Document:

ex10x4.htm

Exhibit 10.4

 

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (the "Agreement"), effective as of the 1st day of March, 2013, by and between PETROSHARE CORP, a Colorado corporation with its principal place of business located at 7200 S. Alton Way #B-220, Centennial, Co 80111 (hereinafter referred to as "Company" or "Employer") and Frederick J. Witsell (hereinafter referred to as the "Employee").

 

RECITALS

 

NOW THEREFORE, in consideration of the Recitals and the mutual covenants, promises, agreements, representations and warranties contained in this Agreement, the parties hereby accept employment on the terms and conditions hereinafter set forth.

 

1.   Term.  Subject to the provisions for termination hereinafter provided, the initial one (1) year term of this Agreement shall commence on March 1, 2013 and terminate on February 28, 2014, and shall continue thereafter on a year to year basis unless terminated by the Company by delivery of written notice to the Employee not later than thirty (30) days prior to the date for termination as indicated in said notice.

 

2.    Compensation and Performance Review.

 

a)   For all services rendered by the Employee under this Agreement, commencing March 1, 2013, the Company shall be obligated to pay the Employee a salary of $12,500.00 per month, payable in accordance with the Employer's regular payroll procedure.

 

b)   At the end of every yearly period after the commencement of the term of this agreement, the Company shall grant the Employee a performance and salary review for the purposes of gauging the performance of the Employee for the preceding year and adjusting the salary of the Employee hereunder looking to the results of such review and the Company's financial progress, among other things, as guides in such adjustments.

 

3.   Duties.  Employee is engaged as the President and Director of Operations and Geosciences of the Company. In such capacity, Employee shall exercise detailed supervision over the operations of the Company subject, however, to control by the Board of Directors. The Employee shall perform all duties incident to the title of President and such other duties as from time to time may be assigned to him by the Board of Directors.

 

4.    Best Efforts of Employee. The Employee shall devote his full time efforts to the business of the Company and to all of the duties that may be required by the terms of this Agreement to the reasonable satisfaction of the Company. The Employee shall at all times faithfully, with diligence and to the best of his ability, experience and talents, perform all the duties that may be required of and from his pursuant to the express and implicit terms hereof to the reasonable satisfaction of the Company. Such services shall be rendered at such other place or places as the Company shall in good faith require or as the interest, needs, business or opportunity of the Company shall require. The Employee agrees not to engage in any employment or consulting work or any trade or business for his account or for or on behalf of any other person, firm or corporation, unless the Employee obtains prior written consent from the Board of Directors of the Company.

 

 

1

 

 

 

Notwithstanding anything to the contrary contained herein, Exhibit A attached hereto is a disclosure of Employee's current oil and gas properties which were acquired prior to the date of this Agreement and as such, the Company agrees that Employees ownership and passive activities associated with these properties do not constitute a violation of this paragraph or Agreement.

 

5.   Working Facilities. The Employee shall be furnished with all such facilities and services suitable to his position and adequate for the performance of his duties.

 

6.   Expenses.   The Employee is authorized to incur reasonable expenses for promoting the business of the Company, including his out-of-pocket expenses for entertainment, travel and similar items. The Company shall reimburse the Employee for all such expenses on the presentation by the Employee, from time to time, of an itemized account of such expenditures in accordance with the guidelines set forth by the Internal Revenue Service for travel and entertainment.

 

7.   Benefits.  The Employee shall be entitled to receive any and all health, insurance, disability or any other benefit plan adopted by the Board of Directors from time to time for the benefit of its employees.

 

8.   Vacation.  The Employee shall be entitled each year to a vacation of a reasonable amount during which time his compensation shall be paid in full.

 

9.   Disability.

 

c)   Should the Employee, by reason of illness or incapacity, be unable to perform his job for a period of up to and including a maximum of three (3) months, the compensation payable for and during such period under this Agreement shall be unabated. The Board of Directors shall have the right to determine the incapacity of the Employee for the purposes of this provision, and any such determination shall be evidenced by its written opinion delivered to the Employee. Such written opinion shall specify with particularity the reasons supporting such opinion and be manually signed by at least a majority of the Board. Should the Board of Directors determine the Employee incapable of the performance of his duties, the Employee's compensation thereafter shall be reduced to zero.

 

d)   The Employee shall receive full compensation upon his return to employment and regular discharge of his full duties hereunder. Should the Employee be absent from his employment for whatever cause for a continuous period of more than 365 calendar days, the Company may terminate this Agreement and all obligations of the Company hereunder shall cease upon such termination.

 

 

 

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10.          Termination.

 

a)   The Company may terminate this Agreement with cause at any time with immediate notice to the Employee thereof, and such notice having been given, this Agreement shall terminate in accordance therewith. For the purpose of this section, "cause" shall be defined as meaning such conduct by the Employee which constitutes in fact and/or law a breach of fiduciary duty or felonious conduct having the effect, in the opinion of the Board of Directors, of materially adversely affecting the Company and/or its reputation.

 

b)   The Company may terminate this Agreement without cause by giving thirty (30) days written notice to the Employee, and such notice having been given, this Agreement shall terminate in accordance therewith.

 

c)   The Employee may terminate this Agreement without cause by giving thirty (30) days written notice to the Company, and such notice having been given, this Agreement shall terminate in accordance therewith.

 

d)   In the event of termination without cause or being asked to resign as part of a merger, acquisition, buyout or any corporate restructure, the Employee shall be entitled to receive compensation through the original term specified in paragraph one (1). Such compensation shall be paid in full at the date of termination only if the Employment Agreement is terminated without cause. After the date of termination, all benefit and incentive programs of any kind or nature then in place shall terminate.

 

11.          Notices.     All notices, demands, elections, opinions or requests (however characterized or described) required or authorized hereunder shall be deemed given sufficiently if in writing and sent by registered or certified mail, return receipt requested and postage prepaid, or by tested telex, telegram or cable to, in the case of the Company:

 

PETROSHARE CORP

Mr. Steve Foley, CEO

7200 South Alton Way, Ste #B-220

Centennial, Co 80111 

Sfoley43@msn.com 

(303) 591-1321 cell

 

and in the case of the Employee:

 

Frederick J. Witsell

7454 S. Monroe Court

Centennial, Co 80122 

Fwitsellpremier@comcast.net

(303) 881-2157 cell

 

 

  

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12.   Confidential Information.  During the term of this Agreement, the Employee will have access to certain confidential information and materials, including but not limited to oil and gas property and lease information, originated by the Company or disclosed to the Company by others under agreements to hold the same confidential ("Confidential Information"). Confidential Information further includes, but is not limited to, all technical, engineering, property and lease information, financial, business practices, customer lists, customer identities and commercial information heretofore or hereafter disclosed or transmitted by the Company in any form and manner to the Employee or otherwise received by the Employee, whether orally or in writing. Employee acknowledges that Employee shall not either directly or indirectly use, disclose or communicate to any person or entity any Confidential Information for any purpose at all whether during or after the term of this Agreement, except to the extent any such information was known to Employee prior to the date of this Agreement or becomes generally known to the public through no fault of Employee. Furthermore, the terms of this provision survive the Term of this Agreement, or any termination thereof for a period of one (1) year.

 

13.   Remedies.   Employee acknowledges that any failure to carry out an obligation under this Agreement, or a breach by the Employee of any provision herein, will constitute immediate and irreparable damage to the Company, which cannot be fully and adequately compensated in money damages and which will warrant preliminary and other injunctive relief, an order for specific performance, and other equitable relief. Employee also understands that other actions may be taken and remedies enforced against the Employee, including termination of any other agreements the Employee may have with the Company.

 

14.   Entire Agreement.    This Agreement contains the entire agreement between the Company and the Employee, regarding employment of the Employee. This Agreement shall not be modified except by written agreement signed by both parties.

 

15.   Headings.    The subject headings of the articles and sections contained in this Agreement are included for convenience purposes only and shall not control or affect the meaning, construction or interpretation of any provision hereof.

 

16.   Assigns.  This Agreement shall be binding upon the Company and Employee, their respective heirs, executors, legal representatives, successors and assigns.

 

17.   Waiver and Severability.  No waiver by either party of any breach or default hereof by the other shall be deemed to be a waiver of any preceding or succeeding breach or default hereof, and no waiver shall be operative unless the same shall be in writing. Should any provision of this Agreement be declared invalid by a court of competent jurisdiction, the remaining provisions hereof shall remain in full force and effect regardless of such declaration.

 

18.   Arbitration.     Any dispute regarding the subject matter of this Agreement shall be resolved by binding arbitration to be conducted by an arbitration association upon mutual written agreement of the parties. The prevailing party shall be entitled to an award of attorney's fees, costs and expenses. The award may be converted to an order of a court of competent jurisdiction, and each party voluntarily submits to personal jurisdiction in the federal and state courts located in Colorado. Notwithstanding the aforementioned, the Company shall be entitled to seek injunctive relief for violation of the provisions of Section 12 herein, as provided in Section 13 herein.

 

 

  

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19.             Counterparts.    This Agreement may be executed in several counterparts and shall constitute one Agreement, binding on all parties hereto, notwithstanding that all parties are not signatory as to other original or the same counterpart. Facsimile signatures are acceptable.

 

20.             Time. Time is of the essence.

 

21.             Governing Law.   This Agreement shall be construed under the laws of the State of Colorado.

 

IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first above written.

 

	
 

 

PETROSHARE CORP 

 

	 	THE EMPLOYEE:	 
	By: 	
/s/  Steve Foley

	 	By:	
/s/  Frederick J. Witsell

	 
	 	
 Steve Foley, CEO

	 	 	
Frederick J. Witsell

	 
	 	
 

	 	 	
 

	 

 

                                                                         

  

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Exhibit A

 

Attached to that certain Employment Agreement dated  ____________________ , 2013 by and between

Frederick J. Witsell (Employee) and Petro Share Corp (Company)

 

Disclosure of Oil & Gas Properties Owned by Employee

 

Bar X Field Area — Working Interest Ownership

Located generally in Grand Co. UT and Mesa Co. Colorado

 

Sulphur Gulch Field Area — Overriding Royalty Interest Ownership

Located in and around Township 9 South, Range 98 West, Mesa County, Colorado

 

Buck Peak Field Area — Overriding Royalty Interest Ownership

Located in and around Township 6 North, Range 90 West, Moffat Co. Colorado

 

 

 

 

  

6ex10x6.htm

 

Exhibit 10.6

 

 

SETTLEMENT AGREEMENT AND

MUTUAL GENERAL RELEASE

 

This Settlement Agreement and Mutual General Release (hereinafter, this “Agreement”) is made and entered into as of the 5th day of May 2014, by and between Rancher Energy Corp., a Nevada corporation (“Rancher”) and PetroShare Corp., a Colorado corporation (“PetroShare”). Rancher and PetroShare are referred to jointly herein as the “Parties” and individually as a “Party.”

 

RECITALS

 

A.                   On or about September 12, 2013, Rancher and PetroShare entered into a non-binding letter of intent by which the Parties expressed their intent to negotiate and pursue a business combination (the “LOI”). On October 3, 2013 (effective September 30, 2013), Rancher executed a Participation Agreement (the “Participation Agreement”) and Operating Agreement on Model Form 610 (“JOA”) with PetroShare for the purposes of drilling at least one and up to two oil and/or gas wells in Moffatt County, Colorado on prospect known as the “Buck Peak” prospect (“Prospect”). On October 7, 2013, Rancher paid 30% of a portion of the costs of drilling two wells on the Prospect in exchange for an interest in the wells and associated oil and gas interests, production and other assets described in the JOA (the “Oil and Gas Interests), subject to a reduction of the working interest (and a proportional reduction of the net revenue interest) if Rancher and PetroShare did not complete a business combination;

 

B.                    On or about March 10, 2014, PetroShare notified Rancher of Rancher’s alleged default under the JOA for failure to pay Rancher’s share of drilling and completion costs of the two wells. On or about March 12, 2014, PetroShare notified Rancher in writing that PetroShare thereby terminated the LOI and all negotiations for the proposed business combination with Rancher;

 

C.                    On or about March 14, 2014, Rancher (through its counsel) notified PetroShare (through its counsel) of certain allegations by Rancher against PetroShare as described therein;

 

D.                   This situation has given rise to certain disputes and differences and may give rise to other disputes and differences, whether foreseen or unforeseen (collectively referred to herein as the “Disputes”) between the Parties;

 

E.                    Pursuant to the terms and conditions set forth in this Agreement, the Parties desire, without admitting any fault or liability, to terminate the Participation Agreement and the JOA and to settle completely and for all time any and all disputes or differences between them regarding any matters, including (but without limitation) those which arose from or were related to or which may arise in the future from or which may in the future be related to the Disputes, and the circumstances and relationships attendant thereto; and

 

NOW THEREFORE, in consideration of the following covenants and promises and for other valuable consideration, this Agreement is entered into by the Parties.

 

 

  

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AGREEMENT

 

	  	
1.

	
Simultaneously with the execution of this Agreement, PetroShare shall pay to Rancher the sum of One Hundred Thousand Dollars and 00/100 ($100,000.00) which amount shall be non-refundable (the “Non-Refundable Payment”). To complete the transactions contemplated hereunder, PetroShare shall pay to Rancher One Million, Forty-Two Thousand, Two Hundred Thirty-Seven Dollars and 00/100 ($1,042,237.00; hereinafter referred to as the “Final Payment” and, together with the Non-Refundable Payment, the “Settlement Funds”). In both cases, the Non-Refundable Payment and the Final Payment will be in United States currency in immediately available funds by wire transfer to Rancher’s attorney’s trust account. The Final Payment will be made on or before June 16, 2014.

 

	  	
2.

	
[Intentionally omitted.]

 

	  	
3.

	
Upon the receipt of the Final Payment, Rancher’s working interest in the Oil and Gas Interests shall be reduced to 0.00%.

 

	  	
4.

	
Notwithstanding anything in this Agreement to the contrary, PetroShare agrees that it shall not seek any damages or other monetary liability from or against Rancher or any Rancher Releasee (hereinafter defined) arising from the Participation Agreement or the JOA once the final payment has been made.

 

	  	
5.

	
Upon PetroShare’s performance of its obligations under or arising from this Agreement (including, without limitation, payment in full of the Settlement Funds), the Parties agree that the Participation Agreement shall be terminated effective with the date of this Final Payment and that Rancher, upon receipt of the Final Payment, waives any rights that it may have under the JOA.

 

	  	
6.              

	
(a)          Rancher, for itself, its directors, officers, shareholders, attorneys, accountants, agents, consultants, affiliates, heirs, successors, assigns, family members and related entities (the “Rancher Releasors”), shall and hereby does release, acquit, and forever discharge PetroShare, its directors, officers, shareholders, attorneys, accountants, agents, consultants, affiliates, heirs, successors and assigns, family members and related entities (the “PetroShare Releasees”), of and from any and all obligations or liability which Rancher or any Rancher Releasor now has, has had, or may have, and from all claims, demands, liens, actions, administrative proceedings, and causes of action, and from all damages, injuries, losses, contributions, indemnities, compensation, costs, attorney’s fees and expenses of every kind and nature whatsoever, whether known or unknown, fixed or contingent, whether in law or in equity, whether asserted or unasserted, whether sounding in tort or in contract, from the beginning of the world to the date of this Agreement, including those related to, arising from, or which may in the future arise from, the Disputes (which term, includes any disputes under the LOI, the Participation Agreement and the JOA), except for the obligations contained in this Agreement.

 

 

  

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(b)         Rancher, on behalf of itself and the other Rancher Releasors, agrees not to initiate or maintain any claim, suit or cause of action, of any kind whatsoever, in or by way of any legal proceedings or otherwise, against any of the PetroShare Releasees based on any obligation or liability arising directly or indirectly out of, or relating in any way to the Disputes. Rancher will defend and hold PetroShare and each other PetroShare Releasee harmless from all costs, damages, and liabilities (including without limitation payment to or for the benefit of PetroShare and each PetroShare Releasee all of its attorneys’ fees incurred in defending such action) should any person included within the definition of “Rancher Releasors” threaten or bring any action against PetroShare or any PetroShare Releasee.

 

	  	
7.              

	
(a)          PetroShare, for itself, its directors, officers, shareholders, attorneys, accountants, agents, consultants, affiliates, heirs, successors and assigns, family members and related entities (the “PetroShare Releasors”), shall and hereby does release, acquit, and forever discharge Rancher, its directors, officers, shareholders, attorneys, accountants, agents, consultants, affiliates, heirs, successors and assigns, family members and related entities (the “Rancher Releasees”), of and from any and all obligations or liability which PetroShare or any PetroShare Releasor now has, has had, or may have, and from all claims, demands, liens, actions, administrative proceedings, and causes of action, and from all damages, injuries, losses, contributions, indemnities, compensation, costs, attorney’s fees and expenses of every kind and nature whatsoever, whether known or unknown, fixed or contingent, whether in law or in equity, whether asserted or unasserted, whether sounding in tort or in contract, from the beginning of the world to the date of this Agreement, including those related to, arising from, or which may in the future arise from, the Disputes (which term includes any disputes under the LOI, the Participation Agreement and the JOA for which any Rancher Releasee may have personal liability), except for: (i) the obligations contained in this Agreement and (ii) claims that may be made in a JOA Enforcement Action as defined in and to the extent set forth in Paragraph 7(b) hereof.

 

	  	 	
(b)           PetroShare, on behalf of itself and the other PetroShare Releasors and on behalf of each other party to the JOA agrees not to initiate or maintain any claim, suit or cause of action, of any kind whatsoever, in or by way of any legal proceedings or otherwise, against any of the Rancher Releasees based on any obligation or liability arising directly or indirectly out of, or relating in any way to the subject matter of the Disputes except that on or after the later of (i) June 16, 2014 or (ii) such later date as the Parties may mutually agree within which the Settlement Funds may be paid, PetroShare may enforce any rights it may have under the Participation Agreement or the JOA to terminate Rancher’s rights and property interests thereunder (the “JOA Enforcement Action”), and Rancher agrees not to defend any such JOA Enforcement Action. Except with respect to the JOA Enforcement Action, PetroShare will defend and hold Rancher and each other Rancher Releasee harmless from all costs, damages, and liabilities (including without limitation payment to or for the benefit of Rancher and each Rancher Releasee all of its attorneys’ fees incurred in defending such action) should any person included within the definition of “PetroShare Releasors” or any other party to the JOA threaten or bring any action against Rancher (except with respect to the JOA Enforcement Action and in accordance with the limitations thereto) or any Rancher Releasee.

 

 

 

  

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8.

	
If the Final Payment is not paid by PetroShare by the date set forth in the last sentence of paragraph 1 hereof (or such later date as may be mutually agreed by the Parties), the releases and covenants not to sue contained in paragraphs 6 and 7 (and any related references in this Agreement) shall immediately become null and void and of no further effect.

 

	  	
9.

	
The Parties warrant that they have had the opportunity to be represented by legal counsel regarding this Agreement and freely and voluntarily entered into this Agreement.

 

	  	
10.

	
This Agreement, and compliance with this Agreement, shall not be construed as an admission of liability on the part of the Parties, such liability being hereby expressly denied. The Parties’ intent in this Agreement is to resolve the Disputes and avoid any further differences or conflicts. The Parties hereby represent that they have neither filed nor caused to be filed any pending charges, suits, claims, grievances or other action (hereinafter referred to as “Claims”) which in any way arise from or relate to the Disputes. Each Party further represent to each other that such Party has not directly or indirectly assigned any claim related to the Disputes or released hereby to any other person.

 

	  	
11.

	
This Agreement and the releases contained herein, may be pleaded as a full and complete defense, counterclaim or cross-claim to, and may be used as a basis for an injunction against, any action, suit, or other proceeding which may be instituted, prosecuted or attempted in breach of this Agreement or the releases contained herein. In the event of any action by any Party hereto to enforce this Agreement, the releases contained herein, or any other agreement delivered pursuant hereto, the prevailing party shall be entitled to recover reasonable attorneys’ fees and costs.

 

	  	
12.

	
Each of the Parties shall be responsible to pay his or its respective attorneys’ fees incurred in connection with the negotiation and drafting of this Agreement. Each Party shall release and forever hold the other harmless from any liability to their attorneys for payment of such fees pursuant to any agreement or understanding between each Party and his or its attorneys.

 

	  	
13.

	
The Parties warrant to each other that in agreeing to the terms of this Agreement, they have not relied in any way upon any representations or statements of the other party regarding the subject matter hereof for the basis or effect of this Agreement other than those representations or statements contained herein. In entering into this Agreement,

 

  

	 	
 

	
(a)        Each Party represents that in entering into this Agreement and completing the transactions hereunder, he or it has done so after completing such investigation as he or it has determined to be necessary or appropriate in the circumstances, and after having consulted with and taken advice from such Party’s legal, financial, tax, investment, and other advisors to the extent such Party has determined such consultation to be necessary or appropriate in the circumstances;

 

 

  

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(b)          Each Party assumes the risk of any misrepresentation, concealment or mistake. If any Party should subsequently discover that any fact relied upon by he or it in entering into this Agreement was untrue, or that any fact was concealed from him or it, or that his or its understanding of the facts or of the law was incorrect, such Party shall not be entitled to any relief in connection therewith, including without limitation, any alleged right or claim to set aside or rescind this Agreement;

 

	  	  	
(c)          This Agreement is intended to be, and is, final and binding between the Parties hereto, regardless of any claims or misrepresentation, promise made without the intention of performing, concealment of fact, mistake of fact or law, or any other circumstance whatsoever; and

	
  

	
 

	  	  	
(d)          Each of the Parties represents that this Agreement and all of its terms and conditions have been authorized and approved by all necessary corporate action and that the Agreement has been duly authorized, executed and delivered by such Party.

 

	  	
14.

	
This Agreement shall be governed by the laws of Colorado. Each of the Parties consents to the jurisdiction of the state and federal courts whose districts encompass any part of the County of Arapahoe, Colorado, in connection with any dispute arising under this Agreement and hereby waives, to the maximum extent permitted by law, any objection, including any objection based on forum non conveniens, to the bringing of any such proceeding in such jurisdictions.

 

	  	
15.

	
If any part of this Agreement shall be determined to be illegal, invalid or unenforceable, the remaining part shall not be affected thereby, and the illegal, unenforceable or invalid parts shall be deemed not to be a part of this Agreement. Each Party represents and warrants that he or it has full capacity and authority to settle, compromise, and release his or its claims and to enter into this Agreement and that no other person or entity has acquired, or will in the future acquire or have any right to assert, against any person or entity released by this Agreement any portion of that Party’s claims released herein.

 

	  	
16.

	
This Agreement constitutes a single integrated contract expressing the entire agreement of the Parties with respect to the resolution of all disputes between them, including the Disputes, compromising any and all rights and obligations of the Parties, and supersedes all prior and contemporaneous oral and written agreements and discussions with respect to the Disputes. This Agreement may be amended or modified only by an agreement in writing signed by the Parties. The failure by a Party to declare a breach or otherwise to assert its rights under this Agreement shall not be construed as a waiver of any right the Party has under this Agreement.

 

	  	
17.

	
The Parties agree that this Agreement, the releases contained herein, and the agreements delivered pursuant hereto, shall remain confidential between and among the Parties except as required to be disclosed under applicable law, governmental regulation, as may be necessary to permit an accountant or other advisor to prepare tax filings or pursuant to judicial order or decree. If any inquiry is made of the Parties concerning this Agreement, the Parties may only disclose that the disputes between and among them have been resolved to the Parties’ mutual satisfaction.

 

 

  

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18.

	
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 instrument.

 

	  	
19.

	
All written notices required by this Agreement or any document delivered pursuant hereto or as contemplated herein, must be delivered to the following addresses (or to such other address as may be specified by a Party) by a means evidenced by a delivery receipt and will be effective upon receipt.

 

	
If to Rancher:

	
If to PetroShare:

	
 

Jon C. Nicolaysen, President and CEO

c/o A.L. (Sid) Overton, Esq.

6950 E. Belleview Ave., Suite 202

Greenwood Village, CO 80111

 

	
 

Stephen J. Foley, CEO

PetroShare Corp.

7200 S. Alton Way, Suite B-220

Centennial, CO 80112

 

	  	
20.

	
The Parties agree that the obligations, representations and warranties contained herein shall indefinitely survive the execution of this Agreement, the delivery of all documents hereunder, and the completion of the transactions contemplated herein.

 

	  	
21.

	
It is the agreement of the Parties that all obligations of Rancher under this Agreement are subject to final receipt of the payment described in paragraph 1.

 

	  	
22.

	
The Parties agree to execute and deliver all such other and further agreements, certificates, instruments, or documents to accomplish the actions contemplated by this Agreement.

 

 

[Remainder of this page intentionally left blank]

 

 

  

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the date first mentioned above.

 

THE UNDERSIGNED HAVE CAREFULLY READ THE FOREGOING SETTLEMENT AGREEMENT AND MUTUAL GENERAL RELEASE OF ALL CLAIMS, KNOW THE CONTENTS THEREOF, FULLY UNDERSTAND IT, AND SIGN THE SAME AS HIS OR ITS OWN FREE ACT.

	  	  
	
•                 

	
     CAUTION! READ BEFORE SIGNING         

	  	  
	  	
Rancher Energy Corp.

	  	  
	  	  
	
BY:

	
/s/ Jon C. Nicolaysen

	  	
Jon C. Nicolaysen, President & CEO

	  	
And as one of the Rancher Releasors

 

	
STATE OF COLORADO

	
)

	  	
) ss.

	
COUNTY OF ARAPAHOE

	
)

 

 

Subscribed, sworn to, and acknowledged before me by Jon C. Nicolaysen on this 5th day of May 2014.

 

Witness my hand and official seal.

 

	
My commission expires: 4/10/2015

	  
	  	  
	  	
/s/ Nichole Parsons

	  	
Notary Public

	  	  

 

  

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•                 

	
     CAUTION! READ BEFORE SIGNING        

	  	  
	  	
PetroShare Corp.

	  	  
	  	  
	
BY:

	
/s/ Stephen J. Foley

	  	
Stephen J. Foley, CEO

	  	
And as one of the PetroShare Releasors

 

	
STATE OF COLORADO

	
)

	  	
) ss.

	
COUNTY OF ARAPAHOE

	
)

 

 

Subscribed, sworn to, and acknowledged before me by Stephen J. Foley on this 5th day of May 2014.

 

Witness my hand and official seal.

 

	
My commission expires: August 7, 2017

	  
	  	  
	  	
/s/ Sarah J. Morris

	  	
Notary Public

	  	  
	  	  
	  	  
	
 

 

  

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