Document:

ex10-1.htm

Exhibit 10.1

 

Southern Connecticut Bancorp, Inc.

The Bank of Southern Connecticut

Employment Agreement with Sunil Pallan – January 2011

Page 1 of 10

 

 

EMPLOYMENT AGREEMENT

This Agreement is made and entered into effective as of the 1st day of January, 2011 by and between SOUTHERN CONNECTICUT BANCORP, INC. and it subsidiary, THE BANK OF SOUTHERN CONNECTICUT, having its principal place of business in New Haven, Connecticut (hereinafter referred to as the “Employer”) and Sunil Pallan, residing in Salem, Connecticut (hereinafter referred to as the “Employee”).

 

W I T N E S S E T H

 

WHEREAS, the Employee is experienced in the operation and management of a bank; and

 

WHEREAS, the Employer desires to secure the services of the Employee on the terms herein set forth; and

 

WHEREAS, the Employee is willing to enter into this Agreement on said terms;

 

NOW, THEREFORE, in consideration of the promises and the mutual covenants herein contained, the parties hereto, intending to be legally bound, do hereby mutually covenant and agree as follows:

 

1.  Employment:  The Employee agrees that, so long as he shall be employed by the Employer, the Employee shall perform all duties assigned or delegated to him under the By-laws of the Employer and/or from time to time by the independent Board of Directors of the Employer consistent with his position as Senior Vice President and Chief Credit Officer.  The Employee shall be responsible for and perform all acts and services customarily associated with such position, devoting his full time, best efforts and attention to the advancement of the interests and business of the Employer.  The Employee shall not be engaged in or concerned with any other duties or pursuits which are competitive or inconsistent with the interests and business of the Employer.

 

  

  

  

 

Southern Connecticut Bancorp, Inc.

The Bank of Southern Connecticut

Employment Agreement with Sunil Pallan – January 2011

Page 2 of 10

2.  Term of Employment:  The Term of Employment shall commence on January 1, 2011, and end on December 31, 2012.  Notwithstanding the foregoing, the Term of Employment shall end if sooner terminated as provided in Section 5.

 

3.  Duties of Employment:  The Employee agrees that, so long as he shall be employed by the Employer, the Employee shall perform all duties assigned or delegated to him under the By-laws of the Employer and/or from time to time by the independent Board of Directors of the Employer consistent with his position as Senior Vice President and Chief Credit Officer.  The Employee shall be responsible for and perform all acts and services customarily associated with such position, devoting his full time, best efforts and attention to the advancement of the interests and business of the Employer.  The Employee shall not be engaged in or concerned with any other duties or pursuits which are competitive or inconsistent with the interests and business of the Employer.

 

4.  Compensation:  During the Term of Employment, the Employer shall pay to the Employee as compensation for the services to be rendered by him hereunder the following:

 

(a)  The Employer shall pay to the Employee a base salary at the annual rate of ONE HUNDRED FORTY THOUSAND DOLLARS ($140,000.00).   Such compensation shall be payable in accordance with normal payroll practices of the Employer.

 

  

  

  

 

Southern Connecticut Bancorp, Inc.

The Bank of Southern Connecticut

Employment Agreement with Sunil Pallan – January 2011

Page 3 of 10

 

(b)  In addition to the base salary set forth in (a) above, the Employee shall be entitled to salary increases and other such merit bonuses reflecting job performance achievements, and/or such other form(s) of merit compensation, as the independent Board of Directors of the Employer may in its discretion determine at the end of each calendar year(s) during the Term of Employment.  The independent Board of Directors may establish one or more individual or corporate goals for each year, the achievement of which may be made a condition to the payment of any additional compensation to the Employee.  Such goals shall be communicated to the Employee and shall be stated to be a condition to the payment of such additional compensation to the Employee.

 

 (c)  At the end of each month during the Term of Employment, the Employer shall reimburse the Employee for reasonable business related travel and entertainment expenses, bank related education, other ordinary business expenses and convention expenses incurred by Employee in the course of performing his duties for the Employer hereunder.  Such reimbursement will be made within 30 days after submission of appropriate documentation.

 

(d)  The Employer shall provide group life insurance, comprehensive health insurance and Major Medical coverage for the Employee comparable to such coverage provided for officers of the Employer generally.  The Employee shall be eligible to participate in any profit sharing plan or Section 401(k) plan of the Employer in accordance with the terms thereof.

 

5.  Termination of Employment.

 

(a)  The Employer shall have the right to terminate this Agreement upon the occurrence of any one of the following events:

 

 

  

  

  

 

Southern Connecticut Bancorp, Inc.

The Bank of Southern Connecticut

Employment Agreement with Sunil Pallan – January 2011

Page 4 of 10

 

	
  

	
(1)

	
The Employee’s conviction of a felony or any other crime involving the Employee’s morals or honesty.

	
  

	
(2)

	
Dereliction in the performance of the Employee’s duties hereunder.

	
  

	
(3)

	
Failure of the Employee to adhere to the policies set forth by the Board of Directors of the Employer.

	
  

	
(4)

	
Failure of the Employee to qualify for a bond.

	
  

	
(5)

	
Death, total disability, or drug abuse or alcoholism, which prevents the Employee from performing his functions under this Agreement.

	
  

	
(6)

	
Material non-compliance with the objectives and goals of the position as mutually agreed upon between the Employer and Employee.

(b) Should the Employer enter into a “Business Combination” during the Term of Employment, the Employer or entity remaining after the “Business Combination” occurs shall pay the Employee a lump sum payment in an amount equal to two times the total of the Employee’s then current base annual salary plus the amount of any bonus for the prior calendar year in the event that: (i) the Employee separates from service with the Employer (or its successor) as a result of his not having been offered the same position with the remaining entity at the Employee’s then current base annual salary (but only if the Employee had first given the Employer (or its successor) written notice of his intent to terminate employment for this reason and a reasonable opportunity to remedy the situation); (ii) the Employee determines in his sole discretion that the position offered with the successor is inconsistent with his current position, including any diminution in title, authority, duties or responsibilities, he can then terminate his employment as a result thereof (but only if the Employee had first given the Employer (or its successor) written notice of his intent to terminate employment for this reason and a reasonable opportunity to remedy the situation); (iii) the relocation of  Employee's  office to a location more than twenty-five  (25)  miles from its location as of the date of this Agreement; or (iv) the Employee is terminated or relocated, other than a termination under subparagraph 5 (a), within two years following a “Business Combination.”   Any such payment will be made no later than twenty days following such termination of employment.   In either event, such payment shall be in addition to any compensation otherwise due the Employee under the following subparagraph (c) or any other provision of this Agreement and all of the Employee’s stock options and restricted stock previously granted to the Employee by the Employer shall immediately become fully vested.  As a condition of the closing or acquisition of stock resulting in a “Business Combination,” the entity remaining shall agree in writing to honor and comply with this paragraph 5(b).  A “Business Combination” for purposes of this Agreement shall be defined as the sale by the Employer of all or substantially all of its assets, the acquisition of fifty-one (51%) of the Employer’s outstanding voting stock, or the merger of the Employer with another corporation as a result of which the Employer is not the surviving entity.

 

  

  

  

 

Southern Connecticut Bancorp, Inc.

The Bank of Southern Connecticut

Employment Agreement with Sunil Pallan – January 2011

Page 5 of 10

 

 (c)  In the event of a termination of employment of the Employee by the Employer (including a termination under subparagraph 5(b) above) other than a termination under subparagraph 5(a), the Employee shall be entitled to continuation of benefits under subparagraph 4(d) of this Agreement (but not including the Employer’s profit sharing or Section 401(k) plan) for the balance of the unexpired Term of Employment to be paid at the Employee’s option in a lump sum or ratably over the balance of said term.

 

 

  

  

  

 

Southern Connecticut Bancorp, Inc.

The Bank of Southern Connecticut

Employment Agreement with Sunil Pallan – January 2011

Page 6 of 10

 

6.  Vacation.  During the Term of Employment, the Employee shall be entitled each year to a vacation of at least three (3) weeks, and during such time his compensation shall be paid in full.  The period of vacation selected each year shall be with approval of the Employer.  Vacation time which is not taken by the Employee in any year may not be accumulated or carried over from year to year.  The Employee shall be entitled to be paid for any accrued vacation time after termination of the Employee’s employment hereunder for the year of the Employee’s termination.  Normal bank holidays, seminars or convention attendance, teaching at banking schools or speaking engagements shall not be considered as part of the Employee’s vacation period.  The Employee shall comply with any banking regulations relating to the scheduling of vacation time.

 

7.  Incentive Stock Options.  No incentive stock options (“ISO’s”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended, to purchase common stock in Southern Connecticut Bancorp, Inc. under the stock option plan adopted for employees of the Employer have been promised the Employee.  Any further grant of stock options shall be in the sole and absolute discretion of the Board of Directors of the Employer based upon criteria to be established by the Board of Directors.

 

8.  Notices.  All notices under this Agreement shall be in writing and shall be deemed effective when delivered in person to the Employee or to the Secretary of the Employer and the Chairman of the Compensation Committee, or if mailed, postage prepaid, registered or certified mail, addressed, in the case of the Employee, to his last known address as carried on the personnel records of the Employer, and, in the case of the Employer, to the corporate headquarters, attention of the Secretary and to the Chairman of the Compensation Committee at his place of business, or to such other address as the party to be notified may specify by notice to the other party.

 

  

  

  

 

Southern Connecticut Bancorp, Inc.

The Bank of Southern Connecticut

Employment Agreement with Sunil Pallan – January 2011

Page 7 of 10

 

9.  Successors and Assigns.  The rights and obligations of the Employer under this Agreement shall inure to the benefit of and shall be binding (except as to the positions and duties of the Employee) upon the successors and assigns of the Employer, including, without limitation, any corporation, individual or other person or entity which may acquire all or substantially all of the assets and business of Employer or with or into which the Employer may be consolidated or merged or any surviving corporation in any merger involving the Employer.

 

10.  Arbitration.  Any dispute which may arise between the parties hereto shall be submitted to binding arbitration in New Haven, Connecticut, in accordance with the Employment Rules of the American Arbitration Association provided that any such dispute shall first be submitted to the Employer’s Board of Directors in an effort to resolve such dispute without resort to arbitration.  A single arbitrator shall decide each dispute.  In any dispute which is submitted to arbitration, the arbitration costs and attorney’s fees of the prevailing party shall be paid by the other party.

 

11.  Severability.  If any of the terms or conditions of this Agreement shall be declared void or unenforceable by any court or administrative body or competent jurisdiction, such term of condition shall be deemed severable from the remainder of this Agreement, and the other terms and conditions of this Agreement shall continue to be valid and enforceable.

 

12.  Construction.  This Agreement shall be construed under the laws of the State of Connecticut.  Words of the masculine gender mean and include correlative words of the feminine gender.  Section headings are for convenience only and shall be considered a part of the terms and provisions of the Agreement.

 

  

  

  

 

Southern Connecticut Bancorp, Inc.

The Bank of Southern Connecticut

Employment Agreement with Sunil Pallan – January 2011

Page 8 of 10

 

 

12.   Section 409A Compliance.  Notwithstanding anything in this Agreement to the contrary, it is the intention of the parties that this Agreement comply with Section 409A of the Internal Revenue Code and any regulations and other guidance issued thereunder, and this Agreement and the payment of any benefits hereunder shall be operated and administered accordingly. Specifically, but not by limitation, the Employee agrees that if, at the time of termination of employment, the Employer is considered to be publicly traded and he is considered to be a specified employee, as defined in Section 409A (and as determined as of December 31 preceding her termination of employment, unless his termination of employment occurs prior to April 30, in which case the determination shall be made as of the second preceding December 31), then some or all of such payments to be made hereunder as a result of his termination of employment shall be deferred for no more than six (6) months and one day following such termination of employment, if and to the extent the delay in such payment is necessary in order to comply with the requirements of Section 409A of the Code.  Upon expiration of such six (6) month and one day period (or, if earlier, his death), any payments so withheld hereunder from the Employee hereunder shall be distributed to the Employee.  For purposes of clarity, and not by way of modification, any payments to be made to the Employee under Section 5(b) of this Agreement are intended to satisfy the conditions for the “severance exception” and/or the “short-term deferral rule” under the final Treasury regulations interpreting Section 409A of the Internal Revenue Code.

 

  

  

  

 

Southern Connecticut Bancorp, Inc.

The Bank of Southern Connecticut

Employment Agreement with Sunil Pallan – January 2011

Page 9 of 10

 

13.   Section 280G Compliance.  Notwithstanding any other provision of this Agreement, if any of the payments provided for in this Agreement, together with any other payments which the Employee has the right to receive from the Employer or any corporation which is a member of an “affiliated group” (as defined in Section 1504(a) of the Internal Revenue Code without regard to Section 1504(b) of the Code) of which the Employer is a member, would constitute an “excess parachute payment” (as defined in Section 280G(b)(2) of the Code), payments pursuant to this Agreement shall be reduced to the extent necessary to ensure that no portion of such payments will be subject to the excise tax imposed by Section 4999 of the Code.

 

  

  

  

 

Southern Connecticut Bancorp, Inc.

The Bank of Southern Connecticut

Employment Agreement with Sunil Pallan – January 2011

Page 10 of 10

 

 

IN WITNESS WHEREOF, Employer has caused this Agreement to be executed by a duly authorized officer and Employee has hereunto set his hand, effective as of the date first written above.

	  	
EMPLOYER:

	  
	  	  	  
	  	
SOUTHERN CONNECTICUT BANCORP, INC.

	  
	  	
THE BANK OF SOUTHERN CONNECTICUT, INC.

	  
	  	
 

 

BY: /s/ CARL R. BORRELLI

	  
	  	
      CARL R. BORRELLI

	  
	  	
      Chairman, Compensation Committee

	  
	  	  	  
	  	  	  
	  	
EMPLOYEE:

	  
	
 

	  	  
	  	  	  
	  	
/s/ Sunil Pallan

	  
	  	
Sunil Pallansunriver8k-2ex101040811.htm

Consulting Agreement

THIS CONSULTING AGREEMENT (the “Agreement”) is made this 4th day of April, 2011 (the “Effective Date”) by and between SUN RIVER ENERGY, INC., a Colorado corporation (the “Company”), with its principal place of business at 5950 Berkshire Lane, Suite 1650, Dallas, Texas 75225 and MBN CONSULTING, LLC, a Florida limited liability company (“Consultant”), with its principal offices at 7865 Amethyst Lake Pt., Lake Worth, Florida 33467.

Whereas the Company is exploring methods to monetize its Colfax County, New Mexico hard rock mineral properties (the “Business”) and is desirous of obtaining from the Consultant financial services on the basis hereinafter provided;

And Whereas the Consultant is qualified in the financial services and mining industry to obtain the data and is prepared to provide the services specified herein to theCompany;

Witnesseth that in consideration of the covenants, agreements and warranties herein set forth and for other good and valuable consideration, the parties hereto respectively covenant and agree as follows:

1.                      Services to be provided by the Consultant.

	
(a)  

	
The Consultant will provide financial services (the “Services”) to the Company upon the various terms and conditions hereinafter set forth and as may be directed from time to time by (i) the Chief Operating Officer (the “COO”); and/or (ii) the Chief Executive Officer (the “CEO”) of the Company, and in connection therewith the Consultant agrees to report directly to the COO and/or the CEO

	
(b)  

	
 The Consultant agrees to provide the Services primarily for the Company’s Colfax County, New Mexico property.

        

2.                      Term.  The term of this Agreement is one (1) year and shall commence on April 4, 2011 (“Effective Date”) and end on April 4, 2012 (“Expiration Date”) unless terminated earlier in accordance with paragraph 4 below.  However, the term of this Agreement, as it relates to Section 5 regarding Confidential Information, shall be for a period of three (3) years from the Effective Date of this Agreement.

 

 

3.                      Compensation. The Consultant shall be compensated for its services under this Agreement on the following basis:

(a)           The Consultant shall be paid a consulting fee of One Hundred Thousand Dollars ($100,000.00)      (the “Fee”) payable upon execution of this Agreement.

(b)           Upon commencement of the Services, and within 2 weeks of execution of this Agreement, the Company shall issue to the Consultant a warrant to purchase 50,000 shares of the Company’s common stock at an exercise price of $5.00 .  The warrant referred to in this subparagraph shall have a term of thirty six months (36 months).With respect to the warrant referred to in subparagraph (b) herein, among other thingsthe warrant will be subject to any statutory hold period imposed by the applicable securities regulatory authorities; and

  

  

  

(d)           The Consultant shall be reimbursed for reasonable travel expenses incurred in performing its obligations under this Agreement which shall be supported by written invoices, expense reports, vouchers or other evidences of payment.  All expenses must first be approved by the Company

4.                      Termination. The Term of this Agreement shall commence on the Effective Date as set forth above and on end on the first anniversary of the Effective Date (the “Expiration Date”).  Either party may terminate this Agreement in the event that the other party fails to perform any of its material obligations under this Agreement, or defaults in any of its material obligations under this Agreement, and such failure or default continues uncured for a period of thirty (30) days following written notice from the non-defaulting party.

5.                      Confidential Information.

(a)           In connection with the performance of the Advisory Services contemplated by this Agreement, the Company may provide the Consultant with access to Confidential Information (as hereinafter defined) of the Company.  Confidential Information includes information communicated orally, in writing, by electronic or magnetic media, by visual observation, or by other means, and may be marked confidential or proprietary, or bear a marking of like import, or which the Company states to be confidential or proprietary, or which would logically be considered confidential or proprietary under circumstances of its disclosure known toConsultant.

(b)           Consultant acknowledges and understands that (i) Confidential Information provides the Company with a competitive advantage (or that could be used to the disadvantage of the Company by a competitor), (ii) the Company has a continuing interest in maintaining the confidentiality of Confidential Information and (iii) the Company has a compelling business interest in preventing unfair competition stemming from the use or disclosure of Confidential Information.  Moreover, Consultant acknowledges that customers of the Company entrust the Company with responsibility for acquiring knowledge relating to aspects of their customers’ businesses, with the expectation that the Company will hold all such knowledge, including in some cases the fact that they are doing business with the Company, and the specific transactions in which they are engaged, in the strictest confidence (the “Customer Confidences”).

 

 

  

  

  

(c)           For purposes hereof, “Confidential Information” includes, but is not limited to information pertaining to business plans, joint venture agreements, licensing agreements, financial information, contracts, customers, Customer Confidences, employees, products, trade secrets, specifications, designs, plans, drawings, software, data, prototypes, processes, methods, research, development or other information relating to the business activities and operations of the Company, including, but not limited to, information (whether geological, geophysical, economic, or financial and whether in the form of maps, charts, logs, seismographs, interpretations, calculations, summaries, opinions or other written or charted means) which is related, directly or indirectly, to any oil and gas or mineral interests or prospective interests located in the County of Colfax, New Mexico, the County of Tom Green, Texas or in East Texas (the “Geographical Areas”) or to the exploration potential of the Geographical Areas, and which are now or hereafter disclosed by or on behalf of the Company to Consultant.  .

(d)           Consultant agrees to keep Confidential Information confidential and, except as authorized by the Company, in writing, Consultant shall not, directly or indirectly, use Confidential Information for any reason except to perform its obligations under this Agreement.  No rights or licenses to trademarks, inventions, copyrights, patents or any other intellectual property rights are implied or granted under this Agreement or by the conveying of Confidential Information toConsultant.  Consultant also agrees not to purchase or acquire in any manner, directly or indirectly, any oil or gas ownership, leasehold, royalty or other interest within the Geographical Areas unless otherwise agreed to in writing by the Company.

(e)           Consultant shall restrict disclosure of Confidential Information to its own employees with a “need to know” (i.e., employees that require the Confidential Information to perform their responsibilities in connection with this Agreement) and not disclose it to any other person or entity without the prior written consent of the Company.  Consultant shall use Confidential Information only for purposes of performing under this Agreement, and shall advise those employees who access the Confidential Information of their obligations with respect thereto.  Further, Consultant shall copy Confidential Information only as necessary, and ensure that all confidentiality notices are reproduced in full on such copies.

(f)           The restrictions in subsection (d) of this Section shall not apply to any Confidential Information if Consultant can demonstrate that the Confidential Information: (i) is or becomes available to the public through no breach of this Agreement; (ii) was previously known by Consultant without any obligation to hold it in confidence; (iii) is received from a third party free to disclose such information without restriction; (v) is approved for release by written authorization of the Company; (vi) is required by law or regulation to be disclosed, but only to the extent and for the purposes of such required disclosure; or (vii) is disclosed in response to a valid order of a court or lawful request of a governmental agency, but only to the extent of and for the purposes of such order or request, provided that Consultant notifies the Company of the order or request ten days prior to disclosure and permits the Company to seek an appropriate protective order.

 

 

  

  

  

 

6.           Remedies for Breach by Consultant.   Consultant agrees that if this Agreement is breached by Consultant the remedy at law may be inadequate and therefore an injunction, specific performance or other forms of equitable relief or money damages or any combination thereof shall be available.  To this extent, Consultant agrees any injunctive relief sought by the Company will be available without notice or hearing with no bond being required in either a state or federal district court located in Dallas County, Texas or in the county and/or state of the Prospect with venue solely at the discretion of the Company. (In the event a bond is required, Consultant agrees such bond will not exceed $1,000.)  In addition, Consultant expressly waives any defense of limitations.  All rights, powers and remedies provided for herein are cumulative, and not exclusive, of any and all rights, powers and remedies at law or in equity as may now or hereafter exist.  The Company shall be entitled to recover the cost and expenses incurred in enforcing this Agreement including any attorney’s fees.

7.                      Governing Law. This Agreement shall become valid when executed and accepted by Company. The parties agree that it shall be deemed made and entered into in the State of Texas and shall be governed and construed under and in accordance with the laws of the State ofTexas. Anything in this Agreement to the contrary notwithstanding, Consultant shall conduct its business in a lawful manner and faithfully comply with applicable laws or regulations of the state, city or other political subdivision in which Consultant is located.

8.                      Entire Agreement. This Agreement contains all of the understandings and agreements of the parties with respect to the subject matter discussed herein.  All prior agreements, whether written or oral, are merged herein and shall be of no force or effect.

9.                      Severability. The invalidity, illegality or unenforceability of any provision or provisions of this Agreement will not affect any other provision of this Agreement, which will remain in full force and effect, nor will the invalidity, illegality or unenforceability of a portion of any provision of this Agreement affect the balance of such provision.  In the event that any one or more of the provisions contained in this Agreement or any portion thereof shall for any reason be held to be invalid, illegal or unenforceable in any respect, this Agreement shall be reformed, construed and enforced as if such invalid, illegal or unenforceable provision had never been contained herein.

10.                      Waiver.                      Unless agreed in writing, the failure of either party, at any time, to require performance by the other of any provisions hereunder shall not affect its right thereafter to enforce the same, nor shall a waiver by either party of any breach of any provision hereof be taken or held to be a waiver of any other preceding or succeeding breach of any term or provision of this Agreement. No extension of time for the performance of any obligation or act shall be deemed to be an extension of time for the performance of any other obligation or act hereunder.

11.                      Notices.  All notices, demands or other communications given hereunder shall be in writing and shall be deemed to have been duly given on the day when delivered in person or transmitted by confirmed facsimile transmission or on the third calendar day after being mailed by United States registered or certified mail, return receipt requested, postage prepaid, to the addresses hereinabove first mentioned or to such other address as any party hereto shall designate to the other for such purpose in the manner herein set forth.

  

  

  

12.                      Assignment of Agreement. The rights of the Consultant hereunder are not assignable or otherwise transferable by the Consultant.

13.                      Construction and Enforcement. This Agreement shall be construed in accordance with the laws of the State ofTexas, without an application of the principles of conflicts of laws.  Any suit, action or proceeding with respect to this Agreement shall be brought in the state or federal courts located in Dallas County in the State of Texas.  The parties hereto hereby accept the exclusive jurisdiction and venue of those courts for the purpose of any such suit, action or proceeding.  The parties hereto hereby irrevocably waive, to the fullest extent permitted by law, any objection that any of them may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any judgment entered by any court in respect thereof brought in Dallas County, Texas, and hereby further irrevocably waive any claim that any suit, action or proceeding brought in Dallas County, Texas has been brought in an inconvenient form.

14.                      Binding Nature, No Third Party Beneficiary.  The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties, and their respective successors and assigns.

15.                      Counterparts. This Agreement may be executed in any number of counterparts, including facsimile signatures which shall be deemed as original signatures.  All executed counterparts shall constitute one agreement, notwithstanding that all signatories are not signatories to the original or the same counterpart.

  

  

  

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

THE COMPANY

SUN RIVER ENERGY, INC.

By:           /s/Donal R. Schmidt, Jr.                                                      

      Donal R. Schmidt, Jr., President

MBN CONSULTING, LLC

By:           /Steven Sanders                                                      

      Steven Sanders Managing Member

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