
owner of 25% or more of a class of the Bank or the Holding Company’s voting
securities, but this clause (ii) shall not apply to beneficial ownership of Bank
or Holding Company voting shares held in a fiduciary capacity by an entity of
which the Bank or the Holding Company directly or indirectly beneficially owns
50% or more of its outstanding voting securities.

     

    (3)                                 
CHANGE IN BOARD COMPOSITION. During any period of two consecutive years,
individuals who constitute the Bank’s or the Holding Company’s Board of
Directors at the beginning of the two-year period cease for any reason to
constitute at least a majority of the Bank’s or the Holding Company’s Board of
Directors; provided, however, that for purposes of this clause (iii), each
director who is first elected by the board (or first nominated by the board for
election by the members) by a vote of at least two-thirds (2/3) of the directors
who were directors at the beginning of the two-year period shall be deemed to
have also been a director at the beginning of such period; or

     

    (4)                                 
SALE OF ASSETS. The Bank or the Holding Company sells to a third party
all or substantially all of its assets.

     

    (5)                                 
TENDER OFFER. A tender offer is made for 25% or more of the voting
securities of the Bank or the Holding Company.

     

    (b)                                
For purposes of this Agreement, “Termination for Cause” shall mean
termination because of, in the good faith determination of the Board,
Employee’s:

     

    (1)                                 
Act of dishonesty, falsification of Bank or Holding Company documents, or
other intentional misrepresentation related to business matters of the Bank or
the Holding Company;

     

    (2)                                 
Incompetence;

     

    (3)                                 
Willful misconduct or action in bad faith;

     

     

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    (4)                                 
Breach of fiduciary duty;

     

    (5)                                 
Failure to substantially perform his stated duties and obligations to the
Bank, including, but not limited to, one or more acts of gross
negligence;

     

    (6)                                 
Willful violation of any law, rule, or regulation (other than traffic
violations or similar offenses) that reflects adversely on the reputation of the
Bank or the Holding Company, any felony conviction, any violation of law
involving moral turpitude, or any violation of a final cease-and-desist
order;

     

    (7)                                 
Commission of any tortious act, unlawful act or malfeasance that causes
or reasonably could cause harm to the Bank or the Holding Company;

     

    (8)                                 
Material breach of any provision of this Agreement, or the written
policies of the Bank and/or Holding Company (including, but not limited to the
Hampden Bank Code of Ethics and Conflict of Interest Policy);
and/or

     

    (9)                                 
Violation of the Securities Act of 1933 or the Securities Exchange Act of
1934.

     

    (c)                                 
For purposes of this Agreement, “Good Reason” shall exist if, without
Employee’s express written consent, the Bank or the Holding Company materially
breaches any of its obligations under this Agreement. Such a material breach
shall be deemed to occur upon any of the following:

     

    (1)                                 
A material reduction in Employee’s responsibilities or authority in
connection with his employment with the Bank or the Holding
Company;

     

    (2)                                 
Following a Change in Control, any material reduction in salary or
benefits below the amounts Employee was entitled to receive before the Change in
Control; or

     

    (3)                                 
A requirement that Employee relocate his principal business office or his
principal place of residence outside of the area consisting of a thirty-five
(35) mile radius from the current main office of the Bank and any branch of the
Bank, or the assignment to Employee of duties that would reasonably require such
a relocation.

     

    Notwithstanding
the foregoing, a reduction or elimination of Employee’s benefits under one or
more benefit plans maintained as part of a good faith, overall reduction or
elimination of such plans or benefits, applicable to all participants in a
manner that does not discriminate against Employee (except as such
discrimination may be necessary to comply with law), will not constitute an
event of Good Reason or a material breach of this Agreement, provided that
benefits of the same type or to the same general extent as those offered under
such plans before the reduction or elimination are not available to other
officers of the Bank or any affiliate under a plan or plans in or under which
Employee is not entitled to participate.

     

    (d)                                
For purposes of this Agreement, “Disability” shall have the same meaning
given to such term under the Bank’s Long-Term Disability plan as in effect from
time to time, or, if no such plan is then in effect, the meaning described in
Section 22(c)(3) of the Internal Revenue Code (the “Code”).

     

     

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    (e)                                 
In the event that, upon a change in ownership or control within the
meaning of Section 409A(a)(2)(A)(v) of the Code, Employee is offered employment
with the Bank or its successor that is comparable in terms of compensation and
responsibilities, and Employee stays for six (6) months after the change in
ownership or control is completed, Employee shall receive a lump sum payment in
the amount of three (3) months base salary.

     

    (f)                                   
TERMINATION. If within the period ending two (2) years after a Change in
Control, (i) the Bank or the Holding Company terminates Employee’s employment
Without Cause (defined in Section 3(b)), or (ii) Employee voluntarily terminates
his employment With Good Reason (defined in Section 3(c)), the Bank will pay
Employee, not later than ten (10) calendar days after the date of termination of
Employee’s employment:

     

    (1)                                 
Employee’s base salary through the effective date of termination, and
payment for any accrued but unpaid compensation;

     

    (2)                                 
one lump-sum cash payment equal to one (1) times Employee’s average
“Annual Compensation” over the five (5) most recently completed calendar
years, ending with the year immediately preceding the effective date of the
Change in Control. In determining Employee’s average “Annual Compensation”,
“Annual Compensation” will include base salary and any other taxable income
including, but not limited to, amounts related to the granting, vesting or
exercise of restricted stock or stock option awards, commissions, bonuses,
retirement benefits, director or committee fees and fringe benefits paid or
accrued for Employee’s benefit. Annual compensation will also include profit
sharing, Employee stock ownership plan and other retirement contributions or
benefits, including to any tax-qualified plan or arrangement (whether or not
taxable) made or accrued on behalf of Employee for such year; and

     

    (3)                                 
directly, or by reimbursing the Employee for, the monthly premium for
continuation coverage under the Bank’s health, dental and disability insurance
plans, to the same extent that such insurance is provided to persons currently
employed by the Bank, provided that the Employee makes a timely election for
such continuation coverage under the Consolidate Omnibus Budget Reconciliation
Act of 1985 (“COBRA”). The “qualifying event” under COBRA shall be deemed to
have occurred on the termination date. The Bank’s obligation under this
paragraph shall end 18 months after the termination date or at such earlier date
as the Employee becomes eligible for comparable coverage under another
employer’s group coverage. The Employee agrees to notify the Bank promptly and
in writing of any new employment and to make full disclosure to the Bank of the
health and dental insurance coverage available to him through such new
employment.

     

    (g)                                
VOLUNTARY RESIGNATION; TERMINATION FOR CAUSE. If the Employee’s
employment terminates by reason of the Employee’s voluntary resignation (and is
not for Good Reason), or if the Employee is terminated for Cause, then the
Employee shall not be entitled to receive severance or other benefits except for
those (if any) as may then be established under the Bank’s then existing
severance and benefits plans and practices or pursuant to other written
agreements with the Bank.

     

     

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    (h)                                
DISABILITY; DEATH. If the Bank terminates the Employee’s employment as a
result of the Employee’s Disability, or such Employee’s employment is terminated
due to the death of the Employee, then the Employee shall not be entitled to
receive severance or other benefits except for those (if any) as may then be
established under the Bank’s then existing severance and benefits plans and
practices or pursuant to other written agreements with the Bank.

     

    4.                                      
LIMITATION ON PAYMENTS. In the event that the severance and other
benefits provided for in this Agreement or otherwise payable to the Employee (i)
constitute “parachute payments” within the meaning of Section 280G of the Code
and (ii) but for this Section 4, would be subject to the excise tax imposed by
Section 4999 of the Code, then the Employee’s severance benefits shall be
either:

     

    (a)                                 
delivered in full, or

     

    (b)                                
delivered as to such lesser extent which would result in no portion of
such severance benefits being subject to excise tax under Section 4999 of the
Code,

     

    whichever
of the foregoing amounts, taking into account the applicable federal. state and
local income taxes and the excise tax imposed by Section 4999, results in the
receipt by the Employee on an after-tax basis, of the greatest amount of
severance benefits, notwithstanding that all or some portion of such severance
benefits may be taxable under Section 4999 of the Code. Unless the Bank and the
Employee otherwise agree in writing, any determination required under this
Section 4 shall be made in writing by the Bank’s independent public accountants
immediately prior to Change in Control (the “Accountants”), whose determination
shall be conclusive and binding upon the Employee and the Bank for all purposes.
For purposes of making the calculations required by this Section 1, the
accountants may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations
concerning the application of Sections 280G and 4999 of the Code. The Bank and
the Employee shall furnish to the Accountants such information and documents as
the Accountants may reasonably request in order to make a determination under
this Section. The Bank shall bear all costs the Accountants may reasonably incur
in connection with any calculations contemplated by this Section 4.

     

    5.                                      
CONFIDENTIALITY AND NON-SOLICITATION.

     

    (a)                                 
CONFIDENTIALITY.

     

    (1)                                 
“Confidential Information” is information however delivered, disclosed,
or discovered during the term of Employee’s employment, which Employee has, or
in the exercise of ordinary prudence should have, reason to believe is
confidential, or which the Bank designates as confidential including, but not
limited to:

     

    (i)                                    
BANK INFORMATION: Bank or Holding Company proprietary information,
technical data, trade secrets or know-how, including, but not limited to:
research, processes, pricing strategies, communication strategies, sales
strategies, sales literature, sales contracts, product plans, products,
inventions, methods, services, computer codes or instructions, software and
software documentation, equipment, costs, customer lists, business studies,
business procedures, finances and other business information disclosed to
Employee

     

     

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    by the
Bank or the Holding Company, either directly or indirectly in writing, orally or
by drawings or observation of parts or equipment and such other documentation
and information as is necessary in the conduct of the business of the Bank
and/or the Holding Company; and

     

    (ii)                                 
THIRD PARTY INFORMATION: confidential or proprietary information received
by the Bank or the Holding Company from third parties.

     

    (2)                                 
The Bank’s failure to mark any of the Confidential Information as
confidential or proprietary will not affect its status as Confidential
Information.

     

    (3)                                 
Employee also agrees that the terms, conditions and subject matter of
this Agreement are considered Confidential Information.

     

    (4)                                 
Confidential Information does not include information that has ceased to
be confidential by reason of any of the following: (i) was in Employee’s
possession prior to the date of his or her initial employment with the Bank,
provided that such information is not known by Employee to be subject to another
confidentiality agreement with, or other obligation of secrecy to, the Bank, the
Holding Company, or another party; (ii) is generally available to the public and
became generally available to the public other than as a result of a disclosure
in violation of this Agreement; (iii) became available to Employee on a
non-confidential basis from a third party, provided that such third party is not
known by Employee to be bound by a confidentiality agreement with, or other
obligation of secrecy to, the Bank, the Holding Company, or another party or is
otherwise prohibited from providing such information to Employee by a
contractual, legal or fiduciary obligation; or (iv) Employee is required to
disclose pursuant to applicable law or regulation (as to which information,
Employee will provide the Bank with prior notice of such requirement and, if
practicable, an opportunity to obtain an appropriate protective
order).

     

    (5)                                 
Employee shall not, either during or after the termination of his or her
employment with the Bank, communicate or disclose to any third party the
substance or content of any Confidential Information (defined above), or use
such Confidential Information for any purpose other than the performance of
Employee’s obligations hereunder. Employee acknowledges and agrees that any
Confidential Information obtained by Employee during the performance of his or
her employment concerning the business or affairs of the Bank, or any
subsidiary, affiliate or joint venture of the Bank is the property of the Bank,
or such subsidiary, affiliate or joint venture of the Bank, as the case may
be.

     

    (6)                                 
Employee agrees to return all Confidential Information, including all
copies and versions of such Confidential Information (including, but not limited
to, information maintained on paper, disk, CD-ROM, network server, or any other
retention device whatsoever) and other property of the Bank, to the Bank within
two (2) business days of his or her separation from the Bank (regardless of the
reason for the separation).

     

     

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    (7)                                 
RECOGNITION OF GOOD WILL. Employee further recognizes and acknowledges
that in the course of employment he is and will be introduced to customers and
others with important relationships to the Bank. Employee acknowledges and
agrees that any and all “goodwill” associated with any existing or prospective
customer, account or business partner belongs exclusively to the Bank including,
but not limited to, any goodwill created as a result of direct or indirect
contacts or relationships between Employee and any existing or prospective
customers, accounts, business partners and other key relationships of the
Bank.

     

    (b)                                
NON-SOLICITATION. In view of the covenants above, and as a material
inducement to the Bank to enter into this Agreement and to pay to Employee the
compensation stated in Section 3, Employee agrees that during his employment and
for a period of six (6) months thereafter (the “Non-Solicitation Period”),
Employee shall not, either individually or on behalf of or through any third
party, directly or indirectly, engage in the following activities:

     

    (1)                                 
CUSTOMER, CLIENT AND VENDOR NON-SOLICITATION. Solicit, divert,
appropriate or take away, or attempt to solicit, divert, appropriate or take
away, the business or patronage of any of the clients, customers or vendors of
the Bank that were clients, customers or vendors of the Bank while Employee was
employed by the Bank and that were serviced by Employee, or prospective clients,
customers or vendors with which Employee had written or oral communications
while Employee was employed by the Bank.

     

    (2)                                 
EMPLOYEE NON-SOLICITATION. Hire, retain, recruit, entice, induce, solicit
or encourage any employee or consultant to terminate their employment with, or
otherwise cease their relationship with, the Bank or its parent, subsidiaries or
affiliates. This section 5(c)(2) shall prohibit the aforesaid actions by
Employee with respect to any person both while such person is a current employee
or consultant of the Bank or such related entities, and for the ninety (90) day
period after such person’s employment or consultancy with the Bank
terminates.

     

    The terms
of this Section 5 of the Agreement are in addition to, and not in lieu of, any
other contractual, statutory or common law obligations that Employee may have
relating to the protection of the Bank’s Confidential Information or its
property. The terms of this section shall survive indefinitely Employee’s
employment with the Bank, provided that the Confidential Information of the Bank
remains confidential and is not a matter of public knowledge.

     

    6.                                      
POST-TERMINATION OBLIGATIONS. Any and all payments and benefits due to
Employee under this Agreement are subject to his compliance with Section 5 of
this Agreement. Upon a good faith finding by the Board that Employee breached
Section 5 of this Agreement, the Bank shall be excused from making any and all
payments under this Agreement and Employee shall return to the Bank all previous
payments made to him under this Agreement.

     

    7.                                      
SUCCESSORS.

     

    (a)                                 
SUCCESSOR TO BANK. The Bank shall require any successor or assignee,
whether direct or indirect, by purchase, merger, consolidation or otherwise, to
all or substantially all of the business or assets of the Bank or the Holding
Company, expressly and unconditionally to assume

     

     

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    and agree
to perform the Bank’s obligations under this Agreement, in the same manner and
to the same extent that the Bank would be required to perform if no such
succession or assignment had taken place.

     

    (b)                                
SUCCESSOR TO THE EMPLOYEE. Neither this Agreement nor any right or
interest hereunder will be assignable or transferable by the Employee, his
beneficiaries or legal representatives, except by will or by the laws of descent
and distribution. This Agreement will inure to the benefit of and be enforceable
by the Employee’s legal personal representative.

     

    8.                                      
NOTICES.

     

    All
notices, requests, demands and other communications in connection with this
Agreement shall be made in writing and shall be deemed to have been given when
delivered by hand or 48 hours after mailing at any general or branch United
States Post Office, by registered or certified mail, postage prepaid, addressed
to the Bank at its principal business offices and to Employee at his home
address as maintained in the records of the Bank.

     

    9.                                      
SOURCE OF PAYMENTS. All payments provided in this Agreement shall be paid
in from the general funds of the Bank. In the event, however, that the Bank is
unable to make such payments to the Employee, such amounts shall be paid or
provided by the Holding Company.

     

    10.                                
MISCELLANEOUS PROVISIONS.

     

    (a)                                 
NO DUTY TO MITIGATE. The Employee shall not be required to mitigate the
amount of any payment contemplated by this Agreement, nor shall any such payment
be reduced by any earnings that the Employee may receive from any other
source.

     

    (b)                                
WAIVER. No provision of this Agreement shall be modified, waived or
discharged unless the modification, waiver or discharge is agreed to in writing
and signed by the Employee and by an authorized officer of the Bank (other than
the Employee). No waiver by either party of any breach of, or of compliance
with, any condition or provision of this Agreement by the other party shall be
considered a waiver of any other condition or provision or of the same condition
or provision at another time. Further, the Bank’s waiver of its right to enforce
similar conditions or provisions in another employee’s agreement (employment or
other) shall not operate as a waiver of its right to enforce any of the
conditions or provisions in this Agreement.

     

    (c)                                 
ENTIRE AGREEMENT. This Agreement constitutes the entire agreement of the
parties hereto and supersedes in their entirety all prior undertakings and
agreements of the parties.

     

    (d)                                
CHOICE OF LAW; ENFORCEABILITY; WAIVER OF JURY TRIAL.

     

    (1)                                 
THE LAW OF MASSACHUSETTS APPLIES TO THIS AGREEMENT. This Agreement and
all transactions contemplated by this Agreement shall be governed by and
construed and enforced in accordance with the internal laws of the Commonwealth
of Massachusetts, without regard to principles of conflicts of law.

     

    (2)                                 
ANY DISPUTE REGARDING THIS AGREEMENT WILL TAKE PLACE IN MASSACHUSETTS.
The Parties agree that this Agreement shall be enforced by the Business
Litigation

     

     

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    Session
of the Massachusetts Superior Court located in Suffolk County, which retains
exclusive jurisdiction and venue for any actions or proceedings, demand, claim
or counterclaim relating to, or arising under, the terms and provisions of this
Agreement, or to its breach. The Parties further acknowledge that material
witnesses and documents would be located in Massachusetts.

     

    (e)          
SEVERABILITY. If a court of competent jurisdiction determines that any portion
of this Agreement is illegal, invalid or unenforceable, then that portion shall
be considered to be removed from the Agreement and it shall not affect the
legality, validity or enforceability of the remainder of the Agreement and the
remainder of the Agreement shall continue in full force and effect. Similarly,
if the scope of any restriction or covenant contained herein should be or become
too broad or extensive to permit enforcement thereof to its full extent, then
the court is specifically authorized by the parties to enforce any such
restriction or covenant to the maximum extent permitted by law, and Employee
hereby consents and agrees that the scope of any such restriction or covenant
may be modified accordingly in any judicial proceeding brought to enforce such
restriction or covenant.

     

    (f)           
WITHHOLDING. All payments made pursuant to this Agreement will be subject to
withholding of applicable income and employment taxes.

     

    (g)          
COUNTERPARTS. This Agreement may be executed in counterparts, each of which
shall be deemed an original, but all of which together will constitute one and
the same instrument.

     

     

    [REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK]

     

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    SIGNATURES

     

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement
on           ,
2007.

     

    
      	
              ATTEST:

            	 
      	
              HAMPDEN
      BANK

            
	 
      	 
      	 
      
	 
      	 
      	
              By:

            
	 
      	 
      	 
      	 
      
	
              Corporate
      Secretary

            	 
      	 
      	
              For
      the Entire Board of Directors

            
	 
      	 
      	 
      
	
              ATTEST:

            	 
      	
              HAMPDEN
      BANCORP, INC.

            
	 
      	 
      	 
      
	 
      	 
      	
              By:

            
	 
      	 
      	 
      	 
      
	
              Corporate
      Secretary

            	 
      	 
      	
              For
      the Entire Board of Directors

            
	 
      	 
      	 
      
	
              WITNESS:

            	 
      	
              EMPLOYEE:

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              Corporate
      Secretary

            	 
      	 
      

    

     

     

    11ex101.htm

    AMENDMENT
TO ACQUISITION AGREEMENT

    

    This agreement (the
“Amendment Agreement”)
dated January 19, 2009 amends the Acquisition Agreement dated August 12,
2008  (the "Acquisition Agreement"), made by and
between Minerco Resources, Inc. ("Minerco") and Wisdom
Resources, Inc. (“Wisdom”) as included by
Minerco in its registration statement on Form S-1 filed with the United States
Securities and Exchange Commission on December 10, 2008.

    

    WHEREAS:

    

    
      	
              A.

            	
              Pursuant to
      the Acquisition Agreement, Wisdom assigned 100% of all right and title in
      and to a certain unit to Minerco in consideration for a one-time lump sum
      cash payment $5,000 and 12,500,000 restricted common shares in the capital
      stock of Minerco; and

            

    

    

    
      	
              B.

            	
              For their
      mutual benefit, Minerco and Wisdom wish to modify the consideration paid
      between them in respect of the aforementioned unit and shares pursuant to
      the Acquisition Agreement.

            

    

    

    THIS AGREEMENT WITNESSES THAT
in consideration of the foregoing and the mutual covenants and promises
contained herein, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereby agree as
follows:

    

    1.           Amendment

    

    
      	
              1.1

            	
              Section 1.1
      of the Acquisition Agreement shall be deleted and replaced with
      the   following:

            

    

    

    
      	
               
      

            	
              1.1

            	
              On the basis
      of the representations and warranties set forth in section 2 of this
      Agreement, effective as of the Closing Date (as hereinafter
      defined):

            

    

    

    
      	
               
      

            	
              (a)

            	
              the Vendor
      assigns to the Purchaser one hundred percent (100%) of all right and title
      in and to the Unit and the Purchaser accepts such
    assignment;

            

    

    

    
      	
               
      

            	
              (b)

            	
              the Vendor
      agrees to pay to the Purchaser a one-time lump sum cash payment of five
      thousand dollars ($5,000), in accordance with the Subscription Agreement
      (as hereinafter defined); and

            

    

    

    
      	
               
      

            	
              (c)

            	
              the Purchaser
      agrees to issue the Vendor 12,500,000 restricted common shares in the
      capital stock of the Purchaser (the “Shares”), subject to the
      Vendor executing a subscription agreement (the “Subscription Agreement”)
      substantially in the form attached hereto as Schedule B, which
      Subscription Agreement is hereby pre-approved by the Vendor.
    “

            

    

    

    
      	
              1.2

            	
              In Schedule B
      to the Acquisition Agreement (Private Placement
      Subscription   Agreement for U.S. Residents) the table
      labelled “Payment Information” shall be deleted and replaced with the
      following:

            

    

    

    
      	
              Payment
      Information

            	
              Payment
      Method:

            	
               Wire
      Transfer   ̈   Check
      / Bank Draft / Money Order  þ   Services   ̈

            
	
              Number of
      Shares Purchased:

            	
              12,500,000

            	100% of all
      right and title in and to the Unit plus $5,000 in accordance with the
      Acquisition Agreement dated August 12, 2008
	 
    	
              (the “Shares”)

            	
                                          Subscription
      Price

            
	
                Signature
      of Purchaser:

            	 
    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.           Affirmation

    

    
      	
              2.1 

            	
              The parties
      affirm the Acquisition Agreement in all other
  respects.

            

    

    

    
      	
              2.2

            	
              For
      reference, a copy of the Acquisition Agreement, as amended, is attached
      hereto as Exhibit A.

            

    

    

    3.           General
Provisions

    

    
      	
              3.1

            	
              Counterparts.  This
      Amendment Agreement may be executed in counterparts, each of which shall
      be deemed an original, but all of which together shall constitute one and
      the same agreement.  In the event that the document is signed by
      one party and faxed to another the parties agree that a faxed signature
      shall be binding upon the parties to this Amendment Agreement as though
      the signature was an original.

            

    

    

    
      	
              3.2

            	
              Succession.  The
      provisions of this Amendment Agreement shall be binding upon the parties
      and their respective successors and permitted
  assigns.

            

    

    

    
      	
              3.3

            	
              Currency.  All
      references to currency in this Amendment Agreement are to U.S. dollars
      unless otherwise indicated.

            

    

     

    
      	
              3.4

            	
              Counsel.  The
      parties expressly acknowledge that each has been advised to seek separate
      counsel for advice in this matter and has been given a reasonable
      opportunity to do so.

            

    

    

    IN WITNESS WHEREOF the parties
have executed this Amendment Agreement as of the day and year first written
above.

    

    

    Minerco
Resources, Inc.

    

    Per:

     

    /s/
Michael Too

    Michael Too,
President,

    Authorized
Signatory

    

    

    Wisdom
Resources, Inc.

    

    Per:

     

    /s/
Michael Too

    Michael Too,
President,

    Authorized
Signatory

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
A

    

    ACQUISITION
AGREEMENT

    

    THIS AGREEMENT is
dated for reference the 12th day of August, 2008, as amended on the 19th day of
January, 2009.

    

    AMONG:

    

    Minerco Resources,
Inc.,

    a
company incorporated in the state of
Nevada                                                                                                (the
“Purchaser”)

    

    AND:

    

    Wisdom Resources,
Inc.,

    a
company incorporated in the state of
Nevada                                                                                                (the “Vendor”)

    

    

    WHEREAS, the Vendor purchased a unit
(the “Unit”) from
Plateau Mineral Development LLC (the “Operator”) pursuant to the
Addendum to Unit Acquisition Agreement dated August 1, 2008 (the “Acquisition Agreement”), attached hereto
and incorporated into this Agreement as Schedule “A”; and

    

    WHEREAS the Vendor
has agreed to sell the Unit and the Purchaser has agreed to buy the Unit on the
terms and conditions hereinafter set forth.

    

    NOW THEREFORE in
consideration of the premises, covenants and agreements contained herein and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the Vendor, the Purchaser and the Operator, the parties
hereby agree as follows:

    

    
      	
              1.

            	
              Purchase
      and Sale

            

    

    

    
      	
              1.1

            	
              On the basis
      of the representations and warranties set forth in section 2 of this
      Agreement, effective as of the Closing Date (as hereinafter
      defined):

            

    

    

    
      	
               
      

            	
              (a)

            	
              the Vendor
      assigns to the Purchaser one hundred percent (100%) of all right and title
      in and to the Unit and the Purchaser accepts such
    assignment;

            

    

    

    
      	
               
      

            	
              (b)

            	
              the Vendor
      agrees to pay to the Purchaser a one-time lump sum cash payment of five
      thousand dollars ($5,000), in accordance with the Subscription Agreement
      (as hereinafter defined); and

            

    

    

    
      	
               
      

            	
              (c)

            	
              the Purchaser
      agrees to issue the Vendor 12,500,000 restricted common shares in the
      capital stock of the Purchaser (the “Shares”), subject to the
      Vendor executing a subscription agreement (the “Subscription Agreement”)
      substantially in the form attached hereto as Schedule B, which
      Subscription Agreement is hereby pre-approved by the
    Vendor.

            

    

    

    
      	
              1.2

            	
              The “Closing Date” shall
      occur on the tenth (10th)
      business day following the execution of this Agreement or on such other
      date as may be mutually agreed by the Vendor and the Purchaser in
      writing.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              2.

            	
              Representations
      and Warranties

            

    

    

    
      	
              2.1 

            	
              The Purchaser
      represents and warrants to the Vendor
that:

            

    

    

    
      	
               
      

            	
              (a)

            	
              the Purchaser
      is a company duly incorporated, organized and validly subsisting under the
      laws of the state of Nevada;

            

    

    

    
      	
               
      

            	
              (b)

            	
              the Purchaser
      has full power, capacity and authority to carry on its business and to
      enter into and perform its obligations under this Agreement and any
      agreement or instrument referred to or contemplated
  hereby;

            

    

    

    
      	
               
      

            	
              (c)

            	
              all necessary
      corporate and shareholder approvals of the Purchaser have been obtained
      and are in effect with respect to the transactions contemplated by this
      Agreement, and no further action on the part of the directors or
      shareholders of the Purchaser is necessary or desirable to make this
      Agreement valid and binding; and

            

    

    

    
      	
               
      

            	
              (d)

            	
              neither the
      execution and delivery of this Agreement nor the consummation of the
      transactions contemplated hereby conflict with, result in the breach of or
      accelerate the performance required by the constating documents of the
      Purchaser or any agreement to which it is a
  party.

            

    

    

    
      	
              2.2 

            	
              The Vendor
      represents and warrants to the Purchaser
that:

            

    

    

    
      	
               
      

            	
              (a)

            	
              the Vendor is
      the exclusive beneficial owner of the Unit and it has the exclusive right
      to enter into this Agreement;

            

    

    

    
      	
               
      

            	
              (b)

            	
              the Unit is
      free and clear of all liens, claims or other
  encumbrances;

            

    

    

    
      	
               
      

            	
              (c)

            	
              the Vendor is
      a company duly incorporated, organized and validly subsisting under the
      laws of the state of Nevada;

            

    

    

    
      	
               
      

            	
              (d)

            	
              the Vendor
      has the full power, capacity and authority to carry on its business and to
      enter into and perform its obligations under this Agreement and any
      agreement or instrument referred to or contemplated
  hereby;

            

    

    

    
      	
               
      

            	
              (e)

            	
              all necessary
      corporate and shareholder approvals of the Vendor have been obtained and
      are in effect with respect to the transactions contemplated by this
      Agreement, and no further action on the part of the directors or
      shareholders of the Vendor is necessary or desirable to make this
      Agreement valid and binding;

            

    

    

    
      	
               
      

            	
              (f)

            	
              neither the
      execution and delivery of this Agreement nor the consummation of the
      transactions contemplated hereby conflict with, result in the breach of or
      accelerate the performance required by the constating documents of the
      Vendor or any agreement to which it is a
party;

            

    

    

    
      	
               
      

            	
              (g)

            	
              the
      Acquisition Agreement is and shall continue to be, subsequent to the
      Closing Date, (i) in full force and effect, (ii) binding upon the
      Operator, and (iii) enforceable against the Operator;
  and

            

    

    

    
      	
               
      

            	
              (h)

            	
              the Operator
      has consented to the sale of the Unit by the Vendor to the
      Purchaser.

            

    

    

    
      	
              2.3

            	
              The
      representations and warranties hereinbefore set out are conditions on
      which the parties have relied in entering into this Agreement and shall
      survive the acquisition of the Unit by the
  Purchaser.

            

    

    

    
      	
              2.4

            	
              Each of the
      parties shall indemnify and save the other harmless from all loss, damage,
      costs, actions and suits arising out of or in connection with any breach
      of any representation, warranty, covenant, agreement or condition made by
      it and contained in this Agreement.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    3.         General
Provisions

    

    
      	
              3.1

            	
              Relationship Between
      the Parties.  Nothing contained in this Agreement shall
      be construed as creating any relationship (whether by way of employment,
      agency, joint venture, association, or partnership) between the
      parties.  It is expressly understood that the relationship
      between the parties shall be that of independent
    contractors.

            

    

    

    
      	
              3.2

            	
              Time.  Time
      is of the essence of each provision of this
  Agreement.

            

    

    

    
      	
              3.3

            	
              Presumption.  This
      Agreement or any section thereof shall not be construed against any party
      due to the fact that said Agreement or any section thereof was drafted by
      said party.

            

    

    

    
      	
              3.4

            	
              Further
      Action.  The parties shall execute and deliver all
      documents, provide all information and take or forbear from all such
      action as may be necessary or appropriate to achieve the purposes of this
      Agreement.

            

    

    

    
      	
              3.5

            	
              Good Faith,
      Cooperation and Due Diligence.  The Parties covenant,
      warrant and represent to each other good faith, complete cooperation, due
      diligence and honesty in fact in the performance of all obligations of the
      parties pursuant to this Agreement.  All promises and covenants
      are mutual and dependent.

            

    

    

    
      	
              3.6

            	
              Savings Clause.  If
      any provision of this Agreement, or the application of such provision to
      any person or circumstance, shall be held invalid, the remainder of this
      Agreement, or the application of such provision to persons or
      circumstances other than those as to which it is held invalid, shall not
      be affected thereby and shall continue in full force and
      effect.

            

    

    

    
      	
              3.7

            	
              Assignment.  The
      Purchaser may assign any of its rights under this Agreement in its sole
      discretion, whether in whole or in part.  The Vendor may assign
      any of its rights or obligations hereunder without the prior written
      consent of the Purchaser.

            

    

    

    
      	
              3.8

            	
              Notices and
      Correspondence.  All notices required or permitted to be
      given under this Agreement shall be in writing and shall be deemed to have
      been sufficiently given for all purposes thereof when mailed by certified
      mail to the party to be notified or faxed with evidence of receipt to the
      applicable party or parties at the applicable addresse(s) first written
      above, or to such other person(s) or addresses as either party may
      designate upon at least ten (10) days written notice to the other
      party.

            

    

    

    
      	
              3.9

            	
              Entire
      Agreement.  This Agreement, including all attached
      schedules which are hereby incorporated by reference, sets forth the
      entire understanding and agreement among the parties relating to the
      subject matter contained herein and merges all prior discussions and
      agreements between them, and none of the parties shall be bound by any
      definition, condition, warranty or representation other than expressly
      stated in this Agreement.  Any amendment to this Agreement shall
      not be effective unless it is in writing and signed by the duly authorized
      signing officers or attorney in fact of each
  party.

            

    

    

    
      	
              3.10

            	
              Waiver. A delay or failure
      by any party to exercise in whole or in part a right, power or remedy
      under this Agreement shall not constitute a waiver of that or any other
      right, power or remedy.

            

    

    

    
      	
              3.11

            	
              Counterparts.  This
      Agreement may be executed in counterparts, each of which shall be deemed
      an original, but all of which together shall constitute one and the same
      Agreement.  In the event that the document is signed by one
      party and faxed to another the parties agree that a faxed signature shall
      be binding upon the parties to this Agreement as though the signature was
      an original.

            

    

    

    
      	
              3.12

            	
              Succession.  The
      provisions of this Agreement shall be binding upon the parties and their
      respective successors and permitted
assigns.

            

    

    

    
      	
              3.13

            	
              Currency.  All
      references to currency in this Agreement are to U.S. dollars unless
      otherwise indicated.

            

    

     

    
      	
              3.14

            	
              Counsel.  The
      Parties expressly acknowledge that each has been advised to seek separate
      counsel for advice in this matter and has been given a reasonable
      opportunity to do so.

            

    

    

    IN WITNESS WHEREOF the parties
hereto have executed this Agreement as of the day and year first written
above.

    

    

    Minerco
Resources, Inc.

    

    Per:

     

    /s/
Gordon DeGroot

    Gordon DeGroot,
President,

    Authorized
Signatory

    

    

    Wisdom
Resources, Inc.

    

    Per:

     

    /s/
Michael Too

    Michael
Too, President,

    Authorized
Signatory

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
A

    

    ADDENDUM
TO UNIT ACQUISITION AGREEMENT

    

    THIS ADDENDUM
AGREEMENT (the “Agreement”) is dated for
reference the 1st day of August, 2008.

    

    BETWEEN:

    

    Wisdom Resources,
Inc.,

    a
company incorporated in the state of
Nevada                                                                      (“Wisdom”)

    

    AND

    

    Plateau Mineral Development,
LLC,

    1710 Crosswinds Landing

    Fort Walton Beach, FL
32547                                                                                              (“Plateau”)

    

    

    WHEREAS Wisdom and
Plateau entered into a Unit Subscription Agreement (the “Unit Subscription Agreement”)
regarding that certain natural gas pipeline owned by Plateau known as the
PMD-Duke (the “Pipeline”) located in Morgan
County, Tennessee;

    

    WHEREAS the Unit
Subscription Agreement consisted of: (i) a promissory note (the “Promissory Note”) dated May
15, 2008 (incorporated into this Agreement and attached hereto as Schedule 1);
and (ii) the “Financing the Completion of the PMD-Duke Pipeline” document dated
May 7, 2007 (collectively, the “Unit”);

    

    WHEREAS, by this
Agreement, the parties wish to clarify and affirm certain of their respective
representations, warranties, rights and obligations as contained in the Unit
Subscription Agreement;

    

    NOW THEREFORE in
consideration of the premises, covenants and agreements contained herein and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by Wisdom and by Plateau, the parties agree as
follows

    

    
      	
              1.

            	
              Confirmation
      of Purchase and Sale of Unit

            

    

    

    
      	
              1.1

            	
              Effective as
      of May 15, 2008 (the “Closing Date”), Plateau
      hereby confirms that it has  assigned to Wisdom one hundred
      percent (100%) of all right and title in and to the Unit and Wisdom
      confirms that it has accepted such
assignment.

            

    

    

    
      	
              1.2

            	
              The parties
      hereby represent, warrant and agree that the Unit consists of the
      following:

            

    

    

    
      	
              (a)  

            	
              the
      Promissory Note between the Wisdom and Plateau pursuant to which Plateau
      undertakes to pay to Wisdom the principal amount of twenty thousand
      dollars ($20,000) plus interest calculated annually at the rate of ten
      percent (10%) (the “Interest”) on any unpaid
      and outstanding principal to be paid as
follows:

            

    

    

    
      	
              a.  

            	
              Plateau shall
      pay to Wisdom Interest on any unpaid and outstanding principal each March
      31, June 30, September 30 and December 30 commencing within 60 days of
      completion of the Pipeline compressor station;
  and

            

    

    

    
      	
              b.  

            	
              Plateau shall
      pay to Wisdom amounts in respect of outstanding principal as
      follows:

            

    

    

    
      	
              i.  

            	
              $4,000 on
      December 31, 2007;

            

    

    
      	
              ii.  

            	
              $6,000 on
      December 31, 2008; and

            

    

    
      	
              iii.  

            	
              $10,000 on
      December 31, 2009

            

    

    

    
      	
              (b)  

            	
              a continuous
      right of Wisdom to receive from Plateau and an obligation of Plateau to
      pay to Wisdom a royalty (the “Royalty”), payable
      semi-annually by December 31 and June 30, equaling two cents ($0.02) per
      each one thousand (1000) cubic feet/MCF of gas flowing through the
      Pipeline, for as long as Plateau or its successors operates the
      Pipeline.  With regard to the Royalty, Plateau agrees that
      Wisdom’s twenty thousand dollar ($20,000) investment constitutes two (2)
      units of a maximum possible twenty-two (22) investment units in the
      Pipeline.  Each investment unit shall be valued at ten thousand
      dollars ($10,000) payable in cash only, with each unit holder being
      entitled to receive the Royalty on a pro-rated basis according to the
      number of units held by them.  Wisdom’s share of the Royalty may
      not be diluted by any additional investments in the
      Pipeline.  Also, no Unit holder may participate in the royalty
      or investment recoupment on terms more favorable than those granted to
      Wisdom.

            

    

    

    
      	
              1.3

            	
              The parties
      acknowledge and agree that the Unit shall be fully assignable by Wisdom,
      in whole or in part, by providing written notice of any such assignment to
      Plateau.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              2.

            	
              Representations
      and Warranties

            

    

    

    
      	
              2.1

            	
              Plateau
      represents, warrants and covenant to Wisdom
  that:

            

    

    

    
      	
               
      

            	
              (a)

            	
              the
      Promissory Note is and shall continue to be, as of the date of this
      Agreement, in full force and effect, binding on and enforceable against
      Plateau;

            

    

    

    
      	
               
      

            	
              (b)

            	
              pursuant to
      the agreement between Plateau and Wisdom dated on or about May 7, 2007,
      Wisdom is entitled to receive or assign, and Plateau has agreed to pay to
      Wisdom or Wisdom’s assignee, the
Royalty;

            

    

    

    
      	
               
      

            	
              (c)

            	
              as of the
      date of this Agreement, twenty thousand dollars ($20,000) of principal and
      at least nine hundred and twenty dollars and fifty-five cents ($920.55) of
      interest remains payable in respect of the Promissory
  Note;

            

    

    

    
      	
               
      

            	
              (d)

            	
              Plateau shall
      not assign its obligations in relation to the Royalty or the Promissory
      Note to any party without the prior written consent of
    Wisdom;

            

    

    

    
      	
               
      

            	
              (e)

            	
              Plateau owns
      one hundred percent (100%) of all right and title in and to the
      Pipeline;

            

    

    

    
      	
               
      

            	
              (f)

            	
              Plateau has
      established an accountable operating division known as PMD Pipeline, L.P.,
      with its own bank account (the “Pipeline Account”), to
      monitor the business of the
Pipeline;

            

    

    

    
      	
               
      

            	
              (g)

            	
              all funds
      received or paid by or on behalf of Plateau in relation to the operation
      of the Pipeline shall be paid to or from the Pipeline
      Account.  No funds received by or on behalf of Plateau in
      relation to the operation of the Pipeline shall be commingled with other
      revenue sources;

            

    

    

    
      	
               
      

            	
              (h)

            	
              Plateau
      agrees to maintain accurate and normal books of account and records with
      reference to the Pipeline to meet tax reporting
    requirements;

            

    

    

    
      	
               
      

            	
              (i)

            	
              Plateau is a
      limited liability company duly incorporated, organized and validly
      subsisting under the laws of the State of Tennessee, with a registered
      records office located at 101 Hogan Lane, Columbia, Tennessee,
      38401;

            

    

    

    
      	
               
      

            	
              (j)

            	
              Plateau has
      the full power, capacity and authority to carry on its business and to
      enter into and perform its obligations under the Unit Subscription
      Agreement, under this Agreement and under any instrument referred to or
      contemplated hereby;

            

    

    

    
      	
               
      

            	
              (k)

            	
              all necessary
      partnership and member approvals of Plateau have been obtained and are in
      effect with respect to the transactions contemplated by the Unit
      Subscription Agreement, and no further action is necessary to maintain the
      Unit Subscription Agreement as valid and
  binding;

            

    

    

    
      	
               
      

            	
              (l)

            	
              neither the
      execution and delivery of this Agreement nor the consummation of the
      transactions contemplated hereby conflict with, result in the breach of or
      accelerate the performance required by the constating documents of Plateau
      or any agreement to which it is a
party;

            

    

    

    
      	
               
      

            	
              (m)

            	
              Plateau
      hereby acknowledges and agrees that the rights of Wisdom in the Promissory
      Note and the Royalty shall be secured against a collateral assignment of
      the Pipeline.

            

    

    

    
      	
              2.2

            	
              The
      representations and warranties hereinbefore set out are conditions on
      which the parties have relied in entering into this Agreement and the Unit
      Subscription Agreement and shall survive the acquisition or assignment of
      the Unit by Wisdom.

            

    

    

    
      	
              2.3

            	
              Each of the
      parties shall indemnify and save the other harmless from all loss, damage,
      costs, actions and suits arising out of or in connection with any breach
      of any representation, warranty, covenant, agreement or condition made by
      it and contained in this Agreement.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    3.           General
Provisions

    

    
      	
              3.1

            	
              Relationship Between
      the Parties.  Nothing contained in this Agreement shall
      be construed as creating any relationship (whether by way of employment,
      agency, joint venture, association, or partnership) between the
      parties.  It is expressly understood that the relationship
      between the parties shall be that of independent
    contractors.

            

    

    

    
      	
              3.2

            	
              Time.  Time
      is of the essence of each provision of this
  Agreement.

            

    

    

    
      	
              3.3

            	
              Presumption.  This
      Agreement or any section thereof shall not be construed against any party
      due to the fact that said Agreement or any section thereof was drafted by
      said party.

            

    

    

    
      	
              3.4

            	
              Further
      Action.  The parties shall execute and deliver all
      documents, provide all information and take or forbear from all such
      action as may be necessary or appropriate to achieve the purposes of this
      Agreement.

            

    

    

    
      	
              3.5

            	
              Good Faith,
      Cooperation and Due Diligence.  The Parties covenant,
      warrant and represent to each other good faith, complete cooperation, due
      diligence and honesty in fact in the performance of all obligations of the
      parties pursuant to this Agreement.  All promises and covenants
      are mutual and dependent.

            

    

    

    
      	
              3.6

            	
              Savings Clause.  If
      any provision of this Agreement or of the Unit Subscription Agreement, or
      the application of such provision to any person or circumstance, shall be
      held invalid, the remainder of this Agreement, or the application of such
      provision to persons or circumstances other than those as to which it is
      held invalid, shall not be affected thereby and shall continue in full
      force and effect.

            

    

    

    
      	
              3.7

            	
              Notices and
      Correspondence.  All notices required or permitted to be
      given under this Agreement shall be in writing and shall be deemed to have
      been sufficiently given for all purposes thereof when mailed by certified
      mail to the party to be notified or faxed with evidence of receipt to the
      applicable party or parties at the applicable addresse(s) first written
      above, or to such other person(s) or addresses as either party may
      designate upon at least ten (10) days written notice to the other
      party.

            

    

    

    
      	
              3.9

            	
              Entire
      Agreement.  This Agreement, together with the Unit
      Subscription Agreement, sets forth the entire understanding and agreement
      among the parties relating to the subject matter contained herein and
      merges all prior discussions and agreements between them, and none of the
      parties shall be bound by any definition, condition, warranty or
      representation other than expressly stated in this Agreement or in the
      Unit Subscription Agreement.  Any amendment to this Agreement
      shall not be effective unless it is in writing and signed by the duly
      authorized signing officers or attorney in fact of each
      party.  In the event of any conflict between this Agreement and
      the Unit Subscription Agreement, this Agreement shall
    govern.

            

    

    

    
      	
              3.10

            	
              Waiver. A delay or failure
      by any party to exercise in whole or in part a right, power or remedy
      under this Agreement shall not constitute a waiver of that or any other
      right, power or remedy.

            

    

    

    
      	
              3.11

            	
              Signatures.  This
      Agreement may not be executed in counterparts. Each party shall provide
      the other with a signed original copy of this Agreement by mail or
      delivery service within a reasonable time following its
      execution.

            

    

    

    
      	
              3.12

            	
              Succession.  The
      provisions of this Agreement and the Unit Subscription Agreement shall be
      binding upon the parties and their respective successors and permitted
      assigns.

            

    

    

    
      	
              3.13

            	
              Currency.  All
      references to currency in this Agreement are to U.S. dollars unless
      otherwise indicated.

            

    

    

    

    IN WITNESS WHEREOF the parties
hereto have executed this Agreement as of the day and year first written
above.

    

    

    Wisdom
Resources, Inc.

    

    Per:

     

    /s/
Michael Too 

    Authorized
Signatory

    

    

    Plateau
Mineral Development, LLC

    

    Per:

    

    /s/
Robert D. Matthews

    Robert D. Matthews,
Manager

    Authorized
Signatory

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
 

    

    

    SCHEDULE
1

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
B

    

    MINERCO
RESOURCES, INC.

    

    Private
Placement Subscription Agreement for U.S. Residents

    

    
      	
              Purchaser
      Information

            	
              Name:

            	
              Wisdom
      Resources, Inc.

            	
              (the “Purchaser”)

            
	
              Address:

            	
              375 N.
      Stephanie St., Ste 1411

            	
              SSN /
      Passport /

              Tax ID
      #:

            
	
              City:

            	
              Henderson

            	
              State:

            	
              Nevada

            
	
              Country:

            	
              U.S.A.

            	
              Zip
      Code:

            	
              89014

            
	
              Telephone:

            	 
    	
              Date:

            	
              August 12,
      2008

            

    

    

    
      	
              Payment
      Information

            	
              Payment
      Method:

            	
               Wire
      Transfer   ̈   Check
      / Bank Draft / Money Order   ̈   Services  þ

            
	
              Number of
      Shares Purchased:

            	
              12,500,000

            	100% of all
      right and title in and to the Unit plus $5,000 in accordance with the
      Acquisition Agreement dated August 12, 2008
	 
    	
              (the “Shares”)

            	
                                          Subscription
      Price

            
	
                Signature
      of Purchaser:

            	 
    

    

     

    * Please make
cheques payable to Minerco Resources, Inc.

    

    These
Securities may be repurchased in accordance with Section 5 of this
Agreement.

    

    These securities
have not been registered under the Securities Act of 1933 (the "U.S. Securities Act") and may not
be offered or sold in the United States or to U.S. persons (other than
distributors) unless the securities are registered under the U.S. Securities
Act, or an exemption from the registration requirements of the U.S. Securities
Act is available.  Hedging transactions involving these securities may
not be conducted unless in compliance with the U.S. Securities Act.

    

    The
foregoing Subscription is accepted for and on behalf of Minerco Resources,
Inc.

    

    
      	
              By:

            	
              /s/
      Gordon DeGroot

            	
              Date:

            	
              August 12,
      2008

            
	 
    	
              Gordon
      DeGroot, President

            	 
    	 
    

    

    1.           Purchase
and Sale of Shares

    

    
      	
              1.1

            	
              The Purchaser
      subscribes for and agrees to purchase common shares (the "Shares") of Minerco
      Resources, Inc. (the "Issuer"), a Nevada
      corporation, in the amount set out above, to be recorded in the name of
      the Purchaser at the address set out
above.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              2.

            	
              Acknowledgements,
      Representations and Warranties of the
Purchaser

            

    

    

    
      	
              2.1

            	
              The Purchaser
      acknowledges, represents and warrants as of the date of this Agreement
      that the Purchaser is (check at least
one):

            

    

    

    
      	
               ̈

            	
              a director,
      officer, controlling shareholder or founder of the
  Issuer;

            
	
               

               ̈

            	
              a close
      personal friend or close business associate of a director, executive
      officer, controlling shareholder or founder of the Issuer;

               

              Length of
      Relationship: __________________________

               

              Details of
      Relationship (attach additional sheets if necessary):

               

              __________________________­­­­­­­­­­­­­­­­______________________________

            
	
               ̈

            	
              a spouse,
      parent, grandparent, brother, sister or child of a director, executive
      officer, founder or controlling shareholder of the
  Issuer;

            
	
               ̈

            	
              a parent,
      grandparent, brother, sister, or child of a spouse of a director,
      executive officer, founder or controlling shareholder of the
      Issuer;

            
	
               

               ̈

            	
              a company of
      which a majority of the voting securities are beneficially owned by, or a
      majority of the directors are, persons described above in this
      section;

               

              Length of
      Relationship: __________________________

               

              Details of
      Relationship (attach additional sheets if necessary):

               

              __________________________­­­­­­­­­­­­­­­­______________________________

            
	
               

               ̈

            	
              a person or
      entity that qualifies as an "accredited investor" as that term is defined
      in Canadian National Instrument 45-106 because he or she
      possesses:

              o either alone
      or with a spouse, net assets of at least $5,000,000

              o an annual net
      income before taxes of more than $200,000 (or $300,000 together with a
      spouse) in each of the last 2 calendar years, and who reasonably expects
      to exceed that net income level this year

              o either alone
      or with a spouse, net financial assets exceeding
    $1,000,000;

            
	
               ̈

            	
              a person or
      entity that otherwise qualifies as an "accredited investor" as that term
      is defined in Canadian National Instrument 45-106; or

            
	
               ̈

            	
              is investing
      a minimum amount of $150,000, paid in
cash.

            

    

    

    
      	
              2.2

            	
              If the
      Purchaser is a corporation, the Purchaser acknowledges, represents and
      warrants as of the date of this Agreement that the following information
      is true (attach additional sheets if
necessary):

            

    

    

    Person or persons
with sole or joint voting and investment control of the Purchaser:

    

    _____________________________________________________________________

    

    List of all
Directors of the Purchaser:

    

    _____________________________________________________________________

    

    List of all
Officers of the Purchaser and their titles:

    

    _____________________________________________________________________

    

    List of all
majority shareholders of the Purchaser (20% or greater):

    

    _____________________________________________________________________

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              2.3

            	
              The Purchaser
      understands and acknowledges that (a) the Shares are being offered and
      sold under one or more of the exemptions from registration provided for in
      Section 4(2) of the U.S. Securities Act and any applicable state
      securities laws; (b) the Purchaser has reviewed the confidential business
      plan of the Issuer or such other material  documents of the
      Issuer as the Purchaser has deemed necessary or appropriate for the
      purposes of purchasing the Shares, including this subscription agreement
      (collectively, the "Offering Documents");
      and (c) this transaction has not been reviewed or approved by the United
      States Securities and Exchange Commission or by any regulatory authority
      charged with the administration of the securities laws of any state or
      foreign country.

            

    

    

    
      	
              2.4 

            	
              The Purchaser
      represents the following:

            

    

    

    
      	
               
      

            	
              (a)

            	
              Sophistication of
      Purchaser.  The Purchaser either (i) has a preexisting
      personal or business relationship with the Issuer or its controlling
      persons, such as would enable a reasonably prudent purchaser to be aware
      of the character and general business and financial circumstances of the
      Issuer or its controlling persons, or (ii) by reason of the Purchaser's
      business or financial experience, individually or in conjunction with the
      Purchaser's unaffiliated professional advisors, who are not compensated by
      the Issuer or any affiliate or selling agent of the Issuer, directly or
      indirectly, is capable of evaluating the merits and risks of an investment
      in the Shares, making an informed investment decision and protecting the
      Purchaser's own interests in connection with the transactions contemplated
      by this Agreement.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Suitability.  The
      Purchaser understands and has fully considered for the purposes of this
      investment the risks of an investment in the Shares and understands that:
      (i) this investment is suitable only for a Purchaser who is able to bear
      the economic consequences of losing his or her entire investment; (ii) the
      Issuer is a start-up enterprise with no significant operating history;
      (iii) the purchase of the Shares is a speculative investment which
      involves a high degree of risk of loss of the Purchaser's entire
      investment, and (iv) there are substantial restrictions on the
      transferability of, and there may not be a public market for, the Shares,
      and accordingly, it may not be possible for the Purchaser to liquidate the
      his or her investment in the
Shares.

            

    

    

    
      	
               
      

            	
              (c)

            	
              Lack of
      Liquidity.  The Purchaser is able to: (i) bear the
      economic risk of this investment, (ii) hold the Shares for an indefinite
      period of time, and (iii) afford a complete loss of his or her investment;
      and represents that the he or she has sufficient liquid assets so that the
      lack of liquidity associated with this investment will not cause any undue
      financial difficulties or affect his or her ability to provide for current
      needs and possible financial
contingencies.

            

    

    

    
      	
               
      

            	
              (d)

            	
              Investment
      Information.  The Purchaser
      acknowledges that the Offering Documents contain the views of the
      management of the Issuer, and that any analysis of the market or of the
      Issuer’s strategy contained therein represents a subjective assessment
      about which reasonable persons could
disagree.

            

    

    

    
      	
               
      

            	
              (e)

            	
              Access to
      Information. The Purchaser, in making his or her decision to
      purchase the Shares, has relied solely upon independent investigations
      made by the Purchaser and the representations and warranties of the Issuer
      contained in this Agreement and the Purchaser has been given (i) access to
      all material books and records of the Issuer; (ii) access to all material
      contracts and documents relating to this offering; and (iii) an
      opportunity to ask questions of, and to receive answers from, the
      appropriate executive officers and other persons acting on behalf of the
      Issuer concerning the Issuer and the terms and conditions of this
      offering, and to obtain any additional information, to the extent such
      persons possess such information or can acquire it without unreasonable
      effort or expense, necessary to verify the accuracy of the information set
      forth in the Offering Documents.  The Purchaser acknowledges
      that no valid request to the Issuer by the Purchaser for information of
      any kind about the Issuer has been refused or denied by the Issuer or
      remains unfulfilled as of the date of this
  Agreement.

            

    

    

    
      	
               
      

            	
              (f)

            	
              Review of Offering
      Documents.  The Purchaser has carefully reviewed this
      Agreement. In evaluating the suitability of an investment in the Issuer,
      the Purchaser has not relied upon any representations or other information
      (whether oral or written) other than as set forth in this Agreement or as
      contained in any documents or answers to questions furnished by the
      Company.

            

    

    

    
      	
               
      

            	
              (g)

            	
              Accuracy of
      Information. All of the information set forth on the cover page of
      this Agreement indicated as applicable to the Purchaser is true and
      correct in all respects.

            

    

    

    
      	
               
      

            	
              (h)

            	
              Investment
      Intent.  The Shares are
      being acquired by the Purchaser solely for the Purchaser's own personal
      account, for investment purposes only, and not with a view to, or in
      connection with, any resale or distribution thereof.  The
      Purchaser has no contract, undertaking, understanding, agreement or
      arrangement, formal or informal, with any person to sell, transfer or
      pledge to any person the Shares, any part thereof, any interest therein or
      any rights thereto.  The Purchaser has no present plans to enter
      into any such contract, undertaking, agreement or
    arrangement.

            

    

    

    
      	
               
      

            	
              (i)

            	
              Control of
      Funds. The Purchaser
      represents that the funds provided for this investment are the property of
      the Purchaser or are otherwise funds as to which the Purchaser has the
      sole right of management.

            

    

    

    
      	
               
      

            	
              (j)

            	
              No
      Brokers.  The Purchaser has not engaged any broker,
      dealer, finder, commission agent or other similar person in connection
      with the offer or sale of the Shares and is not under any obligation to
      pay any broker's fee or commission in connection with his or her
      investment.

            

    

    

    
      	
              2.5

            	
              The Purchaser
      agrees that the acknowledgements, representations, warranties of the
      Purchaser contained herein will survive the Closing (as hereinafter
      defined).

            

    

    

    
      	
              2.6

            	
              The Purchaser
      agrees not to engage in hedging transactions with regard to the Shares
      unless in compliance with the U.S. Securities
  Act.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    3.           Acknowledgements,
Representations and Warranties of the Issuer

    

    
      	
              3.1

            	
              The Issuer
      acknowledges, represents and warrants as of the date of this Agreement
      that the Shares, when issued, will be fully paid and non-assessable shares
      of the Issuer and will be issued free and clear of all liens, charges and
      encumbrances of any kind whatsoever, subject only to the resale
      restrictions under applicable securities
laws.

            

    

    

    4.           Registration
and Restriction of the Shares

    

    
      	
              4.1

            	
              No
      Registration.  The Purchaser acknowledges and understands
      that the Shares have not been registered under the U.S. Securities Act or
      applicable state securities laws, are not qualified for resale in the
      U.S., and that the Shares must be held indefinitely unless subsequently
      registered under the U.S. Securities Act or applicable state securities
      laws (which the Issuer is not obligated, and has no current intention, to
      do), or an exemption from such registration is
  available.

            

    

    

    
      	
              4.2

            	
              Restrictions on
      Transfer.  The Issuer shall refuse to register any
      transfer of the Shares not made in accordance with the provisions of
      Regulation S of the U.S. Securities Act, pursuant to registration under
      the U.S. Securities Act or pursuant to an available exemption from
      registration.

            

    

    

    
      	
               
      

            	
              The Purchaser
      acknowledges that the Shares will be subject to a number of resale
      restrictions in Canada including a restriction on trading, and until the
      restriction on trading expires the Purchaser will not be able to trade the
      Shares unless the Purchaser complies with an exemption from the prospectus
      and registration requirements under securities
  legislation.

            

    

    

    
      	
              4.3

            	
              Legend.  The
      Purchaser acknowledges and understands that the certificates representing
      the Shares will be stamped with the following legends (or substantially
      equivalent language) restricting transfer in the following
      manner:

            

    

    

    “The shares
represented by this certificate have not been registered under the Securities
Act of 1933, as amended.  The shares have been acquired for investment
and may not be offered, sold or otherwise transferred in the absence of an
effective registration statement with the respect to the shares or an exemption
from the registration requirements of said act that is then applicable to the
shares, as to which a prior opinion of counsel may be required by the issuer or
the transfer agent.”

    

    The Purchaser
hereby consents to the Issuer making a notation on its records or giving
instructions to any transfer agent of the Shares in order to implement the
restrictions on transfer described in this Agreement.

    

    
      	
              4.4

            	
              Additional
      Restrictions.  The Purchaser agrees that he or she shall
      not sell or otherwise dispose of the Shares for a period of four months
      from the date of this Agreement.

            

    

    

    
      	
              5.

            	
              Closing

            

    

    

    
      	
              5.1

            	
              The Issuer
      will confirm whether or not the Agreement is acceptable, whereupon the
      Issuer will deliver to the Purchaser a signed copy of this Agreement (the
      “Closing”) and shall deliver within a reasonable time a certificate
      representing the Shares, registered in the name of the
      Purchaser.

            

    

    

    
      	
              6.

            	
              Withdrawal
      of Subscription

            

    

    

    
      	
              6.1

            	
              The Purchaser
      has a two day cancellation right and may withdraw his or her subscription
      by sending notice to the Issuer by midnight on the second business day
      after the Purchaser signs this
Agreement.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              7.

            	
              Miscellaneous

            

    

    

    
      	
              7.1

            	
              The Purchaser
      acknowledges that at present the Issuer is not a reporting issuer in any
      jurisdiction in Canada.

            

    

    

    
      	
              7.2

            	
              Except as
      expressly provided in this Agreement, this Agreement contains the entire
      agreement between the parties with respect to the Shares and there are no
      other terms, conditions, representations or warranties whether expressed,
      implied, or written by statute, by common law, by the Issuer, by the
      Purchaser or by anyone else.

            

    

    

    
      	
              7.3

            	
              This
      Agreement may not be amended without the express written consent of each
      of the parties hereto.

            

    

    

    
      	
              7.4

            	
              This
      Agreement shall inure to the benefit of the successors and assigns of the
      Issuer and, subject to the restrictions on transfer herein set forth, be
      binding upon the Purchaser, the Purchaser’s successors, and the
      Purchaser’s assigns.

            

    

    

    
      	
              7.5

            	
              All
      references to currency in this Agreement are to U.S.
    dollars.

            

    

    

    
      	
              7.6

            	
              This
      Agreement may be executed by facsimile and in counterparts, each of which
      so signed shall be deemed to be an original, and all such counterparts
      together shall constitute one and the same
  instrument.

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