Document:

Unassociated Document

    SETTLEMENT
AGREEMENT

    

    This
Settlement Agreement (this “Agreement”), is made
and entered into as of December 18, 2008, by and between Triangle Petroleum
Corporation, a Nevada corporation (the “Company”) and Bank
Sal. Oppenheim Jr. & Cie., (Switzerland) Ltd (the “Holder”).

    

    WHEREAS,
the Company and the Holder are parties to that certain Securities Purchase
Agreement, dated December 28, 2005, (the “Purchase Agreement”),
pursuant to which the Company issued to the Holder a Convertible Debenture, due
December 28, 2008 in an aggregate principal amount of $2,500,000 (the “December Debenture”)
and a Convertible Debenture, due January 23, 2009 in an aggregate principal
amount of $2,500,000 (the “January Debenture”
and together with the December Debenture, the “Debentures”);
and

    

    WHEREAS,
as of the date of this Agreement, the outstanding amount of the Debentures is
$6,102,396, which includes $5,000,000 in principal and $1,102,396 of accrued
interest; and

    

    WHEREAS, simultaneously with the
execution of this Agreement, the following transactions are also taking place:
a) the Company is entering into an amendment agreement with the Holder, pursuant
to which the conversion price of the Debentures will be reduced to $1.40 and the
Holder will convert $1,750,000 of Debentures and receive 1,250,000 shares of the
Company’s common stock; b) the Company is entering into an amendment agreement
with Centrum Bank AG (“Centrum”), pursuant
to which the conversion price of convertible debentures issued pursuant to a
securities purchase agreement dated December 28, 2005 will be reduced to $1.40
and Centrum will convert $1,750,000 of debentures and receive 1,250,000 shares
of the Company’s common stock; and c) the Company is entering into a settlement
agreement with Centrum for the settlement of the remaining convertible
debentures  on the same terms and conditions as this Agreement;
and

    

    WHEREAS, the Holder has agreed to
accept $3,250,000 from the Company (the “Settlement Amount”)
for the final settlement of the Debentures; and

    

    WHEREAS,
capitalized terms used herein, but not otherwise defined, shall have the
meanings ascribed to such terms as set forth in the Purchase Agreement;
and

    

    WHEREAS,
subject to the terms hereunder, the Company and the Holder have reached a full
and final settlement for the settlement of the Debentures;

    

    NOW
THEREFORE, in consideration of the terms and conditions contained in this
Agreement, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties, intending to be
legally bound hereby, agree as follows:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    1.           Incorporation of Preliminary
Statements.  The preliminary statements set forth above by this
reference hereto are hereby incorporated into this Agreement.

    

    2.           Payment and Acceptance of
Settlement Amount.  Within two (2) business days of execution
of this Agreement, the Company shall pay Holder the sum of Three Million, Two
Hundred Fifty Thousand Dollars and no Cents ($3,250,000). Holder agrees to
accept the sum of Three Million, Two Hundred Fifty Thousand Dollars and no Cents
($3,250,000) from the Company.

     

    

    3.           Release by the
Holder.  Upon the receipt of the Settlement Amount, Holder
releases and discharges the Company, the Company’s heirs, executors,
administrators, parent company, holding company, subsidiaries, successors,
predecessors, officers, directors, principals, control persons, past and present
employees, insurers, agents, attorneys, and assigns (the “Company Releasees”)
from all actions, cause of action, suits, debts, dues, sums of money, accounts,
reckonings, bonds, bills, specialties, covenants, contracts, controversies,
agreements, promises, variances, trespasses, damages, judgments, extents,
executions, claims, and demands whatsoever, in law, admiralty or equity, against
the Company Releasees, that Holder or its heirs, executors, administrators,
successors and assigns ever had, now have or hereafter can, shall or may, have
for, upon, or by reason of any matter, cause or thing whatsoever, whether or not
known or unknown, from the beginning of the world to the day of the date of this
Release.

     

    4.           Release by the
Company.  Upon the payment of the Settlement Amount, the
Company releases and discharges Holder, Holder’s heirs, executors,
administrators, parent company, holding company, subsidiaries, successors,
predecessors, officers, directors, principals, control persons, past and present
employees, insurers, agents and assigns from all actions, cause of action,
suits, debts, dues, sums of money, accounts, reckonings, bonds, bills,
specialties, covenants, contracts, controversies, agreements, promises,
variances, trespasses, damages, judgments, extents, executions, claims, and
demands whatsoever, in law, admiralty or equity, against Holder, that the
Company or its heirs, executors, administrators, successors and assigns ever
had, now have or hereafter can, shall or may, have for, upon, or by reason of
any matter, cause or thing whatsoever, whether or not known or unknown, from the
beginning of the world to the day of the date of this Release.

    

    5.           Representations and
Warranties of the Company.  The Company hereby makes to the
Holder the following representations and warranties:

     

    i.           Authorization;
Enforcement.  The Company has the requisite corporate power and
authority to enter into and to consummate the transactions contemplated by this
Agreement and otherwise to carry out its obligations hereunder and
thereunder.  The execution and delivery of this Agreement by the
Company and the consummation by it of the transactions contemplated hereby have
been duly authorized by all necessary action on the part of the Company and no
further action is required by the Company, its board of directors or its
stockholders in connection therewith other than in connection with the Required
Approvals.  This Agreement has been duly executed by the Company and,
when delivered in accordance with the terms hereof will constitute the valid and
binding obligation of the Company enforceable against the Company in accordance
with its terms except (i) as limited by general equitable principles and
applicable bankruptcy, insolvency, reorganization, moratorium and other laws of
general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as
indemnification and contribution provisions may be limited by applicable
law.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

     

    ii.           No
Conflicts.  The execution, delivery and performance of this
Agreement by the Company and the consummation by the Company of the transactions
contemplated hereby do not and will not: (i) conflict with or violate any
provision of the Company’s articles of incorporation, bylaws or other
organizational or charter documents, or (ii) conflict with, or constitute a
default (or an event that with notice or lapse of time or both would become a
default) under, any material agreement, credit facility, debt or other material
instrument or other material understanding to which the Company is a party, or
(iii) conflict with or result in a violation of any law, rule, regulation,
order, judgment, injunction, decree or other restriction of any court or
governmental authority to which the Company is subject (including federal and
state securities laws and regulations); except in the case of each of clauses
(ii) and (iii), such as could not have or reasonably be expected to result in a
Material Adverse Effect.

     

    6.           Representations and
Warranties of the Holder.  The Holder represents and warrants
as of the date hereof to the Company as follows:

     

    i.           Authority.  The
execution, delivery and performance by such Holder of the transactions
contemplated by this Agreement have been duly authorized by all necessary
corporate or similar action on the part of such Holder.  This
Agreement has been duly executed by such Holder, and when delivered by such
Holder in accordance with the terms hereof, will constitute the valid and
legally binding obligation of such Holder, enforceable against it in accordance
with its terms, except (i) as limited by general equitable principles and
applicable bankruptcy, insolvency, reorganization, moratorium and other laws of
general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as
indemnification and contribution provisions may be limited by applicable
law.

     

    7.           No
Interests.  The Company and Holder each warrant and represent
that no other person or entity has any interest in the matters released herein,
and that they have not assigned or transferred, or purported to assign or
transfer, to any person or entity all or any portion of the matters released
herein.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    

    8.           Attorney
Fees.  Each party shall be responsible for their own attorneys’
fees and costs.

    

    9.           Acknowledgements.  All
parties acknowledge and represent that: (a) they have read the Agreement; (b)
they clearly understand the Agreement and each of its terms; (c) they fully and
unconditionally consent to the terms of this Agreement; (d) they have had the
benefit and advice of counsel of their own selection; (e) they have executed
this Agreement, freely, with knowledge, and without influence or duress; (f)
they have not relied upon any other representations, either written or oral,
express or implied, made to them by any person; and (g) the consideration
received by them has been actual and adequate.

    

    10.           Entire
Agreement.  This Agreement contains the entire agreement and
understanding concerning the subject matter hereof between the parties and
supersedes and replaces all prior negotiations, proposed agreement and
agreements, written or oral.  Each of the parties hereto acknowledges
that neither any of the parties hereto, nor agents or counsel of any other party
whomsoever, has made any promise, representation or warranty whatsoever, express
or implied, not contained herein concerning the subject hereto, to induce it to
execute this Agreement and acknowledges and warrants that it is not executing
this Agreement in reliance on any promise, representation or warranty not
contained herein.

     

    11.           Amendments and
Waivers. The provisions of this Agreement, including the provisions of
this sentence, may not be amended, modified or supplemented, and waivers or
consents to departures from the provisions hereof may not be given, unless the
same shall be in writing and signed by the Company and the Holder.

     

    12.           Execution and
Counterparts. This Agreement may be executed in two or more counterparts,
all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and
delivered to the other party, it being understood that both parties need not
sign the same counterpart.  In the event that any signature is
delivered by facsimile transmission or by e-mail delivery of a “.pdf” format
data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same
force and effect as if such facsimile or “.pdf” signature page were an original
thereof.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

     

    13.           Governing
Law.  All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be determined in
accordance with the provisions of the Purchase Agreement.

     

    14.           Severability. If any
term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired
or invalidated, and the parties hereto shall use their commercially reasonable
efforts to find and employ an alternative means to achieve the same or
substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the
intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

     

    15.           Headings. The
headings in this Agreement are for convenience only, do not constitute a part of
the Agreement and shall not be deemed to limit or affect any of the provisions
hereof.

     

     

    16.           The
Company hereby acknowledges and agrees that, notwithstanding anything to the
contrary contained herein, each and all of the representation, warranties,
covenants, undertakings and agreements herein made (collectively, the
“Representations”) were made by the Holder as custodian on behalf of clients.
Each and every one of the Representations made by the Holder as custodian on
behalf of clients are made and intended not as Representations by the Bank or
for the purpose or with the intention of binding the Holder, but are made on
behalf of the clients of the Holder. In the case of damages that may be incurred
by the Company in connection with any inaccuracy regarding any Representations
contained herein, the Company hereby acknowledges and agrees that it will not
claim or assert any claim against the Holder for any money damages or other
remedies in any action and the Company hereby specifically waives the right to
any money damages or other remedies from the Holder in connection with any
Representation made herein.

    

     [SIGNATURE
PAGE FOLLOWS]

     

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, and intending to be legally bound hereby, the parties have
executed this Agreement as of the date first set forth above.

    
       

      TRIANGLE
PETROLEUM CORPORATION

      
        

        

        
          
            
              	
                      By: /s/ MARK GUSTAFSON

                    	 
      
	
                      Name:
      Mark Gustafson

                    	 
      
	
                      Title:   Chief
      Executive Officer

                    	 
      

            

          

        

         

        BANK
SAL. OPPENHEIM JR. & CIE., (SWITZERLAND) LTD

        

        

        
          
            	
                    By:
      /s/ URS
FRICKER

                  	 
      
	
                    Urs
      Fricker

                  	 
      
	
                    Director

                  	 
      

          

        

        

        

        
          
            	
                    By:
      /s/ BRUNO
      ACHERMANN

                  	 
      
	
                    Bruno
      Achermann

                  	 
      
	
                    Assistant
      VP

                  	 
      

          

        

      

    

     

     

    6Exhibit 10.12

     

    LABOUR CONTRACT

    

    Weifang Taihong Feed Co.,
Ltd.
(hereinafter referred to as “Party A”) and Gao
Ai’ping
(hereinafter referred to as “Party B”) entered into this labor contract. Based
on equality and friendly negotiation, Party A and Party B agree the following
items in accordance with the Labor Laws of the People’s Republic of China
(“PRC”):

    

    
      	
              I.

            	
              Term

            

    

    

    The term
of this contract is ten years, from July 15 th , 2000 to
July 15 th , 2010, with the
first 3 months being a probation period.

    

    
      	
              II.

            	
              Scope
      of Employment

            

    

    

    
      	
              1,

            	
              Party
      B agrees to take the position of technician in the technical department in
      accordance with Party A’s need.

            
	
              2,

            	
              Party
      B should accomplish the regular work and other tasks.

            
	
              3,

            	
              Within
      the terms of this contact, Party A is entitled to transfer Party B’s
      working position in accordance with Party A’s need and Party B’s
      competence (specialty and ability) and
  performance.

            

    

    

    
      	
              III.

            	
              Working
      Hours, Leave & Holidays

            

    

    

    
      	
              1,

            	
              Working
      Hours

            
	
              1.1,

            	
              Party
      B shall work 8 hours per day, overall 5 days per week.

            
	
              1.2,

            	
              Party
      A shall apply the comprehensive-working-hours method, and the overall
      working hours per week shall not exceed 40
  hours.

            

    

     

    In the
event that Party A requires Party B to work overtime in accordance with Party
A’s needs, Party B shall comply with the arrangement. The overtime working hours
and compensations for them will be executed in conformance with relevant
government laws and regulations.

    

    
      	
              2,

            	
              Party
      B is entitled to PRC statutory holidays, and leave for maternity,
      marriage, mourning with pay in accordance with relevant government laws
      and regulations.

            

    

    

    
      	
              IV.

            	
              Training,
      Working Conditions and Labor
Protection

            

    

    

    
      	
              1,

            	
              Party
      B should take part in training about safety in production, laws, and
      corporate bylaws, arranged by Party A conforming to relevant government
      laws and regulations.

            
	
              2,

            	
              Party
      A shall provide Party B with a safe working site in accordance with
      governmental standards, to ensure Party B’s safety and
    health.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

      

    
      	
              3,

            	
              Party
      A shall provide Party B with safe, healthy working conditions and safety
      protective equipment conforming to the relevant provisions of the
      state.

            

    

     

    
      	
              V.

            	
              Salary,
      Insurance & Welfare

            

    

     

    
      	
              1,

            	
              Salary

            

    

     

    
      	
              1.1,

            	
              Party
      A shall apply wage grading system according to relevant provisions of the
      state; and decide Party B’s monthly salary before taxation according to
      his/her position.

            

    

     

    
      	
              1.2,

            	
              Party
      A may provide a raise for Party B according to Party A’s operating results
      and Party B’s performance.

            

    

     

    
      	
              2,

            	
              Insurance
      & Welfare

            

    

     

    
      	
              2.1,

            	
              During
      the term of employment, Party A shall cover endowment, medical,
      unemployment insurance, and other social insurance for Party B in
      accordance with provisions of the state and local
    government.

            
	
              2.2,

            	
              Party
      A shall provide Party B with welfare equipments.

            
	
              2.3,

            	
              In
      the event Party B has been sick and obtained permissions from appointed
      hospitals, Party B is entitled to sick leave with pay in certain periods,
      and salary during such leave shall follow government and Party A’s
      regulations.

            

    

    

    
      	
              VI

            	
              .Labor
      Disciplines

            

    

    

    Party A
and Party B shall comply with laws, regulations and policies of the state. Party
B shall comply with the working disciplines and regulation, and will not
disclose or use the confidential information of Party A to pursue illegal
interests for him/her, other entities, or for personal interests.

    

    
      	
              VII.

            	
              Revocation

            

    

    

    
      	
              1,

            	
              Party
      A may revoke this contract, if:

            
	
              1.1,

            	
              Party
      B proves unqualified for the job during the probation
    period;

            
	
              1.2,

            	
              Party
      B seriously violates the labor disciplines or bylaws of Party
      A;

            
	
              1.3,

            	
              Party
      B causes great loss to Party A due to serious dereliction of duties or
      malpractice for selfish ends;

            
	
              1.4,

            	
              Party
      B will be held accountable for criminal activities in accordance with the
      law;

            

    

    

    
      	
              2,

            	
              If
      any of the following circumstances exist, Party A may revoke this contract
      upon 30 days notice:

            
	
              2.1,

            	
              Party
      B is unable to take up his or her original jobs nor any kinds of new jobs
      specified by Party A after completion of medical treatment for their
      illnesses or injuries not suffered during
work;

            

    

      

    
      	
              2.2,

            	
              Party
      B is incompetent in his or her job and remains so even after training or
      reassignment;

            
	
              2.3,

            	
              No
      agreements on an alteration of employment contracts can be reached through
      consultation between and by the two parties involved when major changes
      taking place in the objective conditions serving as the basis of the
      conclusion of these contracts prevent them being
    implemented;

            

    

    

    
      	
              3,

            	
              Party
      B, when planning to revoke this contract, should provide a written notice
      to Party A in 30 days in advance.

            

    

    

    
      	
              4,

            	
              If
      any of the following circumstances exist, Party B can, at any time revoke
      this contract:

            

    

    

    
      	
              4.1,

            	
              During
      the probation period, as agreed by the two parties, Party B continues to
      work at the original position for one week and deal with the transference
      of the job, with Party A continue to be responsible for the employment
      contract;

            
	
              4.2,

            	
              Failure
      on the part of Party A to provide Party B the compensation or working
      conditions as agreed upon in this contract;

            
	
              4.3,

            	
              If
      Party B is forced to work by Party A through means of violence, threat or
      deprival of personal freedom in violation of
  law.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              5,

            	
              The
      Contract can be revoked by both parties through friendly
      negotiation.

            

    

    

    
      	
              6,

            	
              If
      any of the following circumstance occurs, Party A shall not revoke this
      contact in accordance with the provisions of Section
      VII.2:

            
	
              6.1,

            	
              Party
      B is confirmed to have totally or partially lost his or her labor ability
      due to occupational diseases or work-related injuries;

            
	
              6.2,

            	
              Party
      B is receiving treatment for his or her diseases or injuries during the
      prescribed period of time;

            
	
              6.3,

            	
              Party
      B is a female employee during her pregnancy, puerperal, or nursing
      periods;

            
	
              6.4,

            	
              Others
      cases stipulated by laws and administrative decrees.

            
	
              7,

            	
              Indemnification
      to Party B due to the Revocation or Termination of this
      Contract:

            
	
              7.1,

            	
              Party
      A should complete the dismissal procedures at appointed institutions
      within the required period.

            
	
              7.2,

            	
              At
      the termination of this contract, Party B shall be compensated according
      to the regulations of Labor Contract Article, if
    applicable.

            

    

    

    
      	
              VIII.

            	
              Conventional
      Provisions

            

    

    

    
      	
              1,

            	
              Should
      Party B receive training financed by Party A, or accept other materials
      provided by Party A, the required terms should be renewed in another
      contract.

            
	
              2,

            	
               

            
	
              3,

            	
               

            

    

     

    
      	
              X.

            	
              Responsibility
      for Violations of this Contract

            

    

     

    
      	
              1,

            	
              In
      the event that either Party breaches any provision of the Contract that
      results in the other party’s incurring economic losses, the Party in
      breach shall be liable to compensate the other party for the corresponding
      economic losses.

            

    

     

    
      	
              2,

            	
              The
      Party in breach shall be liable for the
  responsibility.

            

    

     

    
      	
              X.

            	
              Settlement
      of Disputes

            

    

     

    Any
disputes arising from the execution of the contract shall be settled through
friendly consultations between both parties. In the case that no settlement can
be reached through consultations, either party may submit the dispute directly
to a competent labor Arbitration Commission for arbitration within 60 days after
the date of dispute; If no settlement is arrived through arbitration, either
party may submit the dispute directly to the courts in Party A’s location within
15 days after the date of arbitration.

     

    
      	
              XI.

            	
              Others

            

    

     

    
      	
              1,

            	
              This
      contract shall come into effect after signature by both parties. This
      contract is made in two original copies, which have the same legal
      effectiveness, with one copy to be held by each
  party

            

    

     

    
      	
              2,

            	
              The
      revision and explanation of this contract should comply with mutual
      consents.

            

    

     

    Any
issues shall be settled in accordance with the laws, statutory regulations or
policies should any disagreement occur between any part of this contract and the
existing laws, statutory regulations or policies.

    

    
      	
              Party A:   

            	
               

            	
               

            
	
               

            	
              Signature:   

            	
              Weifang
      Yuhe Poultry Co., Ltd.

            
	
               

            	
              Date:
      July 15 th ,
      2000

            

    

    

    
      	
              Party
      B:

            	
               

            
	
              Signature:   

            	
              Gao
      Ai’ping

            
	
              Date:
      July 15th, 2000

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